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Fox News
15 hours ago
- Business
- Fox News
Federal judge blocks 5 Trump tariff executive orders
A federal judge in Washington, D.C., sided with a Chicago-area toy company on Thursday, blocking five executive orders signed by President Donald Trump that imposed tariffs on Chinese imports. U.S. District Judge Rudolph Contreras determined the International Economic Emergency Economic Powers Act (IEEPA) does not authorize Trump to impose the tariffs in his executive orders. Contreras granted a motion for a preliminary injunction, filed by the toy company, Learning Resources, Inc., which will be stayed for 14 days in case the administration decides to appeal the decision. Trump announced his "Liberation Day" reciprocal tariff plan on April 2, imposing a 10% baseline tariff on all countries. In certain countries, hostile negotiations led to even higher levies, with taxes on Chinese imports reaching 145%. Rick Woldenberg, CEO of Learning Resources, said in April the third-generation family business that had been manufacturing in China for four decades would face an almost 98% increase in its tariff bill. He said the $2.3 million the company paid in 2024 would jump to $100.2 million in 2025. "I wish I had $100 million," Woldenberg wrote in a statement. "Honest to God, no exaggeration: It feels like the end of days." China produces 97% of America's imported baby carriages, 96% of its artificial flowers and umbrellas, 95% of its fireworks, 93% of its children's coloring books and 90% of its combs, according to a report from the Macquarie investment bank. On Wednesday, the U.S. Court of International Trade ruled the administration overstepped its authority over tariffs under IEEPA. "The Constitution assigns Congress the exclusive powers to 'lay and collect Taxes, Duties, Imposts and Excises,' and to 'regulate Commerce with foreign Nations,'" the court wrote in its opinion. "The question in the two cases before the court is whether the International Emergency Economic Powers Act of 1977 ('IEEPA') delegates these powers to the President in the form of authority to impose unlimited tariffs on goods from nearly every country in the world." Three judges, appointed by former Presidents Ronald Reagan, Barack Obama, and Trump, found IEEPA did not "confer such unbounded authority." The Trump administration appealed the decision to the U.S. Supreme Court, but it is unclear what goods will be subject to tariffs in the meantime, Reuters reported. "Foreign countries' nonreciprocal treatment of the United States has fueled America's historic and persistent trade deficits," White House spokesperson Kush Desai told FOX Business after the decision. "These deficits have created a national emergency that has decimated American communities, left our workers behind, and weakened our defense industrial base — facts that the court did not dispute." "It is not for unelected judges to decide how to properly address a national emergency," Desai added. "President Trump pledged to put America First, and the Administration is committed to using every lever of executive power to address this crisis and restore American Greatness."
Zawya
4 days ago
- Business
- Zawya
Turkey starts dumping probe on some Chinese imports: Report
Turkey has launched an anti-dumping investigation into the import of certain Chinese products, a media report said. The products include solar panel junction boxes, sodium gluconate and aluminum frames for photovoltaic panels, Daily Sabah newspaper reported, quoting a trade ministry communique. These imports have caused material damage to domestic producers, the report said. Last year, Ankara imposed anti-dumping duties on some steel imports from China, Russia, India and Japan, with the highest tariffs on Chinese imports. The duties imposed will range between 6.10 percent to 43.31 percent of the cost, insurance and freight (CIF) prices. (Writing by P Deol; Editing by Anoop Menon) (
Zawya
15-05-2025
- Business
- Zawya
Light Chinese soy imports should raise eyebrows: Braun
(The opinions expressed here are those of the author, a market analyst for Reuters.) NAPERVILLE, ILLINOIS - China's soybean imports recently dipped to a 12-year low, and trade estimates suggest the overall intake pace could still be sluggish by mid-year. But top supplier Brazil has harvested a record crop and its latest export volumes to China have hit all-time highs. So how does this all fit together? For one, soybean import data from Chinese customs has not recently aligned with supplier export data, so much so that the U.S. Department of Agriculture last year stopped using China's customs data for its estimates. And in a slightly satisfying twist for U.S. soybean exporters, Chinese buyers may have been able to use a few extra U.S. bean cargoes several months back during the peak U.S. shipping season. But that might not be the case this time around. SCENARIO RUNDOWN China's customs reported March-April soybean imports at just 9.6 million metric tons, down 32% on the year and the smallest for the period since 2013. That held China's total imports through the first seven months of 2024-25 to a six-year low. The laggard pace owes partially to extended clearance times at customs, something not necessarily new to Chinese importers. Brazil also recently reaped a record soybean crop, but harvest delays and logistical issues slowed the export ramp-up that typically begins in February. Brazil's February-April shipments to China still notched an all-time high, some 13% more than the year-ago record. But since the start of the U.S. marketing year in September, U.S. bean exports to China are at a 12-year low aside from the two previous trade war years. Additionally, Brazilian volumes to China between September and January were down nearly 40% on the year. This might explain some of the shockingly low Chinese import numbers, which have strained domestic processing and tightened soymeal supplies. Perhaps Chinese buyers were too lax in the anticipation of Brazil's monster crop, and some additional U.S. purchases might have filled some gaps. Given the trade data discrepancies, though, analysts should monitor the monthly Chinese customs numbers to ensure the recent record shipments are actually showing up in the data. CLASHING FORECASTS Analysts peg China's May and June soybean imports to reach roughly 11 million tons apiece to ink a new record for the period, up 3% versus last year. But that would still keep year-to-date imports at six-year lows with just three months left in the marketing year. This is somewhat peculiar as China accounts for more than 70% of Brazil's soybean exports, which are expected at all-time highs this year. Record Brazilian exports could indeed blow China's forecast, especially because Brazil's late start plus a possible May slowdown mean that elevated export volumes could persist well through mid-year. This week, China boosted its 2024-25 soy import estimate to 98.6 million tons from 94.6 million previously. The new 2024-25 outlook would allow China's July-September imports to fall 9% from the year-ago record if assuming the analyst estimates for May and June. That doesn't exactly fit with the meaty Brazilian export narrative. USDA estimates China's 2024-25 imports at 108 million tons, down from 112 million in the previous year. The agency has maintained import figures above the official Chinese ones for a couple years now as exporter data suggests China's figures are too low. And they have indeed been too low, evidenced by the bump in China's 2024-25 import target, which was first issued a year ago. The estimate might still be light as China's import numbers for the last two seasons rose even further from this point, the 2023-24 figure by another 9%. But here's where the news might turn grim for U.S. soybean exporters. Brazil's late start to shipping means that elevated volumes could extend into September or October, when the U.S. soy season usually starts to build. This phenomenon has cut into U.S. export potential in past years. That situation could be optimal for China in its effort to reduce reliance on American soybeans, potentially offering Beijing leverage in the trade war with Washington. Karen Braun is a market analyst for Reuters. Views expressed above are her own.
Globe and Mail
13-05-2025
- Business
- Globe and Mail
Watch the Weather: Here's Where Corn, Soybean, and Wheat Futures Could Be Headed Next
The soybean bulls came out of the gate strong on Monday, with July futures (ZSN25) hitting a 10-week high. However, on Tuesday morning, soybeans had lost most of Monday's gains. Corn continues to slump as July futures (ZCN25) on Tuesday dropped to the lowest level since last October. Winter wheat futures markets continue to get slammed as July SRW (ZWN25) and HRW (KEN25) futures both hit new contract lows on Tuesday too. Let's break down what's going on in the grains and where prices may be headed in the coming weeks — including the potential for big upside price moves. Soybeans Lifted by Thawing U.S.-China Cold War on Trade News over the weekend the U.S. and China agreed to dramatically reduce tariffs on each other's goods for a 90-day period lifted spirits in the general marketplace and initially lifted soybeans, corn, and wheat futures in overnight trading Sunday. However, soybeans were the only market to hang on to gains during the intraday session Monday. China is a major importer of soybeans. Better trade relations with the U.S. likely mean more China imports of U.S. soybeans. Soybeans got an added lift Monday at midday after the release of a price-friendly USDA supply and demand report (WASDE). The agency trimmed 25 million bushels from the 2024-25 marketing year soybean carryover from last month. The USDA estimate was 19 million bushels below the average pre-report trade estimate in a Reuters survey of analysts. USDA raised estimated U.S. soybean exports by 50 million bushels, to 1.85 billion. On 2025-26 marketing year soybeans, USDA projected U.S. carryover stocks of 295 million bushels, down 55 million from the current marketing year and 67 million bushels below the average pre-report trade estimate. New-crop soybean total supplies were projected at 4.710 billion bushels, down 24 million from the current marketing year. Corn Continues to Slide on Good Early Season Growing Weather The July corn futures contract in early April flirted with $5.00 a bushel but the past month has seen prices drop by over 50 cents. Planting and early growing conditions in most of the U.S. Corn Belt have been good. On Monday afternoon, the USDA reported the U.S. corn crop at 62% planted versus the five-year average of 56% in the ground. The agency said 28% of the corn crop had emerged as of Sunday, which is above the 21% five-year average. Monday's WASDE report showed a 50-million-bushel cut to the 2024-25 marketing year U.S. corn carryover from last month's report. The estimate was 29 million bushels below the average pre-report trade estimate in the Reuters survey of analysts. USDA raised the export estimate by 50 million bushels, to 2.6 billion. For the 2025-26 marketing year, USDA projected U.S. corn carryover of 1.8 billion bushels, which is 220 million below the average pre-report trade estimate. Surprisingly Bearish USDA Data Adds to Winter Wheat Woes The soft red winter and hard red winter wheat markets were already under duress before receiving another body blow on Monday. U.S. production data in the May WASDE hints that record wheat production levels could be reached this year. The USDA projected all U.S. wheat production at 1.921 billion bushels. Analysts in the Reuters survey expected a figure of 1.885 billion bushels, compared with 1.971 billion bushels for all wheat production in 2024. USDA trimmed 5 million bushels from its old-crop wheat carryover estimate. New-crop wheat carryover is projected at 923 million bushels, up 77 million bushels from this year and 60 million bushels above the average pre-report trade estimate. The strong gains in the U.S. dollar index ($DXY) early this week are bearish for the grain markets, but especially for wheat. The stronger greenback will make wheat prices even less price-competitive on world trade markets. Wheat traders this week will closely monitor the Wheat Quality Council's annual HRW tour through Kansas and areas of surrounding states. The tour started Tuesday morning and ends Thursday. Where Are the Grain Markets Headed? The next few months are arguably the most volatile for the grain futures markets. The U.S. planting and growing seasons for corn and soybeans, as well as winter wheat harvesting, all take place in this timeframe. Weather patterns in the U.S. Midwest and Plains states have moved closer to the front burner of the grain futures markets. Importantly, many more years than not, some degrees of weather-induced corn and soybean futures markets rallies occur in the spring and summertime. And wheat prices tend to follow any corn and soybean weather rallies. A study by the respected Pro Farmer advisory and analysis firm shows that last year there was not a significant weather market rally in the grains in the summertime. The study found that the last time the corn and soybean markets went without a significant weather scare for two years in a row was back in the mid-1980s. In other words, grain futures markets this spring and summer are overdue for significant weather-market scares that rally prices. The fact that corn and wheat futures prices have been beaten down so hard recently is likely to make any sudden weather-market scare that pops up even more potentially bullish. Purchasing out-of-the-money call options on the grains soon should be a strong consideration for speculators. Tell me what you think. Email me at jim@
New York Times
12-05-2025
- Business
- New York Times
‘We're Starting to Move Everything': Trump's China Deal Frees Up Shipping
For weeks, Jay Foreman, a toy company executive, froze all shipments from China, leaving Care Bears and Tonka trucks piled up at Chinese factories, to avoid paying President Trump's crippling 145 percent tariff. But as soon as his phone lit up at 4 a.m. on Monday alerting him that Mr. Trump was lowering tariffs on Chinese imports for 90 days, Mr. Foreman, the chief executive of Basic Fun, which is based in Florida, jumped out of bed and called his suppliers, instructing them to start shipping merchandise immediately. 'We're starting to move everything,' Mr. Foreman said. 'We have to call trucking companies in China to schedule pickups at the factories. And we have to book space on these container ships now.' If other executives follow Mr. Foreman's lead, a torrent of goods could soon pour into the United States. While logistics experts say global shipping lines and American ports appear capable of handling high volumes over the next three months, they caution that whiplash tariff policies are piling stress onto the companies that transport goods around the world. 'This keeps supply chain partners in limbo about what's next, and leads to ongoing disruption,' said Rico Luman, senior economist for transport, logistics and automotive at ING Research. After talks this weekend in Geneva, the Trump administration lowered tariffs on many Chinese imports to 30 percent from 145 percent. China cut its tariffs on American goods to 10 percent from 125 percent. If a deal is not reach in 90 days, the tariffs could go back up, though Mr. Trump said on Monday that they would not rise to 145 percent. Some importers may hold off on ordering from China, hoping for even lower tariffs later. Want all of The Times? Subscribe.
