Latest news with #CourtenayBrown
Yahoo
31-05-2025
- Business
- Yahoo
Economics reporter reveals uncertainty of end goal for Trump tariffs from sources
President Trump announced a pledge to raise tariffs on foreign steel and aluminum imports, saying he'll double them from 25% to 50%. Axios senior economics reporter Courtenay Brown joins Alex Witt to discuss this impact and Trump's economic agenda.
Yahoo
26-05-2025
- Business
- Yahoo
Major ‘uncertainty' from Trump's EU and Apple tariff threats: What to expect
A new escalation in President Trump's trade war as he threatens to impose a 50% tariff on the European Union and a 25% tariff on Apple unless the company makes iPhones in the United States. Courtenay Brown, senior economics reporter at Axios, and Melissa Repko, retail and consumer reporter for CNBC, join Alex Witt to break down Trump's tariff threats, discuss how Walmart is responding to Trump's call to 'eat the tariffs,' and share their thoughts on whether there will be a surge to buy
Axios
08-05-2025
- Business
- Axios
Trump says that ports running empty is a "good thing"
President Trump called the slowdown at U.S. ports in the wake of his tariffs on China going into effect a "good thing." Why it matters: West Coast ports warn of plunging cargo volume, with likely far-reaching economic effects in the weeks and months ahead. Driving the news: Trump falsely suggested that the dock slowdown is a positive sign for the U.S. economy. "We're seeing as a result that ports here in the US, the traffic has really slowed and now thousands of dockworkers and truck drivers are worried about their jobs," one reporter said in the Oval Office on Thursday. "That means we lose less money ... when you say it slowed down, that's a good thing, not a bad thing," Trump replied. Trump's tariffs threaten a recession and the destruction of supply chains. What they're saying: Trump asserted that "China was making over a trillion," without it being immediately clear what he was referring to. "From 500 billion to 1.1 trillion… frankly if we didn't do business we would've been better off," he said. China says it sent around 15% of its exports, worth $525 billion, to the U.S. last year — about 3x what flowed in the opposite direction. (U.S. data differs on the total value by nearly $100 billion, but the ratios are about the same.) "We'd like to see China opened up so we can compete in China and give people something that they've never had – access to something that would be great for the world, great for the businesses, and great for friendship," Trump said. State of play: Trump's tariffs have led to slowdowns at vital U.S. shipping hubs. The tariff shock is likely to ripple through the economy, eventually hitting domestic transportation and warehousing, employment, as well as the price and availability of goods on shelves, Axios' Courtenay Brown and Neil Irwin wrote this week. Plunging container volume, especially from China — on which 145% tariffs are in place — means fewer hours for dockworkers, which could quickly cause less demand for the trucks and rails that transport the cargo. According to a press release last month from freight forwarder Flexport, ocean carriers are "withdrawing capacity" for transpacific eastbound trade at faster rates than they were during the pandemic. Flexport also said there was an increase in "blanking" – cancelled scheduled sailings. It said blank sailings almost doubled between the weeks beginning on April 13 and April 20, and that more than 25% of weekly service loops have already been canceled for late April and early May. "It's a precipitous drop in volume with a number of major American retailers stopping all shipments from China based on the tariffs," Gene Seroka, executive director of the Port of Los Angeles, told CNBC in April. He expected a 35% drop in incoming cargo volume for the first week in May.
Axios
29-04-2025
- Business
- Axios
Trump to showcase U.S. investment at White House event with top CEOs
President Trump will host on Wednesday top executives from companies including Nvidia, Johnson & Johnson, Eli Lilly, GE Aerospace and SoftBank, as promotes investment in the U.S., per the White House. Why it matters: The White House regards investment policy as "critical" to U.S. national and economic security, but Axios' Courtenay Brown and Neil Irwin report Trump's tariffs threats have left the country's status as the top global investment magnet in doubt as businesses hit pause. Driving the news: Trump will host CEOs and industry leaders who've committed to investing at the U.S. at the "Invest in America" event, Bloomberg first reported. The event is designed to attract more investors as it highlights investments so far, a White House official said. Zoom in: Among these investment pledges are the United Arab Emirates' commitment to a 10-year, $1.4 trillion investment framework in the U.S. Trump announced soon after taking office commitments from OpenAI, SoftBank, Oracle and the UAE's MGX to invest in AI infrastructure for OpenAI in the U.S. Johnson & Johnson has pledged to spend $55 billion in the U.S. over the next four years on manufacturing, research and technology investments. And Taiwan Semiconductor Manufacturing Co. said it will invest an additional $100 billion in U.S. chips production. What they're saying: "President Trump has secured more investments in the United States of America in 100 days than Joe Biden did in four years," White House press secretary Karoline Leavitt said in an emailed statement Monday evening. "President Trump is America's businessman in chief and that's why more than $5.3 trillion dollars have flooded our country bringing new jobs and investments to middle-class communities from coast to coast."
Axios
08-04-2025
- Business
- Axios
The deets on "Liberation Day"
The details around "Liberation Day" tariffs have arrived. A baseline 10% tariff will be placed on U.S. imports, with steeper reciprocal levies slapped on goods from a slew of other nations, President Trump announced from the White House Rose Garden this afternoon. By the numbers: The reciprocal tariffs hit dozens of nations, including some of the country's largest trading partners, Axios' Courtenay Brown writes. For China, the U.S. is levying a 34% tariff. Vietnam is getting 46%. Those were the two hardest hit. Other levies: European Union: 20% Japan: 24% Thailand: 36% Taiwan: 32% India: 26% Market impact: Stocks, which rose a bit as Trump started speaking, reversed sharply and plunged as he unveiled the reciprocal rates. Between the lines: The tariffs have been tailored based on how unfairly the administration says the countries treat U.S. exporters. The rates, calculated by Trump's top economists at the Council of Economic Advisers, are meant to hit back at the tariff and non-tariff trade barriers. Trump said the published rates are half as high as the original calculations. The big picture: This is Trump's gamble to revive domestic manufacturing, raise revenues to offset tax cuts and push other nations to adhere to nontrade-related demands. The bottom line: The announcement ends the free-trade era that has defined global commerce for decades — a move that risks higher consumer prices and economic damage.
