Latest news with #LiberationDayTariffs
GMA Network
30-07-2025
- Business
- GMA Network
PH trade gap hits $3.954B in June
The Philippine balance of trade widened month-on-month in June as imports grew while exports declined, data released by the government on Wednesday revealed. Preliminary data from the Philippine Statistics Authority (PSA) showed that the balance of trade in goods (BoT-G) posted a $3.954-billion deficit in June, wider than the $3.632-billion in May but narrower than the $4.335-billion in June 2024. A deficit indicates that the value of a country's imports exceeded export receipts, while a surplus indicates more export shipments than imports. Exports for the month stood at $7.021 billion, lower than the $7.314 billion in the previous month, but 26.1% higher than the $5.568 billion in June 2024. Manufactured goods accounted for $5.53 billion or 78.8% of total exports, followed by mineral products with $723.92 million or 10.3%, and total agro-based products with $586.58 million or 8.4%. Shipments to the United States accounted for $1.21 billion or 17.3%, followed by Hong Kong with $1.07 billion or 15.2%, Japan with $974.80 million or 13.9%, China with $733.99 million or 10.5%, and Singapore with $311.96 million or 4.4%. Imports for the month were recorded at $10.975 billion, up from $10.946 billion in May, and 10.8% from $9.904 billion in June 2024. Electronic products had the biggest share with $2.56 billion or 23.3%, followed by mineral fuels, lubricants, and related materials with $1.40 billion or 12.8%, and transport equipment with $1.32 billion or 12.0%. In terms of major type of goods, capital goods had the biggest share with $3.71 billion or 33.8%, raw materials and intermediate goods with $3.67 billion, and consumer goods with $2.15 billion or 19.6%. China was the biggest supplier of imported goods with $3.10 billion or 28.2%. Japan followed with $870.15 million or 7.9%, South Korea with $853.26 million or 7.8%, Indonesia with $840.21 million or 7.7%, and Thailand with $626.93 million or 5.7%. Total trade for the month was recorded at $17.996 billion, down from $18.261 billion in May but up from $15.472 billion in June 2024. 'The markets priced in possible Trump's higher US import tariffs, reciprocal tariffs, trade wars, and other protectionist policies,' Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said in a commentary. Moving forward, Ricafort said global trade is expected to slow in the coming months given Trump's trade policies. 'Trump's higher US import tariffs/reciprocal tariffs/other protectionist measures could slow down global trade, investments, employment, other business/economic activities, and overall world economic or GDP growth,' he said. Last week, US President Donald Trump announced a new 19% tariff rate for Philippine goods. This is lower than the 20% announced in a letter earlier this month but higher than the 17% rate announced during the Liberation Day Tariffs in April. Posting on his Truth Social media platform, Trump initially said the Philippines was going to open the market with the US with zero tariffs, while the Philippines would pay a 19% tariff. President Ferdinand 'Bongbong' Marcos Jr., who had a meeting with Trump before the 19% rate was announced, has since clarified that the zero tariffs on US products would only apply to certain markets such as automobiles. Finance Secretary Ralph Recto on Tuesday said the country could see up to P6 billion in foregone revenues from the markets it will open up to the US with zero tariffs, including cars, wheat, pharmaceuticals, and soybeans. Economists earlier said the latest agreement will only have a limited impact on the country's economy given its low dependence on American demand compared with other Asian economies, with local exporters bearing the brunt. —VBL, GMA Integrated News
GMA Network
29-07-2025
- Business
- GMA Network
PH faces up to P6B in annual foregone revenues from US market access
The Philippines is estimated to incur up to P6 billion in foregone revenues each year from the markets it will open to the United States with zero tariffs under the latest trade agreement between the two countries, Finance Secretary Ralph Recto said Tuesday. According to Recto, the foregone revenues cover those collected from the importation of products that the Philippines has agreed to open to the US, which would ultimately benefit Filipino consumers. 'Unang estimate natin is P3 (billion) to P6 billion a year, depende kung lahat 'yan. Remember there's nothing final yet,' he told reporters on the sidelines of the Post-SONA Discussions in San Juan City. 'Assuming ibigay mo what we discussed with them like cars, soys, wheat, pharmaceuticals, soybeans, anywhere from P3 to P6 billion, pero wala pang final lahat 'yan,' he added. (Our initial estimate is P3 to P6 billion a year, depending on the scope. Remember, there's nothing final yet. Assuming we grant what we discussed with them like cars, soys, wheat, pharmaceuticals, soybeans, anywhere from P3 to P6 billion but none of that is final yet.) Just last week, US President Donald Trump announced a new 19% tariff rate for Philippine goods. This is lower than the 20% announced in a letter earlier this month, but higher than the 17% rate announced during the Liberation Day Tariffs in April. Posting on his Truth Social media platform, Trump initially said the Philippines is going open market with the United States with zero tariffs, while the Philippines would pay a 19% tariff. President Ferdinand 'Bongbong' Marcos Jr., who had a meeting with Trump before the 19% rate was announced, has since clarified that the zero tariffs on US products would only apply to certain markets such as automobiles. 'Not all imports will go down, so hihingin natin (so we will ask), especially those that do not compete with local industries and beneficial to consumers,' Recto said. Overall, Recto said the 19% rate on Philippine exports is still beneficial to the country, given its comparative advantage to other countries that have been slapped with higher rates. 'We have one of the lowest tariffs in the world if you take a look, so beneficial sa atin dun (so that's beneficial for us). Siyempre tatamaan din 'yung exports natin (Of course, our exports will be hit) initially, but as a whole, it looks like we have a better deal than many other countries,' he said. Economists earlier said the latest agreement will only have a limited impact on the country's economy given its low dependence on American demand compared with other Asian economies, with local exporters bearing the brunt. — RSJ, GMA Integrated News
Yahoo
27-06-2025
- Business
- Yahoo
RH (RH) Is Creating Worries About Its Balance Sheet, Says Jim Cramer
RH (NYSE:RH) is one of the . RH (NYSE:RH) is a home-building supplies company whose shares have struggled in 2025 due to a sluggish housing market stemming from high interest rates. The shares have lost close to 53% year-to-date, fueled particularly by a devastating 40% drop in April after a weak earnings report coupled with bearish market sentiment after the Liberation Day Tariffs pummeled the stock. In his previous comments about the firm, Cramer pointed out that investors are worried by RH (NYSE:RH)'s balance sheet and expressed mixed viewpoints about CEO Gary Friedman's ability to turn around the firm's affairs. This time around, he commented on the stock in the context of general weakness in the housing market: 'Yeah that was brutal. Look. If you listen to Gary Friedman from RH, he would tell you that this is a horrible, horrible market. Now if you look at RH, I mean, that veiled sell was about the balance sheet I think. Now RH is down 50%, this is no boom. Remember, it's certain, I'm saying, housing, that's not great.' A customer happily browsing aisles of high-end furniture in a large showroom. Discussing RH (NYSE:RH)'s balance sheet, here's what Cramer said earlier: '[On interest costs coming down] And that's why Gary Friedman's company is going to make it.' While we acknowledge the potential of RH as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-06-2025
- Business
- Yahoo
RH (RH) Q1 2025 Earnings Call Highlights: Strong Revenue Growth Amid Market Challenges
Revenue Growth: Increased by 12% in the first quarter of fiscal 2025. Adjusted Operating Margin: Achieved 7% in the first quarter. Adjusted EBITDA Margin: Reached 13.1% in the first quarter. Free Cash Flow: Positive free cash flow of $34 million in the first quarter. RH England Gallery Demand: Increased by 47% in the first quarter. Online Demand at RH England: Grew by 44% in the first quarter. European Demand Growth: 60% increase in demand across RH Munich and RH Dusseldorf in the first quarter. Fiscal 2025 Revenue Forecast: Projected growth of 10% to 13%. Fiscal 2025 Adjusted Operating Margin Forecast: Expected to be 14% to 15%. Fiscal 2025 Adjusted EBITDA Margin Forecast: Anticipated to be 20% to 21%. Fiscal 2025 Free Cash Flow Forecast: Estimated between $250 million to $350 million. Second Quarter 2025 Revenue Growth Guidance: 8% to 10% expected growth. Second Quarter 2025 Adjusted Operating Margin Guidance: 15% to 16% expected. Second Quarter 2025 Adjusted EBITDA Margin Guidance: 20.5% to 21.5% expected. Warning! GuruFocus has detected 8 Warning Signs with RH. Release Date: June 12, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. RH (NYSE:RH) reported a 12% increase in revenue for the first quarter of fiscal 2025, despite challenges in the housing market. The company achieved an adjusted operating margin of 7% and an adjusted EBITDA margin of 13.1%, both at the high end of expectations. RH (NYSE:RH) generated positive free cash flow of $34 million in the quarter. The company's international expansion is showing promising results, with RH England's Gallery demand up 47% and online demand up 44% in the first quarter. RH (NYSE:RH) is forecasting revenue growth of 10% to 13% for fiscal 2025, with an adjusted EBITDA margin of 20% to 21%. The company is facing challenges due to tariff uncertainties and the worst housing market in almost 50 years. RH (NYSE:RH) has delayed the launch of a new concept planned for the second half of 2025 to Spring 2026 due to tariff uncertainties. The company is dealing with significant debt, largely due to stock repurchases, and is paying high interest expenses. There was a disruption in shipments and resourcing efforts due to unexpected Liberation Day Tariffs, impacting revenues by approximately 6 points in the second quarter. The outdoor furniture business experienced a slowdown following reciprocal tariffs and a compressed peak selling season. Q: Gary, you started the letter focusing on Europe. Given the demand ramp at RH England, how have your demand planning forecasts for Paris, London, and Madrid evolved? A: Gary Friedman, CEO: The RH brand can be as disruptive and productive in Europe as in America. Despite choppy execution, early trends are promising. We believe fixing a few key issues could double our business in Europe, leading to profitability and cash contributions comparable to the US. Q: Can you break down the $500 million real estate value into non-operational and operational assets? A: Gary Friedman, CEO: We own several galleries that we plan to do sale-leasebacks on, though it's not the best time for it. We also have a significant portfolio in Aspen and an option on a second building in Madrid. We have flexibility with these assets, and while it's a challenging time for real estate, we see long-term value. Q: How has the increased membership discount impacted demand, and how do you plan to ease off it? A: Gary Friedman, CEO: The increase from 25% to 30% is a strategic move to capture market share in a promotional world. It's not temporary, and we believe it will open up the market. The outdoor furniture discount was a tactical decision to capture market share during peak season. Q: What gives you confidence in the second half sales improvement? A: Gary Friedman, CEO: Our confidence comes from current performance, new galleries opening, and a built-up model of various factors. Despite the unpredictable market, we are generally more right than wrong in our forecasts. Q: How did product margin perform in the quarter, and what's your view for the full year? A: Jack Preston, CFO: Core business product margins were up year-over-year, and we expect them to continue improving throughout the year. We don't comment on quarter-over-quarter trends but focus on year-over-year improvements. Q: How are you offsetting the increased membership discount while maintaining profitability? A: Gary Friedman, CEO: We generally adjust prices at the beginning of the year and react to tariffs appropriately. Our distinctive offer and brand value allow us flexibility in pricing, and we've been building this model for 25 years. Q: Can you discuss the tariff mitigation efforts and where products are moving outside of China? A: Gary Friedman, CEO: We have strong partnerships and operate collaboratively to mitigate tariffs. While the situation is chaotic, we believe things will resolve in the coming months, leading to a more predictable operating environment. Q: Are you working towards any target debt metrics or coverage metrics for the balance sheet? A: Gary Friedman, CEO: We don't have specific targets or covenants requiring us to. While we don't like the current debt ratio, we are profitable and can drive free cash flow despite it. We are naturally deleveraging from growth. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Scottish Sun
29-05-2025
- Business
- Scottish Sun
Trump's Liberation Day tariffs at risk after court scuttles Don's trade plans… but the White House vows to fight back
DONALD Trump's sweeping global tariffs are now at risk after a court has said he doesn't have the power to impose the levies himself. A US federal court in New York on Wednesday blocked most of the import taxes from going into effect, ruling that the president had overstepped his authority. 4 The US President held up a chart of the tariffs he was implementing Credit: AFP 4 Trump's tariffs caused a sharp response in Canada Credit: Reuters 4 Tariffs are levies paid on bringing a good or service into a country Credit: Getty The Court of International Trade ruling is a big setback for Trump, who has sought to reshape global trade and put America first by using its economic heft to cut deals. Trump has started a global trade war with nearly every country by instituting a minimum 10 per tariff on their exports into the US. He also slapped a 25 per cent tariff on Mexico and Canada, saying he needed to levies to stop the flow of illegal immigrants and the horror drug Fentanyl. The court's order could spell an end to Trump's international trade war as it bars Trump's most sweeping tariffs, effectively erasing most of the trade restrictions Trump has announced since taking office. But Trump is likely to appeal and take the fight all the way to the Supreme Court. White House spokesman Kush Desai said: "Foreign countries' nonreciprocal treatment of the Unites States has fueled America's historic and persistent trade deficits. "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. 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." The ruling does not state that tariffs themselves are illegal, but that the executive branch does not have the authority to impose them without Congress. The president used a 1977 federal economic emergency law to justify a range of levies. Trump's Liberation Day Tariffs signed in on Executive Order The three-judge panel wrote in an unsigned 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. "The court does not read IEEPA to confer such unbounded authority and sets aside the challenged tariffs imposed thereunder." One of Trump's key aides, Stephen Miller, attacked the ruling in a post on social media saying: "The judicial coup is out of control." Trump memorably held up a board showing rates he was about to set individual trading partners in the White House's Rose Garden when he announced the tariffs as part of a "liberation day". China was clobbered with 34 per cent tariffs, Vietnam 46 per cent, Thailand 36 per cent and Cambodia 49 per cent. Tariffs on China were eventually increased to a whopping 145 per cent as Trump sought to begin negotiations. The ten per cent on Britain was at the bottom of the sliding scale devised by Trump's officials. Markets were thrown into turmoil but calmed after he paused the larger tariffs for 90 days. He also suspended some of the higher duties pending negotiations with individual countries and blocs. Britain has signed a new trade deal with Trump following the imposition of the tariffs - how that will be affected is not yet clear.
