Latest news with #PaulWiseman
Boston Globe
04-06-2025
- Business
- Boston Globe
Trump's tariffs would cut US deficits by $2.8 trillion over 10 years and shrink the economy, CBO says
The budget office's model also assumes that the tariffs, announced through executive action between January and May, will be in place permanently. Advertisement Since the analysis was conducted, a federal court struck down sweeping tariffs that Trump invoked under an emergency-powers law. An appeals court allowed the Trump administration to continue collecting the tariffs while the case goes through appeals. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Largely confirming what other economic models have predicted, the CBO's estimations show that the tradeoff for a $2.8 trillion deficit reduction over 10 years would be an overall reduction in household wealth. In addition, the tariffs would shrink the economy, or reduce the rate of the gross domestic product by 0.06 percentage points per year. The Penn-Wharton Budget Model's April report predicted that the Republican president's tariffs would reduce long-run GDP by about 6% and wages by 5%. A major caveat of the CBO's estimates is written into the report — its estimates are 'subject to significant uncertainty, in part because the Administration could change how the tariff policies are administered.' Advertisement Trump has often announced changes and pauses to his tariff plans on his social media platform. In April, he posted that he was backing off his tariffs on most nations for 90 days and jacking up the tax rate on Chinese imports to 125%. Last week, he announced plans to hike the tariffs on steel and aluminum imports to a punishing 50%, a move that's set to hammer businesses and likely push up prices for consumers even further. The 50% tariffs went into effect Wednesday. The Organization for Economic Cooperation and Development forecast Tuesday that the U.S. economy, the world's largest, will slow growth to just 1.5% in 2026. A representative from the White House did not respond to an Associated Press request for comment Associated Press writer Paul Wiseman in Washington contributed to this report.
Irish Independent
10-05-2025
- Business
- Irish Independent
Tariff talks begin between US and Chinese officials in Geneva
Paul Wiseman, Did Tang and Jamey Keaten Today at 05:47 The US treasury secretary and America's top trade negotiator have begun talks with high-ranking Chinese officials in Switzerland in a bid to de-escalate a dispute that threatens to cut off trade between the world's two biggest economies and damage the global economy. The Xinhua News Agency said Washington's treasury secretary Scott Bessent and US trade representative Jamieson Greer have begun meetings in Geneva with a Chinese delegation led by vice premier He Lifeng.
Int'l Cricket Council
29-01-2025
- Sport
- Int'l Cricket Council
New Zealand great pays tribute to Melie Kerr following ICC Awards haul
Kerr put her tremendous 2024 down to an improved performance with the ball, with the spinner claiming 15 wickets at an average of just 7.33 during the White Ferns' run at the T20 World Cup last year to lead her side to the title. 'Over the past year, I think my bowling's improved,' Kerr noted. 'A lot of that comes down to the 'spin group' that I work with. I love working with (New Zealand's talent identification manager) Paul Wiseman and the others. We work hard but have a lot of fun too, and it pays off. 'Nothing's changed dramatically but we find little things to tweak and improve, and at this level it can make a big difference.'
