Latest news with #ProducerPriceIndex
Jordan News
a day ago
- Business
- Jordan News
Producer Price Index for Jordanian Agricultural Products Rises by 9.3% in Early 2025 - Jordan News
According to the Department of Statistics, the general Producer Price Index (PPI) for Jordanian agricultural producers during the first third of 2025 rose by 9.3%, reaching 111.5 points, compared to 102.0 points in the same period of 2024. اضافة اعلان Key Drivers Behind the Increase: The rise was mainly attributed to higher prices for several crops, particularly: Green sweet pepper Cauliflower Hot pepper These crops collectively had a relative importance weight of 34.3% in the index. In contrast, lower prices for crops such as: Eggplant Potatoes Tomatoes contributed to a downward pull, with a combined relative weight of 65.7%. April 2025 Breakdown: April 2025 vs. April 2024: The index increased to 119.9 points, up from 96.3 points in April 2024 – a 24.6% year-over-year rise. This monthly increase was largely due to higher prices for: Green chickpeas Tomatoes Melons These accounted for 73.2% of the price increases. However, prices fell for: Dry onions Green corn Green onions, representing 26.8% of the products surveyed. Monthly Change (April vs. March 2025): Despite the annual increase, the index declined by 7.4% in April 2025 compared to March 2025 (119.9 vs. 129.6 points). The decline was attributed to falling prices of: Loquats (eskadenia) Watermelon Zucchini, which together had a relative importance of 63.6%. Meanwhile, prices rose for: Lemons Tomatoes Potatoes, with a relative weight of 36.4%. This data highlights the volatility in agricultural producer prices in Jordan, driven by seasonal trends, market demand, and crop availability, which directly impact farmer income and consumer prices.
Qatar Tribune
2 days ago
- Business
- Qatar Tribune
Trump to double tariffs on foreign steel to 50%
Agencies U.S. President Donald Trump is doubling the tariff on steel imports to 50%, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods.'Today, I have a major announcement,' Trump said during a rally at a U.S. Steel facility in Pittsburgh, Pennsylvania. 'We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States, nobody's going to get around that,' Trump said. He argued that the increase would close gaps that foreign competitors have used to bypass previous tariffs. 'So, we're bringing it up from 25%, we're doubling it to 50% and that's a loophole,' he a post later on his Truth Social platform, he added that aluminum tariffs would also be doubled to 50%. He said both tariff hikes would go into effect spoke at U.S. Steel's Mon Valley Works-Irvin Plant in suburban Pittsburgh, where he also discussed a details-to-come deal under which Japan's Nippon Steel will invest in the iconic American steelmaker. Though Trump initially vowed to block the Japanese steelmaker's bid to buy Pittsburgh-based U.S. Steel, he reversed course and announced an agreement last week for 'partial ownership' by Nippon. It's unclear, though, if the deal his administration helped broker has been finalized or how ownership would be structured. Nippon Steel has never said it is backing off its bid to outright buy and control U.S. Steel as a wholly owned subsidiary, even as it increased the amount of money it promised to invest in U.S. Steel plants and gave guarantees that it wouldn't lay off workers or close plants as it sought federal approval of the acquisition. 'We're here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company,' Trump said as he opened an event at one of U.S. Steel's warehouses. 'You're going to stay an American company, you know that, right?' As for the tariffs, Trump said doubling the levies on imported steel 'will even further secure the steel industry in the U.S.' But such a dramatic increase could push prices even higher. Steel prices have climbed 16% since Trump became president in mid-January, according to the government's Producer Price Index. As of March 2025, steel cost $984 a metric ton in the United States, significantly more than the price in Europe ($690) or China ($392), according to the U.S. Commerce Department. The United States produced about three times more steel than it imported last year, with Canada, Brazil, Mexico and South Korea being the largest sources of steel imports. Analysts have credited tariffs going back to Trump's first term with helping strengthen the domestic steel industry, something that Nippon Steel wanted to capitalize on in its offer to buy U.S. Steel. The United Steelworkers union remained skeptical. Its president, David McCall, said in a statement that the union is most concerned 'with the impact that this merger of U.S. Steel into a foreign competitor will have on national security, our members and the communities where we live and work.' Trump stressed the deal would maintain American control of the storied company, which is seen as both a political symbol and an important matter for the country's supply chain, industries like auto manufacturing and national security. Trump, who has been eager to strike deals and announce new investments in the U.S. since retaking the White House, is also trying to satisfy voters, including blue-collar workers, who elected him as he called to protect U.S. manufacturing. U.S. Steel has not publicly communicated any details of a revamped deal to investors. Nippon Steel issued a statement approving of the proposed 'partnership' but also has not disclosed terms. State and federal lawmakers who have been briefed on the matter describe a deal in which Nippon will buy U.S. Steel and spend billions on U.S. Steel facilities in Pennsylvania, Indiana, Alabama, Arkansas and Minnesota. The company would be overseen by an executive suite and board made up mostly of Americans and protected by the U.S. government's veto power in the form of a 'golden share.' Unionized steelworkers said there is some split opinion in the ranks over Nippon Steel's acquisition, but that sentiment has shifted over time as they became more convinced that U.S. Steel would eventually shut down their Pittsburgh-area plants.
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
Trump says he will double steel, aluminium tariffs to 50 per cent
'They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade. We will continue to engage and advocate strongly for the removal of the tariffs,' Farrell said. Australia exported $640 million worth of steel and $440 million of aluminium last year to the US. The cumulative $1 billion trade is a small amount compared to the nation's total exports of $660 billion in the past financial year. Opposition trade spokesman Kevin Hogan said the latest move was concerning for Australian jobs. 'The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers,' he said in a statement on Saturday. 'This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries.' The steel and aluminium tariffs were enacted under trade laws rather than emergency powers, and were not among those struck down by the decision of the Court of International Trade this week. Those tariffs – which include a 10 per cent levy on Australian goods – will remain in place after a federal appeals court agreed to temporarily preserve them while the government pursues an appeal. The matter is almost certain to be decided by the Supreme Court. In February, Trump told Prime Minister Anthony Albanese he would consider giving Australia an exemption to the tariffs on steel and aluminium. Australia received a carve out during the first Trump administration. But the US president decided against giving any exemptions this time. Earlier on Friday, Trump also registered his frustration with China – which he accused of reneging on a tariff truce negotiated earlier this month – raising the prospect of additional import taxes. 'China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!,' Trump said in a post on his Truth Social platform. Steel prices in the US have climbed 16 per cent since Trump became president in mid-January, according to the government's Producer Price Index, and such a dramatic increase in steel tariffs could push prices even higher. In March 2025, steel cost $US984 ($1535) a metric tonne in the US, significantly more than the price in Europe ($1076) or China ($611), according to the US Commerce Department. The US produced about three times more steel than it imported last year, with Canada, Brazil, Mexico and South Korea being the largest sources of steel imports. Loading While Trump initially vowed to block the Japanese steelmaker's bid to buy US Steel, he reversed course and announced an agreement last week for what he described as 'partial ownership' by Nippon. It's unclear, though, if the deal his administration helped broker has been finalised or how ownership would be structured. Analysts have credited tariffs going back to Trump's first term with helping strengthen the domestic steel industry, something that Nippon Steel wanted to capitalise on in its offer to buy US Steel. The United Steelworkers union remained sceptical of Nippon's planned investment. Its president, David McCall, said in a statement that the union was most concerned 'with the impact that this merger of US Steel into a foreign competitor will have on national security, our members and the communities where we live and work'. Trump stressed the deal would maintain American control of the storied company, which is seen as both a political symbol and an important matter for the country's supply chain, industries such as car manufacturing and national security. Trump, who has been eager to strike deals and announce new investments in the US since retaking the White House, is also trying to satisfy voters, including blue-collar workers, who elected him as he called to protect American manufacturing. US Steel has not publicly communicated any details of a revamped deal to investors. Nippon Steel issued a statement approving of the proposed 'partnership' but also has not disclosed terms of the arrangement. No matter the terms, the issue has outsized importance for Trump, who last year repeatedly said he would block the deal and foreign ownership of US Steel, as did former president Joe Biden. Trump promised during the election campaign to make the revitalisation of American manufacturing a priority of his second term in office. The fate of US Steel, once the world's largest corporation, could become a political liability in the midterm elections for his Republican Party in the swing state of Pennsylvania and other battleground states dependent on industrial manufacturing. Trump has said he wouldn't approve the deal if US Steel did not remain under American control and keep its headquarters in Pittsburgh.
The Age
2 days ago
- Business
- The Age
Trump says he will double steel, aluminium tariffs to 50 per cent
'They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade. We will continue to engage and advocate strongly for the removal of the tariffs,' Farrell said. Australia exported $640 million worth of steel and $440 million of aluminium last year to the US. The cumulative $1 billion trade is a small amount compared to the nation's total exports of $660 billion in the past financial year. Opposition trade spokesman Kevin Hogan said the latest move was concerning for Australian jobs. 'The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers,' he said in a statement on Saturday. 'This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries.' The steel and aluminium tariffs were enacted under trade laws rather than emergency powers, and were not among those struck down by the decision of the Court of International Trade this week. Those tariffs – which include a 10 per cent levy on Australian goods – will remain in place after a federal appeals court agreed to temporarily preserve them while the government pursues an appeal. The matter is almost certain to be decided by the Supreme Court. In February, Trump told Prime Minister Anthony Albanese he would consider giving Australia an exemption to the tariffs on steel and aluminium. Australia received a carve out during the first Trump administration. But the US president decided against giving any exemptions this time. Earlier on Friday, Trump also registered his frustration with China – which he accused of reneging on a tariff truce negotiated earlier this month – raising the prospect of additional import taxes. 'China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!,' Trump said in a post on his Truth Social platform. Steel prices in the US have climbed 16 per cent since Trump became president in mid-January, according to the government's Producer Price Index, and such a dramatic increase in steel tariffs could push prices even higher. In March 2025, steel cost $US984 ($1535) a metric tonne in the US, significantly more than the price in Europe ($1076) or China ($611), according to the US Commerce Department. The US produced about three times more steel than it imported last year, with Canada, Brazil, Mexico and South Korea being the largest sources of steel imports. Loading While Trump initially vowed to block the Japanese steelmaker's bid to buy US Steel, he reversed course and announced an agreement last week for what he described as 'partial ownership' by Nippon. It's unclear, though, if the deal his administration helped broker has been finalised or how ownership would be structured. Analysts have credited tariffs going back to Trump's first term with helping strengthen the domestic steel industry, something that Nippon Steel wanted to capitalise on in its offer to buy US Steel. The United Steelworkers union remained sceptical of Nippon's planned investment. Its president, David McCall, said in a statement that the union was most concerned 'with the impact that this merger of US Steel into a foreign competitor will have on national security, our members and the communities where we live and work'. Trump stressed the deal would maintain American control of the storied company, which is seen as both a political symbol and an important matter for the country's supply chain, industries such as car manufacturing and national security. Trump, who has been eager to strike deals and announce new investments in the US since retaking the White House, is also trying to satisfy voters, including blue-collar workers, who elected him as he called to protect American manufacturing. US Steel has not publicly communicated any details of a revamped deal to investors. Nippon Steel issued a statement approving of the proposed 'partnership' but also has not disclosed terms of the arrangement. No matter the terms, the issue has outsized importance for Trump, who last year repeatedly said he would block the deal and foreign ownership of US Steel, as did former president Joe Biden. Trump promised during the election campaign to make the revitalisation of American manufacturing a priority of his second term in office. The fate of US Steel, once the world's largest corporation, could become a political liability in the midterm elections for his Republican Party in the swing state of Pennsylvania and other battleground states dependent on industrial manufacturing. Trump has said he wouldn't approve the deal if US Steel did not remain under American control and keep its headquarters in Pittsburgh.
Arab Times
3 days ago
- Business
- Arab Times
Trump tells US steelworkers he's going to double tariffs on foreign steel to 50%
WEST MIFFLIN, Pa, May 31, (AP): US President Donald Trump on Friday told Pennsylvania steelworkers he's doubling the tariff on steel imports to 50% to protect their industry, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods. In a post later on his Truth Social platform, he added that aluminum tariffs would also be doubled to 50%. He said both tariff hikes would go into effect Wednesday. Trump spoke at US Steel's Mon Valley Works-Irvin Plant in suburban Pittsburgh, where he also discussed a details-to-come deal under which Japan's Nippon Steel will invest in the iconic American steelmaker. Trump told reporters after he arrived back in Washington that he still has to approve the deal. "I have to approve the final deal with Nippon and we haven't seen that final deal yet, but they've made a very big commitment and it's a very big investment,' he said. Though Trump initially vowed to block the Japanese steelmaker's bid to buy Pittsburgh-based US Steel, he reversed course and announced an agreement last week for "partial ownership' by Nippon. It's unclear, though, if the deal his administration helped broker has been finalized or how ownership would be structured. Nippon Steel has never said it is backing off its bid to outright buy and control US Steel as a wholly owned subsidiary, even as it increased the amount of money it promised to invest in US Steel plants and gave guarantees that it wouldn't lay off workers or close plants as it sought federal approval of the acquisition. "We're here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company,' Trump said as he opened an event at one of US Steel's warehouses. "You're going to stay an American company, you know that, right?' As for the tariffs, Trump said doubling the levies on imported steel "will even further secure the steel industry in the US.' But such a dramatic increase could push prices even higher. Steel prices have climbed 16% since Trump became president in mid-January, according to the government's Producer Price Index.
