Latest news with #RaymondJamesAssociates
Yahoo
13-05-2025
- Business
- Yahoo
U.S. and China agree to reduce tariffs in 90-day deal
CHICOPEE, Mass. (WWLP) – The United States and China have agreed to reduce tariffs, many hoping this is a cool-down in the trade war. The White House announced this morning that an agreement has been reached between the U.S. and China surrounding tariffs, and we have already seen the impact. It is good news, the United States and China have reached an agreement to reduce tariffs for 90 days, reducing the tariffs by 115%. U.S. tariffs on Chinese imports dropped from 145% to 30%, 20% for China failing to curb the fentanyl flow, and a 10% universal tariff. China is reducing its tariff on US imports from 125% to 10%. 'It's really exciting news for the stock market, but they're not quite sure yet whether it is going to be real, so there is a 'let's jump in' but let's make sure it is real,' says Mark Teed, Senior VP of Raymond James Associates. Wall Street closing in the positives, The NASDAQ up 4.35%, Dow Jones 2.81%, and S&P 500 closing 3.26% higher. The stock market has seen an impact from the tariff agreement, but the bigger question is, will consumers see an impact? 'A lot of the tariff acts were things we buy online that we have delivered to our house,' Teed said. 'We're going to have tariffs on them, and that was going to increase the price, so this will bring things back to normal, maybe even drop the prices a little bit.' This agreement sets up the possibility of conversations with other countries. Teed adds, 'I think the one thing that we should all recognize is we can achieve peace through commerce. When you're trading with other countries, it's hard to go to war with them. So, this is another sign that the more we reach out and do business with people around the world, the less tension there will be in the world.' Details are still being released about what is and is not included in the agreement; however, when addressing the press Monday morning, President Trump said the agreement doesn't include tariffs on cars, steel, aluminum, or pharmaceuticals. Even though the tariffs dropped 115%, tariffs remain far higher than before President Trump began his second term. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
30-04-2025
- Business
- Yahoo
Economic growth slowing in the U.S. so far this year, according to recent study
SPRINGFIELD, Mass. (WWLP) – New data just released on Wednesday, showing that U.S. economic growth has slowed sharply in the first quarter of 2025. The slowdown comes amid growing concerns that President Trump's tariffs could disrupt the economy. The GDP, or gross domestic product, is the sum of all goods and services produced in the U.S., and from January to March, it fell 0.3%. AG Campbell releases guide protecting Massachusetts homebuyers from discrimination This is the first quarter of negative growth since 2022. Experts were anticipating the GDP to come in at 0.4% growth, but instead it was a decline. According to Mark Teed, the Senior Vice President at Raymond James Associates, there is an explanation for the drop. 'The big reason is, everybody knew the tariffs were coming, so everybody rushed to get all their imports in before April 2, Liberation Day,' Teed said. 'That was like a 41% increase in imports, so that skewed everything from positive to negative.' Teed did say the underlying economy is still in good shape, and unless the trade deals go bad quickly, the market is anticipating a pick up by the end of the year. He said this should not have an impact on consumers. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
