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Indian Express
5 days ago
- Business
- Indian Express
Tariff Tracker, May 31: Court restores status quo, only for Trump to stir the pot again
Dear reader, In the previous Tracker, we pointed out that very few things remain static in the realm of all things Donald Trump. In the intervening period, the US President has managed to secure a stay on the order holding his tariffs 'unlawful', accused China of violating the terms of a tariff truce the two nations agreed to earlier this month, and promised to double tariffs on US steel and aluminium imports to 50%. These developments come amidst his battle with universities, chiefly Trump's criticism of Harvard University for failing to control what he describes as 'antisemitic' hate speech, and protests criticising Israel in its war against Palestine. On Wednesday (May 28), Secretary of State Marco Rubio issued a vague proclamation that the US would 'aggressively revoke visas for Chinese students, including those with connections to the Chinese Communist Party or studying in critical fields.' The move will impact roughly 275,000 Chinese students in the United States, about 20% of all student visa holders. On Wednesday, a three-judge panel of the US Court of International Trade ruled that Trump had exceeded his presidential authority in using the International Emergency Economic Powers Act, 1977 (IEEPA) to tariff nations. As explained in the May 29 Tariff Tracker, the judges ruled as illegal Trump's use of emergency powers to impose tariffs on virtually every country. The law, used by presidents of yore to impose emergencies, has been used thus far in a sanctionary capacity, bypassing Congressional approval. In question were two sets of tariffs: This order was stayed by the US Court of Appeals for the Federal Circuit on Thursday (May 29), allowing the status quo to persist. This means the Trump administration would not need to immediately wind up all three sets of tariffs listed above. However, this matter will likely be heard in the Supreme Court, where a final word is awaited. The Wednesday ruling brought to the fore Trump's continuing tussle with the judiciary, including with judges he appointed. Also of note, this ruling does not affect other sector-specific Trump tariffs, including: On Friday (May 30), Trump accused China of reneging on the agreement it made with the US earlier this month. In a post on TruthSocial, he wrote, 'China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!' While he did not specify what the purported violations were, US Trade Representative Jamieson Greer told CNBC later that day that China had been slow to remove its non-tariff barriers or 'countermeasures' in response to Trump's tariff announcements. The countermeasures included restricting exports of rare earth minerals, which are vital inputs in several tech products and defence items, as well as the blacklisting of American companies. 'We haven't seen the flow of some of those critical minerals as they were supposed to be doing,' Greer said. Meanwhile, the US suspended some sales of critical technology to China, taking both nations a step closer to 'supply chain warfare', The New York Times reported Wednesday. A Bloomberg report on Friday claimed that the Trump administration will double down on this, with officials framing a rule to impose US licensing requirements on deals with subsidiaries of companies already sanctioned by the government. By choking off access to vital inputs needed by companies in both countries, the move could revive the trade war and send markets spiralling downward once again. The US and China had agreed to reduce tariffs on each other by 115%, effective May 14, for 90 days. This reduced effective US tariffs on China from 145% to 30%, and Chinese tariffs on the US from 125% to 10%. On Friday, Trump announced that he would double the Section 232 tariffs on steel and aluminium from 25% to 50%, effective from June 4. 'We're going to bring it from 25 per cent to 50 per cent, the tariffs on steel into the United States of America, which will even further secure the steel industry,' he said at a Pennsylvania rally. 'Nobody is going to get around that … At 25 per cent, they can sort of get over that fence. At 50 per cent, they can no longer get over the fence,' he added, referring to the tariffs as a fence to boost domestic metals production. This development comes a week after Trump endorsed a contentious $15 billion partnership between Japanese company Nippon Steel and US Steel. He had earlier opposed the same while campaigning for President. Former President Joe Biden had earlier blocked the potential acquisition of the beleaguered American steel company by Nippon, citing a national security risk. Trump described the deal between the two countries as a 'blockbuster agreement' with a 'great partner' that he said would 'ensure this storied American company stays an American company'.
Business Wire
22-04-2025
- Business
- Business Wire
EDITED Launches Tariff Tracker to Help Retailers Navigate Rising Costs and Stay Competitive
NEW YORK & LONDON--(BUSINESS WIRE)-- EDITED ™, the world's leading AI-powered retail intelligence platform, has launched its new Tariff Tracker to help retailers respond faster to the growing impact of global tariffs. 'With EDITED, they [retailers] get real-time insights and AI-driven recommendations to move fast, protect margins, and stay ahead of the market.' Share Powered by EDITED's unmatched market data – tracking over 5 billion SKUs across 5,000+ retailers and 14+ years of history – the Tariff Tracker is the first tool of its kind to publicly visualize how tariffs are shaping pricing, assortment, and promotional strategies in real time. 'Retailers don't just need to know tariffs are coming, they need to know how to react,' said Shellie Vornhagen, CMO at EDITED. 'With EDITED, they get real-time insights and AI-driven recommendations to move fast, protect margins, and stay ahead of the market.' The Tariff Tracker is just the beginning. EDITED's full Retail Intelligence Platform gives retailers the tools to make smarter decisions in volatile conditions with: Active Tariff Monitoring: Track tariff impacts and competitor actions in real time. Agile Pricing Strategies: Adjust prices instantly to protect profit and stay competitive. Localized Product Strategies: Tailor ranges by region and rethink global expansion with precision. Strategic Category Optimization: Shift focus to high-demand, low-tariff products to avoid risk. Smarter Inventory Planning: Plan ahead with insights that balance cost, margin, and demand. Proactive Overstock Prevention: Spot inventory risks early and act fast to clear excess stock. Retailers can explore the live tracker at and learn how EDITED can help your business by registering for our webinar, 15-Minute Briefing: Smarter Tariff Strategy Starts Here. EDITED is the world's leading AI-powered retail intelligence platform that empowers brands and retailers with real-time insights and actionable recommendations around assortment, pricing, and site merchandising. We help retailers drive better business outcomes by providing a holistic view that is market-informed, profit-aware, and customer-centric. The world's most successful brands and retailers use EDITED's platform to get closer to their best customers and future-proof their business.
Yahoo
22-03-2025
- Business
- Yahoo
Charting the Global Economy: Fed, BOJ and BOE Hold Rates as Tariffs Loom
(Bloomberg) — Central bankers in the US, Japan and UK held the line on interest rates this past week, opting for a patient policy approach in order to gauge the economic and inflationary impacts of tariffs. Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says New York Subway Ditches MetroCard After 32 Years for Tap-And-Go LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs Despite Cost-Cutting Moves, Trump Plans to Remake DC in His Style Amtrak CEO Departs Amid Threats of a Transit Funding Pullback Federal Reserve Chair Jerome Powell downplayed mounting growth concerns and the price hits that could be on the way from President Donald Trump's aggressive trade policy. The Bank of Japan added a reference to trade policies to its list of risks to the outlook, its statement showed Wednesday. Meantime, Bank of England Governor Andrew Bailey urged his rate-setting colleagues to tread carefully in the face of a turbulent global backdrop. For more on tariffs, run NEWS ON TARIFFS on the Terminal. And stay up to date with Bloomberg's Tariff Tracker. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy, markets and geopolitics: World Outside of the major central banks, the Riksbank in Sweden kept its benchmark rate unchanged at a two-year low and reiterated it's finished with the easing cycle. Taiwan kept rates at the highest level since 2008, while South Africa, Indonesia, Angola, Armenia, Russia and Paraguay also stood pat. Chinese banks held their lending rates steady for a fifth month. Switzerland, Iceland and Morocco lowered rates. Trump's trade policies have abruptly set the world onto a path of slower growth and higher inflation that could worsen notably if tensions escalate. The OECD expects the pace of global expansion to slow to 3.1% this year and 3% in 2026 as barriers restrain commerce and surging uncertainty holds back business investment and consumer spending. The US is about to be flooded with a massive wave of copper as a worldwide dash to front-run potential tariffs comes to a head. Between 100,000 and 150,000 metric tons of refined copper is expected to arrive in the US in the coming weeks, according to four people surveyed by Bloomberg with direct knowledge of some of the shipments. US Fed officials held their benchmark interest rate steady for a second straight meeting, caught between mounting concerns that the economy is slowing and inflation could remain stubbornly high. Chair Jerome Powell downplayed those risks and even revived a once-abandoned term to say the inflationary impact of tariffs is likely to be transitory. Retail sales rose by less than forecast in February and the prior month was revised lower, indicating a pullback in consumer spending at the start of the year. Europe In the most hawkish decision in six months, two BOE rate-setters that have supported lower borrowing costs at the previous three meetings — Deputy Governor Dave Ramsden and Alan Taylor — voted for no change in policy, as did Catherine Mann who shocked markets by backing a bumper half-point reduction in February. Arch-dove Swati Dhingra voted for a quarter-point cut, scaling back her February call for half a point. Euro-area inflation slowed more than initially reported in February, strengthening arguments for the European Central Bank to keep cutting interest rates. With the outlook for economic expansion and inflation in Europe clouded by uncertainty, ECB officials debating whether to pause or lower borrowing costs again next month may be tempted to focus on the clear progress in reaching their 2% target. Investor confidence in Germany's economy soared by the most in more than two years as the country prepares for hundreds of billions of euros of infrastructure and military investments under its new government. Asia Chinese consumption, investment and industrial production exceeded estimates to start the year, pointing to signs of resilience for an economy still in need of more stimulus as Trump's tariffs threaten growth. At the same time, the property market stayed under pressure and unemployment rose, a sign of vulnerabilities that could be exposed if US tariffs inflict more pain across China's manufacturing sector. South Korea's semiconductor exports to China plunged last month, deepening concerns about a cooling in global demand already threatened by US tariffs, as Washington steps up its restrictions on technology supplies to Beijing. India is about to join the worldwide wave of steel protectionism, outlining plans for sweeping trade tariffs just a week after Trump slapped duties on all US imports. The global steel market is facing upheaval as multiple nations put up defences to fight a flood of metal, particularly from billion-ton producer China. Emerging Markets The pain in Indonesia is being felt in other emerging economies, and it's only set to get worse: Trump has threatened to raise tariffs on China even higher, after hiking them by 20% since taking office in January. This means the country's exporters, by far the most competitive in the world, are looking to replace any lost orders—a dynamic that risks unleashing an even larger flood of Chinese goods around the globe. Central banks in South Africa, Egypt and several other African nations will pronounce on interest rates over the course of the next month and stake out different approaches to counter the risks posed by US protectionist policies. Turkish markets buckled on Wednesday after the detention of President Recep Tayyip Erdogan's most prominent rival stoked concern that political upheaval risks undermining recent investor-friendly economic policies. Stocks plummeted and investors dumped government debt after the detention of 54-year-old Ekrem Imamoglu, the popular mayor of Istanbul and a top contender for the presidency. —With assistance from James Attwood, Katia Dmitrieva, Katharine Gemmell, Philip J. Heijmans, William Horobin, Sam Kim, John Liu, Lucille Liu, Jing Li, Julian Luk, Jonnelle Marte, Mark Niquette, Amara Omeokwe, Jana Randow, Tom Rees, Zoe Schneeweiss, Mark Schroers, Preeti Soni, Craig Torres, Monique Vanek, Fran Wang, Yvonne Yue Li and Prima Wirayani. A New 'China Shock' Is Destroying Jobs Around the World Tesla's Gamble on MAGA Customers Won't Work How TD Became America's Most Convenient Bank for Money Launderers One Man's Crypto Windfall Is Funding a $1 Billion Space Station Dream The Real Reason Trump Is Pushing 'Buy American' ©2025 Bloomberg L.P. Sign in to access your portfolio
