Latest news with #TradePartnershipWorldwide
Yahoo
14-05-2025
- Business
- Yahoo
Trump's 'Deal' With China Leaves American Consumers and Exporters Facing Higher Tariffs Than Before
On its own, the deal struck Monday between the U.S. and China to de-escalate the trade war is undeniably a positive development. As part of the deal, the U.S. will temporarily lower tariffs on Chinese imports from 145 percent to 30 percent (which will be applied on top of other tariffs imposed by the first Trump administration). That may be enough to stave off the worst consequences of the tariffs and might unfreeze the flow of goods across the Pacific Ocean. More broadly, however, the deal is a tidy illustration of how President Donald Trump has conducted his global trade war. With China, Trump hiked tariffs to astronomical levels while promising those taxes (which are paid by Americans) would unleash prosperity and create jobs. Then, the White House celebrated the agreement that reduced those tariffs as "the art of the deal." They are literally doing the meme. But the "deal" means that imports from China will be subjected to significantly higher tariffs than when Trump took office. Those tariffs will continue to be a serious economic burden for American businesses and consumers, and the threat of even higher tariffs remains—because the "deal" only pauses those tariffs for 90 days, and because Trump's mercurial nature means no one can really be sure what is coming next. "A pause is not a solution. It's a stay of execution for small businesses that still don't know future product costs, and in many cases have taken steps that can't be undone," wrote Dan Anthony, president of the Trade Partnership Worldwide, an international economic think tank. Steve Lamar, president of the American Apparel and Footwear Association, called the 90-day pause "welcome" because it may thaw what had effectively become a trade embargo between the two countries. However, the remaining 30 percent tariff, which is stacked on top of preexisting tariffs from Trump's first term, "will still make for an expensive back to school and holiday season for most Americans," Lamar said in a statement. "If freight rates spike due to the tariff-induced shipping disruptions—which will take months to unwind—we could see costs and prices creep up even further." The Penn Wharton Budget Model's tariff simulator estimates that the remaining 30 percent tariff on all imports from China would be a $639 billion tax increase over 10 years. Meanwhile, American exports to China will also face higher tariffs in the wake of this "deal" than they did in the pre-Trump status quo. The 10 percent tariff that China will continue charging on American imports will be one of the highest tariffs in the world for American goods entering foreign countries, notes Bryan Riley, director of the National Taxpayers Union's Free Trade Initiative. That's despite the White House repeatedly claiming that Trump's trade war is intended to lower barriers to American exports. By their own metric, this deal fails. Any de-escalation of what could be a catastrophic trade war between the world's two biggest economies is an encouraging sign, but both America and China are still worse off than they were a few months ago. Trump has used constitutionally dubious economic powers to raise and then lower tariffs, creating huge costs and even greater uncertainty. Rather than praising the president for backing down from an insane position, as the White House believes Americans should do, the proper response to Trump's latest tariff maneuvers is the same as it has always been: Congress must take away his tariff powers. The post Trump's 'Deal' With China Leaves American Consumers and Exporters Facing Higher Tariffs Than Before appeared first on
Yahoo
09-04-2025
- Automotive
- Yahoo
‘It's going to hit;' Local economist explains how tariffs could impact Ohio shoppers
President Donald Trump announced he is pausing tariffs on most nations for the next 90 days, but the 105% tariffs targeting China are still in place. He said these tariffs increased because China disrepected the United States by issuing retaliatory tariffs. [DOWNLOAD: Free WHIO-TV News app for alerts as news breaks] As reported on News Center 7 at 6:00, Trade Partnership Worldwide is tracking the tariffs and estimates that companies across Ohio will pay an extra $946 million to import products from China. TRENDING STORIES: Man accused of hitting his daughter with truck before police crash, shooting takes stand in trial Man learns sentence for death of 15-year-old girl; woman charged in attempted cover-up, deputies say Former base commander set for court-martial next week at WPFAB Some shoppers told News Center 7 they don't know how to feel about the tariffs. West Carrollton Kathy Robertson said she isn't too concerned. 'We shop for what we need, and we shop the basics, as low price as we can get. And we're on a budget, of course, so that kind of limits what we do, but I'm not concerned about that,' she said. Moraine resident Jerry Moore III felt a little different. 'I'm a little afraid (because) we already are pinching pennies and stuff, right? It's a little scary for everybody I think, can't afford nothing,' Moore said. Jared Pincin, an associate professor of economics at Cedarville University, breaks down how the tariffs may affect Ohioans. 'It's gonna depend on what they buy, but given the wide-scale nature of the tariffs, it's likely that it's going to hit most consumers, particularly if you're buying large scale items,' Pincin said. He said the prices of items that will most likely increase from the tariffs are some clothing products, electronics, and cars. 'If you're buying an automobile right now, these tariffs are gonna hit both used and new cars. And that's going to be significant because every single automaker -- every one -- uses imported parts,' Pincin said. Just before News Center 7′s John Bedell spoke with Pincin, Trump announced a three-month pause on most new tariffs. 'So it looks we're moving now to the negotiation phase, which is the hope that a lot of us as economists have had that these tariffs are nothing more than trying to change the (trade) discussions. There clearly are different tariff rates between the U.S. and its trading partners. And whether those are fair or unfair is up to the user, but they need to be harmonized,' Pincin said. It is still unclear what will happen after the 90-day period is over while countries negotiate with the Trump administration. News Center 7 will continue to follow this story. [SIGN UP: WHIO-TV Daily Headlines Newsletter]
Axios
09-04-2025
- Business
- Axios
Colorado caught in the crosshairs of U.S.-China trade war
President Trump paused most reciprocal tariffs for 90 days — but doubled down on China by raising export tariffs to 125%, delivering a fresh blow to Colorado businesses. The big picture: Both companies and consumers in the Centennial State will still feel the financial squeeze as costs inevitably pass through the supply chain. By the numbers: China is Colorado's second-largest import source, providing $1.8 billion in goods (11% of the state's total) in 2024, according to the U.S. Census Bureau. When Trump put a 20% tariff on China earlier this year, economic research firm Trade Partnership Worldwide estimated it would cost Colorado businesses $362 million annually. At 125%, those costs will multiply dramatically. State of play: The tariffs are creating immediate challenges for prominent Colorado businesses. What they're saying: American Furniture Warehouse CEO Jake Jabs — a longtime GOP megadonor — imports furniture from China and sees little upside. "To me, it's just a lose-lose deal," he told CPR, adding that Trump is "going to make enemies out of what are now our friends and open the door for China to become friends with these people." Sunny Kim, owner of Denver-based American Made Apparel Manufacturing, sources materials from China. Even before the 125% hike, the tariffs were " detrimental" to her profit margins. "It's almost impossible to keep everything U.S.-made," Kim told MSNBC, citing materials and labor-intensive processes American factories can't match at affordable price points. "For us to get up to the point of manufacturing at the same level and capacity as China ... is impossible." Zoom out: Colorado's agricultural sector is particularly vulnerable, if history is any indication. During Trump's first term, his China trade war resulted in a $27 billion loss in agricultural exports over that period, according to estimates from U.S. Department of Agriculture economists.
Yahoo
08-04-2025
- Business
- Yahoo
New tariffs could cost US importers over $700 billion in 2025
California importers could be hit hardest by the new import tariffs -- potentially paying over $170 billion more for imports than they did last year, according to newly released data by trade economists. Texas importers rank second, with an estimated $82 billion increase. Altogether, the United States could pay over $712 billion more in import tariffs this year compared to 2024. At 12:01 a.m. ET on Wednesday, President Donald Trump is set to impose individualized reciprocal higher tariffs on the countries with which the United States has the largest trade deficits. All other countries will continue to be subject to the original 10% tariff baseline. During remarks Tuesday, Trump claimed his newly announced tariffs would bring in billions per day. "We're taking in almost $2 billion a day in tariffs," said Trump. "These are tailored -- highly tailored deals." While the lasting economic impact of Trump's sweeping tariffs stands to be seen, Trade Partnership Worldwide, a group of economists and trade policy consultants, has released data on how much importers could pay in each state for 2025. These payment increase predictions are based on 2024 import data for each state, according to Trade Partnership Worldwide. The predictions reflect how much more importers would pay in tariffs by state this year if demand remained identical to 2024 -- indicating which states could end up paying the most under the new tariff policy. "As a disclaimer, we do not foresee demand for imports remaining the same as 2024 due to the tariffs," said Daniel Anthony, president of Trade Partnership Worldwide. "But this gives us a good indicator of the size, scope and impact these tariffs could have on each state." Michigan importers could see over $27 billion in tariff payments for 2025, according to the data. About 20% of all U.S. auto production occurred in Michigan in 2023, according to the Detroit Regional Chamber. The group's predictive analysis applies all of the new tariffs Trump announced last week to the number of goods Americans imported last year. Those tariffs include the president's International Emergency Economic Powers Act actions on Canada, Mexico, China and Hong Kong and additional tariffs on steel, aluminum, derivative products and auto parts. For the moment, their prediction does not include the additional tariff on Chinese imports the president may implement on Wednesday. This prediction excluded products covered by the United States-Mexico-Canada Agreement, in accordance with the new tariffs. Here's the potential increase in tariff payments for 2025 by state, according to Trade Partnership Worldwide: New tariffs could cost US importers over $700 billion in 2025 originally appeared on
Yahoo
08-04-2025
- Business
- Yahoo
New tariffs could cost US importers over $700 billion in 2025
California importers could be hit hardest by the new import tariffs -- potentially paying over $170 billion more for imports than they did last year, according to newly released data by trade economists. Texas importers rank second, with an estimated $82 billion increase. Altogether, the United States could pay over $712 billion more in import tariffs this year compared to 2024. At 12:01 a.m. ET on Wednesday, President Donald Trump is set to impose individualized reciprocal higher tariffs on the countries with which the United States has the largest trade deficits. All other countries will continue to be subject to the original 10% tariff baseline. During remarks Tuesday, Trump claimed his newly announced tariffs would bring in billions per day. "We're taking in almost $2 billion a day in tariffs," said Trump. "These are tailored -- highly tailored deals." While the lasting economic impact of Trump's sweeping tariffs stands to be seen, Trade Partnership Worldwide, a group of economists and trade policy consultants, has released data on how much importers could pay in each state for 2025. These payment increase predictions are based on 2024 import data for each state, according to Trade Partnership Worldwide. The predictions reflect how much more importers would pay in tariffs by state this year if demand remained identical to 2024 -- indicating which states could end up paying the most under the new tariff policy. "As a disclaimer, we do not foresee demand for imports remaining the same as 2024 due to the tariffs," said Daniel Anthony, president of Trade Partnership Worldwide. "But this gives us a good indicator of the size, scope and impact these tariffs could have on each state." Michigan importers could see over $27 billion in tariff payments for 2025, according to the data. About 20% of all U.S. auto production occurred in Michigan in 2023, according to the Detroit Regional Chamber. The group's predictive analysis applies all of the new tariffs Trump announced last week to the number of goods Americans imported last year. Those tariffs include the president's International Emergency Economic Powers Act actions on Canada, Mexico, China and Hong Kong and additional tariffs on steel, aluminum, derivative products and auto parts. For the moment, their prediction does not include the additional tariff on Chinese imports the president may implement on Wednesday. This prediction excluded products covered by the United States-Mexico-Canada Agreement, in accordance with the new tariffs. Here's the potential increase in tariff payments for 2025 by state, according to Trade Partnership Worldwide: New tariffs could cost US importers over $700 billion in 2025 originally appeared on
