Latest news with #TradeReviewActof2025
Yahoo
06-05-2025
- Business
- Yahoo
Busy Baby founder speaks out against tariffs in Washington
May 6—WASHINGTON — After being honored in Washington, D.C. as Minnesota's top small business person, Busy Baby founder Beth Benike joined U.S. Sens. Amy Klobuchar, Tina Smith and Chuck Schumer on Monday to discuss a bipartisan bill to undo the tariffs she says are killing her business. The award that she accepted with her 8-year-old son was from the U.S. Small Business Administration, which chose the top small businesses in each state for 2025. Shortly after receiving the award, Benike made her way to a press conference about how tariffs are impacting small businesses across the country. Due to the size and nature of her business, having her products manufactured in China was the only economically feasible choice. When the U.S. imposed 145% tariffs on goods made in China, it stranded three months' worth of Busy Baby inventory in China as Benike could not afford the $230,000 of additional tariff fees. Since then, that inventory has dropped even more. "I have maybe two months' worth left in my warehouse in Minnesota, and when that's gone, I have no more revenue. I cannot pay my employees. I cannot pay my bills. I cannot pay the loans which I have leveraged my house against so we could lose our house," she said during the press conference. "So, I am asking ... begging for support from both parties, to support our small businesses and get rid of these tariffs on U.S.-owned small businesses. It doesn't just affect me when I go out of business. It affects all those contractors that I pay to help me with my business ... There are thousands of us. So this is hurting more than just people importing from China." Benike, a U.S. Army veteran who served in Afghanistan and Kosovo, created the prototype for her Busy Baby silicone placemat in her kitchen in Oronoco. She was helped by economic development groups in the region, including the Southern Minnesota Initiative Foundation in Owatonna. She also appeared on the TV show "Shark Tank," which features start-up pitches. "The small business owners that are standing here with us today, they do not have a direct dial number for the White House. They do not have the president's cell phone. They are not like a major, major CEO of a Fortune 500 company that can call and get a meeting with the White House and then get their products exempted," said Klobuchar. "The unfairness and the destruction of the competitive marketplace for small businesses will have longer-term effects than anyone can even imagine." Klobuchar's bipartisan bill with Sen. Tim Kaine, D-Virginia, to undo the tariffs on Canadian goods passed the Senate last month. It was also supported by Republican Sen. Rand Paul. Klobuchar and Smith also recently voted for a bipartisan bill to overturn Trump's across-the-board global tariffs. Klobuchar co-sponsored the Trade Review Act of 2025, bipartisan legislation by Sens. Maria Cantwell and Chuck Grassley to restore congressional oversight of tariffs. "For American entrepreneurs, this is not a political issue. This is about the survival of their businesses and the survival of their dreams. Beth Benike's story shows us so clearly that President Trump's chaotic approach to tariffs is putting small businesses like hers at risk. It's hurting people's capacity to make payroll, it's hurting our economy and it's hurting American consumers," Smith said. Benike has been speaking out against tariffs since early April. She said it is not a political issue for her, but an issue of economic survival. "Small businesses are not going to bring manufacturing back to the U.S., so let us be exempt and at least stay in business. If the mission is to bring manufacturing back to the U.S., we're not the ones who are going to do it," she said at a press conference at her Zumbrota warehouse on April 21.
Yahoo
17-04-2025
- Business
- Yahoo
Trump tariffs have exporters pulling goods from Seattle ports, officials say
The Brief Washington exporters are retrieving goods due to closed Chinese markets, impacting the wine industry; Senator Cantwell advocates for more congressional oversight on trade policies. Local port officials worry about declining activity affecting 58,000 jobs, while Cantwell sees potential in Boeing's new CEO to boost U.S. aircraft competitiveness. SEATTLE - The Washington Seaport Alliance reports exporters are pulling containers of goods out of local terminals and bringing them home due to canceled sales. At the Port of Seattle Tuesday, officials warned that even with some tariffs on pause, exporters are desperately trying to find new buyers now that Chinese markets are "effectively closed." Senator Maria Cantwell, the top Democrat on the Senate Commerce Committee addressed the press during her visit to the waterfront. She recalled the impact of tariffs imposed during the last Trump administration, specifically on the state's apple industry, and said similar effects are once again being felt—this time threatening the local wine economy. Cantwell shared she lobbied with British Columbia officials to get more Washington wines on shelves up north. "So now to think we're at this point where Washington wine isn't even going to be on those important store shelves is such a tremendous loss – nonsensical at a time when we should be doing more to increase our opportunities," said Cantwell. The senator also promoted the bipartisan Trade Review Act of 2025, she co-sponsored with Sen. Chuck Grassley of Iowa, arguing that Congress should have a greater role in reviewing trade policies. She also pointed to her advocacy for the CHIPS and Science Act, saying lawmakers speaking out has helped soften some of the tariffs' effects. "Being one of the most trade-dependent states in the United States, we've always been concerned about the impact to manufacturing, particularly aviation," Cantwell said. "There is a market now for 40,000 planes." Cantwell also expressed optimism about Boeing's new CEO, saying the leadership change could improve the competitiveness of U.S. aircraft in global markets, but she cautioned that the U.S. must not fall behind as new trade alliances form. John McCarthy, co-chair of the Northwest Seaport Alliance and Port of Tacoma commissioner, is concerned about a downturn in activity in Puget Sound. He shared in 2024, nearly 338,000 automobiles passed through Tacoma —up from 162,000 in 2021—and auto parts ranked as the second largest import commodity. Sam Cho, Seattle Port Commissioner, highlighted the broader stakes, noting that cargo activity supports roughly 58,000 family wage jobs in the region. "When these relationships deteriorate so do the jobs that support that trade," said Cho. The Source Missing WA grandmother's remains found buried under shed Seattle woman arrested for pit bull attacks: 'Let him do his thing' FEMA denies $34M in funds for WA bomb cyclone relief, gives no explanation WSDOT shuts down 103-year-old bridge in Pierce County, WA Man accused in Seattle hate crime flips off cameras, storms out of courtroom Elephants react to San Diego earthquake, swarm around young Red Robin launching Bottomless Burger Pass for National Burger Month To get the best local news, weather and sports in Seattle for free, sign up for the daily FOX Seattle Newsletter. Download the free FOX LOCAL app for mobile in the Apple App Store or Google Play Store for live Seattle news, top stories, weather updates and more local and national coverage, plus 24/7 streaming coverage from across the nation.
The Hill
10-04-2025
- Business
- The Hill
Senate Democrat on Trump pause: ‘Chaos is still up…and it's still a 10-percent tariff'
Sen. Amy Klobuchar (D-Minn.) said early Thursday that 'chaos' and 'confusion' were still high one day after President Trump implemented a 90-day pause on reciprocal tariffs. 'I look at what happened yesterday, and yes, there was euphoria that he made some change. But in the cold reality of today, chaos is still up, confusion is up, and it's still a 10-percent tariff,' Klobuchar said on MSNBC. The Minnesota lawmaker said Americans are looking at their 401 (k) plans and 'they know where grocery prices are up, they know that this Trump tariff tax is still a huge problem for them in their everyday lives.' The Trump administration's 10-percent baseline tariffs remain on nearly all foreign trading partners while tariffs on imports from China, the world's second-largest economy, stand at 145 percent. Trump said on Wednesday that the bond market encouraged him to give countries a reprieve on heightened levies. 'I thought that people were jumping a little out of line,' Trump said at the White House, adding that people were getting 'a little bit yippy, a little bit afraid.' The president's decision to temporarily walk back the high tariffs spurred financial gains with boosts to the Dow Jones Industrial Average, S&P 500 index and Nasdaq composite after his announcement. Stock markets were lower on Thursday afternoon. Despite the reprieve, a bipartisan group of senators ushered in the Trade Review Act of 2025 seeking to require congressional approval for Trump's sweeping tariffs on trading partners. Klobuchar was a co-sponsor for the legislation, which the president has threatened to veto. 'The erratic way these tariffs have been announced, un-announced, and re-announced has made it difficult for families and businesses to plan for the future,' she said in a statement announcing the bill.
Shafaq News
09-04-2025
- Business
- Shafaq News
EU to hit $23B in US goods with new tariffs
Shafaq News/ The European Union said on Wednesday it would impose tariffs on up to $23 billion worth of US goods, escalating tensions sparked by Washington's duties on European steel, aluminum and other products. The tariffs will be introduced in three phases starting April 15 and cover a wide range of American exports, the European Commission said in a statement. The first tranche, valued at $4.2 billion, will apply tariffs of up to 25% on products including steel, aluminum, orange juice, rice and motorcycles. A second phase, due to take effect on May 16, will target $14.8 billion in goods such as poultry, beef, wheat, clothing and household appliances. A final round, scheduled for December 1, will apply duties on $3.8 billion worth of products including soybeans and almonds. 'The EU remains committed to a rules-based international trading system and to engaging with partners, but it will act decisively to protect its economic interests,' a Commission spokesperson said. The US tariffs, introduced by President Donald Trump, include a 25% duty on imported metals and a 20% levy on a broad range of other European goods. The European Commission said it remained open to negotiations with the United States but stressed that any resolution must be based on 'mutual respect and adherence to international commitments.' In Washington, Republican Senator Chuck Grassley on Tuesday introduced the Trade Review Act of 2025, a bill that would require congressional approval within 60 days for any new tariffs to remain in effect. Trade analysts warned that the dispute between two of the world's largest economies could disrupt supply chains and contribute to inflationary pressures. 'Prolonged tariff battles typically introduce uncertainty into markets and can affect both consumer prices and investment decisions,' said Carla Morgan, senior economist at Global Trade Watch.
Yahoo
09-04-2025
- Business
- Yahoo
Schumer: Trump ‘going so overboard' on tariffs
Sen. Chuck Schumer (D-N.Y.) said President Trump is going 'so overboard' on his tariff agenda. Schumer joined CNN on Tuesday, just a day before Trump's latest round of sweeping tariffs went into effect Wednesday. He was pushing for Congress to take action against the new trade policies as they spark instability at home and abroad. 'Congress has always had the power to deal with tariffs, and we've always had these fights in the past on some of the tariff issues as well,' Schumer said. 'But now that Trump is going so overboard, Congress can, has every legal authority, to take those powers back.' 'And that's what we aim to do,' he added. His remarks come just days after seven Republican senators signed on to a bipartisan bill that would require Congress to approve Trump's steep tariffs on its trading partners. It would limit Trump's ability to impose the broad and reciprocal tariffs on dozens of countries without congressional approval. The president has already threatened to veto the bill. Host Brianna Keilar asked Schumer why, when he recently led the Democrats in the Senate majority, they didn't attempt to push through a law knowing that Trump's first term involved tariffs, and he promised to do more with a second term. 'We were able to beat back a lot of what Trump did on tariffs, and nothing is as extensive as this, over 180 countries affected,' Schumer said, pointing to Trump's 'Liberation Day' tariffs. Schumer said he hoped his Republican colleagues know 'how bad this is.' He hopes they join him 'instead of trembling in their boots because they're afraid of Trump' and help the American people who will be impacted by the trade policy. So far, Republican Sens. Chuck Grassley (Iowa), Mitch McConnell (Ky.), Jerry Moran (Kan.), Lisa Murkowski (Alaska), Thom Tillis (N.C.), Todd Young (Ind.) and Susan Collins (Maine) have supported the Trade Review Act of 2025. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
