Latest news with #Trump-imposed
Axios
18-07-2025
- Politics
- Axios
ICE raids disrupt Utah restaurants, fuel fear
Utah restaurateurs are feeling the impacts of the Trump administration's ramped-up immigration enforcement efforts, according to local industry leaders who say the policies and policing are interrupting business and fueling fear. Why it matters: The enforcement crackdown threatens to limit operating hours, drive up menu prices or shut down local restaurants. By the numbers: Almost 90,000 undocumented immigrants live in Utah, hailing mostly from Mexico and Central America, according to the Migration Policy Institute's 2019 estimates. Nearly half have resided in the state for more than 15 years, and around 17% of those ages 16 and older work in hospitality services, arts, entertainment or recreation. State of play: Some restaurant owners say their employees have not shown up to work, later finding out they were detained by immigration authorities at home or during traffic stops, Michele Corigliano, executive director of the Salt Lake Area Restaurant Association, which represents independently owned restaurants, told Axios. Corigliano said restaurants rely on immigrant workers to fill tough-to-hire jobs previously occupied by high schoolers and college students. She said immigrants are among the hardest workers, but many fear leaving home amid ongoing U.S. Immigration and Customs Enforcement raids that have occurred at work sites, as reported by CNN. Zoom out: Labor shortages, coupled with people dining out less frequently and Trump-imposed tariffs, have forced some restaurants to hike prices, she said. What they're saying: "It really has messed up our industry, and our [restaurant] owners are just really suffering because of these policies," she added, noting it is also impacting tourism in the state. Zoom in: Annie Bennett, who owns Annie's Cafe in Bountiful, told ABC 4 last month she's received hoax phone calls from a person posing as a law enforcement agent demanding information about her Latino staff and claiming they planned to raid her business, prompting employees to skip shifts. Between the lines: Agricultural workers are also missing days at work, said Enrique Sanchez, a state director for the American Business Immigration Coalition's Intermountain region, which covers Utah, Colorado, Nevada, Idaho and Arizona. The big picture: Nationwide, some operators are trying to educate their employees about what to do if an ICE raid happens.
West Australian
17-07-2025
- Business
- West Australian
American West locks in offtake and $2M for emerging Canadian copper play
American West Metals has cemented an off-take partner for its flagship Storm copper project in Nunavut, Canada, finalising key milestones in a transformative partnership with United Kingdom-based global metals trader Ocean Partners. American West says its binding off-take agreement and funding commitments will de-risk the project's path to development and position Storm as a low-capex, high-return copper operation with significant resource upside across its sprawling 2200-square-kilometre tenure. The company has completed a US$2 million (A$3.1 million) private placement with Ocean Partners to move the metal trading savants to a 9.4 per cent shareholding in American West. The capital injection is paired with a binding off-take agreement securing all the project's copper, silver and gold production for a minimum of eight years. Being well and truly invested in the outcome and outputs of Storm's development, Ocean Partners will also tin up a considerable 80 per cent of the initial capital - potentially US$40 million (A$61 million) - via a senior secured loan facility, contingent on bankable feasibility study results for Storm. American West says the critical alliance is already bearing fruit for both parties, as Ocean Partners' technical advisors optimise processing workflows that will save plenty of legwork for the ongoing pre-feasibility study. Located on Somerset Island, 120 kilometres south of Resolute Bay in Nunavut's Polaris mineral district, the Storm project is close to the Northwest Passage, a seasonal ice-free waterway historically used to ship concentrates from world-class zinc-lead mines such as Polaris and Nanisivik. The company has established a 50-person camp to support its continuing ambitious exploration activities at the project, which has yielded an impressive mineral resource of 20.6 million tonnes grading 1.1 per cent copper and 3.8 grams per tonne (g/t) silver, equating to 229,000t of contained copper and 2.2 million ounces of silver. With less than 5 per cent of the 110km prospective copper belt tested by the drill bit, American West is gearing up for a major 2025 drilling program targeting high-priority prospects to expand the resource base. Storm's economic potential in a rising copper environment is plain to see. It is projecting a US$149 million (A$228 million) net present value and a 46 per cent internal rate of return (IRR) for a 10-year open-pit operation with a low initial capital cost of US$47.4 million (A$72.5 million). By leveraging all its debt financing, the pre-tax IRR could soar to an impressive 135 per cent, with a three-year payback period and post-tax revenue of US$839 million (A$1.28 billion) at conservative copper prices well below today's Trump-imposed tariff market. Adding to the momentum, American West's recent drilling campaigns have confirmed multiple high-grade discoveries, including a 47-metre copper sulphide intercept at its Cyclone Deeps deposit, reinforcing the potential for a stacked copper horizon beneath its flagship Cyclone deposit. With a pipeline of prospects, including Blizzard and Tornado, waiting for drill testing, the company is poised to unlock further value along the 110km belt. Partners Ocean Partners are already involved in metal trading operations in global copper centres such as Canada, Chile and China and have seen Storm's upside. The finalised off-take deal and funding commitments align with rising global copper demand, driven by clean energy and electrification trends. Copper prices recently surpassed US$10,000 (A$15,300) per tonne. As American West charges into the back half of its 2025 exploration and development season, Storm is shaping up as a low-risk, high-reward copper play. With robust economics, a de-risked funding strategy and a vast, underexplored copper belt in its portfolio, the company looks like it could be Canada's next copper player in a surging red metal price environment. Is your ASX-listed company doing something interesting? Contact:
Axios
02-07-2025
- Business
- Axios
Tariffs add about $82 billion in costs for midsize U.S. companies
President Trump's tariffs add about $82 billion in total new costs for all mid-sized U.S. companies, per a new estimate — a sum that would more than double if rates return to levels seen at the height of trade tensions in April. Why it matters: That finding, from the JPMorganChase Institute, is among the first to tally the hit to select businesses that are more likely to rely on international trade. It gives some insight into the magnitude of costs that could ripple out to the rest of the economy — either in the form of price hikes or slimmer margins that could force owners to shrink costs elsewhere, perhaps via layoffs. What they're saying:"The cost amounts to 3% of their payroll — it's meaningful that they are paying that much to compensate for the tariffs," JPMorganChase Institute president Chris Wheat, a co-author of the study, tells Axios. The figure estimates costs under the current trade regime, which includes last month's U.S.-China negotiations. "As we approach the end of the pause on many steep tariff hikes that were announced on April 2nd, it has become increasingly urgent to understand which firms are the most exposed to potential costs," a companion report out Wednesday says. State of play: The report focuses on midsize businesses — those with annual revenues between $10 million and $1 billion, which are responsible for 1 in 3 private-sector jobs. The sector disproportionately relies on imports from countries with the highest Trump-imposed tariff rates, including China and other Asian nations. "They may be bigger than the very smallest businesses, but they're not the largest — and tariffs are of a magnitude that are not easily absorbed," Wheat says. The big picture: Still unknown is which countries will once again face the tariffs announced in early April. Top Trump officials say that a flurry of trade deals will be announced in the days leading up to July 9, when the pause on those "Liberation Day" tariffs expires. The universal tariffs announced then, including triple-digit levies on Chinese goods, added $188 billion in direct import costs to midsize firms — more than 6 times the costs imposed by the earlier tariffs in place at the start of 2025. Put another way, that is 7% of total payroll, on average.
The Hill
01-07-2025
- Business
- The Hill
Trump's economists say the darndest things
President Trump's economists, and sometimes Trump himself, often remind me of the late TV celebrity Art Linkletter, who used to have a segment on his television variety show called 'Kids Say the Darndest Things.' Linkletter would ask children questions, and some of their responses were inadvertently hilarious, which shocked Linkletter and made his audience laugh. That's increasingly what we're seeing from some of Trump's economists when they try to defend the president's tariff and trade policies. Take, for example, Stephen Miran, the head of Trump's Council of Economic Advisers. The Harvard-trained economist recently tried to explain to Politico reporter Victoria Guida why the president's tariff policies could result in little or no price increases for U.S. consumers and businesses. According to Guida, 'At the center of his [Miran's] argument is the idea that the U.S., as the dominant buyer of the world's goods, will ultimately have enough leverage to make foreign trading partners eat the cost of tariffs…' Guida adds, 'Foreign manufacturers will have to lower their prices to accommodate tariff rates, Miran believes.' Miran apparently thinks that, to be competitive with manufacturers in other countries, some companies will lower their prices so that U.S. companies' after-tariff price would be roughly equal to the price they would face if there were no tariffs. At least Miran understands that U.S. businesses and individuals, not foreign-based companies or countries, pay the Trump-imposed tariffs. As the Tax Foundation reminds us, 'When the U.S. imposes tariffs on imports, businesses in the United States directly pay import taxes to the U.S. government on their purchases from abroad.' Trump has had some trouble grasping that Americans pay the tariffs he imposes on other countries. Trump said on Truth Social a few days ago when he ended trade talks (which are now on again) with Canada, 'We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period.' What Trump should have said is he would let Canada know how much extra Americans would be paying for Canadian products. The Tax Foundation concedes that others besides U.S. businesses could bear at least a portion of the cost of tariffs — usually when businesses pass on the cost of tariffs in higher prices. Some companies have taken that step, but others have held off, hoping the tariff chaos will end soon. The Tax Foundation also mentions that some foreign exporting companies may lower their prices to offset some of the tariff costs to U.S. business and consumers — which is what Miran is predicting. But many of Trump's tariffs are the highest they've been in the post-war era, and those companies won't be able to 'eat the cost.' Take a simple example: a U.S. business buying an item from a foreign company that costs $1,000. If that's steel from Canada, there's a 50 percent tariff. Thus, the U.S. company buying the steel will (as of now) pay the Customs Bureau $500 before the U.S. government will release the steel — for a total cost of $1,500. The Canadian steel producer might try to absorb some of the impact of the steel tariff by reducing its price, perhaps by, say, 10 percent, to $900. But when the now-$900 steel item arrives in the U.S., customs will charge the purchaser 50 percent, or $450. So now the product costs $900 plus a $450 tariff, for a total of $1,350. That may help the U.S. purchaser a little, but he would still be paying about a third more than he otherwise would without tariffs. Canadian steel manufacturers would have to reduce their prices by more than 30 percent to ensure the after-tariff price is roughly equivalent to the price if no tariffs had been imposed. Not many companies can reduce their prices by 30 percent for long. To be sure, companies in countries facing a 10 percent Trump tariff might be able to 'eat the cost' by lowering the price. But even if they did, American businesses and consumers are still paying tariffs on the lower-cost products. Another glitch in Miran's trade theory: In some cases, there is no competition from multiple companies, especially when specialty items are concerned. We learned this recently when China decided to play trade hardball by halting shipment of rare earth minerals, putting Trump and a number of U.S. manufacturers in a bind. Switching to another country's vendors isn't always an option. Trump's on-and-off tariff spats have forced many of his economic advisors to become very creative, and sometimes contradictory, in finding ways to justify the president's actions. Just like Art Linkletter's kids, Trump's economists will say the darndest things. Only in this case, U.S. businesses and consumers aren't laughing. Merrill Matthews is a public policy and political analyst and the co-author of 'On the Edge: America Faces the Entitlements Cliff.'
Hindustan Times
28-06-2025
- Business
- Hindustan Times
Fourth of July fireworks: Here's how Trump's tariffs can take the spark out of it this year
Fourth of July, referred to as Independence Day in the US, is celebrated by Americans in different ways, with one of the major highlights being the fireworks. This year, people might have to spend extra on them due to the tariffs imposed by the Trump administration, NPR reported. U.S. President Donald Trump speaks at the White House after a Supreme Court ruling curbing judges' power in a case tied to birthright citizenship.(REUTERS) Julie Heckman, executive director of the American Pyrotechnics Association, anticipates that people will get a "little less bang" this time. A major reason behind this is that the US is completely dependent on China when it comes to fireworks. These include rockets, fountains, and other items that are used in large numbers by Americans to mark Independence Day. How are Trump's tariffs affecting Fourth of July fireworks? China, a major fireworks supplier across the globe, manufactures 99 per cent of the backyard consumer fireworks as well as 90 per cent of the professional display fireworks for the US market, said Heckman, adding that the country was the "sole source" for fireworks supplies for America. Earlier this year, fireworks were hit by double and triple-digit tariffs by the Trump administration, much like several other things that the country imports from China. During Trump's maiden term, fireworks remained outside the purview of the trade war. The problem is serious this time, forcing some of the fireworks importers to halt deliveries so that they can avoid import taxes on them. Heckman told NPR that there are chances that people might get to witness shortages in product supplies this time. He has even advised customers to be early birds to get the best variety. Few brands, such as the American Fireworks Company, stockpiled fireworks much before the Trump-imposed tariffs came into effect. However, they ended up with a volatile season. John Sorgi, whose great-grandfather started American Fireworks Company, said they have changed product prices four times. Fireworks concern stretches into 2026 Not just 2025, the fireworks industry remains concerned about 2026 as well, when the Fourth of July will be a Saturday, meaning they can expect a jump in sales. The occasion marks the 250th Independence Day of the US. In the US, fireworks from China are being taxed at 30 per cent. This could reach April 2025's level of 145 per cent if no trade agreement is reached. FAQs 1. What actually happened on the 4th of July 1776? On this day, the Continental Congress formally adopted the Declaration of Independence. 2. What is the Fourth of July supposed to represent? This day marks the declaration of America as an independent state after breaking away from British rule. 3. What is the July 4th celebration for? Independence Day, popularly known as the Fourth of July, is a federal holiday in the US.
