Latest news with #WashingtonSummit
Fox News
28-04-2025
- Business
- Fox News
Trump should meet with Main Street businessmen. They deserve it
Amidst his tariff and trade policy discussion, President Donald Trump took some time to meet with executives from some of the country's top retailers, from home improvement giants Home Depot and Lowe's to mass retailers Target and Walmart, to discuss the impact of trade policy on their businesses. While big businesses, billionaires and Wall Street regularly get an audience with presidents, Main Street is too often left out. The Trump administration has repeatedly said they want to be Main Street first. At the American Bankers Association's Washington Summit, Treasury Secretary Scott Bessent notably said, "for the next four years, the Trump agenda is focused on Main Street. It's Main Street's turn. It's Main Street's turn to hire workers. It's Main Street's turn to drive investment, and it's Main Street's turn to restore the American Dream." And, just as this administration opened up press briefings to include new media, the president should have a regular audience with members of the Main Street small business community. Small business is big business for America, which is why it is often referred to as the backbone of the U.S. economy. Per Small Business Administration statistics, there are nearly 35 million small businesses, compared to less than 20,000 big businesses. Small businesses account for around half of the private economy and create the majority of new jobs. However, as small businesses are spread out across geographies, demographics, industries and sizes, they don't garner as much attention in Washington. There are fantastic individual advocates as well as advocacy organizations like NFIB (National Federation of Independent Business), the S Corporation Association, the NSBA (National Small Business Association), the SBE Council (Small Business & Entrepreneurship Council) and many industry-specific organizations, among others, that should receive as many invitations to economic discussions as the bigger players. Small businesses have been shouldering the fallout of government mandates for half a decade. First, state and local COVID-19 mandates shut down and negatively impacted millions of small businesses, for which the poorly designed PPP program did not fully compensate. On the back of the COVID mandates, long-term disruptions occurred to supply chains and labor markets which further hurt small businesses. Then, historic inflation under the Biden administration put even more pressure on small businesses and their customers. While small companies were optimistic for the Main Street-first Trump administration, expecting deregulation and tax certainty to help boost their business growth, millions of small businesses are instead fighting yet another government-imposed battle with tariffs. Whether a small business has part or all of their supply chain abroad, has domestic suppliers with exposure to foreign supply chains or customers cutting back on spending and investment due to market and economic uncertainty, they are being hurt financially. And while big companies like Apple were granted a temporary clawback in their tariff exposure, decreasing China-sourced tariffs for smartphones, computers and chips from 145% to 20%, millions of small businesses did not receive any relief. Apple has tens of billions of dollars in cash and equivalents on its balance sheet; small businesses do not have such balance sheet leverage. While understanding the needs of companies like Apple and Walmart is important, it is just as important to understand the needs of small companies throughout the country. Small businesses have been shouldering the fallout of government mandates for half a decade. First, state and local COVID-19 mandates shut down and negatively impacted millions of small businesses, for which the poorly designed PPP program did not fully compensate. Small businesses do not have the ability to absorb massive costs due to major overnight policy changes. In fact, almost all small businesses that I speak with want very little from the government except to be left to do their business without government interference. They want to exist on the same playing field as everyone else and not have government-imposed barriers, regulations and challenges put in their path at every turn. To understand these challenges, President Trump should invite more small businesses and their advocates to the White House. If Main Street is going to thrive, it needs to start with small businesses, and that reality should grant small businesses a seat at the table.
Yahoo
09-04-2025
- Business
- Yahoo
US Treasury chief defends tariffs, warns against aligning with China
US Treasury Secretary Scott Bessent warned countries Wednesday against aligning with China on trade, as he defended President Donald Trump's move to remake the world's biggest economy through sweeping tariffs that have stoked market turmoil. Bessent told a summit of bankers in Washington that economies potentially eyeing closer ties with Beijing over the US shift may want to think twice, saying "that would be cutting your own throat." "They just keep producing and producing, dumping and dumping, and it's going somewhere," he added. Bessent's remarks came hours after Trump's fresh tariffs on dozens of countries -- including many US allies -- kicked in, and shortly after Beijing unveiled equally steep counter tariffs. The Treasury chief stressed also that Trump's country-specific tariff levels are "a ceiling" if governments did not retaliate, suggesting Trump would hold off from further hikes without pushback. Bessent added that China chose to escalate the situation. The United States has "been overwhelmed" with responses from countries seeking to negotiate with Trump, saying that Washington has had good calls with Tokyo and Seoul. At the end of the day, Bessent said, Washington can probably reach deals with allies. "And then, we can approach China as a group." Asked about the state of the US economy, Bessent said it remained in "pretty good shape." - 'Main Street's turn' - Bessent also said the Treasury Department would work on reforms involving bank regulation. "Wall Street has grown wealthier than ever before, and it can continue to grow and do well," he told the American Bankers Association's Washington Summit in a speech. "But for the next four years, the Trump agenda is focused on Main Street. It's Main Street's turn," Bessent added, referring to smaller businesses, investors and institutions. The Trump administration has been pursuing an economic policy, including tariffs, with a stated aim of transforming the US economy by boosting domestic industrial sectors and pushing for deregulation. On Wednesday, Bessent said Trump understands national strength comes from the "ground up, not the top down," stressing that the concept applies to government as well as banking. "For too long, financial policy has served large institutions, at the expense of smaller ones. No more," the former hedge fund manager added. "It's Main Street's turn to hire workers, it's Main Street's turn to drive investment, and it's Main Street's turn to restore the American Dream," he said. He added that community bankers in the room would help lead this revival. He flagged the need as well to ensure that Trump's tax cuts from his first presidency did not expire, saying this would help support the economy. bys/des
Forbes
09-04-2025
- Business
- Forbes
Bessent Downplays China's 84% Retaliatory Tariff: ‘So What'
Treasury Secretary Scott Bessent dismissed the deepening U.S.-China trade war as a losing situation for Beijing Wednesday, moments after China imposed an 84% retaliatory tariff against the U.S. Treasury Secretary Scott Bessent speaks at the American Bankers Association's Washington Summit at ... More the Walter E. Washington Convention Center on April 09, 2025 in Washington, DC. (Photo by) Calling China the 'surplus country,' Bessent said in a Fox Business interview that Beijing is in a losing position in its trade standoff with President Donald Trump, because 'their exports to the U.S. are five times our exports to China, so they can raise their tariffs but so what?' Bessent made the comments after a 104% tariff on Chinese imports to the U.S. took effect at 12:01 a.m. Wednesday, prompting China to retaliate hours later by increasing its 34% tariff on U.S. products to 84%—an escalation Bessent said 'is a loser' for China. He predicted the U.S. and its allies, after coming to new agreements on trade, can 'approach China as a group' to force its government to negotiate. The S&P opened 0.5% lower Wednesday, inching closer to bear market territory, and is down 12% from last Wednesday's close. The U.S. Treasury bond market, historically considered a safe investment in times of economic turmoil, was also hit with a selloff Wednesday, with yields rising to their highest point since February as investors sell bonds and prices decline. Bessent called the bond market exodus 'an uncomfortable but normal deleveraging' on Wednesday. JPMorgan Chase CEO Jamie Dimon predicted in a separate interview with Fox Business Wednesday a recession is 'probably' a 'likely outcome' as a result of Trump's tariffs. 'We haven't had any slowdown or real recession . . . in so long,' Dimon said, adding that he expects 'more credit problems than people have seen in a long time.' Trump's sweeping tariffs on all U.S. trading partners took effect Wednesday, less than a week after he announced the policy, sending shockwaves through the stock market, fueling recession fears and triggering a tit-for-tat trade war with China. After Trump announced a new 34% tariff on China, on top of the 20% already imposed, Beijing responded with a 34% tariff on U.S. imports. Trump then imposed an additional 50% tariff on Chinese goods, for a total of 104%. China responded Wednesday by imposing an additional 50% tariff on the U.S. Despite the economic consequences, Trump has remained defiant, writing Wednesday on Truth Social it's 'a GREAT time to move your COMPANY into the United States of America' where there would be 'ZERO TARIFFS.' How long it could take the U.S. to negotiate new tariff deals with its trading partners. Bessent told Fox Business on Monday 'it's going to be a busy April,' suggesting the talks could stretch into June. Nearly 70 countries have reached out to the U.S. to negotiate on tariffs, he said, calling the rates that took effect Wednesday the 'maximum.' Further Reading Forbes Recession Tracker: JPMorgan's Jamie Dimon Says Recession 'Probably' Coming (Forbes) Will Trump Negotiate Tariffs? President Touts Talks With Other Countries—But Unclear How Long They'll Take (Forbes) Trade War Deepens: EU Weighs 25% Retaliatory Tariffs, Trump Threatens China With 50% Tax (Forbes)
Yahoo
04-04-2025
- Politics
- Yahoo
NATO chief says Ukraine's path to Alliance membership is irreversible
NATO Secretary General Mark Rutte has stated that the Alliance's decision regarding Ukraine's future membership remains unchanged, regardless of any political rhetoric. Source: Rutte to journalists following a meeting of NATO foreign ministers in Brussels, as reported by European Pravda Details: Rutte asked not to conflate Ukraine's membership aspirations with peace negotiations. He also emphasised that the decision taken at the NATO Summit in Washington remains valid. Quote: "We decided in Washington that the path of Ukraine into NATO is irreversible … but it was never promised to Ukraine that NATO membership would be part of a peace deal." Background: At the Brussels meeting, NATO reiterated the irreversibility of Ukraine's membership in the Alliance and that the decisions of the Washington Summit remain in force. Ukrainian Foreign Minister Andrii Sybiha, speaking in Brussels, stated that Ukraine would not accept Russia's demand that the country stay out of NATO. Read more: With Trump at any cost? What Europe is ready to sacrifice to keep NATO united and US as ally Support Ukrainska Pravda on Patreon!
Yahoo
04-04-2025
- Politics
- Yahoo
Ukraine will not accept Russia's demand to give up NATO membership, says Ukraine's foreign minister
Ukraine maintains its position that compromises on NATO membership are unacceptable during peace negotiations. Source: Ukrainian Foreign Minister Andrii Sybiha in a meeting with journalists in Brussels, as reported by a European Pravda correspondent Details: The Ukrainian minister said that at the NATO–Ukraine Council meeting, he informed allies that Kyiv remains firm on its NATO aspirations. Quote: "There are fundamental things Ukraine will not accept, and one of them is the impossibility of a third country having a veto on our aspiration to become a NATO member." Details: Sybiha emphasised that NATO membership is not a short-term objective, but Russia's opinion will not be considered. Quote: "Yes, there is no consensus yet, but that is not due to a veto from another country, such as Russia." More details: The minister believes that Ukraine's accession to NATO is essential not only for Ukraine itself but for the entire region. Quote: "The most effective factor in guaranteeing our security and transatlantic security – and these are inseparable – is our NATO membership." Background: At the Brussels meeting, NATO reiterated the irreversibility of Ukraine's membership in the Alliance and that the decisions of the Washington Summit remain in force. It was also reported that during the NATO–Ukraine Council meeting, Sybiha urged the Allies to increase pressure on Russia to force it to agree to peace. Support Ukrainska Pravda on Patreon!
