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China, Japan, South Korea will jointly respond to US tariffs
a year ago
- China, Japan, and South Korea agree to jointly respond to US tariffs.
- Japan and South Korea seek to import semiconductor raw materials from China.
- China is interested in purchasing chip products from Japan and South Korea.
- All three countries agree to strengthen supply chain cooperation.
- More dialogue on export controls is planned among the three nations.
China imposes a 34% tariff on imports of all U.S. products
a year ago
- China imposes a 34% tariff on all U.S. imports starting April 10, matching U.S. tariffs on Chinese goods.
- China introduces export controls on rare earths, including samarium and gadolinium, used in high-tech and medical industries.
- China suspends imports of U.S. chicken and sorghum due to banned substances and contamination issues.
- 27 U.S. firms added to trade sanctions or export control lists, including bans on dual-use goods exports.
- China files a WTO lawsuit against U.S. tariffs, calling them a violation of trade rules.
- Anti-monopoly and anti-dumping investigations launched against U.S. companies like DuPont China and medical equipment imports.
- Previous tariffs on U.S. coal, LNG, crude oil, and agricultural machinery remain in effect.
- U.S. and Chinese military officials meet to discuss minimizing risks of maritime military incidents.
Recession Watch
a year ago
- Author goes on 'recession watch' for the 4th time in 20+ years, citing concerns over tariff policies and other economic missteps.
- Previous recession watches were in early 2007 (housing bust/financial crisis) and March 2020 (pandemic), both correctly predicting recessions.
- Current concerns include tariffs, cuts to basic research spending, and inflammatory rhetoric affecting international trade and tourism.
- JPMorgan forecasts a US recession in late 2025 due to tariffs, predicting GDP contraction and rising unemployment.
- Despite concerns, the author notes the US economy's resilience and is not currently predicting a recession.
- Key indicators to watch include new home sales, housing starts, residential investment, yield curve, vehicle sales, and unemployment claims.
Apple is racing to fly planes of iPhones into the US ahead of Trump's tariffs
a year ago
- Apple is stockpiling iPhone inventory in the US ahead of Trump's tariffs kicking in.
- Five planes full of iPhones and other products were flown from India and China to the US in late March.
- A 10% baseline tariff on all US imports started on Saturday, with higher rates (54% for China, 27% for India) coming on April 9.
- Apple aims to delay tariff impacts by stockpiling inventory, potentially avoiding iPhone price hikes until the iPhone 17 launch.
- Most Mac configurations ship directly from China to US consumers, making them more vulnerable to tariff effects.
- AAPL stock has dropped nearly 5% today and 18% over the last five days due to tariff concerns.
- Trump threatened an additional 50% tariff on Chinese imports, potentially raising the total to 104%.
- Consumers are advised to buy Apple products now to avoid future price increases.
Apple 'flew' 5 flights full of iPhones from India and China in 3 days
a year ago
- Apple shipped five planes of iPhones and products from India to the US in three days to avoid new 10% US tariffs effective April 5.
- Apple plans to maintain current retail prices in India and other markets despite tariffs by stockpiling inventory in US warehouses.
- The company is analyzing global tariff impacts on its supply chain, with potential price hikes affecting multiple regions, not just the US.
- India offers Apple a tariff advantage with a 26% reciprocal tariff on exports to the US vs. 54% for Chinese goods, incentivizing manufacturing shifts.
- Apple is focusing on iPhone and AirPod production in India, which could become a key part of its global supply chain amid US-China trade tensions.
Trump's tariffs could TRIPLE the price of an iPhone
a year ago
- iPhone prices could triple under Trump's new tariffs, with the iPhone 16 Pro potentially rising from $1,100 to $3,500 if production moves from China to the US.
- Apple's stock plummeted by 9.3%, losing $311 billion in market value, its worst day since March 2020.
- Global financial markets experienced significant disruptions, with the FTSE 100, Germany's Dax, and France's Cac 40 all dropping sharply.
- Analysts warn that tariffs could set the US tech industry back a decade, with consumer electronics prices rising by 40-50%.
- Apple may struggle to pass more than 5-10% of the cost increases to consumers, potentially delaying price hikes until the iPhone 17 launch.
- Samsung could gain an edge as South Korea faces lower tariffs compared to China.
- Moving iPhone production to the US is deemed economically unfeasible due to high costs and reliance on imported materials.
- Trump's tariffs aim to boost domestic manufacturing, but experts doubt their effectiveness for tech products like iPhones.
- Chinese President Xi Jinping responded with a 34% tariff on US imports, escalating trade tensions.
- Tech executives, including Tim Cook, initially supported Trump but now face significant financial losses due to the new tariffs.
Tariffs and Monopolies
a year ago
- Tariffs and monopolies are deeply intertwined in the US economy, with orthodox economists often opposing tariffs without considering context.
- Neoliberal economics relies on untested assumptions, such as the idea that sellers can't afford to absorb tariff costs, which ignores market realities.
- Trump's tariff policies are based on flawed logic, claiming foreign entities will pay, but in reality, costs are passed to US consumers.
- Market concentration in sectors like athletic shoes (Nike, Adidas/Reebok) and beverages (Coke, Pepsi) leads to tacit collusion and inflated prices.
- During COVID-19, companies like Pepsi and fossil fuel giants exploited pricing power to raise prices beyond inflation, without regulatory pushback.
- Neoliberal economics dismisses power dynamics, leading to absurd conclusions like justifying voluntary kidney sales as 'efficient markets.'
- The finance sector prioritizes shareholder returns over workers and consumers, reinforcing income inequality and opposing unions or regulations.
- Trump's tariffs, combined with weak antitrust enforcement, benefit monopolies like Nike, which can navigate loopholes while stifling smaller competitors.
- The New Civil Liberties Alliance, backed by Leonard Leo, is challenging Trump's tariffs, revealing fractures in conservative coalitions.
- Project 2025's contradictions highlight the instability of Trump's policies, with tariffs becoming a major point of conflict.
Nintendo Is 'Actively Assessing' What a Trade War Means for the Switch 2
a year ago
- Nintendo Switch 2 is priced at $450, with potential price increases due to new tariffs.
- Nintendo is assessing the impact of tariffs, which could challenge their pricing strategy.
- Production has shifted from China to Vietnam and Cambodia to diversify manufacturing.
- New tariffs include 46% on Vietnam, 49% on Cambodia, and 54% on China.
- Current Switch models (OLED and standard) are priced at $350 and $300 respectively.
- Mario Kart World will cost $80, and the Switch 2 Welcome Tour demo will be a paid experience.
- Criticism surrounds the pricing strategy and lack of transparency in announcements.
- Nintendo introduces a loyalty program to combat scalpers, requiring active accounts and gameplay hours.
- Switch 2 aims to be the next-gen platform, building on the original Switch's success.
- Tariffs may affect not just Nintendo but the entire gaming industry.
Framework "temporarily pausing" some laptop sales because of new tariffs
a year ago
- Framework pauses US sales of some laptop configurations due to new tariffs on Taiwanese imports.
- Affected models include Intel Core Ultra 5 125H and AMD Ryzen 5 7640U versions of the Framework Laptop 13.
- The company cites the need to avoid selling low-end SKUs at a loss with a 10% tariff.
- Pre-built versions of affected laptops were priced at $999 and $899, now starting at $1,399 and $1,499.
- Nintendo also paused US preorders for its Switch 2 console following the tariff announcement.
EU offered 'zero-for-zero' deal to US weeks before tariff announcement
a year ago
- The EU proposed a 'zero-for-zero' tariff deal on cars and industrial goods to the US before Trump's trade war.
- EU Trade Commissioner Maroš Šefčovič mentioned the proposal was made during a meeting with US Commerce Secretary Howard Lutnick on February 19.
- The EU remains open to negotiations but warns it will not wait indefinitely to defend itself, listing retaliatory measures as an option.
- European Commission President Ursula von der Leyen reiterated the 'zero-for-zero' offer remains on the table.
- Trump dismissed the EU's offer, criticizing the EU and insisting on energy purchases from the US.
- The EU is considering exempting US bourbon whiskey from retaliatory tariffs, amid internal disagreements.
- EU member states will vote on retaliatory tariffs targeting US goods like Harley-Davidson motorcycles and orange juice.
- France and Ireland have lobbied to remove bourbon from the retaliation list due to potential economic impacts.
- Germany's Economy Minister Robert Habeck warned against exemptions, arguing they weaken the EU's position.
- Italy suggested delaying counter-tariffs until April 30 to allow more time for dialogue.
- The EU's anti-coercion instrument could be used to take wide-ranging measures against the US if necessary.
- Trump's tariffs have caused global stock market turmoil, affecting €382bn of EU exports to the US.
- Elon Musk's call for free trade between the US and Europe was dismissed by Habeck as a sign of weakness.
- Hungary and Italy's leaders expressed concerns over the tariffs, urging negotiations to protect businesses.
US to go ahead with imposition of 104% tariff China from Wednesday
a year ago
- President Trump's deadline for China to withdraw retaliatory tariffs has passed, leading to the imposition of additional 50% tariffs on China effective April 9, 2025.
- China's US embassy stated it would not yield to pressure or threats regarding the tariffs, emphasizing the protection of its legitimate rights and interests.
- The US will impose a 104% tariff on China after Beijing failed to lift retaliatory tariffs by the set deadline.
- Iran clarified that upcoming nuclear talks with the US would be indirect, contrary to Trump's announcement of direct talks.
- US-Russia consultations are scheduled for April 10 in Istanbul, focusing on normalizing diplomatic mission operations.
- Elon Musk's attempts to persuade Trump to reverse trade tariffs failed, highlighting a rift between the two.
- The Senate confirmed Elbridge Colby, a China hawk, as the Pentagon's undersecretary of defense for policy.
- Italian PM Giorgia Meloni will visit the US to discuss tariffs with Trump, balancing diplomatic relations and Italy's export industry.
- The Supreme Court blocked a ruling to rehire fired federal workers, citing lack of standing for the plaintiffs.
- South Korea's acting president expressed reluctance to join other countries in pushing back against US tariffs, preferring negotiation.
Tariffs on China set to rise to 104% on Wednesday
a year ago
- President Donald Trump is imposing a 104% tariff on all Chinese imports.
- This is in addition to existing tariffs and a 34% increase already planned.
- China retaliated with a promise of 34% tariffs on US goods, prompting an additional 50% tariff from Trump.
- White House Press Secretary Karoline Leavitt stated Trump will not back down, emphasizing his firm stance.
- China opposes the tariffs, calling them 'a mistake upon a mistake,' and vows further retaliation.
- Other countries and the EU also face new tariffs ranging from 11% to 50%.
- Trump is open to 'tailor-made' trade deals but shows no intention to delay tariff implementation.
Economists say there's a math error in Trump's tariff formula [video]
a year ago
- Economist Dr. Stan Veuger identifies a math error in the formula used by the Trump administration to calculate tariffs.
- Various reactions to Trump's tariff policies are highlighted, including impacts on industries like steel manufacturing and Italian food exports.
- Concerns are raised about the potential negative effects of tariffs on businesses, such as a coffee shop owner feeling financially strained.
- Criticism of Trump's tariff negotiation approach is voiced, with predictions of failure from a Tesla investor.
- Protests against Trump and Elon Musk are mentioned, indicating widespread public dissatisfaction.
- A toy factory CEO warns that Trump's tariffs could backfire, harming the industry.
- Market volatility is discussed, with reactions from figures like Larry Summers dismissing Trump's tariff policies as nonsensical.
Tariffs Force Lotus, JLR, VW, and Audi to Pause US Shipments
a year ago
- Multiple automakers including Lotus, JLR, VW, and Audi have paused US shipments due to new tariffs.
- Audi has halted all US-bound shipments, with vehicles arriving after April 2 held at ports; those arriving before processed without tariffs.
- Audi Q5 may face up to 50% tariffs as it's built in Mexico but not covered under US-Canada-Mexico trade agreement.
- Volkswagen Group, including Porsche, has reportedly paused shipments with no specified resumption timeframe.
- Jaguar Land Rover confirmed a one-month shipment pause to address new trading terms.
- Lotus has indefinitely paused all shipments, according to forum chatter.
- Automakers are reacting to inconsistent tariff policies under US President Trump, with current 25% tariffs effective from April 3.
- The Executive Order allows for tariff cancellation at any time, creating uncertainty.
- Automakers are pausing shipments to wait out potential changes in tariff structures, expecting adjustments soon due to financial turmoil.
Tariffs hit close to home inside Asian grocers
a year ago
- Asian grocery stores, vital for immigrant communities, face steep new tariffs on imported goods.
- President Trump's tariff plan includes a 10% tax on nearly all imports, with higher rates for specific countries like the Philippines (17%) and Vietnam (46%).
- China faces an additional 34% tariff, bringing the total to 54%, prompting retaliatory measures from Beijing.
- Economists predict price hikes for staples like frozen fish, rice, and spices, disproportionately affecting Asian grocery stores.
- Small businesses like Manila Oriental Market struggle to absorb rising costs, risking customer affordability and loyalty.
- Seafood imports, crucial for stores like Yama Sushi Marketplace, are expected to be heavily impacted, with the U.S. importing up to 85% of its seafood.
- Business owners explore strategies like catering or negotiating with suppliers to mitigate tariff impacts, but solutions remain uncertain.
- Customers, while concerned about rising prices, emphasize the importance of supporting local businesses and maintaining community ties.
Framework stops selling some laptops in the US in response to tariffs
a year ago
- Framework pauses sales of some laptops in the US due to new global tariffs.
- Entry-level Framework Laptop 13 with Intel Core Ultra 125H or AMD Ryzen 5 7640U processors no longer available in the US.
- Higher-priced configurations remain on sale.
- Framework explains that tariffs make selling low-end SKUs at a loss.
- Framework has been selling repairable, upgradeable computers since 2021.
- The company expanded its lineup with a 16-inch notebook and plans to ship a desktop and a 12-inch laptop.
- Framework may focus on higher-priced configurations in the US due to slim profit margins.
- Razer also pauses US sales of gaming laptops.
- Discussion on tariffs, VAT, and potential price hikes in the US and EU.
Trump says EU must buy $350B of US energy to get tariff relief
a year ago
- The EU must commit to buying $350 billion of American energy to avoid tariffs imposed by Donald Trump.
- Trump dismissed the EU's offer of 'zero-for-zero' tariffs on cars and industrial goods.
- European Commission President Ursula von der Leyen proposed mutual tariff elimination on cars and industrial goods.
- Trump rejected the EU's offer during a White House press conference.
China responses to Trump's 105% taffies with its own 84% tariffs on US goods
a year ago
- European markets decline further following China's announcement of 84% tariffs on US imports.
- FTSE 100 drops 3.3%, German Dax down 4%, and French Cac 40 down 4%.
- Focus shifts to US market reaction upon opening at 14:30 BST.
How much do you think it costs to make a pair of Nike shoes in Asia?
a year ago
- Nike's manufacturing cost for a $100 retail sneaker is about $25 (FOB cost).
- Tariffs and additional costs (freight, insurance, import taxes) roughly double the manufacturing cost, leading to a landed cost of around $50.
- Retailers like Footlocker make about $6 profit per $100 shoe after expenses.
- Asian manufacturing supports US jobs in retail, design, and marketing.
- Ethical production is possible overseas due to lower cost of living, not necessarily sweatshops.
- US-made sneakers retail for about $220, with some reliance on imported materials.
- Garment manufacturing historically relies on immigrant labor, shaping cultural styles like Ivy League.
- Automation in garment production is increasing, impacting labor dynamics.
- Chinese manufacturing quality has improved, debunking the myth of low-quality sweatshop products.
- Trump's tariffs could increase shoe prices by 46%, e.g., Adidas Sambas from $100 to $146.
Kevin O'Leary wants Trump to hit China with 400% tariffs
a year ago
- Kevin O’Leary urges Trump to impose 400% tariffs on China to force negotiations on intellectual property theft and trade practices.
- Current US tariffs on China have risen from 10% to over 100%, with China retaliating by increasing tariffs on US imports from 34% to 84%.
- Global markets reacted negatively to new US tariffs and China's retaliation, causing significant drops in stock indices worldwide.
- O’Leary accuses China of systemic intellectual property violations, claiming they disregard WTO rules and steal technology.
- Trump's new tariffs include a 10% baseline rate, closing loopholes for online retailers like Temu and Shein, and a 25% tariff on foreign-made cars.
- O’Leary argues that China's export-dependent economy would suffer under extreme tariffs, pressuring Xi Jinping to negotiate.
- He emphasizes that the US holds significant economic leverage and should act decisively to protect American interests.

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#tariffs

China, Japan, South Korea will jointly respond to US tariffs

China imposes a 34% tariff on imports of all U.S. products

Recession Watch

Apple is racing to fly planes of iPhones into the US ahead of Trump's tariffs

Apple 'flew' 5 flights full of iPhones from India and China in 3 days

Trump's tariffs could TRIPLE the price of an iPhone

Tariffs and Monopolies

Nintendo Is 'Actively Assessing' What a Trade War Means for the Switch 2

Framework "temporarily pausing" some laptop sales because of new tariffs

EU offered 'zero-for-zero' deal to US weeks before tariff announcement

US to go ahead with imposition of 104% tariff China from Wednesday

Tariffs on China set to rise to 104% on Wednesday

Economists say there's a math error in Trump's tariff formula [video]

Tariffs Force Lotus, JLR, VW, and Audi to Pause US Shipments

Tariffs hit close to home inside Asian grocers

Framework stops selling some laptops in the US in response to tariffs

Trump says EU must buy $350B of US energy to get tariff relief

China responses to Trump's 105% taffies with its own 84% tariffs on US goods

How much do you think it costs to make a pair of Nike shoes in Asia?

Kevin O'Leary wants Trump to hit China with 400% tariffs