Evelyn Reynolds

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    Trump’s Tariffs Drive a Rise in Trade Crime

    As President Trump’s tariffs have ratcheted up in recent months, so have the mysterious solicitations some U.S. companies have received, offering them ways to avoid the taxes.Shipping companies, many of them based in China, have reached out to U.S. firms that import apparel, auto parts and jewelry, offering solutions that they say can make the tariffs go away.“We can avoid high duties from China, which we have already done many in the past,” read one email to a U.S. importer.“Beat U.S. Tariffs,” a second read, promising to cap the tariffs “at a flat 10%.” It added: “You ship worry free.”“Good News! The tariffs has been dropped finally!” another proclaimed.The proposals — which are circulating in emails, as well as in videos on TikTok and other platforms — reflect a new flood of fraudulent activity, according to company executives and government officials. As U.S. tariffs on foreign products have increased sharply in recent months, so have the incentives for companies to find ways around them.The Chinese firms advertising these services describe their methods as valid solutions. For a fee, they find ways to bring products to the United States with much lower tariffs. But experts say these practices are methods of customs fraud. The companies may be dodging tariffs by altering the information about the shipments that is given to the U.S. government to qualify for a lower tariff rate. Or they may move the goods to another country that is subject to a lower tariff before shipping them to the United States, a technique known as transshipment. More

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    Trump hails ‘positive’ step in U.S.-EU trade negotiations as markets hope for a deal

    “I have just been informed that the E.U. has called to quickly establish meeting dates,” President Donald Trump wrote in a post on the Truth Social platform.
    Europe’s regional Stoxx 600 index slightly extended gains after Trump’s comments, while U.S. markets opened broadly higher.
    The U.S. president last week agreed to delay a 50% tariff imposition on the bloc until July 9.

    U.S. President Donald Trump gestures at the annual National Memorial Day Observance in the Memorial Amphitheater, at Arlington National Cemetery in Arlington, Virginia, U.S., May 26, 2025.
    Ken Cedeno | Reuters

    U.S. President Donald Trump said Tuesday he was monitoring “positive” steps in trade talks with the European Union, after he agreed to delay a 50% tariff on goods from the bloc until July 9.
    “I have just been informed that the E.U. has called to quickly establish meeting dates,” Trump wrote in a post on the Truth Social platform.

    “This is a positive event, and I hope that they will, FINALLY, like my same demand to China, open up the European Nations for Trade with the United States of America.”
    Trump also said Tuesday that the EU had been “slow walking” in negotiations with the White House over a trade deal.
    The sudden prospect of even greater tariffs on one of the U.S.’ biggest trade partners rattled markets when it was threatened by Trump last Friday. In a post last week, Trump said discussions with the EU were “going nowhere.”
    However, sentiment turned positive on Tuesday amid hopes of a breakthrough. European Commission President Ursula von der Leyen said in a post on X over the weekend that the EU was “ready to advance talks swiftly and decisively,” while European Trade Commissioner Maros Sefcovic said Monday that he had “good calls” with U.S. Commerce Secretary Howard Lutnick.
    Europe’s regional Stoxx 600 index slightly extended gains after Trump’s comments on Tuesday, last trading up 0.55% on the previous session, while U.S. markets opened broadly higher.

    The 27-member alliance was hit with a 20% tariff on April 2 as part of Trump’s “reciprocal” tariff strategy, which was then cut for almost all trading partners to 10% for 90 days. Concurrent U.S. duties on autos, steel and aluminum are also impacting the bloc’s exporters.
    EU officials have repeatedly stressed that they want to reach a deal with the White House, but that this will not come at any cost. The European Commission, the EU’s executive arm, earlier this month launched a consultation on tariff countermeasures targeting U.S. imports worth 95 billion euros ($107.4 billion) if a deal is not reached.
    CNBC has contacted the European Commission for comment.
    On May 8, the U.S. unveiled the outline of a trade deal with the U.K., the first such agreement under the latest Trump administration, although businesses say they are awaiting further details. The deal maintains a 10% baseline tariff on U.K. imports to the U.S., suggesting other countries will face a similar rate at a minimum.
    Trump has generally struck a favorable tone toward the U.K. due to its more balanced trade relationship in goods with the U.S. He has accused the EU, however — with which it has a deficit in goods — of treating the U.S. unfairly. EU-U.S. trade is roughly balanced when accounting for both goods and services, according to EU figures. More

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    Consumer confidence for May was much stronger than expected on optimism for trade deals

    Consumer optimism got a much-needed boost in May on hopes for trade peace between the U.S. and China, according to a survey Tuesday.
    The Conference Board’s Consumer Confidence Index leaped to 98.0, a 12.3-point increase from April and much better than the Dow Jones consensus estimate for 86.0.

    Much of the positive sentiment, according to board officials, came from developments in the U.S.-China trade impasse, most notably President Donald Trump’s halting of the most severe tariffs on May 12.
    “The rebound was already visible before the May 12 US-China trade deal but gained momentum afterwards,” said Stephanie Guichard, the Conference Board’s senior economist for global indicators.
    May’s rebound followed five straight months of declines. Consumers and investors had grown sour on economic prospects amid the intensifying trade war that Trump has launched against U.S. global trading partners, with China a particular target.
    However, the two sides reached a truce in early May, marking the second major walk-back of Trump’s so-called reciprocal tariffs since he levied them in his April 2 “liberation day” announcement.
    Other board sentiment indicators also increased.

    The present situation index increased to 135.9, up 4.8 points, and the expectations index posted a major surge to 72.8, a 17.4-point gain. Investors also showed more optimism, with 44% now expecting stocks to be higher over the next 12 months, up 6.4 percentage points from April.
    Views on the labor market also improved, with 19.2% of respondents expecting more jobs to be available in the next six months, compared with 13.9% in April. At the same time, 26.6% expect fewer jobs, down from 32.4%. However, the level of respondents saying jobs were “plentiful” edged higher to just 31.8%, while those saying employment was “hard to get” increased to 18.6%, up 1.1 percentage points.
    Survey officials said sentiment improved across age, income and political affiliation, though noting that the “strongest improvements” came from Republicans.

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    Trump’s Plan to Revive US Shipbuilding Would Take Billions and Many Years

    President Trump and members of Congress want to revive U.S. shipbuilding with subsidies and penalties against Chinese-built ships. But there are obstacles.President Trump and some members of Congress want to revive a depleted American shipbuilding industry to compete with China, the world’s biggest maker of ships by far.It is such a daunting goal that some shipping experts say it is destined to fail. More hopeful analysts and industry executives say the Trump administration and Congress could succeed but only if they are willing to spend billions of dollars over many years.One of the places where Washington’s maritime dreams might take shape or fall apart is a shipyard on the southern edge of Philadelphia that was bought last year by one of the world’s largest shipbuilding companies, a South Korean conglomerate known as Hanwha.“The shipbuilding industry in America is ready to step up,” David Kim, the chief executive of Hanwha Philly Shipyard, said in an interview.But to do that, he said, the yard must have a steady stream of orders for new vessels. And the federal government will need policies that subsidize American-built ships and penalize the use of foreign vessels by shipping companies that call on U.S. ports.Last month, Mr. Trump issued an executive order aimed at revitalizing American shipbuilding. “We’re going to be spending a lot of money on shipbuilding,” he said when announcing the order. “We’re way, way, way behind.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Trump Has Raised Questions About Fort Knox. His Allies Are Trying to Cash In.

    <!–> [–><!–> –><!–> [–><!–> –><!–> –>Bloomberg News<!–> –><!–> [–><!–>Mr. Trump’s interest in the gold reserves has been largely overshadowed by his family’s involvement in variouscryptocurrency ventures, which has raised ethical concerns about potential conflicts of interest.–><!–> –><!–> [–><!–>The president has a long history ofembracing conspiracy theories, and is known to be a fan of golden […] More

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    Pivoting From Tax Cuts to Tariffs, Trump Ignores Economic Warning Signs

    One day after House Republicans approved an expensive package of tax cuts that rattled financial markets, President Trump pivoted back to his other signature policy priority, unveiling a battery of tariff threats that further spooked investors and raised the prospects of higher prices on American consumers.For a president who has fashioned himself as a shrewd steward of the economy, the decision to escalate his global trade war on Friday appeared curious and costly. It capped off a week that saw Mr. Trump ignore repeated warnings that his agenda could worsen the nation’s debt, harm many of his own voters, hurt the finances of low-income families and contribute far less in growth than the White House contends.The tepid market response to the president’s economic policy approach did little to sway Mr. Trump, who chose on Friday to revive the uncertainty that has kept businesses and consumers on edge. The president threatened 50 percent tariffs on the European Union, and a 25 percent tariff on Apple. Other tech companies, he said, could face the same rate.Since taking office, Mr. Trump has raced to enact his economic vision, aiming to pair generous tax cuts with sweeping deregulation that he says will expand America’s economy. He has fashioned his steep, worldwide tariffs as a political cudgel that will raise money, encourage more domestic manufacturing and improve U.S. trade relationships.But for many of his signature policies to succeed, Mr. Trump will have to prove investors wrong, particularly those who lend money to the government by buying its debt.So far, bond markets are not buying his approach. Where Mr. Trump sees a “golden age” of growth, investors see an agenda that comes with more debt, higher borrowing costs, inflation and an economic slowdown. Investors who once viewed government debt as a relatively risk-free investment are now demanding that the United States pay much more to those who lend America money.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Trump clears Nippon merger with US Steel

    President Donald Trump cleared U.S. Steel and Nippon Steel to merge, saying the companies will form a “partnership.”
    Trump said the partnership would add $14 billion to the U.S. economy.
    U.S. Steel’s headquarters will remain in Pittsburgh, he said.

    A water tower at the U.S. Steel Corp. Edgar Thomson Works steel mill in Braddock, Pennsylvania, on Sept. 4, 2024.
    Justin Merriman | Bloomberg | Getty Images

    President Donald Trump on Friday cleared the merger of U.S. Steel and Nippon Steel, after the Japanese steelmaker’s previous bid to acquire its U.S. rival had been blocked on national security grounds.
    “This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy,” Trump said in a post on his social media platform Truth Social.

    U.S. Steel’s headquarters will remain in Pittsburgh and the bulk of the investment will take place over the next 14 months, the president said. U.S. Steel shares surged more than 20% to close at $52.01 per share after Trump’s announcement.
    President Joe Biden blocked Nippon Steel from purchasing U.S. Steel for $14.9 billion in January, citing national security concerns. Biden said at the time that the acquisition would create a risk to supply chains that are critical for the U.S.
    Trump, however, ordered a new review of the proposed acquisition in April, directing the Committee on Foreign Investment in the United States to determine “whether further action in this matter may be appropriate.”
    Trump said he would hold a rally at U.S. Steel in Pittsburgh on May 30. More

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    Under Trump, the Small Business Administration Clamps Down

    For entrepreneurs who want a loan, a government contract or just some advice, the Small Business Administration is generally a first stop. But over the past few months, getting the agency’s help has become more difficult.Under its administrator, Kelly Loeffler, a corporate executive turned senator from Georgia and vocal supporter of President Trump, the agency has aggressively cut staff. It is rolling back changes made during the Biden administration aimed at easing access to credit for the smallest enterprises, and has lowered targets for how much the federal government should buy from them.The changes are especially problematic for Black, Hispanic and immigrant entrepreneurs. In the name of eradicating diversity, equity and inclusion practices, the Small Business Administration is shedding programs aimed at helping disadvantaged businesses, including those run by women.While banks that administer the S.B.A.’s major loan programs have welcomed some of the changes, Democrats and small-business advocates have decried them — especially as the agency is also supposed to inherit a $1.66 trillion student loan portfolio from the largely dismantled Education Department.“It’s unconscionable that the Trump administration would treat such a vital agency so callously,” said Senator Edward J. Markey of Massachusetts, the ranking Democrat on the Senate Committee on Small Business and Entrepreneurship. He noted that Ms. Loeffler had ignored his requests for information about the changes. “They’re destroying the areas where they do have expertise and it’s vital to invest, and then moving over areas where the agency is going to wind up overwhelmed,” Mr. Markey said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More