<!–> [–> <!–> –><!–> [–><!–> –><!–> [–><!–>Throughout the year, Mr. Trump has issued wave after wave of new duties, targeting almost every country in the world at levels not seen in roughly a century. The legality of the bulk of the new tariffs is now in jeopardy, as the Supreme Court on Wednesday begins hearing […] More
Companies that sell diamonds, plant sensors and wine all have one thing in common: They are weighing in against tariffs in a consequential case.EarthQuaker Devices, a manufacturer of musical instruments in Akron, Ohio, uses more than 900 components from over 15 countries to make products that alter the sound of guitars, with names like “Tentacle,” “Rainbow Machine” and “Gary.”The tariffs that President Trump imposed on nearly all trading partners have drastically increased the cost of those components. But EarthQuaker is hoping that the tariff case the Supreme Court plans to hear on Wednesday will render those taxes moot.The company has spent hours searching for U.S. suppliers that would allow it to avoid paying the tariffs. The president, citing an emergency law, has slapped tariffs on more than 100 countries this year in an attempt to reduce the trade deficit and force more manufacturing to the United States. But EarthQuaker found that parts available domestically were 20 to 30 times the price of foreign ones. There has been no sign that tariffs will encourage suppliers to set up U.S. factories to make their goods instead, the company said.“We have spent many hours of wasted time and energy searching for solutions which do not exist,” said Julie Robbins, EarthQuaker’s chief executive. The company paid the U.S. government more than $40,000 in tariffs this year, and sales revenue dropped by 10 percent, she said.EarthQuaker is one of hundreds of small businesses that say they are suffering as a result of Mr. Trump’s tariffs on imports. Many of them have waded into an unfolding legal clash to make that case. On Wednesday, the Supreme Court will begin considering the president’s sweeping use of emergency powers to issue tariffs. Legal experts say the case is a tossup, but it has significant implications for U.S. businesses, whose fortunes are being shaped by policy set in Washington.Mr. Trump used the emergency authority, called the International Emergency Economic Powers Act, to swiftly raise and lower tariffs on dozens of trading partners. In briefings submitted to the court last week, EarthQuaker and other small businesses argued that those decisions had hammered their bottom lines, forcing some to cut prices, lay off workers or otherwise upend their plans. The argument clashed with Mr. Trump’s repeated assertions that tariffs have not harmed U.S. businesses, workers or consumers.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
<!–> [!–> <!–> –><!–> [!–> <!–> –><!–> [–><!–> –><!–> [–><!–> –><!–> [–><!–> –><!–> [–><!–>Mr. Trump’s actions threaten to revive a style of trade brinkmanship that has previously rattled markets, and it will likely result in price increases on American consumers and businesses. Here’s where the tariffs stand.–><!–> –><!–> [–> <!–> –><!–> [–><!–> [!–> <!–> –><!–> […] More
President Trump has placed a 20 percent tariff on goods imported from the country, effective Aug. 1.President Trump is set to meet at the White House on Tuesday with President Ferdinand Marcos Jr. of the Philippines, who is seeking to leverage his country’s close relationship with the United States to secure a more favorable trade deal.Mr. Trump plans to host Mr. Marcos for lunch. The Trump administration fell well short of its goal of securing 90 trade deals in 90 days by early July, negotiating only a handful. The White House says that it has, so far, reached framework agreements with Britain, Vietnam and Indonesia, plus a trade truce that rolled back tariffs with China.Mr. Trump has threatened higher tariffs on dozens of countries as of Aug. 1, including the Philippines, which he said would receive a 20 percent tariff. Many global leaders have been negotiating with the Trump administration in an effort to lower those tariffs further.Before leaving for the United States, Mr. Marcos said his primary goal was to make sure that trade between the two nations was strong.“My top priority for this visit is to push for greater economic engagement, particularly through trade and investment between the Philippines and the United States,” he said. “I intend to convey to President Trump and his cabinet officials that the Philippines is ready to negotiate a bilateral trade deal that will ensure strong, mutually beneficial and future-oriented collaborations that only the United States and the Philippines will be able to take advantage of.”A statement from the White House said the meeting between Mr. Trump and Mr. Marcos would focus on a “shared commitment to upholding a free, open, prosperous and secure Indo-Pacific and advancing shared economic prosperity.”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
The Trump administration has dialed back aggressive measures against China and reversed its position on technology controls as the president angles for a Chinese trip later this year.In recent years, one of China’s biggest requests of American officials has been that the United States relax its strict controls on advanced artificial intelligence chips, measures that were put in place to slow Beijing’s technological and military gains.Last week, the Trump administration did just that, as it allowed the world’s leader in A.I. chips, the U.S.-based Nvidia, to begin selling a lower-level but still coveted chip known as H20 to China.The move was a dramatic reversal from three months ago, when President Trump himself banned China from accessing the H20, while also imposing triple-digit tariffs on Beijing. That set off an economically perilous trade clash, as China retaliated by clamping down on exports of minerals and magnets that are critical to American factories, including automakers and defense manufacturers.China’s decision to cut off access to those materials upended the dynamic between the world’s largest economies. The Trump administration, which came into office determined to bully China into changing its trade behavior with punishing tariffs, appeared to realize the perils of that approach. Now, the administration has resorted to trying to woo China instead.Officials throughout the government say the Trump administration is putting more aggressive actions on China on hold, while pushing forward with moves that the Chinese will perceive positively. That includes the reversal on the H20 chip.The H20 decision was primarily motivated by top Trump officials who agreed with Nvidia’s arguments that selling the chip would be better for American technology leadership than withholding it, people familiar with the move say.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
President Trump said the agreement would partly walk back some of the steep tariffs he threatened on the country last week. Indonesia’s president called Mr. Trump a “tough negotiator.”Indonesia’s president, Prabowo Subianto, confirmed on Wednesday the broad outlines of a trade agreement with the United States that was reached after what he called “tough negotiations” with Washington.Under the terms, which President Trump on Tuesday called a “great deal for everybody,” U.S. exports to Indonesia would face no tariffs, while Indonesian goods would be charged a tariff of 19 percent in the United States.Mr. Prabowo confirmed in brief remarks in Jakarta that the two nations had “finally” reached an agreement. “We understand their interests, and they understand ours,” he added.The announcement comes as the Trump administration is trying to close trade deals with numerous countries, and threatening to impose double-digit tariffs on the exports of two dozen nations as of Aug. 1 if agreements aren’t reached.U.S. and Indonesian officials have been engaged in trade talks for several months. Last week, Mr. Trump threatened Indonesia with a 32 percent tariff on its exports in a letter posted to his social media account, as he sent similar form letters to dozens of countries. Indonesian officials said they were surprised to receive the letter, given that talks had been going well.“I think it’s a good deal for both parties,” Mr. Trump said, while saying that a forthcoming deal with India would also follow similar lines. He added that Indonesia also had minerals and “very high-quality copper, which we’ll be using.”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
New data showing price increases last month could foreshadow even higher costs if the president imposes steep tariffs on Aug. 1.President Trump’s steep tariffs have started to weigh on consumers’ wallets, sending prices higher as the White House readies a more drastic — and potentially costly — expansion of its global trade war.The risks in Mr. Trump’s economic strategy began to show on Tuesday, with the release of data that found inflation had accelerated in June. Prices rose noticeably on appliances, clothing and furniture, products that are all heavily exposed to the president’s taxes on imports from Canada, China and other major trading partners.The inflation report undercut Mr. Trump’s continued assertions that Americans would not face financial repercussions from his increasingly aggressive trade brinkmanship. Since taking office, the president has imposed withering duties on allies and adversaries alike, with additional taxes on a range of products such as cars and steel.The latest reading of the Consumer Price Index recorded the first signs of what economists had predicted all along, with U.S. businesses and consumers shouldering a growing share of the burden from the taxes Mr. Trump has imposed on imports.The data also carried perhaps a new warning for the president as he prepares another round of tariffs on dozens of countries in about two weeks, including a 30 percent tax on the European Union. Some experts said that an uptick in inflation could foreshadow more significant price increases later, especially if Mr. Trump proceeds as planned.“Up until this report, you could have argued that inflation is on a journey lower,” said Padhraic Garvey, who leads ING’s research team for the Americas. “Now we are on a journey higher.”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
