Home Depot won’t raise prices because of tariffs
US President Donald Trump’s tariffs on steel and aluminium imports have caused price hikes for US businesses, including Home Depot and Walmart. However, Home Depot’s merchandising chief Billy Bastek said that the company doesn’t see “broad-based price increases for our customers at all going forward”. “We’re dealing with Wall Street taxes and Wall-centric regulation in the US retail market,” he added.
There is a deal to cut tariffs in the U.S. and China
The US and China have agreed to reduce tariffs imposed on each other’s goods, after negotiators from the two countries met over the weekend in Switzerland for trade talks. The deal brings the US tariffs on Chinese goods down to 30% from the 145% imposed by President Donald Trump in early April. Some of those tariffs could resume in early July.
It is difficult for auto dealers to comprehend what is happening with Trump’s tariffs
US President Donald Trump on Friday said that his tariffs on $267 billion of Chinese imports will be suspended for a month. He added, “I’ve been very busy and I don’t know how long I’ll be busy.” The US is also planning to impose tariffs on an additional $200 billion of Chinese products from May 1 for a total of $450 billion.
The auto industry has been negatively affected by Trump’s tariffs
A CBS News poll found a majority of Americans think US President Donald Trump is focusing too much attention on tariffs and not enough on lowering prices. Inflation has fallen, but consumer prices are likely to go up even more as tariffs take effect. The poll also found that people across the political spectrum said they’re worried about their personal finances, unemployment and inflation.
Shoppers and businesses fear higher prices if tariffs on Mexican and Canada imports start Saturday
US President Donald Trump has said that he would impose tariffs of 10% on US$50 billion worth of imports from Canada and Mexico. The tariffs would come into force on Friday. Trump had previously threatened tariffs of up to 60% on goods from China and up to 100% on goods from Mexico.
Sean Duffy is the President’s pick to be the Secretary of transportation
US President Donald Trump’s nominee for the Department of Transportation Sean Duffy, who worked with both parties to replace a bridge between his home state of Wisconsin and Minnesota, revealed that he was an Air Traffic Controller’s wife. Duffy added that his wife had survived a deadly head-on car crash and the road safety has hit close to home for him.
Global markets have been adversely affected by Trump’s tariffs
US President Donald Trump has proposed to impose tariffs of 25% on Chinese goods and 10% on Mexican goods. The tariffs are aimed at reducing America’s $2 trillion trade surplus with China. Trump has also proposed a 25% tariff on the import of cars from Canada and Mexico, along with 10% tariffs on Chinese steel and aluminum.
Some voters in the boomerang county say they are nostalgic for the Trump economy
Luis Escarraman, who drives a truck and freight truck in the US, said that he is nostalgic for Donald Trump’s “economy”. “What have we learned in the last two years?” he asked. Escarraman added that he was weighing a lot of things in deciding who he supports politically. In 2008 and 2012 Northampton voters voted for Barack Obama but switched to Trump.