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.
Republicans face a crucial stretch this week as they try to deliver on Trump’s agenda
US Congressman Steve LaLota has said that the House Budget Committee should repackage the tax bill to pay for the healthcare system. This comes after the House Ways and Means Committee released a plan to cut taxes by $1.6 trillion over 10 years. LaLota added that the committee should “reconsider” the tax bill to pay for the healthcare system.
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.
Most drugs are stored on the chance of targeted Trump tariffs
A senior White House official has said that Europe tends to have more stable contract with makers of generic drugs than the US. He said that European countries negotiate drug prices and many of their final drug products are made here or in Europe where governments negotiate drug prices. The White House also said that the Pharmaceutical Research and Manufacturers of America (PMMA) stockpiled most common drugs on chance of targeted tariffs.
Apple does not seem to be concerned about Trump’s tariffs
Apple’s supply chain and manufacturing operation might be a buffer amid US-China trade tensions, analyst Gene Munster said. He said it would cost Apple about $1 billion to move production of Mac and iPad, AirPods, and the Watch to other countries as almost all of the products are manufactured in Vietnam. A breakup in the US-China relationship would cut Apple’s worth in half, Munster added.