Author: News Room

The White House on Thursday clarified that China faced a minimum tariff rate of 145 percent on all imports to the United States.A day earlier, President Trump had said that he was increasing tariffs on China to 125 percent after Beijing retaliated against his previous levies. On Thursday, the White House explained that the 125 percent is on top of a 20 percent tariff the president had previously put on goods coming from China for its role in supplying fentanyl to the United States.That is a drastic increase on a country that supplies much of what Americans buy. China is…

The on-again, off-again tariff policy of the Trump administration has wreaked havoc across the global economy, including the travel industry. Until Wednesday’s 90-day suspension of reciprocal tariffs, the American dollar was showing signs of weakening, hotels faced higher operating costs and travelers were nervous about booking.Even before reciprocal tariffs were imposed, the Conference Board’s latest index on consumer confidence had dropped to the lowest level in 12 years, possibly driving a chill in travel demand. And, in a survey of its members in early April, the American Society of Travel Advisors said nearly 54 percent reported a decrease in consumer…

After the about-face The relief rally has gone global, for now.Stocks in Asia and Europe have rebounded after President Trump’s drastic U-turn on tariffs. Turmoil in the bond markets has cooled, as investors hope that the president averted crashing the global economy into recession.But U.S. stock futures are in the red as uncertainty abounds. Businesses and investors have little visibility into the White House’s next moves, even as some corporate leaders take comfort in the markets’ role in prompting the reversal. (More on that below.)Where things stand: Trump announced a 90-day pause for his most punishing reciprocal tariffs, instead imposing…

On Thursday, in the biggest luxury deal of the year, Prada announced it was buying Versace for 1.25 billion euros ($1.38 billion) from Capri Holdings, a beleaguered New York group that at one point styled itself as the American answer to the great fashion groups of France.The deal is a sign of faith in the continued value of Made in Italy at a time when the financial markets are in chaos because of President Trump’s whipsawing tariff policies. And it marks the end of Capri’s attempt to create an American luxury group to rival LVMH and Kering, while signaling an…

Inflation cooled sharply in March, a welcome development given the uncertainties surrounding President Trump’s global tariffs.The Consumer Price Index climbed 2.4 percent last month from a year earlier, a far slower pace than February’s 2.8 percent increase and less than economists had expected. Over the course of the month, prices fell 0.1 percent.A gauge tracking underlying “core” inflation, which strips out volatile food and energy items, slipped to 2.8 percent in March, following a 0.1 percent monthly increase.The report, which was released by the Bureau of Labor Statistics on Thursday, covers a period before the bulk of Mr. Trump’s tariffs…

A dizzying escalation of tariffs has unraveled a trade relationship between the United States and China forged over decades, jeopardizing the fate of two superpowers and threatening to drag down the world economy.The brinkmanship displayed by the two countries has already far exceeded the battles they waged during President Trump’s first term. In 2018 and 2019, Mr. Trump raised tariffs on China over 14 months. The latest escalation has played out mostly over a matter of days, with levies that are far greater and apply to broader swath of goods.On Wednesday, Mr. Trump countered China’s decision to match his 50…

The tariff whiplash continued on Wednesday, with President Trump pausing “reciprocal” tariffs on most countries for 90 days while imposing still higher tariffs on China.The steep China tariffs could ripple through the U.S. economy: Many of the consumer electronics and much of the discounted clothing that Americans buy are shipped from China, and higher tariffs could result in higher prices for shoppers.Here’s what you need to know about the latest tariff developments:What are the tariffs that have been imposed on China?Mr. Trump’s reciprocal tariffs went into effect early Wednesday, but hours later, he paused the levies on most countries.China was…

European Union officials had just approved retaliatory levies of 10 to 25 percent on about $23 billion of American imports when President Trump abruptly changed tack on Wednesday, announcing that he would hit pause on some of the tariffs he had placed on Europe and much of the rest of the world.Mr. Trump’s announcement signaled what European leaders had been hoping for: a willingness to negotiate. Financial markets surged on the news, greeting it as evidence that an all-out trade war might be averted.But European leaders on Thursday morning were taking time to assess exactly what the announcement meant and…

In the Lower Manhattan neighborhood of TriBeCa, known for its liberal politics and sky-high rents, a new retailer, known for its conservative Christian convictions, rock-bottom prices and steadfast customers in rural America, is moving in.Now the question is, can this retailer, Hobby Lobby, make it in Manhattan?The retailer, which is expected to open this spring and is taking over 75,000 square feet that used to be a Bed Bath & Beyond and Barnes & Noble for its first Manhattan store, should have prompted an enthusiastic response given the surge of Americans who picked up crafts hobbies during the pandemic.Instead, the…

The plunge in the financial markets has caused a boost for financial news.Viewership of Fox Business and CNBC, the cable news channels devoted to corporate and economic coverage, has soared over the past week as Americans seek clarity on the current market duress.Fox Business’s audience between April 2, when President Trump announced worldwide tariffs, and Monday was up 25 percent compared with the week before, and up 35 percent compared with its average audience last year, according to Nielsen. (Those figures reflect programming between 9:30 a.m. Eastern, when the U.S. market opens, and 5 p.m., the peak hours for business…