Category Archives: Tariffs

75% of Americans report soaring prices as Trump claims inflation ‘over’

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Exclusive poll: Inflation remains a concern despite president’s pledge to reduce prices on ‘day one’

Nine months after Donald Trump took office, promising to reduce prices on “day one”, a clear majority of Americans say their monthly costs have risen by between $100 and $749, according to an exclusive new poll conducted for the Guardian.

The president has continued to insist that there is “virtually no inflation”. “Prices are ‘WAY DOWN’ in the USA,” Trump wrote on social media in late August.

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Shein warns on Trump tariff uncertainty after profits slip

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Fast-fashion retailer records 20% growth in sales and fees to $37bn but big hit is expected from US changes to import tax rules

Shein has reported a 20% rise in global revenues to $37bn (£27.7bn) but profits have fallen as the fast-fashion retailer faced increased costs, even before it felt the impact of recent changes to US tax laws.

The Singaporean parent company of the rapidly growing retailer said pre-tax profits had fallen by 13% to $1.3bn last year from $1.5bn in 2023 after an increase in selling and marketing costs, according to new accounts.

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China says it will ‘fight to end’ after US said it was trying to hurt world economy

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Commerce ministry says US is ‘threatening to intimidate’ with plans for new Trump tariffs on exports

China has hit back at accusations from the US that it is trying to hurt the world economy, as the trade war between the world’s two biggest economies appeared to re-escalate, amped up by aggressive rhetoric on both sides.

China’s commerce ministry said on Tuesday that the US was “threatening to intimidate” with the prospect of new tariffs on Chinese exports, “which is not the right way to get along with China”. Its spokesperson said that China would “fight to the end” in trade talks.

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China warns US of retaliation over Trump’s 100% tariffs threat

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Beijing says it will act if US president doesn’t stand down, while investors brace for trade war turmoil

Beijing has told the US it will retaliate if Donald Trump fails to back down on his threat to impose 100% tariffs on Chinese imports as investors brace for another bout of trade war turmoil.

China’s commerce ministry blamed Washington for raising trade tensions between the two countries after Trump announced on Friday that he would impose the additional tariffs on China’s exports to the US, along with new controls on critical software, by 1 November.

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Trump threatens 100% China tariffs as Beijing restricts rare-earth exports

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President accuses China of ‘very hostile’ moves and says additional tariffs could come on 1 November ‘or sooner’

Donald Trump has threatened to impose additional US tariffs of 100% on China from next month, accusing Beijing of “very hostile” moves to restrict exports of rare earths needed for American industry.

Wall Street fell sharply after the US president reignited public tensions with the Chinese government, and raised the prospect of another acrimonious trade war between the world’s two largest economies.

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‘A fatal blow’: Italian producers fear effects of Trump’s ‘war against pasta’

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US president’s threat to impose 92% tariffs targeting major manufacturers put family-run firms in the firing line as well

“It’s a real pity,” laments Antonio Rummo of Donald Trump’s latest target in his ever-evolving tariff war: Italian pasta. Rummo is the sixth-generation grandson of the founder of Pasta Rummo, who opened a wheat mill in Benevento in southern Italy in 1846, using the family’s three horses to lug grain from the surrounding Campania region and Puglia to produce fresh pasta.

“Demand for premium pasta in the US has been growing,” says Rummo. Appreciated by consumers for a traditional processing method that guarantees it will cook to al dente perfection, sales of Pasta Rummo have been thriving.

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Ineos to cut a fifth of Hull jobs, blaming ‘dirt-cheap’ imports from China

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Company says more roles will be at risk unless UK government supports tariffs to protect industry

Ineos, the chemicals company owned by the billionaire Sir Jim Ratcliffe, is to cut a fifth of jobs at its East Yorkshire plant, blaming “sky high” energy costs and “dirt-cheap” imports from China.

The company founded in 1998 by Ratcliffe, who co-owns Manchester United FC, said it would cut 60 jobs at the Acetyls site in Hull, which makes petrochemical products such as acetic acid. It said more roles would be at risk across the industry unless the government stepped in.

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Trump jokingly asked Rolex executives if tariffs prompted US Open invite, CEO says

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Rolex CEO stressed US president’s remarks were made ‘in jest’ in letter to Elizabeth Warren, who had raised concerns

Donald Trump asked Rolex executives if he would have been invited to watch this month’s US Open final from the luxury watchmaker’s VIP box had he imposed steep tariffs on Swiss exports weeks earlier.

The US president’s remarks were made “in jest”, stressed Jean-Frederic Dufour, the Rolex CEO, in a letter to Elizabeth Warren, the US senator who had raised questions about the decision to invite Trump – including whether the conglomerate was seeking to “curry favor” with the administration.

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Trump says US will impose new tariffs on heavy trucks, drugs and kitchen cabinets

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President announces 100% tariffs on imported branded drugs, 25% on heavy-duty trucks and 50% on cabinets

Donald Trump on Thursday announced a new round of punishing tariffs, saying the United States will impose a 100% tariffs on imported branded drugs, 25% tariff on imports of all heavy-duty trucks and 50% tariffs on kitchen cabinets.

The US president also said he would start charging a 50% tariff on bathroom vanities and a 30% tariff on upholstered furniture next week, with all the new duties to take effect from 1 October.

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Chinese economy slows amid Trump trade war and weaker consumer spending

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Slowing growth in factory output and retail sales prompts calls for fresh economic stimulus

China’s economy showed further signs of weakness last month as it comes under strain from Donald Trump’s trade wars and domestic problems, with factory output and consumer spending rising at their slowest pace for about a year.

The disappointing data adds pressure on Beijing to roll out more stimulus to fend off a sharp slowdown, with a debt crisis denting the country’s once-booming property sector and exports facing stronger headwinds.

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Trump asks EU to impose tariffs of up to 100% on India and China

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In effort to end Russia’s war in Ukraine, US president proposes tariffs targeting Putin allies and trade partners

Donald Trump has asked the EU to impose tariffs of up to 100% on India and China as part of an effort to force the Russian president, Vladimir Putin, to end the war in Ukraine.

The US president made the demand during a meeting between US and EU officials discussing options to increase economic pressure on Russia on Tuesday, according to a White House official.

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Majority in EU’s biggest states believes bloc ‘sold out’ in US tariff deal, poll finds

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Average of 77% of respondents across five countries thought agreement would benefit US economy above all

A majority of people across the EU’s five biggest member states believe the European Commission sold citizens out when negotiating a “humiliating” tariff deal with Donald Trump that “benefits the US” far more than Europe, a survey has shown.

The poll, by Cluster17 for the European affairs debate platform Le Grand Continent, found 77% of respondents – ranging from 89% in France to 50% in Poland – thought the deal would benefit above all the US economy, with only 2% believing it would benefit Europe’s.

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US treasury secretary denies Trump tariffs are tax on Americans

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Billionaire Scott Bessent dismisses concerns about president’s levies and predicts ‘acceleration’ in US economy

US treasury secretary Scott Bessent has refused to acknowledge that the sweeping trade tariffs imposed by Donald Trump around the world are taxes on Americans.

In a new interview on Sunday with NBC host Kristen Welker, Bessent, a former billionaire hedge fund manager, dismissed concerns from major American companies including John Deere, Nike and Black and Decker who have all said that Trump’s tariffs policy will cost them billions of dollars annually.

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Postal traffic into US plunges by more than 80% after Trump ends exemption

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Dozens of operators have suspended service to the US until a solution is implemented on parcels worth $800 or less

Postal traffic into the United States plunged by more than 80% after the Trump administration ended a tariff exemption for low-cost imports, the United Nations postal agency said Saturday.

The Universal Postal Union says it has started rolling out new measures that can help postal operators around the world calculate and collect duties, or taxes, after the US eliminated the so-called “de minimis exemption” for lower-value parcels.

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Trump asks US supreme court to overturn trade tariffs ruling

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Move follows federal appeals court decision that sweeping ‘liberation day’ levies on imports had overstepped presidential powers

Donald Trump has asked the US supreme court to overturn a lower court decision that most of his sweeping trade tariffs were illegal.

The US president filed a petition late on Wednesday to ask for a review of last week’s federal appeals court ruling in Washington DC, which centred on his “liberation day” border taxes introduced on 2 April, which imposed levies of between 10% and 50% on most US imports, sending shock waves through global trade and markets.

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Modi’s warm meeting with Xi shows impact of Trump’s ‘tariff tantrum’

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China seizes on opportunity for geopolitical realignment after India was hit with one of US’s harshest trade penalties

They stood together like old friends, heads thrown back in jovial laughter, clutching one another’s hands affectionately. Except this was no ordinary gathering of three men, but a meeting of three of the most powerful non-western leaders: Vladimir Putin, Xi Jinping and Narendra Modi.

The overt displays of intimacy were widely regarded by observers as a telling message of defiance aimed at their western counterparts, in particular Donald Trump, who just a few days earlier had slapped India with 50% import tariffs, among the harshest of the US president’s trade penalties.

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Trump threatens tariffs on countries that ‘discriminate’ against US tech

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Levies and restrictions could hit UK’s digital services tax and EU states such as France, Italy and Spain

Donald Trump has threatened to impose tariffs and export restrictions on countries whose taxes, legislation and regulations target US big tech companies such as Google, Meta, Amazon and Apple.

In a post on his social media platform, Truth Social, the US president said: “Digital taxes, legislation, rules or regulations are all designed to harm, or discriminate against, American technology.”

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Canada to drop counter-tariffs on some US goods one day after call with Trump

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Mark Carney says change will go into effect on 1 September but tariffs on steel, aluminum and autos will remain

Canada will drop its counter-tariffs on some American goods in the coming days, Mark Carney has said, as the country’s prime minister looks to end a protracted trade war with longtime ally the United States.

From 1 September, the Canadian government will remove some levies on US goods that comply with the North American free-trade pact, a move meant to “match” how the White House treated Canadian goods. Levies on steel, aluminum and autos will remain in place.

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Trump’s tariffs replace diplomacy as other US tools of statecraft are discarded

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Measures meant to rebalance America’s economy are wielded instead against the likes of Canada, India and Brazil ‘to compel loyalty to the president’

On the campaign trail, Donald Trump pledged to use tariffs to revitalise American industry, bringing jobs home and helping to make America great again. But more than six months into his administration, experts say the president’s trade war is increasingly being wielded as a political cudgel, in lieu of more traditional forms of diplomacy.

The president’s current target, India, has been unable to reach a trade agreement, and Trump appears ready to follow through with his threat to impose a further 25% tariff on Delhi – bringing the total to 50% – the joint highest levy on any country, along with Brazil.

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UK metals firms threaten to sue government over tariffs on steel imports from Asia

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Companies send letter to business secretary complaining new rules were imposed with 24 hours’ notice

UK metals companies have threatened to take legal action against the government over tariffs on raw steel imports from Asia which they claim have caused a “tsunami” of problems for the industry.

Earlier this summer, the business secretary, Jonathan Reynolds, reduced the amount of raw steel from Vietnam and South Korea that can be imported tariff-free in a move designed to protect UK raw steel makers, which face competition from cheap imports.

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