World, US, Culture, Market, and Sci-Tech News Aggregation from MSM and Independent News
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The New York Post
reported, citing sources close to the negotiations.US officials are reportedly weighing a reduction of the levy to somewhere between 50% and 54%, a move aimed at easing tensions as trade negotiations unfold.
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- Dow drops 400 points as investors await trade deals, Fed decision: Live updates CNBC
- Stock Market Today: Dow, S&P 500 Futures Dip After Wall Street Breaks Winning Streak — Live Updates WSJ
- World shares mostly slip after Wall St breaks its winning streak AP News
- Wall Street wobbles as markets navigate through tariff uncertainty; Fed in focus Reuters
- Stock market today: Dow, S&P 500, Nasdaq slide ahead of Fed decision as tariff fears reemerge Yahoo Finance
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WASHINGTON: The US trade deficit widened to a record high in March as businesses boosted imports of goods ahead of tariffs, which dragged gross domestic product into negative terrain in the first quarter for the first time in three years.
The trade gap jumped 14 per cent to a record US$140.5 billion from a revised US$123.2 billion in February, the Commerce Department’s Bureau of Economic Analysis (BEA) said on Tuesday (May 6).
Economists polled by Reuters had forecast the trade deficit rising to US$137.0 billion from the previously reported US$122.7 billion in February.
President Donald Trump’s sweeping tariffs, including raising duties on Chinese imports to a staggering 145 per cent, fueled a rush by businesses to bring in merchandise to avoid higher costs.
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Good Tuesday morning.
Here is what’s on President Trump’s agenda today:
11:30am THE PRESIDENT greets the Prime Minister of Canada
11:45am: THE PRESIDENT participates in a Bilateral Meeting with the Prime Minister of Canada
12:15pm: THE PRESIDENT participates in a Bilateral Lunch with the Prime Minister of Canada
3:30pm: THE PRESIDENT participates in a FIFA Task Force Meeting
5pm: THE PRESIDENT participates in a Swearing-In Ceremony for the Assistant to the President, Senior Advisor and Special Envoy
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Former Vice President Mike Pence said Monday on CNN’s “The Source” that President Donald Trump’s tariffs hurt consumers who want cheap goods.
Pence said, “I do have concerns, that with the president’s call for broad based tariffs against friend and foe alike that ultimately the administration is advancing policies that are not targeted at countries that have been abusing our trade relationship, but rather are essentially new industrial policy that will result in inflation, that will harm consumers and ultimately harm the American economy.”
Host Kaitlan Collins said, “One argument he’s been making lately is that maybe children will have to make do with fewer toys, fewer dolls.”
She asked, “Do you think the American people buy that argument?”
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If you think a 25% tariff is bad, what about a tariff that goes past 3,500%?
On Monday, the U.S. Department of Commerce slapped high tariffs on solar panels and their related products coming from four Southeast Asia countries, Malaysia, Vietnam, Thailand, and Cambodia, accusing manufacturers there of dumping products on the U.S. market. The announcement ends a yearlong trade probe initiated under the Biden administration.
Tariff levels varied wildly between different countries and manufacturers. Solar cells made in Malaysia by Korean company Hanwha only got a tariff of 14.64%, the lowest imposed.
In contrast, four manufacturers in Cambodia—Hounen Solar, Jinktek Photovoltaic, ISC Cambodia and Solar Long PV Tech—got tariffs of 3521.14%. The Southeast Asian country stopped cooperating with the U.S. probe, leading to such high penalties.
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- IMF says Trump’s tariffs will be a drag on global economic growth The Washington Post
- IMF slashes 2025 U.S. growth forecast to 1.8%, citing trade tensions CNBC
- IMF slashes world growth forecasts due to trade war politico.eu
- US markets live: US growth forecast to be hit hardest from tariffs, IMF says, as BBC
- Alert: International Monetary Fund says economic outlooks for the US and world have worsened significantly due to trade war San Francisco Chronicle
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China on Monday issued a direct warning to countries considering trade deals with the US that could disadvantage Beijing.
The warning came in the aftermath of reports that the Trump administration in the US may offer tariff exemptions to other nations in return for limiting their trade with China.
President Trump this month paused major tariff increases on other countries for 90 days, while hiking duties further on goods from China to 145 percent.“China firmly opposes any party reaching a deal at the expense of China’s interests. If this happens, China will not accept it and will resolutely take reciprocal countermeasures,” the Chinese Ministry of Commerce said, CNBC reported.