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Trump says he’s in ‘no rush’ to end tariffs as he meets with Italy’s Meloni
Headline News |
2025/04/18 15:07
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President Donald Trump said Thursday he is in “no rush” to reach any trade deals because he views tariffs as making the United States wealthy. But he suggested while meeting with Italian Premier Giorgia Meloni that it would be easy to find an agreement with the European Union and others.
Trump played down the likelihood of an accelerated timeline to wrap up deals, saying other countries “want to make deals more than I do.”
“We’re in no rush,” said Trump, hinting he has leverage because other countries want access to U.S. consumers.
Even though Trump has a warm relationship with Meloni, she was unable in their meeting to change his mind on tariffs.
“No, tariffs are making us rich. We were losing a lot of money under Biden,” Trump said of his predecessor, Democrat Joe Biden. “And now that whole tide is turned.”
Trump is convinced that his devotion to tariffs will yield unprecedented wealth for his country even as the stock market has dropped, interest on U.S. debt has risen and CEOs are warning of price increases and job losses in what increasingly looks like a threat to the existing structure of the world economy.
A bond market panic was enough for Trump to partially pull back on his tariffs, causing him to pause his 20% import taxes on the EU for 90 days and charge a baseline 10% instead. Meloni’s visit showed the challenge faced even by leaders who enjoy a rapport with Trump.
After they met, Trump told reporters that trade talks were easier than other business negotiations such as mergers. He said he had spoken with Chinese officials about tariffs “a lot” and the amount of his import taxes could be influenced by China approving a sale of the social media site TikTok. He also seemed to contradict his previous statement Thursday morning about being in no rush to make trade deals “over the next three or four weeks.”
Even then, Trump showed no interest in fully severing his tariffs. “Tariff negotiations are actually simpler than everyone has said,” Trump said. “A number of people are going to pay that number or they’re going to decide to go elsewhere if there is such a place. There really is no elsewhere.”
Meloni had, in a sense, been “knighted” to represent the EU at a critical juncture in the fast-evolving trade war that has stoked recession fears. The U.S. administration has belittled its European counterparts for not doing enough on national security while threatening their economies with tariffs, sparking deep uncertainty about the future of the trans-Atlantic alliance.
She sought to portray the U.S. and Europe as natural allies in Western civilization and said it was important to “try to sit down and find solution” to tensions over trade and national security.
The EU is defending what it calls “the most important commercial relationship in the world,’’ with annual trade with the U.S. totaling 1.6 trillion euros ($1.8 trillion). It was unclear, based on Meloni’s public interactions with Trump, whether the premier has a clear understanding of what Trump wants as part of an agreement.
His administration has said its tariffs would enable trade negotiations that would box out China, the world’s dominant manufacturer. But Trump maintains that rivals and allies alike have taken advantage of the U.S. on trade, a position that has frustrated long-standing partners and raised concerns about whether Trump is a trustworthy dealmaker.
Trump tried to push back against claims that his tariffs are harming the economy, saying that gasoline and egg prices are already dropping. The president blamed the Federal Reserve for interest rates rising on U.S. debt. Rates largely increased because investors were worried about Trump’s tariff plans and they became less willing to buy Treasury notes, while the central bank has held steady on its own benchmark rates because of economic uncertainty.
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Japan’s trade minister fails to win US assurances on tariff exemptions
Headline News |
2025/03/13 06:45
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Japan’s trade minister said this week that he has failed to win assurances from U.S. officials that the key U.S. ally will be exempt from tariffs, some of which take effect on Wednesday.
Yoji Muto was in Washington for last ditch negotiations over the tariffs on a range of Japanese exports including cars, steel and aluminum.
Muto said Monday in Washington that Japan, which contributes to the U.S. economy by heavily investing and creating jobs in the United States, “should not be subject to” 25% tariffs on steel, aluminum and auto exports to America.
His meetings with U.S. Commerce Secretary Howard Lutnick, U.S. Trade Representative Jamieson Greer and White House economic advisor Kevin Hassett came just two days before the steel and aluminum tariffs are due to take effect. President Donald Trump has also said a possible 25% tariff on imported foreign autos could take effect in early April.
Muto said the U.S. officials acknowledged Japanese contributions and agreed to continue talks, but did not approve his request for Japan’s exemption from the steep import duties.
“We did not receive a response that Japan will be exempt,” Muto told reporters. “We must continue to assert our position.”
As Trump’s tariff threats have triggered tensions and vows of retaliation from Canada, Mexico and China, Japan has been working to firm up ties with other countries.
Last week, the foreign and trade ministers from Japan and Britain gathered in Tokyo for their first “two-plus-two” economic dialogue. They agreed to stand up for “fair, rules-based international trade,” though nobody directly mentioned Trump.
Japan depends heavily on exports and the auto tariffs would hurt, because vehicles are its biggest export and the United States is their top destination.
“Clearly companies in Japan are very concerned,” said Rintaro Nishimura, political analyst and associate at Japan Practice of The Asia Group. “Obviously the auto is the crown jewel for Japan, especially in the context of these tariffs.” He says they are concerned also because the Trump administration is carrying it out in just two months after taking office.
Trump also has criticized Japan’s contributions to the two countries’ mutual defense arrangements, adding to tensions with Tokyo.
Muto said the two sides agreed to keep discussing to find ways to establish a “win-win” relationship that would serve national interests of both countries.
The two sides also discussed energy cooperation, including joint development of liquefied natural gas reserves in Alaska, which Trump and Prime Minister Shigeru Ishiba agreed on during Ishiba’s visit to the White House in February.
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Ford cuts 2024 earnings guidance due to warranty costs and slow pace of cost cutting
Headline News |
2024/10/27 22:47
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Stubbornly high warranty expenses and lagging cost-cutting efforts are holding back Ford Motor Co.'s profits this year, causing the company to lower its full-year earnings guidance.
That pushed the company’s stock price down 6% in trading after Monday’s closing bell.
The Dearborn, Michigan, automaker, which reported third-quarter earnings Monday, said its net profit tumbled nearly 26% as it took $1 billion in accounting charges to write down assets for a canceled three-row electric SUV.
Ford said it made $892 million from July through September, compared with $1.2 billion it made a year earlier.
But excluding the one-time items, the company made an adjusted pretax profit of $2.6 billion, or 49 cents per share. That beat analyst estimates of 46 cents, according to FactSet.
Revenue rose 5.5% to $46.2 billion, also beating Wall Street predictions. Ford reduced its full-year pretax income guidance to $10 billion, at the low end of the $10 billion to $12 billion it expected at the end of the second quarter, spooking investors.
“Cost, especially warranty, has held back our earnings power, but as we bend that curve, there is significant financial upside for investors,” CEO Jim Farley told analysts on a conference call.
Chief Financial Officer John Lawler said warranty costs were slightly below the third quarter of last year, but still high. The company wouldn’t give numbers until it files its quarterly report with securities regulators on Tuesday but said costs will be higher than a year ago.
Ford reported $800 million of increased warranty costs for the second quarter of this year.
Farley has been trying to get a handle on warranty costs for the past four years. In October of 2020, he said the company was working to cut quality-related repairs after glitch-prone small-car transmissions hit the automaker’s bottom line.
Ford has said that it has a $7 billion cost gap with competitors, and Lawler said Monday it has made progress on that figure. The problem is competitors, which he did not identify, are cutting costs too. “We’ve taken cost out, but we’re not doing it at a pace faster than our competition,” he told analysts.
Ford has removed $2 billion in material, freight and labor costs this year, but that was offset by warranties and inflation at its Turkish joint venture, he said.
He said Ford is focused on reducing warranty and other costs, which will show up in later quarters.
The company’s plans are working, as evidenced by 10 straight quarters of revenue growth, Lawler said.
Farley said Ford has restructured its operations in Europe, South America, India and China, which collectively lost $2.2 billion in 2018 but together are profitable now. For instance, China, including exports, has contributed over $600 million to pretax earnings this year, Farley said. |
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Fueled by border crossings, a record 3 million cases clog US immigration courts
Headline News |
2024/01/16 17:34
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Eight months after crossing the Rio Grande into the United States, a couple in their 20s sat in an immigration court in Miami with their three young children. Through an interpreter, they asked a judge to give them more time to find an attorney to file for asylum and not be deported back to Honduras, where gangs threatened them.
Judge Christina Martyak agreed to a three-month extension, referred Aarón Rodriguéz and Cindy Baneza to free legal aid provided by the Catholic Archdiocese of Miami in the same courthouse — and their case remains one of the unprecedented 3 million currently pending in immigration courts around the United States.
Fueled by record-breaking increases in migrants who seek asylum after being apprehended for crossing the border illegally, the court backlog has grown by more than 1 million over the last fiscal year and it’s now triple what it was in 2019, according to government data compiled by Syracuse University’s Transactional Records Access Clearinghouse.
Judges, attorneys and migrant advocates worry that’s rendering an already strained system unworkable, as it often takes several years to grant asylum-seekers a new stable life and to deport those with no right to remain in the country.
“Sometimes hope already sinks,” said Mayra Cruz after her case was also granted an extension by Martyak because the Peruvian migrant doesn’t have an attorney.
“But here I’ve felt a bit safer,” added Cruz, who said she had to flee with only the clothes on her back with her partner and their children after repeated threats from gangs.
About 261,000 cases of migrants placed in removal proceedings are pending in the Miami court — the largest docket in the country. That’s about the same as were pending nationwide a dozen years ago, said Syracuse University professor Austin Kocher.
The backlog includes migrants who have been in the United States for decades and were apprehended on unrelated charges, but most are new asylum seekers who declare a fear of persecution if they are sent back, he added.
Backlogged courts, administered by the Justice Department, often get little attention in immigration debates, including in current Senate negotiations over the Biden administration’s $110 billion proposal that links aid for Ukraine and Israel to asylum and other border policy changes.
When migrants are apprehended by U.S. authorities at the border, many are released with a record of their detention and instructions to appear in court in the city where they are headed. That information is passed on from the Department of Homeland Security to the Justice Department, whose Executive Office for Immigration Review runs the courts, so that an initial hearing can be scheduled.
“They’re just being released without any idea of what comes next,” said Randy McGrorty, executive director of Catholic Legal Services for the Archdiocese of Miami, which has seen hundreds of thousands of migrants join its diaspora communities.
So many migrants go to them for advice that, in the last couple of years, they’ve largely switched to teaching how to self-petition and represent themselves before judges.
“We help them understand what judges want, and we help judges with efficiency and preserving fundamental rights,” said Miguel Mora, a Catholic Legal Services supervising attorney in Miami.
Advocates say that most migrants ask for individual legal representation, something that’s becoming increasingly rare given the huge numbers, and how to get work permits, which migrants can apply for 150 days after filing their asylum application. |
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Court upholds judge’s finding that Tesla acquisition of Solar City was fair
Headline News |
2023/10/14 07:28
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The Supreme Court on Monday ordered two internet sellers of gun parts to comply with a Biden administration regulation aimed at ghost guns, firearms that are difficult to trace because they lack serial numbers.
The court had intervened once before, by a 5-4 vote in August, to keep the regulation in effect after it had been invalidated by a lower court. No justice dissented publicly from Monday’s order, which followed a ruling from a federal judge in Texas that exempted the two companies, Blackhawk Manufacturing Group and Defense Distributed, from having to abide by the regulation of ghost gun kits.
Other makers of gun parts also had been seeking similar court orders, the administration told the Supreme Court in a filing.
“Absent relief from this Court, therefore, untraceable ghost guns will remain widely available to anyone with a computer and a credit card — no background check required,” Solicitor General Elizabeth Prelogar, the administration’s top Supreme Court lawyer, wrote.
The regulation changed the definition of a firearm under federal law to include unfinished parts, like the frame of a handgun or the receiver of a long gun, so they can be tracked more easily. Those parts must be licensed and include serial numbers. Manufacturers must also run background checks before a sale - as they do with other commercially made firearms.
The requirement applies regardless of how the firearm was made, meaning it includes ghost guns made from individual parts or kits or by 3D printers.
The regulation will be in effect while the administration appeals the judge’s ruling to the 5th U.S. Circuit Court of Appeals in New Orleans — and potentially the Supreme Court. |
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Federal court sides with lobster fishers in whale protection case
Headline News |
2023/06/16 02:39
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A federal appeals court has sided with commercial fishermen who say proposed restrictions aimed at saving a vanishing species of whale could put them out of business.
The fishermen harvest lobsters and crabs off New England and oppose tough new restrictions on the way they fish that are intended to protect the North Atlantic right whale. The whale numbers only about 340 in the world and it’s vulnerable to lethal entanglement in fishing gear.
The fishermen and the state of Maine appealed their case to the U.S. Court of Appeals for the District of Columbia Circuit after losing in a lower court. The appeals court said Friday it disagreed with the lower court’s ruling.
The appeals court ruling could mean that the federal government must take another stab at crafting new rules to protect the whales. The restrictions would limit where lobster fishers can fish and what kind of gear they can use to try to prevent the whales from becoming entangled in fishing ropes.
The changes would represent a potential worst-case scenario for the lobster fishing industry, wrote Douglas H. Ginsburg, the senior judge of the appeals court, in Friday’s ruling.
“The result may be great physical and human capital destroyed, and thousands of jobs lost, with all the degradation that attends such dislocations,” Ginsburg wrote.
The fishers sued the National Marine Fisheries Service, an arm of the federal government. The service declined to comment on the lawsuit. |
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