By Leigh Waldman and Joel Williams, CNN (CNN) — For nearly 30 years, Kevin Keyes and his brother-in-law Bob Chambers have run Dry Brook Sugar House in Salem, New York. Dry Brook Sugar House is nestled amid maple forests on the border of New York and Vermont. During this year’s maple season, which can run
Continue ReadingBy Elisabeth Buchwald, CNN (CNN) — Toys made in China have been exempt from tariffs since President Donald Trump’s first term. That is no longer the case. Last month, Trump raised tariff rates on China to 20%, dealing a big blow to the toy industry. But he didn’t stop there. Just a few weeks later,
Continue ReadingBy Lou Robinson, Rosa de Acosta, Elisabeth Buchwald and Soph Warnes, CNN (CNN) — The growing trade war between China and the United States shows little signs of easing after massive tit-for-tat tariffs between the world’s two biggest economies this week. Beijing raised its tariffs on US imports to 125%, one day after the White
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CNN By David Goldman and John Towfighi, CNN (CNN) — President Donald Trump and his advisers said this was the plan all along: Scare the bejesus out of the world by announcing astronomically high tariffs, get countries to come to the negotiating table, and — with the exception of China — back away from the
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By Bryan Mena, CNN Washington (CNN) — Americans are rarely this pessimistic about the economy. Consumer sentiment plunged 11% this month to a preliminary reading of 50.8, the University of Michigan said in its latest survey released Friday, the second-lowest reading on records going back to 1952. April’s reading was lower than anything seen during
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By Alicia Wallace, CNN (CNN) — Inflationary pressures eased at the wholesale level last month, another indication of a strong economy before the bulk of President Donald Trump’s aggressive trade policies kicked in. The Producer Price Index, a closely watched measurement of wholesale inflation, showed that the prices paid to producers fell 0.4% in March
Continue Reading By David Goldman, CNN (CNN) — President Donald Trump and his advisers said this was the plan all along: Scare the bejesus out of the world by announcing astronomically high tariffs, get countries to come to the negotiating table, and — with the exception of China — back away from the most punishing trade barriers
Continue ReadingBy Nathaniel Meyersohn, CNN New York (CNN) — President Donald Trump’s deportation push is spooking Latino customers and hurting beer sales, according to Modelo and Corona owner Constellation Brands. Since taking office, Trump and his team have enacted aggressive measures to crack down on immigration, including invoking a rarely used wartime authority. The Trump administration
Continue ReadingBy Ramishah Maruf, CNN New York (CNN) — Retailers are freaking out over tariffs. President Donald Trump’s tariffs, if enacted after the 90-day suspension, will impact some of the biggest textiles exporters, including Bangladesh, Vietnam and Pakistan. The United States Fashion Industry Association — a trade organization representing the interests of importers, wholesalers and major
Continue ReadingBy Chris Isidore, CNN (CNN) — While the White House wages a trade war on behalf of US manufacturing, the largest and most important part of the American economy — one that has a trade surplus, not a gap — is under threat. The US trade gap, caused by American consumers and businesses importing more
Continue ReadingBy John Towfighi, CNN New York (CNN) — Global markets are reeling over President Donald Trump’s haphazard approach to tariffs and an escalating trade war with China. Stocks have been volatile, and an unsettling shift has emerged in the bond market. Earlier this week, as stock markets around the world declined, US Treasuries also sold
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By David Goldman and John Towfighi, CNN New York (CNN) — The US stock market, fresh off its third-best day in modern history, is sinking back into reality: Although President Donald Trump paused most of his “reciprocal” tariffs, his other massive import taxes have already inflicted significant damage, and the economy won’t easily recover from
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By Jordan Valinsky, CNN New York (CNN) — Amazon shoppers can likely expect some prices to rise due to the ongoing global trade war, the company’s CEO admitted. The online retailer’s network of third-party sellers “will pass that cost on,” Andy Jassy said Thursday on CNBC, in response to the impact of tariffs affecting product
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By Alicia Wallace, CNN (CNN) — Inflation slowed sharply in March, new data showed Thursday, underscoring the continued strength and resilience of the economy ahead of President Trump’s aggressive trade moves. In any other timeline, such news would stoke optimism that Americans’ cost of living is no longer surging. However, the latest reading of the
Continue ReadingBy Nathaniel Meyersohn, CNN New York (CNN) — President Donald Trump’s auto tariffs are expected to lift car prices by thousands of dollars. That’s an opportunity for America’s trains and buses. Public transit advocates hope soaring car costs will push more people to the US transit system and spur government investment to improve service. Trump’s
Continue ReadingBy Thom Poole and Christian Edwards, CNN London (CNN) — The European Union has announced it is putting retaliatory measures against the United States on hold for 90 days after US President Donald Trump unveiled a similar pause Wednesday. “We want to give negotiations a chance,” European Commission President Ursula von der Leyen wrote on
Continue ReadingBy Lisa Eadicicco, CNN New York (CNN) — If paying $1,000 for a new iPhone already sounded expensive, consumers should brace for even greater sticker shock later this year. President Donald Trump’s tariffs on foreign goods – specifically those sourced from China – are expected to heighten the prices of everyday tech products, from iPhones
Continue ReadingBy Clare Duffy and Alex Matthews, CNN New York (CNN) — Silicon Valley leaders donated to President Donald Trump’s campaign or inaugural fund. They visited him at Mar-a-Lago and sat front-and-center as he was sworn into office. But in the first three months of his presidency, their wallets have taken a hit from his policies.
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By Elisabeth Buchwald and Kevin Liptak, CNN (CNN) — President Donald Trump announced a complete three-month pause on all the “reciprocal” tariffs that went into effect at midnight, with the exception of China, a stunning reversal from a president who had insisted historically high tariffs were here to stay. But enormous tariffs will remain on
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By Jeanne Sahadi, CNN (CNN) — There is just under a week left before the official April 15 tax filing deadline. More than half of all expected federal tax returns have been filed – nearly 90 million as of March 28, according to the latest filing statistics from the Internal Revenue Service. If yours isn’t
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By Nathaniel Meyersohn, CNN New York (CNN) — Walmart, the largest retailer in the world, pulled its financial guidance for the quarter because of uncertainty over the impact of sweeping tariffs on China, Vietnam and other global sources of goods. Walmart said Wednesday it was unsure of its operating profit for the first quarter of
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By Bryan Mena, CNN Washington (CNN) — President Donald Trump’s top trade official said he wasn’t informed of the 90-day pause on most new tariffs until after it was announced. At the same moment that US Trade Representative Jamieson Greer was defending Trump’s stiff tariffs during a House hearing, Trump said on his social media
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By Ramishah Maruf, CNN New York (CNN) — The beauty stores in Manhattan’s Koreatown are packed, even on a rainy Tuesday afternoon. But this time, an associate that spoke to CNN in one of the stores had some warnings: One popular sunscreen had changed its formula since it’s now manufactured in the United States. Another
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By Nectar Gan and Juliana Liu, CNN Hong Kong (CNN) — China unveiled retaliatory tariffs of 84% on imports of US goods on Wednesday, matching additional tariffs imposed by US President Donald Trump earlier in the day and further inflaming a trade war between the world’s two biggest economies. Trump’s sweeping “reciprocal” tariffs took effect
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By Chris Isidore, CNN (CNN) — Delta Air Lines warned that revenue could fall in the current quarter and that “growth has largely stalled,” as its CEO warned that he’s concerned the economy is likely to fall into a recession. The airline attributed the weakness in its guidance to “broad economic uncertainty around global trade.”
Continue ReadingBy Alicia Wallace, CNN (CNN) — “Liberation Day” came and went, with President Donald Trump’s sweeping new tariffs battering markets, unsettling the global order, and prompting businesses and households to reconsider their spending. And it’s far from over. There’s the immediate aftermath: Trump’s actions, based on economically questionable math, have triggered retaliatory tariffs, stoked trade
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By Nathaniel Meyersohn, CNN New York (CNN) — President Donald Trump, during his announcement last week of sweeping tariffs on countries around the world, called groceries an “old-fashioned” and “beautiful term.” But his policies will make America’s groceries more expensive today, supermarket executives and food industry experts say. Supermarkets sell imported items in every section
Continue ReadingBy Nectar Gan, CNN Hong Kong (CNN) — China has promised to take “resolute and effective measures” to safeguard its rights and interests after US President Donald Trump’s 104% tariffs on Chinese imports took effect on Wednesday. “The United States is still imposing arbitrary tariffs on China and relentlessly applying extreme pressure. China firmly opposes
Continue ReadingBy John Liu, CNN (CNN) — US President Donald Trump has boasted “jobs and factories will come roaring back” as he unleashed unprecedented tariffs around the world during his “Liberation Day” address. With his sweeping global tariffs now in effect, steep price hikes on products ranging from clothing to electronics could largely be borne by
Continue ReadingCNN By John Liu, CNN (CNN) — US President Donald Trump has boasted “jobs and factories will come roaring back” as he unleashed unprecedented tariffs around the world during his “Liberation Day” address. With his sweeping global tariffs now in effect, steep price hikes on products ranging from clothing to electronics could largely be borne
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