Tariffs Catch-All

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Amazon Rules Out Displaying Tariff Impact After White House Attack​

Administration had said breaking out import charges would be ‘a hostile and political act’​



“…
The e-commerce giant said Tuesday it had considered displaying how much import charges would increase prices on its ultracheap shopping website Haul, but said the idea “was never approved and is not going to happen.”

Amazon also said it hadn’t considered the idea for the main Amazon site, and no changes had been implemented on any Amazon properties.

Yet the company’s response was too late to avoid White House involvement. Trump called Bezos to raise concerns after Punchbowl News reported that Amazon was planning to display the impact of tariffs during its online checkout process, according to people familiar with the matter.

Criticism from White House press secretary Karoline Leavitt sent company shares down in early morning trading. …”
What a chicken shit Bezos is.
 
The latest gold adjusted Q1 GDPNow from the Atlanta fed dropped significantly to -1.5%. The non-gold adjusted is -2.7%.

It will be interesting to see where the GDP is tomorrow. Not sure which of the two is supposed to predict the GDP numbers which will be released.

Ideally that model should get more accurate as we go.

Also note that the St Louis and NY feds have their own estimates but those use input that is not in the official GDP. Atlanta’s uses the same input as the official GDP.
 

Trump pushes back against economic anxieties in ABC interview, says China 'probably will eat those tariffs'​





Season 7 Eating GIF by Will & Grace

Trump contradicting himself within the same sentence, and the interviewer didn’t push back on the “gas and grocery prices are way down”. 🤦 when, in fact, gas is up and food prices have temporarily stabilized.
 

A $10 T-Shirt Could Become a $24.50 T-Shirt as a Key Tariff Loophole Closes​

Starting Friday, goods from China worth up to $800 will be subject to tariffs and more paperwork under new Trump administration rules.


“A loophole that has allowed American shoppers to buy lots of cheap goods from mainland China and Hong Kong without paying tariffs and filling customs forms is closing on Friday.

Prices have already gone up.

Orders for many imported goods from retailers like Shein and Temu could dwindle as consumers balk at the higher prices and new inconveniences. But, like much of President Trump’s trade war, the administration’s policy on the loophole has gone through changes. The president had ordered that the loophole be closed in February, but then reinstated it within a few days. Logistics experts said the short closure caused a pileup of packages at the borders. …

The import charges can differ depending on how the goods are shipped. If they come on an express carrier like DHL or FedEx, the goods will be subject to tariffs as high as 145 percent, or $14.50 on a $10 T-shirt.

Shipments coming in through the Postal Service will face a tariff equivalent to 120 percent of the value of the goods, starting Friday, or a fee of $100 per package. The fee increases to $200 in June. …”
 

President Donald Trump's trade war policies are expected to bring about a 35% decline in cargo arriving at the Port of Los Angeles by next week as "essentially all shipments out of China for major retailers and manufacturers have ceased," according to Port of Los Angeles Executive Director Gene Seroka.

Seroka's warning came during the port's board of harbor commissioners meeting on April 24, with the executive director saying that retailers and manufacturers typically put in orders to factories in Asia around three to four months in advance of shipments and that Trump's 90-day pause on the broad "reciprocal" tariffs resulted in no "real difference" for businesses.
 
Just posted this on the markets thread, but probably fits better here.

It certainly "feels" like we are already in a recession. We've had the slowest start to the year in the 11yrs we've been in business. May tends to be when things pick up, so we'll see what happens. I'm trying to not be too pessimistic as I know my feelings toward the current administration are largely driving my feelings around the economy. I assume there are plenty of MAGA still dancing around thinking it is the best economy in history and somehow "feel" that their groceries are now costing less....
I’m a self employed blue collar contractor. Things are usually rolling right now. They are not. And I don’t think it’s going to get better. I think by the end of the year a lot of people will be ruined financially, and sadly maybe dead. Trump is a cancer on America, corruption, greed, lawlessness run amok.
 

A close Trump adviser and lackey sounding incoherent, spouting gibberish, and not having any idea of what he was talking about? Say it isn't so! We saw in Trump 1.0 that almost no first-rate (or even second-rate) talent is willing to work for him, so in Trump 2.0 he's completely surrounded himself with his kind of people - brown-nosers, sycophants, incompetent weirdos, and the kinds of people who work on the margins and fringes of their professions, because they're not actually good enough to move up. And of course they all hate the accomplished people in their professions - those dreaded "elites" and "experts" who never accepted them or their ideas. So now it's get even time.
 

China’s Export Orders Plunge, Hit by Trump’s Trade War​

Steep U.S. tariffs are starting to squeeze Chinese economy​


🎁 🔗 —> https://www.wsj.com/world/china/chi...08?st=mm3WwT&reflink=mobilewebshare_permalink

“… A gauge of new export orders fell in April to its lowest reading since Covid-19 was ravaging the country in 2022, while overall manufacturing activity in China was the weakest in more than a year, according to surveys published Wednesday by China’s National Bureau of Statistics.

The sharp pullback shows President Trump’s eye-watering tariffs on Chinese imports are starting to squeeze the engine room of China’s economy, piling pressure on Beijing to boost its stimulus efforts to shore up growth.

… China’s official purchasing managers’ index for the manufacturing sector, a closely-watched gauge of activity at China’s factories, came in at 49 in April, down sharply from the 50.5 reading recorded in March. A reading of 50 or above indicates factory activity is expanding, while below 50 points to a contraction. April’s reading was the weakest since December 2023.

A similar measure of new export orders plunged even more steeply, sinking to 44.7 in April, the lowest reading since December 2022, an early sign that trade between the U.S. and China is in danger of drying up as American importers cancel or delay orders after a rush to bring in goods earlier this year before tariffs came into effect. …”
 
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