Economic and jobs news thread

[weatheriscool]

Trump announces 25% tariffs on all cars 'not made in the United States'


Published Wed, Mar 26 2025 12:45 PM EDT Updated 13 Min Ago

President Donald Trump on Wednesday said he would impose 25% tariffs on “all cars that are not made in the United States.” Trump said there is “absolutely no tariff” for cars that are built in the U.S.

The new tariffs were codified in a presidential proclamation that Trump signed in the Oval Office. They will go into effect April 2, and “we start collecting April 3,” he said. Trump White House aide Will Scharf said the new tariffs apply to “foreign-made cars and light trucks.” He clarified that they come in addition to duties that are already in place.

Scharf said the tariffs will result in “over $100 billion of new annual revenue” to the U.S. Specifics about the proclamation were not immediately clear. Most vehicles are assembled from thousands of parts that may originate from dozens of different countries. Trump said there will be “very strong policing” on which parts of a car are hit with tariffs.

European Commission President Ursula von der Leyen quickly criticized the new U.S. tariffs and vowed that the European Union “will continue to seek negotiated solutions, while safeguarding its economic interests.” “Tariffs are taxes — bad for businesses, worse for consumers equally in the US and the European Union,” she said in a statement.

Read more: https://www.cnbc.com/2025/03/26/trump-c ... -says.html

[weatheriscool]

Trump says larger tariffs could be imposed on Canada, EU if they cause US 'economic harm'

Source: Reuters

March 27 (Reuters) - U.S. President Donald Trump said on Thursday that larger tariffs could be placed on the European Union and Canada if they both work together "to do economic harm to the USA."

"If the European Union works with Canada in order to do economic harm to the USA, large scale tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of those two countries has ever had," he said in a post on Truth Social.

On Wednesday, Trump unveiled a 25% tariff on imported vehicles, expanding a global trade war and prompting criticism and threats of retaliation from affected U.S. allies.
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The new levies on cars and light trucks will take effect on April 3, the day after Trump plans to announce reciprocal tariffs aimed at the countries responsible for the bulk of the U.S. trade deficit. They come on top of duties already introduced on steel and aluminum, and on goods from Mexico, Canada and China.
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Read more: https://www.reuters.com/markets/trump-s ... 025-03-27/

[weatheriscool]

Core inflation in February hits 2.8%, higher than expected; spending increases 0.4%

Source: CNBC

Published Fri, Mar 28 2025 8:33 AM EDT Updated 6 Min Ago

The Federal Reserve’s key inflation measure rose more than expected in February while consumer spending also posted a smaller than projected increase, the Commerce Department reported Friday.

The core personal consumption expenditures price index showed a 0.4% increase for the month, the biggest monthly gain since January 2024, putting the 12-month inflation rate at 2.8%. Economists surveyed by Dow Jones had been looking for respective numbers of 0.3% and and 2.7%.

Core inflation excludes volatile food and energy prices and is generally considered a better indicator of long-term inflation trends. In the all-items measure, the price index rose 0.3% on the month and 2.5% from a year ago, both in line with forecasts.

At the same time, the Bureau of Economic Analysis report showed that consumer spending accelerated 0.4% for the month, below the 0.5% forecast. That came as personal income posted a 0.8% rise, against the estimate for 0.4%.

Read more: https://www.cnbc.com/2025/03/28/pce-inf ... 2025-.html

[weatheriscool]

Trump says he 'couldn't care less' if automakers raise prices due to tariffs and believes it'll make people buy American

Source: NBC

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The president said he “couldn’t care less” if foreign automakers raised prices after he announced he would impose 25% tariffs on all foreign-made automobiles.

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When pressed if he told CEOs not to raise prices, as reported in the The Wall Street Journal, Trump added, “No, I never said that. I couldn’t care less if they raise prices, because people are going to start buying American-made cars.”

Trump continued, “I couldn’t care less. I hope they raise their prices, because if they do, people are gonna buy American-made cars. We have plenty.”

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The president also said the tariffs would be permanent.

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Read more: https://www.nbcnews.com/politics/donald ... rcna198731

[weatheriscool]

Trump says planned April 2 tariffs will 'start with all countries'

Source: NBC News/Reuters

March 30, 2025, 10:34 PM EDT

ABOARD AIR FORCE ONE — President Donald Trump said on Sunday that reciprocal tariffs he is set to announce this week will include all nations, not just a smaller group of 10 to 15 countries with the biggest trade imbalances.

Trump has promised to unveil a massive tariff plan on Wednesday, which he has dubbed “Liberation Day.” He has already imposed tariffs on aluminum, steel and autos, along with increased tariffs on all goods from China. “You’d start with all countries,” he told reporters aboard Air Force One. “Essentially all of the countries that we’re talking about.”

White House economics adviser Kevin Hassett recently told Fox Business that the administration’s tariffs focus would be on 10 to 15 countries with the worst trade imbalances, though he did not list them.

Trump sees tariffs as a way of protecting the domestic economy from unfair global competition and a bargaining chip for better terms for the U.S. However, concerns about a trade war are unsettling markets and creating fears of a recession in the U.S. Trump has said he will impose a suite of reciprocal tariffs against nations that charge fees on U.S. exports, promising to match those countries’ duties.

Read more: https://www.nbcnews.com/politics/politi ... rcna198805

[weatheriscool]

US manufacturing slips into contraction as costs surge, pressured by Trump tariffs

Alexandra Canal * Senior Reporter
Tue, April 1, 2025 at 12:50 PM EDT * 3 min read

Data out Tuesday showed activity in the manufacturing sector slipped into contraction for the first time this year and costs continued to surge as suppliers weigh the impact of President Trump's tariff policy.

The Institute for Supply Management's manufacturing PMI registered a reading of 49.0 in March, down from February's 50.3 reading and below the 49.5 economists polled by Bloomberg had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate a contraction.

The prices paid index surged to 69.4, up from 62.4 the month prior and the highest reading since June 2022, reflecting companies' continued increase in costs. Economists had expected a reading of 64.6.

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Read more: https://finance.yahoo.com/news/us-manuf ... 36638.html

[weatheriscool]

[weatheriscool]

Private companies added 155,000 jobs in March, more than expected, ADP says

Source: CNBC

Published Wed, Apr 2 2025 8:15 AM EDT


Private payroll gains were stronger than expected in March, countering fears that the labor market and economy are slowing, according to a report Wednesday from ADP.

Companies added 155,000 jobs for the month, a sharp increase from the upwardly revised 84,000 in February and better than the Dow Jones consensus forecast for 120,000, the payrolls processing firm said.

The upside surprise comes amid worries that President Donald Trump’s aggressive tariffs could deter firms from adding to headcount and in turn slow business and consumer activity. Trump is set to announce the next step in his trade policy Wednesday at 4 p.m.

Hiring was fairly broad based, with professional and business services adding 57,000 workers while financial activities grew by 38,000 as tax season heats up. Manufacturing contributed 21,000 and leisure and hospitality added 17,000.

Read more: https://www.cnbc.com/2025/04/02/adp-job ... 2025-.html

[weatheriscool]

U.S. payrolls rise by 228,000 in March, but unemployment rate increases to 4.2%

Source: CNBC

Published Fri, Apr 4 2025 8:31 AM EDT Updated 5 Min Ago

Job growth was stronger than expected in March, providing at least temporary reassurance that the labor market is stable, the Labor Department reported Friday.

Nonfarm payrolls increased 228,000 for the month, up from the revised 117,000 in February and better than the Dow Jones estimate for 140,000, according to the Bureau of Labor Statistics.

However, the unemployment rate moved up to 4.2%, higher than the 4.1% forecast as the labor force participation rate also increased.

Though the headline number beat estimates, the report comes against a highly uncertain backdrop after President Donald Trump’s tariff announcement this week that has intensified fears of a global trade war that could damage economic growth.

Read more: https://www.cnbc.com/2025/04/04/jobs-re ... 2025-.html

[weatheriscool]

[wjfox]

"A quick thread of charts showing how Trump’s economic agenda is going so far:

1) Trump has had the same impact on economic uncertainty as a global pandemic."

https://x.com/jburnmurdoch/status/1908140423861706813

[weatheriscool]

Dow plunges 2,000 as sell-off for markets slams into a scarier gear following Trump's tariffs

Source: AP




By STAN CHOE Updated 2:20 PM CDT, April 4, 2025

NEW YORK (AP) — The sell-off for financial markets worldwide is slamming into a higher, scarier gear on Friday.

The S&P 500 tumbled 5.7% as Wall Street’s worst crisis since the COVID crash deepened after China matched President Donald Trump’s big raise in tariffs announced earlier this week. The move increases the stakes in a trade war that could end with a recession that hurts everyone. Not even a better-than-expected report on the U.S. job market, which is usually the economic highlight of each month, was enough to stop the slide.

The Dow Jones Industrial Average plunged 2,034 points, or 5%, and the Nasdaq composite was 5.6% lower, with an hour remaining in trading.

So far there have been few, if any, winners in financial markets from the trade war. European stocks dropped roughly 5%. The price of crude oil tumbled to its lowest level since 2021. Other basic building blocks for economic growth, such as copper, also saw prices slide on worries the trade war will weaken the global economy.
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China’s response to U.S. tariffs caused an immediate acceleration of losses in markets worldwide. The Commerce Ministry in Beijing said it would respond to the 34% tariffs imposed by the U.S. on imports from China with its own 34% tariff on imports of all U.S. products beginning April 10. The United States and China are the world’s two largest economies.........................

Read more: https://apnews.com/article/market-rates ... wtab-en-us

[weatheriscool]

Minimum wage repeal advances in Nebraska Legislature

The Nebraska Legislature is considering a bill to roll back a 2022 voter approved initiative that would raise the minimum wage in the state.

Business groups say the bill would create hardships for small companies.

Legislative Bill 258 would undo the voter-passed measure, which would raise the hourly minimum wage by a $1.50 until it reaches $15 in 2026.

LB 258 would also create a lower minimum wage for 14 and 15-year-old workers.

Nebraska Appleseed Economic Justice Director Ken Smith said the bill would make it harder for Nebraska working families already struggling to make ends meet.

https://heartlandsignal.com/2025/04/07/ ... gislature/

[weatheriscool]

Inflation rate eases to 2.4% in March, lower than expected

Source: CNBC

Published Thu, Apr 10 2025 8:31 AM EDT Updated 23 Min Ago

Consumer price inflation eased more than expected in March as President Donald Trump prepared to launch tariffs against U.S. trading partners, the Bureau of Labor Statistics reported Thursday.

The consumer price index, a broad measure of goods and services costs across the U.S. economy, fell a seasonally adjusted 0.1% in March, putting the 12-month inflation rate at 2.4%, down from 2.8% in February.

Excluding food and energy, so-called core inflation ran at a 2.8% annual rate, having increased 0.1% for the month. That was the lowest rate for core inflation since March 2021.



Slumping energy prices helped keep inflation tame, as a 6.3% decline in gasoline prices helped drive a 2.4% broader decline in the energy index. Food prices climbed 0.4% on the month. Egg prices rose another 5.9% and were up 60.4% from a year ago.

Read more: https://www.cnbc.com/2025/04/10/inflati ... ected.html

[firestar464]

Tariffs Push CEO Confidence To Multi-Year Low In April Poll

https://chiefexecutive.net/ceo-optimism ... certainty/

[weatheriscool]

Retail sales increased 1.4% in March, greater than expected

Source: CNBC

Published Wed, Apr 16 2025 8:30 AM EDT | Updated 2 Min Ago

Consumer spending was stronger than expected in March as demand remained high despite declining sentiment, the Commerce Department reported Wednesday.

The advanced estimate of retail sales showed an increase of 1.4% on the month, better than the 1.2% Dow Jones estimate and higher than the 0.2% increase in February. The year-over-year rise was 4.6%, according to numbers adjusted for seasonality but not prices, while the monthly increase was the biggest since January 2023.

Excluding autos, the numbers also were stronger than expected, with sales up 0.5% compared with the 0.3% forecast. Economists expected the auto sales number to jump as buyers tried to get ahead of President Donald Trump’s aggressive tariffs. Motor vehicle and parts dealers reported a surge of 5.3% in sales.

The reading points to spending holding strong despite the crosscurrents of looming tariffs and expectations that the economy is weakening.

Read more: https://www.cnbc.com/2025/04/16/retail- ... -2025.html

[weatheriscool]

[weatheriscool]

Stocks and dollar slide as Trump's Fed attacks jangle nerves

Source: Reuters

SINGAPORE, April 21 (Reuters) - Asian equities and U.S. stock futures slid on Monday while the dollar slumped, as anxiety over tariffs and public criticism of the Federal Reserve by President Donald Trump hit sentiment, leading gold prices to a new high.

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S&P 500 futures fell 0.64% and Nasdaq futures eased 0.53%. In Asia, Japan's Nikkei (.N225), opens new tab fell 1% while South Korea's benchmark index (.KS11), opens new tab was steady.

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The shaky confidence in U.S. assets has been exacerbated by Trump's attacks on the Fed, with the dollar crumbling against most other currencies. The euro touched a three-year high, while the yen was at a seven-month peak.

The Swiss franc strengthened 0.6% against the dollar and was hovering near the 10-year peak it touched earlier this month.

-snip-

Read more: https://www.reuters.com/markets/global- ... 2025-04-21

[wjfox]

[firestar464]

WSJ- Dow Headed for Worst April Since 1932 as Investors Send ‘No Confidence’ Signal

https://archive.ph/RZ8Rb