tariffs

Trump tariffs spell trouble for Thailand

Readers must have read a few articles or listened to numerous analyses of US President-elect Donald Trump's trade protectionism policy and its impact on the world economy, particularly China. But this could be the first genuinely economic-oriented analysis of Mr Trump's policy, emphasising issues relevant to Thailand. Readers could find that an economic approach would give new insights into...




tariffs

Trump’s proposed tariffs, especially on China and Mexico, could hit California hard

By Levi Sumagaysay, CalMatters

Welcome to CalMatters, the only nonprofit newsroom devoted solely to covering issues that affect all Californians. Sign up for WhatMatters to receive the latest news and commentary on the most important issues in the Golden State.

A range of experts, from Nobel Prize-winning economists to an internet-famous menswear writer, have a message for Americans who voted for Donald Trump based on his promises to bring down prices: This likely won’t go how you want. 

Some voters cited the cost of living as a factor in their decision to elect Trump to a second term as president. But with inflation actually starting to ease, his proposed tariffs, which the president-elect has called the “most beautiful word in the dictionary,” could actually raise prices again.

While some experts don’t think more tariffs are a bad idea, the majority of economists and other experts who spoke with CalMatters echoed 23 Nobel laureates who warned that Trump’s policies would be worse for the economy than the ones proposed by Vice President Kamala Harris. Those economists wrote a letter last month calling Harris’ economic agenda “vastly superior” to Trump’s, and mentioned tariffs as one reason.

“His policies, including high tariffs even on goods from our friends and allies and regressive tax cuts for corporations and individuals, will lead to higher prices, larger deficits, and greater inequality,” the economists wrote.

Businesses that import goods into the country must pay the tariffs. They tend to pass on their increased costs to consumers, with some executives recently promising to do just that during their earnings calls. So economists largely view tariffs as a tax, especially on the lowest- and middle-income families in the nation. 

While tariffs could raise prices for all U.S. consumers, California could feel the brunt of the impact in part because of the countries Trump singled out during his campaign: China and Mexico. Those two countries accounted for 40% of the state’s imports in 2023.

“The port and logistics complex in Southern California is a very important part of the economy, and directly tied to the countries he threatened,” said Stephen Levy, an economist and director of the Center for Continuing Study of the California Economy, an independent, private research organization in Silicon Valley. 

Trump imposed tariffs during his first presidential term, and President Joe Biden maintained some of them. During his campaign this time around, Trump said he intends to impose tariffs of 10% to 20% on all imports, and has mentioned even higher tariffs on goods from China (60%) and Mexico (100% to 200% on cars). 

Such tariffs could exacerbate California’s already high cost of living and raise the prices of cars, technology and electronic products, medical devices, groceries and more. Also, as the state saw during Trump’s first term — which included a trade war, with countries retaliating with their own tariffs on U.S. exports — California’s agricultural industry is likely to feel the effects. Trump’s proposed tariffs could also have an adverse effect on the state’s ports, which are among the nation’s busiest. 

And all of those outcomes could have a ripple effect on jobs in the state, including those in agriculture, trade and manufacturing.

What the state’s ports expect

Trade experts say it’s too early to tell how the state’s ports could be affected, though some of them also said they expect a near-term surge in activity as businesses brace themselves for tariffs by importing more goods now. 

“Long Beach and Los Angeles are two of the largest ports in the U.S.,” said Jonathan Aronson, a professor of communication and international relations at the University of Southern California, who studies trade and the international political economy. “Their traffic would presumably slow in both directions” if Trump imposes tariffs, Aronson said. Like other experts, though, he wondered if the president-elect is using the threat of tariffs as a negotiating tactic — say, to pressure Mexico into doing more to limit immigration into the United States. 

The most recent available data for the Port of Los Angeles, which is the busiest in North America and handles nearly 10% of all U.S. imports, shows that trade activity rose nearly 19% at the port in September from the same month a year ago. September imports totaled $27.9 billion, a 20% increase year over year. There’s a chance those numbers could head the opposite direction as a result of tariffs.

“Significant increases in tariffs, and the possibility of retaliatory tariffs, could have a significant impact on traffic — and jobs — at the port,” said Phillip Sanfield, a spokesperson. “We’re monitoring developments closely.”

The Port of Los Angeles says nearly 1 million California jobs are related to trade at that port.

The Port of Long Beach handles about 3% of all U.S. imports and has about 575,000 Southern California jobs tied to trade. Chief Executive Mario Cordero said, through a spokesperson, that he is waiting to see what trade policies Trump actually will adopt: “At this point we expect that strong consumer demand will continue to drive cargo shipments upward in the near term.” 

The Port of Oakland, whose trade-related jobs at both the airport and seaport number about 98,000, also expects a traffic boost at first. Spokesperson Robert Bernardo: “As a West Coast seaport, our primary trading partner is Asia, and what’s happening right now is that retailers are expecting a short-term shipping surge in advance of new tariffs.” 

Mike Jacob is the president of the Pacific Merchant Shipping Association, a not-for-profit maritime trade association whose members facilitate trade. They include ocean carriers, marine terminal operators and more. 

Jacob, too, said he is expecting trade activity to pick up ahead of whatever tariffs Trump imposes: “Given the lack of understanding of the timing, scope and scale (of the tariffs), you’re more likely than not to move cargo earlier.”

As a result of tariffs during Trump’s first term, Jacob said there was “a small bump in cargo back in 2019 that resulted in additional impacts on our logistics chain.” He said after that experience, which was then followed by pandemic-related chaos, the industry might be a little more prepared to deal with possible supply-chain disruptions.

Possible effects on manufacturing

The San Diego Regional Chamber of Commerce is worried about potential tariffs on goods from Mexico. Kenia Zamarripa, a spokesperson for the group, said the CaliBaja region — which includes San Diego and Imperial counties and the Mexican state of Baja California — is interconnected, with a multibillion-dollar supply chain. The region’s logistics facilitate 80% of the trade between California and Mexico, she said.

The nation’s top imports from Mexico in September — worth at least $2 billion for each category — were petroleum and coal products, computer equipment and motor vehicle parts, according to the most recent statistics from the U.S. Census Bureau’s Bureau of Economic Analysis.

Some specific products that are imported into the U.S. from Mexico through California include the Toyota Tacoma. The truck and its components are made in Baja California and elsewhere in Mexico. “Imagine taxing each component before it goes to Mexico and back,” Zamarripa said. 

She added that the region also leads in producing medical devices, and that the importance of that became apparent during the beginning of the pandemic when “a bunch of companies shut down, not knowing that a little metal piece they were producing was a vital part of a heart monitor, for example.”

Mexico’s economy minister, Marcelo Ebrard, said this week that he would hit the U.S. with tariffs if Trump imposes tariffs, though President Claudia Sheinbaum has seemed more open to negotiations.  

Lance Hastings, chief executive of the California Manufacturers & Technology Association, said he’s well aware of the disruption tariffs can cause. When Trump put tariffs on aluminum and steel imports, aluminum prices rose at least 25%, Hastings said. “I was in the beer industry when it was put in, and we felt it,” he added.

Hastings also said the anxiety around Trump’s proposed tariffs stem in part from the fact that “we’re still trying to get the supply chain back to normal” after the pandemic. Because “California is the gateway to Asia, the state would feel the impact of more tariffs first and more than everybody else,” he said.

Made in the USA

Yet there is a bit of optimism among those who think some tariffs could actually help California manufacturers. 

Sanjiv Malhotra, founder and CEO of Sparkz, a maker of lithium batteries, said tariffs could benefit his company and the rest of the domestic battery industry amid the increasing popularity of electric vehicles. 

Sparkz, which will get its materials from West Virginia and make batteries at a plant in Sacramento, “is all U.S.-sourced. Nothing is coming in from China,” Malhotra said.

During his campaign, Trump indicated he would try to roll back emission-reduction rules and said he would oppose banning gas-powered vehicles. But Malhotra, who served in the U.S. Energy Department under the first Trump administration, said that as demand for lithium batteries grows, he believes Trump’s incoming administration will understand that they “need to be made here in the U.S. so we are not dependent on China for batteries.”

Kate Gordon, CEO of California Forward, a nonprofit organization that focuses on the state’s economy, said that while it’s important to get back some of “what we’ve lost over the past couple of decades” — the nation once led in solar panels — it “needs to happen deliberately and with attention to where we’re really competitive.”

“What would be terrible would be tariffs on things where we’re no longer competitive, like parts of the solar supply chain, which have been held by China for a long time,” she said. All that would do is drive up prices, Gordon said.

Americans may say they want things to be made in the USA, but they also don’t want to pay higher prices for them, said Derek Guy, a menswear writer based in San Francisco who has covered the clothing industry for more than a decade. A few years ago, Guy wrote about American Apparel, under new ownership, offering U.S. consumers the option of paying a little bit more for clothing made here vs. similar pieces made overseas. 

“Even based on a few dollars, when someone wasn’t looking over (their) shoulder, people chose the foreign version,” Guy said. 

“A lot of manufacturing in the U.S. has long shifted toward the higher-end,” Guy said. “The kind of cheaper clothes we’re talking about (what most Americans buy) are made elsewhere.” Tariffs would raise those prices.

The price of almonds

California’s top agricultural exports include almonds, wine, dairy products, pistachios and other nuts.

During Trump’s first term as China imposed retaliatory tariffs on the U.S., California exports of wine, walnuts, oranges and table grapes to China fell, according to the University of California Giannini Foundation of Agricultural Economics.

In addition, almond prices sank, with the foundation’s researchers saying prices fell from $2.50 a pound to $1.40 a pound in 2018. That had a negative impact on an industry that generates $4 billion to $5 billion a year and employs about 110,000 people, according to the website of lobbying group Almond Alliance. 

Amanda Russell, a spokesperson for the Almond Alliance, said in an emailed statement: “In previous trade negotiations, President Trump demonstrated a commitment to supporting agriculture, and we are optimistic about continuing this partnership to address the challenges and opportunities facing our growers and stakeholders.”

Besides tariffs, another likely action by Trump that could affect the state’s agriculture industry is mass deportations — a threat that has immigrants and advocates on edge

“I can’t see any benefit to California if he goes through with mass deportation,” said Levy, the economist in Silicon Valley. “Even the threat of deportation will affect the labor pool.”




tariffs

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Trade and Tariffs

The nearly 25 year-old North American Free Trade Agreement (NAFTA) is to be replaced by the US-Mexico-Canada-Agreement (USMCA). The name might be very different but US reporter Jason Margolis says the substance seems very familiar.

Also: Roland Paris, Justin Trudeau’s former foreign policy advisor talks about the path to reaching the deal; we hear what the new trade deal could mean for the US auto industry; in cattle country NAFTA is still a point of contention; and we meet soya farmers on the front lines of Mr Trump’s trade war with China.

(President Donald Trump speaks during a press conference to discuss a revised U.S. trade agreement with Mexico and Canada in the Rose Garden of the White House Credit: Chip Somodevilla/Getty Images)




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Solar Panels and Feed-in Tariffs – The Intricacies of Solar Power

At its most basic, Solar Power is the conversion of sunlight into electricity; either directly using photovoltaics (PV), or indirectly using concentrated solar power (CSP). CSP systems use a combination of lenses/mirrors and tracking systems to focus a large area... Read more

The post Solar Panels and Feed-in Tariffs – The Intricacies of Solar Power appeared first on EEP - Electrical Engineering Portal.




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[ D.198 (05/19) ] - Principles for a unified format of price/tariffs/rates lists used for exchanging telephone traffic

Principles for a unified format of price/tariffs/rates lists used for exchanging telephone traffic




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[ D.600R (2000) Amendment 1 (07/21) ] - Amendment 1 - Annex B: Guidelines for implementing efficient cost models for telecommunication service tariffs in the Africa region

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Do you have a plan to purchase electronics and other gear in 2025? You may want to accelerate those purchases to the end of 2024 because President-Elect Trump demonstrated in his first term that he had no issue with dramatically increasing the cost of appliances for Americans with previous tariffs, so there's no reason to expect him not to do it again.




tariffs

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Here's how much more laptops, TVs, and smartphones could cost under Trump's proposed tariffs, consumer group says

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U.S. president-elect Donald Trump has promised sweeping global tariffs in his next term, but the Canadian Steel Producers Association remains confident that the industry can come out unscathed.



  • News/Canada/Sudbury

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Trump tariffs will raise prices, but Apple has set the table to avoid the worst of it

Proposed tariffs under the Trump administration could trigger considerable price increases for consumer electronics in the United States, though Apple may be able to weather the storm.


Apple CEO Tim Cook [left] with Donald Trump [right]

During his first time in office, President Donald Trump's trade war with China resulted in price increases. While there were threats that Apple's products would be dinged by tariffs, Tim Cook's regular Trump talks helped Apple avoid being hurt by the import charges.

For Trump's second term in office, it seems that a similar situation could happen again, with Chinese imports being hit with high tariffs. However, this time Apple is in a much better position.


Continue Reading on AppleInsider | Discuss on our Forums




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Donald Trump's victory in the 2024 US presidential election is likely to usher in a raft of economic changes at home and abroad, touching everything from foreign trade to the independence of the US central bank.




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The rand slumped more than 2% on Monday as renewed concerns about China’s prospects hit metal prices and investors fretted about a possible trade war under US President-elect Donald Trump.




tariffs

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The Mexican Government has suspended tariffs on a range of agricultural and fishery products.




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tariffs

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November 10, 2024: The Reality Of Tariffs In Tabletop Gaming

Over the next few weeks and months, you'll see social media posts discussing how companies cannot offer holiday bonuses or will have to cut employees due to Trump's tariffs (proposed or enacted).

 

Some of these stories may be fiction or cautionary tales that illustrate the price the average American pays for a politician's decision.

 

But I can 100% tell you this is a reality many business owners in the manufacturing sector now face.

 

If you aren't aware of how tariffs work, it's relatively simple. The company importing the goods from a foreign country pays the fee. If a company has to pay 20%, 60%, or 200% more to bring that item into the United States, who ultimately bears that cost? The American people.

 

Over the last few days, I have been talking at length with my factory representatives, figuring out how much of an item I need to order now to offset any expanded costs later. In addition, we are looking at where we can move manufacturing to outside of China (hard mode, not a lot of places outside of China or Europe produce boardgame components at the scale our industry uses).

 

I've been speaking with my shipping representatives about the increasing freight costs we expect to see with a rise in tariffs. We're already paying extreme freight prices, which will only go up as demand increases. The last time tariffs were levied on Chinese manufactured goods, freight costs went up.

 

Now I am in a position that forces me to examine how much we may need to raise prices if the most extreme of the proposed tariffs goes into effect.

 

I'm also trying to do right by my staff. But I can only do so much, you know? How long can business owners incur these costs, protect our staff, and not have consumers pay through the nose? Can I accept breaking even for the time being to keep my people employed and our games affordable? But what happens when the company starts losing money?

 

Many CEOs and business owners are staring down this reality right now. This isn't just a theoretical exercise. We have to plan for the worst.

 

So, what do I plan to do about this? I will be even more present in my local and state business associations that have direct links to policy makers in D.C. I will take every opportunity to speak directly to those who have a say in this new administration about why this isn't good for the economy. I'm just a tiny player in the world of manufacturing. But I do know the power of my voice. And more importantly, I know the power your voice holds as well.

 

You can start putting pressure on your elected (or newly elected) officials by writing, calling, or contacting them through their open channels (many of them love social media). Tell them you do not want these proposed tariffs, and let them know how these cost increases will impact you. Hold them to their promises. Make your voice heard. 

We are all in this together. 


Meredith Placko

Warehouse 23 News: A Great Deal Of Adventure!

Excitement is in the cards with the Decks of Destiny for The Fantasy Trip. This collection of resources and reference material contains adversaries, rumors, combat options, and more to make your games of TFT fast and furious. Download this set today from Warehouse 23!




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National Bureau of Economic Research




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Macroeconomic Consequences of Tariffs [electronic journal].

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Technical and general instruction pertaining to Western Union telegraph business, circuit rules, signals, tariffs, accounts, cables, press dispatches, and train orders: with questions, answers, and forms used in Valentines' School of Telegraphy, Janes

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tariffs

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tariffs

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tariffs

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