By Timothy Aeppel SEDALIA, Missouri (Reuters) - Nucor Corp, America’s largest steelmaker, planned a new plant in Sedalia, Missouri, long before U.S. President Donald Trump imposed tariffs to protect the industry – and it does not need them to make money. Although the firm helped lead the lobbying push for tariffs on imports, executives say they invested in Sedalia and two other sites to capitalise on an already profitable strategy that doesn't depend on government help. While Trump has played up the narrative of downtrodden steel workers losing jobs to unscrupulous foreign competitors, most of the benefit from his 25 percent tariffs are flowing to the already strong bottom lines of Nucor and other modernized and globally competitive U.S. steel firms, according to interviews with industry executives, experts and a Reuters review of company earnings. Even if tariffs prompt such firms to expand, they are not likely to add large numbers of factory jobs because they have stayed … [Read more...] about Trump’s steel tariffs create big profits but few new jobs
Tariffs
China tariffs: The impact on your 2018 holiday shopping
Some retailers have a holiday message for consumers: Buy now, or else face higher prices in January, when bigger tariffs on Chinese goods kick in. President Donald Trump imposed tariffs of 10 percent on $200 billion in imported Chinese goods on Sept. 24. While some retailers are absorbing the cost of the September tariffs, consumers are likely to feel a bigger pinch in 2019. That's because the levy, which is paid for by American companies importing goods from China, will jump to 25 percent at year start. The tariffs target a wide range of Chinese-made goods, from televisions to backpacks, according to a list released earlier this year by the U.S. Trade Representative. In recent weeks, companies have tempered profit forecasts as they rush to cut future costs by importing more goods from China now. "Everybody's trying to bring in more goods before the holidays before the prices go up," said Rick Helfenbein, CEO of the American Apparel and Footwear Association, which represents … [Read more...] about China tariffs: The impact on your 2018 holiday shopping
The Finance 202: Trump unlikely to back off tariffs despite less friendly House
Tory Newmyer, The Washington Post Published 5:28 am PST, Monday, November 12, 2018 President Trump attends the American Commemoration Ceremony at the Suresnes American Cemetery in Paris on Nov. 11. President Trump attends the American Commemoration Ceremony at the Suresnes American Cemetery in Paris on Nov. 11. Photo: Bloomberg Photo By Marlene Awaad News Photo: Bloomberg Photo By Marlene Awaad News Image 1 of / 1 Caption Close Image 1 of 1 President Trump attends the American Commemoration Ceremony at the Suresnes American Cemetery in Paris on Nov. 11. President Trump attends the American Commemoration Ceremony at the Suresnes American Cemetery in Paris on Nov. 11. Photo: Bloomberg Photo By Marlene Awaad News The Finance 202: Trump unlikely to back … [Read more...] about The Finance 202: Trump unlikely to back off tariffs despite less friendly House
Carney: U.S. Producer Prices Surged in October But There’s Still No Sign Tariffs Tax Consumers
A measure of U.S. business prices rose in October at the fastest pace in nearly six years, driven in part by expanding margins at retailers and wholesalers. Many economists have been predicting that rising U.S. tariffs would drive prices higher for U.S. consumers, with some describing tariffs as a “tax on consumers.” The producer-price data suggest that while some businesses are paying higher prices for certain materials, they are are not passing those price hikes on to consumers.The producer-price index, which mostly measures the prices businesses receive for their goods and services, rose a seasonally adjusted 0.6 percent in October from a month earlier, the Labor Department said Friday. That is the largest monthly increase since September 2012 and double what economists had forecast. From a year earlier, the producer-price index increased 2.9 percent in October. That was up from September’s read of a 2.6 percent annual gain. The rise of the index was driven by a … [Read more...] about Carney: U.S. Producer Prices Surged in October But There’s Still No Sign Tariffs Tax Consumers
Hawaii printer shuts commercial printing, citing tariffs
HONOLULU — A major Hawaii printer is closing its commercial printing business and laying off 93 people in part because of tariffs the U.S. slapped on imports of Chinese paper. A news release from Hagadone Corporation Hawaii Holdings says the import duty increased the cost of the company's roll stock paper by 25 percent. President Clint Schroeder said Friday this added expense came on top of increased costs for other raw materials and electricity. He says many publications Hagadone once printed no longer exist, find it cheaper to print on the mainland or have gone digital. The company is giving affected employees 60 days notice and will provide job training. Hagadone will honor all printing commitments through Jan. 11 and will help customers find other printers. Hagadone Media Group and Hagadone Digital will continue operations. … [Read more...] about Hawaii printer shuts commercial printing, citing tariffs