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trade

Associated Press

President Donald Trump's trade war with China, until now mainly an abstraction for American consumers, is about to hit home.

Beginning Sunday, the U.S. government will begin collecting 15% tariffs on $112 billion in Chinese imports — items ranging from smartwatches and TVs to shoes, diapers, sporting goods and meat and dairy products.

Higher prices will be coming to stores this fall, retailers warn, if President Trump follows through with his threat to slap new tariffs on Chinese imports.

The White House pressed the tariff threat on Friday, even as Trump announced a new agreement aimed at boosting beef exports to Europe. A day earlier, Trump threatened to set a new 10% tariff on $300 billion worth of products imported from China.

A former U.S. ambassador to Mexico warned that the recent drama over tariffs on Mexican products may not be over. He's worried it may resume in three months.

President Donald Trump's threat to impose tariffs on Mexico was designed to pressure America’s top trading partner into taking action to prevent Central American immigrants from reaching the southern U.S. border.

The tariffs were scheduled to take effect on Monday, June 10. But on the previous Friday, Trump tweeted that Mexican officials “agreed to take strong measures to stem the tide of migration.”

Associated Press

In a surprise announcement that could derail a major trade deal, President Donald Trump says he is placing a 5% tariff on all Mexican imports, effective June 10, to pressure the country to do more to crack down on the surge of Central American migrants trying to cross the U.S. border.

Updated at 3 p.m. ET

The Trump administration has reached a deal to lift tariffs on steel and aluminum imports from Canada and Mexico, in a move that could put the three nations a step closer to ratifying the USMCA trade deal that would replace NAFTA.

The tariffs will be lifted within two days, according to a joint U.S.-Canada statement posted by Canada's foreign ministry.

From Texas Standard:

On March 29, the United Kingdom is set to pull out of the European Union – a decision made by the British people in a 2016 referendum. The end of March is coming up fast, and what's the plan for the pullout? There isn't one. Lawmakers bickering in the shadow of Big Ben have, for a second time, rejected a so-called "Brexit" strategy, and leaving the EU with no plan could cause major economic and other problems for Britain and its trading partners and allies.

Harold Clarke, professor in the School of Economic, Political and Policy Sciences, at the University of Texas at Dallas, and adjunct professor in the Department of Government, at the University of Essex in England, says a messy Brexit could also be destabilizing for the U.S. and Texas.

Updated at 9:35 a.m. ET Jan. 3

On a recent rainy day, farmer Allen Druffel stands outside a silo shuffling his feet in the gravel. This co-op bin is where he stores his dried garbanzo beans in the tiny town of Colton, Wash. The place should be busy; trucks should be loading and hauling this year's crop to markets and international ports. But midafternoon, there's just the rain.

Since farmers like Druffel brought in this year's crops, hardly any garbanzos — or chickpeas — have moved.

From Texas Standard:

Volatility is high on Wall Street right now, and it’s affecting everyone, not just those with a stock portfolio.

Angelos Angelou of Angelou Economics says so many are affected, in part, because 40 percent of the U.S. workforce has individual retirement accounts with investments in the stock market. Angelou says many factors have contributed to the volatility, especially the trade war with China.

From Texas Standard:

As the clock approached midnight  Sunday, word began to spread that Canada was ready to sign on the dotted line of the new trade agreement with the U.S. and Mexico. Formerly known as the North American Free Trade Agreement, or NAFTA, the retooled trilateral deal is called the United States-Mexico-Canada Agreement, or USMCA. But the new name is only a small part of the changes.

Updated at 3:45 p.m. ET

The U.S. and Canada reached a deal to replace the North American Free Trade Agreement, signed a quarter-century ago, with a new pact that the Trump administration says is easier to enforce.

In remarks in the Rose Garden formally announcing the agreement, President Trump called it "the most important trade deal we've ever made by far."

Ahead of a midnight deadline set by the White House, Trump approved changes that essentially revamp the 1993 NAFTA deal, bringing Canada on board after Mexico had already agreed in August.

The Department of Agriculture will pay $4.7 billion to farmers growing soybeans, cotton and other products hit by tariffs in the Trump administration's hard-line trade war with China, announcing the first batch of payments from a $12 billion government aid package.

Starting next Tuesday, the agency will take applications from farmers who produce corn, cotton, dairy, hogs, sorghum, soybeans and wheat — products that were targeted in China's retaliatory tariffs, after the U.S. imposed a 25 percent levy on $34 billion worth of Chinese imports.

Updated at 11:15 a.m. ET

Newly enacted U.S. tariffs on aluminum and steel imports have sparked a sharp reaction from around the globe, with several nations warning of an all-out trade war.

President Trump on Thursday made good on a promise to impose a 25 percent tariff on imported steel and a 10 percent tariff on aluminum imports. The levies are to go into effect in 15 days.

Updated at 4 p.m. ET

When President Trump pulled the U.S. from the Trans-Pacific Partnership, spurning the massive free trade agreement in one of his first acts in the Oval Office, most analysts figured the deal was dead.

Updated at 4:47 p.m. ET

President Trump ordered steep tariffs on imported steel and aluminum from every country except Canada and Mexico. It's the boldest move to date for the president who campaigned on a protectionist platform that is sharply at odds with Republicans' free trade orthodoxy.

Trump signed the orders Thursday afternoon during a White House event featuring steel and aluminum workers in blue jeans and holding hard hats.

Updated at 10:10 a.m. ET

With news from the special counsel's probe into Russian interference in the presidential election still swirling in Washington, President Trump is leaving Friday on his longest foreign trip to date.

The Asian odyssey will take him to five countries and two international summits. Trade issues and North Korea's nuclear threat are likely to dominate the discussions. Here's a quick primer on what to watch for at each stop:

Japan

From Texas Standard:

President Donald Trump has called the North American Free Trade Agreement "the worst trade deal in the history of the world." But a group of Texas business leaders begs to differ. In a step toward preserving what works about NAFTA, the Texas Association of Business and Texas Business Leadership Council have formed the Texas-Mexico Trade Coalition.

The mayors of two North Texas cities are siding with Canadian officials over the potentially negative impact a “Buy American” iron and steel measure could have on Texas-Canada trade relations.