Fair 50°
Tag:

Economic policy

Business
Federal Court Strikes Down Trump's Global Tariffs, Citing Abuse Of Emergency Powers Law Federal Court Strikes Down Trump's Global Tariffs, Citing Abuse Of Emergency Powers Law
Federal Court Strikes Down Trump's Global Tariffs, Citing Abuse Of Emergency Powers Law A federal court has blocked President Donald Trump's sweeping tariffs, ruling that he improperly used emergency powers to launch trade wars that badly hurt businesses and rocked global markets. The ruling was handed down by a three-judge panel at the US Court of International Trade on Wednesday, May 28. The judges' decision came amid several lawsuits accusing Trump of abusing his power as President to slap arbitrary tariffs on other countries. The court determined that Trump doesn't have the authority to use the International Emergency Economic Powers Act to impose the sweeping duties …

SHARE

by Chris Spiker
Real Estate
Spring Housing Market Slumps Under Trump's Tariffs, Builders Warn Spring Housing Market Slumps Under Trump's Tariffs, Builders Warn
Spring Housing Market Slumps Under Trump's Tariffs, Builders Warn Homebuilders are warning about a slow spring due to President Donald Trump's sweeping tariffs and high interest rates, according to a new survey. Builder confidence dropped sharply in May, falling to 34 on the National Association of Home Builders/Wells Fargo Housing Market Index released on Thursday, May 15. That's down six points from April, matching the low from November 2023 and marking the worst reading since December 2022. In the Northeast, sentiment slipped three points to 44 on a three-month moving average. A score above 50 means more builders see conditions as good than p…

SHARE

by Chris Spiker
Business
Trump’s 100% Movie Tariff Plan Rattles Studios, Sends Streaming Stocks Sliding Trump’s 100% Movie Tariff Plan Rattles Studios, Sends Streaming Stocks Sliding
Trump’s 100% Movie Tariff Plan Rattles Studios, Sends Streaming Stocks Sliding President Donald Trump said he wants to slap a 100% tariff on foreign-made movies to support what he called a "dying" industry, sparking pushback from film producers and lawmakers. Trump announced his plan for the movie tariffs in a post on his social media platform Truth Social on Sunday, May 4. His post claimed he was authorizing the Department of Commerce and the United States Trade Representative to begin instituting the 100% tariffs on films made outside the US. It's unclear how tariffs would be imposed on movie production and distribution. "The Movie Industry in America is DYING…

SHARE

by Chris Spiker
News
Trump Administration To Resume Student Loan Debt Collections, Millions Face Seized Paychecks Trump Administration To Resume Student Loan Debt Collections, Millions Face Seized Paychecks
Trump Administration To Resume Student Loan Debt Collections, Millions Face Seized Paychecks The Trump administration will begin seizing tax refunds and garnishing paychecks from millions of Americans in default on their student loans for the first time in five years. The Department of Education announced it will restart collections on its defaulted student loan portfolio on Monday, May 5. The agency said about 42.7 million people owe more than $1.6 trillion in student loan debt. About five million borrowers are already in default, with millions more in late-stage delinquency. "American taxpayers will no longer be forced to serve as collateral for irresponsible student loan p…

SHARE

by Chris Spiker
Business
Northeastern Small Businesses Sue Trump Over Tariffs: 'Unprecedented Power Grab' Northeastern Small Businesses Sue Trump Over Tariffs: 'Unprecedented Power Grab'
Northeastern Small Businesses Sue Trump Over Tariffs: 'Unprecedented Power Grab' A group of small businesses is suing President Donald Trump over his sweeping new tariffs, warning the policy is driving up prices, threatening jobs, and putting their companies at risk of shutting down. The lawsuit argues that Trump has no legal authority to impose the "liberation day" tariffs. The suit was filed in the US Court of International Trade on Monday, April 14. Trump reversed course and paused many of his tariffs for 90 days but escalated duties on China to 145%. He enacted the tariffs unilaterally, invoking the 1977 International Emergency Economic Powers Act to …

SHARE

by Chris Spiker
News
TikTok Ban In US Delayed, Trump Claims Tariffs Help Negotiations Despite Crashing Markets TikTok Ban In US Delayed, Trump Claims Tariffs Help Negotiations Despite Crashing Markets
TikTok Ban In US Delayed, Trump Claims Tariffs Help Negotiations Despite Crashing Markets TikTok will stay online in the US until at least the middle of June after a federal ban on the popular video app was delayed again. President Donald Trump said he'll sign an executive order to extend a 75-day delay on enforcing the ban. The order comes just one day before the app could have been shut down in the US under the divest-or-ban law. Trump, who once supported a TikTok ban, made the announcement on his social media platform Truth Social on Friday, April 4. "My Administration has been working very hard on a Deal to SAVE TIKTOK, and we have made tremendous progress," the Presid…

SHARE

by Chris Spiker
Business
Recession Odds Sharply Rise Before Trump's 'Liberation Day' Tariff Rollout: Goldman Sachs Recession Odds Sharply Rise Before Trump's 'Liberation Day' Tariff Rollout: Goldman Sachs
Recession Odds Sharply Rise Before Trump's 'Liberation Day' Tariff Rollout: Goldman Sachs Goldman Sachs has nearly doubled the odds of a US recession, warning that President Donald Trump's sweeping new tariffs could drive up prices, slow growth, and force the Federal Reserve to cut interest rates because of higher unemployment. A recession is now 35% possible in 2025, the investment banking firm said in an economics research report published on Sunday, March 30. That's a dramatic increase from Goldman Sachs' 20% prediction made earlier in March. The increased odds come as Trump prepares to roll out sweeping new tariffs on Wednesday, April 2, which the President has dubbed "…

SHARE

by Chris Spiker
Business
Consumer Confidence Falls To 2022 Lows Amid Tariff Worries, Affordability Crisis: Survey Consumer Confidence Falls To 2022 Lows Amid Tariff Worries, Affordability Crisis: Survey
Consumer Confidence Falls To 2022 Lows Amid Tariff Worries, Affordability Crisis: Survey Consumer confidence plunged in March, hitting its lowest level since 2022 as lingering inflation, a slowing job market, and economic uncertainty weigh on Americans. The preliminary consumer sentiment index dropped to 57.9 in March, down 10.5 percent from February, a survey from the University of Michigan said on Friday, Mar. 14. It marks the lowest reading since November 2022 and 27.1 percent lower than March 2024. The decline marks the third consecutive month of falling confidence, with all age groups, income levels, and political backgrounds reporting a more negative outlook. "…

SHARE

by Chris Spiker
Business
Price Hikes Likely At Best Buy, Target As Trade Wars Escalate, CEOs Say Price Hikes Likely At Best Buy, Target As Trade Wars Escalate, CEOs Say
Price Hikes Likely At Best Buy, Target As Trade Wars Escalate, CEOs Say Shoppers at Best Buy and Target should prepare for higher prices as new tariffs on imports from Mexico, Canada, and China disrupt supply chains, according to the companies' CEOs. The heads of the retail giants sent out warnings about likely price hikes for everything from fresh produce to expensive electronics. On Tuesday, Mar. 4, President Donald Trump officially enacted 25 percent tariffs on goods from Mexico and Canada, along with raising tariffs on Chinese imports to 20 percent. Best Buy CEO Corie Barry said the chain heavily relies on China and Mexico as its top two…

SHARE

by Chris Spiker
News
NJ Families See Groceries Take Smallest Share Of Income In US, New Study Says NJ Families See Groceries Take Smallest Share Of Income In US, New Study Says
NJ Families See Groceries Take Smallest Share Of Income In US, New Study Says Inflation and soaring grocery prices are squeezing US households at the beginning of 2025, but a new study says Northeast families are spending less of their income on food than other parts of the country. A study from WalletHub called States Where People Spend the Most & Least on Groceries was released on Thursday, Feb. 13. Despite higher food costs, residents in many Northeast and mid-Atlantic states spend a smaller share of their incomes on groceries compared to others. WalletHub said the cost of groceries has surged more than 25 percent since 2019, straining household…

SHARE

by Chris Spiker
Business
Trump Tariffs Take Effect: Expect To Pay More For These Items, Experts Say Trump Tariffs Take Effect: Expect To Pay More For These Items, Experts Say
Trump Tariffs Take Effect: Expect To Pay More For These Items, Experts Say US tariffs on goods from its three largest trading partners -- neighboring nations Canada and Mexico as well as China -- have gone into effect after President Trump signed an order late Saturday afternoon, Feb. 1. Canada and Mexico have been slapped with 25 percent tariffs. The rate for China, America's main economic rival, is 10 percent. Canada also has an adjusted 10 percent rate for energy products, include crude oil. Mexico and Canada account for about 70 percent of US crude oil imports. Now, many economists are warning that American consumers will be paying more for a host of staple i…

SHARE

by Joe Lombardi
Business
Trump Vows To Hit Canada, Mexico, China With Tariffs: Here's When, How Much Trump Vows To Hit Canada, Mexico, China With Tariffs: Here's When, How Much
Trump Vows To Hit Canada, Mexico, China With Tariffs: Here's When, How Much Donald Trump's months-long threats of implementing tariffs on other countries are apparently hours away from becoming a reality. Click here for a new, updated story - Trump Tariffs Take Effect: Expect To Pay More For These Items, Experts Say White House Press Secretary Karoline Leavitt announced at a news conference Friday afternoon, Jan. 31 that both of America's neighbors, Canada and Mexico, will be slapped with 25 percent tariffs on goods. A third nation, China, America's main economic rival, will be hit with 10 percent tariffs. They take effect on Saturday, Feb. 1, and are "for …

SHARE

by Joe Lombardi
News
Fed Pauses Interest Rate Cuts Despite Trump's Push For Immediate Reduction Fed Pauses Interest Rate Cuts Despite Trump's Push For Immediate Reduction
Fed Pauses Interest Rate Cuts Despite Trump's Push For Immediate Reduction The Federal Reserve kept its key interest rate in place, pausing further cuts and ignoring a demand by President Donald Trump to immediately drop rates. After three months of reductions, the Fed decided to keep the key interest rate target at 4.25 to 4.5 percent. The Fed announced the decision on Wednesday, Jan. 29, after its first meeting since President Trump returned to the White House. Chair Jerome Powell said the Fed is monitoring inflation and economic stability under the Trump administration. "We remain committed to supporting maximum employment, bringing inflation sustain…

SHARE

by Chris Spiker