TOKYO (AP) — The U.S. dollar weakened sharply Monday against the Japanese yen after U.S. President Donald Trump and Japan’s finance minister c…
Twenty-five states sued the Trump administration Monday over its latest tariffs, calling them a pretext for replacing import taxes the Supreme Court struck down in February. The United States last month imposed double-digit tariffs on 59 countries and the European Union, charging that they had not done enough to crack down on imports produced by forced labor. The new tariffs took effect just as the clock ran out on temporary tariffs President Donald Trump had turned to after the Supreme Court defeat. “After losing at the Supreme Court, the administration is once again trying to illegally raise taxes on families and businesses with a new round of tariffs,” said New York Attorney General Letitia James.
President Donald Trump says car companies are thriving due to tariffs and other key policies he's instituted as president. During a rally this week at a General Motors facility in Michigan, the Republican drove the point home repeatedly, saying his tariffs had revived domestic auto production. However, tariffs have cost Michigan businesses billions of dollars and fueled inflation. Michigan, in particular, faces economic challenges given its deep ties to Canada, which Trump has singled out for a new round of import levies. Some auto companies plan to increase U.S. production, but the benefits from those efforts won't be immediate. While Trump's base remains loyal, economic worries are beginning to surface.
The U.S. Federal Communications Commission is banning imports of new foreign-made humanoid robots and power inverters, citing national security risks. The move targets China, which dominates the global market for humanoid robots. The FCC's ban also includes quadruped robots, often called robot dogs. The ban could test relations with Beijing ahead of a planned U.S. visit by Chinese leader Xi Jinping in September. China has criticized the move, accusing the U.S. of protectionism. The ban follows other U.S. restrictions on Chinese products.
WASHINGTON (AP) — The Senate took the first steps toward passage of a sweeping Russian sanctions bill on Tuesday with Ukrainian President Volo…
HONG KONG (AP) — China pushed back Tuesday against claims of overcapacity in the world’s second largest economy, ahead of the release of resul…
President Donald Trump says his economic policies have revived the auto industry and American manufacturing. His comments in the Detroit suburb of Milford on Monday came as many businesses there contend that sweeping tariffs he's imposed against Canada and the rest of the world have hurt Michigan. The Republican president watched General Motors vehicles compete in drag races and looked at other vehicles at a GM facility before he delivered a speech. His tariffs have affected many businesses in Michigan, where the economy relies heavily on trade with Canada.
NEW YORK (AP) — The Trump administration has imposed double-digit tariffs on more than 60 countries, using a legal justification that permits …
Trump’s tariffs are headed to court — again. Two lawsuits filed by small businesses are challenging Trump’s sweeping tariffs announced Thursday that impose double digit levies on 60 trading partners. The tariffs, implemented for what the Trump administration says is countries’ failure to prevent imports produced by forced labor, cover 99% of U.S. imports. Critics say that’s a pretext and the goal is to replace the worldwide tariffs that Trump imposed last year that were struck down by the Supreme Court in February. They came just as temporary 10% worldwide tariffs — that had also been challenged in court — expired.
FILE - The United States Court of International Trade is seen in front of the Jacob K. Javits Federal building in this, March 18, 2015 photo, in New York. (AP Photo/Mary Altaffer, file)