Global Trade & Retail Crisis Watch

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China's exports surge as shipments to Southeast Asian countries offset plunge in U.S. trade

Source: CNBC

China's exports surged in April on the back of a jump in shipments to Southeast Asian countries, offsetting a sharp drop in outbound goods to the U.S. as prohibitive tariffs kicked in.

Exports jumped 8.1% last month in U.S. dollar terms from a year earlier, according to data released by customs authority on Friday, sharply beating Reuters' poll estimates of a 1.9% rise.

Imports slumped by just 0.2% in April from a year earlier, compared with economists' expectations of a 5.9% drop.

China's shipments to the U.S. plunged over 21% in April year on year, while imports dropped nearly 14%, according to CNBC's calculation of official customs data. Chinese U.S.-bound shipments had risen 9.1% in March, as exporters rushed to frontload orders ahead of tariff hikes.

Read more: https://www.cnbc.com/amp/2025/05/09/chi ... umble.html

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Jamie Dimon Says It Would be a ‘Mistake’ to Think De-escalation from Trump’s White House Means Volatility is Over
by Eleanor Pringle
May 16, 2025

Introduction:

(Fortune) The JPMorgan CEO has warned that uncertainty prompted by Trump’s foreign policy isn’t good for businesses, but has maintained that the tariffs are unlikely to be as inflationary as some critics fear.

The man dubbed the ‘White Knight of Wall Street’ added this week that while it’s positive that the Trump team at last secured its ‘first mover’ in Sir Keir Starmer’s Westminster government, there is still room for further unease.

“The EU and the U.K. are about to negotiate, I think they have a chance to actually develop a great relationship, partially making up for the disaster that Brexit became. So yeah, those are uncertainties. You can’t eliminate them because you want to.”

That being said, the outlook is looking up somewhat courtesy of the deal signed with the U.K., plus Treasury Secretary Scott Bessent’s announcement this week that the U.S. and China had agreed to simultaneously lower their tariff rates by 115% on one another.

“I’m grateful they did the U.S.-U.K. deal,” Dimon added. “It’s an agreement in principle, so there’s a lot of uncertainty still, and there’s a lot of uncertainty still in the China thing, but at least we started. It obviously calms down the markets.”

Read more here: https://fortune.com/2025/05/16/jamie-d ... s-over/

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Trump recommends 50% tariff on European Union starting June 1

Source: CNBC

Published Fri, May 23 2025 7:47 AM EDT | Updated 15 Min Ago

President Donald Trump on Friday said he is “recommending a straight 50% Tariff on the European Union” after complaining that trade negotiations have stalled.

The steep new import duties would start on June 1, Trump wrote on Truth Social. The EU “has been very difficult to deal with,” Trump wrote. “Our discussions with them are going nowhere!”

Trump’s announcement came less than 30 minutes after he threatened to impose a tariff of at least 25% on Apple if the company does not start manufacturing iPhones in the United States.

Stock futures sank immediately following Trump’s posts, which showed the president once again wielding the threat of massive import taxes in response to economic activity he disfavors.

Read more: https://www.cnbc.com/2025/05/23/trump-r ... une-1.html

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Trump Threatens 25% Tariffs on Apple If iPhones Not Made in US

Source: Bloomberg

President Donald Trump threatened Apple Inc. with a tariff of at least 25% if the tech company does not manufacture iPhones in the US.

"I have long ago informed Tim Cook of Apple that I expect their iPhone's that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else," Trump said in a post on Truth Social on Friday. "If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S. Thank your for your attention to this matter!"

US equity futures dropped to session lows on Trump's announcement, with Nasdaq 100 contracts leading the decline. Apple shares sank 4%.

The tech giant has become a frequent Trump target in his push to force companies to bring more manufacturing jobs to the US. Apple makes most of its iPhones in China and has no smartphone production in the US. The company has promised to hire more workers in the US and pledged to spend billions domestically over the next four years. The supply chain for Apple's popular phones has been concentrated in China for years.

Trump earlier this month also raised pressure on Apple, saying he had asked Tim Cook, its chief executive officer, to stop building plants in India -- part of an effort to shift production from China -- and instead focus on the US.

Apple did not immediately respond to a request for comment on Trump's threat.

Read more: https://www.bloomberg.com/news/articles ... e-americas

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Second court blocks Trump tariffs as 'unlawful'

Source: ABC News

May 29, 2025, 1:00 PM

The Trump administration is urging the New York-based Court of International Trade to delay its order blocking President Donald Trump's sweeping tariffs, warning that enforcement of the ruling will cause a “foreign policy disaster scenario.” In an opinion on Wednesday, the three-judge panel struck down Trump's global tariffs as "contrary to law."

The judges found that the International Emergency Economic Powers Act -- which Trump used to enact his tariffs -- does not give him the "unlimited" power to levy tariffs like the president has in recent months. "The President's assertion of tariff-making authority in the instant case, unbounded as it is by any limitation in duration or scope, exceeds any tariff authority delegated to the President under IEEPA. The Worldwide and Retaliatory tariffs are thus ultra vires and contrary to law," the judges wrote.

According to the judges, Congress, not the president, has the authority to impose tariffs under most circumstances, and Trump's tariffs do not meet the limited condition of an "unusual and extraordinary threat" that would allow him to act alone.

On Thursday, a second federal court determined that Trump’s global (sic) were “unlawful.” U.S. District Judge Rudolph Contreras said in an order the International Economic Emergency Economic Powers Act does not give the president the power to impose most of his recent tariffs. Notably, the decision from Contreras – an Obama appointee – only restricts the Trump administration's ability to collect tariffs from the two companies that filed the lawsuit, Learning Resources, Inc., and hand2mind, Inc.

Read more: https://abcnews.go.com/Politics/federal ... =122290881

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More on that by CNBC:

https://www.cnbc.com/2025/05/29/blocked ... ppeal.html

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U.S. Imports Drop 19.8% in April (Yes, That’s a Record)

Imports of goods into the U.S. dropped a record 19.8% in April, according to estimates released by the U.S. Commerce Department on Friday. That drop is in sharp contrast to a 5.7% uptick of goods imported in March, widely believed to be driven by U.S. retailers and consumers buying in advance of President Donald Trump’s tariff threats, which are expected to cause prices to soar.

The new estimates show that America’s trade deficit with the rest of the world narrowed by 46% to $87.6 billion, according to Marketwatch, much lower than the $143 billion projected by economists. And that should make President Trump very happy, since he’s obsessed with the trade deficit. But that’s not how any mainstream economist values the health of the U.S. economy.

As countless economists have pointed out, the average consumer has a trade deficit with their barber or their local grocery store, but that doesn’t mean your barber is stealing from you, as Trump has characterized global trade relations. It just means that you’ve purchased something and, presumably, you’re better for it.

https://gizmodo.com/u-s-imports-drop-19 ... 2000609320

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Trump says U.S. will double steel tariffs to 50%

Source: CNBC

Published Fri, May 30 2025 12:45 PM EDT | Updated 13 Min Ago

President Donald Trump told U.S. steelworkers on Friday that he will double tariffs on steel imports to 50%. “We’re going to bring it from 25% to 50%, the tariffs on steel into the United States of America,” Trump said during remarks at U.S. Steel’s Irvin Works in West Mifflin, Pennsylvania.

Trump is visiting U.S. Steel after indicating last week that he will clear a controversial merger with Japan’s Nippon. Investors and union members are listening for answers from the president on what shape the deal he announced between U.S. Steel and Nippon will take.

Trump described the deal as a “partnership” in a May 23 post on his social media platform Truth Social. The president said U.S. Steel’s headquarters would remain in Pittsburgh and Nippon would invest $14 billion over 14 months in the more than 120-year-old American industrial icon.

Trump told reporters on Sunday that the deal is an “investment, it’s a partial ownership, but it will be controlled by the USA.” But the White House and the companies have provided little detail to the public on how the deal is structured since Trump’s announcement.

Read more: https://www.cnbc.com/2025/05/30/trump-r ... -deal.html

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Trump Signs Order Doubling Tariffs on Steel and Aluminum

Source: Newsweek

Published Jun 03, 2025 at 5:08 PM EDT | Updated Jun 03, 2025 at 5:56 PM EDT

President Donald Trump has signed an executive order doubling tariffs on imported steel and aluminum to 50 percent, effective June 4, 2025.The move aims to protect U.S. national security by curbing what the administration describes as a threat from excessively low-priced metal imports that undermine domestic industries. Trump had said on May 30 that he would double tariffs as he announced that U.S. Steel would be allowed to merge with Japan's Nippon Steel.

Why It Matters

The order builds on previous tariffs imposed under Section 232 of the Trade Expansion Act, with officials citing the need to bolster American steel and aluminum production capacity for economic and defense reasons. Business leaders have previously expressed anxiety over the plan, warning of increased costs for industries including construction, automotive and transportation, machinery and equipment manufacturing, energy and utilities, as well as producers of appliances and consumer goods.

What To Know

Trump said in his proclamation that he had "determined that it is necessary" to increase tariffs on steel and aluminum to "more effectively counter" foreign countries that export steel to the U.S. at low prices, undercutting American companies.

The president added that previous tariffs had led to some improvements in U.S. steel prices, the industry was still struggling, and more needed to be done. Effective 12:01 a.m. Wednesday, tariffs on steel, aluminum, and their derivatives will be set at 50 percent, up from 25 percent, the proclamation shared by the White House said.

Read more: https://www.newsweek.com/trump-doubles- ... fs-2080608

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Trump: Tariffs on Chinese goods set at 55 percent, US to get rare earth minerals in deal

Source: The Hill

06/11/25 8:36 AM ET

President Trump said Wednesday his administration had reached a tentative agreement on a trade truce with China following talks between the two sides in London.

As part of the agreement, which Trump said was pending his approval and the approval of Chinese President Xi Jinping, China will supply “full magnets, and any necessary rare earths,” Trump said on Truth Social.

Trump indicated the U.S. would impose 55 percent tariffs on Chinese goods, while China would impose a 10 percent tariff on U.S. products. “Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!),” Trump posted, describing the relationship between the two sides as “excellent.”

The announcement comes after top Trump economic officials met in London with their Chinese counterparts. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer represented the Trump administration.

Read more: https://thehill.com/homenews/administra ... agreement/

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