Washington (CNN Business)Vietnam, Taiwan, Bangladesh and South Korea are coming out as victors in the US-China trade war. Americans are buying less from China. But rather than leaning on US producers, they're avoiding President Donald Trump's tariffs by turning to suppliers in other Asian countries. The trend, which has emerged throughout more than a year of inconclusive trade negotiations between Washington and Beijing, continued through May, according to data released Wednesday by the Census Bureau. During the first five months of the year, the United States imported 12% fewer goods from China during the same time period a year ago. But imports from Vietnam are up 36%, and they increased 23% from Taiwan, 14% from Bangladesh, and 12% from South Korea. Why New Balance turned on Trump over China tariffs Trump's tariffs have made consumer goods like baseball caps, luggage, bikes and handbags that are manufactured in China more expensive for American importers. The taxes have … [Read more...] about These are 4 winners of the US-China trade war
U s china trade deal
New York (CNN Business)President Donald Trump will address the Economic Club of New York later today and investors want to know one thing: When can a so-called phase-one mini-trade deal with China be signed? There's not much time before the United States is scheduled to impose a new round of 15% tariffs on $156 billion in consumer-facing goods on December 15. Think clothing, footwear, and consumer electronics. Urgency grows by the day to find an off-ramp. Those December 15 tariffs will act like a $100 billion tax increase for consumers next year, figures Moody's Analytics economist Mark Zandi. "If the President does raise tariffs again in December, the United States and global economies will suffer recessions," Zandi said. Read More Important context here: This is not the course correction the president promised would stop China from ripping off the United States. Since the Chinese walked away from a deal-in-principle earlier this spring, the goal posts have shifted. The … [Read more...] about Urgency grows by the day for a trade deal with China. Will Trump speech today deliver?
Osaka, Japan (CNN)US President Donald Trump says trade talks with China have been successfully revived and new tariffs are on hold after his highly anticipated meeting with Chinese President Xi Jinping. "We're right back on track. We'll see what happens," Trump said after the talks wrapped. The leaders met for more than an hour. Later, Trump told reporters he would hold off -- for now -- on imposing new tariffs that he'd threatened if an agreement couldn't be reached, though said existing duties would remain. "I promised that for at least the time being we're not going to be lifting tariffs on China. We won't be adding an additional tremendous amount -- we have $350 billion left that could be tariffed, taxed -- we're not going to be doing that," Trump told reporters at his closing G20 news conference in Japan. Trump said the US would be working "where we left off" in trade talks with China. Read More "We had a great meeting and we will be continuing to negotiate," Trump said. … [Read more...] about Trump says trade talks ‘back on track’ after meeting China’s Xi
Washington (CNN Business)American sneaker company New Balance welcomed President Donald Trump's tough trade stance in 2016 -- but now the athletic footwear manufacturer is strongly opposing the President's latest threat to expand tariffs on China. New Balance boasts that it's the only major company to make more than four million pairs of athletic shoes a year domestically. It has five New England factories, with one more expected to open next year. The catch? It needs to import component parts from China that are no longer made in the United States. "The proposed Tranche 4 tariffs will risk our company's overall financial health, which will in turn limit our ability to maintain and reinvest in our American factories," said a letter submitted by New Balance to the US Trade Representative's Office ahead of a hearing next week. Trump's new tariff threat could make iPhones, toys and shoes more expensive It's just one example of how many American corporations have built supply … [Read more...] about Why New Balance turned on Trump over China tariffs
President Donald Trump (AP Photo/Andrew Harnik) Good morning and welcome to Fox News First. Here's what you need to know as you start the day ... GOP's plan to defend Trump revealed ahead of public impeachment inquiry hearingsoutline arguments in defense of Trump. Video They make the case that Democrats failed to present any evidence of quid pro quo in Trump's July 25 call with Ukrainian President Volodymyr Zelensky. They said Trump had a “deep-seated, genuine and reasonable skepticism of Ukraine and U.S. taxpayer-funded foreign aid" due to the country's history of "pervasive corruption" since the collapse of the Soviet Union. Conservative radio talk show legend Rush Limbaugh has warned Trump supporters to expect Democrats to employ a strategy similar to the one they used against then-Supreme Court nominee Brett Kavanaugh during his confirmation hearings last year. Click here for more on our top story. Video Showdown over Trump's bid to end Obama's 'Dreamer' … [Read more...] about GOP plan to defend Trump against impeachment revealed; DACA showdown in Supreme Court