Its The Economy, Stupid - Economic & Business News From Around The World

[Fwiffo]

Historic U.S. budget alarm replaces tariff anxiety

After a jarring start to the year, Treasury markets are still on edge

www.theglobeandmail.com

"Other reports have even suggested Trump had signaled a willingness to bump up the country’s top tax rate to almost 40%, while some claimed DOGE is looking at military spending cuts."

.... and just before that happens all of their wealth goes offshore.

 

[Fwiffo]

U.S. Loses Last Triple-A Credit Rating

You mean increasing the debt ceiling every few months and giving up on tariff revenues that crashed the bond market and made people stray from US dollars had an effect? It’s Biden!

 

[Fwiffo]

Trump takes on Walmart over tariff price hikes, setting up potential showdown with retail industry

Walmart officials are indicating customers are likely to start feeling a more significant impact from higher prices because of tariffs in the coming weeks.

www.nbcnews.com

You sell at the price I tell you to sell.

 

[Fwiffo]

Global retailers’ tariff strategy risks spreading pain beyond U.S. consumers

A global presence gives large retailers an advantage to minimize higher tariff costs in the U.S. But it is putting central banks on watch

www.theglobeandmail.com

“A manufacturer from outside of the U.S. might say, OK, I cannot increase my prices to the U.S. market that much, so I will do a little increase in the U.S., and a little increase in Europe, and in other markets.”

If you tariff one of us, you tariff all of us!

 

[Fwiffo]

Trump threatens to hit Apple with a 25% tariff on iPhones made outside U.S.

President Trump said he would impose a steep tariff on Apple unless the company starts manufacturing some iPhones in the U.S.

www.cbsnews.com

We have now moved to the next phase of the Trump administration's economic strategy - tariffs on individual products of an individual company.

 

[Fwiffo]

China’s BYD outsells Tesla in Europe for first time

Despite the small margin, it is ‘a watershed moment for Europe’s car market,’ expert says

www.theglobeandmail.com

Will it outnumber Teslas in the local Uber fleets?

 

[Fwiffo]

Trump's tariff threat risks a trade war with Europe years in the making

Trump's threat to impose 50% tariffs on imports from the E.U. is just the latest attack. It comes amid a broader souring of relations and after months of economic sparring.

www.nbcnews.com

Crank it up to 125-150% and he sends Bessent over to back track. Pro tip from China.

 

[Fwiffo]

France and Vietnam sign Airbus, defence deals as Macron visits Hanoi for the first time

French President is looking to boost its influence in its former colony after Trump threatened 50% duties on EU goods

www.theglobeandmail.com

"Deals signed during Macron’s visit covered the plane purchase, co-operation on nuclear energy, defence, railways, Airbus earth-observation satellites and Sanofi vaccines, a list of documents seen by Reuters showed, confirming an earlier report."

When government and industry work hand in hand.

 

[Fwiffo]

Temu-owner PDD Holdings profit falls 47% as it faces challenges at home and abroad

Chinese e-commerce company’s U.S.-listed shares fell more than 19% in premarket trading

www.theglobeandmail.com

“'Slower domestic consumption, intensified competition, and global trade frictions are weighing on growth,' said U.S. Tiger Securities analyst Bo Pei.

'Elevated costs reflect strategic promotional activities and advertising spend to support merchant sales, it’s aimed at supporting the platform’s long-term ecosystem health but sacrifices near-term profitability.'"

You mean you have to advertise to sell cheap stuff now?

 

[Fwiffo]

Stocks waver after Trump accuses China of violating Geneva trade agreement

"So much for being Mr. NICE GUY!" the president wrote on Truth Social.

www.nbcnews.com

Let's retaliate with tariffs!

 

[Fwiffo]

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

“We’re going to bring it from 25% to 50%, the tariffs on steel into the United States of America,” Trump said Friday.

www.nbcnews.com

Is that 50 percent for everyone or just the favourites - China, Canada and Mexico. We are the only ones at 25.

 

[Dropbear]

 

[Fwiffo]

It's the final day of what I think is the last company with a royal charter. Hudson's Bay outlived the East India Company until it unraveled after being sold out to an American who gutted it for real estate assets and left it to die on its own.

 

[Fwiffo]

I have to say that board is not inspiring me to invest into the Syrian. Three tickers are already suspended upon the market reopening.

 

[Fwiffo]

Public debt and trade tensions weaken UK economic growth, OECD says

The policy group lowers its UK economy forecast due to trade barriers and Britain's "very thin" financial buffer.

www.bbc.com

"Because of Tariffs, our Economy is BOOMING!"

Yes..because all those import tariffs paid by importers or passed on to US consumers are raking it in.

 

[Fwiffo]

U.S. job growth slows in May as tariff uncertainty continues, unemployment rate steady at 4.2%

Non-farm payrolls increased by 139,000 jobs last month after rising by a downwardly revised 147,000 in April, employment report says

www.theglobeandmail.com

The President still hasn't wrecked his own economy...yet.

 

[Fwiffo]

Warner Bros. Discovery to split into two companies, separating cable TV and streaming and studios

CEO David Zaslav will lead the streaming and studios business, while CFO Gunnar Wiedenfels will head a new unit that includes cable assets

www.theglobeandmail.com

Cable being spun off like DVD rentals.

 

[Fwiffo]

U.S.-China trade talks resume in London for second day in hopes of rare earths breakthrough

U.S. Commerce Secretary Howard Lutnick said trade talks with China were ‘going well’ as the two sides seek a deal on export controls

www.theglobeandmail.com

So this whole fentanyl and tariff thing was about access to rare earth minerals?

Lutnick is there so I already know nothing will get done. If you want something done you need to do one on one with Bessent.

 

[Fwiffo]

Here’s How Much Money the U.S. Is Earning From Tariffs, in Charts

22B plus the Doge cuts will resolve any fiscal problems for the States. Oh wait they both need another zero.

 

[Fwiffo]

U.S. retail sales fall sharply in May as rush to beat tariff price hikes slows

Retail sales fell 0.9 per cent last month, the U.S. Commerce Department said on Tuesday

www.theglobeandmail.com

I guess everyone got their fill of not made in USA goods.

 

[Fwiffo]

Early Fed chair nomination could rattle markets

Investors fear ‘shadow’ U.S. central bank head could cause policy confusion

www.theglobeandmail.com

I don't like this guy. He's not listening to me. I'm going to nominate a new guy. Who nominated Jay Powell anyway?

"For months, Mr. Trump has hammered Mr. Powell, whom the president himself appointed in 2018, over the Fed’s decision not to lower interest rates this year."

Ohhh...

 

[Fwiffo]

Fed can wait to reduce rates, Powell says despite Trump’s demand for cuts

Central bank cut rates three times late last year, since then it has paused further cuts out of concern tariffs could push up inflation

www.theglobeandmail.com

The adult in the room has spoken.

Also I like there was one congresswoman who had her baby with her.



My baby has a question too Jay Powell.

 

[Fwiffo]

U.S. economy shrank 0.5% between January and March, worse than two earlier estimates revealed

Drop in GDP reversed 2.4% increase in last three months of 2024, first time in three years economy contracted

www.theglobeandmail.com

But markets are close to record highs.

 

[Fwiffo]

S&P 500 hits an all-time high — rebounding to its level when Trump's second term began

The sharp reversal from spring lows masks the opportunity cost of President Donald Trump's policies, which pre-empted higher gains that investors had earlier forecast.

www.nbcnews.com

Consumer spending is down. But the markets are now at all time highs.

 

[Fwiffo]

Canada drops digital services tax to help restart US trade talks

A new tax on technology firms is being halted after Trump threatened new tariffs on Canadian goods.

www.bbc.com

 

[Fwiffo]

Canned foods giant Del Monte files for bankruptcy protection

My mum was just telling me about Del Monte tins she ate as a kid

 

[Fwiffo]

US labor market adds 147,000 jobs in June while unemployment falls to 4.1%

USA! USA! USA! ...the President still hasn't managed to completely tank the economy.

But other "allied" nations however....

 

[Fwiffo]

Nvidia set to become the world’s most valuable company in history

Chip maker is now worth more than the combined value of the Canadian and Mexican stock markets

www.theglobeandmail.com

Chip maker now worth more than the Mexican and Toronto stock exchanges combined.

 

[Fwiffo]

U.S. will send letters to countries on Friday laying out tariff rates, Trump says

Treasury Secretary Scott Bessent says about 100 countries will likely get 10% reciprocal tariffs

www.theglobeandmail.com

10%? It'd be great to get 10%. But unfortunately as part of the 3 amigos: China, Canada, Mexico we won't be getting that.

 

[Fwiffo]

Treasury secretary says countries without trade deals will see tariffs 'boomerang' to April rates by Aug. 1

Steep tariff rates are set to go back into effect after a 90-day pause on the April 2 rates that rocked the stock market.

www.nbcnews.com

"Bessent also said Sunday that 'many of these countries never even contacted us.'"

....They aren't thankful or respectful like Zelensky.

”Late last month, Trump said, 'Everybody wants to make a deal," and after he announced sweeping tariffs on April 2, he said countries were 'calling us up, kissing my a--.' 'They are,' he said in April. 'They are dying to make a deal. ‘Please, please, sir, make a deal. I’ll do anything.’”

....so which is it, they didn't even bother to talk to you or they're pleading to make any deal.

 

[Fwiffo]

Trump threatens extra 10% tariff on nations that side with Brics

The president said the levy will apply to "any country aligning themselves with the Anti-American policies of Brics".

www.bbc.com

I thought the letters were written up already.

 

[Fwiffo]

White House sends letters threatening 25% import duties on Japan, South Korea goods as tariff chaos reignites

The president has already threatened an additional 10% tariff on goods from countries aligning themselves with a bloc of nations that includes China and Russia.

www.nbcnews.com

And if you respond Japan, you get another 25%. I thought negotiations are over?

 

[Fwiffo]

Amazon extends Prime Day sales as retailers assess tariff-related concerns

Company expands e-commerce event because of consumer demand, but analysts are unsure extra days will translate into more purchases

www.theglobeandmail.com

You know sales are bad when Prime Day gets extended to a week. Do it like Boxing Day which is now a multi month affair.

 

[Fwiffo]

Trump hits Brazil with 50% tariff, in part due to trial of ally Jair Bolsonaro

"The way Brazil has treated former President Bolsonaro ... is an international disgrace," Trump wrote.

www.nbcnews.com

Kind of like the 2kg of fentanyl crossing between the Canadian and US border.

 

[Fwiffo]

UK GDP: Rachel Reeves disappointed after economy shrinks

The economy contracted in May for the second month in a row, adding to pressure on the chancellor.

www.bbc.com

Let's do a U turn and reverse our previous cuts and increase spending because we're polling poorly...oh wait, our economy is shrinking at the same time.

 

[Fwiffo]

Trump says he will hit E.U. and Mexico with 30% tariff

The 30% rate for the European Union is 10% higher than Trump promised on "Liberation Day."

www.nbcnews.com

Why is Mexico getting 5 percent less than us? They generate more fentanyl.

 

[Fwiffo]

BofA says ‘toppy’ investor sentiment to spark stocks rotation, not retreat

Cash levels fell to 3.9 per cent in July, triggering in-house “sell signal” from strategists, but fund managers’ overweight positioning in stocks not at extreme levels, BofA survey shows

www.theglobeandmail.com

"Asked who is most likely to be the next Fed chairman: 26 per cent said Bessent, 17 per cent Warsh, 14 per cent Waller, seven per cent Hassett"

...Yeah who is the next Fed Chairman - my current Treasury secretary. Oh God, I hope this doesn't mean Lutnick becomes Treasury secretary.

 

[Fwiffo]

U.S. retail sales up by surprising 0.6% in June after a May pullback by consumers

Americans are focusing more on necessities when they shop, as retail sales rose following decline in May

www.theglobeandmail.com

USA! USA! USA!

 

[Fwiffo]

The U.K. Closed a Tax Loophole for the Global Rich. Now They’re Fleeing.

Oops. Taxing non doms means they are leaving. Good job Great Britain.

 

[Fwiffo]

New York City braces for wealth flight with Mamdani’s political rise

“He’s proposed an additional 2% tax on New Yorkers earning more than $1 million a year. Added to the city’s current top rate of 3.876%, the tax would bring the combined New York City and state tax to 16.776%, by far the highest in the country. The combined federal, state and city rate would be 53.776%.”

A million gross is just scraping by in Manhattan no?