#tariffs

#tariffs

Japan's top trade negotiator abruptly canceled a trip to Washington aimed at issuing a joint statement on a tariffs deal with the Trump administration, as a top government spokesman urged the U.S. side to speed up implementation of the agreement.Trade envoy Ryosei Akazawa was scheduled to leave Tokyo for Washington on Thursday for a 10th round of talks, following up on the agreement announced on July 22.

There's no denying the "matcha boom" in the last two years. Matcha-flavored desserts and drinks are just about everywhere you like. According to data from the Trade Statistics of Japan Ministry of Finance, 78% of all powdered green tea exported from Japan -- which includes matcha powder -- went to the U.S. in 2024. Like anything that comes with high demand, there's also going to be a higher price tag.

Cars and auto parts imported by the US from the EU face a tariff rate of 27.5%, but the Trump administration has agreed to lower this to 15% if the EU reduces its levies on US goods. Winkelmann told CNBC on Tuesday that the Italian sports car company's customers want "security" and "stability." "Some are waiting because they want to be sure that this is the final number that is going to be in place," Winkelmann said. "Others are fine with it, or we will have negotiations."

The findings are remarkably consistent with past polling on the Republican president in the nation's most populous blue state, said Mark DiCamillo, director of the UC Berkeley Institute of Governmental Studies Poll. "If you look at all the job ratings we've done about President Trump - and this carries back all the way through his first term - voters have pretty much maintained the same posture," DiCamillo said. "Voters know who he is."

PRESIDENT DONALD TRUMP: I will tell you that we are going to be doing numbers on the cost of drugs in this country, that it's I'm not talking about a 20 percent decrease, which would be good. I'm talking about 1,000 percent decrease. We're talking about where a product would sell for $80 in Germany, and $1,300 here, and we're not going to do that.

On August 21, customers of the luxury shoe brand Larroudé received an email urging them to "stock up, refresh your wardrobe, and secure timeless pieces" before tariffs drive up prices. The brand, like many others, is preparing for a new wave of President Trump's tariff policies to take effect by August 29-and they're relying on email marketing to keep their customers in the loop.

The cost of mailing packages to the US is set to surge after the Trump administration removed a rule exempting packages worth under US$800 from tariffs. From Friday, packages will be subject to fees relating to the tariff rates applying to their country of origin, making postage much more expensive. Postal services will have to cover the increased cost or pass it on to customers.

S&P Global reaffirmed its AA+ credit rating and stable outlook last week due in part to "robust tariff income," which should help offset the impact of tax cuts and spending in the federal budget. While S&P doesn't see meaningful improvement in the fiscal deficit, it doesn't expect steep deterioration either. However, reciprocal tariffs face legal challenges and could be struck down.

The farm equipment maker is an American manufacturer that Republicans say tariffs will help. Maybe not. The Moline, Ill., company is laying off 238 workers at three factories in Moline, East Moline, and Waterloo, Iowa, in the coming weeks. This month the company reported a 26% drop in net income and 9% decline in sales, owing to lower commodity prices and higher tariffs.

That spring, Donald Trump was levying tariffs against Canada, threatening industries, workers, and consumers, and musing about erasing the border and making the country the " cherished" fifty-first US state. Residents north of the forty-ninth parallel responded by boycotting American goods, scrapping stateside trips, pulling Yankee hooch from liquor store shelves, booing the Star-Spangled Banner, and returning a Liberal government that promised to get tough with Trump.

Mortgage rates have traded lower for now, which is a win for borrowers and lenders, said Geno Paluso, CEO at mortgage servicing software company Sagent. But lenders must stay prepared for continued rate volatility as the Fed and markets balance unemployment and inflation risks. Kevin Peranio, chief lending officer and partner at Paramount Residential Mortgage Group (PRMG), added that softening labor conditions are fueling the downward trend in mortgage rates, creating more revenue for larger lenders to invest in artificial intelligence and operational efficiencies.

Zandi sees GDP growth hitting a low of 1%, down from 3% in the second quarter, with inflation peaking at 3.5%. The latest personal consumption expenditures price index showed the annual rate was at 2.6% in June, while the July consumer price index rose 2.7%. But even that outlook may be too low. Zandi previously told Fortune that if Trump continues deporting immigrants at the current rate, inflation could get closer to 4% if and when it peaks, likely early next year.

California governor Gavin Newsom has reacted to the PlayStation 5 price hike in the US, jokingly thanking US President Donald Trump for making it happen via his controversial tariff strategy. Re-sharing a news story about the PS5 price hike, Newsom, a Democrat, posted on social media, "Great work, Donald Trump!!" On August 20, Sony announced a price hike for the PS5 in the US, with all models of the console going up by $50 effective today, August 21.

"coming to the point where their margins are getting squeezed and they need to start passing that onto consumers," Beth Hammack, president of the Federal Reserve Bank of Cleveland, told CBS News earlier this month.