UPDATE: Trump changes course, delays some tariffs on Mexico, Canada
Also Thursday, Canadian Prime Minister Justin Trudeau indicated that he expects his country will be in a trade war with the United States for the foreseeable future.
International Business
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Simon purchases Italian outlet malls from Gucci’s parent company
Indianapolis-based Simon is the new owner of two Italian luxury outlet malls where the roster of shops includes Armani, Balenciaga, Gucci and Versace.
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Bill to create Indiana-Ireland trade commission advanced by House committee
Through House Bill 1489, the state would establish a trade commission with Ireland to strengthen its business relationship with the country and exchange ideas on policy, economic development and infrastructure.
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Manufacturers weigh potential impact of Trump tariffs promise
Incoming President Donald Trump’s pledge to impose tariffs on goods from Canada and Mexico has caught the attention of Indiana companies, which stand to experience a significant impact if new or expanded tariffs are imposed.
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Bill forcing TikTok parent to sell or face ban heads to Biden for signature
The TikTok legislation was included as part of a larger $95 billion package that provides foreign aid to Ukraine and Israel. President Joe Biden said he will sign it Wednesday.
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Articles
Toys expected to cost more by fall due to new tariffs on Chinese imports
Nearly 80% of the toys sold in the U.S. are sourced from China, according to The Toy Association, a national industry group.
U.S. charges Chinese hackers, government officials in broad cybercrime campaign
The indictments come as the U.S. government has warned of an increasingly sophisticated cyber threat from China.
‘Bear with me,’ Trump says as both farmers and consumers brace for tariff effects
Farmers and meat producers across the U.S. expect the new tariffs on Mexico, Canada and China and the retaliatory action from those countries to hurt their bottom lines if they stay in place a while.
China slaps extra tariffs of up to 15% on imports of major U.S. farm exports
The tariffs will apply to imports of key U.S. farm products, including chicken, pork, soy and beef.
Trump says 25% tariffs on Mexican and Canadian imports will start Tuesday, with ‘no room’ for delay
President Trump indicated that he wants to even the trade imbalance with both countries and push more factories to relocate in the United States.
Asian logistics operators leasing more U.S. warehouses
Leasing by Asia-based logistics firms more than doubled in key U.S. markets last year compared with 2023.
Trump plans tariffs on Mexico, Canada for Tuesday, while doubling tariffs on China
Trump indicated Wednesday that European countries would also face a 25% tariff as part of his reciprocal tariffs. He also wants separate tariffs on autos, computer chips and pharmaceutical drugs that would be levied in addition to the reciprocal tariffs.
UPDATE: Trump signs plan for reciprocal tariffs on U.S. trading partners
President Donald Trump’s plan increases U.S. tariffs to match the tax rates that other countries charge on imports, possibly triggering a broader economic confrontation with allies and rivals alike.
Trump readies matching tariffs on trade partners, possibly setting up major economic showdown
President Donald Trump is taking additional action to upset the world trade system, with plans to sign an order as soon as Wednesday that would require that U.S. tariffs on imports match the tax rates charged by other countries.
Trump once again slaps taxes on foreign steel, aluminum
President Donald Trump is hitting foreign steel and aluminum with a 25% tax. If that sounds familiar, it’s because he did pretty much the same thing during his first term.
Chinese tariffs to take effect, ratcheting up trade war with U.S.
While the leaders of Canada and Mexico managed to strike political deals to delay the implementation of the tariffs Trump had slapped on their products, China has not struck such a deal.
Trump says he will announce 25% steel and aluminum tariffs
President Trump also reaffirmed that he would announce “reciprocal tariffs”—meaning that the U.S. would impose import duties on products in cases where another country has levied duties on U.S. goods.
China counters with tariffs on U.S. products, will also investigate Google
China announced retaliatory tariffs on select American imports just minutes after a sweeping levy on Chinese products imposed by U.S. President Donald Trump took effect.
Pledges to boost border enforcement prompt Trump to pause tariffs on Canada and Mexico
While the trade war feared by investors, companies and political leaders now seems less likely to erupt, that doesn’t mean the drama over President Trump’s tariff threats has ended.
Trump pausing planned tariffs on Mexico, but not for Canada, China
U.S. President Donald Trump and Mexican President Claudia Sheinbaum put their planned tariffs on hold Monday for a month to give time for further negotiations.
Trump says Americans could feel ‘some pain’ from tariffs as he threatens more import taxes
President Trump on Sunday night returned from Florida and threatened to impose steeper tariffs elsewhere, telling reporters that the import taxes will “definitely happen” with the European Union and possibly with the United Kingdom as well.
From avocados to autos, Trump tariffs on Canada and Mexico could hit close to home
The United States now does far more business–exports and imports alike–with both Canada and Mexico than it does with China.
Westfield sees potential for business with South Korean companies, starting with hotel
Westfield officials hope a proposed $50 million hotel by South Korean-based Lotte Hotels & Resorts could provide an opening for more business with the country. City officials are planning an economic development trip to Asia in March to explore the possibilities.
Deadline extended on Nippon’s bid for U.S. Steel, offering hope that deal isn’t dead
The new deadline, now in mid-June, was viewed by U.S. Steel—and investors—as an opportunity for the companies to complete the acquisition.