Tariffs on China could get as high as 245%: Tariffs on China could jump as high as 245%. A White House fact sheet on Wednesday says the new hike is in response to China’s retaliatory tariff of 125%. China has said it would not increase tariffs again even if the United States does. Posting this morning: “China remains committed to joining hands, not throwing punches.”
President Trump also hinting that phones and electronics may not be exempt from tariffs after all. Small imports will also face tariffs starting May 2nd. The president is closing a loophole that had allowed imports less than $800 to be tariff-exempt.
A Maryland senator is flying to El Salvador today to encourage the return of Kilmer Garcia, who was deported in March. A federal judge gave the Trump administration two weeks to show what it has done to comply with the court order to bring him back stateside. Originally, the Trump administration said his deportation was, quote, “an administrative error,” but now says his deportation was no mistake.
Harvard University is refusing the Trump administration’s order to end D-I programs and report students who violate the university code of conduct, saying, quote: “No government should dictate what private universities can teach, who they can hire, or who they can accept as students.” The Trump administration responded by freezing more than $2 billion in federal funding.
As the trade war continues between the U.S. and China, Hong Kong says it’s suspending shipments of goods to the United States. The country says that its actions are due to, quote, “bullying and abusive tariffs by the United States.” The suspension will not affect letters or documents, but it will likely impact shoppers who buy things from websites like Shein, Temu and AliExpress.
Tariffs are already having an impact on ports across the country, with some reporting cancellations of scheduled shipments. Officials say that could lead to lost jobs and an economic slowdown. “You lose jobs, unemployment goes up, there’s less consumer spending, and two-thirds of our GDP is based on consumer spending.”
The Trump administration says it’s already negotiating new trade deals with many countries. But rapidly changing policies are leading to uncertainty across multiple industries.
The Trump administration has granted nearly 70 coal-fired power plants a two-year exemption from federal requirements to reduce emissions of toxic chemicals. “So the minerals will be like mercury, arsenic, benzene.” This comes after an executive order signed last week that was targeting boosting the coal industry. The plants granted exemptions include some of the country’s largest polluters, including locations right here in Texas.
Bank of America is shelling out more than 540 million to settle claims that it failed to follow federal in surance regulations.
Thesettlementmarkstheendofaneight−yearlegalfightbetweenthebankandtheFDIC.Theagencyaccusedthebankofrefusingtopaymorethan1 billion into the deposit insurance fund.
Source: raialkhalij + aljazeera