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☆ Inflation haunted Harris. If Trump isn’t careful, it will cost him too
▼ + stars: | 2024-11-07 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —Donald Trump rode a powerful wave of discontent over the cost of living back to the White House. Trump reminded voters often that inflation wasn’t a problem when he was calling the shots. But if he’s not careful, Trump could have an inflation problem of his own. They point to study after study that shows Americans bore almost the entire cost of Trump’s tariffs on China. “When Trump uses tariffs as a negotiating tool, I’m fine with that,” Moore said during a phone interview in late October.

Persons: Donald Trump, Trump, he’s, ” Ryan Sweet, won’t, ” Sweet, “, Joe Biden, CNN’s Phil Mattingly, ” He’s, Trump’s, “ We’re, ” Daniel Alpert, CNN’s Allison Morrow, Stephen Moore, CNN he’s “, ” Moore Organizations: New, New York CNN, Voters, Oxford Economics, CNN, Trump, Federal, Peterson Institute for International Economics, Peterson Institute, National Retail Federation, Westwood Capital Locations: New York, Washington, Pennsylvania, China

☆ Nissan plans 9,000 job cuts, slashes annual profit outlook
▼ + stars: | 2024-11-07 | by ( ) www.cnbc.com time to read: +2 min

A Nissan badge is attached to the grill of a 2013 Nissan Pathfinder on December 3, 2012 in Niles, Illinois. Nissan Motor Co is recalling more than 300,000 SUVs in the United States over an issue in which the hood suddenly opens, obstructing the driver's view and increasing the risk of a crash. Nissan Motor said it would slash 9,000 jobs and cut global production capacity by a fifth, while revising its annual profit outlook sharply lower as it battles headwinds in China and the United States. Japan's third-largest automaker cut its annual operating profit forecast by 70% to 150 billion yen ($975 million), marking its second downward revision after a 17% cut earlier this year. Together, the two markets account for nearly half of Nissan's global sales by volume.

Persons: Makoto Uchida, Uchida Organizations: Nissan, Nissan Pathfinder, Honda Locations: Niles , Illinois, United States, China, U.S, Japan's

☆ Former Treasury Secretary Mnuchin says Trump's top priorities will be tax cuts, Iran sanctions and tariffs
▼ + stars: | 2024-11-07 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Steven Mnuchin, who held the post throughout Trump's first term from 2017-21, told CNBC that he sees those items as critical to the Republican's agenda. Tax cuts are "a signature part of his program," Mnuchin said in a "Squawk Box" interview. Also on the agenda would be tariffs, which Trump implemented on multiple items during his first term and promised to do again. Finally, he indicated that nations such as Iran and Russia can expect to see sanctions again. In the case of Iran, they're now selling millions of barrels of oil, which needs to be stopped," Mnuchin said.

Persons: Donald Trump, Steven Mnuchin, Mnuchin, Trump, they're, that's Organizations: CNBC, Islamic Revolutionary Guard, Liberty Strategic Capital Locations: China, Iran, Russia

☆ What Trump's win means for retail giants like Walmart, Target, and Costco
▼ + stars: | 2024-11-07 | by ( Dominick Reuter | Nora Redmond | ) www.businessinsider.com time to read: +7 min

Trump's second term likely means changes are on the way that will impact retailers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDonald Trump's return to the White House is likely to usher in sweeping changes that will impact retailers like Walmart, Target, and Costco — ranging from new tariffs to tax cuts and a new regulatory environment. Trump's campaign promises, along with his prior term record, offer some insights into what major retailers can expect from his second term. Advertisement"That's actually very unhelpful for a lot of retailers, especially in areas like technology, which a lot of retailers are involved," he said.

Persons: —, Donald Trump's, Donald Trump, Neil Saunders, it's, John David Rainey, Trump, Chris Walton, Walton, Jonathan Gold, Johns, Tinglong Dai, Saunders, He's, Lina Khan Organizations: Service, Walmart, Target, Costco, TractorTractor, Dick's Sporting Goods, Data, Omni, National Retail Federation, Trump, Pew Research, Federal, FTC, Kroger, Albertsons, Republican Locations: China, Johns Hopkins, Washington

☆ Iran's big gamble on ballistic missiles is being tested like never before
▼ + stars: | 2024-11-07 | by ( ) www.businessinsider.com time to read: +6 min

At the same time, it has still prioritized building offensive ballistic missiles to deter and strike its adversaries. Several reports go so far as to report that Iran's entire arsenal of Russian-built S-300 air defense systems was hit. Related storiesThere are reasons to be skeptical about the extent of damage to Iran's air defenses. Israel's attack was retaliation for Iran's enormous October 1 ballistic missile strike. Unlike its foe Israel, which has built one of the world's most advanced air defense systems, Iran has focused on developing strike missiles.

Persons: —, Tehran's, Joe Biden's, Amos Hochstein, hasn't, Arash Azizi, Boston University's Frederick S, James Devine, Israel, Farzin, Nadimi, Azizi, Devine Organizations: Service, Boston University's, Pardee Center, Iran's, Department of Politics, Relations, Mount Allison University, Washington Institute for Near East, AIM, Phoenix, Soviet Union, American Hawk Locations: Iran, Russia, Ukraine, Israel, Tehran, Moscow, Iraq, Soviet, American, China, North Korea

☆ US Army Rangers have been training for a different kind of fight: neutralizing enemy underground nuclear facilities
▼ + stars: | 2024-11-07 | by ( ) www.businessinsider.com time to read: +6 min

US Army Rangers and Nuclear Disablement Teams trained this summer to neutralize enemy nuclear sites. The Army's Delta Force was primarily tasked with finding ways to penetrate highly guarded nuclear facilities and neutralize nuclear warheads. Advertisement"The Unit [Delta Force] has been involved with the mission set. A new kind of mission for the RangersThe 75th Ranger Regiment is the world's premier light infantry, special operations unit. AdvertisementToday, the 75th Ranger Regiment is a vastly different organization than it was 20 or 30 years ago.

Persons: —, Daniel R, Hernandez, Aaron J, Heffelfinger Organizations: US Army Rangers, Nuclear Disablement, Rangers, Service, 75th Ranger, Operations Command, Army's Delta Force, Delta Force, Business, Army Special Forces, Department of Defense, Nuclear Disablement Team, US Army, Army, Green Berets, 7th Special Forces Group, Hernandez Military, 75th Ranger Regiment Locations: China, Iran, North Korea, Russia, Mogadishu, Somalia, Iraq, Afghanistan

☆ Trump's principle tariff focus will be China — not elsewhere, says political economist
▼ + stars: | 2024-11-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrump's principle tariff focus will be China — not elsewhere, says political economistLizzy Galbraith, political economist at asset manager Abrdn, discusses President-elect Donald Trump's election win and what it could mean for the political economy.

Persons: Lizzy Galbraith, Abrdn, Donald Trump's Locations: China

☆ Get ready for inflation and interest rates to rise again
▼ + stars: | 2024-11-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Federal Reserve would likely respond to inflation by raising interest rates to curb demand. In an economic chain reaction, households would then pay higher interest rates on borrowing of all kinds as the Fed moves to tame that newly rekindled inflation. That led to the 30-year fixed mortgage rate rising, meaning homebuyers are on track to see higher interest rates on loans. An analysis by the nonpartisan Tax Policy Center found that Trump's policies would decrease posttax incomes by an average of $1,800 in 2025. Trump's win is also expected to influence the Federal Reserve's upcoming decisions on interest rates.

Persons: Donald Trump, —, Trump, Ramping, Trump's, it's, Jerome Powell, Joseph Stiglitz Organizations: Federal, Service, Biden, US Census Bureau, Trump, Peterson, Center, American Progress, Tax Foundation, Fed Locations: China

☆ China congratulates Trump, says it respects America's choice
▼ + stars: | 2024-11-07 | by ( ) www.cnbc.com time to read: +1 min

President Donald Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, June 29, 2019. China expressed respect for the U.S. election result and congratulated Donald Trump on his victory, and an official newspaper called for a "pragmatic" approach to bilateral differences as U.S. tariff threats loomed. Trump, a Republican who has promised to implement stiff tariffs, recaptured the White House with a sweeping victory over Democrat Kamala Harris in Tuesday's election. "We respect the choice of the American people and congratulate Mr. Trump on his election as president," a Chinese foreign ministry spokesperson said in a statement late on Wednesday. China-U.S. relations have been fraught for years, notably around trade and security including Taiwan and the South China Sea.

Persons: Donald Trump, Xi Jinping, Kamala Harris, Mr, Trump Organizations: U.S, Trump, Republican Locations: Osaka, Japan, China, Tuesday's, U.S, Taiwan, South China

☆ What Trump’s historic election victory means for the global economy
▼ + stars: | 2024-11-07 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Nurphoto | Nurphoto | Getty ImagesDonald Trump's election victory over Vice President Kamala Harris marks a historic return to the White House — an extraordinary political comeback that is likely to have seismic ramifications for the global economy. The former president's litany of campaign pledges include steep tariffs, tax cuts, deregulation and a push to withdraw from key global agreements. Trump's favorite wordTrump has previously described "tariff" as his favorite word, calling it "the most beautiful word in the dictionary." And we don't see Trump's secondary tariff pledge — that baseline tariff, which would hurt European companies — as being all that feasible," Galbraith said. Analysts have warned that Trump's plan to impose universal tariffs are highly likely to raise prices for consumers and slow spending.

Persons: Donald Trump's, Kamala Harris, Trump, Lizzy Galbraith, Abrdn, Galbraith, CNBC's, Donald Trump, Ben May, Mitchell Reiss Organizations: Nurphoto, Getty, European Union, Bloomberg, Trump, Oxford Economics, Signum Global Advisors, Macquarie Group, Royal United Services Institute Locations: Binzhou, China, Florida, U.S, Mexico, Greensboro , North Carolina, Ukraine, Europe, Asia, Qingdao Port, Shandong province, Qingdao, American

☆ Rare pair of Ming Dynasty jars smash auction estimate, selling for $12.5 million
▼ + stars: | 2024-11-07 | by ( Jack Guy | ) edition.cnn.com time to read: +3 min

CNN —A pair of rare Ming Dynasty fish jars dating from the 16th century have sold for £9.6 million ($12.5 million) at auction, smashing their estimate of £1 million ($1.3 million). “This remarkable result makes it the highest priced Chinese work of art sold at auction worldwide this year,” said Sotheby’s. Part of the lot’s appeal was the fact that this was the first ever appearance of a complete pair of fish jars with covers at auction. There is only one other covered pair known to be maintained together, and they are held by the Musée Guimet in Paris. Tristan Fewings/Getty ImagesIn addition, there are only three known single jars that still have covers, all of which are in private collections.

Persons: ”, Tristan Fewings, Sotheby’s “, –, Nicolas Chow, ” Chow, you’ve, “ Organizations: CNN Locations: Asia, Paris, Wiesbaden, China, Europe

☆ China urges U.S. cooperation as Trump trade threat looms
▼ + stars: | 2024-11-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A flag stall at the Yiwu Wholesale Market in Zhejiang province, China, on May 10, 2019. BEIJING — China emphasized the need for greater cooperation with the U.S., a day after it became clear President-elect Donald Trump would become the next leader of the White House. She was responding to a question about China's views and planned countermeasures, given the potential for increased U.S. tariffs and restrictions on high-end tech. "Together [we can] push China-U.S. economic and trade relations toward a stable, healthy and sustainable direction, for the benefit of both countries and the world," the commerce spokesperson said. Her comments echoed those of Chinese President Xi Jinping, who earlier in the day noted the benefits of bilateral cooperation in a congratulatory message to Trump, according to a Ministry of Foreign Affairs readout.

Persons: Donald Trump, Xi Jinping, Trump Organizations: U.S, White, China's Ministry of Commerce, CNBC, Ministry of Foreign Affairs Locations: Yiwu, Zhejiang province, China, BEIJING, U.S

☆ The one non-U.S. stock market that could win from Trump and how to play it
▼ + stars: | 2024-11-07 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Japan is one stock market outside the U.S. that could win now that Donald Trump is headed back to the White House. Trump has previously proposed tariffs of up to 20% on imports, with a stringent tax of 60% on goods coming from China. Japanese stocks rallied, however, as the yen weakened with some investors expecting the U.S. defense partner stands to gain most from Trump's policies. However, Akutsu warned, with few positive earnings surprises in the market, a year-end rally could be "limited in scope." Takada said investors may have to weigh the near-term benefits of a Trump market against the risks of a possible trade war, even with a rise in the Japanese equity risk premium.

Persons: Donald Trump, Trump, Goldman Sachs, Tony Pasquariello, What's, Pasquariello, America's Masashi Akutsu, Akutsu, Morgan's Masanari Takada, Takada, It's Organizations: Nikkei, Bank, Bank of America, Hitachi, Retailing, Trump Locations: Japan, China, U.S, Europe

☆ Economic upheaval and political opportunity – what Trump’s return could mean for China
▼ + stars: | 2024-11-07 | by ( Nectar Gan | ) edition.cnn.com time to read: +9 min

“Trump’s return to power will certainly bring greater opportunities and greater risks for China,” said Shen Dingli, a foreign policy analyst in Shanghai. AFP/Getty ImagesChallenges and opportunitiesBut Trump’s “America First” agenda and transactional worldview may also play in Beijing’s favor, experts say. “Although Beijing is deeply concerned about the unpredictability of Trump’s China policy, it reminds itself that challenges also bring opportunities,” said Tong Zhao, senior fellow at the Carnegie Endowment for International Peace. “If the US and Russia ease relations, it could create greater daylight between Russia and China, effectively driving a wedge between them.” Liu said. “From everything he has said, it’s clear that Trump considers China, not Russia, as the main adversary.”

Persons: Donald Trump, “, ”, Shen Dingli, Xi Jinping, Trump, Xi, “ Trump, Liu Dongshu, Jim Watson, Larry Hu, Kamala Harris, Daniel Russel, Russel, Barack Obama, Tong Zhao, Joe Biden, Arleigh Burke, Halsey, Ismael Martinez, China’s, he’s, ” Zhao, Vladimir Putin, Liu, ” Liu Organizations: Hong Kong CNN, Foreign, Chinese Foreign Ministry, City University of Hong, Getty, Huawei, Investment, Macquarie, Republican, Asia Society Policy Institute, Shipping, Carnegie Endowment, International, NATO, Asian Nato, Trump, US Navy, U.S . Navy, AP, Russia Beijing, Communist Party, Industry, Wall Street Locations: Hong Kong, China, United States, Beijing, Shanghai, America, City University of Hong Kong, Lago, Florida, AFP, Asia, Lianyungang, China's Jiangsu, Europe, Western, Russia, Asian, Taiwan Strait, AP Taiwan, Taiwan, Washington, Ukraine

CNN —Germany’s governing coalition has collapsed after disagreements over the country’s weak economy led Chancellor Olaf Scholz to sack his finance minister. The coalition has been at loggerheads over how to revive Germany’s economy. What problems is Germany’s economy facing? Germany’s economy, Europe’s largest, shrank last year for the first time since the onset of the Covid-19 pandemic. Party leader Alice Weidel has already hailed the coalition’s collapse as a “liberation” for Germany.

Persons: Chancellor Olaf Scholz, Christian Lindner’s, Scholz, Donald Trump, Europe’s, Angela Merkel, Gerhard Schröder, Merkel, Christian Lindner, Christoph Soeder, Friedrich Merz, Lindner, Liesa Johannssen, “ Lindner, ” Lindner, ”, Carsten Brzeski, “, Robert Habeck, Annegret Hilse, Merz, Alice Weidel, ” Weidel Organizations: CNN, Free Democrats Party, Scholz’s Social Democratic Party, SPD, Green Party, CDU, Trump, Social Democratic Party, Greens, ING, Volkswagen, CDU –, Christian Democratic Union, Party Locations: Germany, Germany’s, Nazi, Thuringia, France, Italy, Ukraine, China, ”

☆ U.S.-China relations: 'No question' Trump will intensify tariffs, economist says
▼ + stars: | 2024-11-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S.-China relations: 'No question' Trump will intensify tariffs, economist saysAdam Posen, president of the Peterson Institute for International Economics, says the Trump administration is likely to "reinterpret" President Joe Biden's industrial policy without rolling it back.

Persons: Adam Posen, Trump, Joe Biden's Organizations: U.S, Peterson Institute for International Economics Locations: China

☆ Goldman Sachs slashes European growth forecasts on Trump win
▼ + stars: | 2024-11-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —President-elect Donald Trump’s proposed protectionist policies, including hefty tariffs, will hurt Europe’s economic standing — leaving crisis-hit Germany particularly vulnerable, Goldman Sachs predicts. Goldman Sachs expects gross domestic product across the 20 countries that use the euro to expand 0.8% next year, down from the 1.1% it forecast previously. Goldman Sachs’ central expectation is for “a more limited set of tariffs on European economies,” targeting primarily their auto exports. Goldman Sachs now expects the German economy to grow only 0.5% next year because of trade tensions, just over half the 0.9% growth it forecast previously. “For European businesses, Trump’s return to the White House implies considerable trade policy risks and geopolitical uncertainty,” Berenberg chief economist Holger Schmieding wrote in a note Thursday.

Persons: Donald Trump’s, Goldman Sachs, Trump’s, Trump, ”, Holger Schmieding, “ Organizations: London CNN —, NATO, Republican, European Union, Volkswagen, VW Locations: Germany, United States, Europe, Ukraine, China

☆ Apple's Tim Cook is going to have a headache on his hands if Donald Trump follows through on tariffs this time around
▼ + stars: | 2024-11-07 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Apple will face hefty costs if Donald Trump sticks to his blanket tariffs pledge. CEO Tim Cook joined the chorus of tech leaders congratulating Trump on winning the 2024 presidential election with an X post on Wednesday. Related storiesIf China decides to retaliate against the Trump administration's proposed tariffs, it could also hurt Apple in the region. The tech company is currently facing a US antitrust lawsuit that accuses it of maintaining an illegal monopoly on smartphones. AdvertisementSince Trump has yet to take office, Chatterjee said the world will have to "wait and see" what policies become official.

Persons: Donald Trump, Trump, Jacob Channel, —, Apple, Tim Cook, it's, Jacob, Dipanjan Chatterjee, Chatterjee Organizations: Apple, Service, Jacob Channel, Business, Trump, BI, Big Tech, Google Locations: China, India, Asia, Greater China

☆ The one solar stock to buy after Trump's win hit the sector, analysts say
▼ + stars: | 2024-11-07 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

First Solar is the largest manufacturer of solar panels in the U.S. and is rated overweight at Wells Fargo. But the domestic manufacturing tax credits that benefit First Solar are likely to survive because they support jobs in GOP congressional districts, according to the bank. Tailwinds from tariffs, however, would be offset by headwinds from IRA repeal if the GOP goes after the manufacturing tax credits. In the universe of publicly-traded solar stocks, however, analysts view First Solar as best positioned to weather the storm. "In our view, higher tariffs on imported solar panels would diminish competition from Chinese manufacturers, pushing demand towards First Solar's U.S.-made products."

Persons: Donald Trump's, Michael Blum, Trump Organizations: Wells, Republicans, headwinds, GOP, Bank of America Locations: tandemm, U.S, Wells Fargo, China

☆ Trump likely to uphold CHIPS Act despite his campaign rhetoric, experts say
▼ + stars: | 2024-11-07 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

Illustration of the China and U.S. flag on a central processing unit. President-elect Donald Trump is unlikely to roll back the Biden administration's CHIPS and Science Act, despite his campaign rhetoric on the bill, experts say. Trump criticized the bill and its price tag. House Speaker Mike Johnson, a Republican, then said that his party "probably will" try to repeal the law. Still, the key Biden policy, which has massive implications for Asian chips makers like TSMC and Samsung, is likely safe in the near term, according to chip experts.

Persons: Donald Trump, Trump, Mike Johnson, Johnson, Biden, Paul Triolo, Albright Stonebridge, CNBC's Organizations: Biden, Republican, Samsung Locations: China, U.S

☆ Trump victory deals latest severe blow to a struggling Germany
▼ + stars: | 2024-11-07 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Krisztian Bocsi | Bloomberg | Getty ImagesDonald Trump's election as U.S. President could mark yet another major blow for the struggling German economy. The print came after the German economy ministry in October said it was now expecting the country's economy will contract, rather than grow this year. Trump's victory could make matters worse. Reliance on exportsThe German economy is heavily reliant on exports — and Trump is set to slap tariffs and other restrictions on imports. The German statistics office Destatis last month said that the U.S.' importance as a trading partner for Germany has been growing.

Persons: Olaf Scholz, Germany's, Krisztian Bocsi, Donald Trump's, Moritz Schularick, Trump, Schularick, ifo, Morningstar DBRS, Lisandra Flach Organizations: Bloomberg, Getty, PMI, P Global, Hamburg Commercial Bank, Kiel Institute, Trump, Reliance, China, Beijing, Destatis, ifo Center, International Economics, European Union, EU Locations: Berlin, Germany, Federal Republic of Germany, Europe, U.S

☆ Starbucks and Luckin are in a fight for the global coffee market. I visited both to see how they stack up on price, menu, and vibe.
▼ + stars: | 2024-11-07 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +8 min

Luckin Coffee, which has put up a strong fight against Starbucks in Asia, is looking to the US. The chain is known for its aggressive deals, unusual flavors like a Big Cheese coffee drink, and mobile ordering. Luckin versus StarbucksI started at Luckin Coffee. Aditi BharadeThe most expensive drink on the menu was an Iced Oat Shakerato listed for 8 Singapore dollars, or $6. Representatives for Luckin Coffee didn't respond to a request for comment from BI for this story.

Persons: —, Brian Niccol, Niccol, Luckin, Aditi Bharade, Rachel Ruggeri, Ruggeri, It's, David Yu, Jiang, it's, Tiruchelvam, Yu Organizations: Starbucks, Service, Business District, Staff, Singapore, Luckin, BI, Bros, NYU, Aletheia Capital Locations: Asia, China, Singapore, Beijing, United States

☆ Inside the Army's $16 million war games built to battle china
▼ + stars: | 2024-11-07 | by ( Graham Flanagan | ) www.businessinsider.com time to read: +1 min

As tension builds in the Indo-Pacific region, the United States Army trains warfighters to be ready for combat in the event of a military conflict with China. The event, known as JPMRC, or Joint Pacific Multinational Readiness Center, pits the Army's 3rd Infantry Brigade Combat Team, known as the Bronco Brigade or Bluefor, against an opposing force, Opfor, played by another brigade of Army soldiers in a sprawling war-games exercise held across the Hawaiian islands. Flanagan follows Bluefor's Charlie Company as it braces for battle with Opfor on the desolate, lava-rock-laden Pohakuloa Training Area on the island of Hawaii. Charlie Company's ranking noncommissioned officer is 1st Sgt. Stewart Fletcher, an eccentric and seasoned combat veteran who now leads a new generation of soldiers who have yet to experience the reality of war.

Persons: Graham Flanagan, Opfor, Flanagan, Charlie, Charlie Company's, Stewart Fletcher Organizations: United States Army, Army's Jungle, Army's 25th Infantry Division, Royal Thai Army, New Zealand Defence Force, Pacific Multinational Readiness, 3rd Infantry Brigade Combat Team, Bronco Brigade, Charlie Company Locations: China, Oahu, Hawaii

☆ Steve Madden to slash China sourcing by as much as 45% as Trump's tariff plan looms
▼ + stars: | 2024-11-07 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Over the past few years, he said, it's looked for factories in other countries, including Cambodia, Vietnam, Mexico and Brazil. Rosenfeld said about two-thirds of Steve Madden's business are U.S. imports. Of that, he said, "we currently source a little bit more than 70% of those goods from China." That means slightly less than half of its business would be at risk of tariffs on Chinese imports, he said. He said the company has moved more of its production outside of China since tariffs began under Trump's first administration.

Persons: Steve Madden, Donald Trump, Edward Rosenfeld, it's, " Rosenfeld, Steve Madden's, Trump, Tarang Amin, Trump's, Kate Spade, Scott Roe, we've, Gabrielle Fonrouge Organizations: Retail Locations: China, Cambodia, Vietnam, Mexico, Brazil

☆ China October exports record highest jump in 19 months, imports decline more than expected
▼ + stars: | 2024-11-07 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

China's exports in October rose at their fastest pace in 19 months, sharply beating analysts' estimates, according to data from the country's customs agency on Thursday. Exports rose by 12.7% in October from a year ago in U.S. dollar terms, their highest jump since March 2023, according to LSEG data. Analysts had pegged exports growth at 5.2% year on year in October, according to a Reuters poll. Analysts had forecast a decline of 1.5% in October exports, according to a Reuters poll. The world's second-largest economy has been grappling with weakening domestic consumption and a protracted property crisis, with exports being a rare bright spot.

Persons: Bruce Pang Organizations: Analysts, JLL, CNBC Locations: Qingdao Port, Shandong province, Qingdao, China, Greater China

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