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Treasury Secretary Scott Bessent said that China is at odds with the rest of the world as the Trump administration alleviated tariffs for everyone but Beijing on Wednesday. President Donald Trump on Wednesday announced that he would reduce recently imposed reciprocal tariffs on several countries, while also revealing an immediate increase in tariffs on Chinese goods to 125%."China is the most imbalanced economy in the history of the modern world," Bessent […]

President Donald Trump’s tariffs pushed some American clothing and accessory retailers to pump the brakes on orders and hiring. Smaller sellers of clothing and shoes without massive supply chains rely on Vietnam and China for products, Reuters reported.Vietnam and China, both major producers of apparel and footwear, were among the slew of countries that were hit by tariffs that the Trump administration unveiled last week.Those tariffs included a baseline levy of […]

Treasury Secretary Scott Bessent said customized tariffs were paused on Wednesday afternoon due to President Donald Trump wanting to be "personally involved" in negotiations as dozens of nations contacted the White House to strike deals."We've had more than 75 countries contact us. And I imagine after today, there will be more. So it is just a processing problem. Each one of these solutions is going to be bespoke. It is […]

Walmart executives told investors Wednesday that their confidence hasn't been rocked by President Trump's escalating trade war, despite the levies impacting the retailer's significant trading partners."I want you to know how confident I remain in our company. I've seen us navigate times like the period after 9/11, the global financial crisis, the pandemic, and more recently, high inflation," Walmart CEO Doug McMillon told a room full of investors and journalists […]

Democrats lambasted President Donald Trump’s tariff actions on Wednesday, with one Virginia congressman telling U.S. Trade Representative Jamieson Greer he has the "awful job" of trying to defend them.Greer began his testimony before the House Ways and Means Committee by defending Trump’s actions and dispelling criticisms of the president’s tariff calculus.Greer said that it is wise to consider non-tariff trade barriers from allies like the European Union.He said the U.S. […]