Economy

The continuous trade disputes between the United States and China have created substantial strains on American tech enterprises, compelling them to adjust to unforeseen financial hurdles. The latest tariff hikes by President Donald Trump’s administration have altered the fiscal landscape for companies dependent on Chinese production. For numerous technology firms, these measures have resulted in heightened expenses, interrupted supply networks, and greater unpredictability, leaving the industry in a vulnerable state.Deena Ghazarian, who established the electronics firm Austere in California, felt the impact of these shifts directly. Just after starting her company in 2019, she encountered an unexpected 25% tariff on the premium audio and video accessories imported from China. Her once-prom...

Small enterprises throughout Manchester are facing a progressively difficult economic climate as escalating costs jeopardize their existence. Owners in the hospitality industry, especially, are voicing worries about how the increasing expenses, coupled with governmental measures, are leading to a fragile predicament. The apprehension of shutting down is prevalent among many as they endeavor to balance soaring expenditures with shrinking profits.Mark Wrigley, who owns Atlas Bar in Manchester's downtown area, has expressed his dissatisfaction with what he perceives as inadequate assistance from the government. Wrigley, who has been running the bar since 2012, says he feels "let down" by the policies announced in the government's Autumn budget. He thinks these initiatives, along with rising e...

The job market in the United States saw further expansion in February, with an addition of 151,000 positions based on the latest Bureau of Labor Statistics figures. Although this rise showcases the economy's strength, it was below the economists' forecast of 160,000 new positions, indicating a possible slowdown in the previously swift growth. As unemployment edged up slightly to 4.1% from January's 4% and labor force participation decreased a bit, the report demonstrates both advancements and new cautionary signals within the market.The United States labor market continued to grow in February, adding 151,000 jobs, according to the latest data from the Bureau of Labor Statistics. While this increase highlights the economy’s resilience, it trailed economists’ expectations of 160,000 new jobs...

European stock markets traded lower on Monday in the last full trading session of 2024, as investors braced for a quiet end to the year. The pan-European Stoxx 600 index fell 0.5% in early afternoon trading in London, with most sectors posting losses. Technology, industrial and media stocks led the declines, while oil and gas stocks managed to post gains. Trading volumes remained light as markets across the region prepared to close early or remain closed until January 2 for the New Year holiday. Despite Monday's modest performance, European stocks are on track to end the year with moderate gains. The Stoxx 600 is up about 5.5% in 2024, in stark contrast to the U.S. S&P 500 index, which is up about 25% over the same period. US markets also opened lower on Monday, reflecting lighter-than...

President-elect Donald Trump ramped up his rhetoric on trade on Friday, warning the European Union that it must significantly reduce its trade deficit with the United States by buying more American oil and gas or face tariffs. “I told the European Union that it must make up for its huge deficit with the United States by buying our oil and gas on a large scale. Otherwise, it will just be tariffs,” Trump posted on his Truth Social platform shortly after 1 pm ET. The trade deficit between the United States and the EU in goods and services amounted to 131.3 billion dollars in 2022, according to U.S. government data. While Trump's remarks were consistent with his protectionist approach to trade policy, they drew immediate reactions from EU officials. “The EU and the United States have deepl...

The US Congress narrowly avoided a partial government shutdown on Friday, after weeks of partisan wrangling over federal spending limits and debt ceiling extensions. The crisis came as Republicans, responding to pressure from former President Donald Trump, debated proposals to raise the debt limit while addressing broader fiscal concerns. President of the Chamber Mike Johnsona Republican, he managed to push a plan through his chamber, which is narrowly controlled by his party, while also securing enough bipartisan support to pass it in the Democratic-majority Senate. Speaking to reporters earlier in the day, Johnson expressed cautious optimism: “We have a plan. We hope to vote this morning." The deal, however, highlighted deep divisions among Republicans, particularly within the party'...

Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), testified before the Senate Committee on Banking, Housing, and Urban Affairs in late November 2023, addressing ongoing consumer financial protection issues. A few weeks later, the CFPB stepped up its efforts by filing a lawsuit against Zelle, a major peer-to-peer payments network, and its three largest operators – JP Morgan Chase, Bank of America and Wells Fargo – for failing to fight fraud. and adequately compensate victims. The lawsuit marks a significant step in the CFPB's broader campaign to hold financial institutions accountable for fraud-related customer losses. Customers of the three banks have collectively lost more than $870 million since Zelle began operating in 2017, according to the bureau. Zelle, o...

November brought an unexpected rise in wholesale prices, casting doubt on the pace of inflation's decline, according to data released Thursday by the Bureau of Labor Statistics (BLS). The producer price index (PPI), a key measure of what manufacturers charge for goods and services, rose 0.4% on the month, beating the Dow Jones estimate of 0.2%. On a year-over-year basis, PPI rose 3%, the biggest annual gain since February 2023. Excluding food and energy price volatility, core PPI increased 0.2%, in line with market expectations. Furthermore, excluding commercial services, the monthly PPI increase fell to just 0.1%. However, the core index's 3.5% annual rise further highlighted inflationary pressures, marking the highest level since early 2023. While inflation data continues to show...

President Joe Biden announced a bold plan to reduce U.S. greenhouse gas emissions by more than 60% by 2035, reaffirming his administration's commitment to fighting global warming. This move comes as President-elect Donald Trump prepares to take office next month, vowing to dismantle much of Biden's climate agenda in favor of policies that promote fossil fuel production. Biden's updated goal, which exceeds his previous commitments, aims to keep the United States on track to achieve net-zero carbon emissions in all sectors of the economy by 2050. The formal commitment, known as a Nationally Determined Contribution (NDC), it will be submitted to the United Nations under the Paris Climate Agreement. This international agreement, adopted in 2015, requires participating nations to ou...