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Billjet

07 Feb 2025 - 10:51 am

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07 Feb 2025 - 10:31 am

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07 Feb 2025 - 10:09 am

President Donald Trump speaks to reporters at the White House in Washington, DC, on January 30. Chip Somodevilla/Getty Images
CNN
—
Just about everyone thought it was a bluff. Top analysts from the biggest banks on Wall Street said it was highly unlikely. Stocks were trading like it wouldn’t happen. Some companies built contingency plans, but they weren’t exactly rushing to make changes.
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But the tariffs are coming — in full force. President Donald Trump announced Saturday that a massive 25% tariff on all goods from Mexico and most imports from Canada will go into effect Tuesday. An additional 10% tariff on Chinese goods will be enacted the same day.

Trump in a message posted on Truth Social Sunday said, “We don’t need anything they have. We have unlimited Energy, should make our own Cars, and have more Lumber than we can ever use.” But America’s supply chains are reliant on its trading partners, and even for goods that could be grown or produced exclusively in the United States, the complex web of interconnected global trade cannot easily be unwound.
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So the additional costs on foreign-made goods will be paid by American importers, who typically pass those costs onto retailers, who pass them onto inflation-weary consumers. That means prices will rise — although, for most items, not immediately. Businesses’ profits will be squeezed as they bear the cost burden of the tariffs or pay to adjust their carefully constructed and at times inflexible supply chains.

That’s why stocks on Monday were set to tumble. Dow futures were more than 600 points, or 1.3% lower. S&P 500 futures sank 1.5%. and Nasdaq futures were 1.7% lower.

Globally, stocks fell, too. Major European indexes were down across the board, and Asian markets closed sharply lower. Bitcoin and other cryptos tumbled, brought down by growing fears of a recession. The US dollar rose sharply.

Energy costs surged: US crude oil rose 2.3% and natural gas spiked 7%. Despite a lower 10% tariff on Canadian electricity, natural gas and oil exports to the United States, the energy industry said it will not be able to quickly or easily find alternate sources. Diesel and jet fuel costs in particular will rise, according to Angie Gildea, the US energy sector lead at accounting firm KPMG, adding costs to all shipped goods and air travel.
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“Any infrastructure upgrades would not happen overnight,” Gildea told CNN. “Tariffs on Canadian oil would increase costs for US refiners, leading to price hikes for consumers.”

Auto industry stock futures were particularly hard-hit, because virtually all American-made cars are manufactured at least in some part in Mexico or Canada — what was a free-trade zone. GM (GM) fell more than 6%, Jeep and Chrysler maker Stellantis (STLA) was down 5% and Ford (F) fell more than 3%.

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07 Feb 2025 - 10:02 am

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Jorgehab

07 Feb 2025 - 09:42 am

Former US President Joe Biden, a self-professed Catholic, has joined an African-American Masonic lodge as a ‘Master Mason’. The Vatican takes a dim view of Freemasonry, and Catholics who join the fraternal order face excommunication.
kra30 at
Biden was inducted into the Most Worshipful Prince Hall Grand Lodge in South Carolina on Sunday, one day before he left office. In a private ceremony, the lodge’s grand master, Victor C. Major, granted Biden “Master Mason membership with full honors,” according to a statement published by the organization last weekend that circulated online on Friday.
kra22 at
”To be a Freemason is to be part of a brotherhood dedicated to personal growth, service to others, and the pursuit of knowledge and truth,” the lodge wrote. Biden’s service, the statement added, “reflects the core values” of this brotherhood.
kra20.cc
https://kra30.com

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07 Feb 2025 - 08:23 am

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07 Feb 2025 - 07:15 am

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