tariffs

Consumers may be shelling out more money for a range of products in the coming months. Many companies are considering raising prices to offset the cost of proposed new tariffs with China.


Updated at 3 p.m. ET

The Trump administration has reached a deal to lift tariffs on steel and aluminum imports from Canada and Mexico, in a move that could put the three nations a step closer to ratifying the USMCA trade deal that would replace NAFTA.

The tariffs will be lifted within two days, according to a joint U.S.-Canada statement posted by Canada's foreign ministry.

The Trump administration is preparing a new list of $300 billion worth of Chinese imports that would be hit with tariffs of up to 25%, after China retaliated Monday in the trade war between the world's two largest economies.

Updated at 4:19 p.m. ET

China is imposing new retaliatory tariffs on $60 billion worth of U.S. goods, days after the Trump administration said it would impose higher tariffs on $200 billion in Chinese goods. The latest tit-for-tat exchange comes as trade talks have failed to yield a deal.

U.S. stock prices plunged on the news. The Dow Jones Industrial Average closed down 617 points Monday, or 2.4%, and the Nasdaq composite fell 3.4%.

Reaction continues to President Trump's decision to raise tariffs on thousands of Chinese imports.


On both the U.S. and Canadian sides of the border, the new trade treaty between the two countries is considered to face long delays before a congressional vote.

WBFO News photo by Eileen Buckley

Bak USA, a Buffalo-based tablet and computer maker, has announced it will shut down its operations, effective immediately.  The company issued a statement from Chairman J.P. Bak, who said it is with "great sadness" the company will close.

National Public Radio

An automotive study says U.S. tariffs on imported vehicles and auto parts would cause the price of new vehicles to soar, wipe out tens of thousands of American jobs and take a big chunk out of the country's gross domestic product.

Updated at 8:15 a.m. ET

As the day dawned across the U.S. on Friday, a new economic reality dawned with it: The tariffs long threatened against billions of dollars in Chinese goods took effect just at midnight ET while many Americans were sleeping — but Beijing was ready immediately with a wake-up call of its own.

Americans will spend more than $900 million this year on bottle rockets, Roman candles, and other fireworks. But those of us who want to celebrate Independence Day with a bang are almost totally dependent on China for supplies.

"Ninety-nine percent of the backyard consumer fireworks come directly from China," said Julie Heckman, executive director of the American Pyrotechnics Association. "And about 70 percent of the professional display fireworks are manufactured in China."

After U.S. tariffs on imports of European steel and aluminum took effect Friday morning, the EU's top trade commissioner called them "illegal" and a classic case of protectionism.

The EU plans to make its case to the World Trade Organization.

Updated at 8:18 p.m. ET

The Trump administration's latest move to impose tariffs on steel and aluminum imports from the U.S.'s biggest strategic and trade partners has touched off a barrage of criticism and retaliation.

dreamstime.com

When new tariffs were imposed on Chinese steel and aluminum imports, President Trump said they would help rebuild American industry and create jobs. But what impact are they having on local businesses?


Chris Caya WBFO News

Congressman Chris Collins is backing President Trump's decision to impose a 25 percent tariff on imported steel and a 10 percent tariff on aluminum imports. The levies will take effect in about two weeks.