As part of a deeply interconnected trading system among North American...
As part of a deeply interconnected trading system among North American countries, 83% of Mexico’s exports went to the US last year, and 75% of Canada’s exports did, per Business Insider. Here are just some goods getting shipped across the US border that would face steep tariffs, costs that American businesses would incur and likely pass along to American consumers.
Autos: Cars make up a big chunk of the $920 billion worth of goods the US buys yearly from Mexico and Canada, accounting for 26% and 12% of their US exports, respectively.
Gas: The stuff that fuels cars might also get pricier since Canada is the largest foreign supplier of oil to the US.
Fruits and veggies: Much produce in American supermarkets comes with a grown-in-Mexico sticker. The country is the No. 1 exporter of raspberries, tomatoes, strawberries, and avocados to the US, according to the University of California, Davis.
Meat and dairy: Canada sends millions of cows for dairy and beef and hogs across its southern border every year.
The negotiations begin now: Trump has a history of using tough tariff talk as leverage to wring concessions from other countries. In response to the threats, Mexican President Claudia Sheinbaum wrote a letter to Trump suggesting she would retaliate with tariffs of her own, while Canadian Prime Minister Justin Trudeau called Trump to discuss cooperation. China argued that “no one will win a trade war.”
Your Thanksgiving travel could be wet and cold. As...
Your Thanksgiving travel could be wet and cold. As a record ~80 million Americans begin their journeys for Thanksgiving, a bout of nasty weather is projected to hit multiple areas of the country over the extended holiday weekend. Today, a storm is forecast to dump heavy snow on mountainous areas of the West, while rain could drench Snoopy at the Macy’s Thanksgiving Day Parade in NYC on Thursday (the balloons will still fly as long as the wind cooperates). Then, an Arctic blast will hit the Midwest and Eastern US into the weekend with likely the coldest temps of the season so far. If you’re flying home with leftovers, the TSA wants you to know: Turkey and stuffing are OK to carry on a plane, but cranberry sauce and gravy are limited to 3.4 ounces.
Intel and the US government finalized a $7.9 billion grant from the CHIPS and Science Act that will help fund factory construction.
The cryptocurrency Tether is being used by organizations linked to Mexican drug cartels to launder tens of millions of dollars, 404 Media reported.
Russian cosmonauts entering the International Space Station on Saturday reported a bad smell, leading them to close the hatch. NASA’s Mission Control found air quality inside the ISS was at normal levels.
A batch of raw milk has been recalled in California after bird flu was detected in it. No illnesses linked to the milk have been recorded.
Blue Man Group said it would end its residencies in New York and Chicago early next year.
Israel and Lebanon Agree to a Cease-Fire, Biden Says
President Biden on Tuesday announced a cease-fire deal...
President Biden on Tuesday announced a cease-fire deal to stop the fighting between Israel and the Lebanese armed group Hezbollah, raising hope that it could bring a lasting end to the deadliest war in Lebanon in decades.
Minutes earlier, the Israeli prime minister’s office announced that ministers had approved the cease-fire proposal. The fighting has displaced over a million Lebanese and tens of thousands of Israelis, killed more than 3,000 Lebanese and 100 Israelis and upended the regional balance of power.
Speaking in a televised address from the White House, Mr. Biden said the cease-fire would go into effect at 4 a.m. Wednesday in Israel and Lebanon. He said the deal was intended to definitively end the war between the two sides, calling it “designed to be a permanent cessation of hostilities.”
Dow, S&P 500 end at record highs as investors shake off Trump's tariff threat
Wall Street posted its seventh straight winning session and new all-time...
Wall Street posted its seventh straight winning session and new all-time highs despite tariff worries, lifted by hopes for another Federal Reserve rate cut and a mega-cap revival. But a major inflation report looms first thing tomorrow.
"Momentum is generally favorable and seasonals are strong too, but frothy sentiment remains a risk," said Liz Ann Sonders, chief investment strategist at Schwab.
Earlier today, some fear resurfaced after President-elect Trump promised new tariffs on imports from Mexico and Canada and higher tariffs on imports from China upon taking office. The U.S. dollar initially spiked on the news, then stepped back. The 10-yearTreasury noteyield (TNX:CGI), which scraped against one-month lows yesterday in a calming trend, rose today but remained below last week's peaks.
Inflation and rate fears appeared subdued, however, after the Federal Reserve's latest minutes received a dovish interpretation and as investors await tomorrow morning's October Personal Consumption Expenditure (PCE) price index report, the Fed's favored inflation reading. Here's where the major benchmarks ended:
The S&P 500® index (SPX)rose 34.26 points (0.57%) to 6,021.63; the Dow Jones Industrial Average®($DJI) added 123.74 points(0.28%) to 44,860.31; and the Nasdaq Composite®($COMP) gained 119.46 points(0.63%) to 19,174.30.
The 10-year Treasury note yield climbed four basis points to 4.3% after Trump's tariff comments, but shorter-term yields fell after the Fed minutes, keeping the yield curve slightly out of inversion.
The CBOE Volatility Index®(VIX)dropped to 14.19, near a two-week low.
Oil settles down after Israel agrees to ceasefire deal with Lebanon
(Reuters) - Oil prices settled lower on Tuesday, extending...
(Reuters) - Oil prices settled lower on Tuesday, extending Monday's losses in choppy trade after Israel agreed to a ceasefire deal with Lebanon, reducing oil's risk premium.
Brent crude futures settled down 20 cents, or 0.27%, to $72.81 a barrel. U.S. West Texas Intermediate crude futures settled at $68.77 a barrel, down 17 cents, or 0.25%.
Israel's security cabinet has agreed a ceasefire deal with Lebanon, Channel 12 reported. The accord was expected to take effect on Wednesday.
Israeli Prime Minister Benjamin Netanyahu said he was ready to implement a ceasefire deal with Lebanon and would "respond forcefully to any violation" by Hezbollah.
On Monday, oil prices fell more than $2 following multiple reports that Israel and Lebanon had agreed to the terms of a ceasefire in the Israel-Hezbollah conflict.
A ceasefire could pressure crude oil prices because the U.S. administration would likely reduce sanctions on oil from Iran, a supporter of Hezbollah, StoneX analyst, Alex Hodes said in a note on Tuesday.
