Economy

Exclusive: U.S. rethinks steps on China tariffs in wake of Taiwan response

Exclusive: U.S. rethinks steps on China tariffs in wake of Taiwan response

WASHINGTON, Aug 10 (Reuters) – China’s war games around Taiwan have led Biden administration officials to recalibrate their thinking on whether to scrap some tariffs or potentially impose others on Beijing, setting those options aside for now, according to sources familiar with the deliberations. President Joe Biden’s team has been wrestling for months with various …

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China's trade curbs on Taiwan after Pelosi visit are drop in the ocean

China’s trade curbs on Taiwan after Pelosi visit are drop in the ocean

Beijing’s trade blocks against Taiwan affect about 0.04% of their two-way trade, reinforcing that these moves in Beijing’s playbook tend to be more political than economic, analysts said. Beijing took action against Taiwan following US House Speaker Nancy Pelosi’s visit to the island earlier this month despite warnings from Beijing. That included suspensions of imports …

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How Americans are coping with rising food prices amid inflation in 2022

How Americans are coping with rising food prices amid inflation in 2022

Refrigerators of Washington Post readers who discussed their inflation experiences. (Kelsey Brunner, Shuran Huang, Jovelle Tamayo, Luke Sharrett for The Washington Post) Readers share their experiences of wrestling with inflation August 10, 2022 at 6:00 am EDT Placeholder while article actions load Inflation is strangling kitchen-table budgets across the United States. Food costs have climbed …

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Inaptly named Inflation Reduction Act may come back to hurt Democrats in midterms

Inaptly named Inflation Reduction Act may come back to hurt Democrats in midterms

The Biden administration and Democrats on Capitol Hill have again defied basic logic in arguing that by passing the Inflation Reduction Act, inflation will decline from its current rate of 8.5 percent. For the low, low price of $740 billion, the US is projected to see its inflation rate stay more or less the same …

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Social Security cost-of-living adjustment may be 9.6% in 2023

Social Security cost-of-living adjustment may be 9.6% in 2023

New government data points to signs that red-hot inflation is starting to cool. But Social Security beneficiaries may still be in for a record high cost-of-living adjustment in 2023. The Senior Citizens League, a nonpartisan senior group, now estimates Social Security benefits may increase 9.6%, based on Consumer Price Index data released Wednesday. That would …

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Second-Largest U.S. Aluminum Mill Idles Due to 'Untenable' Energy Prices, Laying Off 600 American Workers

Second-Largest U.S. Aluminum Mill Idles Due to ‘Untenable’ Energy Prices, Laying Off 600 American Workers

The second largest aluminum mill in the United States has idled operations, laying off about 600 American workers, due to “untenable” electricity and energy prices. In June, Century Aluminum Co. executives announced that they would idle the Hawesville, Kentucky aluminum mill for about 9 to 12 months as a result of skyrocketing prices to merely …

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Sales at Applebee's at IHOP grew 6 to 8 percent over a three-month period ending June 30

People earning more than $75k a year are heading to chains restaurants

Wealthier Americans have swapped high-end restaurants for chains that offer larger portion sizes and deals, as inflation continues to run rampant across the United . Sales at Applebee’s and IHOP grew 6 to 8 percent over the three-month period ending June 30 among households earning over $75,000 a year, Dine Brands CEO John Peyton announced …

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Dollar tumbles after cooler-than-expected US inflation data

Dollar tumbles after cooler-than-expected US inflation data

Check out what’s clicking on FoxBusiness.com. The dollar fell more than 1 percent on Wednesday following a cooler-than-expected inflation report for July that raised expectations of a less aggressive rate hike cycle than previously anticipated from the US Federal Reserve. US consumer prices did not rise in July as the cost of gasoline plunged, delivering …

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