Why Crypto Stocks Were Crushing the Market on ThursdayDETROIT (AP) — If Donald Trump makes good on his threat to slap 25% tariffs on everything imported from Mexico and Canada, the price increases that could follow will collide with his campaign promise to give American families a break from inflation. Economists say companies would have little choice but to pass along the added costs, dramatically raising prices for food, clothing, automobiles, booze and other goods. The president-elect floated the tariff idea, including additional 10% taxes on goods from China, as a way to force the countries to halt the flow of illegal immigrants and drugs into the U.S. But his posts Monday on Truth Social threatening the tariffs on his first day in office could just be a negotiating ploy to get the countries to change behavior. High food prices were a major issue in voters picking Trump over Vice President Kamala Harris, but tariffs almost certainly would push those costs up even further. For instance, the Produce Distributors Association, a Washington trade group, said Tuesday that tariffs will raise prices for fresh fruit and vegetables and hurt U.S. farmers when other countries retaliate. “Tariffs distort the marketplace and will raise prices along the supply chain, resulting in the consumer paying more at the checkout line,” said Alan Siger, association president. Mexico and Canada are two of the biggest exporters of fresh fruit and vegetables to the U.S. In 2022, Mexico supplied 51% of fresh fruit and 69% of fresh vegetables imported by value into the U.S., while Canada supplied 2% of fresh fruit and 20% of fresh vegetables. Before the election, about 7 in 10 voters said they were very concerned about the cost of food, according to AP VoteCast, a survey of more than 120,000 voters. “We’ll get them down,” Trump told shoppers during a September visit to a Pennsylvania grocery store. The U.S. is the largest importer of goods in the world, with Mexico, China and Canada its top three suppliers, according to the most recent U.S. Census data. People looking to buy a new vehicle likely would see big price increases as well, at a time when costs have gone up so much they are out of reach for many. The average price of a new vehicle now runs around $48,000. About 15% of the 15.6 million new vehicles sold in the U.S. last year came from Mexico, while 8% crossed the border from Canada, according to Global Data. Much of the tariffs would get passed along to consumers, unless automakers can somehow quickly find productivity improvements to offset them, said C.J. Finn, U.S. automotive sector leader for PwC. That means even more consumers “would potentially get priced out,” Finn said. Hardest hit would be Volkswagen, Stellantis, General Motors and Ford, Bernstein analyst Daniel Roeska wrote Tuesday in a note to investors. “A 25% tariff on Mexico and Canada would severely cripple the U.S. auto industry,” he said. The tariffs would hurt U.S. industrial production so much that “we expect this is unlikely to happen in practice,” Roeska said. The tariff threat hit auto stocks on Tuesday, particularly shares of GM, which imports about 30% of the vehicles it sells in the U.S. from Canada and Mexico, and Stellantis, which imports about 40% from the two countries. For both, about 55% of their lucrative pickup trucks come from Mexico and Canada. GM stock lost almost 9% of its value, while Stellantis dropped nearly 6%. It's not clear how long the tariffs would last if implemented, but they could force auto executives to move production to the U.S., which could create more jobs in the long run. However, Morningstar analyst David Whiston said automakers probably won't make any immediate moves because they can't quickly change where they build vehicles. Millions of dollars worth of auto parts flow across the borders with Mexico and Canada, and that could raise prices for already costly automobile repairs, Finn said. The Distilled Spirits Council of the U.S. said tariffs on tequila or Canadian whisky won’t boost American jobs because they are distinctive products that can only be made in their country of origin. In 2023, the U.S. imported $4.6 billion worth of tequila and $108 million worth of mezcal from Mexico and $537 million worth of spirits from Canada, it said. “Tariffs on spirits products from our neighbors to the north and south are going to hurt U.S. consumers and lead to job losses across the U.S. hospitality industry,” it added. Electronics retailer Best Buy said on its third-quarter earnings conference call that it runs on thin profit margins, so while vendors and the company will shoulder some increases, Best Buy will have to pass tariffs to customers. “These are goods that people need, and higher prices are not helpful,” CEO Corie Barry said. Walmart also warned this week that tariffs could force it to raise prices. Tariffs could trigger supply chain disruptions as people buy goods before they are imposed and companies seek alternate sources of parts, said Rob Handfield, a professor of supply chain management at North Carolina State University. Some businesses might not be able to pass on the costs. “It could actually shut down a lot of industries in the United States. It could actually put a lot of U.S. businesses out of business,” he said. Canadian Prime Minister Justin Trudeau, who talked with Trump after his call for tariffs, said they had a good conversation about working together. "This is a relationship that we know takes a certain amount of working on and that’s what we’ll do,” Trudeau said. Trump's threats come as arrests for illegally crossing the border from Mexico have been falling . But arrests for illegally crossing the border from Canada have been rising over the past two years. Much of America’s fentanyl is smuggled from Mexico, and seizures have increased. Trump has sound legal justification to impose tariffs, even though they conflict with a 2020 trade deal brokered in large part by Trump with Canada and Mexico, said William Reinsch, senior adviser at the Center for Strategic and International Studies and a former Clinton administration trade official. The treaty, known as the USMCA, is up for review in 2026. In China’s case, he could simply declare Beijing hasn't met obligations under an agreement he negotiated in his first term. For Canada and Mexico, he could say the influx of migrants and drugs are a national security threat, and turn to a section of trade law he used in his first term to slap tariffs on steel and aluminum. The law he would most likely use for Canada and Mexico has a legal process that often takes up to nine months, giving Trump time to seek a deal. If talks failed and the duties were imposed, all three countries would likely retaliate with tariffs on U.S. exports, said Reinsch, who believes Trump's tariffs threat is a negotiating ploy. U.S. companies would lobby intensively against tariffs, and would seek to have products exempted. Some of the biggest exporters from Mexico are U.S. firms that make parts there, Reinsch said. Longer term, Mary Lovely, a senior fellow at the Peterson Institute for International Economics, said the threat of tariffs could make the U.S. an “unstable partner” in international trade. “It is an incentive to move activity outside the United States to avoid all this uncertainty,” she said. Trump transition team officials did not immediately respond to questions about what he would need to see to prevent the tariffs from being implemented and how they would impact prices in the U.S. Mexican President Claudia Sheinbaum suggested Tuesday that Mexico could retaliate with tariffs of its own. Sheinbaum said she was willing to talk about the issues, but said drugs were a U.S. problem. ___ Rugaber reported from Washington. AP reporters Dee-Ann Durbin in Detroit, Stan Choe and Anne D'Innocenzio in New York, and Rob Gillies in Toronto contributed to this report.
Teachers, parents have differing reactions to Santa Fe school phone policyRobin Goodfellow's racing tips: Best bets for Wednesday, November 27 By STEVE RYDER Published: 22:30, 26 November 2024 | Updated: 22:36, 26 November 2024 e-mail View comments Mail Sport's racing expert Robin Goodfellow delivers his tips for Tuesday's meetings at Market Rasen, Wetherby and Hereford. Mail Sport's racing expert Robin Goodfellow delivers his tips for Tuesday's meetings Market Rasen Robin Goodfellow 12.05 Tripoli Flyer 12.40 Brave Jen 1.15 Camino Rocio (nb) 1.50 Harbour Lake 2.25 Fantastic Lady 3.00 Pats Dream 3.35 Pertemps Gimcrack 12.05 Tripoli Flyer 12.40 Brave Jen 1.15 Camino Rocio 1.50 HARBOUR LAKE (nap) 2.25 Apple Away 3.00 Anytrixwilldo 3.35 Great Fleet NORTHERNER – 3.35 HE’S BRESILIAN (nap). Wetherby (Inspection 7.30am) Robin Goodfellow 12.25 Global Eclipse 1.00 Skycutter 1.35 Let It Rain 2.10 Hourvari 2.45 Chemical Warfare 3.17 Blue Betty Gimcrack 12.25 Global Eclipse 1.00 Skycutter 1.35 Let It Rain (nb) 2.10 Matchles 2.45 Whosmydaddy 3.17 Blue Betty NORTHERNER – 2.10 Mr Bramley (nb) Hereford (Inspection 7.30am) Robin Goodfellow 12.15 Just Lucky Sivola 12.50 PADDY IN THE CADDY (nap) 1.25 Mossy Fen Road 2.00 Hermes Du Gouet 2.35 Any Biscuits 3.10 Billams Legacy 3.45 Kashmir De Corton Gimcrack 12.15 Just Lucky Sivola 12.50 Smart Casual 1.25 Nowmelad 2.00 Harrys Hope 2.35 Any Biscuits 3.10 Culligran 3.45 Sangpoursangamoi Share or comment on this article: Robin Goodfellow's racing tips: Best bets for Wednesday, November 27 e-mail Add comment“One of the major problems we have faced in Nigeria as a filmmaking industry has been funding,” said Ini Edo, star and co-producer of Nigerian Netflix series Shanty Town . “So, the success of [ Shanty Town ] really made people in the private sector start to realize that this can actually be a commercial success, and this is a business worth investing in and...we can actually get global acceptability.” Stepping into Deadline’s Red Sea Studio in Jeddah, Saudi Arabia, the Nollywood star said that the experience of making Shanty Town , which is now Netflix Africa’s most watched Nigerian drama on the streamer, was “pretty intense...and something, perhaps for us, that had never been done before.” The series, which was co-produced with Chichi Nworah, also stars Chidi Mokeme, Richard Mofe-Damijo, Nse Ikpe-Etim, Sola Sobowale, Nancy Isime, Shaffy Bellow and Ali Nuhu and more. It follows a group of courtesans attempts to escape the grasp of a notorious kingpin, but political corruption and blood ties make freedom a near-impossible goal. It ended up sitting in the Top 10 in 8 countries, including the UK. “I think the originality of the story was a driving factor and also, we did a lot of upscaling with the technical quality of the [series],” she said. “We took very special interest in the cinematography, the sound, the scoring and it was a story that resonated a lot with the times that we filmed it. It did also touch on a lot of social vices and what we’re dealing with presently in the continent as Africans and even the world at large.” Edo continued: “The subject of the story is something that a lot of other countries could relate to because those were the ills that were happening in society at the time and are still happening. It just really shed light on the underworld as much as you’re trying to drive the original narrative of the Nigerian story.” She admits the project has caused “investors to open up some more” in the industry and said that Nigeria’s government is “taking us more seriously and has started paying attention to the industry.” Edo also talked about her latest projects, which includes upcoming Christmas comedy One Night Guests so for more on that news, check out the full interview above.
BJP MP Nishikant Dubey rile the opposition party further with his "Congress ka haath, Soros ke Saath" jibe NEW DELHI: Political confrontation on BJP's allegation about Congress's links with US-based currency manipulator and hedge fund operator George Soros looks unlikely to abate soon with the party in power rejecting the demand for an apology. "I stand by what I said because I spoke on the basis of facts they have not been able to dispute. In fact, I could not get to ask all the 10 questions I had planned to and will exercise my right to defend myself under Rule 357 to produce my entire chargesheet, should they insist on apology," said Nishikant Dubey, BJP member who levelled the charge in Lok Sabha on Thursday and doubled it down on Friday to rile the opposition party further with his "Congress ka haath, Soros ke Saath" jibe. Citing the claims made by French media outlet Mediapart, BJP, in both Houses, said on Thursday that Soros, through his proxies like the Open Society Foundation , Human Rights Watch, and Organised Crime and Corruption Reporting Project (OCCRP), has consistently timed his "false propaganda" to coincide with Parliament sessions in India, which were then used by Congress leaders, with Rahul Gandhi taking the lead. Importantly, despite US embassy's protests against the saffron party's attempt to establish a link between the investigative journalism project and the State Department, BJP stuck to its charge that OCCRP was a project of the US department. "It is a matter of fact. It is for them to figure out whether those behind the false propaganda against India exceeded their brief as part of a deep state operation," said Dubey as he made light of US embassy's complaint against BJP's statement. BJP's charge is based on Mediapart's claims that OCCRP derived a substantial part of its funding from the US and other western countries like the UK, France, Switzerland and Sweden. US's share alone stood at 53%, though OCCRP's Drew Sullian puts it at 46%. More importantly, it was created by US Bureau of International Narcotics and Law Enforcement. In fact, it owes its creation to David Hodkinson, formerly of US army who was deployed in 25 countries. A reservist now, he works for the US Director of National Intelligence as a colonel (retd). Mediapart, relying on the statements of Sullivan, summed up OCCRP's position vis-a-vis the US govt as of "structural dependency", since it is constrained from doing stories on US matters because of "conflict of interest" and because it is governed by the US Foreign Services Act that its activities is "aligned with and advance US foreign policy of economic sanctions". In an 2023 email to the OCCRP staff, Sullvan explained that the group will not do stories on the US because all of its budget was paid for by Washington and the Open Society Foundation of Soros. BJP's annoyance with Soros, who has made no secret of his dislike for Prime Minister Narendra Modi and has included him in the list of targets, which also include US President-elect Donald Trump, is not new. It has also accused him of working in league with Congress. But it is Mediapart's disclosure about OCCRP, whose claims regarding Pegasus spyware, efficacy of anti-Covid vaccines developed in India, and currency manipulation by Adani Group, were seized upon by Congress and others to disrupt proceedings of Parliament, being backed by a US govt agency and Soros, appears to have encouraged the saffron strategists to turn their grievance into a full-scale campaign. Beginning Thursday, there has been a flood of posts on X, where party officials and supporters shared snippets of information, claiming that Congress, through its leaders like Rahul Gandhi, was in cahoots with Soros to push an agenda to undermine and defame the Modi government. Stay updated with the latest news on Times of India . Don't miss daily games like Crossword , Sudoku , and Mini Crossword .