Economy
MarketBeat highlighted the three Illinois cities as bellwethers of the economy, during a time of uncertainty as consumer confidence remains low.
The letters warned the countries to not retaliate by increasing their own import taxes, or else the Trump administration would further increase import taxes.
The operators of Chicago-area companies that make such goods as kitchen and organizational products say higher tariffs on Chinese imports is threatening the survival of their businesses.
Powell is facing two days of what could be tough grilling on Capitol Hill, as Trump has repeatedly urged the Fed to reduce borrowing costs.
Higher costs and uncertainty are the latest challenge for Asian-owned business with ties to China, the target of Trump’s trade wars.
The discount grocery chain said it will be reducing prices on products like meat and produce at its more than 2,400 stores through Labor Day.
At least seven lawsuits are challenging the levies, the centerpiece of Trump’s trade policy. Trump has said he has the power to act because the country’s trade deficits amount to a national emergency.
President Trump approved the Japanese company’s nearly $15 billion bid for the American steelmaker last week.
Choose Chicago said 55.3 million people came to the city last year, but it’s still short of the 61 million in 2019.
CEO Doug McMillon said price increases on the shelves will feel more gradual, but they had already begun as early as April, and they accelerated in May.
Some readers say they’re trying to save more, while others say the dips in the stock market are an investment opportunity.
Shoppers are driving store to store seeking the best deals and putting off impulse buys. Others are considering food banks. Smaller grocery stores unable to negotiate deals with suppliers worry they’ll be squeezed out by national chains.
The sudden rise followed a false rumor that Trump was considering a 90-day pause on his tariffs, one that a White House account on X quickly labeled as “fake news.” That a rumor could move trillions of dollars’ worth of investments shows how much investors are hoping to see signs that Trump may let up on tariffs.
Steel imports will be taxed at a minimum of 25%, under orders issued by President Donald Trump on Monday, and aluminum tariffs would rise to 25% from 10%. Trump says the tax hikes will strengthen American manufacturing, but analysts disagree.