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Wednesday, August 27, 2025Auto Suppliers Hesitant to Fill Jobs Until Tariff Uncertainty Settles
Multiple experts in the automotive industry believe that tariffs imposed by the administration of President Donald Trump are causing most Tier One suppliers to halt hiring for open positions and may result in a wave of staff layoffs before the end of this year. But if the tariff picture is settled, there are positive signs ahead for the automotive industry from the federal spending signed into law in early July to a state research and development grant. Despite the presence of tariffs, the U.S. economy
Tuesday, August 05, 2025Trump says US and China nearing a ‘good deal’, links agreement to meeting with Xi
US President Donald Trump, hailing his “good relationship” with his Chinese counterpart Xi Jinping, said on Tuesday that a deal with China was taking shape, a week after officials from both countries concluded talks on tariffs in Sweden. “It’s not imperative, but I think we’re going to make a good deal … I won’t meet with China if we don’t make a deal. We are getting along with China very well … I have a very good relationship with President Xi,” Trump told CNBC. He also said in the interview that
Tuesday, August 05, 2025Indonesian manufacturers see tough times ahead as higher US tariffs kick in
Workers assemble electric motorbikes at the Alva Manufacturing Facility in Cikarang, West Java, in this undated handout photograph. PHOTO: ALVA AUTO/THE JAKARTA POSTJAKARTA – Indonesian manufacturers are increasingly cautious in their outlook as business confidence has fallen to a record low amid concerns over United States import tariffs. Experts warn that waning sentiment risks holding back investment. The latest manufacturing Purchasing Managers’ Index (PMI) report from S&P Global shows that producers’
Tuesday, August 05, 2025Vietnam’s free trade zones hoped to give boost to economic growth
A corner of Da Nang City. PHOTO: VNA/ VIET NAM NEWSHANOI – Many Vietnamese localities are now ambitiously planning to form free trade zones (FTZs), with the aim of creating breakthroughs in economic growth. Khánh Hòa is among the latest provinces to announce plans for establishing an FTZ. At a recent meeting with enterprises and investors, Chairman of the provincial People’s Committee Trần Quốc Nam said that the province was studying the model for the Khánh Hòa Free Trade Zone, with a desire to create a
Tuesday, August 05, 2025US President Trump threatens higher tariffs on India over Russian oil trade
President Donald Trump walks toward members of the media as he departs the White House on August 01, 2025 in Washington, DC. PHOTO: GETTY IMAGES VIA AFPNEW DELHI – United States President Donald Trump on Monday threatened to substantially raise tariffs on India for buying Russian oil, alleging that New Delhi is reselling it on the open market for significant profits. In a social media post on Truth Social, Trump said, “India is not only buying massive amounts of Russian oil, they are then, for much of the
Tuesday, August 05, 2025No clear winner in US tariff policy among ASEAN countries
Discounting Singapore, ASEAN’s largest economies are subject to more or less the same rate, even though each played a different hand in the negotiations with President Trump based on local economic characteristics and priorities. PHOTO: AFPJAKARTA – The competition landscape in Southeast Asia has become clearer as the Aug. 1 tariff deadline set by the United States President Donald Trump passed with most countries in the region facing the same hurdle in exporting goods to the world’s largest consumer
Monday, August 04, 2025Thai govt pushes US tariff deal to parliament, prepares origin rule negotiations
The Thai Cabinet convened a special meeting on August 1 to approve a draft trade statement between Thailand and the US. The agreement will allow Thai imports into the US under a 19% tariff, while Thailand commits to lowering import tariffs for US goods. This move follows the United States’ announcement on July 31 to impose a 19% reciprocal tariff on imports from Thailand, Malaysia, and Cambodia—after previously declaring similar rates for Indonesia (19%) and Vietnam (20%). Finance Minister Pichai
Friday, August 01, 2025Key U.S. Inflation Gauge Rises Slightly
The Federal Reserve’s preferred inflation gauge climbed a little higher last month, with prices rising 2.6% in June compared with a year ago. The Commerce Department reported Thursday prices were up from an annual pace of 2.4% in May. Excluding the volatile food and energy categories, prices rose 2.8% in the past year, the same as the previous month, which was revised higher. Those figures are above the Fed’s 2% target rate. That rise in prices led to the Fed’s decision to not cut its key interest rate
Friday, August 01, 2025U.S. Announces Higher Tariffs, Including 35% on Canada
President Donald Trump’s tariff rates were supposed to kick in Friday, but have now been delayed a week. Trump signed a pair of executive orders this week that increase tariffs on merchandise from some 70 countries. The orders also increased tariffs on products made in Canada, one of the country’s largest trading partners, to 35 percent. Higher tariff rates were scheduled to begin Friday, but now won’t take effect for another week in order to give Customs and Border Protection officials time to prepare,
Friday, August 01, 2025Consumer Confidence Rose Slightly in July
The way Americans view the U.S. economy improved in July, but they appear to still be concerned about the impact of the country’s shifting implementation of tariffs on their economic futures. The Conference Board, a global, nonprofit think tank and business membership organization, said Tuesday that its consumer confidence index rose to 97.2 in July, a 2-percent increase from the 95.2 registered the previous month. The increase in confidence was in line with analysts’ forecasts. In April, American
Friday, August 01, 2025PNC Commentary for you as Fed keeps rates steady
Wednesday’s FOMC announcement featured the first dual dissent since 1993. Although Fed Governor Waller’s dissent was well telegraphed, there was some uncertainty as to whether or not Michelle Bowman would dissent as well. Based on Fed Chair Powell’s post meeting press conference, there was a robust debate during this meeting on what the neutral rate is at this point in the economic cycle. The dovish camp is concerned about a labor market that, while still healthy, has slowed in the last 6 months. The
Friday, August 01, 2025The Heart of American Exports: Making Small Businesses Great Again
Small businesses make up 99.9% of all U.S. companies. This overwhelming majority reinforces that nearly every community across America – from rural towns to urban neighborhoods – rely on small businesses to power job creation, advance innovation, and sustain livelihoods. When it comes to trade, their presence is equally powerful. Among U.S. exporters, 97% are small businesses. These companies are the backbone of the U.S. economy, with outsized contributions to our manufacturing base, job growth, and
Thursday, July 31, 2025Fed Ducks Pressure, Holds Interest Rate Steady
The Federal Reserve resisted massive pressure from the White House and held interest rates steady following Wednesday’s meeting of its 12-member rate-setting committee. The 10-2 vote, though, represented a rare time when the vote wasn’t unanimous. Two board members, both appointed by President Donald Trump – the source of the intense pressure to lower rates – voted for a cut. For the fifth straight meeting, the committee kept its benchmark policy rate in a range between 4.25% and 4.5% as they weighed how
Thursday, July 31, 2025Gov. Whitmer Signs Executive Directive to Assess Impact of Tariffs on Rising Costs for Michiganders
Governor Gretchen Whitmer signed an executive directive asking various state offices to investigate, calculate, and report the latest impact of tariffs on Michigan’s economy. Reaching its highest point in 115 years, the tariff rate has raised costs and weakened the supply chain, impacting leading Michigan sectors like manufacturing, the auto industry, and agriculture. The executive directive comes a day before President Trump’s August 1 tariff deadline. "I have heard from countless Michiganders alarmed
Tuesday, July 29, 2025Report: Michigan’s Tourism Industry Generates $54.8B in Economic Impact
Escanaba in the Upper Peninsula is one of many potential starting points for boating adventures in Michigan. // Photo courtesy of Pure Michigan Michigan’s tourism industry contributed a total of $54.8 billion in economic impact to the state’s economy in 2024, according to a new study from Tourism Economics released today by Travel Michigan, part of the Michigan Economic Development Corp. (MEDC) in Lansing. The study found 131.2 million visitors traveled to Michigan in 2024, spending $30.7 billion in
