WASHINGTON - From holding back investments to considering moving abroad, businesses in the US are bracing themselves for more economic turbulence as the presidential campaign kicks into high gear with fresh tariffs rolled out and promises of more.
Republican candidate Donald Trump has proposed at least a 10 per cent tariff on imports and up to 60 per cent on Chinese goods, intensifying levies he previously imposed on Beijing and others.
Meanwhile, Democratic nominee Kamala Harris serves an administration that largely maintained Trump's tariffs and last month finalised further hikes on US$18 billion (S$23.5 billion) of Chinese products.
For Mr Robert Actis, whose manufacturing business has been caught in the tariff maelstrom, the future has looked clouded over the past five years.
Under Trump, he faced tariffs on steel and aluminium, and has struggled to find alternative suppliers for raw materials not produced in the country.
Fresh measures on the materials by the Biden-Harris administration have added to his woes.
"I would be very happy to buy from a US producer," said Mr Actis, who imports wires to make stucco netting used in construction, "but there is no one willing to do it." He has previously been granted tariff exemptions, but the annual applications are not always successful.
This story is from the October 14, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 14, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Ride on China growth story but tread cautiously, say experts
S'pore investors can go for diversified portfolio of stocks or China-related plays
S'pore-based Shein reportedly adds more banks to arrange London listing
Shein has added more banks to help arrange its potential initial public offering (IPO) that could value the online fashion retailer at £50 billion (S$85 billion), potentially one of the biggest listings in London in recent years, people familiar with the matter said.
Job seeker support scheme will be reviewed quarterly
Manpower Minister not ruling out further expanding the initiative after it is rolled out in April 2025
C&C, Gogoro launch electric scooters and charging stations
Cycle & Carriage Singapore (C&C) and Gogoro officially launched battery-swop electric scooters and charging stations in Singapore on Oct 16.
Boeing to raise up to $33b as strike weighs on finances
US aircraft manufacturer Boeing unveiled measures meant to replenish its cash flow on Oct 15, including an intention to raise up to US$25 billion (S$33 billion), as it navigates recurrent production problems and a major US strike.
NZ inflation slows to lowest rate since early 2021
New Zealand's annual inflation rate fell sharply in the third quarter, returning to the central bank's target band for the first time in more than three years.
Why are tech companies in S'pore laying off people?
Restructuring, rising employment cost and slow growth forecast among factors
Workers at Samsung's Tamil Nadu factory end strike
Workers of Samsung Electronics' Indian unit have decided to end a strike at its factory in the southern Indian state of Tamil Nadu, the company said on Oct 15, ending a labour protest that had continued for more than a month.
Widower shared account info with 'women' online, but they were scammers
Shortly after his wife died, a man shared details of his bank accounts with people he met online who claimed to be women, only to find out that some of the accounts were later used to handle scam proceeds.
All SIT graduates to get transcript of transferable skills
Move to go beyond academic grades will document students' mastery of 18 skills
