Philippines' Marcos to Discuss Tariff, Meet Trump in US Visit
Marcos will seek to bolster US-Philippine security and economic ties during the July 20-22 visit, Foreign Affairs Assistant Secretary Raquel Solano said at a briefing on Friday.
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Indianapolis Star
a few seconds ago
- Indianapolis Star
Tariffs will cost families $2,500 this year — but wages won't rise to help
The average American family will pay about $2,500 more this year because of tariffs. But unlike inflation, your wages won't rise to compensate. That's because tariffs work differently than inflation. Tariffs cause an increase in the price of goods, both imported and their domestic competitors. But that price increase is not technically inflation — it's worse. Here is what is actually happening. Inflation is a decline in the value of currency over time. It happens because there is too much currency in circulation. That extra money can enter the economy through a growing deficit, as happened after the 2020 CARES Act, the 2021 American Rescue Plan and — the most inflationary of these — President Trump's Big Beautiful Bill. Still, tax and spending policy alone cannot cause inflation. The Federal Reserve must also allow too much money growth. Inflation affects all goods and services, including wages. So, during this unpleasant bout of inflation, wages actually grew more than prices — at least for the average private sector worker. Tariffs work very differently. Tariffs are taxes on imports and range from 10% to 55%, depending on the country of origin, the product in question and the president's hormone level. Following the 2018 tariffs, we learned from multiple studies that American consumers paid almost all the tariffs. This was to be expected, because we're a rich country buying goods from poorer nations. We are likely to be less price sensitive than manufacturing firms in developing countries. Hence, we pay more of — or nearly all of — the tariffs. The good news is that in February, March and April, American imports spiked. In those three months alone, we bought roughly five extra months' worth of goods. Those purchases were clearly intended to beat the tariff deadlines and avoid the extra tax. That surge of imports meant that many of the goods now on store shelves and being assembled into cars, computers and washing machines were bought before the tariffs. That pre-tariff stockpile has meant that price increases have been relatively low so far. The bad news is that only $335 of that $2,500 family tariff bill has hit so far. The rest is coming as importing firms pass along their costs. The consumer price index — the main measure of inflation — rose 0.3% in the latest reading. That's modest, but it came as the Federal Reserve was successfully reducing inflation. Prices have stopped falling and are rising again. These higher prices are solely due to Trump tariffs. They are poised to worsen substantially as the stockpile of pre-tariff goods are sold by retailers or put onto cars, RVs and other American-made products. The cost of goods sold later this summer, and until tariffs are eliminated, will continue to rise. This increase in prices and the consumer price index will look, feel and taste just like inflation. Journalists and even economists will call it inflation, but it's not inflation. If it was inflation, we'd eventually see wages rising as well. But higher tariff costs don't lead to higher wages; in fact, the opposite may occur. The tariffs took the U.S. from 2.4% growth in the fourth quarter of 2024 to -0.5% in the first quarter this year. The economy continues contracting, which will reduce wage growth and maybe even reverse it. So, as prices go up, wages will decline for the average worker. We import goods to make American workers more productive. Skilled American workers focus on high-value manufacturing while importing cheaper components from abroad. When tariffs force companies to pay more for imports or make low-value parts themselves, productivity falls. That means lower wages and profits — or more job automation. In the two months of data since Trump's Liberation Day tariffs were announced, the U.S. has lost 14,000 factory jobs. The slowdown in the economy this year follows a pattern that is nearly a precise example of what economic explanations of tariffs have predicted for a half century. The price increases due to tariffs are not technically inflation. Economists have a name for rising prices during a weak economy: stagflation. It's what made the 1970s so miserable.
Yahoo
27 minutes ago
- Yahoo
Macsen Labs Achieves Breakthrough in Sodium-Ion Battery Chemistry, Files Provisional Patent, and Advances Toward Pilot-Scale Manufacturing
Video Link: UDAIPUR, India, July 21, 2025 /CNW/ -- Macsen Labs, a manufacturer of APIs, dyes, and specialty chemicals since 1952, has announced a major breakthrough in Sodium-Ion battery technology through the successful R&D-scale synthesis of its high-performance Prussian White, a next-generation cathode material for Sodium-Ion batteries. The company has filed a provisional patent for its proprietary synthesis process. The material has already undergone optimization for battery use at the company's electrochemistry and battery R&D facility and has shown promising results, driving the next phase toward pilot-scale manufacturing. "It's an interesting story, how a pharmaceutical company like ours entered the energy storage space," said Mr. Achal Agrawal, CEO of Macsen Labs and the lead researcher behind the project. "While working on Prussian Blue as a drug for radioactive poisoning, we discovered its derivative — Prussian White, which was emerging as a leading candidate for Sodium-Ion battery cathodes. That moment of curiosity led us down this path." Exactly one year ago, with zero experience in electrochemistry, Macsen's team fabricated a basic pouch cell inside a regular chemistry R&D lab, without specialized equipment. "We had no glovebox, no coater, no calendering machine, just our lab experience and synthesized material," recalled Agrawal. "When that small cell lit up an LED bulb, we knew we had something worth pursuing. That spark led us to establish a full-fledged electrochemistry lab." Today, Macsen's battery R&D facility includes an argon-filled glovebox for inert atmosphere handling, coin and pouch cell fabrication stations, electrode coaters, crimpers, vacuum dryers, and electrochemical testing systems, such as cyclers and potentiostats. With this setup, Macsen can rapidly prototype and test battery cells using its own synthesized materials, significantly reducing development time. The company already operates a pilot-scale chemical synthesis facility, which is now being used to produce Prussian White at a kilogram scale. Through numerous experiments conducted over the last year, the team has gained proficiency in Prussian White chemistry and has achieved what is likely to be one of the finest quality variants produced to date. Through its proprietary process, Macsen has achieved an energy density exceeding 150 mAh/g with Prussian White, which is comparable to Lithium Iron Phosphate (LFP). The material also shows excellent stability, fast sodium-ion mobility due to its open crystalline structure, and compatibility with existing Li-ion cell manufacturing infrastructure. "Performance-wise, it's at par with LFP, but made from abundant, low-cost materials like sodium and iron," said Agrawal. "And these elements are easily available, affordable, and free from geopolitical constraints." This project, originally incubated within Macsen Labs, is now being advanced under a dedicated entity currently under formation — 'Macsen Energy', which will focus exclusively on energy storage innovation and scale-up. "The real potential of sodium-ion batteries lies not just in electric vehicles," said Agrawal. "It lies in stationary energy storage systems that store and manage renewable energy from solar and wind. This is where India's energy transition will happen at scale." Macsen's current Sodium-Ion battery technology, using its Prussian White as cathode paired with a hard carbon anode, is well suited for applications such as battery energy storage systems (BESS) for grid and solar, household backup and inverter systems, short-range EVs, auto-rickshaws, two-wheelers, city buses, rural microgrids, and energy access solutions. The company is now focusing not only on improving cycle life, energy density, charge-discharge rates, and optimizing electrolyte-additive systems, but also on reducing the cost contribution of other components of the battery cell. Macsen aims to develop economical form factors by innovatively combining low-cost battery materials, components, and manufacturing processes, especially for large-scale stationary energy storage. One inherent cost advantage of sodium-ion technology is its use of aluminium in place of copper as the cathode current collector, which would further reduce raw material costs. To demonstrate the performance of Prussian White in commercial large-format cells, Macsen is setting up a pilot-scale cell fabrication line. The company is already sourcing equipment for this and aims to have the pilot-scale production facility operational by early 2026. "We are trying to make a new energy future for India," concluded Agrawal. "Sodium-ion batteries are India's opportunity to build a truly indigenous, scalable, and affordable energy storage ecosystem." Contactcorporate@ Video: View original content to download multimedia: SOURCE Macsen Labs Group View original content to download multimedia: Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
27 minutes ago
- Yahoo
Mitsubishi unveils new Destinator family SUV
Japan's Mitsubishi Motors Corporation has released pictures of its all-new mid-size SUV, the Destinator, designed primarily for markets in Asia, Latin America, the Middle East, and Africa. The model makes its global debut at the 32nd Gaikindo Indonesia International Auto Show (GIIAS) in Jakarta in the last week of July. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You The Insurance Savings You Expect Great Rates and Award-Winning Service Mitsubishi said that the new three-row, seven-seater Destinator, produced by its Indonesian subsidiary PT Mitsubishi Motors Krama Yudha Indonesia, was developed as a lifestyle vehicle that 'encourages families to pursue new destinations with confidence.' The automaker claims the Destinator combines 'a refined, authentic SUV design with a spacious, premium interior that ensures comfort for everyone on board.' The Destinator is powered by a 1.5L turbocharged engine, generating 120 kW of power and 250 Nm of torque, coupled with a CVT transmission that features five drive modes for optimized performance in various road conditions. The suspension is tuned for comfort, with a high ground clearance, to suit the ASEAN region's roads. The model also features a panoramic sunroof, 64-color ambient lighting for a premium feel, and is equipped with advanced driver assistance (ADAS) and connectivity features. Mitsubishi Motors CEO, Takao Kato, said in a statement: 'The all-new Destinator is a seven-seater SUV designed to encourage families to embark on adventures in comfort. This marks the third global strategic model born in Indonesia, following the Xpander crossover MPV and the Xforce compact SUV, and it will be marketed globally with a focus on the ASEAN region. Our operations in Indonesia are a cornerstone of Mitsubishi Motors' business, and by expanding the production and sales of the Destinator and other models, we are committed to contributing to the growth of the Indonesian automotive industry and the local economy, while delivering vehicles that inspire and delight customers around the world.' "Mitsubishi unveils new Destinator family SUV" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
