The Surge in Ocean Shipping Rates Is Peaking
American importers are getting a rare piece of good news amid worries about tariffs and consumer spending as ocean shipping costs start to sink.
The average spot rate to ship a 40-foot container from Asia to the U.S. West Coast slipped at the start of this week to $5,840, down from an average of about $6,000 the prior week, according to online booking platform Freightos. A measure of global ocean shipping rates, the Shanghai Containerized Freight Index, on Friday fell 6.8% from a week earlier, dragged down by an almost 27% decline in rates from Shanghai to the U.S. West Coast, according to HSBC Global Research.
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CNET
11 minutes ago
- CNET
Tariff Impacts Are Real: I Found 13 Companies With Official Price Hikes
Higher prices for a lot of popular products seem inevitable on our current trajectory. James Martin/CNET In a lot of ways and for a lot of products in the US, the biggest impacts of President Donald Trump's aggressive tariff plans are still a ways off in the near future. Still, numerous companies have already hiked prices or said that they will be increased in the near future -- including, most recently, a popular and CNET-approved brand of smart lights. The fact of the matter is that tariffs -- a tax placed on the importing of certain products into a country -- will ultimately cause prices to go up, with Walmart characterizing these eventual price hikes as "inevitable" during its earnings call last month. Given Trump's push to place historically high tariffs on goods from almost every country in the world, you can also expect these price hikes to hit a huge variety of products. This truth has begun to sink in for a lot of Americans, if a recent survey conducted by CNET is anything to go by. According to the results, about 38% of consumers feel pressured to make certain purchases before tariffs cause them to go up in price. About 10% said that they had already made certain purchases out of the hope that they'll avoid a future price hike, and 27% said they had delayed purchases for products that cost more than $500. Overall, these concerns about prices were felt the most around popular tech pieces like smartphones, laptops and home appliances. To help you keep score, I've put together a list of all the companies that have either confirmed or warned of price hikes due to Trump's tariffs. As other companies make such announcements, you can expect new names to be added here. Continue on for all those details, and for more, find out why it's best if you wait on buying a new iPhone. Best Buy Without getting into specifics, Best Buy CEO Corie Barry told the Wall Street Journal late last month that it has already raised prices on certain products as part of its response to the tariffs. e.l.f. Known as an affordable option in the beauty world, e.l.f. announced in late May that it would be implementing a $1 price hike across its product line in response to the tariffs. CEO Tarang Amin claimed that the reaction from customers was positive, on account of the company's transparency. "We're not trying to pull anything over on anyone," Amin told Fortune. "This is exactly what we're facing, and they understand." Macy's Speaking to CNBC in late May, Macy's CEO Tony Spring said that price hikes will be implemented on some products due to tariffs, while also emphasizing that other tactics -- like discontinuing certain products altogether -- will also be a response to rising costs. Mattel Known for brands like Barbie and Hot Wheels, Mattel sounded the alarm over likely price increases during an early May earnings call. While it's unclear how much the toymaker's prices have increased since then, the company told investors that it would be, "where necessary, taking pricing action in its US business," or to put it plainly, raising prices for consumers to mitigate the impact of tariffs. Nikon Camera-maker Nikon will introduce price hikes in response to Trump's tariffs, effective June 23. This move will only target lenses and accessories the company makes and sells, so the cameras themselves are safe for now. "We will be carefully monitoring any tariff developments and may adjust pricing as necessary to reflect the evolving market conditions," a statement from Nikon explained. "We wish to thank our customers for their understanding and know that we are taking every possible step to minimize the impact on our community." Philips Hue Parent company Signify announced that prices for its popular and highly regarded Philips Hue brand of smart lights will see price hikes effective July 1. The company also confirmed that this decision was made "as a direct result of tariffs." "Signify reserves the right to modify prices based on new or additional tariffs becoming effective in the future," the company's official statement explained. Ralph Lauren Sales at the luxury goods retailer Ralph Lauren have apparently remained steady amid recent uncertainty, but the company is still forging ahead with a plan to combat tariff impacts by raising prices more than it had already intended to, according to the Wall Street Journal. Shein and Temu Trump's tariffs have made a notable target of China, hitting the country with a 30% rate only after initially hiking it all the way to 145%. Online retailers like Shein and Temu rely on direct shipments from markets like China in order to offer the rock-bottom prices that made them famous, so it's little surprise now that they've had to raise prices. The Trump administration has furthered the issues faced by these companies by doing away with a rule known as the "de minimus" exception, which used to exclude smaller purchases under $800 from import taxes. With that rule gone, Trump's China tariffs will now apply to both bulk orders of industrial building materials and those shoes you've been looking to buy from Shein. Subaru Subaru has hiked prices across almost its entire line. The increase ranged from $750 to $2,055, depending on the model, with only the EV Solterra avoiding any change. As has become a trend with some companies, Subaru avoided attributing the price hikes to Trump's tariffs, citing only the common refrain of "market conditions." Trump has notably disparaged companies that explicitly lay the blame for price hikes on his policies. "The changes were made to offset increased costs while maintaining a solid value proposition for the customer. Subaru pricing is not based on the country of origin of its products," a Subaru spokesperson said in a statement to Car & Driver. Stanley Black & Decker In an earnings report published April 30, toolmaker Stanley Black & Decker addressed "Price Actions in Response to US Tariffs," stating that it had "implemented an initial price increase in April and notified our customers that further price action is required," and was also looking into ways to shift its supply lines to minimize the impact of tariffs. Volvo The price impact of tariffs at Swedish automaker Volvo are confined, for now, to just one model: the electric EX30. Initially it was set to start at $34,950 in the US -- a competitive price for an EV -- but tariffs targeted at imported cars forced the company to raise the price to $46,195, a 32% bump. Walmart The biggest grocery chain in the US, Walmart is perhaps the most prominent company yet to announce imminent price hikes due to Trump's tariffs. During the company's earnings call in May, CEO Doug McMillan said price hikes would begin by the end of May and impact things like food, electronics and toys. For more, see why buying refurbished tech helps you dodge tariffs and helps the planet.
Bloomberg
11 minutes ago
- Bloomberg
Goldman ICBC Wealth JV CEO Leaves Amid Growth Pains, Competition
Goldman Sachs Group Inc. 's top executive at its wealth venture with China's biggest bank has resigned, people familiar with the matter said, as foreign firms struggle to gain a foothold in the country's asset management market amid deepening economic strains. Alex Wang, chief executive officer of Goldman Sachs ICBC Wealth Management, is leaving after almost 15 years at Goldman's asset management affiliate in China, the people said, asking not to be identified because the matter isn't public. He is in discussions to join Nomura Holdings Inc. with a similar title to run its securities business, the people said, asking not to be identified.
Yahoo
19 minutes ago
- Yahoo
Rob MacLennan Named Racing Secretary For Saratoga Meet
Rob MacLennan Named Racing Secretary For Saratoga Meet originally appeared on Paulick Report. The New York Racing Association, Inc. (NYRA) today announced that Rob MacLennan will serve as Racing Secretary during the upcoming summer meet at historic Saratoga Race Course. MacLennan joined NYRA in April 2021 as a racing official and was subsequently named assistant racing secretary before taking on his current role as racing secretary in joint capacity with NYRA's senior director of racing Keith Doleshel in October 2024. With Doleshel focused on other key racing department responsibilities, MacLennan will be charged solely with overseeing the writing of condition books and related duties at Saratoga. Advertisement The 2025 summer meet at Saratoga Race Course will open Thursday, July 10 and continue through Monday, Sept. 1, offering 18 Grade 1 races as part of 64 stakes worth more than $20 million in total purses. The 40-day meet is highlighted by the 156th renewal of the G1, $1.25 million DraftKings Travers on Aug. 23 and the G1, $1 million Whitney on Aug. 2. Following the four-day opening week, racing will be conducted five days a week, Wednesdays through Sundays, apart from closing week, when the 2025 summer meet will conclude on Labor Day. For the complete Saratoga stakes schedule, visit This story was originally reported by Paulick Report on Jun 27, 2025, where it first appeared.
