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Why you should visit the three remaining Japantowns in the U.S.

Why you should visit the three remaining Japantowns in the U.S.

Yahoo19-02-2025
Before World War II, there were over 80 Japanese communities across America with at least 40 located in California. The development of these communities came to an abrupt halt on February 19, 1942, when President Franklin D. Roosevelt signed Executive Order 9066 and had people of Japanese descent forcibly removed from their homes to be incarcerated in concentration camps.
In response to Japan's attack on Pearl Harbor in 1941, the national order identified Japanese Americans as 'enemy aliens'. It resulted in about 120,000 people detained, over two-thirds of whom were born and raised in the United States. More than 1,800 Japanese Americans died during their imprisonment.
In 2022, President Joe Biden declared February 19 the Day of Remembrance to commemorate the incarceration of Japanese Americans during World War II and reflect on its consequences. Executive Order 9066 not only disrupted the lives of individuals and families but destroyed entire cultural enclaves. It's estimated the Japanese lost an estimated $400 million during their incarceration.
Many survivors attempted to return home only to discover their belongings had been stolen and their properties vandalized or sold, effectively erasing their existence from their neighborhoods. From the 1950s onward, Japanese communities were further wiped out in urban renewal projects targeting new investors and commercial developments.
Today, three officially recognized Japantowns in the United States are in San Francisco, San Jose, and Los Angeles. Below are their stories. By visiting these vital spaces and supporting their businesses, travelers can contribute to preserving Japanese culture and heritage.
(Related: Restoring Hawaii's forgotten World War II internment sites.)
San Francisco's Japantown is the largest and oldest of three remaining Japantowns in the United States. Its history dates back to the 1800s when San Francisco served as the main port of entry for Asian immigrants to mainland America. Japanese set up enclaves in Chinatown and South of Market that thrived until the 1906 San Francisco earthquake. Undeterred, they relocated to the city's Western Addition. By 1940, Japantown was home to more than 5,000 Japanese residents and 200 Japanese-owned businesses, making it one of the largest Japanese communities outside Japan.
'Japantown used to occupy 40 blocks and you could get anything done from getting your shoes shined to your suit made,' says Dr. Emily Murase, executive director of the Japantown Task Force (JTF), a San Francisco non-profit dedicated to preserving and developing the neighborhood.
The bustling neighborhood all but vanished when its residents were incarcerated as a result of Executive Order 9066. The Japanese attempted to rebuild their community when they were released but faced an uphill battle. After World War II, urban renewal became a huge focus for America, and Japantown was one of the first areas targeted for a large-scale project known as the Western Addition Redevelopment project. Half of the neighborhood was torn down by 1960 and redevelopment continued through the 1980s.
Murase says about six blocks of Japantown remain today. Although it has evolved into more of a shopping, dining, and entertainment district than a residential neighborhood, it stands as a testament to the Japanese American community's strength.
'Japantown was crushed not once, but twice,' she says, referencing both the earthquake and the war. 'The fact that it still exists demonstrates the resilience of the community. This is our little village and we're proud of it.'
Murase recommends that visitors take the Japantown History Walk—a self-guided audio tour featuring historically and culturally significant landmarks—to better understand the neighborhood. One of the most important landmarks is the Peace Pagoda, a five-tiered stupa donated to San Francisco by the people of Osaka, Japan. For food, Udon Mugizo serves bowls of housemade traditional udon noodles and Hikari Sushi delivers conveyor belt-style sushi on miniature bullet trains. Those looking for unique gifts can stop at Asakichi, an antique specialty store known for its traditional iron teapots, and Paper Tree, a family-owned origami museum and shop that offers origami-folding classes.
(Related: These little-known sites help families connect to Asian American history.)
In the late 1800s, Japanese foreign nationals began immigrating to the Santa Clara Valley because of its abundant farm work opportunities. They initially settled in San Jose's Chinatown but went on to establish their own community alongside the Chinese, and later, immigrants from the Philippines.
After Executive Order 9066 was issued, all people of Japanese ancestry were told to report to the San Jose State College men's gymnasium for registration without knowing they would be incarcerated for the next three years.
Historian Curt Fukuda, author of San Jose Japantown: A Journey, says that many Japanese, including his parents, chose to settle in San Jose—after they were released—because of its large Asian population.
'There was still anti-Japanese sentiment in the area, but there was enough tolerance that they felt safe,' he says. 'After the war, the Japanese population doubled from what it was before.'
Today, although the upward mobility of the immigrants' children and grandchildren has resulted in many Japanese Americans moving away from Japantown; it remains a strongly-rooted community that caters to residents rather than tourists.
'By comparison to San Francisco Japantown and Los Angeles' Little Tokyo, San Jose Japantown is very humble,' Fukuda says. 'It's a living community that serves its neighborhood.'
He recommends visitors take advantage of the city's no-frills food scene, which is full of tiny restaurants serving down-home cooking. 'Nobu's fantastic, but you won't find that in San Jose Japantown,' he says with a laugh. Check out Minato for its katsu curry and Gombe for Japanese-style fried chicken and oysters. Fukuda says the Shuei-do Manju Shop is 'a must' for its manjū, a traditional Japanese confection.
To delve into Japantown's history, visit San Jose Betsuin, a Buddhist church founded in 1902 to bring together Japanese immigrants, and the Japanese American Museum of San Jose, which chronicles more than a century of Japanese American history and features a barracks room that's an accurate recreation of a family's living quarter at one of the concentration camps.
(Related: Why does the U.S. have so many Chinatowns?)
Little Tokyo celebrated its 140th anniversary last year, but like the Japantowns in San Francisco and San Jose, it's had to overcome plenty of adversity over the years. Most recently, the National Trust for Historic Preservation named it one of America's most endangered places.
'We have a long history of fighting for our neighborhood,' says Kristin Fukushima, executive director of Little Tokyo Community Council (LTCC) in Los Angeles.
It's estimated that 37,000 Japanese Americans from Los Angeles County were incarcerated during World War II and that over a third of them chose to relocate elsewhere when they were released. Remaining residents and community activists united to preserve the neighborhood amid urban development, leading to Little Tokyo's revival in the 1970s and its designation as a National Historic District in 1986.
Today, Little Tokyo is home to more than 50 legacy businesses, which the LTCC defines as businesses that have been part of the neighborhood for at least 20 years. That includes Kouraku, the longest-running ramen shop in America, and Sushi Gen, a family-run sushi spot in a strip mall that's as popular with locals as tourists. Bunkado is a one-stop gift shop that offers a wide range of traditional items, including ceramics and paper lanterns.
The Japanese American National Museum is dedicated to educating the public on the Japanese American experience and includes an exhibit on the community's incarceration during World War II. (It's currently closed for renovation but will reopen in late 2026.) Other popular attractions in Little Tokyo include East West Players, the country's first professional Asian American theatre organization, and Japangeles, a clothing boutique that specializes in Tokyo and Los Angeles-inspired streetwear. For street art, Miyako Hotel boasts a 150-foot-tall mural featuring Shohei Ohtani, a Japanese baseball star and designated hitter for the Los Angeles Dodgers.
'When people visit us, they can also think of it as supporting a historic community and what so many generations have fought for,' Fukushima says. 'We would not still be here if it weren't for them.'
(Related: In L.A.'s Koreatown, travelers find a 'second Seoul'.)
Erika Hobart is a Japanese American travel writer and photographer based in Marrakech, Morocco. Follow her on Instagram.
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Trump tariffs live updates: Trump says EU deal '50-50'; US, Japan differ on trade deal profits
Trump tariffs live updates: Trump says EU deal '50-50'; US, Japan differ on trade deal profits

Yahoo

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  • Yahoo

Trump tariffs live updates: Trump says EU deal '50-50'; US, Japan differ on trade deal profits

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The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Trump: 'We haven't really had a lot of luck with Canada' President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: Boston Beer Company says strong profits helped brewer absorb tariff costs The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. 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A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. US business activity rises; tariffs fuel inflation concerns US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. It sounds like Trump now has a new minimum tariff rate: 15% President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. Keurig Dr. Pepper brewer sales volume drops 22%, CEO says tariff impacts 'will become prominent' Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. The EU's Trump insurance As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). Europe approves $100B-plus tariff backup plan A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. 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However, further talks on a deal between the two sides may have to wait as a trade meeting between the US and South Korea has been postponed after Treasury Secretary Scott Bessent became unavailable due to a scheduling conflict, South Korea's Finance Ministry said Thursday. Bloomberg reports: Read more here. Hyundai Motor warns of bigger hit from US tariffs after Q2 profit fall Hyundai Motor ( HYMTF) reported a drop in second-quarter operating profit on Thursday. The company cited US tariffs on vehicles and parts as the reason for the decline and that President Trump's trade war had weighed on its bottom line, the automaker also warned of a bigger impact in the current quarter. The group's South Korean shares fell 2% Thursday. Reuters reports: Read more here. Trump lifts tariff baseline rate, warns countries face 15-50% range President Trump appears to have raised the minimum US tariff rate to 15%, up from 10%, as he prepares to set new reciprocal tariffs before his Aug. 1 deadline. 'We'll have a straight, simple tariff of anywhere between 15% and 50%,' Trump said Wednesday at an AI summit in Washington. 'A couple of — we have 50 because we haven't been getting along with those countries too well.' Trump's latest statement that tariffs would begin at 15% is a new twist in his efforts to impose duties on almost every US trading partner. The US and Japan reached a trade agreement this week of 15%, which could be one reason why the US president has decided to increase the baseline tariff rate. The European Union said on Wednesday that it is getting ready to impose 30% tariffs on over $100 billion worth of US goods if no deal is made and if Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after the Aug. 1 deadline. Reports from The Financial Times on Wednesday have said that the EU and the US are now closing in on a 15% trade deal on European imports. Bloomberg News reports: Read more here. EU, US reportedly close in on trade deal The Financial Times reports: And more from Bloomberg: Read more here. More cracks form in the US-Japan trade agreement We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). EU head to meet with Trump this weekend in bid to clinch deal Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Trump: 'We haven't really had a lot of luck with Canada' President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: Boston Beer Company says strong profits helped brewer absorb tariff costs The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." Some headlines from Trump on tariffs this morning Via Bloomberg: Via Bloomberg: Trump: US will sell 'so much' beef to Australia President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. World's No. 3 automaker Kia takes $570M tariff hit in Q2 Reuters reports: Read more here. Reuters reports: Read more here. Puma shares dive after warning of full-year loss, US tariff impact Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. LG Energy Solution warns of slowing EV battery demand due to U.S. tariffs, policy headwinds Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Japan, US differ on how trade-deal profits will be split Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. US business activity rises; tariffs fuel inflation concerns US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. It sounds like Trump now has a new minimum tariff rate: 15% President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. Keurig Dr. Pepper brewer sales volume drops 22%, CEO says tariff impacts 'will become prominent' Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. The EU's Trump insurance As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). Europe approves $100B-plus tariff backup plan A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. Trump tariffs wreaking havoc in Brazil's citrus belt Reuters reports: Read more here. Reuters reports: Read more here. South Korea weighs US investment pledge to trim auto tariff Trade discussions between the US and South Korea have led both sides to investigate the idea of creating a fund to invest in American projects. A report said this possible deal would be similar to the agreement Japan struck Tuesday with President Trump. The details of the plan are still not clear, but the US has been seeking pledges totaling hundreds of billions of dollars. However, further talks on a deal between the two sides may have to wait as a trade meeting between the US and South Korea has been postponed after Treasury Secretary Scott Bessent became unavailable due to a scheduling conflict, South Korea's Finance Ministry said Thursday. Bloomberg reports: Read more here. Trade discussions between the US and South Korea have led both sides to investigate the idea of creating a fund to invest in American projects. A report said this possible deal would be similar to the agreement Japan struck Tuesday with President Trump. The details of the plan are still not clear, but the US has been seeking pledges totaling hundreds of billions of dollars. However, further talks on a deal between the two sides may have to wait as a trade meeting between the US and South Korea has been postponed after Treasury Secretary Scott Bessent became unavailable due to a scheduling conflict, South Korea's Finance Ministry said Thursday. Bloomberg reports: Read more here. Hyundai Motor warns of bigger hit from US tariffs after Q2 profit fall Hyundai Motor ( HYMTF) reported a drop in second-quarter operating profit on Thursday. The company cited US tariffs on vehicles and parts as the reason for the decline and that President Trump's trade war had weighed on its bottom line, the automaker also warned of a bigger impact in the current quarter. The group's South Korean shares fell 2% Thursday. Reuters reports: Read more here. Hyundai Motor ( HYMTF) reported a drop in second-quarter operating profit on Thursday. The company cited US tariffs on vehicles and parts as the reason for the decline and that President Trump's trade war had weighed on its bottom line, the automaker also warned of a bigger impact in the current quarter. The group's South Korean shares fell 2% Thursday. Reuters reports: Read more here. Trump lifts tariff baseline rate, warns countries face 15-50% range President Trump appears to have raised the minimum US tariff rate to 15%, up from 10%, as he prepares to set new reciprocal tariffs before his Aug. 1 deadline. 'We'll have a straight, simple tariff of anywhere between 15% and 50%,' Trump said Wednesday at an AI summit in Washington. 'A couple of — we have 50 because we haven't been getting along with those countries too well.' Trump's latest statement that tariffs would begin at 15% is a new twist in his efforts to impose duties on almost every US trading partner. The US and Japan reached a trade agreement this week of 15%, which could be one reason why the US president has decided to increase the baseline tariff rate. The European Union said on Wednesday that it is getting ready to impose 30% tariffs on over $100 billion worth of US goods if no deal is made and if Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after the Aug. 1 deadline. Reports from The Financial Times on Wednesday have said that the EU and the US are now closing in on a 15% trade deal on European imports. Bloomberg News reports: Read more here. President Trump appears to have raised the minimum US tariff rate to 15%, up from 10%, as he prepares to set new reciprocal tariffs before his Aug. 1 deadline. 'We'll have a straight, simple tariff of anywhere between 15% and 50%,' Trump said Wednesday at an AI summit in Washington. 'A couple of — we have 50 because we haven't been getting along with those countries too well.' Trump's latest statement that tariffs would begin at 15% is a new twist in his efforts to impose duties on almost every US trading partner. The US and Japan reached a trade agreement this week of 15%, which could be one reason why the US president has decided to increase the baseline tariff rate. The European Union said on Wednesday that it is getting ready to impose 30% tariffs on over $100 billion worth of US goods if no deal is made and if Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after the Aug. 1 deadline. Reports from The Financial Times on Wednesday have said that the EU and the US are now closing in on a 15% trade deal on European imports. Bloomberg News reports: Read more here. EU, US reportedly close in on trade deal The Financial Times reports: And more from Bloomberg: Read more here. The Financial Times reports: And more from Bloomberg: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

An Expensive Health Care Cliff Is Coming Unless Republicans Stop It
An Expensive Health Care Cliff Is Coming Unless Republicans Stop It

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An Expensive Health Care Cliff Is Coming Unless Republicans Stop It

WASHINGTON — Top Senate Republicans indicated this week they'd be open to extending one of former President Joe Biden's signature health care policies to avoid a politically poisonous spike in insurance costs ahead of the 2026 midterm elections. The enhanced premium tax credits, which Democrats included in President Joe Biden's American Rescue Plan Act, reduced the cost of health insurance for many middle-class people enrolled in Obamacare exchanges. The average person who buys insurance through the exchanges is expected to pay 75% more for their premium if the tax credits expire, according to an analysis from KFF, a nonpartisan health policy research group. The nonpartisan Congressional Budget Office has also projected that letting the subsidies lapse would lead to about 5 million Americans losing their insurance over the next 10 years. 'I am part of a small group that is looking to try to find a path forward to extend those,' said Sen. Lisa Murkowski (R-Alaska). 'I think it is recognized that our failure to do that could result in some pretty precipitous increases in costs for Americans for their health insurance, and that's not where we want to end up at the end of this year.' 'It's not these people's fault that they're forced onto Obamacare in the first place and then to take away what the government promised them in terms of this credit, seems to me to be not exactly the most desirable outcome,' added Sen. Mike Rounds (R-S.D.). The looming expiration of the tax credits was put on the back burner by Republicans during the first six months of President Donald Trump's term as the party focused on passing his agenda of tax cuts and historic cuts to Medicaid, as well as slashing foreign aid and public broadcasting funding. Discussions are now underway in the Senate for a bipartisan solution to a problem that could have serious ramifications for the GOP in next year's elections, with high prices and inflation still on top of voters' minds. They are being led by Sen. Bill Cassidy (R-La.), the chair of the Senate health committee, who has previously criticized the credits, but who is also facing voters at the ballot box next year. Passing a bipartisan fix is easier said than done, however. For one, it'll be costly. An estimate from CBO said it would cost $380 billion over a decade to make the subsidies permanent. Senate Republicans are eyeing a smaller fix of about $125 billion with a lower income threshold to qualify for the credit, as well as an offset to pay for it. 'I think we'll be able to offer an appropriate offset, and I think it would be very difficult for Democrats to be able to say no to that,' Rounds said. Many conservatives are flat-out opposed to extending the tax credits, however. Some are pushing for rolling back Obamacare more broadly, including by winding down its Medicaid expansion, in future reconciliation bills. 'Nobody's losing coverage, that's what's important to me,' Sen. Rick Scott (R-Fla.) said when asked what Congress ought to do when the tax credits expire. Even if the Senate can agree on a fix — something that would require 60 votes — passage could be more complicated in the GOP-controlled House, where there's no guarantee that leadership would even take it up. Lawmakers could potentially tuck it into an end-of-the-year government funding bill, but that could also risk a government shutdown. 'I think that goes to the end of the calendar year, so we'll have discussion about the issue later. But it hasn't come up yet. But it's on the radar,' House Speaker Mike Johnson (R-La.) told reporters this week when asked about the ACA credits. Waiting until the end of the year to address the issue may be too late, however. While the tax credits technically expire on Dec. 31, insurers must file their final rates for health plans offered on ACA exchanges for next year by Aug. 13, according to the centrist think tank Third Way. That's smack-dab in the middle of Congress' annual recess. It's not clear where the White House stands on the issue. Getting Trump on board with extending the subsidies could help move Republican votes on Capitol Hill. A memo from a conservative advocacy organization, for example, warned this week that the benefits of the president's tax cut law will be nullified if the subsidies are not extended and people's health care costs go up. Not extending the subsidies will also hand Democrats — who are already eager to run against Trump's cuts to Medicaid — a further advantage on health care issues, particularly in purple battleground states that could determine the control of the House and Senate next year. The issue, for now, remains a bit of a sleeper: A KFF poll conducted last month found just 28% of Americans had heard 'a lot' or 'some' about the credits' potential expiration. But a full 77% of Americans, including 56% of self-identified MAGA supporters, back their extension. 'For some people, their premiums will as much as double, and people don't have the resources in their household income in order to be able to absorb that,' Sen. Raphael Warnock (D-Ga.) told HuffPost. 'Donald Trump and the Republicans are doing the opposite of what he said he was going to do. He said he was going to drive costs down. He's driving them up every single day. So I think they've got a decision to make about whether they're OK with that.'

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