RFK Jr. Takes Aim at Covid Shots for Kids, Worrying Vaccine Experts
It wasn't enough. By the time the applications were in hand at the agency, FDA employee departures had begun, slowing the work, according to a person familiar with the process who wasn't authorized to speak about it. They are still under review, as the number of political appointees who oppose the immunizations for children climbs.
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29 minutes ago
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Trump Announces 30% Duties on EU, Mexico
President Donald Trump revealed he isn't taking the weekend off as he released two open letters to prominent American trading partners informing them of steep new duty rates. On Saturday, the Commander in Chief took to Truth Social to post his missives to Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen, telling both that the countries they represent will face 30-percent duties on goods across the board beginning Aug. 1. More from Sourcing Journal US Apparel Imports From China Fell to a 22-Year Low in May Amid Trade War Escalation US-Brazil Trade Battle Puts Shoe Firms in Crossfire Trump Hits Canada With 35% Tariffs In his letter to Sheinbaum, Trump reinvigorated earlier claims that Mexico has aided in the 'pouring' of drugs like fentanyl into the U.S. market and failed to control the activities of criminal cartels. 'Mexico has been helping me secure the border, BUT, what Mexico has done, is not enough,' he wrote. The colloquial style of the communication underscored Trump's familiar relationship with Sheinbaum, with whom he has been negotiating for months. As in previous letters, Trump stated that the new duty rate excludes already established sectoral tariffs, and he wrote that transshipment or retaliatory duties will result in stacked taxes to Mexican imports. The letter did not mention whether U.S.-Mexico-Canada Agreement-covered (USMCA) products would be exempt from the new tariffs, though a White House spokesperson told Politico Friday that Canada's USMCA-compliant products would remain duty-free under the trade agreement, which is due to be revisited in July 2026. The tenor of Trump's letter to von der Leyen was different, belying a frustration that the 27-member European trade bloc and the U.S. have not been able to reach a consensus about the future of their trade relationship. 'We have had years to discuss our Trading Relationship with The European Union, and have concluded that we must move away from these long-term, large, and persistent, Trade Deficits, engendered by your Tariff, and Non-Tariff, Policies and Trade Barriers,' the president wrote. He struck a more threatening tone as he addressed the European leader, declaring, 'The European Union will allow complete, open Market Access to the United States, with no Tariff being charged to us, in an attempt to reduce the large Trade Deficit.' As in previous communications with world leaders, Trump emphasized that if the trade bloc retaliates with its own duties, its tariff rate only stands to grow. The 30-percent tariff comes as a surprise given that American officials, like U.S. Trade Representative Ambassador Jamieson Greer, have been negotiating ceaselessly in recent weeks with members of the European Commission. A principle agreement presented to Trump last week involved the levying of 10-percent duties, which the trade bloc said would cause major pain to exporters. Reportedly, von der Leyen was informed of the contents of the president's letter in advance of its social media debut. 'A 30% tariff on EU exports would hurt businesses, consumers and patients on both sides of the Atlantic,' she wrote on Twitter shortly after the announcement. 'We will continue working towards an agreement by August 1. At the same time, we are ready to safeguard EU interests on the basis of proportionate countermeasures.' Sign in to access your portfolio
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29 minutes ago
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US Apparel Imports From China Fell to a 22-Year Low in May Amid Trade War Escalation
Clothing imports from China fell to a 22-year low in May and were down by more than half (52 percent) from the same period in 2024 amid escalating tariff tensions between Washington and Beijing that have since resulted in a patched-up trade truce. For the first time in decades, China's share of apparel imports into the U.S. market dropped below 10 percent. May saw the sourcing superpower account for just 9.9 percent of clothing imports—a precarious plummet from the year-ago period, when China represented 19.9 percent of all apparel brought into the American market. More from Sourcing Journal Trump Announces 30% Duties on EU, Mexico Trump Hits Canada With 35% Tariffs Too Much Space, Too Little Demand: China-US Freight Rates Keep Crashing The May trade insights, compiled by University of Delaware professor of fashion and apparel studies Dr. Sheng Lu using U.S. International Trade Commission (USITC) data, revealed that tariff rates on fashion products (especially steep duties on China-originating goods) ballooned beyond levels seen in the modern era. As a result of the Trump administration's reciprocal tariff regime, the average tariff rate for U.S. apparel imports grew to 23.8 percent in May, up several points from the already record-setting 20.8 percent seen in April (and substantially higher than the 13.9-percent average rate in May 2024, and even the 14.7-percent rate of January 2025, before the president's second term began). China predictably faced the brunt of that burden for several weeks after a tit-for-tat spate of escalating tariff threats between President Donald Trump and Chinese trade officials. On April 9, the president set a 145-percent duty rate on China-originating products—an unprecedented measure that was reversed on May 12 when U.S. cabinet officials traveled to Geneva to meet with their Chinese counterparts and broker a truce that brought down the duty rate on both sides significantly. The duty hike had the effect of driving down apparel imports from China significantly, but those that did enter the U.S. market during May faced tariff rates averaging at an unprecedented 69.1 percent, up from 55 percent the month prior, 37 percent in March and 22.1 percent in January. Lu calculated the applied tariff rate on apparel by dividing the duty rate by the value of imports. All told, while the overall value of apparel imports decreased 7 percent year over year, import duties grew by almost 60 percent during the same time frame. 'In May, I think the most of the [average apparel tariff] increase was because of China. And for the rest of the world, they were charged a 10-percent universal tariff rate. Some products, especially those from Asia, were able to enter [the country] in May before the new tariff rate hit,' Lu said. Across the board, all countries paid more duties on apparel in May than they did in previous months due to the universal baseline tariff. Vietnam's average apparel import duty rate reached 25.9 percent, up from 20.5 percent in April, while Bangladesh saw a similar percentage jump from 17.8 percent to 21.1 percent month over month. India's average clothing tariff rate climbed from 15.8 percent to 20.1 percent, while Cambodia's increased from 19.7 percent to 24.6 percent. There were winners to be found in May, however, and their growing import values correlated with manageable tariff rates. Mexico, for example, saw its average import duties paid on apparel products decrease from a negligible 2.2 percent in April to 1.4 percent in May—nearly the same rate it paid one year ago. But Mexico's apparel import values jumped considerably year over year, by 12.2 percent. The country's apparel imports are covered by the U.S.-Mexico-Canada Agreement (USMCA), giving them duty-free access. However, the country still only accounted for 4.6 percent of U.S. apparel sourcing in May. The biggest players are still the Asian nations, many of which have received letters this week from the Trump administration regarding their new, double-digit tariff rates. They also faced threats against transshipment, or rerouting products from other countries with the goal of evading tariffs. Lu, like other experts, believes the reference may allude to the administration's intent to revisit of content requirements and Rules of Origin, as true transshipment of finished goods is already illegal. In his view, 'The signal is very clear—the Trump administration not only wants to decouple from China, but it wants Asian countries to decouple their supply chains from China.' But the Trump administration's long-held goal of encouraging Asian nations to abandon China as a partner 'does not appear to be realistic, at least in the near to medium term,' with so much dependence on the country for inputs, he said. For example, Organisation for Economic Co-operation and Development (OECD) data from 2020 (the latest year for which insights are available) showed that about 55.4 percent of the value of Vietnam's textile and apparel gross exports contained content added from other countries—including 26.6 percent contributed by China. UNComtrade data was even more stark, showing that China accounted for 63.8 percent of the $16.6 billion in textile imports to Vietnam in 2023, a 'notable increase' from 37.4 percent in 2010. Like other developing countries with limited capabilities to manufacture certain fabrics and components, Vietnam still relies on imported raw materials. Meanwhile, the country represented the biggest apparel supplier to the U.S. in May, accounting for 21.7 percent of clothing imports. Limiting or discouraging access to the imported raw materials needed to produce apparel products could easily threaten Vietnam's stability as a sourcing base, Lu believes. The same is true for many of America's current top suppliers, which in May included Bangladesh (which accounted for 9.7 percent of U.S. apparel import market share), Dominican Republic-Central America Free Trade Agreement (CAFTA-DR) countries (10.4 percent), India (8.2 percent), Indonesia (5.1 percent), Cambodia (5.2 percent) and U.S.-Mexico-Canada Agreement (USMCA) members (5.5 percent). As companies brace themselves for the impact of the incoming duties, they're caught between a rock and hard place. 'Even though the situation between China and the U.S. has stabilized, and there's a deal out there, companies still see sourcing from China as having huge risks,' Lu said. 'They want to source from more countries, but they remain mainly looking at Asian countries, because they need these sourcing designations to be ready to provide products immediately.' There are 'not too many options' in terms of mature sourcing markets with the capabilities and capacity to take on production at scale, aside from 'second-tier emerging sourcing destinations in Asia' that are tight with China and about to be hit with steep duties themselves. Lu believes that despite those conditions, companies will continue to move into sourcing locales like Vietnam and Bangladesh, with the hope that more beneficial trade terms might be reached. 'They are developing countries, they don't pose any national security threat toward the U.S., and they're not the focal point of Trump's trade policy,' Lu said. 'So there's a hope that some kind of deal can be reached before the August deadline.' 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
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30 minutes ago
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Stocks Set to Open Lower as Trump Ratchets Up Tariff Threats, U.S. Inflation Data and Big Bank Earnings Awaited
September S&P 500 E-Mini futures (ESU25) are down -0.29%, and September Nasdaq 100 E-Mini futures (NQU25) are down -0.30% this morning, pointing to a lower open on Wall Street after U.S. President Donald Trump escalated his trade war. President Trump said in letters shared on his social media platform on Saturday that the U.S. will impose a 30% tariff on goods imported from both the European Union and Mexico beginning August 1st. Mr. Trump also said that if the EU or Mexico retaliated by increasing tariffs on the U.S., the U.S. would add that figure to the 30% rate. In response, European Commission President Ursula von der Leyen said on Saturday that the EU was prepared to retaliate to defend its interests. 'We will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required,' she said. However, the EU said on Sunday it would extend its suspension of countermeasures to U.S. tariffs until early August and maintain efforts to reach a negotiated settlement. Shopify Stock is a Bargain - How to Make a 3.2% One-Month Yield with SHOP Tariffs, Inflation and Other Key Things to Watch this Week Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! White House economic adviser Kevin Hassett said on Sunday that Trump had seen some trade deal offers and believes they need to be improved, adding that without that, he would move forward with the proposed tariffs on Mexico, the EU, and other countries. 'Well, these tariffs are real if the President doesn't get a deal that he thinks is good enough,' Hassett told ABC's This Week program. 'But you know, conversations are ongoing, and we'll see where the dust settles.' Adding to the negative sentiment, Trump and his allies intensified their criticism of Federal Reserve Chair Jerome Powell's handling of the costly renovation of the Fed's headquarters. Some administration officials are working to build a case to remove Powell from the Fed's Board of Governors. This week, investors look ahead to the release of key U.S. inflation data, comments from Fed officials, and the start of the second-quarter earnings season. In Friday's trading session, Wall Street's major equity averages ended in the red. Albemarle (ALB) slid over -4% and was among the top percentage losers on the S&P 500 after UBS downgraded the stock to Sell from Neutral with a price target of $57. Also, airline stocks retreated, with American Airlines Group (AAL) falling more than -5% and United Airlines Holdings (UAL) dropping over -4%. In addition, Capricor Therapeutics (CAPR) plummeted about -33% after the U.S. Food and Drug Administration declined to approve the company's cell therapy for a heart condition. On the bullish side, most members of the Magnificent Seven stocks advanced, with Alphabet (GOOGL) and (AMZN) rising more than +1%. 'The stock market is looking lower due to President Trump's more hawkish stance on tariffs. With the market overbought and very expensive, the market is getting ripe for some sort of a pullback,' said Matt Maley at Miller Tabak. Second-quarter corporate earnings season kicks off this week, with big banks such as JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) set to release their earnings reports on Tuesday, followed by Bank of America (BAC), Morgan Stanley (MS), and Goldman Sachs (GS) on Wednesday. Netflix (NFLX), PepsiCo (PEP), Abbott Labs (ABT), Johnson & Johnson (JNJ), American Express (AXP), and 3M (MMM) are among other major names scheduled to deliver quarterly updates during the week. According to Bloomberg Intelligence, companies in the S&P 500 are expected to post an average +2.8% increase in quarterly earnings for Q2 compared to the previous year, marking the smallest rise in two years. On the economic data front, the U.S. consumer inflation report for June will be the main highlight this week. The report will be closely scrutinized for any indications of whether tariffs are already driving up prices and what implications this could have for U.S. interest rates. Investors will also keep an eye on June wholesale inflation data, which will offer insight into pipeline inflationary pressures. Other noteworthy data releases include U.S. Retail Sales, Core Retail Sales, Industrial Production, Manufacturing Production, the Empire State Manufacturing Index, the Export Price Index, the Import Price Index, Initial Jobless Claims, the Philadelphia Fed Manufacturing Index, Building Permits (preliminary), Housing Starts, and the University of Michigan's Consumer Sentiment Index (preliminary). Also, market participants will hear perspectives from a slew of Fed officials, including Waller, Bowman, Barr, Barkin, Collins, Logan, Williams, Kugler, Daly, and Cook, throughout the week. In addition, the Fed will release its Beige Book survey of regional business contacts this week, which provides an update on economic conditions in each of the 12 Fed districts. The Beige Book is published two weeks before each meeting of the policy-setting Federal Open Market Committee. Meanwhile, RBC Capital Markets strategists pushed back their forecast for the Fed to resume easing to December from September, citing the need for more time to evaluate inflation and labor market conditions. U.S. rate futures have priced in a 93.3% chance of no rate change and a 6.7% chance of a 25 basis point rate cut at the Fed's monetary policy committee meeting later this month. The U.S. economic data slate is empty on Monday. In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.423%, down -0.05%. The Euro Stoxx 50 Index is down -0.54% this morning as sentiment took a hit after U.S. President Donald Trump announced a 30% tariff on most European Union imports starting August 1st. Tariff-exposed automobile stocks led the declines on Monday. Still, the benchmark index's losses were largely limited by hopes that trade negotiations would result in a less severe rate for the bloc. Trump said in his letter to European Commission President Ursula von der Leyen on Saturday that the 30% tariff was imposed to 'move away' from trade deficits with the EU, which he blamed on the bloc's own tariffs and other trade policies. EU trade commissioner Maros Sefcovic said on Monday that the bloc aims to reach a good trade deal with the U.S., while also preparing potential countermeasures in case the talks collapse. 'I intend to speak with my U.S. counterparts again later today, as I cannot imagine walking away without genuine effort,' Sefcovic added. Italy's Foreign Minister Antonio Tajani said in a newspaper interview on Monday that the EU has already drawn up a list of tariffs totaling 21 billion euros ($24.5 billion) on U.S. goods if the two sides fail to reach a deal. Investors will closely follow the EU's Foreign Affairs Council meeting on trade later today, where ministers in Brussels are expected to discuss the current state of EU-U.S. trade relations and the path ahead. Investor focus this week is also on the final estimate of Eurozone inflation, Eurozone industrial production figures, and Germany's ZEW index of investor sentiment. In corporate news, Lifco ( plunged over -8% after the company posted weaker-than-expected Q2 pre-tax profit. The European economic data slate is empty on Monday. Asian stock markets today closed mixed. China's Shanghai Composite Index (SHCOMP) closed up +0.27%, and Japan's Nikkei 225 Stock Index (NIK) closed down -0.28%. China's Shanghai Composite Index closed higher today as investors digested positive trade data from the country. Energy and bank stocks outperformed on Monday. At the same time, property stocks slumped, extending the pullback from last week's rally that was driven by speculation over possible stimulus measures. There has been some speculation that the central government may roll out new policies to stimulate markets nationwide, but 'we believe that upcoming demand-side property market easing measures are likely incremental instead of large-scale,' analysts at Goldman Sachs said in a note on Monday. Meanwhile, customs data released on Monday showed that China's exports rose at a quicker pace in June amid easing trade tensions with the U.S., delivering a much-needed boost for the world's second-largest economy. Also, data showed that the country's imports rebounded last month. Still, the latest round of tariff threats from U.S. President Donald Trump kept investors on edge. Analysts caution that Beijing could be indirectly affected by U.S. pressure on third countries widely used for transhipments of Chinese goods. The U.S. president has also threatened a 10% levy on imports from BRICS countries, of which China is a founding member, adding to the risks facing Beijing. Investors now await China's second-quarter GDP data, scheduled for release on Tuesday, which is expected to influence expectations on whether the country can meet its 5% full-year growth target. Also on Tuesday, key June data will provide further clarity on household spending and industrial activity. The Chinese June Trade Balance stood at $114.77B, stronger than expectations of $113.20B. The Chinese June Exports rose +5.8% y/y, stronger than expectations of +5.0% y/y. The Chinese June Imports rose +1.1% y/y, weaker than expectations of +1.3% y/y. Japan's Nikkei 225 Stock Index closed lower today as worries over an upcoming domestic election and lingering uncertainty surrounding trade talks with the U.S. dampened sentiment. Technology and electronics stocks led the declines on Monday. Japanese Prime Minister Shigeru Ishiba has said the country would continue negotiations with the U.S. to seek a mutually beneficial trade deal after President Trump last week increased tariffs on Japanese imports to 25% effective August 1st. At the same time, prospects of Ishiba's ruling coalition retaining its majority in the upper house following the July 20th vote are fading. Nomura strategist Fumika Shimizu said, 'If the ruling party were to lose its majority in the upper house, there is a risk that trade negotiations with the U.S. will be delayed, and market concerns about fiscal expansion will increase.' Meanwhile, Japanese government bond yields climbed on Monday, nearing levels last seen in May, as worries mounted that an upcoming election could open the door to increased fiscal spending. On the economic front, data released on Monday showed that Japan's monthly industrial production unexpectedly fell 0.1% in May, defying flash estimates of a 0.5% increase. Separately, data showed that Japan's monthly core machinery orders, a key gauge of capital spending, fell in May. Economists said that capital expenditure is expected to remain subdued for a while due to ongoing policy-related uncertainty and weak domestic consumption. In other news, Bloomberg reported that Bank of Japan officials are likely to consider revising up at least one of their inflation projections at a policy meeting later this month, after rice and food-related prices rose more than anticipated. The Nikkei Volatility Index, which takes into account the implied volatility of Nikkei 225 options, closed up +4.72% to 23.96. The Japanese May Core Machinery Orders came in at -0.6% m/m and +4.4% y/y, stronger than expectations of -1.4% m/m and +3.4% y/y. The Japanese May Industrial Production fell -0.1% m/m, weaker than expectations of +0.5% m/m. Pre-Market U.S. Stock Movers Affirm (AFRM) slid over -2% in pre-market trading after BTIG downgraded the stock to Neutral from Buy. CrowdStrike Holdings (CRWD) fell more than -1% in pre-market trading after Morgan Stanley downgraded the stock to Equal Weight from Overweight. Cryptocurrency-exposed stocks are moving higher in pre-market trading after the price of Bitcoin hit a new all-time high of more than $123,000. MicroStrategy (MSTR) is up more than +2%. Also, MARA Holdings (MARA) is up over +4%, and Coinbase (COIN) is up more than +1%. You can see more pre-market stock movers here Today's U.S. Earnings Spotlight: Monday - July 14th Fastenal (FAST), FB Financial (FBK), Equity Bancshares Inc (EQBK), Simulations Plus (SLP), Jewett-Cameron Trading (JCTC). On the date of publication, Oleksandr Pylypenko did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. 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