Billionaire Perot Sees ‘Big Concern' as Trump Tariffs Fuel Worry
The uncertainty is prompting Perot to weigh putting a 'tariff line' in contracts for the industrial buildings he develops around the US. In other words, he would offer one price without tariffs and a higher one if Trump follows through on plans to slap trade duties on key goods such as steel and aluminum.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
9 minutes ago
- CNBC
Hanwha Ocean shares surge over 16% after U.S.-Korea trade deal
Shares of Hanwha Ocean surged as much as 16.06% on Thursday to their highest levels since July 2015, following U.S. President Donald Trump's announcement of a blanket 15% tariff on Seoul's exports to the U.S. According to Reuters, Kim Dong-kwan, the vice chairman of the Hanwha Group, was part of a delegation of business leaders in Washington lobbying to eke out a trade deal. Hanwha Group is expected to expand or upgrade facilities at its Philly Shipyard in Philadelphia, which it acquired last year, Yonhap News Agency reported, while playing a key role in revitalizing U.S. shipbuilding efforts. Thursday marked the South Korean shipbuilder's second consecutive session in the green. Its gains follow a surge in its operating profits in the second quarter ended June, as well as a slew of announcements. Hanwha Ocean reported operating profits of 371.7 billion Korean won ($266.7 million) in its second quarter ended June on Tuesday. This is around 43.6% higher than the 259 billion won reported in the preceding quarter and a reversal from the losses of 10 billion won posted in the same period a year ago. This comes on the back of a 4.8% quarter-over-quarter jump in revenues to 3.3 trillion won, thanks to stronger commercial and offshore sales, the shipbuilder announced. The company also announced that it secured new orders amounting to 353.6 billion won on Tuesday, according to a Reuters report. Separately, the shipbuilder, on Thursday, launched several initiatives, part of a 2023 program, with industry partners to make it more competitive globally, particularly from Chinese shipbuilders. In another move, Hanwha Ocean also set up a new engineering center in India, according to reports from The Korea Bizwire. Citing comments from industry sources familiar with the matter, the South Korean publication noted that the Hanwha Ocean Global Engineering Center India was inaugurated on Sunday at an industrial hub in Noida, some 26 kilometers away from India's capital, New Delhi.
Yahoo
36 minutes ago
- Yahoo
Asian shares are mixed after US stocks fall on weakened hopes for a September interest rate cut
MANILA, Philippines (AP) — Asian shares were mixed on Thursday after most U.S. stocks slipped, as doubts rose on Wall Street about whether the Federal Reserve will deliver economy-juicing cuts to interest rates by September. Japan's Nikkei 225 rose 0.9% to 41,020.91 after the Bank of Japan kept interest rates steady at 0.5% and raised inflation projections. The move follows Tokyo's trade deal with Washington. Hong Kong's Hang Seng index fell 1% to 24,920.67, while the Shanghai Composite Index slid 0.7% to 3,588.73. In Seoul, the Kospi edged down 0.3% to 3,244.40 after South Korea reached a 15% tariff deal with the U.S., with no levies on American goods like cars, trucks and farm products. The deal also includes South Korea's purchase of $100 billion U.S. energy imports and $350 billion worth of investments in the U.S. Australia's S&P ASX 200 shed 0.1% to 8,743.80. India's BSE Sensex added 0.2% to 81,481.86. Taiwan's TAIEX rose 0.4% to 23,551.92. Rabo Bank, citing the U.S. trade deals with other countries, including Bangladesh, said in a commentary that 'it appears to be only a matter of time before India agrees to terms to ensure that it retains favorable access to the US market and all of those other markets that (U.S. President Donald) Trump has demonstrated he has the power to direct through economic coercion.' Rabo added that the terms of a U.S.-India trade deal would almost certainly include Indian purchases of U.S. arms and energy products and preferential access to U.S. agricultural goods. 'A potential loser in all of this is Australia. With the US sending more wheat to Indonesia and Bangladesh and more LNG to Japan and South Korea, Australian exports stand to be displaced from their traditional markets,' it added. Trump on Wednesday announced a 25% tariff on imports coming from India, along with an additional tax because of India's purchases of Russian oil, beginning on Aug. 1. That's when stiff tariffs Trump has proposed for many other countries are also scheduled to kick in, unless they reach trade deals that lower the rates. But the U.S. president said the two countries were still in negotiations. On Wall Street on Wednesday the S&P 500 edged down by 0.1%, coming off its first loss after setting all-time highs for six successive days. The Dow Jones Industrial Average dropped 171 points, or 0.4%, and the Nasdaq composite rose 0.1%. Stocks felt pressure from rising Treasury yields in the bond market after the Federal Reserve voted to hold its main interest rate steady. The move may upset Trump, who has been lobbying for lower interest rates, but it was widely expected on Wall Street. Fed Chair Jerome Powell may have surprised investors by pushing back on expectations that the Fed could cut rates at its next meeting in September. Besides Trump, two members of the Fed's committee have also been calling for lower rates to ease the pressure on the economy, and they dissented in Wednesday's vote. But Powell would not commit to a September cut in rates, pointing to how inflation remains above the Fed's 2% target, while the job market still looks to be 'in balance.' A cut in rates would give the job market and overall economy a boost, but it could also risk fueling inflation when Trump's tariffs may be set to raise prices for U.S. consumers. The Fed's job is to keep both the job market and inflation in a good place. In other dealings on Thursday, U.S. benchmark crude oil lost 4 cents to $69.96 per barrel while Brent crude, the international standard, shed 13 cents to $72.34 per barrel. The U.S. dollar fell to 148.87 Japanese yen from 149.44. The euro rose to $1.1422 from $1.1412. ___ AP Business Writer Stan Choe contributed. Teresa Cerojano, The Associated Press 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
San Francisco Chronicle
37 minutes ago
- San Francisco Chronicle
Florida set to execute man for killing wife, 2 kids in new state death sentence record for 1 year
STARKE, Fla. (AP) — A Florida man convicted of killing his wife and two children with a machete in 1994 is set for execution Thursday, which would be the ninth death sentence carried out in 2025 to set a new state record for a single year. A 10th execution is scheduled for Aug. 19 and an 11th on Aug. 28. A death warrant signed by Republican Gov. Ron DeSantis directs that 60-year-old Edward Zakrzewski be executed by lethal injection at 6 p.m. Thursday at Florida State Prison near Starke. Zakrzewski's final appeal for a stay was rejected Wednesday by the U.S. Supreme Court. The highest previous annual total of recent Florida executions is eight in 2014, since the death penalty was restored in 1976 by the U.S. Supreme Court. Florida has executed more people than any other state this year, while Texas and South Carolina are tied for second place with four each. Zakrzewski, an Air Force veteran, was sentenced to die for the 1994 slayings of his 34-year-old wife, Sylvia, and their children Edward, 7, and 5-year-old Anna, at their home in Okaloosa County in the Panhandle. Trial testimony showed he committed the killings after his wife sought a divorce, and he had told others he would kill his family rather than allow that. Sylvia was attacked first with a crowbar and strangled with a rope, testimony shows. Both children were killed with the machete, and Sylvia was also struck with the blade when Zakrzewski thought she had survived the previous assault. Opponents of the execution point to Zakrzewski's military service and the fact that a jury voted 7-5 to recommend his execution, barely a majority of the panel. He could not be executed with such a split jury vote under current state law. The trial judge imposed three death sentences on Zakrzewski. The Action Network, which organized an anti-execution petition, asked people to call DeSantis' office and read a prepared script urging a stay of execution for Zakrzewski. 'Florida does not need the death penalty to be safe. This execution will not make us safer, it will simply add another act of violence to an already tragic story. Justice does not require death,' the script reads in part. Zakrzewski's lawyers have filed numerous appeals over the years, all of which have been rejected. Twenty-six men have died by court-ordered execution so far this year in the U.S., and 11 other people are scheduled to be put to death in seven states during the remainder of 2025. Florida was also the last state to execute someone, when Michael Bernard Bell died by lethal injection on July 15. DeSantis also signed a warrant for the 10th execution this year for Kayle Bates, who abducted a woman from an insurance office and killed her more than four decades ago. Wednesday night, DeSantis issued a death warrant for Curtis Windom, 59, convicted of killing three people in the Orlando area in 1992. His execution is scheduled for Aug. 28.
