Latest news with #InternationalTradeAdministration
Express Tribune
6 days ago
- Business
- Express Tribune
US investors eye Pakistan's port sector
Listen to article Over 65 US companies joined a webinar hosted by the US Department of Commerce's International Trade Administration and the US Department of State, in collaboration with Pakistan's Ministry of Maritime Affairs, to explore commercial opportunities at Karachi Port and Port Qasim. The session, part of the "Gateways to Growth: South Asia Port Opportunities" series, served as a strategic platform for American companies to engage directly with Pakistani port officials and private operators. Senior representatives from the Ministry of Maritime Affairs; Port Qasim Authority; Abu Dhabi Ports, which operates Karachi Gateway Terminal Ltd; and Dubai Ports World, which operates Qasim International Container Terminal outlined Pakistan's infrastructure goals, regulatory landscape and trade priorities. "US investors have made substantial contributions to Pakistan's development and we are confident that the port sector will be another area where we can achieve great success together," said US Consul General Scott Urbom, while emphasising the role of partnership in fostering long-term commercial ties. "We believe that by working together, we can unlock the full potential of Pakistan's port sector, create new opportunities for American businesses and contribute to Pakistan's economic development," he said. The hybrid session highlighted how American firms could support Pakistan's port development plans, help expedite trade flows and build new supply chain linkages between the two countries. US International Development Finance Corporation's Director of ICT and Infrastructure Policy Ean Hundley noted, "This initiative equips US companies with market intelligence and direct access to local decision-makers, enabling them to capitalise on infrastructure opportunities across South Asia."
Yahoo
11-07-2025
- Business
- Yahoo
Tomatoes May See a Big Price Increase Soon—Here's Why
A change is coming on July 14, and it's likely going to affect the price of your BLT's. On that date, the U.S. is expected to pull out of the Tomato Suspension Agreement that was most recently negotiated in 2019 with Mexico. More specifically, the agreement, which dates back to 1996, is between the Department of Commerce and producers and exporters of fresh tomatoes that are grown in Mexico, as explained by the U.S. Department of Agriculture. This deal essentially ensured that producers and exporters will sell tomatoes at or above an "established reference price." The agreement initially stemmed from a long-time antidumping the agreement is terminated, the International Trade Administration expects a 20.91% tariff on "most imports of tomatoes from Mexico." The dissipation of this agreement is intended to allow "U.S. tomato growers to compete fairly in the marketplace." The Trump Administration has enforced strict U.S. trade laws since the beginning of his term, surging predicted price increases for a number of staple foods (such as bananas, shellfish, olive oil, chocolate, and nuts). Typically, the lowest cost of tomatoes is handed to the summer months, due to increased production deriving from peak harvest times. During the winter, when production decreases, is when grocery stores usually fall victim to a higher price. However, with Mexico being the largest supplier of tomatoes to the U.S., it's likely consumers will now see an increase year-round, including the summer months. RELATED: The USDA's most recent forecast cites 93% of the U.S.'s tomato imports coming from Mexico. Growers are already preparing for the change, with the report stating that "producers are expected to reduce planting in the autumn-winter season in response to the U.S." With this seasonal anticipation, the amount of available agricultural work may also decrease. Canada and Guatemala are the next biggest trade partners to the U.S. as of 2023, as reported by the World Integrated Trade Solution, but the countries still only account for a small percentage of total tomato imports. What does this mean for your grocery store bill? Well, aside from purchasing the vegetable outright, tomatoes are a staple ingredient in so many of your everyday foods—salsas, sauces, ketchup, pizza, etc. So, should these tariffs come into full effect, your grocery receipt will begin to see a subtle price change (especially in the upcoming winter months, when the U.S. more heavily relies on imports of seasonal summer foods).Tomatoes May See a Big Price Increase Soon—Here's Why first appeared on Men's Journal on Jul 8, 2025
Business Insider
09-07-2025
- Entertainment
- Business Insider
Video game mods are wildly popular — and it's easier than ever for modders to turn their hobby into a career
Ironically, the more popular a video game is, the more effort fans invest in changing it. The International Trade Administration valued the video game industry at $184 billion globally in 2023. As it continues to grow, user-created game modifications — more often called mods — are rising in popularity, too. Mods are files or code inserted into a game to add new features, alter the graphics, or improve performance. Nexus Mods, one of the web's most popular mod-sharing platforms, told Business Insider that the website has added about 40 million users since 2020, and now hosts mods for nearly 4,000 different games. While mods are traditionally released for free and created solely out of passion, many players use their modding projects and skills to get jobs in the video gaming industry. And with the rise of the creator economy — a $250 billion industry based around independent creators who deliver content directly to their audiences — a growing number of modders are turning their hobby from a career starting point into a lucrative stand-alone business as well. Modding can build skills for game development jobs Modding requires skills, like coding and project management, that can be vital for professional programming and game design jobs. Liam Esler, managing director and cofounder of Summerfall Studios, started modding the simulation game "Creatures" when he was 10 years old, creating new biomes with unique plants and animals. By age 15, he was managing modding teams across the world. Modding taught Esler how to code and let him practice skills, such as 3D modeling, art, and sound design. "It was a really incredible introduction to the world of making video games," he said. Around this time, he also began modding the role-playing game "Baldur's Gate II," which later led him to apply for a volunteer quality assurance role helping to test the 2012 remaster of the original "Baldur's Gate" before release. He then turned this gig into a full-time developer job for the sequel, "Baldur's Gate II: Enhanced Edition." Modding "Baldur's Gate II" helped Esler master the Infinity Engine scripting language, which the "Baldur's Gate" games were built with. It was a niche skill, but one that paid off. "I basically sent them an email saying, 'Look, I'm an expert in these things. I suspect you're going to need those skill sets.' And they sent me a contract two days later. I had the skills and all of that thanks to modding." Several of his employees at Summerfall Studios are former modders as well. "A lot of them have seen 'behind the curtain' as gamers," he said. "I find, as someone who hires, it's such a critically underappreciated skillset." For modders applying to game studios, he recommended building a varied portfolio of both mods and short games, and emphasizing to hiring managers "that you can learn new engines, you can learn new skills, and you can practice all the things you've learned in a different context. That's the thing that's going to get you hired." Websites like Patreon let modders monetize their work Some modders prefer to be their own boss, and monetization platforms like Patreon have given them ways to accept donations directly from players to support their craft. In return, modders can offer their patrons perks, including early access to new mods. Asking for donations instead of mandatory payments lets modders profit without violating most games' end-user license agreements, giving them the freedom to focus on the hobby they love. Ilja Jusupov, the third biggest creator on Patreon, started out by modding the shooting game "S.T.A.L.K.E.R.: Shadow of Chernobyl," adding texture packs and menus to configure other mods. He already had some programming experience, but modding is what turned it into a career. A few years later, after he started making mods for the racing game "Assetto Corsa," he put his projects on Patreon, where he's since found success. Jusupov's Patreon brings in nearly $50,000 a month, which he attributes to the passionate fan base for "Assetto Corsa" and the consistency of his work. Jusupov said the most challenging parts of running a successful Patreon as a modder are consistently preparing new updates to satisfy subscribers and responding to the feedback those subscribers give without sacrificing independence. "We wouldn't want to create an impression that we're not addressing our patrons' demands, but also still want to pursue new horizons and bring something new on a semi-regular basis," he said. For other modders looking to find independent success, he recommended targeting "niche" games and taking on projects that you're passionate about. "A modification for 'GTA 5' would guarantee a large user base, but I imagine something smaller could have a lot more unsolved demands users would love to find a solution to." Viktor "NSGolova" Radulov, a Ukrainian modder for the virtual reality rhythm game "Beat Saber," similarly said creators should "focus on helping players first and monetize later. If people are happy with your mods, they'll be happy to donate." Radulov's Patreon projects, which include mods to add cosmetics and a leaderboard to the game, earn him over $4,500 a month. He began his programming career developing add-ons for Mac and iOS, and his interest in "Beat Saber" led him to take on modding as a hobby. While modding is currently a side hustle for him, he hopes to eventually turn modding into his sole career. Other monetization platforms include Ko-fi and Nexus Mods. The latter lets modders earn "Donation Points" that can be redeemed for gifts or cash. Nexus Mods told BI that it has paid out over $12 million to its top creators since 2018. Some modders, like Dream and DougDoug, create content as well, using platforms like YouTube and Twitch to upload videos showcasing their mods, which can also earn them money. "Modding forces you to learn a huge variety of skill sets, but the most important of these is 'just work it out,'" Esler said. "You don't have the virtue of an engineering team who can make new features or update existing ones, so you have to work out how to work within the confines of what's already there to make something new."
CNBC
09-07-2025
- Automotive
- CNBC
Trump tariffs raise the specter of sharper economic downturn for South Korea and Japan
In the first batch of "tariff letters" sent to trading partners, U.S. President Donald Trump took aim at two of the closest U.S. allies in Asia: Japan and South Korea — both are already bearing the brunt of the existing duties on auto and steel exports. Additional tariffs would further hurt these two exports-dependent economies that are grappling with a slowdown in growth, with Japan likely staring at a technical recession, or two straight quarters of economic contraction. Both Japan and South Korea saw first-quarter gross domestic product contract on a quarter-on-quarter basis. While South Korean imports to the U.S. face 25% tariffs, the same as Trump promised in April, the rate on Japan has been raised by 1 percentage point to 25%. Exports — including services — made up almost 22% of Japan's GDP in 2023, according to the latest data from the World Bank, and 44% of South Korea's GDP in 2023. Currently, imports of automobiles and auto parts to the U.S. incur a 25% tariff, while steel and aluminum attract a 50% levy on most countries. Automobiles are Japan's largest exports to the U.S. and are also among South Korea's top exports. South Korea was also the fourth-largest exporter of steel to the U.S. in 2024, according to the International Trade Administration under the U.S. Commerce Department. Japan's Prime Minister Shigeru Ishiba reportedly said the country "actively seeks the chance of an agreement that benefits both countries, while protecting Japan's national interest." In May, Ishiba said that his country will not accept a deal that does not see the removal of auto tariffs. The newly announced tariffs will lower Japan's GDP by 0.1 percentage point by end-2026, according to Norihiro Yamaguchi, Lead Japan Economist at Oxford Economics."Given that the economy is already suffering from high tariffs on auto and elevated global trade policy uncertainly, and also weak consumption, the impact shouldn't be dismissed," he told CNBC Yamaguchi said that Japan's economy will "barely grow" in the second half of 2025 and in the first half of 2026, if not falling into a recession. The U.S. is Japan's largest export market, with 21.3 trillion yen ($145.76 billion) of shipments to the country in 2024, while South Korea exported goods worth $127.8 billion to the U.S. in the same year, and counts the U.S. as its second-largest export a "more intensified tariff policy stance," the Bank of Korea in May nearly halved GDP growth estimates for 2025 to 0.8% from February's projection of 1.5%. "The recovery in domestic demand has been delayed, while export growth is expected to slow further due to the impact of U.S. tariffs," the BOK said. Frederic Neumann, Chief Asia Economist at HSBC told CNBC that should Japan and South Korea fail to reach a deal, these tariffs will pose "considerable headwinds to growth." Both Japan and South Korea are already facing sluggish domestic demand. Offering a silver lining, Trump said that he was willing to "perhaps, consider an adjustment to this letter" if the countries were to open their "heretofore closed" markets to the U.S. Pressure tactics are being brought to bear on South Korea and Japan, said Vishnu Varathan, managing director at Mizuho Securities. "The frustration with Japan's more principled and holistic approach (covering sectoral tariffs) stalling a deal being a source of frustration for U.S. trade negotiators, and crucially for Trump, speaks for itself." he added. While Trump has not publicly expressed anger toward South Korea, Varathan said "it is not unimaginable that there are sticking points similar to Japan's, thereby invoking the letter." Markets, meanwhile, appear to be shrugging of the tariff threats — for now. HSBC's Neumann said that Trump's lettersessentially amounts to a deadline extension for tariff negotiations by three weeks. "Financial markets are taking the latest news in their stride, focusing on the possibility that the threatened tariffs may still be whittled down through negotiation," he said.
NBC News
07-07-2025
- Business
- NBC News
Some international LGBTQ+ travelers pull back on U.S. trips: 'Why would I go there?'
Canadian citizen Robert Sharp was planning to visit Provincetown, Massachusetts — one of the most LGBTQ+-friendly places in America — for his friend's milestone birthday in July. But against a backdrop of ongoing trade tensions sparked by President Donald Trump 's tariff policies and increasing anti-LGBTQ+ rhetoric and policies in the U.S., he said his plans changed. 'Do we want to have that stress before going on vacation? Or do we want to support our own country?' Sharp said. The group he was planning to travel with decided to cancel the trip and will instead visit Montreal, he said. Sharp and his partner were also planning to visit Chicago or Fort Lauderdale, Florida, for a separate trip this year, but they shifted their plans to a Canadian road trip between Calgary and Vancouver. 'We've been hit hard in Canada with tariffs and there's been a real sense of patriotism up here. So, we ultimately decided to explore our own country, and do a road trip to the Rockies and spend money within Canada to help our economy,' Sharp said. Sharp's change in plans reflects a larger trend of international travelers rethinking where they are spending their travel budgets and pulling back on visits to the U.S. The number of foreign visitors to the U.S. by air dropped 10% in March from a year prior, according to the International Trade Administration, part of the Commerce Department. Including land border crossings, the number of inbound visitors to the U.S. fell 14% in March from the same period last year, according to industry group U.S. Travel Association. Oxford Economics estimates spending among international visitors to the U.S. will fall $8.5 billion this year, as negative perceptions of the U.S. tied to trade and immigration policy lead travelers to other destinations. Among the LGBTQ+ population, bookings for queer-friendly housing accommodations in the U.S. on the LGBTQ+ travel platform misterb&b saw a 66% decline among Canadian users and a 32% decline among European users from February to April, compared with the same period last year. The company said it had a 22% increase in bookings in blue states and a 9% decline in red states during that time period. It also saw declines in cities within red states including Salt Lake City, Phoenix, and Austin, Texas. Misterb&b CEO Matthieu Jost said overall bookings on the platform are not down globally but are increasing. LGBTQ+ individuals appear to be continuing to spend on vacations, but they're changing their destinations, Jost said. The company said the majority of misterb&b users it surveyed this year said they use their travel budget as a form of activism — supporting inclusive destinations and economies. The rainbow dollar Sharp, who owns LGBTQ-friendly travel company Out Adventures, is not alone in changing his travel plans. In February, the LGBTQ+ advocacy group Egale Canada issued a statement saying its members would not participate in person at conferences or events happening in the U.S. this year, including WorldPride, which took place at the beginning of June in Washington, D.C. The decision was made primarily to protect individuals' safety, said Helen Kennedy, executive director of Egale Canada. In his second term, Trump has signed several executive orders targeting transgender people, including preventing them from serving openly in the military and trying to keep transgender athletes out of girls' and women's sports. Another executive order, which says the federal government recognizes only two sexes, male and female, prompted several countries, including Denmark, Finland and Germany, to issue official cautions for LGBTQ+ travelers visiting the U.S., particularly transgender travelers. Canada has also updated its travel guidance with specific advisories for people with an 'X' gender listed on their passports. Kennedy said another reason for the decision not to travel to the U.S. was to push back on what she views as 'economic warfare' from the U.S. toward Canada. 'People talk about Canada and the U.S. having a long history of being incredible neighbors. And yes, we do, but that's based on economic interests a lot of the time,' Kennedy said. 'When you put that human element with the economic element, then you think, well, OK, why would I go there?' Kennedy said members of Egale Canada who are involved in nongovernmental organizations would normally spend anywhere from $3,000 to $5,000 per person during a trip to attend a conference or event. Corporate travelers usually spend at least $5,000, she estimated. 'We do spend a fair chunk of change in hotels,' she said. 'We do excursions, we rent bikes, we do all of the things that everybody else does.' The LGBTQ+ travel market is significant. The purchasing power of LGBTQ+ consumers overall is estimated to be $1.4 trillion, according to a 2022 study by the market research firm Pride Co-Op. In 2023, the global LGBTQ+ tourism market size was $296.8 billion, and it's expected to more than double in 10 years, reaching $634.9 billion in 2033, according to Research from Arival Travel shows that LGBTQ+ travelers are more likely to be affluent, with a household income of over $150,000, compared with other travelers. When traveling, LGBTQ individuals book more activities and tours and spend more on these experiences than other populations, the Arival research found. John Tanzella, CEO of the International LGBTQ+ Travel Association, said his organization is already sensing a pullback in international LGBTQ+ travel to the U.S. He said he has heard hesitations from international members about attending the organization's global convention in October in Palm Springs, California. 'They don't feel welcome here, so why come and spend their money here?' Tanzella said. 'On the surface, it affects airlines and hotels. But if you dig a little deeper it does affect other businesses, whether it's barber shops or restaurants, bars, spas. A lot of communities rely on tourists to come in and spend their money,' he added. Pride celebrations carry on Despite concerns of waning visits from international LGBTQ+ travelers, as well as some pullbacks in corporate sponsorships for Pride celebrations, Pride organizations across the U.S. said attendance was strong at Pride Month events, many of which take place on the last weekend of June. But many organizations said it's still too soon to get official attendance numbers or difficult to estimate, given that many Pride celebrations are non-ticketed and open to the public. Matt Şenız-Cheng, associate director of partnerships for NYC Pride, said attendance for its Pride events last weekend is expected to total 2.5 million — in line with its typical numbers. He said NYC Pride lost approximately 25% of its corporate sponsorships initially this year, due to the economy, tariffs and pullback surrounding diversity, equity and inclusion. But he estimated the number of people and contingents participating in the Pride march this year will be bigger than in previous years. Ryan Bos, executive director for the Capital Pride Alliance, which ran WorldPride this year, said organizers were 'pleasantly surprised' that people still showed up amid concerns about the Trump administration's policies. Bos said he had heard calls to cancel the event this year due to political tensions in Washington, he said. 'If we were to retreat, what message would that have sent to all the other Prides who are also experiencing similar challenges?' Bos said. While WorldPride doesn't have official attendance numbers yet, Bos said he believes attendance was strong. However, Tanzella, of the International LGBTQ+ Travel Association, said he heard numbers for WorldPride were down this year. Cities in red states have also continued on with their pride celebrations. Attendance rose from about 28,000 last year to 33,000 this year at Phoenix Pride's annual Rainbows Festival in April, Executive Director Michael Fornelli told CNBC in a statement. Its Pride parade will be celebrated in October due to the summer heat. In Salt Lake City, SLC Pride estimated its celebration last weekend brought in 17,000 attendees, more than the 10,000 it saw last year, according to Bonnie O'Brien, festival director. 'We are in a little bit of a blue bubble here in Salt Lake,' O'Brien said. 'We're not expecting people to come from big, big cities or foreign countries. But will we get people from Wyoming? Yes. Will we get people from rural Utah or rural Idaho? Yes.' 'It's not about travel. It's not about red or blue,' she said. 'It's about the closest place that they can find community. And that they know that they're safe, if just for a weekend.'
