Latest news with #InvestAmericaRoundtable
New York Post
5 days ago
- Business
- New York Post
Several Amazon sellers skip offering Prime Day discounts as Trump tariffs slam costs: report
Amazon sellers are offering fewer discounts during this week's annual Prime Day sales event, saying their margins are too tight as they battle high costs from President Trump's tariffs, according to a report. The online sellers pulling back on deals account for approximately 60% of the products sold on Amazon, according to a Bloomberg, as the four-day sales bonanza kicked off Tuesday. Dan Peskorske, whose Upstream Brands sells aluminum trays that make decorative ice cubes for cocktails, typically sells his products at cost on Prime Day to boost sales. 4 Some Amazon merchants are offering fewer discounts during this week's annual Prime Day sales event. AP But he told Bloomberg his company is unable to offer any discounts this year for the first time because of the 50% tariff on aluminum. 'We're just gonna see what happens this year,' said Peskorske, whose St. Louis-based company generates about $4 million in annual sales, most of that from Amazon. 'There's just no room in the budget for Prime Day discounts.' Unilever Plc's Blueair typically offers discounts of about 30% on its air purifiers and humidifiers during Prime Day to promote the brand. But it's been forced to reduce the number of products on sale this year due to tariffs, according to CEO Andy Lu. 'We want to be cautious to see how this economy plays out for the rest of the year,' Lu told Bloomberg. 'This Prime Day has so much meaning as an indicator for brand owners and operators.' 4 President Trump speaks during an Invest America Roundtable event in June. REUTERS An Amazon spokesperson said the company is seeing a strong response from selling partners for this year's Prime Day event. 'We're working with our broad, varied range of valued selling partners in our store to support them in adapting to the developing environment while maintaining low prices and broad selection for customers,' an Amazon spokesperson told The Post. The sales event, which was extended for an additional two days this year, is expected to generate $23.8 billion in online sales for Amazon and other US retailers, according to Adobe Inc. It's unclear how the longer sales period will impact Amazon's Prime Day event. 'You don't have that sense of urgency that Prime Day seemed to be built around,' Katie Thomas, head of the Kearney Consumer Institute, told Bloomberg. 'The longer sales period might lead to cart abandonment.' The Prime Days will also offer a litmus test on the health of US consumers. About 25% of respondents in a survey of 1,000 US shoppers said they plan to skip the event altogether due to tariffs, while more than half said they will be closely monitoring prices, according to Akeneo, which sells software used by online merchants. 4 About 25% of respondents on a survey of 1,000 US shoppers said they plan to skip Prime Day altogether due to tariffs. AP 'Prime Day will provide an early indication on consumer appetite, especially in categories like apparel, electronics and TVs, where price drops are expected to be the deepest,' Vivek Pandya, lead analyst at Adobe, told Bloomberg. Trump unveiled hefty 'Liberation Day' tariffs on most trading partners in April, before pausing them for 90 days. On Monday, he extended the pause until Aug. 1. Retail sales have started to fall following massive front-loading as customers snapped up goods ahead of the tariffs – like a surge in car sales before Trump's 25% levy on foreign vehicles took effect. Amazon also is facing increased competition from other large retailers, like Walmart's six-day Deals event, which also started Tuesday, and Target's Circle Week that launched Sunday. Dick's Sporting Goods and Best Buy have also ramped up their summer sales offerings. Though smaller merchants are struggling to offer discounts this year, these massive e-commerce events are still expected to see a rush of sales. 4 US shoppers will spend nearly $13 billion on Amazon alone over the four-day period, according to EMarketer Inc. AP Online sales from July 8 to July 11 are expected to surge 28.4% compared with the same period last year, according to Adobe. US shoppers will spend nearly $13 billion on Amazon alone over the four-day period, up 59% from last year when Prime Day lasted just two days, according to EMarketer Inc. Tariffs, which are expected to drive up prices this summer, have pushed some shoppers to start their back-to-school purchases before August, which is especially early in the season, according to Coresight Research. 'It's the big hurrah before fall sets in and the tariff prices start kicking in,' Matt Pavich, the senior director of strategy and innovation at Revionics, a retail price-optimization company, told the New York Times.
Hindustan Times
5 days ago
- Business
- Hindustan Times
Trump sends letters to 14 nations, threatens higher tariffs in case of retaliation
WASHINGTON DC: The Trump administration on Monday sent out a series of letters to 14 countries informing them that their goods exports to the United States could face fresh tariffs starting on August 1. Earlier, Trump's 90-day pause on reciprocal tariffs was set to expire on July 9. FILE PHOTO: U.S. President Donald Trump speaks during an Invest America Roundtable in the State Dining room at the White House. (REUTERS) Although the implementation of tariffs has been delayed, the letters addressed to the leaders of each of the 14 nations outlined a separate tariff level for each country. Japan, South Korea, Bangladesh, Myanmar and Thailand were among those who received tariff letters from the Trump administration. The letters were mostly sent to Asian nations, especially in Southeast Asia. While Japan and South Korea will face a 25% tariff from August 1, Bangladesh will be hit with a 35% tariff. In most cases, the tariff levels outlined by Trump in his letters are broadly similar to those announced by his administration earlier on April 2. 'We have had years to discuss our trading relationship with Bangladesh, and have concluded that we must move away from these longterm, and very persistent, trade deficits engendered by Bangladesh's tariff, and non tariff, policies and trade barriers. Our relationship has been, unfortunately, far from reciprocal. Starting on August 1, 2025, we will charge Bangladesh a tariff of only 35% on any and all Bangladeshi goods sent into the United States, separate from all sectoral tariffs,' Trump said in his letter Bangladesh's Chief Advisor Muhammad Yunus. The letters were posted on Truth Social, Trump's social media website. Similar letters were sent to the 13 other nations on Monday. Some countries such as Japan and South Korea are negotiating with the Trump administration on trade arrangements. Trump also told the 14 countries that they could avoid tariffs by manufacturing goods in the United States and warned that any retaliatory tariffs would simply be added to the tariff levels outlined in the letters. Some countries expressed their concerns about the Trump Administration's latest move. 'This 30% tariff is based on a particular interpretation of the balance of trade between South Africa and the United States. This contested interpretation forms part of the issues under consideration by the negotiating teams from South Africa and the United States. Accordingly, South Africa maintains that the 30% reciprocal tariff is not an accurate representation of available trade data,' said South Africa's President Cyril Ramaphosa in a statement after receiving a letter from Trump. Washington expects that the tariff letters will spur a number of the 14 countries to expedite trade talks with America. US treasury secretary Scott Bessent told the media that he expected a number of trade deals to be signed soon.
Straits Times
5 days ago
- Politics
- Straits Times
Can US President Donald Trump win the Nobel Peace Prize?
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: U.S. President Donald Trump speaks during an Invest America Roundtable in the State Dining room, at the White House, in Washington, U.S., June 9, 2025. REUTERS/Evelyn Hockstein/File Photo The Nobel Peace Prize is one of the most prestigious honours that can be awarded to individuals and organisations internationally. Israeli Prime Minister Benjamin Netanyahu has nominated U.S. President Donald Trump for the prize. If Trump wins, he will be the fifth U.S. president on the list after Theodore Roosevelt, Woodrow Wilson, Jimmy Carter, and Barack Obama. Here is a look at how the award works: WHO CAN WIN? According to the will of Swedish industrialist Alfred Nobel, the inventor of dynamite, the prize should go to the person "who has done the most or best to advance fellowship among nations, the abolition or reduction of standing armies, and the establishment and promotion of peace congresses." In an introduction on the Nobel website, Chair of the Peace Prize Committee Jorgen Watne Frydnes says "in practice anyone can be the recipient of the Nobel Peace Prize. The history of the prize shows clearly it's given to people from all layers of society from all over the world." WHO CAN NOMINATE? Top stories Swipe. Select. Stay informed. Singapore NDP celebrations to be held at 5 heartland sites, including Bishan and Punggol, on Aug 10 Singapore Keep citizens at the centre of public service, Chan Chun Sing tells civil servants Singapore Man arrested for allegedly throwing bottle at SMRT bus, injuring passenger Asia As Trump plays tariffs hard ball, Asean has little choice but to play on Asia PM Anwar called out by his own lawmakers as Malaysia's judicial crisis heats up Singapore SIA flight from Brisbane to Singapore diverted to Perth due to technical issue Sport Speeding likely cause of Diogo Jota car crash: Police Business Great Eastern could resume trading after delisting vote fails to pass; OCBC's exit offer lapses Thousands of people can propose names: members of governments and parliaments; current heads of state; university professors of history, social sciences, law, and philosophy; and former Nobel Peace Prize laureates, among others. You cannot nominate yourself. Nominee lists are kept secret for 50 years, though there is nothing to stop those who make nominations from disclosing their choices. WHO DECIDES? The Norwegian Nobel Committee, which consists of five individuals appointed by the Norwegian parliament, is the arbiter. Members are often retired politicians, but not always. The current committee is led by the head of the Norwegian branch of PEN International, a group defending freedom of expression. They are all put forward by Norwegian political parties and their appointments reflect the balance of power in Norway's parliament. HOW DO THEY DECIDE? Nominations close on January 31, meaning Netanyahu's nomination of Trump would not be considered this year. Members of the committee can make their own nominations no later than the first meeting of the committee in February. They make a shortlist, and each nominee is then assessed by a group of permanent advisers and other experts. The committee aims for unanimity but can decide by majority vote. A final decision is often only made a few days before the prize is announced. CONTROVERSIES The Nobel Peace Prize has often been seen as having a political message. The Nobel website says some recipients have been "highly controversial political actors," while the prize has also increased public focus on international or national conflicts. Obama won the award just a few months after taking office. Two members of the committee stepped down over the decision in 1973 to award the Peace Prize to U.S. Secretary of State Henry Kissinger and Vietnamese politician Le Duc Tho for negotiating an end to the Vietnam War. One member quit in 1994 when Palestinian leader Yasser Arafat shared the prize with Israel's Shimon Peres and Yitzhak Rabin. WHAT DOES THE LAUREATE GET? A medal, a diploma, 11 million Swedish crowns ($1.15 million), and immediate global attention, if they are not already famous. WHEN ARE THE ANNOUNCEMENT AND THE CEREMONY? The announcement of this year's prize will be made on October 10 at the Norwegian Nobel Institute in Oslo. The ceremony will take place at the Oslo City Hall on December 10, the anniversary of Alfred Nobel's death. REUTERS
GMA Network
14-06-2025
- Business
- GMA Network
Trump reports hundreds of millions of dollars from crypto, golf, licensing fees
US President Donald Trump participates in an Invest America Roundtable in the State Dining room, at the White House, in Washington D.C., June 9, 2025. REUTERS/ Evelyn Hockstein US President Donald Trump reported hundreds of millions of dollars in income from crypto, golf clubs and licensing ventures in a public financial disclosure report released on Friday that provided a glimpse of the vast business holdings of America's billionaire president. The annual financial disclosure form, which appeared to cover the 2024 calendar year, shows the president's push into crypto added substantially to his wealth but he also reported large fees from developments and revenues from his other businesses. While Trump has said he has put his businesses into a trust managed by his children, the disclosures show how income from them still ultimately accrue to the president — something that has opened him to conflicts of interest. Some of his businesses in areas such as crypto, for example, benefit from US policy shifts under him and have become a source of criticism. The White House did not immediately respond to a request for comment. The financial disclosure was signed on June 13 and did not state the time period it covered. The details of the cryptocurrency listings, as well as other information in the disclosure, suggest it was through the end of December 2024, which would exclude most of the money raised by the family's cryptocurrency ventures. Given the speed at which the Trump family has made deals during his ascent to the presidency, the filing is already a time capsule of sorts, capturing a period when they were just starting to get into crypto but were largely still in the world of real estate deals and golf clubs. A meme coin released earlier this year by the president – $TRUMP – alone has earned an estimated $320 million in fees, though it's not publicly known how that amount has been divided between a Trump-controlled entity and its partners. In addition to the meme coin fees, the Trump family has raked in more than $400 million from World Liberty Financial, a decentralized finance company. The Trump family is involved, also, with a bitcoin mining operation and digital asset exchange-traded funds. In the disclosures, Trump reported $57.35 million from token sales at World Liberty. He also reported holding 15.75 billion governance tokens in the venture. The wealth of the Republican businessman-turned-politician ranges from crypto to real estate, and a large part on paper is tied up in his stake in Trump Media & Technology Group, owner of social media platform Truth Social. The disclosure showed income from various assets including Trump's properties in Florida. Trump's three golf-focused resorts in the state – Jupiter, Doral and West Palm Beach – plus his nearby private members' club at Mar-a-Lago generated at least $217.7 million in income, according to the filing. The disclosure also listed income of $5 million in license fees from a development in Vietnam. Trump collected royalty money, also, from a variety of deals – $1.3 million from the Greenwood Bible (its website describes it as "the only Bible officially endorsed by Lee Greenwood and President Trump"); $2.8 million from Trump Watches, and $2.5 million from Trump Sneakers and Fragrances. Trump listed $1.16 million in income from his NFTs – digital trading cards in his likeness while First Lady Melania Trump earned around $216,700 from license fees her own NFT collection. —Reuters
Newsweek
12-06-2025
- Business
- Newsweek
Trump Tariffs Face Delay as White House Struggles To Meet 90 Deals Deadline
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Treasury Secretary Scott Bessent said on Wednesday that the Trump administration would likely extend the 90-day pause on the implementation of its tariffs beyond the current July 9 deadline, moving the goalpost of the president's "90 deals in 90 days" promise. Bessent told the House Ways and Means Committee on June 11, that if the U.S. trading partners who are negotiating a deal with Washington are doing so "in good faith" it is "highly likely" that "we will roll the day forward to continue the good faith negotiations." He added: "If someone is not negotiating, then we will not." U.S. President Donald Trump answers questions from members of the press during the Invest America Roundtable in the State Dinning room at the White House on June 09, 2025, in Washington, D.C. U.S. President Donald Trump answers questions from members of the press during the Invest America Roundtable in the State Dinning room at the White House on June 09, 2025, in Washington, is a breaking news story. Updates to follow.
