Latest news with #Streeter
CNBC
10-07-2025
- Business
- CNBC
Trump's trade war led Amazon's low-cost Asian rivals Temu, Shein into retreat, but it may be temporary
As President Donald Trump intensifies his trade war to stack up tariffs on many Asian countries that produce the goods that consumers in the U.S. rely on, low-cost Asian retail upstarts Temu and Shein may yet find a way back to big success in the U.S. market. The Asian rivals to Amazon were directly targeted by Trump in the removal of the tax-exempt status on low-volume shipments from overseas, the so-called de minimis tax. In May, Temu temporarily stopped shipping from China to the U.S. But as the trade war hits all the goods manufacturers across Asia, some retail experts say Temu and Shein may ultimately prevail with business models designed to eke out margins in a tough environment. "The trade wars can help Shein and Temu," said Les Mandelbaum, president of modern home decor company, Umbra, which makes its goods in Vietnam. "The Trump administration thinks they have been weakened, but even with the tariffs, they are the cheaper alternative for consumers. The companies have been flexible in adapting, and they have warehouses in the U.S. I don't think they are weakened to the degree the administration hoped." Ed Sander, analyst at Tech Buzz China, said that by the surface numbers, the two Asian low-cost retailers have been clearly weakened by the trade war. Even with a pause in the steepest tariffs on Chinese goods, direct-to-consumer shipments from China after the cancellation of the de minimis tax exemption reach a tariff rate of 54%, and that has erased a significant amount of the price advantage that Temu and Shein previously had. But Susannah Streeter, head of money and markets at U.K.-based financial services firm Hargreaves Lansdown, told CNBC that due to the nature of their business models, "They are still likely to be formidable competition." Temu and Shein can manufacture and distribute products "super-cheaply," she says, and they have no brick-and-mortar stores to support, while also relying on low-wage manufacturing locations. In addition, the companies "have been known for implementing aggressive cost-cutting measures throughout the supply chain," Streeter added. The Asian manufacturing methods have raised serious concerns about materials sustainability, the environmental impact of production, and human rights violations in the labor force that may be required to sustain the low price tags. But the bottom line, according to Streeter, is that "the playing field is not level, despite the tariff changes." "Although a growing number of consumers are increasingly concerned about sustainability and human rights, and may resist the lure of the fast fashion giants, households on tight budgets are likely to be tempted by price, rather than reputation," she said. That is Mandelbaum's primary concern, as his company has cut down on products being manufactured overseas and exported to the U.S., shifting products to Europe, the company's second-largest market, and other parts of the world. The U.S. represents half of his company's sales. "When you have a brand to protect and an original product, you have material standards and your price reflects that," Mandelbaum said. Temu and Shein may end up being beneficiaries of the trade war as consumers look to trade down in brands. "There is a great appetite from the American consumer looking to pay for cheaper copies. I see more people worried about their money and that has translated into a hesitancy to spend, and they are less quality conscious," he said. Umbra has held back on raising prices on some of its items, but depending on product margin, has increased some prices up to 10%. "On the lower-priced goods, we have not, and some of those products we are no longer exporting to the U.S. because a sale at a loss is not a sale," he said. Many of the price increases expected in retail have yet to hit, but prices are slowly creeping up, according to Dana Telsey, CEO of the retail research firm Telsey Advisory Group. "Right now, we seem to be just seeing seasonal pricing swings, but in my view many of the price increases will begin mid to late summer, particularly surrounding the back-to-school time period," Telsey said. "For the most part, the price increases will be more on the unique items. Many of the retailers in their most recent commentary have spoken to price increases on a select number of goods and what seems to be around an average mid-single digit percentage rate increase." Tech Buzz China research has shown that Temu loses some of its competitiveness when tariffs are higher than 50%. That was why it completely stopped shipping packages to the U.S. at the end of April, according to Sander. Instead, it focused on shipping from local warehouses in the U.S., where import taxes have already been paid for the goods. That is a strategy to survive, if not thrive in the U.S. "The disadvantage is that the price difference with other platforms is smaller when shipments are done from U.S. warehouses," Sanders said, citing Temu's aim to be 85% of Amazon's price. Temu restarted its direct-to-consumer package shipments from China after the May tariffs pause which pushes out the steepest tariffs on Chinese goods to August, and the DTC shipping strategy is expected to be fully reinstated by the end of July. But what ultimately happens between the U.S. and China in trade talks looms large for the two companies. "If Temu and Shein will be beneficiaries will largely depend on what will happen to the tariffs after these 90 days and if they can maintain their price advantage," Sander said. Temu and Shein have proven to be highly innovative and adaptive, according to Drew Bernstein, co-chairman and co-CEO of accounting firm Marcum Asia, which specializes in working with Asia-based firms. "We will see how they adjust their sourcing and supply chain strategies to recapture the U.S. customers they have worked so hard to win," he said. But for now, he added, other international markets are playing a bigger role, with 95% of Temu's sales going to non-U.S. markets in the second quarter. "Whether this flood of cheap goods will lead those markets also to erect new tariff barriers remains to be seen," he added. But Bernstein thinks it is too early to talk with certainty about American consumers "trading down," given that jobs data continues to be solid and the tax cuts included in the newly passed One Big Beautiful Bill Act. Mandelbaum says the existing economic uncertainty has been enough to do the damage. "We are in a consumer goods depression globally," he said. "I have never seen people stay put for so long. People are hesitant to move. Normally, when people move, they buy new home goods. When you stay put, you don't normally do that," he said.
Chicago Tribune
10-07-2025
- Chicago Tribune
Today in Chicago History: Phil Jackson hired as Bulls head coach
Here's a look back at what happened in the Chicago area on July 10, according to the Tribune's archives. Is an important event missing from this date? Email us. Weather records (from the National Weather Service, Chicago) 1886: Capt. George Wellington Streeter's steamboat Reutan ran aground on a Near North Side sandbar now known as Streeterville. From the 1880s until his death in 1921, Streeter asserted not just ownership but sovereignty over 186 acres of prime lakeshore, between the mouth of the Chicago River and Oak Street. An 8-foot bronze statue of Streeter — wearing a top hat and holding pup Spot — stands at the northwest corner of McClurg Court and Grand Avenue. 1912: Black heavyweight champion Jack Johnson opened Cafe de Champion, 41 W. 31st St. in Bronzeville. But only three months after it opened to fanfare, his wife, Etta, died by suicide in the couple's apartment above the venue while revelers partied below. The shooting made the front page of the Tribune the next day. In 1913, an all-white jury in Chicago convicted Johnson of traveling with his white girlfriend, Lucille Cameron, in violation of the Mann Act, which made it illegal to transport women across state lines for 'immoral' purposes. The case would later be held up as a deplorable example of institutional racism in early 20th-century America. Johnson was sentenced to a year and a day in prison in June 1913, but fled to Canada with Cameron, whom he married while free on bond. He remained a fugitive for seven years, traveling from Europe to Mexico, where he fought bulls and ran a bar called the Main Event. President Donald Trump granted a rare posthumous pardon to Johnson on May 24, 2018. 1925: John Thomas Scopes, charged with teaching evolution in Tennessee, went to court in the celebrated 'Monkey Trial.' WGN Radio broadcasted the proceedings live — including Clarence Darrow's defense of Scopes — a milestone for the new medium of radio, and a flesh-and-blood Chicago institution. 1966: Two years after the Rev. Martin Luther King Jr. was the keynote speaker at the Illinois Rally for Civil Rights at Soldier Field, he returned to the venue to deliver another speech on a sweltering day. King told the 30,000 attendees, 'This day we must decide to fill up the jails of Chicago, if necessary, in order to end slums.' He outlined 14 basic goals of the Chicago Freedom Movement and later posted them to the LaSalle Street entrance of City Hall. 1989: Phil Jackson was hired as head coach of the Chicago Bulls, replacing Doug Collins. 'Holy (expletive)! That's Michael Jordan.' A behind-the-scenes look at 'The Last Dance'After the Bulls won their sixth championship trophy, Jackson departed — and so did Michael Jordan and Scottie Pippen. No coach ever enjoyed as much championship success in Chicago. 'This was our last dance and it was a wonderful waltz,' he said at the team's championship rally in Grant Park. Subscribe to the free Vintage Chicago Tribune newsletter, join our Chicagoland history Facebook group, stay current with Today in Chicago History and follow us on Instagram for more from Chicago's past.
Yahoo
30-06-2025
- Business
- Yahoo
Gold prices edge higher as dollar weakens
Gold prices inched higher on Monday morning, and continue to trade near all-time highs, with weakness in the dollar offering support to the precious metal. Gold futures (GC=F) were up 0.2% at $3,293.30 an ounce at the time of writing, while the spot gold price climbed 1.4% to $3,286.03 per ounce. Meanwhile, the US dollar ( index, which measures the greenback against a basket of six currencies, was down 0.2% to 97.17. Gold tends to have an inverse relationship to the dollar, as it is typically traded in the US currency, so weakness in the greenback makes the precious metal cheaper for overseas buyers. Read more: FTSE 100 LIVE: Markets higher as US-UK trade deal comes into force The rise in gold prices came despite more positive developments on trade, with investors typically turning to the precious metal as a safe-haven amid uncertainty. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "Exuberance is set to continue at the start of the week, as more trade deal scores are on the doors and geopolitical tensions have eased off. "Talks between Canada and the US are back on the cards, after an agreement to scrap a tax targeting American tech firms," she said. "There will now be speculation that other countries, like the UK, will be forced to drop their own taxes targeting the biggest tech firms in the world when further talks take place." Streeter added: "The trade deal announced again between the US and China, has poured more optimism into glass half full attitudes. Even though it's still pretty scant on detail, the agreement looks set to give US companies better access to crucial rare earth minerals, exported from China." The pound dipped 0.1% lower against the dollar (GBPUSD=X) on Monday, to trade at $1.3694, as investors weighed the latest UK economic data releases. The Office for National Statistics (ONS) confirmed a preliminary estimate that the UK economy expanded by 0.7% in the first three months of the year However, the household savings ratio, a measure of how much people save, fell for the first time in two years, to 10.9% from 12%, as people spent more on fuel, rent and restaurant meals. Danni Hewson, head of financial analysis at AJ Bell (AJB.L), said: "Confirmation that the UK economy delivered the fastest growth of any G7 country at the start of the year feels almost redundant. Read more: Trending tickers: Palantir, Boeing, UBS, WH Smith and Hikma Pharmaceuticals 'A mix of tariff woes and tax hikes have created a period of such uncertainty and instability that many businesses have simply pressed pause on their future plans, and in some cases taken the decision to cut labour costs in order to set them up for what might be down the tracks." "The early growth spurt looks set to be an anomaly rather than the sustained expansion the government needs if it's to pad treasury coffers without resorting to tax rises or further spending cuts," she added. In other currency moves, the pound was slightly lower against the euro (GBPEUR=X), trading at €1.1683 at the time of writing. Oil prices dipped on Monday morning, amid easing geopolitical risks, following sharp movements in the commodity last week. Brent crude (BZ=F) futures edged 0.1% lower to $66.74 per barrel, at the time of writing, while West Texas Intermediate futures (CL=F) fell 0.3% to $65.35 a barrel. Stocks: Create your watchlist and portfolio "With the Iran-Israel-US truce holding, geopolitical tensions have calmed and that's kept downwards pressure on oil prices," said Hargreaves Lansdown's Streeter. "Brent Crude has fallen 14% over the past week as the easing of supply disruption worries collided with expectations that OPEC+ nations would ramp up production. There is still expected to be fall out for global growth, due to the impact of US trade policies, so the expectation of lower demand for energy is also weighing on prices." More broadly, the FTSE 100 (^FTSE) fell 0.3% on Friday morning to 8,773 points. For more details, on broader market movements check our live coverage here. Read more: What to watch this week: UK shop prices, US employment, Constellation Brands, M&S and Sainsbury's Global economy to slow amid 'most severe trade war since 1930s', says Fitch UK economy grew 0.7% in first quarter of the yearError 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
Al-Ahram Weekly
25-06-2025
- Business
- Al-Ahram Weekly
Oil rebounds as markets track Iran-Israel ceasefire - Energy
Oil prices recovered as stock markets diverged Wednesday while traders assessed whether the Israel-Iran ceasefire would endure. Focus was also on a NATO summit that signed off on a sharp increase to military spending by the United States and its allies. The dollar recovered mildly, having slumped Tuesday after Federal Reserve boss Jerome Powell did not rule out the prospect of cuts to US interest rates, as President Donald Trump's tariff war risks slowing the economy. "Optimism about the fragile ceasefire holding between Iran and Israel has bubbled through markets... but more doubts are now creeping in about the truce holding," said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Trade Nation analyst David Morrison said that "Investors are mindful that the current ceasefire may break down, although that seems like a small risk for now." Asian stock markets closed higher following rallies on Wall Street and in Europe on Tuesday on news of the ceasefire declared by Trump. But European stocks dipped, and Wall Street opened mixed. The world's main oil contract, Brent North Sea crude, rose 0.6 percent Wednesday after tumbling almost seven percent Tuesday. Brent and the main US crude contract, WTI, had soared Monday in the first reaction to the US bombing of Iran. Trump said Wednesday that the US strikes resulted in the "total obliteration" of Iran's nuclear capabilities, setting the country's atomic programme back by "decades". "They're not going to be building bombs for a long time," he said, adding that the ceasefire between Israel and Iran was going "very well". But leaked US intelligence cast doubt on the damage caused by the American strikes, saying they had set back Tehran's nuclear programme by just a few months. Trade Nation's Morrison said if those assessments are correct it would pose serious concerns for investors as "it opens up a myriad of possibilities" about how the situation could develop. Trump's comments were made in The Hague, where he struck a conciliatory tone toward NATO allies, framing the deal on increased defence spending as a "great victory for everyone". Trump appeared keen to share the plaudits for the deal, which sees the 32 NATO countries commit to spending five percent of output on defence by 2035. "Hot geopolitics is the big subject of the debate at the NATO summit and has prompted nations to pledge to sharply increase their military spending targets," Streeter said. NATO allies on Wednesday declared Russia a "long-term threat" to their collective security in a joint summit statement that also affirmed their "enduring" support for Ukraine. Streeter said the NATO spending deal was likely to support share prices of defence groups, even if "much of the spending expectations have already been baked into valuations". Follow us on: Facebook Instagram Whatsapp Short link:
Yahoo
19-06-2025
- Automotive
- Yahoo
New Yorker says reporting idling vehicles makes him over six figures
New York City — Two years ago, a New Yorker who calls himself "Streeter" left his job in marketing to become a soldier in the war on idling. "Shortly after 6, I'm out on my bike, looking for idling trucks," Streeter said. "I'm essentially biking 6, 7, 8, 9 hours a day." In New York City, it's against the law for trucks and non-city buses to idle — keeping the engine running while stationary — for more than three minutes. However, the law is rarely enforced. That's where the big money comes in for Streeter and others who report idlers. Under the Citizens Air Complaint Program, they can record idling trucks or buses, report them and keep 25% of any fines, which typically range from $350 to $600. Streeter says he makes in excess of six figures reporting idlers. George Pakenham, who's spent much of the last two decades working to clean up the air in New York City, helped make the law happen. "It's a public health issue," Pakenham said. A former Wall Street banker, Pakenham watched his brother, a non-smoker, battle Stage 4 lung cancer. Then he started wondering about the number of vehicles sitting idle and polluting the air. "So I walked up to the limo driver, tapped on the window and said, 'How about just shutting your engine off?' And he did," Pakenham said. He took his frustrations to city legislators. In 2017, they passed the law allowing people to report idling vehicles. Other cities are following suit — Los Angeles and Philadelphia are working on similar programs to stop idling. Pakenham says New York City has made just under $70 million off the program. But catching idlers isn't always easy money. And truck drivers feel "abused" over the program, said Zach Miller, a lobbyist for the Trucking Association of New York. "They find this to be a bounty hunter program," Miller said. When asked if truckers could just cut their engine off as a solution, Miller said, "They do not understand the intricacies of driving a truck in New York City. It is very hard work. There are trucks that have to operate their lift gate 15, 20 times a day." "Drive a truck in New York City for a week, and then come back to me and tell me that's an easy solution," he said. Pakenham still believes it's a major health issue. "Would you like to stand behind a bus for five minutes and breathe? I don't think so. I don't think anyone would." Teen questioned after family's quadruple murder Iranians evacuate capital Tehran, some say the regime is frightened Parents, brother of slain Minnesota lawmaker Melissa Hortman speak about her death
