Latest news with #tradeDisputes
Bloomberg
17-06-2025
- Business
- Bloomberg
EU Refused Meeting With China on Lack of Trade Progress, FT Says
The European Union is refusing to hold an economic meeting with China due to a lack of progress on trade disputes, the Financial Times reports, underscoring tensions between the two sides even as Beijing tries to warm ties. European officials decided to spurn the flagship EU-China High-Level Economic and Trade Dialogue, the FT reported citing four people familiar with the matter. The economic meeting would lay the groundwork for a leaders' summit set for July 24-25 in China, the newspaper reported.
The Independent
16-06-2025
- Business
- The Independent
How US amusement parks are battling the costs of Trump's tariffs this summer
The ripple effects of trade disputes between global economic giants like the US and China are being felt in unexpected places, including local amusement parks. Families seeking affordable summer getaways often choose regional parks over larger destinations like Disney World, favouring the convenience of a drive over costly flights. However, economic uncertainty fuelled by tariffs could deter these visits altogether. Park owners face increased costs due to tariffs on imported steel used in ride construction. Even the prizes and toys won in games often come from China and are subject to tariffs. Despite these challenges, regional amusement parks have not experienced a downturn so far this year. 'We've had good crowds, and everyone seems excited to be here,' said Brian Hartley, vice president of Playland's Castaway Cove, in Ocean City, New Jersey, which boasts 30 rides, miniature golf, go-karts, and other beachfront attractions. 'As long as the weather is good, they're ready to come down.' That's true for park-goer Chris Del Borrello, at Castaway Cove on a bustling June Friday evening with a group of 10 family members, including his four children. 'We come here every year because it's so fun, and we build memories every single summer,' he said. Tariffs loom over the summer tourism industry just as leisure travel is expected to finally get back to pre-pandemic levels. The US Travel Association expects Americans to take 1.96 billion trips this year, up two per cent from 1.92 billion last year. Travel spending is also expected to increase two per cent year over year. Tariff pressures As park operators prepared for the 2025 summer last year, President Donald Trump imposed on-again, off-again tariffs against US trade partners that made planning difficult. For instance, proposed tariffs against China started at 10 per cent in February, rose to 20 per cent in March, ballooned to 145 per cent in April, and were reduced to 30 per cent in May. On Wednesday, the Trump administration put the number at 55 per cent. Hartley said he ordered items like stuffed animals for games from China early to beat the tariffs – and benefited from the pause announced in May. 'We loaded up, we're tripping over stuff at this point,' he said. 'We tried to purchase as much stuff as we could to be ready for the season, because that little bit makes a big difference in the bottom line at the end of the day,' he said. In particular, the park added two new rides this year, but parts were delivered back in the fall. Not all parks were as fortunate. At Adventureland, in Farmingdale, New York, the steel structure for a new ride, Wave Twister, and some China-made game prizes like plush toys and basketballs were affected by tariff costs, said manager Jeanine Gentile. 'We ordered them months ago before the tariffs were in place, but they typically arrive for delivery at this time of the year, and so obviously the tariffs were in before we received the product,' she said. 'We did have to pay additional for those tariffs in order to get the product.' So far, the park is absorbing the cost – they made the decision not to raise ticket prices this year. But that could change next year. 'We've just sort of felt that if we can do this (not raise prices) for Long Island and for our guests, let's do it, where we can afford it, at least for this season,' said Gentile. Economic uncertainty Aside from tariffs, economic uncertainty is the biggest challenge for amusement parks this season. At Dollywood in Pigeon Forge, Tennessee, which is co-owned by country legend Dolly Parton and Herschend Family Entertainment, Director of Communications Pete Owens said they decided to open a week later in March due to concerns about the economy. But so far, attendance at the park, nestled in the Great Smoky Mountains, is up four per cent from last year. Attendees are spending but looking for deals. A promotion giving discount tickets to public employees has proved popular. And Owens is seeing customers purchase tickets for their family closer to their actual visit instead of several days or weeks in advance. Some are even waiting until they're in the Great Smoky Mountains to decide to buy a ticket. 'I think they're all still looking very closely to see what value pricing there is or what opportunities there are,' he said. The same holds true at Silver Dollar City near Branson, Missouri, an 1880s Western-themed park, which draws its visitors from what President Brad Thomas calls 'America's heartland,' an 'oval' in the middle of the country, including Minneapolis, Denver and Memphis and Houston, Texas. 'What those families tend to say as they visit us is that they want their families just to escape, even though there's a lot of concerns in every family's life, they're all dealing with time pressure and money pressure and inflation pressure and all kinds of other things,' said Thomas. He said this year, families coming to the park are sticking to a budget-conscious plan. 'They have carved the money that they'll spend in their day with us or their days with us,' he said. 'They've planned that into their budget.' Back at Castaway Cove, Hartley said that while the season is going well, he worries about the mood of the consumer as economic uncertainty persists. That could affect trip planning later in the summer. ' People that really haven't already booked a vacation … it may affect, do they come down here for a weekend? Do they not? Do they come for two days instead of four or five days?' he said. 'I think people don't know what the future is going to hold.'
Al Arabiya
16-06-2025
- Business
- Al Arabiya
Smaller Amusement Parks Hope for a Strong Summer Under the Shadow of Tariffs
The trade disputes involving global economic powerhouses such as the US and China are being felt even in distinctly local places like regional amusement parks. Families who balk at the cost of a summer vacation at big amusement parks like Disney World favor trips to regional parks, which typically are within driving distance so expensive flights aren't necessary. But if tariffs lead to economic uncertainty, they may just stay home. For park owners, tariffs could mean extra costs that their customers might not think about. Parts of the rides are made of imported steel that's currently subject to tariffs. Those prizes and toys people win after they shoot basketballs into a hoop? They usually come from China, which has been subject to varying tariffs. So far this year, however, there's been no letdown. 'We've had good crowds and everyone seems excited to be here,' said Brian Hartley, vice president of Playland's Castaway Cove in Ocean City, New Jersey, which boasts 30 rides, miniature golf, go-karts, and other beachfront attractions. 'As long as the weather is good, they're ready to come down.' That's true for park-goer Chris Del Borrello at Castaway Cove on a bustling June Friday evening with a group of 10 family members, including his four children. 'We come here every year because it's so fun and we build memories every single summer,' he said. Tariffs loom over the summer tourism industry just as leisure travel is expected to finally get back to pre-pandemic levels. The US Travel Association expects Americans to take 1.96 billion trips this year, up two percent from 1.92 billion last year. Travel spending is also expected to increase two percent year over year. As park operators prepared for the 2025 summer last year, President Donald Trump unrolled on-again, off-again tariffs against US trade partners that made planning difficult. For instance, proposed tariffs against China started at ten percent in February, rose to twenty percent in March, ballooned to 145 percent in April, and were reduced to thirty percent in May. On Wednesday, the Trump administration put the number at fifty-five percent. Hartley said he ordered items like stuffed animals for games from China early to beat the tariffs–and benefited from the pause announced in May. 'We loaded up; we're tripping over stuff at this point,' he said. 'We tried to purchase as much stuff as we could to be ready for the season because that little bit makes a big difference in the bottom line at the end of the day,' he said. In particular, the park added two new rides this year, but parts were delivered back in the fall. Not all parks were as fortunate. At Adventureland in Farmingdale, New York, the steel structure for a new ride, Wave Twister, and some China-made game prizes like plush toys and basketballs were affected by tariff costs, said manager Jeanine Gentile. 'We ordered them months ago before the tariffs were in place, but they typically arrive for delivery at this time of the year, and so obviously the tariffs were in before we received the product,' she said. 'We did have to pay additional for those tariffs in order to get the product.' So far, the park is absorbing the cost–they made the decision not to raise ticket prices this year. But that could change next year. 'We've just sort of felt that if we can do this (not raise prices) for Long Island and for our guests, let's do it where we can afford it, at least for this season,' said Gentile. Aside from tariffs, economic uncertainty is the biggest challenge for amusement parks this season. At Dollywood in Pigeon Forge, Tennessee, which is co-owned by country legend Dolly Parton and Herschend Family Entertainment, Director of Communications Pete Owens said they decided to open a week later in March due to concerns about the economy. But so far, attendance at the park nestled in the Great Smoky Mountains is up four percent from last year. Attendees are spending but looking for deals. A promotion giving discount tickets to public employees has proved popular. And Owens is seeing customers purchase tickets for their family closer to their actual visit instead of several days or weeks in advance. Some are even waiting until they're in the Great Smoky Mountains to decide to buy a ticket. 'I think they're all still looking very closely to see what value pricing there is or what opportunities there are,' he said. The same holds true at Silver Dollar City near Branson, Missouri, an 1880s Western-themed park which draws its visitors from what president Brad Thomas calls 'America's heartland,' an oval in the middle of the country including Minneapolis, Denver, Memphis, and Houston, Texas. 'What those families tend to say as they visit us is that they want their families just to escape, even though there's a lot of concerns in every family's life; they're all dealing with time pressure and money pressure and inflation pressure and all kinds of other things,' said Thomas. He said this year families coming to the park are sticking to a plan, moneywise. 'They have carved the money that they'll spend in their day with us or their days with us,' he said. 'They've planned that into their budget.' Back at Castaway Cove, Hartley said that while the season is going well, he worries about the mood of the consumer as economic uncertainty persists. That could affect trip planning later in the summer. 'People that really haven't already booked a vacation … it may affect do they come down here for a weekend? Do they not? Do they come for two days instead of four or five days?' he said. 'I think people don't know what the future is going to hold.'
Washington Post
16-06-2025
- Business
- Washington Post
Smaller amusement parks hope for a strong summer under the shadow of tariffs
NEW YORK — The trade disputes involving global economic powerhouses such as the U.S. and China are being felt even in such distinctly local places as your regional amusement park. Families who balk at the cost of a summer vacation at big amusement parks like Disney World favor trips to regional parks, which typically are within driving distance, so expensive flights aren't necessary. But if tariffs lead to economic uncertainty, they may just stay home.
Reuters
15-06-2025
- Politics
- Reuters
G7 leaders meet in Canada hoping to avoid Trump clash
BANFF, Alberta, June 15 (Reuters) - Group of Seven leaders gather in the Canadian Rockies starting on Sunday amid growing splits with the United States over foreign policy and trade, with host Canada striving to avoid clashes with President Donald Trump. While Prime Minister Mark Carney says his priorities are strengthening peace and security, building critical mineral supply chains and creating jobs, issues such as U.S. tariffs and the conflicts in the Middle East and Ukraine are expected to feature heavily. U.S. ally Israel launched a barrage of strikes across Iran on Thursday, a blow to Trump's diplomatic efforts to prevent such an attack. The summit will take place in the mountain resort of Kananaskis, some 90 km (56 miles) west of Calgary. The last time Canada played host, in 2018, Trump left the summit before denouncing then Canadian Prime Minister Justin Trudeau as "very dishonest and weak" and instructing the U.S. delegation to withdraw its approval of the final communique. "This will be a successful meeting if Donald Trump doesn't have an eruption that disrupts the entire gathering. Anything above and beyond that is gravy," said University of Ottawa international affairs professor Roland Paris, who was foreign policy adviser to Trudeau. Trump has often mused about annexing Canada and arrives at a time when Carney is threatening reprisals if Washington does not lift tariffs on steel and aluminum. "The best-case scenario ... is that there's no real blow-ups coming out of the back end," said Josh Lipsky, the chair of international economics at the Atlantic Council think tank and a former White House and State Department official. Carney's office declined to comment on how the Israeli strikes would affect the summit. Diplomats said Canada has ditched the idea of a traditional comprehensive joint communique and would issue chair summaries instead, in hopes of containing a disaster and maintaining engagement with the U.S. A senior Canadian official told reporters Ottawa wanted to focus on actions the seven members - Canada, France, Germany, Italy, Japan, the United Kingdom and the United States - could take together. Canadian Senator Peter Boehm, a veteran former diplomat who acted as Trudeau's personal representative to the 2018 summit, said he had been told the summit would last longer than usual to give time for bilateral meetings with the U.S. president. Expected guests for parts of the Sunday to Tuesday event include leaders from Ukraine, Mexico, India, Australia, South Africa, South Korea and Brazil, who all have reasons to want to talk to Trump. "Many will want to talk to President Trump about their own particular interests and concerns," Boehm said by phone. A senior U.S. official said on Friday working discussions would cover trade and the global economy, critical minerals, migrant and drug smuggling, wildfires, international security, artificial intelligence and energy security. "The president is eager to pursue his goals in all of these areas including making America's trade relationships fair and reciprocal," the official said. The visit of Ukrainian President Volodymyr Zelenskiy to the Oval Office in February descended into acrimony and has served as a warning for other world leaders about the delicate dance they face in negotiating with Trump. But diplomats say the frustration of dealing with the Trump administration has made some keener to assert themselves. Canada has long been one of Ukraine's most vocal supporters. Trump came to power promising to end the war with Russia within 24 hours but diplomatic efforts to end the conflict have stalled. One Ukrainian official involved in preparations for the summit said hope had faded for a strong statement in support of Ukraine. Instead, success for Kyiv would merely constitute an amicable meeting between Trump and Zelenskiy. A European official said the G7 summit and the NATO summit in The Hague later in June provided an opportunity to underscore to Trump the need to press ahead with a sanctions bill put together by U.S. senators alongside a new European package to pressure Russia into a ceasefire and broader talks. Trump's first international summit will offer some early clues on whether Trump is interested in working with allies to solve common problems, said Max Bergmann, a director at the Center for Strategic and International Studies. 'The big overarching question here is, basically, is the United States still committed to formats like the G7? That is going to be the big test,' Bergmann said. French President Emmanuel Macron has said he has a good, but frank relationship with Trump despite differences on subjects such as Ukraine or climate change. Macron said on Friday that a United Nations conference co-hosted between France and Saudi Arabia scheduled after the G7 to work towards a two-state solution between Israel and the Palestinians has been postponed.
