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The Trump administration is proposing a 25% tariff on some Brazilian goods as part of a probe into what the U.S. calls unfair trade practices, the Journal’s Gavin Bade writes.
The proposed tariff would apply to Brazilian goods based on what the U.S. says is lax enforcement of deforestation laws, intellectual property protections and anticorruption rules, as well as Brazil's use of digital-services taxes against U.S. tech firms and “unfair” tariffs on American goods.
Most Brazilian exports to the U.S., like coffee, beef and other agricultural products, would be exempted from the tariffs under carve-outs that the Trump administration has enacted to lower costs for consumers. Tariffs on Brazilian imports that aren't subject to an exemption currently stand at 10%.
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Union members picketed this week outside the axle maker where they are employed in Three Rivers, Mich. REBECCA COOK/REUTERS
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Hundreds of unionized workers walked off the line at an auto-parts supplier in Three Rivers, Mich. Their leverage is about 160 miles away, in Detroit: General Motors.
The work stoppage at the Dauch plant—still commonly known by its former name, American Axle—halts the supply of axles and axle tubes destined for GM’s midsize and full-size pickup trucks. The WSJ’s Christopher Otts writes that if GM’s existing stockpile of the crucial parts runs out, the automaker won’t be able to make some of its best-selling and most lucrative vehicles.
The situation imperils GM’s heavy-duty Chevrolet Silverado and GMC Sierra pickups, as well as midsize trucks. For now, GM’s truck plants are running as normal, and the company said it was monitoring the situation. Dauch is trying to keep the Michigan plant running with a “skelton crew” on nonunion contractors.
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U.S. job openings increased to 7.6 million in April, while the hiring rate fell to 3.2%, according to the Labor Department. (WSJ)
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Eurozone inflation rose to 3.2% in May, its highest since September 2023. (WSJ)
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Genco Shipping & Trading’s board unanimously rejected Diana Shipping’s revised unsolicited buyout offer. (WSJ)
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Elliott Investment Management has built a stake valued at more than $716 million in Northern Star Resources, seeking a strategic review and potential sale of the gold miner. (WSJ)
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Spot shipping rates are rising sharply and capacity on the eastbound trans-Pacific route is tightening as U.S. importers frontload shipments to head off rising bunker surcharges and fresh tariff uncertainty. (Journal of Commerce)
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Texas ports last year handled $107.7 billion worth of servers, components, power equipment and other gear needed for the build-out of AI data centers, according to a Newmark report. (SupplyChain24/7)
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Sales of ships for recycling fell to the lowest level in a year in May as shipowners kept older vessels in service to meet strong freight demand. (Lloyd’s List)
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Mediterranean Shipping Co. said all crewmembers were safe after its containership MSC Sariska V was hit by two projectiles Monday night in the Persian Gulf. (The Loadstar)
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New York and six other states sued the Trump administration and TotalEnergies over the cancellation of a wind lease off the coast of New York. (WSJ Pro Sustainable Business)
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