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DETROIT (AP) — If Donald Trump makes good on his threat to slap 25% tariffs on everything imported from Mexico and Canada, the price increases that could follow will collide with his campaign promise to give American families a break from inflation. Economists say companies would have little choice but to pass along the added costs, dramatically raising prices for food, clothing, automobiles, booze and other goods. The president-elect floated the tariff idea, including additional 10% taxes on goods from China, as a way to force the countries to halt the flow of illegal immigrants and drugs into the U.S. But his posts Monday on Truth Social threatening the tariffs on his first day in office could just be a negotiating ploy to get the countries to change behavior. High food prices were a major issue in voters picking Trump over Vice President Kamala Harris, but tariffs almost certainly would push those costs up even further. For instance, the Produce Distributors Association, a Washington trade group, said Tuesday that tariffs will raise prices for fresh fruit and vegetables and hurt U.S. farmers when other countries retaliate. “Tariffs distort the marketplace and will raise prices along the supply chain, resulting in the consumer paying more at the checkout line,” said Alan Siger, association president. Mexico and Canada are two of the biggest exporters of fresh fruit and vegetables to the U.S. In 2022, Mexico supplied 51% of fresh fruit and 69% of fresh vegetables imported by value into the U.S., while Canada supplied 2% of fresh fruit and 20% of fresh vegetables. Before the election, about 7 in 10 voters said they were very concerned about the cost of food, according to AP VoteCast, a survey of more than 120,000 voters. “We’ll get them down,” Trump told shoppers during a September visit to a Pennsylvania grocery store. The U.S. is the largest importer of goods in the world, with Mexico, China and Canada its top three suppliers, according to the most recent U.S. Census data. People looking to buy a new vehicle likely would see big price increases as well, at a time when costs have gone up so much they are out of reach for many. The average price of a new vehicle now runs around $48,000. About 15% of the 15.6 million new vehicles sold in the U.S. last year came from Mexico, while 8% crossed the border from Canada, according to Global Data. Much of the tariffs would get passed along to consumers, unless automakers can somehow quickly find productivity improvements to offset them, said C.J. Finn, U.S. automotive sector leader for PwC. That means even more consumers “would potentially get priced out,” Finn said. Hardest hit would be Volkswagen, Stellantis, General Motors and Ford, Bernstein analyst Daniel Roeska wrote Tuesday in a note to investors. “A 25% tariff on Mexico and Canada would severely cripple the U.S. auto industry,” he said. The tariffs would hurt U.S. industrial production so much that “we expect this is unlikely to happen in practice,” Roeska said. The tariff threat hit auto stocks on Tuesday, particularly shares of GM, which imports about 30% of the vehicles it sells in the U.S. from Canada and Mexico, and Stellantis, which imports about 40% from the two countries. For both, about 55% of their lucrative pickup trucks come from Mexico and Canada. GM stock lost almost 9% of its value, while Stellantis dropped nearly 6%. It's not clear how long the tariffs would last if implemented, but they could force auto executives to move production to the U.S., which could create more jobs in the long run. However, Morningstar analyst David Whiston said automakers probably won't make any immediate moves because they can't quickly change where they build vehicles. Millions of dollars worth of auto parts flow across the borders with Mexico and Canada, and that could raise prices for already costly automobile repairs, Finn said. The Distilled Spirits Council of the U.S. said tariffs on tequila or Canadian whisky won’t boost American jobs because they are distinctive products that can only be made in their country of origin. In 2023, the U.S. imported $4.6 billion worth of tequila and $108 million worth of mezcal from Mexico and $537 million worth of spirits from Canada, it said. “Tariffs on spirits products from our neighbors to the north and south are going to hurt U.S. consumers and lead to job losses across the U.S. hospitality industry,” it added. Electronics retailer Best Buy said on its third-quarter earnings conference call that it runs on thin profit margins, so while vendors and the company will shoulder some increases, Best Buy will have to pass tariffs to customers. “These are goods that people need, and higher prices are not helpful,” CEO Corie Barry said. Walmart also warned this week that tariffs could force it to raise prices. Tariffs could trigger supply chain disruptions as people buy goods before they are imposed and companies seek alternate sources of parts, said Rob Handfield, a professor of supply chain management at North Carolina State University. Some businesses might not be able to pass on the costs. “It could actually shut down a lot of industries in the United States. It could actually put a lot of U.S. businesses out of business,” he said. Canadian Prime Minister Justin Trudeau, who talked with Trump after his call for tariffs, said they had a good conversation about working together. "This is a relationship that we know takes a certain amount of working on and that’s what we’ll do,” Trudeau said. Trump's threats come as arrests for illegally crossing the border from Mexico have been falling . But arrests for illegally crossing the border from Canada have been rising over the past two years. Much of America’s fentanyl is smuggled from Mexico, and seizures have increased. Trump has sound legal justification to impose tariffs, even though they conflict with a 2020 trade deal brokered in large part by Trump with Canada and Mexico, said William Reinsch, senior adviser at the Center for Strategic and International Studies and a former Clinton administration trade official. The treaty, known as the USMCA, is up for review in 2026. In China’s case, he could simply declare Beijing hasn't met obligations under an agreement he negotiated in his first term. For Canada and Mexico, he could say the influx of migrants and drugs are a national security threat, and turn to a section of trade law he used in his first term to slap tariffs on steel and aluminum. The law he would most likely use for Canada and Mexico has a legal process that often takes up to nine months, giving Trump time to seek a deal. If talks failed and the duties were imposed, all three countries would likely retaliate with tariffs on U.S. exports, said Reinsch, who believes Trump's tariffs threat is a negotiating ploy. U.S. companies would lobby intensively against tariffs, and would seek to have products exempted. Some of the biggest exporters from Mexico are U.S. firms that make parts there, Reinsch said. Longer term, Mary Lovely, a senior fellow at the Peterson Institute for International Economics, said the threat of tariffs could make the U.S. an “unstable partner” in international trade. “It is an incentive to move activity outside the United States to avoid all this uncertainty,” she said. Trump transition team officials did not immediately respond to questions about what he would need to see to prevent the tariffs from being implemented and how they would impact prices in the U.S. Mexican President Claudia Sheinbaum suggested Tuesday that Mexico could retaliate with tariffs of its own. Sheinbaum said she was willing to talk about the issues, but said drugs were a U.S. problem.What Could Happen If Trump Withdraws the U.S. from the Paris Agreement Again
Surveillance tech advances by Biden could aid in Trump's promised crackdown on immigration
WASHINGTON — Treasury Secretary Janet Yellen said her agency will need to start taking “extraordinary measures,” or special accounting maneuvers intended to prevent the nation from hitting the debt ceiling , as early as January 14, in a letter sent to congressional leaders Friday afternoon. "Treasury expects to hit the statutory debt ceiling between January 14 and January 23," she wrote in a letter addressed to House and Senate leadership, at which point extraordinary measures would be used to prevent the government from breaching the nation's debt ceiling — which was suspended until Jan. 1, 2025. The department in the past deployed what are known as “extraordinary measures” or accounting maneuvers to keep the government operating. Once those measures run out, the government risks defaulting on its debt unless lawmakers and the president agree to lift the limit on the U.S. government’s ability to borrow. "I respectfully urge Congress to act to protect the full faith and credit of the United States," Yellen said. FILE - U.S. Treasury Secretary Janet Yellen speaks during a visit to the Financial Crimes Enforcement Network (FinCEN) in Vienna, Va., on Jan. 8, 2024. (AP Photo/Susan Walsh, File) The news came after Democratic President Joe Biden signed a bill into law last week that averted a government shutdown but did not include Republican President-elect Donald Trump’s core debt demand to raise or suspend the nation’s debt limit. Congress approved the bill only after a fierce internal debate among Republicans over how to handle Trump's demand. “Anything else is a betrayal of our country,” Trump said in a statement. After a protracted debate in the summer of 2023 over how to fund the government, policymakers crafted the Fiscal Responsibility Act, which included suspending the nation's $31.4 trillion borrowing authority until Jan. 1, 2025. Notably however, Yellen said, on Jan. 2 the debt is projected to temporarily decrease due to a scheduled redemption of nonmarketable securities held by a federal trust fund associated with Medicare payments. As a result, “Treasury does not expect that it will be necessary to start taking extraordinary measures on January 2 to prevent the United States from defaulting on its obligations," she said. The federal debt stands at about $36 trillion — after ballooning across both Republican and Democratic administrations. The spike in inflation after the COVID-19 pandemic pushed up government borrowing costs such that debt service next year will exceed spending on national security. Republicans, who will have full control of the White House, House and Senate in the new year, have big plans to extend Trump's 2017 tax cuts and other priorities but are debating over how to pay for them. Many consumers may remember receiving their first credit card, either years ago in a plain envelope, or months ago from a smartphone app. Still other consumers may remember their newest card, maybe because it's the credit card they're now using exclusively to maximize cash back rewards or airline miles. But for most consumers, there's also a murky in-between where they add, drop and generally accumulate credit cards over time. Over the years, consumers may close some credit card accounts or leave some of their credit cards dormant as a backup form of payment, or perhaps left forgotten in a desk drawer. In the data below, Experian reveals the changes in consumers wallets in recent years. U.S. consumers, on average, carry fewer cards today than they did in 2017, when the typical wallet held 4.2 active credit cards. As of the third quarter (Q3) of 2023, consumers carried 3.9 cards on average. This average is up slightly since the early days of the pandemic, when consumers reduced their average credit card debt and number of accounts as the economy slowed. As Experian revealed earlier this year, credit card balances are still climbing, despite (and partially because of) higher interest rates. And while average balances are increasing, they are spread across fewer accounts than in recent years. Alternative financing—including buy now, pay later plans for purchases—may account for at least some of this discrepancy, as consumers gravitate toward these newer financing methods. In general, residents of higher-population states tend to carry more credit cards than those who live in states with fewer and smaller population centers. Nonetheless, the difference between the states is relatively small. Considering that the national average is around four credit cards per consumer, the four states with the fewest cards per consumer (Alaska, South Dakota, Vermont and Wyoming) aren't appreciably different, with "only" about 3.3 credit cards per consumer. Similarly, the four states on the higher end of the scale where consumers have 4.2 or more credit cards are Connecticut, Delaware, Florida, New Jersey and Rhode Island. The disparity in average credit card counts is more apparent when the population is segmented by age, thanks in part to Generation Z, many of whom have yet to receive their first credit card. The average number of credit cards for these consumers was two, less than half of what older generations keep on hand. The average number of credit cards held by each generation follows the familiar pattern seen in credit card balances, which tend to increase in a consumer's middle age. It's not surprising that the number of credit card accounts follows a similar climb throughout young adulthood and middle age, then drops off in the retirement years. No matter how many credit cards you may have at the moment, keep in mind that the number of accounts has little if any bearing on one's FICO Score. Far more important is how consumers manage those accounts. This is easily demonstrable by quickly stepping through some of the factors that affect your credit scores . Longer credit histories do tend to have a positive effect on a consumer's credit score, but it's not something you can rush. Adhering to on-time payments and managing amounts owed will go far in improving credit scores, even absent a lengthy credit history. While accounts closed in good standing remain on your credit report for 10 years, canceling your oldest credit card account still has the potential to shorten your credit history when it is eventually removed. The impact of its removal depends on any other active credit cards in your credit file. Ultimately, the number of cards a particular individual carries is a personal decision. Justifications can be found for carrying a travel rewards card, a cash back card, a balance transfer card, a card for business transactions and other types of credit cards that other consumers may not have either the need or qualifications for. However, keeping track of numerous credit cards, whether or not a consumer is actively using all of them, can be a mentally taxing exercise. Not only that, credit card fees can add up and dull the benefit of carrying several credit cards. Organized consumers can benefit greatly from a wallet full of specialized cards, but for those seeking a more zen-like financial future, some judicial pruning may be in order. Methodology: The analysis results provided are based on an Experian-created statistically relevant aggregate sampling of our consumer credit database that may include use of the FICO Score 8 version. Different sampling parameters may generate different findings compared with other similar analysis. Analyzed credit data did not contain personal identification information. Metro areas group counties and cities into specific geographic areas for population censuses and compilations of related statistical data. This story was produced by Experian and reviewed and distributed by Stacker Media. Stay up-to-date on the latest in local and national government and political topics with our newsletter.CRUCIAL PROJECT FOR DEVELOPERS Science and Technology Secretary Renato SolidumJr. (second from left) listens while Supervising Science Research Specialist Rhommel Grutas of Phivolcs (third from left) explains the Siesmic Hazard Atlas during its launching on Nov. 21. —Lyn Rillon MANILA, Philippines — In a bid to improve disaster mitigation in the country, a seismic hazard atlas was developed by the Philippine Institute of Volcanology and Seismology (Phivolcs) containing maps and other resources that will help determine the construction of earthquake-resilient buildings. Phivolcs unveiled last week the Seismic Hazard Atlas for the Design Earthquake of the Philippines, which featured seismic maps developed by the Department of Science and Technology (DOST) in the past years. “This atlas is a crucial resource for improving the safety and durability of buildings across the country, providing the scientific foundation for earthquake-resistant design practices,” read the press release by Phivolcs. READ: Marcos calls for updated flood hazard maps According to Phivolcs, the atlas includes “high-quality seismic hazard ground motion maps that will serve as a critical tool for structural design and urban planning in earthquake-prone areas.” These maps show areas in the country that have active fault lines and identify possible hazards in the construction of buildings. “When we want to really prepare the Philippines for its various natural hazards, we need to make sure that the location of our structures are in a less hazardous place, or for us to be able to make it resilient,” Science and Technology Secretary Renato Solidum Jr. said during the launching at the Phivolcs office in Quezon City. In particular, the maps “will provide engineers, urban planners and other professionals with the data needed to make informed decisions for seismic design and analysis,” Phivolcs Director Teresito Bacolcol said. One such feature is the first Transition Long-Period Map of the Philippines, which aims to help engineers assess the impact of long-period ground motions on buildings, particularly high-rises. “Some results show that [building] designs should be lower in certain areas. So there are areas that should be lower, there are areas that should be higher,” Solidum said. “But in summary, we are providing the engineering and science data to provide for a more appropriate building design,” he added. “The successful development of the Seismic Hazard Atlas for Design Earthquakes in the Philippines marks a significant milestone in our ongoing efforts to enhance disaster risk mitigation across the nation, making us at par or at the same level as other advanced countries,” Solidum said. Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . The project was implemented by Phivolcs with the support of DOST and its attached agency Philippine Council for Industry, Energy and Emerging Technology Research and Development, as well as the Association of Structural Engineers of the Philippines.
Maryam condoles martyrdom of 4 Rangers menSCOTTSDALE, Ariz. — Former NHL player and TNT hockey analyst Paul Bissonnette was assaulted by several men during an altercation at a Scottsdale steakhouse on Sunday night. Bissonnette posted a video on X on Monday describing the incident, saying he tried to intervene when one member of the group got in the manager's face and started grabbing him after his friend was asked to leave. “You could tell by his face he (the manager) was a little shocked and surprised and stunned,” Bissonnette said. “It's a family restaurant and there wasn't anyone there who could maybe go help him out, so I went over, grabbed the guy and said: ‘sir, if you’re going to assault and harass the staff, we're going to have problems.'” Bissonnette said members of the group started throwing punches in a fight that started in the restaurant, spilled into the parking lot and to a nearby store. Bissonnette said he was kicked in the head three times and took several punches while landing several blows of his own against seven men. Scottsdale police arrested six men who are accused of assault and disorderly conduct. Bissonnette played in the NHL from 2008-14, spending his final six seasons with the Arizona Coyotes before moving on to a broadcasting career.KSE-100 suffers record single-day drop on political turmoil KARACHI: The KSE-100 Index faced its steepest single-day decline in history on Tuesday, plunging 3,506 points (3.57 per cent) to close at 94,574.16 as political uncertainty triggered panic selling at the Pakistan Stock Exchange (PSX). While the market looked all set to hit the 100,000 mark with a record intraday high of 99,819.59 points, it soon lost its steam. Analysts attributed the fall to heightened political tension in Islamabad and selling pressure during the futures contracts rollover period. Given an unclear political horizon, brokers have also issued cautious warnings to investors in the coming days. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index plunged by a record 3,505.62 points or 3.57 per cent to 94,574.16 points against 98,079.78 points recorded in the last session. The highest index of the day remained at 99,819.59 points while the lowest level was recorded at 94,180.6 points. Muhammad Awais Ashraf, director research of AKD Securities, said that investors are cautious amid the current political climate, but conventional banks provided some support to the index, aided by the removal of the minimum deposit rate for public-sector entities, financial institutions and public limited companies. During this quarter, the E&P and fertiliser sectors, which have been key drivers of the KSE-100 Index due to improvements in energy-sector challenges, experienced significant losses in Tuesday’s trading. Meezan Bank also emerged as the worst performer on the index, impacted by the new profit-sharing formula regulation introduced by the SBP, he said. The KSE-30 index decreased by 1,113.91 points or 3.65 per cent to 29,444.82 points against 30,558.73 points. Traded shares increased by 470 million shares to 1,116.324 million shares from 640.258 million shares. The trading value rose to Rs43.291 billion from Rs25.623 billion. Market capital narrowed to Rs12.052 trillion against Rs12.533 trillion. Of the 456 companies active in the session, 53 closed in green, 355 in red and 48 remained unchanged. Ahsan Mehanti, an analyst at Arif Habib Corp, said, “Panic selling was witnessed at the PSX amid political turmoil following prolonged PTI protests in the capital.” He said political uncertainty, foreign outflows, and selling pressure during the PSX futures contracts rollover period acted as key catalysts for the record bearish activity. The highest increase was recorded in Sapphire Textile Mills Limited, which rose by Rs40.88 to Rs1,177.99 per share, followed by Mehmood Textile Mills Limited, which increased by Rs35.02 to Rs535.4 per share. A significant decline was noted in Rafhan Maize Products Company Limited, which fell by Rs141.07 to Rs7,813.48 per share; Unilever Pakistan Foods Limited followed it, which closed lower by Rs112.79 to Rs19,019.35 per share. Analyst Maaz Mulla at Topline Securities said the KSE-100 Index witnessed its largest-ever single-day decline, dropping 3,506 points (3.57 per cent) to close at 94,574. “This steep fall was driven by political uncertainty stemming from a party’s march towards the capital, shaking investor confidence,” he said. Intraday, the index swung between a low of 3,899 points and a high of 1,739 points. The State Bank of Pakistan’s (SBP) removal of the minimum deposit rate (MDR) on conventional banks for companies, alongside its directive for Islamic banks to pay at least 75 per cent of the weighted average gross yield on PKR savings individual deposits, further unsettled the market. Islamic banks -- MEBL, FABL, and BIPL -- hit their lower price locks (10 per cent), while negative contributions from MEBL, FFC, OGDC, PPL, and HUBC dragged the index down by 1,385 points. On the positive side, HBL, HMB, BAHL, and BAFL added 282 points, softening the blow. Analyst Mubashir Anis Naviwala at JS Global said political uncertainty triggered a market correction of 3,900 points during intraday drading. “After peaking at an intraday high of 99,819 points, widespread panic selling ensued across all sectors, except for conventional banks, which outperformed due to the SBP’s relaxation of the minimum profit rate,” he said. “Moving forward, we advise adopting a cautious stance in the market,” he suggested. K-Electric Ltd remained the volume leader with 101.636 million shares which closed lower by 54 paisas to Rs4.65 per share. BO Punjab followed it with 92.023 million shares, which closed higher by 4 paisas to Rs6.85 per share. Other significant turnover stocks included Hascol Petrol, Fauji Foods Ltd, Sui South Gas, Treet Battery Ltd, Pace (Pak) Ltd, WorldCall Telecom, Cnergyico PK and Waves Home App. In the futures market, 310 companies recorded trading, 35 of which increased, 274 decreased, and one remained unchanged.
Chelsea Kelly and her family were surprised by her dad's diagnosis A woman was inspired to change her life after her dad was given a heartbreaking diagnosis. Chelsea Kelly, 34, from Stockbridge Village set up the brand Love Allura in 2018 and has co-founded ATIA Active, a new women’s sportswear brand. Chelsea teamed up with Jay Pollard, former Adidas Senior Vice President of Brand Operations to create “beautiful pieces that can be worn in and out of the gym.” The 34 year-old said she never imagined she would have ended up in this position a few years ago. Chelsea’s dad, David Kelly, was diagnosed with lung cancer in January 2018 which came as a massive surprise to everyone that knew him. Speaking to the ECHO, Chelsea said: “It was a shock. He was only 53 and still fit and healthy. He was the life and soul of the family. “Everybody loved him. When we found out the news, it was such a shock to us and everyone who knew us. So many people couldn't believe what was going on.” At the time, Chelsea was already struggling with her mental health. She said: “At the time, I worked in a corporate job. I used to finish on a Friday and cry that I was going back in on a Monday. I’d get the Sunday scaries two days early. “I knew that was not the way. That was the catalyst of change for me. My dad always used to say, 'this is no dress rehearsal, you don't get a second chance at life'. Although my mind was limited, I always had a belief deep down that there was more to life than this.” Despite having no experience in business, David had always wanted to see someone in the family set up their own firm. However, Chelsea never had the confidence to try to do so until the final months of his death. She said: “He came from nothing. To see someone succeed and make a name for the family was something he always wanted.” Chelsea felt there was an opportunity for a new sportswear business to take on the big names. She set up sportswear brand Love Allura as she cared for David. But tragically his cancer soon spread to his brain. Chelsea said: “I created Love Allura in 2018. It was just before my dad passed. I started slowly. I cared for dad at the same time. The business gave me such a focus and distraction while he was losing his battle. "We’d have daily chats and updates. He’d ask me to bring stock over. He really loved to see me working on a business. It put a smile on his face. “At the time, there was hardly any choice for sportswear. Our only option was Nike and Adidas. I wanted to find something new for the market and give customers more choice. I set about doing research and found multiple brands that were strong, worked really well and covered all areas.” David died in November 2018. Chelsea said: “He had so much more life to give and experiences to have. “I don’t have kids, so he never had the chance to become a grandad. That’s why I feel so strongly about the business and why I’m so connected to it. He’s a part of it.” The business continued to grow thanks to his help in the early days. Love Allura became a six figure business selling renowned brands including PE Nation and Varley. Chelsea also went on to become head of UK operations and exclusive UK distributor of Australian activewear brand Lilybod. The ECHO previously covered Chelsea’s journey in 2022. A year later, a man called Jay Pollard came across the article. Jay is the former senior vice president of brand operations at Adidas. He was so inspired by Chelsea’s story that he got in touch with her. Chelsea said: “He’d just moved back to Liverpool having worked at Adidas. He loved the story and wanted to share his experiences. “At first, he proposed that he would do some mentoring and coaching for me but that spiralled into doing own brand. We both realised that because of our diverse experiences, it was no brainer to set up our own brand.” Together, they have created a new gym wear brand ATIA Active. Chelsea said: “Each piece has its own purpose. Our brand colours are black, silver and white, representing power, innovation and clarity. Our designs are sleek to have you looking and feeling powerful. “We have exclusive silhouettes and patterns to produce beautiful pieces that can be worn in and out of the gym. Our design gives customers inspiration to achieve.” Chelsea is delighted at what she has done over the last six years but insists there is more to come. She said: “I don't think of this as the end of my journey. As I've evolved as a person, so has the business. “I want to be a role model for others, and inspire them to believe in themselves, and that you can change your lives. You do have the power to change your lives. “We’re so much more than activewear. One of our company values is positivity. I want to share with my community and beyond to let people know that you can change your life if you want to. When I changed my perspective from I can’t to I can - it was a game changer for me.” You can find out more about ATIA here.
Wake Forest still experimenting ahead of Detroit Mercy gameFarage: Badenoch must apologise for ‘crazy conspiracy theory’ on Reform numbersPopular LA Radio Host Dies at 44
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DETROIT (AP) — If Donald Trump makes good on his threat to slap 25% tariffs on everything imported from Mexico and Canada, the price increases that could follow will collide with his campaign promise to give American families a break from inflation. Economists say companies would have little choice but to pass along the added costs, dramatically raising prices for food, clothing, automobiles, booze and other goods. The president-elect floated the tariff idea, including additional 10% taxes on goods from China, as a way to force the countries to halt the flow of illegal immigrants and drugs into the U.S. But his posts Monday on Truth Social threatening the tariffs on his first day in office could just be a negotiating ploy to get the countries to change behavior. High food prices were a major issue in voters picking Trump over Vice President Kamala Harris, but tariffs almost certainly would push those costs up even further. For instance, the Produce Distributors Association, a Washington trade group, said Tuesday that tariffs will raise prices for fresh fruit and vegetables and hurt U.S. farmers when other countries retaliate. “Tariffs distort the marketplace and will raise prices along the supply chain, resulting in the consumer paying more at the checkout line,” said Alan Siger, association president. Mexico and Canada are two of the biggest exporters of fresh fruit and vegetables to the U.S. In 2022, Mexico supplied 51% of fresh fruit and 69% of fresh vegetables imported by value into the U.S., while Canada supplied 2% of fresh fruit and 20% of fresh vegetables. Before the election, about 7 in 10 voters said they were very concerned about the cost of food, according to AP VoteCast, a survey of more than 120,000 voters. “We’ll get them down,” Trump told shoppers during a September visit to a Pennsylvania grocery store. The U.S. is the largest importer of goods in the world, with Mexico, China and Canada its top three suppliers, according to the most recent U.S. Census data. People looking to buy a new vehicle likely would see big price increases as well, at a time when costs have gone up so much they are out of reach for many. The average price of a new vehicle now runs around $48,000. About 15% of the 15.6 million new vehicles sold in the U.S. last year came from Mexico, while 8% crossed the border from Canada, according to Global Data. Much of the tariffs would get passed along to consumers, unless automakers can somehow quickly find productivity improvements to offset them, said C.J. Finn, U.S. automotive sector leader for PwC. That means even more consumers “would potentially get priced out,” Finn said. Hardest hit would be Volkswagen, Stellantis, General Motors and Ford, Bernstein analyst Daniel Roeska wrote Tuesday in a note to investors. “A 25% tariff on Mexico and Canada would severely cripple the U.S. auto industry,” he said. The tariffs would hurt U.S. industrial production so much that “we expect this is unlikely to happen in practice,” Roeska said. The tariff threat hit auto stocks on Tuesday, particularly shares of GM, which imports about 30% of the vehicles it sells in the U.S. from Canada and Mexico, and Stellantis, which imports about 40% from the two countries. For both, about 55% of their lucrative pickup trucks come from Mexico and Canada. GM stock lost almost 9% of its value, while Stellantis dropped nearly 6%. It's not clear how long the tariffs would last if implemented, but they could force auto executives to move production to the U.S., which could create more jobs in the long run. However, Morningstar analyst David Whiston said automakers probably won't make any immediate moves because they can't quickly change where they build vehicles. Millions of dollars worth of auto parts flow across the borders with Mexico and Canada, and that could raise prices for already costly automobile repairs, Finn said. The Distilled Spirits Council of the U.S. said tariffs on tequila or Canadian whisky won’t boost American jobs because they are distinctive products that can only be made in their country of origin. In 2023, the U.S. imported $4.6 billion worth of tequila and $108 million worth of mezcal from Mexico and $537 million worth of spirits from Canada, it said. “Tariffs on spirits products from our neighbors to the north and south are going to hurt U.S. consumers and lead to job losses across the U.S. hospitality industry,” it added. Electronics retailer Best Buy said on its third-quarter earnings conference call that it runs on thin profit margins, so while vendors and the company will shoulder some increases, Best Buy will have to pass tariffs to customers. “These are goods that people need, and higher prices are not helpful,” CEO Corie Barry said. Walmart also warned this week that tariffs could force it to raise prices. Tariffs could trigger supply chain disruptions as people buy goods before they are imposed and companies seek alternate sources of parts, said Rob Handfield, a professor of supply chain management at North Carolina State University. Some businesses might not be able to pass on the costs. “It could actually shut down a lot of industries in the United States. It could actually put a lot of U.S. businesses out of business,” he said. Canadian Prime Minister Justin Trudeau, who talked with Trump after his call for tariffs, said they had a good conversation about working together. "This is a relationship that we know takes a certain amount of working on and that’s what we’ll do,” Trudeau said. Trump's threats come as arrests for illegally crossing the border from Mexico have been falling . But arrests for illegally crossing the border from Canada have been rising over the past two years. Much of America’s fentanyl is smuggled from Mexico, and seizures have increased. Trump has sound legal justification to impose tariffs, even though they conflict with a 2020 trade deal brokered in large part by Trump with Canada and Mexico, said William Reinsch, senior adviser at the Center for Strategic and International Studies and a former Clinton administration trade official. The treaty, known as the USMCA, is up for review in 2026. In China’s case, he could simply declare Beijing hasn't met obligations under an agreement he negotiated in his first term. For Canada and Mexico, he could say the influx of migrants and drugs are a national security threat, and turn to a section of trade law he used in his first term to slap tariffs on steel and aluminum. The law he would most likely use for Canada and Mexico has a legal process that often takes up to nine months, giving Trump time to seek a deal. If talks failed and the duties were imposed, all three countries would likely retaliate with tariffs on U.S. exports, said Reinsch, who believes Trump's tariffs threat is a negotiating ploy. U.S. companies would lobby intensively against tariffs, and would seek to have products exempted. Some of the biggest exporters from Mexico are U.S. firms that make parts there, Reinsch said. Longer term, Mary Lovely, a senior fellow at the Peterson Institute for International Economics, said the threat of tariffs could make the U.S. an “unstable partner” in international trade. “It is an incentive to move activity outside the United States to avoid all this uncertainty,” she said. Trump transition team officials did not immediately respond to questions about what he would need to see to prevent the tariffs from being implemented and how they would impact prices in the U.S. Mexican President Claudia Sheinbaum suggested Tuesday that Mexico could retaliate with tariffs of its own. Sheinbaum said she was willing to talk about the issues, but said drugs were a U.S. problem.What Could Happen If Trump Withdraws the U.S. from the Paris Agreement Again
Surveillance tech advances by Biden could aid in Trump's promised crackdown on immigration
WASHINGTON — Treasury Secretary Janet Yellen said her agency will need to start taking “extraordinary measures,” or special accounting maneuvers intended to prevent the nation from hitting the debt ceiling , as early as January 14, in a letter sent to congressional leaders Friday afternoon. "Treasury expects to hit the statutory debt ceiling between January 14 and January 23," she wrote in a letter addressed to House and Senate leadership, at which point extraordinary measures would be used to prevent the government from breaching the nation's debt ceiling — which was suspended until Jan. 1, 2025. The department in the past deployed what are known as “extraordinary measures” or accounting maneuvers to keep the government operating. Once those measures run out, the government risks defaulting on its debt unless lawmakers and the president agree to lift the limit on the U.S. government’s ability to borrow. "I respectfully urge Congress to act to protect the full faith and credit of the United States," Yellen said. FILE - U.S. Treasury Secretary Janet Yellen speaks during a visit to the Financial Crimes Enforcement Network (FinCEN) in Vienna, Va., on Jan. 8, 2024. (AP Photo/Susan Walsh, File) The news came after Democratic President Joe Biden signed a bill into law last week that averted a government shutdown but did not include Republican President-elect Donald Trump’s core debt demand to raise or suspend the nation’s debt limit. Congress approved the bill only after a fierce internal debate among Republicans over how to handle Trump's demand. “Anything else is a betrayal of our country,” Trump said in a statement. After a protracted debate in the summer of 2023 over how to fund the government, policymakers crafted the Fiscal Responsibility Act, which included suspending the nation's $31.4 trillion borrowing authority until Jan. 1, 2025. Notably however, Yellen said, on Jan. 2 the debt is projected to temporarily decrease due to a scheduled redemption of nonmarketable securities held by a federal trust fund associated with Medicare payments. As a result, “Treasury does not expect that it will be necessary to start taking extraordinary measures on January 2 to prevent the United States from defaulting on its obligations," she said. The federal debt stands at about $36 trillion — after ballooning across both Republican and Democratic administrations. The spike in inflation after the COVID-19 pandemic pushed up government borrowing costs such that debt service next year will exceed spending on national security. Republicans, who will have full control of the White House, House and Senate in the new year, have big plans to extend Trump's 2017 tax cuts and other priorities but are debating over how to pay for them. Many consumers may remember receiving their first credit card, either years ago in a plain envelope, or months ago from a smartphone app. Still other consumers may remember their newest card, maybe because it's the credit card they're now using exclusively to maximize cash back rewards or airline miles. But for most consumers, there's also a murky in-between where they add, drop and generally accumulate credit cards over time. Over the years, consumers may close some credit card accounts or leave some of their credit cards dormant as a backup form of payment, or perhaps left forgotten in a desk drawer. In the data below, Experian reveals the changes in consumers wallets in recent years. U.S. consumers, on average, carry fewer cards today than they did in 2017, when the typical wallet held 4.2 active credit cards. As of the third quarter (Q3) of 2023, consumers carried 3.9 cards on average. This average is up slightly since the early days of the pandemic, when consumers reduced their average credit card debt and number of accounts as the economy slowed. As Experian revealed earlier this year, credit card balances are still climbing, despite (and partially because of) higher interest rates. And while average balances are increasing, they are spread across fewer accounts than in recent years. Alternative financing—including buy now, pay later plans for purchases—may account for at least some of this discrepancy, as consumers gravitate toward these newer financing methods. In general, residents of higher-population states tend to carry more credit cards than those who live in states with fewer and smaller population centers. Nonetheless, the difference between the states is relatively small. Considering that the national average is around four credit cards per consumer, the four states with the fewest cards per consumer (Alaska, South Dakota, Vermont and Wyoming) aren't appreciably different, with "only" about 3.3 credit cards per consumer. Similarly, the four states on the higher end of the scale where consumers have 4.2 or more credit cards are Connecticut, Delaware, Florida, New Jersey and Rhode Island. The disparity in average credit card counts is more apparent when the population is segmented by age, thanks in part to Generation Z, many of whom have yet to receive their first credit card. The average number of credit cards for these consumers was two, less than half of what older generations keep on hand. The average number of credit cards held by each generation follows the familiar pattern seen in credit card balances, which tend to increase in a consumer's middle age. It's not surprising that the number of credit card accounts follows a similar climb throughout young adulthood and middle age, then drops off in the retirement years. No matter how many credit cards you may have at the moment, keep in mind that the number of accounts has little if any bearing on one's FICO Score. Far more important is how consumers manage those accounts. This is easily demonstrable by quickly stepping through some of the factors that affect your credit scores . Longer credit histories do tend to have a positive effect on a consumer's credit score, but it's not something you can rush. Adhering to on-time payments and managing amounts owed will go far in improving credit scores, even absent a lengthy credit history. While accounts closed in good standing remain on your credit report for 10 years, canceling your oldest credit card account still has the potential to shorten your credit history when it is eventually removed. The impact of its removal depends on any other active credit cards in your credit file. Ultimately, the number of cards a particular individual carries is a personal decision. Justifications can be found for carrying a travel rewards card, a cash back card, a balance transfer card, a card for business transactions and other types of credit cards that other consumers may not have either the need or qualifications for. However, keeping track of numerous credit cards, whether or not a consumer is actively using all of them, can be a mentally taxing exercise. Not only that, credit card fees can add up and dull the benefit of carrying several credit cards. Organized consumers can benefit greatly from a wallet full of specialized cards, but for those seeking a more zen-like financial future, some judicial pruning may be in order. Methodology: The analysis results provided are based on an Experian-created statistically relevant aggregate sampling of our consumer credit database that may include use of the FICO Score 8 version. Different sampling parameters may generate different findings compared with other similar analysis. Analyzed credit data did not contain personal identification information. Metro areas group counties and cities into specific geographic areas for population censuses and compilations of related statistical data. This story was produced by Experian and reviewed and distributed by Stacker Media. Stay up-to-date on the latest in local and national government and political topics with our newsletter.CRUCIAL PROJECT FOR DEVELOPERS Science and Technology Secretary Renato SolidumJr. (second from left) listens while Supervising Science Research Specialist Rhommel Grutas of Phivolcs (third from left) explains the Siesmic Hazard Atlas during its launching on Nov. 21. —Lyn Rillon MANILA, Philippines — In a bid to improve disaster mitigation in the country, a seismic hazard atlas was developed by the Philippine Institute of Volcanology and Seismology (Phivolcs) containing maps and other resources that will help determine the construction of earthquake-resilient buildings. Phivolcs unveiled last week the Seismic Hazard Atlas for the Design Earthquake of the Philippines, which featured seismic maps developed by the Department of Science and Technology (DOST) in the past years. “This atlas is a crucial resource for improving the safety and durability of buildings across the country, providing the scientific foundation for earthquake-resistant design practices,” read the press release by Phivolcs. READ: Marcos calls for updated flood hazard maps According to Phivolcs, the atlas includes “high-quality seismic hazard ground motion maps that will serve as a critical tool for structural design and urban planning in earthquake-prone areas.” These maps show areas in the country that have active fault lines and identify possible hazards in the construction of buildings. “When we want to really prepare the Philippines for its various natural hazards, we need to make sure that the location of our structures are in a less hazardous place, or for us to be able to make it resilient,” Science and Technology Secretary Renato Solidum Jr. said during the launching at the Phivolcs office in Quezon City. In particular, the maps “will provide engineers, urban planners and other professionals with the data needed to make informed decisions for seismic design and analysis,” Phivolcs Director Teresito Bacolcol said. One such feature is the first Transition Long-Period Map of the Philippines, which aims to help engineers assess the impact of long-period ground motions on buildings, particularly high-rises. “Some results show that [building] designs should be lower in certain areas. So there are areas that should be lower, there are areas that should be higher,” Solidum said. “But in summary, we are providing the engineering and science data to provide for a more appropriate building design,” he added. “The successful development of the Seismic Hazard Atlas for Design Earthquakes in the Philippines marks a significant milestone in our ongoing efforts to enhance disaster risk mitigation across the nation, making us at par or at the same level as other advanced countries,” Solidum said. Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . The project was implemented by Phivolcs with the support of DOST and its attached agency Philippine Council for Industry, Energy and Emerging Technology Research and Development, as well as the Association of Structural Engineers of the Philippines.
Maryam condoles martyrdom of 4 Rangers menSCOTTSDALE, Ariz. — Former NHL player and TNT hockey analyst Paul Bissonnette was assaulted by several men during an altercation at a Scottsdale steakhouse on Sunday night. Bissonnette posted a video on X on Monday describing the incident, saying he tried to intervene when one member of the group got in the manager's face and started grabbing him after his friend was asked to leave. “You could tell by his face he (the manager) was a little shocked and surprised and stunned,” Bissonnette said. “It's a family restaurant and there wasn't anyone there who could maybe go help him out, so I went over, grabbed the guy and said: ‘sir, if you’re going to assault and harass the staff, we're going to have problems.'” Bissonnette said members of the group started throwing punches in a fight that started in the restaurant, spilled into the parking lot and to a nearby store. Bissonnette said he was kicked in the head three times and took several punches while landing several blows of his own against seven men. Scottsdale police arrested six men who are accused of assault and disorderly conduct. Bissonnette played in the NHL from 2008-14, spending his final six seasons with the Arizona Coyotes before moving on to a broadcasting career.KSE-100 suffers record single-day drop on political turmoil KARACHI: The KSE-100 Index faced its steepest single-day decline in history on Tuesday, plunging 3,506 points (3.57 per cent) to close at 94,574.16 as political uncertainty triggered panic selling at the Pakistan Stock Exchange (PSX). While the market looked all set to hit the 100,000 mark with a record intraday high of 99,819.59 points, it soon lost its steam. Analysts attributed the fall to heightened political tension in Islamabad and selling pressure during the futures contracts rollover period. Given an unclear political horizon, brokers have also issued cautious warnings to investors in the coming days. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index plunged by a record 3,505.62 points or 3.57 per cent to 94,574.16 points against 98,079.78 points recorded in the last session. The highest index of the day remained at 99,819.59 points while the lowest level was recorded at 94,180.6 points. Muhammad Awais Ashraf, director research of AKD Securities, said that investors are cautious amid the current political climate, but conventional banks provided some support to the index, aided by the removal of the minimum deposit rate for public-sector entities, financial institutions and public limited companies. During this quarter, the E&P and fertiliser sectors, which have been key drivers of the KSE-100 Index due to improvements in energy-sector challenges, experienced significant losses in Tuesday’s trading. Meezan Bank also emerged as the worst performer on the index, impacted by the new profit-sharing formula regulation introduced by the SBP, he said. The KSE-30 index decreased by 1,113.91 points or 3.65 per cent to 29,444.82 points against 30,558.73 points. Traded shares increased by 470 million shares to 1,116.324 million shares from 640.258 million shares. The trading value rose to Rs43.291 billion from Rs25.623 billion. Market capital narrowed to Rs12.052 trillion against Rs12.533 trillion. Of the 456 companies active in the session, 53 closed in green, 355 in red and 48 remained unchanged. Ahsan Mehanti, an analyst at Arif Habib Corp, said, “Panic selling was witnessed at the PSX amid political turmoil following prolonged PTI protests in the capital.” He said political uncertainty, foreign outflows, and selling pressure during the PSX futures contracts rollover period acted as key catalysts for the record bearish activity. The highest increase was recorded in Sapphire Textile Mills Limited, which rose by Rs40.88 to Rs1,177.99 per share, followed by Mehmood Textile Mills Limited, which increased by Rs35.02 to Rs535.4 per share. A significant decline was noted in Rafhan Maize Products Company Limited, which fell by Rs141.07 to Rs7,813.48 per share; Unilever Pakistan Foods Limited followed it, which closed lower by Rs112.79 to Rs19,019.35 per share. Analyst Maaz Mulla at Topline Securities said the KSE-100 Index witnessed its largest-ever single-day decline, dropping 3,506 points (3.57 per cent) to close at 94,574. “This steep fall was driven by political uncertainty stemming from a party’s march towards the capital, shaking investor confidence,” he said. Intraday, the index swung between a low of 3,899 points and a high of 1,739 points. The State Bank of Pakistan’s (SBP) removal of the minimum deposit rate (MDR) on conventional banks for companies, alongside its directive for Islamic banks to pay at least 75 per cent of the weighted average gross yield on PKR savings individual deposits, further unsettled the market. Islamic banks -- MEBL, FABL, and BIPL -- hit their lower price locks (10 per cent), while negative contributions from MEBL, FFC, OGDC, PPL, and HUBC dragged the index down by 1,385 points. On the positive side, HBL, HMB, BAHL, and BAFL added 282 points, softening the blow. Analyst Mubashir Anis Naviwala at JS Global said political uncertainty triggered a market correction of 3,900 points during intraday drading. “After peaking at an intraday high of 99,819 points, widespread panic selling ensued across all sectors, except for conventional banks, which outperformed due to the SBP’s relaxation of the minimum profit rate,” he said. “Moving forward, we advise adopting a cautious stance in the market,” he suggested. K-Electric Ltd remained the volume leader with 101.636 million shares which closed lower by 54 paisas to Rs4.65 per share. BO Punjab followed it with 92.023 million shares, which closed higher by 4 paisas to Rs6.85 per share. Other significant turnover stocks included Hascol Petrol, Fauji Foods Ltd, Sui South Gas, Treet Battery Ltd, Pace (Pak) Ltd, WorldCall Telecom, Cnergyico PK and Waves Home App. In the futures market, 310 companies recorded trading, 35 of which increased, 274 decreased, and one remained unchanged.
Chelsea Kelly and her family were surprised by her dad's diagnosis A woman was inspired to change her life after her dad was given a heartbreaking diagnosis. Chelsea Kelly, 34, from Stockbridge Village set up the brand Love Allura in 2018 and has co-founded ATIA Active, a new women’s sportswear brand. Chelsea teamed up with Jay Pollard, former Adidas Senior Vice President of Brand Operations to create “beautiful pieces that can be worn in and out of the gym.” The 34 year-old said she never imagined she would have ended up in this position a few years ago. Chelsea’s dad, David Kelly, was diagnosed with lung cancer in January 2018 which came as a massive surprise to everyone that knew him. Speaking to the ECHO, Chelsea said: “It was a shock. He was only 53 and still fit and healthy. He was the life and soul of the family. “Everybody loved him. When we found out the news, it was such a shock to us and everyone who knew us. So many people couldn't believe what was going on.” At the time, Chelsea was already struggling with her mental health. She said: “At the time, I worked in a corporate job. I used to finish on a Friday and cry that I was going back in on a Monday. I’d get the Sunday scaries two days early. “I knew that was not the way. That was the catalyst of change for me. My dad always used to say, 'this is no dress rehearsal, you don't get a second chance at life'. Although my mind was limited, I always had a belief deep down that there was more to life than this.” Despite having no experience in business, David had always wanted to see someone in the family set up their own firm. However, Chelsea never had the confidence to try to do so until the final months of his death. She said: “He came from nothing. To see someone succeed and make a name for the family was something he always wanted.” Chelsea felt there was an opportunity for a new sportswear business to take on the big names. She set up sportswear brand Love Allura as she cared for David. But tragically his cancer soon spread to his brain. Chelsea said: “I created Love Allura in 2018. It was just before my dad passed. I started slowly. I cared for dad at the same time. The business gave me such a focus and distraction while he was losing his battle. "We’d have daily chats and updates. He’d ask me to bring stock over. He really loved to see me working on a business. It put a smile on his face. “At the time, there was hardly any choice for sportswear. Our only option was Nike and Adidas. I wanted to find something new for the market and give customers more choice. I set about doing research and found multiple brands that were strong, worked really well and covered all areas.” David died in November 2018. Chelsea said: “He had so much more life to give and experiences to have. “I don’t have kids, so he never had the chance to become a grandad. That’s why I feel so strongly about the business and why I’m so connected to it. He’s a part of it.” The business continued to grow thanks to his help in the early days. Love Allura became a six figure business selling renowned brands including PE Nation and Varley. Chelsea also went on to become head of UK operations and exclusive UK distributor of Australian activewear brand Lilybod. The ECHO previously covered Chelsea’s journey in 2022. A year later, a man called Jay Pollard came across the article. Jay is the former senior vice president of brand operations at Adidas. He was so inspired by Chelsea’s story that he got in touch with her. Chelsea said: “He’d just moved back to Liverpool having worked at Adidas. He loved the story and wanted to share his experiences. “At first, he proposed that he would do some mentoring and coaching for me but that spiralled into doing own brand. We both realised that because of our diverse experiences, it was no brainer to set up our own brand.” Together, they have created a new gym wear brand ATIA Active. Chelsea said: “Each piece has its own purpose. Our brand colours are black, silver and white, representing power, innovation and clarity. Our designs are sleek to have you looking and feeling powerful. “We have exclusive silhouettes and patterns to produce beautiful pieces that can be worn in and out of the gym. Our design gives customers inspiration to achieve.” Chelsea is delighted at what she has done over the last six years but insists there is more to come. She said: “I don't think of this as the end of my journey. As I've evolved as a person, so has the business. “I want to be a role model for others, and inspire them to believe in themselves, and that you can change your lives. You do have the power to change your lives. “We’re so much more than activewear. One of our company values is positivity. I want to share with my community and beyond to let people know that you can change your life if you want to. When I changed my perspective from I can’t to I can - it was a game changer for me.” You can find out more about ATIA here.
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