Tariff fallout
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Collecting tariffs wasn’t going very well.
Rick Woldenberg, CEO of Learning Resources, a three-generation educational toy company which makes its products in China, said this year it was scheduled to expand with the construction of a new building, but now he is pausing expansion and reviewing his company’s financials to see where cuts can be made.
“I cannot run my business based on social media posts,” said Woldenberg. “This is making it difficult for me to make my business decisions. Instead of planning on growth, I’m talking about surviving. This trade policy can kill me and hundreds of small businesses like me. This will eliminate jobs. The banking industry and insurance industry that serve businesses both large and small will be impacted if companies go bankrupt.”
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Just read that 90% of penicillin in the US comes from China.
This will not end well.
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@AndyD said in Tariff fallout:
https://www.ft.com/content/ec96e2ed-5dd6-4c6b-92a0-1b77bf517b36
For those who don’t have an FT subscription, here’s a non-paywall version.
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Read the part of a Paul Krugman column on Substack. Do not $, so I could not read it all.
Link to video
Krugman says the likely consequences of Trump's actions are scary, as in disastrous.
“I’m at an age when remembering something right away is as good as an orgasm.”—Gloria Steinem to Julia Louis-Dreyfus on Wiser Than Me
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Trump’s Trade War Handed China a Strategic Advantage
The president signaled that the U.S. doesn’t care about its allies and trading partners—including Taiwan.In the Atlantic:
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Read the part of a Paul Krugman column on Substack. Do not $, so I could not read it all.
Link to video
Krugman says the likely consequences of Trump's actions are scary, as in disastrous.
@CHAS said in Tariff fallout:
Krugman says the likely consequences of Trump's actions are scary, as in disastrous.
Link to video
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My little essay on the end of the world trading system comes out today on the Peterson Institute for International Economics website. Check back later in the morning.
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Hong Kong's post office will stop shipping small parcels to the United States after Washington announced plans to charge tariffs on small-value parcels from the southern Chinese city, the government said Wednesday.
A government statement said Hongkong Post would not collect tariffs on behalf of Washington, and will suspend accepting non-airmail parcels containing goods destined for the U.S. on Wednesday, since items shipped by sea take more time. It will accept airmail parcels until April 27.
"For sending items to the US, the public in Hong Kong should be prepared to pay exorbitant and unreasonable fees due to the U.S.'s unreasonable and bullying acts," the government wrote.
https://www.npr.org/2025/04/16/nx-s1-5366368/hong-kong-post-office-tariffs
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Chinese freight ship bookings plummet.
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You might expect American winemakers to be popping bottles of California sparkling wine these days. With President Trump's tariffs on the European Union, U.S.-made wine now has a greater price advantage over Italian prosecco and French Champagne.
This is a classic case that protectionists make for tariffs: They help domestic producers.
But the American winemakers we spoke with are more sour than bubbly about Trump's tariffs.
"To me, it's awful. There's no upside," said Adolfo Hernandez, owner and winemaker at Monroy Wines in Sonoma County, Calif.
So, why aren't tariffs a big win for American winemakers? We spoke to a bunch of them around the United States, and what they told us challenges the assumption that tariffs will help domestic industries.
