Company news in brief
Trainer prices will rise due to tariffs, says Adidas
Sportswear giant Adidas has warned import taxes imposed by President Donald Trump will lead to higher prices in the US for popular trainers, including the Gazelle and Samba.
“Since we currently cannot produce almost any of our products in the US, these higher tariffs will eventually cause higher costs for all our products for the US market,” chief executive Bjorn Gulden said on Tuesday.
Clothing manufacturers are among the businesses hit hardest by tariffs as they source labour from countries such as China and Vietnam, which have faced steep levies from the US.
Adidas did not comment on how much prices would rise, but said the trade war had "put a stop to" an upgrade in its financial outlook. - BBC
Trump set to ease tariff impact on US car makers
President Donald Trump is set to take action to ease the impact of his tariffs on US car makers, a top White House official says.
“This deal is a major victory for the President's trade policy by rewarding companies who manufacture domestically,” Commerce Secretary Howard Lutnick said in a statement provided to the Reuters news agency.
The president will announce measures to reduce some import duties on parts from abroad that are used in vehicles manufactured in the US.
In addition, while cars made outside the country will still be subject to automotive tariffs, they will not be hit with further levies like those on steel and aluminium products, the Wall Street Journal reported earlier. - Reuters
Australian PM dismisses warning over AAA credit rating
Australian Prime Minister Anthony Albanese has dismissed concerns that election spending promises could jeopardise the country's prized AAA sovereign credit rating.
Analysts at S&P Global this week wrote that Australia's public spending was at "post-war highs", and warned both major parties that the country's rating was at risk if savings were not found.
Party leaders have made big spending promises in Australia's tightly-fought election, scheduled for 3 May - with the cost of living a critical issue for voters.
Speaking to reporters on Tuesday morning, Albanese said that he was proud of his Labour Party's economic record, adding that he "delivered responsible economic management". - BBC
Tariff wars pose new challenges
As the ongoing global trade war escalates, experts are increasingly concerned about its ramifications for cross-border payments, particularly in Africa.
Cornelius Coetzee, Country Manager for Verto South Africa, said that the turbulence is deeply rooted in the US’s efforts to foster a stronger domestic market under the Trump administration. While tariffs have been paused for the time being, the implications for the economy and its critical relationship with the US could be significant.
“The rationale behind the trade war is an attempt to build a self-sustaining US economy, yet statistics indicate that the US remains reliant on global partnerships for two-thirds of its economic output. Trump's attempts to cut aid and reduce government spending were aimed at domestic recovery, but the retaliatory tariffs from other nations have put everyone on edge,” Coetzee said. IOL
Sportswear giant Adidas has warned import taxes imposed by President Donald Trump will lead to higher prices in the US for popular trainers, including the Gazelle and Samba.
“Since we currently cannot produce almost any of our products in the US, these higher tariffs will eventually cause higher costs for all our products for the US market,” chief executive Bjorn Gulden said on Tuesday.
Clothing manufacturers are among the businesses hit hardest by tariffs as they source labour from countries such as China and Vietnam, which have faced steep levies from the US.
Adidas did not comment on how much prices would rise, but said the trade war had "put a stop to" an upgrade in its financial outlook. - BBC
Trump set to ease tariff impact on US car makers
President Donald Trump is set to take action to ease the impact of his tariffs on US car makers, a top White House official says.
“This deal is a major victory for the President's trade policy by rewarding companies who manufacture domestically,” Commerce Secretary Howard Lutnick said in a statement provided to the Reuters news agency.
The president will announce measures to reduce some import duties on parts from abroad that are used in vehicles manufactured in the US.
In addition, while cars made outside the country will still be subject to automotive tariffs, they will not be hit with further levies like those on steel and aluminium products, the Wall Street Journal reported earlier. - Reuters
Australian PM dismisses warning over AAA credit rating
Australian Prime Minister Anthony Albanese has dismissed concerns that election spending promises could jeopardise the country's prized AAA sovereign credit rating.
Analysts at S&P Global this week wrote that Australia's public spending was at "post-war highs", and warned both major parties that the country's rating was at risk if savings were not found.
Party leaders have made big spending promises in Australia's tightly-fought election, scheduled for 3 May - with the cost of living a critical issue for voters.
Speaking to reporters on Tuesday morning, Albanese said that he was proud of his Labour Party's economic record, adding that he "delivered responsible economic management". - BBC
Tariff wars pose new challenges
As the ongoing global trade war escalates, experts are increasingly concerned about its ramifications for cross-border payments, particularly in Africa.
Cornelius Coetzee, Country Manager for Verto South Africa, said that the turbulence is deeply rooted in the US’s efforts to foster a stronger domestic market under the Trump administration. While tariffs have been paused for the time being, the implications for the economy and its critical relationship with the US could be significant.
“The rationale behind the trade war is an attempt to build a self-sustaining US economy, yet statistics indicate that the US remains reliant on global partnerships for two-thirds of its economic output. Trump's attempts to cut aid and reduce government spending were aimed at domestic recovery, but the retaliatory tariffs from other nations have put everyone on edge,” Coetzee said. IOL
