SoftBank founder Masayoshi Son speaks in futuristic terms about his company, but the success of his late-stage VC fund is still unknown.Technologyread more
Reports of Tesla vehicles spontaneously catching fire could make customers wary of EVs just as the industry ramps up production plans.Autosread more
Amazon's large and flashy investments stand out from those of its tech peers over the past year.Technologyread more
Trump's threat, posted on Twitter, comes amid rising international tensions in the Middle East as the U.S. has dispatched a carrier strike group and bomber task force to the...Politicsread more
Huawei Technologies will immediately lose access to updates to the Android operating system, a source close the matter told Reuters.Technologyread more
The 2019 PGA Championship wraps up on Sunday, May 19. Here's how much money the champion will earn.Earnread more
Trump's relationships with Deutsche Bank have drawn scrutiny in Congress and elsewhere. Trump sued the bank last month to prevent it from complying with Congressional...Financeread more
Consumer IPOs from Snap to Uber have been disappointing and serve as a reminder that private investors are making all the money.Technologyread more
China's currency has been an important barometer for progress in U.S.-Chinese trade talks, and right now it's signaling things aren't going well.Market Insiderread more
The outrage has even inspired a Change.org petition called "Remake Game of Thrones Season 8 with competent writers," with over half-a-million signatories and climbing.Entertainmentread more
The move comes after star runner Alysia Montaño's May 12 op-ed in the New York Times in which she detailed her experiences with Nike.Retailread more
As trade tensions between the U.S. and China heat up, expect to pay for it at the cash register.
“Every time this trade war escalates, the risk to U.S. consumers grows,” Matthew Shay, president and CEO of the National Retail Federation, said in a statement. "With these latest tariffs, many hardworking Americans will soon wonder why their shopping bills are higher and their budgets feel stretched."
Shay also called tariffs "a tax on American families."
President Donald Trump escalated a trade war with China on Monday by slapping 10 percent duties on $200 billion of Chinese products. The levies will rise to 25 percent at the end of the year. Beijing said Tuesday it will retaliate by putting tariffs on $60 billion worth of U.S. goods next week.
As of the latest tally, the tariffs will mean higher prices on things like frozen orange juice, shampoo, peanut butter and tools.
In tweets, the president has argued that pushing trading partners will result in new deals that are more favorable to the U.S.
Commerce Secretary insisted on CNBC on Tuesday that "nobody is going to actually notice [price increases] at the end of the day " because the hikes will be "spread across thousands and thousands of products."
Michael Salerno, lead director of global banking at First National Bank of Omaha, said U.S. companies must attempt to absorb the higher costs on imported goods, which could translate into “higher prices at the register around the holiday season.”
“At a time where wage growth has been pretty limited, every dollar counts and price inflation means fewer dollars consumers have left to spend somewhere else,” said Greg McBride, chief financial analyst for Bankrate.com.
Price inflation will also take a toll on consumer confidence, he added, even though Americans now feel more optimistic about their economic prospects than they have in a long time.
“The widespread instance of tariffs is something that could become a headwind to the economy,” McBride said.
A quarter of registered voters think raising tariffs will do more to protect American jobs and help the U.S. economy, according to an NBC News/Wall Street Journal poll in July. On the flipside, about half of registered voters said duties will do more to raise the costs of goods or hurt the economy.
"Achieving better trade deals is an important priority, but there is nothing better about it when American families are forced to pay higher prices for everyday purchases," said the NRF's Shay.
More from Personal Finance:
What a trade war means for your marijuana