Google has suspended business activity involving the transfer of hardware, software and key technical services with Huawei. Analysts say that could be a big blow to the...Technologyread more
Global dividends reached a first-quarter record of $263.3 billion, rising 7.8% despite concerns about the world economy, according to new reach Monday.Marketsread more
Huawei Technologies will immediately lose access to updates to the Android operating system, a source close the matter told Reuters.Technologyread more
Huawei claims it has developed its own operating system for smartphones and laptops for "extenuating circumstances."Technologyread more
Current geopolitical tensions are making it harder and harder for oil-producing nations to make decisions that will help stabilize crude prices, Russian Energy Minister...Oilread more
Oil prices jumped on Monday after Saudi Energy Minister Khalid al-Falih indicated there was a consensus among OPEC and allied oil producers to continue limiting supply.Energyread more
Bank, property and healthcare stocks jumped, pushing Australian markets to a 11-year high, as Scott Morrison and the Liberal-led conservation government are poised for a...World Marketsread 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
Trade tensions between the U.S. and China stalled a global recovery and are continuing to endanger investment and growth, the secretary general of the OECD warned Monday.World Economyread more
Prime Minister Narendra Modi and his Bharatiya Janata Party are set to form the new government again, exit polls from India's month-long parliamentary elections show. But past...Electionsread more
The latest crisis in the uneasy French-German relationship was accelerated by Trump's decision to stop Germany's comfortable and decades-old free-riding on trade and security...Europe Politicsread more
NEW YORK, May 16 (Reuters) - Some executives from U.S. companies that sell clothing, food and other products warn that costs related to the latest round of tariffs on goods from China will be passed along to consumers in the form of higher prices.
The U.S. increased tariffs on $200 billion in Chinese imports to 25% from 10% last week. China retaliated with $60 billion of its own levies on a range of U.S. goods including frozen vegetables and liquefied natural gas.
U.S. President Donald Trump has also threatened an additional round of tariffs on $300 billion that would cover nearly everything imported from China to the United States.
Del Monte Foods Inc - "Its not just tariffs. Transportation costs are up, labor costs are up," Chief Executive Officer Greg Longstreet told Reuters at a conference in New York. "Its an inflationary environment. A lot of that's going to have to be passed on. The consumer is going to have to pay more for a lot of critical goods."
Del Monte has already raised prices on many products, including mandarin oranges that it imports from China, and will do so again with tariffs rising, he said.
Walmart Inc - Higher tariffs will lead to higher prices for customers, Walmart Inc Chief Financial Officer Brett Biggs told Reuters in an interview. He added that the company, known for low prices, will try to minimize the effect of the levies on the company and its customers.
Macy's Inc - "The increase of the third tranche from 10% to 25% on May 10 does have some impact, particularly on our furniture business. However, the team anticipates that this can be mitigated," Macy's CEO Jeffrey Gennette told investors on a conference call.
"It's too early to comment on what we think that's going to mean in terms of potential price increases and what categories are going to be more affected than others," he said.
Ralph Lauren Corp - "The tariffs enacted to date have a limited impact on our business, but our teams are prepared for multiple scenarios and have accelerated the diversification of our supply chain to mitigate the long-term impact of any potential tariff outcomes," CFO Jane Nielsen told investors on a conference call.
(Reporting by Nandita Bose, Siddarth Cavale, Rod Nickel Editing by Susan Thomas)