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26 Jul 2025 - 05:55 pm

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Floydprift

26 Jul 2025 - 04:38 pm

Job losses
But what about the impact of tariffs on job creation? Surprisingly, an increase in import taxes has been found to result in slightly more unemployment across countries.
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An example provided by Irwin at Dartmouth College points to one plausible explanation — and it has to do with the steeper cost of imported goods.

“A number of studies have shown, on net, we lost jobs from the (2018) steel tariffs rather than gained jobs because there are more people employed in the downstream user industries than in the steel industry itself,” he said.
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A study by the Federal Reserve Board found that a rise in input costs resulting from US tariff hikes in 2018-19 led to job losses in American manufacturing. The damage from those higher expenses was compounded by retaliatory taxes on US exports, more than offsetting a small boost to manufacturing employment from US tariffs — at least so far, the 2024 paper said.

Retaliation by other countries is indeed another danger of pulling the tariff lever. Higher tariffs on American exports would typically raise their prices for foreign consumers, hitting demand for the goods in many cases.

When Trump announced new tariffs this year, America’s major trading partners were quick to strike back with their own levies, although the US then agreed a temporary truce with China and the European Union.

Costs of free trade
While economists generally agree that free trade has benefited the global economy in recent decades, they acknowledge that it comes with certain costs.

One is the loss of jobs in communities that are particularly exposed to new competition from foreign manufacturers.

That is similar to the impact of technological progress on workers. “Manufacturing jobs as a share of the labor force have come down everywhere. It isn’t a US-specific story,” said Gimber at JPMorgan Asset Management, pointing to automation.

He drew a parallel between helping workers affected by higher imports and what is known as a just transition — the idea that the drastic changes needed to move toward a greener economy should be fair to everyone and minimize harm to workers and communities.

In both cases, providing workers in impacted industries with new skills or retraining them could be key, Gimber said.

Another potential cost of free trade is dependency on far-flung manufacturers. That took on new relevance during the pandemic, which snarled global supply chains, contributing to shortages of products such as face masks and respirators in the US and elsewhere.

However, economists do not typically see tariffs as a good way to build up domestic manufacturing, Fatas at INSEAD said, noting that subsidies for specific industries are viewed as a better tool “because they work more directly.”

But perhaps the strongest argument in favor of free trade is its importance to maintaining peace between nations.

As Gimber’s colleague David Kelly noted in March, closer trade relations give countries more to lose in any conflict.

Richardnar

26 Jul 2025 - 04:07 pm

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Peterdup

26 Jul 2025 - 03:55 pm

President Donald Trump speaks to reporters at the White House in Washington, DC, on January 30. Chip Somodevilla/Getty Images
CNN
—
Just about everyone thought it was a bluff. Top analysts from the biggest banks on Wall Street said it was highly unlikely. Stocks were trading like it wouldn’t happen. Some companies built contingency plans, but they weren’t exactly rushing to make changes.
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But the tariffs are coming — in full force. President Donald Trump announced Saturday that a massive 25% tariff on all goods from Mexico and most imports from Canada will go into effect Tuesday. An additional 10% tariff on Chinese goods will be enacted the same day.

Trump in a message posted on Truth Social Sunday said, “We don’t need anything they have. We have unlimited Energy, should make our own Cars, and have more Lumber than we can ever use.” But America’s supply chains are reliant on its trading partners, and even for goods that could be grown or produced exclusively in the United States, the complex web of interconnected global trade cannot easily be unwound.
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So the additional costs on foreign-made goods will be paid by American importers, who typically pass those costs onto retailers, who pass them onto inflation-weary consumers. That means prices will rise — although, for most items, not immediately. Businesses’ profits will be squeezed as they bear the cost burden of the tariffs or pay to adjust their carefully constructed and at times inflexible supply chains.

That’s why stocks on Monday were set to tumble. Dow futures were more than 600 points, or 1.3% lower. S&P 500 futures sank 1.5%. and Nasdaq futures were 1.7% lower.

Globally, stocks fell, too. Major European indexes were down across the board, and Asian markets closed sharply lower. Bitcoin and other cryptos tumbled, brought down by growing fears of a recession. The US dollar rose sharply.

Energy costs surged: US crude oil rose 2.3% and natural gas spiked 7%. Despite a lower 10% tariff on Canadian electricity, natural gas and oil exports to the United States, the energy industry said it will not be able to quickly or easily find alternate sources. Diesel and jet fuel costs in particular will rise, according to Angie Gildea, the US energy sector lead at accounting firm KPMG, adding costs to all shipped goods and air travel.
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“Any infrastructure upgrades would not happen overnight,” Gildea told CNN. “Tariffs on Canadian oil would increase costs for US refiners, leading to price hikes for consumers.”

Auto industry stock futures were particularly hard-hit, because virtually all American-made cars are manufactured at least in some part in Mexico or Canada — what was a free-trade zone. GM (GM) fell more than 6%, Jeep and Chrysler maker Stellantis (STLA) was down 5% and Ford (F) fell more than 3%.

Kennethsor

26 Jul 2025 - 03:47 pm

Tbilisi, Georgia — Jailed journalist Mzia Amaghlobeli gets weaker every day as her hunger strike has reached three weeks in Rustavi, a town near the Georgian capital of Tbilisi, her lawyer says. Now the 49-year-old is having difficulty walking the short distance from her cell to the room where they usually meet, and human rights officials, colleagues and family fear for her life.
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Amaghlobeli was arrested Jan. 12 during an anti-government protest in the coastal city of Batumi, one of over 40 people in custody on criminal charges from a series of demonstrations that have hit the South Caucasus nation of 3.7 million in recent months.
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The political turmoil follows a parliamentary election that was won by the ruling Georgian Dream party, although its opponents allege the vote was rigged.

Protests highlight battle over Georgia's future. Here's why it matters.
Its outcome pushed Georgia further into Russia's orbit of influence. Georgia aspired to join the European Union, but the party suspended accession talks with the bloc after the election.

As it sought to cement its grip on power, Georgian Dream has cracked down on freedom of assembly and expression in what the opposition says is similar to President Vladimir Putin's actions in neighboring Russia, its former imperial ruler.
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Derricktwida

26 Jul 2025 - 03:44 pm

Two planes nearly collided on the runway in Mexico City on Monday, as an AeroMexico regional jet coming in for landing flew over and touched down in front of a Delta Air Lines Boeing 737 jet already beginning to take off.
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Delta Flight 590 was starting to roll down the runway at Aeropuerto Internacional Benito Juarez with 144 customers and six crew members on board when the pilots saw another plane land directly in front of it, the airline said in a statement.
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Flight tracking website Flightradar 24 shows AeroMexico Connect flight 1631, an Embraer 190 regional jet, flew less than 200 feet over the moving Delta plane then landed in front of them on runway 5R.

The pilots stopped the takeoff and returned to the terminal. The plane eventually took off on its flight to Atlanta about three hours late.

Delta said it reported the incident to Mexican aviation authorities, as well as the Federal Aviation Administration and National Transportation Safety Board in the United States.

“Delta will fully cooperate with authorities as the circumstances around this flight are investigated,” the airline said in a statement. “We appreciate the flight crew’s actions to maintain situational awareness and act quickly – part of Delta’s extensive training.”

AeroMexico and the Mexican civil aviation authority did not immediately respond to CNN’s request for comment.

Mexico’s aviation safety rating was downgraded by the FAA in May 2021 for non-compliance with minimum international safety standards. The top level “category one” status was restored in September of 2023 after, “the FAA provided expertise and resources via technical assistance… to resolve the safety issues that led to the downgrade,” the agency said at the time.

Davidpot

26 Jul 2025 - 03:08 pm

Solar and batteries could help Egypt beat its blackouts
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Egypt’s first large-scale hybrid solar and battery plant has begun construction as the country looks to its abundant sunshine to help fix its energy crisis.

Obelisk, located in Nagaa Hammadi, will combine 1.1 gigawatts of solar production with 200 megawatt hours of battery storage. The $590 million project is being built by Scatec, a Norwegian renewable energy company mostly working in emerging markets.

Scatec already has four other renewable projects in Egypt, and the north African country is aiming to increase its share of renewable production from 13% in 2023, to 42% by 2030.
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Around three quarters of Egypt’s electricity comes from gas. But in recent years, as its domestic gas production fell, it became reliant on imports and rising gas prices plunged Egypt into a series of blackouts.

Renewable projects are becoming increasingly attractive to emerging economies, which tend to be hit the hardest by rising fuel prices, Terje Pilskog, CEO of Scatec told CNN. “With renewables, you are not dependent on importing fuels,” he said. “It is also about predictability.”

Sixty percent of the world’s best land for solar development is in Africa, according to the industry body Global Solar Council, but in 2023, only 3% of the continent’s energy came from solar. In 2024, 75% of all new solar projects were built in South Africa or Egypt, however 18 countries across Africa have the potential to install more than 100 MW solar projects in 2025, compared to two in 2024. The continent is aiming to reach 300 GW of solar capacity by 2030, which is more than the current capacity of the US.

Although Egypt is looking for new domestic gas resources, it has set ambitious renewable energy targets, and hosted the COP27 climate conference in 2022. But the driving force behind these new renewable projects is economic, not environmental, said Karim Elgendy, executive director of Carboun Institute, an energy and climate think tank for the Middle East and North Africa.

With an overreliance on gas, and with declining production from its flagship Zohr gas field, Egypt is struggling to keep the lights on.

Egypt issued a tender to import nearly two million tons of fuel oil in May and June to meet its electricity needs as gas imports became too expensive. The summer brings high demand, as air conditioning units are turned on to combat the intense heat – average highs can reach 42 Celsius (108 Fahrenheit) in the south. Prime Minister Mostafa Madbouly recently urged people to curb their energy usage to avoid blackouts.

Rafaelsmest

26 Jul 2025 - 02:35 pm

Santa Fe, New Mexico
AP — At least three people were missing in a mountain village in southern New Mexico that is a popular summer retreat after monsoon rains triggered flash flooding Tuesday that was so intense an entire house was swept downstream.
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Emergency crews carried out at least 85 swift water rescues in the Ruidoso area, including of people who were trapped in their homes and cars, said Danielle Silva of the New Mexico Department of Homeland Security and Emergency Management.

No deaths were immediately reported, but Silva said the extent of the destruction wouldn’t be known until the water recedes.
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“We knew that we were going to have floods … and this one hit us harder than what we were expecting,” Ruidoso Mayor Lynn D. Crawford said during a radio address Tuesday night.

Crawford said that some people were taken to the hospital, although the exact number was not immediately clear. He encouraged residents to call an emergency line if their loved ones or neighbors were missing.
The floods came just days after flash floods in Texas killed over 100 people and left more than 160 people missing.

In New Mexico, officials urged residents to seek higher ground Tuesday afternoon as the waters of the Rio Ruidoso rose nearly 19 feet in a matter of minutes amid heavy rainfall. The National Weather Service issued flood warnings in the area, which was stripped of vegetation by recent wildfires.

A weather service flood gauge and companion video camera showed churning waters of the Rio Ruidoso surge over the river’s banks into surrounding forest. Streets and bridges were closed in response.

Kaitlyn Carpenter, an artist in Ruidoso, was riding her motorcycle through town Tuesday afternoon when the storm started to pick up, and she sought shelter at the riverside Downshift Brewing Company with about 50 other people. She started to film debris rushing down the Rio Ruidoso when she spotted a house float by with a familiar turquoise door. It belonged to the family of one of her best friends.

Her friend’s family was not in the house and is safe, she said.

“I’ve been in that house and have memories in that house, so seeing it come down the river was just pretty heartbreaking,” Carpenter said. “I just couldn’t believe it.”

There were also reports of dead horses near the town’s horse racing track, the mayor said.

Two National Guard rescue teams and several local teams already were in the area when the flooding began, Silva said, and more Guard teams were expected.

The area has been especially vulnerable to flooding since the summer of 2024, when the South Fork and Salt fires raced across tinder-dry forest and destroyed an estimated 1,400 homes and structures. Residents were forced to flee a wall of flames, only to grapple with intense flooding later that summer.

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26 Jul 2025 - 01:50 pm

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Edmondtaw

26 Jul 2025 - 12:56 pm

“We know that the water levels seemed to be higher than they were last summer,” Silva said. “It is a significant amount of water flowing throughout, some of it in new areas that didn’t flood last year.”
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Matt DeMaria, a meteorologist with the National Weather Service in Albuquerque, said storms formed in the early afternoon over terrain that was scorched last year by wildfire. The burn scar was unable to absorb a lot of the rain, as water quickly ran downhill into the river.

Preliminary measurements show the Rio Ruidoso crested at more than 20 feet — a record high if confirmed — and was receding Tuesday evening.

Three shelters opened in the Ruidoso area for people who could not return home.
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The sight brought back painful memories for Carpenter, whose art studio was swept away during a flood last year. Outside, the air smelled of gasoline, and loud crashes could be heard as the river knocked down trees in its path.

“It’s pretty terrifying,” she said.

Cory State, who works at the Downshift Brewing Company, welcomed in dozens of residents as the river surged and hail pelted the windows. The house floating by was “just one of the many devastating things about today,” he said.