Trade fears deepen on US steel, aluminum tariffs

Businessam StaffJune 4, 2018

Trade tensions between the United States and some of its biggest trading partners continue to escalate on the imposition of steel and aluminum tariffs. China said Donald Trump’s plan to impose tariffs on $50 billion of Chinese exports threatens to wipe out recent progress made in trade talks between Beijing and Washington. The latest round […]

US-North Korea: Trump says summit with Kim is back on

Businessam StaffJune 3, 2018

Donald Trump’s summit with Kim Jong-un in Singapore on 12 June is back on, the US president says, a week after it was scrapped. Trump made the announcement after talks with a senior North Korean envoy at the White House. The envoy, General Kim Yong-chol, hand-delivered a letter from the North Korean leader to President […]

US economy creates 223,000 new jobs in May

Businessam StaffJune 1, 2018

The US economy continued to create plentiful new jobs in May according to the country’s latest employment report, despite Donald Trump’s concern for steel and car manufacturing workers. The Bureau of Labor Statistics reported that there were 223,000 net new jobs in the month and that the jobless rate declined again to 3.8 percent, its […]

Finally, US announces steel, aluminum tariffs on key allies

Businessam StaffMay 31, 2018

The US Friday announced the imposition of tariffs on steel and aluminum imports from the European Union, Mexico, and Canada, saying the 25 percent tariffs on steel and 10 percent on aluminum will begin at midnight. The move, revealed by Wilbur Ross, commerce secretary, will affect several key US allies – and NATO members – […]

US energy stocks revive Dow as fears over Italy’s political crisis subside

Adesola AfolabiMay 31, 2018

American stocks rallied on Wednesday, having taken a big hit earlier in the week as news of Italy’s growing political crisis spread. The rebound is attributed to increased demand for energy shares amid a rally for oil prices and fading worries over Italy’s political crisis. The Dow Jones Industrial Average DJIA, +1.26% rose 306.33 points, […]

US household debt hit all-time high of $13.2trn in Q1 2018

Businessam StaffMay 18, 2018

US household debt has set yet another record high as it reached $13.2 trillion in the first quarter of 2018, a $63 billion increase from the previous quarter. Now, household debt is half a trillion dollars higher than its previous peak in 2008, according to the Federal Reserve Bank of New York, which uses data […]

US trade deficit drops to 6-month low as exports hit record high

Businessam StaffMay 3, 2018

The U.S. trade deficit narrowed sharply in March, the lowest level in six months, as exports increased to a record high amid a surge in deliveries of commercial aircraft and soybeans. The Commerce Department said Thursday the trade gap dropped 15.2 percent to $49 billion, the lowest level since September. Data for February was revised […]

Spiking costs to weigh on US building products coys’ margins, says Fitch

Businessam StaffMay 2, 2018

By Joel Eneogwe Rising input costs related to commodity and transportation price increases are likely to lead to lower gross margins for building products companies in the United States in 2018, according to a report by Fitch Ratings. The report further asserts that most companies should be able to respond to this development by increasing […]

U.S. visa applicants undergo ‘extreme vetting’, to be asked for social media history

Businessam StaffMarch 30, 2018

The U.S. government wants to require all US visa applicants, both immigrant and non-immigrant, to disclose their social media handles to the US government, State Department proposals showed on Friday as part of President Donald Trump’s policy of “extreme vetting.” In documents that the department will file to the Federal Register, it proposes that nearly every individual applying […]