More stories

  • in

    A Tidal Wave of Change Is Headed for the U.S. Economy

    When the Covid pandemic hit, factories in China shut down and global shipping traffic slowed. Within a matter of a few weeks, products began disappearing from U.S. store shelves and American firms that depend on foreign materials were going out of business.A similar trend is beginning to play out, but this time the catalyst is President Trump’s decision to raise tariffs on Chinese imports to a minimum of 145 percent, an amount so steep that much of the trade between the United States and China has ground to a halt. Fewer massive container ships have been plying the ocean between Chinese and American ports, and in the coming weeks, far fewer Chinese goods will arrive on American shores.While high tariffs on Chinese products have been in place since early April, the availability of Chinese products and the price that consumers pay for them has not changed that much. But some companies are now starting to raise their prices. And experts say that the effects will become more and more obvious in the coming weeks, as a tidal wave of change stemming from canceled orders in Chinese factories works its way around the world to the United States.The number of massive container ships carrying metal boxes of toys, furniture and other products departing China for the United States has plummeted by about a third this month.The reason consumers haven’t felt many of the effects yet is because it takes 20 to 40 days for a container ship to travel across the Pacific Ocean. It then takes another one to 10 days for Chinese goods to make their way by train or truck to various cities around the country, economists at Apollo Global Management wrote in a recent report. That means that the higher tariffs on China that went into effect at the beginning of April are just starting to result in a drop in the number of ships arriving at American ports, a trend that should intensify.By late May or early June, consumers could start to see some empty shelves, and layoffs could occur for retailers and logistics industries. The major effects on the U.S. economy of shutting down trade with China will start to become apparent in the summer of 2025, when the United States might slip into a recession, said Torsten Slok, an economist at Apollo.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • in

    Citing N.I.H. Cuts, a Top Science Journal Stops Accepting Submissions

    With federal support, Environmental Health Perspectives has long published peer-reviewed studies without fees to readers or scientists.Environmental Health Perspectives, widely considered the premier environmental health journal, has announced that it would pause acceptance of new studies for publication, as federal cuts have left its future uncertain.For more than 50 years, the journal has received funding from the National Institutes of Health to review studies on the health effects of environmental toxins — from “forever chemicals” to air pollution — and publish the research free of charge.The editors made the decision to halt acceptance of studies because of a “lack of confidence” that contracts for critical expenses like copy-editing and editorial software would be renewed after their impending expiration dates, said Joel Kaufman, the journal’s top editor.He declined to comment on the publication’s future prospects. “If the journal is indeed lost, it is a huge loss,” said Jonathan Levy, chair of the department of environmental health at Boston University. “It’s reducing the ability for people to have good information that can be used to make good decisions.”The news comes weeks after a federal prosecutor in Washington sent letters to several scientific journals, including The New England Journal of Medicine, with questions that suggested that they were biased against certain views and influenced by external pressures.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • in

    White House Assails Amazon, Citing Tariff Pricing Report

    The White House press secretary, Karoline Leavitt, attacked the retail giant over a report that suggested Amazon would display the cost of tariff-related price increases. Amazon said it never considered doing so on its main website.There’s a fresh spat brewing between the White House and Amazon.Karoline Leavitt, the White House press secretary, on Tuesday accused the online retail giant of being “hostile and political,” citing a report — disputed by Amazon — from Punchbowl News saying that the company would start displaying the exact cost of tariff-related price increases alongside its products.Displaying the import fees would have made clear to American consumers that they are shouldering the cost of President Trump’s tariff policies rather than China, as he and his top officials have often claimed would be the case.An Amazon spokesman said the company had considered a similar idea on part of its site, Amazon Haul, which competes with Temu, a Chinese retailer. Temu primarily ships directly to consumers and has begun displaying “import charges” to reflect the end of a customs loophole that had exempted low-priced items from tariffs.“Teams discuss ideas all the time,” the spokesman, Ty Rogers, said in a statement. “This was never a consideration for the main Amazon site and nothing has been implemented on any Amazon properties.”Standing beside Treasury Secretary Scott Bessent during a briefing at the White House on Tuesday morning, Ms. Leavitt tore into the retailer. She said that she had just been on the phone with the president about the report, and she asked why Amazon hadn’t done such a thing when prices increased during the Biden administration because of inflation.Ms. Leavitt said it was “not a surprise” coming from Amazon, as she held up a copy of a 2021 article from Reuters with the headline, “Amazon partnered with China propaganda arm.” Mr. Trump’s aggressive tariffs on Chinese goods have touched off an escalating trade war, even as his administration has backed off its broader global levies amid what it said were negotiations with dozens of nations on new trade deals.Ms. Leavitt’s attack on Amazon was all the more noteworthy because the company’s founder, Jeff Bezos, has lately gone to great lengths to curry favor with this White House. Amazon donated $1 million to Mr. Trump’s inaugural fund, securing seats for Mr. Bezos and his bride-to-be in the Capitol Rotunda for the inauguration.In December, Mr. Bezos explained his Trump-ward turn while speaking at The New York Times DealBook conference. “What I’ve seen so far is he is calmer than he was the first time,” Mr. Bezos said of Mr. Trump, “more confident, more settled.”He added, “I’m very hopeful. He seems to have a lot of energy around reducing regulation.”Ms. Leavitt was asked whether the White House still considered Mr. Bezos to be a Trump supporter, given the latest report.“Look, I will not speak to the president’s relationships with Jeff Bezos,” Ms. Leavitt said, “but I will tell you that this is certainly a hostile and political action by Amazon.” More

  • in

    Tesla’s Falling Profit May Pressure Elon Musk to Return to Day Job

    The carmaker is expected to report a decline in quarterly earnings after Tesla’s brand suffered because of its chief executive’s role in the Trump administration.Tesla is expected to report on Tuesday that its profits fell in the first three months of the year, which could increase the pressure on Elon Musk, the automaker’s chief executive, to curtail his work for President Trump and spend more time managing the company.Wall Street analysts expect Tesla to say its net profit declined slightly from $1.1 billion in the first quarter of 2024.Tesla sales have been slumping because of intense competition from Chinese carmakers like BYD, a lack of new models and Mr. Musk’s support of far-right causes, which has turned away some liberals and centrists from buying Tesla vehicles.Tesla remains the most valuable automaker in the world as measured by its stock price, but its shares have lost about half their value since mid-December as investors have grown more pessimistic about the company’s prospects and concerned about Mr. Musk’s role in the Trump administration.Tesla has steadily lost market share to Chinese carmakers and more established automakers, like General Motors, Volkswagen and Hyundai, that have been offering a growing selection of electric vehicles.Mr. Musk’s company once hoped to sell 20 million vehicles a year by the end of the decade, twice as many as Toyota. But sales have been sliding after climbing to 1.8 million in 2023. Last year, the company sold 1.7 million cars, and its global sales fell 13 percent in the first quarter of 2025 from a year earlier.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • in

    Battling ‘Eat and Flee’ Tourists, Venice Brings Its Entrance Fee Back

    A measure to limit day tourism on peak days began for the second year on Friday, charging day trippers five euros (or 10 for the spontaneous traveler).Early Venetians battled the waves of seawater around them by building sea walls of stone and adapting their lagoon to fit their needs.Now Venetians are battling waves of what officials call “eat and flee” tourists, who throng to the city’s landmarks with packed lunches, dump their garbage and leave without spending much money in Venice.Day trippers will have to start paying an entrance fee to visit the city starting Friday, a controversial levy meant to dissuade people from going during peak periods.This year, city officials have nearly doubled the number of days in which the fee will be enforced, up to 54 days. (It was enforced for 30 days last year.) And a new wrinkle will punish the unorganized: Visitors who wait until the last minute to get their entry permits will pay 10 euros instead of five.The entrance fee was introduced last year with the aim of reducing what city officials call “mordi e fuggi” tourism, or “eat and flee,” referring to visitors who crowd places like the Rialto Bridge and St. Mark’s Square for brief visits that do not benefit the local economy much, if at all.The fee has been a good tool to “explain to the world that Venice is unique and fragile and that tourism to Venice must be more respectful,” Simone Venturini, Venice’s municipal councilor in charge of tourism, said in an interview.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • in

    Patients Cut Off From Cheaper Obesity Drugs as FDA Halts Sales of Copycats

    Hundreds of thousands of Americans stand to soon lose their access to cheaper weight-loss drugs, with a federal crackdown on copycat versions threatening to disrupt treatment and raise costs.The Food and Drug Administration has ordered producers and sellers of the less expensive products to wind down operations in the coming weeks now that it has declared there are no longer shortages of the blockbuster drugs Wegovy and Zepbound.Produced through a process of mixing drug ingredients known as compounding, the copycat medications had spawned a booming multi-billion-dollar industry. Patients turned to compounding because their health insurance would not pay for the brand-name drugs and they could buy the compounded versions for less than $200 a month in some cases.Eli Lilly and Novo Nordisk now offer the brand-name drugs for $500 a month in most cases to patients who pay with their own money instead of going through insurance. Until recently, patients sometimes had to pay over $1,300 a month.The F.D.A. ordered compounding for versions of Eli Lilly’s Zepbound to end last month. Small compounders have until April 22 to stop making and selling versions of Novo Nordisk’s Wegovy; large compounders have until May 22.It is not clear how the F.D.A. will enforce these deadlines. The Health and Human Services Department, which oversees the F.D.A., declined to answer questions for this article.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • in

    Shein and Temu Will be Hit by Trump’s China Tariffs. Americans Are Worried.

    The Trump administration’s plan to add steep fees to packages from China will deal a blow to Temu, Shein and some TikTok Shop sellers, worrying American consumers.Tamika Johnson, a 44-year-old in Chicago, posted videos to TikTok this month about her orders from Shein, the Chinese e-commerce giant. She was nervous about potential delivery delays in the face of upcoming tariffs.Her 213,000 followers chimed in as she shared status updates on her purchases of clothing and suitcases, detailing their own plans for last-minute orders and sharing concerns about their shipments.“People are very worried,” Ms. Johnson, who posts to TikTok under the handle @TammyTheBlackPrepper, said in an interview. “I’m trying to stock up on clothes now and the things that I need.”Ms. Johnson is one of many American consumers who have been posting anxiously to TikTok and Reddit about a coming Trump administration-induced change for the Chinese e-commerce companies Shein and Temu, which sell inexpensive items like $8 dresses and $14 wagons. Starting on May 2, the Trump administration is poised to end a trade loophole that enabled the delivery of ultra low-cost goods from Chinese factories straight to Americans’ doorsteps without being subject to duties. That will add steep new fees to packages from Shein and Temu.At least some sellers on TikTok Shop, the popular app’s growing marketplace, and AliExpress, another Chinese e-commerce site, will also take a hit.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • in

    Trump Tariffs Could Raise iPhone Prices, But Affordable Options Remain

    Even if gadget prices surge, we have plenty of cheaper options, like buying last year’s phone model instead of the latest and greatest.On Friday, amid a tariff-induced frenzy that drove hordes of consumers to panic-buy iPhones, President Trump announced a tariff exemption on electronics like smartphones and computers. For a moment, widespread anxiety about a potential $2,000 iPhone dissipated.But two days later, the Trump administration said smartphones and computers were likely to be hit with new tariffs targeting semiconductors, or chips. More expensive iPhones could come after all! Talk about whiplash.Don’t panic. Even if tariffs did cause the iPhone’s price to surge, we would have plenty of cheaper options, like buying last year’s phone model instead of the latest and greatest.The most important lesson we can learn from the turmoil: The only consistent way to save money on tech is to use devices for as long as possible, which requires maintaining them as you would a car, and upgrading only when you must.“Buy the best and drive it into the ground,” said Ramit Sethi, a personal finance expert. “Holding that item for longer will bring down the overall cost of ownership.”There remains lots of uncertainty around future costs of tech hardware in general. Nintendo this month canceled plans to start taking orders for its game console, the $450 Nintendo Switch 2, to evaluate the impact of tariffs on pricing and availability. Costs of some accessories, like phone chargers, power bricks and cases, have already risen on Amazon.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More