May 9, 2019

Trump's newest tariff threat could raise iPhone, Nike shoe prices

Photo: Daniel Fung/SOPA Images/LightRocket via Getty Images

President Trump is likely to further raise tariffs to 25% on Chinese imports by Friday, and prices of consumer products could soon spike.

The big picture: Trump has exhausted his options on taxing items that won't affect American consumers. Electronics, toys and shoes have so far been exempt, leaving the manufacturing industry and farmers to bear the brunt of the trade war. This weekend's expansion could change that.

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Adapted from a Peterson Institute for International Economics analysis; Chart: Axios Visuals

Estimates show this potential third wave of tariffs will include nearly 3,000 more products that were left off prior lists and an estimated $267 billion of imports, according to a Peterson Institute for International Economics analysis.

Top consumer products affected:

  • Tariffs on toys and sports equipment.
  • Electronics and electrical machinery including smartphones, computers, TVs, fitness trackers, Bluetooth wireless headsets and drones, CNN reports.
  • Footwear like Nike and Adidas.
  • Textiles and clothing. Fast fashion clothing stores and retail stores like Gap and Levis that have several factories along the coast.

What to watch: Trump told reporters on Thursday that China President Xi Jinping sent him a letter and they plan to speak by phone to continue trade talks. Though a deal is still pending, Trump said tariffs are an "excellent" alternative.

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Alaska becomes latest state to issue coronavirus stay-at-home order

Data: Axios reporting; Map: Danielle Alberti/Axios

Alaska issued a mandate Friday evening for all people in the state to "remain at their place of residence and practice social distancing" except for those engaged in essential services, including health care and government functions, effective Saturday at 5 p.m.

The big picture: This is the latest state to announce policies to enforce social distancing. More than 1.5 billion people worldwide were asked to stay home Monday.

Go deeperArrowUpdated 27 mins ago - Health

Focus group: Minnesota swing voters balk at Trump's Easter deadline

Illustration: Sarah Grillo/Axios

A group of Midwestern swing voters that supported President Trump's handling of the coronavirus less than two weeks ago is balking at his call for the U.S. to be "opened up" by Easter, saying they'll tolerate business closures for as long as it takes to contain the spread.

Why it matters: Their feedback suggests that some voters otherwise mostly supportive of the president — and who still see financial threats outpacing health threats — aren't so tired of social distancing that they're willing to risk ending it too quickly.

Go deeperArrowUpdated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 607,965 — Total deaths: 28,125 — Total recoveries: 132,688.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 7 a.m. ET: 104,837 — Total deaths: 1,711 — Total recoveries: 894.
  3. Federal government latest: President Trump signed the $2 trillion coronavirus stimulus bill to provide businesses and U.S. workers economic relief.
  4. State updates: North Carolina is latest state to issue stay-at-home order — New York is trying to nearly triple its hospital capacity in less than a month.
  5. World updates: Italy reported 969 coronavirus deaths on Friday, the country's deadliest day.
  6. Business latest: President Trump authorized the use of the Defense Production Act to direct General Motors to build ventilators for those affected by COVID-19. White House trade adviser Peter Navarro has been appointed to enforce the act.
  7. 🏰 1 Disney thing: Both Disney World and Disneyland theme parks in the U.S. are closed until further notice.
  8. What should I do? Answers about the virus from Axios expertsWhat to know about social distancing.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

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