By Rajesh Kumar Singh CHICAGO, Aug 1 (Reuters) - With U.S. President Donald Trump's announcement on Thursday of tariffs on another $300 billion of Chinese imports, nearly all goods from China will be subject to import taxes, and Trump says they generate billions of dollars in revenues for the U.S. Treasury from China. But that is not how tariffs work. China's government and companies in China do not pay U.S. tariffs directly. Tariffs are a tax on imported products and are paid by U.S.-registered firms to U.S. customs when goods enter the United States. Importers often pass the costs of tariffs on to customers - manufacturers and consumers in the United States - by raising their prices. U.S. business executives and economists say U.S. consumers foot much of the tariff bill. That was why, immediately after Trump announced his decision, U.S. retailers blasted the move as "another tax increase on American businesses and consumers," which they warned would threaten U.S. jobs and raise costs for American families. The new levies will hit a wide swath of consumer goods from cell phones and laptop computers to toys and footwear. Stephen Lamar, executive vice president of the American Apparel & Footwear Association, said the new tariffs would hit U.S. consumers far harder than Chinese manufacturers, who produce 42% of apparel and 69% of footwear purchased in the United States. Investors are worried that the increase in retail prices will hit consumer spending which has underpinned the U.S. economy, and trade uncertainty makes businesses hold back capital spending. WHAT THE 'TARIFF MAN' SAYS Trump says the United States will be "taxing" China until a trade deal is secured. He has called himself the "Tariff Man," often repeating that China pays for U.S. tariffs on its goods. On May 5, he tweeted: "For 10 months, China has been paying Tariffs to the USA." HOW TARIFFS REALLY WORK U.S. Customs and Border Protection (CBP) collects the tax on imports. The agency typically requires importers to pay duties within 10 days of their shipments clearing customs. From early 2018 through May 1, Washington has assessed $23.7 billion in tariffs, according to data from the CBP. Total tariff revenue rose by 73% year-on-year in the first half of 2019, to a total of $33.9 billion, according to U.S. Treasury data. DO CHINESE SUPPLIERS BEAR THE COSTS OF U.S. TARIFFS? Chinese suppliers do shoulder some of the cost of U.S. tariffs in indirect ways. Exporters sometimes, for instance, may offer U.S. importers a discount to help defray the costs of higher U.S. duties and maintain their contracts and market share. Chinese companies are losing business as U.S. importers are scouting for cheaper, tariff-free sources of the same goods outside China. Trump and top members of his Cabinet have said that the tariffs are accelerating a move of manufacturing out of China as companies seek to relocate in countries that are not subject to U.S. import tariffs. U.S.-based importers, meanwhile, are managing the higher tax burden in a number of ways that hurt U.S. companies and customers more than China. Such strategies include accepting lower profit margins; cutting costs - including wages and jobs for U.S. workers; deferring any potential wage hikes, in addition to passing on tariff costs through higher prices for U.S. consumers or companies. Most importers use a mix of such tactics to spread the higher costs among suppliers and consumers or buyers. HIGHER PRICES FOR COMPANIES AND CONSUMERS Higher duties on imports of Chinese and other products, for example, increased Caterpillar Inc's production costs by $70 million in the last quarter. It expects to pay between $250 million and $350 million in tariffs this year. In response to higher manufacturing costs, the heavy equipment maker has increased prices. Walmart Inc , the world's largest retailer, and department store chain Macy's Inc have warned of an increase in prices for shoppers due to higher tariffs on goods from China. A Congressional Research Service report in February found that tariffs imposed by Trump on global washing machine imports had boosted prices by as much as 12%, compared with January 2018, before tariffs took effect. Global steel and aluminum import tariffs increased the price of steel products by nearly 9% last year, pushing up costs for steel users by $5.6 billion, according to a study by the Peterson Institute for International Economics. U.S. companies and consumers paid $3 billion a month in additional taxes because of tariffs on Chinese goods and on global metals imports, according to a study by the Federal Reserve Bank of New York, Princeton University, and Columbia University. Companies shouldered an additional $1.4 billion in costs related to lost efficiency in 2018, the study found. WHAT DO COMPANIES IN CHINA PAY? China has retaliated against U.S. tariffs by imposing its own tariffs on imports from the United States. Most importers in China are Chinese. So in the same way the U.S. government collects import taxes on Chinese goods from U.S. importers, the Chinese government takes in taxes on U.S. goods from Chinese importers. (Reporting by Rajesh Kumar Singh; editing by Simon Webb and G Crosse)
- The Independent
5,000 National Guard troops remain in DC amid QAnon frenzy that Trump will be inaugurated again this week
QAnon followers believe that on 4 March, which was once the inauguration date of US presidents, Donald Trump will become president again
- The Independent
‘Al Capone ultimately went down because they got his accountant’ says author of TrumpNation
- The Independent
One of the US’s most powerful political groups is on its knees just as its most bitter enemies take control of Washington
The Biden administration targets Russian officials and entities, in a move co-ordinated with the EU.
- Reuters Videos
WHO Director-General Tedros Adhanom Ghebreyesus said the rise in cases was "disappointing but not surprising" and urged countries not to relax measures to fight the disease.It was too early for countries to rely solely on vaccination programs and abandon other measures, he said.Adding, "If countries rely solely on vaccines, they are making a mistake. Basic public health measures remain the foundation of the response."
- The Independent
Seven government figures blocked from accessing financial assets in the US
The United States is expected to impose sanctions to punish Russia for the poisoning of Kremlin critic Alexei Navalny as early as Tuesday, two sources familiar with the matter said. President Joe Biden's decision to impose sanctions for Navalny's poisoning reflects a harder stance than taken by his predecessor, Donald Trump, who let the incident last August pass without punitive U.S. action. The sources said on Monday on condition of anonymity that the United States was expected to act under two executive orders: 13661, which was issued after Russia's invasion of Crimea but provides broad authority to target Russian officials, and 13382, issued in 2005 to combat the proliferation of weapons of mass destruction.
- The Independent
President’s warm tone towards Mexico has translated to substantial policy changes
- The Independent
Anchors on RSBN have been playing conspiracy whack-a-mole, swatting down paranoid comments to which they themselves seem sympathetic.
- Reuters Videos
The S&P 500 surged on Monday and was headed for its biggest one-day gain since June as bond markets calmed after a month-long selloff, while developments on COVID-19 vaccines and fiscal stimulus bolstered expectations of a swift economic recovery.
- CBS News
The Senate majority leader said that the Senate will take up President Biden's $1.9 trillion relief bill as early as Wednesday.
A Palm Beach mansion owned by the Trump family just hit the market for $49 million, and it's right across the street from Mar-a-Lago
The home was previously owned by Donald Trump's sister, who sold it to Donald Trump Jr. and Eric Trump in 2018.
- The Daily Beast
CBSIf you happened to catch any hour of Fox News over the past couple of days, you may be under the impression that Dr. Seuss getting “canceled” is the biggest news story in America. You probably won’t be surprised to learn that it’s not quite so simple.As Stephen Colbert explained in his Late Show monologue Tuesday night, Dr. Seuss Enterprises has decided to stop publishing six rather obscure titles from the iconic children’s author because they contain “racist and insensitive imagery.”“It’s a responsible move on their part,” the host argued. “There hadn’t been an earth-shattering outcry, but they recognize the impact that these images might have on readers, especially kids, and they’re trying to fix it, because Dr. Seuss books should be fun for all people—Black, white, straight, gay, Sneetches both star-bellied and plain, Loraxes, Barb-a-loots, all the Whos down in Whoville and the strange, angry creature called Foo Foo the Snoo.”Colbert went on to highlight just a few of the Dr. Seuss books that “teach vital lessons to this day,” including the anti-war Butter Battle Book, environmental Lorax and Hop on Pop, which “warns against the dangers of pop-hopping.”“The Dr. Seuss folks listened to criticism, thought it was reasonable and made what’s called a change,” he added. “Or as it’s known on Fox News: cancel culture.” Trevor Noah Disgusted by Andrew Cuomo’s Creepy Kiss PhotoAfter playing a montage that just scratched the surface of how much Fox has obsessed over the story this week, culminating in a full-on meltdown from Donald Trump Jr., Colbert said, “I’m not surprised Don Jr. loves The Cat in the Hat, I’ve always believed he can read at a second-grade level. Also, I think his dad calls him and Eric ‘Thing One’ and ‘Thing Two.’”Finally, Colbert read aloud from a brand new Seussian book titled “Oh the Books You Can Read,” which began, “So the book news you heard today just got your goose. And now you’re defensive for old Dr. Seuss. If you find that your bookshelf just got a little bit duller, consider these kids books from people of color.”“There’s lots of new stories you might find quite good,” he continued, “like Imani’s Moon by Janay Brown-Wood. Want more suggestions? No need to keep hopin’. Just pick up Firebird by the Misty Copeland. And this one right here is the real real McCoy, it’s Thomisha Booker’s great book Brown Boy Joy. There’s a whole range of books that will make you feel merry, like this one called Hair Love by Matthew A. Cherry.”“So don’t be so cancel-y, culture-y, whiny,” Colbert concluded. “Read these books after pulling your head from your hiney.”For more, listen and subscribe to The Last Laugh podcast.Read more at The Daily Beast.Get our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.
- LA Times
Lakers star LeBron James will miss his first game of the season Wednesday after staying in L.A. when the team traveled Tuesday night to Sacramento.
- Associated Press
Barely a mile from where an SUV packed with 25 people struck a tractor-trailer — killing 13 inside — a cemetery with unmarked bricks is a burial ground for migrants who died crossing the border from Mexico to remote California desert. Authorities are investigating whether human smuggling was involved in Tuesday's early-morning collision that killed the 22-year-old male driver of the SUV and 12 passengers. Seats of the 1997 Ford Expedition were removed except for the driver and right front passenger's, said Omar Watson, chief of the California Highway Patrol's border division.
- The Telegraph
The Duchess of Sussex wore earrings during a royal tour which were a gift from Crown Prince Mohammed bin Salman of Saudi Arabia who is accused of ordering the murder of the journalist Jamal Khashoggi. The Chopard earrings worn by the Duchess at a formal dinner in Fiji in October 2018 during a royal tour of New Zealand, Fiji and Tonga were a wedding gift from the crown prince according to The Times. Kensington Palace was reportedly instructed to brief the media that the chandelier earrings were “borrowed” and this was reported by outlets covering the engagement. An aide has claimed the Duke and Duchess said the earrings were borrowed from a jeweller. Lawyers for the Duchess told The Times that while she may have stated the earrings were borrowed she did not say that they were borrowed from a jeweller. The lawyer denied the Duchess misled anyone about their provenance.
- The Telegraph
The Duchess of Sussex faced several bullying complaints from members of her staff during her time as working royal, it was claimed on Tuesday night, as tensions between the couple and Buckingham Palace deepened. She was accused of driving two personal assistants out of the household and undermining the confidence of a third employee, The Times reported. A spokesman for the Sussexes told The Telegraph: "The Duchess is saddened by this latest attack on her character, particularly as someone who has been the target of bullying herself and is deeply committed to supporting those who have experienced pain and trauma. "She is determined to continue her work building compassion around the world and will keep striving to set an example for doing what is right and doing what is good." Jason Knauf, the couple's communications secretary at the time, submitted a formal complaint about the claims in October 2018 in an apparent bid to protect his staff. In his email, he said: "I am very concerned that the Duchess was able to bully two PAs out of the household in the past year. The treatment of X was totally unacceptable. The Duchess seems intent on always having someone in her sights. She is bullying Y and seeking to undermine her confidence. We have had report after report from people who have witnessed unacceptable behaviour towards Y."
The U.S. Senate is expected to take up President Joe Biden's $1.9 trillion coronavirus relief package on Wednesday, with fellow Democrats seeking to advance key priorities and jettison aspects that have drawn unflattering scrutiny. The bill would pay for vaccines and medical supplies, boost jobless assistance and send a new round of emergency financial aid to households, small businesses and state and local governments. Democrats aim to get it to Biden to sign into law before March 14, when some current benefits expire.
CrossFit has publicly disavowed Georgia Rep. Marjorie Taylor Greene over the Republican's previous support for QAnon and other conspiracy theories.
- National Review
Senators Josh Hawley (R., Mo.) and Mike Lee (R., Utah) on Tuesday pressed FBI Director Christopher Wray on the procedures federal law enforcement officials have used to track down those who participated in the January 6 siege on the U.S. Capitol. “I’m anxious to see those who committed unlawful, violent acts on January 6 brought to justice,” Lee said during a Senate Judiciary Hearing on Tuesday. “I also believe that … with this circumstance, like every other circumstance, we have to make sure that the civil liberties of the American people are protected.” The Utah Republican explained that he had “heard a number of accounts” of people who were in Washington, D.C. on January 6 who never went near the Capitol but were “inexplicably” contacted by FBI agents who knew of their presence in the district that day “with no other explanation, perhaps, other than the use of geolocation data.” “Are you geolocating people, through the FBI, based on where they were on January 6?” Lee asked Wray. “I think there may be some instances in which geolocation has been an investigative tool, but I can’t speak to any specific situation,” Wray responded. “But what are you using to do that?” Lee asked. “What’s your basis for authority? Are you using national security letters?” Wray said, “I don’t believe in any instance we’re using national security letters for investigation of the Capitol—” Lee interrupted to ask the FBI director if he had gone to the FISA court, to which Wray responded he did not “remotely believe FISA is remotely implicated in our investigation.” The senator continued pressing Wray, asking if the FBI is “using warrants predicated on probable cause.” “We certainly have executed a number of warrants in the course of the investigation of January 6,” Wray said. “All of our investigative work in response to the Capitol [riot] has been under the legal authorities that we have in consultation with the [Department of Justice] and the prosecutors.” Later, Hawley continued Lee’s line of questioning regarding geolocation data, asking Wray if his position is that he doesn’t know “whether the bureau has scooped up geolocation data, metadata cell phone records from cell phone towers.” “Do you not know, or are you saying maybe it has or maybe it hasn’t? Tell me what you know about this,” Hawley said. “So when it comes to geolocation data specifically—again, not in a specific instance, but just even the use of geolocation data—I would not be surprised to learn—but I do not know for a fact—that we were using geolocation data under any situation with connection with the investigation of [January 6],” Wray said. “But again, we do use geolocation data under different authorities and specific instances.” The FBI, Department of Justice and local police in Washington, D.C. are investigating the origins and execution of the January rioting at the Capitol, with the probe resulting in hundreds of arrests so far. Republicans have expressed concern that the methods law enforcement has used to track down rioters could infringe upon personal liberty. Last month Bank of America sparked outcry after it said it would hand over banking information to the federal authorities for people suspected of having involvement in the riots. In the days after the riot, Bank of America handed over data to the FBI on thousands of customers who traveled to Washington, D.C. around January 6, Fox News reported.