|
New Jersey Chamber Insider
Business News, Advice and Trends
|
|
|
|
Content Curated By Scott Goldstein
|
|
- US and China reach a deal to slash sky-high tariffs for now, with a 90-day pause.
- President Trump signs executive order setting 30-day deadline for drugmakers to lower prescription drug costs.
- NJ Transit, engineers' union to meet in DC as major rail strike looms.
|
|
US and China reach a deal to slash sky-high tariffs for now, with a 90-day pause
The U.S. and China agreed Monday to slash their massive recent tariffs, restarting stalled trade between the world’s two biggest economies and setting off a rally in global financial markets. But the de-escalation in President Trump’s trade wars did nothing to resolve underlying differences between Beijing and Washington. The deal lasts 90 days, creating time for U.S. and Chinese negotiators to reach a more substantive agreement. But the pause also leaves tariffs higher than before Trump started ramping them up last month. And businesses and investors must contend with uncertainty about whether the truce will last. U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop the 145% tax Trump imposed last month to 30%. China agreed to lower its tariff rate on U.S. goods to 10% from 125%. (The Associated Press)
President Trump signs executive order setting 30-day deadline for drugmakers to lower prescription drug costs
President Trump on Monday signed an executive order setting a 30-day deadline for drugmakers to electively lower the cost of prescription drugs in the U.S. or face new limits down the road over what the government will pay. The order calls on the health department, led by Robert F. Kennedy Jr., to broker new price tags for drugs over the next month. If deals are not reached, Kennedy will be tasked with developing a new rule that ties the price the U.S. pays for medications to lower prices paid by other countries. It’s unclear what – if any – impact the Republican president’s executive order will have on millions of Americans who have private health insurance. The federal government has the most power to shape the price it pays for drugs covered by Medicare and Medicaid. (The Associated Press)
|
|
NJ Transit, engineers' union to meet in DC as major rail strike looms
Representatives for NJ Transit and the Brotherhood of Locomotive Engineers are scheduled to meet Monday in Washington, D.C. – called there by federal arbitrators to hash out their differences as New Jersey sits on the brink of its first major rail strike in four decades. The National Mediation Board called for the meeting last week, a sign it's trying to push the two sides to reach an agreement before hundreds of thousands of riders are impacted by a strike for the first time since 1983. If a strike happens, it could take effect as of 12:01 a.m. on Friday, May 16. (NBC 4 New York)
Feds: Newark airport flights to be reduced amid traffic control blackouts
U.S. Transportation Secretary Sean Duffy says he plans to reduce the number of flights in and out of Newark’s airport for the "next several weeks" as it struggles with radar outages and other issues, including another Sunday that again slowed air traffic. Speaking on NBC’s "Meet the Press" that aired Sunday, Duffy said he will meet this week with all major carriers flying through Newark Liberty International, New Jersey’s largest airport. He said the number of flight cutbacks would fluctuate by time of day with most targeting afternoon hours when international arrivals make the airport busier. In addition to equipment outages, the airport has been been beset by flight delays and cancellations brought on by a shortage of air traffic controllers. (The Associated Press)
Newark airport uses floppy discs for air traffic control, part of the FAA’s aging system
The award-winning new Terminal A may be the pride of Newark Liberty International Airport. But behind the scenes, the technology that’s tracking the planes in the sky is out of date. Some of it relies on floppy discs and used parts sourced from eBay, federal officials said this week. That aging technology failed on April 28, creating a communications blackout between controllers and pilots. On Thursday, the Trump administration announced a program to rebuild the nation’s air traffic control system and recruit more air traffic controllers. (nj.com)
(Subscription may be required to open this article)
Netflix ready to start construction on huge NJ movie studio
Netflix will soon break ground on a sprawling film and television studio at Fort Monmouth, a former Army base. A private groundbreaking ceremony is planned for Tuesday. New Jersey state officials and Netflix co-CEO Ted Sarandos are expected to kick off the first phase of construction. The $903 million studio is expected to include 12 soundstages totaling nearly 500,000 square feet on the former military property in Eatontown and Oceanport. Since announcing its plans in December 2022, the media and entertainment giant has gone through a lengthy approval process to begin developing its $903 million complex. (nj.com)
This week's revenue forecasts will help determine whether the next state budget will need cuts or can afford infusions
State government’s fiscal experts will deliver updated revenue forecasts to lawmakers this week. The forecasts, covering the remainder of the current fiscal year and the year that begins July 1, are critical. If the tax-collection outlook is promising, there will likely be enough money for new investments in public education, worker pensions and property-tax relief that Gov. Murphy and lawmakers have prioritized. But if there is a turn for the worse, that can mean last-minute budget cuts will be needed by June 30, when the current fiscal year closes. (NJ Spotlight News)
Sharpe James, who served a record five terms as mayor of Newark, dies at 89
Sharpe James began as a reformer. A fiery community organizer from Newark’s South Ward who was evangelistic about what good government should be and how it could be used to resuscitate his city. He ended as another jailed New Jersey politician, convicted of rigging sweetheart land deals for his girlfriend and accused of taking trips to South America on a city credit card. However history will come to judge James, whose death at the age of 89 was announced Monday, it will have to note Newark seldom had a more enthusiastic cheerleader than its dynamic, street-fighting, longtime mayor.
|
|
Cornerstone NJ Member News
|
|
Rowan University’s May 21 conference will explore “The Future of Journalism”
The Sweeney Center for Public Policy and the Rowan University Department of Journalism are hosting a conference on "The Future of Journalism: New Models, Digital Transformations, and the Public Interest" at Rowan University on Wednesday, May 21. "Journalism has been undergoing a critical transformation, with newspapers closing, reporting staffs shrinking and local news coverage in decline,” said Sweeney Center Director Mark Magyar. “But the crisis has also spurred innovation, with nonprofits emerging to preserve and expand news coverage, digital sites springing up with new business models and increased collaboration among news organizations, particularly on investigative reporting.” (ROI-NJ)
|
|
|
Cornerstone NJ is a membership program of the New Jersey Chamber of Commerce.
|
|
|
BUSINESS MADE EASIER
Do business with fellow N.J. Chamber members — you can find them in our online directory.
|
|
|
May 19 – NJ Chamber Challenge Cup Golf Outing
Bedens Brook Club, Skillman, Noon
More information and register
May 21 – Business Roundtable Breakfast with Speaker Craig Coughlin
National Conference Center, East Windsor, 8:15 a.m. to 10:15 a.m.
Assembly Speaker Craig Coughlin will discuss the proposed fiscal 2026 state budget, and other issues vital to the business community.
June 3 – Reporters Forum: Previewing New Jersey’s Gubernatorial Primaries and Key Economic Issues (Free Virtual Event)
9 a.m. – 10 a.m.
An insightful discussion on N.J.’s upcoming gubernatorial primaries and the major economic issues shaping the race. Our panel will explore the state's business climate, tax policy, and budget outlook – offering analysis and context for the months ahead.
More information and register
June 12 – 28th Annual NJ Chamber Open House and Reception
New Jersey State Museum, Trenton, 4 p.m. to 7 p.m.
More information and register
July 16 – Young Professionals Networking Mixer
5:30 p.m. to 8 p.m.
More information and register
Sept. 18 – Women of Inspiration Awards Reception
National Conference Center, East Windsor, 5 p.m. to 8:30 p.m.
More information coming soon
Sept. 25 – Member Networking Breakfast (Free to members)
New Jersey Audubon, Bernardsville, 9 a.m. to 10:30 a.m.
More information coming soon
Oct. 22 – NJ Chamber Legislative & Business Awards Reception
EisnerAmper, Iselin, 5 p.m. to 8 p.m.
More information coming soon
Nov. 6 – DE&I Trailblazer Awards Reception
Co-Hosted by African American Chamber of NJ and NJ Chamber
Pines Manor, Edison, 5:30 p.m. to 8 p.m.
More information coming soon
Dec. 11 – Annual Member Holiday Party (Free to members)
Calandra's Italian Village, 5 p.m. to 8 p.m.
More information coming soon
|
|
The Best Tool for Your Business - Membership in the N.J. Chamber
The N.J. Chamber provides members with guest speakers, webinars, networking opportunities and discount programs that help businesses grow. The N.J. Chamber also advocates for pro-growth and pro-business legislation.
|
|
|
You are welcome to share this newsletter via email, social media or on your organization's website. Please credit the New Jersey Chamber of Commerce with a link to http://njchamber.com.
The New Jersey Chamber of Commerce is staying on top the issues important to business. For news media requests, please email Scott Goldstein.
|
|
|
|
|
