Trump grants one-month exemption for US automakers from new tariffs on imports from Mexico, Canada
President Donald Trump is granting a one-month exemption on his new tariffs on imports from Mexico and Canada for U.S. automakers, amid fears that the trade war could harm U.S. manufacturers. The announcement comes after Trump spoke with leaders of Ford, General Motors, and Stellantis on Wednesday. Trump also said he told the automaker chief executives that they should move production to the U.S from Canada and Mexico.
Trump’s press secretary said the president is open to hearing about additional exemptions but Canadian Prime Minister Justin Trudeau is not willing to lift Canada’s retaliatory tariffs if Trump leaves any tariffs on Canada, a senior government official told The Associated Press. (The Associated Press)
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Here is what consumers should expect from the tariffs
Some companies may try to pass the cost on to their customers by raising prices. Others may choose to eat the cost of the tariff. Companies may also try to force foreign suppliers to bear the burden by negotiating lower prices for their products. Canada, Mexico and China account for more than a third of the products brought into the U.S. When President Trump imposed tariffs on China during his first term, economic studies found that most of those costs were passed on to American consumers – a scenario that is likely to play out again. That could mean higher prices in grocery aisles, at car dealerships and at the pump. (The New York Times)
Trump administration wants NYC congestion pricing gone by March 21. Could NJ make it end sooner?
A letter from the Federal Highway Administration ordered New York City to shut down its congestion pricing program by March 21 after federal approval was pulled last month. A Rutgers University Law School professor said New Jersey could speed that up by going to court and asking a federal judge to order a more immediate end to the program. That would spare drivers from paying the $9 toll to enter Manhattan south of 60th Street for another 19 days. (nj.com)
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Forever 21 reportedly closing hundreds of US stores
Fast-fashion retailer Forever 21 is reportedly closing 200 of its roughly 350 stores nationwide as it mulls a second bankruptcy filing. Citing sources familiar with the matter, Bloomberg reported that the Los Angeles-based chain is preparing for the wave of closures ahead of seeking Chapter 11 bankruptcy as soon as next month. If efforts to find a buyer as part of the court-supervised process come up short, Forever 21 could shutter all stores, Bloomberg reported. There are 15 Forever 21 stores in New Jersey. (NJBIZ)
NJ Chamber Edge
We asked NJ Chamber Members to share their must-see destinations in New Jersey
"The Newark Museum of Art is a must-see. The local artists, film festivals and public programs are incredible, and its science and natural history collections are captivating. The arts are a powerful way to learn about our history, and we’re lucky to have the museum's world-class exhibits right here in New Jersey. One of the best times to go is during the first full weekend of the month when (Bank of America) cardholders are eligible for free admission." - Alberto Garofalo, president, Bank of America New Jersey. Read more here. (N.J. Chamber of Commerce)
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