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High Drama and Big Impact: Trump’s Bold Tariff Plans and What to Expect

Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
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US Pending Home Sales Drop to Record Low in July

Contracts to purchase previously owned homes in the US fell sharply in July, reaching their lowest level since the National Association of Realtors (NAR) began tracking the data in 2001. The Pending Home Sales Index, which is based on signed contracts, dropped 5.5% to 70.2 in July, far below economists' expectations of a 0.4% increase. On a year-on-year basis, pending home sales plummeted by 8.5%.

Key Factors:

  1. Impact of High Prices and Borrowing Costs: The significant decline in pending home sales reflects the challenges of affordability, with higher home prices and increased borrowing costs deterring potential buyers from the market.

  2. Broad Regional Decline: The drop in pending home sales occurred across all four major US regions, indicating a nationwide trend of reduced buying activity.

  3. Subdued Sales Outlook: With elevated house prices and economic uncertainty, particularly ahead of the US presidential election, the sales activity is expected to remain low. The share of consumers planning to purchase a home over the next six months fell to its lowest since early 2013, according to a recent Conference Board survey.

Overall, the housing market faces headwinds from affordability issues and cautious consumer sentiment, suggesting that sales activity will remain muted in the near term.

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