Latest news with #Tariffs
Daily Mail
16 hours ago
- Business
- Daily Mail
Is this why Trump still hasn't met Anthony Albanese? Shocking details emerge about Albo's big fail while overseas
Anthony Albanese is under fire for his 'passive' approach to the US relationship, after he missed out on opportunities to meet both President Donald Trump and Vice President JD Vance. Albanese was stood up by the US President at the G7 Summit in Canada, and instead met with Trump's senior economic team on Wednesday AEST. Trump left the summit early due to the Israel-Iran conflict, scotching planned meeting with several world leaders including Albanese, who has only ever spoken to him on the phone. The cancelled meeting was a crucial blow for Albanese as he tries to shore up the AUKUS deal, now under review by the US, and to negotiate an exemption or easing of tariffs on Australian goods. There was pressure on the prime minister to negotiate an exemption from the tariffs: a 50 per cent levy on Aussie aluminium and steel products sent to the US, and a baseline 10 per cent levy on other goods. This week's snub was not the first time Albanese has missed out on talks with his US counterparts. The prime minister refused to meet JD Vance last month during his visit to Rome for the Pope's inauguration. When asked at the time why he did not meet with Vance, Albanese said he would only meet with Trump, not the vice president. 'I'm the prime minister, I meet the president of the United States, and that will occur at an appropriate time,' he said. Trump left the summit early due to the Israel-Iran conflict, scotching planned meeting with several world leaders including Albanes Shadow home affairs minister Andrew Hastie said Albanese wasn't making enough effort to improve relations with what he called Australia's closest ally. 'The prime minister's approach has been passive and lethargic towards the relationship,' he told Sky News. 'This is the wrong approach towards President Trump, who values a personal connection more than formal diplomatic channels.' It comes after Natalia Barr grilled Foreign Minister Penny Wong over the missed opportunity on Thursday. 'Our prime minister is now eyeing up a trip to the Netherlands next week with hopes he might be able to line up a second date with the president, that's after the president stood him up in Canada,' Barr said. 'Is the PM going to chase him around the world?' 'Can I just put a bit of perspective here, Nat?' Wong replied. 'The president left the G7 because of the war in the Middle East. 'Now, I know we all want to think it's about us, but he left the G7 because of the war in the Middle East and he was unable as a consequence, not only to not have a bilateral meeting with the prime minister, but with (Indian) Prime Minister Modi, (and) with the president of South Korea.' Albanese might get another chance to meet Trump in person within days. The White House confirmed this month that Trump will attend the NATO Summit in the Netherlands next week, though his presence may now be in doubt because of the rapidly changing situation in the Middle East. Asked on Wednesday if he would also attend, Albanese said: 'I'm considering (it).'
The Independent
a day ago
- Business
- The Independent
US launches ‘Canadian only' deals to win back neighbors
Over 70 percent of Canadians are less likely to visit the U.S. in 2025 now, a significant increase from earlier in the year (59 percent), due to growing political tensions and tariff threats. Actions by the Trump administration, including false claims about Canada and tariff threats, are identified as key factors contributing to this reluctance. Border crossings have seen a marked decline, with vehicle traffic dropping 31 percent at major points like the Ogdensburg-Prescott International Bridge and Champlain-St. Bernard de Lacolle. A recent study indicated that 64 percent of Canadians cited tariffs and 61 percent cited political tensions as reasons for their decreased likelihood of travel. U.S. travel industries and border states are launching 'charm offensives' with special deals and welcoming messages to encourage Canadian tourism, acknowledging substantial economic losses from reduced visitation.
Yahoo
a day ago
- Business
- Yahoo
This Is the Worst-Performing S&P 500 Stock of the Year. Here's Why It Could Be a Screaming Buy
Deckers stock is down 50% this year on slowing growth and pressure from tariffs. With its valuation at a discount, the stock looks like an attractive buy. Its core brands, Hoka and Ugg, are still delivering solid growth. 10 stocks we like better than Deckers Outdoor › We're nearly at the midway point of the year, and the S&P 500 is essentially flat through June 17, up just 1.7%. The broad market index nearly entered a bear market in April, following the announcement of the "Liberation Day' tariffs, but has rallied back since then to recoup those losses. However, not every stock on the index has been a winner. In fact, one popular footwear stock is down nearly 50% for the year through June 17. That's Deckers Outdoor (NYSE: DECK), the maker of Hoka running shoes and Ugg boots, which is down 49.5% year-to-date. Over a long time frame, Deckers is one of the best-performing stocks on the market -- it had returned more than 10,000% at one point. After delivering strong growth in recent years, Deckers stock hit a wall in January when its guidance was worse than expected. When the company provided its following update in May, its growth was clearly slowing, and it faced a new challenge with President Donald Trump's tariffs putting pressure on the apparel and footwear industries. In its fiscal fourth quarter, ended March 31, Deckers' revenue rose just 6.5%, which compared to nearly 20% growth in the first three quarters of the year. Growth at Hoka slowed from nearly 30% in the first three quarters of the year to just 10% in the fourth quarter, potentially a sign that a resurgent Nike is grabbing back market share in running. Ugg, which remains Deckers' largest brand, grew just 3.6% in the quarter compared to 13% for the full year. What really threw investors off was the company's guidance, as management did not give full-year guidance due to macroeconomic uncertainty related to tariffs. For the first quarter, the company expects revenue of $890 million to $910 million, representing 9% growth at the midpoint. However, it expects earnings per share to fall from $0.75 to between $0.62 and $0.67. It sees its gross margin falling 250 basis points due to higher freight costs from tariffs, increased promotional activity, and channel mix headwinds with wholesale outgrowing DTC, and it faces difficult comparisons with a year ago. For its two core brands, Deckers expects Hoka to grow by at least low double digits while Ugg sales should increase by at least mid-single digits. A 50% sell-off in less than six months often indicates a broken business, but that isn't the case with Deckers. The company seems to face a mostly temporary setback due to pressure related to tariffs and a cooling off in the growth rate at Hoka. With its share price cut in half, Deckers now trades at an attractive price-to-earnings valuation of just 16, meaning it trades at a substantial discount to the S&P 500. Management is also taking advantage of that by buying back stock, increasing its share repurchase authorization to $2.5 billion, which represents 16% of its market cap. In fiscal 2025, the company repurchased $567 million worth of its stock, and bought back $85 million in the first quarter through May 9. Deckers is well-positioned to buy back its stock as it has no debt, $1.9 billion in cash, and a reasonable assets-to-liabilities ratio of 3.5. Over the long term, Deckers looks well-positioned to recover as its two core brands, Hoka and Ugg, have differentiated themselves, and have long track records of growth. Ugg also overcame an earlier slowdown amid concerns that its brand was a fad. At the current valuation, even modest profit growth will be enough to make the stock a winner. The tariff-related headwinds will eventually fade, and Deckers' growth should return at that point. Before you buy stock in Deckers Outdoor, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Deckers Outdoor wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $659,171!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $891,722!* Now, it's worth noting Stock Advisor's total average return is 995% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Jeremy Bowman has positions in Nike. The Motley Fool has positions in and recommends Deckers Outdoor and Nike. The Motley Fool has a disclosure policy. This Is the Worst-Performing S&P 500 Stock of the Year. Here's Why It Could Be a Screaming Buy was originally published by The Motley Fool Sign in to access your portfolio
Bloomberg
a day ago
- Business
- Bloomberg
Swiss Exports to US Collapse as Shippers Wait for Tariff Deal
Swiss exports to the US plunged for a second month as cross-border shippers wait for a trade deal to cushion tariffs proposed by President Donald Trump. Foreign sales, adjusted for seasonal swings, declined 42% in May from April, the Swiss Office for Customs and Border Security said on Thursday. Imports from the world's biggest economy increased 6.5%. That resulted in a trade surplus of just 2 billion francs ($2.4 billion) — the narrowest gap in almost five years.
Bloomberg
3 days ago
- Business
- Bloomberg
Fed to Hold Rates Steady Again as Officials Wait for More Clarity on Economy
Federal Reserve officials are widely expected to leave interest rates unchanged for a fourth straight meeting on Wednesday, reiterating they want more clarity on the economic impact of a wide array of government policy changes before adjusting borrowing costs. Policymakers have warned President Donald Trump's tariffs could boost inflation and unemployment, but so far, steady hiring and cooling inflation have allowed Fed officials to keep rates unchanged this year.
