We've heard from a lot of different companies around the country. Nine Nike says the tariffs will cost the company around $1 billion this year. Black & Decker says 800 million.The big three automakers all say they've had to pay more than $2 billion in tariffs. The list goes on and on. Bottom line, do you acknowledge that these tariffs amount to attacks on the American people.Uh well, first of all, let let's back up because what we've seen, for instance, the Japanese automakers have said they're eating the t ...

Core Insights - The potential return to a high-tariff regime in the U.S. has sparked significant alarm among economists and financial experts, with dire predictions about its economic consequences [3][4]. - Despite initial fears, the actual negative impacts of the tariff policies have been mild or nonexistent so far, with various economic indicators showing resilience [4][38]. Inflation Impact - Initial assumptions suggested that tariffs would lead to higher inflation, but the reality is more complex, with tariffs likely causing a one-time price hike rather than ongoing inflation [6][7]. - Tariff revenues for 2026 are projected to be around $300-400 billion, representing only about 1% of total U.S. GDP, akin to a national sales tax increase [7]. - A study indicated that only 17% of the components in the Core Personal Consumption Expenditure Index are affected by tariffs, suggesting a limited overall impact on inflation [7][8]. - The Consumer Price Index (CPI) showed a year-over-year increase but remained below the two-year average, indicating stability in prices despite new tariffs [11][12]. Recession Concerns - Recession forecasts fluctuated significantly in the first half of the year, but by July, sentiment improved, with the S&P 500 achieving 32 new record highs since "Liberation Day" [15][19]. - GDP growth surged at a 3.3% annual pace in the second quarter, and consumer spending showed a year-over-year gain of 4.7%, indicating economic strength [15][17]. - Most economists surveyed have reduced their recession probability forecasts, with only 2 out of 52 seeing an increased risk [16][18]. Treasury Bond Market - Contrary to fears, the U.S. Treasury Bond market has remained stable, with the 10-year Treasury Bond yield lower than on "Liberation Day" and bond prices increasing by almost 6% since the beginning of the year [20][21]. - Investors have shown confidence in U.S. Treasury securities, even as public debt reached $30 trillion, with tariffs projected to generate approximately $3.3 trillion in revenue over the next decade [21]. Dollar Status - Predictions of a weakened dollar and loss of its reserve currency status have not materialized, with the dollar remaining dominant in international trade and finance [22][24]. - The Federal Reserve's report indicated that the dollar's share of international payments is about 50%, showing stability in its global position [25]. Foreign Investment Trends - Foreign ownership of U.S. Treasury bonds has increased since April, with foreign investors returning as significant buyers of U.S. assets [26]. - The trend of foreign investment in U.S. equities and Treasury bonds has intensified, countering initial fears of a mass exodus [26]. Global Trade Dynamics - Concerns about permanent damage to global trade networks due to tariffs have not been realized, with global trade growing by $300 billion in the first half of 2025 [28][29]. - U.S. trade volumes were higher in July than in any month in 2023 or 2024, indicating resilience in trade despite tariff implementations [29][30]. Supply Chain Stability - Initial fears of supply chain disruptions have not come to fruition, with container shipping costs falling and supply chain pressure levels returning to long-term averages [32][34]. - Companies have adapted to potential tariff impacts by improving supply chain management and resilience, mitigating risks associated with tariffs [34]. Corporate Profitability - Contrary to expectations of declining corporate profits due to tariffs, S&P 500 companies reported a 6.4% revenue increase and an 11.9% earnings growth in the second quarter [36][37]. - The majority of U.S. companies exceeded analysts' earnings estimates, indicating strong corporate performance despite tariff concerns [36][37].

Core Viewpoint - Treasury Secretary Scott Bessent emphasized that the short-term costs of tariffs are outweighed by long-term benefits to U.S. competitiveness, arguing for more time to assess the impact of President Trump's economic agenda [1][4]. Tariff Revenue - The U.S. collected over $31 billion in tariff revenues in August, marking the highest monthly total for 2025, with total tariff revenue for the year exceeding $183 billion [5]. - Bessent indicated that tariff revenue could be utilized to help reduce the national debt, which is currently at $37.4 trillion as of September 5 [5]. Economic Impact - Bessent stated that the Trump administration anticipates a "substantial acceleration" in economic activity in the fourth quarter, highlighting the need for time to build factories and create jobs [4]. - The administration is committed to maintaining global tariff rates, despite a recent appeals court ruling that the power to set tariffs lies with Congress [7][8].

♪♪ >>> THIS SUNDAY, TRADE TENSIONS. WITH PRESIDENT TRUMP'S TARIFFS HEADED TO THE SUPREME COURT, A NEW JOBS DATA FUELING DOUBT, WHAT'S NEXT FOR THE U.S. ECONOMY? >> IF YOU TOOK AWAY TARIFFS WE COULD END UP BEING A THIRD WORLD COUNTRY. >> I'LL TALK EXCLUSIVELY TO TREASURY SECRETARY SCOTT BESSENT. PLUS FILE FIGHT. AS CONGRESS RETURNS PRESSURE BUILDS FOR THE TRUMP ADMINISTRATION TO RELEASE THE EPSTEIN FILES. >> THIS IS A DEMOCRAT HOAX THAT NEVER ENDS. >> JUST PASS THE VOTE. LISTEN TO US. THIS IS NOT A HOAX. I'L ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **US Economic Outlook** for 2025, focusing on growth, inflation, and fiscal policies. Core Economic Insights - **Real GDP Growth**: Projected to slow to **1.1% in 2025** and **1.3% in 2026**, with a significant decline from **3.2% in 2023** and **2.5% in 2024** [6][5][4] - **Inflation Trends**: PCE inflation is expected to be **3.0% in 2025** and **2.3% in 2026**, indicating persistent inflation above target levels [6][5] - **Labor Market Dynamics**: A two-speed labor market is anticipated, with restrictive immigration policies leading to slower labor force growth and a low unemployment rate of **4.4% in 2025** [6][5][4] Fiscal Policy Implications - **Tariffs Impact**: Effective tariff rates are estimated at **16%**, which are expected to remain stable, impacting consumption negatively, particularly for low-income consumers [10][20][6] - **Federal Reserve Policy**: The Fed is expected to start cutting rates in **September 2025**, with a target range of **2.75-3.0%** by the end of 2026 [48][49] - **Fiscal Measures**: The One Big Beautiful Bill Act aims to reduce the deficit by **$508 billion** over ten years but will increase the deficit in **2026** due to frontloaded tax cuts [35][41] Consumption and Investment Trends - **Consumer Spending**: Real income growth is expected to slow, leading to a more significant decline in spending on goods compared to services due to high pass-through from tariffs [71][72] - **Business Investment**: Nonresidential fixed investment is projected to grow by **4.5% in 2025**, driven by strong demand for equipment, particularly related to AI [90][94] - **Residential Investment**: Expected to decline by **2.1% in 2025**, with affordability challenges continuing to suppress housing activity [105][102] Trade and Inventory Dynamics - **Trade Volatility**: Frontloading of imports has distorted trade data, with expectations for trade to contribute slightly to growth in the second half of 2026 [65][68] - **Container Volumes**: Shipping volumes have been volatile, with a notable decline in the share of imports from China due to tariff avoidance strategies [68][70] Additional Insights - **Immigration Policy Effects**: A significant slowdown in net immigration is expected, dropping from **3 million per year** in 2022-2024 to **300,000 this year** and **200,000 next** [26][32] - **Consumer Balance Sheets**: While delinquency rates are rising, overall consumer balance sheets remain strong, with assets significantly outweighing liabilities [85][88] This summary encapsulates the critical insights and projections discussed in the conference call, highlighting the economic landscape and potential challenges ahead.

Joining me now is US Senator Amy Clolobachar, a Democrat of Minnesota. Senator Clolobachar, thank you for being with us. You just heard about >> again now. >> You just heard about the situation in Chicago and back in Washington DC.We're monitoring demonstrations against the federal crackdown there. What are your thoughts on the president's escalating targets of American cities, something he has now compared in his social media posts to waging war. >> It's unbelievable.I uh believe as someone who used to be ...

Government Shutdown & Political Landscape - 存在政府关门的严重可能性，因为众议院和参议院的进度严重落后，且白宫似乎不重视避免关门[3] - 白宫取消 50 亿美元的外援，激怒了立法者，这表明他们并不担心达成协议[4] - 经济影响通常不显著，通常只是将一些经济活动推迟到政府重新启动后，通常持续一周左右[6] - 民主党人认为在政治上必须对特朗普总统表现出强烈的抵抗，他们可能会利用这次机会[10] - 特朗普总统希望表明他对债务和赤字负责，而民主党人则不然，这有助于他在政治和实质上获益[11] - 市场已经习惯了政府关门，认为这是一种政治歌舞伎，但这次可能会更加重要，因为市场对债务和赤字已经感到不安[14][15] Tariffs & Trade - 特朗普政府可能会通过其他方式复制关税的影响，因为总统 40 年来一直主张征收关税，并且认为关税是个好主意[17][18] - 美国与中国达成协议的可能性大大降低，因为中国不愿帮助美国解决乌克兰和中东的冲突，也不愿与美国达成贸易协议[21][23] Economic Outlook & Monetary Policy - 9 月份降息的可能性接近 90%[26] - 最近三个月，就业增长速度约为每月 35,000 个，预计可能略有回升至 50,000 左右，但仍然是一个相当疲软的数字[28] - 关税和政策不确定性导致公司暂停扩张计划并减少招聘[32] - 估计约有 30% 到 40% 的关税转嫁给了消费者，其余成本由美国公司承担[34] - 即使关税的影响是一个缓慢而漫长的过程，但总体而言，关税的影响将是暂时的，因为物价水平会出现一次性上涨，之后通货膨胀应该会再次缓和[38] - 预计美联储将在 9 月份降息，今年可能在 12 月份再次降息，然后观望明年这些影响的发挥情况[40] - 特朗普政府正试图将美联储的组成转变为更加鸽派的方向，这可能意味着利率会略低于其他情况[42][43][44] Consumer Spending & Retail - 消费者情绪相对疲软，但消费者仍在消费，只是更加谨慎[50][51] - 只有约 22% 的关税转嫁给了消费者[53] - 零售额的增长在一定程度上是由消费者对未来事件的反应所驱动的，因为他们担心未来价格上涨，从而提前消费[55] - 高收入家庭占总家庭支出的比例越来越大，现在超过 50%，他们受到的影响较小，并且正在推动零售经济中的更多支出[56]

Core Viewpoint - Lululemon Athletica's stock has experienced a significant decline following a quarterly update, reflecting a challenging year for the company, with concerns over tariff costs and softer U.S. demand impacting expectations and valuations [1][6]. Financial Performance - Lululemon's revenue increased by approximately 7% year-over-year to around $2.53 billion, with a 6% growth in constant currencies, down from 8% growth in Q1 [4]. - Comparable sales in the Americas fell by 3% on a constant currency basis, worsening from a 1% decline in Q1 [4]. - Earnings per share (EPS) for Q2 were reported at $3.10, a decrease from $3.15 in the same period last year [4]. Regional Performance - Performance varied by region, with the Americas experiencing a modest comparable sales decline, while international markets showed strong growth with a 15% increase, or 13% in constant currency [5]. Guidance and Outlook - Management has lowered the full-year revenue outlook to between $10.85 billion and $11.0 billion, down from a previous range of $11.15 billion to $11.30 billion, and EPS expectations have been reduced to between $12.77 and $12.97, down from $14.58 to $14.78 [6]. - The company faces challenges from tariff changes and a reliance on a limited product assortment, which has led to pressure on gross profit and U.S. demand [6][7]. Market Dynamics - The U.S. market remains crucial for Lululemon's profitability, and while international growth is strong, a shift in revenue mix could compress margins and necessitate stricter inventory and markdown management [7]. - Higher costs from tariffs are expected to impact gross profit, and management is working on mitigating these through sourcing and pricing strategies [8]. Investment Considerations - Lululemon's stock trades at 13 times the forecasted 2025 EPS, suggesting potential value for patient investors if U.S. traffic stabilizes and product innovation is successful [9]. - Key indicators to monitor include U.S. demand stabilization, gross margin improvements, and inventory quality, which could signal a positive turnaround [10]. Long-term Perspective - Despite the current challenges, Lululemon's brand strength remains intact, but the near-term outlook depends on the company's ability to address ongoing issues related to U.S. demand and tariffs [11][12]. - The recent stock price drop may have embedded much of the negative news, but a wait-and-see approach is advised until clearer signs of recovery emerge [12].

Core Viewpoint - Deckers Outdoor (DECK) is identified as a potential investment opportunity due to its current trading discount and strong growth prospects despite recent stock price declines [2][3]. Financial Performance - Deckers' stock has fallen 46% from its peak earlier this year, primarily due to concerns over tariffs and slowing growth, which are now considered overblown following better-than-expected first-quarter earnings [3][12]. - The stock trades at a price-to-earnings ratio of 19, significantly lower than the S&P 500's P/E of 27, indicating an attractive valuation [5]. - Revenue for Deckers rose 16.9% to $964.5 million, surpassing estimates of $900.4 million [5]. - Hoka sales increased by 19.8% to $653.1 million, while Ugg sales rose by 18.9% to $265.1 million [6]. Market Dynamics - Domestic sales decreased by 2.8% to $501.3 million, but international sales surged by 49.7% to $463.3 million, highlighting the company's successful expansion into new markets [7]. - Growth in international markets was particularly driven by Europe and China, as Deckers expands its distribution in Europe [7]. Future Outlook - Management anticipates continued solid growth for its core brands, projecting mid-teens growth for Hoka and mid-single-digit growth for Ugg for the remainder of the year [8]. - Deckers has a strong historical performance, with stock appreciation of over 1,000% in the last decade, despite recent declines [9]. Brand Strength - Deckers has successfully developed its brands, particularly Hoka, which is gaining market share due to its popularity among runners and professionals [11]. - The company has a strong track record of acquiring and growing brands, having transformed both Ugg and Hoka into multibillion-dollar entities [10]. Cost Considerations - Deckers expects a $185 million impact on the cost of goods sold due to tariffs, but this is not seen as a justification for the significant market cap loss of approximately $15 billion [12].

The US and Europe are discussing a new round of sanctions and secondary tariffs on Russia, Scott Bessent said https://t.co/JEj74Miq4V ...