Pins matching tag:Tariffs

Four Michigan shoppers sued Lululemon in Detroit federal court, claiming it passed IEEPA tariff costs on to customers through higher prices and should share any government refunds with them.

Vuori filed suit at the US Court of International Trade over the emergency tariffs the Supreme Court struck down in February 2026, joining the importers seeking refunds; the court stayed it under its IEEPA procedure.

Nike's third-quarter revenue was flat at $11.3 billion and tariffs cut gross margin to 40.2%, but it guided fourth-quarter sales down 2% to 4% with Greater China down about 20%, sending the shares lower after hours.

Seven consumers filed a proposed class action against Nike in federal court in Oregon on 8 May 2026, saying it passed IEEPA tariff costs on through higher prices and should not keep the refunds it stands to get after the Supreme Court struck the tariffs down.

Two Michigan shoppers represented by Hagens Berman sued Lululemon in Washington federal court, seeking a nationwide class over tariff-driven price rises and a share of its IEEPA refunds.

Nike's fourth-quarter gross margin jumped to 49.2% and EPS to $0.72 on the expected recovery of $986 million of IEEPA tariffs struck down by the Supreme Court, while revenue slipped 1% to $11.0 billion and Greater China fell 12%.

EU member states reached political agreement on 13 November 2025 to scrap the €150 customs-duty exemption for low-value parcels earlier than originally planned. The exemption ends and a flat customs duty on direct-to-consumer packages begins on 1 July 2026, targeting the flood of parcels shipped directly to EU shoppers by platforms such as Shein and Temu.

The UK-India free trade agreement entered into force on 15 July 2026, halving India's tariff on British whisky from 150% to 75% at once, with a path down to 40% over ten years.

On 21 July 2026 GM reported second-quarter revenue of US$48.0 billion, EBIT-adjusted of US$3.9 billion and net income of US$1.3 billion, and raised its 2026 EBIT-adjusted guidance to US$14.0-16.0 billion.

Scotch and other UK whisky entered the US tariff-free from 24 July 2026, ending the 10% duty imposed in April 2025 on a market worth about £1 billion a year to UK distillers.

A WTO panel ruled on 28 July 2026 that Turkey's additional 40% tariff on Chinese-made electric vehicles and its discriminatory import permit rules breach trade rules, in a case China brought in October 2024.

Hershey's second-quarter adjusted EPS rose 57% to $1.90 and net sales 6.6% to $2.79 billion as 12 points of price outweighed an 8-point volume drop, and it narrowed its 2026 outlook upward to 32.5-35% adjusted EPS growth.

On 19 August 2026 Target reported second-quarter net sales up 5.3% to US$26.5 billion, comparable sales up 3.8% and EPS of US$4.11, including a US$994 million pretax tariff refund benefit, and raised its full-year guidance.

On 20 August 2026 Walmart reported second-quarter fiscal 2027 revenue of US$187.9 billion, up 5.9%, with eCommerce up 23% and nearly US$2.9 billion in tariff refunds, but shares fell sharply after the EPS outlook missed estimates.

A 50% US duty on Canadian beer, wine, cider and spirits took effect after a three-day pause, in retaliation for provinces' boycott of American alcohol, and Canada suspended trade talks and vowed dollar-for-dollar countermeasures.

Volkswagen's supervisory board approved a group-wide cut of about 50,000 more positions, including management roles, on top of earlier programmes that bring planned job reductions to around 100,000 by 2030.

Revenue fell 4% and comparable sales 9%, and Lululemon cut its 2026 outlook to a 5-7% sales decline and EPS of $9.48-$9.73; a $134.5 million tariff refund propped up margins, and the shares fell about 20%.

Victoria's Secret & Co. reported second-quarter 2026 net sales up 10% to $1.611 billion and operating income more than six times higher than a year earlier, as CEO Hillary Super's turnaround continued and the company teased a bigger annual fashion show for the rest of the year.

JLR will cut around 4,000 roles, about 10% of its global workforce, over two years, mostly salaried and management jobs in the UK, as it targets £1.7 billion of savings.

Trump and Melania Trump met Xi Jinping and Peng Liyuan at the foot of a 100-foot red carpet at Joint Base Andrews at 6:01pm on 23 September 2026, a welcome US presidents almost never give a visiting head of state. As Xi landed, Scott Bessent announced that the US-China trade truce was extended to January 10.

H&M Group's nine-month net sales reached SEK 161.6 billion as third-quarter operating profit rose 23% to SEK 6.0 billion, lifted by a one-time benefit from tariffs and goods imports, with CEO Daniel Ervér pointing to further sales potential ahead.

President Donald Trump announced in the Oval Office at 2 p.m. ET on 28 September 2026 that Mesabi Metallics will invest about $15 billion in a steel plant in Iowa, which the White House calls the largest of its kind in US history and the first mega steel plant built in the country since the 1960s. The plant is due to start producing steel in 2030. Its first phase is put at about 7.5 million tons a year with up to 6,000 construction jobs, rising to 10 million tons a year and at least 1,750 permanent jobs. It will run on iron ore from Mesabi's new mine at Nashwauk on Minnesota's Iron Range, and Iowa lawmakers have discussed tax incentives for a plant in Lee County in the state's southeast. The announcement came weeks before the November midterm elections, as Trump pointed to his 50% steel tariffs as the driver of new US steel investment.

Canadian spirits, wine and malt beer are barred from entering the US from 29 September 2026, escalating the 50% tariff into a near-total import ban over provinces' boycott of American alcohol.

Nike releases its first-quarter fiscal 2027 results after the market close on Thursday 1 October 2026, at about 1:15 pm Pacific, with a conference call at 2:00 pm Pacific.

Chery and its Spanish partner Ebro said they expect to begin producing Chery-brand Omoda and Jaecoo models at the former Nissan plant in Barcelona's Zona Franca at the end of 2026 or early 2027, after repeated delays from a 2024 start.

President Trump has said US tariffs on cars, trucks, auto parts and steel from Canada will rise to 50% on 1 January 2027, doubling the 25% now charged on Canadian autos, after trade talks collapsed in August.

The October 2025 Busan truce (a 10-point cut to the US fentanyl tariff, general licences for Chinese rare-earth exports, US soybean purchases, paused port fees) now lapses on January 10, 2027. Scott Bessent announced the two-month extension from November 10 as Xi Jinping landed in Washington.

Geely Auto said on 9 October 2026 that its main Geely brand will enter Canada and introduce its first models there in 2027, as the country allows 49,000 China-built EVs a year at a 6.1% tariff.

SAIC's MG announced a 200 million euro plant in Galicia, Spain, its first on the European mainland, planned to build 120,000 vehicles a year from 2028 and to create more than 2,000 jobs.