Shein, Temu face cost of adapting to new US customs rules
US tariffs on Chinese imports and the closing of a customs loophole will wreak disruption on the business models of e-commerce giants Shein and Temu, with consumers potentially bearing the brunt of the cost, analysts say. Boasting an enormous selection of ultra-cheap items at a time when inflation has shrunk household spending power almost everywhere, […]
US trade gap swells in 2024 as deficits under fresh scrutiny
The US trade gap swelled last year to nearly $920 billion, according to government data released Wednesday, as deficits come under the spotlight with President Donald Trump’s return to the White House. In 2024, the overall US trade deficit grew to $918.4 billion, widening 17 percent from 2023 as imports ballooned more than exports, said […]
The U.S. is the top country for millionaires and billionaires
The U.S. has rapidly overwhelmed China as the world’s top spot for millionaires and billionaires, according a new report. There are now more than 5.5 million Americans with liquid investible assets of more than $1 million, up 62% over the past decade and well above the global growth rate of 38%, according to the 2024 […]