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President Donald Trump on Monday suggested that he might temporarily exempt the auto industry from tariffs he previously imposed on the sector, to give carmakers time to adjust their supply chains. Im looking at something to help some of the car companies with it, Trump told reporters gathered in the Oval Office. The Republican president said automakers needed time to relocate production from Canada, Mexico and other places. “And they need a little bit of time because theyre going to make them here, but they need a little bit of time. So Im talking about things like that. The statement hinted at yet another round of reversals on tariffs as Trump’s onslaught of import taxes has panicked financial markets and raised deep concerns from Wall Street economists about a possible recession. When Trump announced the 25% auto tariffs on March 27, he described them as permanent. His hard lines on trade have become increasingly blurred as he has sought to limit the possible economic and political blowback from his policies. Last week, after a bond market sell-off pushed up interest rates on U.S. debt, Trump announced that for 90 days his broader tariffs against dozens of countries would instead be set at a baseline 10% to give time for negotiations. At the same time, Trump increased the import taxes on China to 145%, only to temporarily exempt electronics from some of those tariffs by having those goods charged at a 20% rate. I dont change my mind, but Im flexible, Trump said Monday. Trump’s flexibility has also fueled a sense of uncertainty and confusion about his intentions and end goals. The S&P 500 stock index was up slightly in Monday afternoon trading, but it’s still down nearly 9% this year. Interest rates on 10-year U.S. Treasury notes were also elevated at roughly 4.4%. Carl Tannenbaum, chief economist for the Northern Trust global financial firm, said the whiplash had been so great that he might have to get fitted for a neck brace. Tannenbaum warned in an analysis: Damage to consumer, business, and market confidence may already be irreversible. Maroš Šefčovič, the European commissioner for trade and economic security, posted on X on Monday that on behalf of the European Union he engaged in trade negotiations with Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer. “The EU remains constructive and ready for a fair deal including reciprocity through our 0-for-0 tariff offer on industrial goods and the work on non-tariff barriers,” Šefčovič said. The U.S. president also said that he spoke with Apple CEO Tim Cook and helped him recently. Many Apple products, including its popular iPhone, are assembled in China. Apple didnt respond to a Monday request for comment about the latest swings in the Trump administrations tariff pendulum. Even if the exemptions granted on electronics last week turn out to be short-lived, the temporary reprieve gives Apple some breathing room to figure out ways to minimize the trade wars impact on its iPhone sales in the U.S. That prospect helped lift Apples stock price by about 3% during Mondays afternoon trading. Still, the stock gave up some of its earlier 7% increase as investors processed the possibility that the iPhone could still be jolted by more tariffs on Chinese-made products in the weeks ahead. Wedbush Securities analyst Dan Ives said Apple is clearly in a far better position than it was a week ago, but he warned there’s still mass uncertainty, chaos, and confusion about the next steps ahead. One possible workaround Apple may be examining during the current tariff reprieve is how to shift even more of its iPhone production from its longtime hubs in China to India, where it began expanding its manufacturing while Trump waged a trade war during his first term as president. The Trump administration has suggested that its tariffs had isolated China as the U.S. engaged in talks with other countries. But China is also seeking to build tighter relationships in Asia with nations stung by Trump’s tariffs. Chinas leader, Xi Jinping, on Monday met in Hanoi with Vietnam’s Communist Party General Secretary To Lam with the message that no one wins in trade wars. Asked about the meeting, Trump suggested the two nations were conspiring to do economic harm to the U.S. by trying to figure out how do we screw the United States of America. Josh Boak and Michael Liedtke, Associated Press
Category:
E-Commerce
Two California Democrats have introduced a bill that would allow rideshare drivers to bargain with gig companies, including Uber and Lyft, for better pay and certain benefits. The measure, Assembly Bill 1340, is likely to face steep opposition from the gig companies that rely on thousands of independent workers to keep their services operating at an accessible price point. “The bill would empower rideshare drivers with the right to organize for better working conditions and establish a process for gig drivers to choose their union,” Californias Service Employees International Union, which is supporting the bill, said in a press release. “It would protect workers from retaliation when they join together to organize and also provide a process for drivers to bargain with the industry for better pay, working conditions, and price transparency for riders.” It added that more than 600,000 drivers in the state would benefit if the bill was signed into law. It’s expected to be heard in Assembly committees in the coming weeks. The measure comes almost five years after California voters passed Proposition 22, which allowed gig companies to classify workers as independent contractors rather than employees. Companies like Uber, Lyft, Instacart, and DoorDash funded more than $200 million total in support of the bill. The passing ultimately led them to avoid being forced to pay hefty costs for things such as paid time off and insurance. A Lyft spokesperson, when asked for comment on the new bill, reiterated the company’s support for Prop 22. “Drivers overwhelmingly voted for and continue to support Prop. 22 because it is their preferred way to structure benefits and protections,” the spokesperson said. “And for years, we’ve been building upon this framework to roll out new products and features designed to improve the driver experience. This is the best way to balance the needs of drivers without trying to undercut the will of the voters when they originally passed Prop. 22.” An Uber spokesperson did not immediately respond to Fast Company‘s request for comment.
Category:
E-Commerce
The last big breakthrough in aviation when it comes to boarding your flight came in the early 2000s, with the arrival of eTicketing. But a new proposed overhaul of how you get on planes could shake things up in a much larger way. The International Civil Aviation Organization (ICAO), a United Nations agency that oversees international airline policy, has revealed plans for a digital travel credential (DTC), which will do away with boarding passes and current check-in procedures and instead rely on technology like facial recognition. (Some 193 countries, including the U.S., are members of the ICAO.) A pilot program testing the DTC has been underway in Finland for almost a year, with approval ratings of higher than 90%. Participating passengers look at a camera and place their passport on a reader device. The ICAO overhaul, though, would see passport data securely stored on passenger smartphones. Amsterdams Schiphol Airport, in 2019, also introduced facial recognition technology for boarding on select flights. France and Mexico also use the technology in some instances. Its still unclear whether or when we might ditch boarding passes and physical passports in the U.S. Development of a digital travel credential is something that will be optional for each nation. The U.S. Transportation Safety Administration (TSA) did not respond to a Fast Company request for comment about how, when, or if this would be implemented in U.S. airports, though many airports already use facial recognition technology. Boarding: Now versus then The changes proposed by the ICAO would upend the airport experience, however. Today, most passengers must check in with their carrier either online or at the airport, then scan a boarding pass before they enter the plane. It can be a bit slow, especially if you’re running late. Under the new system, passengers would download what’s called a “journey pass” to their phones when they book their flights. This will contain all your booking details and let you move throughout the airport without having to fish out your passport or boarding pass from your pocket. Facial recognition will identify you when you enter the airport and alert the carrier you have arrived. Delta, at its CES keynote in January, hinted at some of these features, showing an imagined travel day for one passenger using the upcoming AI-driven Delta Concierge service, including the use of facial recognition to bypass the check-in process. Hurdles and advances A global rollout of the system is expected to take place over the next two to three years, with full adoption expected by 2028, though it might be later for smaller airports. That timetable might be overly ambitious, however. It would require airports and airlines to radically change their systems. Many airlines silo the various parts of their operations (reservations, for example, are not tied directly with passenger processing at the airport). Transitioning to a DTC system will require airports to make extensive infrastructures upgrades and would require significant investments. Passengers could also have issues with not being able to opt out of facial recognition technology. And facial recognition technology does not have the best track record when it comes to recognizing people of color. The Times, a British daily newspaper, reports the equipment that will be used at airports will only verify information, making sure the passenger’s face matches the passport. Data will not be stored, to lower the chances of a data breach. The International Air Transport Association (IATA) estimates the number of air passengers will double to 8 billion by 2040. The ICAO is attempting to reduce the friction of travel with the new system and is betting DTC can not only increase the accuracy of flight systems, but make those coming crowds easier to navigate.
Category:
E-Commerce
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