U.S. Economic Growth Relies on Rich Americans More Than Ever
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What economic development deal is President Trump discussing with Russia?
President Trump says he's working on an economic development deal with Russia. Plus, the U.S. is proposing huge port fees on Chinese shipping companies and Chinese-built vessels. And the American economy depends more than ever on rich people.
How are rich Americans influencing the U.S. economy?
While everyone else is kind of feeling pretty pinched with prices up so much, affluent people are in a really different situation because they look at the value of their homes, their stock portfolios. And, you know, they're up like 45 percent.
It's Monday, February 24th. I'm Alex Osola for The Wall Street Journal. This is the p.m. edition of What's News, the top headlines and business stories that move the world today. President Trump has said he was in talks with Russian President Vladimir Putin about an economic development deal. It's the latest sign of thawing of relations between the two countries. After Russia invaded Ukraine in February 2022, the U.S. has sought to isolate Moscow through sanctions and other measures. An economic deal with Moscow would mark a significant reversal of that policy. The White House didn't immediately respond to a request for comment about Trump's plans. Following a meeting today at the White House with French President Emmanuel Macron, Trump said that his administration is making a decisive break with Biden's approach and is on the verge of inking an agreement with Ukraine that would provide the U.S. with access to that country's natural resources. Key to the deal, Trump said, is that U.S.
taxpayers can quote-unquote recoup some of the billions spent defending the Eastern European nation. He also welcomed European involvement in securing a peace deal.
I'm also pleased that President Macron agrees that the cost and burden of Securing the peace must be borne by the nations of Europe, not alone by the United States. And Europe must take that central role in assuring long-term security of Ukraine, which they want to do.
Hackers with ties to the Chinese government breached internal communications at the Republican National Committee and had access to their internal emails for months. That's according to people familiar with the matter. The previously unreported breach is revealed in a forthcoming book by reporter Alex Eisenstadt.
What are the implications of the proposed U.S. port fees on Chinese shipping?
The Wall Street Journal viewed an excerpt of the book, which will be published next month, and verified the hack. The RNC declined to comment. A spokesman for the Chinese embassy in Washington said that Beijing opposes and combats cyber attacks. Meanwhile, in other China-related news, the Trump administration is escalating its trade war with China with a plan to impose new shipping fees. The proposal, which was unveiled Friday by the Office of the U.S. Trade Representative, would impose millions of dollars in new fees each time one of these vessels enters a U.S. port. The plan is in response to a U.S. probe that began under President Joe Biden in 2024.
How will the new shipping fees affect American businesses?
The proposal is open to public comments until a March 24th hearing, when the Trump administration will decide whether to impose the new fees. For more on this, I'm joined now by Costas Paris, who covers shipping for the journal. Costas, tell me, just how big a deal is this?
Well, it is quite a big deal for shipping. If any of this is adopted, it will certainly hit U.S. importers and exporters. To put it in practical terms, as far as container vessels are concerned, which move consumer goods, it will add about $50 to $100 to the cost of shipping a container to the United States.
Would $50 to $100 on top be a real big hit to these companies?
It would be a significant hit because rates are very, very volatile. They could go down to around $2,500. And it is not only the $50 to the $100 will be added. It is also delay, which creates more expenses and more charges. The whole logistical chain is going to be rattled by this.
And in terms of the companies that are likely to be affected by this, which ones are kind of first up?
it would mainly affect American importers and exporters, not so much Chinese companies. Amazon, Walmart, Home Depot, Target, all the big American retailers, and everything else that comes from abroad, everything from spare tires to electronics to furniture, basically everything we have in our house or in our car or in our office.
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Chapters
5 chapters
1
What economic development deal is President Trump discussing with Russia?
0:03–0:18
2
How are rich Americans influencing the U.S. economy?
0:18–2:24
3
What are the implications of the proposed U.S. port fees on Chinese shipping?
2:24–3:01
4
How will the new shipping fees affect American businesses?
3:01–5:15
5
What is the Trump administration's goal with the new shipping proposal?
5:15–11:35
Speakers
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