Stock market advancement fueled by Honeywell and Sherwin-Williams performances, with S&P and Nasdaq also inching upwards.
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Stock market goings-on saw Wall Street nudging upward on Tuesday, as investors chewed over a heap of Q3 earnings reports from some heavyweight firms worldwide.
Trade woes kept the media buzzing, with e-commerce titan Amazon (AMZN) making headlines over rumors swirling about its White House tariff fuss.
Rumor has it that Amazon pondered putting up tariff costs alongside product prices to give shoppers a clear view of tariff impacts. However, this proposal, according to Amazon, never saw the light of day. Here's a lowdown on the latest twists:
- Tariff Price Exhibit Idea: As reported by Punchbowl, Amazon mulled over presenting the tariff costs for imported goods neatly alongside product prices. This step aimed to offer consumers transparency on tariff-induced price hikes.
- White House Responds: White House Press Secretary, Karoline Leavitt, deemed Amazon's hypothetical move as a "contentious and politically-motivated act." Leavitt wondered why Amazon held off implementing such a measure during the Biden administration when inflation spiked substantially.
- Amazon's Clarification: Amazon later clarified that the plan remained in the discussion stages and would not make it to the big leagues, especially concerning Amazon Haul, a store intended to rival budget retailers like Temu and Shein.
- Tariff Repercussions: President Trump's steep tariffs (up to 145% on Chinese imports) pose serious ramifications for Amazon, since 60% of its sales depend on independent sellers who heavily rely on imported goods. This has raised concerns about price surges and potential kinks in supply chains.
- The biggest discussion in the industry recently revolves around Amazon's potential quarterly tariff price exhibit, which aims to provide transparency on the tariff-induced price hikes of imported goods.
- The street buzzed with the news of Amazon considering adding tariff costs to product prices, but this idea was later clarified by Amazon as only in the discussion stages and not likely to be implemented, especially for Amazon Haul.
- The finance sector and business community closely watch this development, knowing the potential implications of such tariffs for Amazon, as 60% of its sales depend on independent sellers heavily reliant on imported goods.
- Controversy surrounds Amazon's hypothetical tariff price exhibit, with White House Press Secretary Karoline Leavitt labeling it as a contentious and politically-motivated act, questioning why Amazon did not implement this measure during the Biden administration when inflation was high.
