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Boost in domestic <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> due to PLI (production linked incentive) schemes and increase in <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> on account of free trade agreements are expected to bridge the country's <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> further, <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> said on Monday. However, it said that fluctuations in <keyword id="19936629" type="General" weightage="20" keywordseo="commodity-prices" source="keywords">commodity prices</keyword>, especially for critical imports like oil, metals, and agricultural products, can impact India's trade balance and inflation levels. The Survey said that though ongoing geopolitical headwinds impacted India's merchandise exports, lowering international commodity prices ensured a lower trade deficit in FY24 than in FY23. The country's merchandise trade deficit narrowed to USD 240 billion in 2023-24 from USD 265 billion in 2022-23. It added that changes in trade policies by major trading partners or geopolitical developments can affect India's export opportunities and market access. "In the coming years, India's trade deficit is expected to decline further as the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> is expanded and India creates a globally competitive manufacturing base in several product categories," the Survey said. It added that the recently signed FTAs (free trade agreements) are expected to increase the <keyword id="22374533" type="General" weightage="20" keywordseo="global-market-share" source="keywords">global market share</keyword> of the country's exports. The PLI scheme for sectors like mobile manufacturing, information technology (IT) hardware, pharmaceutical, telecommunications, and food product are helping to increase manufacturing and cut imports. India has implemented <keyword id="20000557" type="General" weightage="20" keywordseo="FTA" source="keywords">FTA</keyword> with Mauritius, Australia and the UAE. It added that a narrowing merchandise trade deficit and rising service exports have improved the CAD (<keyword id="20054874" type="General" weightage="20" keywordseo="current-account-deficit" source="keywords">current account deficit</keyword>), ending with a surplus of 0.6 per cent of GDP in Q4 of FY24. However, the risks to the performance of India's external sector are on the downside due to the persistence of current <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> and policy uncertainty, it said. Some of the challenges listed by the survey includes fall in demand from major trading partners like the US, rise in trade cost, and volatility in commodity prices. Attacks on shipping in the Red Sea and drought in the Panama Canal have resulted in trade flows being re-routed, increasing journey time and costs. India's merchandise trade relies heavily on maritime trade, so disturbances in major shipping routes can impact its economy. "It is critical to explore what these changing paradigms mean for India. Policies need to be a mix that straddles security concerns with economic considerations," the survey said, adding India's push towards manufacturing in complex and niche sectors through schemes such as PLI and Make in India aims to balance these goals. Further, the survey emphasised on the need to focus on improving India's competitiveness in many product areas. For example, it said, India has tremendous potential in becoming a large global exporter in agricultural commodities. Fostering stronger regional trade ties and adding more markets for Indian goods will help mitigate global demand fluctuations. "In an era when global economic growth is likely to be buffeted by geopolitical tensions and protectionism, growing India's exports of goods and services will be a stiffer challenge than before," it cautioned. Commenting on this, Rumki Majumdar, Economist, Deloitte India, said that despite global uncertainties, India's exports are recording positive growth rates. "That shows the resilience of our exports amidst global uncertainties," she said, adding, "by transforming our export basket and focusing on higher margins and value addition across various sectors, India will easily achieve its ambition of USD 2 trillion in exports by 2030-31."

India's trade deficit expected to decline further: Economic Survey

<ul class="summary-list"><li>Trump's second term likely means changes are on the way that will impact retailers.</li><li>Experts say tariffs are top-of-mind for many companies and would represent new costs for consumers.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's return</a> to the White House is likely to usher in sweeping changes that will impact retailers like Walmart, Target, and Costco — ranging from new tariffs to tax cuts and a new regulatory environment. Trump's campaign promises, along with his prior term record, offer some insights into what major retailers can expect from his second term.In the lead-up to November 5, companies including TractorTractor Supply Co., Best Buy, and Dick's Sporting Goods said on their earnings calls that the election contributed to a generally more cautious US consumer.However, the unambiguous election result should comfort retailers heading into the critical holiday shopping period."Elections are very distracting for the consumer," Global Data retail analyst Neil Saunders told Business Insider. "It's not massively bad, but it's just not helpful for consumer confidence and the consumer attention.""Retail wants really a clear victory — whichever way," he added. "Then they can understand the policies and how to react, and then the consumer can start focusing on the holidays and opening their wallets."Walmart, which operates thousands of stores in red states and blue states alike, was measured in its outlook in an August earnings call."Good thing about elections is they come along every four years and we get to have a lot of history with seeing the impact of that," Walmart CFO John David Rainey said.With Election Day in the rearview, here are four key areas that retailers will be watching closely during this transition period.<h2 id="c7dc6c7e-c57f-4aeb-a65e-08e99c74d0b6">Tariffs are the biggest question</h2>Top-of-mind for many companies right now is <a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">the question of tariffs</a>, experts said.If Trump follows through on his campaign proposals of 10%-20% tariffs on most imports and 60-100% tariffs on goods from China, it would mean significant change to the way retailers do business."It would be a massive upheaval to most of the cost structures for these companies," said Chris Walton, a former Target executive and founder of Omni Talk.Given the expense of reorganizing supply chains, large retailers are still in the research phase rather than committing to a new strategy, Walton said.While retailers may absorb some of the costs associated with tariffs, US households would likely lose up to $78 billion in spending power per year, according to <a target="_blank" class="" href="https://nrf.com/media-center/press-releases/trump-tariff-proposals-could-cost-americans-78-billion-annual-spending">analysis</a> from the National Retail Federation, a lobby group representing the industry."A tariff is a tax paid by the US importer, not a foreign country or the exporter," said NRF's vice president of supply chain and customs policy, Jonathan Gold. "This tax ultimately comes out of consumers' pockets through higher prices."Still, Johns Hopkins business professor Tinglong Dai said the retail industry has handled prior rounds of tariffs without too much disruption to prices or the flow of essential goods."Retailers have become incredibly adept at absorbing these frictions," he said."You can say it's a negotiating strategy and it won't actually come to pass, or you can say will come to pass, maybe in a diluted form and not that severe, but it's causing a lot of nervousness," Saunders said of Trump's proposals.<h2 id="15b0f877-b89f-47c0-9a3c-6c75bf5bf298">Taxes matter, but take time to see results</h2>Trump is expected to extend his 2017 tax cuts, which are scheduled to expire next year. He's also likely to cut corporate taxes further, backed by his supporters in the House and Senate.Saunders said tax cuts will lead to more disposable income for consumers, which could lift spending."The whole of retail is very dependent on the middle class and what you can eke out of their spending levels," he said.Any changes to the tax code are likely to be less disruptive than tariffs since they will take many months to flow through the economy.Plus, retailers routinely manage tax changes at every level of government from local to national, Walton said."What's different," he added, "is this is of a size and scope that the retail industry hasn't seen in 100 years."<h2 id="1c185c04-3458-4dce-a9eb-401d657f36f1">Immigration presents a mix of challenges</h2>Past <a target="_blank" class="" href="https://www.pewresearch.org/short-reads/2024/07/22/what-we-know-about-unauthorized-immigrants-living-in-the-us/">studies</a> from the Pew Research Center suggest that relatively few of the retail industry's 15 million employees are living in the US illegally, so a crackdown on illegal immigration wouldn't likely complicate retailers' hiring efforts.Still, a widespread deportation effort could negatively impact people throughout the company, as well as customers and communities."Everyone's gonna feel the brunt of that," Walton said. "If that were to happen, it's a tough thing to prepare for, because the collateral damage from it could be pretty expensive."A more pressing concern, Saunders says, is a tightening of legal immigration, including the H1-B visa program for skilled workers, including the tech talent that giants like Amazon, Walmart, and Target increasingly rely on."That's actually very unhelpful for a lot of retailers, especially in areas like technology, which a lot of retailers are involved," he said.Other experts told BI that <a target="_blank" href="https://www.businessinsider.com/donald-trump-presidency-affect-big-tech-2024-11">concern over national security</a> and the availability of workers is far different from eight years ago, which could persuade Trump to soften his position.<h2 id="47fd7844-d2aa-4d9d-bc9c-0df1c9439146">Regulation down, deals up</h2>Federal Trade Commissioner Lina Khan, who has launched investigations into corporate price-gouging, will likely be one of the first to go under a new Trump administration, Saunders said.In place of her aggressive antitrust posture, a more deal-friendly FTC is likely to emerge, he added.Mergers like the one proposed between Kroger and Albertsons could find a more receptive audience in Washington, and other consolidations may soon follow.While a Republican administration is usually considered to be more business-friendly, Walton said it might not always be so straightforward under Trump."It can wax and wane to whatever the flavor of the month is in terms of where his administration wants to focus or who he wants to benefit," he said.

What Trump's win means for retail giants like Walmart, Target, and Costco

<ul class="summary-list"><li>The tech sector is bracing itself for change under a second Trump presidency.</li><li>AI regulation is likely to change under Trump, but major antitrust cases are unlikely to be impacted.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump has won the presidency</a> — and the tech world is waiting to see what his administration will mean for key issues like AI regulation, immigration, antitrust issues, and mergers and acquisitions.Trump has promised to assemble a different cabinet for his second time around in the White House. His advisors are likely to include some of the <a target="_blank" class="" href="https://www.businessinsider.com/who-will-be-in-trump-cabinet-billionaires-buiness-leaders-2024-5#doug-burgum-6">business leaders</a> that backed his campaign, not least among them one of the most powerful figures in tech: <a target="_blank" class="" href="https://www.businessinsider.com/trump-praises-elon-musk-a-star-is-born-2024-11">Elon Musk.</a>In an election night speech, Trump showered praise on Musk, marveling at his SpaceX rockets."Elon, he is an amazing guy," Trump said early Wednesday morning.There's a lot at stake for the sector, with a slew of companies facing antitrust battles. And with immigration top of mind for many voters, H-1B visas could be impacted, experts said, dealing a potential blow to tech companies experiencing staffing shortages amid an AI hiring frenzy.Here's how Trump's second term could impact Big Tech.<h2 id="2575ea3e-191a-4962-89ed-6840c2d18465">On the campaign trail, Trump threatened prosecution if reelected</h2>Though Trump has cozied up to one major tech leader — Musk — others are in his crosshairs.While on the campaign trail, Trump threatened retribution against some tech companies, including jailing Meta chief Mark Zuckerberg.During the campaign, he threatened to imprison "election fraudsters," <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-mark-zuckerberg-sent-prison-elected-truth-social-2024-7">including Zuckerberg</a> — who has a <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-comments-about-facebook-mark-zuckerberg-feud-history-2024-7">long history with the president</a>; it's unclear whether Trump will follow through on his threats.Trump also <a target="_blank" class="" href="https://www.businessinsider.com/trump-google-break-up-china-comments-2024-10">heavily criticized Google throughout his campaign</a>, calling the tech giant "rigged" for not displaying positive stories about him, saying the company is "very bad" to him, and suggesting he would "do something" about its power.In September, Trump escalated his feud with the company by <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-threat-prosecute-google-2024-9">threatening to order the Justice Department to prosecute Google</a> "at the maximum levels" during his second term. He accused the tech giant of engaging in illegal behavior and interfering in the election with the stories it displayed on its search results page.The Justice Department usually operates independently of the president; Trump said on the campaign trail that the criminal justice system has been weaponized against him and threatened to do the same to his political rivals.That norm-breaking change could mean more regulatory issues for the likes of Google — if Trump makes good on his promise.<h2 id="65622481-fb0a-4550-93e2-61275ae53f93">Tariffs remain the biggest question mark</h2>Barclays warned in September that the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-tariff-trade-policy-stock-market-outlook-risk-election-china-2024-9?_gl=1*10bnpgv*_ga*MTA5NzkyNzEwMi4xNzA2NzE1NTM1*_ga_E21CV80ZCZ*MTczMDQ4MjMyMC4xMTAyLjEuMTczMDQ4ODIxNi41NS4wLjA.">tech industry would be one of the hardest hit</a> by Trump's plan for wide-ranging tariffs."While the new proposed tariffs would have a modest direct negative impact on corporate earnings if implemented, the second order effects from higher cost inflation and slowing economic growth would be an incremental headwind to corporate earnings and cause further pain," the bank said.Mark Lemley, professor and director of the Stanford Program in Law, Science &amp; Technology, warned that Trump's plan for huge tariffs on foreign goods could also harm tech companies during his second term."A Trump administration will involve a US withdrawal from the world and the imposition of giant tariffs," Lemley told BI. "That is likely to have devastating consequences for US tech companies that sell in foreign markets as well as crippling domestic consumption."Retail analysts told BI that the industry is following the question of tariffs extremely closely."You can look at that in two ways," Global Data's Neil Saunders said. "You can say it's a negotiating strategy, and it won't actually come to pass, or you can say it will come to pass, maybe in a diluted form and not that severe.""It's causing a lot of nervousness," he added.If Trump does follow through on his campaign proposals, it would mean significant changes to the way retailers do business."It would be a massive upheaval to most of the cost structures for these companies," said Chris Walton, a former Target executive.Given the expense of reorganizing supply chains, Walton said large retailers are still researching their options and making any simple adjustments, rather than committing early to a new strategy.<h2 id="a9e008d3-192d-41d1-b89d-665d46e9ce18">On antitrust, 'most of the low-hanging fruit has already been picked'</h2><a target="_blank" class="" href="https://www.businessinsider.com/biden-coporate-monopolies-antitrust-lawsuits-live-nation-amazon-google-meta-2024-5">Antitrust cases are already underway</a> for the major Big Tech companies — including <a target="_blank" class="" href="https://www.businessinsider.com/apple-antitrust-lawsuit-justice-department-2024-3#:~:text=The%20US%20Department%20of%20Justice,what%20they%20deem%20anticompetitive%20tactics.">Apple</a>, <a target="_blank" class="" href="https://www.businessinsider.com/google-doj-battle-best-worst-scenarios-2024-10">Google</a>, <a target="_blank" class="" href="https://www.businessinsider.com/ruling-ftc-meta-facebook-lawsuit-instagram-whatsapp-can-proceed-2022-1">Meta</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/amazon-ftc-lawsuit-partially-dismissed-antitrust-competition-vendor-fulfillment-2024-10">Amazon</a> — but normally, there's not much an incoming president could, or would, do to alter these current cases, George Hay, an antitrust expert and law professor at Cornell University, told Business Insider."It's very rare that, at the presidential level, there's any attempt to influence the course of cases which have already been filed. Those have a life of their own," Hay told BI. "They depend on the judge, the courts, the lawyers who carry on a case. It's extraordinarily unusual for the administration to become at all active."Hay said that, while most presidents wouldn't have any say on existing cases, "Trump is a bit more of a wild card."But he added he couldn't think of "any reason why he would interfere with cases that have already been filed. It would be quite an extraordinary thing to do."While not much is expected to change for current antitrust cases, Hay said, Trump may take a less aggressive approach to antitrust enforcement than Vice President Kamala Harris would have.Besides, Hay said, "most of the low-hanging fruit has already been picked," meaning there are not many new antitrust cases that could be filed against the biggest tech companies.One factor that could change things is who Trump appoints as the Assistant Attorney General leading the antitrust division.Hay said that if Trump appoints an experienced, practicing lawyer, "even if that lawyer is relatively conservative, I don't think things are going to change very much.""The changes we've observed over history are when the Republicans appointed an academic," Hay added. "That's where you see some radical changes."But overall, not much is likely to change on the antitrust front under Trump's second administration, Hay said."So if I had very strong views about antitrust, I could sleep well at night regardless of who gets appointed," Hay said. "Because it's a system with laws and courts and people, and most of the people and most of the courts, and most of the laws are not going to change."<h2 id="91f4c525-6767-4d4e-90f3-4773e832f799">Republicans have historically been 'more merger-friendly'</h2>Hay expected that "more big mergers will be proposed under Trump" while Dan Romanoff, a senior equity research analyst at Morningstar, suggested that Trump was less likely to oppose major deals.More aggressive merger guidelines were put in place under President Joe Biden in 2023; now, under Trump, "those are going to go, and they'll be replaced," Hay said.But still, new guidelines won't have much impact on the biggest tech companies, Hay said.Anna Rathbun, chief investment officer at CBIZ, told Business Insider that M&amp;A activity has been low for the past two years because of low interest rates — not because of an antagonistic attitude from the Biden administration.And the notion that Republicans are more business-friendly could be due to "short-term memory," she said, noting that the first Trump administration sued to <a target="_blank" class="" href="https://www.businessinsider.com/trump-tried-to-block-the-att-time-warner-merger-to-spite-cnn-report-2019-3">block a merger</a> between AT&amp;T and Time Warner.While a Republican administration is usually considered to be more business-friendly, Walton said it might not be so straightforward under Trump."It can wax and wane to whatever the flavor of the month is in terms of where his administration wants to focus, or who he wants to benefit," he said.<h2 id="fa61ac75-e5d0-4af3-b58d-8b628e7f0f02">Restricting H1-B visas could damage America's competitive edge</h2>Trump made a widespread immigration crackdown a centerpiece of his 2024 campaign — and now that he's president, that could impact an <a target="_blank" class="" href="https://www.businessinsider.com/inside-the-ai-hiring-frenzy-big-tech-talent-war-2024-3">understaffed tech sector</a> relying on H1-B visas as the AI hiring wars rage on.National security concerns — with two current wars — are vastly different than when Trump wanted to restrict H1-Bs during his first term, Rathbun told BI. But at the same time, "we have a worker shortage," she added.Experts fear that, if H1-Bs are restricted under the second Trump administration, the US could lose its competitive edge on the world stage."You shouldn't ban exports on chips and then completely export the talented labor," Rathbun said. "That makes no sense."James Brundage, Ernst &amp; Young's global and Americas technology sector leader, added that any company relying on overseas hiring will be challenged in coming years.Three of the five largest companies in the world have immigrant CEOs, he said. He added that, while the US has built up a tech lead over decades, "you can see how that could slow."And as retailers like Walmart and Target become increasingly tech-like, a crackdown on high-skilled immigrant talent could complicate their business, Saunders and Walton said.Some think Trump may not follow through on his rhetoric once he takes office in January.Valerie Wirtschafter, a fellow at the Brookings Institution's Foreign Policy, Artificial Intelligence and Emerging Technology Initiative, told BI she thought the Trump administration would prioritize US leadership and "maintaining that lead at all costs."She added that, if bringing talent in through H1-B visas keeps the US competitive, even if it's at odds with Trump's campaign promises, "I think they'll find some way to reconcile or ignore some of those campaign promises, too."<h2 id="6145404f-90b3-4477-b7c6-aad82b231607">Trump's vow to rescind Biden's AI order could be 'double-edged'</h2>Trump has not provided many specific details about what AI policies he would pursue — though he did <a target="_blank" class="" href="https://www.businessinsider.com/trump-ai-dangerous-still-posts-ai-memes-truth-social-x-2024-8">call the technology "very dangerous"</a> after posting AI-generated images of "Swifties for Trump.""Our instinct is that Trump would be more hands-off and Harris would be more hands-on," Romanoff said of AI regulation.One thing Trump has <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-presidency-impact-ai-artificial-intelligence-2024-10">promised is to rescind Biden's executive order on AI</a>, which outlines policies around AI governance, promoting competition, and addressing AI-enabled threats. Trump had said the order challenges free speech.Wirtschafter told BI that repealing Biden's order would be a mixed bag for tech companies."I think it's double-edged in some sense where, of course, less regulation, less reporting, less bureaucratic hoops to jump through, that's all good and great," Wirtschafter said.But she added that rescinding the order could also be "somewhat unsettling," adding, "Some of these companies do want some sort of road map for this technology, and the more harmonized it can be, the better."

What's next for tech giants like Google, Apple, and Microsoft now Trump has won

<ul class="summary-list"><li>Biden and Trump diverge sharply on climate policy as the 2024 election nears.</li><li>Republicans are emphasizing fossil fuels; Democrats push renewable energy.</li></ul>President Joe Biden and former President Donald Trump couldn't be farther apart when it comes to climate action.Trump has said he'd "drill, baby, drill" for fossil fuels that are causing the climate crisis, an issue that isn't mentioned once <a target="_blank" href="https://www.presidency.ucsb.edu/documents/2024-republican-party-platform">in the platform adopted</a> by the Republican National Convention this week in Milwaukee. Trump and his pick for vice president, Sen. JD Vance of Ohio, <a target="_blank" href="https://www.businessinsider.com/jd-vance-elon-musk-tesla-electric-vehicle-tax-credit-oil-2024-7">are both climate deniers</a>. By contrast, the Democrats <a target="_blank" href="https://democrats.org/news/dnc-releases-2024-party-platform-draft-outlining-historic-record-and-bold-agenda-for-president-biden-and-vice-president-harris-to-finish-the-job/">unveiled a platform</a> that said it would build on the Biden administration's unprecedented spending on renewable energy and the green workforce while cracking down on the oil-and-gas industry.A lot is at stake for the planet this election. America emits more greenhouse gases than any country except China, and leading climate scientists say it needs to slash greenhouse-gas emissions in half this decade if there's any chance of keeping global temperatures below catastrophic levels. Meanwhile, 2024 <a target="_blank" href="https://climate.copernicus.eu/copernicus-june-2024-marks-12th-month-global-temperature-reaching-15degc-above-pre-industrial">is on track to be the hottest year on record</a>, fueling extreme heat that's killed dozens already this year as well as Hurricane Beryl in parts of the Caribbean and Texas.But will it matter in November?In a <a target="_blank" href="https://climatecommunication.yale.edu/publications/climate-change-in-the-american-mind-politics-policy-spring-2024/toc/3/">survey</a> of 1,031 US adults, including 896 registered voters, taken from April 25 to May 4, about 62% of the registered voters said they would prefer a candidate who supports climate action. But when pollsters asked registered voters to indicate how important various issues were to them, global warming ranked 19th out of 28 issues Issues like free and fair elections, abortion, and healthcare were the top priorities for respondents. Plus, most respondents said they hadn't heard about Biden's signature climate law, the Inflation Reduction Act.The <a target="_blank" href="https://climatecommunication.yale.edu/publications/climate-change-in-the-american-mind-politics-policy-spring-2024/toc/3/">survey</a> suggests that while concern about the climate crisis is on the rise in the US, other issues are top of mind for voters this year, Edward Maibach, the director of the George Mason University Center for Climate Change Communication, told Business Insider. The center conducted the survey with the Yale Program on Climate Change Communication.Maibach added that most Democrats, along with moderate and younger Republicans, want the US to do something about the climate crisis. But Republicans are very unlikely to factor the issue into their voting decisions, and the most conservative wing of the GOP has grown more opposed to renewable energy and electric vehicles over the past few years."Plenty of conservative Republicans in recent years have thought that moving the country towards a clean-energy future was a good idea for reasons totally unrelated to climate change," Maibach said. "Now they are increasingly moving away from that position, in large part because of what the elites and media pundits in their party are telling them."The findings are similar to those of the Pew Research Center. A 2023 survey indicated that Republicans <a target="_blank" href="https://www.pewresearch.org/science/2023/06/28/what-americans-think-about-an-energy-transition-from-fossil-fuels-to-renewables/">prioritized developing fossil fuels</a> more than they did renewable sources like wind and solar. That's a change from 2020, <a target="_blank" href="https://www.pewresearch.org/science/2023/06/28/climate-change-appendix/">when a majority of Republicans in a Pew poll</a> said renewable energy should be prioritized over oil, gas, and coal.There was one caveat: A majority of Republicans ages 18 to 29 in the 2023 survey said the country should focus on renewables. The findings are based on <a target="_blank" href="https://www.pewresearch.org/science/2023/06/28/climate-change-methodology/">Pew's annual surveys</a> of a nationally representative sample of more than 10,000 US adults.Meanwhile, Americans are increasingly unlikely to say they would buy an electric vehicle. Pew, in <a target="_blank" href="https://www.pewresearch.org/short-reads/2024/06/27/about-3-in-10-americans-would-seriously-consider-buying-an-electric-vehicle/">a separate survey from May of more than 8,600 adults</a>, found that 29% said they would consider purchasing an EV — down 9 percentage points over the past year. The share of Americans who said EVs are better for the environment than gas vehicles also dropped by 20 percentage points from 2021, largely due to Republicans.<h2 id="e1a3476e-1597-4af9-83b2-ab1cb1f05539">The majority of Americans support climate action</h2>Maibach said the shift among Republicans shouldn't distract from the fact that the majority of Americans support many of Biden's climate policies. These include implementing tax breaks for people who buy solar panels and energy-efficient vehicles and appliances; providing funding for transitioning the economy away from fossil fuels by 2050; cracking down on methane emissions from the oil-and-gas industry; and paying farmers to adopt practices that store more carbon in the soil.Trump and GOP leaders, on the other hand, have said they would roll back many of those policies. Karoline Leavitt, the Trump campaign's national press secretary, argued that America was "caving to the radical demands of environmental extremists at home while begging" its adversaries to produce oil for us abroad, "creating the worst inflation crisis in generations."While Biden has enacted the most sweeping climate policies in US history, the country has <a target="_blank" href="https://www.businessinsider.com/us-top-natural-gas-exporter-amid-europe-energy-crisis-security-2022-5">simultaneously become the world's largest exporter of natural gas</a>, and crude-oil production <a target="_blank" href="https://markets.businessinsider.com/news/commodities/us-oil-crude-production-record-opec-cuts-russia-saudi-arabia-2024-3">has set records</a> for six years in a row. American oil-and-gas companies <a target="_blank" href="https://markets.businessinsider.com/news/stocks/exxon-shell-big-oil-221-billion-profit-record-biden-outrageous-2023-2">also earned record profits</a> in 2022 following Russia's full-scale invasion of Ukraine, which scrambled global energy markets.Maibach said it was distressing that conservative leaders and media pundits went negative on renewable energy and EVs, especially because investing in them is key to making America economically competitive with China, which dominates supply chains for green technology like solar panels, batteries, and critical minerals.But Alec Tyson, an associate director of research at Pew, told Business Insider that in such a polarized political climate, a candidate's stance on any one issue won't be enough to sway voters anyway."We saw no change in Biden's ratings on climate before and after the passage of the Inflation Reduction Act, including among Democrats," Tyson said. "What that suggests is in this polarized environment where many folks have strong feelings about either Joe Biden or Donald Trump, it's very hard to change attitudes based on a single policy or issue."

What Americans say they want on climate versus what Biden and Trump are offering 

One aspect that always garners much traction on the <keyword id="19936553" type="General" weightage="100" keywordseo="Budget" source="keywords">Budget</keyword> day is what got <keyword id="20257498" type="General" weightage="20" keywordseo="cheaper" source="keywords">cheaper</keyword> and what got <keyword id="20286063" type="General" weightage="20" keywordseo="costlier" source="keywords">costlier</keyword>. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> as part of her Budget presentation proposed a host of tweaks in basic <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> (BCD) for various products or items that are critical for manufacturing. In her Budget speech, Sitharaman proposed an exemption on customs duty on certain <keyword id="22516435" type="General" weightage="20" keywordseo="cancer-medicines" source="keywords">cancer medicines</keyword> and a reduction in duties on <keyword id="19920958" type="General" weightage="20" keywordseo="mobile-phone" source="keywords">mobile phone</keyword> parts and chargers, aimed at bringing down their prices in the retail market. "With a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured. In the interest of consumers, I now propose to reduce the BCD on mobile phone, mobile PCBA and mobile charger to 15 per cent," said Sitharaman in her Budget speech that lasted around 90 minutes. To provide relief to cancer patients, she proposed to fully exempt three more medicines from customs duties. Imported <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword>, silver, leather goods and seafood will also get cheaper, as duties were invariably lowered on them. Duty cut on gold would boost retail demand and help in curtailing smuggling in the world's second-biggest bullion market. "To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent." She also proposed changes in the customs duty on X-ray tubes and flat panel detectors for use in medical X-ray machines under the <keyword id="20330318" type="General" weightage="20" keywordseo="phased-manufacturing-programme" source="keywords">Phased Manufacturing Programme</keyword>, so as to synchronise them with domestic capacity addition. Also, she proposed to fully exempt customs duties on 25 critical minerals and reduce basic customs duty on two of them. Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics, said the finance minister. "This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," Sitharaman said. Putting energy transition on focus, as it is critical in the fight against climate change, the finance minister proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. However, in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, it was proposed not to extend the exemption of customs duties provided to them. To enhance competitiveness in marine products, the reduced duty on certain broodstock, polychaete worms, shrimp and fish feed to 5 per cent, besides exempting customs duty on various inputs for manufacture of shrimp and fish feed. Moving on to leather and textile, reduction in duty was announced for various items. "...to enhance the competitiveness of exports in the leather and textile sectors, I propose to reduce BCD on real down filling material from duck or goose," Sitharaman said. To reduce cost of production of steel and copper, two important raw materials, it was proposed to remove the customs duty on ferro nickel and blister copper. "I am also continuing with nil BCD (customs duty) on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap." On the flip side, to support chemicals and petrochemicals, an increase in duty was proposed. To support existing and new capacities in the pipeline, an increase in duty on ammonium nitrate from 7.5 to 10 per cent would be applicable. PVC flex banners are non-biodegradable and hazardous for environment and health. To curb their imports, a propose was made to raise the duty on them from 10 to 25 per cent. To incentivise domestic telecommunication equipment manufacturing, a propose to increase the duty from 10 to 15 per cent on PCBA (printed circuit board assembly) of specified telecom equipment was made. Explaining her rational behind the indirect taxes tweak, Sitharaman said her proposals for customs duties intend to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation, while keeping the interest of the general public and consumers surmount. In Budget 2022-23 too, the government reduced the number of customs duty rates.

Here's what will get cheaper and costlier after this Budget

<ul class="summary-list"><li>US Treasury Secretary Janet Yellen warns that China's big industrial-production push could destabilize the global economy.</li><li>China's growing clean energy industry has oversupplied markets with cheap solar panels and EVs, she said in prepared comments that will be delivered on Wednesday.</li></ul>China is flooding markets with a lot of cheap green energy products, and Treasury Secretary Janet Yellen is concerned about what it means for the global economy.Yellen is set to speak at the Suniva solar cell factory in Norcross, Georgia on Wednesday, where she is expected to address concerns about China's export strategy."China's overcapacity distorts global prices and production patterns and hurts American firms and workers, as well as firms and workers around the world," a copy of Yellen's remarks <a href="https://www.nytimes.com/2024/03/27/business/yellen-china-green-technology.html#:~:text=At%20the%20Suniva%20solar%20cell,by%20The%20New%20York%20Times">reviewed</a> by the New York Times said. "Challenges for individual firms can lead to concentrated supply chains, negatively impacting global economic resilience."After suffering a sweeping property crisis, China is jump-starting its trying to jumpstart its economy with a strong industrial push, incentivizing <a href="https://www.businessinsider.com/us-inflation-outlook-china-economy-crash-stimulus-package-manufacturing-investment-2024-3">investment in the manufacturing sector.</a> And that policy shift includes a focus on clean energy. A recent report from the New York Federal Reserve shows the country is seeing a notable redistribution of credit, with a swift rise in new "green loans."Last year, China's ballooning clean energy industry contributed to <a href="https://markets.businessinsider.com/news/stocks/china-economy-slowdown-gdp-real-estate-crash-crisis-clean-energy-2024-1">40% of the country's economic growth.</a>But that comes with consequences. Yellen's remarks warn that this is history repeating itself, like when China overinvested in steel and aluminum, which promoted economic growth in the country but forced the industry in the rest of the world to contract.This trend has already been manifesting in markets like that for solar panels. <a href="https://markets.businessinsider.com/news/commodities/solar-panel-oversupply-prices-iea-renewables-production-green-transitions-inventory-2024-1">Solar panel prices have plunged</a> 50% because of a substantial oversupply. In Europe, <a href="https://markets.businessinsider.com/news/stocks/solar-panel-oversupply-price-crash-europe-production-plant-meyer-burger-2024-1?mrfhud=true">a glut of Chinese imports have pushed</a> one of their largest solar module production sites to close. According to the IEA, China is set to account for 85% of the expansion of solar-module manufacturing capacity by 2028. "It is important to the president and me that American firms and workers can compete on a level playing field," the excerpts reportedly said. "We have raised overcapacity in previous discussions with China, and I plan to make it a key issue in discussions during my next trip there."

China's industrial push risks destabilizing the global economy and watering down green-energy exports, Janet Yellen warns

<ul><li>The Indian <keyword id="28355" type="General" weightage="20" keywordseo="pc-market" source="Orion">PC market</keyword> recorded its best quarter with a shipment of 4.5 million devices in Q3 2023.</li><li>This surge comes after four consecutive quarters of decline.</li><li>The growth in part is due to the looming import restrictions from the government.</li></ul>The Indian personal computer or PC market has recorded its highest ever shipments at 4.5 million devices in the third quarter of 2023, a 14% increase year-on-year. The rise comes after the PC market had reported a decline in four consecutive quarters. The Indian PC market, which consists of desktops, notebooks, and workstations, had shipped 3.2 million units in Q2 2023. Apart from the festive season, the boost in shipments could also be due to the looming<a href="https://www.businessinsider.in/tech/news/india-puts-curbs-on-laptop-and-tablet-imports-heres-how-it-could-impact-you/articleshow/102430014.cms"> restriction on imports</a>, which has now been<a href="https://www.businessinsider.in/policy/economy/news/india-tweaks-licensing-norms-for-laptop-computer-imports/articleshow/104551661.cms"> withdrawn</a> by the Indian government. “The consumer segment saw strong traction in 3Q ‘23 after a challenging past four quarters,” said Bharath Shenoy, Senior Research Analyst, IDC India. <cmsannotation type="cmsannotation" annotationid="Decent growth across segments" comment="subhead" text="Decent growth across segments">Decent growth across segments</cmsannotation> According to a report by <keyword id="668267" type="General" weightage="20" keywordseo="international-data-corporation" source="Orion">International Data Corporation</keyword> (IDC), both notebooks and desktop segments recorded decent growth in Q3 2023. The desktop segment has reported a 19.3% year-on-year growth and the notebook category has grown by 13.1%. While the commercial segment has remained flat, the consumer segment recorded a growth of 26.3% year-on-year. The education segment recorded a huge 117.5% growth at the back of a Gujarat education project, where sections of the society were provided with free devices. <cmsannotation type="cmsannotation" annotationid="Government restrictions boost shipments" comment="subhead" text="Government restrictions boost shipments">Government restrictions boost shipments</cmsannotation> The shipments in part are attributable to companies shipping devices to boost inventory anticipating import restrictions by the Indian government. It is worth noting that the import restrictions have now been put on hold. “In August, the Government of India declared a mandatory requirement of import licences for PCs from October 30. Though this decision was later put on hold, vendors shipped significant channel inventory to avoid any risks of supply shortages or price hikes, not to mention ensuring sufficient supplies for festival season sales,” added Shenoy. <cmsannotation type="cmsannotation" annotationid="HP leads the PC industry" comment="subhead" text="HP leads the PC industry">HP leads the PC industry</cmsannotation> HP continues to lead the Indian PC market with a 29.4% market share in Q3 2023, recording a 33.5% year-on-year growth in the commercial segment. The company recorded its biggest ever quarter in terms of consumer shipments. Lenovo was a distant second with a share of 17% in Q3 2023, reporting an 8.8% year-on-year decline in shipments. Dell is in the third position with a 14.6% market share, recording a growth of 3.8% during the quarter. The company’s consumer segment recorded a 68.5% growth year-on-year. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/after-two-months-of-selling-fpis-bet-big-on-india-after-diwali/articleshow/105282517.cms">After two months of selling, FPIs bet big on India after Diwali</a> <a href="https://www.businessinsider.in/tech/news/the-most-common-passwords-in-india-and-how-long-it-takes-to-crack-them/articleshow/105257216.cms">The most common passwords in India and how long it takes to crack them</a> <a href="https://www.businessinsider.in/tech/apps/news/google-to-stop-offering-unlimited-whatsapp-backups-heres-what-it-means/articleshow/105230545.cms">Google to stop offering unlimited WhatsApp backups – here’s what it means for you and me</a>

India’s PC market shipments surge in Q3 amidst import restrictions talks

<ul class="summary-list"><li>China wants to transition its growth model, with a bigger role for manufacturing, China Beige Book CEO Leland Miller told CNBC.</li><li>That will boost its exports, which could spark unrest in global economies, prompting trade wars.</li></ul>As China looks to transition towards a healthier growth model, its strategy could spark a head-to-head with other global economies, China Beige Book CEO Leland Miller told <a href="https://www.cnbc.com/video/2024/03/05/chinas-growth-target-of-5-percent-is-specious-and-incompatible-with-recent-comments-china-beige-book-ceo.html" target="_blank" rel="noopener">CNBC</a>.Beijing is placing a heavier focus on manufacturing, a move that will require it to unload more products onto international markets."They need to get that export engine up," Miller said on Wednesday. "That's going to cause a lot of problems globally, politically. That's why I think we're going to be entering into a trade war next year. Because the Chinese economic growth model is not sustainable considering the political sensitivities of the rest of the world."Miller said authorities are pouring more credit into manufacturing, hoping to reduce China's dependence on its property sector. As real estate accounts for around <a href="https://www.businessinsider.com/china-two-speed-economy-sectors-thriving-new-three-green-sustanability-travel-2024-2#:~:text=Because%20the%20property%20market%20accounts,is%20doing%20well%20right%20now.">one-fourth of its GDP</a>, a major wave of sector defaults has painted a bleak picture for China's economy.Added to that are other post-pandemic tailwinds, including low domestic spending, an exodus of offshore investors, and ongoing deflation and unemployment trends.Foreign analysts have long called for Beijing to implement decisive stimulus support to counter these circumstances, but Miller argued that this completely misses the point of what China is trying to achieve:"They're worried about the reckless credit expansion, they're worried about the property sector," he said. "They want to just batten down the hatches and focus on national security priorities, build a domestic chip ecosystem, you know, solidify the core of the economy, concentrate on advanced manufacturing."To that end, China is no longer prioritizing the rapid growth of previous decades; in fact, its recently touted <a href="https://www.businessinsider.com/china-economy-two-sessions-growth-goal-challenging-economists-2024-3">5% growth target</a> for this year is irrelevant: "They're worried of just making sure there's enough support in the economy to avoid a doom loop in confidence so that the bottom doesn't fall out." he outlined.Though some consider China's manufacturing as having peaked, the country keeps proving itself in sectors such as electric vehicle, solar, and battery manufacturing. It's already causing international strife. For instance, Chinese EV-maker BYD <a href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">eclipsed Tesla</a> as the world's best-selling firm in 2023, and has <a href="https://www.businessinsider.com/byd-china-ev-price-war-yuan-plus-tesla-elon-musk-2024-3">started cutting prices internationally</a> to draw in buyers. Meanwhile, a flood of Chinese solar panels to Europe has sparked warnings that one of the region's <a href="https://markets.businessinsider.com/news/stocks/solar-panel-oversupply-price-crash-europe-production-plant-meyer-burger-2024-1">biggest production sites could close</a>.

China's focus on boosting exports will disrupt global politics and start a new trade war next year, economist says

<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> declined 10.3% year-on-year to $34.98 billion in May this year, the government data showed on Thursday. Imports also declined 6.6 per cent to $57.1 billion against USD 61.13 billion recorded in the same month last year, the data showed. <keyword id="84" type="General" weightage="80" keywordseo="commerce" source="Orion">Commerce</keyword> Secretary <keyword id="326740" type="General" weightage="80" keywordseo="sunil-barthwal" source="Orion">Sunil Barthwal</keyword> said headwinds still continue on the global trade front. The Department of Commerce and Department for Promotion of Industry and Internal Trade are working on an exports strategy and focusing on 40 countries, Barthwal added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/what-is-uniform-civil-code-and-how-it-can-affect-your-life/slidelist/101017964.cms">What is Uniform Civil Code and how it can affect your life</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/travel/india/list-of-things-to-buy-in-bangalore/slidelist/101017626.cms">Affordable things to buy in Bangalore</a>

India's exports fall 10.3% to $34.98 billion in May

Well, well, well. If it isn't Russian energy moving markets again. I'm Phil Rosen, coming to you from Los Angeles. Moscow is tapering gas flows to Europe for the Nth time since the war began. Today we're going over what's happening, and why there's sure to be more developments to come. Let's break it down. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/commodities/russia-gazprom-gas-nord-stream-pipeline-20-percent-cut-europe-2022-7"></a>1. Russia's Gazprom slashed Nord Stream 1 gas flows again. It's been <a href="https://markets.businessinsider.com/news/commodities/russia-gazprom-gas-nord-stream-pipeline-20-percent-cut-europe-2022-7">less than a week </a>since the key pipeline restarted after maintenance. Starting Wednesday, the state-run energy giant said it would <a href="https://markets.businessinsider.com/news/commodities/russia-gazprom-gas-nord-stream-pipeline-20-percent-cut-europe-2022-7">decrease flows to 20%</a>, after it already had been moving at only 40% before that. The pipeline had restarted on Thursday after shutting down for 10 days for retooling, and European officials accused Moscow of <a href="https://markets.businessinsider.com/news/commodities/russia-gazprom-gas-nord-stream-pipeline-20-percent-cut-europe-2022-7">weaponizing energy</a> in retaliation for wartime sanctions. Gazprom said Monday that a second turbine would be removed for maintenance, though Germany said there's no technical reason for a reduction in flows. Natural gas futures in Europe <a href="https://markets.businessinsider.com/news/commodities/russia-gazprom-gas-nord-stream-pipeline-20-percent-cut-europe-2022-7">spiked 10%</a> when the news broke Monday.All the while, Russian oil exports have fallen for five straight weeks. Those cargoes are down 13% since mid-June as customers in Asia are <a href="https://markets.businessinsider.com/news/commodities/russia-oil-exports-fall-5-weeks-straight-asian-imports-drop-2022-7">easing up on buying</a>. A rolling four-week average shows that shipments are down by 480,000 barrels a day since the middle of last month, per Bloomberg data. As a result, Moscow's revenue from export duties <a href="https://markets.businessinsider.com/news/commodities/russia-oil-exports-fall-5-weeks-straight-asian-imports-drop-2022-7">fell from $168 million to $155 million.</a> It's worth noting that Asia's biggest oil refiner<a href="https://markets.businessinsider.com/news/commodities/china-russia-oil-biggest-refiner-cut-purchases-russian-crude-2022-7"> dialed back its purchases of Russian crude</a>, since it's unwilling to match the higher prices that customers in India and elsewhere are offering. Last week, Bloomberg reported that Russia's crude shipments to China and India have <a href="https://markets.businessinsider.com/news/commodities/russia-oil-exports-fall-5-weeks-straight-asian-imports-drop-2022-7">plunged 30%</a> from their wartime peaks. In other news:<a href="https://markets.businessinsider.com/news/stocks/federal-reserve-rate-hike-inflation-recession-risk-rate-cuts-2022-7"></a><div type="image" title="Federal Reserve Chairman Jerome Powell" height="1666" width="2222" msid="93137487" hostid="261" sizebytes="101728"></div>2. US stock futures fall early Tuesday, as the Federal Open Market Committee's two-day meeting begins. The Fed's interest rates decision is due tomorrow, and investors are anticipating another 75-basis point hike. <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-federal-reserve-meeting-big-tech-earnings-2022-7">Here are the latest market moves.</a> 3. On the docket: Microsoft Corp., Alphabet, and McDonald's Corp., all <a href="https://markets.businessinsider.com/earnings-calendar">reporting</a>. 4. Goldman Sachs is recommending this batch of stocks to profit from their still-expanding returns. Certain companies still have gains ahead even as returns on equity may have peaked, according to the bank's analysts. <a href="https://www.businessinsider.com/investing-stock-picks-to-buy-goldman-sachs-how-to-invest-2022-7">See their 17 names here.</a>5. The Fed will eventually choose propping up growth over fighting inflation, according to BlackRock. And the top asset manager predicts the central bank will cut rates next year after a stretch of overtightening. <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-rate-hike-inflation-recession-risk-rate-cuts-2022-7">"We expect more volatility, so we focus on nimble, tactical positioning."</a>6. "Dr. Doom," who forecasted the 2008 financial crash, said that predictions for a mild recession are "delusional" as a severe financial crisis looms. Nouriel Roubini said debt ratios are historically high while bailouts during the pandemic have resulted in "zombie corporations." <a href="https://markets.businessinsider.com/news/stocks/us-recession-odds-nouriel-roubini-mild-severe-financial-crisis-predictions-2022-7">Everything he's saying runs contrary to what big banks on Wall Street are expecting to happen.</a>7. Coinbase faces a SEC investigation over listings. As per Bloomberg, the crypto exchange is facing an investigation into whether it improperly let US customers trade digital assets that should have been registered as securities. Coinbase shares <a href="https://www.bloomberg.com/news/articles/2022-07-26/coinbase-faces-sec-investigation-over-cryptocurrency-listings?srnd=premium">fell as much as 4.8% in premarket trading Tuesday</a>.8. It's time to "back the truck up" and buy stocks. That's according to the chief strategist at an $8 trillion brokerage. She laid out why investors should make their move now — <a href="https://www.businessinsider.com/investing-strategy-bear-market-cheap-stocks-to-buy-recession-opportunity-2022-7">and why the bear market presents a great opportunity to scoop up stocks on the cheap.</a>9. A senior economist said home prices are primed for a 2008-style crash. A perfect storm is brewing, José Torres of Interactive Brokers said, as housing construction booms and demand get crushed by rising mortgage rates. <a href="https://www.businessinsider.com/housing-market-crash-coming-2008-mortgage-rates-supply-interactive-brokers-2022-7">He explained why he expects to see something similar to what happened during the Great Financial Crisis. </a><a href="https://www.businessinsider.com/current-federal-minimum-wage-is-13-years-old-inflation-impact-2022-7"></a><div type="image" title="inflation wage" height="1040" width="1240" msid="93137490" hostid="261" sizebytes="36236"></div>10. The $7.25 federal minimum wage just turned 13 years old. Many states have since taken matters into their own hands and bumped up pay, but not all of them have.<a href="https://www.businessinsider.com/current-federal-minimum-wage-is-13-years-old-inflation-impact-2022-7"> Now, as inflation continues to soar, the minimum wage's value is at its lowest point in decades.</a>Keep up with the latest markets news throughout your day by checking out <a href="https://link.chtbl.com/therefresh">The Refresh from Insider</a>, a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Phil Rosen in New York. (Feedback or tips? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>). Edited by Max Adams (<a href="https://twitter.com/maxradams">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

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