In Chinatown, small business owners like Mei Lum are feeling the impact of tariffs on imported goods from China, as the volume is too small for U.S. factories to produce locally. Lum’s store in Manhattan sources goods from China and is already seeing tariff-related fees affecting prices. Working-class families in Chinatown rely on the neighborhood’s low prices, but tariffs may force businesses to raise prices, impacting sales and profitability.
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What is the IMF and why is it worried about the economy?
IMF Report on US EconomyThe International Monetary Fund (IMF) has revised its forecast for the US economy, predicting a slowdown in growth to 1.8% this year, down from 2.7% estimated in January, attributed in part to President Donald Trump's global tariffs. This downward adjustment reflects concerns over slower economic expansion and rising prices. The BBC's Michelle Fleury highlights three key factors influencing the IMF's revised predictions, underscoring the potential impact of trade policies on economic...
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