Out Island hotels ‘like the wicket we are on’
via double-digit rises
• Airline ticket sales up 13-15% for key islands to August
• After room night sales, revenue jump 14% in early ‘25
• Industry ‘just hope it lasts’ amid Trump ‘roller coaster’
By NEIL HARTNELL Tribune Business Editor
FAMILY Island hotels were yesterday said to “like the wicket we are on” with airline bookings through August up by doubledigit percentages for many destinations despite the Trumpinduced global economic turmoil.
Kerry Fountain, the Bahamas Out Island Promotion Board’s executive director, told Tribune Business that both room revenues and room nights sold at member properties were ahead of prior year comparatives for January and February 2025 on a like-for-like basis to make it four consecutive months of improvement since last year’s US presidential election.
And, conceding that Family Island resorts “just hope it lasts” given the stock market upheaval, and related inflation and recession fears as a result of the US president’s trade and tariff policies, he disclosed that airline ticket sold for key destinations such as Abaco and North Eleuthera are ahead of 2024 comparisons by 14 percent and 13 percent, respectively, for the period April to August 2025.
“It’s been a roller coaster,” Mr Fountain told this newspaper of the fall-out from Mr Trump’s constantly-changing tariff policies, with the US president having been forced by the brutal market reaction that wiped $5
No change to 7m Nassau cruise visitors amid chaos
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
NASSAU Cruise Port’s top executive yesterday said it has seen no reason to adjust projections of a near-one million increase in passenger arrivals to seven million in 2026 despite the current global economic turmoil.
Michael Maura, the Prince George Wharf operator’s chief executive and director, told Tribune Business that the cruise industry is “more resilient to recessions and tariffs” than most other tourism niches because its “value proposition” enables passengers to enjoy multiple destinations at “a fraction of the price” of higher-spending stopover visitors.
Speaking as uncertainty over Donald Trump’s stop/ start tariff policy continues to provoke global stock market and economic upheaval, he added that Nassau Cruise
• Cruise chief says ‘more resilient to tariffs, recession’
• But Promotion Board chief voices stopover concerns
• Must ‘fix’ Nassau/PI to be like the ‘Macy’s’ of Bahamas
Port’s passenger volumes have suffered no fall-out yet with current predictions that this year’s total 6.1m passengers will grow by 14.8 percent year-over-year to hit the seven million mark in 2026.
“Nassau continues to see very strong demand and that is driven by continued strong growth in the industry,” Mr Maura told this newspaper.
“Our numbers for 2025 have us at 1,600 calls, and that transitions to approximately 6.1m passengers.
“Then, for 2026, we have well over 1,700 calls... actually,
we have well over 1,800 calls and approximately seven million [passengers]. Demand is very, very strong for Nassau.”
Asked whether Nassau Cruise Port has sensed or felt any negative impact from the fall-out over Mr Trump’s constantly-changing economic, trade and tariff policies, he replied: “We haven’t seen it yet.
“What has continued to support the growth of the cruise industry is the value proposition of cruise. It’s the least expensive way for an individual, for a family, for a couple to vacation and
“The space that Nassau Cruise Port operates within is more resilient
I’m not saying
Commission releases new ‘unlawful’ scheme warning
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Securities Commission yesterday issued its second warning notice in less than a week over another seemingly “unlawful” investment scheme whose activities appear to be “concentrated” in Freeport. The regulator, just days after issuing a similar alert over Creators Alliance, sounded the alarm over Incomemax - a
scheme being promoted via popular social media channels - that is promising participants they will enjoy returns ten times’ greater than their original $150 investment.
It added that it “has the hallmarks of a Ponzi scheme”, which is one of the most common frauds globally, where the first investors are paid returns from new funds injected into the scheme. This cycle is continually repeated, until sums received from new
investors become insufficient to pay the promised returns to older ones, and the scheme ultimately collapses. This usually results in major losses for many participants.
Christina Rolle, the Securities Commission’s executive director, speaking after the regulator warned that Incomemax “is an unlawful operation in this jurisdiction”, disclosed that there has been
Chamber chief’s fears on Govt’s Mining Bill ‘conflict’
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Andros Chamber of Commerce’s president yesterday voiced concerns over how the new mining law will impact Family Island communities given the seeming conflict of interest on the Government’s part.
“We have to take into consideration what a project like this would mean and how it would affect our communities, specifically, the business community, and how would they benefit? What is there to assure the business community that there will be proper oversight for the project, considering the Government being a partner, the regulator and the legislator? That brings somewhat of a conflict,” said Mr Bethel.
The Mining Bill allows the Government to take a “minimum”10 percent equity ownership interest
Darin Bethel told Tribune Business there are questions relating to the strength of oversight as the Government will act as regulator while, at the same time, taking equity ownership interests and receiving profits from the same entities it is supervising. He said this system can present a conflict of interest, especially on Family Islands.
BY ANNELIA NIXON Tribune Business Reporter
ONE Bahamian exporter yesterday said they are more concerned about the impact Donald Trump’s tariffs will have on the cost of imports to this nation as opposed to the 10 percent levy on their own US exports. Pepin Argamasilla, managing director of John Watling’s Distillery, an exporter to the US, said that in the short-term they have escaped the worst impact from the US president’s trade policies but are more concerned how
these will impact the cost of imports to The Bahamas.
“Luckily we had a big order that went a month ago, so we kind of skirted the tariffs for the time being,” Mr Argamasilla said. “It’s concerning, but more so than the export concerns, on items coming into The Bahamas, how they will potentially increase costs. We import bottles, labels and all that fun stuff. The concern is probably more on what lands in The Bahamas as opposed to what is actually exported.
“You keep on exporting and, at the end of the day, if there needs to be a price adjustment, there needs
KERRY FOUNTAIN
CHRISTINA ROLLE
MICHAEL MAURA
While there are some thriving economic centres in a few Family Islands, most still struggle to maintain any level of consistent business activity. This results in many challenges, including - and perhaps most threatening - the loss of their young population to the urban city centres.
HOW LARGER ENTERPRISES CAN AID FAMILY ISLAND SMALL BUSINESSES FERGUSON IAN
Large companies can significantly aid small businesses in the Family Islands by leveraging their resources and networks to foster growth, access to capital and inter-island linkages. This can be achieved through partnerships, mentorship and promoting local products and services, ultimately boosting the overall economy.
Here is how large companies can help:
1. Strategic partnerships and resources:
* Joint Ventures Collaborate on projects that leverage the strengths of both parties. For example, large tourism operators partnering
Bahamas-based cloud firm unveils regional partnership
A BAHAMAS-based cloud and managed services provider has announced a partnership that will facilitate the provision of digital solutions throughout the Caribbean and Latin America.
Cloud Carib, a provider of sovereign cloud infrastructure and managed services, said in a statement that it is teaming with Brava, a communications and information technology (IT) firm that has regionwide subsea and fibre network assets and a robust MSSP (managed security services provider).
It added that the duo plan to offer secure, compliant and high performance digital solutions to enterprises,
governments and service providers across the Caribbean and Latin America by combining Brava’s robust, low-latency network with Cloud Carib’s sovereign cloud infrastructure and managed services.
Cloud Carib said clients will be able to access a unified IT system that is built for resilience, scale and security, ensuring data is stored and managed within the Caribbean under local laws. This, in turn, will ensure privacy, compliance and digital independence. The Bahamas-based provider said its sovereign cloud platforms are hosted in seven regional data centres including two The Bahamas, as well as
with local businesses to offer unique experiences or products.
* Mentorship and Training
Large companies can provide guidance, training and skills development programmes for small business owners, particularly in areas such as technology, marketing and business management.
* Access to Technology
Large companies can partner with telecommunications providers to offer affordable technology solutions and training to small businesses, enabling them to modernise their operations and connect with customers.
2. Financial support and access to capital
* Guaranteed loans and grants
Large companies can work with financial
institutions to offer guaranteed loans or grants to small businesses, easing the process of securing capital for growth and expansion.
* Seed funding and incubator programmes
Large companies can invest in incubators or provide seed funding to support early stage small businesses in the Family Islands, offering mentorship and access to resources.
3. Promoting local products and services
* Supply chain integration
Large companies can prioritise local suppliers and products in their operations, creating demand for Family Island businesses and contributing to economic diversification.
* Marketing and brand awareness
Large companies can help promote local products and
services through their marketing channels, increasing brand awareness and demand for Family Island businesses.
* E-commerce platforms
Large companies can collaborate to create e-commerce platforms that showcase and sell products from Family Island businesses, expanding their reach and access to wider markets.
4. Inter-Island linkages and accessibility
* Improved transportation Support initiatives to improve inter-island transportation, such as air and sea routes, to facilitate the movement of goods, people and tourists connecting Family Island businesses to larger markets.
* Infrastructure development
Invest in infrastructure improvements, such as roads, ports and utilities to enhance the ability of Family Island businesses to operate efficiently and attract investment. By implementing these strategies, large companies can play a crucial role in fostering economic growth and development in the Family Islands, creating a more vibrant and sustainable economy for all.
• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.
Barbados, Jamaica, Ecuador, Panama and Canada. It is planning the deployment of further data centres in Guyana, Bermuda and Trinidad & Tobago, as well as the Cayman Islands.
Cloud Carib’s said it possesses 85 staff and 45 certified engineers, who have more than 400
certifications across 60 technologies. “As governments and enterprises across the region continue to prioritise digital transformation, Cloud Carib remains committed to delivering cloud and cyber security solutions that are built in the region for the region,” said Victor Kovacs, Cloud Carib’s chief operating officer.
“This partnership with Brava allows us to enhance our offering with enterprise-class connectivity and ensure that our clients have
access to truly sovereign, secure and scalable infrastructure, backed by global standards and regional insight.”
Conor McGowan, Brava’s chief executive, added: “This partnership is a game-changer - not just for Brava and Cloud Carib, but for every business in the region. It’s the result of years of alignment and shared ambition.
“Together, we’re delivering a premium experience that simply hasn’t existed
before — combining Brava’s sub-sea and fibre infrastructure and MSSP capabilities with Cloud Carib’s sovereign, secure cloud solutions.”
The duo said their joint offering is available immediately, with tailored packages to support digital transformation across various industries including financial services, healthcare, education and public sector organisations, all with local support and global grade performance.
LEADERSHIP alignment at its finest — Brava and Cloud Carib executives come together to mark the launch of their strategic partnership. A new era of sovereign cloud and secure connectivity begins in the Caribbean and Latin America. From left to right: Victor Kovacs, COO of Cloud Carib, Conor McGowan Smyth, CEO of Brava; Stelios Xeroudakis, Founder & CTO of Cloud Carib; Amilkar Torres, COO of Brava.
DRIVING collaboration on the ground — Cloud Carib and Brava teams meet in Guyana for joint training and strategy alignment. Equipping our sales force with the tools and knowledge to deliver high-performance, sovereign digital solutions across the region.
‘FEW’ BAD ACTORS UNDERMINE LAW-ABIDING JET SKI OPERATORS
By FAY SIMMONS
A FORMER jet ski operator yesterday said the industry has “much bigger problems” than the crime and rape-related issues expressed in the recent US travel alert.
An excursion provider, who made the decision to exit the jet ski business and focus on providing boat tours exclusively, told Tribune Business on condition of anonymity that a few unregulated bad actors have made it difficult for legitimate, law abiding rental and tour operators.
They said their business encountered “operational issues” and had to relocate due to complaints lodged about jet skis riding too close to ships heading to the Nassau Cruise Port and Arawak Cay port. Although instructions were given to guests prior to them receiving jet skis, once they were driving alone some chose to go off course. They said that due to the potential liability and risk associated with these encounters, it was understandable that his company was asked to relocate, but months later a new location to operate from still has not been approved.
FOOD EXPORT TARGETS SLASH TO IMPORT BILL
By ANNELIA NIXON Tribune Business
THE Bahamas Agricultural Industrial Corporation (BAIC) yesterday said the upcoming Taste and Tell Expo seeks to promote small and medium-sized Bahamian food processors as part of efforts to slash imports With more than 40 vendors, the fourth annual expo will take place on April 26 at the Western Esplanade, with the application cutoff date set for today. With tensions rising between countries over a potential trade war, BAIC is seeking to offer alternatives for Bahamian shoppers.
“This year’s Taste and Tell aims to promote small and medium-sized Bahamian food processing businesses, bringing together over 40 food processors to connect with representatives from food stores, wholesale food distributors, owners and operators of restaurants, hotels, tour companies and other tourists and domestic related enterprises,” said BAIC executive chairman, Senator Darren Pickstock.
“Participants from the islands of New Providence, Eleuthera, Grand Bahama, Cat Island... and many other islands will be represented again for this year. Over the years, Taste and Tell, like the general manager said, has taken on a life of its own. It has outgrown the original location, which was right here at BAIC headquarters, from 20 local vendors during the initial Expo to now over 40 vendors...
“Last year, we had the honour of partnering with the SBDC (Small Business Development Centre), awarding $5,000 each to the four winning food processors, which provided them the opportunity to build capacity and obtain necessary inputs for their small businesses. The main objective is to help with the reduction of food imports,” Mr Pickstock added
“And, as you know, that is very topical, and we at BAIC see that as a part of our mandate, along with the Ministry of Agriculture and Marine Resources, and we are trying our endeavour best to expand and ensure that we can reduce food imports into the country.
“We don’t have to look very far to see all that is going on with our neighbours to the north, and so we are very much more motivated in ensuring that we can continue to reduce our food imports and grow more in our country.”
One of the Expo’s vendors, Kenyatta Johnson, owner of Miss Nettie Artisan Peanut Butter, which offers a wide range of flavoured peanut butters including ginger crunch, coconut spice and mamba,
“There are a lot of issues and disorganisation is a big one. There are a lot of operators but not a lot of space. We started off where Margaritaville is now, but there were issues with riders going too close to ships so we had to move. We put in but still haven’t gotten a new location approved,” he said.
“It’s horrible that a few could spoil it for a whole larger group of hardworking people just trying to make things work. I wish them the best, as they have a lot to deal with already, other than this advisory.”
The US Department of State issued an updated travel advisory highlighting
concerns about jet ski safety. The advisory said boating in The Bahamas is not well regulated, leading to injuries and deaths. It also cited reports of sexual assaults by jet ski operators. Due to these risks, US government employees are prohibited from renting jet skis or personal watercraft from independent operators on New Providence and Paradise Island. “Watercraft may not be safe, and some operators are not licensed or insured,” the US advisory said. “Watercraft operators sometimes ignore weather forecasts. Always follow local weather and marine alerts.”
The US Embassy has notified US citizens that the Department of State has updated the language in its standard travel advisory regarding jet ski safety in The Bahamas. Robert Sands, the former Bahamas Hotel and Tourism Association (BHTA) president, said US concerns about jet ski safety in The Bahamas are legitimate and are being taken seriously. A ‘water sports task force’ has been working to improve the sector
Mr Sands, a member of the water sports task force, said the group was formed to address safety concerns in the industry, particularly following the fatal shark
attack on an American woman in December 2023. He emphasised that the US advisory is being taken seriously, with the task force working to implement positive changes.
The Royal Bahamas Police Force, Port Authority, Ministry of Tourism, hotel representatives, and other stakeholders have been meeting to enhance safety in the jet ski sector. The task force is focusing on ensuring operators are insured, improving compliance and training, strengthening the vetting process and enforcing fair operating conditions.
PM hails MSC’s combination of ‘development and sustainability’
added that she offers a healthier variety for Bahamians to enjoy. Despite having to import peanuts, she added that she tries to use mostly Bahamian ingredients which “helps to cut down on some of the costs”.
“At this particular point, I think Miss Netti will provide an option for Bahamians. Of course, when we buy food that is imported it has a date on it, but we still don’t know how long it’s been sitting where it was before it got to The Bahamas. We don’t have to be concerned about preservatives and all the other additives that are included in processing and food that’s being imported into the country,” Johnson said.
“So that’s one less thing we have to be concerned about. And, of course, freshness. Everybody, I feel, deserves quality food, no matter what your status of life is. All of us should be, quote, unquote, concerned about our health and our well being, and if we eat better, I’m sure that as Bahamians, we could live longer, healthier lives.
“Regrettably, the peanuts have to be imported because… my grandmother used to grow peanuts years ago on the island of Exuma. I was able to see what that process is like. But, unfortunately, I have not been able to locate anyone that grows peanuts at this particular point.
“So, for me, that is something I plan to do as well as time goes on and, as we grow and we scale up, that is something that I plan to do. But as far as everything else is concerned, I try to use as much of the Bahamian products that I can lay my hands on - the sea salt, the pepper, the honey, everything. I try to use Bahamian, Bahamian, Bahamian and, of course, that helps to cut down on some of the costs as well.”
The event is hosted by a number of sponsors including Bahamasair, Custom Computers, Baha Mar, Comfort Suites, AML Foods, Caribbean Bottling Company, Blue, Clifford Sands Trucking Service, Tropic Seafood, McDonald’s, Boardwalk Seafood, CBS Bahamas, Jamaica Imports, Bahamas Ferries, Hibiscus Bahamas, A.R.M Bottling and Supplies Company, Breezes, Kelly’s House and Home, the Tourism Development Corporation and the University of the Bahamas.
Tonja Burrows, BAIC’s assistant general manager responsible for the food processing department, said vendors are selected by a process of elimination, adding: “We look forward to seeing what they produce, how it’s produced, are they abiding by food safety regulations?” She said the fee for processors is $80, which covers a booth that includes a tent, a table and a chair.
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By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
PRIME Minister Philip Davis KC yesterday said Mediterranean Shipping Company’s (MSCs) Marine Conservation Centre is proof that “development and sustainability don’t have to be opposing forces”.
Speaking at the opening ceremony for the Ocean Cay centre, which will provide marine ecosystem research, conservation and education facilities, he asserted it is “extraordinary” that the former industrial site has become a marine sanctuary.
“Ocean Cay is no longer just an idea, it is alive, it is thriving, and it is leading. What we see here is nothing short of extraordinary. A once-scarred
industrial site has been reimagined, reborn as a sanctuary of marine restoration, research and hope,” said Mr Davis.
“This island, now home to MSC Foundation’s flagship Super Coral programme, is doing what many thought impossible, bringing back life to dying reefs, rehabilitating what was once degraded and becoming a global benchmark for marine conservation.”
Mr Davis said the centre will not only equip students with the knowledge to protect the environment through partnerships with local universities, but educate guests on the importance of being good environmental stewards.
“We thank MSC for believing that development and sustainability don’t have to be opposing forces. They can, and of course, must exist together, and Ocean Cay is proof of that.
This project will create jobs, it will support local livelihoods, and it will protect the environment, and it will invite the world to see The Bahamas not just as a destination, but as a leader in ocean conservation,” said Mr Davis.
Pierfrancesco Vago, MSC Cruises executive chairman, said the centre is expected to employ more than 300 Bahamians while ensuring that “environmental and economic sustainability can go hand in hand”.
“This new facility reflects more than 20,000 hours of dedication, which is the tireless effort of 150 on-site workers and the steadfast commitment to hundreds of suppliers. This transformation reflects our commitment to the circular economy here where we store and support rather than deplete,” said Mr Vago.
“We regenerate value from what was once discarded and ensure that environmental and economic sustainability can go hand in hand. And we are not done. Our work on Little Cay is expected to more than double the jobs on the island and bring many new entrepreneurial opportunities, significantly benefiting the local Bimini community.”
In November 2023, the Davis administration signed an expanded Ocean Cay heads of agreement with MSC Cruises that incorporated a new marine conservation centre, renewable energy and facility upgrades. The agreement approved a $100m expansion plan for Ocean Cay, building on a reported initial $400m investment. The project is expected to undertaken in two phases
No change to 7m Nassau cruise visitors amid chaos
FROM PAGE B1
we’re immune, but we are more resilient than a land-based vacation.” However, Kerry Fountain, the Bahama Out Island Promotion Board’s executive director, yesterday voiced concern that the very same cruise industry “value proposition” is sucking away higher-spending stopover visitors.
Given that this effect is likely to become more pronounced if global economic turmoil is prolonged, he asserted that The Bahamas must prioritise “fixing the product” and especially Nassau/Paradise Island, which he described as this nation’s equivalent of Macy’s flagship New York store given the sheer volume of both stopover and cruise visitors that vacation here.
“What we are seeing with those floating resorts is that we are seeing a lot of air stopovers being converted to cruise visitors,” Mr Fountain told Tribune Business.”If the price for land-based vacations is going to be increasing, and they can go to The Bahamas on a cruise and think they’ve seen The Bahamas once they’ve seen Nassau and a private island, it certainly does impact travel
to The Bahamas for landbased tourism.”
Suggesting that research has shown six out of every ten cruise passenger visitors to The Bahamas want to return as land-based tourists, Mr Fountain added: “We need to fix the product, and need to especially fix Nassau and Paradise Island because that’s our Macy’s and Fourth and Seventh Avenue.
“If those folks coming to Nassau and Paradise Island have a good time, they will say they want to come back and ask if there are any other islands to see. We need to fix the product, and work with the Bahamas Hotel and Tourism Association (BHTA) and other promotion boards.... We have got to fix the product for them to come back as land-based vacationers.”
Mr Maura, meanwhile, who was attending Seatrade, arguably the cruise industry’s largest annual conference, said the likes of Carnival and Royal Caribbean are continuing to invest significant sums in this nation - and especially their private island destinations - because The Bahamas’ location and multi-island make-up gives it “an advantage over any other jurisdiction given that the industry can do so much”.
And, with Mediterranean Shipping Company (MSC) just opening what it has described as the world’s largest cruise passenger terminal in Miami, the Nassau Cruise Port chief said such investments can only benefit The Bahamas. “It’s not to say 100 percent of the ships will come to The Bahamas, but the overwhelming majority will touch The Bahamas,” he added
“The Bahamas’ value proposition is that we provide the industry with multiple destinations with one head tax, and they save a ton of money on fuel. And there’s opportunities to assist the industry’s sustainability goals when they call on The Bahamas with shore power.
“We are extremely wellpositioned. The industry, if you were to call each of the lines, they would undoubtedly share with you that The Bahamas is essentially strategic to their growth plans. The Bahamas is very well positioned. From a short cruise perspective, The Bahamas is very strong.”
Mr Maura said the turbines and liquefied natural gas (LNG) storage tanks, which the Island Power Producers consortium will employ to supply cheaper, cleaner and environmentally-friendly power to
vessels docked at Nassau Cruise Port from an Arawak Cay-based power plant, are likely to arrive in Nassau during the 2026 first quarter.
“There’s been a lot of interest in shore power when the ships come in and connect,” he added. “We’re in the process of getting details for access points on vessels so that the infrastructure put on the pier aligns with the ships and where we will be running the shore power.
“At Nassau Cruise Port we are also looking at additional investment to support the growth of passenger volumes in terms of getting them off the ships and into taxis, buses and other marine vessels to explore New Providence and the surrounding cays.
“We have been working closely with the Tourism Development Corporation (TDC) on how we can assist in the intended improvements in the downtown area, and our involvement in that will be funding entertainment and experiences in partnership with the TDC. We do believe that music and entertainment does serve to implant memories of Nassau.”
Given that Nassau receives many “repeat visitors” who have cruised to the city and wider Bahamas before, Mr Maura repeated his previous call for Bahamian entrepreneurs to develop new, innovative tours, activities and excursions in a bid to increase passenger spend and entice them off the ship.
NASSAU CRUISE PORT
OUT ISLAND HOTELS ‘LIKE THE WICKET WE ARE ON’ VIA DOUBLE-DIGIT RISES
FROM PAGE B1
trillion off the value of US stocks to “pause” previously-announced higher levies. For the next 90 days until early July, most countries will face the same 10 percent tariff that Mr Trump placed on Bahamian exports to the US.
The significant bond market sell-off, which caused prices to decline and yields (interest rates) to rise, is also likely to have influenced the US president’s calculations given the pressure this imposed on US borrowing costs. Mr Fountain, meanwhile, said Promotion Board member properties and all Family Island hotels are hoping that early 2025’s momentum continues and forward bookings escape largely unscathed.
“For the first two months of this year, 2025, we were up 14 percent in room nights sold compared to 2024,” he revealed of Promotion Board member properties, “and 7 percent up compared to 2019. With room revenue we were seeing the same growth; 14 percent up through January and February this year compared to 2024, and that represents a 33 percent surge over what we did in 2019 comparing apples to apples.”
And, “lifting the hood”, Mr Fountain said the room nights sold growth for the first two months of 2025 was driven by improvements on Andros, Bimini, Acklins, San Salvador and Long Island. However, Abaco, Cat Island, Eleuthera and Exuma all suffered year-over-year decreases compared to the same period in 2024.
Yet Abaco, along with Promotion Board member properties on Bimini, Long Island, San Salvador and Acklins saw room revenues increase year-over-year for January and February 2025. Andros, Cat Island, Eleuthera and Exuma were down compared to early 2—024.
Then, drawing on data supplied by Forward Keys, which measures the number of airline tickets sold by carriers who are
members of the industry’s global distribution system - the likes of American Airlines, Delta, Bahamasair and Silver Airways - Mr Fountain said many key Family Island destinations are showing double-digit increases despite the blow delivered to consumer and business confidence by tariff uncertainty.
“If you look at our key airports, and those airline tickets sold, Marsh Harbour for April to August is up 14 percent compared to last year as at March 2025,” he told Tribune Business “Abaco is up almost 14 percent, Bimini is up about 48 percent, North Eleuthera is up 13 percent, Governor’s Harbour is up 15 percent and Rock Sound is down about 22 percent in terms of tickets sold.
“George Town is down 6 percent. The good news there with George Town, as you know Sandals is presently no more, so that’s definitely having an impact, but because of a shortage of aircraft Bahamasair was not flying its Fort Lauderdale to George Town route. We found out yesterday that Bahamasair will resume service in on June 23 twice a week, Monday and Thursday, from Fort Lauderdale to George Town.
“We expect to see that 6 percent decline to George Town easing as the Bahamasair service factors in. And let me also say this. Last year, after about July right through the US presidential election, most destinations in the Caribbean took a hit in terms of air stopovers etc, etc,” Mr Fountain continued.
“Since last year November, as numbers started to inch up, November and December, both of the were up in room nights sold and room revenue compared to the same period in 2023. January and February 2025 were also up compared to the same period in 2024.
After taking a hit all of last summer and into early fall, we’ve seen four consecutive months for member hotels of better room nights sold and room revenue.
“We like the wicket we are on. As far as the tariffs are concerned, we
have remind ourselves we can only control what we can control.” Emanuel
“Manny” Alexiou, the Bahamas Out Island Promotion Board’s president and also the Abaco Beach Resort’s proprietor, confirmed to Tribune Business yesterday that “bookings are strong through August” and the industry must simply “do the best we can” in the circumstances.
“It’s a difficult one. Of course any disruption to business cycles is possibly going to create havoc,” he agreed. “People start deferring investment deals, they defer vacations. We did notice at the West Palm Beach Boat Show this March that people were putting off boat sales and purchases. Boat sales were at the Show. Normally they expect a lot of sales.
“I think people are afraid to make big decisions. But bookings are strong through August. That’s very much generally and several other months we see are over the same time last year. They look strong. People have a right to cancel, but those at the upper level are still spending and The Bahamas is seen as expensive.
“People are still travelling but I sense they are putting off big decisions until they get a sense of what’s happening,” Mr Alexiou added. “We are seeing some cancellations, but are just more sensitive to it perhaps. They are being replaced immediately with new reservations, and we are up.
“We are more sensitive to any cancellations now, trying to read what’s in it. We have just got to do the best we can and take advantage of other opportunities. There’s the Canadian market. People don’t want to go to the US. Unfortunately, they are at a less expensive level and like all-inclusives. They like going to the Dominican Republic, Cuba and Mexico, but wealthy people will still come to us.
“We have to be very optimistic but just very cautious. If you’re planning to do some capital expenditure, put it off for a little bit.”
Bahamian exporter’s tariff fears more import-focused
FROM PAGE B1
to be a price adjustment. And then, hopefully, there’s still pull for the brand, and hopefully we remain in the 10 percent tariff. If we don’t, hopefully the tariffs go away in a few months. Right now, we just need to wait it out and see what happens.”
Mr Argamasilla said shipping should try to avoid tariffs and the proposed US fee on Chinese-made vessels by unloading their cargo in Freeport instead. When asked about changing suppliers to those outside the US, he added simply that the majority of trade ends up touching the US.
“What would be interesting, though, is instead of going straight to the US and then shipping to The Bahamas, it’d be interesting if ships would go, let’s say to Freeport, and that way you avoid the tariffs from the US,” Mr Argamasilla said. “So I think there’s a lot of different things that The Bahamas can do. It’s just a matter of doing it.
“And it’s not even suppliers outside of the US, because the majority of trade goes through the US to The Bahamas. I think this was a learning experience after the pandemic that you have to have different trade routes and different suppliers to be able to make sure that you’re not cut off at any one point. So, it’s really having two suppliers for the
same thing and hoping that both don’t lock down at the same time.”
Describing the Prime Minister’s recent speech regarding the tariffs as “taking a prudent approach, Mr Argamasilla said he hopes negotiations can produce a solution where “it doesn’t cost us any taxes or anything to import our rum into the US”.
“I think he’s taking a prudent approach,” Mr Argamasilla said of Philip Davis KC. “Again, I think a lot of this is beyond The Bahamas, let’s say. I think there’s larger fish that are being fried, to put it. We just need to wait it out and and see what happens.
“I’m really not that concerned for the simple reason that everybody’s price is going to go up. Everything’s going to go up by that percent, or it’s going to be absorbed, so I believe and I hope this is something that’s just temporary; that we’re going to have to adjust to temporarily.
Mr Davis, in a statement issued on Wednesday night, said the Government is examining ways “to cushion the fall-out” for Bahamian exporters. “A new 10 percent base rate tariff for goods imported into the US now applies to more than 100 countries, including ours. Other countries are also subject to additional or higher tariffs,” the Prime Minister said..
“If the 10 percent tariff on Bahamian goods imported into the US remains, Bahamian exporters in multiple industries will soon feel the impact. We have been in contact with US officials regarding the change in policy, and we are working with fellow Caribbean countries on collective diplomatic efforts.
“We are also speaking with Bahamian exporters and working to understand whether there are shortterm policies we could enact to cushion the fallout. My government has taken trade diversification seriously from the start – which means that for the first time, our country has in place an agency dedicated to expanding trading opportunities, and a national trade policy,” he added.
“Significant efforts to create new trade relationships were already underway, and those efforts will now be intensified.”
“And I hope that the US is able to negotiate with other countries and really resolve this tariff issue, whereby everybody is playing on a level playing field. The same way that right now we’re importing, we’re exporting our rum into the US at a 10 percent tariff. You know, I’d love the Prime Minister to negotiate that it doesn’t cost us any taxes or anything to import our rum into the US. And I think that’s what hopefully will come about from all this.”
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Commission releases new ‘unlawful’ scheme warning
a noticeable increase in such ‘get rich quick’ schemes since the COVID19 pandemic and the loss of jobs/income that resulted.
She added that Incomemax and Creators Alliance have something in common, in that activity related to both seemed to be “concentrated in Freeport” where
The Bahamas is concerned, although the Internet and social media have enabled each to expand their reach to other islands.
While rejecting the notion that Bahamians, and Bahamian society at large, appear to be especially vulnerable to being lured into such schemes, Ms Rolle told Tribune Business that the Securities Commission has noticed a trend where persons - despite being aware of the dangers - still invest in the hopes they are early enough to catch the returns and get paid out before the structure fails.
Pledging that the Securities Commission will “ramp up” efforts to educate Bahamians on the dangers of pyramid, Ponzi and other questionable financial schemes “in the next few days and weeks”, she
warned that persons who have recruited others to join such investment structures could be exposed to fines of up to $100,000 and even prison time following amendments that tightened Bahamian financial laws. “I think it’s fair to say there has been an increase in these types of schemes since the pandemic,” Ms Rolle said yesterday. “What we are seeing is that they seem to be concentrated in Freeport. Incomemax is also concentrated in Freeport, although via the Internet it reaches outside of Freeport, but the concentrated activity seems to be in Freeport.” As were Creators Alliance’s activities in The Bahamas.
Pointing to the Securities Commission’s enhanced enforcement capabilities, she added: “We’ve had these powers since 2020 from the Financial and Corporate Services Providers Act, which made the activity illegal. We have powers of enforcement against the promoters of the activity, and definitely the definition of promotion is broad enough to extend to individuals soliciting and promoting the scheme, and getting others to join.
“One of the barriers to enforcement is the lack of formal complaints. But certainly we know enough about certain persons who may be promoting the scheme, particularly in Freeport, that we can bring our own criminal complaint against them. There’s fines of up to $100,000 on summary conviction and, yes, there’s the potential for jail time and other convictions.
“The instigators are usually outside The Bahamas, but sometimes there is sufficient promotion going on in The Bahamas that those persons can be considered significant principals for our purposes.”
Ms Rolle confirmed that no formal complaint has been received over Incomemax, but said the Securities Commission had obtained sufficient evidence to be able to issue yesterday’s alert.
As for whether Bahamians are more vulnerable than others to being lured into questionable investment schemes, Ms Rolle told this newspaper that “we certainly don’t see there’s more activity in our region than others”. She suggested that there are, in fact, fewer financial scams
and frauds impacting The Bahamas and other Caribbean when compared to other parts of the world.
But, acknowledging that elderly persons are especially vulnerable, the Securities Commission chief said: “What I would say that is very interesting about what we see going on in our market is we think there is a really good level of awareness with respect to what pyramid and Ponzi schemes are.
“What we think is happening is, despite this level of awareness, there are Bahamians willing to go into these schemes to take a chance that they will take a chance that they go in and get out before it collapses. That’s what we see applying particularly in our jurisdiction.
“The problem is that they are also recruiting people to put them into these schemes. When you know these things are a pyramid or Ponzi scheme, and you are recruiting other people, that’s definitely a case where you might find yourself facing criminal charges.”
The Securities Commission, in its warning, said Incomemax and its agents/
representatives were not licensed or registered with it. As a result, they “may be” violating Bahamian financial services industry laws and regulations given that the activities they are conducting require them to be duly licensed by, and registered with, the regulator.
“Incomemax appears to be an organisation that purports to act as an investment platform. The entity is very active on social media, most notably Instagram, Facebook and Telegram,” the Securities Commission asserted.
“Individuals are being solicited to join the platform by sending a minimum of $150 to the entity in the form of crypto currency.
Individuals are told that once the requisite deposit is made, they would then be able to withdraw $1,500 per $150 deposit.
“This activity by Incomemax has the hallmarks of a Ponzi scheme, which is a financial scheme defined by the Financial and Corporate Service Providers Act 2020. This renders it an unlawful operation in this jurisdiction,” the regulator added.
“Individuals conducting business with Incomemax
Chamber chief’s fears on Govt’s Mining Bill ‘conflict’
FROM PAGE B1
in mining firms, while profit sharing also enables it to receive “a minimum of a 25 percent of the profits of the mining operations” along with royalties.
Mr Bethel said oversight of the industry could be enhanced if local communities partner with investors along with government oversight. He added that a portion of mining revenues should be given directly to the communities who will be impacted by the activities.
“I think that it’ll be more sufficient and beneficial if the community partnered with an investor with government oversight, rather than the Government itself partnering, and because the communities will be directly impacted, I feel as if a portion of the revenue should go to the communities and a portion of the revenue should go to central government,” said Mr Bethel.
He added that it is especially concerning for communities in Andros as a large amount of aggregate has been stripped of its
salt content due to decades of fresh water dredging, making it especially appealing to potential miners.
Mr Bethel said the Andros community would be most affected if a mining accident damaged the island’s large freshwater lenses, so there should be provisions to have public consultation prior to allowing projects and a direct economic benefit for local residents.
“We need to know also what would this mean for the community of Andros, and what would be the economic impact of such an investment in mining, rather than just doing it for the sake of housing the materials to benefit the Government,” said Mr Bethel.
“We believe the profits should be used in some way to advance the community and the people. Any type of mining project should take some initiative in educating our people, investing in the scholarship fund, and doing more beyond just 20 percent towards central government.”
Mr Bethel added that the legislation should also have more environmental protections that take each island’s unique landscape into consideration.
“There should be more meat in this to protect the environments of Andros and every other island. When you look at our unique system, with our water lenses and our extensive mangrove system, we are very concerned that mining of any sort of can come in there and disrupt the marine life and our ecosystem,” said Mr Bethel.
Prime Minister Philip Davis KC, in his contribution to debate on the Mining Bill, said: “This Bill will introduce a Mining Cadastre Register, so that Bahamians can see for themselves who is applying for mineral rights and mining licences, who has received rights and licences, and the relevant details of who, what, where, when and how these activities shall be conducted.
“This transparency is critical. The natural resources of this country belong to
DEAL EXTENSION ALLOWS TRUMP ALLY ARGENTINA TO BORROW ANOTHER $5 BILLION FROM CHINA
By ISABEL DEBRE Associated Press
ARGENTINA will be able to tap another $5 billion from China in a deal announced Thursday, easing some pressures on the South American
nation's dwindling foreign reserves and underscoring the strategic importance of its partnership with Beijing despite recent criticism from the Trump administration. The Central Bank of Argentina said the countries had extended their
long-standing $18 billion bilateral currency swap for another year, allowing Argentina to get $5 billion more from the People's Bank of China — worth 35 billion in China's yuan currency, also known as renminbi — until mid-2026.
the people. Through this Bill, we are establishing –for the first time – the right of the Bahamian public to be made fully aware of any reconnaissance, prospecting or mining happening in our country.
It is crucial, given our history, and given the exploitative model we see in so many places, where outsiders make profits while the people lose, that we prevent unscrupulous practices in our country. That kind of funny business is no business at all. It is economic thievery masquerading as enterprise. It is the theft of sovereign wealth. And it will not happen here.”
Promising that Bahamians will no longer receive “pennies” for exploitation of their natural resources, Mr Davis said: “This Bill establishes that any mineral resources discovered in our country, whether on public or private land, belong to the Commonwealth of The Bahamas. It can never be the case that mining activities are able to circumvent the law by being
For Argentina, paying in renminbi rather than U.S. dollars gives its dangerously depleting foreign currency reserves some breathing room to shore up the wobbly peso. It also helps companies in crisis-stricken Argentina pay for Chinese imports and makes it easier for Chinese companies to invest in Argentina.
Argentine President Javier Milei needs all the
solely carried out on private property.
“The Government is entitled to collect both royalties and fees on behalf of the Bahamian people. These funds will be collected by our National Investment Fund to go toward critical infrastructure, climate resilience, and other necessary investments to build up our nation.
“Under this Bill, in addition to obligations to train and employ Bahamians, Bahamian businesses must also be given first preference as suppliers of goods and services. As we continue to renew and reform the principles which guide our expectations for investors, the inclusion of Bahamian businesses will play a major role,” he added.
“We will make this requirement a part of National Investment Policy framework, so that all investors understand our expectations when it comes to including Bahamian businesses. Through royalties, fees and the inclusion of Bahamian businesses,
hard currency he can get his hands on to avoid the sharp devaluation expected after securing an initial bailout deal with the International Monetary Fund. The currency swap extension comes shortly after U.S. Special Envoy for Latin America
Mauricio Claver-Carone publicly voiced alarm over the deal between the Trump administration's
or its agents/representatives should be cognisant that they are doing so with an entity and/or its agents who are not authorised or regulated by the Commission and, from all indications, the entity is an unlawful operation.
“Persons who are considering whether to conduct business with Incomemax should exercise extreme caution considering the disclosures herein and avoid potential financial loss.” Ms Rolle said the Securities Commission is also planning to boost investor education to help ensure Bahamians do not fall prey to such schemes.
“Yes, we certainly think we need to ramp up education,” she added. “The Commission has produced a series of videos. We have different scheme profiles that are part of the education campaign - an advanced fee scheme, pyramid, pig butchering. You’ll see over the course of the next few days and weeks a series of videos coming out from the Commission on these profiles.”
we are maximising the economic impact of any mining activities in our nation.
“This includes the provision of a minimum 25 percent profit-sharing arrangement between the mining operation and the Government. The Government is also entitled to hold a 10 percent equity interest in the holder of a mineral right. In other words, there will be no arrangements where the Bahamian people receive pennies on the dollar,” Mr Davis continued.
“In this Bill, we are also protecting the interests of the Bahamian people by aggressively going after any party that seeks to defraud or mislead the public when it comes to their mining activities, and anyone who contravenes the law or seeks to assault or hinder officials in the execution of their duties.
“These actions will be penalised with both fines and imprisonment. We require fair, honest and transparent communication with the Government and Bahamian people so that we can make the decisions that align with our strategies for economic growth.”
increasingly close ally and its increasingly intense rival.
"We want the famous credit line that Argentina has with China to end," Claver-Carone told an a conference at Miami Dade College last week. "We want to be sure that any potential agreements with the IMF do not end up prolonging that credit swap that they have with China. ... That's our priority."
Trump nominee for public lands post withdraws after her criticism of Jan. 6 attack surfaces
By MATTHEW BROWN and MATTHEW DALY Associated Press
PRESIDENT Donald Trump's nominee to oversee an agency that manages a quarter-billion acres of public land has withdrawn her nomination following revelations that she criticized the Republican president in 2021 for inciting the Jan. 6 attack on the U.S. Capitol.
The withdrawal of Kathleen Sgamma to lead the Interior Department's Bureau of Land Management was announced Thursday morning at the start of her confirmation hearing before the Senate Energy and Natural Resources Committee.
David Bernhardt, who served as interior secretary in Trump's first term, said on X that Sgamma's withdrawal was "self-inflicted" and he included a link to a website that posted her 2021 comments. He suggested that people whose views don't align with Trump's should not seek political appointments in his administration.
"I am disgusted by the violence witnessed yesterday and President Trump's role in spreading misinformation that incited it," Sgamma said in the comments earlier reported by Documented, which describes itself as a watchdog journalism project.
Sgamma confirmed her withdrawal on LinkedIn and said it was an honor to have been nominated.
"I remain committed to President Trump and his unleashing American energy agenda and ensuring multiple-use access for all," said Sgamma. Since 2006 she's been with the Denver-based Western Energy Alliance, an oil industry trade group, and has been a vocal critic of the energy policies of Democratic administrations.
The longtime oil and gas industry representative appeared well-poised to carry out Trump's plans to roll back restrictions on energy development, including in Western states where the land bureau has vast holdings. The agency also oversees mining, grazing and recreation.
Sgamma's withdrawal underscored the Trump administration's creation of a "loyalty test" to weed out subordinates who are out of step with him, said Aaron
Weiss, deputy director of the left-leaning Center for Western Priorities.
"That's the world we're in — if that's what happened — where being sane and acknowledging reality with the White House is enough to sink a nomination," he said.
Trump has been testing how far Republicans are willing to go in supporting his supercharged "Make America Great Again" agenda. Few Republicans have criticized Trump after his sweeping pardons of supporters, including violent rioters, charged in the Jan. 6, 2021, attack on the Capitol.
Most congressional Republicans have played down the potential negative impact of Trump's actions, including widespread tariffs on U.S. allies, and have stressed the importance of uniting behind him.
The Bureau of Land Management plays a central role in a long-running debate over the best use of government-owned lands, and its policies have swung sharply as control of the White House has shifted between Republicans and Democrats.
Under President Joe Biden, a Democrat, it curbed oil drilling and coal mining on federal lands while expanding renewable power. The agency under Biden also moved to put conservation on more equal footing with oil drilling and other extractive industries in a bid to address climate change.
Trump is reversing the land bureau's course yet again.
On Thursday, officials announced that they will not comprehensively analyze environmental impacts from oil and gas leases on a combined 5,500 square
miles (14,100 square kilometers) of bureau land in Colorado, Montana, New Mexico, North Dakota, South Dakota, Utah and Wyoming. The leases were sold to companies between 2015 and 2020 but have been tied up by legal challenges.
Also this week, Trump signed an executive order aimed at boosting coal production. That will end the Biden administration's ban on new federal coal sales on bureau lands in Wyoming and Montana, the nation's largest coal fields.
The land bureau had about 10,000 employees at the start of Trump's second
term, but at least 800 employees have been laid off or resigned amid efforts by the Trump administration to downsize the federal workforce.
It went four years without a confirmed director during Trump's first term. Trump also moved the agency's headquarters to Colorado before it was returned to Washington, D.C., under Biden.
Sgamma's withdrawal was announced by Senate energy committee Chairman Mike Lee of Utah. The Republican said he would work with the administration to find a new nominee for the bureau.
KATHLEEN SGAMMA, President, Western Energy Alliance, speaks during a House Committee on Natural Resources hearing on America's Energy and Mineral potential, Feb. 8, 2023, on Capitol Hill in Washington.
Photo:Mariam Zuhaib/AP
US egg prices increase to record high, dashing hopes of cheap eggs by Easter
By JOSH FUNK and DEE-ANN DURBIN
AP Business Writers
U.S. egg prices increased again last month to reach a new record-high of $6.23 per dozen despite President Donald Trump's predictions, a drop in wholesale prices and no egg farms having bird flu outbreaks.
The increase reported Thursday in the Consumer Price Index means consumers and businesses that rely on eggs might not get much immediate relief. Demand for eggs is typically elevated until after Easter, which falls on April 20.
Industry experts were expecting the index to reflect a drop in retail egg prices because wholesale egg prices fell significantly in March. University of Arkansas agricultural economist Jada Thompson said the wholesale prices did not start dropping until midMarch, so there may not have been enough time for the average price for the month to decline. And grocery stores may not have immediately passed on the lower prices.
The bird flu effect Bird flu outbreaks were cited as the major cause of price spikes in January and February after more than 30 million egg-laying chickens were killed to prevent the spread of the disease. Only 2.1 million birds were slaughtered in March and none of them were on egg farms.
Egg prices hit $5.90 in February one month after setting a record at $4.95 per dozen, according to the U.S. Bureau of Labor Statistics. The farms that had fall outbreaks have been working to resume egg production after sanitizing their barns and raising new flocks, but chickens must be about six months old before they start laying eggs. Thompson said those farms did not come back online as quickly as anticipated.
In the latest U.S. Department of Agriculture numbers, there were only about 285 million hens laying eggs nationwide as of March 1, Before the outbreak, the flock typically numbered more than 315 million.
Since the current bird flu outbreak began, more than 168 million birds have been slaughtered, most of them egg-laying chickens. Any time a bird gets sick, the entire flock is killed to help keep bird flu from spreading. That can have an effect on the egg supply because massive egg farms may have millions of birds.
Egg price politics Trump tried to take credit for the lower wholesale egg prices the USDA reported in recent weeks.
"The egg prices they were going through the sky. And you did a fantastic job," Trump said to Agriculture Secretary Brooke Rollins before he announced the details of his tariffs at the White House last week. "Now we have lots of eggs
and they are much cheaper now."
But experts say the president's plan to fight bird flu by focusing on strengthening egg farmers' defenses against the virus is likely to be more of a long-term help.
The Agriculture Department tried to find egg imports to add to the supply and nearly 4 million dozens of eggs were brought into the country in February. But egg traders saw an opportunity with the high prices and 7.6 million dozens were exported. Numbers for March were not yet available. "I think there are lots of people who are looking to see the egg prices coming down because they wanted to call it a win. And I think it's a loss for everybody. I think we all want to see
egg prices come down," Thompson said.
Rollins on Thursday suggested the rise in egg prices is temporary. She pointed to the overall consumer price index showing a slight dip in prices for goods and services across the U.S. economy in March and suggested egg prices will soon follow.
"We're also moving into the Super Bowl of eggs, which is Easter," Rollins said. "So from the beginning, I've said this is sort of the high price for retail for eggs, but we feel very confident that will continue to come back down."
Earlier this week, Trump said the annual White House egg roll would use real eggs again this year despite the high prices. Egg farmers typically donate
more than 30,000 eggs for the event.
Egg prices around the country
U.S. egg prices did began falling in mid-March, according to Datasembly, a market research company that tracks prices at thousands of stores. Datasembly said eggs averaged $5.98 per dozen the week beginning March 16 and dropped to $5.51 the week beginning March 30. But prices vary widely around the country, depending on the location of recent bird flu outbreaks and some state laws requiring eggs to be cage-free. At a Walmart in Richmond, California, a dozen eggs were $6.34 on Thursday. In Omaha, Nebraska, Walmart was selling eggs for $4.97 per dozen. California requires
A CARTON of eggs sit on a counter in the kitchen inside of 5 Rabanitos restaurant in Chicago, Feb. 16, 2025. (AP
Y. Huh A carton of eggs sit on a counter in the kitchen inside of 5 Rabanitos restaurant in Chicago, Feb. 16, 2025.
eggs sold to be cage-free; Nebraska doesn't.
The latest numbers could increase scrutiny of Cal-Maine Foods, which provides 20% of the nation's eggs, and other large egg producers.
Earlier this week, CalMaine acknowledged it is being investigated by the antitrust division of the U.S. Department of Justice, which is looking into egg price increases. Cal-Maine said it is cooperating with the investigation.
In its most recent quarter, which ended March 1, CalMaine said its net income more than tripled to $508.5 million compared to the same period a year ago.
Faking it
The price of real eggs has some consumers turning to fake ones for Easter crafts this year.
Craft retailer Michaels said sales of its plastic egg craft kits — which were listed for $2.49 on the company's website Thursday — are up 20% over last year. Michaels said sales usually peak closer to Easter, but it started seeing a noticeable uptick in early March this year.
Photo/Nam
Photo:Nam Y. Huh/AP
CHINA SAYS IT WILL ‘FIGHT TO THE END’ AFTER TRUMP THREATENS TO IMPOSE STILL MORE TARIFFS
BEIJING Associated Press
CHINA said Tuesday it would "fight to the end" and take countermeasures against the United States to safeguard its own interests after President Donald Trump threatened an additional 50% tariff on Chinese imports.
The Commerce Ministry said the U.S.'s imposition of "so-called 'reciprocal tariffs'" on China is "completely groundless and is a typical unilateral bullying practice."
China, the world's second-largest economy, has announced retaliatory tariffs and the ministry hinted in its latest statement that more may be coming.
"The countermeasures China has taken are aimed at safeguarding its sovereignty, security and development interests, and maintaining the normal international trade order. They are completely legitimate," the ministry said.
"The U.S. threat to escalate tariffs on China is a mistake on top of a mistake and once again exposes the
blackmailing nature of the U.S. China will never accept this. If the U.S. insists on its own way, China will fight to the end," it added.
Analysts and traders worry about a global trade war
Trump's threat Monday of additional tariffs on China raised fresh concerns that his drive to rebalance the global economy could intensify a financially destructive trade war. Stock markets from Tokyo to New York have become more unstable as the tariff war worsens.
Trump's threat came after China said it would retaliate against U.S. tariffs he announced last week.
"If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th," Trump wrote on Truth Social.
"Additionally, all talks with China concerning their requested meetings with us will be terminated!"
If Trump implements his new tariffs on Chinese products, U.S. tariffs on Chinese goods would reach a combined 104%. The new taxes would be on top of the 20% tariffs announced as punishment for fentanyl trafficking and his separate 34% tariffs announced last week. Not only could that increase prices for American consumers, it could also give China an incentive to flood other countries with cheaper goods and seek deeper relationships with other trading partners, particularly the European Union.
Chinese people worry, but keep faith with their country
On the streets of Beijing, people said they found it hard to keep track of all the announcements, but expressed belief in their country's ability to weather the storm.
"Trump says one thing today and another tomorrow. Anyway, he just wants benefits, so he can say whatever he wants," said Wu Qi, 37, who works in construction.
Farmers fear tariffs could cost them one of their biggest markets in China
By JOSH FUNK AP Business Writer
HEADING into this year, most U.S. farmers were hoping to break even or maybe record a small profit if they could find a way to limit their sky-high costs. But now they are faced with losing the biggest export market for many of their crops after China retaliated against President Donald Trump's tariffs.
"There's just not any margin for error in the current farm economy," said Kentucky farmer Caleb Ragland, who serves as president of the American Soybean Association.
Soybean and sorghum farmers have particular reason to worry because at least half of those crops are exported and China has long been the biggest buyer. China has also bought a lot of American corn, beef, chicken and other crops as part of spending $24.65 billion on U.S. agricultural products last year. Now with China slapping 34% tariffs on all American products Friday — on top of other tariffs it imposed earlier this year — all of those products will be
significantly more expensive in China
Crop prices, much like the stock market, dropped after Trump announced his tariffs earlier this week.
Tim Dufault, whose farm is in northwest Minnesota only about 80 miles south of Canada, said in a good year soybean farmers might make $50 to $75 an acre. But this isn't a good year because crop prices aren't high enough to cover soaring costs, and the price drop in the past two days cost them about $25 an acre, he said.
Dufault said he is worried that these new tariffs might put many farmers out of business, including the young farmers he rented his land to heading into this year as he retired because they likely won't make anything in 2025.
"I just I hope to God they can stay in business," said Dufault, who is active with the Farmers for Free Trade group that pushes for open markets.
One of the biggest longterm concerns is that American farmers and ranchers will lose market share as China turns to Brazil and other countries
NOTICE
NOTICE is hereby given that MARLINE DANY of Blackwood, Eleuthera, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of April, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
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NOTICE is hereby given that ROBERT WILLIAMSON of #532 West Dennis Court, Yellow Elder Gardens, Nassau The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of April, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Others were less sanguine. Paul Wang, 30, who sells stainless accessories, including necklaces, bracelets, and tongue studs to Europe, said the European market was now more important after the extra U.S. 50% tariffs and he would be watching to see which other firms in his field would be competing in that space.
Jessi Huang and Yang Aijia, whose companies import chemicals from the U.S., said the tariffs, including potential Chinese retribution, could force them to close up shop.
"It would be very hard and very likely to have a layoff, maybe even closing," Huang said, "I might not be able to find another job if I get laid off."
China isn't out of options to retaliate
China still has a range of options to strike back at the Washington, experts said, including suspending cooperation on combating fentanyl, placing higher quotas on agricultural products and going after the U.S. trade in services in China such as finance and law firms.
U.S. total goods trade with China was an estimated $582 billion in 2024, making it the top trader in goods with the U.S. The 2024 deficit with China in goods and services trade was between $263 billion and $295 billion.
Foreign Ministry spokesperson Lin Jian appeared to give short shrift to talk of dialogue with the Trump administration.
"I don't think what the U.S. has done reflects a willingness for sincere
dialogue. If the U.S. really wants to engage in dialogue, it should adopt an attitude of equality, mutual respect and mutual benefit," Lin said.
In Hong Kong, where stocks were slightly higher Tuesday, Chief Executive John Lee blasted the latest U.S. tariffs as "bullying," saying the "ruthless behavior" has damaged global and multilateral trade and brought great risks and uncertainties to the world.
Lee said the city would link its economy closer to China's development, sign more free trade agreements, attract more foreign companies and capital to Hong Kong, and support local enterprises in coping with the impact of the tariffs.
to buy the soybeans, beef, chicken and other crops it consumes. China will buy lots of sorghum because it is distilled into the drink baijiu that is as popular there as whiskey is in the United States, but they will get it from other countries.
Farmers endured Trump's previous trade war with China during his first term. But this time, Trump's tariffs extend around the globe, so China likely won't be the last country to retaliate with tariffs of its own.
Could farmers get government aid?
The only way most farmers survived Trump's last trade war was with tens of billions of government aid payments, but it's not clear if he will do that this time. He gave them more than $22 billion in aid payments in 2019 and nearly $46 billion in 2020, though that year also included aid related to the COVID pandemic.
Agriculture Secretary Brooke Rollins told Fox News this week that right now she doesn't believe massive aid payments will be necessary, although she won't know that for several months. "But if it is, then
this president has always said and he is resolute in his commitment to our farmers and our ranchers and our great rural communities in America, so we will we'll make sure we're ready if in fact that is necessary," she said.
"But none of us like that," said farmer Andy Hineman, who is vice president of the Kansas Grain Sorghum Producers Association. "We don't want to live on government handouts. We'd rather sell the crops we grow."
But farmer Bryant Kagay, part owner of Kagay farms in Amity, Missouri, said he doesn't "have a lot of faith
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NOTICE is hereby given that ALMITERNE AUGUSTIN of Fire Trail Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of April, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
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NOTICE is hereby given that CHRISTIAN OKOLIE of P.O. Box SS-5190, Dalnottage Estates, Nassau The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of April, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
that these tariffs — the way they are laid out today — will stick around long term."
He also doesn't like the idea of getting aid from the government.
"I really hate that seems to be the solution that, well, we'll just pay farmers some just off-the-cuff payment to help offset this," Kagay said. "I think a federal government that's vastly overspending today, like this is not the way to solve that problem."
The hope for farmers is that Trump's tariffs will lead to negotiations with other countries that will
lower tariffs and other trade barriers.
"That's the type of positive development that we can do that's good for everybody involved, and that's what we need to look for," Ragland said. "Instead of beating each other up with higher and higher tariffs — it's just like punching each other in the face. We're not going to gain anything from it. It's just going to cause us to hurt. That would be my encouragement to the administration, is to look for opportunities and get some great deals done proactively."
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A WOMAN walks by high rise office buildings in the central business district, in Beijing, Tuesday, April 8, 2025.
Photo:Andy Wong/AP
BRYANT KAGAY, part owner of Kagay farms in Amity, Missouri, works on equipment to get ready for planting his crops this year while worrying about the effects of President Donald Trump’s tariffs, Friday, April 4, 2025. Photo:Nick Ingram/AP
S&P 500 soars 9.5% to one of its biggest gains since WWII after Trump limits tariffs
By The Associated Press
STOCKS surged to one of their biggest gains since World War II after President Donald Trump paused his tariffs against most other nations, as investors had desperately hoped he would.
Trump, though, did raise tariffs further on China.
The S&P 500 soared 9.5%, though the index is still below where it was when Trump announced his sweeping set of tariffs last week. The Dow Jones Industrial Average flew nearly 3,000 points higher, and the Nasdaq composite jumped 12.2%.
HERE'S THE LATEST:
Trump says he doesn't expect to increase tariffs on China again
Trump told reporters at the White House that he "can't imagine" he'd need to increase tariffs on China again to get them to the negotiating table.
"We calculated it very carefully," the president said.
Where today ranks among best days for the S&P 500:
Oct. 13, 2008 +11.6%
Oct. 28, 2008 +10.8%
April 9, 2025 +9.5%
March 24, 2020 +9.4%
March 13, 2020 +9.3%
Oct. 21, 1987 +9.1% (edited)
How major US stock indexes fared
On Wednesday:
The S&P 500 rose 474.13 points, or 9.5%, to 5,456.90.
The Dow Jones Industrial Average rose 2,962.86 points, or 7.9%, to 40,608.45.
The Nasdaq composite rose 1,857.06 points, or 12.2%, to 17,124.97.
The Russell 2000 index of smaller companies rose 152.45 points, or 8.7%, to 1,913.16.
For the week:
The S&P 500 is up 382.82 points, or 7.5%.
The Dow is up 2,293.59 points, or 6%.
The Nasdaq is up 1,537.19 points, or 9.9%.
The Russell 2000 is up 86.13 points, or 4.7%.
For the year:
The S&P 500 is down 424.73 points, or 7.2%.
The Dow is down 1,935.77 points, or 4.6%.
The Nasdaq is down 2,185.82 points, or 11.3%.
The Russell 2000 is down 317 points, or 14.2%.
Trump acknowledges markets were 'pretty glum' but said bond market now looks 'beautiful'
Trump said he was watching the markets the last few days and said that "it looked pretty glum," and
that he saw Tuesday that on the bond market, "people were getting a little queasy."
"The bond market right now is beautiful," the president told reporters at the White House.
Trump defended his decision to launch the tariffs, sending shocks into the market, because the situation with the U.S.'s trading partners "wasn't sustainable."
"Somebody had to pull the trigger. I was willing to pull the trigger," he said.
The president said he would consider exempting some companies who've been hit particularly hard by the tariffs, but when asked how he would make those determinations, he said, "Just instinctively."
"You almost can't take a pencil to paper. It's really more of an instinct," he said.
Trump says he pulled back on many global tariffs — but not on China — because people were getting 'yippy,' 'afraid.'
Trump was asked about volatile markets and his decision to back off on many tariffs after previously suggesting he wouldn't do so.
Trump says he pulled back on many tariffs on U.S. trading partners — but not on China — because people were getting 'yippy' and 'afraid.'
His comments came as he was chatting with reporters during an event with racing champions on the White House driveway.
World Trade Organization head says wading into trade war could 'severely damage' global economic outlook
The head of the World Trade Organization says the rising trade tensions between the United States and China could curb merchandise trade between the two countries by as much as 80%.
Director-General Ngozi Okonjo-Iweala, wading into the rising trade war between the world's top
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two economies, said the "tit-for-tat approach" by the U.S. and China "could severely damage the global economic outlook."
"Of particular concern is the potential fragmentation of global trade along geopolitical lines," she wrote in a statement late Wednesday. "A division of the global economy into two blocs could lead to a longterm reduction in global real GDP by nearly 7%."
Citing WTO projections, she warned the negative effects could ripple through to other economies, especially developing ones.
She urged countries to ensure an open global trading system and resolve differences through cooperation.
Wall Street takes a dramatic turn after days of uncertainty and turmoil
In a week of wild swings, Wall Street pulled off perhaps the most dramatic turn Wednesday when the Dow Jones Industrial Average went from a loss of about 350 points to a gain of 2,700 points in a matter of minutes.
At 2:30 p.m., the S&P 500 was up more than 7%, the Nasdaq composite gained nearly 10% and the Dow was up nearly 2,400 points, or 6.3%. Moves like this hadn't been seen since the early days of the global pandemic in 2020.
Shares of automakers, travel companies, technology giants and retailers surged after some sharp declines in previous days amid predictions of dire consequences for the economy. Companies that sourced parts and materials from countries in Asia and Europe sank on expectations of sharply higher costs.
Tesla jumped nearly 18%, Apple gained 9.5%, JPMorgan added more than 7%, and Warner Bros. jumped almost 17%.
Travel-related companies in particular skyrocketed, with United Airlines and Delta gaining more than 20% and
"In this twilight zone week since the tariff slate was announced last week this was the first sign that the Trump Administration would need to back off quickly," analyst Dan Ives of Wedbush Securities wrote in a note to clients.
Ives notes that Trump did not remove the 104% tariffs he imposed on China, would could still be an issue for companies such as Apple.
African nations breath sigh of relief after Trump walks back tariffs
African nations account for only a sliver of America's trade balance, yet they stood on the brink of crushing tariffs. Nations including Lesotho, Madagascar and Ivory Coast may now breath a sigh of relief after Trump's Tuesday announcement.
Many impoverished nations export goods such as vanilla, cocoa, and blue jeans but lack the means to import much in return. They were staring down tariffs as high as 60%, but now will have 90 days to make a case to White House officials that trade deficits are a poor measure for weighing the worth of a relationship.
Karen Mathiasen of the Center for Global Development said the effects of tariffs in parts of subSaharan Africa could be devastating, costing tens of thousands of jobs and risking the meltdown of entire sectors.
"What they could focus on is disproportionate impact," she said. "The case they could make is, 'It will be devastating for us and for the United States, it won't even be measurable. Trying to focus on incredibly uneven outcomes might be one way for them to be persuasive."
Treasury secretary says markets "didn't understand" Trump's tariff strategy
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Treasury Secretary Scott Bessent told reporters at the White House that the tumult in the market came because investors didn't understand Trump's tariff strategy.
"The market didn't understand, those were maximum levels. The countries can think about those levels as they come to us to bring down their tariffs, their non-trade barriers," Bessent said.
He said Trump "created maximum negotiating leverage for himself" and the Chinese have "shown themselves to the world as the bad actors"
Automakers surge after tariff pause
General Motors rose 5.7%, Ford gained 5.6% and Stellantis rose 11.9%.
The companies have supply chains and production facilities that span North America. Tariffs mean more costly production for the companies and higher prices for consumers. Their stocks are all still down for the year.
Tesla rose 14.1%. The electric vehicle maker is less exposed to tariffs because it assembles all vehicles sold in the U.S. within the U.S.
But the company has faced a backlash amid CEO Elon Musk's work with Trump to lead efforts in slashing government spending. Tesla's shares are down 40% since Trump's inauguration.
Former US trade official says countries will now drift from the dollar
"This just accentuates the policy uncertainty and sense of unreliability Trump is creating,'' said William Reinsch, a former U.S. trade official now at the Center for Strategic and International Studies. "Sure it's good news, but how does anybody know that he won't change his mind on Friday or next week? Countries are going to drift away from the U.S. and, more important, from the dollar.''
Travel stocks surge
Passenger airlines, cruise lines, travel booking companies and hotels are surging in afternoon trading. Companies tied to travel and tourism had seen their shares slump the past few days amid fears of a possible recession.
Delta Air Lines and United Airlines built on earlier gains, with Delta up more than 18% and United rising 17%.
Cruise line operators Carnival Corp. and Royal Caribbean also posted double-digit increases.
Booking Holdings, operator of the online travel sites Booking.com, Priceline and Kayak, rose more than 7%. Expedia jumped 16%.
Hotel and casino companies also surged, with Marriott rising 8% and MGM Resorts gaining more than 10%. Airbnb also rose more than 10%.
Treasury Secretary announcement to keep a 10% baseline tariffs on most countries seemingly narrows trade war
Treasury Secretary Scott Bessent told reporters that Trump was pausing his socalled 'reciprocal' tariffs on most of the country's biggest trading partners, but maintaining his 10% tariff on nearly all global imports. It was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to one between the U.S. and China.
Imports tariffs on goods from China, though, would surge to 125% "effective immediately" Trump said on social media.
Trump pauses tariffs on most nations for 90 days, raises taxes on Chinese imports
President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125%. It was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to one between the U.S. and China.
Global markets surged on the development, but the precise details of Trump's plans to ease tariffs on nonChina trade partners were not immediately clear.
Irish businesses are already seeing an impact from the US tariffs
Prime Minister Taoiseach Micheal Martin said Wednesday the 20% tariff on EU exports could have a significantly negative impact on the Irish economy.
"There is no way to sugar coat it," Martin told members of parliament. "We are already hearing from some who are seeing orders from the United States slowing or even drying up entirely, putting valuable and skilled jobs at risk, and there may be more to come."
Ireland is in a unique situation because it shares a border and trade with Northern Ireland, which is part of the U.K., and only subject to a 10% tariff.
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Norwegian Cruise Line up almost 18%.
THE HEADQUARTERS of Bank of Japan (BOJ) is seen in Tokyo on Aug. 18, 2023. Photo:Shuji Kajiyama/AP
LOUDY JEAN CHARLES DECORIAS of Hampster Road, Carmichael Road, Nassau,
The week that Trump pushed the global economy to the brink with tariffs — and
By CHRIS MEGERIAN and SEUNG MIN KIM Associated Press
THE stock market was soaring and the sun was shining when President Donald Trump stepped out of the Oval Office on Wednesday afternoon.
Less than two hours earlier, he had retreated from his plans to increase tariffs on many U.S. trading partners, and investors were rejoicing after bracing for a global economic meltdown.
"You've got the markets seeing your brilliance," Sen. John Barrasso, a Republican from Wyoming, told the president.
Trump agreed.
"Nobody's ever heard of it," he declared.
It was a typical bit of hyperbole that, in this case, was true. Even by the standards of Trump's second term, the saga that had played out over the past week left the world struggling to catch its breath.
The Republican president, of his own doing, had single-handedly pushed the global economy to the brink of chaos with new tariffs. The stock market cratered, businesses tore up their plans and foreign leaders prepared for a future without the world's richest nation at the center of international trade.
And then Trump backed down. Seven days after announcing what would have amounted to America's largest tax hike since World War II in an elaborate Rose Garden ceremony, he rolled back most of the tariffs in a surprise post on his social media website.
"I think the word would be flexible," he said later despite days of insisting that he wouldn't bend.
"You have to be flexible."
Uncertainty lingers as trade talks continue It was unclear what the president had accomplished, beyond the
then pulled back
satisfaction of, in his words, having other countries "kissing my ass" to try to talk him out of the tariffs. No new trade deals have been reached, although administration officials said negotiations are underway. However, real damage has been done. The backand-forth over tariffs shook confidence in U.S. leadership, exposed fractures within Trump's team and rattled companies that rely on global sources for products and international customers for sales. Americans who use the stock market to save for retirement and college suffered days of angst. The turmoil isn't over yet, either. Trump's 10% blanket tariffs initially imposed on Saturday are now applied to dozens of nations. He also jacked up tariffs to 145% on imports from China, leaving the world bracing for a showdown between the first and second largest economies. (Trump and administration officials had originally pegged the rate at 125% on China, but their total excluded an announcement from earlier this year.) There are 25% tariffs on Canada and Mexico, America's largest trading partners, as well as 25% taxes on imported autos, steel and aluminum.
Other tariffs — including 24% on Japan, 25% on South Korea, 20% on the European Union — are on hold for 90 days to allow for trade talks.
"This just accentuates the policy uncertainty and sense of unreliability Trump is creating,'' said William Reinsch, a former U.S. trade official now at the Center for Strategic and International Studies. While Reinsch said it's good news that Trump didn't move forward with some of his highest tariffs, "how does anybody know that he won't change his mind on Friday or next week?"
Trump makes his announcement on 'Liberation Day' U.S. flags were draped along the White House colonnade for a red-whiteand-blue backdrop when Trump announced his tariffs on Wednesday, April 2.
"My fellow Americans, this is Liberation Day," he said. The president held up a poster listing the tariffs that he would slap on each country — 32% for Thailand, 49% for Cambodia, 26% for India, and on and on. People around the world squinted to decipher the numbers that would reset critical economic relationships.
Trump has been fixated on international trade for decades, long before entering politics. His central concern is trade deficits, meaning the U.S. imports more than it exports.
But the focus puzzles mainstream economists, who don't view the situation with the same level of alarm. It's no surprise, they said, that a rich nation like the U.S. would buy more than it sells, and they're generally skeptical that tariffs alone would eliminate trade deficits.
However, Trump declared that it was a "national emergency" that would allow him to push tariffs without congressional approval. His tariffs were not based on the import taxes charged by other countries but by the size of each trade deficit, a calculation that instantly discredited the policy with many economists and investors. Also baffling were the tariffs placed on Heard and McDonald Islands, which are mainly populated by penguins. The day after the announcement, Trump jetted to Florida for the weekend.
"The markets are going to boom, the stock is going to boom, the country is going to boom," he promised while leaving the White
House, the whirring rotors of Marine One sometimes overpowering his voice. "And the rest of the world wants to see if there is any way they can make a deal."
But the market was crashing, posting its biggest single-day loss since the outbreak of the coronavirus pandemic five years earlier. And it didn't get any better as Trump attended a Saudifunded tournament at his Miami golf course and participated in a candle-lit dinner for an allied political organization.
On the flight back to Washington on Sunday evening, Trump told reporters that he won a club championship.
"It's good to win," he said. "You heard I won, right?"
But around the country and the world, the fallout was spreading.
Fulcrum Coffee Roasters in Seattle braced for rising costs for beans from Southeast Asia and espresso machines from Italy. Stellantis, the automaker behind brands like Jeep and Ram, announced it would pause production at plants in Mexico and Canada, leading to temporary layoffs at other facilities in Indiana and Michigan, a reminder of how interconnected vehicle supply chains have become.
The Dutch division of Tata Steel said it would cut 1,600 employees, about a fifth of its workforce. Ireland Prime Minister Michael Martin said "there is no way to sugar coat" the situation as business with the U.S. started tapering off. Sri Lanka worried that its economic recovery would be derailed as its clothing industry faced new tariffs from its most important export market.
Trump faces growing pushback from his own party
The markets were still in a panic on Monday when an unverified report circulated
that the president was considering a 90-day pause on the tariffs. Stocks briefly soared before investors realized the information was wrong.
"We're not looking at that," Trump said as hopes for the rumored reprieve vanished.
By Tuesday, with fears of a recession growing, Trump's closest advisers began publicly sparring with one another. Billionaire entrepreneur Elon Musk, who leads the administration's efforts to trim the size of government, openly questioned the wisdom of the tariffs, which would raise costs for his electric automaker Tesla. White House trade adviser Peter Navarro insisted that Musk "doesn't understand" the situation. Musk fired back that Navarro was "truly a moron" and "dumber than a sack of bricks."
Republican lawmakers returning to the Capitol for the workweek were peppered with questions about the tariffs and what they would do in response. Some began voicing support for legislation meant to rein in
a president's tariff powers, before the White House struck back forcefully with a veto threat. Sen. Ron Johnson of Wisconsin was asked on Tuesday if he understood Trump's strategy, and responded by asking "does anybody?" Some of his state's premier companies like Kohl's expected higher costs, while its dairy farms expected to struggle to sell milk and cheese. HarleyDavidson was a target of planned reciprocal tariffs by the European Union. Sen. Thom Tillis of North Carolina was even more blunt that day during a hearing with Trump's top trade representative, Jamieson Greer. If the tariff plans don't work, he said, "I'm just trying to figure out whose throat I need to choke." His state's farmers, who raise hogs and grow tobacco among other products, feared getting caught in the crossfire of a trade war, while local manufacturers and tech companies could face higher prices on what they export to foreign consumers.
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PRESIDENT Donald Trump listens to Jeff Crowe speak during an event on energy production in the East Room of the White House, Tuesday, April 8, 2025, in Washington. Photo:Alex Brandon/AP
APPLE HAS FEW INCENTIVES TO START MAKING IPHONES
IN U.S., DESPITE TRUMP’S TRADE WAR WITH CHINA
By MICHAEL LIEDTKE AP Technology Writer
PRESIDENT Donald Trump’s administration has been predicting its barrage of tariffs targeting China will push Apple into manufacturing the iPhone in the United States for the first time.
But that’s an unlikely scenario even with U.S tariffs now standing at 145% on products made in China — the country where Apple has manufactured most of its iPhones since the first model hit the market 18 years ago.
The disincentives for Apple shifting its production domestically include a complex supply chain that it began building in China during the 1990s. It would take several years and cost billions of dollars to build new plants in the U.S., and then confront Apple with economic forces that could triple the price of an iPhone, threatening to torpedo sales of its marquee product.
“The concept of making iPhones in the U.S. is a nonstarter,” asserted Wedbush
Securities analyst Dan Ives, reflecting a widely held view in the investment community that tracks Apple’s every move. He estimated that the current $1,000 price tag for an iPhone made in China, or India, would soar to more than $3,000 if production shifted to the U.S. And he believes that moving production domestically likely couldn’t be done until, at the earliest, 2028. “Price points would move so dramatically, it’s hard to comprehend.” Apple didn’t respond to a request for comment Wednesday. The Cupertino, California, company has yet to publicly discuss its response to Trump’s tariffs on China, but the topic may come up on May 1 when Apple CEO Tim Cook is scheduled to field questions from analysts during a quarterly conference call to discuss the company’s financial results and strategy. And there is no doubt the China tariffs will be a hotbutton issue given Apple’s stock price has dropped by 15% and lowered the company’s market value by $500
billion since Trump began increasing them on April 2. If the tariffs hold, Apple is widely expected to eventually raise the prices on iPhones and other popular products because the Silicon Valley’s supply chain is so heavily concentrated in China, India and other overseas markets caught in the crossfire of the escalating trade war.
The big question is how long Apple might be willing to hold the line on its current prices before the tariffs’ toll on the company’s profit margins become too
much to bear and consumers are asked to shoulder some of the burden. One of the main reasons that Apple has wiggle room to hold the line on its current iPhone pricing while the China tariffs remain in place is because the company continues to reap huge profit margins from the revenue generated by the subscriptions and other services tied to its product, said Forrester Research analyst Dipanjan Chatterjee. That division, which collected $96 billion in revenue during Apple’s last fiscal
SALES staffs work at an Apple shop in Hanoi, Vietnam Thursday, April 10, 2025.
year, remains untouched by Trump’s tariffs.
“Apple can absorb some of the tariff-induced cost increases without significant financial impact, at least in the short term,” Chatterjee said.
Apple tried to appease Trump in February by announcing plans to spend $500 billion and hire 20,000 people in the U.S. through 2028, but none of it was tied to making an iPhone domestically. Instead,
Apple pledged to fund a Houston data center for computer servers powering artificial intelligence — a technology the company is expanding into as part of an industrywide craze.
When asked this week about whether Trump believes Apple intends to build iPhones in the U.S., White House Press Secretary Karoline Levitt pointed to Apple’s investment promise as evidence that the company thinks it could be done. “If Apple didn’t think the United
States could do it, they probably wouldn’t have put up that big chunk of change,” Leavitt said.
U.S. Commerce Secretary Howard Lutnick also predicted tariffs would force a manufacturing shift during an April 6 appearance on a CBS news program. “The army of millions and millions of human beings screwing in little screws to make iPhones, that kind of thing is going to come to America,” Lutnick said.
But during a 2017 appearance at a conference in China, Cook expressed doubt about whether the U.S. labor pool had enough workers with the vocational skills required to do the painstaking and tedious work that Lutnick was discussing.
“In the U.S. you could have a meeting of tooling engineers and I’m not sure we could fill the room,” Cook said. “In China, you could fill multiple football fields.”
MARINE FORECAST
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