International

US consumer confidence dips in November: survey

| By AFP |

US consumers were gloomier about the state of the American economy in November, likely due to a rise in gas prices and as recession risks loom, according to a survey released Tuesday.

The closely-watched consumer confidence index dipped to 100.2 in November, down two points from the month before, in a second straight month of decline, said think tank The Conference Board.

“Consumers’ expectations regarding the short-term outlook remained gloomy,” said Lynn Franco, senior director of economic indicators at The Conference Board.

The drop in consumer confidence this month, in line with analyst expectations, was “most likely prompted by the recent rise in gas prices,” she said.

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Data on consumers’ short-term outlook suggests the likelihood of a recession remains elevated as well.

“Inflation expectations increased to their highest level since July, with both gas and food prices as the main culprits,” Franco said.

Consumer inflation in the United States has been hovering at the highest level in decades, prompting the Federal Reserve to take aggressive steps to raise interest rates and cool the economy.

The central bank walks a tightrope trying to bring down surging costs while avoiding tipping the world’s biggest economy into a downturn.

For now, consumer intentions to buy homes, automobiles and big-ticket appliances have moderated.

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“The combination of inflation and interest rate hikes will continue to pose challenges to confidence and economic growth into early 2023,” Franco said.

But with inflation showing signs of easing and central bankers noting it would take time for policy effects to be realized, a growing number of voices including Fed officials have advocated for smaller steps in the coming months.

The consumer sentiment reading “remains depressed compared to pre-pandemic” levels, said economist Rubeela Farooqi of High Frequency Economics.

Overall, measures of sentiment “are sending a negative signal about household spending,” even if consumption continues to support growth for now, she added.

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International

Ninth Victim Recovered After Deadliest U.S. Avalanche in Decades

Rescue teams in California on Saturday recovered the body of the ninth and final victim of a deadly avalanche in the Sierra Nevada mountains, according to the local sheriff’s office.

The avalanche struck a group of 11 skiers and four guides on Tuesday as they were returning from a three-day backcountry trip near Castle Peak, a 2,777-meter (9,111-foot) mountain and popular tourist destination on the U.S. West Coast.

Six people were rescued alive on Tuesday. Authorities said the incident marks the deadliest avalanche in the United States since 1981.

“All nine individuals who lost their lives in the February 17 Castle Peak avalanche have been safely recovered from the mountain,” the Nevada County Sheriff’s Office said in a statement.

“There are no words that can truly capture the magnitude of this loss, and our hearts grieve alongside the families affected by this catastrophic event,” Sheriff Shannan Moon said.

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Officials had warned on Thursday that search operations would likely continue through the weekend due to severe weather conditions in the area.

Survivors were able to call for help shortly after the avalanche occurred. However, near-zero visibility and the risk of additional snow slides prevented rescue teams from reaching them for several hours.

International

Trump Defies Supreme Court With New 10% Global Tariff

Defiant in the face of a judicial setback, Donald Trump on Friday imposed a new across-the-board 10% tariff after the Supreme Court of the United States ruled that he does not have the authority to levy customs duties under the guise of a national emergency.

The Republican president signed the order in the Oval Office and announced on social media that the measure would take effect “almost immediately.” According to a statement from the White House, the decree will formally enter into force on February 24 for a period of 150 days.

It remains unclear whether the new tariff will apply to countries that have already negotiated trade agreements establishing rates higher than 10%.

Earlier in the day, the conservative-majority court ruled that a 1977 law cited by Trump to abruptly impose tariffs on individual countries — disrupting global trade — “does not authorize the president to impose tariffs.”

Trump said he was “deeply disappointed” by the decision and accused some justices of being influenced by “foreign interests.”

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Although he has made variable tariffs a cornerstone of his foreign policy, Trump acknowledged that it is uncertain whether the government will have to refund revenue already collected. A study by the University of Pennsylvaniaestimated that the amount at stake could reach as much as $175 billion.

“That issue was not addressed by the Court,” Trump told reporters, warning that the legal battle could drag on for “years.”

Justice Brett Kavanaugh, who dissented from the Court’s 6–3 majority opinion, cautioned that the legal process could become a “mess.”

Trump denied any error or haste in using tariffs as a policy tool, arguing instead that the six justices who ruled against him were motivated by “political correctness.” Vice President JD Vance wrote on X that the Court had acted “outside the law.”

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International

U.S. Targets Members of Outgoing Boric Administration With Visa Revocations

The United States government announced on Friday the revocation of visas for three Chilean officials—whose identities were not initially disclosed—citing activities that allegedly “undermined regional security,” an accusation that Chile denies.

In a statement, the U.S. Department of State did not provide specific details about the individuals involved but criticized the outgoing administration of leftist President Gabriel Boric.

“The legacy of the Boric government will be further tarnished by actions that undermine regional security to the ultimate detriment of the Chilean people,” the statement read. It was signed by U.S. Secretary of State Marco Rubio.

Chile’s Minister of Transport, Juan Carlos Muñoz, later confirmed in a video message to the press that he is among those sanctioned.

“I was recently informed that my visa to enter the United States has been revoked by that country, which I deeply regret,” Muñoz said.

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The U.S. statement also noted that Washington hopes to “advance shared priorities, including those that strengthen security in our hemisphere, with the upcoming Kast government.”

The electoral victory of ultraconservative leader José Antonio Kast was welcomed in Washington, which has been building alliances with like-minded governments in the region to reinforce its diplomatic and economic agenda—particularly in response to China’s growing investment presence in Latin America.

“We remain committed to promoting accountability for Chilean individuals who deliberately work to destabilize our hemisphere,” the statement concluded.