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China shipments to US midsize firms drop 20%, JPMorgan Chase finds

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China shipments to US midsize firms drop 20%, JPMorgan Chase finds

A new analysis finds that payments made by U.S.-based midsize businesses to firms in China dropped significantly last year as tariffs on Chinese imports rose under the Trump administration.

The JPMorgan Chase Institute released a report on Thursday which found that payments made by midsize firms to China declined significantly, falling by about 20% from 2024 to 2025 even as overall international payments remained steady.

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“This is perhaps not surprising, as China has been the hardest hit by tariffs among major U.S. trade partners – both when considering the overall effective rate, which stood at 37.4% in October 2025, according to the Penn Wharton Budget Model, and in terms of policy uncertainty, as tariff announcements frequently shifted over the course of the year, briefly reaching rates as high as 125% before subsequent reductions,” the Institute wrote.

The report found that among midsize firms that had prior outflows to China, their outflows to other parts of Asia grew, including Southeast Asia, Japan and India when looking at a sample of midsize firms with at least $5,000 in outflows to China in both 2023 and 2024. The authors noted that, “One potential reason for the increase in flows to these countries might be import substitution, but many other explanations are possible.”

SEC CHAIRMAN WARNS OF CHINA-LINKED RAMP-AND-DUMP ACTIVITY

A container ship leaves a Chinese port.

Payments by midsize U.S. firms to trade partners in China declined in 2025 amid higher tariffs, the JPMorganChase Institute found. (STR/AFP/Getty Images)

Clark Packard, a research fellow at the Cato Institute’s Herbert A. Stiefel Center for Trade Policy Studies, told FOX Business that, “At this point it is somewhat uncertain whether Chinese products are shipped to countries in the region, modified or processed (this is key), and then sent to the U.S. on a large scale. That said, there are indications that it is likely happening.”

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Packard said that as long as the products are modified in the second country, it doesn’t represent transshipment – a term used for trade practices that aim to circumvent tariffs and other trade rules.

Transshipment is sending a product to one country, slapping that country’s origin label on it and sending it to a third country without serious modifications to the product. As long as products undergo a substantial transformation or modification in a country they are truly products originating in that country,” Packard said. 

“It wouldn’t surprise me if Chinese firms are opening processing centers in Vietnam and other Asian countries to finish products ultimately bound for the U.S. and that this is the result of a lower tariff applied to that country than China,” he added.

TARIFFS MAY HAVE COST US ECONOMY THOUSANDS OF JOBS MONTHLY, FED ANALYSIS REVEALS

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Split image of Chinese President Xi Jinping, left, and President Donald Trump, right.

President Donald Trump ramped up tariffs on China last year.  (Lintao Zhang/Getty Images; Rebecca Noble/Getty Images)

Derek Scissors, a senior fellow who studies the Chinese economy at the American Enterprise Institute, pointed to import flows from Vietnam and Taiwan as possible sources of transshipped goods.

“What reflects transshipment of Chinese goods is rising imports from Vietnam and especially Taiwan. You can make an argument that Vietnamese goods are competitors with Chinese goods, and they won out due to the tariffs on China,” Scissors told FOX Business. “But there is considerable Chinese investment in Vietnam in the area of consumer goods we buy from Vietnam.”

“If you are a Taiwanese producer in China, and you are facing high barriers to goods produced in China, it’s very simple to reroute these as Taiwanese. It might just require a label, at most, you alter your production process so there’s a last stop in Taiwan versus a last stop in China. Then, what you ship counts as Taiwanese,” he added.

KEVIN HASSETT SAYS FED ECONOMISTS SHOULD BE ‘DISCIPLINED’ OVER TARIFF STUDY

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An aerial view of shipping containers at the Port of Houston

Tariffs are taxes on imported goods that are paid by the importer. (Brandon Bell/Getty Images)

The JPMorgan Chase Institute’s report also found that monthly tariff payments made by midsize U.S. businesses have tripled since early 2025.

Tariff outflows by midsize firms jumped from nearly $100 billion a month in early 2025 and the two preceding years to roughly $300 billion per month at the end of 2025.

“A stable trend was interrupted by a sharp increase starting in April 2025, coinciding with the implementation of the first tariff rate increases during that year. Total payments continued rising throughout 2025 and eventually reached a level of roughly three times what it had been until early 2025,” the JPMorgan Chase Institute wrote.

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Heating oil support 'needs to be delivered now'

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Heating oil support 'needs to be delivered now'

Rachel Reeves says the Treasury is also looking at “different options” to help households most vulnerable to soaring energy bills.

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US Airports Launch Donation Drives for Unpaid TSA Workers as Partial Government Shutdown Enters Fifth Week

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TSA

A growing number of major U.S. airports are appealing to travelers for donations to support Transportation Security Administration employees working without pay during a partial government shutdown that began Feb. 14, 2026, leaving roughly 50,000 TSA officers to miss their first full paycheck on March 13 amid mounting financial hardship.

The funding lapse for the Department of Homeland Security — triggered when Congress failed to pass a spending bill over disputes on immigration enforcement and border security — has forced essential airport security personnel to continue screening millions of passengers daily without regular compensation. TSA officers received partial pay in late February but saw no funds deposited in many March 13 paychecks, according to union representatives and federal officials.

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Airports nationwide have responded by reopening food pantries, setting up gift card collection points and urging passengers to contribute essentials. Denver International Airport (DEN) asked for $10 or $20 grocery and gas gift cards from stores like King Soopers, Safeway, Walmart, Costco and Target, emphasizing that Visa gift cards are not accepted due to federal rules limiting gifts to $20 or less per instance.

“Denver International Airport is seeking grocery store and gas gift card donations for federal employees working without pay,” DEN CEO Phil Washington said in a March 11 statement. “TSA employees just missed their first paycheck, and as we enter a busy spring break travel period, we want to do what we can to ease the stress of this moment.”

Seattle-Tacoma International Airport (Sea-Tac) opened a food pantry for TSA agents, requesting non-perishable food, hygiene items, diapers and baby supplies. Harry Reid International Airport in Las Vegas reactivated its Food & Essentials Pantry, accepting donations of toiletries, household items and pet supplies for affected federal workers.

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Other airports participating include Orlando International, Cleveland Hopkins, Reno-Tahoe and more, with collection drives coordinated through airport management, employee unions and community partners. TSA guidance allows such donations from travelers via airport channels, provided they comply with ethics rules barring direct cash or excessive gifts.

The shutdown has strained TSA staffing. The agency reports about 300 officers have resigned since Feb. 14, with unscheduled absences rising to around 6% in some locations. Union leaders describe workers turning to side jobs like ride-sharing, plasma donation or food pantries to cover bills. Some report sleeping in cars or relying on family support after depleting savings from the previous 43-day shutdown in late 2025.

Travel disruptions have worsened, with reports of hours-long security lines at major hubs during peak spring break travel. Wait times of two to three hours have been documented at some checkpoints, though TSA insists expedited programs like PreCheck remain operational. Passenger security fees collected by airlines continue flowing to the government, creating a stark contrast: travelers pay for screening services while screeners go unpaid.

Senate negotiations remain stalled. A March 12 vote on a stopgap DHS funding bill failed, with Democrats blocking the measure over immigration provisions. Republicans have accused Democrats of obstructing progress, while Democrats point to GOP demands on border policy as the impasse. No breakthrough appeared imminent as of March 14.

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The American Federation of Government Employees and travel industry groups, including Airlines for America, have launched campaigns urging on-time pay for TSA and FAA workers during lapses. Private operators highlight reliance on smooth airport operations for economic activity.

TSA officers, deemed essential, must report for duty or face termination. Many express frustration at repeated shutdowns, with some rebuilding finances from the prior fiscal year’s record closure.

As the shutdown nears one month, airports’ grassroots efforts underscore the human toll on frontline workers. Donations provide immediate relief, but union officials and advocates stress the need for permanent funding stability to prevent future crises.

Travelers encountering longer lines are encouraged to arrive early, use mobile apps for wait-time estimates and consider TSA PreCheck enrollment. For donation information, check individual airport websites or TSA union channels.

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Global Net Lease: A High-Yield Turnaround Story Still In Progress

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Janus Henderson Forty Fund Q4 2025 Commentary (MUTF:JACCX)

Global Net Lease: A High-Yield Turnaround Story Still In Progress

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Goldman warns S&P 500 could decline to 6300 if growth weakens

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Taylor Sheridan’s New Drama Drops First Three Episodes March 14

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The Madison' Season 1

Taylor Sheridan’s latest neo-Western drama, “The Madison,” premiered Saturday, March 14, 2026, exclusively on Paramount+, launching the first three episodes of its six-episode debut season.

The series, starring Oscar nominee Michelle Pfeiffer and Golden Globe nominee Kurt Russell, marks Sheridan’s return to Montana-set storytelling following the conclusion of “Yellowstone” in late 2024. Unlike direct “Yellowstone” spin-offs such as “1883,” “1923” or the ongoing “Marshals,” “The Madison” stands as an independent series, though it shares the creator’s signature blend of family dynamics, grief and rugged landscapes.

The Madison' Season 1
The Madison’ Season 1

The show follows the Clyburn family, a wealthy New York City clan relocating to the scenic Madison River valley in central Montana after a devastating loss. The move forces them to confront grief, adapt to rural life and navigate human connections in one of America’s most beautiful yet unforgiving regions. Sheridan wrote all six episodes, with Christina Alexandra Voros — who directed episodes of “Yellowstone” Season 5 — helming the series.

Paramount+ adopted an unconventional release strategy for the premiere season: the first three episodes dropped simultaneously on March 14 at 12 a.m. PT (3 a.m. ET), with the remaining three scheduled for Saturday, March 21, also at midnight PT. Episodes include “Pilot,” “Let the Land Hold Me,” “Watch Her Fall” on premiere day, followed by “Tomorrow Is Goodbye,” “No Name and a New Dream” and the finale on the second Saturday.

The staggered rollout differs from Sheridan’s typical weekly drops on Paramount+ for shows like “Landman” or “Lioness.” Paramount executives described it as a way to build immediate buzz while allowing viewers to binge the short season quickly. Season 2, already filmed back-to-back with Season 1 according to Kurt Russell in recent interviews, is expected in 2027, though no exact date has been confirmed.

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Pfeiffer leads as the matriarch navigating profound loss, with Russell portraying a key figure in the family’s new Montana life. The ensemble includes Matthew Fox and Patrick J. Adams in supporting roles. First-look images and the official trailer, released in early 2026, highlighted sweeping Montana vistas, emotional family tension and Sheridan’s hallmark dialogue.

The series arrives amid Sheridan’s prolific output for Paramount, which has expanded its “Yellowstone”-verse with multiple shows. “The Madison” was initially developed under the working title “2024” as a potential spin-off but evolved into a standalone project. Kurt Russell noted in an Entertainment Weekly interview that Pfeiffer and Sheridan advocated for filming two seasons consecutively to accommodate schedules and storytelling needs.

Early reactions from critics and viewers have been positive, with Rotten Tomatoes assigning a 67% Tomatometer score based on initial reviews, praising the performances and scenic cinematography while noting the intimate, character-driven pace sets it apart from more action-heavy Sheridan fare. Some called it his “most heartfelt” work yet.

Paramount+ subscribers can stream all available episodes immediately, with no ads on the Premium plan. The service promotes the premiere with trailers, first-look galleries and behind-the-scenes content on its site.

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As “The Madison” begins its run, anticipation builds for the March 21 conclusion of Season 1 and the already-completed follow-up season. The series reinforces Sheridan’s dominance in modern Western dramas, drawing fans eager for more Montana-based stories after “Yellowstone’s” long run.

With episodes now live, viewers can dive into the Clyburns’ journey of healing and upheaval in the Madison valley.

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Bernstein SocGen cuts Humana stock price target on Stars pressure

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Macquarie downgrades DiDi stock rating on Brazil expansion costs

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Deploy Cash Now Into Double-Digit Yielding Passive Income

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Deploy Cash Now Into Double-Digit Yielding Passive Income

This article was written by

Austin Rogers is a REIT specialist with a professional background in commercial real estate. He writes about high-quality dividend growth stocks with the goal of generating the safest growing passive income stream possible. Since his ideal holding period is “lifelong,” his focus is on portfolio income growth rather than total returns. Austin is a contributing author for the investing group High Yield Landlord, one of the largest real estate investment communities on Seeking Alpha, with thousands of members. It offers exclusive research on the global REIT sector, multiple real money portfolios, an active chat room, and direct access to the analysts. Learn more.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of ARES, BX, BAM, CGDG, TDIV, HTGC, TRIN, IIPR.PR.A either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Goldman Sachs says oil flows through Strait of Hormuz down sharply

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Goldman Sachs says oil flows through Strait of Hormuz down sharply

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Housing sales in 50 cities dip 3% to 6.14 lakh units, up 16% in value to Rs 8.4 lakh crore: CREDAI

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Housing sales in 50 cities dip 3% to 6.14 lakh units, up 16% in value to Rs 8.4 lakh crore: CREDAI
Housing sales across India’s top 50 cities fell 3 per cent last year to 6.14 lakh units while it rose 16 per cent value-wise to Rs 8.46 lakh crore, according to CREDAI and Liases Foras.

On Friday, realtors’ apex body The Confederation of Real Estate Developers’ Associations of India (CREDAI) and research firm Liases Foras, released a report on residential real estate trends across 50 major cities in India.

The report highlighted the continued resilience of the housing market, with strong value growth driven by rising buyer aspirations, increasing premiumisation of housing demand and sustained infrastructure-led urban development.

As per the data, the housing sales across primary markets of Indian 50 major cities fell 3 per cent to 6,14,235 units in 2025 from 6,33,134 units in the preceding year.

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In value terms, sales grew to Rs 8,46,648 crore last year, an increase of 16 per cent from 7,29,112 crore during 2024 calendar year.


Shekhar Patel, President of CREDAI, said: “The 2025 numbers mark more than a statistical milestone, they reflect a fundamental shift in how India lives, invests and aspires. When 78 per cent of sales value comes from homes priced above Rs 1 crore and ultra-luxury alone drives over half the value, it signals rising household wealth, maturing investor confidence and the success of urban infrastructure initiatives”.
He noted that Tier-2, 3 and 4 cities are no longer peripheral and they are emerging as engines of economic opportunity.Pankaj Kapoor, Managing Director of Liases Foras, said: “Top metro cities continue to dominate India’s housing market in 2025 in sales, value and supply. However, Tier-2 cities are increasingly emerging as important growth centres in the residential real estate sector.

Better connectivity, expanding employment hubs, and infrastructure-driven initiatives are boosting housing demand in these markets for both end-users and investors, he added.

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