• Chinese mattresses are flooding US markets, driving prices below $175 for a queen size.
• The US imposed tariffs up to 1,731% on Chinese mattresses in 2019 to curb dumping.
• But there are suspicions that Chinese exporters are countering the tariffs by rerouting their shipments.

China's mattresses are flooding US markets and depressing prices so much that customers can now buy a queen-size product for under $175, The Wall Street Journal reported on Monday.

To be sure, the issue has been going on for years. In 2019, the US slapped tariffs of up to 1,731% on mattresses from China.

However, the mattress industry continues to be plagued by competition in the lower end of the market, prompting suspicions that Chinese manufacturers have been exporting their products to the US via third countries, per WSJ.

US Customs and Border Protection is now probing 12 US importers of shipping mattresses from China through South Korea as imports jumped 10 times from March to August last year, according to an official report.

Mattress prices run the gamut from hundreds to thousands of dollars. In 2021, the average price of a queen-size innerspring mattress was $1,050, per Statista.

Foam mattresses tend to be the cheapest options on the market. According to Insider Reviews product test earlier this year, the best foam mattresses cost between $389 and $3,825, with a median price of $1,100.

China will roll out countermeasures against US tariffs

The trade dispute over mattresses highlights broader issues surrounding the US' trade tensions with China.

In recent months, the US and other Western countries have been criticizing China for its barrage of cheap exports flooding the world's markets. They say China's dumping and unfair trade practices have hurt their economies.

In May, US President Joe Biden's administration slapped tariffs on $18 billion of Chinese goods, including a 100% tax on Chinese-made electric vehicles. Last month, the European Commission announced tariffs of up to 38.1% on Chinese EV imports — on top of existing 10% duties.

But China is likely to roll out countermeasures against any moves to constrain exports — particularly amid dismal consumer sentiment in China while external demand remains strong.

China's countermeasures against US tariffs were already apparent from 2018 to 2019, when former President Donald Trump's administration slapped tariffs of up to 25% on a range of Chinese imports, Louise Loo, the lead economist at UK-based Oxford Economics, wrote in a report last week.

In response, Chinese manufacturers shifted their supply chains outside the country and localized production, Loo wrote. Notably, China may have found a new way to skirt US import tariffs by exporting to the US via Mexico.

This trend is likely to continue.

"Further protectionism would drive the continued reorientation of firms' supply chains and accelerate the localization plans of Chinese manufacturers, as firms also increasingly look at improving supply chain resiliency," wrote Loo.

• Trump name-dropped Mark Zuckerberg in a Bloomberg Businessweek interview published Tuesday.
• Trump said he was in favor of TikTok because it competes with Zuckerberg's platforms.
• Last week, Trump threatened to jail Zuckerberg if he's elected in November.

Former President Donald Trump can't seem to stop himself from taking every given opportunity to bash Mark Zuckerberg.

The latest shot at the Facebook founder and Meta CEO came in an interview that Trump gave to Bloomberg Businessweek, published on Tuesday.

The wide-ranging interview, which took place in late June, covered Trump's opinions on the economy, foreign policy, and his views on several CEOs.

While he praised Apple CEO Tim Cook and JPMorgan chief Jamie Dimon, Trump railed against Big Tech companies, calling them "too big" and "too powerful."

"I don't want to hurt those companies. But I don't want them destroying our youth, either," Trump said.

Trump emphasized that while he didn't want to destroy Big Tech companies because they're important for competing against other countries, he believed some guardrails still needed to be implemented.

"If you go after them very violently, you can destroy them," Trump said. "I don't want to destroy them. I want them to thrive."

"But I don't want them to influence elections. I don't want them to destroy children when children are, you know, committing suicide all over the country, which has been happening," he added, seemingly referencing Zuckerberg's appearance at a dramatic Senate hearing in January.

During the hearing, Zuckerberg made a rare apology to the families who blamed social media abuse for their children's deaths.

"I'm sorry for everything you have all been through. No one should have to go through the things that your families have suffered," Zuckerberg told the families in attendance.

Although Trump suggested that he would take a cautious approach to what he calls a "complex situation," he didn't sound like he would exercise that same nuance on Facebook.

"Now that I'm thinking about it, I'm for TikTok because you need competition," Trump told Bloomberg. "If you don't have TikTok, you have Facebook and Instagram, and that's, you know, that's Zuckerberg."

Representatives for Trump and Meta didn't immediately respond to requests for comment from Business Insider.

No love lost

Trump's incendiary rhetoric toward Zuckerberg shouldn't come as a surprise to many. The GOP presidential nominee has long been critical of the Meta chief.

Last week, Trump threatened to put Zuckerberg in jail after accusing him of committing election fraud.

"All I can say is that if I'm elected President, we will pursue Election Fraudsters at levels never seen before, and they will be sent to prison for long periods of time," Trump said in Truth Social post on July 9.

"We already know who you are. DON'T DO IT! ZUCKERBUCKS, be careful!" he added.

The feud between the two seems to stem from Meta's decision to bar Trump from the platform following the January 6, 2021, Capitol riot. The ban was lifted in early 2023.

"All of a sudden, I went from No. 1 to having nobody," Trump said in his interview with Bloomberg, adding that he now relies on his own platform, Truth Social.

Zuckerberg's tense relationship with Trump contrasts starkly with that of his Big Tech counterparts, some of whom have gone all in on Trump.

Tesla and SpaceX CEO Elon Musk was quick to endorse the GOP nominee right after the failed assassination attempt on Trump on Saturday.

"I fully endorse President Trump and hope for his rapid recovery," Musk wrote in an X post just minutes after gunshots erupted at a Trump campaign rally in Pennsylvania.

For what it's worth, Zuckerberg also commented on the shooting, saying that he was "praying for a quick recovery for President Trump."

"This is such a sad day for our country. Political violence undermines democracy and must always be condemned," Zuckerberg wrote in a Threads post.

On Friday, Meta announced that it was removing the remaining restrictions and penalties it had imposed on Trump's Facebook and Instagram accounts.

Meta said the decision took into account Trump's formal nomination as the GOP's presidential candidate, which took place on Monday.

"In assessing our responsibility to allow political expression, we believe that the American people should be able to hear from the nominees for President on the same basis," Meta's president of global affairs, Nick Clegg, said in a blog post.

• After 20 years at home with my kids, I decided to reenter the work force. 
• The last job I had had been 21 years ago and paid $53,000.
• I realized that I can only do jobs that I'm passionate about now that I'm 57. 

Recently, I decided to reenter the traditional workforce after 20 years at home with my daughters — after having been a teen mom earlier in my life. This brief detour steered me in a u-turn-like fashion away from my true passion.

Earlier this year, an opportunity popped up out of the blue. It was part-time, in my administrative wheelhouse, and it would pay $20 per hour. When I called my adult son to share the news, he said, "That's great, as long as it doesn't interfere with your writing."

For context, I left my last job as an executive assistant 21 years ago, where I made $53,000 annually. This included a generous benefits package and a beautiful office where lunch was brought in daily. It was one of the best jobs I've ever had, and I've had a lot of jobs.

I started working when I was 13

My enterprising, people-pleasing spirit emerged in early childhood. By the time I was 13, I had parlayed cleaning skills learned from doing chores at home into extra jobs as a mother's helper. The neighborhood moms raved about me, and I craved their affirmation.

Now I see clearly that, by taking this new job which was unlike anything I've ever done, I was satisfying an unhealthy part of myself that still feels the need to prove something and quiet still-whispering voices from the past.

So, in one of the happiest phases of my life, which includes an empty nest, a happy 23-year marriage, three kids, and two out-of-state grandbabies, I'm thankful to be able to visit often, I went ahead and sabotaged myself.

I quickly realized the job wasn't what I thought it would be. I also realized that at 57, I'm no longer willing to do work I'm not genuinely interested in.

My passion is writing, and I've finally reached a point where I'm fortunate to be able to pursue it. In the past two years, I've taken classes and realized my dream of building a byline.

I've had tons of jobs

As a young divorced mom, I had two jobs. I did early morning surveillance for a PI firm investigating Workers' Compensation cases and then waitressed the 3 p.m. to 11 p.m. shift at the local coffee shop. Those were challenging times, and I was always searching for the next, better job.

My move up from waitressing came when one of my regulars, a very Mad Men-esque general contractor couple, offered me my first secretarial job. I'd hit the big time, making $8.50 an hour in the late 1980s.

In 1998, at 30 years old, I purchased my first home, thanks to one of those jobs of a lifetime that included a 401(k) plan. I was ultimately let go from that one. And in the way that the universe always has its plans, had I not been canned from that job, I wouldn't have met my husband.

When I was young and hungry (without a college degree), an instinct propelled me to tolerate less-than-ideal work environments because my choices were limited. The jobs have been amazing, eye-gouging, and everything in between — for example, I became a licensed nail technician in 1992 and learned that doing nails wasn't as fun or profitable as it looked.

In the early 2000s, a stay-at-home mom with two toddlers, I began looking for ways to reinvent myself. I started my own Mexican food catering company. My pièce de résistance was single-handedly catering a Cinco de Mayo party for a Philadelphia Eagles player. I learned that catering is exhausting.

An early adopter of social media and natural connector, I began tweeting and blogging about Kelly Ripa's Homemade Millionaire. Writing about and promoting fellow "Mompreneurs" led to work with a PR firm, which led to writing my first children's book, a first-of-its-kind social media guide, in 2014. I was 47. The book led to school assemblies and dozens of television appearances over several years. I also completed the manuscript for a young adult novel.

Now, I know I can only do things I am passionate about. So, on a Friday afternoon, I told my boss I wouldn't be continuing. When I called my son to tell him the job didn't work out he said, "From now on, passion projects only."

• Ron DeSantis supported Trump and slammed Biden during his Republican National Convention speech.
• "America cannot afford four more years of a 'Weekend at Bernie's' presidency," DeSantis said.
• Despite past tensions, DeSantis and Trump appear to have reconciled ahead of the 2024 race.

Florida Gov. Ron DeSantis has joined the chorus of conservatives backing former President Donald Trump and slamming President Joe Biden ahead of the November elections.

Speaking on the second day of the Republican National Convention in Milwaukee, he said: "Our enemies do not confine their designs to between 10 a.m. to 4 p.m., we need a commander in chief who can lead 24 hours a day and seven days a week."

This point from DeSantis appeared to reference Biden saying — after his disastrous CNN debate versus Trump — that he just needs more rest and should stop holding events after 8 p.m.

"America cannot afford four more years of a 'Weekend at Bernie's' presidency," DeSantis said, drawing loud cheers from the audience and making Trump crack a smile.

"Weekend at Bernie's" is a 1989 dark comedy about two insurance employees who try to conceal that their boss, Bernie, is dead while on a weekend retreat at his beach house in the Hamptons.

This joke from DeSantis was a clear jab at Biden's health and fitness. There have been concerns, however — from Democratic lawmakers and donors alike — that Biden, who has had more than his fair share of gaffes in recent weeks, may not be the party's best pick for 2024.

But Biden is hanging in there despite at least 18 House Democrats and one Democratic senator calling on him to step aside. Biden has also said he only plans to quit if he gets "hit by a train."

While DeSantis is now voicing full-throated support for Trump, the two share a complicated history.

He started out as Trump's protege and clinched a win for Florida governor in 2018 with Trump's endorsement. Trump has credited himself with DeSantis' win.

But their relationship soured after DeSantis embarked on a 2024 presidential run, posing a challenge to Trump.

Trump told reporters in November 2022: "I don't think it's nice."

"I'm a very loyal person. So, I don't understand disloyalty. I really don't. But you see it. You do see disloyalty in politics," he said.

Trump also gave DeSantis several nicknames, including "Ron DeSanctimonious."

DeSantis quit the race in January after losing key support in early-voting states.

The two men may since have buried the hatchet. The Washington Post reported in April that they met in Florida at Miami's Shell Bay Clu, where Trump sought DeSantis' help with his presidential campaign fundraising. DeSantis said he was open to it, per The Post.

Representatives for DeSantis, Trump and Biden did not immediately respond to requests for comment from Business Insider sent outside regular business hours.

• Trump complained to Bloomberg Businessweek that Taiwan has taken away the US' chip manufacturing business.
• Trump wants Taiwan, which China claims as its territory, to pay US for protection.
• Taiwan is the world's chip powerhouse. It produces about 90% of all advanced microchips globally.

The US' relationship with Taiwan is likely to be a sore point should former President Donald Trump secure a second term in office.

Trump, the Republican presidential nominee, complained to Bloomberg Businessweek about Taiwan's dominance in the chip industry that made the island rich.

"Taiwan took our chip business from us," he told Businessweek in an interview before the failed assassination attempt on Saturday. "I mean, how stupid are we? They took all of our chip business. They're immensely wealthy."

Taiwan is a semiconductor chip powerhouse. It produces 92% of the world's most advanced microchips, according to the US-based Semiconductor Industry Association.

In 2021, Taiwan's chip industry generated $137 billion in output and accounted for nearly 25% of total global chip sales, according to the US International Trade Commission in a November report.

Taiwan's chipmakers benefit US companies. TSMC is the world's largest contract chipmaker: The company supplies chips to end users in America like Apple, which uses them in their consumer products. AI chipmaker Nvidia is also a big TSMC customer.

However, Beijing claims self-governed Taiwan as its own territory and has been stepping up military activity around the island in recent years. That has sparked fears of a Chinese invasion of the island that could majorly impact the global economy and chip supply.

The US is ramping up chip manufacturing at home to diversify some of its chip supply from Taiwan with the $52 billion CHIPS for America Act that was signed into law by President Joe Biden in August 2022.

The US is still obliged by law to protect Taiwan by providing the island with military means to defend itself.

"I think, Taiwan should pay us for defense," Trump told Bloomberg. "You know, we're no different than an insurance company. Taiwan doesn't give us anything."

Taiwan-listed shares of chip powerhouse Taiwan Semiconductor Manufacturing Company stock fell as much as 3% on Thursday following Trump's complaints.

In response to Trump's statement, Taiwanese Premier Cho Jung-tai said on Thursday that the US and Taiwan maintain a good relationship and that Taipei has strengthened its defense budget.

"We are willing to take on more responsibility to defend ourselves and ensure our security," Cho said at a scheduled press conference.

China probably hasn't decided if it prefers Trump or Biden

It's not the first time Trump has complained about Taiwan's dominance in the chip business. Last July, he also griped to Fox News about the same issue.

"Remember this, Taiwan took our business away. We should have stopped them, we should have taxed them, tariffed them," he said at the time.

China earlier highlighted the US' potential turnaround from Biden's stance that the US would come to the defense of Taiwan if it's attacked.

"The United States always pursues 'America First,' and Taiwan may change from a 'chess piece' to a 'discarded piece' at any time," said Chen Binhua, a spokesman for China's Taiwan Affairs Office in January.

But it's likely China has not decided whether it would prefer a Biden or Trump presidency, wrote Yun Sun, a nonresident fellow at the Brookings Institution, on May 31.

After all, Trump's first term saw his administration lifting US government rules restricting interactions between American and Taiwanese officials — a deepening of their relationship.

"China doesn't believe Trump wanted a war with China over Taiwan, but they do see his indulgence of his team on Taiwan as the result of his overall 'maximum pressure' campaign to force China to cave on other fronts, such as trade," wrote Sun.

• The UK and the Netherlands will see a decline in millionaires by 2028, per a new UBS report.
• Both countries saw an influx of millionaires from people choosing to move there.
• The millionaire decline continues a larger trend of nomadic wealth around the globe, per UBS

Most developed countries are set to gain more wealthy people in the next five years — with two big outliers.

UBS tracked 56 countries for its annual wealth report, released last week. The financial services firm found that 52 of them will add millionaires by 2028. Some countries, like Taiwan, will gain as many as 50% more millionaires during that time.

But the United Kingdom and the Netherlands make "notable exceptions" on this list, per UBS, because both are forecasted to lose millionaires.

The UK and the Netherlands had attracted "nomadic wealth" — people who chose to move to those countries, rather than those who made their money locally — wrote Paul Donovan, chief economist at UBS Global Wealth Management, in an email to Business Insider.

"Wealth has become more mobile in several parts of the world, as a function of numerous push and pull factors," Donovan said. "If more millionaires are changing location, then those economies which are disproportionately attractive for nomadic wealth are also more vulnerable to movements in that nomadic wealth."

The UK's three million millionaires put it third among countries with the highest number of millionaires last year, as measured in US dollars, per UBS.

That's "more millionaires than there should be, given the size of the economy," Donovan said at a media event on July 10.

However, UBS forecasts this number to decline by 17% by 2028. The loss continues a trend: The UK lost 16,500 millionaires between 2017 and 2023, per immigration consultancy Henley & Partners. Some millionaires have been leaving the UK in search of better taxes and more stable, business-friendly politics, while others were hit by sanctions against Russia.

The UK is changing a longtime millionaire-friendly tax policy that effectively allowed foreign wealth to be earned tax free. The tens of thousands of UK residents who qualify as "non-dom" filers are now set to eventually pay taxes on their foreign earnings, a major disruption for the wealthy elite. Alternative ports of call for this group of millionaires will likely include Paris, Dubai, Sydney, and the Italian Riviera, per Henley & Partners.

The Netherlands also similarly holds an outsize number of wealthy residents: over 1.2 million millionaires, which is about the same as Italy and Spain but with a smaller economy than its peers. UBS forecasts the country's millionaire count will go down 4% by 2028.

From 2013 to 2023, the Netherlands' millionaire number jumped 32%, according to data provided to BI by Andrew Amoils, head of research at New World Wealth.

The "growth rate there has been good, especially compared to [the] UK," Amoils told BI.

Geopolitical instability in Europe, marked by the rise of far-right parties and potential conflicts, has made wealthy individuals seek alternative residence options through investment migration programs. In recent months, applications have spiked nearly 60% for such programs, a spokesperson for Henley and Partners told Business Insider. These programs offer residence rights or citizenship in exchange for significant financial contributions.