Trump Visits Scotland to Meet UK, EU Leaders, Says Odds of US-EU Trade Deal Are 50–50
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CNBC
5 minutes ago
- CNBC
Luxury carmakers flag combined costs of $889 million as U.S. tariffs bite
Luxury automakers Porsche , Mercedes-Benz Group and Aston Martin on Wednesday each laid out the painful impact of U.S. President Donald Trump 's trade war — to the tune of a combined $889 million blow. German sportscar manufacturer Porsche said U.S. import tariffs resulted in a 400-million-euro ($462 million) hit in the first six months of the year, while domestic peer Mercedes-Benz Group warned of a tariff effect of roughly 370 million euros in the second quarter. British luxury carmaker Aston Martin also issued a profit warning, citing the impact of U.S. tariffs and weak Chinese demand. The London-listed company, famed for both featuring in the iconic James Bond movies and for its history of financial ups and downs, said the "evolving and disruptive U.S. tariff situation was unhelpful to our operations" through the June quarter. Collectively, the luxury carmakers warned of combined costs exceeding 770 million euros, or $889 million, from U.S. tariffs. The flurry of corporate earnings has been reaffirming the impact of the Trump administration's trade measures on Europe's auto giants. The White House in April raised tariffs to 27.5% on European Union auto imports, seeking to protect and strengthen the U.S. automotive sector. Several carmakers have since sounded the alarm , particularly given the high globalization of supply chains and the heavy reliance on manufacturing operations across North America. European auto industry groups welcomed news of a U.S.-EU framework trade agreement earlier in the week, while simultaneously expressing deep concern about the costs linked to the new tariff reality. 'Not a storm that will pass' The agreement brokered on Sunday means the Trump administration will impose a blanket tariff of 15% on most EU goods. It represents a significant reduction from Trump's threat to levy charges of 30% from Aug. 1 and almost halves the existing tariff rate on Europe's auto sector. "We continue to face significant challenges around the world. And this is not a storm that will pass," Oliver Blume, chairman of the executive board of Porsche, said in a statement out Wednesday. "The world is changing dramatically – and, above all, differently to what was expected just a few years ago. Some of the strategic decisions made back then appear in a different light today." Shares of Porsche rose 2.4% on Wednesday morning, while Mercedes-Benz Group dipped 1.5% and Aston Martin fell more than 2%.
Newsweek
5 minutes ago
- Newsweek
Nationwide McDonald's Boycott Planned For August 1: What to Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A nationwide boycott of McDonald's, organized by the People's Union USA, is scheduled to begin August 1 and last throughout the month, with the group calling for Americans to halt spending at the fast food giant. Newsweek has reached out to McDonald's and to the People's Union USA's founder, John Schwartz via email for comment. Why it Matters This is the latest in a series of consumer-led economic boycotts, which have been organized following the reelection of President Donald Trump back in January. This action has been spearheaded by progressive groups who have expressed a number of concerns over issues including company tax avoidance and workers' rights, in addition to backlash over companies scaling back diversity hiring commitments. What To Know The planned boycott of McDonald's in August was announced by John Schwarz, founder of The People's Union USA, via Instagram. McDonald's branch on June 13, 2025 in Gloucester, England. McDonald's branch on June 13, 2025 in Gloucester, grassroots movement has previously organized boycotts against Amazon, Walmart, Target and has spearheaded nationwide 24-hour 'economic blackouts.' Schwartz has more than 500,000 followers on Instagram, and more than 360,000 on TikTok. The August initiative aims to withhold consumer spending at McDonald's for the entire month, alongside similar actions targeting Walmart and Lowe's. The mission statement from The People's Union USA states: "We are not a political party. We are not a protest. We are a movement of people, organizing to take back control of our economy, government and future of our country." McDonald's is the world's largest restaurant chain with an estimated 68 million daily customers. It's not the first time that the People's Union USA has organized a boycott of McDonald's, and it's not the only organization boycotting the fast food chain. The pro-Palestinian Boycott, Divestment, Sanctions (BDS) movement has been boycotting the company since late 2023. McDonald's has faced criticism over the past year, due to the company's decision to scale back its diversity, equity, and inclusion (DEI) initiatives. Earlier this year, The People's Union USA published a list of core grievances with each targeted company to its website. The list was largely centered around tax avoidance, conditions of workers and general monopolistic practices. McDonald's was included in the list for alleged "tax avoidance and known lobbying against wage increases," issues that have in recent years resulted in criticism of the company, in addition to legal consequences. What People Are Saying John Schwarz, founder of The People's Union USA, in a video posted to Instagram in late May: "Economic resistance is working. Target, Walmart and Amazon are all feeling it, talking about it. They are talking about the boycotts. They are talking about The People's Union USA. My friends, we are fighting for these corporations to finally pay their fair share of federal income taxes to alleviate that from the American worker. We are also fighting for these companies to hold manufacturers and themselves to a reasonable profit margin cap and equality across the board." What Happens Next The People's Union USA's boycott of McDonald's is scheduled to begin on August 1 and last through the end of the month.
Newsweek
5 minutes ago
- Newsweek
Republicans Passed the One Big Beautiful Bill to Secure Our Borders—Here's What We Must Do Next
Advocates for ideas and draws conclusions based on the interpretation of facts and data. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The One Big Beautiful Bill Act was the product of many months of hard work by Congress and the unwavering leadership of President Donald Trump and Speaker Mike Johnson. The legislation stands as a landmark achievement, and it represents a sea change for border security and immigration enforcement. That change is long overdue, particularly as we work to undo the devastation of the Biden-Harris border crisis. President Donald Trump and Speaker of the House Mike Johnson speak to members of the media at the U.S. Capitol on May 20, 2025, in Washington, D.C. President Donald Trump and Speaker of the House Mike Johnson speak to members of the media at the U.S. Capitol on May 20, 2025, in Washington, the turnaround are historic investments in Customs and Border Protection (CBP) and Immigration and Customs Enforcement (ICE). Among other achievements, Republicans approved more than $46 billion to finish construction of the strategic border barrier system, $45 billion to expand ICE's ability to detain illegal aliens, and approximately $35 billion to recruit, hire, and retain thousands more CBP and ICE officers, agents, and support personnel. But the work to ensure long-lasting border security and interior enforcement is far from over. While Republicans maintain majorities in Washington, we must advance the ball even further. There are three key areas in which we still have a long way to go—but the path is clear. First, we must act quickly to codify President Trump's executive orders. As we learned when President Joe Biden took office and ended essentially every effective border security and enforcement policy of the first Trump administration, executive actions can be undone—sometimes with devastating consequences. If we want the policy wins of the second Trump administration to be guaranteed for future generations, we must turn those executive orders into law. The reconciliation process allowed us to secure many key victories, but the rules of that process also prevented us from enacting policy changes without a clear fiscal impact. That means there are numerous reforms still on the table demanding our attention and action. For starters, to prevent future abuse of our immigration laws and protect our families and communities from the scourge of the fentanyl crisis, we must advance and expand upon the policies put forward in H.R.2, the Secure the Border Act, a historic border security and immigration reform bill that passed the House last Congress but was ignored by the Democrat-led Senate. Some of those reforms include explicitly prohibiting mass parole and nationality-based parole programs, closing asylum and catch-and-release loopholes, expanding expedited removal, cracking down on visa overstays, and expanding grounds for inadmissibility. The American people support such strong measures. They resoundingly endorsed these policies in the 2024 election after President Trump ran on a platform of mass deportations. Poll after poll shows continued support for that platform, despite increasingly outrageous Democrat rhetoric. Second, Republicans need to ramp up our investigative and accountability efforts, starting with looking deeply into the Biden-era officials who crafted, implemented, and defended the unlawful open-borders policies that caused untold harm to our nation. The burgeoning "auto-pen" scandal of the Biden administration—which casts into doubt whether President Biden was of sound mind and personally responsible for many of the policy decisions of his administration, even from its earliest days—sparks some troubling questions. Chief among these is how many of the radical policy decisions on border security and immigration enforcement were driven not by the president, but by others in the White House who saw the opportunity to systemically undermine longstanding U.S. immigration law in pursuit of open-borders, anti-enforcement policies? We have already identified a number of individuals involved in the Biden transition team and the administration that played a role in this crisis, and we must aggressively expand our investigation into them and pursue accountability where we can. Third and finally, we need to hold accountable the nongovernmental organizations (NGOs) that helped facilitate the Biden-Harris administration's border crisis. The House Committee on Homeland Security has devoted substantial time and effort into uncovering how these NGOs served as a conduit for illegal immigration under the previous administration, often to their own substantial financial benefit. A few weeks ago, we sent a letter to more than 200 NGOs suspected of providing services and benefits to illegal aliens, seeking information about how these groups have used federal taxpayer dollars. We need to expand these probes, and as chairman of the Committee's Border Security and Enforcement Subcommittee, I fully intend to do so. No organization should be allowed to subvert or undermine U.S. laws, and they most certainly should not be doing so with taxpayer money. Unfortunately, that is exactly what happened under Joe Biden and Kamala Harris, and we need to not only prevent further abuse via legislative solutions but also demonstrate that those who do will answer for their actions. This is a bold agenda for the House Republican conference and the House Committee on Homeland Security. But the American people have spoken unequivocally. Just like President Trump, they want the border secured, illegal aliens removed, and their communities made safe. They also want accountability for the harm caused to our country and a firm commitment to advancing President Trump's proven border security agenda. We must show that we are up to the task. Congressman Michael Guest is the chairman of the House Homeland Security Subcommittee on Border Security and Enforcement and is currently serving his fourth term as the U.S. representative for Mississippi's 3rd Congressional District. The views expressed in this article are the writer's own.
