Vietnam Still Finalizing Trade Deal Already Announced by Trump
Trump said Wednesday the two sides agreed a deal that will see the US impose a 20% tariff on Vietnamese exports, with a 40% levy on any goods deemed to be transshipped through the country. Vietnam had agreed to drop all levies on US imports, he said.
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Why hosting a July Fourth pool party may cost less this year
NEW YORK (AP) — Americans have one more reason to celebrate this Fourth of July: getting all the gear needed to host a pool party costs less than it has in years, according to a market research company's preliminary data. The total price to buy beach towels, a beverage cooler, bathing suits and other accoutrements of summer fun averaged $858 in June, the lowest amount for the month since 2020, consumer data provider Numerator said in an analysis prepared for The Associated Press. The finding from the firm's seasonal snapshot comports with broader economic measures indicating that U.S. consumers so far have not seen major impacts from President Donald Trump's vigorous application of tariffs on foreign goods. Feeding those pool party guests may cost more, however. Wells Fargo's Agri-Food Institute estimates that consumers will pay $130, or 2.2% more than last year, for enough food and beverages to feed 10 people at a classic July 4 cookout. Numerator, which tracks U.S. retail prices through sales receipts, online account activity and other information from a panel of 200,000 shoppers, did not include food in its analysis for the AP. To see how prices are shaping up for the summer, the company looked at the average purchase price for 16 seasonal items typically made in China. Along with four towels, a cooler and bathing suits for two adults and a toddler, the hypothetical shopping list for a poolside gathering included a grill, four patio chairs, four cushions, a patio umbrella and four outdoor pillows. Recreation supplies included a cornhole set, two pairs of swim goggles, a set of diving rings, two beach balls and two pool floats or noodles. Leo Feler, Numerator's chief economist, offered a few theories for why buying all that stuff cost 11% less last month than it did in June 2023, when the average cost reached a high of $966, and 8.4% less than it did in June 2024. Wholesale suppliers and retailers that order from Chinese manufacturers may have imported too much stock while trying to stay ahead of high tariff bills, Feler said. As declining consumer confidence measures pointed to the possibility of weak sales, those businesses might have offered early discounts rather than risking their merchandise going unsold, he said. Given wide swings in Trump's trade posture toward China, retail vendors may have decided to absorb any initial tariff costs instead of trying to figure out how much more to charge their business customers, Feler said. The tariff rate on Chinese products soared to 145% in April before China and the U.S. reached a deal last month that brought the overall rate down to 55%. Suppliers often work on six-month contracts that are signed in January or February and again in June or July. That means many contracts for patio tables and chairs, for example, were signed before the White House included metal furniture in the aluminum or steel products that would be subject to a 25% tariff that went up to 50% last month. Customers who want to buy a new set of beach towels or to replace an old cooler still might want to hold off until August since prices will get lower in late summer, Feler said. But waiting until next year may prove costly, if the tariffs on products from China remain in place, he said. Just because outfitting a backyard for a pool party might be comparatively less expensive right now, many economists and retail industry analysts still expect consumers to feel the weight of Trump's favorite trade negotiation tool. Shoppers are likely to see higher prices for back-to-school items starting in July and August, according to Feler. The time it's taking for the extra taxes on imports to reach stores could turn out like the pandemic-induced supply chain disruptions that contributed to U.S. inflation in 2021 and 2022. 'It wasn't like there was a sudden surge," Feler said. "It was a few prices increased here, then a few more prices, and a few other prices, and a couple more prices. And it started gaining speed.' Food prices tend to be more volatile than the prices of other retail goods. The cost of beef is up 7.4% over last year due to limited supplies of cattle, but chicken prices are up just 1%, Wells Fargo said. Cherry tomato prices are up 3.7% as the Trump administration prepares to put a tariff on Mexican tomato imports later this month. But prices for watermelon and strawberries are down. Datasembly, a price tracking firm, said a 12-pack of soda will cost 8.85% more this year. Tariffs on imported aluminum have raised the price of cans. Wells Fargo suggested consumers opt for a 2-liter bottle of soda instead, which costs 2% more than last year.
Yahoo
10 minutes ago
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Trump's ‘big, beautiful bill' passes Congress with 90% odds of U.S. debt exceeding $38T
Trump's 'big, beautiful bill' passes Congress with 90% odds of U.S. debt exceeding $38T originally appeared on TheStreet. The House of Representatives passed President Donald Trump's flagship "big, beautiful bill" in a vote of 218–214 on July 3. The bill, which contains sweeping tax cuts, will next be sent to Trump's desk for him to sign. As per Kraken, Bitcoin was trading at $109,886.34. Ethereum was trading at $2,592.64, XRP was trading at $2.28, and Solana was trading at $151.77. Nearly all the leading cryptocurrencies were in the green following the passage of the bill in the Congress. Though Trump has pursued an aggressive pro-crypto agenda since entering the White House for the second term in January, his flagship "big, beautiful bill" has drawn criticism from many of his supporters, including crypto billionaires. Elon Musk, who once supported cryptocurrencies such as Bitcoin, criticized the bill for allegedly raising the debt ceiling by $5 trillion. In response, Trump indicated Musk's criticism of the bill has to do with the administration's stance on electric vehicle (EV) mandate. Musk's Tesla (Nasdaq: TSLA) is the leading EV maker in the U.S. that also holds more than $1 billion on its balance sheet. Brian Armstrong, the billionaire CEO of the Coinbase (Nasdaq: COIN) crypto exchange, has also warned that the failure of Congress to address the burgeoning national debt could lead to Bitcoin becoming the world's reserve currency. Though it might seem rather odd for a crypto billionaire to be cautious of Bitcoin's growing adoption, Armstrong said: "I love Bitcoin, but a strong America is also super important for the world. We need to get our finances under control." On the crypto-based prediction market Polymarket, more than 90% of the traders have bet on national debt surpassing $38 trillion in 2025. The total crypto market cap stood at $3.39 trillion at the time of writing. Trump's 'big, beautiful bill' passes Congress with 90% odds of U.S. debt exceeding $38T first appeared on TheStreet on Jul 3, 2025 This story was originally reported by TheStreet on Jul 3, 2025, where it first appeared.
Yahoo
10 minutes ago
- Yahoo
Cardano's ADA Rises as Altcoin Trading Volume Surges Amid Broader Rally
Cardano's native token (ADA) rose more than 6% over the past 24 hours as trading volume spiked overnight amidst a broader crypto rally. Market analysts remain divided on ADA's short-term prospects. While some point to a potential bullish reversal with targets around $0.70-$0.72, others note bearish on-chain metrics, including declining active wallets and substantial exchange outflows. The broader economic landscape continues to influence crypto markets, with President Trump's firm stance on tariffs creating additional uncertainty. As July unfolds, investors are closely monitoring both technical indicators and macroeconomic developments that could determine whether ADA's recent volatility represents the beginning of a recovery or merely a temporary bounce. The asset established a strong uptrend, reaching a peak of $0.611 at 08:00 UTC, marking a 5.69% increase from the period's opening price of $0.578, according to CoinDesk Research's technical analysis data. High volume support emerged around the $0.590 level during the 05:00 UTC hour when buying pressure propelled ADA upward on above-average volume of 48 million. The subsequent pullback found resistance at $0.609 during the 12:00 hour with elevated volume of 81.6M, suggesting profit-taking after the rally. During the 60-minute period from July 3, 14:50 to 15:49 UTC, ADA experienced significant downward pressure, declining from $0.599 to $0.589, representing a 1.7% loss. A sharp sell-off occurred at 15:35 when the price plummeted to $0.589, accompanied by an extraordinary volume of 7.5M, establishing a clear support zone. The asset attempted recovery between 15:36 and 15:42 UTC, forming a minor consolidation pattern around $0.591, but failed to sustain momentum as selling pressure resumed. The final minutes showed signs of potential reversal with price bouncing from the session low of $0.588 to close at $0.589, suggesting possible exhaustion of short-term bearish momentum. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
