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Yahoo
8 minutes ago
- Yahoo
Finance and foreign ministers in Mexico to talk trade ahead of Carney's visit
OTTAWA — Foreign Affairs Minister Anita Anand and Finance Minister François-Philippe Champagne are in Mexico to meet with President Claudia Sheinbaum to talk economic growth, trade and security. Their trip is happening ahead of Prime Minister Mark Carney's planned visit to Mexico to meet with Sheinbaum. The U.S. hit Canada on Friday with a 35 per cent tariff on goods not compliant with the Canada-United States-Mexico agreement on trade, known as CUSMA, while Mexico received a 90-day reprieve from threatened higher levies. CUSMA is scheduled for a mandatory review next year. Ontario Premier Doug Ford called last year for a bilateral trade deal between Canada and the United States because he said Mexico was serving as a back door for Chinese auto parts and vehicles entering the North American market. Anand and Champagne will also meet with Canadian and Mexican business leaders during the two-day trip. This report by The Canadian Press was first published Aug. 5, 2025. David Baxter, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
8 minutes ago
- Yahoo
Caterpillar tariff warning, Yum misses, Marriott cuts outlook
Yahoo Finance Senior Reporter Brooke DiPalma joins Morning Brief with Julie Hyman to share the latest on earnings for Caterpillar (CAT), Yum Brands (YUM), and Marriott (MAR). To watch more expert insights and analysis on the latest market action, check out more Morning Brief. Caterpillar, Brooke, that is talking about, uh, tariff effect on its business. Yeah, AI and everything else here. When you think about Caterpillar, of course, that yellow and black iconic behind the bulldozers, behind construction, you see that stock under pressure in early hours, extended hours here this morning. And what we heard in the presentation that Caterpillar put on their investor website is that tariffs are expected to net incremental tariffs are around 1.3 billion to 1.5 billion. That's expected to hit the company this year. They said that that includes as much as 500 million this upcoming quarter alone. And this is a stock that has been under pressure as we continue to make way into the year as we try to understand what exactly these tariffs mean for these manufacturing companies. The company also did say that those tariffs, they drove up manufacturing costs for the company. That hit profit even as sales volumes remained steady. So it's clearly we're seeing some of the tariff impact show up for these companies. And now keep in mind after that extended deadline, the CEO saying on the call this morning that this is expected to now hit the company come August 7th when that deadline shows up. And, and then, Brooke, also on the earnings front, I know you're watching everything consumer, as you do, uh, what are we hearing on that front in terms of earnings this morning? Yeah, internationally, the consumer does well, but here in the US we're seeing a softening and that was reiterated this morning with both Yum Brands as well as Marriott. This international growth offsetting a slowdown here in the US. And taking a closer look at the US same-store sales growth for Yum Brands, what we saw was an ongoing continuation of Taco Bell really outperforming its peers, KFC and Pizza Hut. What we saw there was Taco Bell was the only sore, uh, only segment of the Yum Brands, uh, business that saw same-store sales up. And then we saw a decline of 5% from both Pizza Hut, as well as KFC here in the US, especially as they really try to drum up excitement. We know that KFC is falling behind the competition when it comes to the chicken business, when it comes to, you know, up and coming competitors as well, like Dave's Hot Chicken among others. And what we saw is in from Marriott International, that they actually cut their full year forecast for revenue growth and profit. They cited a slowdown in demand for travel here in the US, but once again international, they did say that that offset some of the slowdown that we're seeing here.
Yahoo
8 minutes ago
- Yahoo
Trump rules out Bessent as next Fed chair, says may name Powell replacement soon
President Trump said Tuesday morning that the pool of potential nominees to succeed Federal Reserve Chair Jerome Powell is down to four people, and that Treasury Secretary Scott Bessent will not be nominated for the role. "The two Kevins are doing well, and I have two other people that are doing well," Trump said in an interview with CNBC on Tuesday. The "two Kevins" are in reference to former Fed governor Kevin Warsh and Kevin Hassett, director of the National Economic Council. Asked about Fed Governor Chris Waller and Secretary Bessent, Trump didn't deny that Waller was among the four possible replacements for Powell, but did say that Bessent does not want the job. "I love Scott, but he wants to stay where he is," Trump said. Trump said he may make the decision to announce Powell's replacement "soon," also noting that Fed governor Adriana Kugler is set to leave her post at the end of week and that a nominee for that opening could be announced in the coming days. Asked whether a Kugler replacement could eventually be nominated to replace Powell as Fed chair, Trump said, "that's a possibility, too." Kugler's term as a governor was set to expire on Jan. 31, but she announced last week she will resign on Aug. 8, opening a spot on the Federal Reserve Board for the president to fill. Kugler, who has served as a Fed governor since Sept. 13, 2023, will return to Georgetown University as a professor this fall. Warsh has experience navigating the central bank, serving as Fed governor from 2006 until 2011; Warsh was former Fed Chair Ben Bernanke's liaison to Wall Street during the chaos of the 2008 financial crisis. He is also a known figure to Trump, who interviewed him for the Fed chair post eight years ago before deciding to nominate Powell. Trump nominated Powell to serve as Fed chair in 2017 at the direction of then-Treasury Secretary Steven Mnuchin. Powell's first term as Fed chair began in Feb. 2018. Former President Biden reappointed Powell to another four year term which started in 2022. Powell's current term as Fed chair is set to expire next May. The White House also hopes that Powell will decide to leave the Fed Board of Governors when his chairmanship is up next year, which would open up a second seat Trump can fill. Powell has not yet said whether he intends to do that; his term as a Fed governor is not up until 2028. Warsh has been critical of the Fed of late, suggesting that the Fed could look through inflation related to tariffs because they'd be a one-time increase. He's also argued that the costs involved in renovating the Fed's headquarters represent one of several examples of how the Fed "has lost its way" and that the American people "need a reformer to fix" the institution and rebuild its credibility. "Frankly, it's about breaking some heads," he said on Fox Business last month, calling for "regime change" at the central bank. Hassett, meanwhile, already has a close relationship with Trump, given that he advises the president on economic policy and also served in the first Trump administration. Earlier in the year, Hassett said he was more focused on the 10-year Treasury yield than on any quick monetary policy changes at the Federal Reserve. While the Fed has greater influence on short-term Treasury yields, longer-term yields are influenced by a range of factors outside the Fed and the 10-year holds sway over mortgage rates that more directly weigh on household finances. Recently, Hassett has been more blunt, saying there's no reason why the Fed shouldn't be cutting rates now, something the president has repeatedly hammered the central bank to do. Hassett signaled in an interview Sunday on NBC's Meet the Press that he's open to succeeding Fed Chair Powell if the president chooses him. 'I've been working with the president for about eight years, and, you know, as one of his closest economic advisers, of course, we've talked about the Federal Reserve,' Hassett told NBC. When pressed whether he'd say yes if chosen to be the next Fed Chair, Hassett said, 'we'll have to see if he chooses me.' Meanwhile, Fed Governor Waller — whom the president acknowledged is in the running for chair — dissented at last week's central bank policy meeting along with Fed Governor Michelle Bowman, with both preferring the Fed cut rates by 25 basis rather than keeping interest rates unchanged.
