American Airlines Reinstates Annual Forecast, Sees Wide Range
Possible scenarios range from an adjusted loss of 20 cents a share to a profit of as much as 80 cents, American Airlines said Thursday in a statement, with a mid-point of 30 cents. American also forecast a third-quarter loss that exceeds analyst estimates.
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USA Today
a few seconds ago
- USA Today
Trump accounts are a 'backdoor for privatizing Social Security,' Treasury secretary says
"In a way, it is a backdoor way for privatizing Social Security," Treasury Secretary Scott Bessent said of new $1,000 accounts for newborns that passed in President Trump's "Big, Beautiful Bill." WASHINGTON ― Treasury Secretary Scott Bessent touted new savings accounts for American babies included in President Donald Trump's recently approved megabill as a "backdoor for privatizing Social Security." Bessent, speaking July 30 at a policy event hosted by Breitbart, hailed so-called "Trump accounts" for American newborns that passed in Trump's "Big, Beautiful Bill" as an innovative way to get more Americans to take part in the financial system, increase financial literacy and build their retirement savings. Under the program, American children born this year through 2028 are eligible for a one-time $1,000 contribution from the federal government per toddler into a mutual fund or index fund that is tied to the performance of the stock market. "In a way, it is a backdoor way for privatizing Social Security," Bessent said. "Social Security is a defined benefit plan paid out ‒ that to the extent that if all of a sudden these accounts grow, and you have in the hundreds of thousands of dollars for your retirement, that's a game-changer." 'Trump accounts' for babies? Why the White House is pushing cash for kids Trump's megabill ‒ which the president signed into law on July 4 after it cleared Congress with only Republican support ‒ extended Trump's 2017 tax cuts, ended taxes on tips, allocated billions in border-wall funding and cut Medicaid and food stamp benefits, among other new policies including the "Trump accounts." The new law did not make changes to Social Security, which the president vowed to protect. Democrats have long accused Republicans of aiming to privatize Social Security, a New Deal era welfare program that provides benefits for seniors and Americans with disabilities. In 2005, President George W. Bush proposed a plan that would have allowed Americans to invest a portion of their Social Security tax payments into the stock market, but the overhaul failed to gain traction in Congress. The Trump baby accounts are expected to become available next July. Parents can also contribute up to $5,000 annually to the tax-deferred account to be invested in a diversified fund that tracks a U.S.-stock index. Qualified withdrawals, including for education expenses or credentials, a down payment on a first home or as capital to start a small business, are taxed at the long-term capital-gains rate. Big Beautiful Bill 101: What you need to know about the new law There are no income requirements and everyone is eligible, as long as the child is a U.S. citizen, and both parents have Social Security numbers. Money from "Trump accounts" can't be withdrawn until the beneficiaries turn 18 years old. Bessent recounted recently talking to construction workers at a gas station who were purcashing $20 lottery tickets. "I was sitting there thinking ‒ and I tell them ‒ the best thing you could do is save that $20. Now with these (Trump) accounts, they can be part of the system," Bessent said. "What if they had put that money in the S&P or in Bitcoin, or anything? We are making people part of the system. We are increasing financial literacy." Reach Joey Garrison on X @joeygarrison.
New York Times
2 minutes ago
- New York Times
Trump Executive Order Ends Tariff Exemption on Imports Less Than $800
President Trump on Wednesday ordered the end of a policy that has allowed billions of dollars of low-value imports to enter the United States without paying tariffs. In May, he eliminated the exemption for inexpensive goods from China, which had been the largest source of such shipments. His executive order signed on Wednesday ends the 'de minimis exemption' for goods from the rest of the world. The policy allowed goods worth under $800 to enter the country without paying duty, and the shipments did not require the sender or recipient to complete detailed customs paperwork. As of Aug. 29, such shipments will be subject to the tariff placed on their country of origin. Mr. Trump said the loophole had been used to 'evade tariffs and funnel deadly synthetic opioids as well as other unsafe or below-market products that harm American workers and businesses into the United States.' De minimis shipments from China have ballooned in recent years, as American consumers bought billions of dollars of inexpensive goods from online retailers like Shein and Temu. More than 60 percent of de minimis shipments in 2021 came from China and Hong Kong, according to a U.S. Customs and Border Protection report. Mr. Trump's order said the volume of de minimis shipments entering the United States surged to over 1.36 billion shipments last year from 134 million shipments in 2015. U.S. Customs processes on average over 4 million de minimis shipments each day, the order added. After Mr. Trump ended the de minimis exemption for Chinese goods, express carriers like FedEx and UPS reported a steep decline in shipments from the country. UPS's chief executive, Carol Tomé, said Tuesday that increased tariffs and the elimination of the exemption had caused the daily volume of China-to-U.S. shipments to plunge 35 percent in May and June, compared with the same period a year ago. The sweeping tax and domestic policy bill passed by Congress repealed the exemption for all countries in 2027, but Mr. Trump's order eliminates the loophole much sooner.
NBC News
4 minutes ago
- NBC News
Trump ends de minimis exemption for global low-cost goods
President Donald Trump on Wednesday signed an executive order ending the de minimis trade loophole for low-value packages shipped from all countries. The order, which takes effect August 29, will subject any shipments of imported goods into the U.S. worth $800 or less to duties, the White House said. Any goods shipped through the international postal network will be subject to tariff rates based on the value of the package and its country of origin. The move comes after Trump in May shuttered the de minimis loophole for goods from China and Hong Kong. A federal trade court on Monday declined to block Trump's de minimis ban, even after an auto parts retailer argued the action was unlawful and threatened its business. Use of the de minimis provision has exploded in recent years as online shopping has become more prevalent. Ultra-cheap online retailers such as Temu and Shein have used the loophole to ship packages to American shoppers directly from China duty-free. Shares of PDD Holdings, the parent company of Temu, dipped lower following the announcement. The Trump administration has sought to close the loophole, calling it a 'big scam' that hurts U.S. businesses. Officials have said de minimis facilitates shipments of fentanyl and other illicit substances, saying the packages are less likely to be inspected by customs agents. The volume of de minimis shipments has skyrocketed to 309 million units so far this fiscal year, up from 115 million for all of last year, the White House said.
