Big Take: Is Trump's Trade War Strategy Working?
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Newsweek
a minute ago
- Newsweek
Trump Approval Rating Jumps Double Digits With Hispanics in a Month: Polls
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. President Donald Trump's approval rating among Hispanics has jumped 10 points in a month, polls from The Economist and YouGov show. Why It Matters Trump has routinely touted positive approval ratings and polling. Declines in these numbers could hinder his political clout in an already highly polarized climate as the 2026 midterms approach. When Trump returned to the White House in January, he coasted in with high approval figures. But after months marked by economic uncertainty and criticism that his administration has faced over policies like his handling of immigration and recent "big, beautiful bill," Trump has seen a dip. The up-and-down nature of approval polls can paint a picture of the landscape heading into the 2026 elections, where Democrats hope to regain control of the House and the Senate. What To Know Hispanic voters were among the key groups who proved important in securing Trump's victory in the November election. The demographic has generally leaned Democratic, but Trump increased his share of the Hispanic vote from 16 percent in 2016 to 42 percent in 2024. In the poll on Tuesday, the president's approval rating among Hispanics is 36 percent. His overall approval rating is 41 percent, and his disapproval rating is 55 percent. The poll was taken from August 1 to August 4 among 1,702 U.S. adults, with a 3.3 percent margin of error. In previous weeks, the president's approval rating with the key voting bloc was lower and hit 26 percent in a poll taken from July 4 to July 7. That poll surveyed 1,528 U.S. adults and had a 4 percent margin of error. Trump's recent overall approval ratings have taken a hit as he dipped to second-term lows or near lows. President Donald Trump speaks to the media as he departs the White House on August 1 in Washington, D.C. (Photo by) President Donald Trump speaks to the media as he departs the White House on August 1 in Washington, D.C. (Photo by) What People Are Saying Political analyst and Florida Atlantic University professor Craig Agranoff told Newsweek via text message Tuesday: "The 10% jump in President Trump's approval rating among Hispanics, as reported in the YouGov poll, is indeed surprising given the context of intensified ICE raids and the administration's hardline immigration policies, which have historically alienated many in this demographic. "This shift likely reflects a complex interplay of factors, including economic optimism among some Hispanic voters, particularly those who see benefits from Trump's tariff policies or infrastructure initiatives, and a growing acceptance of his deportation rhetoric among a subset concerned about border security. It's also possible that the poll captures a momentary fluctuation rather than a durable trend, as Hispanic voters remain a diverse group with varying priorities. While unexpected, this doesn't necessarily contradict past patterns where Trump has occasionally gained ground with Hispanics on specific issues, even as his overall support wavers." Dillard University professor and political analyst Robert Collins told Newsweek, also via text message, on Tuesday: "It is not a surprise. Many Hispanics are social conservatives and they agree with his aggressive attacks on anything they consider 'woke.' They agree with his removal of transgender members of the military, his position on abortion, and his closing the border. This is especially true of third and fourth generation Hispanics. Hispanic families who have been in the US for several generations are more likely to be anti-immigration than those whose families are more recent immigrants." What Happens Next Further polling will reveal whether the dramatic increase in Hispanic approval is sustainable or subject to reversal, especially as ongoing debates over the economy, immigration and cost of living continue to shape public perception. If Trump and the Republicans maintain or build on these gains, the impact could be decisive in battleground districts and influence policy strategies leading into 2026.
CNBC
a minute ago
- CNBC
Rivian loss bigger than expected on higher costs, lower credit income
Rivian Automotive reported a higher-than-expected quarterly loss on Tuesday as disruption in supply of rare earth metals used to make parts of its electric vehicles raised costs and income from credits sold to traditional automakers dwindled. China's curbs on the export of heavy rare earth metals — essential components for motors — sharply increased material costs and disrupted supply chains, driving up the cost of EV production in the U.S. The company reported an adjusted loss per share of 80 cents for the second quarter, compared with analysts' average estimate of 65 cents, according to data compiled by LSEG. Rivian also flagged a bigger adjusted core loss this year, expecting it to between $2 billion and $2.25 billion, compared with $1.7 billion to $1.9 billion previously forecast. The company largely blamed a tapering in the value of U.S. regulatory credits for the higher loss estimate. President Donald Trump administration's elimination of penalties for automakers not meeting fuel economy standards has drastically reduced demand for regulatory credits, which companies like Rivian previously sold to traditional automakers to help them avoid emissions fines. The company delivered 10,661 vehicles in the second quarter, marking a 22% decline from the same period a year earlier, as Rivian limited production to prepare for its 2026 model year launch. Earlier this year, the company slashed its 2025 deliveries forecast to 40,000 to 46,000 vehicles from an initial 46,000 to 51,000, citing U.S. tariffs resulting in cost pressures that dampened demand. The company shut down its plant for a week in the second quarter and will pause production in the second half of 2025 to integrate key production elements and prepare for the R2 SUV launch next year. The $7,500 federal EV tax credit expires at the end of September, eliminating a key competitive advantage that has driven electric vehicle demand, but analysts anticipate a surge in third-quarter sales as consumers rush to purchase EVs before losing access to the incentive. Revenue for the second quarter stood at $1.3 billion, surpassing analysts' average estimate of $1.28 billion, according to data compiled by LSEG. Cash and cash equivalents were $4.81 billion at the end of the June-quarter, compared with $4.69 billion in the preceding three-month period.
a minute ago
Crucial exemption allows majority of Canadian and Mexican goods to be shipped to US without tariffs
TORONTO -- U.S. President Donald Trump raised the tariffs on Canadian goods to 35% last week, but a key exemption for Canada and Mexico shields the vast majority of goods from the punishing duties. Goods that comply with the 2020 United States-Mexico-Canada Agreement trade pact that Trump negotiated during his first term are excluded from the tariffs. Here's a look at Trump's tariffs on the two countries and their exemptions: Canada's central bank says 100% of energy exports and 95% of other exports are USMCA compliant. The Royal Bank estimated that almost 90% of Canadian exports appear to have accessed the U.S. market duty free in April. Canadian Prime Minister Mark Carney said the commitment of the United States to the core of USMCA, reaffirmed again last week, means the U.S. average tariff rate on Canadian goods remains one of its lowest, and over 85% of Canada-U.S. trade continues to be tariff free. 'Canada is better off than any of the trading partners right now because the Americans appear to be relying as a default on USMCA,' said Flavio Volpe, president of the Automotive Parts Manufacturers' Association. 'That gives them the tough tariff headline but also allows them the access to the stuff they need from us. Because of that we're in a relative better position.' Canadian and Mexican companies can claim preferential treatment under the USMCA based on where the products are made. 'The headline news is 35% tariffs but it's somewhat targeted,' said John Manley, Canada's former industry minister, finance minister, foreign affairs minister and deputy prime minister. Manley said Canada is doing okay despite the economic uncertainty. 'There is a lot of resilience I'd say. The Canadian economy has done relatively well, better than most of us expected, and remember that there is no tariffs on any of our energy exports," he said. Trump said last week he would enter into a 90-day negotiating period with Mexico, also one of America's largest trading partners. The current 25% tariff rates are staying in place, down from the 30% he had threatened earlier. But that 25% only applies to the fraction of Mexico's trade with the U.S. that isn't covered by the USMCA. Shortly after speaking with Trump on Thursday, President Claudia Sheinbaum said that within the 'new commercial world order,' Mexico was still the best positioned nation because of the free trade agreement. 'What's within (USMCA) has no tariff, with the exception of what we already know: autos, steel and aluminum; and what is outside the treaty has 25%,' Sheinbaum said. But Economy Secretary Marcelo Ebrard pointed out that under the USMCA no tariffs were paid on more than 84% of Mexico's trade with the United States. Most imports from Canada and Mexico are still protected by the USMCA, but the deal is up for review next year. U.S. Commerce Secretary Howard Lutnick said last month: 'I think the president is absolutely going to renegotiate USMCA." Preserving the free trade pact will be critical for Canada and Mexico. 'It would be an incredible disruption to lose it especially if you lost it to the levels of tariffs Trump is imposing, 30%, 25% or even 20%. You can absorb a single digit tariff level across the board but you can't adjust that kind of increase,' Manley said. More than 75% of Canada's exports go to the U.S. while more than 80% of Mexico's exports go there. Manley said that depending on how the trade war plays out the risk to the USMCA is very high. 'Uncertainty in business is the enemy of decision making," he said. Carney said in a series of recent agreements with other countries that America is, in effect, charging for access to its economy. Manley said the investment thesis for Canada is pretty straightforward as Canada is rich in natural resources, has a skilled labor force, is open to immigration and has unfettered access to the U.S. market, the largest economy in the world. 'If that latter point is no longer the case, we've still got all the others, but we've got to really redevelop the investment thesis for attracting investment to Canada,' Manley said. Trump has some sector specific tariffs, known as 232 tariffs, that are having an impact. There is a 50% tariff on steel and aluminum imports and a 25% tariff on auto imports, though there is a carve-out for Canadian and Mexican made cars. 'Despite our advantages, certain major Canadian industries are being severely impacted by U.S. trade actions. These strategic sectors include autos, steel, aluminum, copper, pharmaceuticals, semiconductors, and of course, softwood lumber,' Carney said Tuesday. 'It is clear we cannot count or fully rely on what has been our most valued trading relationship for our prosperity.'
