PBS and NPR defunded. Colbert cancelled. This is silencing political critics.
'Go f--- yourself.'
That was just one of the many 'witticisms' Stephen Colbert had for President Donald Trump and his "Late Show" audience on July 21, his first since breaking the news the show was coming to an end. Not in a year. Not after a farewell tour. Next May. No replacement. No streaming continuation.
Yes, CBS made what it called an "agonizing" business decision to cancel the most-watched show at 11:30 p.m. ET/PT, just days after Colbert mocked the network's parent company for a $16 million payout to Trump.
Colbert thanked CBS but also criticized its anonymous leak to the New York Post that the show loses between $40 million and $50 million a year amid falling ratings and advertising for late-night TV shows. On the one hand, you have those arguing this is simply a case of corporate cost cutting and media evolving. While others are raising the alarm this is a political decision disguised as a financial one.
Both can be – and are – true at the same time.
Ironically, Colbert can trace success to Trump monologues
Before Colbert called his bosses' bosses' settlement with Trump a 'big fat bribe," his "Late Show" monologues have taken direct aim – nightly – at authoritarianism, misinformation, corporate cowardice and Trump for nearly a decade.
One could even argue that he owes his success to Trump, because during his initial months at 'Late Show,' Colbert faltered in the ratings.
In 2017, however, he began to see a surge of success as he got to mock Trump 1.0 in his monologues. Soon his show was No. 1 in late night, a ranking it held for nine straight TV seasons while simultaneously racking up 33 consecutive Emmy nominations.
Colbert became a go-to voice for Trump-resistant Americans who enjoyed their political despair with a side of satire. In many ways, he took up the mantle left by his old boss, Jon Stewart, offering comedic catharsis in chaotic times.
Despite this context, CBS claimed the decision to cancel was purely financial and 'not related in any way to the show's performance, content or other matters happening at Paramount.' According to the company, the show had become too expensive to produce amid shrinking ad revenues and changing viewer habits.
Opinion: Paramount's shameful CBS settlement with Trump deserves congressional scrutiny
CBS is not wrong: Late-night advertising has by some estimates dropped by half since 2018. Anecdotally, I watch a lot of late-night viral clips on my phone, but I can't tell you the last time I watched any late-night television live on my television.
But not everyone's buying the "it's just business" line.
Sen. Elizabeth Warren, D-Massachusetts, called for scrutiny while Sen. Adam Schiff, D-California, who taped the July 17 show when Colbert broke the news, echoed the concern.
The Writers Guild of America issued a statement suggesting the move raises 'significant concerns' about political retribution. There are countless scathing opinion columns, letters to the editor and social media posts containing similar sentiments.
Meanwhile, Trump gloated. He posted on Truth Social, "I absolutely love that Colbert' got fired. His talent was even less than his ratings. I hear Jimmy Kimmel is next."
CBS is part of merger that needs Trump administration approval
CBS is just one part of a massive merger between Paramount Global and Skydance. However, the deal is still pending approval from the Federal Communications Commission, more than a year after the proposed merger was announced.
The chairman of the FCC, Brendan Carr, was appointed by Trump. If you need a clue about whether his loyalties lie with the Constitution or the current occupant of the White House, Carr swapped out an American flag lapel pin for a gold medallion in the shape of Trump's profile just months ago.
When corporations' incentives line up so conveniently with silencing dissent, we should be alarmed. Because both things can be true: The economics of late-night television, and the cultural influence of it, has been changing. And the timing of the settlement combined with the end of the "Late Show" is deeply concerning.
Here is how it appears: The Trump administration made it clear that certain media deals wouldn't get approved unless certain broadcasting decisions were made. That would be the government using its power to punish dissent and influence private business decisions in order for political favor.
Opinion: I wouldn't be a journalist without my college paper. Students deserve that chance.
Jon Stewart warned that comedians will get sent away first
In his 2022 Mark Twain Prize acceptance speech, Jon Stewart warned, 'When a society is under threat, comedians are the ones who get sent away first. It's just a reminder to people that democracy is under threat. Authoritarians are the threat to comedy, to art, to music, to thought, to poetry, to progress, to all those things.'
That's the part that should concern us. The question isn't what happens to Colbert (he will be fine). It's what happens to us: the audience, the public, the people who depend on sharp, fearless voices to cut through the fog.
The federal government defunded NPR and PBS. Now one of the most popular comedians on television is being nudged off the air.
At what point do we stop calling this "just a business decision" and start calling it slow, strategic silencing?
Because when cost cutting trims away the voices willing to laugh at power in real time, what's really being cut is dissent.
And if that's not political, then what is?
Kristin Brey is the "My Take" columnist for the Milwaukee Journal Sentinel, where this column originally appeared.
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Trump tariffs live updates: Trump defends tariffs ahead of court drama as countries race to strike deals
President Trump took to Truth Social again on Thursday to defend tariffs ahead of a case at a US federal appeal court today. He posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Trump also criticized Canada on Thursday via Truth Social after it backed Palestinian statehood, saying the move would make it difficult to strike a trade and tariff deal. Prior to Trump's attack on Canada, the US president unleashed a flurry of deals and trade moves on Wednesday, which included a new pact with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff, according to Trump's post on Truth Social. Trump said the deal also features a $350 billion investment from South Korea in the US, as well as purchases of liquified natural gas and other energy products. Deals were also expected with Thailand and Cambodia after Monday's ceasefire. A deal with Taiwan was also reportedly near. Earlier Wednesday, the president made other moves, including threatening a 25% tariff on goods from India and slapping 50% tariffs on many goods from Brazil. Trump also signed several orders Wednesday: One order imposes 50% tariffs on semi-finished copper products starting Aug. 1, excluding copper crap and input materials. Another ends the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29. The third order targets Brazil with 50% tariffs, but exempts key US imports like orange juice and aircraft parts. Trump reiterated he would not extend Friday's deadline for new tariff levels to kick in. Meanwhile, Treasury Secretary Scott Bessent said on Thursday that the US and China now have "the makings of a trade deal." Also, the US and EU are racing to lock in the final details of their major new trade deal before Friday. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. A list of President Trump's tariff deals and non-deals with trading partners On the eve of President Trump's tariff deadline, trading partners are scurrying to reach a deal before higher tariffs are imposed. Here is a list of the deals which have been reached and the ones still undecided. Europe: Both the US and the EU reached a trade agreement on Sunday, imposing a 15% import tariff on most EU goods and the EU plans to invest some $600 billion in the US. China: The US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay. UK: The UK signed a deal with the US back in May formally lowering some tariffs on cars, steal, aluminum, beef and aerospace products. The UK also agreed to reduce tariffs on US beef and ethanol exports. Japan: Tokyo clinched a trade deal with Washington this month, lowering tariffs to 15% from a previously proposed 25%, including on autos. The deal also includes investment from Japan into the US. Vietnam: The US president announced earlier this month that he had struck a preliminary trade deal with Vietnam, cutting tariffs on imports from the Southeast Asian country to 20% from the 46% level threatened in April. South Korea: Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan. India: On Wednesday Trump threatened a 25% tariff on goods from India. Canada: President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline. Mexico: Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning. Thailand and Cambodia: Deals were also expected with Thailand and Cambodia after Monday's ceasefire. Trump unleashes a flurry of trade surprises on eve of deadline President Trump has unleashed a series of tariff deals and demands on the eve of his Friday deadline, including surprises on India and copper as the US president attempts to create a new global trade order. On Wednesday Trump announced tariffs of 15% on imports from South Korea that matched that of its neighbor Japan, and a 25% levy on imports from India that included criticism of its purchases of Russian energy and weapons. Thailand and Cambodia are also heading towards getting a deal, now that they have agreed to a ceasefire Monday. Trump further shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs. Bloomberg News reports: Read more here. Brazil sees 35.9% of exports to US facing steeper tariff: Sources Reuters reports: Read more here. Trump: Tariffs are making 'America great and rich again' President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. What's in the US-EU trade deal depends on who is doing the talking Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Trump back in court Thursday to defend the tariffs he plans to impose Friday US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. EU wine, spirits to face 15% US tariff from August 1: EU official Reuters reports: Read more here. Trump tariff surprise triggers implosion of massive copper trade Bloomberg reports: The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated. 'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said. Read more here. Lutnick: US made trade deals with Thailand and Cambodia Bloomberg News reports: Read more here. BMW sticks with guidance despite profit drop, Trump's tariffs German carmaker BMW ( maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals. Reuters reports: Read more here. Trump says Canada Palestine support threatens trade deal President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!," Trump wrote on Truth social. The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025. Bloomberg News reports: Read more here. US sets Korea tariff rate at 15% in deal with key supplier The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding. President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote. "Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes." Bloomberg News reports: Read more here. Trump says US has reached trade deal with Pakistan President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves. Trump wrote on Truth Social: Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate. The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia. Powell on tariff-related price increases: Companies will 'cross the street in a group' Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Trump ends tariff break for low-value goods in blow to online retailers President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. Trump signs order to justify 50% tariffs on Brazil President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. Fed's Powell speaks on tariff effects on inflation: 'It doesn't feel like we're very close to the end' Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Trump administration announces 50% tariffs on some copper imports President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters. Trump's trade deals come with few details to flesh out big numbers President Trump has announced a flurry of trade agreements, but many so far are proving light on detail, with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny. Bloomberg reports: Read more here. On the eve of President Trump's tariff deadline, trading partners are scurrying to reach a deal before higher tariffs are imposed. Here is a list of the deals which have been reached and the ones still undecided. Europe: Both the US and the EU reached a trade agreement on Sunday, imposing a 15% import tariff on most EU goods and the EU plans to invest some $600 billion in the US. China: The US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay. UK: The UK signed a deal with the US back in May formally lowering some tariffs on cars, steal, aluminum, beef and aerospace products. The UK also agreed to reduce tariffs on US beef and ethanol exports. Japan: Tokyo clinched a trade deal with Washington this month, lowering tariffs to 15% from a previously proposed 25%, including on autos. The deal also includes investment from Japan into the US. Vietnam: The US president announced earlier this month that he had struck a preliminary trade deal with Vietnam, cutting tariffs on imports from the Southeast Asian country to 20% from the 46% level threatened in April. South Korea: Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan. India: On Wednesday Trump threatened a 25% tariff on goods from India. Canada: President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline. Mexico: Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning. Thailand and Cambodia: Deals were also expected with Thailand and Cambodia after Monday's ceasefire. President Trump has unleashed a series of tariff deals and demands on the eve of his Friday deadline, including surprises on India and copper as the US president attempts to create a new global trade order. On Wednesday Trump announced tariffs of 15% on imports from South Korea that matched that of its neighbor Japan, and a 25% levy on imports from India that included criticism of its purchases of Russian energy and weapons. Thailand and Cambodia are also heading towards getting a deal, now that they have agreed to a ceasefire Monday. Trump further shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs. Bloomberg News reports: Read more here. Brazil sees 35.9% of exports to US facing steeper tariff: Sources Reuters reports: Read more here. Reuters reports: Read more here. Trump: Tariffs are making 'America great and rich again' President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. What's in the US-EU trade deal depends on who is doing the talking Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Trump back in court Thursday to defend the tariffs he plans to impose Friday US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. EU wine, spirits to face 15% US tariff from August 1: EU official Reuters reports: Read more here. Reuters reports: Read more here. Trump tariff surprise triggers implosion of massive copper trade Bloomberg reports: The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated. 'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said. Read more here. Bloomberg reports: The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated. 'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said. Read more here. Lutnick: US made trade deals with Thailand and Cambodia Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. BMW sticks with guidance despite profit drop, Trump's tariffs German carmaker BMW ( maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals. Reuters reports: Read more here. German carmaker BMW ( maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals. Reuters reports: Read more here. Trump says Canada Palestine support threatens trade deal President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!," Trump wrote on Truth social. The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025. Bloomberg News reports: Read more here. President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!," Trump wrote on Truth social. The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025. Bloomberg News reports: Read more here. US sets Korea tariff rate at 15% in deal with key supplier The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding. President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote. "Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes." Bloomberg News reports: Read more here. The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding. President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote. "Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes." Bloomberg News reports: Read more here. Trump says US has reached trade deal with Pakistan President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves. Trump wrote on Truth Social: Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate. The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia. President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves. Trump wrote on Truth Social: Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate. The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia. Powell on tariff-related price increases: Companies will 'cross the street in a group' Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Trump ends tariff break for low-value goods in blow to online retailers President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. Trump signs order to justify 50% tariffs on Brazil President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. Fed's Powell speaks on tariff effects on inflation: 'It doesn't feel like we're very close to the end' Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Trump administration announces 50% tariffs on some copper imports President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters. President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters. Trump's trade deals come with few details to flesh out big numbers President Trump has announced a flurry of trade agreements, but many so far are proving light on detail, with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny. Bloomberg reports: Read more here. President Trump has announced a flurry of trade agreements, but many so far are proving light on detail, with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny. Bloomberg reports: Read more here.
Atlantic
12 minutes ago
- Atlantic
Why Trump Broke With Bibi Over the Gaza Famine
A few weeks ago, President Donald Trump and Israeli Prime Minister Benjamin Netanyahu each gave the other something of great symbolic value. Trump excoriated the 'out-of-control' prosecutors responsible for the Israeli prime minister's corruption trial, and Netanyahu nominated the American president for the Nobel Peace Prize he has long coveted. But whatever goodwill was generated by these gestures quickly dissipated, and was not enough to overcome deeper sources of conflict between the two men: starvation in the Gaza Strip, air strikes in Syria, and the lack of a cease-fire agreement between Israel and Hamas. Trump in recent days has publicly and repeatedly broken with Netanyahu, dismissing his on-again, off-again ally's attempts to downplay the famine in Gaza, which has drawn international condemnation. Upset by images of dying children, Trump dispatched his diplomatic envoy, Steve Witkoff, to the region partly to pressure Israel to ease the hunger crisis. Meanwhile, the president and his senior aides were blindsided by recent Israeli strikes on Syria and a missile attack that hit Gaza's only Catholic Church. Trump, two administration officials told us, has come to believe what many in Washington have thought for months: that Netanyahu is looking to prolong the conflict in Gaza, in open defiance of Trump's wish for the war to end. The president and some of his aides think that Israel's military objectives in Gaza were achieved long ago, and that Netanyahu has continued Israel's assault, which has claimed tens of thousands of civilian lives, to maintain his own political power. The White House also believes that Netanyahu is taking steps that interfere with a potential cease-fire deal. Yair Rosenberg: The corrupt bargain behind Gaza's catastrophe But the two officials said they did not anticipate that Trump would hold Netanyahu accountable in any meaningful sense. (Like others, they spoke with us on the condition of anonymity to discuss sensitive matters.) Even as Trump has felt disrespected by Netanyahu, his anger hasn't translated into any significant shift in U.S. policy. The president blamed Hamas for the most recent breakdown of cease-fire talks. He resisted joining France and the United Kingdom in their vows this week to recognize a Palestinian state if Israel does not improve the humanitarian situation in Gaza and commit to a peace process. A White House official insisted to us that 'there is no significant rupture' between Trump and Netanyahu and that 'allies can sometimes disagree, even in a very real way.' This morning, seemingly trying to set aside his differences with Netanyahu, Trump wrote on Truth Social: 'The fastest way to end the Humanitarian Crises in Gaza is for Hamas to SURRENDER AND RELEASE THE HOSTAGES!!!' Netanyahu has a long history of frustrating U.S. presidents. Joe Biden went from wrapping the prime minister in a bear hug in the days after the October 7, 2023, attacks to yelling at him over his prosecution of the war. Trump and Netanyahu were close during the president's first term, until Trump grew angry at his Israeli counterpart for recognizing Biden's 2020 victory. Their relationship has proceeded in fits and starts since then. Trump has hosted Netanyahu at the White House three times in the past six months, including a visit earlier this month, when they exchanged warm words. But Trump did not make a stop in Israel on his recent Middle East trip. The hunger crisis in Gaza has put a new strain on their relationship. In March, Israel enforced a blockade of the Strip, which is densely populated, preventing food and supplies from reaching Gazans after more than 20 months of war. Human-rights organizations warned this month about widespread famine, particularly among children. Under intense international pressure, Netanyahu has allowed some food aid into the region in recent days, but he has also insisted that there is 'no starvation' in Gaza. Before a meeting with United Kingdom Prime Minister Keir Starmer in Scotland on Monday, Trump was asked by reporters whether he agreed with Netanyahu's assessment. 'Based on television, I would say not particularly, because those children look very hungry,' Trump said. Later, he added: 'That's real starvation stuff. I see it, and you can't fake that.' This is not the first time that Trump has responded to gruesome photos. In 2017, he ordered missile strikes on a Syrian air base after he was shown what he said were 'horrific' images of children killed by chemical weapons days before. Earlier this year, he unleashed some rare tough rhetoric on Vladimir Putin after being shown photos of Ukrainian children killed by a Russian air strike. And this week, the two administration officials told us, Trump was bothered by images of a Russian strike on a nursing home in Kyiv. Hussein Ibish: Food aid in Gaza has become a horror Trump's frustration with the ongoing war in Russia has colored his response to what he is now seeing in Gaza, one of the officials and a close outside adviser to the president told us. During the 2024 campaign, Trump frequently boasted that he had kept the world free of conflict during his first term, and he returned to the Oval Office this year pledging to bring the wars in Gaza and Ukraine to a quick close. Instead, both have escalated, to Trump's humiliation. Putin has repeatedly defied Trump's wishes for a cease-fire, causing the president, who so often views foreign policy through a personal lens, to consider finally standing up to the Russian leader. (This week, Trump announced that he was giving Putin 10 days to stop the war in Ukraine or he would greenlight a series of sanctions.) Similarly, Netanyahu's recent strikes in Syria and his rejection of claims about the Gaza famine have angered Trump. The president is eager to stabilize the Middle East—and expand the Abraham Accords, which normalized relations between Israel and several Gulf states in his first term—in order to foster business and trade relationships in the region. Two additional U.S. officials told us that Trump's willingness to contradict Netanyahu reflects less a new breach between the two men than the president's 'America First' approach—that Washington's foreign policy won't be dictated by Israel or any other foreign country. Trump is disinclined to accept Netanyahu's version of events, whether about conditions on the ground in Gaza or about the new government in Syria. When he visits Israel today, Witkoff, the president's envoy, has been tasked with developing his own assessment of the humanitarian situation in Gaza and the viability of the Gaza Humanitarian Foundation, an American nonprofit established earlier this year to distribute food in the Strip, these two U.S. officials told us. Aides have discussed pushing Israel to dramatically increase the amount of food and supplies it allows into Gaza—so that even if some were stolen by Hamas, as Israel alleges has happened before, enough would find its way into the hands of civilians—while also pressuring the Israeli military to stop firing on civilians. As Netanyahu faces criticism for prolonging the war, members of his cabinet are trying to make the case that Israel is an asset to Trump's foreign policy. Ron Dermer, Israel's minister of strategic affairs and a former ambassador to Washington, argued in a podcast interview last week with David Friedman, the American ambassador to Israel during Trump's first term, that Israel's importance to American national security is 'going to go higher and higher and higher and higher' as Washington seeks to reduce its presence in the Middle East and focus on competition with China. Robert F. Worth: The dispute behind the violence in Syria One of the U.S. officials told us that the president's patience is wearing thin mainly with Hamas, not with the Israeli prime minister. Trump continues to blame the terror group for starting the conflict with Israel, and has largely sided with Israel's view of the war (including by promoting a postwar plan for Gaza as a ' Riviera of the Middle East '). When asked this week about British plans to recognize a Palestinian state, Trump rejected the idea as 'rewarding Hamas.' And just last week, Trump, after a call with Netanyahu, told reporters that Israel needed to 'finish the job' and 'get rid of Hamas' because the group didn't want to strike a deal to release the remaining hostages. A White House spokesperson declined to comment for this article. A spokesperson for the Israeli prime minister did not respond to our request for comment. Ultimately, Trump wants the war to end. He is aware of the growing anger toward Israel from noninterventionists in MAGA world, who don't want the U.S. involved in a conflict on the other side of the globe, one of the administration officials and the outside adviser told us. Representative Marjorie Taylor Greene, a staunch Trump supporter, on Monday became the first Republican in Congress to declare the situation in Gaza a 'genocide.' Steve Bannon and Tucker Carlson have also sharply criticized Israel. Trump and those close to him are wary of further upsetting some of his most die-hard supporters who have already expressed outrage over his administration's strike on Iran in June and its recent handling of the Jeffrey Epstein scandal. Trump was taken aback when several lawmakers and influencers refused to accept his directive to stop fueling the Epstein controversy that has enveloped his White House. And now Netanyahu's defiance has caused an additional rupture in Trump's base—and frustrated the president by creating yet another news cycle he can't control.
New York Post
13 minutes ago
- New York Post
NYPD widow doesn't believe candidate Mamdani's ‘defund the police' flip-flop
Zohran Mamdani meets with NYC shooting victim's widow and then voices support for the police. Not everyone is convinced, another NYPD widow takes a swipe at the democratic socialist candidate. Plus, the clock is ticking for countries to make a trade deal before President Trump's tariff deadline on Friday. And a major mix-up leaves something unexpected inside cans of Celsius energy drinks.
