International travel spending in the U.S. plummets
CNBC's Contessa Brewer joins 'Squawk on the Street' to discuss why international travel in the U.S. has declined while tourism oversees is booming.
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CNBC
an hour ago
- CNBC
'Trump accounts': CEOs to unveil investments for newborns at White House
The CEOs of Uber, Dell, Goldman Sachs and more are expected to announce Monday that they will collectively invest billions of dollars into so-called Trump accounts for the children of their employees, a White House spokesperson confirmed to CNBC. The executive are slated to make the commitments during President Donald Trump's roundtable event touting the eponymous pilot program, which would deposit $1,000 from the government in investment accounts for newborn Americans. NBC News first reported the details of the event. More than half a dozen corporate leaders are set to appear for the "Invest America" roundtable at the White House at 2 p.m. ET, the White House official told CNBC. They include: The provision to create the accounts passed the House last month as part of the massive budget bill that the president is pushing Republicans to send to his desk before the Fourth of July. The bill is pending before the Senate, where it faces strong pushback from some fiscally conservative Republicans who are demanding major changes. The program — previously referred to as "Money Accounts for Growth and Advancement" or "MAGA Accounts" — would seed index fund accounts with $1,000 in government funds for U.S. citizens born between Jan. 1, 2025, and Dec. 31, 2028. The tax-deferred accounts, which track the overall U.S. stock market, allow additional contributions of up to $5,000 per year. The seed money will be funded by the Treasury Department and controlled by the child's guardians. Funds can be distributed once the beneficiary turns 18. The pilot program is similar to other savings account options that already exist, including 529 college savings plans, which have higher contribution limits. Some financial advisors say that the Trump accounts may not offer the best investment incentives. "The passage of the One Big Beautiful Bill will literally change the lives of working, middle class families across America by delivering the largest tax cuts in history, increasing the child tax credit, and by creating this incredible new 'Trump Account' program, which will put the lives of young Americans on the right financial path!" White House press secretary Karoline Leavitt told CNBC in a statement. —
Miami Herald
an hour ago
- Miami Herald
US-China trade talks start in London aiming to ease export curbs
Talks between the U.S. and China kicked off in London, with the U.S. signaling a willingness to remove restrictions on exports in exchange for assurances that China is easing limits on rare earth shipments. The meeting, set to start Monday just after 1 p.m. local time, is expected to extend into the U.K. evening and might spill into Tuesday. The Trump administration expects that "after the handshake" in London, any export controls from the U.S. will be eased and rare earths will be released by China, Kevin Hassett, head of the at the White House's National Economic Council, told CNBC. It was the clearest signal yet that the U.S. is willing to offer such a concession. The first round of negotiations since the teams met a month ago is aimed at restoring confidence that both are living up to commitments made in Geneva. During those discussions, Washington and Beijing agreed to lower crippling tariffs for 90 days to allow time to hammer out ways to address a trade imbalance that the Trump administration blames on an unfair playing field. The confusion after the Geneva meeting about China's rare earth export-permitting process, combined with U.S. limits on tech shipments and Washington's recent crackdown on Chinese student visas, underscore the complexity of deal-making between China and the U.S. "They left too many things open to interpretation," said Josh Lipsky, chair of international economics at the Atlantic Council. The U.S. and China "just want to get back to where they were in Switzerland with a few more agreements down on paper to actually understand what is gonna be licensed, what gets permitted, what doesn't," he added. A phone call last week between President Donald Trump and his counterpart Xi Jinping appeared to give fresh momentum to reviving talks and reaching a deal. Delegates arrive On Monday at London's Lancaster House - where former European Central Bank President Mario Draghi delivered his "whatever it takes" speech in 2012 - U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer will meet a Chinese delegation led by Vice Premier He Lifeng. The addition of Lutnick, who's in charge of curbs on the sale of advanced technology, signals Trump may be willing to consider reversing some of the restrictions that threaten to hobble China's long-term growth ambitions, ranging from tech supplies to jet engine parts. U.S.-China trade tensions escalated this year as Trump hiked duties on Chinese goods, prompting retaliation from Beijing. That's led to pain in both economies, including distortions in data and uncertainties for businesses trying to navigate sudden changes in trade policy. Earlier on Monday, Chinese government figures showed exports rose less than expected last month as the worst drop in shipments to the U.S. in more than five years counteracted strong demand from other markets. In the U.S., job growth moderated in May and the prior months were revised lower, indicating employers are cautious about growth prospects. Trump's tariffs are causing uncertainty and delays for U.S. manufacturers, particularly in the Midwest, which is affecting their investment and production plans. --------- -With assistance from Annmarie Hordern, Kasia Klimasinska and Hadriana Lowenkron. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
CNBC
an hour ago
- CNBC
NY Fed Survey: Inflation expectations decline across all timeframes
CNBC's Steve Liesman joins 'Money Movers' to discuss the latest from the New York Fed Survey.
