House passes public media, foreign aid clawbacks after Epstein scramble
House Majority Leader Steve Scalise (R-La.) walks to a vote at the U.S. Capitol July 2, 2025. (Francis Chung/POLITICO via AP Images) | AP
By Katherine Tully-McManus and Jennifer Scholtes
07/18/2025 12:07 AM EDT
Six months into Donald Trump's presidency, Congress finally codified a small piece of the hundreds of billions of dollars his Department of Government Efficiency pinpointed as 'waste.'
House Republicans gave final approval just after midnight Friday to Trump's proposal to claw back $9 billion in public media and foreign assistance, greenlighting the Senate's changes to the measure that will bake in proposed DOGE cuts to public media and foreign aid. The package now heads to the president's desk.
The House's 216-213 vote to clear the Senate-amended package comes less than 24 hours after the Senate voted to tweak the administration's original proposal that would have cut an additional $400 million from the global AIDS fighting program, PEPFAR. Senate Republicans also added language vowing that certain food assistance programs would be protected, and staved off impacts to other food aid, maternal health, malaria and tuberculosis-related initiatives.
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Stock market today: Dow, S&P 500, Nasdaq climb as Wall Street eyes Trump moves on Fed
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The hit is $11.7 billion — and climbing The auto sector is taking President Trump's tariffs on the chin, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. Altcoins rally after Ripple's stablecoin acquisition, Chainlink's reserve launch Altcoins were rallying early Friday following news that Ripple ( would buy a stablecoin payments platform and Chainlink will launch a funded reserve for its own tokens, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Trade Desk tumbles after CEO warns of tariff impact on large brand advertisers Trade Desk (TTD) stock fell by more than a third during premarket trading on Friday after CEO Jeff Green warned that tariff uncertainty began to weigh on some leading global advertisers. If losses hold, the decline in Trade Desk stock would wipe out more than $12 billion from the company's market capitalization. The stock was off by 38% just after the opening bell. 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In Q2, SoundHound reported strong growth in its automation, automotive, and enterprise AI for customer service verticals. The company posted a GAAP loss of $0.19 per share on $42.7 million in revenue. Last year, SoundHound reported a loss of $0.11 per share and revenue of $13 million. SoundHound also raised its 2025 revenue outlook to $160 million to $178 million, up from its previous forecast of $157 million to $177 million. "The investments we are making are already showing high returns," SoundHound CFO Nitesh Sharan said on the company's earnings call. Sharan noted that the company sees a path to profitability "in the near-term horizon. Listen to the earnings call here. Good morning. Here's what's happening today. Economic calendar: No notable releases. Earnings: Canopy Growth (CGC), fuboTV (FUBO), Wendy's (WEN) Here are some of the biggest stories you may have missed overnight and early this morning: Apple is back on Trump's good side. The cost? $600 billion. Not everyone on Wall Street is still convinced a cut is coming Trump's tariffs hit automakers with $11.7B blow — and rising Tesla disbands Dojo supercomputer team in blow to AI effort US sparks fresh turmoil in gold with surprise tariff Firefly stock loses altitude after sizzling stock market debut TSMC's July sales grow 26% on sustained demand for AI chips Under Armour forecasts downbeat quarterly sales, shares drop Intel CEO dogged by decades of China chip bets, board work China defends buying Russian oil after Trump's tariff threat SoftBank buys Foxconn's Ohio plant to jumpstart Stargate AI push Economic calendar: No notable releases. Earnings: Canopy Growth (CGC), fuboTV (FUBO), Wendy's (WEN) Here are some of the biggest stories you may have missed overnight and early this morning: Apple is back on Trump's good side. The cost? $600 billion. Not everyone on Wall Street is still convinced a cut is coming Trump's tariffs hit automakers with $11.7B blow — and rising Tesla disbands Dojo supercomputer team in blow to AI effort US sparks fresh turmoil in gold with surprise tariff Firefly stock loses altitude after sizzling stock market debut TSMC's July sales grow 26% on sustained demand for AI chips Under Armour forecasts downbeat quarterly sales, shares drop Intel CEO dogged by decades of China chip bets, board work China defends buying Russian oil after Trump's tariff threat SoftBank buys Foxconn's Ohio plant to jumpstart Stargate AI push Tesla CEO Elon Musk disbands Dojo supercomputer team Tesla (TSLA) stock fell 0.2% in premarket trading following news that CEO Elon Musk is shutting down the company's Dojo team, its multibillion-dollar supercomputer unit that was viewed as central to the company's AI efforts. Bloomberg reports that Peter Bannon, who was heading up Dojo, is leaving Tesla. 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Dojo also lost about 20 workers recently to DensityAI, a stealth startup created by ex-Tesla executives. The remaining Dojo employees are being reassigned to other compute projects within Tesla. Musk previously called Dojo "a long shot," but one worth taking. Now, Tesla plans to rely on partners like Nvidia (NVDA) and Advanced Micro Devices (AMD) for training its AI models and machine learning that go into electric vehicles' Full Self-Driving software and Optimus robots. Tesla also announced a $16.5 billion deal last month with Samsung to secure AI chips through 2033. Read more here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. New York gold futures spike over spot price after tariff shock Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Oil heads for worst run since 2021 as traders discount US curbs Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Sign in to access your portfolio
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An EPA proposal could lead U.S. auto makers to shift their strategy on EVs
A new Environmental Protection Agency (EPA) proposal to revoke a landmark greenhouse gas finding could reshape the auto industry, which until now has had to abide by strict emissions guidelines. The EPA on July 29 announced it is planning to revoke an "endangerment finding" from 2009 that has served as the legal and scientific basis for the agency's regulation of greenhouse gas emissions across multiple industries, including motor vehicles, power plants, oil and gas producers and aircraft. The proposal, which still needs to go through a public comment period, focuses on regulations affecting the auto industry. If passed, it would repeal all greenhouse gas standards for light-, medium- and heavy-duty vehicles and heavy-duty engines. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You The Insurance Savings You Expect Great Rates and Award-Winning Service "With this proposal, the Trump EPA is proposing to end 16 years of uncertainty for auto makers and American consumers," Lee Zeldin, the administrator of EPA, stated in the announcement. Strict standards for emissions and fuel efficiency introduced during the Obama administration and expanded during the Biden administration, which also provided generous EV funding, has led many auto makers to add electric vehicles to their fleets in recent years. Others, like Volvo, have taken things a step further and committed to a fully electric future. But the landscape is shifting under President Trump, who has pushed forward a deregulatory agenda. Experts say that if this proposal passes, it will ease pressure on auto makers to produce electric cars, enabling them to adapt their mix of EV and gas-powered vehicle offerings to meet consumer demand. "It gives auto makers a little bit better ability to build, to produce and put vehicles on market that are more closely aligned with the pace of electric adoption right now," said Stephanie Brinley, a principal automotive analyst at S&P Global. John Bozzella, president and CEO Alliance for Automotive Innovation, which represents most of the major car manufacturers in the U.S., said in an email to CBS MoneyWatch that the trade association is reviewing the announcement. "At the same time," he added, "there's no question the vehicle emissions regulations finalized under the previous administration aren't achievable and should be revised to reflect current market conditions, to keep the auto industry in America competitive, and to keep the industry on a path of vehicle choice and lower emissions." A spokesperson from the EPA said Congress never explicitly gave EPA authority to impose greenhouse gas regulations for cars and trucks and that the agency's proposal to revoke the endangerment finding "does not prohibit vehicle manufacturers from developing EVs or different vehicles." Focus on consumer demand Experts say that even amid a shifting regulatory landscape, consumer preference will continue to drive auto makers' decisions. "Their focus is going to be on making vehicles more affordable and dealing with the fact that consumers, not the government, are standing in the way of the mass adoption for EVs," Patrick Anderson, founder of Michigan-based consulting firm Anderson Economic Group. The rate of electric vehicle adoption has been steady over the last several years, although the majority of Americans still fuel their cars at the pump. Demand for the vehicles has waned over the last year, according to data on light vehicle registration from S&P Global Mobility. From January to May, the electric vehicle market share was 7.3%, compared with 8% for the entire year of 2024, data from the auto intelligence provider shows. But while consumer demand may have stalled slightly over the past year, auto makers will still want to offer low-emissions products in order to stay competitive both at home and abroad, Ivan Drury, director of insights at online car marketplace Edmunds, told CBS MoneyWatch. "Every auto maker is a global competitor, and even though they might not be selling as well here, they could sell elsewhere better," he said. Impact would take time Experts say the proposal, if passed, wouldn't drastically change any near-term plans of auto makers, given the time and money they have already invested in their product lines. "If had already planned to build X number of this kind of vehicle, you can change that, but not necessarily tomorrow," said Brinley. "So that's gonna have to be planned out." Product development cycles at car manufacturers span five to 10 years, according to a report from Eurasia Group, a global research firm. The exact strategy and speed with which companies make changes would vary from auto maker to auto maker, according to experts. "For now, auto makers would enjoy the flexibility and lower costs from less stringent emissions limits, particularly in their nonelectric fleet planning," the report from Eurasia says. There are concerns among some companies that the EPA's proposal, if passed, would inject a degree of chaos into industry, David Victor, a professor at University of California San Diego, told CBS MoneyWatch. Also, the rule-making process will likely be challenged in the courts, he said. "[Auto makers] will not get a reliable new set of rules anytime soon," said Victor. The EPA is holding a virtual public hearing on the proposed rule on Aug. 19-20, with a public comment period open through Sept. 15. 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Also, President Trump announced Wednesday that he will double tariffs on US imports from India to 50% from the current 25% tariff, due to India's purchases of Russian oil. On Tuesday, Mr. Trump said that US tariffs on pharmaceutical imports would be announced "within the next week or so." According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced. More News from Barchart Reports of Waller as New Fed Chair Seen as Dollar-Supportive Dollar Pushes Higher After US Labor Cost Report Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! Federal funds futures prices are discounting the chances for a -25 bp rate cut at 91% at the September 16-17 FOMC meeting and 64% at the following meeting on October 28-29. EUR/USD (^EURUSD) today is down by -0.06%. The euro is slightly lower today and continues to struggle due to concerns that President Trump's tariff policies will curb economic growth in the Eurozone. Losses in the euro are limited on hopes for an end to the Russian-Ukrainian war, with President Trump expected to meet with Russian President Putin in the next few days to discuss an end to the conflict. Swaps are pricing in a 10% chance of a -25 bp rate cut by the ECB at the September 11 policy meeting. USD/JPY (^USDJPY) today is up by +0.38%. The yen is sliding today on concerns that US tariff policies will harm the Japanese economy. Also, today's economic news showing weaker-than-expected Japanese household spending is dovish for BOJ policy and bearish for the yen. In addition, higher T-note yields today are negative for the yen. The minutes of the July 30-31 BOJ meeting released today were slightly hawkish and supportive of the yen when a BOJ board member said the BOJ may be moving toward another interest rate hike by the end of the year, depending on the impact of US tariffs. Also, today's news showing the Japan Jul eco watchers outlook survey rose to a 6-month high is bullish for the yen. Japan June household spending rose +1.3% y/y, weaker than expectations of +2.7% y/y. The Japan July eco watchers outlook survey rose +1.4 to a 6-month high of 47.3, stronger than expectations of 46.4. December gold (GCZ25) today is up +28.50 (+0.83%), and September silver (SIU25) is up +0.291 (+0.76%). Precious metals are climbing today, with gold soaring to a 3.5-month high and silver climbing to a 2-week high. Today's weaker dollar is supportive of metals. Precious metals also garnered demand as a store of value today after President Trump nominated Stephen Miran to be a temporary replacement for Adrianna Kugler as Fed Governor. Miran is seen as dovish and supporting President Trump's calls for lower interest rates. In addition, gold prices are soaring on concern about supply disruptions after the US Customs and Border Protection agency said one-kilogram and 100-ounce gold bars exported by Switzerland into the US face tariffs. Gold buying by China's central bank is also supportive of gold prices as the PBOC bought 60,000 troy ounces of gold for its reserves in July, the ninth consecutive month it has boosted its gold purchases. Fund buying of precious metals continues to support prices after gold holdings in ETFs rose to a two-year high on Thursday, and silver holdings in ETFs reached a three-year high on the same day. Precious metals still have safe-haven support on concerns that President Trump's tariff policies will weigh on global economic growth prospects. Finally, precious metals continue to receive safe-haven support from geopolitical risks, including the conflicts in Ukraine and the Middle East. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on 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
