House passes Trump's cuts to public broadcasting, foreign aid; next stop president's desk
WASHINGTON − President Donald Trump's push for $9 billion in spending cuts − slicing into public broadcasting stations PBS and NPR, as well as the United States' foreign aid efforts − crossed the Congressional finish line just after midnight on July 18 and soon will hit the Republican's desk for signature into law.
The House approved the measure, in response to Trump's official request, in a 216-213 party line vote. Two Republicans voted no on the second-term president's plan, which represents just a fraction of the almost $200 billion that Trump's Department of Government Efficiency claims to have saved the federal government.
A bulk of the cuts in the legislation strips away funding authorized by a previous law for foreign aid, including peacekeeping efforts and global health initiatives.
More: Elmo and AIDS prevention: What is Congress targeting in their spending cuts?
Office of Management and Budget Director Russell Vought said the amounts being slashed represent "wasteful and unnecessary spending," in the White House's formal request to Congress.
Around $1 million will be taken from public broadcasting, including PBS and NPR. Local stations, which are much more reliant on federal grants than their national counterparts, are expected to bear the brunt of that lost funding.
Congress barely met their July 18 midnight deadline to get the bill approved, otherwise the current funding would remains in place. The Senate passed its version of the spending cut bill earlier in the week after Republicans including Sen. Susan Collins successfully saved funding grants for AIDS prevention .
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Yahoo
5 minutes ago
- Yahoo
Trump eyes 'world tariff' of 15-20% for most countries
By Andrea Shalal TURNBERRY, Scotland (Reuters) -President Donald Trump said on Monday most trading partners that do not negotiate separate trade deals would soon face tariffs of 15% to 20% on their exports to the United States, well above the broad 10% tariff he imposed in April. Trump told reporters his administration will notify some 200 countries soon of their new "world tariff" rate. "I would say it'll be somewhere in the 15 to 20% range," Trump told reporters, sitting alongside British Prime Minister Keir Starmer at his luxury golf resort in Turnberry, Scotland. "Probably one of those two numbers." Trump, who has vowed to end decades of U.S. trade deficits by imposing tariffs on nearly all trading partners, has already announced higher rates of up to 50% on some countries, including Brazil, starting on Friday. The announcements have spurred feverish negotiations by a host of countries seeking lower tariff rates, including India, Pakistan, Canada, and Thailand, among others. The U.S. president on Sunday clinched a huge trade deal with the European Union that includes a 15% tariff on most EU goods, $600 billion of investments in the U.S. by European firms, and $750 billion in energy purchases over the next three years. That followed a $550-billion deal with Japan last week and smaller agreements with Britain, Indonesia, and Vietnam. Other talks are ongoing, including with India, but prospects have dimmed for many more agreements before Friday, Trump's deadline for deals before higher rates take effect. Trump has repeatedly said he favors straightforward tariff rates over complex negotiations. "We're going to be setting a tariff for essentially, the rest of the world," he said again on Monday. "And that's what they're going to pay if they want to do business in the United States. Because you can't sit down and make 200 deals." Canadian Prime Minister Mark Carney said on Monday trade talks with the U.S. were at an intense phase, conceding that his country was still hoping to walk away with a tariff rate below the 35% announced by Trump on some Canadian imports. Carney conceded this month that Canada - which sends 75% of its exports to the United States - would likely have to accept some tariffs. (Additional reporting by Andrew MacAskill in Turnberry, Andrea Shalal in Edinburgh and William James in LondonEditing by Rod Nickel) Sign in to access your portfolio
Yahoo
5 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq waver as Trump-EU trade deal kicks off huge week
US stocks wavered on Monday after the US and European Union struck a trade pact to lead off a packed week of Big Tech earnings, a Federal Reserve meeting, inflation data, the July jobs report, and President Trump's Aug. 1 deadline to lock in key trade deals. The S&P 500 (^GSPC) hovered near the flatline while the tech-heavy Nasdaq Composite (^IXIC) put on about 0.1% after both indexes closed out Friday at fresh record highs. The Dow Jones Industrial Average (^DJI) slipped below the flatline. The US and EU have agreed to the outlines of a deal setting tariffs on Europe's goods at a baseline 15%, compared with the 30% threatened. Trump called the pact 'the biggest of them all,' while EU head Ursula von der Leyen said that "15% is not to be underestimated, but it is the best we could get." An initial boost to market sentiment faded in as investors digested the conflicting details in the US-EU deal framework. 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Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Samsung to make AI chips for Tesla under $16.5 billion deal Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Boeing Q2 earnings preview: CEO Ortberg's turnaround plan expected to roll on Yahoo Finance's Pras Subramanian reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Coinbase falls amid analyst downgrade ahead of Q2 earnings Shares of crypto exchange platform Coinbase (COIN) fell 3.6% Monday as Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from his prior Buy rating, citing lower crypto trading volumes in the second quarter of 2025. Galá wrote that crypto exchange volumes tracked by his firm were down 2% in the quarter from the prior year. That's in contrast to the 16% year over year increase in trading volumes in the first quarter. He estimated trading volumes on Coinbase, which garners revenue by charging fees for trades on its platform, grew 6% in the second quarter, higher than Wall Street's estimate of 19%. Galá said Coinbase reporting trading volumes below expectations during its second quarter results set for Thursday could "cast a negative shadow on shares." Shares of crypto exchange platform Coinbase (COIN) fell 3.6% Monday as Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from his prior Buy rating, citing lower crypto trading volumes in the second quarter of 2025. Galá wrote that crypto exchange volumes tracked by his firm were down 2% in the quarter from the prior year. That's in contrast to the 16% year over year increase in trading volumes in the first quarter. He estimated trading volumes on Coinbase, which garners revenue by charging fees for trades on its platform, grew 6% in the second quarter, higher than Wall Street's estimate of 19%. Galá said Coinbase reporting trading volumes below expectations during its second quarter results set for Thursday could "cast a negative shadow on shares." Chip stocks rise amid trade war relief, Samsung-Tesla deal Chip stocks climbed Monday after the US and EU reached a trade agreement and a report said China and the US would likely extend their tariff truce by an additional three months. Nvidia (NVDA) rose nearly 1%, while rival AI chipmaker Advanced Micro Devices (AMD) climbed more than 4%. British chip designer Arm (ARM) and Dutch chipmaking machine producer ASML (ASML) gained 1.1% and 2.8%, respectively. Server maker Super Micro Computer (SMCI) spiked over 6%. Also on Monday, Samsung ( reached a $16.5 billion deal to supply Tesla (TSLA) with AI chips. Chip stocks climbed Monday after the US and EU reached a trade agreement and a report said China and the US would likely extend their tariff truce by an additional three months. Nvidia (NVDA) rose nearly 1%, while rival AI chipmaker Advanced Micro Devices (AMD) climbed more than 4%. British chip designer Arm (ARM) and Dutch chipmaking machine producer ASML (ASML) gained 1.1% and 2.8%, respectively. Server maker Super Micro Computer (SMCI) spiked over 6%. Also on Monday, Samsung ( reached a $16.5 billion deal to supply Tesla (TSLA) with AI chips. Strategy stock inches higher with earnings ahead Strategy (MSTR) stock rose nearly 1% Monday, with the software firm turned crypto giant set to report quarterly earnings results Thursday after the market close. The stock's climb also comes as Strategy reported in a filing to the US Securities and Exchange Commission Monday that it made no bitcoin purchases last week. That's after the firm — the world's largest corporate holder of bitcoin — earlier this month reported buying 10,445 bitcoins for over $1 billion. Strategy has spent $43.6 billion to purchase more than 607,000 bitcoins since 2020, when it adopted its crypto strategy. Shares have risen roughly 3,400% over the past five years. Critics have argued that the company is overvalued because it trades at a premium to its underlying asset (bitcoin). Last week, Strategy also said it expects to raise roughly $2.5 billion by issuing preferred stock expected to trade on the Nasdaq under the ticker STRC. Strategy (MSTR) stock rose nearly 1% Monday, with the software firm turned crypto giant set to report quarterly earnings results Thursday after the market close. The stock's climb also comes as Strategy reported in a filing to the US Securities and Exchange Commission Monday that it made no bitcoin purchases last week. That's after the firm — the world's largest corporate holder of bitcoin — earlier this month reported buying 10,445 bitcoins for over $1 billion. Strategy has spent $43.6 billion to purchase more than 607,000 bitcoins since 2020, when it adopted its crypto strategy. Shares have risen roughly 3,400% over the past five years. Critics have argued that the company is overvalued because it trades at a premium to its underlying asset (bitcoin). Last week, Strategy also said it expects to raise roughly $2.5 billion by issuing preferred stock expected to trade on the Nasdaq under the ticker STRC. US LNG companies pop after EU pledges $750 billion in energy buys Liquified natural gas (LNG) stocks led gains for US energy names on the heels of the US-European Union trade deal. The EU promised to make $750 billion in purchases of US fuel — covering oil, nuclear, and LNG energy — under the transatlantic trade framework agreed at the weekend. LNG exporters should get a boost from the strategic purchases, analysts believe, as demand from Europe expands. Shares of the biggest US LNG exporter Cheniere Energy (LNG) rose about 3% in early regular trading on Monday, but was losing steam after popping in premarket. LNG terminal developer NextDecade (NEXT) traded about 1% higher, while Gulf Coast supplier Venture Global (VG) was up about 3% at last check. Oilprice reports: Read more here. Liquified natural gas (LNG) stocks led gains for US energy names on the heels of the US-European Union trade deal. The EU promised to make $750 billion in purchases of US fuel — covering oil, nuclear, and LNG energy — under the transatlantic trade framework agreed at the weekend. LNG exporters should get a boost from the strategic purchases, analysts believe, as demand from Europe expands. Shares of the biggest US LNG exporter Cheniere Energy (LNG) rose about 3% in early regular trading on Monday, but was losing steam after popping in premarket. LNG terminal developer NextDecade (NEXT) traded about 1% higher, while Gulf Coast supplier Venture Global (VG) was up about 3% at last check. Oilprice reports: Read more here. Wall Street bull calls for 11% rally in S&P 500 to end 2025 as trade 'uncertainty' subsides The high-water mark for Wall Street's S&P 500 (^GSPC) targets has moved up amid the market rally, Yahoo Finance's Josh Schafer reports. Schafer writes: Read the full story here. The high-water mark for Wall Street's S&P 500 (^GSPC) targets has moved up amid the market rally, Yahoo Finance's Josh Schafer reports. Schafer writes: Read the full story here. Stocks nudge higher at the open Stocks moved mostly higher Monday at the open as investors digested the US-EU trade deal and anticipated a major week of economic data, earnings results, and a Fed meeting. The S&P 500 (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) gained around 0.4%, with quarterly reports on deck this week from Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN). The Dow Jones Industrial Average (^DJI) floated below the flat line, with stocks reversing earlier premarket gains. Stocks moved mostly higher Monday at the open as investors digested the US-EU trade deal and anticipated a major week of economic data, earnings results, and a Fed meeting. The S&P 500 (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) gained around 0.4%, with quarterly reports on deck this week from Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN). The Dow Jones Industrial Average (^DJI) floated below the flat line, with stocks reversing earlier premarket gains. Nike stock pops after JPMorgan upgrade Nike stock (NKE) jumped 4% in premarket trading Monday after JPMorgan upgraded shares from Neutral to Outperform. JPMorgan analyst Matthew Boss raised his price target on the stock to $93 from $64 previously, writing that he sees revenue growth reaccelerating in the second half of 2026 and 2027. Year to date, Nike stock is up less than 1%, versus an 8% gain for the S&P 500 (^GSPC). Nike stock (NKE) jumped 4% in premarket trading Monday after JPMorgan upgraded shares from Neutral to Outperform. JPMorgan analyst Matthew Boss raised his price target on the stock to $93 from $64 previously, writing that he sees revenue growth reaccelerating in the second half of 2026 and 2027. Year to date, Nike stock is up less than 1%, versus an 8% gain for the S&P 500 (^GSPC). Trump looms large over a Fed likely to again defy his call for cuts President Trump and others in the White House have hammered Jerome Powell for months over the Federal Reserve Chair's wait-and-see stance on easing interest rates. That means Trump should loom large over the Fed's policy meeting this week, even if policymakers do what the market expects and keep rates unchanged. Yahoo Finance's Jennifer Schonberger reports: Read more here. President Trump and others in the White House have hammered Jerome Powell for months over the Federal Reserve Chair's wait-and-see stance on easing interest rates. That means Trump should loom large over the Fed's policy meeting this week, even if policymakers do what the market expects and keep rates unchanged. Yahoo Finance's Jennifer Schonberger reports: Read more here. Health insurance companies have a problem As Americans use their health insurance more and the cost of care increases, insurance companies have seen their financial results come under pressure. Yahoo Finance's Jake Conley reports: Read more here. As Americans use their health insurance more and the cost of care increases, insurance companies have seen their financial results come under pressure. Yahoo Finance's Jake Conley reports: Read more here. Dollar strengthens, euro slips on trade deal The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. How ethereum rose to become a mainstream cryptocurrency The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. ASML's stock is in focus after US/EU trade deal Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Good morning. Here's what's happening today. Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Fed meeting, jobs report, Big Tech earnings — and Trump's deadline: What to watch this week The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Samsung to make AI chips for Tesla under $16.5 billion deal Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. 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
The Hill
7 minutes ago
- The Hill
Megyn Kelly hires Hope Hicks as she expands media company
Conservative pundit Megyn Kelly has hired Hope Hicks, a political operative and close ally of President Trump, to help run her growing media company, which Kelly launched after a career in cable and network news. Hicks, who worked as an executive at Fox Corp. before joining Trump during his first term as communication director, will serve as chief operating officer for Devil May Care Media, Kelly's media outfit that encompasses her popular podcast, YouTube show and other verticals. 'Hope Hicks is exactly the kind of woman I want running my company with me – strong, smart, strategic and the embodiment of class and poise,' Kelly said in a statement. Hicks, who had been working as a corporate consultant since leaving the first Trump administration, in prepared remarks praised Kelly as having 'used her talent, integrity, and unparalleled credibility to create content unlike anything else available today.' Hicks will report to Kelly in her new role and will oversee a team of staff 'dedicated to the continued success of Kelly's media company, with expansions in new lines of business and partnerships.' Kelly, an outspoken supporter of Trump, has used her new platform to grow a sizable audience and often rips 'corporate media' outlets she and other independent content creators say are out of touch with viewers and listeners.
