Trump Says ‘Great Progress' Made With Russia, Says He Intends to Meet With Putin, Zelenskyy
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Yahoo
8 minutes ago
- Yahoo
Trump's Tariffs Just Blew Up the Farm Economy--Here's What Investors Need to Know
American farmers may still back President Donald Trump at the ballot box, but his tariff-heavy trade strategy is testing their financial resilience. New levies, layered atop existing ones, have pushed the average U.S. tariff rate to 15.2%its highest since World War II, according to Bloomberg Economics. The timing couldn't be worse. Crop prices for corn, soybeans, and wheat are at post-pandemic lows, and the cost of essentials like fertilizer and tractors is heading in the opposite direction. Mosaic says U.S.-bound shipments of phosphate and potash have dropped 20% year-over-year, while CF Industries (NYSE:CF) flagged incredibly low inventory and delayed imports that still need rebuilding. A North American fertilizer price index has surged 35% this year, driven by tight supply and geopolitical pressure. Warning! GuruFocus has detected 3 Warning Sign with OKLO. That strain is bleeding into the farm machinery sector. Tractor maker AGCO (NYSE:AGCO) confirmed it has already raised prices in North America and may adjust pricing in other regions as the tariff impact deepens. We will implement price increases where appropriate and feasible, said CEO Eric Hansotia. Meanwhile, demand-side stress is starting to show. U.S. soybean sales for the upcoming marketing year are at their lowest point in nearly two decades, with Chinathe biggest buyerstill absent. Bunge (NYSE:BG), a major crop trader, said customers are avoiding long-term contracts, sticking to very spot purchases instead. The company just posted its weakest second-quarter EPS since 2018. While President Trump insists farmers just need to bear with the plan, executives across the ag sector are sounding the alarm. Bert Frost of CF Industries highlighted that crop revenues aren't keeping up with soaring input costs, echoing broader concerns about farm economics in North America. Trump has doubled down on promises to support the rural base, saying on CNBC he's making sure farmers have the labor they need despite ongoing immigration crackdowns. But with fertilizer prices rising, crop buyers holding back, and uncertainty clouding the fall harvest, the costs of waiting could be stacking up faster than many can handle. This article first appeared on GuruFocus. 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
Axios
9 minutes ago
- Axios
California governor threatens "trigger" redistricting plan based on what Texas GOP decides
California Gov. Gavin Newsom threatened a redistricting "trigger" measure on Friday that would put before state voters Democrats' redistricting plan if Texas Republicans redraw their state's congressional map. The big picture: President Trump has applied intense pressure on his party to redistrict in its favor, saying Tuesday the GOP is "entitled" to five more Texas seats. Democrats' response has been to threaten similar action. House Minority Leader Hakeem Jeffries (D-N.Y.) and his caucus are in sync with a grassroots call to aggressively counter Republican tactics. Zoom in: Newsom, raising another voice in the push, said during Friday's press conference with California Democratic leaders, they are calling for a special election the first week of November. "California will not sit by idly and watch this Democracy waste away," he said. "We'll fight fire with fire. We'll assert ourselves, and we'll punch above our weight, and it will have profound impacts on the national outcome, not just here in the state of California." Catch up quick: Some 50 Texas Democrats left the state on Sunday to prevent a GOP House vote on redistricting. The FBI is working with local law enforcement to find them, per Sen. John Cornyn (R-Texas). Texas' Republican Gov. Greg Abbott referenced deadly Guadalupe River flooding in his push to see Democratic legislators return to the state. "Our fellow Texans are being let down and not getting the flood relief they need, because these Democrats have absconded from the responsibility," he said in a Fox News interview on Monday. What they're saying: Texas state Rep. Ann Johnson said during Friday's press conference there is an arrest warrant to force Democrats back to the state "for one bill only." "They don't want us to come back for flooding," she said. "They are using those families as a distraction." Democratic state Rep. Gina Hinojosa said she has gotten 700 calls on the issue and all but four supported her effort. House Speaker Emerita Nancy Pelosi, who also attended the press conference, said this is not a case of two wrongs.
Business Insider
10 minutes ago
- Business Insider
Trump is burning through IRS heads at a rate of almost 1 a month. Here's who's held the job, and why they left.
President Donald Trump is over six and a half months into his second term. In that time, he's averaged a new IRS leader roughly every month. There have been six acting or confirmed commissioners in 2025, counting former Commissioner Danny Werfel, who resigned just as Trump took office, even though his term lasted until 2027. On Friday, IRS Commissioner Billy Long wrote on X that he was leaving his post less than two months after being confirmed to become the US Ambassador to Iceland. Treasury Secretary Scott Bessent will serve as acting commissioner. The unprecedented turnover at the top — President Joe Biden had just three IRS commissioners over his four-year term — extends throughout the IRS workforce. More than 25,000 employees have left the agency since Trump took office. Danny Werfel: Resigned before Trump took office Danny Werfel was chosen by Biden to serve as IRS commissioner and took on the role in March 2023. Though his term was set to last until 2027, Werfel announced on January 17, days before Trump's inauguration, that he was resigning. "While I had always intended to complete my full term as Commissioner, the President-elect has announced his plan to nominate a new IRS Commissioner," Werfel wrote in a letter at the time, adding, "After significant introspection and consultation with others, I've determined the best way to support a successful transition is to depart the IRS on January 20, 2025." Prior to Werfel's resignation, Trump had said he planned to nominate Long to replace him. Typically, IRS commissioners serve five-year terms and remain in their roles even when the president changes. Douglas O'Donnell: January 20 to February 28 Douglas O'Donnell, the IRS deputy commissioner, took over as acting IRS commissioner at the start of Trump's term, after Werfel resigned. A little over a month later, the IRS announced O'Donnell planned to retire after decades with the agency. Melanie Krause: February 28 to April 16 Melanie Krause was the IRS's acting commissioner for less than two months. Previously the agency's chief operating officer, she became the deputy commissioner and acting head of the agency in February. She resigned in April under the administration's deferred resignation program. Gary Shapley: April 16 to April 18 A longtime IRS investigator, Gary Shapley, became a whistleblower and testified to Congress about what he saw as the agency's mishandling of its investigation into Hunter Biden, then the sitting president's son. Shapley's testimony was frequently discussed on conservative media, and Republicans celebrated his return to the IRS. Trump took it a step further when he named Shapley acting commissioner on tax day. The New York Times reported that Elon Musk, then the de facto leader of the White House DOGE office, supported the move, while Treasury Secretary Scott Bessent did not. Still, in a post on X after Shapley stepped down, Bessent said Shapley "remains among my most important senior advisors at the @USTreasury as we work together to rethink and reform the IRS." Michael Faulkender: April 18 to June 16 Deputy Treasury Secretary Michael Faulkender stepped in to lead the IRS on an acting basis for just under two months. Faulkender stepped aside once Long was confirmed. His tenure was most notable for bringing the IRS closer to Bessent, who reportedly did not approve of the Musk -backed Shapley. Billy Long: June 16 to August 8 Former Congressman Billy Long lasted less than two months atop the IRS. Long, a Republican who represented Missouri for six terms, was confirmed in June on a party-line 53 to 44 vote. Senate Democrats opposed him due to his lack of tax-related experience. Long previously supported legislation to abolish the IRS. As commissioner, Long became known for cheerfully emailing IRS employees to tell them to take off work early on Fridays. "With this being Thursday before another FriYay, please enjoy a 70-minute early exit tomorrow," Long wrote Thursday in an email to his staff, per CNN. "That way you'll be well rested for my 70th birthday on Monday." The New York Times reported that he clashed with the Treasury Secretary, who will now lead the tax agency as Long's acting replacement. "It is a honor to serve my friend President Trump and I am excited to take on my new role as the ambassador to Iceland. I am thrilled to answer his call to service and deeply committed to advancing his bold agenda," Long wrote Friday on X. "Exciting times ahead!" Trump announced his intent to nominate Long after the 2024 election, even though there was already a commissioner at the time.
