Jon Stewart defended his friend, Stephen Colbert, in an f-bomb filled monologue against CBS and the Trump administration
Stewart slammed CBS and its decision during his expletive-filled monologue on "The Daily Show" which aired on Monday night. Both Stewart's and Colbert's shows share the same parent company, Paramount Global.
"Now, obviously, I am certainly not the most objective to comment on this matter," Stewart said of his longtime friendship with Colbert.
Stewart acknowledged the financial challenges that come with trying to run a late night television show like Colbert's. Stewart said in his monologue that "late night TV is a struggling financial model" and is akin to "operating a Blockbuster kiosk inside of a Tower Records."
"But when your industry is faced with changes, you don't just call it a day. My god, when CDs stopped selling, they didn't just go, 'Oh well, music, it's been a good run,'" Stewart said.
Stewart said the cancellation of Colbert's show by CBS raised questions over whether it was "purely financial" or the "path of least resistance" for Paramount's proposed merger with Skydance Media.
"I believe CBS lost the benefit of the doubt two weeks prior when they sold out their flagship news program to pay an extortion fee to said president," Stewart said.
Earlier this month, Paramount said it had agreed to pay President Donald Trump a $16 million settlement. Trump had filed a lawsuit against CBS which accused the network of "deceptive editing" of an interview with then-Vice President Kamala Harris on "60 Minutes."
"Look, I understand the corporate fear. I understand the fear that you and your advertisers have with $8 billion at stake," Stewart said.
"But understand this, truly, the shows that you now seek to cancel, censor, and control. A not insignificant portion of that $8 billion value came from those fucking shows. That's what made you that money," he added.
Stewart said that capitulating to Trump would not play out the way Paramount expects. He referenced the president's recent lawsuit against The Wall Street Journal after it reported on a "bawdy" birthday letter Trump sent to Jeffrey Epstein on the latter's 50th birthday.
"Donald Trump is suing Rupert Murdoch. The owner of Fox News, the man other than Biden may be most responsible for getting Trump elected," Stewart said.
"Fox spends 24 hours a day blowing Trump and it's not enough. Imagine suing someone mid blow. How could you? 'Finish up. Finish up down there and I'll see you in court,'" he added.
Stewart added that the reason Colbert's show was ending was not because of its financial health but the "fear and pre-compliance that is gripping all of America's institutions."
"This is not the moment to give in. I'm not giving in," Stewart said.
Jon Stewart reacts to CBS cancelling "The Late Show with Stephen Colbert" and tells corporations and advertisers to "sack up" pic.twitter.com/v8MrNpg28w
— The Daily Show (@TheDailyShow) July 22, 2025
During his half-hour monologue, Stewart said versions of the word "fuck" over two dozen times.
CBS said in a statement on July 18 that the cancellation of Colbert's show was "purely a financial decision against a challenging backdrop in late night." It added that the decision was "not related in any way to the show's performance, content or other matters happening at Paramount."
Last week, Puck's Matt Belloni reported that Colbert's show had been losing more than $40 million a year. This is in spite of Colbert's popularity with viewers. His show was the only late-night show to gain viewers this year, per ratings from the American audience measurement company, Nielsen.
Advertising revenue across late-night shows like Colbert's has been dropping, too. Ad revenue for late-night fell from $439 million in 2018 to $220 million in 2024, The New York Times reported, citing data it had obtained from advertising data firm, Guideline.
Representatives for Stewart, Colbert, CBS, and the White House did not respond to requests for comment from Business Insider.
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Trump tariffs live updates: Trump threatens India with 25% tariff, sets copper and Brazil levies
President Trump on Wednesday made a slew of moves on the tariff front, threatening a 25% tariff on goods from India and slapping massive 50% tariffs on goods from Brazil. Trump also suggested that beginning Aug. 1, India could pay an additional penalty because of its ties with Russia. 'India has been a good friend, but India has charged basically more tariffs than almost any other country," Trump said. Trump also signed several orders Wednesday: One order imposes 50% tariffs on copper imports. Following a Section 232 investigation, the Trump administration is imposing a 50% tariff on semi-finished copper products and copper-intensive derivative products on Aug. 1, but has excluded copper scrap and copper input materials. Another order ends the so-called de minimis exemption, thereby applying tariffs to low-value imports that have evaded duties. That measure takes effect Aug. 29 and applies to goods that are valued at or under $800 that had qualified for that tax-free treatment, according to a White House fact sheet. The final order imposes the 50% tariffs on imports from Brazil, which Trump had threatened earlier this month. The order says former President Jair Bolsonaro, currently standing trial for his alleged participation in a coup attempt, has been a victim of "political persecution." The order appears to include exemptions for key US imports, including orange juice and aircraft parts. Trump also again said he would not extend Friday's deadline for new tariff levels to kick in. Trump confirmed this week that 15% represents the new tariff "floor" for countries, whose rates he has been dictating to leaders in letters in the absence of trade deals. Meanwhile, 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. Treasury Secretary Scott Bessent said President Trump would make the final call on extending the trade truce between the world's two largest economies before an Aug. 12 deadline. Also, the US and EU are racing to lock in the final details of their major new trade deal before Friday. Top EU critics say it's a rushed fix. German Chancellor Friedrich Merz called the outcome unsatisfying, and France's Bayrou dubbed the EU's "submission" a "dark day." 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. 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. Hershey grows optimistic about cocoa tariff exemption as the company cuts guidance Hershey (HSY) is hoping for a Trump administration reprieve on tariffs as rising cocoa prices weigh on its full-year outlook. "I would say that we are even more optimistic now," Hershey CEO Michele Buck said on the company's earnings call. "As we've had conversations over the past several months, we have become increasingly comfortable that the government administration understands some of our concerns about the fact that cocoa can only be grown and sourced outside of the US." Buck cited comments from Commerce Secretary Howard Lutnick in recent days that left the door open for an exemption for cocoa products. "If you grow something and we don't grow it, that can come in for zero [tariffs]," Lutnick said on CNBC's Squawk Box on Tuesday. "So if we do a deal with a country that grows mangos, pineapple, then they can come in without a tariff. ... Coffee and cocoa will be other examples of natural resources," Lutnick added. Hershey plans to raise prices, though Buck stated that the price increases "had nothing to do with tariffs." For the year, Hershey expects to see a $170 million to $180 million cost headwind from tariffs. "We'll continue to press on tariffs relative to the cocoa exemption," Buck said, adding: "That's sort of out of our control, but [we] continue to lean there." India-US trade talks go off rails on row over farm markets Indian officials were initially confident of a trade agreement with the US, but now negotiations appear complicated by the US's announcement that it will impose a 25% tariff on Indian goods starting Aug. 1. India's high tariffs and non-monetary trade barriers remain sticking points, especially concerning agriculture. India imposes an average most-favored-nation tariff of 39% on imported farm goods, compared to 5% in the US. Reuters breaks down some of the key issues in focus: Read more here. Trump says India will be paying a tariff of 25% President Trump accused India on Wednesday of charging high tariffs and said they are among the highest in the world. Trump said that despite the US and India being "friends" they have done "little business" together. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote on Truth Social. The US president went on to write that India had purchased the "vast majority" of its military equipment from Russia, alongside China and because of this things are "not good." ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA! These latest comments from Trump come after he said on Tuesday that India would face a 20%-25% tariff rate as both sides had failed to reach an agreement ahead of Trump's Aug. 1 deadline, when trading partners would face higher tariffs. Sources said on Wednesday that India hopes to establish a trade deal with the US by fall of 2025. Trump says Aug. 1 deadline will not be extended Two posts from Truth Social this morning: And: Harley-Davidson misses second-quarter profit estimates as tariffs weigh Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker. Reuters reports: Read more here. India eyes fall deadline for US deal amid Trump threats India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs. Bloomberg News reports: Read more here. Luxury car brands Aston Martin and Porsche report tariff hit President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown. While Volkswagen's ( VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half. Reuters reports: Read more here. Trump: India may get 20% to 25% tariff but not yet final President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline. 'I think so,' Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi. 'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. 'You just can't do that.' The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. Brazil asks US to spare key food products, planes from tariffs Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker. More from Reuters: Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country. Read more here. US-China talks end without further pause, with Trump to make 'final call' US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time. "We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden. "The president can make a final call," he added. Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive." Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting. Read more here. US goods trade deficit hits nearly 2-year low as imports tumble The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply. Reuters reports: Read more here. IMF edges 2025 growth forecast slightly higher, warns tariff risks still dog outlook Reuters reports: Read more here. India braces for higher US tariffs, eyes broader trade deal: Sources India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. Why markets are shrugging off lack of details in Trump trade deals The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. 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. Hershey grows optimistic about cocoa tariff exemption as the company cuts guidance Hershey (HSY) is hoping for a Trump administration reprieve on tariffs as rising cocoa prices weigh on its full-year outlook. "I would say that we are even more optimistic now," Hershey CEO Michele Buck said on the company's earnings call. "As we've had conversations over the past several months, we have become increasingly comfortable that the government administration understands some of our concerns about the fact that cocoa can only be grown and sourced outside of the US." Buck cited comments from Commerce Secretary Howard Lutnick in recent days that left the door open for an exemption for cocoa products. "If you grow something and we don't grow it, that can come in for zero [tariffs]," Lutnick said on CNBC's Squawk Box on Tuesday. "So if we do a deal with a country that grows mangos, pineapple, then they can come in without a tariff. ... Coffee and cocoa will be other examples of natural resources," Lutnick added. Hershey plans to raise prices, though Buck stated that the price increases "had nothing to do with tariffs." For the year, Hershey expects to see a $170 million to $180 million cost headwind from tariffs. "We'll continue to press on tariffs relative to the cocoa exemption," Buck said, adding: "That's sort of out of our control, but [we] continue to lean there." Hershey (HSY) is hoping for a Trump administration reprieve on tariffs as rising cocoa prices weigh on its full-year outlook. "I would say that we are even more optimistic now," Hershey CEO Michele Buck said on the company's earnings call. "As we've had conversations over the past several months, we have become increasingly comfortable that the government administration understands some of our concerns about the fact that cocoa can only be grown and sourced outside of the US." Buck cited comments from Commerce Secretary Howard Lutnick in recent days that left the door open for an exemption for cocoa products. "If you grow something and we don't grow it, that can come in for zero [tariffs]," Lutnick said on CNBC's Squawk Box on Tuesday. "So if we do a deal with a country that grows mangos, pineapple, then they can come in without a tariff. ... Coffee and cocoa will be other examples of natural resources," Lutnick added. Hershey plans to raise prices, though Buck stated that the price increases "had nothing to do with tariffs." For the year, Hershey expects to see a $170 million to $180 million cost headwind from tariffs. "We'll continue to press on tariffs relative to the cocoa exemption," Buck said, adding: "That's sort of out of our control, but [we] continue to lean there." India-US trade talks go off rails on row over farm markets Indian officials were initially confident of a trade agreement with the US, but now negotiations appear complicated by the US's announcement that it will impose a 25% tariff on Indian goods starting Aug. 1. India's high tariffs and non-monetary trade barriers remain sticking points, especially concerning agriculture. India imposes an average most-favored-nation tariff of 39% on imported farm goods, compared to 5% in the US. Reuters breaks down some of the key issues in focus: Read more here. Indian officials were initially confident of a trade agreement with the US, but now negotiations appear complicated by the US's announcement that it will impose a 25% tariff on Indian goods starting Aug. 1. India's high tariffs and non-monetary trade barriers remain sticking points, especially concerning agriculture. India imposes an average most-favored-nation tariff of 39% on imported farm goods, compared to 5% in the US. Reuters breaks down some of the key issues in focus: Read more here. Trump says India will be paying a tariff of 25% President Trump accused India on Wednesday of charging high tariffs and said they are among the highest in the world. Trump said that despite the US and India being "friends" they have done "little business" together. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote on Truth Social. The US president went on to write that India had purchased the "vast majority" of its military equipment from Russia, alongside China and because of this things are "not good." ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA! These latest comments from Trump come after he said on Tuesday that India would face a 20%-25% tariff rate as both sides had failed to reach an agreement ahead of Trump's Aug. 1 deadline, when trading partners would face higher tariffs. Sources said on Wednesday that India hopes to establish a trade deal with the US by fall of 2025. President Trump accused India on Wednesday of charging high tariffs and said they are among the highest in the world. Trump said that despite the US and India being "friends" they have done "little business" together. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote on Truth Social. The US president went on to write that India had purchased the "vast majority" of its military equipment from Russia, alongside China and because of this things are "not good." ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA! These latest comments from Trump come after he said on Tuesday that India would face a 20%-25% tariff rate as both sides had failed to reach an agreement ahead of Trump's Aug. 1 deadline, when trading partners would face higher tariffs. Sources said on Wednesday that India hopes to establish a trade deal with the US by fall of 2025. Trump says Aug. 1 deadline will not be extended Two posts from Truth Social this morning: And: Two posts from Truth Social this morning: And: Harley-Davidson misses second-quarter profit estimates as tariffs weigh Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker. Reuters reports: Read more here. Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker. Reuters reports: Read more here. India eyes fall deadline for US deal amid Trump threats India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs. Bloomberg News reports: Read more here. India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs. Bloomberg News reports: Read more here. Luxury car brands Aston Martin and Porsche report tariff hit President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown. While Volkswagen's ( VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half. Reuters reports: Read more here. President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown. While Volkswagen's ( VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half. Reuters reports: Read more here. Trump: India may get 20% to 25% tariff but not yet final President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline. 'I think so,' Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi. 'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. 'You just can't do that.' The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline. 'I think so,' Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi. 'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. 'You just can't do that.' The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. Brazil asks US to spare key food products, planes from tariffs Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker. More from Reuters: Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country. Read more here. Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker. More from Reuters: Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country. Read more here. US-China talks end without further pause, with Trump to make 'final call' US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time. "We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden. "The president can make a final call," he added. Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive." Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting. Read more here. US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time. "We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden. "The president can make a final call," he added. Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive." Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting. Read more here. US goods trade deficit hits nearly 2-year low as imports tumble The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply. Reuters reports: Read more here. The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply. Reuters reports: Read more here. IMF edges 2025 growth forecast slightly higher, warns tariff risks still dog outlook Reuters reports: Read more here. Reuters reports: Read more here. India braces for higher US tariffs, eyes broader trade deal: Sources India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. Why markets are shrugging off lack of details in Trump trade deals The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. Sign in to access your portfolio
Yahoo
18 minutes ago
- Yahoo
Copper futures tumble as White House says refined metal exempt from 50% tariffs
This embedded content is not available in your region. Copper futures (HG=F) tanked as much as 19% on Wednesday after a much-anticipated Trump administration directive to impose 50% tariffs on the industrial metal carved out an exemption for refined copper, used in a wide range of industries. Read more: What Trump's tariffs mean for the economy and your wallet Copper futures saw their largest intraday fall on record after the announcement, tumbling to around $4.55 per pound. On Wednesday, the White House announced that starting on Aug. 1, it will impose 50% tariffs on 'semi-finished" copper products. However, 'copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap' are not subject to the tariffs. Cathodes are pure sheets of copper used in everything from wiring to autos, construction, and machinery. Read more: The latest news and updates on Trump's tariffs Earlier this month, copper futures surged as imports spiked to record levels ahead of the proposed tariffs. JPMorgan analysts estimated that over the past six months, the US has imported nearly a year's worth of copper from abroad. "The real reason for today's decline is that the increase in the copper price was panic-driven based on anticipation of refined metal having to bear that same tariff," Warwick Smith, CEO of American Pacific Mining Corp (USGDF), told Yahoo Finance on Wednesday. The import rush followed a February executive order that designated copper a critical national security material, prompting a Commerce Department investigation into whether imports threaten domestic supply chains. Leading up to Wednesday's announcement, analysts had anticipated that individual countries could negotiate deals to omit their copper exports. Industry experts say the US currently imports about 50% of the copper it needs for use across an array of industries, from construction to autos to data centers. Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices 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
USA Today
19 minutes ago
- USA Today
Repealing greenhouse gas emissions rule could cost American drivers more, not less
Repealing emission standard for new cars could save Americans money — if gas prices drop. Ending greenhouse gas emissions standards for new cars is supposed to result in more 'affordable choices' for consumers and 'regulatory relief' for companies, according to a statement from the Environmental Protection Agency. Yet, the agency's draft impact analysis shows the proposal might instead cost the country more than it would save. It depends on what is counted and assumptions about the broader economy. 'They're trying to cook the books to show that somehow what they're doing saves costs,' Joseph Goffman, a former assistant administrator at the EPA office overseeing air pollution rules, said in an interview. A spokesperson for the agency agreed that some of the modeled scenarios were 'highly speculative' but said they are designed to show the influence of market conditions, like gas prices. One estimate showed repealing emissions standards would cost the country $350 billion a year. Another predicting ideal economic conditions showed annual savings of $490 billion. Neither of those figures included the cost of public health impacts from air pollution. Initial details of the proposal to repeal the 2009 endangerment finding were announced Tuesday by Lee Zeldin, President Donald Trump's pick to lead the Environmental Protection Agency. 'With this proposal, the Trump EPA is proposing to end sixteen years of uncertainty for automakers and American consumers,' Zeldin said at an Indiana auto dealership, calling greenhouse gas rules 'the real threat to Americans' livelihoods.' Dropping emissions standards for new vehicles is one effect of the agency's plan to repeal the 'endangerment finding,' which underpins the federal government's ability to regulate the greenhouse gases that fuel climate change. In 2009, the agency under former President Barack Obama detailed evidence that greenhouse gases, including those emitted by cars, harm human health. Last year, President Joe Biden's administration set rules to reduce the release of these heat-trapping gases as well as other air pollutants. Widely touted economic benefits of $99 billion per year included reduced public health costs from cleaner air along with reduced fuel and maintenance costs. More: Trump EPA reverses pollution limits on power plants How are the costs and benefits calculated? To understand the economic impact of the proposal, the Environmental Protection Agency modeled several different scenarios in a draft report. Some include changing more government policies than others. Some rely on economic factors beyond the government's direct control. For instance, one projection estimates repealing the endangerment finding and the car emissions standard for greenhouse gases would have a net cost of $350 billion for the nation. That scenario includes ending tax credits for new electric cars created by the Inflation Reduction Act. Other projections show that the repeal would result in overall savings once a gallon of gasoline becomes a dollar cheaper than previously forecasted. Goffman suggested that 'an unrealistically low price for gasoline' was the only way the Trump administration could show the plan had broad economic benefits. An EPA spokesperson told USA TODAY: 'These values are illustrative and show the sensitivity of future gas savings based on different fuel prices. Many actions that can impact gas prices in the future and basing the benefits on future gas prices is highly speculative.' Will cars be cheaper? When the Biden administration announced its car pollution standards in 2024, the EPA explained how the rule could change the cost of new cars as part of its an 800-page analysis. Purchase prices were projected to increase, ranging from about $900 for a sedan to $2,600 for an SUV. But the agency said consumers would save money in the long run because of cheaper maintenance and fuel savings over the vehicle's lifetime. For example, sedan and SUV drivers would save $4,400. The savings projected under Biden were even larger after including purchase incentives in the calculations. But those will be eliminated as a result of cuts in Trump's "Big Beautifull Bill" that was approved by Congress weeks ago. For instance, people who buy new electric cars soon will lose access to $7,500 in tax credits. The draft analysis of the new proposal is much shorter – just 63 pages – and does not project changes in the cost of new cars. Instead, it estimated nationwide impacts. Trump administration officials have touted $54 billion in annual savings for Americans. An EPA spokesperson clarified that figure included benefits from expected new vehicle technology but did not include costs such as long-term maintenance. Adding those leads to a net cost increase of $18 billion per year. How will the repeal affect public health spending? When Biden's administration set car emissions standards last year, a report calculated it would save the nation $13 billion annually in public health spending by reducing the amount of fine particulate matter released in the air. This pollution is associated with premature deaths and hospitalizations from respiratory and cardiovascular illnesses. That report also estimated that limiting greenhouse gas emissions would bring $72 billion climate benefits annually. This was calculated from the social cost of carbon, a measure that considers things like human health effects, agricultural productivity and property damage from natural disasters. The repeal proposed by Zeldin would keep the particle pollution limits, however, it would remove standards for greenhouse gas emissions. The new estimates did not include the impacts, like public health, of increases in greenhouse gas emissions. Future of climate change regulation beyond cars Goffman, the former EPA official, said repealing the endangerment finding has impacts beyond car emissions. Its repeal could limit the federal government's power to regulate all greenhouse gas emissions and make future attempts to tackle climate change harder. 'This goes beyond an individual administration exercising discretion that can be reversed by a future administration,' Goffman said. 'They've taken themselves out on the legal ledge, and it's only a couple of millimeters wide.' This proposed repeal is part of a larger movement from the Trump EPA. In June, Zeldin announced intent to remove and scale down air pollution limits on power plants. In that news release, the agency said it would save the power sector about $1.2 billion dollars annually in regulatory costs. It didn't mention that their cost-benefit analysis found it would also cost $8 billion dollars annually from worsened public health. That means a net negative from easing those pollution limits: While companies save money, people would spend more because of poorer health. Electricity generation and transportation are the two biggest greenhouse gas emitting sectors. Together they make up over half of emissions in the country. The plans to scale back limits on power plants and new cars could have significant influence on global efforts to avoid climate change impacts. 'Trump's EPA is trying every trick in the book to deny and avoid their mission to protect people and the environment,' wrote Gina McCarthy, a former EPA administrator who now leads the advocacy group, America Is All In. 'Instead of doing their job, this EPA is putting the safety of our loved ones at risk.' Written comments from the public about the repeal proposal can be submitted until Sept. 15. The agency also plans to hold public hearing sessions next month. More details can be found on the agency's website.
