US stock futures higher as Trump megabill heads to House
Trade issues linger
Although the One Big Beautiful Bill is in the spotlight, trade issues continue to linger offstage.
Trump's self-imposed trade deal deadline of July 9 is fast approaching, and there are mixed messages on whether the deadline is flexible. Last week, White House Press Secretary Karoline Leavitt told reporters the July 9 deadline for restarting tariffs on countries that haven't yet reached a trade deal wth the U.S. is "not critical," which some took as a hint the deadline was flexible.
U.S. Treasury Secretary Scott Bessent then said trade deals could come by Labor Day in September.
However, Trump said this week he isn't considering delaying the deadline for higher tariffs to resume and renewed his threat to cut off talks and impose duty rates on several nations, including Japan. He criticized Japan for shunning U.S. rice exports and for imbalanced auto trade between the two countries. He floated 30% to 35% tariffs on Japanese goods and cast doubts on whether the U.S. could reach a deal with Japan.
So far, markets have shrugged off fears of higher tariffs. "Investors are banking on yet another Trump retreat and reversal," said Mike O'Rourke, chief market strategist at JonesTrading.
Corporate news
Verint Systems is in talks with buyout firm Thoma Bravo over a possible acquisition, according to Bloomberg.
Centene withdrew its full-year outlook after the company said it received data showing its enrollees in the Affordable Care Act insurance marketplaces overall appeared fewer, and less healthy, than expected.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
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The Herald Scotland
3 hours ago
- The Herald Scotland
Trump's pick to lead BLS suggests suspending monthly jobs reports
"Until it is corrected, the BLS should suspend issuing the monthly job reports but keep publishing the more accurate, though less timely, quarterly data," Antoni said. "Major decision-makers from Wall Street to DC rely on these numbers, and a lack of confidence in the data has far-reaching consequences." More: Trump names conservative economist E.J. Antoni to lead Bureau of Labor Statistics If confirmed by the Senate, Antoni would replace Erika McEntarfer, an appointment of former President Joe Biden who Trump fired on Aug. 1. Trump accused McEntarfer without evidence of manipulating data for "political purposes" after the Bureau of Labor Statistics reported the U.S. added a disappointing 73,000 jobs in July. Trump also complained about revisions that reduced job gains in May and June by about 258,000 and portrayed a much weaker labor market than Trump has touted. More: Why jobs revisions that led Trump to fire statistics head were so huge White House press secretary Karoline Leavitt downplayed Antoni's recent remarks, saying he only "floated the idea of possibly" suspending the months jobs reports. She said it is "the plan and the hope" for the BLS to continue releasing monthly jobs reports. "We need to look at the means and the methods, and how the United States is acquiring this very important data, and all of that is going to be done," Leavitt said during an Aug. 12 briefing with reporters. "And the goal, of course, is to provide honest and good data for the American people." The Aug. 1 revisions for May and June marked the largest two-month revision ever outside of recessions, according to an anlaysis from Goldman Sachs. Each month, the BLS provides an initial reading of job gains for the previous month and revises figures from the prior two months twice based on follow-up surveys. To come up with its monthly job growth estimates, the agency surveys 631,000 job sites operated by 121,000 businesses and government agencies across the country. The bureau revises the data twice because many employers don't respond to the first survey or because officials modify the factors it uses to seasonally adjust the figures. Most economic forecasters say this year's large revisions have cleared up a disparity between surprisingly resilient job gains and other economic indicators, such as gross domestic product, that have been feeble this year. Contributing: Paul Davidson of USA TODAY Reach Joey Garrison on X @joeygarrison.
The Herald Scotland
3 hours ago
- The Herald Scotland
Air India suspends flights between New Delhi and Washington D.C.
"The suspension is primarily driven by the planned shortfall in Air India's fleet, as the airline commenced retrofitting 26 of its Boeing 787-8 aircraft last month," the company said in a news release, adding this "extensive retrofit program, aimed at significantly enhancing customer experience," will result in unavailability of multiple aircrafts until at least end of 2026. Ban on Indian carriers in Pakistan's airspace In addition to its fleet upgrade, the closure of airspace over Pakistan "impacts the airline's long-haul operations, leading to longer flight routings and increased operational complexity," the news release said. The airspace ban is estimated to cost Air India about $600 million over 12 months, Reuters and Pakistan closed their airspaces to each other days after relations nosedived following a fatal attack on civilians in Indian Kashmir in April. New Delhi has blamed Islamabad for the attack, which Islamabad denies. Options for Air India customers While there will no direct flights between the two capitals, Air India customers will have the option to choose flights to Washington, D.C., with layovers in New York, Newark, Chicago and San Francisco with the airline's partners Alaska Airlines, United Airlines and Delta Air Lines, "allowing customers to travel on a single itinerary with their baggage checked through to the final destination," the news release said. The airline will also continue to "operate non-stop flights between India and six destinations in North America, including Toronto and Vancouver in Canada." Customers booked on flights to or from Washington, D.C. beyond September 1 will be contacted by the airline and offered alternative travel arrangements, including rebooking on other flights or full refunds, as per their individual preferences, the airline said. Phones, jewelry, linens: Which products could cost more due to Trump's India tariffs? Air India woes The suspension also comes as Air India faces heightened regulatory scrutiny after a June crash of one of its Boeing planes in Ahmedabad killed 260 people. Meanwhile, passengers on a recent Air India flight from San Francisco to Mumbai via Kolkata encountered some unwelcome visitors early this month. "On flight AI180 from San Francisco to Mumbai via Kolkata, two passengers were unfortunately bothered by the presence of a few small cockroaches on board," a spokesperson for the airline previously told USA TODAY in a statement Aug. 5. They notified a crew member who relocated them to different seats, where they were "comfortable thereafter," the airline continued. During the scheduled fuel stop at Netaji Subhas Chandra Bose International Airport in Kolkata, the aircraft was deep cleaned by the ground crew to address the issue, and continued its journey to Mumbai as scheduled. "Despite our regular fumigation efforts, insects can sometimes enter an aircraft during ground operations," the airline added. "Air India will be undertaking a comprehensive investigation to determine the source and the cause of this incident and implement measures to prevent recurrence. We sincerely apologize for any inconvenience caused to the passengers." Contributing: Reuters / Joey Garrison, Kathleen Wong, USA TODAY Saman Shafiq is a trending news reporter for USA TODAY. Reach her at sshafiq@ and follow her on X and Instagram @saman_shafiq7.
Glasgow Times
3 hours ago
- Glasgow Times
US and China extend trade truce for another 90 days
Mr Trump posted on his Truth Social platform that he signed the executive order for the extension, and that 'all other elements of the Agreement will remain the same'. Beijing at the same time also announced the extension of the tariff pause, according to the Ministry of Commerce. The previous deadline was set to expire at 12.01am on Tuesday. Had that happened the US could have ratcheted up taxes on Chinese imports from an already high 30%, and Beijing could have responded by raising retaliatory levies on US exports to China. The pause buys time for the two countries to work out some of their differences, perhaps clearing the way for a summit later this year between Mr Trump and Chinese President Xi Jinping, and it has been welcomed by the US companies doing business with China. China said on Tuesday it would extend relief to American companies who were placed on an export control list and an unreliable entities list. After Mr Trump initially announced tariffs in April, China restricted exports of dual-use goods to some American companies, while banning others from trading or investing in China. The Ministry of Commerce said it would stop those restrictions for some companies, while giving others another 90-day extension. Reaching a pact with China remains unfinished business for Mr Trump, who has already upended the global trading system by slapping double-digit taxes – tariffs – on almost every country on earth. The EU, Japan and other trading partners agreed to lopsided trade deals with Mr Trump, accepting once unthinkably US high tariffs (15% on Japanese and EU imports, for instance) to ward off something worse. US President Donald Trump speaks with reporters in the James Brady Press Briefing Room at the White House (Alex Brandon/AP) In June, the US and China reached an agreement to ease tensions. The US said it would pull back export restrictions on computer chip technology and ethane, a feedstock in petrochemical production, and China agreed to make it easier for US firms to get access to rare earths. 'The US has realised it does not have the upper hand,' said Claire Reade, senior counsel at Arnold & Porter and former assistant US trade representative for China affairs. In May, the US and China had averted an economic catastrophe by reducing massive tariffs they'd slapped on each other's products, which had reached as high as 145% against China and 125% against the US. Those triple-digit tariffs threatened to effectively end trade between the US and China and caused a frightening sell-off in financial markets. In a May meeting in Geneva, America's tariffs went back down to a still-high 30% and China's to 10%. Ms Reade does not expect much beyond limited agreements such as the Chinese saying they will buy more American soybeans and promising to do more to stop the flow of chemicals used to make fentanyl and to allow the continued flow of rare-earth magnets. But the tougher issues will likely linger, and 'the trade war will continue grinding ahead for years into the future', said Jeff Moon, a former US diplomat and trade official.
