APA Reaches Deal to Sell New Mexico Assets to Permian Resources
APA Corp., a US oil explorer with wells from Egypt to Alaska, said it's selling some of its assets in the world's busiest shale patch to Permian Resources Corp. as it streamlines its portfolio.
The transaction covers APA's assets in the New Mexico portion of the Permian Basin, which Permian Resources is paying $608 million, prior to closing adjustments, according to a statement confirming an earlier report by Bloomberg News.
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What The CPI Inflation Numbers Mean For The Future
The Consumer Price Index numbers for May came out on Wednesday. The seasonally adjusted number was up 0.1% in May, a drop from April's 0.2%. except for March, it was the lowest monthly inflation figure since July 2024. Over the last 12 months, inflation was 2.4% before seasonal adjustment. There is volatility over time, but also a downward trend line, even if it hasn't dropped fast enough for people's tastes. Below is a graph from the Federal Reserve Bank of St. Louis, showing year-over-year comparisons. Year-over-year changes in the CPI Federal Reserve Bank of St. Louis The news was good, at least in theory and at a high level. At a more detailed look, perhaps not. Other issues — tariffs, rising deficit spending, and spending cuts for important common good activities — combine with inflation to create greater uncertainty in the near future and the potential for a recession. Here Are The CPI Details That Affect You CPI at the headline level sounds good. Details are, on the whole, more discouraging. Here are some product categories where inflation was much higher: All are necessities, if not for everyone, for many millions. Other items helped keep the headline inflation down: The moderating factors don't necessarily remove the burden of the items with greater inflation, depending on how households spend and experience inflation. Near Future Effects On Inflation 'Shelter and energy are going to keep the disinflation trend intact,' wrote Jamie Cox, managing partner for Harris Financial Group, in a note. 'Prices are moving down in two of the largest categories, so investors should expect further declines in inflation in the coming months. 'However, CPI remains above 2% and even though the tariff rates are going to be less than originally feared, after they are implemented, they will further increase the cost of goods,' wrote Chris Zaccarelli, chief investment officer for Northlight Asset Management, in a second note. 'Because of this and the tariff pause that's scheduled to be lifted next month, we are still cautious, but many of the risks that were present in early April, appear to be receding at this time.' As Oxford Economics noted, the May CPI data have been 'encouraging, but unlikely the new norm.' For example, the administration announced a temporary trade truce — again — with China following talks in London. This time, tariffs will be 55%. That's a blended number and includes 20% tariffs on fentanyl, a 10% reciprocal tariffs, and then an average 25% for tariffs already in place before this year, according to a MarketWatch report. The congressional spending bill is likely going to send spending and the deficit up, which will also provide inflationary pressure. While the headline numbers sound like a reprieve, it probably won't be ultimately.
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Yes, an iPhone Could Cost More Than $2,200 With Tariffs. Should You Buy One Now?
Tariffs could soon raise the price of iPhone. James Martin/CNET President Donald Trump announced he has made a deal with China, which could potentially affect the cost of a new iPhone -- but maybe not as much as you think. "WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%," Trump said in a post on Truth Social, noting that he and China's president, Xi Jinping, still need to give their final approval for the deal. However, 55% "total" tariff incorporates 30% the countries agreed to in May (10% "reciprocal tariff" + 20% "fentanyl tariff") and approximately 25% from tariffs that Trump imposed on China during his first term, according to a White House official. Although 55% is substantially less than the original 145% tariff against China Trump originally put in place, it's still likely to result in higher prices for many items, said Michael Coon, associate professor of economics at the University of Tampa. And the new tariff deal doesn't take into account the 25% smartphone tariff Trump announced shortly after Apple said it was moving production of US iPhones to India. "I would suspect that the 25% smartphone tariff would be added on top of the existing tariffs in China," he said. "I think the smartphone tariff is more reaction to India -- Apple's announcement that they were going to ship most of their production to India." Apple didn't mention tariffs during its Worldwide Developers Conference this week, but with the rumored iPhone 17 due for a price hike -- regardless of tariffs -- is now the time to buy a new iPhone? Read more: Thinking About Buying a New iPhone? Here's Why You Should Wait How much could tariffs raise iPhone prices? We do the math Companies don't always pass the full tariff onto customers in the form of higher prices, but they can. Even if Apple could absorb some of the costs, you should expect to see significant price jumps if tariffs take effect. "They're still going to probably pass 80% to 90% onto consumers, if they can," Coon said. "Unless they wanted to do some sort of marketing ploy out of it, which I don't suspect they would want to do, because that would be directly going up against the administration." Based on the current tariff rate, iPhones manufactured in China are already subject to a 25% tariff (from Trump's first term), but could now get an additional 30% tariff. Goods from India currently have a 10% baseline tariff but that could potentially soar to 26% next month. Here's how the current tariffs and potential 25% Apple tariff could affect the price of the iPhone. These figures are based on our estimates and not confirmed by Apple: How much could iPhones made in China cost after tariffs? Current price With new 30% tariff New tariff + 25% smartphone tariff iPhone 16e (128GB) $599 $779 $928 iPhone 16 (128GB) $829 $1,078 $1,285 iPhone 16 Plus (128GB) $929 $1,208 $1,440 iPhone 16 Pro (128GB) $999 $1,299 $1,548 iPhone 16 Pro Max (256GB) $1,199 $1,559 $1,858 iPhone 16 Pro Max (1TB) $1,599 $2,079 $2,478 How much could iPhones made in India cost after tariffs? Current price Current 10% tariff Potential 26% tariff Potential 26% tariff + 25% smartphone tariff iPhone 16e (128GB) $599 $659 $755 $904 iPhone 16 (128GB) $829 $912 $1,045 $1,252 iPhone 16 Plus (128GB) $929 $1,022 $1,171 $1,403 iPhone 16 Pro (128GB) $999 $1,099 $1,259 $1,508 iPhone 16 Pro Max (256GB) $1,199 $1,319 $1,511 $1,810 iPhone 16 Pro Max (1TB) $1,599 $1,759 $2,015 $2,414 Based on Coon's estimates that Apple could pass along up to 90% of the tariff cost to customers, that could raise the price of a new iPhone 16 Pro Max (1 TB) assembled in China to $2,230. "Estimates say it would cost $3,500 to produce an iPhone in the US. So, it would still be cheaper to produce in China," Coon said. There's a lot more that goes into the price of an iPhone than simply where it's assembled. Apple sources components for its products from a long list of countries, which could face higher tariffs after the pause. And a tariff on goods doesn't necessarily mean prices will increase by the same amount. If companies want to stay competitive, they could absorb some of the costs to keep their prices lower. Apple did not respond to a request for comment. When could we see iPhone prices increase? It's unclear exactly when prices could go up, but if companies sell out of devices produced before the tariffs, they may have to increase prices on products in tariffed shipments. However, even if Apple can't avoid tariffs entirely, it has ways to offset the impact through its services -- including its music, news and data plans -- according to supply chain expert Joe Hudicka. "Apple will likely absorb some of the tariff costs up front to keep sticker prices stable, then pass the rest on to consumers gradually through service bundles, device longevity and ecosystem upgrades," he said. "Consumers will still pay, just not all at once." And regardless of how the tariff drama plays out, the Wall Street Journal reports that Apple plans to raise iPhone prices later this year. So expect prices to go up soon. Is it better to buy an iPhone and other tech now or wait? If you already planned to buy a new smartphone, buying it now might save you money. But if you don't need a new phone immediately, you might want to wait, said CNET Managing Editor Patrick Holland, who's been reviewing phones for CNET since 2016. "If iPhone prices rise, know that, like cars, the prices for used iPhones will likely rise, too," he said. "If Apple does raise its prices, you'll likely get more for your old iPhone when you trade it in, and that should offset any increased prices." If you don't have the cash on hand and are considering using a credit card or buy now, pay later plan just to avoid tariffs, make sure you have the money to cover the costs before you start accruing interest. With credit cards' average interest rates currently more than 20%, the cost of financing a big purchase could quickly wipe out any savings you'd get by buying before prices go up because of tariffs. "If you finance this expense on a credit card and can't pay it off in full in one to two months, you'll likely end up paying way more than a tariff would cost you," said Alaina Fingal, an accountant, founder of The Organized Money and a CNET Money Expert Review Board member. "I would recommend that you pause on any big purchases until the economy is more stable." One way to save on Apple products, even if prices go up, is to buy last year's model instead of the newest release or a used one. And trading or selling a used one can help offset the cost even more. "Apple has leaned into that with its Certified Refurbished program, much like the auto industry's used car model," Hudicka said. "This program helps extend the lifespan of devices, keeping customers in the Apple ecosystem longer while distributing the cost impact over time." Buy or Wait Guide: How Tariffs Will Change Tech Prices and What to Do Next Buy or Wait Guide: How Tariffs Will Change Tech Prices and What to Do Next Click to unmute Video Player is loading. 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