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Is late night dead? Stephen Colbert's CBS cancellation raises troubling questions

Is late night dead? Stephen Colbert's CBS cancellation raises troubling questions

The shocking cancellation of 'The Late Show With Stephen Colbert' is a sign that time is running out for one of TV's most beloved formats.
The late-night talk show was invented in the 1950s as a way for networks to own their own programming rather than have it provided by sponsors. Now, amid shrinking audiences and a politically turbulent climate for free speech, the familiar desk-and-sofa tableau is in serious trouble.
CBS announced Thursday that the upcoming 2025-26 TV season for 'The Late Show' will be its last. Executives blamed the cancellation on financial concerns felt across all network late-night shows. Last year, NBC cut 'The Tonight Show Starring Jimmy Fallon' to four nights a week while 'Late Night With Seth Meyers' cut its live band.
Still, industry veterans were bewildered by the timing.
It's hard to imagine Paramount Global executives did not anticipate blowback from announcing the move days after Colbert blasted the company's $16-million settlement with President Trump over CBS News' '60 Minutes' interview with Kamala Harris. Colbert described the deal as a bribe during his Monday monologue.
Every move the company makes is now under a microscope as it tries to get the Federal Communications Commission, led by Trump acolyte Brendan Carr, to approve an $8-billion merger with Skydance Media. Canceling the most watched late-night program hosted by one of Trump's harshest critics will draw even more scrutiny.
Sen. Adam Schiff (D-Calif.), weighed in on X shortly after taping an interview on Colbert's program.
'If Paramount and CBS ended the Late Show for political reasons, the public deserves to know. And deserves better,' Schiff posted.
The Writers Guild of America also raised questions, saying the cancellation appeared to be a case of 'sacrificing free speech to curry favor with the Trump Administration.'
One factor contradicting the theory is that Colbert, who has another year on his contract, will remain on the air through May. His commentaries have never been restrained by network executives over his 10-year run and that situation is not expected to change in his final season.
The poor optics may be a matter of contractual timing.
Paramount Global had to complete the deals with writer-producer teams in July for the upcoming 'Late Show' season, according to a person familiar with the discussions who was not authorized to comment.
Those deals typically run for a full year, but with the company's intention to cancel the program — decided several months ago — the contracts being offered only ran through May, which tipped off the network's plans.
When Colbert learned of the cancellation decision on Wednesday, he made the call to inform his staff and his audience the next day.
'Late Show' is said to be losing somewhere in the tens of millions of dollars a year as younger viewers have fled. Since 2022, the program has lost 20% of its audience in the advertiser-coveted 18-to-49 age group, according to Nielsen data.
Ad revenue for 'Late Show' in 2024 was $57.7 million, according to iSpot.tv, down from $75.7 million in 2022. 'The Tonight Show Starring Jimmy Fallon' on NBC and 'Jimmy Kimmel Live!' on ABC have also seen significant declines over that period.
CBS has already given up on one hour of late night due to financial pressure. Two years ago, it canceled its 12:35 a.m. 'Late Late Show' program hosted by James Corden because it was losing money.
CBS came up with a lower-cost replacement with 'After Midnight,' but that ended after two seasons as its host Taylor Tomlinson decided not to renew her deal. CBS is replacing it with a syndicated program, 'Comics Unleashed,' from Byron Allen's Entertainment Partners in an arrangement that will cost the network nothing.
Still, Paramount Global will find itself facing questions about why CBS did not seek ways to reduce the production costs of the program instead of just pulling the plug.
If CBS decides to continue programming the 11:30 p.m. slot, it will hard-pressed to approach the same audience levels that Colbert attracted.
CBS is giving up a popular culture touchstone, although in the current fragmented media landscape, the days of such hosts having massive sway over a large audience have passed.
Media analyst Rich Greenfield wrote that legacy media companies investing in expensive original programming outside of sports and news may be ill-advised as viewers continue to flock to streaming.
'Ending 'The Late Show' is the tip of the iceberg with massive programming and personnel cuts to come,' he said.
For decades, late-night TV served as the brand identity of the broadcast networks.
Jack Paar was the witty conversationalist that made Middle America feel like it was invited to a sophisticated Manhattan cocktail party. His successor, Johnny Carson, became a trendsetter in the 1960s, defining male coolness. He had his own clothing line. His dry monologue was often a gauge of the country's political mood. An invitation to take a seat next to Carson after a stand-up set turbocharged the careers of many top comedians.
CBS was unable to compete with Carson for decades, trying and failing with the likes of Merv Griffin and Pat Sajak. When David Letterman became available after he was bypassed for the 'Tonight' job at NBC, he came to CBS in 1993 and made the network a serious contender.
Letterman's offbeat, sardonic brand of humor also gave a layer of hipness to CBS, which had long had a reputation for stodginess.
'Late Show With David Letterman' helped make late-night network TV a financial bonanza. While the proliferation of cable networks was cutting into audience share in the 1990s and early 2000s, the late-night habit still thrived, especially with its ability to reach young men, the most elusive demographic for TV advertisers.
As a result, late-night hosts became the highest-paid stars in the business. Letterman and Jay Leno were both earning in the neighborhood of $30 million a year until networks started trimming salaries 10 years ago.
But technology chipped away at the late-night talk show habit. When DVRs reached critical mass, consumers started to catch up with their favorite prime-time shows during the late-night hours.
The most painful blow came from social media. While online clips of the late-night shows draw hundreds of millions of viewing minutes, that doesn't generate the same kind of ad revenue as TV. They also make showing up at 11:35 p.m. every night pointless.
'The networks cut up all of the best parts of the show, and by the end of the night you can see all of them on social media,' said one former network executive who oversaw late-night programs. 'There's no reason to even DVR it.'
Prime-time programs add millions of viewers through on-demand streaming after they air on the broadcast networks. Topical late-night shows don't have the same shelf life.
While politics have long been an important element of late-night comedy, the emergence of Trump's political career in 2015 — and his ability to drive ratings and the national conversation — made him the dominant topic.
Where Carson, Letterman and Leno skewered both sides of the political spectrum, Trump's ability to provide endless comedy fodder on a daily basis made him an easy, entertaining and ultimately one-sided target.
For years it worked. Ratings for Colbert — who made his bones on Comedy Central satirizing a reactionary talk show host — languished for the first two years after he replaced Letterman. Audience levels and ad rates surged in 2017 once Trump came into office and became Colbert's muse.
But the country has become more politically polarized in recent years and the relentless lampooning of Trump has created a lane for 'Gutfeld!,' a nightly Fox News talk show with a conservative bent.
While not technically a late-night show (it airs at 10 p.m. Eastern), 'Gutfeld!' drew an average of 3 million viewers in the second quarter of 2025 according to Nielsen and has grown 20% since 2022.
The young men that used to make late night an advertiser magnet are now turning to podcasters such as Joe Rogan and others who can speak without the restraint of broadcast TV standards.
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Trump tariffs live updates: US, EU rush to finalize deal as 90-day extension of China trade truce likely
Trump tariffs live updates: US, EU rush to finalize deal as 90-day extension of China trade truce likely

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Trump tariffs live updates: US, EU rush to finalize deal as 90-day extension of China trade truce likely

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'For the world, I would say it'll be somewhere in the 15% to 20% range,' Trump said in Scotland as he met with UK Prime Minister Keir Starmer. Meanwhile, another round of US-China talks kicked off this week, with markets hoping for another extension of the countries' trade truce. The South China Morning Post, a Hong Kong-based English-language newspaper, reported that is seen as the likely outcome. This was confirmed by Commerce Secretary Howard Lutnick who said a 90-day China trade truce extension is likely. Last week, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners. Trump said the US hasn't had a "lot of luck" with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement. Trump also touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. Japan said Tuesday its trade deal with the US eased policy uncertainty but warned US trade actions could still weigh on its economy. Meanwhile, US Trade Representative Jamison Greer said "more negotiations" would be needed with India, just days before the Aug. 1 deadline. 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. Germany's Merz says he did not expect better EU-US trade deal, German economy will suffer Germany's Chancellor released a statement saying he's not "satisfied" with the new EU-US trade deal and expressed concerns about how it'll affect his country's economy. Reuters reports: Read more here. What's in the US-EU preliminary trade agreement? 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Negotiators are meeting to buy more time CNN reports: Read more here. 'Donald Trump ate Ursula von der Leyen for breakfast': How EU leaders are reacting to the US trade deal Europe's reaction to its trade deal with the US is decidedly mixed so far. As we detailed earlier, the deal represents the "least-worst" option for Europe, which was facing 30% duties on its imports to the US. So EU leaders have put on a brave face, saying that they hope this breakthrough is but the first step toward a more favorable, longer-term agreement. Bloomberg rounded up some initial reaction. One that stood out: Hungarian Prime Minister Viktor Orban, a Trump ally: From the German chancellor: Italian Prime Minister Giorgia Meloni called the agreement "sustainable": France took a more hawkish approach: Finally, from Slovakia: Read more here. 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Donald Trump freezes export controls to secure trade deal with China The FT reported on Monday that President Donald Trump has frozen restrictions on technology exports to China in order to avoid hurting trade talks with Beijing and to help secure a meeting between Trump and President Xi Jinping this year, according to people familiar with the matter. The US Commerce Department's Bureau of Industry and Security, which is in charge of export controls, has been advised to avoid tough moves on China, according to eight people, including current and former US officials. The US and China are due to meet in Stockholm on Monday for a third round of trade talks following previous meetings in Geneva and London. The FT reports: Read more here (subscription required). 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The $550 billion investment framework combines loans, investments and loan guarantees provided by financial institutions backed by the Japanese government. Bloomberg News reports: Read more here. VW's Audi cuts full-year outlook, citing tariffs and restructuring Following Volkswagen's ( VWAGY) guidance cut last week, the German carmakers premium brand Audi has also cut its full-year guidance, citing the impact of higher US import tariffs and restructuring expenses. Reuters reports: Read more here. Germany's Chancellor released a statement saying he's not "satisfied" with the new EU-US trade deal and expressed concerns about how it'll affect his country's economy. Reuters reports: Read more here. On Sunday, President Trump and European Commission President Ursula von der Leyen announced a preliminary trade agreement, avoiding an all-out trade war. Here's what we know about the terms the two sides agreed to, per Reuters: Several questions still remain unresolved, however. Here's what remains to be seen when the US and EU reveal a joint statement on Aug. 1: Read more here. Trump official: More talks needed to clinch India deal 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. 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. Rating firms say US tariffs alone will not trigger EU sovereign downgrades Reuters reports: Read more here. Reuters reports: Read more here. US trade deal eases tariff uncertainties, but risks remain: Japan Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy. Reuters reports: Read more here. Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy. Reuters reports: Read more here. Philips soars after lifting margin outlook on softer tariff hit Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared. Bloomberg News reports: Read more here. Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared. Bloomberg News reports: Read more here. Stellantis warns of $1.7B US tariff impact in 2025 Reuters reports: Read more here. Reuters reports: Read more here. Carney says US trade talks in 'intense phase' The Canadian Press reports: Read more here. The Canadian Press reports: Read more here. Analysts say EU-US trade deal could add up to $19 billion in pharma industry costs The recent trade deal announced between the United States and the European Union is raising concerns in different industries about potential costs. The pharmaceutical industry, specifically, is estimated to take on an extra billion dollars based on new data. Reuters reports: Read more here. The recent trade deal announced between the United States and the European Union is raising concerns in different industries about potential costs. The pharmaceutical industry, specifically, is estimated to take on an extra billion dollars based on new data. Reuters reports: Read more here. Analysis: US tariffs will be test of luxury brands' pricing power Luxury goods companies have been spared the worst case scenario in Sunday's EU-US trade deal. But the worst is not over yet, they still face a balancing act as already weak consumer demand prevents them from raising prices further. Reuters reports: Read more here. Luxury goods companies have been spared the worst case scenario in Sunday's EU-US trade deal. But the worst is not over yet, they still face a balancing act as already weak consumer demand prevents them from raising prices further. Reuters reports: Read more here. Markets hope for one thing from US-China tariff talks: Another 90-day extension US and Chinese trade negotiators are meeting this week for at least two days of trade talks as markets continue to focus on relations between the two superpowers and whether stiff tariff rates will be delayed again. Yahoo Finance's Ben Werschkul reports on what to expect: Read more here. US and Chinese trade negotiators are meeting this week for at least two days of trade talks as markets continue to focus on relations between the two superpowers and whether stiff tariff rates will be delayed again. Yahoo Finance's Ben Werschkul reports on what to expect: Read more here. Analysis: Out-gunned Europe accepts least-worst US trade deal Reuters reports: Read more here. Reuters reports: Read more here. Clock is ticking for a US-China trade deal. Negotiators are meeting to buy more time CNN reports: Read more here. CNN reports: Read more here. 'Donald Trump ate Ursula von der Leyen for breakfast': How EU leaders are reacting to the US trade deal Europe's reaction to its trade deal with the US is decidedly mixed so far. As we detailed earlier, the deal represents the "least-worst" option for Europe, which was facing 30% duties on its imports to the US. So EU leaders have put on a brave face, saying that they hope this breakthrough is but the first step toward a more favorable, longer-term agreement. Bloomberg rounded up some initial reaction. One that stood out: Hungarian Prime Minister Viktor Orban, a Trump ally: From the German chancellor: Italian Prime Minister Giorgia Meloni called the agreement "sustainable": France took a more hawkish approach: Finally, from Slovakia: Read more here. Europe's reaction to its trade deal with the US is decidedly mixed so far. As we detailed earlier, the deal represents the "least-worst" option for Europe, which was facing 30% duties on its imports to the US. So EU leaders have put on a brave face, saying that they hope this breakthrough is but the first step toward a more favorable, longer-term agreement. Bloomberg rounded up some initial reaction. One that stood out: Hungarian Prime Minister Viktor Orban, a Trump ally: From the German chancellor: Italian Prime Minister Giorgia Meloni called the agreement "sustainable": France took a more hawkish approach: Finally, from Slovakia: Read more here. Why Big Alcohol needs US tariff relief in five charts European Union wine and spirits producers could emerge as one of the few winners in the US-EU trade deal which was agreed on Sunday. Reuters reports: Shares in Pernod, Diageo and Campari initially rose in early trade. But they stood 1.3%, 0.4% and 0.3% lower by 0707 GMT. Shares in Remy fell 2.2%. Alcohol is among the EU's top exports to the United States, worth about $10.5 billion in 2024, according to Eurostat data, with certain products like Remy Martin cognac and champagne required to be produced in specific European regions. The United States accounts for about 18% of exports for another exclusively French product, champagne. For cognac makers, the U.S. tariffs represent a fresh challenge after producers of the drink managed this month to avert the threat of duties of up to around 35% from China. For Spanish and Italian wines, around 14% and 24% of total exports, respectively, are sold in the United States. European Union wine and spirits producers could emerge as one of the few winners in the US-EU trade deal which was agreed on Sunday. Reuters reports: Shares in Pernod, Diageo and Campari initially rose in early trade. But they stood 1.3%, 0.4% and 0.3% lower by 0707 GMT. Shares in Remy fell 2.2%. Alcohol is among the EU's top exports to the United States, worth about $10.5 billion in 2024, according to Eurostat data, with certain products like Remy Martin cognac and champagne required to be produced in specific European regions. The United States accounts for about 18% of exports for another exclusively French product, champagne. For cognac makers, the U.S. tariffs represent a fresh challenge after producers of the drink managed this month to avert the threat of duties of up to around 35% from China. For Spanish and Italian wines, around 14% and 24% of total exports, respectively, are sold in the United States. Stock in focus after US/EU trade deal: ASML Semiconductor play ASML (ASML) getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares are up nearly 5% in pre-market 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: "ASML had indicated in its Q2 results that it saw hesitation (and thus lack of orders) from customers to order tools for their new US fabs due to the risk of tariffs on semiconductor equipment. If this information from the US on zero tariffs on semiconductor equipment is correct then this would be very positive for ASML in particular, but also for VAT. Other semiconductor equipment companies in Europe, such as ASM International ( manufacture their tools outside the EU and thus deals with countries such as Singapore, Malaysia and the US will be important for those companies." Semiconductor play ASML (ASML) getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares are up nearly 5% in pre-market 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: "ASML had indicated in its Q2 results that it saw hesitation (and thus lack of orders) from customers to order tools for their new US fabs due to the risk of tariffs on semiconductor equipment. If this information from the US on zero tariffs on semiconductor equipment is correct then this would be very positive for ASML in particular, but also for VAT. Other semiconductor equipment companies in Europe, such as ASM International ( manufacture their tools outside the EU and thus deals with countries such as Singapore, Malaysia and the US will be important for those companies." Donald Trump freezes export controls to secure trade deal with China The FT reported on Monday that President Donald Trump has frozen restrictions on technology exports to China in order to avoid hurting trade talks with Beijing and to help secure a meeting between Trump and President Xi Jinping this year, according to people familiar with the matter. The US Commerce Department's Bureau of Industry and Security, which is in charge of export controls, has been advised to avoid tough moves on China, according to eight people, including current and former US officials. The US and China are due to meet in Stockholm on Monday for a third round of trade talks following previous meetings in Geneva and London. The FT reports: Read more here (subscription required). The FT reported on Monday that President Donald Trump has frozen restrictions on technology exports to China in order to avoid hurting trade talks with Beijing and to help secure a meeting between Trump and President Xi Jinping this year, according to people familiar with the matter. The US Commerce Department's Bureau of Industry and Security, which is in charge of export controls, has been advised to avoid tough moves on China, according to eight people, including current and former US officials. The US and China are due to meet in Stockholm on Monday for a third round of trade talks following previous meetings in Geneva and London. The FT reports: Read more here (subscription required). Heineken cheers EU-US trade deal as tariff problems grow Dutch brewer Heineken (HKHHY, said on Monday that it welcomed the trade deal between the European Union and the US and that it was weighing all options to deal with growing tariff challenges in the long term, including shifting manufacturing. Reuters reports: Read more here. Dutch brewer Heineken (HKHHY, said on Monday that it welcomed the trade deal between the European Union and the US and that it was weighing all options to deal with growing tariff challenges in the long term, including shifting manufacturing. Reuters reports: Read more here. Japan expects 1%-2% of $550 billion US fund to be investment Japan confirmed that only a small part, just 1% to 2%, of the $550 billion deal with the US will be actual investment. Most of the money will be in the form of loans, according to Japan's trade negotiator Ryosei Akazawa. Akazawa said that Tokyo will save roughly $68 billion through lower tariff rates in its deal with the US. The details revealed by Akazawa on Saturday via an interview with public broadcaster NHK, suggest the Japanese may end up giving up much less than at first glance. The $550 billion investment framework combines loans, investments and loan guarantees provided by financial institutions backed by the Japanese government. Bloomberg News reports: Read more here. Japan confirmed that only a small part, just 1% to 2%, of the $550 billion deal with the US will be actual investment. Most of the money will be in the form of loans, according to Japan's trade negotiator Ryosei Akazawa. Akazawa said that Tokyo will save roughly $68 billion through lower tariff rates in its deal with the US. The details revealed by Akazawa on Saturday via an interview with public broadcaster NHK, suggest the Japanese may end up giving up much less than at first glance. The $550 billion investment framework combines loans, investments and loan guarantees provided by financial institutions backed by the Japanese government. Bloomberg News reports: Read more here. VW's Audi cuts full-year outlook, citing tariffs and restructuring Following Volkswagen's ( VWAGY) guidance cut last week, the German carmakers premium brand Audi has also cut its full-year guidance, citing the impact of higher US import tariffs and restructuring expenses. Reuters reports: Read more here. Following Volkswagen's ( VWAGY) guidance cut last week, the German carmakers premium brand Audi has also cut its full-year guidance, citing the impact of higher US import tariffs and restructuring expenses. Reuters reports: Read more here. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data

EPA Set to Unravel US Authority to Regulate Greenhouse Gases
EPA Set to Unravel US Authority to Regulate Greenhouse Gases

Yahoo

time4 minutes ago

  • Yahoo

EPA Set to Unravel US Authority to Regulate Greenhouse Gases

(Bloomberg) -- The Trump administration is set to announce its plans to abolish the US government's authority to regulate greenhouse gases, threatening to strike a deep blow at Washington's ability to fight climate change. Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus Can This Bridge Ease the Troubled US-Canadian Relationship? Trump Administration Sues NYC Over Sanctuary City Policy The Environmental Protection Agency will unveil a proposal in Indiana on Tuesday to scrap a landmark determination that planet-warming gases endanger public health and welfare, the agency's administrator, Lee Zeldin, said in a podcast. If finalized, the move would lay the foundation to unwind a host of regulations limiting emissions from power plants, oil wells and automobiles. Rolling back the 2009 endangerment finding would be among the most far-reaching steps yet by President Donald Trump's administration to gut US capacity to fight climate change. The finding forms the bedrock of the government's authority to impose limits on carbon dioxide, methane and other greenhouse gases. Ending it would be squarely at odds with the scientific consensus that those gases are causing climate change that's already leading to rising seas and more intense storms. 'How big is the endangerment finding? Well repealing it will be the largest deregulatory action in the history of America — resulting in over a trillion dollars in savings,' Zeldin said during an interview on the Ruthless Podcast that aired Tuesday. The EPA's proposal will also aim to end some automobile emission limits, according to a person familiar with the matter. Environmentalists have argued that any move to reverse the endangerment finding not only bucks scientific conclusions about the ways carbon dioxide, methane and other greenhouse gases interact with the world's atmosphere, but also imperils the planet. Efforts to restrain emissions now are critical to restraining the world's temperature rise and avoiding more tipping points where the consequences of climate change are magnified. 'The endangerment finding is based on decades of established, proven scientific evidence and has been repeatedly affirmed by courts,' said National Wildlife Federation chief scientist Diane Pataki. 'Overturning this decision directly contradicts the EPA's mandate to protect public health and address the sources of greenhouse gas pollution that have caused the climate crisis.' The Supreme Court effectively compelled the EPA to asses the impact of greenhouse gases in 2007 when it affirmed the agency's authority to regulate them as air pollutants under the Clean Air Act. At that point, it was up to the EPA to determine whether greenhouse gases constituted a threat that should be regulated. Critics have argued Congress designed the Clean Air Act to regulate localized pollutants, not those with widespread, global effects. Some have been pushing for repeal of the endangerment finding ever since. A policy blueprint drafted by conservative groups and Trump loyalists known as Project 2025 recommended addressing the endangerment finding. Energy businesses and some Trump allies are deeply divided over the wisdom of efforts to wholly scrap the endangerment finding. Some are concerned the effort would siphon time and manpower from other regulatory priorities, including rewriting Biden-era rules governing power plant and vehicle pollution. The effort would require the EPA to go through the formal, time-consuming federal rulemaking process. Even if the measure is finalized by the end of the year, it might not survive inevitable legal challenges. Energy companies also have warned that doing away with the endangerment finding — as well as the federal climate regulations it supports — could revive public nuisance lawsuits against oil producers and power plant operators. Under a 2010 Supreme Court decision, federal climate regulation under the Clean Air Act has effectively precluded those claims. (Updates with remarks from EPA administrator in fourth paragraph.) Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Elon Musk's Empire Is Creaking Under the Strain of Elon Musk ©2025 Bloomberg L.P. Sign in to access your portfolio

Trump's trade talks intensify with tariff deadline fast approaching
Trump's trade talks intensify with tariff deadline fast approaching

USA Today

time5 minutes ago

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Trump's trade talks intensify with tariff deadline fast approaching

TACO or tariffs? An August 1 deadline looms after the European Union became the latest of the top US trading partners to reach a deal with Trump. WASHINGTON — With President Donald Trump's Aug. 1 tariff deadline fast approaching, countries whose exports are facing stiff fees have been in a scramble to ink trade deals with the United States that preserve as much access as possible to American markets. The European Union and its 27 member nation bloc became the latest of the United States' top trading partners to come to an agreement with Trump over the weekend, joining the Philippines, Japan and Indonesia in announcing deals during July. The United Kingdom and Vietnam have also reached agreements with Trump. Canadian Prime Minister Mark Carney said this week that his country was in the "intense phase" of the complex negotiations, as it sought to avert a promised 35% tariff on imports that fall outside of an existing trade pact with the United States. More: Trump's trade deal with the EU: What it means for your wallet "There is a landing zone that's possible but we have to get there. We'll see what happens," Carney told reporters during a July 28 news conference. 'No more extensions,' Trump administration warns A baseline tariff of 10% is currently in place for most countries, some two dozen of which received letters from Trump this month informing them that higher rates are on the way. They include Brazil, which Trump says he'll hit with a 50% tariff, and India, which he said he'll apply a 26% rate to, as well as Canada, at 35%, and Mexico, which faces a 30% tariff. Mexico, Canada and EU are the the largest exporters of goods to the United States along with China, which is in separate trade talks with the Trump administration and faces a later deadline in August. First announced on April 2 by Trump in the Rose Garden, the implementation of the so-called 'reciprocal tariffs' were twice extended to stabilize the markets and give the president's team more time to conduct negotiations. The constant deadline shifting has given birth to an acronym: TACO, for Trump Always Chickens Out, mocking the second-term president's on-again-off-again tariff policies. More: Trump threatens 35% tariff for Canada amid flurry of letters threatening hikes But countries hoping for another reprieve won't be so fortunate, Commerce Secretary Howard Lutnick said on July 27. 'No extensions, no more grace periods. Aug. 1, the tariffs are set, they'll go into place. Customs will start collecting the money, and off we go,' Lutnick said on 'Fox News Sunday.' EU latest to strike trade deal with Trump Just ahead of the deadline, on July 27, the European Union struck a deal with Trump. European Commission President Ursula von der Leyen and Trump finalized the agreement in person while the U.S. president was in Scotland. The deal includes a 15% tariff on most European exports to the United States, a reduction from the 30% Trump threatened to impose earlier in July. 'We just had a very big trade deal, the biggest of them all yesterday,' Trump said during a bilateral meeting in Scotland on July 28 with U.K. Prime Minister Kier Starmer at Trump Turnberry golf course. The agreement includes $600 billion in EU investments in the U.S. and the purchase of $750 billion worth of U.S. energy. Tariffs on steel and aluminum will remain at 50%. On July 22, Trump also announced a 'massive deal' with Japan under which the United States would impose a 15% tariff on Japanese imports. Trump had previously threatened a 24% tariff on Japan. He said Japan would invest $550 billion in the United States and America would receive 90% of the profits, without offering any details. Trump's announcement also said Japan had agreed to open its markets to imports of vehicles, rice and other agricultural products from the United States. The U.K. was the first country to reach a trade agreement with the United States in May. A reciprocal tariff of 10% remains in effect, in keeping with the baseline tariff rate. More: Trump considers 'rebates' to US taxpayers from tariff income Under the deal, the first 100,000 vehicles imported into the U.S. by U.K. car manufacturers each year are subject to the reciprocal rate of 10% and any additional vehicles each year are subject to 25% rates, the White House says. The U.K is one of the only countries with whom the U.S. has a trade surplus. Trump has also announced deals with Indonesia, Vietnam and the Philippines. 'We've made the big ones,' says Trump Pakistan's foreign minister said on July 25 after a meeting with Secretary of State Marco Rubio that his country was "very close" to reaching a deal with the United States and one could emerge in days. South Korean officials were also in Washington on July 25, for negotiations with Lutnick and other Trump administration officials. Trump signaled during his meeting with Starmer on July 28 that he'd landed most of the deals he expected to and his patience was waning for individual talks. "We're going to be setting a tariff for essentially the rest of the world 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," Trump declared. "But we've made the big ones." One of the last outstanding agreements of significance is an unfinished deal with China. After rounds of tit-for-tat tariffs that saw the U.S. hike fees on imports to 145% and China put tariffs of 125% on U.S. goods, the nations two called a truce in May, agreeing to a 90-day suspension of the levies. Negotiators from both countries met in Stockholm on July 28 for another round of discussions, with the clock ticking toward the Aug. 12 expiration of the temporary truce between the top economies. "We have a good relationship with China, but China is tough," Trump during his meeting with Starmer in Scotland.

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