
Cargill Sees Trade War Posing Risk to Its Brazil Soy Crush Plans
Increased Chinese demand for Brazilian soybeans would mean more competition in the South American nation for the same oilseeds used by crushers to produce soybean oil, biofuels and soybean meal, Cargill Brazil President Paulo Sousa said in an interview. Uncertainties related to tariffs could influence the company's plans for more crushing capacity in Brazil.

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Yahoo
7 minutes ago
- Yahoo
Bessent says US tariff revenues to rise 'substantially,' focus on reducing debt
By Andrea Shalal WASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent said he expects a big jump in revenues from sweeping tariffs imposed by President Donald Trump, and said the money would be used first to start paying down the federal debt, not to give rebate checks to Americans. Bessent, speaking in an interview on CNBC's "Squawk Box," said he expected to substantially revise upward his earlier estimate of $300 billion in revenues from the tariffs, but declined to be more specific. Bessent said he had not spoken with Trump about the idea of using funds from the tariffs to create a dividend for Americans, but stressed that both of them were "laser-focused" on paying down the debt. "I've been saying that tariff revenue could be $300 billion this year. I'm going to have to revise that up substantially," Bessent said. "We're going to bring down the deficit to GDP. We'll start paying down the debt, and then at that point that can be used as an offset to the American people." The U.S. economy could return to the "good, low-inflationary growth" of the 1990s, Bessent said, but he blamed higher interest rates for problems plaguing some pockets of the economy, singling out housing and lower-income households with high credit card debt. A cut in the Federal Reserve's key interest rate - which Trump has continually pressed for - could help facilitate a boom or pickup in home building, which would help keep prices down in one to two years, he said. The U.S. Census Bureau on Tuesday reported a small increase in groundbreaking for single-family homes and permits for future construction in July, even as high mortgage rates and economic uncertainty continued to hamper home purchases. Trump's wide-ranging import tariffs have kept the Federal Reserve from lowering interest rates this year, with most central bank policymakers wary of easing borrowing costs until they have more confidence the levies will not rekindle inflation, which has yet to return to the Fed's 2% target. Recent indications of softening in the job market, however, have largely convinced investors that the Fed will cut rates by a quarter of a percentage point when it meets in mid-September. That expectation has helped bring down mortgage rates in recent weeks. Bessent has previously said a 50-basis-point cut in rates was warranted. 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
Yahoo
7 minutes ago
- Yahoo
DC unemployment rate is the highest in the US for the third straight month
WASHINGTON (AP) — The seasonably adjusted unemployment rate in Washington, D.C., was the highest in the nation for the third straight month, according to new data released Tuesday by the Bureau of Labor Statistics. D.C.'s jobless rate reached 6% in July, a reflection of the mass layoffs of federal workers, ushered in by President Donald Trump's Department of Government Efficiency, earlier this year. An overall decline in international tourism — which is a main driver of D.C.'s income — is also expected to have an impact on the climbing unemployment rate in the District. Neighboring states also saw an uptick in unemployment rates in July — with Maryland at 3.4% (up from 3.3%) and Virginia at 3.6% (up from 3.5%), according to the state-by-state jobless figures. Since the beginning of Donald Trump's second term, federal workers across government agencies have been either laid off or asked to voluntarily resign from their positions. Those actions have drawn litigation across the federal government by labor unions and advocacy groups. In July, the Supreme Court cleared the way for Trump administration plans to downsize the federal workforce further, despite warnings that critical government services will be lost and hundreds of thousands of federal employees will be out of their jobs. The latest D.C. Office of Revenue Analysis figures show that payments made to unemployed federal workers have been climbing month-over-month. In April, unemployed workers received $2.01 million in unemployment payments. By June, that figure reached $2.57 million. The DC Fiscal Policy Institute argues that the federal worker layoffs will exacerbate D.C.'s Black-white unemployment ratio. The latest nationwide unemployment rate according to the BLS is 4.2% — South Dakota had the lowest jobless rate in July at 1.9%. In addition, international tourism, a major source of D.C., to the U.S. is declining. Angered by Trump's tariffs and rhetoric, and alarmed by reports of tourists being arrested at the border, some citizens of other countries are staying away from the U.S. and choosing to travel elsewhere — notably British, German and South American tourists, according to the World Travel & Tourism Council. A May report from the organization states that international visitor spending to the U.S. is projected to fall to just under $169 billion this year, down from $181 billion in 2024 — which is a 22.5% decline compared to the previous peak. The latest jobs numbers come after the Republican president and a group of GOP governors have deployed National Guard troops to D.C. in the hopes of reducing crime and boosting immigration enforcement. City officials say crime is already falling in the nation's capital.


CNBC
9 minutes ago
- CNBC
Trump expands 50% steel and aluminum tariffs to include 407 additional product types
The Trump administration has quietly expanded its 50% steel and aluminum tariffs to include more than 400 additional product categories, vastly increasing the reach and impact of this arm of its trade agenda. The new tariffs, which took effect Monday, expand the scope of the levies that President Donald Trump previously announced on the valuable commodities. The tariff list now covers products like fire extinguishers, machinery, construction materials and specialty chemicals that either contain, or are contained in, aluminum or steel. "Auto parts, chemicals, plastics, furniture components—basically, if it's shiny, metallic, or remotely related to steel or aluminum, it's probably on the list," Brian Baldwin, vice president of customs at Kuehne + Nagel International AG wrote on LinkedIn of the expanded list. "This isn't just another tariff—it's a strategic shift in how steel and aluminum derivatives are regulated," he continued. The levies extend to 407 new product categories, the Department of Commerce said Tuesday. "Today's action expands the reach of the steel and aluminum tariffs and shuts down avenues for circumvention – supporting the continued revitalization of the American steel and aluminum industries," Under Secretary of Commerce for Industry and Security Jeffrey Kessler said in a statement. The release from the agency links out to a list that identifies the newly included product types only by the specific customs codes that apply to them, not by what the products are actually called. For example, Commerce identifies the product category of fire extinguishers only as "8424.10.0000," a 10-digit code buried among hundreds of other 10-digit codes. This format makes it very difficult for the public to get a full picture of all the products that are impacted by Monday's expanded tariffs. But experts say the impact will be enormous. "By my count, the steel and aluminum tariffs now affect at least $320 billion of imports based on 2024's general customs value of imports," Jason Miller, a professor of supply chain management at Michigan State University, wrote on LinkedIn. "This will add more inflationary cost-push pressures to already climbing prices that domestic producers are charging as picked up by July's PPI data," he continued. President Donald Trump has repeatedly relied on sector-specific tariffs to enact his sweeping trade agenda. In June, Trump announced that he was doubling tariffs on steel and aluminum imports to 50% for most countries, injecting widespread uncertainty among businesses and U.S. trading partners reliant on the valuable commodities. The White House did not immediately respond to CNBC's request for comment on whether the new metal tariffs stack on top of the country-specific tariffs that Trump has also announced.