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Yahoo
a few seconds ago
- Yahoo
'The Trade War Has Lost All Credibility:' Markets Shrug Off Trump's Tariff Blitz On Multiple Countries
As President Donald Trump unveiled a blitz of new tariffs across different countries on Thursday, the markets remained largely unfazed by the move. What Happened: On Thursday, in a post on X, The Kobeissi Letter highlighted the market's muted response to Trump's sweeping new moves on the trade and tariff front. The post notes that Trump 'randomly' increased tariffs on Canada, the largest trading partner of the United States, from 25% to 35%. Followed by a string of new tariffs on others, such as 'Vietnam, Switzerland, South Africa, Taiwan, Cambodia, Thailand, Malaysia, Indonesia, Turkey, and Venezuela.' Trending: 7,000+ investors have joined Timeplast's mission to eliminate microplastics—now it's your turn to Yet, the market response was underwhelming, with S&P 500 futures 'down a mere 10 points,' which the post attributes almost entirely to 'Amazon's weak earnings results.' It says that in April, when the 'Liberation Day' tariffs were first announced, such a move would have sent the S&P 500 lower by 3% or more. The post says 'the trade war has lost all credibility' in the market, and that it has lost the 'shock effect' that it had a couple of months ago. Why It Matters: This could be seen as a fallout of the 'TACO Trade' meme, or 'Trump Always Chickens Out,' where investors buy equities right after Trump makes a tariff threat, knowing fully well that he will eventually back out. Economist Peter Schiff recently called this 'a classic paradox,' since markets not reacting to Trump's tariffs, because they expect him to 'chicken out,' will eventually lead him to follow through on his threats. 'Investors assume Trump will cancel the August 1 tariffs before they kick in, so stocks aren't selling off,' he says, but since there isn't a dramatic market response to this, 'Trump won't chicken out again.' Read Next: $100k+ in investable assets? Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes – no cost, no obligation. Bezos' Favorite Real Estate Platform Launches A Way To Ride The Ongoing Private Credit Boom Photo courtesy: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article 'The Trade War Has Lost All Credibility:' Markets Shrug Off Trump's Tariff Blitz On Multiple Countries originally appeared on
San Francisco Chronicle
31 minutes ago
- San Francisco Chronicle
Corporation for Public Broadcasting to shut down after being defunded by Congress, targeted by Trump
WASHINGTON (AP) — The Corporation for Public Broadcasting, a cornerstone of American culture for three generations, announced Friday it would take steps toward its own closure after being defunded by Congress — marking the end of a nearly six-decade era in which it fueled the production of renowned educational programming, cultural content and even emergency alerts. The demise of the corporation, known as CPB, is a direct result of President Donald Trump's targeting of public media, which he has repeatedly said is spreading political and cultural views antithetical to those the United States should be espousing. The closure is expected to have a profound impact on the journalistic and cultural landscape — in particular, public radio and TV stations in small communities across the United States. CPB helps fund both PBS and NPR, but most of its funding is distributed to more than 1,500 local public radio and television stations around the country. The corporation also has deep ties to much of the nation's most familiar programming, from NPR's 'All Things Considered' to, historically, 'Sesame Street,' 'Mister Rogers' Neighborhood' and the documentaries of Ken Burns. The corporation said its end, 58 years after being signed into law by President Lyndon B. Johnson, would come in an 'orderly wind-down.' In a statement, it said the decision came after the passage through Congress of a package that clawed back its funding for the next two budget years — about $1.1 billion. Then, the Senate Appropriations Committee reinforced that policy change Thursday by excluding funding for the corporation for the first time in more than 50 years as part of a broader spending bill. 'Despite the extraordinary efforts of millions of Americans who called, wrote, and petitioned Congress to preserve federal funding for CPB, we now face the difficult reality of closing our operations,' said Patricia Harrison, the corporation's president and CEO. As part of Thursday's committee deliberations, Sen. Tammy Baldwin, D-Wis., authored but then withdrew an amendment to restore CPB funding for the coming budget year. She said she still believed there was a path forward 'to fix this before there are devastating consequences for public radio and television stations across the country.' 'It's hard to believe we've ended up in the situation we're in,' she said. 'And I'm going to continue to work with my colleagues to fix it.' But Sen. Shelley Moore Capito, sounded a less optimistic tone. 'I understand your concerns, but we all know we litigated this two weeks ago,' Capito said. 'Adopting this amendment would have been contrary to what we have already voted on.' CPB said it informed employees Friday that most staff positions will end with the fiscal year on Sept. 30. It said a small transition team will stay in place until January to finish any remaining work — including, it said, 'ensuring continuity for music rights and royalties that remain essential to the public media system.' 'Public media has been one of the most trusted institutions in American life, providing educational opportunity, emergency alerts, civil discourse, and cultural connection to every corner of the country,' Harrison said. 'We are deeply grateful to our partners across the system for their resilience, leadership, and unwavering dedication to serving the American people.' The impact will be widespread NPR stations use millions of dollars in federal money to pay music licensing fees. Now, many will have to renegotiate these deals. That could impact, in particular, outlets that build their programming around music discovery. NPR President and CEO Katherine Maher estimated recently, for example, that some 96% of all classical music broadcast in the United States is on public radio stations. Federal money for public radio and television has traditionally been appropriated to the Corporation for Public Broadcasting, which distributes it to NPR and PBS. Roughly 70% of the money goes directly to the 330 PBS and 246 NPR stations across the country, although that's only a shorthand way to describe its potential impact. Trump, who has called the CPB a 'monstrosity,' has long said that public broadcasting displays an extreme liberal bias, helped create the momentum in recent months for an anti-public broadcasting groundswell among his supporters in Congress and around the country. It is part of a larger initiative in which he has targeted institutions — particularly cultural ones — that produce content or espouse attitudes that he considers 'un-American.' The CPB's demise represents a political victory for those efforts. His impact on the media landscape has been profound. He has also gone after U.S. government media that had independence charters, including the venerable Voice of America, ending that media outlet's operations after many decades. Trump also fired three members of the corporation's board of directors in April. In legal action at the time, the fired directors said their dismissal was governmental overreach targeting an entity whose charter guarantees it independence.
CBS News
32 minutes ago
- CBS News
Trade adviser says Trump has "real concerns" about jobs data after president fires labor statistics chief
U.S. Trade Representative Jamieson Greer defended President Trump's decision to fire a key official responsible for employment reports, telling CBS News on Friday that Mr. Trump has "real concerns" about the accuracy of federal economic data. Greer spoke to "Face the Nation with Margaret Brennan" hours after the monthly jobs report showed a hiring slowdown in July and revised down earlier reports for May and June. Mr. Trump reacted by firing Commissioner of Labor Statistics Erika McEntarfer, claiming — without evidence — Friday's jobs numbers were "RIGGED." "You know, even last year during the campaign, there were enormous swings in the jobs numbers, and so it sounds to me like the president has real concerns," Greer told CBS News, adding that Mr. Trump's issues with government labor data extend beyond Friday's report. "You want to be able to have somewhat reliable numbers. There are always revisions, but sometimes you see these revisions go in really extreme ways," said Greer. The Bureau of Labor Statistics' reports are based on surveys of households and businesses. It's common for the agency to revise prior months' figures up or down as more data comes in. The May and June revisions — which cut the number of new jobs by a combined 258,000 — were the largest downward change in employment figures since 1979, excluding pandemic-era jobs reports, though that doesn't mean the data was manipulated, as Mr. Trump claims. Greer defended Mr. Trump's right to fire McEntarfer, an economist who was nominated to the post by former President Joe Biden. "The President is the President. He can choose who works in the executive branch," Greer said. The firing drew staunch criticism, with McEntarfer's predecessor William Beach — who was first nominated in Mr. Trump's first term — calling it "groundless" and a "dangerous precedent." "This rationale for firing Dr. McEntarfer is without merit and undermines the credibility of federal economic statistics that are a cornerstone of intelligent economic decision-making by businesses, families, and policymakers," Beach said in a statement. Friday's report showed the economy added 73,000 jobs in July, below the 115,000 predicted by economists. The unemployment rate rose slightly to 4.2%, up from 4.1% a month earlier. The jobs report also showed a slight drop in manufacturing jobs last month. Mr. Trump's tariff hikes are intended in part to boost American manufacturing — though critics warn some U.S.-based factories that rely on foreign-made inputs will be hurt by tariffs. When asked about July's manufacturing data, Greer — one of Mr. Trump's trade negotiators — told CBS News he doesn't "read tariff policy into that number." Instead, Greer argued that the numbers reflect conditions prior to the Trump-backed One Big Beautiful Bill Act that passed through Congress last month. He argued businesses were "waiting to see" if some of the bill's tax provisions would pass, including parts that GOP lawmakers believe will encourage more business investment. "I think that we're going to see a big increase in manufacturing jobs now that we have the 'one big, beautiful bill' passed," Greer said. "And I think that … our manufacturers know that they have a clear and certain path forward on that now."
