Tsunami warnings triggered after major earthquake
The strongest earthquake on the planet since 2011 has triggered tsunami warnings for parts of Russia, Japan, and Alaska, as well as all of Hawaii. CNN's Will Ripley reports on the 8.8-magnitude quake.
00:41 - Source: CNN
Therapist treating Epstein victims says Trump's language 'dehumanizes'
CNN's John Berman speaks with Randee Kogan, a therapist for victims of Jeffrey Epstein, about President Donald Trump saying Epstein "stole people that worked for me" and possibly pardoning Epstein accomplice Ghislaine Maxwell.
01:12 - Source: CNN
Ghislaine Maxwell's attorneys lay out conditions to be met before she gives testimony to Congress
Jeffrey Epstein accomplice Ghislaine Maxwell has offered to testify before Congress, but with major conditions, including immunity. CNN's Kaitlan Collins breaks down the list of demands sent to the House Oversight Committee by her attorneys.
01:20 - Source: CNN
Trump and Netanyahu spar over starvation claims
President Trump told reporters that the imagery out of Gaza was 'real starvation' and that 'you can't fake that' in a rare rebuke of Israeli Prime Minister Benjamin Netanyahu who claimed over the weekend that there is 'no starvation in Gaza.' A recent UN-backed agency alert, meanwhile, warned that the 'worst-case scenario of famine' is unfolding in Gaza.
01:12 - Source: CNN
Bystanders confront man after 11 injured in Walmart stabbing
A 42-year-old suspect was taken into custody after deputies responded to a stabbing at a Walmart in Traverse City, Michigan, on Saturday, Grand Traverse County Sheriff Michael Shea said. Seven of the eleven victims are in fair condition and four are in serious condition as of Sunday morning, according to Munson Healthcare.
01:05 - Source: CNN
Video shows passengers evacuating plane onto runway
More than 150 passengers on an American Airlines flight departing from Denver International Airport were evacuated onto the runway after a 'possible landing gear incident' left one person injured and sparked a fire, according to the Federal Aviation Administration.
00:46 - Source: CNN
Friend describes pastor's ICE detention
CNN's Victor Blackwell speaks to the family friend of a detained pastor, Daniel Fuentes Espinal. Espinal, who fled Honduras 24 years ago to escape poverty and violence, is waiting to hear when he will face an immigration judge after his arrest this week by Immigration and Customs Enforcement.
01:55 - Source: CNN
Farmworkers in constant fear amid ICE raids
Facing constant threats of deportation, undocumented farmworkers in California must decide whether to show up to work the busy harvest season or stay safe from ICE. CNN's Julia Vargas Jones heads to Ventura County where she speaks to worried farmers and their increasingly fearful laborers.
02:13 - Source: CNN
Trump rails against windmills again
President Donald Trump urged European leaders to 'stop the windmills' when reporters asked him questions at the airport in Glasgow, Scotland. This isn't the first time in recent memory that the president has directed his ire at the renewable energy source.
01:00 - Source: CNN
Investigators share details of how hard Xana Kernodle fought Kohberger
CNN's Jean Casarez asked two top law enforcement officials in Moscow, Idaho about Xana Kernodle's fight against Bryan Kohberger, with over 50 reported stab wounds. Officials shared that Kernodle, who was up at the time, "fought hard" for her life as Kohberger attacked her.
00:49 - Source: CNN
Investigators reveal findings from Kohberger's phone
CNN's Jean Casarez sat down with Idaho State Police lead investigator on the Bryan Kohberger case, Lt. Darren Gilbertson, who shared details about what was found on Kohberger's phone during the investigation. Gilbertson sheds light on the Kohberger investigation, including how police found screenshots and pictures of news coverage of the attack on Kohberger's phone.
02:07 - Source: CNN
Why are Thailand and Cambodia fighting?
Tensions are rising between Thailand and Cambodia over a border dispute that dates back to 1907. CNN's Will Ripley explains how the conflict has escalated.
01:32 - Source: CNN
CNN reports from Gaza aid crossing
CNN's Nic Robertson is on the scene at the Kerem Shalom border crossing as aid agencies warn of rampant hunger caused by Israel's blockade of Gaza. Gaza's health ministry said on Tuesday that 900,000 children are going hungry, and 70,000 already show signs of malnutrition. Israel denies it is at fault and accuses Hamas of 'engineering' food shortages.
01:39 - Source: CNN
Almost 50 missing as plane crashes in Russia
Dozens of civilians are feared dead, including children, after a Soviet era passenger jet crashed in Russia's far east Amur Region. Burning wreckage was discovered by rescuers just 10 miles (16 kilometers) from the Tynda airport, the plane's destination.
00:30 - Source: CNN
Erin Burnett on the significance of Trump knowing he's in the Epstein files
CNN's Erin Burnett explains how reports that President Trump was briefed that he is named in the Epstein files shine a light on his recent denials of that exact claim.
02:13 - Source: CNN
Judge declines to release Epstein grand jury documents
A Florida federal judge declined to release additional grand jury documents from the criminal investigation into Jeffrey Epstein, marking the first roadblock in the Justice Department's efforts to quell the public backlash over the handling of the case. CNN's Evan Perez reports.
02:43 - Source: CNN
Bryan Kohberger sentenced to life in prison
Bryan Kohberger has been sentenced to life in prison without parole for the murders of four University of Idaho students.
01:29 - Source: CNN
Fans pay tribute to Ozzy Osbourne
Fans have gathered in Ozzy Osbourne's hometown to pay tribute to the former Black Sabbath singer, who died yesterday at the age of 76. One of them told CNN's Salma Abdelaziz that Osbourne will 'live on forever in his music.'
01:07 - Source: CNN
Hot Chinese brands are coming to America
Chinese brands like Luckin Coffee, Pop Mart, and HEYTEA are expanding in the United States, despite the ongoing trade war. CNN's Vanessa Yurkevich and Marc Stewart report from two different continents on why the companies covet American customers.
02:10 - Source: CNN
Metal legend Ozzy Osbourne dies at 76-years-old
Ozzy Osbourne, the hellraising frontman of Black Sabbath and reality TV star, has died aged 76. CNN's Stephanie Elam looks back at the legendary career as the Godfather of Heavy Metal.
03:05 - Source: CNN
Newly uncovered photos show Jeffrey Epstein attended Trump's wedding in 1993
Photos from Trump's 1993 wedding and video footage from 1999 Victoria's Secret fashion show shed light on Trump-Epstein relationship. CNN's Andrew Kaczynski has the story.
01:31 - Source: CNN
Missing child case from 46 years ago reopened
A federal appeals court overturned the verdict of Pedro Hernandez, the bodega worker who was found guilty in 2017 of kidnapping and murdering Etan Patz in 1979. Patz was 6 years old when he disappeared on the first day he was allowed to walk alone to his school bus stop in New York City.
01:50 - Source: CNN
US citizen among Druze executed in Syria
Hosam Saraya, a 35-year-old Syrian-American from Oklahoma, was among eight men, all family members, rounded up and killed in an execution-style attack amid an outbreak of sectarian violence in Syria this month. The violence flared between Syrian Druze groups and Bedouin tribes in the Druze-majority Suwayda province. Video geolocated by CNN shows a group of men, Saraya included, being marched to their death.
02:04 - Source: CNN
Epstein's brother vividly details relationship between Trump and Epstein
Jeffrey Epstein's brother, Mark, tells CNN's Erin Burnett about his brother's 'very close' friendship with Donald Trump in the 1990s.
02:01 - Source: CNN
Stephen Colbert addresses 'The Late Show' cancellation
'Cancel culture has gone too far,' Stephen Colbert told the audience as he began his first post-cancellation episode of 'The Late Show.' The host went on to fire back at Trump's Truth Social post celebrating the announcement by CBS. The episode also featured cameos by late night talk show hosts including Jimmy Fallon, Jon Stewart, John Oliver and Seth Meyers.
01:24 - Source: CNN
Fire tornado rips through Turkish forest
Turkey's forestry ministry has released video of a fire tornado tearing through the country's woodland. Hundreds of wildfires have gripped Turkey this summer, as well as Greece and other Mediterranean countries.
00:33 - Source: CNN
Breonna Taylor's mother speaks out on officer's sentencing
CNN's Laura Coates speaks with Tamika Palmer, Breonna Taylor's mother, about the sentencing of former Louisville police officer Brett Hankison. He was given three years in prison for using excessive force during the deadly 2020 Breonna Taylor raid.
01:45 - Source: CNN
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Trump tariffs live updates: Trump threatens India with 25% tariff, sets copper and Brazil levies
President Trump on Wednesday made a slew of moves on the tariff front, threatening a 25% tariff on goods from India and slapping massive 50% tariffs on goods from Brazil. Trump also suggested that beginning Aug. 1, India could pay an additional penalty because of its ties with Russia. 'India has been a good friend, but India has charged basically more tariffs than almost any other country," Trump said. Trump also signed several orders Wednesday: One order imposes 50% tariffs on copper imports. Following a Section 232 investigation, the Trump administration is imposing a 50% tariff on semi-finished copper products and copper-intensive derivative products on Aug. 1, but has excluded copper scrap and copper input materials. Another order ends the so-called de minimis exemption, thereby applying tariffs to low-value imports that have evaded duties. That measure takes effect Aug. 29 and applies to goods that are valued at or under $800 that had qualified for that tax-free treatment, according to a White House fact sheet. The final order imposes the 50% tariffs on imports from Brazil, which Trump had threatened earlier this month. The order says former President Jair Bolsonaro, currently standing trial for his alleged participation in a coup attempt, has been a victim of "political persecution." The order appears to include exemptions for key US imports, including orange juice and aircraft parts. Trump also again said he would not extend Friday's deadline for new tariff levels to kick in. Trump confirmed this week that 15% represents the new tariff "floor" for countries, whose rates he has been dictating to leaders in letters in the absence of trade deals. Meanwhile, the US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay. Treasury Secretary Scott Bessent said President Trump would make the final call on extending the trade truce between the world's two largest economies before an Aug. 12 deadline. Also, the US and EU are racing to lock in the final details of their major new trade deal before Friday. Top EU critics say it's a rushed fix. German Chancellor Friedrich Merz called the outcome unsatisfying, and France's Bayrou dubbed the EU's "submission" a "dark day." 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. Powell on tariff-related price increases: Companies will 'cross the street in a group' Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Trump ends tariff break for low-value goods in blow to online retailers President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. Trump signs order to justify 50% tariffs on Brazil President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. Fed's Powell speaks on tariff effects on inflation: 'It doesn't feel like we're very close to the end' Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Trump administration announces 50% tariffs on some copper imports President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters. Trump's trade deals come with few details to flesh out big numbers President Trump has announced a flurry of trade agreements, but many so far are proving light on detail, with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny. Bloomberg reports: Read more here. Hershey grows optimistic about cocoa tariff exemption as the company cuts guidance Hershey (HSY) is hoping for a Trump administration reprieve on tariffs as rising cocoa prices weigh on its full-year outlook. "I would say that we are even more optimistic now," Hershey CEO Michele Buck said on the company's earnings call. "As we've had conversations over the past several months, we have become increasingly comfortable that the government administration understands some of our concerns about the fact that cocoa can only be grown and sourced outside of the US." Buck cited comments from Commerce Secretary Howard Lutnick in recent days that left the door open for an exemption for cocoa products. "If you grow something and we don't grow it, that can come in for zero [tariffs]," Lutnick said on CNBC's Squawk Box on Tuesday. "So if we do a deal with a country that grows mangos, pineapple, then they can come in without a tariff. ... Coffee and cocoa will be other examples of natural resources," Lutnick added. Hershey plans to raise prices, though Buck stated that the price increases "had nothing to do with tariffs." For the year, Hershey expects to see a $170 million to $180 million cost headwind from tariffs. "We'll continue to press on tariffs relative to the cocoa exemption," Buck said, adding: "That's sort of out of our control, but [we] continue to lean there." India-US trade talks go off rails on row over farm markets Indian officials were initially confident of a trade agreement with the US, but now negotiations appear complicated by the US's announcement that it will impose a 25% tariff on Indian goods starting Aug. 1. India's high tariffs and non-monetary trade barriers remain sticking points, especially concerning agriculture. India imposes an average most-favored-nation tariff of 39% on imported farm goods, compared to 5% in the US. Reuters breaks down some of the key issues in focus: Read more here. Trump says India will be paying a tariff of 25% President Trump accused India on Wednesday of charging high tariffs and said they are among the highest in the world. Trump said that despite the US and India being "friends" they have done "little business" together. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote on Truth Social. The US president went on to write that India had purchased the "vast majority" of its military equipment from Russia, alongside China and because of this things are "not good." ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA! These latest comments from Trump come after he said on Tuesday that India would face a 20%-25% tariff rate as both sides had failed to reach an agreement ahead of Trump's Aug. 1 deadline, when trading partners would face higher tariffs. Sources said on Wednesday that India hopes to establish a trade deal with the US by fall of 2025. Trump says Aug. 1 deadline will not be extended Two posts from Truth Social this morning: And: Harley-Davidson misses second-quarter profit estimates as tariffs weigh Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker. Reuters reports: Read more here. India eyes fall deadline for US deal amid Trump threats India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs. Bloomberg News reports: Read more here. Luxury car brands Aston Martin and Porsche report tariff hit President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown. While Volkswagen's ( VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half. Reuters reports: Read more here. Trump: India may get 20% to 25% tariff but not yet final President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline. 'I think so,' Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi. 'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. 'You just can't do that.' 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. Brazil asks US to spare key food products, planes from tariffs Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker. More from Reuters: Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country. Read more here. US-China talks end without further pause, with Trump to make 'final call' US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time. "We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden. "The president can make a final call," he added. Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive." Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting. Read more here. US goods trade deficit hits nearly 2-year low as imports tumble The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply. Reuters reports: Read more here. IMF edges 2025 growth forecast slightly higher, warns tariff risks still dog outlook Reuters reports: Read more here. India braces for higher US tariffs, eyes broader trade deal: Sources India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. Why markets are shrugging off lack of details in Trump trade deals The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. Powell on tariff-related price increases: Companies will 'cross the street in a group' Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Trump ends tariff break for low-value goods in blow to online retailers President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. Trump signs order to justify 50% tariffs on Brazil President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. Fed's Powell speaks on tariff effects on inflation: 'It doesn't feel like we're very close to the end' Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Trump administration announces 50% tariffs on some copper imports President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters. President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters. Trump's trade deals come with few details to flesh out big numbers President Trump has announced a flurry of trade agreements, but many so far are proving light on detail, with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny. Bloomberg reports: Read more here. President Trump has announced a flurry of trade agreements, but many so far are proving light on detail, with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny. Bloomberg reports: Read more here. Hershey grows optimistic about cocoa tariff exemption as the company cuts guidance Hershey (HSY) is hoping for a Trump administration reprieve on tariffs as rising cocoa prices weigh on its full-year outlook. "I would say that we are even more optimistic now," Hershey CEO Michele Buck said on the company's earnings call. "As we've had conversations over the past several months, we have become increasingly comfortable that the government administration understands some of our concerns about the fact that cocoa can only be grown and sourced outside of the US." Buck cited comments from Commerce Secretary Howard Lutnick in recent days that left the door open for an exemption for cocoa products. "If you grow something and we don't grow it, that can come in for zero [tariffs]," Lutnick said on CNBC's Squawk Box on Tuesday. "So if we do a deal with a country that grows mangos, pineapple, then they can come in without a tariff. ... Coffee and cocoa will be other examples of natural resources," Lutnick added. Hershey plans to raise prices, though Buck stated that the price increases "had nothing to do with tariffs." For the year, Hershey expects to see a $170 million to $180 million cost headwind from tariffs. "We'll continue to press on tariffs relative to the cocoa exemption," Buck said, adding: "That's sort of out of our control, but [we] continue to lean there." Hershey (HSY) is hoping for a Trump administration reprieve on tariffs as rising cocoa prices weigh on its full-year outlook. "I would say that we are even more optimistic now," Hershey CEO Michele Buck said on the company's earnings call. "As we've had conversations over the past several months, we have become increasingly comfortable that the government administration understands some of our concerns about the fact that cocoa can only be grown and sourced outside of the US." Buck cited comments from Commerce Secretary Howard Lutnick in recent days that left the door open for an exemption for cocoa products. "If you grow something and we don't grow it, that can come in for zero [tariffs]," Lutnick said on CNBC's Squawk Box on Tuesday. "So if we do a deal with a country that grows mangos, pineapple, then they can come in without a tariff. ... Coffee and cocoa will be other examples of natural resources," Lutnick added. Hershey plans to raise prices, though Buck stated that the price increases "had nothing to do with tariffs." For the year, Hershey expects to see a $170 million to $180 million cost headwind from tariffs. "We'll continue to press on tariffs relative to the cocoa exemption," Buck said, adding: "That's sort of out of our control, but [we] continue to lean there." India-US trade talks go off rails on row over farm markets Indian officials were initially confident of a trade agreement with the US, but now negotiations appear complicated by the US's announcement that it will impose a 25% tariff on Indian goods starting Aug. 1. India's high tariffs and non-monetary trade barriers remain sticking points, especially concerning agriculture. India imposes an average most-favored-nation tariff of 39% on imported farm goods, compared to 5% in the US. Reuters breaks down some of the key issues in focus: Read more here. Indian officials were initially confident of a trade agreement with the US, but now negotiations appear complicated by the US's announcement that it will impose a 25% tariff on Indian goods starting Aug. 1. India's high tariffs and non-monetary trade barriers remain sticking points, especially concerning agriculture. India imposes an average most-favored-nation tariff of 39% on imported farm goods, compared to 5% in the US. Reuters breaks down some of the key issues in focus: Read more here. Trump says India will be paying a tariff of 25% President Trump accused India on Wednesday of charging high tariffs and said they are among the highest in the world. Trump said that despite the US and India being "friends" they have done "little business" together. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote on Truth Social. The US president went on to write that India had purchased the "vast majority" of its military equipment from Russia, alongside China and because of this things are "not good." ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA! These latest comments from Trump come after he said on Tuesday that India would face a 20%-25% tariff rate as both sides had failed to reach an agreement ahead of Trump's Aug. 1 deadline, when trading partners would face higher tariffs. Sources said on Wednesday that India hopes to establish a trade deal with the US by fall of 2025. President Trump accused India on Wednesday of charging high tariffs and said they are among the highest in the world. Trump said that despite the US and India being "friends" they have done "little business" together. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote on Truth Social. The US president went on to write that India had purchased the "vast majority" of its military equipment from Russia, alongside China and because of this things are "not good." ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA! These latest comments from Trump come after he said on Tuesday that India would face a 20%-25% tariff rate as both sides had failed to reach an agreement ahead of Trump's Aug. 1 deadline, when trading partners would face higher tariffs. Sources said on Wednesday that India hopes to establish a trade deal with the US by fall of 2025. Trump says Aug. 1 deadline will not be extended Two posts from Truth Social this morning: And: Two posts from Truth Social this morning: And: Harley-Davidson misses second-quarter profit estimates as tariffs weigh Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker. Reuters reports: Read more here. Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker. Reuters reports: Read more here. India eyes fall deadline for US deal amid Trump threats India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs. Bloomberg News reports: Read more here. India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs. Bloomberg News reports: Read more here. Luxury car brands Aston Martin and Porsche report tariff hit President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown. While Volkswagen's ( VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half. Reuters reports: Read more here. President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown. While Volkswagen's ( VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half. Reuters reports: Read more here. Trump: India may get 20% to 25% tariff but not yet final President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline. 'I think so,' Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi. 'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. 'You just can't do that.' 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. President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline. 'I think so,' Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi. 'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. 'You just can't do that.' 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. Brazil asks US to spare key food products, planes from tariffs Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker. More from Reuters: Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country. Read more here. Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker. More from Reuters: Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country. Read more here. US-China talks end without further pause, with Trump to make 'final call' US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time. "We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden. "The president can make a final call," he added. Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive." Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting. Read more here. US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time. "We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden. "The president can make a final call," he added. Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive." Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting. Read more here. US goods trade deficit hits nearly 2-year low as imports tumble The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply. Reuters reports: Read more here. The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply. Reuters reports: Read more here. IMF edges 2025 growth forecast slightly higher, warns tariff risks still dog outlook Reuters reports: Read more here. Reuters reports: Read more here. India braces for higher US tariffs, eyes broader trade deal: Sources India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. Why markets are shrugging off lack of details in Trump trade deals The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. Sign in to access your portfolio
22 minutes ago
Senate Democrats try to force DOJ to release Epstein files using little-known law
Senate Democrats on Wednesday said they are attempting to force the release of the Jeffrey Epstein files through a little-known, decades-old law. All seven Democrats on the Homeland Security Committee invoked a law that requires federal agencies provide information about "any matter within the jurisdiction of the committee" if at least five members request it. "This letter demands that the Justice Department produce documents that Attorney General Pam Bondi and FBI Director Kash Patel have publicly already confirmed they have in their possession," Sen. Gary Peters, the panel's top Democrat, said at a press conference. "We all know in fact that the attorney general said, quote, she said they're sitting on her desk. It should be pretty easy to turn over documents that are sitting on the attorney general's desk," Peters added. The Justice Department did not immediately respond to request for comment. Peters was joined by Senate Minority Leader Chuck Schumer and Sen. Richard Blumenthal at the press conference, during which they touted their move as a turning point in their quest for transparency over the Trump administration's handling of the Epstein matter. "Today's letter matters. It's not a stunt, it's not symbolic, it's a formal exercise of congressional power under federal law, and we expect an answer from DOJ by August the 15, that's what accountability looks like," Schumer said. "This is what oversight looks like, and this is what keeping your promises to the American people look like." Blumenthal agreed that this measure was invoked as a powerful oversight tool. "This letter has some force of law," Blumenthal said. "This letter invokes a statute that has been little used because it has been unnecessary in the past to enforce transparency. It's necessary now because this administration is stonewalling and stalling and concealing, and the American people are rightly asking where they have to hide. What's at stake here is not just the president's promises." The Democrats, who said their urging of a release of the Epstein files was also done as a way of seeking justice for Epstein's victims, were asked at the news conference whether Democratic senators would be comfortable with redactions in their release. Schumer said lawmakers "wouldn't force any agreements that have been broken," but added that he believes "almost everything can come out." Schumer also said that they've been "talking" to their Republican colleagues to get these files public but would eventually seek "recourse in the courts" if cooperation isn't achieved.
USA Today
24 minutes ago
- USA Today
Repealing greenhouse gas emissions rule could cost American drivers more, not less
Repealing emission standard for new cars could save Americans money — if gas prices drop. Ending greenhouse gas emissions standards for new cars is supposed to result in more 'affordable choices' for consumers and 'regulatory relief' for companies, according to a statement from the Environmental Protection Agency. Yet, the agency's draft impact analysis shows the proposal might instead cost the country more than it would save. It depends on what is counted and assumptions about the broader economy. 'They're trying to cook the books to show that somehow what they're doing saves costs,' Joseph Goffman, a former assistant administrator at the EPA office overseeing air pollution rules, said in an interview. A spokesperson for the agency agreed that some of the modeled scenarios were 'highly speculative' but said they are designed to show the influence of market conditions, like gas prices. One estimate showed repealing emissions standards would cost the country $350 billion a year. Another predicting ideal economic conditions showed annual savings of $490 billion. Neither of those figures included the cost of public health impacts from air pollution. Initial details of the proposal to repeal the 2009 endangerment finding were announced Tuesday by Lee Zeldin, President Donald Trump's pick to lead the Environmental Protection Agency. 'With this proposal, the Trump EPA is proposing to end sixteen years of uncertainty for automakers and American consumers,' Zeldin said at an Indiana auto dealership, calling greenhouse gas rules 'the real threat to Americans' livelihoods.' Dropping emissions standards for new vehicles is one effect of the agency's plan to repeal the 'endangerment finding,' which underpins the federal government's ability to regulate the greenhouse gases that fuel climate change. In 2009, the agency under former President Barack Obama detailed evidence that greenhouse gases, including those emitted by cars, harm human health. Last year, President Joe Biden's administration set rules to reduce the release of these heat-trapping gases as well as other air pollutants. Widely touted economic benefits of $99 billion per year included reduced public health costs from cleaner air along with reduced fuel and maintenance costs. More: Trump EPA reverses pollution limits on power plants How are the costs and benefits calculated? To understand the economic impact of the proposal, the Environmental Protection Agency modeled several different scenarios in a draft report. Some include changing more government policies than others. Some rely on economic factors beyond the government's direct control. For instance, one projection estimates repealing the endangerment finding and the car emissions standard for greenhouse gases would have a net cost of $350 billion for the nation. That scenario includes ending tax credits for new electric cars created by the Inflation Reduction Act. Other projections show that the repeal would result in overall savings once a gallon of gasoline becomes a dollar cheaper than previously forecasted. Goffman suggested that 'an unrealistically low price for gasoline' was the only way the Trump administration could show the plan had broad economic benefits. An EPA spokesperson told USA TODAY: 'These values are illustrative and show the sensitivity of future gas savings based on different fuel prices. Many actions that can impact gas prices in the future and basing the benefits on future gas prices is highly speculative.' Will cars be cheaper? When the Biden administration announced its car pollution standards in 2024, the EPA explained how the rule could change the cost of new cars as part of its an 800-page analysis. Purchase prices were projected to increase, ranging from about $900 for a sedan to $2,600 for an SUV. But the agency said consumers would save money in the long run because of cheaper maintenance and fuel savings over the vehicle's lifetime. For example, sedan and SUV drivers would save $4,400. The savings projected under Biden were even larger after including purchase incentives in the calculations. But those will be eliminated as a result of cuts in Trump's "Big Beautifull Bill" that was approved by Congress weeks ago. For instance, people who buy new electric cars soon will lose access to $7,500 in tax credits. The draft analysis of the new proposal is much shorter – just 63 pages – and does not project changes in the cost of new cars. Instead, it estimated nationwide impacts. Trump administration officials have touted $54 billion in annual savings for Americans. An EPA spokesperson clarified that figure included benefits from expected new vehicle technology but did not include costs such as long-term maintenance. Adding those leads to a net cost increase of $18 billion per year. How will the repeal affect public health spending? When Biden's administration set car emissions standards last year, a report calculated it would save the nation $13 billion annually in public health spending by reducing the amount of fine particulate matter released in the air. This pollution is associated with premature deaths and hospitalizations from respiratory and cardiovascular illnesses. That report also estimated that limiting greenhouse gas emissions would bring $72 billion climate benefits annually. This was calculated from the social cost of carbon, a measure that considers things like human health effects, agricultural productivity and property damage from natural disasters. The repeal proposed by Zeldin would keep the particle pollution limits, however, it would remove standards for greenhouse gas emissions. The new estimates did not include the impacts, like public health, of increases in greenhouse gas emissions. Future of climate change regulation beyond cars Goffman, the former EPA official, said repealing the endangerment finding has impacts beyond car emissions. Its repeal could limit the federal government's power to regulate all greenhouse gas emissions and make future attempts to tackle climate change harder. 'This goes beyond an individual administration exercising discretion that can be reversed by a future administration,' Goffman said. 'They've taken themselves out on the legal ledge, and it's only a couple of millimeters wide.' This proposed repeal is part of a larger movement from the Trump EPA. In June, Zeldin announced intent to remove and scale down air pollution limits on power plants. In that news release, the agency said it would save the power sector about $1.2 billion dollars annually in regulatory costs. It didn't mention that their cost-benefit analysis found it would also cost $8 billion dollars annually from worsened public health. That means a net negative from easing those pollution limits: While companies save money, people would spend more because of poorer health. Electricity generation and transportation are the two biggest greenhouse gas emitting sectors. Together they make up over half of emissions in the country. The plans to scale back limits on power plants and new cars could have significant influence on global efforts to avoid climate change impacts. 'Trump's EPA is trying every trick in the book to deny and avoid their mission to protect people and the environment,' wrote Gina McCarthy, a former EPA administrator who now leads the advocacy group, America Is All In. 'Instead of doing their job, this EPA is putting the safety of our loved ones at risk.' Written comments from the public about the repeal proposal can be submitted until Sept. 15. The agency also plans to hold public hearing sessions next month. More details can be found on the agency's website.
