Mexico Is in Talks to Avoid Trump's Latest Tariff Threat
Singer Akon's Failed Futuristic City in Senegal Ends Up a $1 Billion Resort
Why Did Cars Get So Hard to See Out Of?
Can Americans Just Stop Building New Highways?
How German Cities Are Rethinking Women's Safety — With Taxis
Philadelphia Trash Piles Up as Garbage Workers' Strike Drags On
Mexico and the US established a new binational working group on Friday to address security, migration and economic issues, according to a statement posted on Saturday by Mexican Economy Minister Marcelo Ebrard on X. The first major task of the group will be to find an alternative to the tariffs and 'protect jobs on both sides of the border,' the statement read.
'We told the group that this treatment is unfair and that we're not in agreement,' read the statement, jointly signed by the Economy and the Foreign Affairs Ministries.
Trump published his latest tariff threats early Saturday, saying Mexico would be subject to the 30% rate for not doing enough to fight fentanyl trafficking, even though the country has made strides in helping secure the border with the US.
The U.S. doesn't intend to apply the 30% rate to USMCA-compliant goods, according to a White House official. The situation remains fluid, the official cautioned. The administration has previously said it will keep the exemption for Canada.
Continuing the exclusion for both Mexico and Canada narrows the scope of Trump's continental tariffs and would be a lifeline to sectors like the auto industry that rely heavily on the USMCA pact — which was renegotiated under Trump's first term.
The US president said the 30% tariffs are separate from sectoral ones and could be raised if Mexico retaliates.
'Mexico still has not stopped the Cartels who are trying to turn all of North America into a Narco-Trafficking Playground,' Trump wrote. ' If Mexico is successful in challenging the Cartels and stopping the flow of Fentanyl, we will consider an adjustment to this letter.'
He said Mexico has many other non-tariff trade barriers that have created an 'unsustainable' trade deficit with the US.
Trump's Cuts Are Making Federal Data Disappear
'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions
Will Trade War Make South India the Next Manufacturing Hub?
Soccer Players Are Being Seriously Overworked
Trade War? No Problem—If You Run a Trade School
©2025 Bloomberg L.P.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
26 minutes ago
- Yahoo
Inflation data, big bank earnings, and Netflix results: What to watch this week
Stocks are back near record highs, but a flurry of trade announcements, deals, and extensions kept investors on their toes last week. In the week ahead, a busier economic and earnings calendar will offer them more to chew on. Inflation data out Tuesday morning will set the economic agenda for the week. The Consumer Price Index (CPI) will be a key data point for investors and policymakers to weigh, with the Federal Reserve's next interest rate decision looming less than two weeks away. On the earnings side, all the major US banks will report results this week, with renewed investor enthusiasm about the IPO and M&A markets, along with Wells Fargo's (WFC) freedom from a decade of more stringent regulatory restrictions, likely to feature. Results from Netflix (NFLX) will kick off earnings from big US tech firms, with ASML (ASML) and Taiwan Semiconductor Manufacturing (TSM) set to offer key updates on the AI-related chip boom. PepsiCo (PEP), United (UAL), and American Express (AXP) are among the other notable firms set to release their quarterly results. Data from FactSet published July 3 showed analysts are coming into second quarter earnings season expecting 5% earnings growth for the S&P 500 (^GSPC). Should this forecast come through, it will mark the slowest pace of profit growth since the fourth quarter of 2023. The second quarter includes the peak of tariff-related uncertainty — Trump's shocking "Liberation Day" announcement took place on the second day of the quarter. But the market's recent rally suggests the backward-looking set of results companies will roll out in the weeks ahead have already been discounted. In the third quarter, analysts are expecting earnings will grow 7.3% over last year. Full-year profit growth is expected to clock in at 9%, according to FactSet data. In 2026, earnings should grow 13.9%, according to analyst forecasts. Second quarter earnings, then, appear set to reflect the trough of corporate America's mini-cycle of panic, acceptance, then relief around Trump's tariff goals, the whole of which took about five weeks in April and May. This week, as Trump again rolled out tariff announcements that left some of America's trading partners surprised, investors largely took the news in stride. The worst, it seems, is past us. New tariffs announced on Canada late Thursday and Trump's decision to float higher blanket tariffs on all US imports contained echoes of the headlines that shook markets earlier this year. This time, the reverb barely disrupted the market's rhythm. Read more: What Trump's tariffs mean for the economy and your wallet As the president himself told NBC News last week, "I think the tariffs have been very well received. The stock market hit a new high [on Thursday]." And the S&P 500 fell just 0.33% from its record on Friday. With investors — and the president — waiting with bated breath for the Federal Reserve to begin cutting interest rates, Tuesday's inflation data isn't likely to accelerate the central bank's urgency. Wall Street economists expect to see inflation move further from the Fed's goals, with "core" consumer prices, which exclude food and gas and are more closely watched by the Fed, set to rise 2.9% over the prior year in June. On a monthly basis, both "core" and headline inflation is set to rise 0.3%. Read more: How jobs, inflation, and the Fed are all related "Inflation data in line with our forecasts will keep the Federal Reserve on the sidelines as it assesses the impact of tariffs on inflation, which is only starting to come into view," wrote economists at Oxford Economics in a client note on Friday. The firm also noted the disinflationary benefit of lower oil prices that followed the onset of tariffs in the spring is rolling off the books. All of which, in Oxford's view, likely keeps the Fed on the sidelines at least through the summer. Data from the CME Group as of Friday showed traders were pricing in just a 4.7% chance the Fed cuts rates later this month. A month ago, those odds were closer to 20%. Trump, however, has remained consistent in his calls for lower rates, telling reporters this week he thinks Fed Chair Jerome Powell should resign immediately. The challenge, for both Trump and the Fed, is that tariff policy only complicates the rate picture. "The tariffs announced this week would raise the effective rate by around 2 [percentage points]," wrote Bank of America economist Aditya Bhave in a client note Friday. "Based on the composition of imports over the last 12 months, the effective rate would rise to nearly 14%. In other words, there are upside risks to our base case that the effective tariffs will settle at around 10%." And although Bhave notes there appears room for tariff rates to be negotiated down, this policy uncertainty makes it harder for the Fed to cut interest rates. "Chair Powell has repeatedly argued that the Fed wants greater clarity on the impact of policy changes before making its next move," Bhave added. "Such clarity might not be forthcoming if there are risks of additional meaningful changes to the tariff regime." This year's stock market volatility has created an ample — if not quite equal — amount of volatility in Wall Street forecasts on where the market will finish the year. Last week offered the latest case in point. Strategists at both Goldman Sachs and Bank of America raised their price targets on the S&P 500 in notes this week, with Goldman raising its year-end target to 6,600 and BofA putting a 6,300 forecast on where the benchmark index will close this year. The firms had been looking for the index to settle at 6,100 and 5,600, respectively, ahead of these revisions. The S&P 500 closed on Friday at 6,259. In a note to clients published Tuesday, Bank of America's head of US equity strategy, Savita Subramanian, cited "Corporate America Exceptionalism" as a driving force in revising the outlook for stocks higher. In essence, the S&P 500 is now constituted by businesses with stronger earnings profiles that are better able to weather the uncertainty of tariffs and which are, ultimately, less sensitive to the economic cycle. All of which bolsters the case for earnings growth to remain strong. In the second quarter, the Communication Services (XLC) and Technology (XLK) sectors are expected to grow earnings by 29.5% and 16.6%, respectively. These sectors house five of the "Magnificent Seven" names — Amazon (AMZN) and Tesla (TSLA) are in the Consumer Discretionary (XLY) sector — and are at the center of the AI trade. Only Utilities (XLU), another sector that's been a surprise AI beneficiary with power demand surging as data centers are built out, is expected to grow earnings at a rate equal to or better than the overall index; both Utilities and the S&P 500 as a whole are forecast to grow earnings 5% in the second quarter. And over the long term, the most important driver of stock prices is earnings growth. Goldman Sachs' chief US equity strategist David Kostin made a similar point, writing that the firm expects "the digestion of tariffs to be a gradual process, and large-cap companies appear to have some buffer from inventories ahead of the increase in tariff rates." The firm added that S&P 500 companies appeared to enter the second quarter with a good inventory buffer, and that earnings call commentary "shows S&P 500 firms plan to use a combination of cost savings, supplier adjustments, and pricing to offset the impact of tariffs." An outgrowth, no doubt, of corporates being more prepared for Trump's tariff-motivated fiscal policy the second time around. But it is the composition of the S&P 500 itself — an index now dominated by a handful of tech-adjacent giants — that ultimately buffers investors from much of the tariff turmoil. Earnings: No major earnings reports set for release. Economic data: No major economic data set for release. Earnings: JPMorgan (JPM), Citi (C), Wells Fargo (WFC), BlackRock (BLK), State Street (STT), Bank of New York Mellon (BK), Albertsons (ACI), JB Hunt (JBHT) Economic data: Consumer Price Index, month-over-month, June (+0.3% expected, +0.1% previously); Consumer Price Index, year-over-year, June (+2.6% expected, +2.4% previously); "core" Consumer Price Index, month-over-month, June (+0.3% expected, +0.1% previously); "core" Consumer Price Index, year-over-year, June (+2.9% expected; +2.8% previously); NY Fed Empire State Manufacturing index, July (-9 expected, -16 previously) Earnings: Bank of America (BAC), Goldman Sachs (GS), Morgan Stanley (MS), PNC Financial (PNC), Johnson & Johnson (JNJ), United Airlines (UAL), ASML (ASML), Progressive (PGR), Alcoa (AA), Kinder Morgan (KMI) Economic data: Producer price index, month-over-month, June (+0.3% expected, +0.1% previously); Producer price index, year-over-year, June (+2.5% expected, +2.6% previously); "Core" producer price index, month-over-month, June (+0.2% expected, +0.1% previously); "Core" producer price index, year-over-year, June (+2.7% expected; +3% previously); Industrial production, June (+0.1% expected, -0.2% previously); Federal Reserve Beige Book Earnings: Netflix (NFLX), Taiwan Semiconductor Manufacturing (TSM), PepsiCo (PEP), US Bancorp (USB), Abbott (ABT), Cintas (CTAS), Interactive Brokers (IBKR) Economic data: Retail sales, June, month-over-month (+0.1% expected, -0.9% previously); Retail sales, ex-auto and gas, June (+0.3% expected, -0.1% previously); Import price index, June (+0.2% expected, +0% previously); Initial jobless claims, week ended July 12 (235,000 expected, 227,000 previously); Philly Fed Manufacturing Index, July (-0.5 expected, -4 previously); Homebuilder sentiment, July (33 expected, 32 previously) Earnings: 3M (MMM), American Express (AXP), Charles Schwab (SCHW), Ally (ALLY), Truist (TFC), Regions Financial (RF), Huntington Bancshares (HBAN) Economic data: Housing starts, June (+3.5% expected, -9.8% previously); Building permits, June (-0.3% expected, -2% previously); University of Michigan consumer sentiment, July, preliminary reading (61.5 expected, 60.7 previously) Click here for in-depth analysis of the latest stock market news and events moving stock prices
San Francisco Chronicle
32 minutes ago
- San Francisco Chronicle
Trump is attending the FIFA Club World Cup final
WASHINGTON (AP) — President Donald Trump on Sunday will attend the FIFA Club World Cup final, a match that will offer Trump a preview of the globe's premier soccer tournament that North America will host next year. Trump and first lady Melania Trump will travel from their golf club in Bedminster, New Jersey, to East Rutherford 40 miles (64 kilometers) away to watch the final match of the U.S.-hosted tournament between Paris Saint-Germain and Chelsea at MetLife Stadium. Trump's trip Sunday falls on the first anniversary of the assassination attempt he survived in Butler, Pennsylvania, while campaigning for president. The president did not have any public plans to mark the date beyond participating in a taped Fox News Channel interview with his daughter-in-law Lara Trump that aired Saturday night. Sporting events have made up the bulk of Trump's trips in the U.S. since taking office this year. In addition to his visit this weekend to the soccer tournament, he's attended the Super Bowl in New Orleans, the Daytona 500 in Florida, UFC fights in Miami and Newark, New Jersey, and the NCAA wrestling championships in Philadelphia. The president, who has a warm relationship with FIFA President Gianni Infantino, has said he plans to attend multiple matches of the World Cup tournament next year.
Newsweek
37 minutes ago
- Newsweek
Butler Reflects a Year After Trump Assassination Attempt: 'God Intervened'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. One year after a gunman came within a quarter inch of assassinating Donald Trump at a campaign rally, thrusting the tiny town of Butler into the international spotlight, many residents here in that western Pennsylvania town and its surrounding county are looking to forge ahead. Last July 13, just six minutes into Trump's speech to 15,000 fervent fans on the grounds of the Butler Farm Show, Thomas Matthew Crooks fired eight shots from an assault rifle while atop the roof of American Glass Research, some 150 yards away. A Secret Service counter-sniper quickly eliminated the threat with one round just 15 seconds after the initial shot, but Crooks' gunfire struck four people, including Trump. Corey Comperatore, a 50-year-old firefighter and father of two, was fatally wounded as he shielded his family, while two others, David Dutch, 58, and James Copenhaver, 74, were seriously hurt. Butler is poised and ready to move beyond the attempted assassination of Donald Trump last July, Pennsylvania residents and the city's mayor told Newsweek. Butler is poised and ready to move beyond the attempted assassination of Donald Trump last July, Pennsylvania residents and the city's mayor told Newsweek. Photo-illustration by Newsweek/Getty/AP/Canva Butler Mayor Bob Dandoy said the "shock and sorrow" of that early Saturday evening still reverberates for many in the town of 13,000 residents, as well as 193,000 throughout Butler County, but he believes the region is ready to reclaim its identity. "The people who were assembled were exercising the most fundamental of our basis rights: the right to assemble and the right to free speech," Dandoy told Newsweek. "The attack on them was an attack on all of us and an attempt to stifle those rights." Dandoy said Butler and the other municipalities that make up the greater Pittsburgh metro area continue to remember those directly affected by Crooks, including Comperatore, whose memorial motorcycle ride on Saturday attracted more than 1,000 participants. Still, Butler's future cannot remain mired in its bloody recent past, Dandoy said. "In the days and weeks that followed, the people of Butler showed remarkable unity, strength and care," Dandoy said. "In the days following the incident, I sensed a desire to move forward and far beyond the events of that day. As with the rest of the country, there is much we do not agree upon politically. However, I sense a desire among our residents to try to function beyond the differences and build on our communities. We do not allow that moment to define us." Donald Trump is escorted off the stage at a campaign event in Butler, Pennsylvania, after being wounded by a would-be assassin on July 13, 2024. Donald Trump is escorted off the stage at a campaign event in Butler, Pennsylvania, after being wounded by a would-be assassin on July 13, 2024. AP Photo/Gene J. Puskar, File Values like mutual respect and a commitment to civil discourse along with the "safety and well-being of everyone who calls Butler home" should be common goals, he added. "We started that journey immediately after the shooting and I believe we continue to make progress in moving forward." Susan Norman, 75, of West Sunbury in Butler County, nearly missed last July's speech due to heat exhaustion. She arrived with her son and his girlfriend at 7 a.m. — a full 11 hours before Trump took the stage — but caught history unfold from a fence along the perimeter. "We heard the shots," Norman told Newsweek Friday, standing outside the 100-acre Butler Farm Show property. "We saw him fall and from our angle, we didn't know if they killed him or what." From her vantage point, Norman said the bulk of rallygoers froze in place as Secret Service agents ushered Trump offstage, but not before raising his fist and yelling to the crowd what has since become the iconic moment from that day: "Fight, fight, fight!" Trump, who was unaware if additional threats existed, told Secret Service agents to wait prior to rushing him from the stage, yelling to the crowd, "Fight, fight, fight!" Trump, who was unaware if additional threats existed, told Secret Service agents to wait prior to rushing him from the stage, yelling to the crowd, "Fight, fight, fight!" AP Photo/Evan Vucci Norman, a devout Christian, credited divine intervention for Trump's survival. "I believe our country was going to hell in a handbasket," she said. "I truthfully believe that God intervened and saved his life to use him a vessel to save our country." In retrospect, Norman said she was surprised she was even able to watch Trump from a chain-link fence along the perimeter prior to Crooks squeezing the trigger — noting the various security lapses that day which led to the resignation of Secret Service Director Kimberly Cheatle and another six agents receiving 10- to 42-day suspensions without pay. "We were so close to the bleachers and I said to my son, 'I'm surprised that no one's come over here and questioned why we're standing here,'" Norman recalled. "We just went to our car. I could've had rifles in my car and carried them up here to the fence. So, I did question that at the time and that was before he got shot." 'We Failed' Secret Service chief of communications Anthony Guglielmi gave a blunt assessment when asked by Newsweek for a response to Trump's recent blunt evaluation that the "very talented, very capable" agents unequivocally had a "bad day" in Butler. "We failed on July 13, 2024," Guglielmi said. "Every day since, we have worked tirelessly to ensure that such a tragedy can never happen again. We've made significant investments in our people, processes, and technology, and we have embraced oversight as a necessary force for reform — reform that is making us a stronger, more resilient agency." Sean Curran, who replaced Cheatle in late January, noted he was by Trump's side when Crooks forever upended U.S. politics amid a bitter, volatile campaign. Read more Memorial motorcycle ride honors Trump rally victim Corey Comperatore Memorial motorcycle ride honors Trump rally victim Corey Comperatore "My heart will always be with all those impacted on that day, especially Corey Comperatore, who lost his life while protecting those around him," Curran said in a statement. "Since President Trump appointed me as Director of the United States Secret Service, I have kept my experience on July 13 top of mind, and the agency has taken many steps to ensure such an event can never be repeated in the future." White House Press Secretary Karoline Leavitt also praised Comperatore for "selflessly" protecting his family when tragedy unfolded. "President Trump will never forget Corey and his beautiful family," Leavitt said in a statement. "On that dark day, God spared President Trump's life by a miraculous millimeter. Now one year later, President Trump is standing stronger than ever as he continues to 'fight, fight, fight' for the American people." 'Stronger Than Ever' Representative Mike Kelly, the congressman whose district encompasses Butler County, chaired a congressional task force that investigated the attempted assassination. He called for continued prayers for the families of Comperatore, Dutch and Copenhaver, as well as the president. "In the wake of tragedy, the Butler community remains united and stronger than ever," the Pittsburgh-born Republican told Newsweek in a statement. Comperatore's widow, Helen, wipes a tear from her face as opera singer Christopher Macchio performed at the Butler Farm Show during Trump's subsequent return to the site on October 5, 2024. Comperatore's widow, Helen, wipes a tear from her face as opera singer Christopher Macchio performed at the Butler Farm Show during Trump's subsequent return to the site on October 5, 2024. AP Photo/Evan Vucci The task force issued 25 specific recommendations related to issues that directly led to security failures in Butler, as well as 11 general pieces of guidance correlated to leadership, training and agency resources. "I continue to work with director Curran and the agency as my colleagues in Congress and I put these recommendations into action," Kelly said. "Like many in the Butler community, I still have questions about everything that led up to, and unfolded on, July 13. May we continue to pursue the truth to get the American people the answers they deserve." Firm, Not Fearful Chet Jack, 66, vividly remembers the July 13 rally. As a member of the Pennsylvania and Butler County Republican committees, he had VIP access and recruited 20 volunteers to help organizers for what was supposed to be a typical pre-convention campaign rally in the dead of summer. "We arrived there early in the morning," Jack told Newsweek. "Hot, hot, hot. Some of the folks were working in the parking lots, some were working intake and that type of thing. Despite the heat and miserable weather, the crowd was very enthusiastic, very happy. Music was playing; you know, people dancing. Everyone was really jazzed about getting the opportunity to see then-candidate Trump." Jack recalls how that mood instantly vanished as Crooks unleashed his assault. Comperatore, who was mortally wounded, was roughly 30 feet away from him in the bleachers. "It could've been anyone," Jack said. "The shots were being randomly taken. They hit Corey, they hit a couple guys that were across the way and hit Trump's ear." Many people in the bleachers near the stage immediately ducked down or sought cover, but Jack was among those to stand up in an attempt to see who fired the shots and point them out to law enforcement. Miraculously, mass panic didn't erupt, Jack said, something Trump himself noted in his convention speech a week later when he said "nobody ran and, by not stampeding, many lives were knew I was in very serious trouble." "Almost to a person, they all remained standing, as if they were in vigil," he recalled. "I'm now convinced that there was something divine there, that kept the rest of those people safe by not stampeding and many of us not feeling fear. I can't come up with any other explanation than that."
