
US Stocks Slip With Tariff Uncertainty Returning to the Fore
The S&P 500 Index dropped 0.4% by 9:32 a.m. in New York, with all of the eleven sectors in red, declines led by consumer discretionary and healthcare. The Nasdaq 100 slipped 0.6%, and the Dow Jones Industrial Average retreated 0.2%. The Dow is just steps away from hitting a new all-time high.
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Bloomberg
11 minutes ago
- Bloomberg
Carney's Cabinet Searches for Spending Cuts as Defense Bill Grows
Canada's finance minister has asked members of cabinet to find tens of billions of dollars in spending cuts as the government looks for ways to pay for a larger defense budget and capital projects. Finance Minister Francois-Philippe Champagne asked ministers to identify how to cut 7.5% from program spending for the 2026-27 fiscal year, which begins next April, according to two officials with knowledge of the matter.


Geek Wire
13 minutes ago
- Geek Wire
ByteDance lays off 65 Seattle-area workers
(GeekWire File Photo / Todd Bishop) ByteDance, the Beijing-based parent company of TikTok, is laying off 65 workers based in Bellevue, Wash., according to a new filing with the Washington state Employment Security Department. ByteDance, Inc., is laying off 27 workers, while TikTok, Inc., is laying off 38 employees, according to the filing. The Chinese tech giant landed in the Seattle region in 2021 and has been growing its footprint in Amazon's backyard as it bolstered its TikTok Shop online shopping business. But TikTok has recently cut workers from its U.S. e-commerce unit across three rounds of layoffs since April, Bloomberg reported last week, noting that TikTok has replaced some staff near Seattle with managers connected to China. 'As the TikTok Shop business evolves, we regularly review our operations to ensure long-term success,' a spokesperson with TikTok said in a statement to GeekWire. 'Following careful consideration, we've made the difficult decision to adjust parts of our team to better align with strategic priorities.' TikTok Shop is TikTok's fastest-growing business, according to Bloomberg, though it has fallen short of recent internal sales targets. TikTok is planning to roll out a new version of its app for users in the U.S. ahead of a planned sale of TikTok's U.S. operations, The Information reported on Sunday. ByteDance is one of more than 100 out-of-town tech companies that have engineering centers in the Seattle region, as tracked by GeekWire.
Yahoo
16 minutes ago
- Yahoo
Taxpayers Are Supposed To Shell Out $150 Million for Next Year's July 4th Celebrations
Consumer spending on 2025 Fourth of July celebrations is expected to reach $8.9 billion, according to the National Retail Federation—a slight decrease from previous years, but still well above pre-pandemic level spending. Next year, taxpayers can expect to pay even more for Independence Day festivities, albeit indirectly. On Friday, President Donald Trump signed the One Big Beautiful Bill Act into law. Tucked away in the sprawling 870-page tax and spending bill is a section that allocates $150 million for "events, celebrations, and activities surrounding the observance and commemoration of the 250th anniversary of the founding of the United States." The funding, which will be appropriated to the Interior Department, shall remain available through FY 2028. Appropriately, Trump signed the bill—which is expected to add nearly $4 trillion to the national debt over the next decade—at a Fourth of July celebration on the White House South Lawn, complete with fireworks and a B-2 jet flyover. Commemorating America's 250th birthday has been a quiet priority of the second Trump administration. In January, the president signed an executive order that established the White House Task Force on Celebrating America's 250th Birthday. The task force, which is housed in the defense department, will coordinate with federal agencies "to plan, organize, and execute an extraordinary celebration of the 250th Anniversary of American Independence and shall coordinate agencies' communications with the United States Semiquincentennial Commission." (The White House has since launched a website that includes a countdown to next year's festivities.) This order also reinstated two executive orders signed during the first Trump administration, which had been rescinded by President Joe Biden, to establish a National Garden of American Heroes. In April, the National Endowment for the Arts began accepting applications from sculptors for the garden, reports Reason's Joe Lancaster. However, the garden faces several roadblocks to its planned opening of July 4, 2026, including a lack of quality sculptures and a designated location. It is unclear exactly how the $150 million included in the bill will be spent, but the cost is exorbitant, even by Trump's standards. In 2019, the president hosted the "Salute to America" event to celebrate that year's July Fourth, which included a grandiose display of America's military power and several flyovers of multiple stealth aircraft that ended up costing American taxpayers more than $13 million, "well above the $6 million to $7 million that had been spent in the previous three years," The Washington Post reported at the time. The following year, Trump held two Independence Day celebrations—one in Washington, D.C., and one at Mount Rushmore on July 3—which drew a price tag of $14,573,608, per Newsweek. More recently, Trump hosted a military parade to celebrate the 250th anniversary of the Army (which fell on his 79th birthday) that included M1 Abrams main battle tanks, over 6,000 marching soldiers, and (yes) more aircraft flyovers. With an estimated cost of $25 million to $45 million, the parade cost taxpayers "$277,778–$500,000 per minute," Reason's Billy Binnion reported. The fact that America is on track to see its 250th anniversary is certainly worth celebrating. However, a state-sponsored celebration that saddles taxpayers with even more debt is the type of event that the founders would diametrically oppose. Lawmakers still have time to rescind the wasteful spending of "big, beautiful bill," but given Trump's hold on the Republican party, and Democrats' penchant for government spending themselves, it is unlikely. For now, taxpayers can look forward to once again financing the federal government's celebration of Independence Day, only this time at a much higher price tag. The post Taxpayers Are Supposed To Shell Out $150 Million for Next Year's July 4th Celebrations appeared first on