
With Black Enrollment Down, Amherst College Faces an Identity Crisis
In 2023, federal data revealed that its overall Black enrollment, 11 percent of the student body, far outstripped many other similar institutions.
So it was particularly jarring to the Amherst community last fall when data for the entering freshman class revealed that only 3 percent of its members were Black.
Quincy Smith, an art major, joined one of the most diverse classes in Amherst history in 2022 and said gatherings of Black students feel different now: 'There's less engagement, fewer people coming to our meetings and going to events.'
At Amherst, a college of about 1,900 undergraduates in central Massachusetts, students and administrators alike are now uneasy as the idea of diversity, one of the school's core values, is increasingly under attack by conservatives in Washington.
Across the country, highly selective universities and their students were already trying to reckon with the demographic shifts caused by a landmark Supreme Court ruling in 2023, when the court banned the use of racial preferences in college admissions. Some schools saw only minor changes in their enrollment makeup, according to an analysis by The New York Times.
But at others, including Amherst, Black and Hispanic enrollment declined sharply last fall — the first class affected by the new ruling — with Amherst experiencing one of the steepest drops. Hispanic enrollment in Amherst's freshman class dropped to 8 percent last fall, compared with 12 percent a year earlier.
The Trump administration is trying to use that Supreme Court case to increase the pressure on universities to eliminate diversity efforts. It is promising to punish schools it believes might be circumventing the decision. The moves have added to the tension at schools like Amherst as they try to avoid legal challenges, but also face faculty, students and alumni urging their school to fight back.
Conservatives argue diversity efforts meant to boost Black, Hispanic and other groups have resulted in discrimination against Asian and white students, the contention that formed the crux of the Supreme Court case. 'Eliminating racial discrimination means eliminating all of it,' the Supreme Court said in its decision.
Despite the decision, Michael A. Elliott, Amherst's president, said the school's 200-year-old mission, which emphasizes educating students from all backgrounds, has not changed.
'My goal is to be able to execute our mission and to do so in a way that's in compliance with the law,' Dr. Elliott said in a telephone interview.
Amherst was one of the first highly selective colleges to eliminate legacy preferences, which tend to favor white students. It was also the lead author of a brief in the Supreme Court case arguing for the 'educational benefits of a diverse student body and the societal benefits of educating diverse future leaders.'
In the brief, Amherst argued that eliminating race-conscious admissions would 'have a drastic resegregating impact' and predicted it could lose about half its enrollment of Native American, Black and Hispanic students.
Since that prediction largely came true, many at Amherst are concerned that fewer Black and Hispanic students on campus will make it less attractive to those groups, prompting a cycle of further declines.
Marllury Vizcaino, a freshman from Washington Heights, in Manhattan, said she was the only Black student in her required first-year seminar last fall, and one of only two Black students in her chemistry class.
'I didn't feel like I was welcome because I didn't really see students who looked like me,' Ms. Vizcaino said, adding, 'I can't really talk about it without getting upset.'
Bryce Dawkins, a senior from Oakland, Calif., majoring in English and Black studies, said that diversity attracted her to Amherst.
'When I was applying to college, I was looking at Amherst particularly because the number of Black students was so high,' she said.
During a book talk on campus in October, one of Amherst's notable Black alumni, the professor and writer Anthony Abraham Jack, said he felt a deep sadness over the changes.
'I just can't tell you how hard of a walk it was when the numbers came out,' said Dr. Jack, a 2007 graduate who teaches today at Boston University and grew up in a low-income household in Miami. 'The place that changed my life and the place that I love, probably more than any other, is hurting.'
Concern about the numbers frequently comes up in faculty meetings and alumni gatherings; at the Charles Drew house, a dorm for Black students named for the pioneering Black physician; and at the Multicultural Resource Center, a gathering place for students of color.
The campus newspaper, The Amherst Student, described diversity as the 'ever-present backdrop' during a visit by 130 prospective students last fall.
Since its freshman class demographics were disclosed, Amherst has been working to reverse the decline in Black and Hispanic students while still complying with the law. (When international students are included, this year's freshman class was 9 percent Black, but that number declined from 19 percent last year.)
Colleges are no longer allowed to ask applicants about their race after the Supreme Court decision. So highly selective schools are seeking students who are the first to attend college in their family, visiting communities in rural areas and expanding financial aid for low-income students.
Amherst added four people to its recruitment team, who traveled a broad swath of the country to find students who might help the school yield a more diverse class. Georgia, Alabama and Mississippi were on the list. So was Texas' Rio Grande Valley.
On March 21, Amherst announced that it had offered admission to 1,175 students. Ninety-six are from rural regions, an increase from 37 last year.
Amherst said it did not have a racial breakdown for the newly admitted students, but Matthew L. McGann, Amherst's dean of admission and financial aid, said that a quarter of the students would be the first in their family to attend college, a school record.
Dr. Elliott said he believed that more than one factor was at play in last year's demographic shift, and pointed out that the school's small size amplifies percentage changes.
And he is optimistic about the incoming class.
'We're really encouraged by what we see so far,' he said.
Applicants must accept by May 1, and it is hard to say how many will say yes. Many schools, including those in the Ivy League, are competing for the best and brightest students from racial minority groups.
'The largest number of students who say 'no' to Amherst, end up in New Haven at Yale and other places like that,' Dr. McGann said in an interview. He acknowledged that there were also declines in the number of Black students offered admission last year, adding that one year is not enough to suggest a trend.
Dr. Jack said he believed that Amherst may have been more careful than many other schools in using measures, such as high school grades, to select its class.
'It felt like there was a conversation about trying not to get sued,' said Dr. Jack, a professor of higher education leadership.
Conservatives have only intensified their scrutiny of schools in recent weeks. The Justice Department announced last month that it would investigate admissions policies at four California universities. And Edward Blum, an activist who is the driving force behind the lawsuit that led to the Supreme Court case, has said he is examining school data for evidence of 'cheating.'
Mr. Blum has said that his effort to end affirmative action is inspired by the work of Martin Luther King Jr., arguing that 'an individual's race and ethnicity should not be used to help them or harm them in their life's endeavors.'
In an interview, Jeffrey Wright, the Amherst alum and actor who starred in the 2023 film 'American Fiction,' a satire on how the publishing industry stereotypes race, characterized Mr. Blum's reference to Dr. King as 'the most egregiously cynical thing that I've heard in a long time.'
Mr. Wright, who was recently on Amherst's campus speaking at a literary event, sees Mr. Blum's work as part of a movement to roll back civil rights, reminiscent of the Jim Crow era.
In recent months, Amherst leaders have held a flurry of meetings with campus constituencies, trying to reassure them that they are working to prevent resegregation.
After attending one such meeting with the Black Student Union, Zane Khiry, a senior from Avenel, N.J., and a former officer of the group, said he remained skeptical.
'They had a choice between prizing diversity and playing it safe. They chose to play it safe,' he said.
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"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." The White House took a step forward with President Trump's plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries. The move represents a giant shakeup in the US's trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland. But there's a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order. India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate. Taiwan is another top US trading partner and is set to see a 20% rate. The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom. Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan. But some nations were not included in Tuesday's release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum. Read more here. Trump extends Mexico's current tariff rates President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday. The reprieve came after Trump talked with Mexican President Claudia Sheinbaum. Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars. President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday. The reprieve came after Trump talked with Mexican President Claudia Sheinbaum. Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars. Brazil sees 35.9% of exports to US facing steeper tariff: Sources Reuters reports: Read more here. Reuters reports: Read more here. 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Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. What's in the US-EU trade deal depends on who is doing the talking Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Trump back in court Thursday to defend the tariffs he plans to impose Friday US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judged today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. EU wine, spirits to face 15% US tariff from August 1: EU official Reuters reports: Read more here. Reuters reports: Read more here. Trump tariff surprise triggers implosion of massive copper trade Bloomberg reports: The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated. 'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said. Read more here. Bloomberg reports: The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated. 'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said. Read more here. Lutnick: US made trade deals with Thailand and Cambodia Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. BMW sticks with guidance despite profit drop, Trump's tariffs German carmaker BMW ( maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals. Reuters reports: Read more here. German carmaker BMW ( maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals. Reuters reports: Read more here. Trump unleashes a flurry of trade surprises on eve of deadline President Trump has unleashed a series of tariff deals and demands on the eve of his Friday deadline, including surprises on India and copper as the US president attempts to create a new global trade order. On Wednesday Trump announced tariffs of 15% on imports from South Korea that matched that of its neighbor Japan, and a 25% levy on imports from India that included criticism of its purchases of Russian energy and weapons. Thailand and Cambodia are also heading towards getting a deal, now that they have agreed to a ceasefire Monday. Trump further shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs. Bloomberg News reports: Read more here. President Trump has unleashed a series of tariff deals and demands on the eve of his Friday deadline, including surprises on India and copper as the US president attempts to create a new global trade order. On Wednesday Trump announced tariffs of 15% on imports from South Korea that matched that of its neighbor Japan, and a 25% levy on imports from India that included criticism of its purchases of Russian energy and weapons. Thailand and Cambodia are also heading towards getting a deal, now that they have agreed to a ceasefire Monday. Trump further shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs. Bloomberg News reports: Read more here. A list of President Trump's tariff deals and non-deals with trading partners On the eve of President Trump's tariff deadline, trading partners are scurrying to reach a deal before higher tariffs are imposed. Here is a list of the deals which have been reached and the ones still undecided. Europe: Both the US and the EU reached a trade agreement on Sunday, imposing a 15% import tariff on most EU goods and the EU plans to invest some $600 billion in the US. China: 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. UK: The UK signed a deal with the US back in May formally lowering some tariffs on cars, steal, aluminum, beef and aerospace products. The UK also agreed to reduce tariffs on US beef and ethanol exports. Japan: Tokyo clinched a trade deal with Washington this month, lowering tariffs to 15% from a previously proposed 25%, including on autos. The deal also includes investment from Japan into the US. Vietnam: The US president announced earlier this month that he had struck a preliminary trade deal with Vietnam, cutting tariffs on imports from the Southeast Asian country to 20% from the 46% level threatened in April. South Korea: Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan. India: On Wednesday Trump threatened a 25% tariff on goods from India. Canada: President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline. Mexico: Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning. Thailand and Cambodia: Deals were also expected with Thailand and Cambodia after Monday's ceasefire. On the eve of President Trump's tariff deadline, trading partners are scurrying to reach a deal before higher tariffs are imposed. Here is a list of the deals which have been reached and the ones still undecided. Europe: Both the US and the EU reached a trade agreement on Sunday, imposing a 15% import tariff on most EU goods and the EU plans to invest some $600 billion in the US. China: 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. UK: The UK signed a deal with the US back in May formally lowering some tariffs on cars, steal, aluminum, beef and aerospace products. The UK also agreed to reduce tariffs on US beef and ethanol exports. Japan: Tokyo clinched a trade deal with Washington this month, lowering tariffs to 15% from a previously proposed 25%, including on autos. The deal also includes investment from Japan into the US. Vietnam: The US president announced earlier this month that he had struck a preliminary trade deal with Vietnam, cutting tariffs on imports from the Southeast Asian country to 20% from the 46% level threatened in April. South Korea: Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan. India: On Wednesday Trump threatened a 25% tariff on goods from India. Canada: President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline. Mexico: Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning. Thailand and Cambodia: Deals were also expected with Thailand and Cambodia after Monday's ceasefire. Trump says Canada Palestine support threatens trade deal President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!," Trump wrote on Truth social. The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025. Bloomberg News reports: Read more here. President Trump hit out at Canada on Thursday, saying its support for Palestinian statehood would make it harder to strike a trade deal with the US's neighbor. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!," Trump wrote on Truth social. The US has inked a deal with at least one other country backing Palestinian statehood — the UK, whose prime minister, Kier Starmer, said this week it would recognize and support Palestinian statehood from September 2025. Bloomberg News reports: Read more here. US sets Korea tariff rate at 15% in deal with key supplier The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding. President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote. "Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes." Bloomberg News reports: Read more here. The US announced on Wednesday that it had reached a trade deal with South Korea that will impose a 15% tariff on imports, including autos and sets up a major investment in American energy and shipbuilding. President Trump announced the deal on Truth Social writing that a "full and complete trade deal" had been reached. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President," Trump wrote. "Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes." Bloomberg News reports: Read more here. Trump says US has reached trade deal with Pakistan President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves. Trump wrote on Truth Social: Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate. The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia. President Trump on Wednesday said the US reached a trade deal with Pakistan that will see the US work with the nation to develop its "massive" oil reserves. Trump wrote on Truth Social: Pakistan's goods faced a 29% tariff under Trump's "Liberation Day" tariffs. Trump didn't specify a new tariff rate. The apparent agreement comes the same day that Trump ratcheted up tensions with India, with whom Pakistan has long had geopolitical tensions. Trump threatened 25% tariffs on India's imports to the US, plus an additional penalty for what he said was the country's cozy ties with Russia. 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." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


CNBC
4 minutes ago
- CNBC
CNBC Daily Open: Trump's (new) new tariff rates are here (again)
The first time U.S. President Donald Trump unveiled his "reciprocal" tariffs on the rest of the world, the April 2 event had a cinematic, even grand, quality. It took place at the White House Rose Garden. There was a live band playing, according to The Wall Street Journal. Trump hoisted huge physical charts of his tariff rates, which were helpfully color-coded for visual clarity. This time, Trump's updated "reciprocal" tariffs, released the night before they come into effect on Aug. 1, seemed in comparison stripped of pomp and glamor. The White House's executive order popped up around 7 p.m. ET, just as people in the U.S. were getting off work. There was no live event, no big chart and certainly no entertainment — just a stern website with a black-and-white table. That austerity — and, one might even say, stealth — surrounding the recent announcement suggests two things. First, the White House could be aware that the dramatic shock of tariffs has less power to sway trade deals when staged a second time. The "90 deals in 90 days" that trade advisor Peter Navarro had promised in April are, after all, nowhere in sight. Second, the U.S. might actually be fine not making trade deals with some countries, leaving them with higher-than-hoped-for tariffs. In June, the U.S. Treasury Department reported an unexpected surplus thanks to tariff revenue, which were more than four times higher from a year ago. And economists aren't as alarmed by tariff-driven inflation as they once were. All that's speculation, of course. Little else is known about the latest tariffs except the numbers — it's been barely two hours since they were out and there have been no other official communication thus far. The order could have been released in this low-key fashion simply because the Rose Garden is now more like a Concrete Path. Or perhaps Trump doesn't want the penguins on the Heard and McDonald islands to hear about his levies this time. The U.S. rejigs tariff rates ahead of Aug. 1 deadline. Trump's executive order imposed tariffs ranging from 10% to 41% on dozens of countries, and subjected all goods considered to have been transhipped to an additional 40% duty. The S&P 500 falls, retreating from an intraday high. Microsoft shares, however, rose around 4% to push the company's market cap above $4 trillion. The Stoxx Europe 600 fell 0.75% amid a flurry of earnings from companies such as Rolls-Royce and AB InBev. Apple beats expectations for profit and revenue. The Cupertino-based company's iPhone sales grew 13% year over year, while overall revenue rose 10% in its fiscal third quarter, the fastest growth since December 2021. Amazon's gloomy guidance overshadows its earnings. Even though the company surpassed Wall Street's estimates for its second-quarter results, its expected operating income for the current quarter wasn't as high as analysts had hoped for. [PRO] Novo Nordisk's stock plunge isn't that surprising. On Tuesday, the firm's shares fell as much as 26% after it slashed its full-year guidance — and appointed a new CEO. Here's why companies tend to make both announcements simultaneously. Tariff turmoil: How global CEOs are shifting gears In interviews with CNBC this earnings season, CEOs across industries sent a clear message: tariffs are no longer just a political tactic. As trade rules grow more uncertain and tariffs resurface in policy discussions, business leaders say they're rethinking everything from where factories are located to how products are priced. The old "just in time" model is giving way to something more cautious: make goods closer to the buyer, ask for exemptions where possible, and stay alert to shifting consumer habits. —


Newsweek
4 minutes ago
- Newsweek
Virginia Giuffre's Brother Asks Why Epstein Files Haven't Been Released
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. Virginia Giuffre's brother, Sky Roberts, said he wants to know why the documents related to the investigation into sex offender Jeffrey Epstein have not been released, saying in part that "it's time for these monsters to be exposed." Newsweek reached out to the Department of Justice (DOJ) via online form Thursday night for comment. Why It Matters Backlash regarding the investigation into the disgraced financier reached fever pitch this month after the DOJ and the FBI released a joint statement confirming that Epstein died by suicide in 2019 and that there was no "client list." Attorney General Pam Bondi has faced the brunt of the backlash from MAGA and Democrats alike as lawmakers plead for transparency and access to documents. What To Know Earlier this week, Trump was asked aboard Air Force One whether one of the workers "stolen" from his Mar-a-Lago Club by Epstein was Giuffre. Trump responded, "I don't know. I think she worked at the spa. I think so, I think that was one of the people, yep. He stole her, and by the way, she had no complaints about us, as you know, none whatsoever." Trump's comments prompted Giuffre's family to release a statement, saying in part, "It was shocking to hear President Trump invoke our sister and say that he was aware that Virginia had been 'stolen' from Mar-a-Lago," the family said. "We would like to clarify that it was convicted sex trafficker Ghislaine Maxwell who targeted and preyed upon our then 16-year-old sister, Virginia, from Mar-a-Lago, where she was working in 2000, several years before Epstein and President Trump had their falling out," Giuffre's family added. Giuffre died by suicide in April 2025 in Australia. The family members of Virginia Giuffre can be seen talking with CNN's Kaitlan Collins on July 31. (Photo from CNN) The family members of Virginia Giuffre can be seen talking with CNN's Kaitlan Collins on July 31. (Photo from CNN) If you or someone you know is considering suicide, contact the 988 Suicide and Crisis Lifeline by dialing 988, text "988" to the Crisis Text Line at 741741 or visit This is a developing story that will be updated with additional information.