logo
Trump tariffs live updates: EU readies its reprisals as Trump pushes for higher tariffs

Trump tariffs live updates: EU readies its reprisals as Trump pushes for higher tariffs

Yahoo2 days ago
The European Union still wants a trade pact with the US, but is said to be readying its counterattack as President Trump plays hardball and makes a no-deal outcome more likely.
EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals, per Bloomberg.
'If they want war, they will get war,' a German official told the WSJ, while noting there was still time to hammer out a deal.
Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect.
The Financial Times reported that Trump wants a minimum of a 15% to 20% tariff on EU goods as part of any deal. Trump has threatened the bloc with 30% duties beginning Aug. 1. That is the date he is also set to impose tariffs on an array of other trading partners, as well as potential sectoral levies on copper, pharmaceuticals, and semiconductors.
Trump said last week he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group.
Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries. The letters set new baseline tariff levels at 20% to 40% — except for a 50% levy on goods from Brazil in a move that waded into the country's domestic politics.
On July 10, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as "the deals" themselves.
Looking ahead to the holiday season, some retailers are struggling to prepare, not knowing whether products like toys and artificial Christmas trees might be available to import, and what the tariffs might be on a given country.
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.
Stellantis warns of $2.7B loss as tariffs bite
Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs.
The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan.
Reuters reports:
Read more here.
EU to prepare its retaliation plan as US hardens its stance on trade talks
EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal.
Bloomberg reports:
Read more here.
Lutnick 'confident' US will get tariffs deal done with EU before Aug. 1 deadline
WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in.
Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement.
"These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation."
President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.
Lutnick said that was a hard deadline.
"Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS.
Read more here
Trump's tariffs are already shaping the holiday shopping season
NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices.
But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises.
'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not."
Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations.
Read more here
Hawaii coffee growers say Trump tariffs may curb demand
(Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too.
Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable.
But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans.
While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms.
Read more here
Trump pushes for 15%-20% minimum tariff on all EU goods
President Trump appears to have settled on a tariff rate on all EU member countries, according to reports.
Financial Times reports:
Read more (subscription required).
Battery materials stocks jump after US lays out 93.5% graphite duty
Bloomberg reports:
Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China.
Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. (003670.KS) climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG)
The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry.
Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year.
Read more here.
China: Trade talks show there's no need for tariff war
Reuters reports:
Read more here.
US set to impose 93.5% tariff on key battery material from China
Bloomberg reports that the Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, a key battery component, after concluding the materials had been unfairly subsidized.
From Bloomberg:
Read more here.
Trump Tariff added $115M in aluminum costs for largest US producer
The largest producer of aluminum in the US, Alcoa Corp., claims that tariffs cost it $115 million in Q2.
Bloomberg reports:
Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump's trade agenda has affected the industry.
The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates.
Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26.
Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production.
Alcoa's latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs.
Read more here.
Nordic finance heads urge EU to stand firm in US trade talks
Financial leaders in European Union member countries are clearly telling their peers to hold their ground and act fast in trade talks with the US.
Bloomberg reports:
Read more here.
EU lines up tariffs on US digital services as retaliation: Sources
The European Commission is drawing up a list of measures against US services as part of its potential response to President Trump's 30% levies due to kick in on Aug. 1, sources told the Financial Times.
The FT reports:
Read more here.
EU stalls probe into Musk's X amid US trade talks
The EU seems to be treading carefully during negotiations to avoid a 30% tariff it sees as "prohibitive" to transatlantic trade.
The Financial Times reports:
Read more here.
Volvo CEO wants EU to cut 'unnecessary' auto tariffs
Reuters reports:
Read more here.
Trump eyes tariffs of 10% or 15% for the 150+ countries, muses on EU deal
President Trump said the tariff rate could be 10% or 15% for the more than 150 countries he has promised will get a notification letter soon.
Bloomberg reports:
Read more here.
Trump says he'll soon send letters to 150 countries, will 'live by the letter' on Japan
President Trump on Wednesday said he'd soon send letters to over 150 countries that are smaller trade partners with the US, dictating tariff rates their goods will face coming into the US.
He also said he would "live by the letter" with Japan — his letter last week had outlined a 25% tariff on Japanese imports — and hinted at a possible deal with India soon.
From Bloomberg:
And Reuters:
Canada announces new tariff measures on non-US imported steel to protect domestic industry
Reuters reports:
Read more here.
Striking trade deal with US was an 'extraordinary struggle,' Indonesia says
Nearly 24 hours after President Trump announced a trade agreement with Indonesia on Tuesday, Indonesia's government confirmed the deal, saying that the talks were an "extraordinary struggle."
A government spokesperson said Indonesia's President Prabowo Subianto negotiated the deal directly with Trump over the phone.
'This is an extraordinary struggle by our negotiating team led by the Coordinating Minister for Economic Affairs,' Hasan Nasbi, the Indonesian president's spokesperson, told Reuters.
Trump stated that the agreement calls for the US to impose a 19% tariff on Indonesia's exports, whereas Indonesia would not charge any tariffs on American exports. Trump also said Indonesia committed to buying '$15 Billion Dollars in U.S. Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's.'
Read more here.
France adds support for using most-potent trade tool on US
France has reportedly joined fellow European Union members in deciding to respond more directly to looming tariff threats. If activated, the EU would take retaliatory action against the US in trade activity.
Bloomberg reports:
Read more here.
Rio Tinto: Tariffs added $300 million in aluminum costs
Bloomberg reports:
Read more here.
Stellantis warns of $2.7B loss as tariffs bite
Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs.
The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan.
Reuters reports:
Read more here.
Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs.
The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan.
Reuters reports:
Read more here.
EU to prepare its retaliation plan as US hardens its stance on trade talks
EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal.
Bloomberg reports:
Read more here.
EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal.
Bloomberg reports:
Read more here.
Lutnick 'confident' US will get tariffs deal done with EU before Aug. 1 deadline
WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in.
Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement.
"These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation."
President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.
Lutnick said that was a hard deadline.
"Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS.
Read more here
WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in.
Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement.
"These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation."
President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.
Lutnick said that was a hard deadline.
"Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS.
Read more here
Trump's tariffs are already shaping the holiday shopping season
NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices.
But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises.
'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not."
Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations.
Read more here
NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices.
But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises.
'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not."
Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations.
Read more here
Hawaii coffee growers say Trump tariffs may curb demand
(Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too.
Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable.
But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans.
While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms.
Read more here
(Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too.
Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable.
But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans.
While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms.
Read more here
Trump pushes for 15%-20% minimum tariff on all EU goods
President Trump appears to have settled on a tariff rate on all EU member countries, according to reports.
Financial Times reports:
Read more (subscription required).
President Trump appears to have settled on a tariff rate on all EU member countries, according to reports.
Financial Times reports:
Read more (subscription required).
Battery materials stocks jump after US lays out 93.5% graphite duty
Bloomberg reports:
Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China.
Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. (003670.KS) climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG)
The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry.
Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year.
Read more here.
Bloomberg reports:
Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China.
Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. (003670.KS) climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG)
The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry.
Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year.
Read more here.
China: Trade talks show there's no need for tariff war
Reuters reports:
Read more here.
Reuters reports:
Read more here.
US set to impose 93.5% tariff on key battery material from China
Bloomberg reports that the Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, a key battery component, after concluding the materials had been unfairly subsidized.
From Bloomberg:
Read more here.
Bloomberg reports that the Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, a key battery component, after concluding the materials had been unfairly subsidized.
From Bloomberg:
Read more here.
Trump Tariff added $115M in aluminum costs for largest US producer
The largest producer of aluminum in the US, Alcoa Corp., claims that tariffs cost it $115 million in Q2.
Bloomberg reports:
Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump's trade agenda has affected the industry.
The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates.
Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26.
Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production.
Alcoa's latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs.
Read more here.
The largest producer of aluminum in the US, Alcoa Corp., claims that tariffs cost it $115 million in Q2.
Bloomberg reports:
Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump's trade agenda has affected the industry.
The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates.
Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26.
Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production.
Alcoa's latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs.
Read more here.
Nordic finance heads urge EU to stand firm in US trade talks
Financial leaders in European Union member countries are clearly telling their peers to hold their ground and act fast in trade talks with the US.
Bloomberg reports:
Read more here.
Financial leaders in European Union member countries are clearly telling their peers to hold their ground and act fast in trade talks with the US.
Bloomberg reports:
Read more here.
EU lines up tariffs on US digital services as retaliation: Sources
The European Commission is drawing up a list of measures against US services as part of its potential response to President Trump's 30% levies due to kick in on Aug. 1, sources told the Financial Times.
The FT reports:
Read more here.
The European Commission is drawing up a list of measures against US services as part of its potential response to President Trump's 30% levies due to kick in on Aug. 1, sources told the Financial Times.
The FT reports:
Read more here.
EU stalls probe into Musk's X amid US trade talks
The EU seems to be treading carefully during negotiations to avoid a 30% tariff it sees as "prohibitive" to transatlantic trade.
The Financial Times reports:
Read more here.
The EU seems to be treading carefully during negotiations to avoid a 30% tariff it sees as "prohibitive" to transatlantic trade.
The Financial Times reports:
Read more here.
Volvo CEO wants EU to cut 'unnecessary' auto tariffs
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Trump eyes tariffs of 10% or 15% for the 150+ countries, muses on EU deal
President Trump said the tariff rate could be 10% or 15% for the more than 150 countries he has promised will get a notification letter soon.
Bloomberg reports:
Read more here.
President Trump said the tariff rate could be 10% or 15% for the more than 150 countries he has promised will get a notification letter soon.
Bloomberg reports:
Read more here.
Trump says he'll soon send letters to 150 countries, will 'live by the letter' on Japan
President Trump on Wednesday said he'd soon send letters to over 150 countries that are smaller trade partners with the US, dictating tariff rates their goods will face coming into the US.
He also said he would "live by the letter" with Japan — his letter last week had outlined a 25% tariff on Japanese imports — and hinted at a possible deal with India soon.
From Bloomberg:
And Reuters:
President Trump on Wednesday said he'd soon send letters to over 150 countries that are smaller trade partners with the US, dictating tariff rates their goods will face coming into the US.
He also said he would "live by the letter" with Japan — his letter last week had outlined a 25% tariff on Japanese imports — and hinted at a possible deal with India soon.
From Bloomberg:
And Reuters:
Canada announces new tariff measures on non-US imported steel to protect domestic industry
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Striking trade deal with US was an 'extraordinary struggle,' Indonesia says
Nearly 24 hours after President Trump announced a trade agreement with Indonesia on Tuesday, Indonesia's government confirmed the deal, saying that the talks were an "extraordinary struggle."
A government spokesperson said Indonesia's President Prabowo Subianto negotiated the deal directly with Trump over the phone.
'This is an extraordinary struggle by our negotiating team led by the Coordinating Minister for Economic Affairs,' Hasan Nasbi, the Indonesian president's spokesperson, told Reuters.
Trump stated that the agreement calls for the US to impose a 19% tariff on Indonesia's exports, whereas Indonesia would not charge any tariffs on American exports. Trump also said Indonesia committed to buying '$15 Billion Dollars in U.S. Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's.'
Read more here.
Nearly 24 hours after President Trump announced a trade agreement with Indonesia on Tuesday, Indonesia's government confirmed the deal, saying that the talks were an "extraordinary struggle."
A government spokesperson said Indonesia's President Prabowo Subianto negotiated the deal directly with Trump over the phone.
'This is an extraordinary struggle by our negotiating team led by the Coordinating Minister for Economic Affairs,' Hasan Nasbi, the Indonesian president's spokesperson, told Reuters.
Trump stated that the agreement calls for the US to impose a 19% tariff on Indonesia's exports, whereas Indonesia would not charge any tariffs on American exports. Trump also said Indonesia committed to buying '$15 Billion Dollars in U.S. Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's.'
Read more here.
France adds support for using most-potent trade tool on US
France has reportedly joined fellow European Union members in deciding to respond more directly to looming tariff threats. If activated, the EU would take retaliatory action against the US in trade activity.
Bloomberg reports:
Read more here.
France has reportedly joined fellow European Union members in deciding to respond more directly to looming tariff threats. If activated, the EU would take retaliatory action against the US in trade activity.
Bloomberg reports:
Read more here.
Rio Tinto: Tariffs added $300 million in aluminum costs
Bloomberg reports:
Read more here.
Bloomberg reports:
Read more here.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Keir Starmer and Narendra Modi set to sign off on Britain-India trade deal
Keir Starmer and Narendra Modi set to sign off on Britain-India trade deal

Yahoo

time26 minutes ago

  • Yahoo

Keir Starmer and Narendra Modi set to sign off on Britain-India trade deal

Sir Keir Starmer and India's Narendra Modi are set to sign off on a trade deal worth £6 billion in investment for the British economy. The Prime Minister and his Indian counterpart also agreed ahead of their meeting on Thursday to ramp up joint efforts to tackle illegal migration and organised crime. The UK-India trade deal is understood to be the largest of its kind for its economic impact on Britain. It will see tariffs on an array of British goods reduced from an average of 15% to 3%, with the aim of boosting the £11 billion of imports into the south Asian nation. Whisky tariffs will be slashed in half, according to the Government, and will fall further over successive years, while other industries including soft drinks, cars and cosmetics are also expected to see cheaper duties. Before his meeting with Mr Modi to confirm the deal, Sir Keir said: 'Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country, delivering on our Plan for Change. 'We're putting more money in the pockets of hardworking Brits and helping families with the cost of living, and we're determined to go further and faster to grow the economy and raise living standards across the UK.' The deal is expected to result in 2,200 jobs across the country and £6 billion investment by British and Indian businesses. Business Secretary Jonathan Reynolds said the investment will 'reach all regions and nations of the UK so working people in every community can feel the benefits'. He added: 'The almost £6 billion in new investment and export wins announced today will deliver thousands of jobs and shows the strength of our partnership with India as we ensure the UK is the best place in the world to invest and do business.' The UK and India are also bolstering co-operation on tackling corruption, fraud, organised crime and illegal migration, by sharing criminal records and other intelligence. The deal has not given the UK as much access as it would have liked to India's financial and legal services industries. The agreement promises some benefits for the UK's financial services, with Chancellor Rachel Reeves understood to have pushed on behalf of the sector in discussions with her Indian counterpart. But more wide-ranging access was not agreed, and talks continue on a bilateral investment treaty aimed at protecting British investments in India and vice versa. The two nations also continue to discuss UK plans for a tax on high-carbon industries, which India believes could hit its imports unfairly. Negotiations on the deal began when Boris Johnson was prime minister in 2022, and were concluded in May this year. Labour sought to portray closing the deal, as well as trade agreements with the US and the EU, as evidence of the Government's pragmatism and global outlook. But shadow business secretary Andrew Griffith said it had only been made possible 'because of Brexit delivered by the Conservatives'. He added: 'Any trade deal that can successfully cut regulation which stops Britain's makers from creating new jobs and wealth will be a step in the right direction. 'But the irony should not be lost on anyone that any gains from this trade deal will be blown out of the water by (Deputy Prime Minister) Angela Rayner's union charter, stifling business with red tape, the jobs tax and, come autumn, Rachel Reeves' inevitable tax hikes that will punish Britain's makers just to reward those who do not contribute.' The Confederation of British Industry (CBI) has said that the signing 'sends a powerful signal that the UK is open for business and remains resolute in its commitment to free and fair trade'. Chief executive Rain Newton-Smith added: 'A trade agreement with India – one of the world's fastest-growing economies – is a springboard for long-term partnership and prosperity. UK firms can take advantage of this new platform to scale, diversify and compete on the global stage.' Elsewhere, Sir Keir is facing calls to raise the case of Jagtar Singh Johal, a British citizen who has been detained in India since 2017, when the Prime Minister meets Mr Modi. The Scottish Sikh is accused of being a member of the Khalistan Liberation Force, which is banned as a terror group in India. His family say he is being arbitrarily detained, with his brother Gurpreet Singh Johal insisting the matter should be 'high on the agenda when the prime ministers meet'.

Earnings live: Tesla results miss, Google boosts AI spending, Chipotle plunges
Earnings live: Tesla results miss, Google boosts AI spending, Chipotle plunges

Yahoo

time26 minutes ago

  • Yahoo

Earnings live: Tesla results miss, Google boosts AI spending, Chipotle plunges

Second quarter earnings season is in full swing, and the results have been largely positive so far, with more positive surprises than negative ones. Companies had a lower bar to clear coming into the quarter, as analysts tempered their expectations amid President Trump's tariffs, stocks' lofty valuations, and uncertainty about the health of the US economy. This week, investors will get a glimpse of how corporate leaders are navigating these challenges, with 112 S&P 500 companies reporting results, including GM (GM), Coca-Cola (KO), Alphabet (GOOGL, GOOG), and Tesla (TSLA). Data from FactSet published Friday showed that with 12% of the index having reported results, analysts now expect S&P 500 companies to report a 5.6% jump in earnings per share during the second quarter. Heading into the quarter, analysts expected S&P 500 earnings to rise 5% in Q2, which would mark the slowest pace of earnings growth since the fourth quarter of 2023. Here are the latest updates from corporate America. Tesla misses on Q2 earnings, but says 'more affordable' model planned for 2025 production Tesla (TSLA) stock initially spiked 1% after reporting second quarter results but fluctuated as investors digested the earnings miss. Here's a look at the top takeaways investors were watching in Tesla's results: The core auto business: Tesla reported second quarter revenue of $22.50 billion vs. $22.64 billion (per Bloomberg consensus), a 9% drop compared with the $25.05 billion reported a year ago. Tesla posted adjusted earnings per share of $0.40 vs $0.42, with operating income coming in at $923 million vs. $1.23 billion expected. The cheap EV: Tesla said its "more affordable" model was still slated for 2025 production. "We continue to expand our vehicle offering, including first builds of a more affordable model in June, with volume production planned for the second half of 2025," the company said in a statement. A year ago, Tesla said in its Q2 earnings report that production remains on track for new vehicles, likely including a cheaper EV, in the first half of next year. There has been no indication or even renderings of a new vehicle, let alone production of a vehicle priced around $30,000. Tesla's cheapest EV is the rear-wheel-drive Model 3 sedan, which starts at around $43,000 without incentives. Robotaxi rollout Tesla said its purpose-built robotaxi was still scheduled for volume release production starting in 2026. Tesla has expanded its robotaxi testing in Austin, Texas, with a bigger operating area and likely more vehicles coming. Read more here. Google beats on Q2 earnings but increased capex spending sends stock lower Google parent Alphabet (GOOG, GOOGL) reported a top- and bottom-line second quarter beat and said capital expenditures will climb to $85 billion, $10 billion more than Google previously projected. Google stock initially moved lower following results but reversed higher as the earnings call kicked off. Yahoo Finance's Dan Howley reports: Read more here. Chart: Chipotle foot traffic declines for second straight quarter Chipotle (CMG) stock tanked 9% following second quarter results and as the earnings call began (listen to the live call here). As the chart below shows, foot traffic fell more than expected, accelerating the slowdown in traffic that began in the first quarter. Yahoo Finance's Brooke DiPalma reports that overall foot traffic fell 4.9% against the 4.4% drop that had been forecast by the Street. Chipotle cut its guidance and said it expects same-store sales to be flat for the full year. On the earnings call, CEO Scott Boatwright highlighted initiatives — in marketing, the value proposition, menu innovation, and a revamped rewards program — aimed at jump-starting sales. But Boatwright acknowledged that the fast-casual chain is facing a slowdown in trends and one of the most challenging consumer backdrops in years. Southwest misses profit expectations as weak domestic demand erodes fares Southwest Airlines (LUV) missed Wall Street estimates for second quarter profit on Wednesday as a sluggish start to the peak summer travel season has translated to weak domestic travel demand and softer fares. Southwest reported operating revenue of $7.24 billion in the quarter through June, compared with $7.35 billion a year earlier. The budget carrier reported an adjusted profit per share of $0.43, compared with analysts' average expectations of $0.51, according to data compiled by LSEG. While Delta Air Lines (DAL) and United Airlines (UAL) were buoyed by more affluent customers, low-cost carriers like Southwest have noted their price-sensitive customers are coming under pressure. Still, airline executives and analysts have signaled that travel demand has remained broadly steady. Read more from Reuters. Wall Street looks to Google's earnings call for details on higher-than-expected capex number Alphabet (GOOG) earnings indicated solid growth across the business, but it was the capital expenditures number that was "a bit concerning," according to Roundhill Investments CEO Dave Mazza. Google said capital expenditures will climb to $85 billion; it previously projected $75 billion. On the earnings call, investors will be looking for answers on where that spending is going. Rohit Kulkarni, senior research analyst at ROTH MKM, also weighed in on the initial Street reaction to Google's earnings. "Fundamentally, I think we're seeing acceleration in revenues in a very large company," Kulkarni said. "Google Search is accelerating. YouTube growth has accelerated. Google Cloud has accelerated, and even subscriptions have accelerated." "Having said that," Kulkarni added, "I think the stock reaction here is a knee-jerk reaction about where are you going to spend those extra $10 billion and what is the ROI that you're seeing from the existing spend? That's a sentiment that probably drives a lot of other megacaps, in my opinion." Google's earnings call is live now. You can listen in here. Mattel stock falls after the toymaker posts steeper sales decline than expected Mattel (MAT) posted a bigger-than-expected drop in second quarter revenue on Wednesday as cautious inventory planning by retailers amid global trade uncertainties weighed on demand, per Reuters. Barbie sales in North America were weak during the quarter, with worldwide gross billings for dolls declining 19%. The infant, toddler, and preschool category, which includes Fisher-Price, Baby Gear, and Power Wheels brands logged a 25% drop. The toymaker, which also sells popular brands such as Hot Wheels, Fisher-Price, and Uno, did reinstate its 2025 sales and profit forecast after pulling it last quarter in the midst of shifting tariff policies. The company now expects 2025 net sales to rise 1% to 3%, compared to its February target of a 2% to 3% increase. It forecast adjusted per-share profit between $1.54 and $1.66, below its prior estimate range of $1.66 to $1.72 apiece. Earlier in the day, rival Hasbro (HAS) raised its annual revenue outlook, betting on the strength of its digital games and cost-cutting efforts to weather the impact of mounting economic and tariff uncertainty. Shares of the company fell 4% in trading after the bell. Chipotle plunges after company reports second-straight sales decline, cuts guidance Chipotle (CMG) on Wednesday reported another quarter of negative sales growth as the company navigates an uncertain consumer environment and new leadership deals with the most challenging backdrop for the chain in years. The company reported a same-store sales decline of 4% in the second quarter, more than the 2.9% decline Wall Street expected. Traffic fell more than expected, down 4.9%, compared to the 4.4% drop lower the Street predicted. That's an acceleration from the 2.3% drop seen in the first quarter, which marked Chipotle's first quarterly foot traffic decline since 2022. Chipotle also cut its guidance again, saying it now expects flat full year same-store sales growth, compared to an increase in the low-single-digit range. Ahead of Wednesday's report, analysts expected same-store sales to grow 0.8% for the fiscal year. Read more here. IBM results beat estimates on AI mainframe refresh, consulting revival Reuters reports: Read more here. T-Mobile dials up a big earnings beat, stock jumps T-Mobile (TMUS) dialed up a big second quarter against the backdrop of heightened competition for new customers with rivals Verizon (VZ) and AT&T (T). The telecom giant easily beat analyst estimates on Wednesday after market close. It gained the most net new customers in the second quarter compared to its competitors. This comes as it leaned into its value messaging by releasing a five-year price lock on phone plans in April. The company lifted its full-year adjusted operating profit guidance. Read more here. ServiceNow jumps after big earnings beat ServiceNow (NOW) stock surged after its results beat expectations. Yahoo Finance's Brian Sozzi has the full report, including comments from its CEO: Read more here. Chipotle expected to report 2nd straight sales decline as stock lags in 2025 Yahoo Finance's Brooke DiPalma reports: Read more here. Freeport-McMoRan beats quarterly profit on higher copper and gold prices Freeport-McMoRan (FCX) shares fell 1% at the open on Wednesday after second quarter copper production dropped about 7% from a year earlier. But higher copper, gold, and silver prices helped offset lower production. Year to date, gold (GC=F) is up more than 30%, silver (SI=F) has risen 36%, and copper (HG=F) has climbed 44% amid tariffs and broad geopolitical uncertainty. The company reported an adjusted profit of $0.54 per share in Q2, beating estimates of $0.45, according to S&P Global Market Intelligence. Reuters reports: Read more here. GE Vernova raises annual forecasts after second quarter profit beat GE Vernova (GEV) stock rose nearly 4% on Wednesday after delivering a revenue and profit beat. The power equipment maker, which spun off as part of a three-way split of General Electric last year, also raised its current-year free cash flow forecast by $1 billion to target between $3 billion and $3.5 billion. The company did forecast a $300 million to $400 million hit from President Trump's tariffs and the resulting inflation. Reuters reports: Read more here. AT&T delivers earnings, subscriber beat but the stock is sliding AT&T (T) stock fell over 3% in premarket trading despite the telecom provider reporting a huge subscriber beat. Reuters reports: Read more here. Hasbro lifts annual revenue forecast on strong demand for 'Magic: The Gathering' games Toymaker Hasbro (HAS) stock rose 3% on Wednesday after it raised its annual revenue forecast due to strong demand for its game "Magic: The Gathering" as well as cost-cutting efforts to weather the impact from mounting economic and tariff uncertainty. Reuters reports: Read more here. Hilton lifts 2025 profit forecast on US demand recovery Hilton Worldwide (HLT) raised its profit forecast for 2025 after US travel demand bounced back from a slow March and April. Shares in the hospitality group fell 2% before the bell on Wednesday. Reuters reports: Read more here. Trump bill winner: AT&T I would keep an eye on companies calling out the financial impact of the new Trump tax bill on their earnings releases. AT&T (T) looks like it stands to cash in! What they highlighted on their earnings release this morning: Texas Instruments under a dark cloud Given how hard the market has rallied, any company reporting guidance that is perceived as subpar will get punished. Good example of that will play out with Texas Instruments (TXN) in today's session. The stock is getting pounded in premarket by 12% on 3Q EPS guidance that was 14 cents below consensus on the low end. TXN blamed weak demand in the auto market (heard the same in GM's (GM) outlook on Tuesday). Whatever the case, TXN's outlook is pressuring on similar names in the space in Microchip (MCHP), Analog Devices (ADI), NXP Semiconductors (NXPI) and On Semi (ON). Google set to report Q2 earnings as Wall Street looks for AI revenue gains Google parent Alphabet (GOOG, GOOGL) will report its second quarter earnings after the bell on Wednesday, providing a highly anticipated update on the wave of artificial intelligence spending, adoption, and monetization. My colleague Daniel Howley previews what Wall Street is expecting from Alphabet's results: Read more here. Tesla Q2 earnings preview: 3 things to watch Tesla (TSLA) is slated to report second quarter earnings on Wednesday against an uncertain backdrop for its core auto business and robotaxi rollout. Tesla stock pared some of its losses earlier in the year, as tariffs and a volatile relationship between CEO Elon Musk and President Trump weighed on the company. But the stock is still down about 17% year to date. Yahoo Finance's Pras Subramanian previews three key areas to watch when the EV maker reports: Read more here. Tesla (TSLA) stock initially spiked 1% after reporting second quarter results but fluctuated as investors digested the earnings miss. Here's a look at the top takeaways investors were watching in Tesla's results: The core auto business: Tesla reported second quarter revenue of $22.50 billion vs. $22.64 billion (per Bloomberg consensus), a 9% drop compared with the $25.05 billion reported a year ago. Tesla posted adjusted earnings per share of $0.40 vs $0.42, with operating income coming in at $923 million vs. $1.23 billion expected. The cheap EV: Tesla said its "more affordable" model was still slated for 2025 production. "We continue to expand our vehicle offering, including first builds of a more affordable model in June, with volume production planned for the second half of 2025," the company said in a statement. A year ago, Tesla said in its Q2 earnings report that production remains on track for new vehicles, likely including a cheaper EV, in the first half of next year. There has been no indication or even renderings of a new vehicle, let alone production of a vehicle priced around $30,000. Tesla's cheapest EV is the rear-wheel-drive Model 3 sedan, which starts at around $43,000 without incentives. Robotaxi rollout Tesla said its purpose-built robotaxi was still scheduled for volume release production starting in 2026. Tesla has expanded its robotaxi testing in Austin, Texas, with a bigger operating area and likely more vehicles coming. Read more here. Google parent Alphabet (GOOG, GOOGL) reported a top- and bottom-line second quarter beat and said capital expenditures will climb to $85 billion, $10 billion more than Google previously projected. Google stock initially moved lower following results but reversed higher as the earnings call kicked off. Yahoo Finance's Dan Howley reports: Read more here. Chart: Chipotle foot traffic declines for second straight quarter Chipotle (CMG) stock tanked 9% following second quarter results and as the earnings call began (listen to the live call here). As the chart below shows, foot traffic fell more than expected, accelerating the slowdown in traffic that began in the first quarter. Yahoo Finance's Brooke DiPalma reports that overall foot traffic fell 4.9% against the 4.4% drop that had been forecast by the Street. Chipotle cut its guidance and said it expects same-store sales to be flat for the full year. On the earnings call, CEO Scott Boatwright highlighted initiatives — in marketing, the value proposition, menu innovation, and a revamped rewards program — aimed at jump-starting sales. But Boatwright acknowledged that the fast-casual chain is facing a slowdown in trends and one of the most challenging consumer backdrops in years. Chipotle (CMG) stock tanked 9% following second quarter results and as the earnings call began (listen to the live call here). As the chart below shows, foot traffic fell more than expected, accelerating the slowdown in traffic that began in the first quarter. Yahoo Finance's Brooke DiPalma reports that overall foot traffic fell 4.9% against the 4.4% drop that had been forecast by the Street. Chipotle cut its guidance and said it expects same-store sales to be flat for the full year. On the earnings call, CEO Scott Boatwright highlighted initiatives — in marketing, the value proposition, menu innovation, and a revamped rewards program — aimed at jump-starting sales. But Boatwright acknowledged that the fast-casual chain is facing a slowdown in trends and one of the most challenging consumer backdrops in years. Southwest misses profit expectations as weak domestic demand erodes fares Southwest Airlines (LUV) missed Wall Street estimates for second quarter profit on Wednesday as a sluggish start to the peak summer travel season has translated to weak domestic travel demand and softer fares. Southwest reported operating revenue of $7.24 billion in the quarter through June, compared with $7.35 billion a year earlier. The budget carrier reported an adjusted profit per share of $0.43, compared with analysts' average expectations of $0.51, according to data compiled by LSEG. While Delta Air Lines (DAL) and United Airlines (UAL) were buoyed by more affluent customers, low-cost carriers like Southwest have noted their price-sensitive customers are coming under pressure. Still, airline executives and analysts have signaled that travel demand has remained broadly steady. Read more from Reuters. Southwest Airlines (LUV) missed Wall Street estimates for second quarter profit on Wednesday as a sluggish start to the peak summer travel season has translated to weak domestic travel demand and softer fares. Southwest reported operating revenue of $7.24 billion in the quarter through June, compared with $7.35 billion a year earlier. The budget carrier reported an adjusted profit per share of $0.43, compared with analysts' average expectations of $0.51, according to data compiled by LSEG. While Delta Air Lines (DAL) and United Airlines (UAL) were buoyed by more affluent customers, low-cost carriers like Southwest have noted their price-sensitive customers are coming under pressure. Still, airline executives and analysts have signaled that travel demand has remained broadly steady. Read more from Reuters. Wall Street looks to Google's earnings call for details on higher-than-expected capex number Alphabet (GOOG) earnings indicated solid growth across the business, but it was the capital expenditures number that was "a bit concerning," according to Roundhill Investments CEO Dave Mazza. Google said capital expenditures will climb to $85 billion; it previously projected $75 billion. On the earnings call, investors will be looking for answers on where that spending is going. Rohit Kulkarni, senior research analyst at ROTH MKM, also weighed in on the initial Street reaction to Google's earnings. "Fundamentally, I think we're seeing acceleration in revenues in a very large company," Kulkarni said. "Google Search is accelerating. YouTube growth has accelerated. Google Cloud has accelerated, and even subscriptions have accelerated." "Having said that," Kulkarni added, "I think the stock reaction here is a knee-jerk reaction about where are you going to spend those extra $10 billion and what is the ROI that you're seeing from the existing spend? That's a sentiment that probably drives a lot of other megacaps, in my opinion." Google's earnings call is live now. You can listen in here. Alphabet (GOOG) earnings indicated solid growth across the business, but it was the capital expenditures number that was "a bit concerning," according to Roundhill Investments CEO Dave Mazza. Google said capital expenditures will climb to $85 billion; it previously projected $75 billion. On the earnings call, investors will be looking for answers on where that spending is going. Rohit Kulkarni, senior research analyst at ROTH MKM, also weighed in on the initial Street reaction to Google's earnings. "Fundamentally, I think we're seeing acceleration in revenues in a very large company," Kulkarni said. "Google Search is accelerating. YouTube growth has accelerated. Google Cloud has accelerated, and even subscriptions have accelerated." "Having said that," Kulkarni added, "I think the stock reaction here is a knee-jerk reaction about where are you going to spend those extra $10 billion and what is the ROI that you're seeing from the existing spend? That's a sentiment that probably drives a lot of other megacaps, in my opinion." Google's earnings call is live now. You can listen in here. Mattel stock falls after the toymaker posts steeper sales decline than expected Mattel (MAT) posted a bigger-than-expected drop in second quarter revenue on Wednesday as cautious inventory planning by retailers amid global trade uncertainties weighed on demand, per Reuters. Barbie sales in North America were weak during the quarter, with worldwide gross billings for dolls declining 19%. The infant, toddler, and preschool category, which includes Fisher-Price, Baby Gear, and Power Wheels brands logged a 25% drop. The toymaker, which also sells popular brands such as Hot Wheels, Fisher-Price, and Uno, did reinstate its 2025 sales and profit forecast after pulling it last quarter in the midst of shifting tariff policies. The company now expects 2025 net sales to rise 1% to 3%, compared to its February target of a 2% to 3% increase. It forecast adjusted per-share profit between $1.54 and $1.66, below its prior estimate range of $1.66 to $1.72 apiece. Earlier in the day, rival Hasbro (HAS) raised its annual revenue outlook, betting on the strength of its digital games and cost-cutting efforts to weather the impact of mounting economic and tariff uncertainty. Shares of the company fell 4% in trading after the bell. Mattel (MAT) posted a bigger-than-expected drop in second quarter revenue on Wednesday as cautious inventory planning by retailers amid global trade uncertainties weighed on demand, per Reuters. Barbie sales in North America were weak during the quarter, with worldwide gross billings for dolls declining 19%. The infant, toddler, and preschool category, which includes Fisher-Price, Baby Gear, and Power Wheels brands logged a 25% drop. The toymaker, which also sells popular brands such as Hot Wheels, Fisher-Price, and Uno, did reinstate its 2025 sales and profit forecast after pulling it last quarter in the midst of shifting tariff policies. The company now expects 2025 net sales to rise 1% to 3%, compared to its February target of a 2% to 3% increase. It forecast adjusted per-share profit between $1.54 and $1.66, below its prior estimate range of $1.66 to $1.72 apiece. Earlier in the day, rival Hasbro (HAS) raised its annual revenue outlook, betting on the strength of its digital games and cost-cutting efforts to weather the impact of mounting economic and tariff uncertainty. Shares of the company fell 4% in trading after the bell. Chipotle plunges after company reports second-straight sales decline, cuts guidance Chipotle (CMG) on Wednesday reported another quarter of negative sales growth as the company navigates an uncertain consumer environment and new leadership deals with the most challenging backdrop for the chain in years. The company reported a same-store sales decline of 4% in the second quarter, more than the 2.9% decline Wall Street expected. Traffic fell more than expected, down 4.9%, compared to the 4.4% drop lower the Street predicted. That's an acceleration from the 2.3% drop seen in the first quarter, which marked Chipotle's first quarterly foot traffic decline since 2022. Chipotle also cut its guidance again, saying it now expects flat full year same-store sales growth, compared to an increase in the low-single-digit range. Ahead of Wednesday's report, analysts expected same-store sales to grow 0.8% for the fiscal year. Read more here. Chipotle (CMG) on Wednesday reported another quarter of negative sales growth as the company navigates an uncertain consumer environment and new leadership deals with the most challenging backdrop for the chain in years. The company reported a same-store sales decline of 4% in the second quarter, more than the 2.9% decline Wall Street expected. Traffic fell more than expected, down 4.9%, compared to the 4.4% drop lower the Street predicted. That's an acceleration from the 2.3% drop seen in the first quarter, which marked Chipotle's first quarterly foot traffic decline since 2022. Chipotle also cut its guidance again, saying it now expects flat full year same-store sales growth, compared to an increase in the low-single-digit range. Ahead of Wednesday's report, analysts expected same-store sales to grow 0.8% for the fiscal year. Read more here. IBM results beat estimates on AI mainframe refresh, consulting revival Reuters reports: Read more here. Reuters reports: Read more here. T-Mobile dials up a big earnings beat, stock jumps T-Mobile (TMUS) dialed up a big second quarter against the backdrop of heightened competition for new customers with rivals Verizon (VZ) and AT&T (T). The telecom giant easily beat analyst estimates on Wednesday after market close. It gained the most net new customers in the second quarter compared to its competitors. This comes as it leaned into its value messaging by releasing a five-year price lock on phone plans in April. The company lifted its full-year adjusted operating profit guidance. Read more here. T-Mobile (TMUS) dialed up a big second quarter against the backdrop of heightened competition for new customers with rivals Verizon (VZ) and AT&T (T). The telecom giant easily beat analyst estimates on Wednesday after market close. It gained the most net new customers in the second quarter compared to its competitors. This comes as it leaned into its value messaging by releasing a five-year price lock on phone plans in April. The company lifted its full-year adjusted operating profit guidance. Read more here. ServiceNow jumps after big earnings beat ServiceNow (NOW) stock surged after its results beat expectations. Yahoo Finance's Brian Sozzi has the full report, including comments from its CEO: Read more here. ServiceNow (NOW) stock surged after its results beat expectations. Yahoo Finance's Brian Sozzi has the full report, including comments from its CEO: Read more here. Chipotle expected to report 2nd straight sales decline as stock lags in 2025 Yahoo Finance's Brooke DiPalma reports: Read more here. Yahoo Finance's Brooke DiPalma reports: Read more here. Freeport-McMoRan beats quarterly profit on higher copper and gold prices Freeport-McMoRan (FCX) shares fell 1% at the open on Wednesday after second quarter copper production dropped about 7% from a year earlier. But higher copper, gold, and silver prices helped offset lower production. Year to date, gold (GC=F) is up more than 30%, silver (SI=F) has risen 36%, and copper (HG=F) has climbed 44% amid tariffs and broad geopolitical uncertainty. The company reported an adjusted profit of $0.54 per share in Q2, beating estimates of $0.45, according to S&P Global Market Intelligence. Reuters reports: Read more here. Freeport-McMoRan (FCX) shares fell 1% at the open on Wednesday after second quarter copper production dropped about 7% from a year earlier. But higher copper, gold, and silver prices helped offset lower production. Year to date, gold (GC=F) is up more than 30%, silver (SI=F) has risen 36%, and copper (HG=F) has climbed 44% amid tariffs and broad geopolitical uncertainty. The company reported an adjusted profit of $0.54 per share in Q2, beating estimates of $0.45, according to S&P Global Market Intelligence. Reuters reports: Read more here. GE Vernova raises annual forecasts after second quarter profit beat GE Vernova (GEV) stock rose nearly 4% on Wednesday after delivering a revenue and profit beat. The power equipment maker, which spun off as part of a three-way split of General Electric last year, also raised its current-year free cash flow forecast by $1 billion to target between $3 billion and $3.5 billion. The company did forecast a $300 million to $400 million hit from President Trump's tariffs and the resulting inflation. Reuters reports: Read more here. GE Vernova (GEV) stock rose nearly 4% on Wednesday after delivering a revenue and profit beat. The power equipment maker, which spun off as part of a three-way split of General Electric last year, also raised its current-year free cash flow forecast by $1 billion to target between $3 billion and $3.5 billion. The company did forecast a $300 million to $400 million hit from President Trump's tariffs and the resulting inflation. Reuters reports: Read more here. AT&T delivers earnings, subscriber beat but the stock is sliding AT&T (T) stock fell over 3% in premarket trading despite the telecom provider reporting a huge subscriber beat. Reuters reports: Read more here. AT&T (T) stock fell over 3% in premarket trading despite the telecom provider reporting a huge subscriber beat. Reuters reports: Read more here. Hasbro lifts annual revenue forecast on strong demand for 'Magic: The Gathering' games Toymaker Hasbro (HAS) stock rose 3% on Wednesday after it raised its annual revenue forecast due to strong demand for its game "Magic: The Gathering" as well as cost-cutting efforts to weather the impact from mounting economic and tariff uncertainty. Reuters reports: Read more here. Toymaker Hasbro (HAS) stock rose 3% on Wednesday after it raised its annual revenue forecast due to strong demand for its game "Magic: The Gathering" as well as cost-cutting efforts to weather the impact from mounting economic and tariff uncertainty. Reuters reports: Read more here. Hilton lifts 2025 profit forecast on US demand recovery Hilton Worldwide (HLT) raised its profit forecast for 2025 after US travel demand bounced back from a slow March and April. Shares in the hospitality group fell 2% before the bell on Wednesday. Reuters reports: Read more here. Hilton Worldwide (HLT) raised its profit forecast for 2025 after US travel demand bounced back from a slow March and April. Shares in the hospitality group fell 2% before the bell on Wednesday. Reuters reports: Read more here. Trump bill winner: AT&T I would keep an eye on companies calling out the financial impact of the new Trump tax bill on their earnings releases. AT&T (T) looks like it stands to cash in! What they highlighted on their earnings release this morning: I would keep an eye on companies calling out the financial impact of the new Trump tax bill on their earnings releases. AT&T (T) looks like it stands to cash in! What they highlighted on their earnings release this morning: Texas Instruments under a dark cloud Given how hard the market has rallied, any company reporting guidance that is perceived as subpar will get punished. Good example of that will play out with Texas Instruments (TXN) in today's session. The stock is getting pounded in premarket by 12% on 3Q EPS guidance that was 14 cents below consensus on the low end. TXN blamed weak demand in the auto market (heard the same in GM's (GM) outlook on Tuesday). Whatever the case, TXN's outlook is pressuring on similar names in the space in Microchip (MCHP), Analog Devices (ADI), NXP Semiconductors (NXPI) and On Semi (ON). Given how hard the market has rallied, any company reporting guidance that is perceived as subpar will get punished. Good example of that will play out with Texas Instruments (TXN) in today's session. The stock is getting pounded in premarket by 12% on 3Q EPS guidance that was 14 cents below consensus on the low end. TXN blamed weak demand in the auto market (heard the same in GM's (GM) outlook on Tuesday). Whatever the case, TXN's outlook is pressuring on similar names in the space in Microchip (MCHP), Analog Devices (ADI), NXP Semiconductors (NXPI) and On Semi (ON). Google set to report Q2 earnings as Wall Street looks for AI revenue gains Google parent Alphabet (GOOG, GOOGL) will report its second quarter earnings after the bell on Wednesday, providing a highly anticipated update on the wave of artificial intelligence spending, adoption, and monetization. My colleague Daniel Howley previews what Wall Street is expecting from Alphabet's results: Read more here. Google parent Alphabet (GOOG, GOOGL) will report its second quarter earnings after the bell on Wednesday, providing a highly anticipated update on the wave of artificial intelligence spending, adoption, and monetization. My colleague Daniel Howley previews what Wall Street is expecting from Alphabet's results: Read more here. Tesla Q2 earnings preview: 3 things to watch Tesla (TSLA) is slated to report second quarter earnings on Wednesday against an uncertain backdrop for its core auto business and robotaxi rollout. Tesla stock pared some of its losses earlier in the year, as tariffs and a volatile relationship between CEO Elon Musk and President Trump weighed on the company. But the stock is still down about 17% year to date. Yahoo Finance's Pras Subramanian previews three key areas to watch when the EV maker reports: Read more here. Tesla (TSLA) is slated to report second quarter earnings on Wednesday against an uncertain backdrop for its core auto business and robotaxi rollout. Tesla stock pared some of its losses earlier in the year, as tariffs and a volatile relationship between CEO Elon Musk and President Trump weighed on the company. But the stock is still down about 17% year to date. Yahoo Finance's Pras Subramanian previews three key areas to watch when the EV maker reports: Read more here.

Trump admin to open nation's largest immigration detention center in Texas with $1.2B contract
Trump admin to open nation's largest immigration detention center in Texas with $1.2B contract

New York Post

time28 minutes ago

  • New York Post

Trump admin to open nation's largest immigration detention center in Texas with $1.2B contract

The Trump administration will open the nation's largest immigration detention center in Texas thanks to a massive contract worth $1.2 billion, according to a report. The feds will be able to hold up to 5,000 illegal immigrants at a time at Fort Bliss Army base in El Paso, Texas, to meet the demands of the rapidly expanding Trump administration's deportation campaign, Bloomberg reported. Shackled migrants walk toward a military transport plane before their deportation from the US. US Department of Defense/AFP via Getty Images The Department of Defense awarded the contract, which ends Sept. 30, 2027, to Virginia-based Acquisition Logistics LLC to set up a tent city on the base. The Trump administration has sought to erect temporary facilities to hold migrants as it attempts to make room for the 3,000-person quota it's seeking to collar each day. The effort has been turbocharged by a new flood of $45 billion for new detention beds from Trump's One Big Beautiful Bill Act. The massive spending bill will double Immigration and Customs Enforcement's detention capacity, with the goal of holding 100,000 illegal immigrants at a time as the Trump administration seeks to carry out 1 million deportations each year. ICE opened 'Alligator Alcatraz,' a tent detention center erected by the state of Florida in the middle of the alligator-infested swampland of the Everglades, earlier this month. The feds can currently hold up to 3,000 illegal immigrants there and hope to expand that to 5,000. Defense Secretary Pete Hegseth has also set his sights on two additional military bases, Camp Atterbury in Indiana and Joint Base McGuire-Dix-Lakehurst in New Jersey, for the deportation campaign, according to the Associated Press. The Trump administration has set out to deport one million illegal immigrants each year. AFP via Getty Images 'We're looking for any available bed space we can get that meets the detention standards we're accustomed to,' Trump's border czar Tom Homan said Friday. 'The faster we get the beds, the more people we can take off the street,' he added. Fort Bliss has previously been used for immigration purposes, housing unaccompanied migrant kids and Afghan refugees following the US withdrawal from the war-torn country, according to Stars and Stripes.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store