Lula Got More Popular in Lead-Up to Trump's 50% Tariffs on Brazil
Just over 50% of Brazilians approved of Lula in late July, up from 49.7 two weeks earlier, according to LatAm Pulse, a monthly survey conducted by AtlasIntel for Bloomberg News. His disapproval rating fell to 49.7% from 50.3% over the same time period. AtlasIntel surveyed 7,334 people in Brazil on July 25 to 28, with a margin of error of plus or minus 1 percentage point.
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5 Ways Millennials Are Planning To Spend Their Retirement: Are They Prepared Financially?
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As tariffs begin to take hold, many companies are trying to shift their supply chains so they can have more products made in the U.S. While this could be beneficial from a tariff reduction standpoint, new data from the Conference Board shows that it might not matter much to consumers. The recent report, which came from a June survey of 3,000 adults, showed that consumers are becoming less likely to factor country of origin into their purchasing choices—even when that country is the U.S. Compared to 2022, the Conference Board found that a 'Made in the USA' label was 18% less likely to influence a purchase decision today. While the survey found that half of consumers do value goods made in the U.S., they're also just as likely—if not more likely—to repurchase products produced in another country, including Mexico, Japan, India and China. 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And very few manufactured products get all components from the U.S. Parts will still be imported from other countries, and tariff rates and shipping costs will figure into how expensive the whole is. While this study captures consumer opinions of one moment, it suggests that the expense of relocating your final manufacturing operation to the U.S. may not translate to sales benefits by itself. Along with new tariffs, the Trump Administration has pivoted away from diversity programs, both in the federal government and through pressure on the private sector. But what does that mean for the individuals from minority groups and women who were climbing the corporate ladder with their eyes on the C-suite? I spoke with Kathy Gersch, president and cofounder of leadership strategy and consulting firm Kotter, about this. An excerpt from our conversation is later in this newsletter. This is the published version of Forbes' CEO newsletter, which offers the latest news for today's and tomorrow's business leaders and decision makers. Click here to get it delivered to your inbox every week. ECONOMIC INDICATORS UnitedHealthcare signage on a building in Phoenix. PATRICK T. FALLON/AFP via Getty Images The stock market was up and down last week, hitting record highs and seeing sharp drops. The week ended on a higher note, with the Dow Jones Industrial Average and the S&P 500 hitting record highs on Friday after Warren Buffett's Berkshire Hathaway disclosed it had taken a stake of more than 5 million shares in UnitedHealth Group in June. Other prominent investors, including Scion Asset Management, Appaloosa Management, Lone Pine Capital, Renaissance Technologies, Two Sigma and Marshfield Associates, also took greater positions in the healthcare company, which had previously been the Dow's worst performer of 2025. A portfolio manager at Marshfield told Forbes' Hank Tucker that they believed most of UnitedHealth's problems were temporary. Consumer prices rose less than expected last month—2.7%, as opposed to the expected 2.8%—buoying the stock market and igniting more hope that the Federal Reserve will cut interest rates at its next policymaking meeting in September. Core consumer prices—without the volatile food and energy categories—were up 3.1% year-over-year. Retail sales remained strong through June—up 3.4% year-over-year, and potentially up 6% in July, according to National Retail Federation statistics, writes Forbes senior contributor Pamela Danziger. That kind of a bump is more than just people buying ahead of tariffs, which are just now starting to take a more complete effect. However, Danziger writes, wage growth slowed to just 1.2% in July, and credit card debt reached $1.21 trillion—the same high as Q4 of last year. Forbes senior contributor Shelley Kohan writes that two-thirds of American consumers said they've already cut back on discretionary spending in preparation for tariffs, according to new findings from Coresight Research. This change in pattern could change results in the second half of 2025. Meanwhile, wholesale prices increased an unexpected 0.9% in July, according to a Bureau of Labor Statistics report released last Thursday. The BLS said that price increases for services drove the increase, which caused a brief shudder in the stock market. Last week, Trump nominated Heritage Foundation economist E.J. Antoni as the next BLS commissioner, after firing its previous head following July's jobs report that showed slower-than-expected growth. Trump said the jobs report was rigged to make him look bad. Antoni, a MAGA stalwart and BLS critic, is being criticized as too partisan for the position and unqualified. But in the case that Antoni—or others with more political leanings—can be in a position to report government economic data, Forbes' Brandon Kochkodin has put together a list of other economic indicators to follow. These range from the serious—the blockchain-based Truflation U.S. Aggregate Inflation Index—to the more whimsical and less scientific men's underwear index. POLICY + REGULATIONS President Donald Trump shakes hands with Nvidia CEO Jensen Huang at a White House event in April.U.S. chipmakers—and their investors—rejoiced when the announcement came that the Trump Administration decided to grant them licenses to sell specialized AI chips to China. But then came the other part of the story: The Trump Administration demanded that the government get a 15% cut of Nvidia and AMD's profits from those sales. In a press conference last Monday, Trump said that the 15% take of revenues was the product of negotiations—he wanted 20%, and Nvidia CEO Jensen Huang countered 15%, Politico reported. The legality of the unconventional deal is still being worked out at the White House, CNBC reported, but it's being warily eyed around the world. The Washington Post writes that by inserting himself and U.S. policy in the middle of industry decisions, Trump is positioning himself as the would-be 'CEO of America.' And while GPU processors are vital to advancing AI, China experts told the Washington Post this could have much wider implications, potentially laying the groundwork for any high-tech exports to pay for a license to sell internationally. This isn't Trump's only step into the kind of involvement with private sector companies that previous presidents have avoided. The White House confirmed it created 'dynamic scorecards' to measure companies' loyalty and support for Trump's agenda, first reported by Axios. The White House has rated a total of 553 companies. An unnamed staffer told Axios the scorecards help them 'see who really goes out and helps vs. those who just come in and pay lip service,' adding the gradings can change if 'companies want to start advocating more now for the tax bill or additional administration priorities.' Last week, Intel's shares also soared based on a Bloomberg report that the Trump Administration was considering taking a stake in the company. The report came days after Trump met with Intel CEO Lip-Bu Tan, who Trump had demanded resign from the company based on purported close connections to China. NOTABLE NEWS Ford President and CEO Jim Farley shares the company's plans to design and assemble electric vehicles at the Louisville, Kentucky Assembly Plant last week. Ford Last week, Ford CEO Jim Farley announced his company's new 'Model T moment': A $5 billion investment to reset its EV program, essentially reinventing the assembly line, writes Forbes senior contributor Ed Garsten. Ford's new assembly system, known as the Ford Universal Production System, is more like an 'assembly tree' than a line, with three independent lines—the front, rear and battery—running in parallel and coming together at the end. The parts have also been retooled, with larger unicastings replacing dozens of smaller parts, and parts traveling along the assembly line in a kit including fasteners, scanners and power tools. Ford expects its new affordable electric truck model—the first to be manufactured using the new system, with an estimated price of about $30,000—to be put together 40% faster than current vehicles. Ford will be converting its Louisville, Kentucky, Assembly Plant to utilize the new system, and the new trucks should be available to buy in 2027. Ford is counting on this assembly system as the way it can make EV trucks more affordable and desirable to consumers. But it's a tricky path to navigate. Garsten points out that Ford just announced it lost $1.3 billion on its current EV unit in the most recent quarter alone. Meanwhile, fewer U.S. motorists are looking to buy EVs as costs continue to climb and federal tax incentives are soon to expire. But Forbes senior contributor Sam Abuelsamid points out that if Ford can deliver on its plans, this new electric truck could be profitable as is. TOMORROW'S TRENDS How A Focus On DEI Can Benefit Companies In The Long Term Kotter President and cofounder Kathy Gersch. Kotter The Trump Administration has prompted many private businesses to reassess their diversity initiatives and scale them back. But when it comes to the C-suite, most companies were not that diverse to begin with. Just 29% of all C-suite roles in 2024 were held by women, and at this rate, it will take 50 years for women of all races to reach parity with men, according to McKinsey . I talked to Kathy Gersch, president and cofounder of leadership strategy and consulting firm Kotter, about how things look now for women aspiring for a position in the C-suite—and as CEO—someday. This conversation has been edited for length, clarity and continuity. The unsaid argument against DEI now is that anyone who is diverse and in a position of authority must have received it because somebody was looking for a candidate with that particular background or ticking a box. In practice, have you seen many companies do that when selecting leaders? Gersch: You'll see a big difference in board representation in Europe because they do have laws that emphasize diversity, and their profiles of boards look very different than in the U.S. You saw the laws in California that were instituted to push diversity. I know as someone that sits on boards and has been considered for boards, I would never want to be on a board that I wasn't qualified to provide the right kind of expertise, just because of my gender. And I don't think any real qualified women want to be in that position. When people are looking to move quickly, to work on their [diversity] statistics, there certainly can be cases where people weigh something like that more heavily than the actual qualifications, which doesn't help anybody. At the end of the day, that just reinforces a perception that we put this X diverse person on the board regardless of the reason for their diversity, and they didn't add any value. Nobody wants that. It's really about the reverse of that, which is a very difficult thing: To remove the goggles for the lens for diversity, gender, ethnicity, what have you, and look for the qualification. What happens is almost the reverse. People are always wearing the lenses that they come with, so it's very hard to remove them. They feel comfortable and safe with people that have come up through a similar path as themselves. It gets reinforced over time, just like there's a reinforcement over time of women in the executive roles in certain paths—in marketing, corporate secretary, legal or HR. Some paths tend to be more heavily female than others, like operations or P&L-driven positions. Those P&L-driven positions and finance tend to be ones that lead more often to the path to the CEO position. That also reinforces the issue with people sticking to a path because there are more people like them in that path. Then they hit that proverbial glass ceiling of what's possible, because you don't see a lot of people moving from CHRO to CEO, or even chief legal officer to CEO. One of the larger impacts of taking away a focus on diversity that's often talked about is that it impacts morale among lower-ranking employees. From what you have seen and heard, what has it done for those in leadership roles and on boards? If you look further down in organizations, and all the way up through the ranks, it's always gotten less and less diverse the higher you go. The worse that gets, the less people can see a pathway for themselves. It's really about people looking around the organization and saying, 'Do I see examples of what I can be and want to be in the future?' If they don't see that, it starts to impact employee retention and attracting new employees to those roles, because they don't see the pathway. That hits you at every single level of leadership in the organization. Where the talent war is still a thing, you want the very best and brightest. And if you get yourself into a situation where you can't attract and retain those people because they don't see a future for themselves in the organization, that will have a significant impact on the business long-term. That's where I see it happening more often. Now, that certainly affects morale in some ways, but it also just has a long-term effect on having the right kind of talent in your organization. What would you recommend that women who are hoping to eventually become a CEO do? First and foremost, keep performing. That may go without saying, but it's also easy to get discouraged and start to say, 'Well, why should I go the extra mile?' But you also see things over the history of time with different minority populations all the way back to the beginning of our country. A lot of these populations, whether it was Polish or Jewish people or women, they've shifted and gone through creating their own businesses and creating opportunities for themselves outside of the bigger companies to be able to advance and ultimately create bigger businesses. People can also look to what are other types of companies that they could go work for that they could have a path in, if they're not seeing a future in their current organization, and not to be afraid to take those steps and look at other alternatives if they do feel like they're at a dead end. A woman hoping to be CEO should be looking at diversifying her experience across functions in the organization as much as she can, because that's advantageous to get to a C-suite opportunity, rather than only having experience and exposure to one functional aspect of running a business. That's easier said than done. If you're in the finance path or the HR path or the marketing path, it's very hard to make those moves. But to the extent you can gain the confidence of folks and make those moves, that's going to put you in a better position to be ultimately promoted to a general manager role, whether that's at a president or CEO or what have you. Otherwise, you're limited to your functional expertise. And P&L responsibility remains important for ascension through the organization. COMINGS + GOINGS Mattress and bedding manufacturer Somnigroup International promoted Steve Rusing to the role of chief executive officer at Mattress Firm, effective August 14. Rusing previously worked as president of Mattress Firm. promoted to the role of chief executive officer at Mattress Firm, effective August 14. Rusing previously worked as president of Mattress Firm. Consumer products firm Helen of Troy Limited appointed G. Scott Uzzell as its chief executive officer, effective September 1. Uzzell most recently worked as corporate vice president & general manager of Nike North America. appointed as its chief executive officer, effective September 1. Uzzell most recently worked as corporate vice president & general manager of Nike North America. Fashion resale platform Poshmark announced that Namsun Kim will be its new chief executive officer, effective October 1. Kim most recently worked as president of investments at Naver Corp., which acquired Poshmark in 2023. Kim will succeed Manish Chandra, who founded Poshmark and will transition to a board role. Send us C-suite transition news at forbescsuite@ STRATEGIES + ADVICE To attract and retain the best employees, it's essential to give workers what they want: Benefits that reflect their actual needs. Considering that the workplace is multi-generational, a range of benefits—from pet insurance to temporary part-time status to mental health coaching—could serve them best. Yes, AI can do a lot for your company, efficiently handling some more routine tasks and performing analysis and content creation. But that doesn't mean you should act as if it can easily replace the humans who work for you. While using AI could save money, there are several reasons you still need actual people as employees. QUIZ A Gallup poll published last week revealed that a record low number of adult Americans—just over half—do something that was once more common. What is it? A. Go to physical stores B. Send things through the postal service C. Drink alcohol D. Listen to the radio See if you got the answer right here.
