Daimler Truck Holdings Cuts Full-Year Guidance
The German maker of trucks and buses said it now expects to sell between 260,000 and 290,000 units for the heavy-duty Class 8 market in North America, down from 280,000 to 320,000 units.
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Yahoo
3 minutes ago
- Yahoo
Trump Energy secretary: ‘We're going to get blamed' for rising power prices — but they're Democrats' fault
DES MOINES, Iowa — Energy Secretary Chris Wright said he knows Republicans could suffer political pain for the electricity prices that are rising before next year's midterm elections. But he hopes voters will know to blame the Democrats instead. 'The momentum of the Obama-Biden policies, for sure that destruction is going to continue in the coming years,' Wright told POLITICO during a visit to wind- and corn-rich Iowa. Still, he said: 'That momentum is pushing prices up right now. And who's going to get blamed for it? We're going to get blamed because we're in office.' Electricity prices at the end of July averaged 5.5 percent higher than a year earlier amid surging power demand. Wright's acknowledgment of economic reality offered a bit of a contrast to President Donald Trump's relentlessly sunny proclamations about the nation under his watch, from Trump's promises of a new "golden age" to his predictions that 'we're going to have the greatest economic boom in history.' Wright's words also look ahead to one of the potential sleeper issues of the 2026 election, as the parties seek to own the message about how Trump's effort to thwart the development of wind and solar power is affecting electricity customers' wallets. His swing through Iowa last week highlighted the tensions: The state gets about 60 percent of its electricity from wind, a higher share than any other state. At the Ames National Laboratory on Thursday, Wright was joined by Iowa Republicans who have urged Trump to take a less harsh approach to curtailing federal tax breaks for wind and solar power — among them, Sen. Joni Ernst and Rep. Mariannette Miller-Meeks, who represents a critical swing district and chairs the Conservative Climate Caucus. The costs of wind and solar energy have plummeted in the past two decades, and last year they accounted for 93 percent of the new electricity added to the U.S. power grid, according to the American Clean Power Association, an industry trade group. But Wright made the argument for the Trump administration to pour its support into coal, natural gas and nuclear power — after four years of former President Joe Biden putting hundreds of billions of dollars into renewable energy. The Trump administration is 'swimming seven days a week to try to offset that negative momentum and try to bring electricity prices down,' Wright said Thursday during an interview at the Des Moines airport. 'But you can't turn on a dime,' the former oil industry CEO added. Democrats are scoffing at the GOP attempt to blame-shift. 'There's an affordability crisis in electricity that is well on its way, and just with the decisions that they've already made, is probably baked in for the next several years,' New Mexico Sen. Martin Heinrich, the top Democrat on the Energy and Natural Resources Committee, told POLITICO before leaving for August recess. 'It's only going to get more acute as we get closer to next year's elections. They [Republicans] own that.' In Iowa, Wright touted the importance of the Ames lab's critical materials research to help reduce dependence on Chinese supply chains. The trip was part of his goal of visiting all 17 of the Energy Department's national laboratories this year. His visit also came just before the Treasury Department on Friday released new policy guidance that will make it even harder for wind and solar projects to use tax credits that Republicans phased out as part of their recently passed budget law — though the changes did not go as far as some in the clean energy industry had feared. Democrats say Trump's policies could cause prices to rise by taking inexpensive clean power sources off the grid while pulling the rug out from under companies' plans to use the Biden-era incentives from the Inflation Reduction Act. Some power industry leaders have also cautioned that aggressive efforts to restrict development of wind and solar energy could raise electricity prices at a time when demand is soaring. Iowa's senior senator, Republican Chuck Grassley, has joined Sen. John Curtis (R-Utah) in placing holds on three of Trump's nominees after failing to secure assurances on the new tax credit rules. Grassley was not present at the lab, although he offered tentative praise Friday for the new Treasury guidance, saying in a statement that the language "seems to offer a viable path forward for the wind and solar industries." In the interview with POLITICO, Wright said solar and wind projects that have already started the construction process should continue to qualify for tax credits. He said he has 'sympathy' for renewable energy developers concerned that retroactively disqualifying projects under development could expose companies to financial risk and disrupt their business plans. Treasury's new guidance applies only to projects that start construction on or after Sept. 2. 'Within the administration, there's dialogues about, how do we handle this?' Wright said. 'People are mad about wind and they want to shut it down. There's people, of course, that love it, and want more of it. But we got to balance those things. And if a business invested a lot of money and made a plan, that's a legitimate interest. If you have projects under construction right now that meet that requirement, they're going to get the tax credits.' Ernst told POLITICO on Thursday at a press conference during the lab tour that she has been continuing to urge the Trump administration not to harm ongoing wind projects in Iowa. 'There are a number of projects that have been planned already, and we would like to see those continue to qualify,' Ernst said. Wright has frequently criticized wind energy — long a favorite target of Trump's — and in a recent X post argued that wind-powered projects are 'subsidized, inefficient, unreliable, land hogs that drive up electricity prices.' But in the interview, Wright conceded that Iowa, which has some of the cheapest power prices in the country, has proved that a grid powered by wind energy can be successful in certain contexts. He cited Alaska as another state where renewables could play an important role, because its remote location means it has limited infrastructure to transport natural gas and diesel for heating homes. 'Alaska is one of those places where wind has some value,' Wright said. 'Remote villages in Alaska where your power is coming from $10 a gallon diesel, a small wind turbine there — big win — [it] reduces your diesel consumption. Solar [as well],' Wright said. Wright also spoke more positively about solar energy, which has not entirely escaped Trump's wrath. He said because solar's costs continue to fall and it consumes less land than wind, sun-powered energy will thrive under the Trump administration. 'Its fundamental viability in a subsidy-free world is much better than wind, and we'll continue to see growth in solar,' Wright said. But Wright said the Trump administration is looking to expand the use of so-called baseload power sources such as fossil fuels, nuclear and geothermal, which he argued are better suited to meet the needs of power-guzzling data centers. 'What we're doing is not ending renewables,' he said. 'The previous administration thought wind, solar and batteries were going to power the world. They're not going to power the world. So you just got to look at them in a more realistic context.'
Yahoo
3 minutes ago
- Yahoo
Trump tariffs live updates: US keeps AA+ rating as tariffs aid fiscal outlook
The S&P Global Ratings affirmed the US's AA+ long-term credit rating with a stable outlook on Monday, saying tariff revenues will help offset the fiscal blow from President Trump's recent tax and spending bill. The agency's view comes despite Trump's sweeping tariffs, which have rattled markets and strained trade ties. Meanwhile, Brazil submitted its formal response to a US trade investigation, rejecting the allegations while challenging the probe's legitimacy. The investigation, launched in July under Section 301 of the 1974 Trade Act, will examine whether Brazil's digital trade and tariff policies unfairly harm US businesses, US Trade Representative Jamieson Greer said. Brazil's finance minister Fernando Haddad said the country has hit an impasse with the US over tariffs, adding that resolving the dispute will depend on Washington's willingness to engage. Earlier this month, Trump unveiled "reciprocal" tariffs on dozens of US trade partners (which you can see in the graphic below). The next negotiations to watch are Canada, Mexico, and China in the coming months. 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. US adds 407 product categories to steel and aluminum tariffs list The list of products that are subject to tariffs continues to grow as the US Department of Commerce announces new additions. Reuters reports: Read more here. US copper firms hike prices even after Trump tariff reprieve Copper prices (HG=F) declined 1% on Tuesday, but analysts cautioned that consumers could still see higher costs for wire and cable as firms have more pricing power amid a new tariff environment. Bloomberg reports: Read more here. Trump widens metal tariffs to target baby gear and motorcycles President Trump surprised the logistics industry on Friday by expanding steel and aluminum tariffs to over 400 consumer goods, including motorcycles, baby products and tableware. US customs brokers and importers failed to get much notice and the changes took effect Monday, applying to goods already in transit. Bloomberg News reports: Read more here. Trump cracks down on Latin American countries with military action and tariffs In the next 36 hours President Trump will send three Aegis guided-missile destroyers to waters off Venezuela to address what Washington sees as a threat from drug cartels. The news, which was reported in Reuters, shows how the Trump administration are willing to use military force against Latin American drug cartels. Trump has placed pressure on Mexico to crack down on criminal organizations and end fentanyl trafficking. Another method that Trump is using is steep tariffs on goods. Bloomberg News reports: Read more here. Trump tariffs get seal of approval as S&P affirms credit rating S&P Global Ratings on Monday affirmed the US's AA+ long-term rating with a stable outlook, saying tariff revenues will help offset costs from President Trump's recent tax and spending bill. Bloomberg News reports: Read more here. Brazil challenges legitimacy of US trade probe, urges dialogue Brazil has rejected a US trade investigation launched in July under section 301 of the Trade Act of 1974, which seeks to determine whether its trade and tariff policies unfairly restrict American businesses. In a formal response submitted Monday, Brazil dismissed the allegations and challenged the legitimacy of the probe. Reuters reports: Read more here. Brazil deadlocked with US over 50% tariffs, finance minister says The Financial Times reports: Read more here. Nissan's Infiniti attempts 'product renaissance' to jump-start sales and blunt tariffs Nissan's (NSANY) Infiniti brand just unveiled its latest creation, the QX65 midsize crossover SUV, at Monterey Car Week. The launch is part of a product renaissance at the Japanese automaker, which has been plagued with other headaches, such as tariffs. Yahoo Finance's Pras Subramanian reports from Carmel, Calif., that the QX65 will be built in the US, which Infiniti's US head, Tiago Castro, said was 'very important' to increase its US footprint. While Japan has a preliminary deal in place for 15% tariffs, cars imported from Canada and Mexico still have a 25% auto sector tariff tacked on. Signing a tariff deal with Japan is immensely helpful, as the QX80 SUV that's in demand is built in Japan. 'The customers are reacting very well, and we need to deliver the vehicle' and not stop, Castro said. Read more here. Germany says written EU-US trade deal requires lower car duties Germany said on Monday the US must first implement the agreed lower tariffs on European-made cars before a broader trade deal can be finalized. Reuters reports: Read more here. Fewer fake firs, higher prices: China tariff delay does little to save the holidays The holiday season is fast approaching and US shoppers will now face fewer choices for fake Christmas trees and decorations. The price of these items has also gone up due to tariffs on Chinese imports as retailers scale back orders. Reuters reports: Read more here. China ramps up rare earth exports after fright for global buyers Bloomberg News reports: Read more here. EU push to protect digital rules holds up trade statement with US The EU is pushing back against US efforts to challenge its digital rules as both sides work to finalize a delayed trade statement, the FT reported. Disputes over "non-tariff barriers," which Washington says include the EU's Digital Services Act, have stalled the announcement. The statement was expected soon after European Commission president Ursula von der Leyen and President Trump unveiled a tariff deal in Scotland on July 27. EU officials said the US wants room for concession on the act, but Brussels has called the rules a red line. The FT reports: Read more here. US adviser Navarro says India's Russian crude buying must stop Reuters reports: Read more here. US trade partners still waiting on Trump to seal their 'deals' US trade partners that worked out exemptions to President Trump's tariffs — like the UK's deal to reduce tariffs on its steel to zero — are still waiting for the agreements to be finalized months later, Bloomberg reports, and are growing frustrated. Read more here. Candidates at Iowa State Fair hear from voters about Trump tariffs (Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. Tariffs' impact on Walmart, other retailers' earnings about to come into focus Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Trump's trade war not likely to cause recession, Moody's economist says Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Commerce department applies 50% steel, aluminum tariffs to more products (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. Consumers' inflation expectations rise amid Trump tariffs Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. US import prices rebound in July on higher consumer goods costs US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here. US adds 407 product categories to steel and aluminum tariffs list The list of products that are subject to tariffs continues to grow as the US Department of Commerce announces new additions. Reuters reports: Read more here. The list of products that are subject to tariffs continues to grow as the US Department of Commerce announces new additions. Reuters reports: Read more here. US copper firms hike prices even after Trump tariff reprieve Copper prices (HG=F) declined 1% on Tuesday, but analysts cautioned that consumers could still see higher costs for wire and cable as firms have more pricing power amid a new tariff environment. Bloomberg reports: Read more here. Copper prices (HG=F) declined 1% on Tuesday, but analysts cautioned that consumers could still see higher costs for wire and cable as firms have more pricing power amid a new tariff environment. Bloomberg reports: Read more here. Trump widens metal tariffs to target baby gear and motorcycles President Trump surprised the logistics industry on Friday by expanding steel and aluminum tariffs to over 400 consumer goods, including motorcycles, baby products and tableware. US customs brokers and importers failed to get much notice and the changes took effect Monday, applying to goods already in transit. Bloomberg News reports: Read more here. President Trump surprised the logistics industry on Friday by expanding steel and aluminum tariffs to over 400 consumer goods, including motorcycles, baby products and tableware. US customs brokers and importers failed to get much notice and the changes took effect Monday, applying to goods already in transit. Bloomberg News reports: Read more here. Trump cracks down on Latin American countries with military action and tariffs In the next 36 hours President Trump will send three Aegis guided-missile destroyers to waters off Venezuela to address what Washington sees as a threat from drug cartels. The news, which was reported in Reuters, shows how the Trump administration are willing to use military force against Latin American drug cartels. Trump has placed pressure on Mexico to crack down on criminal organizations and end fentanyl trafficking. Another method that Trump is using is steep tariffs on goods. Bloomberg News reports: Read more here. In the next 36 hours President Trump will send three Aegis guided-missile destroyers to waters off Venezuela to address what Washington sees as a threat from drug cartels. The news, which was reported in Reuters, shows how the Trump administration are willing to use military force against Latin American drug cartels. Trump has placed pressure on Mexico to crack down on criminal organizations and end fentanyl trafficking. Another method that Trump is using is steep tariffs on goods. Bloomberg News reports: Read more here. Trump tariffs get seal of approval as S&P affirms credit rating S&P Global Ratings on Monday affirmed the US's AA+ long-term rating with a stable outlook, saying tariff revenues will help offset costs from President Trump's recent tax and spending bill. Bloomberg News reports: Read more here. S&P Global Ratings on Monday affirmed the US's AA+ long-term rating with a stable outlook, saying tariff revenues will help offset costs from President Trump's recent tax and spending bill. Bloomberg News reports: Read more here. Brazil challenges legitimacy of US trade probe, urges dialogue Brazil has rejected a US trade investigation launched in July under section 301 of the Trade Act of 1974, which seeks to determine whether its trade and tariff policies unfairly restrict American businesses. In a formal response submitted Monday, Brazil dismissed the allegations and challenged the legitimacy of the probe. Reuters reports: Read more here. Brazil has rejected a US trade investigation launched in July under section 301 of the Trade Act of 1974, which seeks to determine whether its trade and tariff policies unfairly restrict American businesses. In a formal response submitted Monday, Brazil dismissed the allegations and challenged the legitimacy of the probe. Reuters reports: Read more here. Brazil deadlocked with US over 50% tariffs, finance minister says The Financial Times reports: Read more here. The Financial Times reports: Read more here. Nissan's Infiniti attempts 'product renaissance' to jump-start sales and blunt tariffs Nissan's (NSANY) Infiniti brand just unveiled its latest creation, the QX65 midsize crossover SUV, at Monterey Car Week. The launch is part of a product renaissance at the Japanese automaker, which has been plagued with other headaches, such as tariffs. Yahoo Finance's Pras Subramanian reports from Carmel, Calif., that the QX65 will be built in the US, which Infiniti's US head, Tiago Castro, said was 'very important' to increase its US footprint. While Japan has a preliminary deal in place for 15% tariffs, cars imported from Canada and Mexico still have a 25% auto sector tariff tacked on. Signing a tariff deal with Japan is immensely helpful, as the QX80 SUV that's in demand is built in Japan. 'The customers are reacting very well, and we need to deliver the vehicle' and not stop, Castro said. Read more here. Nissan's (NSANY) Infiniti brand just unveiled its latest creation, the QX65 midsize crossover SUV, at Monterey Car Week. The launch is part of a product renaissance at the Japanese automaker, which has been plagued with other headaches, such as tariffs. Yahoo Finance's Pras Subramanian reports from Carmel, Calif., that the QX65 will be built in the US, which Infiniti's US head, Tiago Castro, said was 'very important' to increase its US footprint. While Japan has a preliminary deal in place for 15% tariffs, cars imported from Canada and Mexico still have a 25% auto sector tariff tacked on. Signing a tariff deal with Japan is immensely helpful, as the QX80 SUV that's in demand is built in Japan. 'The customers are reacting very well, and we need to deliver the vehicle' and not stop, Castro said. Read more here. Germany says written EU-US trade deal requires lower car duties Germany said on Monday the US must first implement the agreed lower tariffs on European-made cars before a broader trade deal can be finalized. Reuters reports: Read more here. Germany said on Monday the US must first implement the agreed lower tariffs on European-made cars before a broader trade deal can be finalized. Reuters reports: Read more here. Fewer fake firs, higher prices: China tariff delay does little to save the holidays The holiday season is fast approaching and US shoppers will now face fewer choices for fake Christmas trees and decorations. The price of these items has also gone up due to tariffs on Chinese imports as retailers scale back orders. Reuters reports: Read more here. The holiday season is fast approaching and US shoppers will now face fewer choices for fake Christmas trees and decorations. The price of these items has also gone up due to tariffs on Chinese imports as retailers scale back orders. Reuters reports: Read more here. China ramps up rare earth exports after fright for global buyers Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. EU push to protect digital rules holds up trade statement with US The EU is pushing back against US efforts to challenge its digital rules as both sides work to finalize a delayed trade statement, the FT reported. Disputes over "non-tariff barriers," which Washington says include the EU's Digital Services Act, have stalled the announcement. The statement was expected soon after European Commission president Ursula von der Leyen and President Trump unveiled a tariff deal in Scotland on July 27. EU officials said the US wants room for concession on the act, but Brussels has called the rules a red line. The FT reports: Read more here. The EU is pushing back against US efforts to challenge its digital rules as both sides work to finalize a delayed trade statement, the FT reported. Disputes over "non-tariff barriers," which Washington says include the EU's Digital Services Act, have stalled the announcement. The statement was expected soon after European Commission president Ursula von der Leyen and President Trump unveiled a tariff deal in Scotland on July 27. EU officials said the US wants room for concession on the act, but Brussels has called the rules a red line. The FT reports: Read more here. US adviser Navarro says India's Russian crude buying must stop Reuters reports: Read more here. Reuters reports: Read more here. US trade partners still waiting on Trump to seal their 'deals' US trade partners that worked out exemptions to President Trump's tariffs — like the UK's deal to reduce tariffs on its steel to zero — are still waiting for the agreements to be finalized months later, Bloomberg reports, and are growing frustrated. Read more here. US trade partners that worked out exemptions to President Trump's tariffs — like the UK's deal to reduce tariffs on its steel to zero — are still waiting for the agreements to be finalized months later, Bloomberg reports, and are growing frustrated. Read more here. Candidates at Iowa State Fair hear from voters about Trump tariffs (Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. (Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. Tariffs' impact on Walmart, other retailers' earnings about to come into focus Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Trump's trade war not likely to cause recession, Moody's economist says Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Commerce department applies 50% steel, aluminum tariffs to more products (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. Consumers' inflation expectations rise amid Trump tariffs Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. US import prices rebound in July on higher consumer goods costs US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here. US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here.
Yahoo
3 minutes ago
- Yahoo
Report – Nicola Zalewski Deal Could Help Unlock Talks Between Inter Milan & Atalanta Over Nigeria Forward
Inter Milan could use the recent transfer of Nicola Zalewski to unlock talks with Atalanta over Ademola Lookman. According to Corriere di Bergamo via FCInter1908, this could be Inter's last chance to sign the Nigerian forward. Despite almost giving up on their pursuit of the 27-year-old, Inter may reignite negotiations before the transfer window closes. Indeed, Inter and Atalanta have just finalized Nicola Zalewski's switch to Bergamo for a reported fee of €17 million. That deal shows the strong working relationship between the two clubs and could pave the way for further negotiations. Inter Milan Hope to Unlock Lookman Talks After Selling Zalewski to Atalanta BARI, ITALY – AUGUST 16: Nicola Zalewski of Inter during Pre-Season Friendly match between FC Internazionale and Olympiacos FC at Stadio San Nicola on August 16, 2025 in Bari, Italy. (Photo by) Ademola Lookman has been Inter's primary transfer target since the beginning of the summer. Furthermore, they've already agreed on personal terms with the player. Keen to join, Lookman has pressured Atalanta to sanction the move, but to no avail.
