Apollo's Rowan Says Trade War Has Made US ‘Merely Exceptional'
'We are the freest-trading country in the world,' Rowan said Monday in a Bloomberg interview from the Milken Institute Global Conference in Beverly Hills. 'It is not clear to me that we have to be, or that we should allow allies and strategic competitors to inhibit our access to their markets.'
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Yahoo
15 minutes ago
- Yahoo
Wall St futures slip after tech selloff; earnings, Fed meet in focus
(Reuters) -U.S. stock index futures declined on Wednesday, following a tech selloff on Wall Street, as investors geared up for more retail earnings and a crucial Federal Reserve symposium later this week. The tech sector was behind much of the market recovery from the April selloff, but investors have started to take stock of the elevated valuations, sending the S&P 500 and the Nasdaq to their worst day in more than two weeks on Tuesday. Deepening concerns of government interference with companies, sources said the Trump administration was looking into taking equity stakes in chip companies in exchange for grants under the CHIPS Act - just weeks after signing unprecedented revenue-sharing deals with Nvidia and AMD. Nvidia, Advanced Micro Devices and Intel were marginally lower in premarket trading. Nvidia is expected to report quarterly results on Aug. 27. "For now, this looks like a mild and possibly necessary correction after an extremely strong run for this space," said AJ Bell's head of financial analysis, Danni Hewson. "Nvidia's quarterly earning next week now look even more crucial than they already were." A slew of earnings from big-box retailers are also in the spotlight now as investors seek a clearer picture on discretionary spending at a time when consumer sentiment has taken a hit from concerns around tariffs pushing up prices in the months ahead. Lowe's declined 1% a day after rival Home Depot missed expectations on quarterly results. Estee Lauder fell 4.3%, while Target and TJX Companies were marginally lower ahead of their respective reports. Walmart's results are due on Thursday. At 05:37 a.m. ET, Dow E-minis were down 69 points, or 0.15%, S&P 500 E-minis were down 8.5 points, or 0.13%, and Nasdaq 100 E-minis were down 40.25 points, or 0.17%. Minutes from the Fed's July meeting, where interest rates were left unchanged, are expected at 2:00 p.m. ET. It could set the tone before the central bank's highly anticipated conference in Jackson Hole, Wyoming, between August 21 and 23. Chair Jerome Powell is expected to speak on Friday and his remarks will be scrutinized for any clues on monetary policy, even as investors price in a 25-basis-point interest rate cut in September, according to data compiled by LSEG. Traders "remain wary that Powell could strike a more hawkish tone, emphasizing tariff-driven inflation risks and pushing back against the degree of easing expected by the market," said Bas Kooijman, CEO of DHF Capital S.A. Remarks from Governor Christopher Waller and Atlanta Fed President Raphael Bostic are expected later in the day. Recent economic data has suggested that the economy is yet to feel the full impact of tariffs and strategists expect the lingering uncertainty to temper market optimism, leaving the benchmark S&P 500 to potentially end the year just below current near-record levels. On the trade front, the Commerce Department slapped 50% import levies on more than 400 "derivative" steel and aluminum products. Among others, Futu Holdings gained 4.3% after reporting a jump in quarterly revenue. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Newsweek
15 minutes ago
- Newsweek
China Is the Big Winner of the Trump-Putin Summit
Advocates for ideas and draws conclusions based on the interpretation of facts and data. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The clear winner of the recent Anchorage summit was not the United States or Russia. Nor was it the European Union, NATO, or Ukraine, all directly affected by the war in Eastern Europe. The big winner, at least for the moment, is the People's Republic of China. And China's only military ally, North Korea, did not do too badly either. Both Presidents Donald Trump and Vladimir Putin at their post-meeting press conference tried to create the impression of momentum toward ending the three-year-old conflict in Ukraine. Putin used the word "agreement" and Trump mentioned "great progress." Russian President Putin and President Donald Trump pose for a photo during the welcoming ceremony prior to the meeting on the war in Ukraine on August 15, 2025, in Anchorage, Alaska. Russian President Putin and President Donald Trump pose for a photo during the welcoming ceremony prior to the meeting on the war in Ukraine on August 15, 2025, in Anchorage, Alaska. Getty Images Nonetheless, it was clear that the summit was a disappointment for the American side. There was, for instance, no ceasefire, which Trump publicly said he wanted. "There's no deal until there's a deal," an uncharacteristically somber Trump said after the shorter-than-expected face-to-face with Putin. "We didn't get there." No, they didn't. And no deal is precisely what China was looking for. Beijing, from all indications, hopes that the war in Ukraine will continue indefinitely. Hong Kong's South China Morning Post reported that Chinese Foreign Minister Wang Yi told Kaja Kallas, the EU foreign policy chief, on July 2 that China does not want Russia to lose because then the U.S. would focus on China. In addition to the continuation of the conflict, the Chinese leadership got something else on Friday. "For Beijing, the Alaska summit confirmed its core belief: The world is a stage for great-power bargains over spheres of influence," Charles Burton of the Prague-based Sinopsis think tank told Newsweek. China's regime, which has a top-down concept of the world, likes the idea of big countries, by themselves, settling the world's problems. "Now, there is a crucial precedent for a future summit between Trump and the Chinese leadership, where China would press for major concessions in East Asia," Burton said. One of those concessions would be American diplomatic recognition of North Korea, noted Burton, who was a Canadian diplomat in Beijing. The Democratic People's Republic of Korea, China's only formal military ally, also has an interest in the continuation of the war in Ukraine. "The Kim regime is likely content to see the United States diplomatically engaged on other fronts," Greg Scarlatoiu, president and CEO of the Committee for Human Rights in North Korea, told Newsweek. "That will buy Kim Jong Un more time to continue his for-profit exportation of instability, violence, and tools of death." Kim has filled regime coffers via the sales of artillery shells and short-range ballistic missiles to Putin—28,000 containers of weapons according to one recent count. Kim also sent soldiers, up to 12,800 troops, to the Russian-Ukrainian battlefield late last year. Moreover, the North is dispatching perhaps 30,000 more of them now. That will be on top of combat engineers and miscellaneous workers. Russia, according to South Korean intelligence, is paying Kim $2,000 per month per trooper. Russia is reportedly transferring weapons tech to the North as well. Whatever Putin is paying or bartering, the Ukraine war has been a bonanza for the Kim regime. Yet a proverb from ancient China reminds us, "No feast lasts forever." Trump can end the Chinese banquet quickly if he imposes costs on Russia and its enablers. He will, for instance, have to hit China hard to cut off its flow of cash to Moscow. No cash for Putin means no war in Ukraine. On August 6, Trump by executive order imposed a 25 percent additional tariff on India for buying Russian oil, but he did not tariff China, which purchases even more of that commodity from Russia. Trump last Friday said he did not think he had to tariff China at this time. In a conversation with Fox News' Sean Hannity immediately after his meeting with Putin, the president said, "I may have to think about it in two weeks or three weeks or something. But we don't have to think about that right now. I think, you know, the meeting went very well." Whether the meeting with Putin went well or not—we will know only later—Trump cannot entice bad actors with reason alone; he needs to give them incentives to stop doing what they're doing. For the moment, Russia and supporters are trying Trump's patience, seeing how far they can push him. As a result, the American leader is taking heat for what looks like weak diplomacy. My sense is that Trump is trying to be generous. There is, however, only so much generosity in global politics. Trump could end his indulgent policies soon, especially if Putin continues to be intransigent. "Trump is losing patience," said Burton, the former diplomat. "The Russians, Chinese, and friends should watch out. When Trump decides it's time to hit them, he is going to hit them really hard." Gordon G. Chang is the author of Plan Red: China's Project to Destroy America and The Coming Collapse of China. Follow him on X @GordonGChang. The views expressed in this article are the writer's own.
Axios
17 minutes ago
- Axios
Richmonders to get $3.5K tax cut in 2026
The average Richmonder will see a federal tax cut of nearly $3,500 in 2026 thanks to the "big, beautiful bill," per an analysis from the Tax Foundation, a nonpartisan research group that mostly supports lower taxes. Why it matters: That's money folks can spend on other things — which could be essential next year given that wages still haven't caught up with inflation and tariffs threaten to push costs up further. State of play: The spending bill Congress passed last month made President Trump's first term tax cuts permanent — and added on a bunch more. The new tax breaks include deductions for tips and overtime income, a cut for seniors and an expanded child-care credit. These are temporary provisions. By the numbers: At $3,773, Richmond city residents will see the largest average tax cut next year among RVA metro area localities, per the Tax Foundation's number crunching. Chesterfield residents will see the smallest — $3,183. For Hanover taxpayers: $3,668. And it's $3,366 for Henrico residents. Zoom out: There are broad geographic differences in tax benefits from the spending bill due to variations in state and local taxes, plus areas where more high-earners live, Axios' Emily Peck and Jason Lalljee report. Virginia's Goochland County residents will see some of the largest average tax cuts in the state ($7,359), while Petersburg taxpayers will see the smallest ($1,428). The largest cuts in the country are going to mountain resort towns where high-earners and business owners live. In Teton County, Wy., residents will see an average tax cut of $37,373, the highest in the U.S. The smallest breaks are in rural counties — like Loup County, in Nebraska, where the average tax cut is $824. Zoom in: Business owners will get some of the biggest cuts — thanks, in part, to tax breaks being made permanent for research and development expenses and other provisions. Those in high-tax coastal regions will also get big breaks, thanks to the increased cap on state and local tax deductions (known as SALT — also temporary). For example, the average tax cut in 2026 for Westchester County, N.Y. — a high-income New York City suburb poised for a big SALT payoff — is $6,644. But just to the south, in the Bronx, the average tax cut is $1,761. Reality check: The "big, beautiful" bill also made some steep cuts to social spending on food benefits and Medicaid, but those mostly don't kick in until 2027 and 2028.
