Trump's higher tariff rates hit goods from major US trading partners
US Customs and Border Protection agency began collecting the higher tariffs at 12:01 a.m. EDT after weeks of suspense over Trump's final tariff rates and frantic negotiations with major trading partners that sought to lower them.
Goods loaded onto US-bound vessels and in transit before the midnight deadline can enter at lower prior tariff rates before October 5, according to a CBP notice to shippers issued this week.
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4 Trucks loaded with containers move through a container terminal port in Shanghai, China, Thursday, Aug. 7, 2025.
AP
Imports from many countries had previously been subject to a baseline 10% import duty after Trump paused higher rates announced in early April.
But since then, Trump has frequently modified his tariff plan, slapping some countries with much higher rates, including 50% for goods from Brazil, 39% from Switzerland, 35% from Canada and 25% from India.
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He announced a separate 25% tariff on Indian goods on Wednesday to be imposed in 21 days over the South Asian country's purchases of Russian oil.
Ahead of the deadline, Trump heralded the 'billions of dollars' that will flow into the US, largely from countries that he said had taken advantage of the United States.
'THE ONLY THING THAT CAN STOP AMERICA'S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!' Trump said on Truth Social.
4 President Donald Trump, right, hugs India's Prime Minister Narendra Modi during a news conference in the East Room of the White House, Feb. 13, 2025,
AP
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Eight major trading partners accounting for about 40% of US trade flows have reached framework deals for trade and investment concessions with Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15%.
Britain won a 10% rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19% or 20%.
'For those countries, it's less bad news,' said William Reinsch, a senior fellow and trade expert at the Center for Strategic and International Studies in Washington.
'There'll be some supply chain rearrangement. There'll be a new equilibrium. Prices here will go up, but it'll take a while for that to show up in a major way,' Reinsch said.
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4 Shipping containers and a container ship are seen at the international cargo terminal in Tokyo on August 7, 2025.
AFP via Getty Images
Countries with punishingly high duties, such as India and Canada, 'will continue to scramble around trying to fix this,' he added.
Trump's order has specified that any goods determined to have been trans-shipped from a third country to evade higher US tariffs will be subject to an additional 40% import duty, but his administration has released few details on how these goods would be identified or the provision enforced.
Trump's July 31 tariff order imposed duties above 10% on 67 trading partners, while the rate was kept at 10% for those not listed.
These import taxes are one part of a multilayered tariff strategy that includes national security-based sectoral tariffs on semiconductors, pharmaceuticals, autos, steel, aluminum, copper, lumber and other goods. Trump said on Wednesday the microchip duties could reach 100%.
4 A worker arranges steel rolls on a truck at a steel market in Hangzhou in east China's Zhejiang province on July 7, 2025
AP
China is on a separate tariff track and will face a potential tariff increase on August 12 unless Trump approves an extension of a prior truce after talks last week in Sweden.
He has said he may impose additional tariffs over China's purchases of Russian oil as he seeks to pressure Moscow into ending its war in Ukraine.
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Financial markets largely shrugged off the new tariffs, with stock markets in Asia at or near record highs while the dollar dipped slightly.
REVENUES, PRICE HIKES
Trump has touted the vast increase in federal revenues from his import tax collections, which are ultimately paid by companies importing the goods and consumers of end products.
US Treasury Secretary Scott Bessent has said that US tariff revenues could top $300 billion a year.
The move will drive average US tariff rates to around 20%, the highest in a century and up from 2.5% when Trump took office in January, the Atlantic Institute estimates.
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Commerce Department data released last week showed more evidence that tariffs began driving up U.S. prices in June, including for home furnishings and durable household equipment, recreational goods and motor vehicles.
Costs from Trump's tariff war are mounting for a wide swath of companies, including bellwethers Caterpillar, Marriott, Molson Coors and Yum Brands. All told, global companies that have reported earnings so far this quarter are looking at a hit of around $15 billion to profits in 2025, Reuters' global tariff tracker shows.
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Yahoo
16 minutes ago
- Yahoo
Western Union to Acquire International Money Express, Inc.
Strategic acquisition strengthens North America retail presence and operating model, expands Intermex beyond its historically high growth Latin America corridors, and is expected to accelerate digital new customer acquisition DENVER & MIAMI, August 10, 2025--(BUSINESS WIRE)--The Western Union Company ("Western Union") (NYSE: WU) and International Money Express, Inc. ("Intermex") (NASDAQ: IMXI) today announced they have entered into a definitive agreement under which Western Union will acquire Intermex in an all-cash transaction at $16.00 per IMXI share, representing a total equity and enterprise value of approximately $500 million. This acquisition strengthens Western Union's retail offering in the U.S., expands market coverage in high potential geographies, and is expected to accelerate digital new customer acquisition. Intermex's deep market knowledge, strong agent relationships, and operational expertise further positions Western Union to capture growth in the Americas. "This acquisition is a disciplined, strategic step that strengthens our North America operations and expands our presence with key consumer segments across the U.S." said Devin McGranahan, President and CEO of Western Union. "Intermex has built a well-recognized brand, as well as strong agent and customer relationships. Together, we will expand our retail footprint, unlock operational efficiencies, and accelerate digital engagement." "This agreement represents an exciting opportunity to provide Intermex's shareholders with significant and certain value, accelerating our omni-channel strategy, while continuing to deliver for our customers" said Bob Lisy, Chairman and CEO of Intermex. "This combination with Western Union brings together two complementary businesses that are well positioned to drive growth across North America." Strategic Rationale and Benefits: Strategic Alignment Unique opportunity for Western Union to acquire a well-positioned remittance business, adding scale in historically high-growth Latin America geographies. Opportunity to serve Intermex's 6 million customers, giving them access to Western Union's robust digital platforms and capabilities. Strengthened U.S. Retail Platform Expands and stabilizes Western Union's U.S. retail footprint, enhancing resilience and improving customer access across the Americas. Creates an opportunity to leverage Intermex's decades of operational and cultural expertise to drive targeted, sustainable retail growth. Meaningful Synergy Potential Expect $30 million in annual run-rate cost synergies within 24 months. Potential for additional revenue synergies through broader distribution and product offerings, enhancing speed, reliability, and customer value. Transaction Details: Under the terms of the agreement, Western Union will acquire Intermex for $16.00 per share in cash, representing approximately $500 million in equity and enterprise value. This reflects a roughly 50% premium to its 90-day volume-weighted average price. The acquisition is expected to be immediately accretive to Western Union's adjusted EPS by more than $0.10 in the first full year post close and to generate approximately $30 million in annual run-rate cost synergies within the first 24 months, with potential further upside from revenue synergies by integrating Intermex's capabilities into Western Union's partner and customer network. The transaction has been unanimously approved by Western Union's Board of Directors. Intermex's Board of Directors – acting on the unanimous recommendation of its independent Strategic Alternatives Committee – has also unanimously approved the transaction and recommends that Intermex stockholders vote in favor of the merger. The transaction, expected to close in mid-2026, is subject to customary closing conditions and regulatory approvals, including clearance under the Hart-Scott-Rodino Act and approvals from financial regulators, as well as approval by Intermex's stockholders. Following completion, the companies expect to implement a coordinated integration plan designed to provide a smooth transition for all customers, agents, and partners. Advisors: PJT Partners is serving as exclusive financial advisor and Sidley Austin LLP as legal advisor to Western Union. Financial Technology Partners LP is serving as financial advisor and Holland & Knight LLP as legal advisor to Intermex. Lazard Frères & Co. LLC is serving as financial advisor and Cravath, Swaine & Moore LLP as legal advisor to Intermex's Strategic Alternatives Committee. Investor and Analyst Conference Call and Presentation: Western Union will host a conference call and webcast at 8:30 a.m. ET on Monday, August 11, 2025. The webcast and presentation will be available at Registration for the event is required. Please register at least 15 minutes prior to the scheduled start time. A webcast replay will be available shortly after the event. To listen to the webcast, please visit the Investor Relations section of Western Union's website or use the following link: Webcast Link. Alternatively, participants may join via telephone. In the U.S., dial +1 (719) 359-4580, followed by the meeting ID, which is 997 4264 7200, and the passcode, which is 985803. For participants outside the U.S., dial the country number from the international directory, followed by the meeting ID, which is 997 4264 7200, and the passcode, which is 985803. About Western Union The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and over 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit About Intermex Founded in 1994, Intermex applies proprietary technology enabling consumers to send money from the United States, Canada, Spain, Italy, the United Kingdom and Germany to more than 60 countries. The Company provides the digital movement of money through a network of agent retailers in the United States, Canada, Spain, Italy, the United Kingdom and Germany; Company-operated stores; our mobile apps; and the Company's websites. Transactions are fulfilled and paid through thousands of retail and bank locations around the world. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, London, England, and Madrid, Spain. For more information about Intermex, please visit Safe Harbor Compliance Statement for Forward-Looking Statements This press release contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict. Actual outcomes and results may differ materially from those expressed in, or implied by, our forward-looking statements. Words such as "expects," "intends," "targets," "anticipates," "believes," "estimates," "guides," "provides guidance," "provides outlook," "projects," "designed to," and other similar expressions or future or conditional verbs such as "may," "will," "should," "would," "could," and "might" are intended to identify such forward-looking statements. Readers of this press release of The Western Union Company (the "Company," "Western Union," "we," "our," or "us") should not rely solely on the forward-looking statements and should consider all uncertainties and risks discussed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2024 and in our subsequent filings with the Securities and Exchange Commission. The statements are only as of the date they are made, and the Company undertakes no obligation to update any forward-looking statement. Possible events or factors that could cause results or performance to differ materially from those expressed in our forward-looking statements include the following: changes in economic conditions, trade disruptions, or significantly slower growth or declines in the money transfer, payment service, and other markets in which we operate; interruptions in migration patterns or other events, such as public health emergencies, any changes arising as a result of policy changes in the United States and/or other key markets, civil unrest, war, terrorism, natural disasters, or non-performance by our banks, lenders, insurers, or other financial services providers; failure to compete effectively in the money transfer and payment service industry, including among other things, with respect to digital, mobile and internet-based services, card associations, and card-based payment providers, and with digital currencies, including cryptocurrencies; geopolitical tensions, political conditions and related actions, including trade restrictions, tariffs, and government sanctions; deterioration in customer confidence in our business; failure to maintain our agent network and business relationships; our ability to adopt new technology; the failure to realize anticipated financial benefits from mergers, acquisitions and divestitures; decisions to change our business mix; exposure to foreign exchange rates; changes in tax laws, or their interpretation, and unfavorable resolution of tax contingencies; cybersecurity incidents involving any of our systems or those of our vendors or other third parties; cessation of or defects in various services provided to us by third-party vendors; our ability to realize the anticipated benefits from restructuring-related initiatives; our ability to attract and retain qualified key employees; failure to manage credit and fraud risks presented by our agents, clients, and consumers; adverse rating actions by credit rating agencies; our ability to protect our intellectual property rights, and to defend ourselves against potential intellectual property infringement claims; material changes in the market value or liquidity of securities that we hold; restrictions imposed by our debt obligations; liabilities or loss of business resulting from a failure by us, our agents, or their subagents to comply with laws and regulations and regulatory or judicial interpretations thereof; increased costs or loss of business due to regulatory initiatives and changes in laws, regulations, and industry practices and standards; developments resulting from governmental investigations and consent agreements with, or investigations or enforcement actions by, regulators and other government authorities; liabilities resulting from litigation; failure to comply with regulations and evolving industry standards regarding data privacy; failure to comply with consumer protection laws; effects of unclaimed property laws or their interpretation or the enforcement thereof; failure to comply with working capital requirements; changes in accounting standards, rules and interpretations; and other unanticipated events and management's ability to identify and manage these and other risks. Important factors that could cause Western Union's or Intermex's or the combined company's actual results to differ materially from the results referred to in the forward-looking statements Western Union makes in this release include: the possibility that the conditions to the consummation of the proposed acquisition of Intermex (the "Proposed Acquisition") will not be satisfied on the terms or timeline expected, or at all; failure to obtain, or delays in obtaining, or adverse conditions related to obtaining stockholder or regulatory approvals sought in connection with the Proposed Acquisition; dependence on key agents and the potential effects of network disruption; the possibility that Western Union may be unable to achieve expected benefits, synergies and operating efficiencies in connection with the Proposed Acquisition; and failure to retain key management of Western Union or Intermex. Additional Information and Where to Find It This communication relates to a proposed acquisition (the "Transaction") of International Money Express, Inc. ("Intermex") by The Western Union Company ("Western Union"). In connection with the proposed transaction between Intermex and Western Union, Intermex will file with the Securities and Exchange Commission (the "SEC") a proxy statement (the "Proxy Statement"), the definitive version of which will be sent or provided to Intermex stockholders. Intermex may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the Proxy Statement or any other document which Intermex may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement (when it is available) and other documents that are filed with the SEC or will be filed with the SEC by Intermex (when they become available) through the website maintained by the SEC at or from Intermex at its website, Participants in the Solicitation Intermex, and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Intermex in connection with the Transaction under the rules of the SEC. Information about the interests of the directors and executive officers of Intermex and other persons who may be deemed to be participants in the solicitation of stockholders of Intermex in connection with the Transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Proxy Statement related to the Transaction, which will be filed with the SEC. Additional information about Intermex, the directors and executive officers of Intermex and their ownership of Intermex common stock can also be found in its Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 27, 2025, and its definitive proxy statement, as amended, as filed with the SEC on May 12, 2025, and other documents subsequently filed by Intermex with the SEC. Free copies of these documents may be obtained as described above. To the extent holdings of Intermex securities by its directors or executive officers have changed since the amounts set forth in such documents, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement relating to the proposed transaction when it is filed with the SEC. WU-G View source version on Contacts Western Union Contacts: Media Relations: Amanda Demarestmedia@ Investor Relations: Tom Intermex Contacts:Investor Relations CoordinatorAlex SadowskiIR@ Sign in to access your portfolio
New York Post
17 minutes ago
- New York Post
Trump lawyer Alan Dershowitz offered free pierogi for life after Martha's Vineyard dumpling row
Alan Dershowitz might not be able to get his pierogi fix among the woke on Martha's Vineyard, but a Florida peddler of the doughy delights is offering more than enough for the ex-Trump lawyer to fill his belly. South Florida-based Peter Nowocien, owner of PierogiOne restaurant, told The Post that no one should ever be denied the Polish comfort food staple — and pledged to send Dershowitz and his family free pierogi for life. 'Pierogi should bring people together — not divide them,' said Nowocien, a Polish immigrant who moved to the US six years ago. South Florida-based pierogi slinger Peter Nowocien has pledged to send the president's former lawyer, Alan Dershowitz, free pierogi for life after he was denied service in Martha's Vineyard. Obtained by NY Post In a highly publicized clash on Martha's Vineyard earlier this month, the 86-year-old Dershowitz — a retired Harvard Law prof and former lawyer to President Trump and Jeffrey Epstein — got into it with a local pierogi vendor who refused to sell his goodies to him. Dershowitz last week announced he is filing a discrimination suit against the West Tisbury Farmers Market where he claims he was denied service over his politics. Dershowitz's disturbing experience did not sit right with the Trump-supporting Nowocien, who grew up under Communism. 'As a Polish immigrant, I hate to hear about discrimination in the US because of people's political views,' said the 39-year-old, whose father fought against Communism. 'That shouldn't happen here. Dershowitz took to his YouTube channel last week to announcing he was filing a discrimination suit against the market he claims denied him service on the basis of his politics. Stephen Yang 'Discrimination breeds injustice.' Nowocien, a member of Trump's Mar-a-Lago retreat in Florida, insisted, 'While we may not all agree on politics, no one should be denied a pierogi — or food. This should never happen in the US.' The businessman said that while the Jewish Dershowitz may not dive into his shop's special Philly cheesesteak, spicy beef or bacon and cheddar variety pierogis, the traditional cheese and potato and mushroom and sauerkraut are classic options. 'I believe the American dream is still possible – because I'm living it,' he said. Contrasting his life growing up in the shadow of Communism to the capitalist bastion of the US, Nowocien praised the 'highest levels of personal freedom' in the US compared to Europe. 'And we must protect it. Poland has a very tough history. We know what happens when Nazis and Communists try to divide people,' he said. 'I want to bring people together through food. 'We may not all agree on politics, but no one should be denied a seat at the table.'
Boston Globe
17 minutes ago
- Boston Globe
Trump and Putin may get a cold reception from some Alaskans
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up 'Alaska boosters have been pushing for Alaska as an international gateway for basically since statehood,' said Ramseur, who wrote the book 'Melting the Ice Curtain: The Extraordinary Story of Citizen Diplomacy on the Russia-Alaska Frontier.' 'So in that sense, it's good for Alaska. Puts us on the map for a couple of hours.' Advertisement Alaska has deep ties to Russian history and culture, dating back to when the Russian Empire first colonized the region in the 18th century. Since the United States purchased the land in 1867, Russian-speaking communities have stayed in the state, and Russian Orthodox Churches, with their distinct onion-shaped domes, can be found from the remote Aleutian Islands to Anchorage, Alaska's largest city. Advertisement 'Russian culture and Russian history is sort of baked into Alaska,' said Brandon Boylan, a professor at the University of Alaska Fairbanks who has researched Alaska's role in US-Russia relations. 'There's a lot of remnants of the Russian American legacy.' After the end of the Cold War — when Alaska served as a front line of missile defense against the Soviet Union — the state became the center of efforts to deepen ties between the United States and the new Russian Federation, Boylan said. But the outbreak of war in Ukraine reversed that thaw in relations, he said. While remarks by Russian political figures about taking back their former American territory have largely 'fallen flat,' the war in Ukraine has still alarmed Alaskans and soured feelings toward their western neighbor, Boylan said. 'If tensions heat up between the US and Russia, I think we're going to feel it most acutely in Alaska again,' he said. With the rise of Putin in the early 2000s, business partnerships and academic collaboration began to falter, Ramseur said, but tension took hold more deeply with Russia's invasion of Ukraine in 2022. The Anchorage Assembly suspended its decades-old 'sister city' relationship with the Siberian city of Magadan the following year, saying it could not 'turn a blind eye to the actions of the Russian government.' But Juneau, the state's capital, voted to continue a similar relationship with Vladivostok. Alaska's position at the junction of Asia and North America has long made it a strategic site for diplomacy, Boylan said. Most recently, the Biden administration conducted high-level talks with China at the Hotel Captain Cook in Anchorage in 2021. The White House has not confirmed exactly where the meeting will take place. But Larry Disbrow, a realtor who operates short-term rentals in Anchorage and who is also an honorary consul of Germany, said he has rented a six-bedroom property to the Secret Service for the meeting. Advertisement 'The US Secret Service contacted me earlier today, and they asked me if I might have availability of any of my places, and I did for the window that they needed,' said Disbrow, who goes by Beau. He added: 'I could see why Alaska might be an attractive place for something like this, you know, from a historical perspective. But it surprised me, for sure.' Suzanne LaFrance, Anchorage's mayor, said in an interview Saturday that she hadn't received any indication whether her city would host the meeting between Trump and Putin. 'Hosting leaders is not unusual for us here in Alaska,' LaFrance said. 'Serving as a place for diplomacy is part of our history, as we are that crossroads of the world.' Russian influences are prevalent in Anchorage, where a small grocery store chain sells Russian food, and a downtown restaurant, popular with late-night diners, specializes in pelmeni, or Russian dumplings. Trump has visited Alaska at least five times since he first took office in 2017, mostly for stops at Joint Base Elmendorf-Richardson in Anchorage. The meeting with Putin will make this Trump's first official trip to the state since the start of his second term. The state's congressional delegation and governor, all Republicans, publicly welcomed the selection of their state for the meeting between Trump and Putin. 'For centuries, Alaska has been a bridge between nations, and today, we remain a gateway for diplomacy, commerce and security in one of the most critical regions on earth,' Governor Mike Dunleavy posted on social platform X on Friday. Advertisement Senator Lisa Murkowski, Republican of Alaska, said that while she remained 'deeply wary of Putin and his regime,' she hoped the talks would help end the war in Ukraine on equitable terms. Eric Croft, chair of the Alaska Democratic Party, said the meeting highlighted Trump's failure to fulfill his campaign pledge of ending the war on the first day of his administration. 'We'd love the war in Gaza and Ukraine to be resolved, and stop killing civilians,' Croft said in an interview Saturday. 'I think most Alaskans are more worried about inflation and cuts to Medicaid and cuts to public radio, but we'll entertain them if they need it.' This article originally appeared in
