Ex-Trump Supporters Reveal Their Breaking Points
"A few months ago, I began to dislike him because of his treatment of Zelenskyy. The Epstein files were the nail in the coffin. I want him impeached now."
—IAmABearOfficial
"I'm originally from Alabama, so I was taught to just vote Republican. So 2016 rolls around, and I do that. I never really paid attention to politics, so I didn't care about my vote. Especially in a red-dominated state. I didn't pay attention to politics til the end of 2019 and going into 2020. When COVID hit, I watched the news more closely and listened to the idiotic stuff he was saying. When he mentioned something about putting disinfectant in our bodies, I knew this wasn't the guy for our country or me. As the months and years went on, my opinions of him got worse and worse."
"Watching 75-year-old Martin Gugino being violently shoved by riot police and cracking his head on the pavement during the 2020 protests in Buffalo, NY. Then watching Trump get on Twitter, making up all sorts of lies to justify it."
"I joined the military. I grew up super conservative and carried that into adulthood. Then, being out of my hometown and among a diverse crowd and working with people from other countries, I realized that I was wrong. Empathy and compassion win over bigotry and hate."
—misterfistyersister
"Until the 2020 election, I only paid attention to voting records, policy statements, and platforms. What do I care what personality someone has, as long as they vote the way that aligns with my beliefs? It's the policies that matter, it's the bills that matter, not whether a politician is a little off-putting personally. I'm embarrassed now, but I was a Republican for far too long. I believed what the platform spoke of, and I believed the policy guidelines. I didn't pay attention to personalities or even specifics."
"It was my first time voting. I voted for him in 2016. I was slowly becoming less and less of a fan in his first term. I was solidly not for him, but also not a hater by 2018 and into 19. I started thinking of myself as an independent. But once COVID hit, I saw how he pandered so hard to his conspiracy theorist base, yet got vaccinated. It made me flip a full 180 on him and just accept that I thought he lied, pandered, and did whatever he could to gain votes. He'd flip-flop on subjects based on how he thought which decision would make him more popular with his base."
"Meeting a trans woman in real life. I was horrifically indoctrinated into the alt-right from discovering 4chan at 8 years old and didn't leave until 24. Narcissism became my coping mechanism, like all the other hurt children in adult bodies I hung out with. We were better than everyone who wasn't us, and anyone who didn't agree or fall in line was devalued and attacked. My friends would post pics of trans people we found online to make fun of together as nightly bonding. The left were hysterical, blue-haired, daddy issues, no friends, etc. It was all just projection from all of us. We couldn't make friends any other way, so we made friends through hate."
"In 2018, after voting for Trump and descending into alcoholism, I met a person in a game who I just vibed with. They turned out to be a trans woman later in our friendship, and I was so surprised by the reveal. More importantly, I was surprised at how awful my friends started treating me for continuing to talk to her. Eventually, I found myself defending her and pushing back on my friends.Over the years, I cut contact with every one of them, flew across the world to date her for a few months, and returned to find the shambles of a human being: myself. I'm sober, through years of therapy, and walking on a beautiful path of discovery and the possibility of genuine human connection again. All thanks to someone I was told to hate.Now, I just view the far right and MAGA as I view my past self. Hurt people desperate for connection, doing the wrong thing to get it."—Bailables
"Back at the start of college, I liked the idea of 'draining the swamp' and getting a businessman and non-politician into government. Unfortunately, you can't run the country like a business. It's not meant to make a profit; it's not supposed to be transactional. We do this, you do that."
"I've realized that he is not in line with God's teachings regarding how to view immigrants and the poor."
"Oh boy... I'd say my girlfriend had a big part in it, but specifically Tim Pool. Like many Republicans I know, I got my political info from rage-bait YouTubers and Facebook memes. I'd get riled up and say stupid shit, and she would listen, and then start to ask questions, and we'd look up the issue and discuss, and more often than not, I'd admit I was wrong and eat a nice helping of crow. That being said, the single event that made me go 'wait a fucking minute...that doesn't sound right at all' was the New York Attorney General fraud case against Trump."
"I was all aboard the 'he's being politically persecuted' angle being pumped out by traitors. I was listening to Tim Pool rage on the 'woke, liberal left' and this AG case, and he was, as many of them do, explaining to his audience about how the case wasn't fraud. And then he brought up on air the Zillow value of Mar-a-Lago to prove a point.I'm a numbers guy. I work in engineering for commercial and residential construction. A billion+ vs. $26m is a 'yuge' difference. The value stated was so absurd, I stopped what I was doing to look it up. Then, I compared it to the surrounding properties. Then I read through the indictment. Then I looked up the history of the place, Trump, and how exactly they tax access properties in Palm Beach, I believe. The numbers don't lie. I understood without digging too long why the property was actually valued so low and why he was charged with fraud.This, of course, led me to ask, 'What else am I being bullshitted about?' And I deep dove into all his trials, what actually happened on January 6, the fake electors scheme, his history of being an anthropomorphic shit stain, etc. Yes, I feel like an asshat for supporting him. In fact, Harris was the first political campaign I ever donated to. I've also tried to talk to some family, friends, and co-workers, but they are so far up Fox News' ass they couldn't hear me if they wanted to. I'm the un-American traitor now. It's disappointing."—Truxxis
"At a terrifying time, when what we truly needed was empathy and unity, I saw the guy I'd proudly voted for in '16 do the opposite of everything my morals stood for. Every day, I watched him bitch and complain about everyone who disagreed with him. Then the BLM George Floyd protests started. The demonization of anyone standing up for civil rights and change was too much. And the final straw was when he had his goons tear-gassed peaceful American protesters, so he could pose for his stupid photo shoot, cemented it."
"I voted for him because I definitely didn't want Hillary. I wanted an outsider to come in and drain the swamp. It became pretty clear not long into his first term that he wasn't going to drain the swamp. He also chewed through some people I respect highly (Generals Mattis and Kelly, among others) and was extremely disrespectful towards them, which I had a problem with. While it was chaotic, it was entertaining, but I knew pretty quickly he was not a good leader. The events of J6 to me were surreal and really opened my eyes up to what a bag of shit he was."
"The barbaric actions of ICE agents rounding up and deporting people of color. A large portion of the workforce is immigrants who are honest, hardworking people. Some of the people being detained are US citizens, but they don't ask for proof of citizenship. It's just detain first, ask questions later. When he said he was going after criminals, I was hoping for violent gang members like Tren de Aragua. He also mentioned tighter border policies, and I was hoping it would reduce the flow of fentanyl into this country. I wanted a safer border and country, not the deportation of immigrants who haven't done anything wrong."
—killerzf9
"I was suppressing my homosexuality my entire life up until I was about 21, which would've been 2018. I liked Trump and was loud about liking Trump, I think in part, to hide any suspicion from anybody (maybe even myself?). Weirdly, my family was not Republican. I was the only loudmouth in the family, and they just tolerated me. After several years of loneliness, I bravely explored the community I was by nature chosen to belong to and found out I wasn't a monster after all. I am now married to a man and have angrily rejected the divisive and harmful bullshit Republicans spew. Give your loudmouth Republican teenager some time. They may be dealing with what I was dealing with."
"As an independent, I leaned more conservative, so I usually voted Republican. (But not always. I stumped and voted for Obama.) I was really on the fence in 2016, but I was so upset with Clinton and her handling of Benghazi that I just couldn't bring myself to vote for her. Most of my family was voting for T., so I went along. I regretted that choice."
"I just matured, honestly. I had a kid and started thinking more about the world I wanted for him. Watched my wife go through a pregnancy, which gave me a deeper insight into women's healthcare and its importance. Realized a lot of previously held beliefs didn't reconcile with reality. The only thing I'm right-wing on now is strong second amendment rights, everything else is left."
—T0KEN_0F_SLEEP
"When he said, 'I could shoot someone on Fifth Avenue and not lose any voters.' I laughed when I first heard it. Then I realized… he wasn't joking. That was the moment I stopped laughing."
"I genuinely didn't like the overstepping of political correctness. Then he stacked the Supreme Court, and we witnessed the overturning of Roe v Wade. That's when I realized the man is a pawn in a larger crusade, and they have the upper hand. That's when I got genuinely afraid. Don't get me wrong, I quickly saw how much of an A-hole he was, but it was all water under the bridge until major, life-changing things happened even before he was back in office. Now he threatens my life and everything I want out of this life (to do my science). That fear has turned into rage."
"I went to one of his rallies. Seriously, I was a moderate republican for DECADES, and I went to one of his rallies in Ohio and actually heard him talk unedited for the first time. He's kind of funny, and REALLY gone mentally. Like rambling incoherence gone. I'd been watching Fox, so I just figured the left was whining about nothing, then I was like... Oh. he crazy."
"The parking lot was even worse. I'm used to a few people at a rally who are conservative with views I don't align with, which is a polite way of saying there are typically a handful of white supremacists at any republican event. That's 'fine' in the sense that I'm not going to tell you how to live your life even if I disagree with it. At the trump rally, there were way more than a few. It was borderline lots. I got handed three different pieces of material with obvious Nazi stuff on it because I 'look like I'd appreciate it.'So that stopped my support for Trump. That got me out of the bubble, and I really started seeing the absolute level of BS the right puts up with constantly. J6 stopped my support for all Republicans forever, as I consider the brand to be fundamentally flawed. During COVID, my church really supported some right-wing stuff, and about 20 people died, mostly old people, of course, so the church started... blaming the democrats. In Ohio. In 2020. So after J6, I left the Republican party and haven't looked back. I'm disgusted with both my senators and my representative. They are all slimeballs, and I have no respect for any of them."—tosser1579
"In 2016, I was a college student surrounded by mostly well-off conservative friends. We were taught that things needed to change in American politics (I still believe that, but not in the way I once did). We loved that he was less of a politician, less guarded with his words, and really seemed motivated to make changes. We also didn't really think he would win. Personally, I was generally closer to the center politically. I could agree with some things Democrats said, but I also wasn't very politically minded and mostly listened to the discussions my friends were having as my primary source for political news."
"I'm Canadian, and honestly, I did like Trump during the first half of his first term. There was something refreshing about how he called out corruption overall, especially when he said he knows there are big tax loopholes and corruption, and pointed out that Hillary said she is against corruption while just enriching herself and her inner circle. But the irony didn't take long to hit. As time went on, it became clear he wasn't draining the swamp — he was just redirecting the flow to himself and his own circle of elites. That hypocrisy was the first crack."
"Mocking that disabled reporter was the last straw for me."
—JPBeanArch
"I preferred Trump over Clinton in 2016, but for me, it was the Helsinki Summit. His secret meeting with Putin, where nobody was allowed in, and all notes were destroyed. And the groveling and sucking up he was doing was embarrassing to see from an American President. Basically, everything after that, I just saw him for what he is."
"For me, it was rather simple. I started to see his BS rhetoric as just that. Everything he did was the best it had ever been done. No, it wasn't. He'd double down on shit. My elderly mother-in-law does the same when called out on stupid shit (not politically related). Then he started vilifying everyone who disagreed with him in public. It made me cringe when he spoke for Americans because I didn't feel that way. The way he demeaned people was the last straw. I would say I'm still conservative, but as long as MAGA represents the face of conservatism, I will have nothing to do with it."
And finally, "Pretty much anything he did this whole year."
—sarcastic_fish_69
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Trump tariffs live updates: Trump threatens India with 25% tariff, sets copper and Brazil levies
President Trump on Wednesday made a slew of moves on the tariff front, threatening a 25% tariff on goods from India and slapping massive 50% tariffs on goods from Brazil. Trump also suggested that beginning Aug. 1, India could pay an additional penalty because of its ties with Russia. 'India has been a good friend, but India has charged basically more tariffs than almost any other country," Trump said. Trump also signed several orders Wednesday: One order imposes 50% tariffs on copper imports. Following a Section 232 investigation, the Trump administration is imposing a 50% tariff on semi-finished copper products and copper-intensive derivative products on Aug. 1, but has excluded copper scrap and copper input materials. Another order ends the so-called de minimis exemption, thereby applying tariffs to low-value imports that have evaded duties. That measure takes effect Aug. 29 and applies to goods that are valued at or under $800 that had qualified for that tax-free treatment, according to a White House fact sheet. The final order imposes the 50% tariffs on imports from Brazil, which Trump had threatened earlier this month. The order says former President Jair Bolsonaro, currently standing trial for his alleged participation in a coup attempt, has been a victim of "political persecution." The order appears to include exemptions for key US imports, including orange juice and aircraft parts. Trump also again said he would not extend Friday's deadline for new tariff levels to kick in. Trump confirmed this week that 15% represents the new tariff "floor" for countries, whose rates he has been dictating to leaders in letters in the absence of trade deals. Meanwhile, the US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress but without an immediate announcement of a further tariff delay. Treasury Secretary Scott Bessent said President Trump would make the final call on extending the trade truce between the world's two largest economies before an Aug. 12 deadline. Also, the US and EU are racing to lock in the final details of their major new trade deal before Friday. Top EU critics say it's a rushed fix. German Chancellor Friedrich Merz called the outcome unsatisfying, and France's Bayrou dubbed the EU's "submission" a "dark day." 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. Powell on tariff-related price increases: Companies will 'cross the street in a group' Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Trump ends tariff break for low-value goods in blow to online retailers President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. Trump signs order to justify 50% tariffs on Brazil President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. Fed's Powell speaks on tariff effects on inflation: 'It doesn't feel like we're very close to the end' Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Trump administration announces 50% tariffs on some copper imports President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters. Trump's trade deals come with few details to flesh out big numbers President Trump has announced a flurry of trade agreements, but many so far are proving light on detail, with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny. Bloomberg reports: Read more here. Hershey grows optimistic about cocoa tariff exemption as the company cuts guidance Hershey (HSY) is hoping for a Trump administration reprieve on tariffs as rising cocoa prices weigh on its full-year outlook. "I would say that we are even more optimistic now," Hershey CEO Michele Buck said on the company's earnings call. "As we've had conversations over the past several months, we have become increasingly comfortable that the government administration understands some of our concerns about the fact that cocoa can only be grown and sourced outside of the US." Buck cited comments from Commerce Secretary Howard Lutnick in recent days that left the door open for an exemption for cocoa products. "If you grow something and we don't grow it, that can come in for zero [tariffs]," Lutnick said on CNBC's Squawk Box on Tuesday. "So if we do a deal with a country that grows mangos, pineapple, then they can come in without a tariff. ... Coffee and cocoa will be other examples of natural resources," Lutnick added. Hershey plans to raise prices, though Buck stated that the price increases "had nothing to do with tariffs." For the year, Hershey expects to see a $170 million to $180 million cost headwind from tariffs. "We'll continue to press on tariffs relative to the cocoa exemption," Buck said, adding: "That's sort of out of our control, but [we] continue to lean there." India-US trade talks go off rails on row over farm markets Indian officials were initially confident of a trade agreement with the US, but now negotiations appear complicated by the US's announcement that it will impose a 25% tariff on Indian goods starting Aug. 1. India's high tariffs and non-monetary trade barriers remain sticking points, especially concerning agriculture. India imposes an average most-favored-nation tariff of 39% on imported farm goods, compared to 5% in the US. Reuters breaks down some of the key issues in focus: Read more here. Trump says India will be paying a tariff of 25% President Trump accused India on Wednesday of charging high tariffs and said they are among the highest in the world. Trump said that despite the US and India being "friends" they have done "little business" together. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote on Truth Social. The US president went on to write that India had purchased the "vast majority" of its military equipment from Russia, alongside China and because of this things are "not good." ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA! These latest comments from Trump come after he said on Tuesday that India would face a 20%-25% tariff rate as both sides had failed to reach an agreement ahead of Trump's Aug. 1 deadline, when trading partners would face higher tariffs. Sources said on Wednesday that India hopes to establish a trade deal with the US by fall of 2025. 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The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. Brazil asks US to spare key food products, planes from tariffs Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker. More from Reuters: Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country. Read more here. US-China talks end without further pause, with Trump to make 'final call' US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time. "We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden. "The president can make a final call," he added. Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive." Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting. Read more here. US goods trade deficit hits nearly 2-year low as imports tumble The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply. Reuters reports: Read more here. IMF edges 2025 growth forecast slightly higher, warns tariff risks still dog outlook Reuters reports: Read more here. India braces for higher US tariffs, eyes broader trade deal: Sources India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. Why markets are shrugging off lack of details in Trump trade deals The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. Powell on tariff-related price increases: Companies will 'cross the street in a group' Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Federal Reserve Chair Jerome Powell said on Wednesday that the central bank is seeing the "early beginnings" of tariff inflation on goods. "They'll cross the street in a group," Powell said of companies raising prices together, citing as an example the price hikes on both washing machines and dryers that occurred during the first Trump administration, even though only washing machine imports faced higher tariffs. Powell's comments echoed some of what we've heard from companies so far this earnings season. While companies haven't hiked prices across the board, some with businesses most exposed to President Trump's tariffs have noted that they will raise prices to protect margins and offset higher costs. Procter & Gamble (PG), for instance, said on Tuesday it would raise prices by about 2.5% across its portfolio. Mondelez (MDLZ) also said it plans to raise prices, though with a "surgical" approach amid some signs of consumer stress. And L'Oréal affirmed plans to raise prices to offset higher costs from tariffs. Graco Inc. (GGG), a Minneapolis-based industrial equipment manufacturer, said it waited to see what its competitors did on price before taking a price increase. "That gave us the opportunity and the confidence to know that we could also do the same thing," CEO Mark Sheahan said. Read more live coverage of corporate earnings. Trump ends tariff break for low-value goods in blow to online retailers President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. President Trump is ending a policy that spared lower-value goods from being impacted by tariffs. The policy will come to an end in late August and will impact goods valued at less than $800. Bloomberg reports: Read more here from Bloomberg. Trump signs order to justify 50% tariffs on Brazil President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. President Trump has imposed 50% tariffs on Brazil by citing a 1977 law that revolves around the prosecution of former President Jair Bolsonaro. AP reports: Read more here. Fed's Powell speaks on tariff effects on inflation: 'It doesn't feel like we're very close to the end' Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Fed Chair Jerome Powell said on Wednesday that increased tariffs are beginning to push up inflation in some categories, but longer-term inflation expectations remain anchored around the central bank's 2% goal. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen," Powell said in a press conference after the Federal Reserve held interest rates steady. Powell reiterated that central bank policymakers remain in wait-and-see mode. Though two policymakers dissented during the FOMC's meeting for the first time since 1993, as the effects of President Trump's tariff policies have divided central banker. 'It's been a very dynamic time for these trade negotiations, and lots and lots of events in the intermeeting period," Powell continued. "But we're still, you know, a ways away from seeing where things settle down." "It doesn't feel like we're very close to the end of that [trade negotiation] process, and that's not for us to judge, but it feels like there's much more to come." Trump administration announces 50% tariffs on some copper imports President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters. President Trump signed a proclamation on Wednesday to impose 50% tariffs on certain copper imports starting Aug. 1. According to a White House fact sheet, "The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1." The measure came after a US investigation under Section 323, which US President Donald Trump ordered in February. The tariffs do not apply to the copper content of a product and they do not stack with auto 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are also exempt from the measure. Read more here from Reuters. Trump's trade deals come with few details to flesh out big numbers President Trump has announced a flurry of trade agreements, but many so far are proving light on detail, with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny. Bloomberg reports: Read more here. President Trump has announced a flurry of trade agreements, but many so far are proving light on detail, with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny. Bloomberg reports: Read more here. Hershey grows optimistic about cocoa tariff exemption as the company cuts guidance Hershey (HSY) is hoping for a Trump administration reprieve on tariffs as rising cocoa prices weigh on its full-year outlook. "I would say that we are even more optimistic now," Hershey CEO Michele Buck said on the company's earnings call. "As we've had conversations over the past several months, we have become increasingly comfortable that the government administration understands some of our concerns about the fact that cocoa can only be grown and sourced outside of the US." Buck cited comments from Commerce Secretary Howard Lutnick in recent days that left the door open for an exemption for cocoa products. "If you grow something and we don't grow it, that can come in for zero [tariffs]," Lutnick said on CNBC's Squawk Box on Tuesday. "So if we do a deal with a country that grows mangos, pineapple, then they can come in without a tariff. ... Coffee and cocoa will be other examples of natural resources," Lutnick added. Hershey plans to raise prices, though Buck stated that the price increases "had nothing to do with tariffs." For the year, Hershey expects to see a $170 million to $180 million cost headwind from tariffs. "We'll continue to press on tariffs relative to the cocoa exemption," Buck said, adding: "That's sort of out of our control, but [we] continue to lean there." Hershey (HSY) is hoping for a Trump administration reprieve on tariffs as rising cocoa prices weigh on its full-year outlook. "I would say that we are even more optimistic now," Hershey CEO Michele Buck said on the company's earnings call. "As we've had conversations over the past several months, we have become increasingly comfortable that the government administration understands some of our concerns about the fact that cocoa can only be grown and sourced outside of the US." Buck cited comments from Commerce Secretary Howard Lutnick in recent days that left the door open for an exemption for cocoa products. "If you grow something and we don't grow it, that can come in for zero [tariffs]," Lutnick said on CNBC's Squawk Box on Tuesday. "So if we do a deal with a country that grows mangos, pineapple, then they can come in without a tariff. ... Coffee and cocoa will be other examples of natural resources," Lutnick added. Hershey plans to raise prices, though Buck stated that the price increases "had nothing to do with tariffs." For the year, Hershey expects to see a $170 million to $180 million cost headwind from tariffs. "We'll continue to press on tariffs relative to the cocoa exemption," Buck said, adding: "That's sort of out of our control, but [we] continue to lean there." India-US trade talks go off rails on row over farm markets Indian officials were initially confident of a trade agreement with the US, but now negotiations appear complicated by the US's announcement that it will impose a 25% tariff on Indian goods starting Aug. 1. India's high tariffs and non-monetary trade barriers remain sticking points, especially concerning agriculture. India imposes an average most-favored-nation tariff of 39% on imported farm goods, compared to 5% in the US. Reuters breaks down some of the key issues in focus: Read more here. Indian officials were initially confident of a trade agreement with the US, but now negotiations appear complicated by the US's announcement that it will impose a 25% tariff on Indian goods starting Aug. 1. India's high tariffs and non-monetary trade barriers remain sticking points, especially concerning agriculture. India imposes an average most-favored-nation tariff of 39% on imported farm goods, compared to 5% in the US. Reuters breaks down some of the key issues in focus: Read more here. Trump says India will be paying a tariff of 25% President Trump accused India on Wednesday of charging high tariffs and said they are among the highest in the world. Trump said that despite the US and India being "friends" they have done "little business" together. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote on Truth Social. The US president went on to write that India had purchased the "vast majority" of its military equipment from Russia, alongside China and because of this things are "not good." ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA! These latest comments from Trump come after he said on Tuesday that India would face a 20%-25% tariff rate as both sides had failed to reach an agreement ahead of Trump's Aug. 1 deadline, when trading partners would face higher tariffs. Sources said on Wednesday that India hopes to establish a trade deal with the US by fall of 2025. President Trump accused India on Wednesday of charging high tariffs and said they are among the highest in the world. Trump said that despite the US and India being "friends" they have done "little business" together. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote on Truth Social. The US president went on to write that India had purchased the "vast majority" of its military equipment from Russia, alongside China and because of this things are "not good." ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA! These latest comments from Trump come after he said on Tuesday that India would face a 20%-25% tariff rate as both sides had failed to reach an agreement ahead of Trump's Aug. 1 deadline, when trading partners would face higher tariffs. Sources said on Wednesday that India hopes to establish a trade deal with the US by fall of 2025. Trump says Aug. 1 deadline will not be extended Two posts from Truth Social this morning: And: Two posts from Truth Social this morning: And: Harley-Davidson misses second-quarter profit estimates as tariffs weigh Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker. Reuters reports: Read more here. Motorcycle maker Harley Davidson (HOG) reported lower second-quarter profit and did not provide an annual forecast on Wednesday, as US President Trump's tariffs continued to weigh on the motorcycle maker. Reuters reports: Read more here. India eyes fall deadline for US deal amid Trump threats India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs. Bloomberg News reports: Read more here. India has said that it will continue its negotiations with the US for a trade deal and hope one can be established by fall of 2025, despite President Trump's Aug. 1 deadline, where trading partners will face higher tariffs. Bloomberg News reports: Read more here. Luxury car brands Aston Martin and Porsche report tariff hit President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown. While Volkswagen's ( VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half. Reuters reports: Read more here. President Trump's tariffs have caused two automakers to either issue warnings on Wednesday or trim outlooks. British luxury carmaker Aston Martin (AML.L, ARGGY) issued a profit warning on Wednesday, citing the impact of US import tariffs and prolonged suppressed Asian demand linked to China's economic slowdown. While Volkswagen's ( VWAGY) luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with the US and reported a $462-million hit from tariffs in the first half. Reuters reports: Read more here. Trump: India may get 20% to 25% tariff but not yet final President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline. 'I think so,' Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi. 'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. 'You just can't do that.' The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. President Trump said India could face tariffs of 20% to 25%, but added the final rate isn't set yet as both countries work on a trade deal before the August 1 deadline. 'I think so,' Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi. 'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. 'You just can't do that.' The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. Brazil asks US to spare key food products, planes from tariffs Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker. More from Reuters: Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country. Read more here. Brazil has asked the US to spare key sectors from sky-high tariffs that will take effect on Friday. Specifically, it has asked for exemptions for food products and aircraft from Embraer, the world's third-largest planemaker. More from Reuters: Brazil is facing 50% tariffs on its exports to the US from Friday. That is among the highest rates Trump has threatened in his new round of sweeping tariffs. Those levies are coming in part because of what Trump alleges is the country's unfair treatment of its former president, who is currently on trial in the country. Read more here. US-China talks end without further pause, with Trump to make 'final call' US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time. "We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden. "The president can make a final call," he added. Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive." Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting. Read more here. US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world's two largest economies as markets watch closely for an offramp to avert additional duties that could be in the offing in about two weeks' time. "We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks concluded in Stockholm, Sweden. "The president can make a final call," he added. Treasury Secretary Scott Bessent added Tuesday that it was "a very fulsome two days" of talks and that another 90-day pause remains on the table with the overall tone of talks being "very constructive." Trump himself was asked later in the afternoon about the chances of approval, telling reporters on Air Force One he had just spoken to Bessent and that he would decide after a briefing but that Bessent felt good about Tuesday's meeting. Read more here. US goods trade deficit hits nearly 2-year low as imports tumble The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply. Reuters reports: Read more here. The US trade deficit in goods narrowed in June to its lowest in nearly two years as imports dropped sharply. Reuters reports: Read more here. IMF edges 2025 growth forecast slightly higher, warns tariff risks still dog outlook Reuters reports: Read more here. Reuters reports: Read more here. India braces for higher US tariffs, eyes broader trade deal: Sources India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. Why markets are shrugging off lack of details in Trump trade deals The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. Sign in to access your portfolio
23 minutes ago
Senate Democrats try to force DOJ to release Epstein files using little-known law
Senate Democrats on Wednesday said they are attempting to force the release of the Jeffrey Epstein files through a little-known, decades-old law. All seven Democrats on the Homeland Security Committee invoked a law that requires federal agencies provide information about "any matter within the jurisdiction of the committee" if at least five members request it. "This letter demands that the Justice Department produce documents that Attorney General Pam Bondi and FBI Director Kash Patel have publicly already confirmed they have in their possession," Sen. Gary Peters, the panel's top Democrat, said at a press conference. "We all know in fact that the attorney general said, quote, she said they're sitting on her desk. It should be pretty easy to turn over documents that are sitting on the attorney general's desk," Peters added. The Justice Department did not immediately respond to request for comment. Peters was joined by Senate Minority Leader Chuck Schumer and Sen. Richard Blumenthal at the press conference, during which they touted their move as a turning point in their quest for transparency over the Trump administration's handling of the Epstein matter. "Today's letter matters. It's not a stunt, it's not symbolic, it's a formal exercise of congressional power under federal law, and we expect an answer from DOJ by August the 15, that's what accountability looks like," Schumer said. "This is what oversight looks like, and this is what keeping your promises to the American people look like." Blumenthal agreed that this measure was invoked as a powerful oversight tool. "This letter has some force of law," Blumenthal said. "This letter invokes a statute that has been little used because it has been unnecessary in the past to enforce transparency. It's necessary now because this administration is stonewalling and stalling and concealing, and the American people are rightly asking where they have to hide. What's at stake here is not just the president's promises." The Democrats, who said their urging of a release of the Epstein files was also done as a way of seeking justice for Epstein's victims, were asked at the news conference whether Democratic senators would be comfortable with redactions in their release. Schumer said lawmakers "wouldn't force any agreements that have been broken," but added that he believes "almost everything can come out." Schumer also said that they've been "talking" to their Republican colleagues to get these files public but would eventually seek "recourse in the courts" if cooperation isn't achieved.
USA Today
24 minutes ago
- USA Today
Ted Cruz defends Sydney Sweeney amid American Eagle ad backlash
After an ad starring Sydney Sweeney outraged viewers, Sen. Ted Cruz is coming to her defense. The Texas Republican took to X July 29 to blast the "crazy left" for criticizing Sweeney's American Eagle denim jeans campaign as a dog whistle for eugenics and the glorification of whiteness. Responding to a New York Post article, which detailed the controversy, Cruz wrote: "Wow. Now the crazy Left has come out against beautiful women. I'm sure that will poll well…." Sydney Sweeney, an American Eagle ad campaign and why it sparked backlash Part of a larger partnership between the "Euphoria" actress and the popular clothier, the ad campaign used wordplay to describe Sweeney as having "good genes," with the latter word doing double duty, meaning not just her DNA but also the denim on her body (which was American Eagle made). Soon after the campaign dropped, people began to sound the alarm on what they saw as a dangerous message about the beauty ideal, race and "good" versus "bad" genes. Cruz joined a parade of notables adding their two cents, including "Bachelor" star Gabby Windey and even Doja Cat, who mocked the ad in a TikTok video. In one of several videos for the advertising blitz, Sweeney, clad in a denim-on-denim outfit, says: "Genes are passed down from parents to offspring, often determining traits like hair color, personality and even eye color." "My jeans are blue," she says as the camera pans across her blue denim and her blue eyes. Sydney Sweeney critics compare jeans campaign to Brooke Shields' Calvin Klein ad Consumers were quick to point out what they saw as the regressive nature of the material. A blonde shown sensually, catering to the male gaze, they argued, was a stereotypical symbol of a bygone era. "How far back do you plan on going? Do you still wanna vote?" one commenter asked, while another chided: "You accept these jobs that objectify your body. Fight the patriarchy, don't join it." Even more concerning, critics argued, was the use of Sweeney as the archetype of "good genes." Defined generally as the use of selective breeding to "improve" the human race through emphasis on desirable traits, the pseudoscience of eugenics has a dark backstory, used in the past as a vehicle for racial violence and sterilization. Lifting Sweeney's genes up as "good," critics said, notches into a painful and dangerous history. That the controversy stems from a denim ad, and one from a company with "American" in the name, further complicates the reception. Americana and denim go hand in hand, the stiff fabric harkening back to cowboy culture, workmen's uniforms and other mythologized aspects of the national identity.
