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Time of India
2 hours ago
- Time of India
US citizens to receive stimulus check of $2,000 in August? What has Trump said about economic relief
Is US President Donald Trump sending a stimulus check worth $2,000 in August? With rumours going round on social media, this speculation has caused confusion among Americans hoping for financial relief. Stimulus checks were introduced by the US government to help its citizens during the Covid-19 pandemic. The American Worker Rebate Act of 2025 was introduced after President Donald Trump floated the idea of a tariff rebate check for taxpayers, just like stimulus checks. Trump in July was asked about "tariff revenue coming in" and the "possibility of a rebate to the American public", to which the president responded: "We're thinking about that actually." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Best Method for a Flat Stomach After 50 (It's Genius!) Lulutox Undo ALSO READ: Millions of US citizens to receive $1,390 stimulus soon? Check if you qualify and when to expect it "We have so much money coming in, we're thinking about a little rebate. But the big thing we want to do is pay down debt. But we're thinking about a rebate." Live Events The White House has announced that some of the tariffs, which were disclosed on April 2, have raised $100 billion in revenue. However, Trump didn't provide further details on the potential rebates, which are unlikely to pass in Congress. The president would need congressional approval to authorize the rebates. Will you receive $2,000 stimulus checks in August? Despite various social media posts claiming that Americans would receive $2,000 stimulus checks in August, there is no official confirmation from the US government or IRS about such a payment. The most recent IRS bulletin, IR-2025-75, dated July 15, focused on tax security and extensions, not new relief checks, reports The Hindustan Times. ALSO READ: Big VA benefits coming in August for US veterans: How much money you will get and when? Check eligibility What is American Worker Rebate Act of 2025? Shortly after Trump's July comments, Sen. Josh Hawley, a Republican from Missouri, introduced the American Worker Rebate Act of 2025. The proposed legislation would send rebate checks of at least $600 per individual to US residents and dependent child, or $2,400 for a family of four, according to news officials. 'My legislation would allow hard-working Americans to benefit from the wealth that Trump's tariffs are returning to this country,' said Hawley in a news release announcing the bill. The benefit would be reduced by 5% for joint filers with an adjusted gross income above $150,000 or single filers earning more than $75,000 individually. A new analysis from Yale's Budget Lab warns that Trump's tariffs could hit US households hard in 2025 — costing the average family about $2,400 as companies pass higher tariff taxes directly to consumers, according to a report in North Jersey. ALSO READ: Why Jessica Radcliffe's Orca 'attack' clip went viral and what your human brain does in moments of shock The Treasury Department reported on July 25 that the federal government posted a $27 billion surplus in June, bouncing back from a massive $316 billion deficit in May. Customs duties for June reached roughly $27 billion — up from $23 billion in May — marking a staggering 301% increase compared to June 2024. So far this year, tariff collections have surged to $113 billion, an 86% jump from last year. The proposed bill includes a provision that would increase rebates for households if tariff revenues exceed government forecasts. Though US Treasury Secretary Scott Bessent has said tariff revenue is expected to reach $300 billion annually. Yet, economists have raised concerns that policies could increase inflation and cost taxpayers thousands of dollars per year, especially if Trump doesn't reach trade deals with key partners like Canada and Mexico. ALSO READ: Peter Thiel, who backs Bullish, once gave Mark Zuckerberg $500,000 and later it into $400 million jackpot Are we getting a stimulus check or Trump tariff rebate in 2025? Trump floated the idea of using part of the government revenue being generated by the new tariffs and returning it to taxpayers of a certain income level in the form of a rebate check. The rebate idea would be similar to the stimulus checks sent during the pandemic. A tax rebate is a reimbursement made to a taxpayer for an excess amount paid in taxes during the year, while a stimulus check is a direct payment from the federal government to households. In February, Trump said he would consider the plan to pay out $5,000 stimulus checks to taxpayers in the form of a 'DOGE dividend' during a summit in Miami. He explained it as using part of the 20% of the savings identified by Musk's Department of Government Efficiency (DOGE) and giving it back to taxpayers. However, he has not shared any further specifics or details about the possible 'DOGE dividend' or its certainty since then.
Economic Times
2 hours ago
- Economic Times
Betrayal? Outrage erupts as Trump reportedly makes secret Alaska natural resource offer to Putin
Trump reportedly makes secret Alaska natural resource offer to Putin: A shocking report claims that US President Donald Trump might be thinking about giving Vladimir Putin unprecedented access to Alaska's natural resources as part of a peace deal to end the war in Ukraine. Even though the idea hasn't been confirmed yet, critics and former lawmakers have already voiced their anger on social media. With tensions in the Arctic and Ukraine at an all-time high, the reported plan could change US-Russia relations in ways that many Americans would not like. The proposal is unverified, but it has gotten a lot of attention from political opponents, who are worried about US sovereignty, Arctic security, and long-term strategic outrage has been triggered by a report that President Donald Trump is getting ready to provide Russian President Vladimir Putin with financial incentives, such as granting him access to natural resources off the coast of Alaska, to persuade him to end the war in Ukraine. In order to help facilitate a ceasefire and peace deal, Treasury Secretary Scott Bessent is investigating the economic compromises the United States can make with Russia, according to the Daily Telegraph. These include providing Putin with an opportunity to access natural resources in the Bering Strait between Alaska and the eastern coast of Russia, as well as the rare earth minerals in the Ukrainian territories that Moscow partially controls, as per a report by Newsweek. ALSO READ: Orca attack mystery: What really happened to marine trainer Jessica Radcliffe No confirmation has been provided that such a proposal is being considered. A White House statement that the Telegraph cited said the administration would not comment "on deliberative conversations that may or may not be happening."However, the idea of granting Russian interests access to Alaska's natural resources has angered social media users. Adam Kinzinger, a former GOP representative and Trump critic, wrote on X, "Let's see republicans defend this."The Bering Strait, which separates Alaska from Russia's Far East, is thought to have a lot of untapped resources. This makes it a key part of Arctic strategy. Ukraine, on the other hand, has large lithium deposits that are important for making batteries around the world. These deposits are currently partially controlled by Bering Strait is important for Arctic navigation and fishing, besides its oil and gas potential. Any deal to explore together would have big effects on geopolitics, giving Russia economic and strategic power in a region where the U.S., Canada, and other Arctic nations are already fighting for Telegraph said that Trump wants to meet Putin in Anchorage, Alaska, for direct talks. There may be a follow-up meeting with Ukrainian President Volodymyr Zelensky. But the White House wouldn't say anything because it doesn't talk about "deliberative conversations."The response was quick. Adam Kinzinger, a former Republican congressman, blasted the idea on X, saying, "Let's see Republicans defend this." Some people said Trump was hurting U.S. sovereignty. 🚨BREAKING: Donald Trump will offer Vladimir Putin rare earth minerals as an economic incentive as per the plans to offer to open up Alaska's natural resources to Russia and lift American sanctions on Russia's aviation industry. Another key element of the… — CALL TO ACTIVISM (@CalltoActivism) August 14, 2025 There has been a backlash against the idea of Russia using resources so near the US reported proposal also caused anxiety in other X Coplan, an X user, wrote, "No, no, & no! It's not Trump's place to offer Alaska's resources, just as it's not his place to offer any of Ukraine! He's neither a king nor an emperor." No, no, & no!It's not Trump's place to offer Alaska's resources, just as it's not his place to offer any of Ukraine!He's neither a king nor an emperor. Why does Trump so often submit to Putin? Why is he so easily manipulated? It's highly embarrassing. It seems that, among… — Amy Coplan (@amycoplan) August 14, 2025 X user MM wrote, "If true, under no circumstance can this be allowed. The president does not own America's resources. PERIOD." Americans, are you ok with offering Alaskan natural resources to russia? 🤯 — Kate from Kharkiv (@BohuslavskaKate) August 13, 2025 In favor of Ukraine "Americans, are you ok with offering Alaskan natural resources to russia?", was the post made by Kharkiv-based X user Kate, as per a report by also shared their perspectives. The presidents should talk about the surrounding strategic region in Anchorage, according to Andreas Østhagen of the Fridtjof Nansen Institute in Oslo, who said that the presidents could discuss topics of mutual interest like fishing, oil and gas exploration, and the development of the Northern Sea route, as per a report by to him, cooperative exploration might be taken into consideration in common regions such as the Chukchi Sea, which is located north of the Bering Strait. He warned that it could conflict with the sanctions that Trump has already to London Business School economics professor Richard Portes, sanctions have rocked Russia's economy, and Trump may use more severe measures as leverage over argument comes at a time when Russia's economy is getting worse, with its federal budget deficit growing and its labor shortages getting worse. Critics say that giving Putin resource deals would be a strategic win for him at a time when sanctions are of people are expected to protest in Anchorage before Friday's meeting, showing how politically charged the proposal has become, as per a report by Donald Trump truly offering Alaska's resources to Russia?The report is unverified, and the White House has not confirmed this makes the idea so controversial?Critics say it jeopardizes US sovereignty and may strengthen Russia's Arctic influence.
Time of India
3 hours ago
- Time of India
PPI inflation shock rocks Wall Street and Trump — big Fed rate cut dreams go up in smoke
U.S. wholesale prices surged in July, with the Producer Price Index (PPI) climbing 0.9%, marking the fastest monthly increase since May 2022. Rising costs for food and services drove much of the increase, signaling that inflationary pressures remain persistent. Core PPI, which strips out volatile food and energy costs, rose 0.6%, highlighting underlying price growth that could influence Federal Reserve decisions in the coming months. At the same time, jobless claims eased slightly to 224,000 from 227,000 the previous week, showing that the labor market remains relatively strong but may be starting to soften. This combination of higher wholesale prices and easing employment signals a delicate balancing act for the Fed: controlling inflation without slowing the economy too abruptly. Investors reacted cautiously to the data. S&P 500 futures fell 0.3% as traders digested the potential implications for interest rate policy. Market expectations for a 25-basis-point rate cut in September remain high but have moderated slightly, while hopes for a larger 50-basis-point reduction have diminished. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dementia and Memory Issues Have Been Linked To a Common Habit. Do You Do It? Memory Research Click Here Undo For everyday Americans, rising wholesale prices often translate into higher costs for goods and services, from groceries to household essentials. Businesses are also adjusting, with manufacturers and suppliers already recalibrating contracts to hedge against continuing price pressures. Producer Price Index (PPI) – July 2025 Monthly change: +0.9% (largest monthly rise since May 2022) Annual change: +3.3% (up from 2.4% in June) Goods prices: +0.7% (food, durable goods lead increase) Services prices: +1.1% (largest contributor to overall rise) Live Events July's PPI shows sharper inflation pressures than expected Wholesale prices surged in July, with the Producer Price Index (PPI) climbing 0.9% month-over-month — the largest increase since May 2022. Goods prices rose 0.7%, led by food and durable goods, while services jumped 1.1%. On an annual basis, PPI inflation accelerated to 3.3% from June's 2.4%, surpassing most economists' forecasts. Excluding volatile food and energy costs, core PPI jumped 0.6% in July, marking its steepest monthly rise in three and a half years. The annualized core rate now sits at 2.8%. For context, this core reading is critical because it reflects underlying inflation trends that most directly influence Federal Reserve policy. Core PPI (Excluding Food and Energy) Monthly change: +0.6% (largest monthly gain in 3.5 years) Annual change: +2.8% What rising PPI means for businesses and consumers? Wholesale price inflation often filters down to retail prices, impacting everything from groceries to housing costs. Companies facing higher input costs may pass them to consumers, fueling further price pressures. For households, even moderate increases in the PPI can translate to noticeable jumps in daily spending, particularly in food and energy. First-hand insights from industry sources indicate that manufacturers in the Midwest are already recalibrating supply contracts to hedge against rising costs. One executive in Chicago's food processing sector noted, 'We're seeing supplier prices move faster than our forecasts. Some of that will inevitably hit store shelves by early fall.' Jobless claims suggest labor market is easing Contrasting with inflation pressures, initial unemployment claims dropped slightly to 224,000 from 227,000 the previous week. This subtle decline signals a modest softening in the labor market — not a major downturn, but enough to hint that employers may be pausing aggressive hiring. Historically, a stable or slightly easing job market can balance inflationary pressures, giving the Fed more flexibility to moderate policy without derailing growth. Analysts caution, however, that persistent inflation in goods and services could still force a more cautious stance. Jobless Claims Initial claims: 224,000 (down from 227,000 previous week) Implication: Slight labor market softening; not a major downturn How markets reacted to the data? Following the PPI release, S&P 500 futures dipped roughly 0.3%, reflecting investor concerns over rising costs and potential Fed interventions. Markets are still pricing in a 94.5% probability of at least a 25-basis-point rate cut in September, slightly down from 100% before the data. Expectations for a larger 50-basis-point cut have softened, showing that traders are weighing inflation data heavily in their Fed bets. Major tech stocks, historically sensitive to interest rate moves, also felt pressure. Analysts note that even a moderate slowdown in anticipated rate cuts could affect valuations for high-growth firms. Market Reaction S&P 500 futures: Fell by 0.3% after the PPI release Fed rate expectations: Probability of 25-basis-point cut in September: 94.5% (down from 100% pre-data) Probability of 50-basis-point cut: Lower than prior expectations What this means for the Federal Reserve? The Fed faces a delicate balancing act: strong inflation signals suggest caution, while a gradually cooling labor market argues for support. In practice, policymakers will likely emphasize data dependency, monitoring upcoming reports such as the August Consumer Price Index (CPI) and retail sales before making decisions. Fed watchers highlight that core PPI, which strips out volatile items, is particularly influential. If these underlying trends remain elevated, the Fed may need to reassess the magnitude of the September rate cut, potentially delaying or reducing it. Implications for investors and consumers For investors, rising wholesale costs may shift portfolios toward inflation-resistant sectors, such as commodities, utilities, or dividend-paying stocks. Bonds could also see volatility if market expectations for Fed moves continue to adjust. Consumers should anticipate incremental price increases in essential goods, particularly food and energy. Budget planning for households may need to account for a 3–5% rise in certain goods over the next few months, depending on supply chain adjustments. July's PPI and jobless claims provide a snapshot of the economic balancing act facing the U.S.: inflation pressures remain, but the labor market shows signs of moderation. The next few weeks of economic data will be crucial in shaping the Fed's September policy and market sentiment. Investors, businesses, and households alike are advised to watch for signals from upcoming CPI readings, retail sales reports, and corporate earnings updates. FAQs: Q1: What caused U.S. wholesale inflation to rise in July? July's PPI jump was driven by higher food and service costs, pushing inflation above expectations. Q2: How did jobless claims affect market outlook in July? Falling jobless claims signaled slight labor market easing, influencing S&P 500 futures and Fed rate expectations.
