Tariff Costs Borne by Consumers Could Triple by Year-End: Goldman Sachs
Businesses have so far carried around 64 percent of the costs, and foreign exporters about 14 percent, according to the analysis led by Jan Hatzius.
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USA Today
13 minutes ago
- USA Today
DOT launches faster, more secure system for airline complaints
The Department of Transportation announced an updated process for travelers to file air travel-related complaints. The agency said Wednesday, Aug. 13, that the change would make the resolution process more streamlined. According to the DOT, the complaint system previously relied on technology from the 1990s, which slowed the process for airlines and ticket agents to receive copies of the complaint and work toward its resolution. The new system, which users can access online, will automatically notify relevant parties once a complaint is filed. 'I'm committed to making USDOT work better for the American people. By modernizing our technology and getting rid of outdated legacy systems, we can better serve the traveling public and maximize efficiencies,' Transportation Secretary Sean P. Duffy said in a statement. The DOT said the new system also improves data and privacy protection for users. The agency recommends travelers try to resolve their issue directly with the airline or their travel agency before filing a consumer complaint. Consumer complaints help the DOT's Office of Aviation Consumer Protection (OCAP) track industry trends and identify when enforcement action is needed for a particular problem. "For civil rights complaints, OACP will investigate every complaint that it receives and provide its findings to the consumer at the conclusion of the investigation," the agency's website explains. "For all other complaints, OACP is not able to respond to each complaint individually given the volume of complaints received. Although OACP does not respond to individual consumers who file complaints not involving civil rights, OACP will review and analyze non-civil rights related complaints from consumers when conducting targeted or sample reviews to determine airlines' and travel agencies' compliance with aviation consumer protection requirements."
Business Insider
14 minutes ago
- Business Insider
Mark Cuban says companies should be taxed more for buying back their own shares
In an X post on Tuesday, the billionaire investor said raising the federal tax on the practice would push companies to reinvest in their businesses and hit wealthy shareholders — including himself — the hardest. The "Shark Tank" star called it "a way to charge the biggest public companies more" while shifting incentives toward long-term growth. Stock buybacks, also called share repurchases, happen when a company buys back its stock from investors, often reducing the number of shares in circulation. This can boost earnings per share and, in turn, the stock price, benefiting remaining shareholders. Critics say the practice can prioritize short-term gains over long-term investment. American companies bought back $166 billion in shares in July — the highest July total on record — bringing the year-to-date tally to $926 billion, surpassing the previous year-to-date record set in 2022 by $108 billion, per data from stock market research firm Birinyi Associates. The US has had a 1% tax on stock repurchases on publicly traded corporations since the Inflation Reduction Act, which took effect on January 1, 2023. Cuban said that a higher tax could encourage firms to use the cash to expand or pay dividends to shareholders, which he said would be tax-free for many Americans. "Married households making under 94k pay no taxes on it," Cuban wrote. "If I own it. I pay full taxes." In a follow-up X post, Cuban suggested exempting companies from the higher tax if they distributed repurchased shares to all employees, from interns to the CEO, based on each worker's share of total annual cash earnings. He said this would be a "baby step" toward reducing income inequality and boosting workers' net worth. A market correction could encourage more buybacks Citi predicted in a March note that there would be $1 trillion in buybacks for the year, up 11% from about $900 billion in 2024. The bank said market declines could spur more repurchases, as companies seize the chance to buy their shares at discounted levels. Citi said large firms like Apple, Alphabet, Nvidia, Wells Fargo, and Visa repurchased roughly $190 billion in stock last year alone. Citi's forecast came before a series of market warnings from Wall Street strategists. Analysts at BTIG, Evercore ISI, Stifel, Morgan Stanley, and Wells Fargo have all flagged the potential for a correction in the S&P 500 in the coming months. They cited stretched valuations, seasonal weakness in August and September, and uncertainty over tariffs' economic impact.
Newsweek
14 minutes ago
- Newsweek
China Rival Eyes More US Weapons: Full List
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Taiwan is reportedly planning to place additional weapons orders—including air defense systems and rocket launchers—with its security partner, the United States, as the self-ruled democratic island faces increasing military pressure from its powerful neighbor, China. Newsweek has emailed the Taiwanese Defense Ministry for comment. China's Foreign Ministry did not immediately respond to a request for comment. Why It Matters The Chinese Communist Party has long claimed sovereignty over Taiwan, despite never having governed the island. Chinese leader Xi Jinping has vowed to use force to achieve unification if necessary, and his armed forces have been preparing for a potential invasion of Taiwan. While the U.S. no longer maintains diplomatic relations with Taiwan, it is required by the Taiwan Relations Act to provide the island with defensive arms and to maintain its own capability to resist any attempt to resolve cross-strait differences by non-peaceful means. Facing China's military buildup, the U.S. has stated that Taiwan should increase its defense spending to closer to 10 percent of its Gross Domestic Product, even though President Donald Trump once refused to answer whether he was committed to defending the island. What To Know Taiwan plans to acquire an additional 28 American rocket launchers—known as the High Mobility Artillery Rocket System (HIMARS)—and nine National Advanced Surface-to-Air Missile Systems (NASAMS), the Taiwanese newspaper Taipei Times reported on Sunday. The Taiwanese military conducts its first High Mobility Artillery Rocket System (HIMARS) live-fire test launch at Jiupeng base in Pingtung, Taiwan, on May 12, 2025. The Taiwanese military conducts its first High Mobility Artillery Rocket System (HIMARS) live-fire test launch at Jiupeng base in Pingtung, Taiwan, on May 12, 2025. I-HWA CHENG/AFP via Getty Images According to the report, which cited military sources, Taiwan previously agreed to purchase 29 HIMARS launchers capable of firing rockets or missiles, with the first 11 launchers delivered in 2024. Taiwan's HIMARS launchers were used for the first time in a live-fire exercise on the island in May 2025. The U.S. previously approved the sale of three NASAMS to Taiwan, which are expected to be deployed near the island's capital, Taipei, with the first to be delivered by the end of the year. The additional systems will enhance the defense of central and southern Taiwan. HIMARS is a long-range, mobile, precision-fire launcher capable of firing four different variants of munitions. NASAMS is a short-to-medium-range, land-based air defense system designed to protect bases, ports, populated areas and other high-value assets. Ukraine—which like Taiwan is faced by a hostile neighbor with much greater military resources—has used HIMARS and NASAMS in its war against Russia. The Norwegian Army fires a National Advanced Surface-to-Air Missile System (NASAMS) from the Andøya Space Range in Andøya, Norway, against a simulated threat on May 10, 2023. The Norwegian Army fires a National Advanced Surface-to-Air Missile System (NASAMS) from the Andøya Space Range in Andøya, Norway, against a simulated threat on May 10, 2023. Royal Norwegian Navy Meanwhile, another Taiwanese newspaper, the Liberty Times, reported on Monday that Taipei's military plans to purchase additional Javelin and TOW (Tube-launched, Optically Tracked, Wire-guided) 2B missiles to strengthen its anti-armor capabilities. Citing people familiar with the matter, the report said the total number of new missiles could exceed 2,000, based on their use by Ukrainian forces—which acquired them from the U.S.—and the estimated ammunition Taiwan would need in the event of a conflict. According to manufacturer Lockheed Martin, the Javelin is a shoulder-fired weapon capable of striking armored targets at their weakest points, while the TOW is claimed to be effective against "the most modern and heavily protected" armored vehicles and fortifications. What People Are Saying Senior Colonel Zhang Xiaogang, spokesperson for China's Defense Ministry, said in April: "I want to underline that U.S. arms sales to Taiwan cannot change the strength contrast between the two sides of the Taiwan Strait much less impede the historical and inevitable trend of China's reunification." Tammy Bruce, spokesperson for the U.S. State Department, said in April: "In the face of China's intimidation tactics and destabilizing behavior, the United States' enduring commitment to our allies and partners, including Taiwan, continues. The United States supports peace and stability across the Taiwan Strait and opposes unilateral changes to the status quo, including through force or coercion." What Happens Next It remains to be seen whether the Trump administration will approve any weapons sales to Taiwan in the coming months, while China continues to exert military pressure on the island.
