Trump counters Netanyahu on 'real starvation' in Gaza: From the Politics Desk
In today's newsletter, NBC News reporters from across the world got the latest on how the Trump administration is responding to the hunger crisis in Gaza and how President Trump contradicted Israeli Prime Minister Benjamin Netanyahu today. Separately, it's only mid-2025 but key developments in the 2026 races across three states are already shaping next year's fight for the Senate. Read on for more.
— Scott Bland
Trump speaks on 'real starvation' in Gaza
President Donald Trump did something notable Monday — he broke with Israel and Prime Minister Benjamin Netanyahu in a prominent way, over Netanyahu's comment that there is 'no starvation in Gaza.'
Speaking in Scotland, Trump said that the U.S. would set up food centers in Gaza as 'we have to get the kids fed,' NBC News' Chantal Da Silva writes. Trump said he had seen images of Palestinians on TV and that 'those children look very hungry.' He later added that the scenes were 'real starvation' and that 'you can't fake that.'
His views were echoed by Vice President JD Vance, who in response to a question from NBC News' Henry Gomez on a trip to Canton, Ohio, said the Trump administration was 'very worried about the humanitarian problem in Gaza' and wanted to make sure that starving children got food.
The comments from the president, a firm ally of Netanyahu, came amid mounting global outrage over rising deaths from malnutrition amid Israel's military offensive on the territory.
The Israel Defense Forces yesterday started carrying out limited pauses in fighting in three populated areas of Gaza for 10 hours a day. But aid groups have warned that the trickle of aid entering the enclave is not enough to stave off famine.
'This is progress, but vast amounts of aid are needed to stave off famine and a catastrophic health crisis,' United Nations Emergency Relief Coordinator Tom Fletcher said in a statement.
Speaking on the sidelines of a meeting with British Prime Minister Keir Starmer at his golf resort in Turnberry, Scotland, Trump said that the U.S. would be working with its European partners to address the crisis in Gaza. He offered few other details about the plan.
By Bridget Bowman
The battle for the Senate in 2026 is taking shape, with key candidates launching (or ruling out) campaigns in recent days.
Democrats still face an uphill climb through pro-Trump territory to net the four seats they would need to get the majority, but they got a boost today when former Gov. Roy Cooper announced he is running for the open North Carolina seat in the Senate.
Democrats haven't won a Senate race there since 2008, and Trump won North Carolina by 3 points in 2024. But Democrats view Cooper as a strong contender with a winning record and some cross-partisan appeal. Republican National Committee Chairman Michael Whatley is expected to jump in on the Republican side to replace retiring GOP Sen. Thom Tillis.
Meanwhile, Republicans aren't content to defend their majority; they want to expand it, setting their sights on Michigan and Georgia, where the Republican primary fields have developed in the last week.
In Michigan, where Democratic Sen. Gary Peters is retiring, GOP Rep. Bill Huizenga announced last week that he would not run for Senate, effectively clearing the field for former Rep. Mike Rogers, who has the backing of Senate Republican leaders. Democrats, meanwhile, have multiple candidates vying for the party nod.
In Georgia, GOP Rep. Mike Collins announced today that he is running for Senate, saying it's 'time to send a trucker to the U.S. Senate to steamroll the radical left' — a nod to his trucking company.
Collins' entrance is the latest sign that Republicans will have a primary fight on their hands in the race against Democratic Sen. Jon Ossoff. GOP Rep. Buddy Carter is also running (and pouring in his own money). But the field did shrink last week when state Insurance Commissioner John King ended his campaign after meeting with GOP Gov. Brian Kemp, according to the Atlanta Journal Constitution.
The paper reported that Kemp is maneuvering behind the scenes to boost former University of Tennessee football coach Derek Dooley's potential Senate bid.
One final Senate note: While South Carolina is not necessarily on the Senate battleground map, a crowded GOP primary is also brewing as Sen. Lindsey Graham runs for re-election. NBC's Allan Smith reports today that Paul Dans, an architect of Project 2025, is expected to challenge Graham, who is already facing a primary challenge from former Lt. Gov. Andre Bauer.
🗞️ Today's other top stories
✈️ Vice visit: Vice President JD Vance dropped by a steel factory in Canton, Ohio, to trumpet the White House agenda — namely a 'big, beautiful bill' that polls show most voters don't like. It gave a glimpse of how Vance will be deployed in next year's midterm election campaigns. Read more →
🚨 First on NBC: Republican Sen. Josh Hawley introduced legislation today to provide tariff rebate checks of at least $600 per adult and child to American families, similar to the stimulus checks the government distributed during the Covid pandemic. Read more →
🤝 A bipartisan welcome: Linda McMahon and Robert F. Kennedy Jr. received a distinctly warm welcome over the weekend at a bipartisan summit of governors — including from Democrats. Read more →
🚢 Tariffs update: A new reality is settling in for the global economy: President Donald Trump's tariffs — set at levels once considered mostly unthinkable — are here to stay. Read more →
🗳️ 2026 watch: Nevada's attorney general is challenging Republican Gov. Joe Lombardo — who's seen as the most vulnerable Republican governor up for re-election next year. Read more →
🌈 On the road: The Human Rights Campaign, the country's largest LGBTQ rights organization, is taking its LGBTQ equality message on the road with a multicity tour focused on changing more hearts and minds, particularly in red states. Read more →
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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. Trump says Aug. 1 deadline will not be extended 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. 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. 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. 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. 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
21 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.
American Press
22 minutes ago
- American Press
Former Vice President Kamala Harris says she will not run for California governor
Former Vice President Kamala Harris will not run for California governor next year, leaving open the possibility that she could mount a third run for the White House in 2028. 'Over the past six months, I have spent time reflecting on this moment in our nation's history and the best way for me to continue fighting for the American people and advancing the values and ideals I hold dear,' Harris said in a statement released by her office Wednesday. 'I have given serious thought to asking the people of California for the privilege to serve as their governor. I love this state, its people and its promise. It is my home. But after deep reflection, I've decided that I will not run for Governor in this election,' she said. Harris' decision extends a guessing game about her political future that started after she lost last year's presidential election to Donald Trump. Harris spent months privately considering whether to run for governor, stage another run for the White House or step away from electoral politics altogether after her bruising defeat by Trump. She has not ruled out another run for president, after unsuccessful bids in 2020 and 2024. It's not known when she will make that decision. In her statement, Harris never mentions Trump directly but said 'our politics, our government, and our institutions have too often failed the American people, culminating in this moment of crisis.' 'For now, my leadership — and public service — will not be in elected office. I look forward to getting back out and listening to the American people, helping elect Democrats across the nation who will fight fearlessly, and sharing more details in the months ahead about my own plans,' Harris added. 'In the United States of America, power must lie with the people. And We, the People must use our power to fight for freedom, opportunity, fairness and the dignity of all. I will remain in that fight,' the statement said. Harris would have entered the crowded contest to replace term-limited Gov. Gavin Newsom as a front-runner given her widespread name recognition, fundraising prowess and track record of winning statewide elections. Before serving as U.S. senator and vice president, she was elected state attorney general and district attorney in San Francisco. But after years in Washington on the national and international stage, it was never clear if Harris was interested in returning to the less-glamorous world of statehouse politics in Sacramento. Outside California, Harris' political career has been marked by historic firsts but also disappointments. Harris sought the 2020 Democratic presidential nomination, but dropped out of the race before the leadoff Iowa caucuses — the first defeat of her political career. After Joe Biden chose her as his running mate, she made history as the first woman, Black person or person of South Asian descent to serve as vice president. In 2024, Harris became the Democratic presidential nominee after Biden left the race months before Election Day and endorsed her. She lost that race to Trump, who won every swing state. Harris faces some uncertainty if she chooses to make another White House run. Harris would have to convince national Democrats that she's the face of the party's future, despite losing to Trump last fall. She also carries the baggage of being tied to Biden, whom Democrats have increasingly criticized for seeking a second term rather than stepping aside. Biden's legacy was tarnished as he left office, and since then new questions have swirled about his physical and mental abilities as his term ended. The 2028 presidential contest is expected to attract a large field, which could potentially include Newsom. Any candidate will have to unify a fractious Democratic Party with low approval ratings that is struggling to slow Trump's agenda in Washington. In her most extensive public remarks since leaving office in January, Harris said in a San Francisco speech that Trump's leadership represented a ' wholesale abandonment ' of American ideals. Harris' decision not to seek the governorship keeps the contest to replace Newsom wide open. The Democratic field includes former U.S. Rep. Katie Porter, former Los Angeles Mayor Antonio Villaraigosa, former Biden administration health secretary Xavier Becerra and a handful of state officeholders.
