logo
Trump accuses Schiff of mortgage fraud, which Schiff calls false 'political retaliation'

Trump accuses Schiff of mortgage fraud, which Schiff calls false 'political retaliation'

Yahoo16-07-2025
President Trump on Tuesday accused Sen. Adam Schiff (D-Calif.) of committing mortgage fraud by intentionally misleading lenders about his primary residence being in the suburbs of Washington, D.C., rather than California, in order to "get a cheaper mortgage and rip off America."
Schiff, who led a House impeachment of Trump during the president's first term and has remained one of his most vocal and forceful political adversaries since joining the Senate, dismissed the president's claims as a "baseless attempt at political retribution."
A spokesperson for Schiff said he has always been transparent about owning two homes, in part to be able to raise his children near him in Washington, and has always followed the law — and advice from House counsel — in arranging his mortgages.
In making his claims, Trump cited an investigation by the Fannie Mae "Financial Crimes Division" as his source.
A memorandum reviewed by The Times from Fannie Mae investigators to William J. Pulte, the Trump-appointed director of the U.S. Federal Housing Finance Agency, does not accuse Schiff of mortgage fraud. It noted that investigators had been asked by the FHFA inspector general's office for loan files and "any related investigative or quality control documentation" for Schiff's homes.
Investigators said they found that Schiff at various points identified both his home in Potomac, Md., and a Burbank unit he also owns as his primary residence. As a result, they concluded that Schiff and his wife, Eve, "engaged in a sustained pattern of possible occupancy misrepresentation" on their home loans between 2009 and 2020.
The investigators did not say they had concluded that a crime had been committed, nor did they mention the word "fraud" in the memo.
The memo was partially redacted to remove Schiff's addresses and information about his wife. Fannie Mae did not respond to a request for comment.
Read more: Fannie Mae memo on Sen. Adam Schiff's residences
In addition to denying any wrongdoing, Schiff also suggested that Trump's accusation was an effort to distract from a growing controversy — important to many in the president's MAGA base — over the administration's failure to disclose more investigative records into child sex abuse by the late financier Jeffrey Epstein, a former acquaintance of Trump's.
There has long been rumors of a "client list" of Epstein's that could expose other powerful men as predators. Trump promised to release such a list as a candidate, and at one point Atty. Gen. Pam Bondi appeared to say such a list was on her desk. However, the administration has since said no such list exists, and Trump has begged his followers to move on.
Schiff drew a direct line between that controversy and Trump's accusations against him Tuesday.
"This is just Donald Trump's latest attempt at political retaliation against his perceived enemies. So it is not a surprise, only how weak this false allegation turns out to be," Schiff wrote on X. "And much as Trump may hope, this smear will not distract from his Epstein files problem."
A spokesperson for Schiff echoed the senator's denial of any wrongdoing.
According to the spokesperson, Schiff made a decision routine for Congress members from states far from Washington to buy a home in Maryland so he could raise his children nearby. He also maintained a home in California, living there when not in Washington.
The spokesperson said all of Schiff's lenders were aware that he intended to live in both as he traveled back and forth from Washington to his district — making neither a vacation home.
Read more: Schiff vs. Trump: The real head-to-head battle defining California's U.S. Senate race
Trump's own post about Schiff, on his social media platform, was thin on details and heavy on insults, calling Schiff "a scam artist" and "crook."
Trump alleged that Schiff reported his primary residence being in Maryland, when "he must LIVE in CALIFORNIA" as a congressman from the state.
Schiff, a former federal prosecutor, has for years laid out detailed arguments against the president — and for why his actions violated the law and warranted his permanent removal from office. Those have included Trump's first presidential campaign's interactions with Russian assets, his pressuring Ukraine to investigate his rival Joe Biden while U.S. military aid was being withheld from the country, and his incitement of the Jan. 6, 2021, insurrection and storming of the U.S. Capitol to prevent the certification of Biden's 2020 electoral win over him.
Schiff also has criticized the president — and his businesses, family members and political appointees — for their own financial actions.
He recently sponsored legislation that would restrict the ability of politicians and their family members from getting rich off of digital currencies of their own creation, as Trump and his family have done. He also has repeatedly demanded greater financial transparency from various Trump appointees, accusing them of breaking the law by not filing disclosures of their assets within required time frames.
Others have accused Trump for years of financial fraud. Last year, a judge in New York ordered Trump to pay $355 million in penalties in a civil fraud case after finding that the president and others in his business empire inflated his wealth to trick banks and insurers. Trump denied any wrongdoing and has appealed the decision.
All along the way, Trump has attacked Schiff personally, accusing him of peddling hoaxes for political gain and repeatedly suggesting that he should be charged with treason. During a presidential campaign stop in California last year — when Schiff was running for Senate — Trump called Schiff "one of the sleaziest politicians in history."
Schiff made mention of Trump's treason claims in his response to the new allegation of mortgage fraud Tuesday, writing, "Since I led his first impeachment, Trump has repeatedly called for me to be arrested for treason. So in a way, I guess this is a bit of a letdown."
Before leaving office, President Biden preemptively pardoned Schiff and the other members of the committee that investigated Trump's role in the Jan. 6 insurrection, anticipating that Trump would seek to retaliate against them for their work.
Schiff said at the time that he did not want a pardon. He later dismissed an assertion from Trump that the pardons were "void" as another attempt at intimidation.
Schiff was first elected to the U.S. House of Representatives in 2000. He now splits his time between a two-story home in Potomac, Md., which he bought in 2003, according to property records, and a one-bedroom condo in a shopping area in downtown Burbank, which he bought in 2009.
In 2023, amid a bruising primary race for his Senate seat, CNN reported on Schiff's two mortgages, citing experts who said the arrangement did not put Schiff in legal jeopardy — even if it could raise tough political questions.
CNN reported that deed records showed Schiff had designated his Maryland home as his primary residence, including while refinancing his mortgage over the years. In 2020, the outlet reported, Schiff again refinanced his mortgage and indicated that the Maryland home was his second.
CNN also reported that Schiff for years has taken a California homeowner's tax exemption for his Burbank home, also designating it as his primary address. CNN said that exemption amounted to "roughly $70 in annual savings." Schiff's spokesperson confirmed that estimate in annual savings in California, and noted that Schiff did not claim such an exemption in Maryland.
Get the L.A. Times Politics newsletter. Deeply reported insights into legislation, politics and policy from Sacramento, Washington and beyond, in your inbox twice per week.
This story originally appeared in Los Angeles Times.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

NIQ valued at $6.1 billion as shares dip in NYSE debut
NIQ valued at $6.1 billion as shares dip in NYSE debut

Yahoo

time18 minutes ago

  • Yahoo

NIQ valued at $6.1 billion as shares dip in NYSE debut

(Reuters) -NIQ Global's shares fell 3.6% in their NYSE debut on Wednesday, giving the Advent-backed consumer insights company a valuation of $6.1 billion. The lukewarm reception marks a setback in an otherwise strong run for IPOs as solid equity markets and upbeat debuts had encouraged investors to look past tariff-related volatility. NIQ's stock opened at $20.25 per share, compared with the IPO price of $21 per share. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Why Shares of Kohl's Are Sinking Today
Why Shares of Kohl's Are Sinking Today

Yahoo

time18 minutes ago

  • Yahoo

Why Shares of Kohl's Are Sinking Today

Key Points Kohl's has become a meme stock. Investors recently noticed the stock had close to 50% short interest. The company has struggled as of late. 10 stocks we like better than Kohl's › After rocketing nearly 38% higher yesterday, shares of Kohl's (NYSE: KSS) traded close to 16% lower, as of 12:12 a.m. ET today. Shares bobbed and weaved in violent trading sessions sparked by interest from retail investors, who view Kohl's as a meme stock. Meme mania is back With the market at all-time highs, investors are back in on meme stocks and appear to have targeted several names with high short interest that seem ripe for a short squeeze. Other stocks that have become meme stocks include Opendoor, Krispy Kreme, and GoPro. Kohl's had one of the highest percentages of its public float shorted at close to 50%, making it the ideal candidate for meme investors to identify. Kohl's was the topic of several threads on the popular sub-Reddit WallStreetBets on Tuesday. Kohl's has struggled as competition from e-commerce and other discount retailers has cut into the company's business. Recently, analysts at Goldman Sachs raised their price target from $5 per share to $7 on "reacceleration in top-line growth and cleaner inventories." But the stock has soared past that level, due to the meme rally. Of the 12 Wall Street analysts that have issued research reports on the stock over the last three months, five had a hold rating on the company, while seven say sell, according to TipRanks. The average price target implies about 43% downside, as of this writing. Buckle up As mentioned, Kohl's no longer trades on any kind of fundamentals and now is being propelled by social media-driven exuberance. There's no predicting where the stock will go or in which direction, so investors should avoid the name. But if you do invest, only invest what you can afford to lose. Should you invest $1,000 in Kohl's right now? Before you buy stock in Kohl's, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Kohl's wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $641,800!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,023,813!* Now, it's worth noting Stock Advisor's total average return is 1,034% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool has a disclosure policy. Why Shares of Kohl's Are Sinking Today was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Trump tariffs live updates: Trump strikes deal with Japan as EU, US reportedly close in on pact
Trump tariffs live updates: Trump strikes deal with Japan as EU, US reportedly close in on pact

Yahoo

time18 minutes ago

  • Yahoo

Trump tariffs live updates: Trump strikes deal with Japan as EU, US reportedly close in on pact

The US and European Union are closing in on a trade and tariff deal, multiple reports said Wednesday, even as the EU prepared a possible retaliatory package on over $100 billion worth of US goods. The Financial Times reported that the deal would see US tariffs on EU imports dip to 15%, instead of the 30% President Trump has threatened from Aug. 1. Bloomberg reported the 15% tariff rate would apply to "most products." Such a deal would be similar to one Trump announced with Japan on Tuesday, which includes a 15% tariff on imported goods, while the country will invest $550 billion into the US. Earlier on Tuesday, Trump also said the US had also struck a trade deal with the Philippines, which will see the country's imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal. The White House also unveiled new details of a confirmed trade agreement with Indonesia too. Yahoo Finance's Ben Werschkul reported that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any 'transhipped' goods. US officials said no tax would apply to "99%" of US imports. The deal developments come as prospects for larger pacts with India and Canada remain in question. Trump has threatened 25% to 35% tariffs on those larger trade partners. Trump has also said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries. Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days. 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. EU, US reportedly close in on trade deal The Financial Times reports: And more from Bloomberg: Read more here. Trump says he will trade 'Tariff points' for open markets to the US President Trump pushed one of his priorities in negotiating trade deals on Wednesday, and it wasn't exactly trade deficits. He suggested the US would reduce tariffs in exchange for countries opening their markets, i.e., putting zero tariffs on American-made products. "I will always give up Tariff points if I can get major countries to OPEN THEIR MARKETS TO THE USA," Trump posted on Truth Social. "Another great power of Tariffs. Without them, it would be impossible to get countries to OPEN UP!!! ALWAYS, ZERO TARIFFS TO AMERICA!!!" Trump's social media post came after the European Union announced it was preparing countermeasures against US tariffs, including a 30% tariff on over $100 billion worth of goods. Meanwhile, Indonesia agreed to drop its tariffs on US goods to 0% for 99% of trade. Detroit Three automakers raise concerns about Japan trade deal A group representing General Motors (GM) Ford (F) and Chrysler-parent Stellantis (STLA) raised concerns on Tuesday about the US-Japan trade deal, which could cut tariffs on auto imports from Japan to 15% while leaving tariffs on imports from Canada and Mexico at 25%. Reuters reports: Read more here. SAP falls as trade war concerns temper strong cloud growth Bloomberg News: Read more here. EU readies over $100B no-deal plan to match US 30% tariff The European Union announced on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. A European Commission spokesman said that the first part of countermeasures would combine an already approved list of tariffs on $24 billion of US goods and a previously proposed list on an additional on $83 billion of American products into one package. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. Bloomberg News reports: Read more here. European auto shares rally after US-Japan trade deal Bloomberg News reports: Read more here. Copper-laden ships race to reach US ahead of Trump's 50% tariffs At least four ships are rushing to reach US ports before August to avoid new import tariffs, a report from Bloomberg News claimed on Wednesday. Bloomberg News: Read more here. Enphase falls on downbeat outlook as Trump policies hit Enphase Energy (ENPH) said on Tuesday that steep import tariffs had impacted its gross margin, causing the solar panel maker's shares to fall 6% in premarket trading on Wednesday. Enphase forecast third-quarter revenue below Wall Street estimates on Tuesday and said President Donald Trump's import tariffs had impacted its earnings. Reuters reports: Read more here. Taiwan aims to strike deal with US in new round of talks Bloomberg News reports: Read more here. Japanese auto stocks surge as US announces lower-than-expected tariffs Shares of Japanese automakers pumped after US President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Read more here. Trump: 'I've just signed the largest trade deal in history with Japan' President Trump announced overnight that his team and Japan have finally reached a trade deal, which includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US. Trump, who made the announcement during a White House reception with members of Congress and later on Truth Social, called it the "largest trade deal in history" in reference to Japan. The deal wasn't easy to achieve. Japan's Prime Minister Shigeru Ishiba had hoped to speak with Trump at the G-7 meeting back in June, but earlier this month Trump said Japan was "spoiled" and doubted a deal would happen. The two sides have come a long way, with Ishiba remaining stoic yet firm to maintain his country's trust while trying to reach an agreement with the US. Bloomberg News reports: Read more here. Trump announces new details on trade pact with Indonesia President Trump and his team released new details of a pact announced last week with Indonesia, confirming plans for a 19% tariff on the country and adding a 40% rate on any 'transhipped' goods. The more complete framework of the deal is further confirmation of an agreement with America's 23rd largest trading partner that will avert 32% tariffs that Trump threatened previously. It also stipulates that 'Indonesia is going to drop its tariffs to 0% on over 99% of its trade,' a senior White House official said Tuesday. The official added that the deal includes the elimination of non-tariff barriers that Trump's team say hinders American companies, including in areas like pre-shipment inspection requirements, motor vehicle safety standards, and restrictions around US medical devices and pharmaceuticals. The exact definition of how Trump defines transshipped goods has been a matter of some debate in recent weeks. The deal with Indonesia includes goods not just re-labeled but made with a significant portion of components from a third country and then assembled in Indonesia. It's a provision also included in a recent deal with Vietnam and is clearly aimed at China. Indonesian negotiators previously confirmed that a deal had been struck but not all details, with the country president's spokesperson telling Reuters the negotiations had been 'an extraordinary struggle.' Trump says US has reached trade deal with the Philippines President Trump said Tuesday the US had reached a trade deal with the Philippines following its president's visit to the White House. He posted on Truth Social: This doesn't seem to move the needle much for the Philippines, whose imports to the US will see a 19% tariff instead of the 20% Trump had threatened from Aug. 1. The Philippines is the US's 29th-largest trade partner. Copper-laden ships race to reach US ahead of tariffs Fascinating angle from Bloomberg: Read more here. Coca-Cola CFO on tariffs: 'We think we can manage' Coca-Cola's (KO) CFO said the company is managing President Trump's tariffs. "June turned out to be a disappointing month," Coca-Cola CFO John Murphy told Yahoo Finance on Tuesday. He noted that tariffs continue to create uncertainty heading into the second half of the year. "We think we can manage absorbing any of the impacts with the various levers that we have at our disposal. It's always a local decision as to how to utilize those levers, but right now, it's something that we factored into our rest of year guidance." Yahoo Finance's Brooke DiPalma reports that Coca-Cola reported earnings for its second quarter that topped forecasts. Read more here. Bessent says he will meet Chinese officials, discuss tariff deadline extension US Treasury Secretary Scott Bessent told Fox Business on Tuesday that he plans to meet his Chinese counterpart next week and discuss an extension of an August 12 deadline for higher tariffs. Both China and the US reached a trade truce in London last month to prevent escalating tariffs. Reuters reports: Read more here. RTX cuts 2025 profit forecast as tariff costs weigh US aerospace and defense giant RTX (RTX) cut its 2025 profit forecast on Tuesday, citing President Trump's trade war as the major reason. Shares of the company fell 3% in premarket trading. Reuters reports: Read more here. GM's core profit slides in second quarter as Trump's tariffs bite Tariffs have started to hit US automaker General Motors (GM), who reported a fall in second quarter core profit of 32% to $3 billion on Tuesday. The automaker said tariffs have sapped $1.1 billion from results as it continues to grapple with President Trump's challenging trade war. Reuters reports: Read more here. Canadian boycott of US spirits hurts broader alcohol sales: Trade group American imports to Canada have dropped sharply due to Canadian provinces' boycott of US spirits amid the ongoing trade war with the United States, according to a Canadian liquor trade group. Reuters reports: Read more here. AstraZeneca announces $50B US manufacturing investment, matching its big pharma peers Pharmaceutical giant, AstraZeneca (AZN) announced it plans to invest $50 billion in US manufacturing by 2030, in the hopes it will avoid steep tariffs on imported components manufactured abroad. Yahoo Finance's senior reporter Anjalee Khemlani looks at how AstraZeneca's latest US investment keeps pace with its big pharma rivals. Read more here EU, US reportedly close in on trade deal The Financial Times reports: And more from Bloomberg: Read more here. The Financial Times reports: And more from Bloomberg: Read more here. Trump says he will trade 'Tariff points' for open markets to the US President Trump pushed one of his priorities in negotiating trade deals on Wednesday, and it wasn't exactly trade deficits. He suggested the US would reduce tariffs in exchange for countries opening their markets, i.e., putting zero tariffs on American-made products. "I will always give up Tariff points if I can get major countries to OPEN THEIR MARKETS TO THE USA," Trump posted on Truth Social. "Another great power of Tariffs. Without them, it would be impossible to get countries to OPEN UP!!! ALWAYS, ZERO TARIFFS TO AMERICA!!!" Trump's social media post came after the European Union announced it was preparing countermeasures against US tariffs, including a 30% tariff on over $100 billion worth of goods. Meanwhile, Indonesia agreed to drop its tariffs on US goods to 0% for 99% of trade. President Trump pushed one of his priorities in negotiating trade deals on Wednesday, and it wasn't exactly trade deficits. He suggested the US would reduce tariffs in exchange for countries opening their markets, i.e., putting zero tariffs on American-made products. "I will always give up Tariff points if I can get major countries to OPEN THEIR MARKETS TO THE USA," Trump posted on Truth Social. "Another great power of Tariffs. Without them, it would be impossible to get countries to OPEN UP!!! ALWAYS, ZERO TARIFFS TO AMERICA!!!" Trump's social media post came after the European Union announced it was preparing countermeasures against US tariffs, including a 30% tariff on over $100 billion worth of goods. Meanwhile, Indonesia agreed to drop its tariffs on US goods to 0% for 99% of trade. Detroit Three automakers raise concerns about Japan trade deal A group representing General Motors (GM) Ford (F) and Chrysler-parent Stellantis (STLA) raised concerns on Tuesday about the US-Japan trade deal, which could cut tariffs on auto imports from Japan to 15% while leaving tariffs on imports from Canada and Mexico at 25%. Reuters reports: Read more here. A group representing General Motors (GM) Ford (F) and Chrysler-parent Stellantis (STLA) raised concerns on Tuesday about the US-Japan trade deal, which could cut tariffs on auto imports from Japan to 15% while leaving tariffs on imports from Canada and Mexico at 25%. Reuters reports: Read more here. SAP falls as trade war concerns temper strong cloud growth Bloomberg News: Read more here. Bloomberg News: Read more here. EU readies over $100B no-deal plan to match US 30% tariff The European Union announced on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. A European Commission spokesman said that the first part of countermeasures would combine an already approved list of tariffs on $24 billion of US goods and a previously proposed list on an additional on $83 billion of American products into one package. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. Bloomberg News reports: Read more here. The European Union announced on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. A European Commission spokesman said that the first part of countermeasures would combine an already approved list of tariffs on $24 billion of US goods and a previously proposed list on an additional on $83 billion of American products into one package. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. Bloomberg News reports: Read more here. European auto shares rally after US-Japan trade deal Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Copper-laden ships race to reach US ahead of Trump's 50% tariffs At least four ships are rushing to reach US ports before August to avoid new import tariffs, a report from Bloomberg News claimed on Wednesday. Bloomberg News: Read more here. At least four ships are rushing to reach US ports before August to avoid new import tariffs, a report from Bloomberg News claimed on Wednesday. Bloomberg News: Read more here. Enphase falls on downbeat outlook as Trump policies hit Enphase Energy (ENPH) said on Tuesday that steep import tariffs had impacted its gross margin, causing the solar panel maker's shares to fall 6% in premarket trading on Wednesday. Enphase forecast third-quarter revenue below Wall Street estimates on Tuesday and said President Donald Trump's import tariffs had impacted its earnings. Reuters reports: Read more here. Enphase Energy (ENPH) said on Tuesday that steep import tariffs had impacted its gross margin, causing the solar panel maker's shares to fall 6% in premarket trading on Wednesday. Enphase forecast third-quarter revenue below Wall Street estimates on Tuesday and said President Donald Trump's import tariffs had impacted its earnings. Reuters reports: Read more here. Taiwan aims to strike deal with US in new round of talks Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Japanese auto stocks surge as US announces lower-than-expected tariffs Shares of Japanese automakers pumped after US President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Read more here. Shares of Japanese automakers pumped after US President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Read more here. Trump: 'I've just signed the largest trade deal in history with Japan' President Trump announced overnight that his team and Japan have finally reached a trade deal, which includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US. Trump, who made the announcement during a White House reception with members of Congress and later on Truth Social, called it the "largest trade deal in history" in reference to Japan. The deal wasn't easy to achieve. Japan's Prime Minister Shigeru Ishiba had hoped to speak with Trump at the G-7 meeting back in June, but earlier this month Trump said Japan was "spoiled" and doubted a deal would happen. The two sides have come a long way, with Ishiba remaining stoic yet firm to maintain his country's trust while trying to reach an agreement with the US. Bloomberg News reports: Read more here. President Trump announced overnight that his team and Japan have finally reached a trade deal, which includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US. Trump, who made the announcement during a White House reception with members of Congress and later on Truth Social, called it the "largest trade deal in history" in reference to Japan. The deal wasn't easy to achieve. Japan's Prime Minister Shigeru Ishiba had hoped to speak with Trump at the G-7 meeting back in June, but earlier this month Trump said Japan was "spoiled" and doubted a deal would happen. The two sides have come a long way, with Ishiba remaining stoic yet firm to maintain his country's trust while trying to reach an agreement with the US. Bloomberg News reports: Read more here. Trump announces new details on trade pact with Indonesia President Trump and his team released new details of a pact announced last week with Indonesia, confirming plans for a 19% tariff on the country and adding a 40% rate on any 'transhipped' goods. The more complete framework of the deal is further confirmation of an agreement with America's 23rd largest trading partner that will avert 32% tariffs that Trump threatened previously. It also stipulates that 'Indonesia is going to drop its tariffs to 0% on over 99% of its trade,' a senior White House official said Tuesday. The official added that the deal includes the elimination of non-tariff barriers that Trump's team say hinders American companies, including in areas like pre-shipment inspection requirements, motor vehicle safety standards, and restrictions around US medical devices and pharmaceuticals. The exact definition of how Trump defines transshipped goods has been a matter of some debate in recent weeks. The deal with Indonesia includes goods not just re-labeled but made with a significant portion of components from a third country and then assembled in Indonesia. It's a provision also included in a recent deal with Vietnam and is clearly aimed at China. Indonesian negotiators previously confirmed that a deal had been struck but not all details, with the country president's spokesperson telling Reuters the negotiations had been 'an extraordinary struggle.' President Trump and his team released new details of a pact announced last week with Indonesia, confirming plans for a 19% tariff on the country and adding a 40% rate on any 'transhipped' goods. The more complete framework of the deal is further confirmation of an agreement with America's 23rd largest trading partner that will avert 32% tariffs that Trump threatened previously. It also stipulates that 'Indonesia is going to drop its tariffs to 0% on over 99% of its trade,' a senior White House official said Tuesday. The official added that the deal includes the elimination of non-tariff barriers that Trump's team say hinders American companies, including in areas like pre-shipment inspection requirements, motor vehicle safety standards, and restrictions around US medical devices and pharmaceuticals. The exact definition of how Trump defines transshipped goods has been a matter of some debate in recent weeks. The deal with Indonesia includes goods not just re-labeled but made with a significant portion of components from a third country and then assembled in Indonesia. It's a provision also included in a recent deal with Vietnam and is clearly aimed at China. Indonesian negotiators previously confirmed that a deal had been struck but not all details, with the country president's spokesperson telling Reuters the negotiations had been 'an extraordinary struggle.' Trump says US has reached trade deal with the Philippines President Trump said Tuesday the US had reached a trade deal with the Philippines following its president's visit to the White House. He posted on Truth Social: This doesn't seem to move the needle much for the Philippines, whose imports to the US will see a 19% tariff instead of the 20% Trump had threatened from Aug. 1. The Philippines is the US's 29th-largest trade partner. President Trump said Tuesday the US had reached a trade deal with the Philippines following its president's visit to the White House. He posted on Truth Social: This doesn't seem to move the needle much for the Philippines, whose imports to the US will see a 19% tariff instead of the 20% Trump had threatened from Aug. 1. The Philippines is the US's 29th-largest trade partner. Copper-laden ships race to reach US ahead of tariffs Fascinating angle from Bloomberg: Read more here. Fascinating angle from Bloomberg: Read more here. Coca-Cola CFO on tariffs: 'We think we can manage' Coca-Cola's (KO) CFO said the company is managing President Trump's tariffs. "June turned out to be a disappointing month," Coca-Cola CFO John Murphy told Yahoo Finance on Tuesday. He noted that tariffs continue to create uncertainty heading into the second half of the year. "We think we can manage absorbing any of the impacts with the various levers that we have at our disposal. It's always a local decision as to how to utilize those levers, but right now, it's something that we factored into our rest of year guidance." Yahoo Finance's Brooke DiPalma reports that Coca-Cola reported earnings for its second quarter that topped forecasts. Read more here. Coca-Cola's (KO) CFO said the company is managing President Trump's tariffs. "June turned out to be a disappointing month," Coca-Cola CFO John Murphy told Yahoo Finance on Tuesday. He noted that tariffs continue to create uncertainty heading into the second half of the year. "We think we can manage absorbing any of the impacts with the various levers that we have at our disposal. It's always a local decision as to how to utilize those levers, but right now, it's something that we factored into our rest of year guidance." Yahoo Finance's Brooke DiPalma reports that Coca-Cola reported earnings for its second quarter that topped forecasts. Read more here. Bessent says he will meet Chinese officials, discuss tariff deadline extension US Treasury Secretary Scott Bessent told Fox Business on Tuesday that he plans to meet his Chinese counterpart next week and discuss an extension of an August 12 deadline for higher tariffs. Both China and the US reached a trade truce in London last month to prevent escalating tariffs. Reuters reports: Read more here. US Treasury Secretary Scott Bessent told Fox Business on Tuesday that he plans to meet his Chinese counterpart next week and discuss an extension of an August 12 deadline for higher tariffs. Both China and the US reached a trade truce in London last month to prevent escalating tariffs. Reuters reports: Read more here. RTX cuts 2025 profit forecast as tariff costs weigh US aerospace and defense giant RTX (RTX) cut its 2025 profit forecast on Tuesday, citing President Trump's trade war as the major reason. Shares of the company fell 3% in premarket trading. Reuters reports: Read more here. US aerospace and defense giant RTX (RTX) cut its 2025 profit forecast on Tuesday, citing President Trump's trade war as the major reason. Shares of the company fell 3% in premarket trading. Reuters reports: Read more here. GM's core profit slides in second quarter as Trump's tariffs bite Tariffs have started to hit US automaker General Motors (GM), who reported a fall in second quarter core profit of 32% to $3 billion on Tuesday. The automaker said tariffs have sapped $1.1 billion from results as it continues to grapple with President Trump's challenging trade war. Reuters reports: Read more here. Tariffs have started to hit US automaker General Motors (GM), who reported a fall in second quarter core profit of 32% to $3 billion on Tuesday. The automaker said tariffs have sapped $1.1 billion from results as it continues to grapple with President Trump's challenging trade war. Reuters reports: Read more here. Canadian boycott of US spirits hurts broader alcohol sales: Trade group American imports to Canada have dropped sharply due to Canadian provinces' boycott of US spirits amid the ongoing trade war with the United States, according to a Canadian liquor trade group. Reuters reports: Read more here. American imports to Canada have dropped sharply due to Canadian provinces' boycott of US spirits amid the ongoing trade war with the United States, according to a Canadian liquor trade group. Reuters reports: Read more here. AstraZeneca announces $50B US manufacturing investment, matching its big pharma peers Pharmaceutical giant, AstraZeneca (AZN) announced it plans to invest $50 billion in US manufacturing by 2030, in the hopes it will avoid steep tariffs on imported components manufactured abroad. Yahoo Finance's senior reporter Anjalee Khemlani looks at how AstraZeneca's latest US investment keeps pace with its big pharma rivals. Read more here Pharmaceutical giant, AstraZeneca (AZN) announced it plans to invest $50 billion in US manufacturing by 2030, in the hopes it will avoid steep tariffs on imported components manufactured abroad. Yahoo Finance's senior reporter Anjalee Khemlani looks at how AstraZeneca's latest US investment keeps pace with its big pharma rivals. Read more here

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store