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Trump's tariffs the focus of MD Senator Angela Alsobrooks first bill

Trump's tariffs the focus of MD Senator Angela Alsobrooks first bill

Yahoo12-03-2025
The Brief
Senator Angela Alsobrooks takes aim at President Donald Trump's recent tariffs in her first bill.
The legislation aims to gain transparency on the impact of Trump's tariffs.
MARYLAND - Maryland Senator Angela Alsobrooks is calling for transparency with her first bill, the Tariff Transparency Act.
This legislation calls for the United States International Trade Commission to conduct an investigation into the impact of President Donald Trump's tariffs, and the threat of these tariffs, on imports from Mexico and Canada.
Trump officially increased tariffs on all steel and aluminum imports to 25%. The decision that came on Tuesday, March 11, will eliminate all exemptions from his 2018 tariffs on the metals, in addition to increasing the tariffs on aluminum from 10%.
"Marylanders are struggling to put food on the table and afford the basic necessities as it is. The last thing we need are tariffs that will raise prices,"said Alsobrooks. "The truth is this: the Trump Administration knows that the tariffs on allies like Canada and Mexico will raise prices for consumers, spike inflation, and harm American small businesses. If they disagree, now is their time to prove it. My bill will force a nonpartisan study on this Administration's tariffs and how they will impact everyday Americans."
What's next
Trump has separate tariffs on Canada, Mexico and China, with plans to also tax imports from the European Union, Brazil and South Korea by charging "reciprocal" rates starting on April 2.
The EU announced its own countermeasures on Wednesday. European Commission President Ursula von der Leyen said that as the United States was "applying tariffs worth 28 billion dollars, we are responding with countermeasures worth 26 billion euros," or about $28 billion. Those measures, which cover not just steel and aluminum products, but also textiles, home appliances and agricultural goods, are due to take effect on April 1.
Separately, Trump on Tuesday threatened to put tariffs of 50% on steel and aluminum from Canada, but he chose to stay with the 25% rate after the province of Ontario suspended plans to put a surcharge on electricity sold to Michigan, Minnesota and New York.
The Source
Information for this story was provided by the Associated Press and FOX 5 reporting.
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Stock market today: Dow eyes record on UnitedHealth surge, S&P 500, Nasdaq fall as rate-cut bets cool
Stock market today: Dow eyes record on UnitedHealth surge, S&P 500, Nasdaq fall as rate-cut bets cool

Yahoo

time27 minutes ago

  • Yahoo

Stock market today: Dow eyes record on UnitedHealth surge, S&P 500, Nasdaq fall as rate-cut bets cool

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"It was basically all of us retailers who saw the value in this platform, supported it. We got not a word from management over these last few weeks. So I think she's got to go." Opendoor Technologies (OPEN) shares spiked as much as 10% in morning trading after the company announced the departure of its CEO Carrie Wheeler effective immediately. Opendoor said it is searching for a new CEO to lead the ibuyer in its next growth phase, just weeks after the stock skyrocketed in a meme-fueled rally. "Carrie Wheeler, Opendoor's current Chief Executive Officer and Chair of the Board, has made the decision to step down from her roles with the company, also effective immediately," said the press release. The board appointed Shrisha Radhakrishna, Opendoor's chief technology and product officer, as president and interim leader of the company. 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"I'm going to have a rate that is going to be lower at the beginning — that gives them a chance to come in and build — and very high after a certain period of time," he said. Chip stocks dropped Friday after President Trump said he will set tariffs on semiconductors as soon as next week. "I'll be setting tariffs next week and the week after on steel and on, I would say, chips," Trump told reporters Friday while aboard Air Force One while traveling to Alaska to meet Russian President Vladimir Putin, Reuters reported. Nvidia (NVDA), AMD (AMD), and Broadcom (AVGO) fell more than 1%, while Micron (MU) dropped more than 3%. Trump said earlier this month that semiconductor companies building out their domestic manufacturing footprint — this includes the world's leading contract chip manufacturer, Taiwanese firm TSMC (TSM) — would be exempt from his planned 100% tariffs on chips. That commentary sent chip stocks up. But on Friday, he implied that the exemption may only be temporary. 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Sentiment improved in June as Trump dialed back some of his aggressive stances on tariffs. 'Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused,' Hsu said. 'However, consumers continue to expect both inflation and unemployment to deteriorate in the future.' US consumer sentiment deteriorated in August, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from a reading of 61.7 in July. It was also less than the 62 reading expected by economists surveyed by Bloomberg. 'This deterioration largely stems from rising worries about inflation,' wrote Joanne Hsu, the director of the university's Surveys of Consumers. Consumer sentiment had improved in June and July after plummeting in the spring as Americans worried about the impacts of Trump's tariffs. In May, the index showed sentiment at its second-lowest level on record as consumers expressed concerns over long-term inflation, fueled by uncertainty surrounding Trump's trade policies. Sentiment improved in June as Trump dialed back some of his aggressive stances on tariffs. 'Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused,' Hsu said. 'However, consumers continue to expect both inflation and unemployment to deteriorate in the future.' US stocks mixed at the open US stocks were mixed on Friday at the open as Wall Street tempered its hopes for the Fed to cut interest rates in September, as economic data this week showed higher than expected wholesale inflation and a rise in July retail sales. The Dow Jones Industrial Average (^DJI) rose around 0.5%, putting the index on track for its first record since December. 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Bloomberg reported that the Trump administration is in talks with Intel about the deal, which would help the company complete its Ohio factory expansion that had been put on hold. The report follows a meeting between President Trump and Intel CEO Lip-Bu Tan earlier this week, which came after the president called for the CEO's resignation due to his ties with China. "As Intel's prospects have dimmed, the idea of support (governmental or otherwise) has gained traction, understandable given the company, for better or worse, remains the only US-headquartered prospect for leading edge semiconductor chips and processes; it seems like Trump may have been persuaded to see the light," Bernstein analyst Stacy Rasgon wrote in a note to investors Friday. It's not the first time the Trump administration has allegedly floated ideas to prop up Intel. In February, a news report said the US was pitching proposals to its rival TSMC to help support its turnaround by establishing a joint venture with Intel. Read more here. Intel (INTC) stock spiked more than 7% Thursday and continued to climb 3% before the market open on Friday, following a report that the US government is considering taking a stake in the troubled chipmaker. Bloomberg reported that the Trump administration is in talks with Intel about the deal, which would help the company complete its Ohio factory expansion that had been put on hold. The report follows a meeting between President Trump and Intel CEO Lip-Bu Tan earlier this week, which came after the president called for the CEO's resignation due to his ties with China. "As Intel's prospects have dimmed, the idea of support (governmental or otherwise) has gained traction, understandable given the company, for better or worse, remains the only US-headquartered prospect for leading edge semiconductor chips and processes; it seems like Trump may have been persuaded to see the light," Bernstein analyst Stacy Rasgon wrote in a note to investors Friday. It's not the first time the Trump administration has allegedly floated ideas to prop up Intel. In February, a news report said the US was pitching proposals to its rival TSMC to help support its turnaround by establishing a joint venture with Intel. Read more here. Retail sales climb less than expected in July Retail sales rose 0.5% in July from the prior month, according to data from the US Census Bureau released Friday — marking the second monthly gain in a row, as consumer spending steadies following a dramatic drop in earlier in the year. Still, the jump was less than the 0.6% gain expected by economists surveyed by Bloomberg. Excluding auto and gas sales, retail sales were up 0.2%, also less than the 0.3% projected. An even narrower slice of retail sales called the 'control group' — a more precise measure of consumer spending that excludes certain sales such as those from office supply and tobacco stores — climbed 0.5%, ahead of the 0.4% expected. Retail sales rebounded in June, a sign that consumer spending habits were remaining resilient despite President Trump's tariffs. Read more here. Retail sales rose 0.5% in July from the prior month, according to data from the US Census Bureau released Friday — marking the second monthly gain in a row, as consumer spending steadies following a dramatic drop in earlier in the year. Still, the jump was less than the 0.6% gain expected by economists surveyed by Bloomberg. Excluding auto and gas sales, retail sales were up 0.2%, also less than the 0.3% projected. An even narrower slice of retail sales called the 'control group' — a more precise measure of consumer spending that excludes certain sales such as those from office supply and tobacco stores — climbed 0.5%, ahead of the 0.4% expected. Retail sales rebounded in June, a sign that consumer spending habits were remaining resilient despite President Trump's tariffs. Read more here. Investors want rate cut 'validation,' but the Fed's dilemma won't go away Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here. Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here. Good morning. Here's what's happening today. Economic data: Retail sales (July); Export prices (July); Industrial production (July); University of Michigan consumer sentiment (August preliminary) Earnings: No notable earnings. Here are some of the biggest stories you may have missed overnight and early this morning: 'Striking while the iron is hot' Investors want rate cut 'validation,' but the Fed's dilemma remains Applied Materials' shares sink on weak China demand, tariff risks UnitedHealth jumps as Buffett's Berkshire buys 5M shares BofA's Hartnett sees profit-taking in stocks after Jackson Hole AI exacerbates tech divide with smaller stocks languishing A trader's guide to the Alaska talks between Trump and Putin China's economy slows in July on tariffs, weak property market Economic data: Retail sales (July); Export prices (July); Industrial production (July); University of Michigan consumer sentiment (August preliminary) Earnings: No notable earnings. Here are some of the biggest stories you may have missed overnight and early this morning: 'Striking while the iron is hot' Investors want rate cut 'validation,' but the Fed's dilemma remains Applied Materials' shares sink on weak China demand, tariff risks UnitedHealth jumps as Buffett's Berkshire buys 5M shares BofA's Hartnett sees profit-taking in stocks after Jackson Hole AI exacerbates tech divide with smaller stocks languishing A trader's guide to the Alaska talks between Trump and Putin China's economy slows in July on tariffs, weak property market Applied Materials' shares sink on weak China demand, tariff risks Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. UnitedHealth stock soars as Buffett's Berkshire buys 5M shares UnitedHealth Group stock rose 12% before the bell on Friday after Warren Buffett's Berkshire Hathaway (BRK-B, BRK-A) acquired 5 million shares in the company. A regulatory filing showed the purchase on Thursday. Reuters reports: Read more here. UnitedHealth Group stock rose 12% before the bell on Friday after Warren Buffett's Berkshire Hathaway (BRK-B, BRK-A) acquired 5 million shares in the company. A regulatory filing showed the purchase on Thursday. Reuters reports: Read more here. 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

Caterpillar, Deere count the costs of tariffs as soft demand limits pricing power
Caterpillar, Deere count the costs of tariffs as soft demand limits pricing power

Yahoo

time27 minutes ago

  • Yahoo

Caterpillar, Deere count the costs of tariffs as soft demand limits pricing power

By Shivansh Tiwary and Nathan Gomes (Reuters) -Industrial machinery makers are being battered by steeper costs from U.S. President Donald Trump's sweeping tariffs, with sluggish demand and high interest rates leaving little room to pass those expenses onto customers. Caterpillar and Deere, both sector bellwethers, have flagged hefty tariff-related hits this year, most of which they expect to absorb in the coming months as policy shifts keep markets on edge. Global companies that reported between July 16 and August 14 projected a combined financial hit of $14.2 billion to $15.8 billion for the full year, the Reuters' tariff tracker shows. During their respective earnings calls, Caterpillar said tariffs on imported components and materials would weigh on margins, while Deere warned of higher costs for steel and other inputs critical to its agricultural and construction equipment. The new round of tariffs, part of Trump's expansive push to protect U.S. manufacturing and narrow trade deficits, covers a wide range of industrial goods and raw materials. Machinery makers are already contending with a soft demand environment, as an uncertain economic outlook and elevated borrowing costs prompt customers to delay large capital investments. Deere was not able to raise prices as much as expected in its construction and forestry unit, while price increases in its agriculture business were modest and a bit below forecasts, Edward Jones analyst Faisal Hersi said. That has made it harder to pass on rising expenses, a sharp contrast to the pandemic years when resilient farm incomes and robust infrastructure spending allowed equipment makers to offset supply chain disruptions with price hikes and shield their margins. Quarterly operating profit in Deere's construction & forestry unit roughly halved from last year, while Caterpillar's overall operating profit fell nearly 20%. The tariff hit will be felt most in Deere's Small Ag & Turf and Construction & Forestry units, Jefferies analyst Stephen Volkmann said, with pricing moves only partially offsetting the blow. While the levies are designed to spur domestic production, they have raised concerns among manufacturers that rely on global supply chains. Deere expects just a 1% price gain this year in its largest division, Production & Precision Agriculture, leaving little to cushion a hit from normal cost inflation. Caterpillar is facing as much as $1.5 billion in tariff-related costs in 2025, including $400 million to $500 million in the third quarter alone, but is keeping its revenue guidance slightly above 2024 levels. "Currently, inventory destocking is the norm as demand cools, pressuring CAT and DE's ability to push through higher prices onto their customer base," CFRA Research analyst Jonathan Sakraida said. On the demand side, Caterpillar is finding some relief in its Energy & Transportation unit, which supplies engines, turbines, and locomotives for industries from power generation to rail, with strength there helping offset weakness in its Construction Industries and Resource Industries segments. Deere, with its heavier reliance on the farm equipment market, has faced a sharper slowdown, with sales down nearly 18% so far this year. Caterpillar's power generation business, for instance, is avoiding deep discounts to clear inventory, while Deere is expected to take a more aggressive pricing stance in Brazil as those markets move into a recovery phase, Sakraida said. The world's largest farm equipment maker, which expects $600 million in tariff impacts this year - $100 million north of its prior expectation, has cut its annual profit forecast twice this year as slowing farm equipment sales weigh on results.

Chili's Is Back to Growth and Is Looking to Expand Across the US
Chili's Is Back to Growth and Is Looking to Expand Across the US

Bloomberg

time27 minutes ago

  • Bloomberg

Chili's Is Back to Growth and Is Looking to Expand Across the US

Chili's, the once flailing casual-dining chain that has won Americans back with appetizer combos and mozzarella sticks that have gone viral, is coming to a town near you. The company is getting back to building new restaurants and wants to grow beyond strongholds such as Florida, Texas and California, Kevin Hochman, chief executive officer of parent company Brinker International Inc., said in an interview. It's now eyeing areas with few or no Chili's, such as parts of the Northeast and Pacific Northwest.

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