CVS' Aetna to Stop Offering Affordable Care Act Health Plans
The move comes after Chief Executive Officer David Joyner took the helm in October with a mandate to improve the company's insurance business, which had been struggling after Aetna sold certain plans too cheaply and the federal government dinged it for quality issues. The challenges drew the interest of Glenview Capital Management, whose founder joined the board.
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Yahoo
18 minutes ago
- Yahoo
More Americans are driving to Canada than Canadians to the U.S., report finds
More American travellers drove to Canada in July than Canadians did to the United States, according to a new report by Statistics Canada. This is the first time such a reversal has taken place since before the COVID-19 pandemic. The dramatic decline of Canadians travelling to the U.S. was sparked last year, with U.S. President Donald Trump's heated rhetoric about Canada becoming the 51st state that led to an ongoing trade war and lingering tension between the two countries. The data for last month shows that 1.8 million American residents drove to Canada, compared to the 1.7 million Canadian residents who made a return trip from the U.S. by car. Canadian road trips to U.S. plunge for seventh month as boycott continues Both countries saw a decline at land border crossings last month. For Americans driving to Canada, there was a slight dip of 7.4 per cent compared to the same month last year. It was also the sixth consecutive month of year-over-year declines. However, the decline was much steeper for Canadians returning from the U.S. this July compared to the previous year, at nearly 37 per cent. Last month marked the seventh consecutive month of year-over-year declines, StatCan said. 'In 2024, Canadian-resident trips to the United States totalled 39 million, representing 75 per cent of all Canadian-resident travel abroad,' according to another StatCan report published earlier this summer about travel to the U.S. 'However, recent data on foreign travel suggest that Canadians' travel sentiment toward their southern neighbour has been shifting in early 2025.' Although the data reflects a 'notable change in travel patterns,' StatCan said it is 'unclear whether the change is temporary or part of a more permanent shift.' As for air travel, the number of non-resident visitors who flew to Canada increased in July. There were 1.4 million of them — up by just over 3 per cent since the same time last year. While the bump was largely due to residents who came from overseas (up 5.6 per cent this year), American travellers were also up by just under 1 per cent. The highest number of U.S.-resident arrivals by air was 31,600 Americans on July 3, before the Independence Day long weekend in the U.S. Meanwhile, the number of Canadians returning home from abroad by air last month was down by 5.3 per cent compared to the previous year. In particular, Canadians flying back from the U.S. also decreased by nearly 26 per cent since the same time last year. Canadian permanent residents will now have to pay 'visa integrity fee' to enter U.S. Here's what it is An American sent to Canada was shocked by how furious Canadians are at the U.S. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here.
The Hill
19 minutes ago
- The Hill
How Trump's tariffs could actually work
Economists prefer free trade because it is the best policy for global welfare. But what the debate around tariffs often fails to recognize is that there is an economic rationale for U.S. tariffs of 15 to 20 percent. Large countries like the U.S. have market power, which means U.S. demand affects global prices. Tariffs depress U.S. demand, pushing global prices down. As a result of tariffs, the U.S. imports goods at lower prices and also obtains revenue in the process. Most economists estimate that the optimal tariff for the U.S. is between 15 and 20 percent but could be as high as 60 percent. The major problem with imposing high tariffs is that if our trade partners retaliate with similarly high tariffs on imports from the U.S., the U.S. will be worse off. So, the U.S. wants a tariff if it can act alone, but cooperation on low tariffs is the best policy for all — and better for the U.S. — if the alternative is a trade war. To get a sense of the magnitudes, a recent study estimates that 19 percent tariffs could expand U.S. income by roughly 2 percent and boost employment if other countries don't retaliate. However, the effects on income and employment become negative when other countries also impose tariffs. The basic intuition for the tariff is that foreign sellers want access to the huge U.S. market and are willing to pay a fee for that access. Consider a German auto firm, say BMW, that sells lots of cars in the U.S. If the U.S. places a tariff on German cars, Americans will shift to buying more GMs and fewer BMWs. But the U.S. consumer is hard to replace, so BMW will lower the pre-tariff price of its cars to maintain competitiveness. U.S. consumers face somewhat higher prices on BMWs with the tariff, but the tariff revenue that the U.S. government collects more than compensates for the consumer loss, so the U.S. as a country is better off. Put differently, because the U.S. is large, some of the tariff is paid by BMW. The ability to pressure BMW and other German producers to lower prices only works because of the extraordinary buying power of the U.S. consumer. If, for example, a small country, say Ghana, puts a tariff on BMWs, it would negligibly affect total sales, so this effect would be absent. This market power is similar to the leverage that companies like Amazon and Walmart have to push down the prices of their suppliers because they control such a large share of the market. The problem with using market size to push down import prices is that the U.S. is not the only large country. If other large markets, like the European Union and China, also raise tariffs then everyone is worse off. In a trade war, U.S. exporters will also have a hard time selling abroad, while U.S. consumers will have fewer varieties to choose from and face higher prices. The biggest risk Trump took when he reversed decades of low, predictable tariffs was starting a trade war with tariffs spiraling out of control around the world. Given the recent news of U.S. bilateral trade deals with the United Kingdom, Indonesia, Vietnam, the Philippines, Japan, Korea and the EU, as well as a preliminary accord with China, the gamble may have paid off. One after another, our most important trade partners are accepting significantly higher U.S. tariffs without raising their own tariffs on imports from the U.S. Moreover, in addition to accepting higher tariffs on their exports to the U.S., Europe, Japan and Korea are committing to increased investment in the United States. Why are countries caving? The large market is part of it, but the gaping U.S. trade deficit with these markets also matters. It gives the U.S. additional leverage since American consumers are needed to buy foreign goods to a greater extent than American businesses need foreigners to buy U.S. goods. The U.S. military might also factor in, as many of the countries making deals depend on the U.S. for security. The unpredictability introduced may already be depressing investment and hiring, as investors and firms have no idea what policy will be tomorrow. Similarly, companies that rely heavily on imported parts and components may be unable to survive in the U.S., leading to job loss in import-dependent industries. Already high, U.S. inequality could get worse if care is not taken since low-income families spend more of their income on goods, making them more vulnerable to price increases. There are also major global threats. The bullying that was part of achieving these trade deals could lead to backlash against the U.S. and its brand with real consequences of sustained loss of U.S. leadership and power in all global matters. The unpredictability introduced may depress investment, as investors have no idea what policy will be tomorrow. Domestic political blowback in our trade partners against the U.S. could ultimately create pressure for higher tariffs on imports from the U.S., resulting in a trade war. Variable U.S. tariffs across trade partners — already ranging from 15 to 55 percent — will create trade diversion and administrative costs. Countries could look to other markets and make deals that exclude the U.S., reducing our global leverage. And the list goes on. But if the U.S. government moves on from these trade wins, facilitating a return to predictable policy, and shows more openness to global cooperation in other critical areas, Trump's trade policy could boost U.S. income without major damage to our global standing or global investment. Perhaps this is the hope that has been driving the stock market up. The risks are many and great. But given the (surprisingly) flexible response abroad to date, the policy is not guaranteed to fail as many assumed. One big bullet may have been dodged. .
New York Post
19 minutes ago
- New York Post
Lots of Americans think they have this allergy — but only 1% really do
You've been itching to avoid this antibiotic — maybe for no reason. Penicillin was discovered in 1928 by a Scottish bacteriologist. The medication has since become a common treatment for a range of bacterial infections, including strep throat, pneumonia, skin infections and certain urinary tract infections. But not everyone can tolerate penicillin. People allergic to the drug may suffer hives, itchy skin, a rash or, in severe cases, a potentially life-threatening reaction known as anaphylaxis upon exposure. Advertisement 4 A penicillin allergy can lead to a rash or hives if exposed to the drug. Image'in – These patients may struggle to breathe, feel dizzy or experience facial swelling. The good news is that penicillin allergies are far less common than once believed. Advertisement Studies have shown that over 90% of people who report a penicillin allergy aren't actually allergic when tested. Less than 1% of Americans are truly allergic. 'Incorrectly being labeled as allergic to penicillin can prevent you from getting the most appropriate, safest treatment for an infection,' Dr. Elizabeth W. Covington, an associate clinical professor of pharmacy at Auburn University, recently wrote in The Conversation. 4 Penicillin is used to treat strep throat, pneumonia, skin infections and certain urinary tract infections. luchschenF – 'It can also put you at an increased risk of antimicrobial resistance, which is when an antibiotic no longer works against bacteria,' she added. Advertisement Those reporting penicillin allergies are often treated with broad-spectrum antibiotics, which target lots of different types of bacteria. Covington noted that this puts helpful bacteria in the cross-hairs, potentially paving the way for the survival and spread of antibiotic-resistant bacteria. 'Broad-spectrum antibiotics … aren't always the best fit and can have more side effects' than penicillin, she said. 'What's more, your medical bills could end up higher due to using more expensive drugs.' Advertisement People tend to get mislabeled as allergic to penicillin if they have a rash, nausea, diarrhea or headaches after taking an antibiotic as a child, Covington reported. But those reactions can be common side effects of antibiotics or triggered by the illness itself. 4 In severe cases, a person with a penicillin allergy may suffer throat swelling. SKT Studio – 'People also often assume penicillin allergies run in families, but having a relative with an allergy doesn't mean you're allergic — it's not hereditary,' Covington said in The Conversation. 'Finally, about 80% of patients with a true penicillin allergy will lose the allergy after about 10 years,' she continued. 'That means even if you used to be allergic to this antibiotic, you might not be anymore, depending on the timing of your reaction.' How to tell if you're allergic to penicillin Talk with a doctor or pharmacist about any symptoms you have after taking antibiotics. Be sure to note when the reaction began, whether treatment was needed and what happened with subsequent attempts at taking similar drugs. Advertisement 'In many cases, this interview is enough to determine you aren't allergic,' Covington said. 'But sometimes, further testing may be recommended.' 4 An immunologist performs a skin prick allergy test on a woman's arm. Microgen – Penicillin skin testing typically involves putting a small amount of penicillin solution on the forearm and pricking or scratching the skin to let the solution enter. Then you're observed to see if you develop redness or raised bumps. Advertisement If the skin test is negative, an immunologist may administer a small oral dose of the drug and monitor you for signs of a reaction. Memorial Sloan Kettering Cancer Center said the skin and oral testing typically takes 90 minutes to two hours. The NYC-based cancer hospital suggests wearing a short-sleeved shirt for the test, which allows for easy access to your arm, and eating a meal or snack beforehand to prevent cramping, gas and bloating.
