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The Guardian
11 minutes ago
- The Guardian
The one thing Donald Trump isn't saying about tariffs
Donald Trump's words and actions rarely align perfectly. If you watch carefully, what he doesn't say can be just as telling as what he does. 'Starting on day one, we will end inflation and make America affordable again, to bring down the prices of all goods,' he told the nation ahead of his re-election. The US president declared on 2 April would 'forever be remembered as the day American industry was reborn', only to pause tariffs a week later. He promised peace in Ukraine on day one of his presidency, only to later clarify this was 'said in jest'; and has claimed very few people can beat him at golf, only for footage from Scotland to raise questions over just how honest that round might be. As a real estate mogul, reality TV star and political campaigner, Trump learned to bend narrative to his will, even if it meant straying from reality. As president, this often leaves a gap between what he says and what he does. In many cases, the administration's actions are more important to follow than the firehose of words. If you were, say, a US business buying coffee from Brazil, you might have rushed to import it last week after Trump insisted 1 August was the cast-iron deadline for new tariffs. 'It stands strong, and will not be extended,' he wrote on Wednesday – hours before signing an executive order that said new steep tariffs on the country would come into force on 8 August, after all. And if you're a US consumer, you might reasonably ask how inflation can be 'dead', as the White House has claimed, if you're still shelling out more on groceries each month. The president has an awful lot to say about tariffs. They will, he argues, raise 'trillions' of dollars for the US federal government; eliminate trade deficits with other countries; and even punish Brazil for putting his ally, the former president Jair Bolsonaro, on trial for allegedly seeking to seize power after losing the 2022 presidential election. The list goes on. But what about what the president doesn't say? Trump was re-elected last November after repeatedly pledging to rapidly bring down prices for Americans. This assurance formed a central pillar of his election campaign – a regular refrain in rallies, interviews and debates – as millions found it harder to make ends meet after years of inflation. Every policy comes at a cost. Every tax must be paid by someone, somewhere. For consumers, The Budget Lab at Yale estimates the short-term price impact of Trump's tariff changes is equivalent to an average per household income loss of $2,400. What Trump doesn't really talk about the impact of his aggressive tariff agenda on US is prices. One of the few times he has acknowledged it might actually exacerbate inflation led to a bizarre tangent about dolls back in May. Acknowledging that tariffs might cause price rises, Trump suggested American children might have to settle for having 'two dolls instead of 30 dolls'. Back then, Joe Biden was still to blame for any signs of strife in the economy, according to Trump. Now, he argues almost daily Federal Reserve chair Jerome Powell is responsible. The biggest indication yet that the US economy is creaking on Trump's watch came on Friday, when official data revealed the labor market had stalled this summer. He unceremoniously fired the veteran official in charge of the statistics – and alleged, without evidence, that the numbers had been rigged. With higher US tariffs now in place on a string of countries, the president and his administration will inevitably say a lot about the benefits of his economic strategy. They are already trying to stifle evidence of drawbacks. They might even raise the prospect of a handout – pitched as a sign of this policy's success, rather than a concession that many Americans are still hard up. But if you're running a small business reliant on trade, or walking into the grocery store on a budget, reality supersedes rhetoric. Words don't pay the bills.
The Independent
14 minutes ago
- The Independent
Tesla awards Elon Musk $29 billion worth of shares
Tesla is awarding its CEO Elon Musk a share package valued at about $29 billion. It is made up of 96 million shares of restricted stock. The move comes just six months after a judge ordered the electric vehicle maker to revoke Musk's massive pay package. On Monday, the company said in a regulatory filing that Musk must first pay it $23.34 per share of restricted stock that vests. That is equal to the exercise price per share of the 2018 pay package that was awarded to the company's CEO. In December, Delaware Chancellor Kathaleen St. Jude McCormick reaffirmed her earlier ruling that Tesla must revoke Musk's multibillion-dollar pay package. She found that Musk engineered the landmark pay package in sham negotiations with directors who were not independent. At the time, the judge also rejected an equally unprecedented and massive fee request by plaintiff attorneys, who argued that they were entitled to legal fees in the form of Tesla stock valued at more than $5 billion. The judge said the attorneys were entitled to a fee award of $345 million. The rulings came in a lawsuit filed by a Tesla stockholder who challenged Musk's 2018 compensation package, contending that shareholders who had voted for the 10-year plan in 2018 had been given misleading and incomplete information. In their defense, Tesla's board members asserted that the shareholders who ratified the pay plan a second time in June had done so after receiving full disclosures, thereby curing all the problems the judge had cited in her January ruling. As a result, they argued, Musk deserved the pay package for having raised Tesla's market value by billions of dollars. That pay package carried a potential maximum value of about $56 billion, but that sum has fluctuated over the years based on Tesla's stock price. Musk appealed the order in March. A month later, Tesla said in a regulatory filing that it was creating a special committee to look at Musk's compensation as CEO.
Daily Mail
15 minutes ago
- Daily Mail
Diageo caretaker boss vows to get struggling Guinness maker 'firing on cylinders'
The new boss of Diageo has pledged to get the firm 'firing on all cylinders' amid a slump in demand for its drinks. Interim chief executive Nik Jhangiani on Tuesday admitted the Guinness maker would make some job cuts as it ramps up cost savings by £94million. But he insisted the FTSE 100 giant could eventually cash in on a trend for drinking in 'moderation' as profits slid 27.8 per cent to £3.24billion, tumbling further than analysts had predicted. Sales fell 0.1 per cent to £15.20billion in the year to 30 June as Jhangiani said 'the consumer wallet is under pressure'. But the group singled out a 'standout performance' from Don Julio tequila, and Crown Royal Blackberry whisky, as well as its best-known Guinness. Jhangiani, who took on the job last month after the sudden exit of its former chief executive Debra Crew, admitted that 'there is clearly much more to do'. He announced the business would increase its cost savings target to £470million over the next three years, up from £376million. This would include 'some' job cuts, he admitted, but said the programme was 'not really about job cuts or elimination of roles'. 'This could ultimately actually be about more numbers in terms of head count, as we look at more feet on the street, for example, including here in our home market,' he added. Diageo has been hit by a cocktail of challenges including US tariffs and weak demand in key markets like the US and China. But its boss insisted there were opportunities to revive sales by 'sharpening our strategy to get the whole portfolio firing on all cylinders'. He said: 'We're monitoring changes in consumer behaviour, including moderation, which we see as potential opportunity, not simply a headwind. 'Consumers who are moderating are not socialising any less across a broad range of occasions.' As more drinkers opt for a so-called sober curious lifestyle, the group will explore how to improve its offer in lower ABV (alcoholic strength) and 'ready to drink' products. He also said there were opportunities to appeal to consumers who were focused on 'portion control, calorie control'. These remarks follow bakery chain Greggs saying it is trying to entice customers who are on so-called 'fat jabs', despite their reduced appetites. Jhangiani said this could also include some acquisitions but that the group was pushing ahead with plans to shrink its portfolio by ditching some 'non-core' brands. He added: 'We are focused on what we can manage and control and executing at pace.'
