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Yahoo
33 minutes ago
- Yahoo
Singapore's Gan warns firms that US tariffs may stay after Trump
By Philip J. Heijmans (Bloomberg) – Singapore's Deputy Prime Minister Gan Kim Yong warned that US tariffs may outlast President Donald Trump, urging businesses to adapt to a more protectionist global trade landscape. 'We cannot bank on the possibility that the tariffs will go away after four years with a different US administration,' he said in a speech at a conference in the city-state Thursday. 'There is growing bipartisan consensus within the US on the use of tariffs to achieve fair and balanced trade with the world.' The levies may be here to stay and exports to the US will cost more for some time, Gan said. 'Businesses must be prepared for greater scrutiny over their production and supply chains,' said Gan, who is also Singapore's trade minister. The remarks follow Trump's announcement of a trade deal with Vietnam after weeks of diplomacy and as trading partners race to cut agreements with the US ahead of a July 9 deadline. The pact with Vietnam risks provoking retaliatory steps from China, according to Bloomberg Economics. 'The US wants fair and balanced trade with the rest of the world,' Gan said, adding that Washington has asked these countries to buy more goods from the US. 'That does not mean the US is not concerned about free trade, or more specifically, trade barriers against its exports – in fact, the US is also looking to address non-tariff barriers in these discussions.' Prime Minister Lawrence Wong in April expressed disappointment over the proposed 10% tariff on exports from Singapore, saying 'these are not actions one does to a friend.' More stories like this are available on ©2025 Bloomberg L.P.
Time Business News
33 minutes ago
- Time Business News
How to Buy a Home in California and Sell Your Current Home at the Same Time
Buying and selling a house at once is always a delicate balancing act, but the stakes are even greater in California. Competition is intense, and prices are exorbitant given a statewide housing shortage of 3.4 million units. Median house values in many coastal areas exceed $1 million, and only 17% of Californians can afford a median-priced home. Especially if you are also selling your existing house, approach your plan to Buy a Home in California with strategy, speed, and accuracy. Buying or Selling First: What's the Smarter Move? Buying Before Selling: In a competitive environment like California, this strategy would appeal to many buyers who dread missing out on the right house. Pros: 1. Lock in the Right House Quickly: Inventory remains tight—active listings in California were about 30% lower as of early 2024 than pre-pandemic levels (Redfin). When you're ready to Buy a Home in California, buying before selling allows you to strike faster when the right property arises. 2. Skip the Double Move and Storage Expense: Buying Before Selling allows you to move into your new house. If you buy first, you'll skip the expense of short-term rentals and storage, reducing hassle and cost. 3. More Flexibility in Transition Time: Most closings give you 30–60 days before the transaction becomes final, which means you have time to plan, remodel, move in, etc., at your own pace. Cons: 1. Risk of Dual Mortgages: As of mid-2024, mortgage rates were near 7% (Bankrate). The burden of two mortgage payments while you wait for your home to sell could increase your payments significantly. 2. Complicates Financing: If you Buy a Home in California before selling, you may need alternative financing, such as a Bridge loan HELOC This temporarily raises your debt-to-income ratio (DTI) while you wait for your current home to sell, which can affect the approval of your loan. 3. Pressure to Sell Fast: If you are financing two homes simultaneously, you may end up negotiating with buyers for lower prices or less advantageous conditions because of the urgency of completing your sale. Selling Before Buying For most homeowners, selling before buying makes the most sense regarding finances and may provide a stronger negotiating position. Advantages: 1. Access to Equity: Selling before you buy releases home equity, part of over $32 trillion in home equity as of Q4 2023 (Federal Reserve), which you can then use as a down payment when you buy a home in California. 2. Better Mortgage Terms: With less debt rated through DTI and more cash reserves, lenders may offer better rates. Additionally, your offer is likely more appealing to sellers if they don't have to wait for your house to sell. 3. Avoid Dual Expenses: Avoid the risk of paying two mortgages, bills, and taxes, which creates more space for financial planning. 4. Stronger Purchase Offer: Being mortgage-ready with cash in hand helps in California's multiple-offer bidding wars—crucial if you're looking to Buy a House in California, where sales prices will likely exceed asking prices. Disadvantages: 1. Temporary Housing: Without a new home under contract, you may need to rent something or live with family, which is an inconvenience but sometimes a necessary step. 2. Double Moving Expense: Two moves and potential storage space can be expensive. A local move averages about $1,250, and long-distance moves averaging about 1,000 miles run $4,500 and $5,000 on average(Source). How to Successfully Buy a Home in California and Sell at the Same Time?1. Analyze Your Situation Work with an experienced real estate agent adept at helping clients buy and sell. They can help you analyze the current market and real estate values as you assess timing and outlook—while keeping both transactions in sync. 2. Understand When to Use Contract Contingencies If your next purchase will rely on the proceeds from your existing home, you should convey a home-sale contingency. This may protect you financially but weaken your offer if there is competition for the property. Your odds improve when you have a good home priced appropriately in the market and ready to show. 3. Think about a bridge loan Bridge loans provide short-term financing by leveraging equity in your current home to fund the next. They're ideal when you need flexibility but come with short terms, higher rates, and strict qualification requirements. 4. Plan Budget You may include taxes, relocation expenses, and, if necessary, short-term housing in your budget beyond the price of the home. A financial cushion ensures you're covered if closings don't align. Explore rent-back arrangements or temporary housing alternatives to handle discrepancies between transactions. Conclusion Choosing to Buy a Home in California while selling your current one can be complex—but with expert guidance, it's achievable. Trust Kim Eckert Homes to streamline your journey with smart strategy, timing, and support—helping you buy and sell seamlessly, even in California's competitive housing market. TIME BUSINESS NEWS
Newsweek
an hour ago
- Newsweek
Videos Show Trump's Crowd Size at Iowa State Fair
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump headlined the Iowa State Fair on Thursday night, hours after Republicans in Congress shepherded through a massive tax and spending package that provides tax cuts for wealthy Americans largely by reducing federal funding for social safety net programs. The Context Thursday's vote capped weeks of nail-biting tension among Republicans as intraparty dissent threatened to derail Trump's "big, beautiful bill," which delivers on his top legislative priorities: cementing the sweeping tax cuts, which disproportionately benefit wealthy Americans, enacted during his first term, and substantially increasing funding for border security and immigration enforcement. The Republican bill pays for the tax cuts and increased border security with deep spending reductions in critical social safety net programs like Medicaid and food assistance. The nonpartisan Congressional Budget Office has estimated that the bill could result in 11.8 million more uninsured Americans by 2034 and add nearly $3.3 trillion to the federal deficit over the next decade. President Donald Trump speaks at the Iowa State Fairgrounds on July 3 in Des Moines. President Donald Trump speaks at the Iowa State Fairgrounds on July 3 in Des Moines. Alex Brandon/AP What To Know Trump took the stage in Iowa shortly after 8 p.m. ET and many of his staunch allies in the right-wing media showcased the size of the crowd through online platforms. 🚨BREAKING: Tens of thousands just honored America at President Trump's Iowa rally with a beautiful rendition of the National Anthem. President Trump makes me PROUD TO BE AN AMERICAN! — Bo Loudon (@BoLoudon) July 3, 2025 President Trump praises the passage of the 'big, beautiful bill' during his @America250 kickoff event at the Iowa State Fairground. — Fox News (@FoxNews) July 4, 2025 🚨 LOOK AT THIS MASSIVE CROWD IN IOWA! Holy CRAP! All here to celebrate President Trump and our amazing country — Nick Sortor (@nicksortor) July 4, 2025 Huge crowd at the Iowa State Fair breaks out in 'USA' chants as Trump begins his speech kicking off America's 250th year. — Reagan Reese (@reaganreese_) July 4, 2025 "We got ... with all of the things we did, the tax cuts and rebuilding our military, not one Democrat voted for us and I think we use it in the campaign that's coming up, the midterms because we've gotta beat them ... with all of the things we've given and they wouldn't vote only because they hate Trump," the president said in Iowa. "But I hate them too, you know that?" "I really do, I hate them. I cannot stand them because I really believe they hate our country," Trump said. The president also claimed the GOP-led bill will rescue "over 2 billion family farms from the so-called estate tax or the death tax." The current U.S. population is a little more than 342 million. Trump attended the Iowa State Fair in 2023, five months before the first votes were cast in the Republican presidential primary. President Donald J. Trump makes his way through the crowd at the Iowa State Fair in Des Moines, IA — RSBN 🇺🇸 (@RSBNetwork) August 12, 2023 At the time, more than 118,000 people packed the fair, according to CBS News. He won the Iowa caucuses in January 2024 by roughly 30 points. On Thursday, the president's flagship legislation, called the One Big Beautiful Bill Act, passed the House of Representatives 218-214, with every Democrat and two Republicans voting against the measure. It initially passed the House in May and was sent to the Senate, where it underwent significant changes before being kicked back to the House. The bill will now go to Trump's desk for signature. What Happens Next Trump plans to sign the One Big Beautiful Bill Act into law on Friday afternoon. This is a breaking news story. Updates to follow.
