GOP senator warns Iran 'better watch out' after foreign minister's 'laughable' enrichment comments
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Yahoo
23 minutes ago
- Yahoo
An Update on Trump's Tariffs in August 2025: 6 Things To Know
On Apr. 2, 2025, President Donald Trump signed Executive Order 14257, an official declaration of emergency regarding America's trade deficit. Calling the day 'Liberation Day,' Trump used the executive order and the International Emergency Economic Powers Act (IEEPA) to launch a vast amount of tariffs against nearly all of America's trade partners. There was a 10% baseline tariff on imports that began on Apr. 5, and a few days later, there came a cascade of additional tariffs applied to various specific countries. Be Aware: Consider This: Following the announcement, global markets crashed, and Trump reversed course, announcing he would give America's trade partners until Aug. 7 to negotiate better trade deals. Over the course of a single summer, economic uncertainty and unease has developed around the subject of Trump's tariffs, and how negatively they will impact not only America's trade partners, but America itself. Frequently, tariffs cause price increases on everyday products, forcing Americans to ultimately foot the tariff bills. Additionally, following a weak jobs report in late July, and Trump's threat that it is 'too late' for some countries to escape high tariffs, there are growing fears that Trump's hardline financial policy could cause an economic downturn, according to CNBC. There have been so many changes, updates, reversals, pauses and additional tariffs instituted that it can be hard to know what is evening happening, tariffs-wise. Catch up with an update on Trump's tariffs and where a number of them stand as of August 2025. Brazil Trump has ordered a 50% tariff on a number of imports from Brazil, per Yahoo Finance. This does not include products important to America like aircraft parts and orange juice, of which Brazil is a primary importer. European Union The current deal — still being negotiated — will institute a 15% tariff upon the European Union. Learn More: India Trump recently threatened on his own social media platform, Truth Social, that India would be hit with 'substantially' higher tariffs soon because the country is 'not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine.' This comes after Trump had already announced a 25% tariff on Indian imports. Mexico In July, Trump gave America's biggest trade partner, Mexico, a 90-day hiatus from incurring higher tariffs. South Korea A new trade deal has now been made with South Korea, in which they will incur a 15% tariff on their imports sent to America, while America will not pay a reciprocal tariff on exports leaving the country. Switzerland Yahoo Finance has also reported that Switzerland will be hit with a powerful 39% tariff hike, which is expected to significantly hurt the Swiss watch industry. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates 5 Old Navy Items Retirees Need To Buy Ahead of Fall The 5 Car Brands Named the Least Reliable of 2025 This article originally appeared on An Update on Trump's Tariffs in August 2025: 6 Things To Know 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
Yahoo
23 minutes ago
- Yahoo
Why Americans can trust BLS data, according to a fmr. agency head
President Trump fired the head of the Bureau of Labor Statistics after the May and June jobs data were revised sharply lower. But Erica Groshen, who served as United States Bureau of Labor Statistics commissioner under President Obama and is now a senior labor economics advisor at Cornell University ILR School, says Americans can trust the data put out by the BLS. She also explains some of the basics behind how the data is collected. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime. Related videos Labour's plans to tax people's savings accounts explained Rachel Reeves approves tax crackdown on savings accounts North Sea giant looks overseas as tax rate hits 111pc Shock Bank of England split on rates exposes precarious state of UK economy 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
CNN
25 minutes ago
- CNN
Trump's East Wing expansion requires a reimagined White House tour
President Donald Trump's long-term vision to expand the White House's entertaining capacity is going to have short-term impacts on Americans seeking to visit the complex now. A residence, a workplace and a museum, the White House is the only home of a head of state in the world that is also open to the public most days. Hundreds of thousands of people enter the People's House for free tours each year, gaining firsthand access to the Blue Room, where President Grover Cleveland married Frances Folsom, the Red Room, where first lady Dolley Madison entertained, and the Diplomatic Reception Room, where President Franklin Delano Roosevelt held his radio 'fireside chats.' But that could stop next month when construction on Trump's 90,000-square-foot ballroom – which will overtake the current footprint of the East Wing – gets underway. Tour bookings have been halted temporarily, sources familiar with the matter tell CNN, because construction will directly impact the current tour screening process and entry point. With the exception of visiting heads of state, guests arriving at the White House for receptions, dinners and tours currently enter through Sherman Park, just behind the US Treasury building, and get screened by US Secret Service in a temporary visitor center. Multiple previous efforts over the last two decades to build a permanent structure have failed to get the necessary funding from Congress or the Department of Interior to proceed. Once visitors have passed through checkpoints and security, they enter through the East Wing, which was first constructed in 1902 and took its current structure during the Franklin D. Roosevelt administration. Trump's ballroom is expected to expand out beyond the site of the current East Wing, which is home to the Office of the First Lady, the Military Office, the Visitors Office and the Office of Legislative Affairs. A spokesperson for first lady Melania Trump — whose office oversees tours — downplayed the disruption, saying only new tour bookings have been paused. 'There have been zero tour cancelations due to the addition of the State Ballroom. Instead, new tour bookings were paused proactively while a collaborative group of White House, U.S. Secret Service, National Park Service, and Executive Residence staff work to determine the best way to ensure public access to the White House as this project begins and for the duration of construction,' Nick Clemens said in a statement to CNN. 'The White House tour route has evolved over presidencies, and we look forward to near-term updates about the new State Ballroom. The President and First Lady remain committed to continuing the tradition of public access to the People's House in the present and for the future.' Officials are currently assessing how to move the screening process and likely truncate the tour while still capturing the essence of a White House visit during the construction. The scope of construction, a source familiar with the situation told CNN, is 'going to be invasive to what is the norm now [for tours]. They're going to have to put up temporary screening mechanisms. They're going to have to reroute the parameter of Secret Service protection.' In a reimagined route, the source said, visitors would miss entering by the first lady's office, walking through the East Colonnade past the family theater, and the area known as 'Booksellers Hall' where state dinner guests are received. But there will likely still be access to the home's most historic spaces: the State Floor, State Dining Room, Red Room, Blue Room, Green Room, East Room, Library, Vermeil Room, and Diplomatic Reception Room. The adjustments may also impact how many tickets are administered. 'The tours are not going to be canceled,' the source added. 'They're going to find a solution – but I think they're going to probably have to manage the numbers that come in and out now. There may have to be some changes.' Construction is expected to get underway in September and is 'expected to be completed long before the end of President Trump's term,' according to a statement from the White House that included renderings of the new structure, which is nearly double the square footage of the main White House mansion. Trump has said that he, along with other donors, will privately fund the project, which is currently projected to cost $200 million. Officials from the White House, Secret Service, National Park Service, and Executive Residence staff are working quickly to reassess the tour flow, another source familiar with the matter said, but changes to White House tours have taken years to enact in other circumstances. During the Biden administration, first lady Jill Biden unveiled a multimillion-dollar upgrade to the tour to make it more accessible and interactive, including new digital screens in the East Colonnade, a three-dimensional model of the White House's architectural transformations over the years, and tactile 'reader rails' with detailed information about each room on the tour. Those upgrades took more than two years to come to fruition in close coordination with the East Wing, the National Park Service, which oversees all improvements to the White House, the White House Historical Association, the White House curator's office, and executive residence staff.
