BlackRock's Assets Surge Past $12 Trillion
The investment firm's assets rose to a record $12.53 trillion in the second quarter, buoyed by record-high U.S. stock prices and $68 billion of net client inflows. That's up 18% from a year ago.
Trump Executive Order to Help Open Up 401(k)s to Private Markets
Forget TACO. Trump Is Winning His Trade War.
Trump Effect Starts to Show Up in Economy
Dimon Defends Fed Independence After Trump Attacks
Inflation Picks Up to 2.7% as Tariffs Start to Seep Into Prices
Net income rose 6.5% to $1.59 billion from $1.5 billion in the year earlier period. Excluding certain one-time expenses, BlackRock earned $12.05 a share in the most-recent quarter. On that basis, the company's profits beat the average estimate of $10.78 from analysts polled by FactSet.
BlackRock's fee revenue is growing in part due to a major push into private-market assets. The money manager closed its acquisition of private credit firm HPS Investment Partners on July 1, just after the end of the quarter.
'Our recent closing of HPS will help us build even more with clients as we head into our seasonally strongest second half of the year,' Larry Fink, BlackRock's chairman and CEO, said in a statement. 'These are just the early days in our next phase of even stronger growth.'
Revenue rose 13% to $5.42 billion. Analysts had expected $5.45 billion.
Write to Jack Pitcher at jack.pitcher@wsj.com
Tesla's Top North American Sales Executive Leaves Amid Slump
'Trump Accounts' for Kids Come With $1,000—and Tax Complications
BlackRock Shares Tumble After Big Client Redemption Blunts Quarterly Results
New Inflation Figures Sober Stock and Bond Markets
Aquarian Nears Deal for U.S. Insurer Brighthouse
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
Trump tariffs live updates: EU readies its reprisals as Trump pushes for higher tariffs
The European Union still wants a trade pact with the US, but is said to be readying its counterattack as President Trump plays hardball and makes a no-deal outcome more likely. EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals, per Bloomberg. 'If they want war, they will get war,' a German official told the WSJ, while noting there was still time to hammer out a deal. Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect. The Financial Times reported that Trump wants a minimum of a 15% to 20% tariff on EU goods as part of any deal. Trump has threatened the bloc with 30% duties beginning Aug. 1. That is the date he is also set to impose tariffs on an array of other trading partners, as well as potential sectoral levies on copper, pharmaceuticals, and semiconductors. Trump said last week he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries. The letters set new baseline tariff levels at 20% to 40% — except for a 50% levy on goods from Brazil in a move that waded into the country's domestic politics. On July 10, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as "the deals" themselves. Looking ahead to the holiday season, some retailers are struggling to prepare, not knowing whether products like toys and artificial Christmas trees might be available to import, and what the tariffs might be on a given country. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Stellantis warns of $2.7B loss as tariffs bite Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs. The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan. Reuters reports: Read more here. EU to prepare its retaliation plan as US hardens its stance on trade talks EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal. Bloomberg reports: Read more here. Lutnick 'confident' US will get tariffs deal done with EU before Aug. 1 deadline WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in. Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement. "These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation." President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal. Lutnick said that was a hard deadline. "Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS. Read more here Trump's tariffs are already shaping the holiday shopping season NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices. But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises. 'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not." Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations. Read more here Hawaii coffee growers say Trump tariffs may curb demand (Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too. Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable. But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans. While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms. Read more here Trump pushes for 15%-20% minimum tariff on all EU goods President Trump appears to have settled on a tariff rate on all EU member countries, according to reports. Financial Times reports: Read more (subscription required). Battery materials stocks jump after US lays out 93.5% graphite duty Bloomberg reports: Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China. Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. ( climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG) The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry. Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year. Read more here. China: Trade talks show there's no need for tariff war Reuters reports: Read more here. US set to impose 93.5% tariff on key battery material from China Bloomberg reports that the Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, a key battery component, after concluding the materials had been unfairly subsidized. From Bloomberg: Read more here. Trump Tariff added $115M in aluminum costs for largest US producer The largest producer of aluminum in the US, Alcoa Corp., claims that tariffs cost it $115 million in Q2. Bloomberg reports: Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump's trade agenda has affected the industry. The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates. Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26. Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production. Alcoa's latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs. Read more here. Nordic finance heads urge EU to stand firm in US trade talks Financial leaders in European Union member countries are clearly telling their peers to hold their ground and act fast in trade talks with the US. Bloomberg reports: Read more here. EU lines up tariffs on US digital services as retaliation: Sources The European Commission is drawing up a list of measures against US services as part of its potential response to President Trump's 30% levies due to kick in on Aug. 1, sources told the Financial Times. The FT reports: Read more here. EU stalls probe into Musk's X amid US trade talks The EU seems to be treading carefully during negotiations to avoid a 30% tariff it sees as "prohibitive" to transatlantic trade. The Financial Times reports: Read more here. Volvo CEO wants EU to cut 'unnecessary' auto tariffs Reuters reports: Read more here. Trump eyes tariffs of 10% or 15% for the 150+ countries, muses on EU deal President Trump said the tariff rate could be 10% or 15% for the more than 150 countries he has promised will get a notification letter soon. Bloomberg reports: Read more here. Trump says he'll soon send letters to 150 countries, will 'live by the letter' on Japan President Trump on Wednesday said he'd soon send letters to over 150 countries that are smaller trade partners with the US, dictating tariff rates their goods will face coming into the US. He also said he would "live by the letter" with Japan — his letter last week had outlined a 25% tariff on Japanese imports — and hinted at a possible deal with India soon. From Bloomberg: And Reuters: Canada announces new tariff measures on non-US imported steel to protect domestic industry Reuters reports: Read more here. Striking trade deal with US was an 'extraordinary struggle,' Indonesia says Nearly 24 hours after President Trump announced a trade agreement with Indonesia on Tuesday, Indonesia's government confirmed the deal, saying that the talks were an "extraordinary struggle." A government spokesperson said Indonesia's President Prabowo Subianto negotiated the deal directly with Trump over the phone. 'This is an extraordinary struggle by our negotiating team led by the Coordinating Minister for Economic Affairs,' Hasan Nasbi, the Indonesian president's spokesperson, told Reuters. Trump stated that the agreement calls for the US to impose a 19% tariff on Indonesia's exports, whereas Indonesia would not charge any tariffs on American exports. Trump also said Indonesia committed to buying '$15 Billion Dollars in U.S. Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's.' Read more here. France adds support for using most-potent trade tool on US France has reportedly joined fellow European Union members in deciding to respond more directly to looming tariff threats. If activated, the EU would take retaliatory action against the US in trade activity. Bloomberg reports: Read more here. Rio Tinto: Tariffs added $300 million in aluminum costs Bloomberg reports: Read more here. Stellantis warns of $2.7B loss as tariffs bite Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs. The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan. Reuters reports: Read more here. Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs. The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan. Reuters reports: Read more here. EU to prepare its retaliation plan as US hardens its stance on trade talks EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal. Bloomberg reports: Read more here. EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal. Bloomberg reports: Read more here. Lutnick 'confident' US will get tariffs deal done with EU before Aug. 1 deadline WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in. Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement. "These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation." President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal. Lutnick said that was a hard deadline. "Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS. Read more here WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in. Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement. "These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation." President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal. Lutnick said that was a hard deadline. "Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS. Read more here Trump's tariffs are already shaping the holiday shopping season NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices. But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises. 'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not." Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations. Read more here NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices. But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises. 'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not." Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations. Read more here Hawaii coffee growers say Trump tariffs may curb demand (Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too. Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable. But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans. While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms. Read more here (Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too. Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable. But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans. While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms. Read more here Trump pushes for 15%-20% minimum tariff on all EU goods President Trump appears to have settled on a tariff rate on all EU member countries, according to reports. Financial Times reports: Read more (subscription required). President Trump appears to have settled on a tariff rate on all EU member countries, according to reports. Financial Times reports: Read more (subscription required). Battery materials stocks jump after US lays out 93.5% graphite duty Bloomberg reports: Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China. Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. ( climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG) The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry. Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year. Read more here. Bloomberg reports: Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China. Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. ( climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG) The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry. Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year. Read more here. China: Trade talks show there's no need for tariff war Reuters reports: Read more here. Reuters reports: Read more here. US set to impose 93.5% tariff on key battery material from China Bloomberg reports that the Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, a key battery component, after concluding the materials had been unfairly subsidized. From Bloomberg: Read more here. Bloomberg reports that the Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, a key battery component, after concluding the materials had been unfairly subsidized. From Bloomberg: Read more here. Trump Tariff added $115M in aluminum costs for largest US producer The largest producer of aluminum in the US, Alcoa Corp., claims that tariffs cost it $115 million in Q2. Bloomberg reports: Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump's trade agenda has affected the industry. The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates. Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26. Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production. Alcoa's latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs. Read more here. The largest producer of aluminum in the US, Alcoa Corp., claims that tariffs cost it $115 million in Q2. Bloomberg reports: Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump's trade agenda has affected the industry. The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates. Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26. Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production. Alcoa's latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs. Read more here. Nordic finance heads urge EU to stand firm in US trade talks Financial leaders in European Union member countries are clearly telling their peers to hold their ground and act fast in trade talks with the US. Bloomberg reports: Read more here. Financial leaders in European Union member countries are clearly telling their peers to hold their ground and act fast in trade talks with the US. Bloomberg reports: Read more here. EU lines up tariffs on US digital services as retaliation: Sources The European Commission is drawing up a list of measures against US services as part of its potential response to President Trump's 30% levies due to kick in on Aug. 1, sources told the Financial Times. The FT reports: Read more here. The European Commission is drawing up a list of measures against US services as part of its potential response to President Trump's 30% levies due to kick in on Aug. 1, sources told the Financial Times. The FT reports: Read more here. EU stalls probe into Musk's X amid US trade talks The EU seems to be treading carefully during negotiations to avoid a 30% tariff it sees as "prohibitive" to transatlantic trade. The Financial Times reports: Read more here. The EU seems to be treading carefully during negotiations to avoid a 30% tariff it sees as "prohibitive" to transatlantic trade. The Financial Times reports: Read more here. Volvo CEO wants EU to cut 'unnecessary' auto tariffs Reuters reports: Read more here. Reuters reports: Read more here. Trump eyes tariffs of 10% or 15% for the 150+ countries, muses on EU deal President Trump said the tariff rate could be 10% or 15% for the more than 150 countries he has promised will get a notification letter soon. Bloomberg reports: Read more here. President Trump said the tariff rate could be 10% or 15% for the more than 150 countries he has promised will get a notification letter soon. Bloomberg reports: Read more here. Trump says he'll soon send letters to 150 countries, will 'live by the letter' on Japan President Trump on Wednesday said he'd soon send letters to over 150 countries that are smaller trade partners with the US, dictating tariff rates their goods will face coming into the US. He also said he would "live by the letter" with Japan — his letter last week had outlined a 25% tariff on Japanese imports — and hinted at a possible deal with India soon. From Bloomberg: And Reuters: President Trump on Wednesday said he'd soon send letters to over 150 countries that are smaller trade partners with the US, dictating tariff rates their goods will face coming into the US. He also said he would "live by the letter" with Japan — his letter last week had outlined a 25% tariff on Japanese imports — and hinted at a possible deal with India soon. From Bloomberg: And Reuters: Canada announces new tariff measures on non-US imported steel to protect domestic industry Reuters reports: Read more here. Reuters reports: Read more here. Striking trade deal with US was an 'extraordinary struggle,' Indonesia says Nearly 24 hours after President Trump announced a trade agreement with Indonesia on Tuesday, Indonesia's government confirmed the deal, saying that the talks were an "extraordinary struggle." A government spokesperson said Indonesia's President Prabowo Subianto negotiated the deal directly with Trump over the phone. 'This is an extraordinary struggle by our negotiating team led by the Coordinating Minister for Economic Affairs,' Hasan Nasbi, the Indonesian president's spokesperson, told Reuters. Trump stated that the agreement calls for the US to impose a 19% tariff on Indonesia's exports, whereas Indonesia would not charge any tariffs on American exports. Trump also said Indonesia committed to buying '$15 Billion Dollars in U.S. Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's.' Read more here. Nearly 24 hours after President Trump announced a trade agreement with Indonesia on Tuesday, Indonesia's government confirmed the deal, saying that the talks were an "extraordinary struggle." A government spokesperson said Indonesia's President Prabowo Subianto negotiated the deal directly with Trump over the phone. 'This is an extraordinary struggle by our negotiating team led by the Coordinating Minister for Economic Affairs,' Hasan Nasbi, the Indonesian president's spokesperson, told Reuters. Trump stated that the agreement calls for the US to impose a 19% tariff on Indonesia's exports, whereas Indonesia would not charge any tariffs on American exports. Trump also said Indonesia committed to buying '$15 Billion Dollars in U.S. Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's.' Read more here. France adds support for using most-potent trade tool on US France has reportedly joined fellow European Union members in deciding to respond more directly to looming tariff threats. If activated, the EU would take retaliatory action against the US in trade activity. Bloomberg reports: Read more here. France has reportedly joined fellow European Union members in deciding to respond more directly to looming tariff threats. If activated, the EU would take retaliatory action against the US in trade activity. Bloomberg reports: Read more here. Rio Tinto: Tariffs added $300 million in aluminum costs Bloomberg reports: Read more here. Bloomberg reports: Read more here.
USA Today
8 minutes ago
- USA Today
U.S. stock futures rise as investors eye more earnings and tariff news
U.S. stock futures rise as investors wait for the kick off of earnings from the largest technology companies and tariff news. Verizon and Domino's Pizza are slated to report before the opening bell, but the main events come later in the week. Alphabet and Tesla will be the first of the so-called Magnificent Seven of the biggest companies to report earnings midweek. Investors will scrutinize their earnings to see if artificial intelligence spending remains strong or if President Donald Trump's tariffs and trade disputes are having any effect on outlooks. Over the weekend, U.S. Commerce Secretary Howard Lutnick called Aug. 1 the 'hard deadline' for countries to start paying tariffs, though he also added that 'nothing stops countries from talking to us after August 1.' However, he also expressed optimism a deal with the EU would be struck. Meanwhile, the European Union is planning retaliatory tariffs if the bloc can't strike a deal with the U.S., Bloomberg reported. This comes after the FT said last week the U.S is looking at enacting a minumum 15% to 20% tariff on all EU goods with few exceptions. Trump earlier had threatened a 30% tariff on most EU imports, starting Aug. 1. At 6:43 a.m. ET, futures tied to the blue-chip Dow edge up 0.24%, or 106 points, to 44,646.00, while broad S&P 500 futures add 0.26%, or 16.25 points, to 6,351.00, and tech-laden Nasdaq futures gain 0.28%, or 66 points, to 23,290.25. The Nasdaq and S&P 500 continue to linger near record highs. The benchmark 10-year Treasury yield dipped to 4.378%. At 10 a.m. ET, June leading indicators are due. Leading indicators are seen giving early warning signals of anticipated shifts in the business cycle. More on Trump's battle with Powell Trump denied a Wall Street Journal report saying Treasury Secretary Scott Bessent persuaded the president not to fire Federal Reserve Chair Jerome Powell. Bessent reportedly warned Trump of the possible effects on the economy and markets and the likely political and legal obstacles that such a move would face. He also said the Fed is already moving toward cutting interest rates later this year, and that the economy is doing well and markets have responded positively under the president's policies, the story said, citing sources. In a social media post, Trump disputed this account, saying he did not need anyone to explain this to him. He already knows what is good for markets and the U.S. Corporate news Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
The Hill
8 minutes ago
- The Hill
Trump hits the gas as approval rating slides
Morning Report is The Hill's a.m. newsletter. Sign up here or in the box below: In today's issue: ▪ Trump vows to steam through agenda ▪ Will Epstein grand jury files appease MAGA? ▪ GOP eyes Texas midterm safety valve ▪ President pressures Washington Commanders President Trump applauded his sixth-month mark Sunday, hailing his second term as an early success even as he tallies unfinished business, middling poll results and Republican anxiety that next year's midterm contests might end on a sour note. 'Wow, time flies!' he wrote on social media. 'I mportantly, it's being hailed as one of the most consequential periods of any President.' Polls show mixed reviews. Trump's six-month approval rating remains underwater, with nearly 53 percent of surveyed U.S. adults disapproving of the job he's doing, according to Decision Desk HQ polling averages. That disapproval is near its highest level since he returned to office in January. And Americans say they want Trump to focus on consumer prices instead of raising tariffs, according to a new CBS News survey. The president says Republicans have brought the United States back from what he calls 'the dead,' but polling suggests majorities of Americans are wary of Trump's roller-coaster trade war, treatment of immigrants and key elements of his agenda woven into the newly enacted One Big Beautiful Bill Act. There's pushback from the right aimed at the president over the Justice Department's handling of the Jeffrey Epstein files. From the left, Democrats vow to battle Republicans to protect Medicaid, voting rights and what they call a restoration of democratic norms. Wall Street would like the president to stop threatening to fire Federal Reserve Chair Jerome Powell, whom he appointed in 2017 and whose central bank leadership ends in less than a year. The president on Sunday refuted a Wall Street Journal report that Treasury Department Secretary Scott Bessent advised him financial markets would react negatively to Powell's ouster. 'Nobody had to explain that to me. I know better than anybody what's good for the Market, and what's good for the U.S.A.,' Trump wrote on Truth Social. The president, eager to capitalize on a string of legislative victories this month, advised Senate Majority Leader John Thune (R-S.D.) to keep senators in Washington and cancel the August recess to allow time to confirm more of his appointees. Senate committees and the full Senate this week are taking steps toward confirmation votes for nominees to the Drug Enforcement Administration, U.S. Department of Agriculture, Office of the U.S. Trade Representative, Pentagon, Labor Department, federal judiciary and more. Thune also has a bigger battle on his horizon. Republicans fear Washington could be headed for a government shutdown after bruising partisan battles over spending and legislation that last week clawed back $9 billion in previously approved appropriations for foreign aid and public broadcasting. White House budget director Russell Vought told lawmakers the administration plans to propose additional spending cancellations favored by Trump. GOP leaders are waving the caution flag, The Hill's Alexander Bolton reports. They have fewer than 20 legislative days left before funding expires at the end of the year and are uneasy about forfeiting their power of the purse. At risk is the annual defense appropriations bill, a top Republican priority that Democrats view as a valuable bargaining chip while in the minority. Thune, interviewed on Fox News's 'Sunday Morning Futures,' said Senate Minority Leader Chuck Schumer (D-N.Y.) ' probably thinks' a partial government shutdown this fall 'is beneficial to their political base, the far left of the Democrat Party, and you can kind of see what's happening up there in New York politics.' This week, Thune has a test vote in mind to challenge Democrats who think a shutdown fight might be politically useful, despite their previous opposition to such brinksmanship. At issue is a customarily bipartisan funding measure for the Pentagon, which would set a budget beginning Oct. 1, at the onset of the new fiscal year. 'We'll see if the Democrats want to play ball. I hope they do,' Thune told Punchbowl News. 'All of these threats to the contrary — at the end of the day, I think it's in everybody's interest to figure out how to keep the government funded.' Editor's note: Blake Burman's Smart Take will return on Tuesday. 3 Things to Know Today The Washington Commanders and Cleveland Guardians should 'IMMEDIATELY' revert to their former names (Redskins and Indians, respectively), Trump advised team owners on Sunday. ' Our great Indian people, in massive numbers, want this to happen,' he wrote. Uncertainty about the future of the Federal Emergency Management Agency hangs over hurricane season, which stretches into November. Dogs with their amazing noses can detect Parkinson's disease in humans with amazing accuracy long before patients are diagnosed. Leading the Day EPSTEIN FILES: Republicans who faced fractures all last week over the Trump administration's handling of disclosures related to disgraced financier and sex offender Jeffrey Epstein are holding their breath to see if the tsunami of criticism from their base is finally subsiding. GOP members on the House Rules Committee voted in favor of a resolution directing Attorney General Pam Bondi to release more Epstein-related materials. Trump relented and directed Bondi to request grand jury testimony from the Epstein case be unsealed. And Republicans are banding together to dismiss and criticize The Wall Street Journal's report about a 'bawdy' birthday letter it said Trump sent Epstein more than two decades ago. But none of those developments have the weight to fully put the Epstein matter to rest. The White House has rebuffed calls from some in the GOP to go further, like appointing a special counsel or releasing all the FBI files. Trump on Saturday said even if his administration releases all grand jury testimony — a fraction of the material available to the government — it will not be enough to satisfy the 'troublemakers and radical left lunatics.' Rep. Tim Burchett (R-Tenn.) on Sunday applauded Trump and Bondi for their plans to release relevant grand jury testimony, calling it a 'good start' on CNN but saying he wants more. However, he cautioned against 'innocent names' being disclosed. Burchett said on ABC News's 'This Week' that 'just because somebody flew on a plane doesn't mean they're a daggum pedophile.' 'I have a lot of wealthy friends, and they fly on people's planes. And their plane will be down, and they'll say, 'Hey, we're going somewhere, and we've got an extra seat, do you want to go?' And they don't even know the person on the plane,' he said. 'So, you know, that's one of the things I worry about too.' Amid the Epstein chatter, the tangled and tumultuous relationship between Trump and media mogul Rupert Murdoch took a new, dramatic turn. Trump is suing Murdoch, his company News Corporation and The Wall Street Journal's parent company. The suit was filed on Friday, following through on earlier social media postings from the president. ▪ The New York Times: An accuser's story suggests how Trump might appear in the Epstein files. A former Epstein employee said that she told the FBI in 1996 and 2006 about what she considered a troubling encounter with Trump. 'FIGHT FIRE WITH FIRE': A special session of the Texas Legislature kicks off today, and the big topic in the room will be the five GOP House seats Trump wants to net in 2026 based on a new gerrymandered map. Such tactics used to be rare, but they're predicted to become more common as partisan states see opportunities to reshape the House majority. Court battles are likely to follow. Princeton University's 'Redistricting Report Card' awards Texas an F grade based on its 2021 congressional map. Former Obama-era Attorney General Eric Holder, chair of the National Democratic Redistricting Committee, told lawyer and voting rights expert Marc Elias in a podcast episode last week that the GOP effort in Texas 'shows kind of the warped priorities that they have and the depths to which they will go in order to hold on to what I think is illegitimate power.' 'Republican congressional folks have not necessarily been in favor of this because this creates districts that although will lean Republican, are not going to be in some instances as Republican as they once were,' Holder said. 'If there's a wave election in 2026, some of those folks potentially are in jeopardy,' he added. Democrats on Capitol Hill are pressing blue-state governors to redraw their House lines in response, warning it's the party's only chance to flip control of the lower chamber after next year's midterms. The Democrats are quick to maintain that mid-decade redistricting is a rotten trend to emulate. But the urgency in what Democrats see as an existential fight against Trump demands a bending of the rules. Former Rep. Beto O'Rourke (Texas) called on his fellow Democrats to fight 'fire with fire.' California Gov. Gavin Newsom (D) is already heading in that direction, saying he's weighing multiple options for how the state can redraw its lines to counter the Texas GOP. And there's speculation that Democratic leaders in several other blue states, including Illinois and New York, are assessing whether to follow suit. 'If the Republicans are going to redistrict in the middle of the decade, then we have no choice but to do the same,' said Rep. Ritchie Torres (D-N.Y.). 'Because to do otherwise would be unilateral disarmament.' ▪ CBS Austin: Texas House Democrats have launched an online hub to combat efforts by Republicans to redistrict Texas in the upcoming legislative session. ▪ Newsweek: Florida's Supreme Court on Thursday handed a win to Republicans, ruling the state's current congressional map, lambasted by Democrats as a gerrymander, can stand ahead of the 2026 midterms. Where and When Trump will have lunch at 12:30 p.m. with Vice President Vance. The House meets at noon. The Senate will convene at 3 p.m Zoom In BATTLE FOR SENATE: The 2026 Senate election cycle has kicked into overdrive in recent weeks, with a major retirement announcement, the passage of key GOP priorities and moves by candidates that could further scramble the chess board. The Hill's Al Weaver has a new analysis looking at the five Senate seats most likely to flip in the midterms: North Carolina, Georgia, Maine, Michigan and Texas. NEW YORK CITY MAYOR: Democrats are weighing their options in New York City's mayoral race after former Gov. Andrew Cuomo announced his independent bid last week. The Democratic establishment is looking for options other than progressive upstart-turned-party nominee Zohran Mamdani. 'Cuomo has lost once, he probably will lose again,' said New York-based Republican strategist Susan Del Percio, who doesn't support Trump. Strategists, including Del Percio, say it's not too late for New York City Mayor Eric Adams, who is running as an independent, to put up a fight. Parts of the establishment have already run to the scandal-ridden incumbent as their savior from Mamdani, a self-proclaimed democratic socialist. ▪ Politico: Mamdani's social media savvy comes at a cost. Critics have been poring over the democratic socialist's digital footprint as he heads into the general election. MICROSOFT HACK: Exploiting a major security flaw in a widely used Microsoft server software, hackers launched a global attack on government agencies and businesses. In the past few days, the hackers reportedly breached federal and state agencies in the U.S., as well as universities and companies across various industries. The U.S. government, together with Canada and Australia, is investigating the SharePoint servers' weaknesses. Tens of thousands of the servers, which allow for document sharing, are at risk. JUSTICE DEPARTMENT: The DOJ has been rocked by a wave of recent firings, a sign the administration is not done culling the ranks of career officials as it seeks to shape the department under a second Trump term. In addition to the dismissal of career prosecutors and much of the team that worked under former special counsel Jack Smith, Bondi also fired the top career ethics official at the department, Joseph Tirrell, the latest in a string of ethics officials pushed out under Trump. 'Every time I think we're at some point when the firings are over, there's another wave. So I would predict we'll see more,' said Sen. Richard Blumenthal (D-Conn.), a member of the Senate Judiciary Committee. 'It's more dedicated career professionals being given walking papers when they really deserve to be elevated and empowered. And to fire the ethics attorney, I think, speaks volumes about where she's taking the department.' ▪ Reuters: Two-thirds of the DOJ unit defending Trump's policies in court have quit. OTHER ADMINISTRATION NEWS: ▪ The Hill: Justin Fulcher, a senior staffer at the Pentagon and adviser to Defense Secretary Pete Hegseth, has left the Pentagon. Fulcher's departure is the latest shake-up in recent months in the top ranks of the department, which saw three top officials ousted in April. ▪ The Hill: Stakeholders and lawmakers are cheering after the Trump administration ended a pause on $6 billion in federal after-school and summer school funding following rare bipartisan pushback. ▪ The Hill: The 'big, beautiful bill' is expected to make a major dent in the U.S.'s climate progress and add significantly more planet-warming emissions to the atmosphere. Elsewhere UKRAINE: Ukrainian President Volodymyr Zelensky said on Saturday that Kyiv sent Moscow an offer to hold another round of peace talks this week to speed up negotiations for a ceasefire. Meanwhile, Moscow continues to intensify its long-range attacks on Ukrainian cities, including Kyiv. Russia launched 450 missiles and drones overnight, while Ukrainian attacks caused chaos at Moscow airports. The two countries have held two rounds of talks in Istanbul over the past five months, agreeing to swap prisoners. But there have been no breakthroughs in ending the almost three-and-a-half-year war that started with Russia's 2022 invasion. 'Everything should be done to achieve a ceasefire,' Zelensky said in his evening address to the nation. 'The Russian side should stop hiding from decisions.' Zelensky's call for talks arrives just after Trump offered Russian President Vladimir Putin a 50-day window to achieve a ceasefire before the U.S. imposes 'secondary tariffs' on countries that buy Russian oil. Kremlin spokesperson Dmitry Peskov told Russian media on Sunday that Moscow is 'ready to move quickly' on achieving a peace deal with Ukraine, but its 'main goal' was to achieve its 'objectives.' ISRAEL: Despite a U.S.-brokered ceasefire that halted Israel's escalation in Syria, the White House is significantly more alarmed about Israeli Prime Minister Benjamin Netanyahu and his regional policies, Axios reports. 'Bibi acted like a madman. He bombs everything all the time,' one White House official told the outlet, referring to Netanyahu by his nickname. 'This could undermine what Trump is trying to do.' A second senior U.S. official also pointed to the attack on Gaza's only Catholic church, which led Trump to call Netanyahu and demand an explanation. 'The feeling is that every day there is something new,' a second official said. 'What the f—?' At least 85 Palestinians were killed while trying to reach aid at locations across Gaza on Sunday, the enclave's health ministry said. It marked one of the deadliest days for aid-seekers in more than 21 months of war. The Israeli military issued evacuation orders for areas of central Gaza, where it has rarely operated with ground troops and international organizations attempting to distribute aid. The United Nations World Food Program said 25 trucks with aid had entered for 'starving communities' when it encountered massive crowds that came under gunfire. It called violence against aid-seekers 'completely unacceptable.' ▪ NBC News: Pope Leo XIV spoke Sunday of his 'deep sorrow' and called for an end to the 'barbarity of war' in the wake of the shelling of the Holy Family Church, the only Catholic church in Gaza. ▪ Haaretz: The Israeli Foreign Ministry will fund a tour of Israel for American MAGA and America First social media influencers. ▪ The New York Times: Iranian officials will meet Friday for nuclear talks with negotiators from Britain, France and Germany, days after they threatened to restore sanctions. Opinion The Closer And finally … What's past in Washington revisits again (and again). On this day in 1930, former President Hoover, following congressional action, used an executive order to create the Veterans Administration with 31,600 employees, agreeing to seek efficiency and better services for a key population. He consolidated the Veterans Bureau, the National Home for Disabled Volunteer Soldiers and the Bureau of Pensions 'to consolidate, eliminate or redistribute the functions of the bureaus, agencies, offices or activities in the Veterans' Administration and to create new ones therein, and, by rules and regulations not inconsistent with law … fix the functions thereof.' Former President Reagan in 1988 created the Cabinet-level Department of Veterans Affairs, although that law did not go into effect until former President George H.W. Bush was in the Oval Office in 1989. By 2014, the VA became embroiled in a scandal during the Obama administration in which prolonged wait times for veteran medical appointments reportedly cost lives while some employees sought to cover up the problems. Former VA Secretary Eric Shinseki resigned while the hunt continued for swiftly delivered services promised to eligible veterans. The Veterans Affairs Department this year embarked on 'efficiency' downshifts with congressional approval to shrink a workforce of 434,000. The government in February began by firing 1,400 'non-mission-critical' VA workers. But an early plan to slash 83,000 VA positions, or 15 percent of its workforce, was revised under public and union pressure to a goal of 30,000 — relying on a hiring freeze, deferred resignations, retirements and attrition. ▪ Federal News Network: Trump's new 'Schedule G' order last week to create new openings to hire political appointees for federal jobs has the VA in mind.
