Can Democrats and Big Tech Get Back Together?
Despite the various frictions, America's technology sector did pretty well during Joe Biden's presidency — and despite the various warnings about his mercurial opponent, many tech executives supported Donald Trump in his 2024 campaign. After his victory, even more rushed to Trump's side, with Meta founder and CEO Mark Zuckerberg going on Joe Rogan's podcast to talk about his admiration for the president-elect and the need for more ' masculine energy ' in US corporate culture.
Then came the Liberation Day tariffs, and then Obliteration Day in markets, and finally the Equivocation Day partial tariff rollback. Meanwhile Meta shares are trading below their price on the day of Zuckerberg's appearance on Rogan. It turns out that whatever the merits of masculine energy, a global trade war is not good for the tech industry.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
35 minutes ago
- Bloomberg
Dollar Extends Its Slide as US Tariff Concerns Pick Up Again
The dollar extended its decline versus major peers as worries over US tariffs increased after President Donald Trump said he would notify trading partners soon of unilateral levy rates. Bloomberg's gauge of the dollar slid as much as 0.3% on Thursday to touch its lowest level since July 2023 following the news, with the safe-haven yen and Swiss franc leading the advance against the greenback. The dollar was already under pressure from a weaker-than-expected US inflation print, which helped spur traders to fully price in two quarter-point Federal Reserve interest rate cuts this year.
Yahoo
41 minutes ago
- Yahoo
How the $1,000 ‘Trump accounts' for American babies compare to 529s and custodial Roth IRAs
President Donald Trump and American business leaders this week celebrated a provision in his tax bill that would create and fund investment accounts for babies born in the next few years. The accounts would be allowed to compound and grow tax-deferred, similar to the way some retirement accounts work. 'In addition to the substantial financial benefits of investing early in life, extensive research shows that children with savings accounts are more likely to graduate high school and college, buy a home, start a business and are less likely to be incarcerated,' Trump said. 'Trump accounts will contribute to the lifelong success of millions of newborn babies.' Here's what you should know about these 'baby 401(k)s' and how they compare to other savings plans for children. The so-called Trump accounts are part of Trump's 'One Big Beautiful Bill Act' that passed through the House of Representatives last month. Republicans are aiming to get the bill through the Senate and signed by Trump by July 4th. Here's how the accounts would work: The federal government would contribute $1,000 to an investment account for every American baby born between Jan. 1, 2025, and Dec. 31, 2028. An additional $5,000 in after-tax contributions could be made annually to the accounts by parents, employers or other private entities. The money would be invested in index funds that track the overall U.S. stock market. Accounts would be controlled by a child's legal guardians until age 18. Earnings would grow tax-deferred and qualified withdrawals would be taxed at the long-term capital gains rate. 'The compounded growth of an initial $1,000 investment at the time of birth, at an average annual return of 8 percent, would amount to nearly $4,000 by age 18, more than $10,000 by age 30, and over $148,000 by age 65,' according to Bankrate Chief Financial Analyst Greg McBride. 'The key to achieving this type of growth is leaving the money untouched. As Warren Buffett espouses, 'Never interrupt compounding.'' Several business leaders praised the accounts and said they'd make contributions to their employee's kids' accounts. 'We see … the establishment of these Trump Accounts as a simple yet powerful way to transform lives,' Dell Technologies CEO Michael Dell said. 'Decades of research has shown that giving children a financial head start profoundly impacts their long-term success.' Get started: Match with an advisor who can help you achieve your financial goals Trump Accounts have some similarities with 529 savings plans, but there are some notable differences. Funding: Trump accounts would be initially funded by the federal government, while 529 plans are typically funded by parents, grandparents or other relatives. Withdrawals: Withdrawals from 529 plans are tax-free as long as they're used for qualified educational expenses. Withdrawals from Trump accounts would have fewer restrictions on their uses, but are taxed at long-term capital gains rates. Contribution limits: Annual contributions for Trump accounts would be limited to $5,000, while 529 plans allow for much higher limits, from about $235,000 to more than $600,000, depending on the state that sponsors the plan (these are lifetime limits; there's no annual limit for 529s). Many people assume that the maximum 529 plan contribution is $19,000 per child in 2025 — or $38,000 if you file jointly — but that's the maximum amount you can contribute without exceeding the annual gift tax limit. (If you give someone more than that limit in any given year, then you're required to file a gift tax return, though you likely still won't owe taxes on the gift.) Here's what else you should know about using a 529 plan to save for your kids' education. Compare advisors: Bankrate's list of the best financial advisors Custodial Roth IRAs also allow kids to set aside money and have it be invested so it grows over time. Here's how they compare to the proposed Trump accounts. Earned income requirement: Trump accounts would be funded at birth and allow for additional contributions each year, while custodial Roth IRAs require a child to have earned income during the year in order to contribute. Contribution limits: Custodial Roth IRA contributions are limited to $7,000 in 2025, or the total amount of earned income a child has during the year, whichever is less. Trump accounts would allow for annual contributions of $5,000. Taxes on withdrawals: Withdrawals from Roth IRAs during retirement are tax-free, while withdrawals from the proposed Trump accounts would be taxed at the long-term capital gains rate. Here's more on custodial Roth IRAs. The proposed Trump Accounts would create new investment accounts for every American baby born in the next few years, funded with $1,000 from the federal government. The accounts would be invested in index funds that track the U.S. stock market and could receive additional contributions each year of $5,000 from private entities. The plan is subject to change as the bill makes its way through the legislative process. 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
American Military News
44 minutes ago
- American Military News
Video: Trump gives major update on Iran nuclear deal negotiations
President Donald Trump warned in a recent interview that he is 'less confident' that the United States will reach a nuclear deal with Iran amid ongoing negotiations between his administration and the Iranian government. During an interview on Miranda Devine's 'Pod Force One' podcast, the 47th president was asked if he believed he could get Iran to make a nuclear deal, according to The New York Post. 'I don't know,' Trump said. 'I don't know. I did think so, and I'm getting more and more — less confident about it.' 'They seem to be delaying, and I think that's a shame, but I'm less confident now than I would have been a couple of months ago,' Trump added. 'Something happened to them, but I am much less confident of a deal being made. I would have said a deal would be made.' While Trump acknowledged that he is 'less confident' about a potential nuclear deal with Iran, the president told Devine during the interview that there is 'nothing final' with regard to Iran accepting a deal with the United States. READ MORE: Iran orders ballistic missile materials from China for hundreds of missiles: Report Asked what would happen if Iran did not accept a nuclear deal, the president said. 'Well, if they don't make a deal, they're not going to have a nuclear weapon. If they do make a deal, they're not going to have a nuclear weapon, too, you know? But they're not going to have a new nuclear weapon, so it's not going to matter from that standpoint.' 'But it would be nicer to do it without warfare, without people dying, it would be so much nicer to do it,' Trump added. 'But I don't think I see the same level of enthusiasm for them to make a deal. I think they would make a mistake, but we'll see. I guess time will tell.' President Trump tells @mirandadevine he doesn't think Iran wants to make a deal 'it would be nicer to do it without warfare, without people dying…But I don't think I see the same level of enthusiasm for them to make a deal. I think they would make a mistake" — Jim Hanson (@JimHansonDC) June 11, 2025 Last week, Iranian Supreme Leader Supreme Leader Ayatollah Ali Khamenei rejected a nuclear deal with the United States that was proposed by the Trump administration. According to The Times of Israel, Iranian Defense Minister Aziz Nasirzadeh suggested during a press conference on Wednesday that Iran will target U.S. military bases in the Middle East if the nuclear negotiations are unsuccessful and the United States engages in military conflict with Iran. Nasirzadeh warned, 'Some officials on the other side threaten conflict if negotiations don't come to fruition. If a conflict is imposed on us… all US bases are within our reach and we will boldly target them in host countries.'
