Palantir lands $10 billion Army software and data contract
As part of the deal, Palantir will help the military streamline efficiencies while preparing for threats, consolidating 75 total contracts into one enterprise deal, the release states.
The agreement creates a "comprehensive framework for the Army's future software and data needs" that provides the government with purchasing flexibility and removes contract-related fees and procurement timelines, according to a release.
The deal further cements the company's role in the U.S. government's clampdown on cost efficiencies by using artificial intelligence tools in President Donald Trump's administration. Trump's Department of Government Efficiency has cut jobs and programs in an effort to curb spending.
Palantir co-founder and CEO Alex Karp has been a vocal proponent of protecting U.S. interests and joining forces on AI to fend off adversaries.
Shares of the Denver-based artificial intelligence software company have more than doubled year to date.
Earlier this year, Palantir delivered its first two AI-powered systems in its $178 million contract with the U.S. Army. In May, the Department of Defense boosted its Maven Smart Systems contract to beef up AI capabilities by $795 million.
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The Latest: US stock market and global trade partners react to Trump's new tariffs
President Donald Trump 's latest tariff moves drew worries from Wall Street as stocks slumped Friday and Treasury yields fell sharply. Trump signed an order the previous night imposing steep tariffs on 66 countries, the European Union, Taiwan and the Falkland Islands, to go into effect Aug. 7, after he originally threatened them for April but postponed twice after that until Aug. 1. The markets were also reacting to government reports of a dramatic slowdown in hiring as businesses, investors and the Fed operate under a cloud of uncertainty from months of tariff policy news. Here's the latest: Judge allows the NSF to continue withholding hundreds of millions of research dollars U.S. District Judge John Cronan declined a request by 16 Democratic-led states to force the National Science Foundation to restart payments immediately. The agency can continue withholding the funding from researchers until litigation aimed at restoring it plays out, he ruled. Cronan said he would not grant the preliminary injunction in part because it may be that another court, the Court of Federal Claims, has jurisdiction over what is essentially a case about money. He also said the states failed to show that NSF's actions were counter to its mandate. The states' lawsuit, filed in May, alleges that the NSF's new grant-funding priorities as well as a cap on what's known as indirect research expenses 'violate the law and jeopardize America's longstanding global leadership in STEM.' A lawyer for the NSF said it has the authority to fund whatever research it deems necessary — and has since its inception in 1950. Judge pauses Trump administration's push to expand fast-track deportations U.S. District Judge Jia Cobb agreed to temporarily block the administration's efforts to expand 'expedited removal' for immigrants who legally entered the U.S. under a process known as humanitarian parole. The ruling could could benefit hundreds of thousands of people. Cobb ruled that the Department of Homeland Security exceeded its statutory authority in its efforts. The judge said those immigrants face perils that outweigh any harm from 'pressing pause' on the administration's plans. The case 'presents a question of fair play' for people fleeing oppression and violence in their home countries, Cobb said in her order. 'In a world of bad options, they played by the rules,' she wrote. 'Now, the Government has not only closed off those pathways for new arrivals but changed the game for parolees already here, restricting their ability to seek immigration relief and subjecting them to summary removal despite statutory law prohibiting the Executive Branch from doing so.' Federal Reserve Governor Adriana Kugler steps down, giving Trump slot to fill on powerful board Kugler, who did not participate in the Fed's policy meeting this week, would have completed her term in January. Instead she will retire Aug. 8. She did not provide a reason for stepping down in her resignation letter. Federal Reserve governors vote on the central bank's interest rate decisions and also on changes to bank regulations and other financial rules. The Trump administration could take advantage of Kugler's resignation and appoint a potential replacement for Fed Chair Jerome Powell to her position. Powell, who has been repeatedly attacked by Trump for not reducing the Fed's key short-term interest rate, completes his term as chair in May 2026. Trump said Friday afternoon that he was 'very happy' to have an opportunity to name someone to the board. Asked about potential candidates, Trump said he has 'about three very good — I've got a lot of good candidates.' Trump orders 2 US nuclear subs repositioned over statements from Russian ex-leader Medvedev The president gave the directive after what he called 'highly provocative statements' by former Russian President Dmitry Medvedev. The two have have feuded online in recent days. The impact on U.S. nuclear submariness — which normally and routinely patrol global hotspots — remains unclear. But the move potentially escalates tensions between Washington and Moscow at a delicate time, as Trump threatens new sanctions in an attempt to push Russia toward a ceasefire in its war with Ukraine. Trump said Friday evening that he 'had to' reposition the subs. He said Medvedev made 'inappropriate' threats and, 'When you talk about nuclear, we have to be prepared.' House Republicans delay Ghislaine Maxwell's subpoenaed testimony before Oversight Committee In a letter to Maxwell's lawyers, Rep. James Comer, chair of the House Oversight Committee, said the committee 'is willing to delay your deposition' as part of its Jeffrey Epstein investigation until after the conclusion of an appeal she filed to the Supreme Court. That appeal is expected to be resolved in late September. Maxwell's team had notified congressional investigators that she would invoke her Fifth Amendment rights against self-incrimination unless the committee meets certain demands, including a granting of congressional immunity; for the deposition to take place outside of her Tallahassee prison; a preview of the questions; and the conclusion of her appeal. Comer wrote that while Maxwell's testimony is 'vital' to the investigation, the committee would not provide immunity or advance questions. The committee 'is willing to engage in good faith negotiations' and 'will continue its long-standing practice of engaging in forthright and detailed discussions about scoping,' Comer added. Restaurant industry leader says the cost of eating out is likely to rise due to tariffs The National Restaurant Association, which represents more than 1 million U.S. eateries and food service providers, said Friday that tariffs could increase the cost of popular menu items like coffee and hamburgers as well as ingredients like spices. Chef Phila Lorn walks through his restaurant, Mawn, after opening for the day in Philadelphia, Thursday, May 22, 2025. (AP Photo/Matt Rourke) Michelle Korsmo, the president and CEO of the association, said restaurants operate on such tight margins that the tariffs will force many to raise prices. Higher prices will cause diners to eat out less often, jeopardizing an industry that supports millions of jobs. Korsmo said the association wants food and beverages to be exempted from tariffs. 'We ask the Trump administration to continue with sensible trade agreements,' Korsmo said in a statement. 'While addressing trade deficits is important, food and beverage products are not major contributors to these imbalances.' US depends on spices coming from abroad Laura Shumow, the executive director of the American Spice Trade Association, said Friday that many essential spices like cinnamon, pepper, nutmeg, cloves and vanilla require tropical conditions to grow and can't be cultivated in the U.S. on a commercial scale. Tariffs on such products won't incentivize U.S. production or create American jobs, but they will place a financial burden on food companies and restaurants, Shumow said. Shumow noted the Trump administration's framework for its trade agreement with Indonesia would allow the U.S. to lower tariff rates on commodities that aren't naturally available or domestically produced in the U.S. Shumow said she hopes the final trade agreements with Brazil, India, Madagascar, Sri Lanka and other spice providers will contain similar language. 'We firmly believe that smart, targeted trade policies can support the U.S. spice industry and other American businesses while helping to keep grocery costs down for families,' Shumow said in a statement. Brewer outlines the toll of Trump's latest tariffs Brewers across the country have been struggling with labor costs driven up by inflation and generational shifts in alcohol consumption. Tariffs have made sourcing everything from cardboard to aluminum cans more expensive. Trump's latest round of tariffs on European goods are putting special pressure on Utepils Brewing in Minneapolis — which specializes in pilsner, Kolsch and other classic styles from the continent. For Dan Justesen, president of Utepils, that means sourcing hops and malt from farmers in Germany and the Czech Republic. 'You might ask, 'Why don't we buy American-grown hops?' They don't grow the same styles, and they don't taste the same,' he said. The latest tariffs are already taking a toll. One supplier notified Justesen Thursday that they would no longer split the additional costs–leaving Utepils on the hook with no relief in sight. 'Even when the tariffs have been dropped temporarily at times, we don't see a price reduction. Prices go up, go up, and they go up,' Justesen said. New tariffs could raise costs of coffee and hamburgers, restaurant group says The National Restaurant Association, which represents more than 1 million U.S. restaurants and food service providers, said Friday that the tariffs could increase the cost of popular menu items like coffee and hamburgers as well as ingredients like spices. Michelle Korsmo, CEO of the association, said restaurants operate on such tight margins that the tariffs will force many to raise prices. Higher prices will cause diners to eat out less often, jeopardizing an industry that supports millions of jobs. Korsmo said the association wants food and beverages to be exempted from tariffs. 'We ask the Trump administration to continue with sensible trade agreements,' Korsmo said in a statement. 'While addressing trade deficits is important, food and beverage products are not major contributors to these imbalances.' Supermarket chain assesses tariff impacts on chocolate and wine Stew Leonard Jr., president and CEO of Stew Leonard's, a supermarket chain that operates stores in Connecticut, New York and New Jersey, noted that the latest round of Trump's tariffs will now force him to look at doing more business with U.S. suppliers. For the winter holidays, he usually buys Swiss chocolates but will look at other U.S. vendors to fill the gap. 'Trump is doing what he intends to do,' he said. 'He's making it too expensive to buy chocolate from Switzerland. So what I'm going to do is make sure we buy our chocolate from the United States. ' As for wines, 50% of the wines and spirits the chain sells are imported from Europe and other countries. The price range has been $10 to $20 so with a 15% tariff rate on goods from the European Union, he would have to raise prices, a move that he believes will hurt demand. So he plans to promote more U.S. brands, he said. Leonard is already started to increase prices on some imported items, including jars of marinara sauce from Italy under the retailer's private label. They were $5.99 before the pandemic, then rose to $6.49 during the health crisis because of supply chain issues. That price will go up to $6.99 because of the 15% duties on products from the European Union, he said. Hungary's prime minister slams EU for failing to negotiate more favorable trade deal with the US 'They didn't take seriously that the U.S. president was going to really reshape the world economy, they thought he was just a bigmouthed American entrepreneur who wouldn't do half of what he undertook,' Viktor Orbán, Hungary's populist prime minister, told state radio on Friday. The Hungarian leader, who is a Trump ally, also criticized European Commission head Ursula von der Leyen for making 'commitments to America that are beyond her authority,' and railed against reported agreements for European companies to purchase natural gas, oil and nuclear fuel from the U.S. and to make large-scale investments there. 'This is a terrible economic agreement,' Orbán said. 'I have been saying since February that we should take the initiative, to stand up for totally free trade ... but we shouldn't wait like a frozen rabbit or an animal charmed by a snake just to be attacked.' US hiring slowed as Trump's tariffs took effect U.S. hiring is slowing sharply as Trump's erratic and radical trade policies paralyze businesses and raise doubts about the outlook for the world's largest economy. The Labor Department reported Friday that U.S. employers added just 73,000 jobs last month, well short of the 115,000 forecasters had expected. Worse, revisions shaved a stunning 258,000 jobs off May and June payrolls. And the unemployment rate ticked up to 4.2% as Americans dropped out of the labor force and the ranks of the unemployed rose by 221,000. Economists have been warning that the rift with every U.S. trading partner will begin to appear this summer and the Friday jobs report appeared to sound the bell. 'We're finally in the eye of the hurricane,' said Daniel Zhao, chief economist at Glassdoor. 'After months of warning signs, the July jobs report confirms that the slowdown isn't just approaching—it's here.' Trade group reiterates that higher tariffs eventually get passed down to consumers David French, executive vice president of government relations at the National Retail Federation, the largest retail trade group in the U.S., said in a statement Friday that these higher tariffs are taxes paid by U.S. importers and are eventually passed along to consumers and hurt businesses. 'Retailers have been able to hold the line on pricing so far, but the new tariffs will impact merchandise in the coming weeks, ' he said. 'We have heard directly from small retailers who are concerned about their ability to stay in business in the face of these unsustainable tariff rates.' A 'structural rewrite' for the global economy 'Trump's new tariff directive, signed behind closed doors just ahead of the Aug. 1 deadline, slaps a new floor under global trade costs: a 10% minimum rate for nearly all partners, with surcharges of 15% or higher for surplus nations,' Stephen Innes of SPI Asset Management said in a commentary. 'This wasn't just an update — it was a structural rewrite. The average U.S. tariff jumps from 13.3% to 15.2%, a seismic shift from the 2.3% average before Trump retook office. This reshapes the cost calculus for everything from semiconductors to copper pipes,' he said. France still wants to renegotiate parts of the EU's trade deal with the EU Just days after it was sealed with a handshake, France is already talking about possibly renegotiating parts of the EU-US deal on tariffs, to make it more favorable for European producers. 'It's a stage and we won't stop here,' French Foreign Minister Jean-Noël Barrot said Friday, speaking to broadcaster France Info. 'We want new concessions, guarantees on wine and spirits, a readjustment, a rebalancing on the service sector, in particular digital services.' The minister argued that European negotiators hadn't been feared enough by Trump. 'Europe has to beef up its game," Barrot added. If Europe had been stronger, had it been feared by Donald Trump and the American negotiators, we doubtless could have obtained better results.' Swiss pharmaceutical Roche says medications should be exempt from tariffs Swiss pharmaceuticals powerhouse Roche says it is working to ensure its patients and customers worldwide have access to their medications and diagnostics amid Trump's tariff war. 'While we believe pharmaceuticals and diagnostics should be exempt from tariffs to protect patient access, supply chains and ultimately future innovation,' the statement said. Still, the company said it was prepared for the implementation of potential tariffs. 'With strengthened U.S. production capacity and proactive measures like inventory adjustments and tech transfer, we are working to ensure uninterrupted access to our products.' Some African nations hope they can still negotiate reduced tariffs Some African nations that benefited for 25 years from a duty-free trade agreement with the U.S. say they hope they can still negotiate a reduction on the new tariff rates imposed by the Trump administration, as they threaten tens of thousands of jobs in poor countries already struggling with high unemployment rates. South Africa, Africa's most diverse economy, received a 30% tariff rate which would impact exports like agricultural produce and cars. Those sectors have warned of potential job losses in a country that already has an unemployment rate of more than 32% — one of the highest in the world. South Africa is a beneficiary of the African Growth and Opportunity Act, a U.S. program giving some African countries duty-free access to the American market to spur development. African officials say that program — which started in 2000 — now appears doomed when it is up for renewal by the U.S. government in September. Meanwhile, neighboring Botswana expressed some relief that its rate was reduced from a threatened 37% in April to 15%. It was hoping for further talks, according to Botswana's chief trade negotiator. But in an indication of the wider impact, Botswana said its automotive industry also would be hurt because it provides parts to South Africa's car sector. Another African nation, tiny Lesotho, had been threatened with a massive 50% tariff rate. That was reduced to 15% by the U.S. in Thursday's list, but officials there fear it will still spell disaster for its clothing manufacturers, which make U.S. brands and export to the American market. The Associated Press 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
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Trump didn't chicken out. So what's Canada's next move?
Canada has now learned that the derisive acronym TACO — often slapped on U.S. President Donald Trump — is inaccurate and needs to be tweaked to something more like "Trump (Almost) Always Chickens Out." Despite putting decidedly lower tariffs than he'd threatened on dozens of countries around the globe and giving Mexico a 90-day reprieve from his threat to raise its tariff rate, Trump singled out Canada for an increase. While there's no way that Canada can characterize what happened as a win, there's plenty of evidence that it's not a reason for Prime Minister Mark Carney's government to panic and do something that jeopardizes what really matters for the Canadian economy: tariff-free access to the U.S. for the vast majority of exports. The key evidence backing this perspective comes in the economic number-crunching showing the actual impact of Trump's tariffs on the whole of Canada's exports to the U.S, what's called the effective tariff rate. Think of it as an average, weighted by the value of Canadian goods going across the border. Different economists have slightly different estimates, but even with the increase Trump announced Thursday night, there's consensus the effective tariff rate for Canada is down in the single digits, noticeably lower than the rate for any other major trading partner. That's because despite Trump's bluster, he's allowing the vast majority of Canada's exports into the country with zero tariff under the terms of the Canada-U.S.-Mexico Agreement (CUSMA). WATCH | Canada's talks with Trump administration will continue, says minister of US trade: Experts and business leaders say Canada's trade negotiators and federal government need to be laser focused on maintaining that tariff-free access through CUSMA, especially since the deal is soon up for review. Goldy Hyder, president and CEO of the Business Council of Canada, says a bigger issue than Trump's incremental increase of the tariffs is the way Canada is struggling to "find a way forward" in its negotiations with the U.S. 'The conversation that we should be having' "I am hoping this is an opportunity to reassess and to some extent reset where we are and where we need to get to for the longer haul," Hyder told CBC's Katie Simpson in an interview Friday. While Hyder says he has empathy for Carney's government as it tries to navigate the uncharted waters of dealing with Trump 2.0 on trade, he's questioning whether its negotiating strategy has been aimed at the correct target. Canada must assess what it needs to do "to get into the conversation that we should be having, which is first and foremost: how are we going to review and renew the USMCA?" Hyder said, using the U.S. government's preferred acronym for the trade deal. The text of CUSMA calls for a formal review starting in July 2026, but consultations between the three countries are expected to begin this fall. As Trump levies blanket tariffs on nearly every other major trading partner, observers are increasingly pointing to the big tariff exemptions Canada is getting from CUSMA as a major competitive advantage. That creates a rather hefty source of motivation for the Carney government to make solidifying CUSMA the long-term goal of its talks with the Trump administration. The eternal question: Trump's real motivation for the tariffs On the other side of the border, there's a view that a significant driving force behind Trump's tariff tactics with Canada is gaining leverage in those CUSMA renewal talks. Although Department of Justice lawyers have been arguing in court that stopping the flow of fentanyl from Canada — as minimal as it is — justifies the tariffs, trade policy expert Inu Manak of the Council for Foreign Relations in Washington, D.C., says she believes there's no way that's really what's motivating Trump. "I do think a lot of this has to do with some sort of renegotiation of parts of the CUSMA deal that the Trump administration is not happy with," Manak told CBC News Network on Friday. Although Trump hit Canada with a tariff increase, Manak isn't criticizing Canada's negotiating tactics. "There's no really good way to go about doing this," she said. "We've seen variation in approaches and no matter what, everyone seems to be getting hit with tariffs." WATCH | Breaking down the winners and loser in Trump's tariff gambit: CUSMA and its tariff-free access must remain the focus for Canada, says John Manley, a former Liberal deputy prime minister, now chair of chair of Jefferies Securities, a global investment banking firm. "The big game is the 93 per cent of Canadian goods that cross the border currently tariff-free under USMCA," Manley told CBC News. "That is what we need to protect." To retaliate or not? Even if the CUSMA renegotiation is what matters most in the long term for Canada, the Carney government also has to think about what its immediate next steps should be. Perhaps the most immediate question along those lines for Ottawa is whether to retaliate or not. Brian Clow, who served as former prime minister Justin Trudeau's deputy chief of staff and led his "war room" on Canada-U.S. trade relations, describes himself as a fan of retaliation, but is not advocating for Carney to fire back at Trump in this instance. "I do think [Carney and his team] need to stop and consider whether to further retaliate right now, given Canada is standing on its own, and the rest of the world is not standing with us," Clow said Friday in an interview with CBC News. WATCH | Should Carney hit back? Here's what a former PMO insider thinks: Carney's government also needs to think about what it can do about the tariffs that are actually having the biggest impact on Canada right now: the sectoral tariffs of 50 per cent on steel and aluminum and 25 per cent on the non-U.S. content of assembled automobiles. "Maybe there's one more step towards the American ask that we can take — that we can live with — that can close this deal," Clow said. The signals from Carney's team suggest the plan is to keep on keeping on. Dominic LeBlanc, the minister responsible for Canada-U.S. trade, said Friday that he and Commerce Secretary Howard Lutnick, Trump's point man on tariffs, agreed to speak by phone next week and arrange for a meeting later in August. "We'll continue to talk to the Americans," LeBlanc told reporters in Washington. "The United States will continue to be our neighbour, continue to be our most important economic and security partner." Both LeBlanc in his scrum and Carney in his statement acknowledged the need for the government to help the steel, aluminum and auto sectors. Getting carve-outs or reductions of those tariffs will no doubt be an objective as the talks with Team Trump progress.
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It's Trump's economy now. The latest financial numbers offer some warning signs
WASHINGTON (AP) — For all of President Donald Trump's promises of an economic 'golden age,' a spate of weak indicators this week told a potentially worrisome story as the impacts of his policies are coming into focus. Job gains are dwindling. Inflation is ticking upward. Growth has slowed compared to last year. More than six months into his term, Trump's blitz of tariff hikes and his new tax and spending bill have remodeled America's trading, manufacturing, energy and tax systems to his own liking. He's eager to take credit for any wins that might occur and is hunting for someone else to blame if the financial situation starts to totter. But as of now, this is not the boom the Republican president promised, and his ability to blame his Democratic predecessor, Joe Biden, for any economic challenges has faded as the world economy hangs on his every word and social media post. When Friday's jobs report turned out to be decidedly bleak, Trump ignored the warnings in the data and fired the head of the agency that produces the monthly jobs figures. 'Important numbers like this must be fair and accurate, they can't be manipulated for political purposes,' Trump said on Truth Social, without offering evidence for his claim. 'The Economy is BOOMING.' It's possible that the disappointing numbers are growing pains from the rapid transformation caused by Trump and that stronger growth will return — or they may be a preview of even more disruption to come. Trump's economic plans are a political gamble Trump's aggressive use of tariffs, executive actions, spending cuts and tax code changes carries significant political risk if he is unable to deliver middle-class prosperity. The effects of his new tariffs are still several months away from rippling through the economy, right as many Trump allies in Congress will be campaigning in the midterm elections. 'Considering how early we are in his term, Trump's had an unusually big impact on the economy already,' said Alex Conant, a Republican strategist at Firehouse Strategies. 'The full inflationary impact of the tariffs won't be felt until 2026. Unfortunately for Republicans, that's also an election year.' The White House portrayed the blitz of trade frameworks leading up to Thursday's tariff announcement as proof of his negotiating prowess. The European Union, Japan, South Korea, the Philippines, Indonesia and other nations that the White House declined to name agreed that the U.S. could increase its tariffs on their goods without doing the same to American products. Trump simply set rates on other countries that lacked settlements. The costs of those tariffs — taxes paid on imports to the U.S. — will be most felt by many Americans in the form of higher prices, but to what extent remains uncertain. 'For the White House and their allies, a key part of managing the expectations and politics of the Trump economy is maintaining vigilance when it comes to public perceptions,' said Kevin Madden, a Republican strategist. Just 38% of adults approve of Trump's handling of the economy, according to a July poll by The Associated Press-NORC Center for Public Affairs. That's down from the end of Trump's first term when half of adults approved of his economic leadership. The White House paints a rosier image, seeing the economy emerging from a period of uncertainty after Trump's restructuring and repeating the economic gains seen in his first term before the pandemic struck. 'President Trump is implementing the very same policy mix of deregulation, fairer trade, and pro-growth tax cuts at an even bigger scale – as these policies take effect, the best is yet to come,' White House spokesman Kush Desai said. Recent economic reports suggest trouble ahead The economic numbers over the past week show the difficulties that Trump might face if the numbers continue on their current path: — Friday's jobs report showed that U.S. employers have shed 37,000 manufacturing jobs since Trump's tariff launch in April, undermining prior White House claims of a factory revival. — Net hiring has plummeted over the past three months with job gains of just 73,000 in July, 14,000 in June and 19,000 in May — a combined 258,000 jobs lower than previously indicated. On average last year, the economy added 168,000 jobs a month. — A Thursday inflation report showed that prices have risen 2.6% over the year that ended in June, an increase in the personal consumption expenditures price index from 2.2% in April. Prices of heavily imported items, such as appliances, furniture, and toys and games, jumped from May to June. — On Wednesday, a report on gross domestic product — the broadest measure of the U.S. economy — showed that it grew at an annual rate of less than 1.3% during the first half of the year, down sharply from 2.8% growth last year. 'The economy's just kind of slogging forward,' said Guy Berger, senior fellow at the Burning Glass Institute, which studies employment trends. 'Yes, the unemployment rate's not going up, but we're adding very few jobs. The economy's been growing very slowly. It just looks like a 'meh' economy is continuing.' Trump's Fed attacks could unleash more inflation Trump has sought to pin the blame for any economic troubles on Federal Reserve Chair Jerome Powell, saying the Fed should cut its benchmark interest rates even though doing so could generate more inflation. Trump has publicly backed two Fed governors, Christoper Waller and Michelle Bowman, for voting for rate cuts at Wednesday's meeting. But their logic is not what the president wants to hear: They were worried, in part, about a slowing job market. But this is a major economic gamble being undertaken by Trump and those pushing for lower rates under the belief that mortgages will also become more affordable as a result and boost homebuying activity. His tariff policy has changed repeatedly over the last six months, with the latest import tax numbers serving as a substitute for what the president announced in April, which provoked a stock market sell-off. It might not be a simple one-time adjustment as some Fed board members and Trump administration officials argue. Trump didn't listen to the warnings on 'universal' tariffs Of course, Trump can't say no one warned him about the possible consequences of his economic policies. Biden, then the outgoing president, did just that in a speech last December at the Brookings Institution, saying the cost of the tariffs would eventually hit American workers and businesses. 'He seems determined to impose steep, universal tariffs on all imported goods brought into this country on the mistaken belief that foreign countries will bear the cost of those tariffs rather than the American consumer,' Biden said. 'I believe this approach is a major mistake.' Josh Boak And Christopher Rugber, The Associated Press 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
