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Donald Trump freezes export controls to secure trade deal with China
The US has frozen restrictions on technology exports to China to avoid hurting trade talks with Beijing and help President Donald Trump 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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Explainer-Why Big Alcohol needs US tariff relief in five charts
By Emma Rumney and Jessica DiNapoli LONDON/NEW YORK (Reuters) -European Union wine and spirits producers could emerge among the few winners of a EU-U.S. trade deal agreed at the weekend that some European officials consider unbalanced. The high-level agreement, which imposes a 15% baseline duty for most EU goods entering the United States, is set to include tariff exemptions for some agricultural products, still to be hammered out. Alcoholic beverages could be among those, according to trade and industry officials. "We are optimistic that in the days ahead this positive meeting and agreement will lead to a return to zero-for-zero tariffs for U.S. and EU spirits products," Distilled Spirits Council President and CEO Chris Swonger said in a statement in response to the U.S.-EU agreement. On Monday, French Trade Minister Laurent Saint Martin also said he expected the spirits sector to be exempted from U.S. tariffs. If confirmed, an exemption would offer a lifeline to alcohol players including the world's biggest spirits maker, Diageo, Pernod Ricard, Remy Cointreau and Campari, all of which are very exposed to vast U.S. market and whose profits have already taken a big hit as consumers spend less on drink. Shares in Pernod, Diageo and Campari initially rose in early trade. But they stood 1.3%, 0.4% and 0.3% lower by 0707 GMT. Shares in Remy fell 2.2%. Alcohol is among the EU's top exports to the United States, worth about 9 billion euros ($10.5 billion) in 2024, according to Eurostat data, with certain products like Remy Martin cognac and champagne required to be produced in specific European regions. About one-third of all exports of Irish whiskey such as Pernod Ricard's Jameson are destined for the United States. Earlier in July, President Donald Trump had threatened a crippling 30% tariff that some industry experts said could stop flows of certain EU goods towards the United States. The United States accounts for about 18% of exports for another exclusively French product, champagne. Of all exports of cognac from its namesake region in France, about 43% end up in the United States. LVMH owns Hennessy Cognac. Remy Cointreau, which makes more than 70% of its sales from French-made cognac, is among the alcohol makers hit hardest by tariffs. It has pegged the hit from tariffs imposed globally at about 45 million euros. For cognac makers, the U.S. tariffs represent a fresh challenge after producers of the drink managed this month to avert the threat of duties of up to around 35% from China. For Spanish and Italian wines, around 14% and 24% of total exports, respectively, are sold in the United States. Beer brewers and makers of popular ready-to-drink cocktails will, however, continue to face tariffs on imported aluminum they may use for cans. Under the EU-U.S. deal struck on Sunday, Washington will continue to impose a levy of 50% on steel and aluminum entering the United States. ($1 = 0.8518 euros) 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
CNET
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Mortgage Rates Dip Down: Mortgage Rates on July 28, 2025
Check out CNET Money's weekly mortgage rate forecast for a more in-depth look at what's next for Fed rate cuts, labor data and inflation. The average for a 30-year fixed mortgage is 6.77% today, a decrease of -0.04% since one week ago. The average rate for a 15-year fixed mortgage is 5.96%, which is a decrease of -0.07% compared to a week ago. To secure a lower mortgage interest rate, consider increasing your down payment, improving your credit score or purchasing mortgage points. What's behind high rates these days? Concerns about persistent inflation, threats of a global trade war and policy turbulence have created an uncertain economic outlook. In response, the Federal Reserve has adopted a wait-and-see approach and left interest rates unchanged this year. Financial markets largely expect the Fed to resume lowering rates in September, particularly if President Trump eases some of his aggressive tariff measures or if the labor market continues to deteriorate. Prospective homebuyers shouldn't expect mortgage rates to become affordable overnight. While cheaper borrowing costs gradually trickle down to the housing market, the Fed doesn't directly set lenders' mortgage rates. In today's unaffordable housing market, mortgage rates are just one piece of the puzzle. High home prices and skyrocketing homeownership expenses, like insurance and property taxes, are further compounding the pressure on prospective buyers. The possibility of a job-loss recession is also pushing many households to tighten their budgets and take on less financial risk. When mortgage rates start to fall, be ready to take advantage. Experts recommend shopping around and comparing multiple offers to get the lowest rate. Enter your information here to get a custom quote from one of CNET's partner lenders. About these rates: Bankrate's tool features rates from partner lenders that you can use when comparing multiple mortgage rates. What's behind today's high mortgage rates? The average 30-year fixed rate has hovered just below 7% for the last several months, resulting in cost-prohibitive monthly payments. Mortgage rates primarily take their cues from the 10-year Treasury yield, which reflects investors' collective expectations regarding inflation, labor market health, upcoming monetary policy shifts and the impact of global factors like tariffs. If investors anticipate persistently high inflation or significant government borrowing, they'll demand higher returns on their bonds, which in turn keeps mortgage rates elevated. "Rates could fall if inflation keeps cooling and the labor market softens," said Jeb Smith, licensed real estate agent and member of CNET Money's expert review board. "On the other hand, tariffs could create new inflation pressure. Add in government deficits and increased bond supply, and that puts upward pressure on rates." Even as the Fed eventually starts to reduce borrowing rates, experts caution that significant market volatility is likely. As a result, homebuyers are adopting a more patient and strategic approach to financing, comparing various loan types and planning ahead. "Some are waiting, others are getting pre-approved now so they're ready to act if rates fall," said Smith. For a look at mortgage rate movement in recent years, see the chart below. Mortgage rate forecast for 2025 While the housing market was expected to rebound in 2025, it has remained stagnant due to ongoing economic and political uncertainties. Median family income has not kept pace with the surge in housing costs, requiring many households to earn double or triple their salary to afford a modest home in some cities. Mortgage rates would have to drop significantly, close to 6% or below, to drum up significant homebuying demand. According to Smith, though, the more likely scenario is that interest rates will take modest and gradual steps down over the coming months. A return to the record-low rates, around 2-3%, we saw during the pandemic would only happen if the economy tipped into a severe recession. Fannie Mae now predicts rates around 6.5% by the end of 2025 and 6.1% by the end of 2026. Ongoing uncertainty could cause rates to stay high, or increase further. For instance, if tariffs cause inflation to reignite, which most experts and Fed officials expect, it could result in higher bond yields and fewer interest rate cuts by the central bank. Both would be bad for mortgage rates. What is a good mortgage type and term? Each mortgage has a loan term, or payment schedule. The most common mortgage terms are 15 and 30 years, although 10-, 20- and 40-year mortgages also exist. With a fixed-rate mortgage, the interest rate is set for the duration of the loan, offering stability. With an adjustable-rate mortgage, the interest rate is only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the market. Fixed-rate mortgages are a better option if you plan to live in a home in the long term, but adjustable-rate mortgages may offer lower interest rates upfront. 30-year fixed-rate mortgages The average interest rate for a standard 30-year fixed mortgage is 6.77% today. A 30-year fixed mortgage is the most common loan term. It will often have a higher interest rate than a 15-year mortgage, but you'll have a lower monthly payment. 15-year fixed-rate mortgages Today, the average rate for a 15-year, fixed mortgage is 5.96%. Though you'll have a bigger monthly payment than a 30-year fixed mortgage, a 15-year loan usually comes with a lower interest rate, allowing you to pay less interest in the long run and pay off your mortgage sooner. 5/1 adjustable-rate mortgages A 5/1 adjustable-rate mortgage has an average rate of 6.03% today. You'll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option. Calculate your monthly mortgage payment Getting a mortgage should always depend on your financial situation and long-term goals. The most important thing is to make a budget and try to stay within your means. CNET's mortgage calculator below can help homebuyers prepare for monthly mortgage payments. Where can I find the best mortgage rates? Though mortgage rates and home prices are high, the housing market won't be unaffordable forever. It's always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right. Save for a bigger down payment: Though a 20% down payment isn't required, a larger upfront payment means taking out a smaller mortgage, which will help you save in interest. Boost your credit score: You can qualify for a conventional mortgage with a 620 credit score, but a higher score of at least 740 will get you better rates. Pay off debt: Experts recommend a debt-to-income ratio of 36% or less to help you qualify for the best rates. Not carrying other debt will put you in a better position to handle your monthly payments. Research loans and assistance: Government-sponsored loans have more flexible borrowing requirements than conventional loans. Some government-sponsored or private programs can also help with your down payment and closing costs. Shop around for lenders: Researching and comparing multiple loan offers from different lenders can help you secure the lowest mortgage rate for your situation.
