Bloomberg Daybreak Asia: Trump Says He'll Set Unilateral Tariffs; China's Biotech Boom
US equity-index futures dipped along with the dollar after President Donald Trump said he will set unilateral tariff rates within two weeks, dialing up trade tensions once again. The comments come a day after Chinese and US officials struck a positive tone following their talks to dial down trade tensions. Amid US talking with countries including India and Japan to lower the levies, some investors see Trump's comments as an effort to ramp up urgency in talks. We talk markets with Zachary Hill, Head of Portfolio Management at Horizon Investments. Plus - China's biotech industry is gaining momentum, with Pfizer and Bristol-Myers Squibb making billion-dollar deals with Chinese companies to license experimental cancer drugs. The industry is expected to continue growing, driven by factors such as US President Donald Trump's economic policies, cheaper and easier human testing in China, and an abundance of young and affordable engineering talent. We check in with Shuli Ren, Bloomberg Opinion Columnist, for a closer look at the sector.
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Hamilton Spectator
21 minutes ago
- Hamilton Spectator
Trump moves to merge wildland firefighting into single force, despite ex-officials warning of chaos
BILLINGS, Mont. (AP) — President Donald Trump on Thursday ordered government agencies to consolidate their wildland firefighting into a single program, despite warnings from former federal officials that it could be costly and increase the risk of catastrophic blazes. The order aims to centralize firefighting efforts now split among five agencies and two Cabinet departments. Trump's proposed budget for next year calls for the creation of a new Federal Wildland Fire Service under the U.S. Interior Department. That would mean shifting thousands of personnel from the U.S. Department of Agriculture's Forest Service — where most federal firefighters now work — with fire season already underway . The administration has not disclosed how much the change could cost or save. Trump in his order cited the devastating Los Angeles wildfires in January as highlighting a need for a quicker response to wildfires. 'Wildfires threaten every region, yet many local government entities continue to disregard commonsense preventive measures,' the order said. The Trump administration in its first months temporarily cut off money for wildfire prevention work and reduced the ranks of federal government firefighters through layoffs and retirement. The order makes no mention of climate change, which Trump has downplayed even as warming temperatures help stoke bigger and more destructive wildfires that churn out massive amounts of harmful pollution. More than 65,000 wildfires across the U.S. burned almost 9 million acres (3.6 million hectares) last year. Organizations representing firefighters and former Forest Service officials say it would be costly to restructure firefighting efforts and cause major disruptions in the midst of fire season. A group that includes several former Forest Service chiefs said in a recent letter to lawmakers that consolidation of firefighting work could 'actually increase the likelihood of more large catastrophic fires, putting more communities, firefighters and resources at risk.' Another destructive fire season is expected this year, driven by above-normal temperatures for most of the country, according to federal officials. A prior proposal to merge the Forest Service and Interior to improve firefighting was found to have significant drawbacks by the Congressional Research Service in a 2008 report. But the idea more recently got bipartisan support, with California Democratic Sen. Alex Padilla and Montana Republican Sen. Tim Sheehy sponsoring legislation that is similar to Trump's plan. Before his election last year, Sheehy founded an aerial firefighting company that relies heavily on federal contracts. In a separate action aimed at wildfires, the Trump administration last month rolled back environmental safeguards around future logging projects on more than half U.S. national forests. The emergency designation covers 176,000 square miles (455,000 square kilometers) of terrain primarily in the West but also in the South, around the Great Lakes and in New England. Most of those forests are considered to have high wildfire risk, and many are in decline because of insects and disease .
CBS News
22 minutes ago
- CBS News
Suisun City votes to move forward with California Forever annexation project research
SUISUN CITY -- The Suisun City city council voted 3-1 on Tuesday night to enter into a reimbursement agreement with California Forever, which means the city's plan to consider annexing up to 22,000 acres of land owned by the development group now takes a big step forward in what is projected to be a years-long process. California Forever, a billionaire-backed initiative that drew national attention for its plans to build a new city in Solano County, withdrew its "East Solano Plan" from the November ballot in July 2024. The group was asking Solano County voters to support their proposed city adjacent to Travis Air Force Base of around 400,000 people. Instead, the group went back to the drawing board amid public pushback to put together a full environmental impact report on the proposed city's impact, planning to put a measure back before voters in 2026. Suisun City, as has the city of Rio Vista, engaged in talks with California Forever beginning in early 2025 to consider annexing some of the group's land into each city. Tuesday's vote by the Suisun City city council now means California Forever will front the cost of all of research needed for the annexation proposal, including environmental impact reports and paying consultants chosen by the city. California Forever will pay the city an initial $400,000. If the proposed annexation is eventually adopted by the city council and then approved by the county's LAFCO authority, California Forever will pay Suisun City $10 million. Currently, the city is facing a projected more than $1 million budget deficit for the 2025-2026 fiscal year. City manager Bret Prebula spoke in support of the annexation project vote, calling it the city's path forward that now allows them to engage in talks with California Forever that could secure a 'prosperous' future for the city. "What it does is open the door for Suisun City to shape the conversation and ensure we are not left behind," said Prebula at Tuesday's meeting. More than one hundred community members signed up to give public comment Tuesday night, which meant conversation on this topic went on for more than four hours. There was standing room only as Solano County residents both for and against the vote packed the chambers. Several people in support of the annexation project said it stands to provide decades of work for skilled laborers in the county. "What's the problem? I don't get it. It should be an easy 'yes' vote to take the time and do the research. As far as I'm concerned, the project should go forward as well," said Alicia Mijares, representing local sheet metal workers and their union. Those in opposition made it clear they do not trust California Forever and they do not want the city's future tied to their initiative. "When it was happening last summer to go on the ballot, nobody wanted it. They took it off the ballot. Now with this, we don't even have that right anymore. For it to have our vote, our count. It's disgraceful," resident Jan Bartz told CBS News Sacramento before the meeting. Several called what they heard in Tuesday night's public hearing and presentation 'empty promises.' "You may think you are being transparent, but many people I speak to in Suisun City do not agree. Brief public comments are no substitute for genuinely transparent and publicly participatory processes," said one community member from the podium in public comment opposing the vote. Councilmember Princess Washington was the sole "no" vote on the reimbursement agreement with California Forever. Washington expressed hesitancy in her comments by saying that she doesn't feel five people, the council, should 'dictate the fate of the entire county.' She added that proposals of this nature should be up to voters. Mayor Alma Hernandez and the other members of the council commented that this is step one in a long process that will provide the city answers, not result in an outright decision, on annexation. CBS13 asked California Forever for a response to Tuesday night's meeting. "We look forward to working with Suisun City and Rio Vista to bring new industries, amazing neighborhoods, and new sources of tax revenue to the region," a spokesperson responded in a statement. Suisun City is also considering a recent offer by California Forever's CEO Jan Sramek to purchase $1.5 million in downtown city property to help the city offset its budget shortfall. The item is expected to return to the council for a vote in late fall 2025.
Forbes
23 minutes ago
- Forbes
The Parts Of Long-Term Financial Planning That Everyone Should Know
Confident young Asian woman with smartphone looking out through window while sitting in a cafe ... More having coffee. Making a personal financial plans and investment decisions. Wealth management. Business, banking, finance and investment concept Mapping out your finances for the long haul can help you grow wealth, build a reliable safety net, and weather life's twists and turns. As financial markets become more volatile and retirement planning seems increasingly out of reach, especially for millennials, it's imperative to start as early as possible, securing your financial future. Whether it's not having the right amount of insurance in place, neglecting to contribute to the correct retirement accounts, or not ensuring a seamless estate plan, many people have holes in their long-term financial planning. Learn about six key components you can include in your plan and how each one can strengthen your financial well-being. A will is a legally binding document that outlines how your property should be divided and how personal matters should be managed after your death. It can also designate guardians for your minor children and include instructions for end-of-life preferences. In contrast, a trust is a legal structure in which you, as the grantor, assign a trustee to oversee and manage assets for the benefit of specific individuals or organizations, known as beneficiaries. Both wills and trusts are critical estate planning tools that can help ensure your wishes are carried out and your loved ones are provided for. Having a will allows you to direct assets to the right people and name an executor to settle your estate. A trust offers extra benefits: It can bypass the probate process, saving time and preserving privacy for your heirs, and it can even include provisions for managing your assets if you become incapacitated—something a will cannot do. A taxable brokerage account is a regular investment account that you can open through a brokerage firm using money that's already been taxed. It gives you the flexibility to trade various assets, such as bonds, stocks, mutual funds, and ETFs, without the benefit of tax deferral or shelter. Unlike retirement accounts, a taxable account does not provide upfront tax deductions or tax-deferred growth. Instead, you pay taxes each year on any interest, dividends or capital gains earned in the account. A 401(k) plan is a company-sponsored retirement account that employees can contribute a percentage of their income toward for long-term savings. It can help automate saving, provide tax-deferred growth, and significantly boost your savings through employer matches. 'Given that just 11% of workers in private industry receive a pension, 401(k)s are a key pillar in building a secure retirement,' writes finance journalist Adam Shell. 'In fact, these tax-advantaged accounts remain the backbone of most people's retirement saving strategy.' Over decades, consistent 401(k) contributions can grow into a substantial fund to support you in retirement. IRAs come in two main types: traditional and Roth IRAs. Traditional IRAs allow you to make tax-deductible contributions in the year they're made, lowering your taxable income at that time. However, in retirement, the withdrawals you take are taxed as ordinary income. Roth IRAs, on the other hand, are funded with after-tax dollars and offer no immediate tax break, but qualified withdrawals in retirement are completely tax-free. By consistently contributing the maximum you can and investing prudently, an IRA can grow into a sizable component of your retirement nest egg. Term life insurance is the simplest, most straightforward type of life insurance. You purchase coverage for a specified term, such as 10, 20 or 30 years. If you (the insured person) die during that term, the policy pays out a tax-free lump sum death benefit to your chosen beneficiaries. If you outlive the term, the coverage ends, or you may have an option to renew at a higher rate. Term life insurance is fundamental for anyone who has others depending on their income or care. If you have young children, a spouse or aging parents who rely on you, life insurance ensures they are not left financially stranded. Indexed universal life (IUL) insurance is a form of lifelong coverage that combines a guaranteed death benefit with a cash value element that can grow over time. Unlike term life policies, IUL stays in force as long as you continue to make premium payments. It also includes a savings component that accumulates value, often tied to the performance of a market index, offering the potential for wealth building or protection. Rob Graham, CEO of Wealth Express, a platform that provides connection to IUL advisors, describes the advantage of an IUL as not just the protection of a death benefit, but also a wealth tool for during one's lifetime. As Graham observes, 'An IUL can accumulate wealth for an individual 'tax-free.' That wealth can then be accessed throughout one's lifetime for any reason, at any time, with no early withdrawal penalties (after the first year), 'tax-free' through loans that do not have to be paid back.' In practical terms, this means that as your IUL policy's cash value grows, you can borrow against it and use that money—for college tuition, a business investment, retirement income, or any purpose—without triggering taxes because loans from life insurance are not considered taxable income. Despite their potential benefits, IULs have often attracted criticism as a result of poorly set up policies. This underscores the importance of choosing the right financial advisor to help establish a strategy for an IUL. Graham notes, 'Many ill-informed agents max out the insurance and minimize the cash value component of the contract. This is bad for the consumer, and usually the consumer learns about it too late to do anything about it.' To truly realize the 'personal banking' advantages of an IUL, the policy should be designed with a relatively lower death benefit and higher contributions going into cash value, within allowed limits. While annuities are often one of the more misunderstood retirement strategies, the right product can provide a predictable income stream in retirement without exposure to volatility in the stock market. 'Recessions can be damaging to the economy and the stock market; they don't have to be damaging to your retirement lifestyle,' says Ty Young, CEO of Ty J. Young Wealth Management. 'The proper annuity, used correctly, can be the difference between a recession ruining your retirement and living the retirement lifestyle you've always dreamed of.' When you buy an annuity plan, it will pay you a guaranteed, specified sum of income upon reaching a certain date. Long-term financial wealth and security is built through incremental steps over a long period of time. Starting with the right infrastructure, such as robust estate planning, asset protection, and tax strategy is crucial. Then it becomes a process of remaining consistent in your investing and allowing compound interest enough time to accumulate.
