Billionaire Ken Griffin calls tariffs a 'painfully regressive tax,' hitting working class Americans the hardest
Billionaire Ken Griffin, founder and CEO of the Citadel hedge fund, said working class Americans will bear the brunt of President Donald Trump's punitive tariffs on U.S. trading partners.
"Tariffs hit the pocketbook of hardworking Americans the hardest," Griffin said on CNBC's "Closing Bell" Wednesday. "It's like a sales tax for the American people. It's going to hit those who are working the hardest to make ends meet. That's my big issue with tariffs. It's such a painfully regressive tax."
Trump rolled out shockingly high levies on imports last month, triggering extreme swings on Wall Street. The president later went on to announce a 90-day pause on much of the increase, except for China, as the White House sought to strike deals with major trading partners. Trump has slapped tariffs of 145% on imported Chinese goods this year, prompting China to impose retaliatory levies of 125%.
Griffin, whose hedge fund managed more than $65 billion at the start of 2025, voted for Trump and was a megadonor to Republican politicians. But he has also criticized Trump's trade policy, saying it risks spoiling the "brand" of the United States and its government bond market.
"The reason the American voters elected President Trump was because of the failed economic policies of Joe Biden and the inflationary shock that reduced the real incomes of every American household," Griffin said. "The president really does have to focus on managing inflation, because I think it's front and center, the primary score card that American voters are going to think about when it comes to this midterm election."
The Wall Street titan said there is a "modest" risk of stagflation as higher tariffs create both inflationary pressures and slow down the economy. He said the trajectory of the economy largely depends on how Trump's economic policy develops.
As laid out by Treasury Secretary Scott Bessent, Trump's economic program takes a three-pronged approach: trade, tax cuts and deregulation.
"The question is, will all three of those come together to give us the growth that we need in our economy?," Griffin asked. "That's the real question we're going to face over the next two years."
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Trump tariffs live updates: Bessent says he will meet Chinese officials, discuss tariff deadline extension
US Treasury Secretary Scott Bessent told Fox Business on Tuesday that he plans to meet his Chinese counterpart next week and discuss an extension of an August 12 deadline for higher tariffs. "I think we've actually moved to a new level with China, where it's very constructive and very we're able - we're going to be able - to get a lot of things done now that trade has kind of settled in at a good level," Bessent said Meanwhile, the prospect of an interim trade and tariff deal between the US and India before the August 1 deadline have dimmed, according to Reuters. Talks remain deadlocked due to disagreements on key agricultural and dairy products. The European Union still wants a trade pact with the US, but the bloc 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. '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. Trump wants at least a 15% to 20% tariff on EU goods, according to the FT. He threatened 30% duties from Aug. 1, targeting other countries and sectors like copper, pharma, and chips. Last week, Trump said 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. Earlier in July, 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. Treasury Secretary Scott Bessent on Monday said the administration is "more concerned with high quality deals than getting these deals done by Aug. 1." 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. RTX cuts 2025 profit forecast as tariff costs weigh US aerospace and defense giant RTX (RTX) cut its 2025 profit forecast on Tuesday, citing President Trump's trade war as the major reason. Shares of the company fell 3% in premarket trading. Reuters reports: Read more here. GM's core profit slides in second quarter as Trump's tariffs bite Tariffs have started to hit US automaker General Motors (GM), who reported a fall in second quarter core profit of 32% to $3 billion on Tuesday. The automaker said tariffs have sapped $1.1 billion from results as it continues to grapple with President Trump's challenging trade war. Reuters reports: Read more here. Canadian boycott of US spirits hurts broader alcohol sales: Trade group American imports to Canada have dropped sharply due to Canadian provinces' boycott of US spirits amid the ongoing trade war with the United States, according to a Canadian liquor trade group. Reuters reports: Read more here. AstraZeneca announces $50B US manufacturing investment, matching its big pharma peers Pharmaceutical giant, AstraZeneca (AZN) announced it plans to invest $50 billion in US manufacturing by 2030, in the hopes it will avoid steep tariffs on imported components manufactured abroad. Yahoo Finance's senior reporter Anjalee Khemlani looks at how AstraZeneca's latest US investment keeps pace with its big pharma rivals. Read more here Trump targeting trade loopholes risks 70% of China exports to US China's growth could be eroded due to President Trump's efforts to target the country via its trading partners across global supply chains, according to Bloomberg Economics. China is using other countries like Vietnam and Mexico more to make products for the US, a trend that accelerated after Trump's first trade war. China's share of total value- added manufacturing of goods destined for the US via Vietnam and Mexico surged 22% in 2023 from 14% in 2017. Bloomberg News reports: Read more here. India-US interim trade deal prospects dim ahead of tariff deadline: Sources Hopes for a US-India trade deal before the August 1 deadline are fading, with talks stuck over cuts to farm and dairy tariffs, according to sources. Reuters reports: Read more here. Orange juice importer says Trump's Brazil tariffs will raise US prices Orange juice prices join the list of products that could see price increases as a result of tariffs imposed by the Trump administration. Bloomberg reports: A US orange juice distributor is suing over President Donald Trump's move to impose a 50% tariff on Brazil starting next month. Johanna Foods Inc. is arguing that Trump's reasons for the levy increase — including support for Brazil's former right-wing President Jair Bolsonaro — don't present 'unusual and extraordinary' threats that give him emergency authority to circumvent Congress' taxing power. The New Jersey-based company estimates that the Brazil tariffs would increase its costs for not-from-concentrate orange juice from Brazil by $68 million over the next 12 months and raise retail costs for consumers between 20-25%. According to the complaint, Brazil supplies more than half of all orange juice sold in the US. Read more here. Brazil acknowledges possibility of no US trade deal by August 1 President Trump's August 1 tariff deadline is steadily approaching, and trading partners are preparing for multiple outcomes. Brazil, for example, is increasingly open to the possibility that a trade deal won't be reached in time. Reuters reported: Read more here. US steelmaker Cleveland-Cliffs touts 'positive impact' of tariffs Cleveland-Cliffs (CLF) CEO Lourenco Goncalves praised President Trump's protectionist policies on Monday, stating that the 25%-50% tariffs on foreign steel imports have had a "positive impact" on the US steel and automotive industries. The Section 232 steel tariffs "have played a significant role in supporting the domestic steel industry," Goncalves said during the company's earnings call. 'So far, there's no indication that the Section 232 tariffs will be used as a bargaining chip by the Trump administration as leverage in trade deals with other countries," Goncalves added. "We appreciate that and fully expect that the administration will keep in place and enforce these Section 232 tariffs." Goncalves said the only place where it's having a problem is with Stelco, the Canadian steel company it acquired in November 2024. The CEO urged Canadian Prime Minister Mark Carney to implement similar protectionist policies, saying that other efforts to curb unfair trade practices were "insufficient." Cleveland-Cliffs stock soared 11% in early trading Monday after the company reported record steel shipments of 4.3 million net tons for the three months ended June 30. Read more about how Cleveland-Cliffs' stock is trading. Bessent: Trump more concerned about quality of deals than making deals by Aug. 1 Treasury Secretary Scott Bessent on Monday said the US wouldn't rush to make trade deals ahead of an Aug. 1 deadline for many of President Trump's sweeping tariffs to kick in. "We're not going to rush for the sake of doing deals," Bessent told CNBC in an interview. More from Reuters: Read more here. More signs that Europe is hardening its stance We detailed earlier (keep scrolling) how the EU is readying its plans for retaliation in case a trade deal with the US fails. The Wall Street Journal has a big report out today with some more details of those plans — and details on how delicate negotiations are on even thinner ice, as President Trump keeps wanting more. The report said the EU got a "surprise" when US officials said Trump would want a higher baseline tariff in any deal, likely north of 15%, after months of talks around a 10% baseline. That apparently prompted Germany, Europe's largest economy, to swing to more of an alignment with France, which has been pushing a harder line throughout the negotiations. 'All options are on the table,' a German official said. The official said there was still time to negotiate a deal but added, 'If they want war, they will get war.' More from the report: 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. 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. RTX cuts 2025 profit forecast as tariff costs weigh US aerospace and defense giant RTX (RTX) cut its 2025 profit forecast on Tuesday, citing President Trump's trade war as the major reason. Shares of the company fell 3% in premarket trading. Reuters reports: Read more here. US aerospace and defense giant RTX (RTX) cut its 2025 profit forecast on Tuesday, citing President Trump's trade war as the major reason. Shares of the company fell 3% in premarket trading. Reuters reports: Read more here. GM's core profit slides in second quarter as Trump's tariffs bite Tariffs have started to hit US automaker General Motors (GM), who reported a fall in second quarter core profit of 32% to $3 billion on Tuesday. The automaker said tariffs have sapped $1.1 billion from results as it continues to grapple with President Trump's challenging trade war. Reuters reports: Read more here. Tariffs have started to hit US automaker General Motors (GM), who reported a fall in second quarter core profit of 32% to $3 billion on Tuesday. The automaker said tariffs have sapped $1.1 billion from results as it continues to grapple with President Trump's challenging trade war. Reuters reports: Read more here. Canadian boycott of US spirits hurts broader alcohol sales: Trade group American imports to Canada have dropped sharply due to Canadian provinces' boycott of US spirits amid the ongoing trade war with the United States, according to a Canadian liquor trade group. Reuters reports: Read more here. American imports to Canada have dropped sharply due to Canadian provinces' boycott of US spirits amid the ongoing trade war with the United States, according to a Canadian liquor trade group. Reuters reports: Read more here. AstraZeneca announces $50B US manufacturing investment, matching its big pharma peers Pharmaceutical giant, AstraZeneca (AZN) announced it plans to invest $50 billion in US manufacturing by 2030, in the hopes it will avoid steep tariffs on imported components manufactured abroad. Yahoo Finance's senior reporter Anjalee Khemlani looks at how AstraZeneca's latest US investment keeps pace with its big pharma rivals. Read more here Pharmaceutical giant, AstraZeneca (AZN) announced it plans to invest $50 billion in US manufacturing by 2030, in the hopes it will avoid steep tariffs on imported components manufactured abroad. Yahoo Finance's senior reporter Anjalee Khemlani looks at how AstraZeneca's latest US investment keeps pace with its big pharma rivals. Read more here Trump targeting trade loopholes risks 70% of China exports to US China's growth could be eroded due to President Trump's efforts to target the country via its trading partners across global supply chains, according to Bloomberg Economics. China is using other countries like Vietnam and Mexico more to make products for the US, a trend that accelerated after Trump's first trade war. China's share of total value- added manufacturing of goods destined for the US via Vietnam and Mexico surged 22% in 2023 from 14% in 2017. Bloomberg News reports: Read more here. China's growth could be eroded due to President Trump's efforts to target the country via its trading partners across global supply chains, according to Bloomberg Economics. China is using other countries like Vietnam and Mexico more to make products for the US, a trend that accelerated after Trump's first trade war. China's share of total value- added manufacturing of goods destined for the US via Vietnam and Mexico surged 22% in 2023 from 14% in 2017. Bloomberg News reports: Read more here. India-US interim trade deal prospects dim ahead of tariff deadline: Sources Hopes for a US-India trade deal before the August 1 deadline are fading, with talks stuck over cuts to farm and dairy tariffs, according to sources. Reuters reports: Read more here. Hopes for a US-India trade deal before the August 1 deadline are fading, with talks stuck over cuts to farm and dairy tariffs, according to sources. Reuters reports: Read more here. Orange juice importer says Trump's Brazil tariffs will raise US prices Orange juice prices join the list of products that could see price increases as a result of tariffs imposed by the Trump administration. Bloomberg reports: A US orange juice distributor is suing over President Donald Trump's move to impose a 50% tariff on Brazil starting next month. Johanna Foods Inc. is arguing that Trump's reasons for the levy increase — including support for Brazil's former right-wing President Jair Bolsonaro — don't present 'unusual and extraordinary' threats that give him emergency authority to circumvent Congress' taxing power. The New Jersey-based company estimates that the Brazil tariffs would increase its costs for not-from-concentrate orange juice from Brazil by $68 million over the next 12 months and raise retail costs for consumers between 20-25%. According to the complaint, Brazil supplies more than half of all orange juice sold in the US. Read more here. Orange juice prices join the list of products that could see price increases as a result of tariffs imposed by the Trump administration. Bloomberg reports: A US orange juice distributor is suing over President Donald Trump's move to impose a 50% tariff on Brazil starting next month. Johanna Foods Inc. is arguing that Trump's reasons for the levy increase — including support for Brazil's former right-wing President Jair Bolsonaro — don't present 'unusual and extraordinary' threats that give him emergency authority to circumvent Congress' taxing power. The New Jersey-based company estimates that the Brazil tariffs would increase its costs for not-from-concentrate orange juice from Brazil by $68 million over the next 12 months and raise retail costs for consumers between 20-25%. According to the complaint, Brazil supplies more than half of all orange juice sold in the US. Read more here. Brazil acknowledges possibility of no US trade deal by August 1 President Trump's August 1 tariff deadline is steadily approaching, and trading partners are preparing for multiple outcomes. Brazil, for example, is increasingly open to the possibility that a trade deal won't be reached in time. Reuters reported: Read more here. President Trump's August 1 tariff deadline is steadily approaching, and trading partners are preparing for multiple outcomes. Brazil, for example, is increasingly open to the possibility that a trade deal won't be reached in time. Reuters reported: Read more here. US steelmaker Cleveland-Cliffs touts 'positive impact' of tariffs Cleveland-Cliffs (CLF) CEO Lourenco Goncalves praised President Trump's protectionist policies on Monday, stating that the 25%-50% tariffs on foreign steel imports have had a "positive impact" on the US steel and automotive industries. The Section 232 steel tariffs "have played a significant role in supporting the domestic steel industry," Goncalves said during the company's earnings call. 'So far, there's no indication that the Section 232 tariffs will be used as a bargaining chip by the Trump administration as leverage in trade deals with other countries," Goncalves added. "We appreciate that and fully expect that the administration will keep in place and enforce these Section 232 tariffs." Goncalves said the only place where it's having a problem is with Stelco, the Canadian steel company it acquired in November 2024. The CEO urged Canadian Prime Minister Mark Carney to implement similar protectionist policies, saying that other efforts to curb unfair trade practices were "insufficient." Cleveland-Cliffs stock soared 11% in early trading Monday after the company reported record steel shipments of 4.3 million net tons for the three months ended June 30. Read more about how Cleveland-Cliffs' stock is trading. Cleveland-Cliffs (CLF) CEO Lourenco Goncalves praised President Trump's protectionist policies on Monday, stating that the 25%-50% tariffs on foreign steel imports have had a "positive impact" on the US steel and automotive industries. The Section 232 steel tariffs "have played a significant role in supporting the domestic steel industry," Goncalves said during the company's earnings call. 'So far, there's no indication that the Section 232 tariffs will be used as a bargaining chip by the Trump administration as leverage in trade deals with other countries," Goncalves added. "We appreciate that and fully expect that the administration will keep in place and enforce these Section 232 tariffs." Goncalves said the only place where it's having a problem is with Stelco, the Canadian steel company it acquired in November 2024. The CEO urged Canadian Prime Minister Mark Carney to implement similar protectionist policies, saying that other efforts to curb unfair trade practices were "insufficient." Cleveland-Cliffs stock soared 11% in early trading Monday after the company reported record steel shipments of 4.3 million net tons for the three months ended June 30. Read more about how Cleveland-Cliffs' stock is trading. Bessent: Trump more concerned about quality of deals than making deals by Aug. 1 Treasury Secretary Scott Bessent on Monday said the US wouldn't rush to make trade deals ahead of an Aug. 1 deadline for many of President Trump's sweeping tariffs to kick in. "We're not going to rush for the sake of doing deals," Bessent told CNBC in an interview. More from Reuters: Read more here. Treasury Secretary Scott Bessent on Monday said the US wouldn't rush to make trade deals ahead of an Aug. 1 deadline for many of President Trump's sweeping tariffs to kick in. "We're not going to rush for the sake of doing deals," Bessent told CNBC in an interview. More from Reuters: Read more here. More signs that Europe is hardening its stance We detailed earlier (keep scrolling) how the EU is readying its plans for retaliation in case a trade deal with the US fails. The Wall Street Journal has a big report out today with some more details of those plans — and details on how delicate negotiations are on even thinner ice, as President Trump keeps wanting more. The report said the EU got a "surprise" when US officials said Trump would want a higher baseline tariff in any deal, likely north of 15%, after months of talks around a 10% baseline. That apparently prompted Germany, Europe's largest economy, to swing to more of an alignment with France, which has been pushing a harder line throughout the negotiations. 'All options are on the table,' a German official said. The official said there was still time to negotiate a deal but added, 'If they want war, they will get war.' More from the report: Read more here. We detailed earlier (keep scrolling) how the EU is readying its plans for retaliation in case a trade deal with the US fails. The Wall Street Journal has a big report out today with some more details of those plans — and details on how delicate negotiations are on even thinner ice, as President Trump keeps wanting more. The report said the EU got a "surprise" when US officials said Trump would want a higher baseline tariff in any deal, likely north of 15%, after months of talks around a 10% baseline. That apparently prompted Germany, Europe's largest economy, to swing to more of an alignment with France, which has been pushing a harder line throughout the negotiations. 'All options are on the table,' a German official said. The official said there was still time to negotiate a deal but added, 'If they want war, they will get war.' More from the report: 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.
CNET
6 minutes ago
- CNET
No, You Shouldn't Smash Aluminum Cans Before Recycling. Here's Why
CNET Recycling is one of the easiest ways to do right by the planet, but doing it correctly takes more than tossing old metal into the bin and calling it a day. While most of us know we should recycle, the how of it often gets murky. According to the American Iron and Steel Institute, over 90% of steel products can be recycled, which is great news -- but only if they're properly prepped first. That includes rinsing out aluminum cans, cleaning up old cookware and removing non-metal parts from small appliances. And if you're still crushing your cans flat before tossing them? Don't. Experts say that can mess with sorting machines that rely on shape to ID and direct materials to the right place. The bottom line: steel and aluminum can be recycled endlessly without degrading, so it's worth doing right. The Missing Piece to Apple's Eco-Friendly Mission The Missing Piece to Apple's Eco-Friendly Mission Click to unmute Video Player is loading. Play Video Play Skip Backward Skip Forward Next playlist item Unmute Current Time 0:00 / Duration 8:45 Loaded : 5.67% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 8:45 Share Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset Done Close Modal Dialog End of dialog window. Close Modal Dialog This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. Close Modal Dialog This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. The Missing Piece to Apple's Eco-Friendly Mission Here are some easy tips to follow when recycling to make sure you're always on the right page. For more important tips, explore which takeout containers can and can't be recycled, how to recycle computers and printers free and how to recycle your old phones. Which sorts of metal cans can be recycled? All metal cans are recyclable, if they've been cleaned. Examples include: Beverage cans, like soda and beer, including the tabs Paint cans Canned goods Aerosol cans Cleaning metal cans Don't do this: Toss cans into the recycling bin before cleaning. If foods or liquids are left in the cans, they can contaminate an entire batch of recyclables, rendering them useless. Unrinsed cans can also attract roaches, rodents and other nasty critters that you don't want crawling around your bins. Do this instead: Make sure all cans are clear of liquids or foods that could be left in the container. You can do this by rinsing the can when you're finished with it. What to do with the lids Canned goods: Don't remove the lid only halfway before placing it into the recycling bin. Instead, completely remove the lid from the can and place it inside the can (after rinsing). Only place lids inside an empty can made of the same metal material. Aerosol cans: Lids on aerosol cans are typically plastic so you should remove those before putting the cans into the bin. The plastic lids should go with other plastic recyclables, as the heat applied during the metal recycling process will destroy any plastic recyclable mixed into the batch. Clean out all cans before recycling. Alina Bradford/CNET Do I need to remove paper labels before recycling cans? Generally, you don't need to remove paper labels from metal or aluminum cans before you chuck them in the recycling bin. When the cans are recycled, the heat applied to the metal burns away the paper and the adhesive glue entirely, meaning there's no worry that your contributions might contaminate the batch. However, there are other cases in which you might want to remove the paper labels before you recycle something. You can take these labels off of your metal cans and toss them in with your paper recycling if you don't like the idea of the labels getting turned to ash in the recycling process. More important, you do have to remove the paper labels if you're recycling plastics, because the recycling process for metals and plastics is different. When in doubt, it's best to contact your local recycling facility. One Reddit user familiar with recycling facilities pointed out that, while the mechanics of recycling are important to understand, each recycling plant has its own unique machinery with different capabilities -- they aren't standardized so it's not simple to give a one-size-fits-all answer. Making a quick call to your local plant will ensure that you know what can and can't be recycled, and what might contaminate a batch of recyclables. What else should I do? Avoid puncturing aerosol cans to remove the remaining liquid. Make sure all paint is either dry or completely rinsed out before recycling. If you have leftover paint or other hazardous waste, take it to a drop-off center near you. Don't crush aluminum cans before recycling because they can contaminate the batch. Recycling sorting machines also rely on shape to identify and crushing cans and other recyclables can trip them up. For more recycling information, here's how to properly recycle plastic and the right way to recycle paper and cardboard. Metal recycling FAQs What's are the most important things to do before recycling metal cans? Before you recycle metal cans, it's important to rinse them out to remove any excess fluids within the can. This is to make sure that your can doesn't contaminate the entire batch of recyclables. You can also remove the paper label but this isn't necessary for metal cans. When should I remove the paper label from my recyclables? While it's not necessary to remove the paper label from metal cans, you can still do so if you want to put the label in with the rest of your paper recyclables. You do have to remove the paper label from any plastic recyclables, as the plastic recycling process is different from the metal and aluminum recycling process.
USA Today
6 minutes ago
- USA Today
This company can help you get the low mortgage rates of years ago.
Consider a typical home in a typical American community that sells to a new owner who takes out a typical mortgage. The monthly payment will be about $2,700, according to a recent analysis from Redfin. But the person who's selling the home likely has a monthly payment that's as much as $1,000 less, if they bought the home a few years ago at a rock-bottom low rate of 2-3% - or refinanced during that period. Wouldn't it be nice to turn back time? A new company offers to do just that. RetroRate offers a software tool that scans public real estate listings on websites like Zillow or to show which homes for sale have assumable mortgages – those that can be taken over by a home's new owner. Most mortgages guaranteed by government agencies, like the Department of Veterans Affairs or the Federal Housing Agency, can be assumed, as can a very few guaranteed by Fannie Mae and Freddie Mac. Most agents and others in the real estate industry know such loans are out there, but they can be tricky to find. Most homeowners aren't accustomed to sharing details about their mortgages when they sell their home. Across a sample of ten states, RetroRate estimates that more than 22% have an assumable loan, with an average interest rate of 4.42%, working out to average monthly savings of $1,037. Drawbacks to assumable mortgages There are some reasons why buyers and their agents may shy away from an assumable mortgage, however. The most critical is that they can take time to process. That's because the company responsible for transitioning the mortgage to the new buyer is not a lender, but the existing mortgage servicer. Servicers are the companies that handle mortgage payments, making sure they're paid on time and that a borrower's insurance premiums and taxes are taken care of. Their business processes aren't set up to work with borrowers before they become owners, and they usually don't have many staff members dedicated to handling assumptions. RetroRate makes its money by offering a concierge service. For a fee equal to 1% of the purchase price of the home, the company walks the buyer and the seller through the entire process, explained Andy Taylor, RetroRate's founder. Taylor is an industry veteran, having spent time at Redfin and CreditKarma. The complaints about servicers get no argument from Courtney Thompson, executive vice president at CMG Servicing. She likens the current interest in assumable mortgages to the years after the financial crisis, when servicers had to help homeowners who could no longer afford their homes but wanted to avoid foreclosure: a new, time-intensive business process that they were simply ill-equipped to manage. Still, Thompson said in an interview, 'Math is math. People should do (assumptions) if they can and it works for all sides.' 'Piggyback' mortgages for the 'equity gap' Another key challenge is that mortgages that can be assumed are usually smaller than the purchase price of the home today. Consider a home purchased in 2022 for $500,000, using a $450,000 mortgage. There may be $400,000 left on that mortgage – but the home is probably now worth more like $600,000. The buyers will have to either cover the difference with money they pay out of pocket, or take out a small second mortgage or some other kind of loan. That's the biggest concern for real estate agent Andi DeFelice, who works with lots of first-time buyers as the owner and broker of Exclusive Buyers Realty in Savannah, Georgia. For the lower monthly payment alone, DeFelice said, she'd love to consider a tool like RetroRate. But if it comes to having to put down hundreds of thousands in equity, an assumable mortgage may simply be out of reach for many buyers. Yet 'it could definitely be something to put in our toolbox,' she told USA TODAY. Evan Tando is a San Diego-based mortgage broker and real estate agent who firmly believes assumable mortgages help not only buyers, but sellers as well. He was early to recognize the potential in assumptions, when interest rates first started spiking a few years ago. The process could take as much as six months, he said. Now it's a bit shorter – as little as 45 days in some cases – but a buyer should definitely be prepared for a longer process than with a new mortgage, he says. More: Down payments are the biggest homeownership hurdle. Why is Washington making them scarcer? Tando had a chance to see how RetroRate's concierge team worked when it assisted him on a listing with an assumable mortgage, and thinks the company has great promise. For buyers, he said, assumable mortgages are a 'game changer.' But they may also change the calculus for sellers. 'I think it is very, very important if you're selling a home to be sure that you have a listing agent that takes the time, takes advantage of really marketing that assumable loan,' Tando said. Even if a seller doesn't wind up making use of the fact that her existing mortgage is assumable, the increased interest it will likely spark should drive up the price of the home, he said. 'Knowing what's out there is really eye-opening especially if you're in the home search,' Taylor said. 'These things are out there and they're really a great deal. It's just about finding that gold.'
