Mexico is in talks to avoid Trump's latest tariff threat
Singer Akon's Failed Futuristic City in Senegal Ends Up a $1 Billion Resort
Why Did Cars Get So Hard to See Out Of?
Can Americans Just Stop Building New Highways?
How German Cities Are Rethinking Women's Safety — With Taxis
Philadelphia Trash Piles Up as Garbage Workers' Strike Drags On
Mexico and the US established a new binational working group on Friday to address security, migration and economic issues, according to a statement posted on Saturday by Mexican Economy Minister Marcelo Ebrard on X. The first major task of the group will be to find an alternative to the tariffs and 'protect jobs on both sides of the border,' the statement read.
'We told the group that this treatment is unfair and that we're not in agreement,' read the statement, jointly signed by the Economy and the Foreign Affairs Ministries.
Trump published his latest tariff threats early Saturday, saying Mexico would be subject to the 30% rate for not doing enough to fight fentanyl trafficking, even though the country has made strides in helping secure the border with the US.
The U.S. doesn't intend to apply the 30% rate to USMCA-compliant goods, according to a White House official. The situation remains fluid, the official cautioned. The administration has previously said it will keep the exemption for Canada.
Continuing the exclusion for both Mexico and Canada narrows the scope of Trump's continental tariffs and would be a lifeline to sectors like the auto industry that rely heavily on the USMCA pact — which was renegotiated under Trump's first term.
The US president said the 30% tariffs are separate from sectoral ones and could be raised if Mexico retaliates.
'Mexico still has not stopped the Cartels who are trying to turn all of North America into a Narco-Trafficking Playground,' Trump wrote. ' If Mexico is successful in challenging the Cartels and stopping the flow of Fentanyl, we will consider an adjustment to this letter.'
He said Mexico has many other non-tariff trade barriers that have created an 'unsustainable' trade deficit with the US.
Trump's Cuts Are Making Federal Data Disappear
'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions
Will Trade War Make South India the Next Manufacturing Hub?
Soccer Players Are Being Seriously Overworked
Trade War? No Problem—If You Run a Trade School
©2025 Bloomberg L.P.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
Nordic Finance Heads Urge EU to Stand Firm in US Trade Talks
(Bloomberg) -- Scandinavian finance chiefs said the European Union needs to stand firm in its tariff talks with the US as the bloc seeks to end the costly uncertainty triggered by the protracted trade talks. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say The EU should act swiftly and remain open to using all available tools as it approaches the negotiation deadline, Swedish Finance Minister Elisabeth Svantesson said. 'We shouldn't rule out any options, but we need to be tough,' Svantesson told Bloomberg Television in an interview on Thursday. 'We have to be quite frank, quite quick now, to reach a deal because we have waited so long.' The US has set a deadline of August 1 after which it has said tariffs of 30% will be imposed on EU goods triggering a scramble by the bloc's leaders to strike a better deal before that date. EU Trade Commissioner Maros Sefcovic has expressed frustration at the US administration for its move as Brussels believed it was very close to an agreement before the latest salvo. The Nordic nations have had the least favorable view of the US in western Europe after Donald Trump got re-elected as the president, according to public opinion polls. A growing number of EU member states want to trigger its most powerful trade tool, the so-called anti-coercion instrument, against the US should the two sides fail to reach an agreement, Bloomberg reported on Wednesday. The US has resisted lowering agricultural tariffs, exemptions for cars and wine. While it's important the EU remains constructive in the trade talks and seeks to find solutions, the bloc should be firm that it is ready to defend its own interests, Denmark's Minister for Economic Affairs Stephanie Lose said in a separate interview on Thursday. 'The European Union will not stand up for everything,' Lose said. 'We will of course be ready to take the necessary countermeasures.' She added it's still too early to say what such measures might look like. The EU has already prepared a list of countermeasures to target US goods worth €72 billion ($84 billion), including Boeing Co. aircraft, automobiles and bourbon if it decides to retaliate against Trump's tariff policy. How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Forget DOGE. Musk Is Suddenly All In on AI How Hims Became the King of Knockoff Weight-Loss Drugs The Quest for a Hangover-Free Buzz What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
9 minutes ago
- Yahoo
Stocks Supported by Signs of US Economic Strength
The S&P 500 Index ($SPX) (SPY) today is up +0.25%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.47%. September E-mini S&P futures (ESU25) are up +0.25%, and September E-mini Nasdaq futures (NQU25) are up +0.51%. Stocks are climbing today on signs the US economy is holding up, despite tariff uncertainty. Positive economic news today included a decline in weekly jobless claims to a 3-month low, a stronger-than-expected retail sales report, and a rise in the Philadelphia Fed index to a 5-month high. More News from Barchart Dear Google Stock Fans, Mark Your Calendars for July 23 Dear UnitedHealth Stock Fans, Mark Your Calendars for July 29 Peter Thiel Is Betting Big on This Ethereum Treasury Stock. Should You Buy Shares Now? Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! Strength in airline stocks is also lifting the broader market, as United Airlines Holdings jumped more than 3% after CEO Kirby said the second half of the year has become more predictable and the company has potential 'upside' to beat its earnings targets, as customers return to booking flights. On the negative side, health insurers are retreating today, led by an -11% plunge in Elevance Health after the company cut its earnings outlook for the year. Also, hawkish comments from Fed Governor Adriana Kugler were bearish for stocks when she said the Fed should keep interest rates on hold 'for some time,' citing accelerating inflation as tariffs start to boost prices. US weekly initial unemployment claims unexpectedly fell -7,000 to a 3-month low of 221,000, showing a stronger labor market than expectations of an increase to 233,000. US June retail sales rose +0.6% m/m, stronger than expectations of +0.1% m/m, and June retail sales ex-autos rose +0.5% m/m, stronger than expectations of +0.3% m/m. The US June import price index ex-petroleum was unchanged m/m, weaker than expectations of +0.2% m/m. The US July Philadelphia Fed business outlook survey rose +19.9 to a 5-month high of 15.9, stronger than expectations of -1.0. The US July NAHB housing market index rose +1 to 33, right on expectations. On the trade front, President Trump said late Wednesday that he intends to send a tariff letter to more than 150 countries notifying them their tariff rates could be 10% or 15%, effective August 1, and that the group was 'not big countries who don't do that much business with the US.' Also, signs that the US could ease some of its export restrictions on semiconductor chips to China are bullish for chip makers. Commerce Secretary Lutnick said Nvidia could soon resume sales of its less advanced H20 chips to China, and Advanced Micro Devices received similar assurances from the Commerce Department, a sign that the US may be in the process of negotiating a grand trade deal with China. Treasury Secretary Bessent is expected to meet his Chinese counterpart, Vice Premier He Lifeng, within 'the next couple of weeks' and signaled the US will likely extend an August 12 deadline for the easing of sky-high tariffs. However, stocks were undercut by negative trade news that emerged last week and during this past weekend. Over the weekend, President Trump announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. Mr. Trump said last Thursday that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%. Last week, Mr. Trump imposed a 50% tariff on copper imports, which will include semi-finished goods, and stated that drug companies could face tariffs as high as 200% on imports if they don't relocate production to the US within the next year. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and 58% at the following meeting on Sep 16-17. The markets will focus on any fresh news regarding tariffs or trade deals during the remainder of this week. Later today, the July NAHB housing market index is expected to rise +1 to 33. On Friday, June housing starts are expected to climb +3.3% m/m to 1.298 million, and June building permits are expected to slip -0.6% m/m to 1.386 million. Also, the University of Michigan's US July consumer sentiment index is expected to climb +0.8 to 61.5. Earnings season began in earnest this week with a focus on big bank earnings results. The consensus is for S&P 500 companies to show Q2 earnings growth of +2.8% y/y, the smallest increase in two years, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research. Overseas stock markets today are higher. The Euro Stoxx 50 is up +1.23%. China's Shanghai Composite closed up +0.37%. Japan's Nikkei Stock 225 closed up +0.60%. Interest Rates September 10-year T-notes (ZNU25) today are up +3 ticks. The 10-year T-note yield is down -2.4 bp to 4.431%. T-notes recovered from early losses today and moved higher on carryover support from late Wednesday when President Trump said he has 'no plans' on firing Fed Chair Powell. T-notes also found support on signs of easing price pressures after today's news showed the June import price index ex-petroleum rose less than expected. T-notes initially moved lower today on stronger-than-expected US economic news, including June retail sales, weekly initial unemployment claims, and the July Philadelphia Fed manufacturing survey, which signaled strength in the US economy that was hawkish for Fed policy. Also, strength in stocks today has reduced safe-haven demand for T-notes. In addition, hawkish comments from Fed Governor Adriana Kugler limited gains in T-notes when she said the Fed should keep interest rate on hold 'for some time.' European government bond yields today are moving lower. The 10-year German bund yield is down -2.0 bp to 2.667%. The 10-year UK gilt yield fell from a 6-week high of 4.678% and is down -0.1 bp to 4.638%. Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at the July 24 policy meeting. US Stock Movers United Airlines Holdings (UAL) is up more than +3% to lead airline stocks higher after CEO Kirby said the second half of the year has become more predictable and the company has potential 'upside' to beat its earnings targets as customers returned to booking flights. Also, Alaska Air Group (ALK) is up more than +3% and American Airlines Group (AAL) is up more than +2%. In addition, Delta Air Lines (DAL) is up more than +1%. PepsiCo (PEP) is up more than +6% to lead gainers in the S&P 500 and Nasdaq 100 after reporting Q2 net revenue of $22.73 billion, above the consensus of $22.32 billion. Snap-on (SNA) is up more than +5% after reporting Q2 net sales of $1.18 billion, stronger than the consensus of $1.16 billion. CSX Corp (CSX) is up more than +2% after Semafor reported that Union Pacific is exploring an acquisition of the company. Steven Madden Ltd (SHOO) is up more than +5% after Citigroup upgraded the stock to buy from neutral with a price target of $32. Travelers Cos (TRV) is up more than +2% to lead gainers in the Dow Jones Industrials after reporting Q1 core EPS of $6.51, well above the consensus of $3.60. Mondelez International (MDLZ) is up more than +2% after Jefferies upgraded the stock to buy from hold with a price target of $78. Health insurance providers are sliding today, led by an -11% plunge in Elevance Health (ELV) to lead losers in the S&P 500 after cutting its earnings outlook for the year to 'approximately' $30 per share, well below a previous forecast of $34.15 to $34.85 per share. Also, Molina Healthcare (MOH) is down more than -3%. In addition, Humana (HUM), Centene (CNC), and Cigna Group (CI) are down more than -2%. Finally, UnitedHealth Group (UNH) is down more than -1% to lead losers in the Dow Jones Industrials. Sonic Automotive (SAH) is down more than -8% after JPMorgan Chase downgraded the stock to underweight from overweight with a price target of $72. Abbott Laboratories (ABT) is down more than -7% after reporting Q2 organic sales of +6.90%, below the consensus of +7.03% and forecasting full-year organic sales of +6% to +7%, weaker than the consensus of +7.37%. Starwood Property Trust (STWD) is down more than -4% after selling over 25.5 million shares of its common stock in an underwritten public offering overnight between $19.91 to $20.33 a share, below Wednesday's closing price of $20.85. Archer-Daniels-Midland (ADM) is down more than -2% after President Trump said Coca-Cola has agreed to use 'real cane sugar' in Coke soda in the US, which could reduce demand for ADM's corn syrup and hurt its corn-processing business. Shake Shack (SHAK) is down more than -2% after Jeffries downgraded the stock to underperform from hold with a price target of $120. MP Materials (MP) is down more than -1% after it said it commenced a $500 million underwritten public offering of its common stock to fund its expansion. Earnings Reports (7/17/2025) PepsiCo Inc (PEP), Travelers Cos Inc/The (TRV), Abbott Laboratories (ABT), Elevance Health Inc (ELV), Cintas Corp (CTAS), Marsh & McLennan Cos Inc (MMC), US Bancorp (USB), Snap-on Inc (SNA), General Electric Co (GE), Citizens Financial Group Inc (CFG), Fifth Third Bancorp (FITB), Netflix Inc (NFLX). On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on 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
Yahoo
9 minutes ago
- Yahoo
US corn growers warn Trump's push for cane sugar in Coke will cost thousands of American jobs
U.S. corn growers have said that Donald Trump's push to use real sugar cane in Coca-Cola 'doesn't make sense' and will cost thousands of American food manufacturing jobs. In a statement, the Corn Refiners Association added that the move would also lower farm income and boost imports of foreign sugar 'all with no nutritional benefit.' It comes after Trump announced Wednesday that he had spoken to executives at Coca-Cola about changing the recipe – replacing high fructose corn syrup with sugar cane. 'This will be a very good move by them — You'll see. It's just better!' the president wrote. While Coca-Cola in the U.S. is typically made with high-fructose corn syrup, the soda company uses cane sugar in other countries, such as Mexico. U.S. corn growers have said that Donald Trump's push to use real sugar cane in Coca Cola 'doesn't make sense' and will cost thousands of American food manufacturing jobs (AP) While Coca-Cola in the U.S. is typically made with high-fructose corn syrup, the soda company uses cane sugar in other countries, such as Mexico (AP) 'Replacing high fructose corn syrup with cane sugar doesn't make sense,' the CRA wrote in their statement.'President Trump stands for American manufacturing jobs, American farmers and reducing the trade deficit.' 'Replacing high fructose corn syrup with cane sugar would cost thousands of American food manufacturing jobs, depress farm income, and boost imports of foreign sugar, all with no nutritional benefit.' While it has been claimed previously that high-fructose corn syrup is more harmful than other sugars, a Healthline article last updated in December 2023 said high-fructose corn syrup and regular table sugar have similar effects on a person's health, and both are harmful when consumed excessively. Trump is known for his love of Diet Coke, which is made with the artificial sweetener aspartame. In January, Coca-Cola presented Trump with a commemorative Diet Coke bottle. Trump is known for his love of Diet Coke, which is made with the artificial sweetener aspartame. In January, Coca-Cola presented Trump with a commemorative Diet Coke bottle (Margo Martin/X) As noted by Axios, a full shift to the use of cane sugar from high fructose corn syrup in Coca-Cola could result in an economic hit to Iowa – the country's largest corn producer. However, it would also help the economy of Florida, the U.S.'s top cane sugar producer. In a statement, Coca-Cola did not confirm a full shift to the use of sugar cane. "We appreciate President Trump's enthusiasm for our iconic Coca‑Cola brand," a spokesperson said. "More details on new innovative offerings within our Coca‑Cola product range will be shared soon."
