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USA Today
3 days ago
- Business
- USA Today
Trump accuses China of 'totally' violating preliminary trade deal
Trump accuses China of 'totally' violating preliminary trade deal Show Caption Hide Caption Apple may increase iPhone prices, reluctant to blame tariffs, says report Apple may raise prices on its iPhones, but is reluctant to publicly blame Trump's China tariffs as the company faces higher costs. Straight Arrow News President Donald Trump accused China of violating a tariff agreement with the United States in a social media post on May 30, after his Treasury Secretary said negotiations had "stalled." "Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!" he said in the post on his social media platform Truth Social. Two weeks ago, the United States and China agreed to dial back triple-digit tariffs for 90 days while they negotiated an agreement. Treasury Secretary Scott Bessent told Fox News on Thursday that talks 'are a bit stalled' but they continue. U.S. Trade Representative Jamieson Greer declined to respond to reporters' questions at the White House about the progress of trade negotiations with China or whether tariffs would return to 145%. Temporary truce The temporary truce was reached after Trump slapped sky-high tariffs on imports from China into the U.S., and China retaliated in kind. In the post, Trump inaccurately claimed that he saved China from "grave economic danger" caused by his tariffs by agreeing to trade discussions. "We went, in effect, COLD TURKEY with China, and it was devastating for them. Many factories closed and there was, to put it mildly, 'civil unrest,' Trump claimed in the Truth Social post. Reporter Bart Jansen contributed
USA Today
5 days ago
- Business
- USA Today
3 ways to increase your Social Security benefit today
3 ways to increase your Social Security benefit today Show Caption Hide Caption Biden criticizes Trump administration's handling of Social Security Social Security overhaul sparks criticism from Biden over service disruptions, layoffs and automation as Trump defends changes as efficiency. Straight Arrow News Whether you love your job or can't stand it, you probably want to retire from it eventually. While you'll hopefully have savings to fall back on for your senior years, you may end up relying pretty heavily on Social Security to cover your bills in full. That's why it's important to set yourself up with a generous monthly benefit. The average retired worker on Social Security collects about $2,000 a month these days. That's not a bad income when it's combined with other sources. But if you want to do better than $2,000 a month, here are some moves worth making. 1. Work for at least 35 years before retiring When calculating your monthly benefits, Social Security uses a specific formula that takes your 35 highest-paid years of income into account. You can qualify for Social Security with a shorter work history, but for each year you're missing income within your top 35, you'll have a $0 factored into your benefits calculation. For this reason, it's a good idea to try to work at least 35 years before wrapping up your career. If you can't pull off 35 years of full-time work, see whether it's feasible to fill in some of those missing years with part-time work. For example, say you're 63 and can't manage a full-time job any longer, but you've only worked 34 years in total. Transitioning to part-time work for one year could help you land a larger monthly Social Security check. 2. Boost your income while you're working We just established that Social Security calculates your benefits based on your income history. So, if you're able to increase your income, you could end up enjoying a larger monthly paycheck from Social Security in retirement. But that doesn't mean your only option is to convince your boss to give you a raise. You can also boost your income by working a side gig or starting a business of your own. Just keep in mind that there is a maximum amount of income that counts toward your future Social Security benefits each year. This year, it's $176,100. So, if you're already earning $180,000 a year at present, there's no need to push yourself to earn more from a Social Security standpoint (though there's, of course, an upside to having extra money to play around with). 3. Delay your Social Security claim Social Security claimants have choices when it comes to signing up for benefits. You can file as early as age 62. And you'll be eligible to collect your monthly benefits without a reduction at full retirement age, which is 67 for anyone born in 1960 or later. But if you're interested in beating the average Social Security benefit today, you may want to delay your claim beyond full retirement age. For each year you do, up until age 70, your benefits get boosted by 8%. Just keep in mind that while delaying your claim gives you more Social Security each month, it may not give you more Social Security in your lifetime. If you wait until 70 to sign up for benefits but don't end up living a very long life, you could end up with less total income from Social Security. A delayed claim usually makes sense when you have reason to believe you'll live well into your 80s or beyond. There's no need to settle for the average monthly Social Security benefit when you can potentially do better. These moves could help you walk away with much larger monthly paychecks for life. And that's a good way to make your retirement more enjoyable and stress-free. The Motley Fool has a disclosure policy. The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY. The $23,760 Social Security bonus most retirees completely overlook Offer from the Motley Fool: If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets"could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. JoinStock Advisorto learn more about these strategies. View the "Social Security secrets" »
USA Today
7 days ago
- Business
- USA Today
Trump's tariff threats clash with Apple iPhone's global supply chain reality
Trump's tariff threats clash with Apple iPhone's global supply chain reality Show Caption Hide Caption Apple may increase iPhone prices, reluctant to blame tariffs, says report Apple may raise prices on its iPhones, but is reluctant to publicly blame Trump's China tariffs as the company faces higher costs. Straight Arrow News President Donald Trump's bid to bring manufacturing of Apple's iPhone to the United States faces many legal and economic challenges, experts said on Friday, the least of which are the insertion of "little screws" that would need to be automated. Trump threatened on Friday to impose a 25% tariff on Apple for any iPhones sold, but not made, in the United States, as part of his administration's goal of re-shoring jobs. He told reporters later on Friday that the 25% tariff would also apply to Samsung and other smartphone makers. He expects the tariffs to go into effect at the end of June. "Otherwise it wouldn't be fair" if it did not apply to all imported smartphones, Trump said. "I had a understanding with (Apple CEO) Tim (Cook) that he wouldn't be doing this. He said he's going to India to build plants. I said that's okay to go to India, but you're not going to sell into here without tariffs." Commerce Secretary Howard Lutnick told CBS last month that the work of "millions and millions of human beings screwing in little, little screws to make iPhones" would come to the United States and be automated, creating jobs for skilled trade workers such as mechanics and electricians. Apple tariff threats: If Trump gets his way, could iPhones made in the US really cost $3,500? But he later told CNBC that Cook told him that doing so requires technology not yet available. "He said, I need to have the robotic arms, right, do it at a scale and a precision that I could bring it here. And the day I see that available, it's coming here," Lutnick said. The fastest way for the Trump administration to pressure Apple through tariffs would be to use the same legal mechanism behind punishing tariffs on a broad swath of imports, trade lawyers and professors said. The law, known as the International Emergency Economic Powers Act, allows the president to take economic action after declaring an emergency that constitutes an unusual and extraordinary threat to the United States. "There's no clear legal authority that permits company-specific tariffs, but the Trump administration may try to shoehorn it under its emergency power authorities," said Sally Stewart Laing, a partner at Akin Gump in Washington. Other means of levying company-specific tariffs rely on lengthy investigations, Laing said. But tariffs on only Apple "would provide a competitive advantage for other important phones, which undermines Trump's goals of bringing manufacturing to the United States," Liang said. Experts said Trump has viewed IEEPA as a flexible and powerful economic tool because it is not clear that courts have the power to review the president's response to a declared emergency. "In the administration's view, as long as he enacts the ritual of declaring an emergency and pronouncing it unusual or extraordinary, there is nothing a court can do," said Tim Meyer, an international law professor at Duke University. In a case brought by 12 states challenging Trump's "Liberation Day" tariffs in the Manhattan-based Court of International Trade, the court is considering that issue, and whether IEEPA authorizes tariffs at all. If the Trump administration wins that case, "the president is not going to have any trouble coming up with an emergency as a justification to impose tariffs on Apple iPhone imports," Meyer said. Trump could even simply include iPhones under the trade deficit emergency that already formed the basis for tariffs declared earlier, Meyer said. But moving production to the United States could take up to a decade and could result in iPhones costing $3,500 each, Dan Ives, an analyst at Wedbush, said in a research note. Apple's top-of-the-line iPhone currently retails for around $1,200. "We believe the concept of Apple producing iPhones in the U.S. is a fairy tale that is not feasible," Ives said. Even without getting that far, a tariff on iPhones would increase consumer costs by complicating Apple's supply chain and financing, said Brett House, an economics professor at Columbia. "None of this is positive for American consumers," he said. Reporting by Jody Godoy and Karen Freifeld in New York and David Shepardson in Washington; Editing by Mark Porter
USA Today
25-05-2025
- USA Today
Crypto investor charged with torturing man in NYC for weeks over Bitcoin password
Crypto investor charged with torturing man in NYC for weeks over Bitcoin password Show Caption Hide Caption DOJ scales back efforts to fight cryptocurrency fraud The Department of Justice is planning to scale back its legal fight against cryptocurrency fraud, according to an April 7 memo. Straight Arrow News John Woeltz is charged with assault, kidnapping, unlawful imprisonment and criminal possession of a gun. Prosecutors said the victim told them he was shocked with electric wires, his leg was cut with a saw and he was forced to smoke crack. A cryptocurrency investor is accused of kidnapping, beating and torturing a 28-year-old man for weeks in a scheme to obtain his Bitcoin password, authorities say. John Woeltz, 37, was taken into custody Friday after the victim, also an investor, escaped from a luxury Manhattan townhouse and stopped an officer on the street, police said in a statement. The victim, who police did not identify, told the officer he had been held and repeatedly assaulted since May 6. Officers went to the townhouse and arrested Woeltz, who is charged with assault, kidnapping, unlawful imprisonment and criminal possession of a gun. Woeltz was arraigned May 24, ordered held without bail and faces another court hearing May 28. CBS News reported that at the arraignment, prosecutors said the victim was lured to the home by being told he would be able to retrieve Bitcoin, which he had allegedly been forced to send Woeltz. One Bitcoin is currently worth more than $100,000. Prosecutors said the victim told them that while he was being held, he was shocked with electric wires, his leg was cut with a saw, and he was forced to smoke crack cocaine in an effort to make him give up his Bitcoin password. Police later recovered a saw from the home, prosecutors said. Prosecutors said chicken wire, ballistic helmets, body armor, night vision goggles and photos of the victim with a firearm pointed at his head, were seized at the scene. The prosecutor's office did not immediately respond to a USA TODAY request for information on the case. Bitcoin soars past $109K as Nasdaq rallies and JPMorgan embraces cryptocurrency One day earlier on May 22, Manhattan District Attorney Alvin L. Bragg, Jr., announced charges against two men in alleged conspiracy to steal from customers of their cryptocurrency asset recovery business, Coin Dispute Network, which claimed it could trace and recover cryptocurrency in exchange for a fee. Michael Lauchlan, 37, and Gary Zaydman, 44, were charged in a New York State Supreme Court with conspiracy, identity theft, multiple counts of grand larceny and related crimes charges. Bragg said the men allegedly paid for fake advertising, using actors to pose as satisfied clients, and posted those testimonials on thier website and YouTube. Buyers of President Donald Trump's meme coin gathered on May 22 for an exclusive dinner at his private country club overlooking the Potomac River outside the nation's capital. Trump arrived by Marine One helicopter as more than 100 protesters at the Trump National Golf Club crowded along the edge of the parking lot along the street. Signs included, 'America is not for sale,' 'stop crypto corruption" and 'release the guest list." Among those in attendance was China-born crypto entrepreneur and billionaire Justin Sun. In February, the U.S. Securities and Exchange Commission paused its 2023 fraud case against Sun, citing "public interest." Investors spent an estimated $148 million on Trump's meme coin to secure their seats at the dinner. The top-25 holders spent more than $111 million, according to crypto intelligence firm Inca Digital. Some of the biggest U.S. banks are exploring whether to team up to issue a joint stablecoin, a type of cryptocurrency, The Wall Street Journal reported on May 22. The conversations have involved companies co-owned by JPMorgan Chase JPM.N, Bank of America BAC.N, Citigroup C.N, Wells Fargo WFC.N and other large commercial banks, the report said, citing people familiar with the matter. The newspaper said the bank consortium discussions are in early, conceptual stages and could change. Reuters could not immediately confirm the report. Citigroup, Bank of America and Wells Fargo declined to comment on the WSJ report. Contributing: Reuters
USA Today
23-05-2025
- Business
- USA Today
US stock futures lower amid Treasury yields, Trump tax bill
US stock futures lower amid Treasury yields, Trump tax bill Show Caption Hide Caption GOP could raise student loan bills to pay for Trump's tax cuts Millions of student loan borrowers could be stuck paying more as GOP lawmakers considering ending repayment plans to fund Trump's tax cuts. Straight Arrow News Stock futures point to a lower open as investors kept an eye on Treasury yields as President Donald Trump's tax bill continues to travel through Congress. After the House narrowly passed by one vote its version of the One, Big Beautiful Bill, it's now the Senate's turn to examine the proposed legislation. Investors worry that the more than 1,000-page bill will lead to a sharply wider deficit. To pay for the spending, the government would have to issue more debt, which will dampen Treasury prices and push up rates. Debt prices move in the opposite direction of yields. The 30-year Treasury bond yield touched a high of 5.161%, its highest level since October 2023. The rate on the 10-year Treasury note at one point breached 4.6%. Both yields came off their highs but remain elevated, keeping pressure on stocks. At 5:50 a.m. ET, futures tied to the blue-chip Dow slipped -0.13%, while broad S&P 500 futures fell-0.07% and tech-laden Nasdaq futures dropped -0.10%. Corporate news Deckers Outdoor issued a lower-than-expected outlook for the current quarter. Ross Stores withdrew its full-year outlook, saying it expects pressure on its profitability if tariffs remain at elevated levels. Intuit cited a more stable outlook and raised its full-year earnings forecast above Street estimates. Autodesk issued a higher-than-expected second-quarter outlook. Cryptocurrency Major U.S. banks including companies co-owned by JPMorgan Chase,Bank of America, Citigroup, Wells Fargo, and other large commercial banks, are exploring a joint stablecoin to compete with the crypto industry, according to the Wall Street Journal, citing sources. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
