Trump gets his D.C. military parade, but "No Kings" protests cast shadow
The big picture: 7,000 soldiers, 100+ tanks, cheering tourists and heavy-duty security took over downtown — against the backdrop of anti-President Trump protests nationwide and political violence in Minnesota.
Trump sat on a stage of VIPs and watched the multimillion-dollar procession of troops and tanks down Constitution Avenue, followed by a concert and fireworks. "Happy birthday," country singer Lee Greenwood told Trump, who turned 79.
The Army Golden Knights parachuted in — one flying a D.C. flag.
By the numbers: Attendance for the country's largest military parade in decades didn't appear near the expected 200,000, AP reports.
Meanwhile, millions of people joined "No Kings" rallies across America, including across the DMV.
Near the White House, several hundred people joined a "Refuse Fascism" rally. "No Kings" organizers told Axios they intentionally avoided rallying in downtown D.C. to "create contrast, not conflict."
In Culpeper, Virginia, police say a man intentionally drove into a crowd of protestors.
The scene: It didn't rain much on Trump's parade, but the spectacle proved better TV than in-person viewing. It was painfully muggy, with poor sight lines and plenty of waiting around between columns of marching soldiers and tanks.
Wearing replica period outfits, Army soldiers commemorated the Revolutionary War and Civil War, before moving into the 20th century.
Flyovers included Vietnam-era helicopters. Modern tanks rolled past loudspeakers playing the melody of Van Halen's "Jump."
The Washington Monument grounds had a picnic vibe with some families sitting on the grass.
Thousands left early to dodge the threat of showers, but early sprinkles and hazy skies eventually became clearer and allowed for a fireworks display.
Zoom in: D.C. trash crews moved in shortly after crowds were let out to begin cleaning up.
Mayor Muriel Bowser declined to attend, NBC4 reported, instead sending her senior adviser.
The latest: Road closures lifted at 6am Monday morning for Independence Avenue and major thoroughfares.
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Trump tariffs live updates: US outlines new tariff guidance as India calls Trump's warning ‘unjustified'
The Trump administration has clarified that its new tariffs won't apply to goods already on ships heading to the US before 12:01 am New York time on Thursday, according to report from Bloomberg. The new rules explain which goods are exempt from US tariffs, including products under the US-Mexico-Canada (USMCA) and aid items like food, clothing, and medicine. But the US has warned it will slap a 40% tariff on goods that are shipped through other countries in order to dodge specific tariffs. Meanwhile, India has called out President Trump after he threatened to "substantially raise" tariffs on India exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump alleged on Truth Social. "They don't care how many people in Ukraine are being killed by the Russian War Machine." Trump has trained his ire on both India and China over its purchases of Russian oil. China called the demand a key hurdle in trade talks, while India hasn't committed to stopping purchases and is urging citizens to support local goods. Trump signed an order to hike tariffs on Canada to 35%, while setting rates from 10% to 40% on dozens of partners. Those duties are set to come into full effect this week as Trump looks set to dramatically change the US trade landscape. Yahoo Finance's Ben Werschkul has more details on the latest orders. You can see the new rates Trump is set to levy in the graphic below: In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline: Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs. The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports, Trump said. Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1. The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29. Trump signed another order to impose a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ). The US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal. 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. Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports Yahoo Finance's Pras Subramanian reports: Read more here. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Swiss prepare 'more attractive offer' to US to avert 39% tariff Bloomberg reports: Read more here. EU to suspend US tariff countermeasures for 6 months The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. Swiss gold trading takes spotlight in trade talks with Trump President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. Greer says US-China talks 'about halfway there' on rare earths US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Malaysia agrees to boost tech, LNG purchases from US as part of trade deal Reuters reports: Read more here. Trump presses India, China to halt Russian oil buys as trade talks roll on The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' Japan PM: Win-win trade deal with US may be hard to implement Bloomberg News reports: Read more here. Trump tariff policy leaves some partners losers but few winners WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. Switzerland business minister says it could revise tariffs offer ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. Greer: Latest tariffs 'pretty much set' and unlikely to change (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. Trump introduces tiers for trade partners in latest approach to tariffs President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. Berkshire's consumer goods companies feel the sting of Trump's tariffs Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. US has 'makings of a deal' with China, Bessent says Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Nike, Deckers, On Running among footwear stocks under pressure as Trump outlines latest tariff plans Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Stocks sink after Trump's latest tariff blitz Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Trump's 40% penalty for tariff dodging missing key details President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. Trump unleashes massive tariffs on Swiss watches, pharma firms Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports Yahoo Finance's Pras Subramanian reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Swiss prepare 'more attractive offer' to US to avert 39% tariff Bloomberg reports: Read more here. Bloomberg reports: Read more here. EU to suspend US tariff countermeasures for 6 months The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. Swiss gold trading takes spotlight in trade talks with Trump President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. Greer says US-China talks 'about halfway there' on rare earths US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Malaysia agrees to boost tech, LNG purchases from US as part of trade deal Reuters reports: Read more here. Reuters reports: Read more here. Trump presses India, China to halt Russian oil buys as trade talks roll on The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' Japan PM: Win-win trade deal with US may be hard to implement Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump tariff policy leaves some partners losers but few winners WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. Switzerland business minister says it could revise tariffs offer ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. Greer: Latest tariffs 'pretty much set' and unlikely to change (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. Trump introduces tiers for trade partners in latest approach to tariffs President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. Berkshire's consumer goods companies feel the sting of Trump's tariffs Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. US has 'makings of a deal' with China, Bessent says Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Nike, Deckers, On Running among footwear stocks under pressure as Trump outlines latest tariff plans Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Stocks sink after Trump's latest tariff blitz Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Trump's 40% penalty for tariff dodging missing key details President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. Trump unleashes massive tariffs on Swiss watches, pharma firms Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. 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CNBC
18 minutes ago
- CNBC
10-year Treasury yield climbs ahead of key services data
The 10-year Treasury yield inched higher as investors assessed developments related to U.S. President Donald Trump's tariff rates and looked toward data on July's services sector activity, slated for release later in the day. The benchmark 10-year note yield was over one basis point higher at 4.21% as of 4.15 a.m. ET, while the 30-year bond was less than one basis point higher at 4.801%. The 2-year Treasury note yield also climbed over 2 basis points to 3.702%. One basis point is equal to 0.01% and yields and prices move in opposite directions. The U.S. is expected to release the ISM non-manufacturing purchasing managers' index. Analysts polled by Reuters see the figure coming in at 51.5, up from 50.8 the previous month. Trump on Monday threatened to "substantially" increase tariffs on Indian goods, though he did not specify by how much. Last week, he floated a 25% levy and an additional "penalty" if India continues buying Russian oil. India pushed back against criticism from the U.S. and European Union over its purchases of Russian oil, saying it was being "targeted" unfairly after Trump warned of sharply higher tariffs. In a statement issued late Monday, India's Foreign Ministry said it only began buying oil from Russia after "traditional supplies" were redirected to Europe in the wake of the 2022 Russia-Ukraine war. "It is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion [for them]," the ministry added, taking aim at the EU and U.S.
USA Today
18 minutes ago
- USA Today
Trump praises Sydney Sweeney ad, but does he know American Eagle is super WOKE?
Sydney Sweeney may be a registered Republican, but I have discovered that American Eagle Outfitters, Inc. is – and it pains me to write this – incredibly, unconscionably woke. President Donald Trump took time away from making America great again to praise the recent American Eagle jeans ad starring Sydney Sweeney, hailing it for not being 'WOKE.' But I have an urgent message for President Trump: SIR, YOU HAVE FALLEN INTO A WOKENESS TRAP THAT I ASSUME WAS SET BY RADICAL LEFTISTS! If you're a patriotic MAGA supporter like me who has been applauding the company for triggering the libs with its Sweeney ad, which features the 'Euphoria' star talking about having 'good jeans,' you might want to sit down. I have discovered that American Eagle Outfitters, Inc. is – and it pains me to write this – incredibly, unconscionably woke. American Eagle used the Sydney Sweeney ad to lure Trump into a woke trap! The company clearly tried to avoid wokeness detection by avoiding the usual red-flag DEI and instead calling its anti-American policy 'IDEA,' which stands for 'Inclusion, Diversity, Equity & Access.' AEO's corporate website is riddled with wildly liberal ideas like this: 'Difference and individuality make AEO stronger, higher-performing and more innovative.' Opinion: MAGA is realizing Trump lies. How can they trust anything he says on Epstein? There are sentences like this that absolutely reek of the kind of inclusivity President Trump and his administration have been working so hard to defeat: 'A sense of belonging is critical for associates to bring their whole, authentic selves to work.' Authentic selves? Where am I, in some blue-state coffee shop surrounded by communist libs talking about their feelings? MAGA world has rallied around Sweeney and American Eagle Given the way my fellow MAGA Republicans reacted to the Sweeney blue-jeans ad, I thought American Eagle was a company I could support. The sensible right saw a few people on the left claiming that the 'good jeans' ad was messaging that a blond, blue-eyed white woman was genetically superior. So everyone from Fox News to Vice President JD Vance got their dander up and slammed the leftist ninnies. 'So you have a pretty girl doing a jeans ad and they can't help but freak out,' Vance said on a podcast recently. 'It reveals a lot more about them than it does us.' Right on! It was clear, at that point, that all reasonable Republicans should wear American Eagle jeans to prove their Americanness. That's why I went out and bought 20 pairs of them, confident that they would protect the bottom half of my body from wokeness. Trump praises 'Republican' Sweeney and says her jeans ad is 'HOTTEST' Then, on Aug. 4, the man himself, President Donald J. Trump, took to Truth Social to hail Sweeney as 'a registered Republican' who 'has the 'HOTTEST' ad out there.' His post concluded with: 'Being WOKE is for losers, being Republican is what you want to be.' BOOM! To celebrate, I put a second pair of American Eagle jeans on over the pair I was already wearing. Opinion: Trump is unpopular, polls show, and he's building an America most Americans hate Everything seemed perfect until I learned the truth about AEO. Turns out American Eagle is as woke as the rest of the lefties I saw that the company celebrated – gulp – Pride Month. I found the company's nefarious IDEA policy. I came across a 2022 AEO post that read: 'At AEO, we celebrate the diversity of one through the inclusion of many. Throughout the month of June, we will be celebrating associates who are members of the LGBTQIA+ community – highlighting their accomplishments, learning about their unique roles and hearing about their experience at AEO!' My two pairs of jeans almost fell off. When I saw an AEO brand talking about 'systemic racism,' my jeans fell off And then I found that back in 2020, the month after George Floyd was killed by a white police officer in Minneapolis, one of AEO's brands, Aerie, posted, 'We stand with the Black community,' writing that 'THE LIVES OF ALL BLACK PEOPLE MATTER' and that 'the more we understand systemic racism the more we can take action.' I referred to the MAGA-branded WOKE-to-English dictionary that I wrote and sell on Etsy, and sure enough, that's woke. Those monsters at American Eagle clearly recruited Sweeney, an innocent Republican, and used her to lure President Trump, Fox News and the entire MAGA movement into supporting a company that is, pardon my language, WOKE AF!! It's like we can't trust corporations to be honest about anything I guess I can take a little comfort knowing this also swings back at the handful of libs who got riled up about the Sweeney ad in the first place and condemned American Eagle as right-wing eugenicists. It's almost as if corporations insincerely play both sides of the fence, benefit from controversy of any sort and don't really have any strong beliefs outside of making money. Didn't see that coming. Follow USA TODAY columnist Rex Huppke on Bluesky at @ and on Facebook at
