Don Scott, Sen. Louise Lucas to speak during Virginia State University Commencement
The university expects to confer 650 degrees Saturday, May 17, across two ceremonies.
The first ceremony will take place at 8:30 a.m. and Scott will deliver the keynote address. The second ceremony will take place at 1:30 p.m., with Sen. Lucas as the guest speaker.
The university says both ceremonies will be viewable via live stream on both the university's YouTube and Facebook pages.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Politico
22 minutes ago
- Politico
The Virginia Governor's Race Has Republicans Reeling
The Virginia race is also Example A of how Elon Musk walking away from electoral politics, at least for now, could have down-ballot repercussions. Democrats in the commonwealth earlier this year were bracing for an influx of the tech billionaire's money into Virginia, where there are no caps on giving, but the Musk moolah has yet to appear. Just as significant, Youngkin, a multi-millionaire, has yet to infuse the Virginia ticket with significant personal money or contributions from his political action committee. 'He's got to win something,' said Delegate Terry Kilgore, the House GOP Leader, of the governor's legacy leaving office after his single term. Youngkin already lost control of the Virginia House of Delegates and failed to flip the state senate two years ago. And he was unable to find a top-tier candidate to take on Senator Tim Kaine (D-Va.) last year and will almost certainly not run himself next year against Virginia's senior senator, Mark Warner (D). That's because the governor seems to be preparing for a future presidential bid. He courted business moguls earlier this month at Allen and Company's annual retreat in Sun Valley, Idaho — where he appeared with Maryland's Democratic Gov. Wes Moore in a discussion moderated by CNN's Anderson Cooper, I'm told. Last week, Youngkin attended a GOP fundraising dinner in first-in-the-nation Iowa, and next month he'll travel to South Carolina, traditionally the first presidential primary in the South. But he could leave behind a political mess for his own party in Virginia. Youngkin all but assured Sears' nomination for governor, even though it was widely known she was a weak fundraiser and mercurial figure, and then attempted to torpedo the candidacy of her successor as lieutenant governor, John Reid, after it was alleged earlier this year that he had posted sexually explicit images online. Now, Virginia Republicans — who were already swimming against the tide in a blue-tinted state Trump has never won that tends to punish the party in power in Washington — are alarmed their entire statewide ticket may lose and could deepen the party's minority in the House of Delegates. Private polling from both parties has Spanberger leading outside margin of error. Democrats have her up 10 points, while Republicans project her to win by mid-single-digits, I'm told. And Republicans are worried their entire ticket may go down if she loses by more than five.

Politico
23 minutes ago
- Politico
The Epstein crisis hits escape velocity
Presented by With help from Eli Okun, Bethany Irvine and Ali Bianco On today's Playbook Podcast, Adam Wren and Dasha Burns talk about the opportunity costs of delaying a vote on the Jeffrey Epstein files, how Dems are going to press the issue and what President Donald Trump finds most frustrating about all of this. Good Wednesday morning. It's Adam Wren. Get in touch. In today's Playbook … — An exclusive look at how Dems are preparing to press the Epstein issue during August recess. — As Washington obsesses over Epstein, Trump's agenda marches forward. — The GOP is souring on throwing further resources at the Virginia gubernatorial race, Jonathan Martin reports. DRIVING THE DAY ESCAPE VELOCITY: For the last 16 days, the Epstein saga has blotted out the sun inside Washington, the kind of evanescent Beltway fodder the White House insists won't break through outside of newsletters like this one. Now, with Speaker Mike Johnson adjourning House business this afternoon — last votes are scheduled for 3 p.m. — and canceling further action ahead of August recess in order to quash an effort to force a floor vote that would hasten the release of the Epstein files, the storyline is threatening to break out of the bubble and follow congressional Republicans back to their districts — nudged along by gleeful Democrats, who are 'plotting how to capitalize' on it all, as a team of our colleagues report, and have finally 'found their mojo,' as POLITICO Capitol Bureau Chief Rachael Bade writes this morning. In short: We're about to find out what kind of legs the Epstein issue truly has. But there's another thing to consider: There's a substantial opportunity cost to the GOP leadership's gambit. With a discharge petition ripening in the House when members return in September, the Epstein storyline promises to eclipse everything else in the Washington news cycle for many more days to come. Back home in their districts, Republican members may well see the issue burn up any oxygen they might otherwise use to sell their perceived wins in the One Big Beautiful Bill. 'The best hope of getting OBBB to break through is having Trump hammer it home,' one prominent Republican strategist who has worked on Senate races tells Playbook. 'So anything that knocks him off of that message and steers the conversation to things that divide Rs and force members onto the defensive is a hindrance.' Expect tense town halls and in-district dynamics for members. 'I don't suppose that this is the number-one issue for voters in America by any stretch, but it may be the number-one issue for the loudest voters,' Brendan Buck, the former top adviser to Republican Speakers John Boehner and Paul Ryan, tells Playbook. 'It's very clear that there are going to be a lot of people asking a lot of questions over recess when they get back home.' First in Playbook — We have some fresh details on what to expect … 1. The oppo files: American Bridge 21st Century President Pat Dennis tells Playbook the organization now has a dozen trackers they plan to deploy over recess and that they are recruiting more volunteers as they plan to press members on Epstein. 'They're going to hear about it from their constituents,' Dennis tells Playbook. 'We're going to be there to record it.' 2. How Dems are going to talk about it: At a 9 a.m. whip meeting this morning — their last one before recess — House Democrats will receive some direction from leadership about how to make the most of the issue. Some talking points, according to a messaging document obtained by Playbook: 3. Beyond the talking points: Democratic leadership is urging members to use official paid communication to get the word out about the issue. One email template reads: 'House Republicans voted to effectively block a debate on whether or not the Department of Justice should release the Epstein files. Congress must pursue the truth. No one in the government should be trying to keep the facts on these child predators hidden.' The joy ride: 'It should be very clear that Democrats are having a very good time with this at Republicans' expense,' Buck tells us. 'And Republicans don't seem to quite appreciate that, and are kind of letting themselves be taken for a ride.' One House Democratic aide tells Playbook that members' messaging priorities over the recess will not exclusively center on Epstein, but will also focus on affordability. In that sense, there's a potentially huge opportunity cost for Democrats, too: Any time they spend talking about Epstein is time not spent talking about, say, cuts to Medicaid in the Republican megalaw, which is likely to be more salient with voters in 2026. But the drip-drip of stories isn't stopping. The latest and most interesting revelations came from CNN's Andrew Kaczynski and Em Steck, who filled in some of the blank spaces in the historical record of Trump and Epstein's relationship, scouring archives and yielding photos from 1993 that 'confirm for the first time that Epstein attended Trump's 1993 wedding to Marla Maples,' they write. They also found footage from a 1999 Victoria's Secret fashion event in New York that 'shows Trump and Epstein laughing and chatting together ahead of the runway event,' and photos from 2000 showing Trump, Epstein associate Ghislaine Maxwell and Prince Andrew at a charity fundraiser at Mar-a-Lago. What does Trump think of it all? He had a brief interaction on the phone with Kaczynski. 'You've got to be kidding me,' the president said before repeatedly calling CNN 'fake news' and hanging up. He could have more to say today, though there aren't natural set pieces for him to respond. 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Right on time … Rescissions, part two: The White House is planning a second rescissions package to send over to Congress, which will include cuts to the Department of Education, The Daily Signal's Elizabeth Troutman Mitchell scooped. 'We've got a number of items we're looking at also, obviously talking to the senators too,' White House deputy chief of staff James Blair said. 'You'll obviously see that very soon.' Before all of that: The Senate narrowly advanced a procedural motion yesterday on Emil Bove's bid to serve on the Third Circuit Court of Appeals, POLITICO's Hailey Fuchs reports. His confirmation is still facing resistance, with Susan Collins (R-Maine) saying yesterday she will vote no, per NBC's Frank Thorp. Also running into some trouble: Paul Ingrassia, who's nominated to serve in the Office of the Special Counsel. His hearing is on Thursday, but Thom Tillis (R-N.C.) is already a no. 'It's January 6th, it's a number of other things,' Tillis told NBC. 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MEANWHILE IN GAZA: Special envoy Steve Witkoff is again traveling to the Middle East with 'strong hope' of getting a ceasefire deal and establishing a new humanitarian corridor for aid in Gaza, AP's Farnoush Amiri and Michelle Price report. The State Department did not provide more details on when and where Witkoff is going. But it comes as food distribution has found itself at the center of negotiations on peace talks, with both sides disputing who will control the aid distribution sites, WSJ's Summer Said and colleagues write. Meanwhile, Agence France-Presse said yesterday that 'without immediate intervention,' their reporters in Gaza will die of starvation and dehydration, per AP's David Bauder. FOR YOUR RADAR: 'The Forest Service Claims It's Fully Staffed for a Worsening Fire Season. Data Shows Thousands of Unfilled Jobs,' by ProPublica's Abe Streep TALK OF THE TOWN JD Vance led a big-dollar fundraising dinner last night in Nantucket, bringing in $3 million in donations for the GOP, per the NY Post. Beto O'Rourke said he regrets not going negative against Ted Cruz. Gabe Evans reportedly mischaracterized how his immigrant family arrived in the U.S. Previously touting that his grandfather came 'the legal way,' INS records reveal his family arrived illegally and lived undocumented in Texas for over a decade. THE AFTER-PARTY: Today, Trump will deliver the keynote address at the 'Winning the AI Race' summit, hosted by the All-In Podcast and the Hill & Valley Forum. But really, the summit will be the starter course to a meaty late night: the exclusive afterparty at Ned's Club, which will be 'a who's who of Silicon Valley's AI and tech elite,' our West Wing Playbook colleagues scooped yesterday. 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Salami, now program director of Pro-Democracy Political Coalitions in 2076, was previously a senior policy aide for the City of Minneapolis. … David Johnson is now a partner at Holtzman Vogel. He previously was policy director and general counsel at the Republican Attorneys General Association. … Mary Springer Sforza is now SVP of government relations for Rolls-Royce. She previously was director of legislative affairs at Lockheed Martin. … Ash Jain is now a senior fellow with the House Select Committee on China Strategic Competition. He previously was a senior policy adviser at the Department of Homeland Security. ENGAGED — Robby Soave, a senior editor at Reason magazine and host of The Hill's morning news show Rising, and Jie Jung Shih, a medical student at Georgetown University, got engaged on July 2 in Taormina, Sicily. They first made eye contact at a bar on U Street and connected on social media, and it was love at first sight. Pic … Another pic WEEKEND WEDDING — Anais Carmona, director of congressional affairs at Microsoft, and Antonin Picou, CEO of PastryStar, got married this weekend at the National Cathedral in Mexico City. Pic … SPOTTED: Rep. Adriano Espaillat (D-N.Y.), Carlos Sanchez, Ingrid Duran, Cathrine Pino, Lena Hernandez, Candy Citron, Roberto Fierro, Angela Arboleda, Norberto Salinas, Gisel Aceves, Mayra Macias, Daniela Fernandez, Marian Martin, Lisa Strikowsky Gillman, Tomas Kloosterman, Mariafernanda Zacarias and Raegan McDonald-Mosley. HAPPY BIRTHDAY: Sen. Raphael Warnock (D-Ga.) … POLITICO's Lisa Kashinsky and Jake Traylor … Stephanie Grisham … DOT's Aaron Moore … Fritz Brogan of the Mission Group … Melissa Braid … Dean Aguillen of OGR … David Brock … Matt Jeanneret of the American Road and Transportation Builders Association … Mary Crane of Targeted Victory … Will Mesinger of West End Strategy Team … Reuters' Erin Banco … Judy Lichtman … FGS Global's Craig James and Josh Gross … Edelman's Courtney Gray Haupt … Tracie Pough … former Rep. John Hall (D-N.Y.) … Gabriel Barnett … Jane Rayburn of Workbench Strategy … Newsmax's Jon Glasgow … Monica Venzke of American Bridge 21st Century … State's Kenya James … Monica Lewinsky … former Justice Anthony Kennedy … Eric Werwa … URAC's Shawn Griffin Did someone forward this email to you? Sign up here. Send Playbookers tips to playbook@ or text us on Signal here. Playbook couldn't happen without our editor Zack Stanton, deputy editor Garrett Ross and Playbook Podcast producer Callan Tansill-Suddath.
Yahoo
an hour ago
- Yahoo
Trump tariffs live updates: Trump strikes trade agreement with Japan, calls it 'largest deal in history'
President Trump said on Tuesday during an official meeting at the White House with members of Congress, that the US and Japan had reached a trade deal. 'I just signed the largest deal in history with Japan," Trump said during the meeting. The president said the agreement includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US. Earlier on Tuesday, Trump said the US had also struck a trade deal with the Philippines, which will see the country's imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal. The White House unveiled new details of a confirmed trade agreement with Indonesia too. Yahoo Finance's Ben Werschkul reports that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any 'transhipped' goods. Officials said no tax would apply to "99%" of US imports. The deal developments come as prospects for larger pacts with India and the European Union have soured. An interim deal between the US and India before an Aug. 1 deadline looks increasingly unlikely, according to Reuters. The EU still wants a trade deal with the US but is preparing countermeasures as Trump's hardline stance makes a no-deal outcome more likely, The Wall Street Journal reported. 'If they want war, they will get war,' a German official told the WSJ. 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. He has threatened 30% tariffs on all imports. 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 Tuesday said he expected many deals to take shape over the next several days. 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. Trump: 'I've just signed the largest trade deal in history with Japan' President Trump announced overnight that his team and Japan have finally reached a trade deal, which includesa 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US. Trump, who made the announcement during a White House reception with members of Congress and later on Truth Social, called it the "largest trade deal in history" in reference to Japan. The deal wasn't easy to achieve. Japan's Prime Minister Shigeru Ishiba had hoped to speak with Trump at the G-7 meeting back in June, but earlier this month Trump said Japan was "spoiled" and doubted a deal would happen. The two sides have come a long way, with Ishiba remaining stoic yet firm to maintain his country's trust while trying to reach an agreement with the US. Bloomberg News reports: Read more here. Japanese auto stocks surge as US announces lower-than-expected tariffs Shares of Japanese automakers pumped after U.S. President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Read more here. Trump announces new details on trade pact with Indonesia President Trump and his team released new details of a pact announced last week with Indonesia, confirming plans for a 19% tariff on the country and adding a 40% rate on any 'transhipped' goods. The more complete framework of the deal is further confirmation of an agreement with America's 23rd largest trading partner that will avert 32% tariffs that Trump threatened previously. It also stipulates that 'Indonesia is going to drop its tariffs to 0% on over 99% of its trade,' a senior White House official said Tuesday. The official added that the deal includes the elimination of non-tariff barriers that Trump's team say hinders American companies, including in areas like pre-shipment inspection requirements, motor vehicle safety standards, and restrictions around US medical devices and pharmaceuticals. The exact definition of how Trump defines transshipped goods has been a matter of some debate in recent weeks. The deal with Indonesia includes goods not just re-labeled but made with a significant portion of components from a third country and then assembled in Indonesia. It's a provision also included in a recent deal with Vietnam and is clearly aimed at China. Indonesian negotiators previously confirmed that a deal had been struck but not all details, with the country president's spokesperson telling Reuters the negotiations had been 'an extraordinary struggle.' Trump says US has reached trade deal with the Philippines President Trump said Tuesday the US had reached a trade deal with the Philippines following its president's visit to the White House. He posted on Truth Social: This doesn't seem to move the needle much for the Philippines, whose imports to the US will see a 19% tariff instead of the 20% Trump had threatened from Aug. 1. The Philippines is the US's 29th-largest trade partner. Copper-laden ships race to reach US ahead of tariffs Fascinating angle from Bloomberg: Read more here. Coca-Cola CFO on tariffs: 'We think we can manage' Coca-Cola's (KO) CFO said the company is managing President Trump's tariffs. "June turned out to be a disappointing month," Coca-Cola CFO John Murphy told Yahoo Finance on Tuesday. He noted that tariffs continue to create uncertainty heading into the second half of the year. "We think we can manage absorbing any of the impacts with the various levers that we have at our disposal. It's always a local decision as to how to utilize those levers, but right now, it's something that we factored into our rest of year guidance." Yahoo Finance's Brooke DiPalma reports that Coca-Cola reported earnings for its second quarter that topped forecasts. Read more here. 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. Both China and the US reached a trade truce in London last month to prevent escalating tariffs. Reuters reports: 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. 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. President Trump announced overnight that his team and Japan have finally reached a trade deal, which includesa 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US. Trump, who made the announcement during a White House reception with members of Congress and later on Truth Social, called it the "largest trade deal in history" in reference to Japan. The deal wasn't easy to achieve. Japan's Prime Minister Shigeru Ishiba had hoped to speak with Trump at the G-7 meeting back in June, but earlier this month Trump said Japan was "spoiled" and doubted a deal would happen. The two sides have come a long way, with Ishiba remaining stoic yet firm to maintain his country's trust while trying to reach an agreement with the US. Bloomberg News reports: Read more here. Japanese auto stocks surge as US announces lower-than-expected tariffs Shares of Japanese automakers pumped after U.S. President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Read more here. Shares of Japanese automakers pumped after U.S. President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Read more here. Trump announces new details on trade pact with Indonesia President Trump and his team released new details of a pact announced last week with Indonesia, confirming plans for a 19% tariff on the country and adding a 40% rate on any 'transhipped' goods. The more complete framework of the deal is further confirmation of an agreement with America's 23rd largest trading partner that will avert 32% tariffs that Trump threatened previously. It also stipulates that 'Indonesia is going to drop its tariffs to 0% on over 99% of its trade,' a senior White House official said Tuesday. The official added that the deal includes the elimination of non-tariff barriers that Trump's team say hinders American companies, including in areas like pre-shipment inspection requirements, motor vehicle safety standards, and restrictions around US medical devices and pharmaceuticals. The exact definition of how Trump defines transshipped goods has been a matter of some debate in recent weeks. The deal with Indonesia includes goods not just re-labeled but made with a significant portion of components from a third country and then assembled in Indonesia. It's a provision also included in a recent deal with Vietnam and is clearly aimed at China. Indonesian negotiators previously confirmed that a deal had been struck but not all details, with the country president's spokesperson telling Reuters the negotiations had been 'an extraordinary struggle.' President Trump and his team released new details of a pact announced last week with Indonesia, confirming plans for a 19% tariff on the country and adding a 40% rate on any 'transhipped' goods. The more complete framework of the deal is further confirmation of an agreement with America's 23rd largest trading partner that will avert 32% tariffs that Trump threatened previously. It also stipulates that 'Indonesia is going to drop its tariffs to 0% on over 99% of its trade,' a senior White House official said Tuesday. The official added that the deal includes the elimination of non-tariff barriers that Trump's team say hinders American companies, including in areas like pre-shipment inspection requirements, motor vehicle safety standards, and restrictions around US medical devices and pharmaceuticals. The exact definition of how Trump defines transshipped goods has been a matter of some debate in recent weeks. The deal with Indonesia includes goods not just re-labeled but made with a significant portion of components from a third country and then assembled in Indonesia. It's a provision also included in a recent deal with Vietnam and is clearly aimed at China. Indonesian negotiators previously confirmed that a deal had been struck but not all details, with the country president's spokesperson telling Reuters the negotiations had been 'an extraordinary struggle.' Trump says US has reached trade deal with the Philippines President Trump said Tuesday the US had reached a trade deal with the Philippines following its president's visit to the White House. He posted on Truth Social: This doesn't seem to move the needle much for the Philippines, whose imports to the US will see a 19% tariff instead of the 20% Trump had threatened from Aug. 1. The Philippines is the US's 29th-largest trade partner. President Trump said Tuesday the US had reached a trade deal with the Philippines following its president's visit to the White House. He posted on Truth Social: This doesn't seem to move the needle much for the Philippines, whose imports to the US will see a 19% tariff instead of the 20% Trump had threatened from Aug. 1. The Philippines is the US's 29th-largest trade partner. Copper-laden ships race to reach US ahead of tariffs Fascinating angle from Bloomberg: Read more here. Fascinating angle from Bloomberg: Read more here. Coca-Cola CFO on tariffs: 'We think we can manage' Coca-Cola's (KO) CFO said the company is managing President Trump's tariffs. "June turned out to be a disappointing month," Coca-Cola CFO John Murphy told Yahoo Finance on Tuesday. He noted that tariffs continue to create uncertainty heading into the second half of the year. "We think we can manage absorbing any of the impacts with the various levers that we have at our disposal. It's always a local decision as to how to utilize those levers, but right now, it's something that we factored into our rest of year guidance." Yahoo Finance's Brooke DiPalma reports that Coca-Cola reported earnings for its second quarter that topped forecasts. Read more here. Coca-Cola's (KO) CFO said the company is managing President Trump's tariffs. "June turned out to be a disappointing month," Coca-Cola CFO John Murphy told Yahoo Finance on Tuesday. He noted that tariffs continue to create uncertainty heading into the second half of the year. "We think we can manage absorbing any of the impacts with the various levers that we have at our disposal. It's always a local decision as to how to utilize those levers, but right now, it's something that we factored into our rest of year guidance." Yahoo Finance's Brooke DiPalma reports that Coca-Cola reported earnings for its second quarter that topped forecasts. Read more here. 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. Both China and the US reached a trade truce in London last month to prevent escalating tariffs. Reuters reports: Read more here. 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. Both China and the US reached a trade truce in London last month to prevent escalating tariffs. Reuters reports: 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. 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