Evening Edition: Markets React To Tariff Announcements
FOX's Jared Halpern speaks with Gary Kaltbaum, President of Kaltbaum Capital and Fox News Business Contributor, who says the markets could stabilize when investors have a clearer picture of the policies.
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The Hill
8 minutes ago
- The Hill
Bessent: Trump tariffs set to ‘boomerang back' to higher rates if deals not reached
Treasury Secretary Scott Bessent said on Sunday that countries will see their respective tariff rates 'boomerang back' on Aug. 1 to the higher levels announced three months ago, if they don't strike a deal with the U.S. sooner. In Sunday show interviews, Bessent doubled down on President Trump's comments Friday, in which the president told reporters that the 'reciprocal' tariffs — first announced on April 2 and then paused for 90 days a week later — would officially take effect on Aug. 1, not July 9, when the 90-day pause is set to expire. 'We'll see,' Bessent said on CNN's 'State of the Union,' when asked 'what happens' on July 9. 'I'm not going to give away the playbook because we're going to be very busy over the next 72 hours.' Bessent said Trump will 'be sending letters to some of our trading partners, saying that if you don't move things along, then on Aug. 1, you will boomerang back to your April 2 tariff level.' 'So, I think we're going to see a lot of deals very quickly,' the secretary continued. 'And, you know, Dana [Bash], we're going to send out probably 100 letters to small countries where we don't have very much trade, and most of those are already at the baseline 10 percent.' Bessent insisted, however, that the new effective date is neither a new deadline nor a pause on the original deadline announced three months ago. 'It's not a new deadline,' Bessent said on CNN. 'We are saying, this is when it's happening. If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice.' In an interview on 'Fox News Sunday,' anchor Shannon Bream asked if it is 'fair' to call the new date a 'bit of a pause.' 'I don't think it's a bit of a pause because I think what's happened is, there's a lot of congestion going into the home stretch,' he said. Trump has 'created maximum leverage' ahead of the deadline to strike a deal to stave off the higher reciprocal tariffs, Bessent told her. 'So, by telling our trading partners that they could boomerang back to the April 2nd date, I think it's really going to move things along the next couple of days and weeks,' Bessent said.
Boston Globe
12 minutes ago
- Boston Globe
Harvard professor union will ‘strongly' oppose any deal between school and Trump, members say
Now, with the university in secretive negotiations as it seeks to stave off Already, the group is pursuing multiple legal challenges to the Trump administration. Members have held rallies, signed petitions, and published op-eds decrying Trump's attacks on institutional independence. 'I expect that the AAUP and the faculty will react very strongly against any sort of deal, precisely because the independence of the university is vital to everything we do,' said classics professor Richard Thomas, an at-large member of Harvard's AAUP chapter. Union members say they're concerned about the university's approach to its talks with Trump. Though the president has said Harvard has Advertisement Harvard officials did not respond to a request for comment for this article. Harvard's faculty cannot support any deal made without their input, the university's AAUP president Kirsten Weld told the Globe. She argues that Harvard administrators never should have entered Trump's negotiations in the first place, because no private university should take orders from the government or make sacrifices to appease it. 'The red line of academic freedom — the university has already crossed that by allowing what is happening now to happen," said Weld, a history professor. 'The federal government has put a gun to the head of the university and is demanding an ever shifting set of changes, some of which are baldly illegal.' Harvard professors don't have the right to collective bargaining because a Professors would 'strongly' protest deal In April, universities nationwide celebrated Harvard President Alan Garber for refusing to agree to an Advertisement But Garber may have to make some concessions in order to get a deal with Trump, who has called for drastic reforms. Over the past several months, his administration has slashed around $2.8 billion in federal funding from Harvard, and prevented international students from traveling to the United States to study at the school. Vincent Brown, an at-large member of Harvard's AAUP chapter, said that if a deal is announced, members will likely call an emergency meeting to discuss potential next steps. The AAUP chapter would take a vote on any sort of collective action in response to a Trump deal, Brown said. A walkout is not off the table, but it's too soon to predict how professors will want to respond, he said. The timing of the negotiations and subsequent deal, which come when most professors are on summer break, is making organizing challenging, members told the Globe. 'Everybody is very keen to maintain our ability to teach our students, conduct our research, and run our university without government interference,' Brown said. No matter what kind of deal emerges, Harvard's AAUP chapter can count on the unwavering support of the national AAUP, president Todd Wolfson told the Globe. 'I one hundred percent support faculty taking collective action to respond to what they think are fundamental threats to Harvard, to their own work, or to higher education at large — period, end of sentence," Wolfson said last week. Crimson Courage, a Harvard alumni group advocating for institutional independence in the face of Trump's threats, also said they support faculty opposition to a deal with the White House. 'We have the backs of the professors because they should be able to conduct research without having any restrictions on their topics,' said Evelyn Kim, a Harvard alumna who studied sociology. Advertisement Professors not involved in negotiations Harvard AAUP members said they've had to receive news of closed-door negotiations in Washington, D.C. through reporting in national media outlets, as opposed to receiving updates from university officials. Top Harvard officials are setting an alarming precent by not including faculty and students in negotiations over how the university operates, Wolfson said. 'One would assume they're in advanced negotiations with the Trump administration, and the fact they have not talked to their faculty about it is alarming,' Wolfson said. Most Harvard professors oppose negotiating with Trump on university policies, Brown said, citing a 'The most important thing that we can say is that 70-plus percent of the faculty do not want to strike a deal that they don't think the Trump administration will respect anyway,' Brown said. 'So we're going to start from that position of plurality and then figure out what we're going to do.' Claire Thornton can be reached at
Wall Street Journal
17 minutes ago
- Wall Street Journal
The GOP Gambles on ‘Trump Accounts'
Some of the most expensive parts of the federal budget and tax code started small but eventually grew into monsters. The likeliest candidates for that result in the GOP's tax and budget bill are the new Money Accounts for Growth and Advancement, aka MAGA or Trump accounts. This is one more government tax-preferred investment account like IRAs or 529 plans, albeit with some different rules. Unlike those accounts, the government will make a one-time $1,000 payment to be invested in a stock-market index fund for babies born between 2025 and 2028. Parents could add up to $5,000 a year to the accounts, though without a tax write-off. The funds will grow tax deferred, but no withdrawals are allowed until the child turns 18.
