logo
How Trump's trade tariffs could affect the cost of coffee in the US – visualized

How Trump's trade tariffs could affect the cost of coffee in the US – visualized

CNN4 hours ago
America's love for coffee has made the dark brewed beverage the most popular drink in the country. US adults drink 516 million cups of coffee every day, even though coffee prices have almost doubled in the past five years.
The United States is the largest importer of coffee in the world, and its biggest supplier is Brazil. Earlier this month, US President Donald Trump threatened to impose 50% tariffs on Brazilian goods if President Luiz Inácio Lula da Silva continued a legal inquiry on former Brazilian leader Jair Bolsonaro.
Here's a look at the value of the coffee trade, US coffee-drinking habits and why your cup of coffee could be more expensive very soon, if Trump goes ahead with his latest tariff plan.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Coca-Cola, GM, Alphabet, Tesla: Earnings to watch this week
Coca-Cola, GM, Alphabet, Tesla: Earnings to watch this week

Yahoo

time21 minutes ago

  • Yahoo

Coca-Cola, GM, Alphabet, Tesla: Earnings to watch this week

Asking for a Trend host Josh Lipton breaks down the major earnings reports to keep an eye on this coming week. On Monday, Verizon (VZ), Ryanair (RYAAY), and Domino's (DPZ) will publish earnings reports. On Tuesday, Coca-Cola (KO), Lockheed Martin (LMT), General Motors (GM), RTX (RTX), Sherwin-Williams (SHW), and D.R. Horton (DHI) report results. Coca-Cola will post its second quarter results on Tuesday before the opening bell, just days after President Trump said the company will start to use cane sugar instead of high-fructose corn syrup. GM is also reporting its second quarter results before markets open on Tuesday, as analysts expect numbers to be in line with estimates. On Wednesday, AT&T (T), Alphabet (GOOG, GOOGL), IBM (IBM), GE Vernova (GEV), Tesla (TSLA), and T-Mobile (TMUS) are releasing earnings. Alphabet's second quarter results will be out after the markets close on Wednesday. CapEx, ad prices, and cloud are all in focus for Alphabet. Tesla's second quarter numbers are also out Wednesday after the closing bell. Analysts expect earnings to be in line with estimates. Time now for to watch in earnings. It's a big batch of earnings coming up including Coca-Cola, General Motors, Alphabet, and Tesla. Starting off on Coca-Cola, Coke will point results for the second quarter on Tuesday. This is coming after a Truth Social post from President Trump saying that he had talks with the company about using real sugarcane in its products, a claim that Coca-Cola did not confirm. Shifting gears to General Motors. GM is posting second quarter numbers on Tuesday. Analyst expecting the company to report earnings in line with analyst estimates, but like most players in the EV space, tax credit changes could cause issues ahead for the automaker. And moving over to Alphabet, the Google parent company reporting Q2 earnings on Wednesday. Investors keep a close eye, of course, on AI investments that may push up the company's capital expenditures. Ad prices and the cloud business also in focus for Alphabet with analysts anticipating Google Cloud to grow around 27% in the quarter. And finally, Tesla announced results for the second quarter on Wednesday. Analysts expecting Elon Musk's company to meet estimates for Q2. That's driven by stronger sales of the updated Model Y, but the recent rollback of EV tax credits under President Trump's big beautiful bill could pose challenges for Tesla going forward. Related Videos There's a little 'irrational exuberance' in markets: Strategist Tech highs, liquidity spigots, crypto week: Market takeaways Huntington Bank CEO talks Q2 earnings, tariffs, & Veritex deal Q2 earnings trends to watch: Tariff mentions, AI, and outlooks On Thursday, Honeywell (HON), Keurig Dr Pepper (KDP), Intel (INTC), Union Pacific (UNP), Tractor Supply Company (TSCO), and Deckers (DECK) announce results. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend 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

38% of Americans have taken on jobs to cover debts — how the rise of the reluctant hustler is rewiring careers
38% of Americans have taken on jobs to cover debts — how the rise of the reluctant hustler is rewiring careers

Yahoo

time21 minutes ago

  • Yahoo

38% of Americans have taken on jobs to cover debts — how the rise of the reluctant hustler is rewiring careers

With consumer household debt hitting record highs, more Americans are picking up extra work to cover bills and becoming reluctant hustlers. A new survey from AI-powered career platform Zety found that 38% of respondents have taken on side gigs or second jobs to make extra money and keep up with their debt. The online poll of 1,005 U.S. employees was conducted by Pollfish. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Not one respondent reported being debt-free. In fact, 43% said they're carrying more than $25,000 in debt, and one in five said they owe at least $100,000. That's why some Americans are 'taking on side jobs for extra cash, accepting roles they don't want, and making urgent trade-offs to manage their financial obligations in an increasingly volatile economy,' according to the report. The rise of the reluctant hustler This trend lines up with other data about the labour market. The number of Americans holding multiple jobs steadily increased from 2010 to 2020, according to the Federal Reserve Bank of St. Louis. After a dip during the pandemic, those numbers have bounced back to record levels. And this rise in side hustles isn't slowing down. A Harris Poll for the American Staffing Association (ASA) found that more than six in 10 employed U.S. adults say they're likely to pick up extra work in the next year.' 'For growing numbers of Americans, a side hustle can be a good way to build savings, pay off debt, find a new job, or change careers. However, for others, a side hustle means having enough money to make ends meet,' said Richard Wahlquist, CEO of ASA, in a release. 'With economic uncertainty dominating the headlines, it's not surprising to see Americans looking for ways to create some breathing room in their budgets.' Zety's survey also found that most respondents are shifting their financial habits to manage debt and prepare for potential fallout from U.S. policy changes. Nearly four in five (78%) believe tariffs will make it harder to repay or avoid debt. To cope, 38% said they've cut back on non-essential spending and 25% have increased their minimum payments. Others reported transferring balances (13%), delaying repayment (14%), consolidating debt (8%), refinancing (5%), seeking financial counseling (5%) or negotiating with lenders (4%). Meanwhile, U.S. consumer confidence continues to deteriorate across most age and income groups, according to The Conference Board's Consumer Confidence Index. And despite inflation cooling, real wages haven't seen much growth over the past decade. From May to June, real average hourly earnings dipped 0.1%, according to the Bureau of Labor Statistics. Stagnating wages and fears of rising costs from tariffs and trade disputes are putting added strain on American households. Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. Debt is carving new career paths Student loans, medical bills and credit card debt are forcing many workers to take jobs outside their skill set, accept precarious roles or put their career ambitions on hold. Debt isn't just pushing Americans toward side hustles; it's also influencing work and career choices. A Harris Poll conducted for ASA in August 2024 found that 73% of American workers are in debt, and 40% of them said their debt is influencing their career choices. Roughly a third of Zety's respondents said they've taken jobs they didn't want or were outside of their industry to manage debt. Another 17% said they would start a business, return to school or freelance if they weren't carrying debt. 'Debt is a growing force behind why people take certain jobs, stay in roles longer than they'd like, or hesitate to make a career pivot,' Priya Rathod, a career trends expert at job site Indeed, told CNBC. And the pressure isn't likely to ease any time soon. Household debt remains at record highs, and debt service payments as a percent of disposable income are creeping back up from historic lows. But before jumping into a side hustle, it's worth taking a hard look at the math. According to the Federal Reserve, workers with multiple jobs put in 174 more hours a year than single-job workers, yet earn $1.01 less per hour on average. That adds up to just $900 more annually. 'People really need to understand that working more hours is a short-term solution, and growing your main income is a long-term strategy,' Rathod told CNBC. If your side hustle brings in good money, it might be worth the extra effort. But if it's low-paying or unstable, you may be better off focusing on your current job, asking for a raise, pursuing a promotion or even changing careers altogether. What to read next Robert Kiyosaki warns of 'massive unemployment' in the US due to the 'biggest change' in history — and says this 1 group of 'smart' Americans will get hit extra hard. Are you one of them? How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Top 5 Estate Planning Strategies To Avoid ‘Great Wealth Transfer' Taxes
Top 5 Estate Planning Strategies To Avoid ‘Great Wealth Transfer' Taxes

Yahoo

time21 minutes ago

  • Yahoo

Top 5 Estate Planning Strategies To Avoid ‘Great Wealth Transfer' Taxes

The United States is about two years into a Great Wealth Transfer that will see an estimated $84.4 trillion in assets pass from older to younger generations by 2045. Generational wealth preservation is a priority for many of these families, and for some, minimizing tax liability is an important way to achieve it. Trending Now: Learn More: Several types of tax can impact wealth transfers. They include estate tax (40% in 2025), as well as capital gains tax on appreciated assets and ordinary income taxes on tax-qualified accounts, according to Matthew Chancey, Certified Financial Planner and author of 'Tax Alpha Solutions: Effective Tax Management Strategies For High-Net-Worth Investors.' In 2025, estate tax only applies to estates that exceed $13.99 million ($27.98 for married couples) in fair market value, per the IRS website. Beginning next year, the exemption increases to $15 million, according to the Tax Foundation. However, Chancey noted even if your estate isn't impacted by estate tax, your heirs could still have capital gains and income tax to deal with. GOBankingRates spoke with Chancey and other financial advisors about the strategies they use to help their clients minimize taxes on transferred wealth. Take Advantage of Step Up in Cost Basis 'One of the best parts of the tax code is called 'stepped up cost basis at death,' which means when our parents pass on and leave assets to us as heirs […] capital gain taxes can be avoided since the assets are now considered to have stepped up their cost basis to current FMV [fair market value], thus eliminating any capital gains,' Chancey said. You can use this strategy for a variety of appreciating assets, including taxable brokerage accounts and real estate. To visualize how this works, say the cost to acquire your home (its cost basis) was $200,000, and its fair market value is $400,000 now. If you gift the home to your child and they later sell it for $500,000, they'll pay capital gains tax on $300,000 ($500,000 less the $200,000 cost basis). If, on the other hand, they inherit the house and sell it for $500,000, they'll only pay capital gains tax on $100,000 — $500,000 less the stepped up basis of $400,000. Consider This: Reconsider Joint Ownership Some families like to jointly title property as a means of estate planning, according to Allison Harrison, founder and principal attorney of ALH Law Group, which specializes in estate planning for the LGBTQ+ community. However, this approach is problematic. 'The property is now subject to all the owner's creditors, and the survivor does not get a step-up in basis for capital gains purposes,' Harrison said. Take Out Permanent Life Insurance 'Life insurance is a great way to provide access to capital today, but grow it in a tax free way for the beneficiaries,' Harrison told GOBankingRates. A properly structured whole life policy, for example, is a permanent life insurance policy that can accrue interest on a tax-deferred basis and earn dividends tax-free, per Guardian. Under most circumstances, your beneficiaries won't have to pay income tax on insurance money that passes to them directly, in one lump sum, according to the IRS. Keep Gifts at $19,000 per Year or Less You pay gift tax of up to 40% if your gifts exceed the lifetime limit of $13.99 million (for 2025). For tax year 2025, gifts of up to $19,000 per year, per recipient, don't count toward the lifetime limit. Nor do they count toward your $13.99 million estate tax exemption, as they do if they exceed $19,000. The rules are the same for the generation-skipping tax on gifts to anyone at least 37.5 years younger than you, per TurboTax. 'Hugely important for people over the $15 million exemption level [for 2026]. That is potentially a double tax without planning,' warned Matthew Wiley of Wiley Law. You can work around the gift limits entirely by paying the recipient's tuition, health insurance or unreimbursed medical bills instead of gifting them cash or other assets. These payments are non-taxable as long as you pay them directly to qualified schools or to insurance companies or healthcare providers, according to Jackson Hewitt. Place Assets in an Irrevocable Trust A trust allows a third party, called a trustee, to hold assets you transfer into the trust for beneficiaries you designate. After you die, the trustee distributes the assets to the beneficiaries, according to Fidelity. An irrevocable trust can't be changed, but it can minimize estate tax and your heirs' income tax liability, while also shielding your estate from creditors and lawsuits. Wiley named the following irrevocable trusts as his favorite strategies for shielding wealth transfers against tax: Spousal lifetime access trust Irrevocable life insurance trust Domestic asset protection trust (available in select states) More From GOBankingRates 7 Luxury SUVs That Will Become Affordable in 2025 This article originally appeared on Top 5 Estate Planning Strategies To Avoid 'Great Wealth Transfer' Taxes 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

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store