Trump uses term viewed as antisemitic slur to refer to unscrupulous bankers
Trump deployed the language while touting the impacts of his signature legislation that had just passed Congress hours earlier.
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CNN
17 minutes ago
- CNN
Trump administration moves to terminate a form of humanitarian relief for Nicaraguans and Hondurans in the US
The Department of Homeland Security has moved to terminate a form of humanitarian relief for migrants from Nicaragua and Honduras residing in the United States, according to an announcement from the department and draft notices published in the Federal Register. The Trump administration has stripped protections from multiple nationalities in the US who were protected from deportation and allowed to temporarily live in the country, arguing that conditions at home no longer justified those protections. The termination of the relief, known as Temporary Protected Status, has prompted legal challenges nationwide — and has been blocked by federal judges in some instances. The latest move would affect approximately 72,000 migrants from Honduras and 4,000 from Nicaragua, according to government estimates. Honduras was initially designated for TPS in 1999 based on an environmental disaster, according to a draft notice in the Federal Register. Nicaragua was similarly designated for TPS in 1999 because of an environmental disaster. 'Temporary Protected Status was designed to be just that — temporary,' Homeland Security Secretary Kristi Noem said in a statement. 'It is clear that the Government of Honduras has taken all of the necessary steps to overcome the impacts of Hurricane Mitch, almost 27 years ago.' TPS applies to people who would face extreme hardship if forced to return to homelands devastated by armed conflict or natural disasters, therefore the protections are limited to people already in the United States. Past Republican and Democratic administrations have designated the protections, though some Republicans have argued the relief shouldn't have been extended multiple times.
Yahoo
19 minutes ago
- Yahoo
Shiploads of cars ready to set sail for US from UK as trade deal kicks in
Shiploads of Minis, Aston Martins and Range Rovers will set sail for the US on Monday as the UK-US trade deal kicks in, but British farmers say they have been used as collateral to save the car industry. Auto shipments across the Atlantic were down more than half in May after Donald Trump's imposition of a 25% tariff on 3 April on top of an existing 2.5% levy. However, as of one minute past midnight US time on Monday – 5am in the UK – that has been reduced to 10% for cars, and UK manufacturers expect pent-up demand to be unleashed. Aston Martin's chief executive, Adrian Hallmark, said the luxury carmaker had stopped shipping between April and June, something he said had been 'not catastrophic, but slightly uncomfortable'. The outline of the trade deal was agreed between Trump and Keir Starmer in early May, the first such bilateral pact to mitigate the president's import taxes. However, delays in agreeing the fine print meant the higher tariff had continued to apply, pushing the cost of British cars up by more than a quarter for US importers. Hallmark told a British car industry conference last week that he was 'planning to invoice three months' worth of sales in a 24-hour period', with stocks in the US down by 50% due to the pause. Aston Martin exports 90% of its cars, but its customers are wealthy and were willing to wait. 'The demand has been strong and will be in good shape when we start to invoice cars like fury on Monday next week,' he said. On the eve of the trade deal coming into force, the business secretary, Jonathan Reynolds, received reassurances from the sportscar maker Lotus that it had no plans to close its UK factory, in Hethel, Norfolk. Reynolds contacted Lotus bosses after it emerged that the carmaker was considering shifting production to the US – a move that would jeopardise 1,300 jobs. A Department for Business and Trade spokesperson said Reynolds met Lotus and its owner, Geely, on Sunday to clarify the company's situation, and 'was reassured by management that they are committed to their UK operations and have no plans to close their Hethel plant'. A decision to relocate manufacturing abroad by a prestige brand such as Lotus would be embarrassing for the UK government. Labour's industrial strategy, published last week, singled out automotive production as among the strategic sectors it wants to support. The car industry welcomed the US-UK trade deal when it was struck, with it preventing job losses at JLR, the maker of the Jaguar and Land Rover brands. Range Rovers are particularly popular in the US. However, the lower 10% duty only applies to a quota of 100,000 cars a year – slightly below last year's export numbers – leaving little room for growth. JLR alone exported 84,000 cars in the year up to April 2025. The initial trade deal also included a promise of zero tariffs on steel but this has been held up by negotiations over the origin of some raw materials for smelting, particularly at Tata's plant at Port Talbot in south Wales. Concessions were won with new tariff-free quotas for British and US beef in each other's markets, as well the controversial removal of a 19% tariff on American ethanol imports, which the UK industry says leaves biofuel plants facing closure. The president of the National Farmers' Union, Tom Bradshaw, said the government must stop using agriculture as a bargaining chip in talks and urged Starmer to take the sector off the table in the talks on steel and remove the 10% baseline tariff Trump has applied to all imports. 'Agriculture has borne the responsibility of removing tariffs for other sectors. At some point they've got to stop relying on agriculture to take the burden,' Bradshaw said. 'Agriculture has nothing left to give.' On the upside for farmers, they can now sell 13,000 tonnes of British beef to the US, but again there is a catch. They will not be able to sell until January next year because beef is part of a wider tariff deal with other countries, and this year's quota has already been filled by Brazilians who stockpile beef in storage near the Mexican border. The UK steel industry has at least won a temporary exemption from the 50% tariff imposed by Trump at the start of this month until 9 July, but it still faces a 25% tariff on exports. It is waiting anxiously for delivery of the promised zero rate tariff. 'Time is running out to secure a UK-US steel deal and remove damaging tariffs,' said Gareth Stace, the director general of UK Steel. 'Every day of delay costs our steelmakers dearly. Contracts are being lost, investment decisions remain on hold, and uncertainty is paralysing business decisions. We urgently need a swift, positive resolution to these talks to protect jobs, unlock growth, and restore confidence in the sector.' Yet even in a zero-tariff deal, Port Talbot may still face issues. The UK operations of the Indian conglomerate are relying on imports of steel melted and poured in its sister plants in India and the Netherlands while they move from a polluting blast furnace to the greener electric arc furnace to smelt steel. However, UK Steel is hoping there can be an exception to the tariffs agreed for the Welsh operation along with the five other plants in the UK. UK trade officials are understood to be optimistic they can secure such an exemption. Sign in to access your portfolio
Yahoo
20 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq fall as Trump amps up tariff threats with deadline looming
US stocks fell on Monday as President Trump made a fresh tariff threat and confirmed that country-specific duties will kick in on Aug. 1, ramping up trade uncertainty as the end to his tariff pause looms. The Dow Jones Industrial Average (^DJI) slipped 0.7%, while the S&P 500 (^GSPC) also backed off 0.6%. The tech-heavy Nasdaq Composite (^IXIC) dropped 0.7% as Tesla (TSLA) stock sank amid worries about CEO Elon Musk's plan to launch a political party. Stocks are pulling back after a strong jobs report helped boost the S&P 500 and Nasdaq Composite to all-time closing highs on Thursday, before the early trading shutdown for the long Independence Day weekend. With equities at record levels, investors are wary that any sharp turn in trade negotiations could trigger volatility. Trump said late Sunday that any country aligning itself with the "Anti-American policies of BRICS" will face an additional 10% tariff. "There will be no exceptions to this policy," he said in a post to social media. The warning came after BRICS — a group of countries including key US trading partners China and India — criticized Trump's tariff policy at its summit at the weekend. It ramped up already-high trade tensions as nations race to clinch tariff deals ahead of Trump's self-imposed deadline of July 9, when his "pause" on steep April tariffs would go back into effect. Global markets have been bracing for that potential shock, with the US only having reached deals with the UK and Vietnam, as well as a framework toward an agreement with China. On Sunday, Treasury Secretary Scott Bessent and Trump confirmed that while letters will be sent out this week informing countries of their tariff rates, those duties would not go into effect until Aug. 1. Read more: The latest on Trump's tariffs. Bessent hinted at several possible deals in the coming days, suggesting the focus this week is clarity with 18 major trading partners before setting duties for the 100-plus other countries that the administration has in its sights for trade taxation. Earnings are coming back into the conversation this week, with Thursday's report from Delta (DAL) serving as the unofficial kickoff to the second quarter season. Wall Street analysts predict a significant drop in oil prices by the end of the year as increased supply is expected to flood the market. However, as of Monday, West Texas Intermediate crude (CL=F) was trading above $67 per barrel, and Brent crude (BZ=F), the international benchmark, was above $69 per barrel. The session rise occurred despite the Organization of the Petroleum Exporting Countries (OPEC) and its allies announcing output increases over the weekend. "All in all, the supply picture definitely looks to be elevating; however, the stronger demand is remaining above expectations as well, hence the choppy trade," said Dennis Kissler, senior vice president at BOK Financial, in a note on Monday. OPEC cited lower global oil inventories as a reason to boost output in August by 548,000 barrels per day. This marks the cartel's fourth consecutive monthly increase and was larger than anticipated. "Saturday's announcement to accelerate supply hikes suggests that the strategic shift to normalizing spare capacity and market share, supporting internal cohesion, and disciplining US shale supply is continuing," Goldman Sachs analysts Daan Struyven and his team noted on Sunday. Struyven and his team anticipate OPEC will increase production yet again in September, and maintained their price forecast with Brent averaging $59 in the fourth quarter of 2025 and $56 in 2026. Tesla (TSLA) stock slid on Monday, falling 7% as CEO Elon Musk and President Trump's feud erupted again and as investors grew concerned over the loss of electric vehicle tax credits from Trump's budget bill. Reuters reported that short sellers of the stock were set to make $1.4 billion after the stock slump, according to data analytics firm Ortex. Over the weekend, Musk wrote on X that he was forming a new political party, the America Party. Trump responded on social media by saying the Tesla CEO had gone "completely 'off the rails.'" Yahoo Finance's Pras Subramanian reports: Read more here. Citi lifted its price target for Nvidia stock (NVDA) on Monday, citing the expanding AI market, though shares of the AI chipmaker fell 0.5% in early trading. Yahoo Finance's Francisco Velasquez reports: Read more here. Stocks opened lower amid renewed trade uncertainty after President Trump extended a tariff pause but issued new threats toward countries aligning with "Anti-American policies." The Dow Jones Industrial Average (^DJI) fell below the flat line. The S&P 500 (^GSPC) retreated 0.3% from its record high. The tech-heavy Nasdaq Composite (^IXIC) dropped 0.5%, and Tesla (TSLA) shares sank as CEO Elon Musk announced a new political party. Comments from Trump sparked trade uncertainty over the weekend when he appeared to extend a July 9 tariff pause deadline to Aug. 1. He also said late Sunday that any country aligning itself with the "Anti-American policies of BRICS" will face an additional 10% tariff. CoreWeave (CRWV) announced Monday it will buy crypto miner Core Scientific (CORZ) in an all-stock deal valued at about $9 billion. Shares of the Nvidia-backed (NVDA) company fell 4.6% just ahead of the opening bell, while Core Scientific stock dropped nearly 18%. Reuters reports: Read more here. Amazon stock (AMZN) edged 0.3% higher in premarket trading on Monday ahead of the kickoff of its Prime Day sales event. Online spending is expected to surge to $23.8 billion across US retailers during Amazon's four-day event, according to an Adobe Analytics forecast. Amazon extended the sales period to four days from two days. Reuters reported that sales from July 8 to 11 are projected to rise 28.4% compared with the same period last year. Online sales hit $14.2 billion during the two-day Amazon shopping event last year. "This is equivalent to two Black Fridays," Adobe noted in the report. Walmart (WMT) and Target (TGT), which are holding competing sales events, saw their shares drop marginally premarket. Read more here. Yahoo Finance's Brooke DiPalma reports: Read more here. Earnings: No notable earnings releases. Economic data: No notable economic releases. Here are some of the biggest stories you may have missed over the weekend and early this morning: Trump warns of extra 10% tariff for 'anti-American' BRICS Markets await clarity as Trump tariff deadline looms Tesla stock sinks as Musk's 'America Party' worries investors US consumers to cut summer spending on tariff worries: Poll Trump is already making the next Fed chair's job harder Amazon Prime Day set to lift US online sales to $23.8B: Adobe Trump slams Musk's plan for rival political party How China's Xiaomi succeeded where Apple failed Here are some top stocks trending on Yahoo Finance in premarket trading: Wolfspeed: (WOLF) Shares in semiconductor company Wolfspeed surged over 20% before the bell on Monday, after it filed an unexpected Chapter 11 bankruptcy last month. While bankruptcy usually signals financial distress, investors reacted positively to the filing. Tesla (TSLA) stock took a hit on Monday, falling 6% in premarket trading after CEO Elon Musk's plans to launch a new US political party were announced. Metals had a rough start to the week, with copper (HG=F) and other industrial metals extending losses after President Trump injected fresh uncertainty into his trade agenda with a warning to impose a 10% tariff on any country that supports what he called BRICS "anti-American" policies. Trump posted on Truth Social saying: Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter! Trump's threat caused metals fall on Monday. Bloomberg News reports Read more here. Tesla (TSLA) shares are getting run over right out of the gate post-holiday weekend. The stock is down 7% premarket as president Trump and Elon Musk return to public battle. The general vibe from those I have chatted with is that Musk creating his own political party is the last thing Tesla shareholders want to see. Where is the board of directors here to get this guy under control? However, lost in the sauce today is that the new tax and spending bill signed into law by Trump ends the EV tax credit on Sept. 30. That's further bad news for Tesla, argues William Blair analyst Jed Dorsheimer. "The elimination of the corporate average fuel economy (CAFE) fines requires a reset in expectations," Dorsheimer wrote. "While the $7,500 tax credit is likely to affect demand, the combination of a demand headwind and over $2 billion in profit from regulatory credits at risk may be too much for investors to bear. Unlike the EV tax credit, we expect the reduction in regulatory credit revenue to result in a direct hit to profitability, prompting yet another across-the-board reset to Street models." Tesla is our "stock of the day" on Yahoo Finance's Opening Bid this morning. Tune in around 9:40 am ET here to get some fire analysis! Bloomberg reports: Read more here. Wall Street analysts predict a significant drop in oil prices by the end of the year as increased supply is expected to flood the market. However, as of Monday, West Texas Intermediate crude (CL=F) was trading above $67 per barrel, and Brent crude (BZ=F), the international benchmark, was above $69 per barrel. The session rise occurred despite the Organization of the Petroleum Exporting Countries (OPEC) and its allies announcing output increases over the weekend. "All in all, the supply picture definitely looks to be elevating; however, the stronger demand is remaining above expectations as well, hence the choppy trade," said Dennis Kissler, senior vice president at BOK Financial, in a note on Monday. OPEC cited lower global oil inventories as a reason to boost output in August by 548,000 barrels per day. This marks the cartel's fourth consecutive monthly increase and was larger than anticipated. "Saturday's announcement to accelerate supply hikes suggests that the strategic shift to normalizing spare capacity and market share, supporting internal cohesion, and disciplining US shale supply is continuing," Goldman Sachs analysts Daan Struyven and his team noted on Sunday. Struyven and his team anticipate OPEC will increase production yet again in September, and maintained their price forecast with Brent averaging $59 in the fourth quarter of 2025 and $56 in 2026. Tesla (TSLA) stock slid on Monday, falling 7% as CEO Elon Musk and President Trump's feud erupted again and as investors grew concerned over the loss of electric vehicle tax credits from Trump's budget bill. Reuters reported that short sellers of the stock were set to make $1.4 billion after the stock slump, according to data analytics firm Ortex. Over the weekend, Musk wrote on X that he was forming a new political party, the America Party. Trump responded on social media by saying the Tesla CEO had gone "completely 'off the rails.'" Yahoo Finance's Pras Subramanian reports: Read more here. Citi lifted its price target for Nvidia stock (NVDA) on Monday, citing the expanding AI market, though shares of the AI chipmaker fell 0.5% in early trading. Yahoo Finance's Francisco Velasquez reports: Read more here. Stocks opened lower amid renewed trade uncertainty after President Trump extended a tariff pause but issued new threats toward countries aligning with "Anti-American policies." The Dow Jones Industrial Average (^DJI) fell below the flat line. The S&P 500 (^GSPC) retreated 0.3% from its record high. The tech-heavy Nasdaq Composite (^IXIC) dropped 0.5%, and Tesla (TSLA) shares sank as CEO Elon Musk announced a new political party. Comments from Trump sparked trade uncertainty over the weekend when he appeared to extend a July 9 tariff pause deadline to Aug. 1. He also said late Sunday that any country aligning itself with the "Anti-American policies of BRICS" will face an additional 10% tariff. CoreWeave (CRWV) announced Monday it will buy crypto miner Core Scientific (CORZ) in an all-stock deal valued at about $9 billion. Shares of the Nvidia-backed (NVDA) company fell 4.6% just ahead of the opening bell, while Core Scientific stock dropped nearly 18%. Reuters reports: Read more here. Amazon stock (AMZN) edged 0.3% higher in premarket trading on Monday ahead of the kickoff of its Prime Day sales event. Online spending is expected to surge to $23.8 billion across US retailers during Amazon's four-day event, according to an Adobe Analytics forecast. Amazon extended the sales period to four days from two days. Reuters reported that sales from July 8 to 11 are projected to rise 28.4% compared with the same period last year. Online sales hit $14.2 billion during the two-day Amazon shopping event last year. "This is equivalent to two Black Fridays," Adobe noted in the report. Walmart (WMT) and Target (TGT), which are holding competing sales events, saw their shares drop marginally premarket. Read more here. Yahoo Finance's Brooke DiPalma reports: Read more here. Earnings: No notable earnings releases. Economic data: No notable economic releases. Here are some of the biggest stories you may have missed over the weekend and early this morning: Trump warns of extra 10% tariff for 'anti-American' BRICS Markets await clarity as Trump tariff deadline looms Tesla stock sinks as Musk's 'America Party' worries investors US consumers to cut summer spending on tariff worries: Poll Trump is already making the next Fed chair's job harder Amazon Prime Day set to lift US online sales to $23.8B: Adobe Trump slams Musk's plan for rival political party How China's Xiaomi succeeded where Apple failed Here are some top stocks trending on Yahoo Finance in premarket trading: Wolfspeed: (WOLF) Shares in semiconductor company Wolfspeed surged over 20% before the bell on Monday, after it filed an unexpected Chapter 11 bankruptcy last month. While bankruptcy usually signals financial distress, investors reacted positively to the filing. Tesla (TSLA) stock took a hit on Monday, falling 6% in premarket trading after CEO Elon Musk's plans to launch a new US political party were announced. Metals had a rough start to the week, with copper (HG=F) and other industrial metals extending losses after President Trump injected fresh uncertainty into his trade agenda with a warning to impose a 10% tariff on any country that supports what he called BRICS "anti-American" policies. Trump posted on Truth Social saying: Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter! Trump's threat caused metals fall on Monday. Bloomberg News reports Read more here. Tesla (TSLA) shares are getting run over right out of the gate post-holiday weekend. The stock is down 7% premarket as president Trump and Elon Musk return to public battle. The general vibe from those I have chatted with is that Musk creating his own political party is the last thing Tesla shareholders want to see. Where is the board of directors here to get this guy under control? However, lost in the sauce today is that the new tax and spending bill signed into law by Trump ends the EV tax credit on Sept. 30. That's further bad news for Tesla, argues William Blair analyst Jed Dorsheimer. "The elimination of the corporate average fuel economy (CAFE) fines requires a reset in expectations," Dorsheimer wrote. "While the $7,500 tax credit is likely to affect demand, the combination of a demand headwind and over $2 billion in profit from regulatory credits at risk may be too much for investors to bear. Unlike the EV tax credit, we expect the reduction in regulatory credit revenue to result in a direct hit to profitability, prompting yet another across-the-board reset to Street models." Tesla is our "stock of the day" on Yahoo Finance's Opening Bid this morning. Tune in around 9:40 am ET here to get some fire analysis! 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
