Playbook: Six months in
With help from Eli Okun, Bethany Irvine and Ali Bianco
Happy Sunday. This is Zack Stanton. Get in touch.
THE CONVERSATION: Sen. Eric Schmitt (R-Mo.) is a lawyer, former state attorney general and a skilled navigator of the old — and new — wings of the Republican Party. He also has another title: White House whisperer.
On today's episode of 'The Conversation,' Schmitt joins Playbook's Dasha Burns to talk about his closeness with the Trump administration, driving the Senate's $9.4 billion rescissions bill, his involvement with passing Trump's 'big, beautiful bill,' his belief in Medicaid reform, the controversy over the release of the Jeffrey Epstein files and what he describes as his 'America First' — but not isolationist — foreign policy approach. Watch the full episode on YouTube … Listen on Apple Podcasts or Spotify
DRIVING THE DAY
SIX MONTHS IN: Welcome to the six-month mark of President Donald Trump's second term.
How Americans see it: A new poll from CBS News/YouGov finds 42 percent of Americans approve of Trump's job performance, while 58 percent disapprove. One big number to watch: 64 percent disapprove of his handling of inflation — up 10 points from March — and with more tariffs due to kick in a few weeks from now, that number may well rise as prices go up.
How Trump wants them to see it: This has been 'one of the most consequential periods of any President,' he wrote in a Truth Social post this morning. 'In other words, we got a lot of good and great things done, including ending numerous wars … Six months is not a long time to have totally revived a major Country.'
One thing complicating that: 'Trump would like nothing better than to point to successes in his second term, and he has had some,' WaPo's Dan Balz writes this morning. 'The swirling Epstein controversy makes that difficult.'
If you survey the headlines this morning, you'll see precious few of the six-months-in prewrites that assignment editors like to tee up. Instead, the space is filled with stories about Epstein and Trump — including the top above-the-fold article on the front page of the Sunday NYT.
Even so, 'there is no indication so far that this is the scandal that will sink Trump any more than the 'Access Hollywood' tape of 2016, or being found guilty in a criminal trial last year over hush money payments to a porn star,' WaPo's Natalie Allison writes.
But: 'If it continues to grab public attention, it could pose a more significant threat at a time when Trump's standing with the public already has been on the decline, though polling shows him steady with his own party.'
On that front, the Epstein story is a massive liability. CBS/YouGov finds 75 percent of Americans disapprove of the administration's handling of matters related to Epstein, and 89 percent want the Justice Department to release all the information it has on the case.
There's no reason to think this story won't continue to hoover up attention.
Partly, that's because it's a topic where there's so much left to be reported out — the contents of the so-called Epstein files, the DOJ's handling of them, the internal dynamics at the White House around the topic, the media angle amid Trump's lawsuit against the Wall Street Journal, and so on. It's incredibly fertile ground for news.
But its staying power is also due, at least in part, not just to the particulars, but to the broader dynamics fueling interest.
'The very tools that helped win Trump two terms — the openness to conspiracy, the distrust of elites, the eruption of a viral moment — have now turned to bedevil him,' USA Today's Susan Page writes.
In that way, the Epstein story is a problem for Trump because it lights up preexisting pathways for many on the MAGA right.
'This is primarily a within-MAGA problem,' Whit Ayres, a longtime Republican pollster, told WaPo. 'The vast majority of Americans don't spend every waking moment wondering what happened to Epstein.'
It's even dividing the MAGA bot networks. NBC's Kevin Collier reports that 'with the MAGA movement split' over the Epstein story, one network of hundreds of reply bots on X has found its 'messaging has broken, offering contradictory statements on the issue and revealing the AI-fueled nature of the accounts.'
In terms of MAGA, the hope for Trump is this: If some amount of interest in the story is at least in part due to conspiracy and a distrust of elites, then he may be able to change the target of that suspicion to the media, as in his lawsuit against the Wall Street Journal over its reporting on Trump and Epstein.
'MAGA is now united, because they can see there's a common enemy,' Steve Bannon told WaPo. 'They see exactly what the reality is — it's the Deep State, with their media partners, led by [Rupert] Murdoch, that's out to destroy Trump.'
SUNDAY BEST …
— Rep. Tim Burchett (R-Tenn.) on AG Pam Bondi and the release of the Epstein files, on ABC's 'This Week": 'I think her communication with us early on was not as good. I mean that the binder, for instance, that she put out, I was very excited about that. But then I found the contents of it. … I think if she turns a corner, I have a saying: 'It's not how you start; it's how you finish.' If she finishes strong on this, then, then I'm all for it.'
— Rep. Ritchie Torres (D-N.Y.) on the NYT report on Democrats' post-mortem of 2024 not including former President Joe Biden's decision to run, on CNN's 'State of the Union': 'An autopsy should address the actual cause of death. And I felt like if the Democratic nominee, including Vice President [Kamala] Harris, had had the benefit of a full primary process, she would have emerged from it a better candidate.'
— Director of National Intelligence Tulsi Gabbard on the potential criminal prosecution of former Obama administration officials, on FOX News' 'Sunday Morning Futures': '[The] intelligence showed that, again, Russia did not have either the intent nor the capability to be able to impact the outcome of the United States' election. … [There's] no question in my mind that this intelligence community assessment that President Obama ordered be published which contained a manufactured intelligence document — it's worse than even politicization of intelligence. … Next week, we will be releasing more detailed information about how exactly this took place.'
— Commerce Secretary Howard Lutnick on the U.S.-Mexico-Canada trade agreement, on CBS' 'Face the Nation': 'I think the president is absolutely going to renegotiate USMCA, but that's a year from today. … He doesn't want cars built in Canada or Mexico when they can be built in Michigan and Ohio. It's just better for American workers.'
— Sen. Amy Klobuchar (D-Minn.) on the Epstein file controversy, on CNN's 'State of the Union': 'The president blaming Democrats for this disaster, Jake, is like that CEO that got caught on camera blaming Coldplay. … OK, like this is his making. He was president when Epstein got indicted for these charges and went to prison. He was president when Epstein committed suicide. … The people that have been fomenting this are right-wing influencers, members of Congress, people who have a reason that they want to know what's in there … They believed the president when he said there's stuff in there that people should see.'
TOP-EDS: A roundup of the week's must-read opinion pieces.
9 THINGS THAT STUCK WITH US
1. IMMIGRATION FILES: With new billions in funding, ICE is expanding its detention space with temporary tents — or 'hardened soft-sided facilities' — to ramp up deportations as quickly as possible, WSJ's Michelle Hackman and Elizabeth Findell scoop. The first up would be a 5,000-bed tent city at Fort Bliss in El Paso, Texas. But approval over Trump's mass deportations is still on a downward streak, with CNN polling this morning reporting 55 percent of Americans believe Trump has gone too far on immigration, a 10-point spike since February.
On the ground: After the sweeping raids in Los Angeles, Mayor Karen Bass is once again 'the face of a city under siege' as fear and anxiety grows, POLITICO's Melanie Mason reports. … Online activists have launched websites to report ICE activity and arrests in surrounding areas, garnering thousands of followers and the DOJ's ire, WaPo's Robert Klemko writes. … Immigrants in Minnesota, Illinois and California are losing healthcare under Democratic leadership that once championed their care, per AP's Tran Nguyen and Devi Shastri.
The men freed from CECOT: 'A Kite Surfer, Navy SEAL and Makeup Artist: Freed in a U.S.-Venezuela Swap,' by NYT's Julie Turkewitz: 'The American kite surfer, Lucas Hunter, 37, worked in finance in London and had gone on vacation in Colombia … The Navy SEAL, Wilbert Castañeda, 37, spent his adult life in the U.S. military and had gone to Venezuela to see a romantic partner … The makeup artist, Andry Hernández Romero, fled persecution for his political opinions and sexual orientation … The seller of bicycle parts, Alirio Belloso, 30, left because he could not afford school supplies for his 8-year-old daughter or medicine for his diabetic mother.'
2. FOR PETE'S SAKE: Another senior staffer at the Pentagon has been ousted, CBS' Jennifer Jacobs and colleagues scooped yesterday. Justin Fulcher came to the DOD as a DOGE employee, then became one of Defense Secretary Pete Hegseth's senior advisers. Fulcher took on that leadership role in the DOD reorganization following Signal-gate, and he's the latest in a string of top-level staffers to exit the Pentagon following the chaotic leak. 'As planned, I've completed 6 months of service in government to my country. … I will continue to champion American warfighters in all future endeavors and remain impressed by the work of the Department of Defense,' Fulcher's statement released by the DOD said.
3. TECH SECTOR: The Trump administration reviewed SpaceX's contracts and determined cutting them would be detrimental to the Defense Department and NASA, WSJ's Brian Schwartz and colleagues scooped last night, as 'breaking up with Elon Musk is easier said than done.' Meanwhile, the administration is 'trying to woo China' by reversing restrictions on trading advanced AI chips, NYT's Ana Swanson and Tripp Mickle write. Not so happy about that: China hawks, who worry China will now make a stronger play over U.S. technology controls.
4. TRADING PLACES: European Union envoys are gearing up to meet this week and plan countermeasures if no deal is made with the U.S. before Aug. 1, Bloomberg's Alberto Nardelli reports. While the goal is to continue negotiations, the talks last week didn't lead to any breakthroughs.
More complications: Exit polls show Japan's ruling coalition is poised to lose its majority in the upper house in today's election — a blow to Prime Minister Shigeru Ishiba, who lost the more powerful lower house back in October, and throwing a wrench in Ishiba's policy priorities — including trade talks with the U.S. More from Reuters' Mariko Katsumura and John Geddie
New world order: Some of the U.S.' biggest companies and trading partners are struggling to adapt to a new global economy under Trump's tariffs, raising prices due to inflated costs and an expensive supply chain, WaPo's David Lynch writes. 'The United States is no longer considered the leader of the world trading system. It has opted out,' Alan Wolff, former deputy director of the WTO, told WaPo.
The collateral: 'Less selection, higher prices: How tariffs are shaping the holiday shopping season,' by AP's Anne D'Innocenzio and Mae Anderson
5. FED UP: 'How Bessent Made the Case to Trump Against Firing Fed Chair Powell,' by WSJ's Brian Schwartz and Nick Timiraos: 'Treasury Secretary Scott Bessent in recent days privately laid out his case to President Trump for why he believed Trump shouldn't try to oust Federal Reserve Chair Jerome Powell … Bessent said firing Powell was unnecessary because the economy is doing well and markets have responded positively … Fed officials have signaled they could cut rates twice before year's end … Bessent's cautious approach marks a contrast to other administration officials who have entertained more aggressive tactics. Trump told reporters on Tuesday he feels Bessent is 'soothing.''
6. ON THE HILL: Polarization over Trump's legislative agenda has splintered Congress so deeply that NBC's Sahil Kapur and Frank Thorp V write that the 'last vestige of the bipartisan funding process is at risk of dying,' with the appropriations process growing even more dicey and Democrats blasting Trump for interfering in Congress' budget authority. The tension has exploded in shouting matches, committee walkouts and abandoned deals last week, NYT's Carl Hulse reports.
No August recess?: Trump is calling on Senate Majority Leader John Thune to cancel the off-year break (and long weekends!) to finish getting his nominees confirmed. There's no decision on that yet, but there's been chatter about canceling the first week, POLITICO's Jordain Carney notes on X. That August recess could be a crucial moment for Republicans to sell the massive megabill to their continents.
On that megabill: The cuts to SNAP and other federal food programs will decimate local grocery stores in low-income communities that turned out for Trump in 2024, POLITICO's Rachel Shin reports. And the break for states with the highest rates of waste in SNAP benefits, who wouldn't have to pay for those costs until 2030, could end up discouraging those states from correcting the errors, WaPo's Mariana Alfaro writes.
7. FROM THE WILDERNESS: As the calls get louder for redistricting Texas ahead of next year, Democrats are betting that Republicans will bite off more than they can chew. Democratic Rep. Vicente Gonzalez — whose Texas border district could be a potential target —told AP's Nicolas Riccardi and Nadia Lathan that Dems are already recruiting challengers to seize 'pickup opportunities' in the new map. It comes as House Minority Leader Hakeem Jeffries and other Democrats are weighing a similarly risky move to redraw maps in California, New York, New Jersey, Minnesota and Washington, CNN's Manu Raju and Sarah Ferris report this morning.
2026 watch: Rep. Mike Collins (R-Ga.) is preparing to launch a run against Sen. Jon Ossoff (D-Ga.) next year, per AJC's Greg Bluestein.
2028 watch: Many Democratic presidential hopefuls — among them Kentucky Gov. Andy Beshear, California Gov. Gavin Newsom and Rep. Ro Khanna (D-Calif.) — have flocked to South Carolina to make their pitch in a state that will be crucial in the primaries, POLITICO's Brakkton Booker and Elena Schneider write from Pawleys Island.
8. MIDDLE EAST LATEST: More than 60 people were killed today in northern Gaza as Israel launched an attack on the crossing where humanitarian aid trucks enter the strip, NYT's Isabel Kershner and Aaron Boxerman report. The shooting followed an evacuation order for Palestinians to leave parts of central Gaza that have had yet to be targeted. The plan to move into these previously untouched central cities comes as Israel accuses Hamas of stonewalling a ceasefire, Bloomberg's Dan Williams and Fares Alghoul write. Meanwhile in Iran: Iran reached an agreement in principle for nuclear talks with France, Germany and the UK and could possibly begin last week, per Bloomberg's Arsalan Shahla.
A Sunday read: 'Vodka Toasts With the Dictator of Belarus: How Diplomacy Gets Done in Trump 2.0,' by POLITICO's Amy Mackinnon
9. JUDICIARY SQUARE: 'After a Chaotic Start, a U.S. Attorney's Time May Be Running Out,' by NYT's Jonah Bromwich and Tracey Tully: '[Alina] Habba is among the most high-profile of the new U.S. attorneys appointed by a president who has taken closer control of the Justice Department than any other in the past half century. … Her tenure has also shattered morale inside the U.S. attorney's office and left many prosecutors looking for a way out … Prosecutors have chafed at her availability to defense lawyers. She disbanded the office's Civil Rights Division and killed the office's longest-running prosecution just days before it was scheduled to go to trial. … Habba acknowledged that she was unlikely to be appointed by the judges and offered an emotional, pre-emptive farewell.'
TALK OF THE TOWN
BLACKOUT: Large swaths of Dupont Circle are experiencing yet another power outage this morning. Pepco reports power may not be restored until 9 p.m.
ESCAPE FROM NEW YORK, PART I: Zohran Mamdani is traveling to Uganda to celebrate his marriage to Rama Duwaji with their friends and family.
ESCAPE FROM NEW YORK, PART II: Former Gov. Andrew Cuomo told business leaders yesterday that he will move to Florida if Mamdani wins the mayoral election. Cuomo's team later said he was joking.
IN MEMORIAM — 'Award-winning former AP photographer Jo Ann Steck is remembered for her wit and leadership,' by AP's Safiyah Riddle: 'Award-winning photo journalist Jo Ann Steck — who broke barriers in male-dominated newsrooms by capturing some of the most notable moments in recent United States history — has died. She was 73.'
TRANSITIONS — Fernando Brigidi De Mello is now senior campaign strategist for ACLU's new Abuse of Power team. He was previously with VP Kamala Harris's White House office and 2024 campaign, and is a Pete Buttigieg alum.
WEDDING — Annika Nordquist, an incoming PhD candidate in government at Georgetown and daughter of Nels and DJ Nordquist, and Ryan McGregor, partner at Architect Capital, were married last Saturday in Alexandria. They met at a Georgetown house party during the fall of 2020, when Annika was home from Stanford and Ryan was working for Numinar, a political startup. Pic ... Another pic
— Evan Swarztrauber, principal at CorePoint Strategies, and Carolyn Mahoney, an attorney advisor in the space bureau, satellite programs and policy division of the FCC, got married on Saturday in Block Island, Rhode Island. They originally met in 2018 as work friends and reconnected at The Hamilton in 2022. Pic
HAPPY BIRTHDAY: Rep. Sydney Kamlager-Dove (D-Calif.) … Tom Friedman … Franklin Foer … CNN's David Chalian … Texas state Rep. Katrina Pierson … WaPo's David Lynch … Anita Decker Breckenridge … Patrick Kelly … King & Spalding's Justin Dews … Jamal Simmons … Hunter McKay of KRC Research … former Sen. Barbara Mikulski (D-Md.) … Meta's Don Seymour … Leah Grace Blackwell … Paula Cino … Cornerstone's Max de Vreeze … Tristan Breaux of Rep. Shomari Figures' (D-Ala.) office … Liam Fagan of Sen. Bernie Sanders' (I-Vt.) office … former FCC Chair Dick Wiley (91) … Sharon Copeland of the Herald Group … MSNBC's Joya Manasseh Dioguardi … POLITICO's Kevon Eaglin … Sydney Poindexter … Aloise Phelps
Send Playbookers tips to playbook@politico.com or text us on Signal here. Playbook couldn't happen without our editor Zack Stanton, deputy Garrett Ross and Playbook Podcast producer Callan Tansill-Suddath.
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Yahoo
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US and EU agree trade deal - with bloc facing 15% tariffs on goods into America
The United States and European Union have reached an agreement on a trade deal, says Donald Trump. The announcement was made as the US president met European Commission chief Ursula von der Leyen at one of his golf resorts in Scotland. Speaking after talks in Turnberry, Mr Trump said it was the "biggest deal ever made" and will be "great for cars" as well as having a "big impact" on agriculture. The US will impose 15% tariffs on EU goods entering America, after Mr Trump had threatened a 30% levy. He said there will be $600bn of EU investment in the US, the bloc will buy $750bn in US energy and will also purchase US military equipment. Ms von der Leyen said it was a "good deal" which will bring stability. She said the agreement would include 15% tariffs across the board, and it would help rebalance trade between the two large trading partners. Mr Trump had earlier said the main sticking point was "fairness", citing barriers to US exports of cars and agriculture. He went into the talks demanding fairer trade with the 27-member EU and threatening steep tariffs to achieve that, while insisting the US will not go below 15% import taxes. For months, Mr Trump has threatened most of the world with large tariffs in the hope of shrinking major US trade deficits with many key trading partners, including the EU. In case there was no deal and the US had imposed 30% tariffs from 1 August, the EU has prepared counter-tariffs on €93bn (£81bn) of US goods. Ahead of their meeting on Sunday, Ms von der Leyen described Mr Trump as a "tough negotiator and dealmaker". This breaking news story is being updated and more details will be published shortly. Please refresh the page for the latest version. You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.
Yahoo
22 minutes ago
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Trump tariffs live updates: US-EU agreement announced. China truce extension expected.
President Trump and European Commission President Ursula von der Leyen announced that the US and EU had agreed to the framework of a trade deal after negotiations in Scotland on Sunday. Trump called the deal 'the biggest of them all,' while von der Leyen said that the EU had agree to 15% tariffs "across the board." Details of the framework are still being confirmed. Earlier on Sunday the South China Morning Post, a Hong Kong-based English-language newspaper, reported that "Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday." On Friday, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners, including the EU, India, and Canada. Trump said the US hasn't had a "lot of luck" with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement. Last week, President Trump touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. On Saturday, Japanese trade negotiator Ryosei Akazawa suggested the money could be used to help finance an unnamed Taiwanese chipmaker building plants in the US. "For example, if a Taiwanese chipmaker builds a plant in the U.S. and uses Japanese components or tailors its products to meet Japanese needs, that's fine too," he said. In March, Taiwan's TSMC announced a $100 billion investment in the US, on top of plans to build three plants in Arizona, one of which is already operating. In any case, the Japan trade deal may have set a precedent for Trump's new baseline tariff rate. On Thursday, Trump said tariffs would range from 15% to 50%, with tougher partners facing higher rates. Trump's April "Liberation Day" tariffs had set a baseline rate of 10% on all US trading partners. 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. EU-US trade agreement preliminary details Here are some Bloomberg terminal headlines with various details on the agreement reached between President Trump and European Commission President Ursula von der Leyen: *TRUMP: WE HAVE REACHED A DEAL WITH EU *TRUMP: EU WILL AGREE TO BUY US $750B WORTH OF ENERGY *TRUMP: EU WILL AGREE TO INVEST $600B MORE THAN PREVIOUSLY IN US *EU'S VON DER LEYEN: TREADE DEAL WITH US WILL BRING STABILITY *VON DER LEYEN: AGREED TO 15% ACROSS THE BOARD TARIFFS The asserted details of the framework are not yet fully confirmed. SCMP reports China-US another 90-day tariff extension The South China Morning Post (SCMP) reported that "Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday." More from the Hong-Kong-based SCMP: Read more here. Lutnick: EU has to offer Trump 'a good enough deal' to avoid 30% tariffs As President Trump prepares for a planned meeting about tariffs with European Commission President Ursula von der Leyen, Commerce Secretary Howard Lutnick said Sunday that the European Union has to open its markets for US exports if it wants to convince Trump to reduce the 30% tariff he's threatened to put in place August 1. Reuters reports Lutnick said the EU appeared to want to make a deal: On Friday, Trump said the odds of a trade deal with the EU were about "50-50," even as negotiators from both sides expressed optimism. Read more here. LG says consumers rushed to buy appliances ahead of tariffs Tariffs remain a key concern for South Korean appliance maker LG Electronics ( The company said that if President Trump's blanket tariffs take effect on Aug. 1, it will adjust prices and move some production to its plants in Mexico and the US. LG produces its products worldwide, particularly in South Korea, China, and Vietnam. On Aug. 1, imports from South Korea face a 25% tariff, while those from Vietnam face a 20% tariff. Imports from China are estimated to face tariffs of roughly 50%, though that could change after US and Chinese officials meet in Sweden for the next round of trade talks. According to LG, consumers rushed to purchase items in the first half of the year to avoid tariffs. Still, the company's net profit fell 3.1% in Q2 as operating costs increased. "Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence." But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again. "A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances." This isn't the first time LG has grappled with US protectionist policies. In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs. Japan says $550 billion investment could finance Taiwanese chipmaker in US The $550 billion President Trump said Japan gave to the US "to lower their tariffs a little bit," could be used to help finance a Taiwanese chipmaker building plants in the US, the Associated Press reported Saturday. Trump on Thursday called the $550 billion "seed money" and that 90% of profits from the money invested would go to the US. "It's not a loan or anything, it's a signing bonus," Trump said. Read more here. More cracks form in the US-Japan trade agreement We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). EU head to meet with Trump this weekend in bid to clinch deal Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Trump: 'We haven't really had a lot of luck with Canada' President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: Boston Beer Company says strong profits helped brewer absorb tariff costs The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. 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"US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Japan, US differ on how trade-deal profits will be split Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. US business activity rises; tariffs fuel inflation concerns US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. It sounds like Trump now has a new minimum tariff rate: 15% President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. Keurig Dr. Pepper brewer sales volume drops 22%, CEO says tariff impacts 'will become prominent' Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. The EU's Trump insurance As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). Europe approves $100B-plus tariff backup plan A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. EU-US trade agreement preliminary details Here are some Bloomberg terminal headlines with various details on the agreement reached between President Trump and European Commission President Ursula von der Leyen: *TRUMP: WE HAVE REACHED A DEAL WITH EU *TRUMP: EU WILL AGREE TO BUY US $750B WORTH OF ENERGY *TRUMP: EU WILL AGREE TO INVEST $600B MORE THAN PREVIOUSLY IN US *EU'S VON DER LEYEN: TREADE DEAL WITH US WILL BRING STABILITY *VON DER LEYEN: AGREED TO 15% ACROSS THE BOARD TARIFFS The asserted details of the framework are not yet fully confirmed. Here are some Bloomberg terminal headlines with various details on the agreement reached between President Trump and European Commission President Ursula von der Leyen: *TRUMP: WE HAVE REACHED A DEAL WITH EU *TRUMP: EU WILL AGREE TO BUY US $750B WORTH OF ENERGY *TRUMP: EU WILL AGREE TO INVEST $600B MORE THAN PREVIOUSLY IN US *EU'S VON DER LEYEN: TREADE DEAL WITH US WILL BRING STABILITY *VON DER LEYEN: AGREED TO 15% ACROSS THE BOARD TARIFFS The asserted details of the framework are not yet fully confirmed. SCMP reports China-US another 90-day tariff extension The South China Morning Post (SCMP) reported that "Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday." More from the Hong-Kong-based SCMP: Read more here. The South China Morning Post (SCMP) reported that "Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday." More from the Hong-Kong-based SCMP: Read more here. Lutnick: EU has to offer Trump 'a good enough deal' to avoid 30% tariffs As President Trump prepares for a planned meeting about tariffs with European Commission President Ursula von der Leyen, Commerce Secretary Howard Lutnick said Sunday that the European Union has to open its markets for US exports if it wants to convince Trump to reduce the 30% tariff he's threatened to put in place August 1. Reuters reports Lutnick said the EU appeared to want to make a deal: On Friday, Trump said the odds of a trade deal with the EU were about "50-50," even as negotiators from both sides expressed optimism. Read more here. As President Trump prepares for a planned meeting about tariffs with European Commission President Ursula von der Leyen, Commerce Secretary Howard Lutnick said Sunday that the European Union has to open its markets for US exports if it wants to convince Trump to reduce the 30% tariff he's threatened to put in place August 1. Reuters reports Lutnick said the EU appeared to want to make a deal: On Friday, Trump said the odds of a trade deal with the EU were about "50-50," even as negotiators from both sides expressed optimism. Read more here. LG says consumers rushed to buy appliances ahead of tariffs Tariffs remain a key concern for South Korean appliance maker LG Electronics ( The company said that if President Trump's blanket tariffs take effect on Aug. 1, it will adjust prices and move some production to its plants in Mexico and the US. LG produces its products worldwide, particularly in South Korea, China, and Vietnam. On Aug. 1, imports from South Korea face a 25% tariff, while those from Vietnam face a 20% tariff. Imports from China are estimated to face tariffs of roughly 50%, though that could change after US and Chinese officials meet in Sweden for the next round of trade talks. According to LG, consumers rushed to purchase items in the first half of the year to avoid tariffs. Still, the company's net profit fell 3.1% in Q2 as operating costs increased. "Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence." But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again. "A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances." This isn't the first time LG has grappled with US protectionist policies. In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs. Tariffs remain a key concern for South Korean appliance maker LG Electronics ( The company said that if President Trump's blanket tariffs take effect on Aug. 1, it will adjust prices and move some production to its plants in Mexico and the US. LG produces its products worldwide, particularly in South Korea, China, and Vietnam. On Aug. 1, imports from South Korea face a 25% tariff, while those from Vietnam face a 20% tariff. Imports from China are estimated to face tariffs of roughly 50%, though that could change after US and Chinese officials meet in Sweden for the next round of trade talks. According to LG, consumers rushed to purchase items in the first half of the year to avoid tariffs. Still, the company's net profit fell 3.1% in Q2 as operating costs increased. "Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence." But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again. "A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances." This isn't the first time LG has grappled with US protectionist policies. In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs. Japan says $550 billion investment could finance Taiwanese chipmaker in US The $550 billion President Trump said Japan gave to the US "to lower their tariffs a little bit," could be used to help finance a Taiwanese chipmaker building plants in the US, the Associated Press reported Saturday. Trump on Thursday called the $550 billion "seed money" and that 90% of profits from the money invested would go to the US. "It's not a loan or anything, it's a signing bonus," Trump said. Read more here. The $550 billion President Trump said Japan gave to the US "to lower their tariffs a little bit," could be used to help finance a Taiwanese chipmaker building plants in the US, the Associated Press reported Saturday. Trump on Thursday called the $550 billion "seed money" and that 90% of profits from the money invested would go to the US. "It's not a loan or anything, it's a signing bonus," Trump said. Read more here. More cracks form in the US-Japan trade agreement We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). EU head to meet with Trump this weekend in bid to clinch deal Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Trump: 'We haven't really had a lot of luck with Canada' President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: Boston Beer Company says strong profits helped brewer absorb tariff costs The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." Some headlines from Trump on tariffs this morning Via Bloomberg: Via Bloomberg: Trump: US will sell 'so much' beef to Australia President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. World's No. 3 automaker Kia takes $570M tariff hit in Q2 Reuters reports: Read more here. Reuters reports: Read more here. Puma shares dive after warning of full-year loss, US tariff impact Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. LG Energy Solution warns of slowing EV battery demand due to U.S. tariffs, policy headwinds Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Japan, US differ on how trade-deal profits will be split Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. US business activity rises; tariffs fuel inflation concerns US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. It sounds like Trump now has a new minimum tariff rate: 15% President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. Keurig Dr. Pepper brewer sales volume drops 22%, CEO says tariff impacts 'will become prominent' Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. The EU's Trump insurance As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). Europe approves $100B-plus tariff backup plan A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. 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


New York Post
23 minutes ago
- New York Post
Trump ‘really likes' TikTok— but admin warns Chinese ownership not acceptable as dead deadline looms
President Trump likes TikTok but the Chinese-owned short video app, used by some 170 million Americans, has to move to US ownership, Secretary of Commerce Howard Lutnick said on Sunday. 'The President really likes TikTok, and he said it over and over again, because, you know, it was a good way to communicate with young people,' Lutnick said in an interview on Fox News Sunday with Shannon Bream. 'But let's face it, you can't have the Chinese have an app on 100 million American phones, that is just not okay. So, it's got to move to American ownership, it's got to move to American technology, American algorithms,' he said. 'I know the President is positive towards TikTok, if it can move into American hands.' Advertisement 3 Commerce Secretary Howard Lutnick said Sunday that President Trump likes TikTok because 'it was a good way to communicate with young people.: FOX NEWS Lutnick's comments follow his warning last week that TikTok will have to stop operating in the U.S. if China does not approve a deal for the app. He told CNBC on Thursday that US must control the algorithm that makes the social media platform work. Advertisement TikTok parent ByteDance has a Sept. 17 deadline to divest the platform's US assets. Last month, President Trump extended by 90 days to Sept. 17, a deadline for China-based ByteDance to divest the US assets of TikTok. Trump's action took place despite a 2024 law that mandated a sale or shutdown by Jan. 19 of this year if there had not been significant progress. 3 President Trump has set a Sept. 17 deadline for Chinese firm ByteDance to divest TikTok's US assets. Getty Images 'China can have a little piece or ByteDance, the current owner, can keep a little piece. But basically, Americans will have control. Americans will own the technology, and Americans will control the algorithm,' Lutnick said. Advertisement 'If that deal gets approved, by the Chinese, then that deal will happen,' he added. 'If they don't approve it, then TikTok is going to go dark, and those decisions are coming very soon.' 3 A deal that was in the works this spring that would spin off TikTok's US operations into a new US-based firm stalled. Chidori_B – A deal had been in the works this spring that would spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors. This stalled after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods. Trump has three times granted reprieves from federal enforcement of the law that mandated the sale or shutdown of TikTok that was supposed to take effect in January.