Here's what happened during Trump's 12th week in office
The Trump administration announced Wednesday it would lower reciprocal tariffs on other countries, while also revealing that the administration would immediately hike tariffs on Chinese goods to 145%. In response, China has raised its tariffs on U.S. goods to 125%.
Trump disclosed historic tariffs in a ceremony at the White House's Rose Garden for a "Make America Wealthy Again" event on April 2, asserting that these new duties would generate new jobs for U.S. workers.
How We Got To Liberation Day: A Look At Trump's Past Comments On Tariffs
The tariff plan established a baseline tax of 10% on all imports to the U.S., along with customized tariffs for countries that place higher tariffs on U.S. goods. The baseline tariffs of 10% took effect Saturday, while the others took effect Wednesday at midnight.
But Trump announced in a post on Truth Social Wednesday that reciprocal tariffs announced last week would remain paused for 90 days, during which period the countries would only face the baseline 10% tariff.
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"At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable," Trump posted on his Truth Social media platform on Wednesday.
Secretary of the Treasury Scott Bessent said that the tariffs suggest that China is at odds with the rest of the world.
"China is the most imbalanced economy in the history of the modern world," Bessent told reporters Wednesday. "They are the biggest source of the U.S. trade problems, and indeed they are the problem for the rest of the world."
Here's what also happened this week:
Trump also signed an executive order this week aimed at reinvigorating the shipbuilding industry in the U.S., amid concerns that China is outpacing the U.S. in production.
China is responsible for more than 50% of global shipbuilding, compared to just 0.1% from the U.S., according to the Center for Strategic and International Studies.
The executive order requires agencies to craft a Maritime Action Plan and instructs the United States Trade Representative to provide a list of recommendations to deal with China's "anticompetitive actions within the shipbuilding industry," among other things.
Trump Ends Biden-era Water Regulations To 'Make America's Showers Great Again'
Trump also signed an executive order to reverse Obama- and Biden-era conservation measures that limited water pressure in showers in an attempt to "make showers great again." Former President Barack Obama initially imposed the water pressure restrictions, and Trump sought to ease some of them during his first term.
However, former President Joe Biden reinstated the measure, which limited multi-nozzle shower heads from releasing more than 2.5 gallons of water per minute.
"I like to take a nice shower, take care of my beautiful hair," Trump said Wednesday. "I have to stand in the shower for 15 minutes until it gets wet. Comes out drip, drip, drip. It's ridiculous."
The Trump administration also unveiled plans this week for upcoming talks to negotiate with Iran on Saturday. While Trump has reiterated that these discussions will be "direct" nuclear talks, Iran has pushed back on that description and characterized them as "indirect" negotiations instead.
Middle East envoy Stever Witkoff will travel to Oman on Saturday and is slated to potentially meet with Iranian Foreign Minister Abbas Araghchi. However, Iran has maintained that the discussions will be held through a third party instead.
"The ultimate objective is to ensure that Iran can never obtain a nuclear weapon," Leavitt told reporters Friday. "The president believes in diplomacy, direct talks, talking directly in the same room in order to achieve that goal. But he's made it very clear to the Iranians, and his national security team will, as well, that all options are on the table and Iran has a choice to make. You can agree to President Trump's demand, or there will be all hell to pay. And that's how the president feels. He feels very strongly about it."
Fox News' Bonny Chu, Danielle Wallace, and Caitlin McFall contributed to this report. Original article source: Here's what happened during Trump's 12th week in office
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Despite this, issues like trade policy and tariffs meant Rivian maintained its 2025 full-year adjusted EBITDA loss projection in a range of $1.7 billion to $1.9 billion. Tariffs on auto parts currently stand at 25%, though USMCA-compliant parts are exempt. The Federal Reserve rate cut debate is shifting Following Friday's weaker-than-expected July jobs report, the consensus debate surrounding Federal Reserve interest rate cuts is no longer whether the central bank will slash rates this year. Instead, it's all about how aggressive the cuts will be. "I think a 25 basis points cut is a lock," Queens' College, Cambridge president Mohamed El-Erian told Yahoo Finance. "A 50 basis point cut is a possibility, not yet a probability. It's a possibility." The economic team at Goldman Sachs agrees. In a Monday research note titled "on course for cuts," Goldman Sachs chief economist Jan Hatzius projected the Fed will proceed with three 25 basis point interest rate cuts throughout its final three meetings of 2025. But Hatzius added that should the unemployment rate move higher from 4.2% in the August jobs report, a 50 basis point interest rate cut in September is "possible." For their part, markets are split on how far the Fed will bring down interest rates this year. As of Tuesday afternoon, investors are pricing in a 46% chance the Fed cuts rates by 75 basis points in 2025 and a 43% chance rates are lowered by 50 basis points by the end of the year, per the CME FedWatch Tool. This will put upcoming monthly labor reports and weekly reports on unemployment claim filings, released on Thursdays, in particular focus for investors between now and the Sept. 17 monetary policy decision. Following Friday's weaker-than-expected July jobs report, the consensus debate surrounding Federal Reserve interest rate cuts is no longer whether the central bank will slash rates this year. Instead, it's all about how aggressive the cuts will be. "I think a 25 basis points cut is a lock," Queens' College, Cambridge president Mohamed El-Erian told Yahoo Finance. "A 50 basis point cut is a possibility, not yet a probability. It's a possibility." The economic team at Goldman Sachs agrees. In a Monday research note titled "on course for cuts," Goldman Sachs chief economist Jan Hatzius projected the Fed will proceed with three 25 basis point interest rate cuts throughout its final three meetings of 2025. But Hatzius added that should the unemployment rate move higher from 4.2% in the August jobs report, a 50 basis point interest rate cut in September is "possible." For their part, markets are split on how far the Fed will bring down interest rates this year. 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All three sectors were among the worst performers within the benchmark index. AI is the clear risk to the upside for the stock market in 2025 Another Wall Street strategist has boosted their year-end S&P 500 target. In a note to clients on Tuesday, HSBC head of equity strategy for the Americas Nicole Inui boosted her year-end S&P 500 target to 6,400 from 5,600. Inui also detailed a bull-case scenario in which an "AI fueled rally" brings the benchmark index to 7,000 by year-end and a bear-case scenario in which tariff impacts drag the S&P 500 down to 5,700. "We have more confidence in the sustainability of the AI trade than further easing on policy uncertainty," Inui wrote. In other words, the risks are more heavily weighted to the bull case outcome. This reveals a key takeaway from how Wall Street is talking about the potential path higher for an S&P 500 that's already near record highs. The bull case for stocks isn't backed by a call for US economic growth to suddenly inflect higher or interest rate cuts from the Federal Reserve to suddenly spark a broad market rally. As we wrote in Tuesday's Yahoo Finance Morning Brief newsletter, the bull case in stocks is still being driven by AI investment and its ability to push corporate profits higher. "For our bull case scenario to play out, tariff costs would shift mostly to the supplier having a negligible impact on US corporate profits," Inui wrote. "At the same time, AI adoption accelerates and starts to have a real impact on profitability through efficiency gains." Another Wall Street strategist has boosted their year-end S&P 500 target. In a note to clients on Tuesday, HSBC head of equity strategy for the Americas Nicole Inui boosted her year-end S&P 500 target to 6,400 from 5,600. Inui also detailed a bull-case scenario in which an "AI fueled rally" brings the benchmark index to 7,000 by year-end and a bear-case scenario in which tariff impacts drag the S&P 500 down to 5,700. "We have more confidence in the sustainability of the AI trade than further easing on policy uncertainty," Inui wrote. In other words, the risks are more heavily weighted to the bull case outcome. This reveals a key takeaway from how Wall Street is talking about the potential path higher for an S&P 500 that's already near record highs. The bull case for stocks isn't backed by a call for US economic growth to suddenly inflect higher or interest rate cuts from the Federal Reserve to suddenly spark a broad market rally. As we wrote in Tuesday's Yahoo Finance Morning Brief newsletter, the bull case in stocks is still being driven by AI investment and its ability to push corporate profits higher. "For our bull case scenario to play out, tariff costs would shift mostly to the supplier having a negligible impact on US corporate profits," Inui wrote. "At the same time, AI adoption accelerates and starts to have a real impact on profitability through efficiency gains." Countries push for last-minute deals as Thursday tariff deadline looms Yahoo Finance's Ben Wersckul reports: Read more here. Yahoo Finance's Ben Wersckul reports: Read more here. Hims & Hers stock slides 6% after second quarter revenue misses forecasts Yahoo Finance's Jake Conley reports: Read more here. Yahoo Finance's Jake Conley reports: Read more here. PMI data points to 'encouragingly robust' economic activity to start the third quarter Activity in the services continued to expand during the month of July, according to two data releases on Tuesday morning. The Institute for Supply Management's (ISM) services PMI registered a reading of 50.1 in July, down from June's reading of 50.8, and below the 51.5 economists surveyed by Bloomberg had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. "July's PMI level continues to reflect slow growth, and survey respondents indicated that seasonal and weather factors had negative impacts on business," Steve Miller, the chair of the Institute for Supply Management Services Business Survey committee, said in the release. "The most common topic among survey panelists remained tariff-related impacts, with a noticeable increase in commodities listed as up in price." Elsewhere on Tuesday, S&P Global's composite PMI, which combines both activity in the services and manufacturing sectors, registered a reading of 55.1 in July, up from 52.9 the month prior. S&P Global chief business economist Chris Williamson said the data signals "encouragingly robust economic growth at the start of the third quarter." Williamson added that the July PMI data points to the US economy growing at a 2.5% annualized pace in the third quarter, above the 1.25% pace seen in the first half. Activity in the services continued to expand during the month of July, according to two data releases on Tuesday morning. The Institute for Supply Management's (ISM) services PMI registered a reading of 50.1 in July, down from June's reading of 50.8, and below the 51.5 economists surveyed by Bloomberg had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. "July's PMI level continues to reflect slow growth, and survey respondents indicated that seasonal and weather factors had negative impacts on business," Steve Miller, the chair of the Institute for Supply Management Services Business Survey committee, said in the release. "The most common topic among survey panelists remained tariff-related impacts, with a noticeable increase in commodities listed as up in price." Elsewhere on Tuesday, S&P Global's composite PMI, which combines both activity in the services and manufacturing sectors, registered a reading of 55.1 in July, up from 52.9 the month prior. S&P Global chief business economist Chris Williamson said the data signals "encouragingly robust economic growth at the start of the third quarter." Williamson added that the July PMI data points to the US economy growing at a 2.5% annualized pace in the third quarter, above the 1.25% pace seen in the first half. Trump rules out Bessent as next Fed chair, says may name Powell replacement soon Yahoo Finance's Jennifer Schonberger and Myles Udland report: Read more here. Yahoo Finance's Jennifer Schonberger and Myles Udland report: Read more here. Trending tickers in premarket trading: Pfizer, Palantir, Caterpillar Companies reporting earnings topped Yahoo Finance's trending tickers list on Tuesday. Here's a look at how they're trading 30 minutes before the opening bell: Read more live coverage of corporate earnings here. Companies reporting earnings topped Yahoo Finance's trending tickers list on Tuesday. Here's a look at how they're trading 30 minutes before the opening bell: Read more live coverage of corporate earnings here. Palantir stock surges on Q2 beat and raise Palantir (PLTR) stock climbed 7% higher in premarket trading on Tuesday following the AI software company's blowout second quarter earnings report on Monday afternoon. Palantir's revenue topped $1 billion in a quarter for the first time as the company dodged government contract spending cuts and reported beat-and-raise results. Year to date, Palantir stock is up 112%. Yahoo Finance's Jake Conley reports: Read more here. Palantir (PLTR) stock climbed 7% higher in premarket trading on Tuesday following the AI software company's blowout second quarter earnings report on Monday afternoon. Palantir's revenue topped $1 billion in a quarter for the first time as the company dodged government contract spending cuts and reported beat-and-raise results. Year to date, Palantir stock is up 112%. Yahoo Finance's Jake Conley reports: Read more here. Wall Street 2025 bonuses: Winners and losers so far Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's David Hollerith reports: Read more here. Good morning. Here's what's happening today. Economic data: S&P Global US Services PMI (July final) S&P Global US Composite, (July final); ISM services index (July) Earnings: AMD (AMD), BP (BP), Caterpillar (CAT), Duke Energy (DUK), Lucid Group (LCID), Opendoor (OPEN), Pfizer (PFE), Rivian (RIVN), Super Micro Computer (SMCI), Snap (SNAP), Upstart (UPST) Here are some of the biggest stories you may have missed overnight and early this morning: One key reason a slowing economy isn't shaking stock market bulls Wall Street 2025 bonuses: Winners and losers so far Big Tech is power-hungry, and America's aging grid can't keep up Pfizer beats in Q2 earnings, reaffirms 2025 outlook Trump's Fed pick could face resistance from colleagues on rates Intel struggles with key manufacturing process for next chip EU says it expects turbulence in trade relations with US Jefferies sees crowded trade in Big Tech as Fed nears rate cuts US rig decline outpaces efficiency, threatening oil output Autopilot verdict deals Tesla a 'black eye' Economic data: S&P Global US Services PMI (July final) S&P Global US Composite, (July final); ISM services index (July) Earnings: AMD (AMD), BP (BP), Caterpillar (CAT), Duke Energy (DUK), Lucid Group (LCID), Opendoor (OPEN), Pfizer (PFE), Rivian (RIVN), Super Micro Computer (SMCI), Snap (SNAP), Upstart (UPST) Here are some of the biggest stories you may have missed overnight and early this morning: One key reason a slowing economy isn't shaking stock market bulls Wall Street 2025 bonuses: Winners and losers so far Big Tech is power-hungry, and America's aging grid can't keep up Pfizer beats in Q2 earnings, reaffirms 2025 outlook Trump's Fed pick could face resistance from colleagues on rates Intel struggles with key manufacturing process for next chip EU says it expects turbulence in trade relations with US Jefferies sees crowded trade in Big Tech as Fed nears rate cuts US rig decline outpaces efficiency, threatening oil output Autopilot verdict deals Tesla a 'black eye' Pfizer stock rises after beating Q2 earnings, reaffirming 2025 outlook Pfizer (PFE) stock rose 2% in premarket trading Tuesday after beating quarterly estimates on the top and bottom lines. The company posted earnings per share of $0.78, versus estimates of $0.58 per share, on revenue of $14.7 billion, compared to Wall Street expectations of $13.5 billion. Yahoo Finance's Anjalee Khemlani reports: Read more here. Pfizer (PFE) stock rose 2% in premarket trading Tuesday after beating quarterly estimates on the top and bottom lines. The company posted earnings per share of $0.78, versus estimates of $0.58 per share, on revenue of $14.7 billion, compared to Wall Street expectations of $13.5 billion. Yahoo Finance's Anjalee Khemlani reports: Read more here. One key reason a slowing economy isn't shaking stock market bulls Yahoo finance's senior reporter Josh Schafer looks at why softening economic data may not be as important for stocks as AI: Read more here. Yahoo finance's senior reporter Josh Schafer looks at why softening economic data may not be as important for stocks as AI: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( saw its Taiwan stock close 2% higher on Tuesday despite reporting a sales slowdown for July. Bloomberg News reports: Read more here. Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( saw its Taiwan stock close 2% higher on Tuesday despite reporting a sales slowdown for July. Bloomberg News reports: Read more here. Oil flattened from multi-day drop after Trump's India rebuke Oil prices steadied from a three-day decline following a ramping up of threats from Trump to India over the Asian nation's continued use of Russian crude. Bloomberg reports: Read more here. Oil prices steadied from a three-day decline following a ramping up of threats from Trump to India over the Asian nation's continued use of Russian crude. Bloomberg reports: Read more here. 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Yahoo
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Watch MAGA politicians die inside as their voters turn on them at town hall meetings
Republicans may be in power right now, but that doesn't make them immune from criticism — even in bright red states like Nebraska — and one conservative's constituents took that to a whole new level on Monday night. The GOP is no stranger to being heckled and booed at city council meetings, rallies, and town hall meetings — just look at JD Vance's propensity for inspiring anger in crowds — but House Republican Rep. Mike Flood just faced an onslaught of hostile Nebraskans when he tried to defend President Donald Trump's massive spending and tax bill that contains cut to Medicaid, ABC News reports. 'Given your full-throated support of the bill, whatever we call it, and your view of the facts, I'd like to know how you expect tp pay back a lot of this debt that is going to be layered onto our grandchildren because we're not willing to make our rich part of our society pay their fair share,' one Nebraskan in the audience asked the congressman to cheers from the crowd. When Flood attempted to explain himself, he was drowned out by the audience chanting, 'Tax the rich, tax the rich!' At other points during the town hall meeting, Flood was met with boos, heckling, and people shouting 'vote him out' so loudly that he had to stop talking, including when he was trying to explain that cutting Medicaid was the answer to cutting healthcare costs, despite the Bipartisan Policy Center reporting that the Trump administration's 'One Big Beautiful Bill' will cost the country $3.4 trillion. But it was one Nebraska citizen who took her opportunity at the podium to ask a question that has probably been on many people's minds these days. While asking a 'fiscal' question where she referenced ICE spending millions every day to illegally detain people, the makeshift immigration detention facility dubbed 'Alligator Alcatraz,' and FEMA dollars being used to open 'more concentration camps,' one woman asked, 'How much does it cost for fascism? How much do the taxpayers have to pay for a fascist country?' as the crowd erupted in applause. Flood may have just entered the 'find out' stage of 'f*ck around and find out,' but he isn't the only Republican who is facing backlash from their constituents. Iowa Republican Ashley Hinton was heckled and laughed at when she praised Trump's 'One Big Beautiful Bill' and defended his decision to accept a jet from Qatar. Angry constituents didn't hold back when Republican Congressman Chuck Edwards (R-N.C.) defended Trump and Elon Musk's sweeping cuts to the government at a town hall meeting in March. The interaction with the crowd became so hostile that Edwards even had to be escorted from the building. 'You're taking away my Social Security, f*ck you!' one U.S. Veteran shouted while the crowd cheered him on and applauded. Republican Kansas Sen. Roger Marshall walked out of his own town hall meeting early after people angry about the Trump administration's budget cuts and funding freezes made their voices heard. The senator was booed as he entered the meeting and was quickly asked questions about veterans being fired by Musk's Department of Government Efficiency, but instead of answering his constituents questions, he ended the meeting and walked out. Florida GOP Rep. Byron Donalds faced a contentious crowd at a town hall in April. The attendees shouted from the crowd while the congressman kept asking, 'do you want to yell, or do you want to hear?' The crowd erupted into applause when one person asked, 'Do you approve of Elon and DOGE invading our Social Security files? But Donalds only got boos when he tried to answer. And these are all just examples of Republicans being shut down by their own constituents since Trump took office. We hate to see the damage the Republican Party is doing every day they hold onto power, but it's highly satisfying to see them squirm when their voters hold them accountable! This article originally appeared on Pride: Watch MAGA politicians die inside as their voters turn on them at town hall meetings RELATED Watch This GOP Senator Act Like A Child & Get Schooled Like A Child By Sen. Bernie Sanders 6 shocking celebrities who used to be Republicans The Republican National Convention is the 'Super Bowl' of faceless Grindr hookups — SHOCKER!
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How major US stock indexes fared Tuesday, 8/5/2025
U.S. stock indexes slipped following the latest discouraging signal on the U.S. economy. The S&P 500 fell 0.5% Tuesday, coming off a whipsaw stretch where it followed its worst day since May with its best since May. The Dow Jones Industrial Average fell 0.1%, and the Nasdaq composite fell 0.7%. A weaker-than-expected report on activity for U.S. services businesses added to worries that President Donald Trump's tariffs may be hurting the economy. But hopes for coming cuts to interest rates by the Federal Reserve, along with a stream of stronger-than-expected profit reports from U.S. companies, helped keep the losses in check. On Tuesday: The S&P 500 fell 30.75 points, or 0.5%, to 6,299.19. The Dow Jones Industrial Average fell 61.90 points, or 0.1%, to 44,111.74. The Nasdaq composite fell 137.03 points, or 0.7%, to 20,916.55. The Russell 2000 index of smaller companies rose 13.37 points, or 0.6%, to 2,225.67. For the week: The S&P 500 is up 61.18 points, or 1%. The Dow is up 523.16 points, or 1.2%. The Nasdaq is up 266.42 points, or 1.3%. The Russell 2000 is up 58.89 points, or 2.7%. For the year: The S&P 500 is up 417.56 points, or 7.1%. The Dow is up 1,567.52 points, or 3.7%. The Nasdaq is up 1,605.76 points, or 8.3%. The Russell 2000 is down 4.49 points, or 0.2%. Sign in to access your portfolio
