In Las Vegas, House Republicans Tout New Budget Bill, No Taxes on Tips
Rep. Aaron Bean (R-Fla.) said the bill 'was born here' after a conversation between Trump and a server galvanized the presidential candidate to support an old idea: no taxes on the first $25,000 earned in tips.
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Bloomberg
19 minutes ago
- Bloomberg
Audi Cuts Earnings Outlook With US Auto Tariffs Here to Stay
Volkswagen AG 's Audi lowered its financial outlook for 2025 as President Donald Trump's tariffs and the costs of restructuring its operations weigh on the automaker's earnings. The Audi group — which also includes Bentley, Lamborghini and motorcycle maker Ducati — now expects an operating return on sales of 5% to 7% this year, from a previous expectation of 7% to 9% after its first-half profitability slumped due to the duties. Parent Volkswagen cut its full-year guidance last week.
News24
19 minutes ago
- News24
Thailand warns Cambodia should ‘demonstrate genuine intent' ahead of peace talks
Thailand and Cambodia are fighting in their border regions. Peace talks are scheduled for Monday. At 35 people have been killed and more than 200 000 displaced. Thailand and Cambodia's leaders are due to meet for peace talks on Monday, as a festering territorial dispute along their shared frontier dragged into a fifth day of open combat. At least 35 people have been killed and more than 200 000 displaced since Thursday as the countries fight over a smattering of contested ancient temples. In an effort initiated by US President Donald Trump, Thailand's acting Prime Minister Phumtham Wechayachai and Cambodia's Prime Minister Hun Manet will meet at 15:00 (07:00 GMT) in Kuala Lumpur. China is also expected to send a delegation. Ahead of the talks, Thailand and Cambodia traded fresh fire and accusations. 'We do not believe Cambodia is acting in good faith, based on their actions in addressing the issue,' Phumtham told reporters as he departed Bangkok airport. They need to demonstrate genuine intent, and we will assess that during the meeting. Phumtham Wechayachai Cambodia's defence ministry spokesperson Maly Socheata said Monday was 'the fifth day that Thailand has invaded Cambodia's territory with heavy weapons and with the deployment of a lot of troops'. In Thailand's Surin city - 30km from the border and a hub of evacuees fleeing the fighting - 58-year-old Lamduan Chuenjit shared her leader's scepticism. 'I hope the negotiation goes well today and ends with a ceasefire,' the cleaner told AFP while sweeping a shopfront. 'But I do wonder how trustworthy Cambodia is.' On the eve of the talks, Thailand's military said Cambodian snipers were camping in one of the contested temples, and accused Phnom Penh of surging troops along the border and hammering Thai territory with rockets. The Royal Thai Army/Anadolu via Getty Images It said fighting was ongoing at seven areas along the rural border region, marked by a ridge of hills surrounded by wild jungle and agricultural land where locals farm rubber and rice. 'The situation remains highly tense, and it is anticipated that Cambodia may be preparing for a major military operation prior to entering negotiations,' the Thai military statement read. On Saturday, Trump said he made a late-night call to both leaders, who agreed to 'quickly work out' a truce. Cambodian Prime Minister Hun Manet said the summit - which will be mediated by Malaysian leader Anwar Ibrahim - was also organised 'with the participation of China' - a key trade and political ally. 'The purpose of this meeting is to achieve an immediate ceasefire, which was initiated by President Donald Trump and agreed to by both prime ministers of Cambodia and Thailand,' Hun Manet said. Valeria Mongelli/Anadolu via Getty Images US Secretary of State Marco Rubio said that US officials 'are on the ground in Malaysia to assist these peace efforts', while Anwar told domestic media he would focus on securing an 'immediate ceasefire'. Thai King Maha Vajiralongkorn marked his 73rd birthday on Monday, but a notice in the country's Royal Gazette said his public celebrations scheduled for Bangkok's Grand Palace have been cancelled amid the strife. Trump has threatened both countries with eye-watering levies in his global tariff blitz unless they agree to independent trade deals - saying he would 'look forward' to signing them once 'Peace is at hand.' Both sides have agreed to a truce in principle, while accusing the other of undermining peace efforts and trading allegations about the use of cluster bombs and targeting of hospitals. Thailand says eight of its soldiers and 14 civilians have been killed, while Cambodia has confirmed eight civilian and five military deaths. The Thai military said it has returned the bodies of 12 Cambodian soldiers killed in combat. More than 138 000 people have fled Thailand's border regions, while around 80 000 have been driven from their homes in Cambodia. With the skirmish enflaming nationalist sentiments, Thailand warned its citizens to 'refrain from any kind of violence, whether in speech or action' against Cambodian migrants living in the country.
Newsweek
20 minutes ago
- Newsweek
Global Markets Welcome US-EU Trade Deal
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Financial markets around the world welcomed a framework trade agreement on Monday between the United States and the European Union with a 15 percent U.S. tariff on most EU goods and billions of dollars of European investment. U.S. President Donald Trump and European Commission President Ursula von der Leyen announced the agreement on Sunday at Trump's luxury golf course in Scotland following months of difficult negotiations. Why It Matters The deal averts a devastating trade war between the two economies, which represent the world's largest trade volume, encompassing hundreds of millions of people and trillions of dollars in commerce. Trump had this month threatened to impose a 30 percent tariff on goods from the E.U., which would have meant American consumers facing higher prices on everything from French cheese to German electronics and Spanish pharmaceuticals. The EU had prepared retaliatory tariffs on hundreds of American products, including beef, auto parts, beer and Boeing airplanes, which could have sent shock waves through global economies. President Donald Trump and European Commission President Ursula von der Leyen after reaching a trade deal between the U.S. and the EU at the Trump Turnberry golf course in Turnberry, Scotland, on July 27. President Donald Trump and European Commission President Ursula von der Leyen after reaching a trade deal between the U.S. and the EU at the Trump Turnberry golf course in Turnberry, Scotland, on July 27. Jacquelyn Martin/AP What To Know The deal provides clarity for companies after months of uncertainty, and global markets breathed a sigh of relief as they opened on Monday, with stocks rising and the euro firmer. S&P 500 futures rose 0.4 percent, and the Nasdaq futures gained 0.5 percent while the euro firmed against the dollar, sterling and yen. European futures surged almost 1 percent. Under the deal, the EU seeks to invest some $600 billion in the U.S. and ramp up its purchases of U.S. military equipment and buy $750 billion worth of U.S. energy. "I think this is the biggest deal ever made," Trump told reporters in Scotland on Sunday. Von der Leyen described Trump as a tough negotiator. She told reporters that the 15 percent tariff, which applied "across the board," was "the best we could get." In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.27 percent early on Monday, just shy of the almost four-year high it touched last week. Japan's Nikkei index fell 0.8 percent after hitting a one-year high last week when Japan struck its own trade deal with the U.S., which also included a 15 percent U.S. tariff on Japanese goods. China's blue-chip stocks rose 0.3 percent on Monday morning, and Hong Kong's Hang Seng index put on 0.75 percent. The Australian dollar, often seen as a proxy for risk appetite, was at $0.657 to the U.S. dollar, near an eight-month high set last week. What People Are Saying European Commission President Ursula Von der Leyen told reporters: "We should not forget where we would have been on the first of August. We would have been at 30 percent, and it would have been much more difficult to get down now to the 15 percent. Fifteen percent is certainly a challenge for some, but we should not forget that it keeps us the access to the American market, and what we are also doing intensively is diversifying to other regions of the world." Prashant Newnaha, a senior Asia-Pacific rates strategist at TD Securities, told Reuters: "A 15 percent tariff on European goods, forced purchases of U.S. energy and military equipment and zero tariff retaliation by Europe, that's not negotiation, that's the art of the deal. A big win for the U.S." Marc Velan, the head of investments at Lucerne Asset Management in Singapore, told Reuters: "A major tail-risk has now been defused. … Markets are interpreting this as a sign of stability and predictability returning to trade policy." What Happens Next Trade negotiators from the U.S. and China—the world's two largest economies—are due to meet in Stockholm on Monday. China is facing an August 12 deadline to reach an agreement with the Trump administration. Many other countries are racing to finalize deals before an August 1 deadline.
