Vizio TVs are set to be sold exclusively out of Walmart — but they'll have a new name
Bloomberg broke the news late last week after reviewing an internal company memo. Walmart will fold Vizio into its assortment of 90 other store brands, though it's unclear if it will be renamed onn, Walmart's already existing TV brand.
Vizio's move into the private-label sector is in accordance with Walmart's $2.3B acquisition of the TV maker, officially sealed in December of last year.
It's no secret that some of the best Vizio TVs are also some of the best budget TVs on the market, and they're bound to get even cheaper as a Walmart private-label brand. Bloomberg's reporting provides no indication of pricing or the expected rollout date, except for a late 2025 timeframe.
Various models, like the Vizio Quantum Pro and Vizio V-Series sets, are available to purchase at alternative retailers outside of Walmart, including Target and Amazon. But it's not just the physical TVs themselves that Walmart is after.
Where other TV makers, like Hisense, TCL, and Sony, rely on Google TV or Roku OS, Vizio is a unicorn. It makes and runs its own TV interface, called Smartcast, which Walmart bet $2.3B on in its push into the TV shopping experience.
So, while Walmart moves Vizio into a private-label brand, Vizio's Smartcast, which is already being integrated onto existing Walmart onn displays, will be the beating heart of the buyout's success. Increased advertising and shoppable TV experiences, wherein consumers purchase goods straight from their displays, will be the real breadwinners for Walmart.
Get instant access to breaking news, the hottest reviews, great deals and helpful tips.
More ads and in-your-face shopping experiences might not be the most exciting turn of events, but at least this will inevitably lead to the advent of cheaper TVs from Walmart. Onn TVs, while some of the worst displays on the market, can cost as much as $90 to $300. With Vizio's performance gains, they'll be worth considering.
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Cummins Reports Second Quarter 2025 Results
COLUMBUS, Ind.--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI) today reported results for the second quarter of 2025. 'We delivered strong second quarter results, driven by record profitability in our Power Systems and Distribution segments,' said Jennifer Rumsey, Chair and CEO. 'Our employees' resilience and commitment continue to power our success in a dynamic environment. We see a contrast across our markets with robust demand for power generation equipment supported by clear secular drivers, and our more economically sensitive markets, such as truck, where end-user confidence has declined. This contrast will become even more pronounced in the second half of the year as North America truck build rates decline sharply, starting in the third quarter. Aftermarket demand for parts and service remains stable.' Second quarter revenues of $8.6 billion decreased 2% from the same quarter in 2024. Sales in North America declined 6%, and international revenues increased 5% due to higher demand in Europe and China. Net income attributable to Cummins in the second quarter was $890 million, or $6.43 per diluted share, compared to $726 million, or $5.26 per diluted share, in 2024. Earnings before interest, taxes, depreciation and amortization (EBITDA) in the second quarter were $1.6 billion, or 18.4% of sales, compared to $1.3 billion, or 15.3% of sales, a year ago. 2025 Outlook: Due to continued economic uncertainty, the company will not be reinstating a full-year outlook for revenue or profitability at this time. 'Our diversified portfolio, disciplined cost management and strong execution have enabled us to navigate recent industry challenges,' said Rumsey. 'However, persistent economic and regulatory uncertainty continues to impact a number of our key markets and cloud our near-term outlook for both business and market performance. We remain focused on delivering for our customers and look forward to providing additional clarity as this uncertainty subsides.' Second Quarter 2025 Highlights: Cummins announced an increase in the quarterly common stock cash dividend from $1.82 to $2.00 per share. The company has increased the quarterly dividend to shareholders for 16 consecutive years. Cummins launched the new 17-liter engine platform generator, expanding on the success of the acclaimed Centum™ Series generator sets. Producing up to 1 megawatt of power, the S17 Centum genset was developed to produce a large power output within a compact footprint to meet the growing demands of power in urban environments. The new genset is designed to support a wide range of critical market segments such as commercial properties, healthcare facilities and water treatment plants. Jennifer Rumsey was named one of Barron's Top CEOs of 2025. Jennifer was recognized for her visionary leadership and commitment to innovation and sustainability. The annual list features 26 leaders whose deft guidance has put their companies in a stronger competitive position. 1 Generally Accepted Accounting Principles in the U.S. Second quarter 2025 detail (all comparisons to same period in 2024): Engine Segment Sales - $2.9 billion, down 8% Segment EBITDA - $400 million, or 13.8% of sales, compared to $445 million, or 14.1% of sales Revenues decreased 8% in North America and 7% in international markets due to lower on-highway demand in the United States and Mexico. Components Segment Sales - $2.7 billion, down 9% Segment EBITDA - $397 million, or 14.7% of sales, compared to $406 million, or 13.6% of sales Revenues in North America decreased by 15% and international sales were flat primarily due to lower on-highway demand in the United States. Distribution Segment Sales - $3.0 billion, up 7% Segment EBITDA - $445 million, or 14.6% of sales, compared to $314 million, or 11.1% of sales Revenues in North America increased 9% and international sales increased by 4% primarily due to increased demand for power generation products in the United States. Power Systems Segment Sales - $1.9 billion, up 19% Segment EBITDA - $430 million, or 22.8% of sales, compared to $301 million, or 18.9% of sales Revenues in North America increased 23% and international sales increased 16% driven primarily by increased power generation demand, particularly for the data center and mission critical markets. Accelera Segment Sales - $105 million, down 5% Segment EBITDA loss - $100 million, compared to $117 million Revenues decreased due to lower electrolyzer installations. The company remains committed to pacing and focusing our zero emissions investments on the most promising paths in order to ensure we are set up for long-term success as part of our Destination Zero strategy. These continued investments contributed to the EBITDA losses. About Cummins Inc. Cummins Inc., a global power solutions leader, is comprised of five business segments - Engine, Components, Distribution, Power Systems and Accelera by Cummins - supported by our global manufacturing and extensive service and support network, skilled workforce and vast technological expertise. Cummins is committed to its Destination Zero strategy, which is grounded in the company's commitment to sustainability and helping its customers successfully navigate the energy transition with its broad portfolio of products. The products range from advanced diesel, natural gas, electric and hybrid powertrains and powertrain-related components including aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, electrified power systems with innovative components and subsystems, including battery, fuel cell and electric power technologies and hydrogen production technologies. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 69,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $3.9 billion on sales of $34.1 billion in 2024. See how Cummins is powering a world that's always on by accessing news releases and more information at Forward-looking disclosure statement Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse consequences from changes in tariffs and other trade disruptions; any adverse consequences resulting from entering into agreements with the U.S. Environmental Protection Agency, California Air Resources Board, the Environmental and Natural Resources Division of the U.S. Department of Justice and the California Attorney General's Office to resolve certain regulatory civil claims regarding our emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the U.S., which became final and effective in April 2024, including required additional mitigation projects; adverse reputational impacts and potential resulting legal actions, increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; evolving environmental and climate change legislation and regulatory initiatives; changes in international, national and regional trade laws, regulations and policies; changes in taxation; global legal and ethical compliance costs and risks; future bans or limitations on the use of diesel-powered products; raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas regulations or other legislation designed to address climate change; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions, divestitures or exiting the production of certain product lines or product categories and related uncertainties of such decisions; increasing interest rates; challenging markets for talent and ability to attract, develop and retain key personnel; exposure to potential security breaches or other disruptions to our information technology (IT) environment and data security; the use of artificial intelligence in our business and in our products and challenges with properly managing its use; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; failure to meet sustainability expectations or standards, or achieve our sustainability goals; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2024 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at or at in the Investor Relations section of our website. Presentation of Non-GAAP Financial Information EBITDA is a non-GAAP measure used in this release and is defined and reconciled to what management believes to be the most comparable GAAP measure in a schedule attached to this release, except for forward-looking measures of EBITDA where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the non-cash items that are excluded from the non-GAAP outlook measure. Cummins presents this information as it believes it is useful to understanding the Company's operating performance, and because EBITDA is a measure used internally to assess the performance of the operating units. Webcast information Cummins management will host a teleconference to discuss these results today at 10 a.m. EDT. This teleconference will be webcast and available on the Investor Relations section of the Cummins website at Participants wishing to view the visuals available with the audio are encouraged to sign-in a few minutes prior to the start of the teleconference. CUMMINS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (a) In millions, except par value June 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 2,319 $ 1,671 Marketable securities 755 593 Total cash, cash equivalents and marketable securities 3,074 2,264 Accounts and notes receivable, net 5,874 5,181 Inventories 6,287 5,742 Prepaid expenses and other current assets 1,698 1,565 Total current assets 16,933 14,752 Long-term assets Property, plant and equipment, net 6,540 6,356 Investments and advances related to equity method investees 2,018 1,889 Goodwill 2,433 2,370 Other intangible assets, net 2,395 2,351 Pension assets 1,158 1,189 Other assets 2,782 2,633 Total assets $ 34,259 $ 31,540 LIABILITIES Current liabilities Accounts payable (principally trade) $ 4,151 $ 3,951 Loans payable 336 356 Commercial paper 353 1,259 Current maturities of long-term debt 615 660 Accrued compensation, benefits and retirement costs 657 1,084 Current portion of accrued product warranty 657 679 Current portion of deferred revenue 1,620 1,347 Other accrued expenses 1,926 1,898 Total current liabilities 10,315 11,234 Long-term liabilities Long-term debt 6,807 4,784 Deferred revenue 1,059 1,065 Other liabilities 3,205 3,149 Total liabilities $ 21,386 $ 20,232 EQUITY Cummins Inc. shareholders' equity Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued $ 2,624 $ 2,636 Retained earnings 22,040 20,828 Treasury stock, at cost, 84.7 and 85.1 shares (10,708 ) (10,748 ) Accumulated other comprehensive loss (2,167 ) (2,445 ) Total Cummins Inc. shareholders' equity 11,789 10,271 Noncontrolling interests 1,084 1,037 Total equity $ 12,873 $ 11,308 Total liabilities and equity $ 34,259 $ 31,540 (a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. Expand CUMMINS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (a) Three months ended June 30, In millions 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Consolidated net income $ 928 $ 752 Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities Depreciation and amortization 279 263 Deferred income taxes (113 ) (61 ) Equity in income of investees, net of dividends (18 ) (8 ) Pension and OPEB expense 20 10 Pension contributions and OPEB payments (13 ) (11 ) Changes in current assets and liabilities, net of acquisitions Accounts and notes receivable (186 ) (150 ) Inventories (105 ) (115 ) Other current assets (136 ) 24 Accounts payable (182 ) (64 ) Accrued expenses 243 (1,540 ) Other, net 68 49 Net cash provided by (used in) operating activities 785 (851 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (231 ) (240 ) Investments in and net advances to equity investees 6 (52 ) Investments in marketable securities—acquisitions (326 ) (334 ) Investments in marketable securities—liquidations 204 254 Other, net (22 ) (28 ) Net cash used in investing activities (369 ) (400 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 2,094 84 Net (payments) borrowings of commercial paper (1,387 ) 972 Payments on borrowings and finance lease obligations (66 ) (475 ) Dividend payments on common stock (251 ) (230 ) Payments for purchase of redeemable noncontrolling interests (55 ) — Other, net (3 ) (43 ) Net cash provided by financing activities 332 308 39 (8 ) Net increase (decrease) in cash and cash equivalents 787 (951 ) Cash and cash equivalents at beginning of period 1,532 2,541 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,319 $ 1,590 (a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. Expand Six months ended June 30, In millions 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Consolidated net income $ 1,778 $ 2,780 Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities Gain related to divestiture of Atmus — (1,333 ) Depreciation and amortization 548 528 Deferred income taxes (138 ) (99 ) Equity in income of investees, net of dividends (88 ) (86 ) Pension and OPEB expense 39 19 Pension contributions and OPEB payments (26 ) (59 ) Changes in current assets and liabilities, net of acquisitions and divestiture Accounts and notes receivable (643 ) (161 ) Inventories (436 ) (469 ) Other current assets (172 ) (151 ) Accounts payable 148 263 Accrued expenses (244 ) (1,933 ) Other, net 16 126 Net cash provided by (used in) operating activities 782 (575 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (393 ) (409 ) Investments in and net advances to equity investees (54 ) (55 ) Acquisition of businesses, net of cash acquired (12 ) (58 ) Investments in marketable securities—acquisitions (783 ) (713 ) Investments in marketable securities—liquidations 636 685 Cash associated with Atmus divestiture — (174 ) Other, net (9 ) (82 ) Net cash used in investing activities (615 ) (806 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 2,146 2,482 Net (payments) borrowings of commercial paper (906 ) 85 Payments on borrowings and finance lease obligations (210 ) (1,223 ) Dividend payments on common stock (502 ) (469 ) Payments for purchase of redeemable noncontrolling interests (55 ) — Other, net (49 ) (68 ) Net cash provided by financing activities 424 807 57 (15 ) Net increase (decrease) in cash and cash equivalents 648 (589 ) Cash and cash equivalents at beginning of year 1,671 2,179 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,319 $ 1,590 (a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. Expand CUMMINS INC. AND SUBSIDIARIES SEGMENT INFORMATION (Unaudited) In millions Engine Components Distribution Power Systems Accelera Total Segments Intersegment Eliminations (1) Total Three months ended June 30, 2025 External sales $ 2,162 $ 2,295 $ 3,034 $ 1,054 $ 98 $ 8,643 $ — $ 8,643 Intersegment sales 737 410 7 835 7 1,996 (1,996 ) — Total sales 2,899 2,705 3,041 1,889 105 10,639 (1,996 ) 8,643 Research, development and engineering expenses 151 77 14 69 46 357 — 357 Equity, royalty and interest income (loss) from investees 60 10 26 27 (5 ) 118 — 118 Interest income 8 10 7 4 1 30 — 30 EBITDA (2) 400 397 445 430 (100 ) 1,572 15 1,587 Depreciation and amortization (3) 68 127 32 35 13 275 — 275 EBITDA as a percentage of segment sales 13.8 % 14.7 % 14.6 % 22.8 % NM 14.8 % 18.4 % Three months ended June 30, 2024 External sales $ 2,468 $ 2,518 $ 2,821 $ 888 $ 101 $ 8,796 $ — $ 8,796 Intersegment sales 683 464 8 701 10 1,866 (1,866 ) — Total sales 3,151 2,982 2,829 1,589 111 10,662 (1,866 ) 8,796 Research, development and engineering expenses 167 81 14 63 54 379 — 379 Equity, royalty and interest income (loss) from investees 48 13 24 26 (8 ) 103 — 103 Interest income 7 9 11 3 — 30 — 30 EBITDA (2) 445 406 314 301 (117 ) 1,349 (4 ) 1,345 Depreciation and amortization (3) 61 121 30 32 15 259 — 259 EBITDA as a percentage of segment sales 14.1 % 13.6 % 11.1 % 18.9 % NM 12.7 % 15.3 % "NM" - not meaningful information (1) Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended June 30, 2025 and 2024. (2) EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. (3) Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in our Condensed Consolidated Statements of Net Income as interest expense. A portion of depreciation expense is included in research, development and engineering expenses. Expand In millions Engine Components Distribution Power Systems Accelera Total Segments Intersegment Eliminations (1) Total Six months ended June 30, 2025 External sales $ 4,202 $ 4,565 $ 5,936 $ 1,926 $ 188 $ 16,817 $ — $ 16,817 Intersegment sales 1,468 810 12 1,612 20 3,922 (3,922 ) — Total sales 5,670 5,375 5,948 3,538 208 20,739 (3,922 ) 16,817 Research, development and engineering expenses 306 152 28 126 89 701 — 701 Equity, royalty and interest income (loss) from investees 133 17 54 56 (11 ) 249 — 249 Interest income 18 17 12 8 1 56 — 56 EBITDA (2) 858 779 821 819 (186 ) 3,091 (44 ) 3,047 Depreciation and amortization (3) 135 249 64 68 25 541 — 541 EBITDA as a percentage of total sales 15.1 % 14.5 % 13.8 % 23.1 % NM 14.9 % 18.1 % Six months ended June 30, 2024 External sales $ 4,708 $ 5,360 $ 5,350 $ 1,596 $ 185 $ 17,199 $ — $ 17,199 Intersegment sales 1,371 954 14 1,382 19 3,740 (3,740 ) — Total sales 6,079 6,314 5,364 2,978 204 20,939 (3,740 ) 17,199 Research, development and engineering expenses 321 165 28 123 109 746 2 748 Equity, royalty and interest income (loss) from investees 105 39 48 45 (11 ) 226 — 226 Interest income 14 17 22 6 — 59 — 59 EBITDA (2) 859 879 (4 ) 608 538 (218 ) 2,666 1,251 Depreciation and amortization (3) 119 246 61 66 29 521 — 521 EBITDA as a percentage of total sales 14.1 % 13.9 % 11.3 % 18.1 % NM 12.7 % 22.8 % (1) Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the six months ended June 30, 2025. The six months ended June 30, 2024, included a $1.3 billion gain related to the divestiture of Atmus Filtration Technologies Inc. (Atmus) and $14 million of costs associated with the divestiture of Atmus. (2) EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. (3) Depreciation and amortization, as shown on a segment basis, excluded the amortization of debt discount and deferred costs included in the Condensed Consolidated Statements of Net Income as interest expense. The amortization of debt discount and deferred costs was $7 million and $7 million for the six months ended June 30, 2025 and 2024, respectively. A portion of depreciation expense is included in research, development and engineering expenses. (4) Included $21 million of costs associated with the divestiture of Atmus for the six months ended June 30, 2024. Expand CUMMINS INC. AND SUBSIDIARIES SELECT FOOTNOTE DATA (Unaudited) EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES Equity, royalty and interest income from investees included in our Condensed Consolidated Statements of Net Income for the reporting periods was as follows: INCOME TAXES Our effective tax rate for 2025 is expected to approximate 24.5 percent, excluding any discrete items that may arise and potential adjustments for the "One Big Beautiful Bill Act" signed into law on July 4, 2025. Our effective tax rates for the three and six months ended June 30, 2025, were 24.2 percent and 24.1 percent, respectively. Our effective tax rates for the three and six months ended June 30, 2024, were 23.0 percent and 13.1 percent, respectively. The three months ended June 30, 2025, contained net favorable discrete tax items of $3 million, or $0.02 per diluted share, primarily due to $4 million of favorable adjustments for uncertain tax positions, partially offset by $1 million of other unfavorable tax items. The six months ended June 30, 2025, contained net favorable discrete tax items of $10 million, or $0.07 per diluted share, primarily due to $8 million of favorable adjustments for share-based compensation tax benefits and $5 million of favorable adjustments for uncertain tax positions, partially offset by $3 million of other unfavorable tax items. The three months ended June 30, 2024, contained favorable discrete tax items of $9 million, or $0.07 per share, primarily due to share-based compensation tax benefits. The six months ended June 30, 2024, contained favorable discrete tax items primarily due to the $1.3 billion non-taxable gain on the Atmus split-off. Other discrete tax items were $30 million, or $0.21 per share, primarily due to adjustments related to audit settlements and share-based compensation tax benefits. On July 4, 2025, the 'One Big Beautiful Bill Act' was signed into law, enacting significant changes to U.S. federal income tax rules affecting corporations, such as the ability to immediately deduct domestic research and development costs, restoration of elective 100 percent bonus depreciation for qualified property and changes related to the international tax provisions. We are currently assessing the impact to our consolidated financial statements. CUMMINS INC. AND SUBSIDIARIES (Unaudited) Reconciliation of Non GAAP measures - Earnings before interest, income taxes, depreciation and amortization and noncontrolling interests (EBITDA) We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. We believe EBITDA excluding special items is a useful measure of our operating performance without regard to the impact of the gain recognized and the related costs for the divestiture of Atmus and restructuring actions. This statement excludes forward looking measures of EBITDA where a reconciliation to the corresponding accounting principles generally accepted in the United States (GAAP) measures is not available due to the variability, complexity and limited visibility of non-cash items that are excluded from the non-GAAP outlook measure. EBITDA is not in accordance with, or an alternative for, GAAP and may not be consistent with measures used by other companies. It should be considered supplemental data; however, the amounts included in the EBITDA calculation are derived from amounts included in the Condensed Consolidated Statements of Net Income. Below is a reconciliation of net income attributable to Cummins Inc. to EBITDA for each of the applicable periods: CUMMINS INC. AND SUBSIDIARIES SEGMENT SALES DATA (Unaudited) Engine Segment Sales by Market and Unit Shipments by Engine Classification Sales for our Engine segment by market were as follows: 2025 In millions Q1 Q2 Q3 Q4 YTD Heavy-duty truck $ 921 $ 976 $ — $ — $ 1,897 Medium-duty truck and bus 986 950 — — 1,936 Light-duty automotive 421 486 — — 907 Off-highway 443 487 — — 930 Total sales $ 2,771 $ 2,899 $ — $ — $ 5,670 2024 In millions Q1 Q2 Q3 Q4 YTD Heavy-duty truck $ 1,059 $ 1,184 $ 1,021 $ 980 $ 4,244 Medium-duty truck and bus 995 1,074 1,073 1,024 4,166 Light-duty automotive 438 461 395 301 1,595 Off-highway 436 432 424 415 1,707 Total sales $ 2,928 $ 3,151 $ 2,913 $ 2,720 $ 11,712 Expand Unit shipments by engine classification (including unit shipments to Power Systems and off-highway engine units included in their respective classification) were as follows: 2025 Units (1) Q1 Q2 Q3 Q4 YTD Heavy-duty 26,700 29,600 — — 56,300 Medium-duty 75,200 73,400 — — 148,600 Light-duty 39,100 44,000 — — 83,100 Total units 141,000 147,000 — — 288,000 2024 Units (1) Q1 Q2 Q3 Q4 YTD Heavy-duty 33,600 37,500 32,400 29,400 132,900 Medium-duty 75,800 79,600 79,200 75,700 310,300 Light-duty 54,800 57,200 41,400 36,000 189,400 (1) Unit shipments exclude aftermarket parts. Expand Components Segment Sales by Business Sales for our Components segment by business were as follows: 2025 In millions Q1 Q2 Q3 Q4 YTD Drivetrain and braking systems $ 1,056 $ 1,095 $ — $ — $ 2,151 Emission solutions 902 900 — — 1,802 Components and software 595 587 — — 1,182 Automated transmissions 117 123 — — 240 Total sales $ 2,670 $ 2,705 $ — $ — $ 5,375 2024 In millions Q1 Q2 Q3 Q4 YTD Drivetrain and braking systems $ 1,232 $ 1,256 $ 1,131 $ 1,114 $ 4,733 Emission solutions 971 941 864 825 3,601 Components and software 611 623 581 589 2,404 Automated transmissions 165 162 148 113 588 Atmus (1) 353 — — — 353 Total sales $ 3,332 $ 2,982 $ 2,724 $ 2,641 $ 11,679 (1) Included sales through the March 18, 2024, divestiture. Expand Distribution Segment Sales by Product Line Sales for our Distribution segment by product line were as follows: 2025 In millions Q1 Q2 Q3 Q4 YTD Power generation $ 1,090 $ 1,200 $ — $ — $ 2,290 Parts 1,031 1,015 — — 2,046 Service 416 439 — — 855 Engines 370 387 — — 757 Total sales $ 2,907 $ 3,041 $ — $ — $ 5,948 2024 In millions Q1 Q2 Q3 Q4 YTD Power generation $ 707 $ 954 $ 1,091 $ 1,220 $ 3,972 Parts 1,001 990 1,004 985 3,980 Service 406 448 455 444 1,753 Engines 421 437 402 419 1,679 Total sales $ 2,535 $ 2,829 $ 2,952 $ 3,068 $ 11,384 Expand Power Systems Segment Sales by Product Line Sales for our Power Systems segment by product line were as follows: 2025 In millions Q1 Q2 Q3 Q4 YTD Power generation $ 1,001 $ 1,205 $ — $ — $ 2,206 Industrial 498 506 — — 1,004 Generator technologies 150 178 — — 328 Total sales $ 1,649 $ 1,889 $ — $ — $ 3,538 2024 In millions Q1 Q2 Q3 Q4 YTD Power generation $ 853 $ 987 $ 1,055 $ 1,090 $ 3,985 Industrial 420 478 508 526 1,932 Generator technologies 116 124 124 127 491 Total sales $ 1,389 $ 1,589 $ 1,687 $ 1,743 $ 6,408 Expand
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Trump tariffs live updates: EU still sees US trade turbulence as India hits back at Trump
The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU added that it still expects turbulence in its trade dealings with the US. The Trump administration has said new tariffs won't hit goods already en route to the US before 12:01am Thursday, per a Bloomberg report. Exemptions include US-Mexico-Canada (USMCA) products and items for aid. But a 40% tariff will target goods rerouted to dodge duties. Meanwhile, India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump alleged on Truth Social. "They don't care how many people in Ukraine are being killed by the Russian War Machine." Trump has trained his ire on both India and China over its purchases of Russian oil. China called the demand a key hurdle in trade talks. Trump signed an order to hike tariffs on Canada to 35%, while setting rates from 10% to 40% on dozens of partners. Those duties are set to come into full effect this week. Yahoo Finance's Ben Werschkul has more details on the latest orders. You can see the new rates Trump is set to levy in the graphic below: In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline: Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs. The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports, Trump said. Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1. The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29. Trump signed another order to impose a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ). The US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal. 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. US tariff on EU goods set at flat 15% The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. India hits back at Trump's tariff threat India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Mazda forecasts nearly $1B profit hit from US tariffs Reuters reports: Read more here. Diageo warns of $200M tariff hit Diageo (DEO) warned of a $200 million impact from tariffs on Tuesday and forecast flat full-year sales, after a periof of demand, share price turbulence and a sudden CEO exit. Reuters reports: Read more here. Trump administration posts guidance on tariff rollout Bloomberg News reports: Read more here. Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports Yahoo Finance's Pras Subramanian reports: Read more here. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Swiss prepare 'more attractive offer' to US to avert 39% tariff Bloomberg reports: Read more here. EU to suspend US tariff countermeasures for 6 months The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. Swiss gold trading takes spotlight in trade talks with Trump President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. Greer says US-China talks 'about halfway there' on rare earths US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Malaysia agrees to boost tech, LNG purchases from US as part of trade deal Reuters reports: Read more here. Trump presses India, China to halt Russian oil buys as trade talks roll on The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' Japan PM: Win-win trade deal with US may be hard to implement Bloomberg News reports: Read more here. Trump tariff policy leaves some partners losers but few winners WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. Switzerland business minister says it could revise tariffs offer ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. Greer: Latest tariffs 'pretty much set' and unlikely to change (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. Trump introduces tiers for trade partners in latest approach to tariffs President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. US tariff on EU goods set at flat 15% The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. India hits back at Trump's tariff threat India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Mazda forecasts nearly $1B profit hit from US tariffs Reuters reports: Read more here. Reuters reports: Read more here. Diageo warns of $200M tariff hit Diageo (DEO) warned of a $200 million impact from tariffs on Tuesday and forecast flat full-year sales, after a periof of demand, share price turbulence and a sudden CEO exit. Reuters reports: Read more here. Diageo (DEO) warned of a $200 million impact from tariffs on Tuesday and forecast flat full-year sales, after a periof of demand, share price turbulence and a sudden CEO exit. Reuters reports: Read more here. Trump administration posts guidance on tariff rollout Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports Yahoo Finance's Pras Subramanian reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Swiss prepare 'more attractive offer' to US to avert 39% tariff Bloomberg reports: Read more here. Bloomberg reports: Read more here. EU to suspend US tariff countermeasures for 6 months The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. Swiss gold trading takes spotlight in trade talks with Trump President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. Greer says US-China talks 'about halfway there' on rare earths US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Malaysia agrees to boost tech, LNG purchases from US as part of trade deal Reuters reports: Read more here. Reuters reports: Read more here. Trump presses India, China to halt Russian oil buys as trade talks roll on The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' Japan PM: Win-win trade deal with US may be hard to implement Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump tariff policy leaves some partners losers but few winners WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. Switzerland business minister says it could revise tariffs offer ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. Greer: Latest tariffs 'pretty much set' and unlikely to change (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. Trump introduces tiers for trade partners in latest approach to tariffs President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. 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