Bloomberg Daybreak Asia: One Week Left For Trade Talks
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Corporation for Public Broadcasting to shut down after being defunded by Congress, targeted by Trump
WASHINGTON (AP) — The Corporation for Public Broadcasting, a cornerstone of American culture for three generations, announced Friday it would begin taking steps toward its own closure after being defunded by Congress. This announcement marks the end of a nearly six-decade era in which it fueled the production of renowned educational programming, cultural content and even emergency alerts. The demise of the corporation, known as CPB, is a direct result of President Donald Trump's targeting of public media, which he has repeatedly said is spreading political and cultural views antithetical to those the United States should be espousing. The closure is expected to have a profound impact on the journalistic and cultural landscape — in particular, public radio and TV stations in small communities across the United States. CPB helps fund both PBS and NPR. The corporation also has deep ties to much of the nation's most familiar programming, from NPR's 'All Things Considered' to, historically, 'Sesame Street,' 'Mister Rogers' Neighborhood' and the documentaries of Ken Burns. The corporation said its end, 58 years after being signed into law by President Lyndon B. Johnson, would come in an 'orderly wind-down.' In a statement, it said the decision came after the passage of a package that included defunding and the decision Thursday by the Senate Appropriations Committee to exclude funding for the corporation for the first time in over 50 years. The corporation had hoped that the new budget might restore its funding, but that did not happen. 'Despite the extraordinary efforts of millions of Americans who called, wrote, and petitioned Congress to preserve federal funding for CPB, we now face the difficult reality of closing our operations,' said Patricia Harrison, the corporation's president and CEO. ___ Ted Anthony And Kevin Freking, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
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S&P 500 Falls 1.5%, Nasdaq Tumbles 2% Dow Drops 500 Points on weak jobs and Trump tariffs
Aug 1 - U.S. stocks fell sharply Friday morning as a disappointing July jobs report and President Donald Trump's updated tariffs rattled investors. The Dow Jones Industrial Average dropped 583 points, or 1.3%, while the S&P 500 fell 1.5% and the Nasdaq Composite slid nearly 2%. Warning! GuruFocus has detected 2 Warning Signs with FLTLF. The Labor Department reported just 73,000 new nonfarm payrolls in July, far below economists' forecasts for 100,000. Prior months were revised significantly lower, highlighting ongoing labor market weakness. Traders now see a 66% chance of a September Federal Reserve rate cut, up from earlier in the week. Tariff news added pressure. The White House announced levies of 10% to 41% on select imports, including a 35% rate on goods from Canada, up from 25%. Items routed through third countries to avoid duties will face a 40% charge. Tech and bank stocks were the worst in dragging down the market. JPMorgan Chase (NYSE:JPM) declined by 4%, and Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) dropped by more than 3%. Amazon (NASDAQ:AMZN) was down over 7% on weaker than hoped-for directions, and Nvidia (NASDAQ:NVDA), Meta Platforms (NASDAQ:META), and Alphabet (NASDAQ:GOOGL) were falling, too. Apple (NASDAQ:AAPL) was an exception to the downward move when it gained 2 percent after it reported good earnings. This article first appeared on GuruFocus.
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Trump's New Tariff Tsunami: Is a Global Recession the Next Chapter?
Four months after Donald Trump rattled markets with a tariff-filled placard at the Rose Garden, the president has followed through with a sweeping new tariff regimeand this time, the investor reaction was more muted, but far from calm. The average US tariff rate is now set to climb to 15.2%, up from just 2.3% before Trump first took office, marking one of the steepest climbs in modern trade history. While markets initially held upS&P 500 futures dipped ~1%, Asia and Europe fell modestlysome of the new figures turned heads, including a 39% tariff on Swiss imports and 35% on certain Canadian goods. For investors, the message is clear: the tariff cycle isn't over, and uncertainty is back on the table. Warning! GuruFocus has detected 2 Warning Signs with FLTLF. Economists are already modeling the fallout. According to Bloomberg Economics, the 12.8 percentage point jump in average tariffs could shave 1.8% off US GDP over the next two to three years, and push core inflation up by around 1.1%. That's not just a numberit's a macro headwind with real consequences for rate policy and corporate earnings. Former IMF Chief Economist Raghuram Rajan called it a serious demand shock that could force global central banks to start cutting. Meanwhile, Fed Chair Jerome Powell pushed back on rate cut calls, but admitted that persistent price pressures from tariffs could be a risk to manage. For multinationals and exporters, the road ahead may get bumpier as consumption patterns shift and investment plans stall. And there's more coming. Trump's team is expected to roll out additional sector-specific tariffstargeting semiconductors, critical minerals, and pharmaceuticalsin the weeks ahead. Companies with global supply chains, including Tesla (NASDAQ:TSLA), could face heightened scrutiny under a new 40% penalty aimed at deterring transshipment, though exact enforcement rules remain vague. Nations like Canada and Mexico may breathe easier thanks to USMCA carve-outs, but othersespecially those hit with 15% or higher ratesmay find themselves repricing or rerouting exports entirely. As one former US trade official put it: Don't assume this is the end of the story Trump sees this as an ongoing reality show. For investors, the playbook is shifting. Again. This article first appeared on GuruFocus.
