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36 minutes ago
- Yahoo
Wall Street was expecting a TACO Tuesday. But Dow futures fall 250 points after Trump says he will set tariffs as high as 70%
While U.S. markets were closed for the July 4 holiday, stock futures sank on Friday after President Donald Trump said he will start sending out letters informing countries of what tariffs they will face. The rates, which could reach as high as 70%, would become effective Aug. 1, he added. That comes ahead of the July 9 expiration of a temporary pause on his 'Liberation Day' tariffs. U.S. stock futures tumbled on Friday after President Donald Trump said he will start sending out letters informing countries of what tariffs they will face. On Thursday, he told reporters that about '10 or 12' letters would go out Friday, with additional letters coming 'over the next few days.' The rates would become effective Aug. 1. 'They'll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs,' Trump added. While U.S. markets were closed for the July 4 holiday, futures tied to the Dow Jones Industrial Average dropped 251 points, or 0.56%. S&P 500 futures were down 0.64%, and Nasdaq futures fell 0.68%. U.S. oil prices slipped 0.75% to $66.50 per barrel, and Brent crude lost 0.41% to $68.52. Gold edged up 0.11% to $3,346.70 per ounce, while the U.S. dollar fell 0.16% against the euro and 0.30% against the yen. The Trump administration has been negotiating with top trade partners since the president put his 'Liberation Day' tariffs on a 90-day pause. That reprieve will expire on Wednesday, July 9. So far, only a few limited trade deals have been announced, and negotiations with other countries were expected to require more time. So as the Wednesday deadline approached, Wall Street was expecting Trump to announce an extension to the tariff pause by Tuesday, reviving the so-called TACO trade that alludes to his history of pulling back from his maximalist threats. 'We suspect that further last-minute concessions will be made to permit extensions for most countries, but a few of the 'worst offenders' may be singled out for punitive treatment,' analysts at Capital Economics predicted earlier this week. 'Markets seem to be positioned for a fairly benign outcome, implying a risk of some near-term turbulence if that fails to materialise.' That assumes Trump won't risk a repeat of the epic April selloff that was triggered by his Liberation Day tariffs, and Capital Economics also warned such an assumption could be complacent. In fact, Trump has been saying for weeks that he prefers to unilaterally set tariffs with each country rather than engage in negotiations with all of them. But amid the absence of any letters, markets downplayed the risk that tariffs could spike again. Still, Trump has kept beating the drum about letters. In an interview that aired on Sunday, he was asked about the tariff pause and the looming deadline. 'I'd rather just send them a letter, very fair letter, saying, 'Congratulations, we're going to allow you to trade in the United States of America. You're gonna pay a 25% tariff or 20% or 40% or 50%,'' Trump replied. 'I would rather do that.' When asked if the pause will not be extended, he said, 'I don't think I'll need to because—I could—there's no big deal.' Trump further clarified his stance on the July 9 deadline, saying, 'I'm gonna send letters. That's the end of the trade deal.' This story was originally featured on
Yahoo
36 minutes ago
- Yahoo
De minimis exemption slated to end in 2027
This story was originally published on Supply Chain Dive. To receive daily news and insights, subscribe to our free daily Supply Chain Dive newsletter. The de minimis exemption will be eliminated in two years after President Donald Trump signed a sweeping policy bill into law on Friday. As part of the package introduced as the 'One Big Beautiful Bill Act,' the U.S. will repeal the exemption allowing imports under $800 to enter the country duty and tax free, effective July 1, 2027. Exemptions will remain in place for eligible items bought during travel and bona fide gifts from foreign citizens to U.S. residents. The bill also establishes a civil penalty, starting 30 days after its enactment, for any person attempting to use de minimis entry in a way that "violates any other provision of" U.S. customs law. The amount is $5,000 for the first violation and up to $10,000 for subsequent violations. The move builds upon the Trump administration's efforts to restrict the de minimis exemption, which lawmakers and customs officials have scrutinized in recent years due to contraband entering the U.S. via low-cost packages. Earlier this year, the White House removed the exemption for imports from China and Hong Kong and announced its plans to end de minimis for other countries once systems are in place to collect duty revenue. The vast majority of de minimis volume entering the U.S. originated from China prior to the May 2 ban, making up 76% of shipments in Custom and Border Protection's 2024 fiscal year. The full repeal of the exemption in two years would expose low-cost shipments from Canada, Mexico and other countries to tariffs and other import taxes. E-commerce companies like Shein and Temu have historically benefited from the exemption, which allows them to ship products made internationally direct to U.S. consumers without facing added duties. Some experts say de minimis-reliant supply chains will shift to more traditional bulk shipping models or expanded U.S. fulfillment operations due to policy changes by the Trump administration. Recommended Reading De minimis' future: 4 questions shippers should consider Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
FICO, MI New York Cricket Team Partner to Promote Financial Literacy Globally
Fair Isaac Corporation (NYSE:FICO) is one of the high profit margin stocks to buy now. On June 25, FICO announced a partnership with MI New York, which is an American professional cricket team participating in Major League Cricket/MLC. The collaboration aims to promote financial literacy and credit education among cricketers and cricket fans worldwide. Throughout the Major League Cricket season, MI New York cricketers will use social media to share their personal financial experiences and provide access to valuable credit education content. This content will help individuals understand credit better and access resources to improve their financial health. The initiative is important given cricket's vast global audience of 2.5 billion fans, which makes it the second most popular sport worldwide. A hands-on approach: technicians working on data management products in an open lab space. Additionally, the FICO Score is widely trusted by top US lenders for various credit products, such as personal loans, mortgages, auto loans, and credit cards. Through myFICO, FICO's consumer website, individuals can check and monitor their FICO Score for free and access educational materials and tools designed to help them understand their credit reports and FICO Scores. Fair Isaac Corporation (NYSE:FICO) develops software with analytics and digital decision-making technologies that enable businesses to automate, enhance, and connect decisions. While we acknowledge the potential of FICO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. 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
