Live updates: Trump's Cabinet talks Texas flooding, tariffs, Iran attacks
Likely to come up are the new tariff letters sent out on Monday to several countries. The administration delayed the implementation until Aug. 1, giving Trump and his trade leaders time to make deals.
The president and his Cabinet meet at 11 a.m. EDT Tuesday for the first time after Trump's sweeping agenda passed Congress last week, setting up massive reforms in safety net policies, continued tax cuts and more. When will the changes laid out in the legislation take effect? Read more here.
Ahead of that meeting, Agriculture Secretary Brooke Rollins, Attorney General Pam Bondi, Defense Secretary Pete Hegseth and several governors will hold a press conference on a new effort to secure the nation's farms from threats. Watch it live here.
Israeli President Benjamin Netanyahu spends Tuesday in D.C. after meeting Monday evening at the White House. He'll meet with Speaker Mike Johnson (R-La.) on Tuesday morning and a bipartisan group of senators in the afternoon.
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16 minutes ago
- Yahoo
Top Copper Nation Chile Sweats on Details of Trump's 50% Tariff
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Miami Herald
17 minutes ago
- Miami Herald
Sanctions, currency collapse fan fear of hyperinflation surge in Venezuela
Venezuela is spiraling once more into an inflationary storm as new data warns that price increases could skyrocket to 530% in 2025, fueled by a collapsing currency, oil export disruptions and mounting political and economic isolation. After two years of relative calm and moderate economic stabilization, inflation has returned with a vengeance. According to Bank of America Global Research, monthly inflation hit 26% in May, up from 18% in April—marking the fastest pace in years and triggering fears of a return to full-blown hyperinflation. 'Fears of hyperinflation have returned,' said Sebastián Rondeau, an economist at Bank of America. 'The deterioration in price stability is severe and accelerating.' The sharp surge in inflation follows a perfect storm of structural vulnerabilities and renewed external pressures, most notably the reimposition of U.S. sanctions on Venezuela's oil industry earlier this year and a concurrent fall in oil production. Venezuela's annual inflation reached 229% in April, up dramatically from a year-over-year average of 94% in 2024. If current trends persist, Bank of America projects an inflation rate of 530% for 2025 — potentially Venezuela's worst economic year since the infamous hyperinflation cycle of 2017–2019. Much of the inflationary pressure stems from Venezuela's crippled oil sector, one of the country's key lifelines for foreign currency and government revenue. Bank of America and Bloomberg report that oil production fell to 870,000 barrels per day in April, down from 980,000 in March—a drop that analysts say is directly tied to the U.S. decision to let key operating licenses for American and international companies expire. In late May, the Trump administration declined to renew the license that had allowed Chevron and several European firms to operate in Venezuela under sanctions waivers. 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The arrests followed the publication of alarming inflation data by the independent Venezuelan Finance Observatory, which reported an annualized inflation rate of 229% as of May. The Central Bank of Venezuela, controlled by Maduro loyalists, stopped releasing official inflation figures in October 2024, when prices began surging again. 'The government wants to eliminate the parallel market without supplying enough dollars — and that's impossible,' said exiled economist José Guerra, who heads the observatory. 'They're trying to control inflation while printing money without backing. Monetary liquidity increased 250% through May alone. That inevitably fuels more inflation.' The government's sweeping effort to silence dissent has also extended to popular platforms like Monitor Dólar, which published unofficial exchange rates crucial for businesses and consumers in a country plagued by currency instability. The site stopped updating on May 27. 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Yahoo
18 minutes ago
- Yahoo
3 dead in north Lebanon strike that Israel says hit Hamas militant
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