US markets open lower after Trump raises tariffs on dozens of countries
An economic adviser to the president says he sees "zero evidence" prices on goods will rise for Americans, but warnings are swirling that tariffs will hit consumers directly
Trump announced higher tariffs for many Canadian goods, but most products are exempted due to a free trade agreement - while Mexico has escaped higher levies for another 90 days
Switzerland, meanwhile, is facing "worse than a worst-case scenario", our Geneva correspondent reports, as rates have skyrocketed to 39%
The US president is touting tariffs as the answer to trade deficits with other nations, but BBC Verify has found the deficit has only widened
US markets open lower after Trump raises tariffs on dozens of countries
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Newsweek
a few seconds ago
- Newsweek
Donald Trump 'In Denial' About Job Figures, Economy—Nate Silver
Based on factual reporting, incorporates the expertise of the journalist and may offer interpretations and conclusions. Pollster Nate Silver on Sunday called out President Donald Trump's reaction to the latest data about jobs, accusing him of "denialism" and warning that it won't help him fix the nation's slowing economy. "Firing the BLS commissioner won't prevent the effects of tariffs. But it will reduce American economic leadership and increase uncertainty for businesses, workers and investors," Silver wrote in his newsletter, referring to Trump's decision to fire Erika McEntarfer, commissioner of the Bureau of Labor Statistics (BLS), after the agency published a weaker-than-expected jobs report for July. Silver stressed that U.S. economic data remains reliable, as it is meticulously documented and regularly revised "because measuring something as complex as the modern American economy is an incredibly challenging task." "I'm not sure exactly where firing the BLS commissioner ranks on the list of Trump-related outrages," Silver wrote. "Even if Congress does its job and McEntarfer replaced with another competent successor, this could have a chilling effect on BLS and other government agencies to operate independently." Newsweek has reached out to the White House by email on Sunday outside of normal business hours for comment. Why It Matters Trump's decision to fire McEntarfer has sent shockwaves throughout the country, with economists and Democratic lawmakers criticizing the move. Some have accused Trump of trying to "kill the messenger" over heavy revisions to May and June's job numbers, which removed 258,000 jobs previously announced in those months. This followed the July jobs report, which reported 73,000 jobs added, which is well short of the projected 100,000 jobs. The unemployment rate also rose to 4.2 percent. The firing of a high-level labor statistician after the release of adverse economic data raised alarms about the politicization of nonpartisan agencies and reliability of official U.S. economic statistics. Experts and lawmakers stressed that the integrity of the BLS is central to public trust and informed economic decision-making. What To Know Silver, the founder of 538 and one of the most prominent polling experts in last year's presidential election, wrote in his newsletter that July's jobs report has suggested a slowing economy and "Trump is in denial about it." "Each monthly payrolls figure is actually revised three times: once in each of the first two months after initial publication (so July's 73,000 figure will be re-reported in August and then again in September) and then again each January as part of the BLS's annual benchmark revisions," Silver wrote. He argued that the jobs report often only receives attention at the initial announcement, with politicians and news media treating the figure as a simple "beat" or "bust" factor relative to the initial estimate, and that not enough attention is given to the regular cycle of "large revisions and the difficulties in estimation." "All of this feels a little too familiar: it's the same thing that happens when news organizations breathlessly report polling data without considering the margin of error and other challenges for surveys," Silver wrote. He noted that revisions during every month of Trumps' second administration have seen negative revisions, which he wrote is "actually common enough" and that it's more important to look at the trend of revision from month-to-month. Those trends help experts and analysts understand if they're seeing sampling errors or statistical biases in the numbers, which can occur also in the event of an economy facing "some sort of trauma or disruption." Silver also wrote that any attempt to undermine Trump would be better executed by reporting the lower estimates instead of revising them down later, since "revisions don't usually get as much media attention as the headline figures," and that "the May and June revisions are relatively pedestrian." "The largest change ever to an initial jobs figure ever after two months came in March 2020 as the pandemic hit American shores; initially reported as a job loss of 700,000, it was later revised to nearly 1.4 million instead," he wrote. President Donald Trump departs the White House en route to Bedminster, New Jersey, on August 1 in Washington, D.C. President Donald Trump departs the White House en route to Bedminster, New Jersey, on August 1 in Washington, D.C. Andrew Thomas/Middle East Images/AFP via Getty Images What People Are Saying President Donald Trump wrote in a Truth Social post on Sunday: "Head of the Bureau of of Labor Statistics did the same thing just before the Presidential Election, when she lifted the numbers for jobs to an all time high. I then won the Election, anyway, and she readjusted the numbers downward, calling it a mistake, of almost one million jobs. A SCAM! She did it again, with another massive 'correction,' and got FIRED! She had the biggest miscalculations in over 50 years." Trump also wrote on Truth Social on Friday: "McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months. Similar things happened in the first part of the year, always to the negative. The Economy is BOOMING under 'TRUMP' despite a Fed that also plays games, this time with Interest Rates, where they lowered them twice, and substantially, just before the Presidential Election, I assume in the hopes of getting 'Kamala' elected – How did that work out? Jerome 'Too Late' Powell should also be put "out to pasture." Thank you for your attention to this matter!" Ernie Tedeschi, the former head of Yale University's Budget Lab, wrote on X on Friday about McEntarfer's firing: "I've worked closely with Erika. I know of no economist who is more data-focused & devoted to truth in statistics. She never shied from speaking truth to power when the data were disappointing. Nothing would be worse for US credibility than political meddling in our economic data."
New York Times
a few seconds ago
- New York Times
James Cook sits out Bills practice amid contract negotiations, calls it ‘business'
PITTSFORD, N.Y. — After a week and a half of work at training camp, it appeared the Buffalo Bills and top running back James Cook were on the same page and ready to move forward with the 2025 season. However, the bubble seemingly burst ahead of Sunday's practice. Cook, who is a free agent at the end of the season, has openly wanted a new contract, even insinuating on social media that he would like $15 million per season on his next deal. Despite his desires for a new deal and the Bills having yet to agree on one with the running back, Cook participated in full through the first eight practices. Advertisement That changed, as Cook did not participate during Sunday's practice. The Bills did not announce Cook as an injury ahead of the session, and when asked for a reason why the running back did not participate, the team succinctly issued a 'no comment.' When stopped by a handful of reporters, Cook had only one word to explain his non-participation. 'Business.' Bills RB James Cook asked why he didn't practice today? 'Business.' Followed up with if he'll practice tomorrow: 'Business.' Kept repeating 'business' over and over. — Alaina Getzenberg (@agetzenberg) August 3, 2025 If Cook is beginning a hold-in while at training camp, it would be a significant change of heart from what he said to the media on July 24, just two days into camp. 'It's my job, I've got to participate so I won't get fined,' he said. But even during that news conference, Cook was adamant he was going to get paid, even providing an eyebrow-raising statement alluding to a life and future away from Buffalo. 'I mean, however it happens, it's going to get done. Wherever it happens,' Cook said. 'I mean, I deserve it — what I want, what I need. It's going to eventually happen.' Even with that comment, Cook has always said he would like to remain with the Bills for the long term if the sides can make it work. Speculation persisted ahead of training camp as to whether Cook would practice without a new deal in place, and the early answer to that was a resounding yes. Now, without a new deal and with a running back seemingly unhappy enough to stop practicing because of it, the Bills have a potentially delicate situation on their hands. Cook broke out in 2024, tying the franchise record for most rushing touchdowns in a season with 16, becoming the team's go-to early-down runner and rushing for over 1,000 yards. Part of the hold-up on a new deal for Cook could have something to do with his role last season, as he often ceded third-down work to committee back Ty Johnson. Including the playoffs, Cook played on only 47.5 percent of the Bills' offensive snaps in the games he was active. Advertisement The third-down work was a talking point for Cook at the beginning of camp. 'I feel like I can do it and I am going to do it,' he said. 'Get more involved in the pass game instead of the run game. Just being out there on third downs. That's my job. That's what I'm trying to do.' The Bills issued four different contract extensions this offseason to players who, like Cook, were entering the final year of their rookie deal. All four of those deals, along with a complex new contract extension for quarterback Josh Allen, were wrapped up by the end of March. 'As I've said all along, I love James Cook. You know how I am. I want to draft, develop, re-sign our own,' general manager Brandon Beane said at the beginning of training camp. 'It is a business. We have to fit it in, not only cash, but cap, and sometimes, you can look at it and say, 'Well, you know, you go to this website or whatever, they could fit him in if they did this and this.' But we also have to look at '26, '27 and beyond, because you can walk yourself into one of those years where you're like, 'Oh man, there's not a lot of guys, we can take them out here.' We would have to trade or cut someone that we wouldn't want to lose. … So all those things have to make sense for us to fit in him in.' Beane also said he would love nothing more than for Cook to be with the team again at training camp this time next year. In addition to one of their top skill players on offense sitting out of practice, the Bills will be without their top receiver for what is likely to be a good amount of time. Khalil Shakir, the team's leading receiver in 2024, suffered a high ankle sprain during their annual practice inside Highmark Stadium on Friday night. Bills head coach Sean McDermott labeled the injury as 'week to week,' without a clear timetable for a return. Advertisement 'He's dealt with one before,' McDermott said before Sunday's practice. 'He's extremely tough, a big part of our offense. It's going to take some time. High ankles normally do.' With a little over one month until the team's season opener against the Baltimore Ravens on 'Sunday Night Football,' it's at least worth wondering if Shakir will be back in time to play, given the usual nature of the injury. Shakir is one of four receiver injuries the Bills are enduring at this point in camp, as projected starter Joshua Palmer (groin) and key reserve Curtis Samuel (hamstring) also missed Sunday's practice. The Bills return to the field for practice at St. John Fisher University on Monday morning. (Photo of James Cook: Jamie Squire / Getty Images)
Associated Press
a few seconds ago
- Associated Press
Boeing workers who build fighter jets plan to go on strike
NEW YORK (AP) — Boeing workers who build fighter jets are planning to go on strike Monday at midnight. About 3,200 workers at Boeing facilities in St. Louis; St. Charles, Missouri; and Mascoutah, Illinois, voted to reject a modified four-year labor agreement with Boeing, the International Association of Machinists and Aerospace Workers union said Sunday. 'IAM District 837 members build the aircraft and defense systems that keep our country safe,' said Sam Cicinelli, Midwest territory general vice president for the union, in a statement. 'They deserve nothing less than a contract that keeps their families secure and recognizes their unmatched expertise.' The vote followed members' rejection last week of an earlier proposal from the troubled aerospace giant, which had included a 20% wage increase over four years. At the time, union leaders had recommended approving the offer, calling it a 'landmark agreement' and saying the offer would improve medical, pension and overtime benefits. Then there was a cooling-off period of a week, followed by the union members rejecting Boeing's latest proposal. 'We're disappointed our employees rejected an offer that featured 40% average wage growth and resolved their primary issue on alternative work schedules,' said Dan Gillian, Boeing Air Dominance vice president and general manager, and senior St. Louis site executive. 'We are prepared for a strike and have fully implemented our contingency plan to ensure our non-striking workforce can continue supporting our customers.' Boeing has been struggling after two of its Boeing 737 Max airplanes crashed, one in Indonesia in 2018 and the other in Ethiopia in 2019, killing 346 people. In June, one of Boeing's Dreamliner planes, operated by Air India, crashed, killing at least 260 people. On Tuesday, Boeing had reported that its second-quarter revenue had improved and losses had narrowed. The company lost $611 million in the second quarter, compared to a loss of $1.44 billion during the same period last year.
