Crypto Market Cap Tops $4 Trillion as US Stablecoin Bill Passes
The milestone followed the passage of the first-ever federal legislation for stablecoins, a key accomplishment during what lawmakers have dubbed 'Crypto Week.' The bill, backed by Republicans and championed by President Donald Trump, introduces federal or state oversight of dollar-linked stablecoin, aiming to legitimize a $265 billion market that Citigroup Inc. analysts project could grow to $3.7 trillion by 2030.
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2 minutes ago
- Yahoo
Watch Fed Chair Jerome Powell react to US President Donald Trump
The US Federal Reserve building's renovation has received a lot of public attention, especially since the US President suggested last week that the escalating construction costs could be grounds to fire Fed Chair Jerome Powell. Donald Trump has repeatedly expressed his frustration over the Fed's reluctance to cut interest rates, which would boost the economy through cheaper loans poured into investments and spending. However, the Federal Reserve has been reluctant to do so, with the Chair Jerome Powell citing the looming inflation threat due to the US tariffs. As the Fed is intended to be an independent agency, the Supreme Court has signalled that the president can't fire Powell just because he won't cut rates as fast as Trump wants. Related Trump considered firing Fed Chair but said he is 'highly unlikely' to do so Trump suggests he could remove US Fed Reserve Chair Jerome Powell Trump also recently said he considered firing the Fed Chair, but said he is 'highly unlikely' to do so. However, he also suggested that the escalating construction could serve as a reason to fire Powell. On Thursday, Trump scorned Powell over costs as they toured the Federal Reserve building's renovation. But as the president pulled out a paper to show an increased amount, the Fed Chair had to correct him. The scene ended with the president joking that he would back off Powell if he lowered interest rates, according to Associated Press. Watch the video above to see how Powell reacted to President Trump's words about the cost of the renovation. 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
2 minutes ago
- Yahoo
Coca-Cola's failed coffee investment faces uncertain future
Coca-Cola (KO) bet big on Costa Coffee. Now it's rethinking the whole deal. "We're in the mode of reflecting on what we've learned, thinking about how we might want to find new avenues to grow in the coffee category while continuing to run the cost of business successfully," CEO James Quincey said on this week's earnings call. "It's still a lot of money we put down, and we wanted that money to work as hard as possible," he added. The $5.1 billion acquisition in 2018 was one of Quincy's first gambles as chief executive. The move was supposed to give Coca-Cola a "strong" foothold in the global coffee market, from retail stores to ready-to-drink (RTD) cans. But execution and growth have stalled. Costa reeled in £1.3 billion (then $1.7 billion) of revenue in fiscal year 2018 but reported £1.22 billion for fiscal year 2023. "Costa did a great job in the UK with things like lattes and cappuccinos, but that just isn't really the case in the U.S. The competition is tough, and their US strategy hasn't gained the traction they hoped for, " Rothschild & Co Redburn analyst Charlie Higgs said. In the US, Costa's business is focused on a B2B and packaged goods approach. Costa Professional offers equipment and support to businesses and reportedly has 250 Smart Café coffee vending machines around the country. In 2024, it launched an RTD iced coffee line featuring canned lattes and cold brews in retailers like Amazon Fresh (AMZN) and Walgreens (WBA). Globally, Costa operates more than 4,000 stores in over 50 countries, plus more than 14,000 Smart Café self-serve machines. The company offers a range of RTD beverages across Europe and Asia. "Coke bought that coffee business right before COVID," Beverage Digest editor Duane Stanford told Yahoo Finance. "Companies were pulling back to save, there was a shortage, and supply chains were tough. The last thing you were going to do was put ready-to-drink coffee in the market." After lockdowns eased, Costa's margins were hit again, this time by steep inflation, Higgs said. Prices for arabica coffee have whipsawed in recent years, driven by extreme weather events and supply disruptions. After spiking in 2022, it plunged to around $1.50 per pound by mid-2023, surged again by over 70% in 2024 to $2.50, and then soared to record highs of about $4.30 per pound in early 2025. Those struggles are now raising questions about whether Coca-Cola should keep Costa. "Given the tenor of comments and the lack of traction so far, I think it's fair to assume they wouldn't get back what they paid," Consumer Edge senior analyst Connor Rattigan told Yahoo Finance. "They paid 16.4x EBITDA, which was staggeringly high, even back then," Higgs noted. However, the business may not be up for sale in the near future. Coca-Cola recently folded Costa into its Europe, Middle East, and Africa division, sunsetting the standalone Global Ventures unit, according to Coca-Cola's 8-K filing. If the company was prepping a sale, keeping it separate would've made more sense, per Higgs. That said, Quincey is not afraid to cut losses. He already slashed Coca-Cola's brand portfolio by half in 2020, nixing brands like Odwalla, Hubert's Lemonade, and Zico's coconut water. Coca-Cola's second quarter revenue increased 1% year over year to $12.5 billion, with adjusted earnings per share growing 58% to $0.88, surpassing Wall Street's expectations. However, global unit case volumes declined by 1%, indicating soft demand in key markets. Coca-Cola's stock has gained 12% year to date, outperforming the S&P 500's (^GSPC) 9% advance and rival PepsiCo's (PEP) 4% drop. Scaling up Costa's RTD offerings could still offer growth, particularly in international markets, as competitors like Starbucks aggressively fight for the US. In North America, Starbucks operates through a joint venture with PepsiCo (PEP), which helps it distribute RTD products like bottled frappuccinos. In contrast, Coca-Cola has largely treated Costa as a test-and-learn project, Stanford said. This lack of clear commitment has contributed to the brand's stagnation. Its RTD launches have lacked the scale and support of a typical Coca-Cola rollout. "That RTD brand is so small and sporadic in terms of distribution it doesn't even show up on our data," Stanford added. "Costa still has potential," Rattigan said. "But at this point, it really comes down to whether Coca-Cola has the capacity, and the willingness to finally prioritize it." Francisco Velasquez is a Reporter at Yahoo Finance. He can be reached on LinkedIn and X, or via email at Click here for all of the latest retail stock news and events to better inform your investing strategy 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
2 minutes ago
- Yahoo
Trump tariffs live updates: Trump says EU deal '50-50'; US, Japan differ on trade deal profits
President Trump on Friday put the odds of a trade deal with the European Union at "50-50," even as negotiators from both sides have expressed optimism about reaching a deal before the Aug. 1 deadline. "I would say that we have a 50-50 chance, maybe less than that, but a 50-50 chance of making a deal with the EU," Trump told reporters before departing on a trip to his golf course in Scotland. Trump also said Friday that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners, including the EU, India, and Canada. Trump on Friday also said the US and China have the "confines of a deal" as the two sides prepare to meet next week. Meanwhile, US-Japan trade deal may already be under pressure, as reports on Friday suggest the two sides disagree on how to split profits from Japan's $550 billion investment into the US. Trump announced the deal on Tuesday, which includes a 15% tariff on imported goods and a $550 billion Japanese investment. However, the sides do not seem aligned on profit sharing, with Japan seeking a split based on contributions, while the US says it would keep 90%. In any case, the Japan trade deal may have set a precedent for Trump's new baseline tariff rate. As the US finalized the deal with Japan and advanced talks with the EU, Trump said tariffs would range from 15% to 50%, with tougher partners facing higher rates. Trump's April "Liberation Day" tariffs had set a baseline rate of 10% on all US trading partners. Earlier this week, Trump also said the US had also struck a trade deal with the Philippines, which will see the country's imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal. The White House also unveiled new details of a confirmed trade agreement with Indonesia. Yahoo Finance's Ben Werschkul reported that a 19% tariff will apply to Indonesian goods. 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. Some headlines from Trump on tariffs this morning Via Bloomberg: Trump: US will sell 'so much' beef to Australia President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. World's No. 3 automaker Kia takes $570M tariff hit in Q2 Reuters reports: Read more here. Puma shares dive after warning of full-year loss, US tariff impact Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. LG Energy Solution warns of slowing EV battery demand due to U.S. tariffs, policy headwinds Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Japan, US differ on how trade-deal profits will be split Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. US business activity rises; tariffs fuel inflation concerns US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. It sounds like Trump now has a new minimum tariff rate: 15% President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. Keurig Dr. Pepper brewer sales volume drops 22%, CEO says tariff impacts 'will become prominent' Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. The EU's Trump insurance As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). Europe approves $100B-plus tariff backup plan A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. Trump tariffs wreaking havoc in Brazil's citrus belt Reuters reports: Read more here. South Korea weighs US investment pledge to trim auto tariff Trade discussions between the US and South Korea have led both sides to investigate the idea of creating a fund to invest in American projects. A report said this possible deal would be similar to the agreement Japan struck Tuesday with President Trump. The details of the plan are still not clear, but the US has been seeking pledges totaling hundreds of billions of dollars. However, further talks on a deal between the two sides may have to wait as a trade meeting between the US and South Korea has been postponed after Treasury Secretary Scott Bessent became unavailable due to a scheduling conflict, South Korea's Finance Ministry said Thursday. Bloomberg reports: Read more here. Hyundai Motor warns of bigger hit from US tariffs after Q2 profit fall Hyundai Motor ( HYMTF) reported a drop in second-quarter operating profit on Thursday. The company cited US tariffs on vehicles and parts as the reason for the decline and that President Trump's trade war had weighed on its bottom line, the automaker also warned of a bigger impact in the current quarter. The group's South Korean shares fell 2% Thursday. Reuters reports: Read more here. Trump lifts tariff baseline rate, warns countries face 15-50% range President Trump appears to have raised the minimum US tariff rate to 15%, up from 10%, as he prepares to set new reciprocal tariffs before his Aug. 1 deadline. 'We'll have a straight, simple tariff of anywhere between 15% and 50%,' Trump said Wednesday at an AI summit in Washington. 'A couple of — we have 50 because we haven't been getting along with those countries too well.' Trump's latest statement that tariffs would begin at 15% is a new twist in his efforts to impose duties on almost every US trading partner. The US and Japan reached a trade agreement this week of 15%, which could be one reason why the US president has decided to increase the baseline tariff rate. The European Union said on Wednesday that it is getting ready to impose 30% tariffs on over $100 billion worth of US goods if no deal is made and if Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after the Aug. 1 deadline. Reports from The Financial Times on Wednesday have said that the EU and the US are now closing in on a 15% trade deal on European imports. Bloomberg News reports: Read more here. EU, US reportedly close in on trade deal The Financial Times reports: And more from Bloomberg: Read more here. Trump says he will trade 'Tariff points' for open markets to the US President Trump pushed one of his priorities in negotiating trade deals on Wednesday, and it wasn't exactly trade deficits. He suggested the US would reduce tariffs in exchange for countries opening their markets, i.e., putting zero tariffs on American-made products. "I will always give up Tariff points if I can get major countries to OPEN THEIR MARKETS TO THE USA," Trump posted on Truth Social. "Another great power of Tariffs. Without them, it would be impossible to get countries to OPEN UP!!! ALWAYS, ZERO TARIFFS TO AMERICA!!!" Trump's social media post came after the European Union announced it was preparing countermeasures against US tariffs, including a 30% tariff on over $100 billion worth of goods. Meanwhile, Indonesia agreed to drop its tariffs on US goods to 0% for 99% of trade. Detroit Three automakers raise concerns about Japan trade deal A group representing General Motors (GM) Ford (F) and Chrysler-parent Stellantis (STLA) raised concerns on Tuesday about the US-Japan trade deal, which could cut tariffs on auto imports from Japan to 15% while leaving tariffs on imports from Canada and Mexico at 25%. Reuters reports: Read more here. SAP falls as trade war concerns temper strong cloud growth Bloomberg News: Read more here. EU readies over $100B no-deal plan to match US 30% tariff The European Union announced on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. A European Commission spokesman said that the first part of countermeasures would combine an already approved list of tariffs on $24 billion of US goods and a previously proposed list on an additional on $83 billion of American products into one package. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. Bloomberg News reports: Read more here. Some headlines from Trump on tariffs this morning Via Bloomberg: Via Bloomberg: Trump: US will sell 'so much' beef to Australia President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. World's No. 3 automaker Kia takes $570M tariff hit in Q2 Reuters reports: Read more here. Reuters reports: Read more here. Puma shares dive after warning of full-year loss, US tariff impact Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. LG Energy Solution warns of slowing EV battery demand due to U.S. tariffs, policy headwinds Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Japan, US differ on how trade-deal profits will be split Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. US business activity rises; tariffs fuel inflation concerns US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. It sounds like Trump now has a new minimum tariff rate: 15% President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. Keurig Dr. Pepper brewer sales volume drops 22%, CEO says tariff impacts 'will become prominent' Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. The EU's Trump insurance As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). Europe approves $100B-plus tariff backup plan A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. Trump tariffs wreaking havoc in Brazil's citrus belt Reuters reports: Read more here. Reuters reports: Read more here. South Korea weighs US investment pledge to trim auto tariff Trade discussions between the US and South Korea have led both sides to investigate the idea of creating a fund to invest in American projects. A report said this possible deal would be similar to the agreement Japan struck Tuesday with President Trump. The details of the plan are still not clear, but the US has been seeking pledges totaling hundreds of billions of dollars. However, further talks on a deal between the two sides may have to wait as a trade meeting between the US and South Korea has been postponed after Treasury Secretary Scott Bessent became unavailable due to a scheduling conflict, South Korea's Finance Ministry said Thursday. Bloomberg reports: Read more here. Trade discussions between the US and South Korea have led both sides to investigate the idea of creating a fund to invest in American projects. A report said this possible deal would be similar to the agreement Japan struck Tuesday with President Trump. The details of the plan are still not clear, but the US has been seeking pledges totaling hundreds of billions of dollars. However, further talks on a deal between the two sides may have to wait as a trade meeting between the US and South Korea has been postponed after Treasury Secretary Scott Bessent became unavailable due to a scheduling conflict, South Korea's Finance Ministry said Thursday. Bloomberg reports: Read more here. Hyundai Motor warns of bigger hit from US tariffs after Q2 profit fall Hyundai Motor ( HYMTF) reported a drop in second-quarter operating profit on Thursday. The company cited US tariffs on vehicles and parts as the reason for the decline and that President Trump's trade war had weighed on its bottom line, the automaker also warned of a bigger impact in the current quarter. The group's South Korean shares fell 2% Thursday. Reuters reports: Read more here. Hyundai Motor ( HYMTF) reported a drop in second-quarter operating profit on Thursday. The company cited US tariffs on vehicles and parts as the reason for the decline and that President Trump's trade war had weighed on its bottom line, the automaker also warned of a bigger impact in the current quarter. The group's South Korean shares fell 2% Thursday. Reuters reports: Read more here. Trump lifts tariff baseline rate, warns countries face 15-50% range President Trump appears to have raised the minimum US tariff rate to 15%, up from 10%, as he prepares to set new reciprocal tariffs before his Aug. 1 deadline. 'We'll have a straight, simple tariff of anywhere between 15% and 50%,' Trump said Wednesday at an AI summit in Washington. 'A couple of — we have 50 because we haven't been getting along with those countries too well.' Trump's latest statement that tariffs would begin at 15% is a new twist in his efforts to impose duties on almost every US trading partner. The US and Japan reached a trade agreement this week of 15%, which could be one reason why the US president has decided to increase the baseline tariff rate. The European Union said on Wednesday that it is getting ready to impose 30% tariffs on over $100 billion worth of US goods if no deal is made and if Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after the Aug. 1 deadline. Reports from The Financial Times on Wednesday have said that the EU and the US are now closing in on a 15% trade deal on European imports. Bloomberg News reports: Read more here. President Trump appears to have raised the minimum US tariff rate to 15%, up from 10%, as he prepares to set new reciprocal tariffs before his Aug. 1 deadline. 'We'll have a straight, simple tariff of anywhere between 15% and 50%,' Trump said Wednesday at an AI summit in Washington. 'A couple of — we have 50 because we haven't been getting along with those countries too well.' Trump's latest statement that tariffs would begin at 15% is a new twist in his efforts to impose duties on almost every US trading partner. The US and Japan reached a trade agreement this week of 15%, which could be one reason why the US president has decided to increase the baseline tariff rate. The European Union said on Wednesday that it is getting ready to impose 30% tariffs on over $100 billion worth of US goods if no deal is made and if Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after the Aug. 1 deadline. Reports from The Financial Times on Wednesday have said that the EU and the US are now closing in on a 15% trade deal on European imports. Bloomberg News reports: Read more here. EU, US reportedly close in on trade deal The Financial Times reports: And more from Bloomberg: Read more here. The Financial Times reports: And more from Bloomberg: Read more here. Trump says he will trade 'Tariff points' for open markets to the US President Trump pushed one of his priorities in negotiating trade deals on Wednesday, and it wasn't exactly trade deficits. He suggested the US would reduce tariffs in exchange for countries opening their markets, i.e., putting zero tariffs on American-made products. "I will always give up Tariff points if I can get major countries to OPEN THEIR MARKETS TO THE USA," Trump posted on Truth Social. "Another great power of Tariffs. Without them, it would be impossible to get countries to OPEN UP!!! ALWAYS, ZERO TARIFFS TO AMERICA!!!" Trump's social media post came after the European Union announced it was preparing countermeasures against US tariffs, including a 30% tariff on over $100 billion worth of goods. Meanwhile, Indonesia agreed to drop its tariffs on US goods to 0% for 99% of trade. President Trump pushed one of his priorities in negotiating trade deals on Wednesday, and it wasn't exactly trade deficits. He suggested the US would reduce tariffs in exchange for countries opening their markets, i.e., putting zero tariffs on American-made products. "I will always give up Tariff points if I can get major countries to OPEN THEIR MARKETS TO THE USA," Trump posted on Truth Social. "Another great power of Tariffs. Without them, it would be impossible to get countries to OPEN UP!!! ALWAYS, ZERO TARIFFS TO AMERICA!!!" Trump's social media post came after the European Union announced it was preparing countermeasures against US tariffs, including a 30% tariff on over $100 billion worth of goods. Meanwhile, Indonesia agreed to drop its tariffs on US goods to 0% for 99% of trade. Detroit Three automakers raise concerns about Japan trade deal A group representing General Motors (GM) Ford (F) and Chrysler-parent Stellantis (STLA) raised concerns on Tuesday about the US-Japan trade deal, which could cut tariffs on auto imports from Japan to 15% while leaving tariffs on imports from Canada and Mexico at 25%. Reuters reports: Read more here. A group representing General Motors (GM) Ford (F) and Chrysler-parent Stellantis (STLA) raised concerns on Tuesday about the US-Japan trade deal, which could cut tariffs on auto imports from Japan to 15% while leaving tariffs on imports from Canada and Mexico at 25%. Reuters reports: Read more here. SAP falls as trade war concerns temper strong cloud growth Bloomberg News: Read more here. Bloomberg News: Read more here. EU readies over $100B no-deal plan to match US 30% tariff The European Union announced on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. A European Commission spokesman said that the first part of countermeasures would combine an already approved list of tariffs on $24 billion of US goods and a previously proposed list on an additional on $83 billion of American products into one package. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. Bloomberg News reports: Read more here. The European Union announced on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. A European Commission spokesman said that the first part of countermeasures would combine an already approved list of tariffs on $24 billion of US goods and a previously proposed list on an additional on $83 billion of American products into one package. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. Bloomberg News reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data
