US cancels $26 million grant for long-stalled high-speed rail project
USDOT said it was rescinding funds for the proposed $20 billion Baltimore-Washington Superconducting Magnetic Levitation, or MAGLEV project, after "nearly a decade of poor planning, significant community opposition, tremendous cost overruns, and nothing to show for it."
An environmental review of the project has been on pause since 2021.
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Reuters
16 minutes ago
- Reuters
From ingredient costs to sagging demand, tariffs further pinch company earnings
Aug 5 (Reuters) - Companies across the corporate spectrum revealed more pain from the cost of U.S. President Donald Trump's tariff war, with bellwethers Caterpillar, Marriott and others on Tuesday noting weaker demand and higher prices. All told, global companies that have reported earnings this quarter are looking at a hit of around $15 billion to profits in 2025, Reuters' global tariff tracker shows. A majority of these come from industrial, manufacturing and automotive sectors, while financial and tech sectors are less affected. Trump has said the tariffs are necessary to resolve U.S. trade imbalances and declining manufacturing power; he has said the levies on imports will bring jobs and investment to the United States. "I think we're just getting started," said Steve Sosnick, chief market analyst at Interactive Brokers in Greenwich, Connecticut. "The tariffs are still in their infancy, especially with major trading partners like Canada, China and India still in flux." Tuesday's round of earnings illustrates the different ways trade policy is affecting companies, from the rising costs of imported materials like metals to the slippage in consumer confidence that has sapped demand. Caterpillar (CAT.N), opens new tab, for instance, saw a 0.7% hit to revenue, while its cost of goods rose by 6.5%, and CEO Joe Creed told investors that tariffs are "likely to be a more significant headwind to profitability in the second half of 2025." Beer maker Molson Coors (TAP.N), opens new tab said it was expecting costs of between $20 million and $35 million in the second half of the year due to a tariff-driven rise in the price of aluminum delivered to the U.S. Midwest . Tariffs on aluminum shipped into the United States were doubled to 50% in June from the previous 25% duty imposed in March. The markets, however, have remained resilient even as Trump's policies continue to change. He said on Tuesday that he would raise tariffs on goods imported from India from the current 25% as part of an ongoing spat with the country over its purchases of oil from Russia. U.S. equities rebounded sharply from their April lows following what Trump deemed "Liberation Day," when he unleashed a wave of global tariffs. The S&P 500 (.SPX), opens new tab hit all-time highs last month on the back of strong earnings, led by the so-called Magnificent Seven, a group of tech companies that have benefited from surging investment in artificial intelligence. Of the 370 companies in the S&P 500 that have reported earnings so far, 80.3% have reported quarterly earnings above analyst estimates, with their earnings growth rate at 11.9%, according to LSEG data. "We are figuring out that some industries may be affected, but they also might gain because (new) markets are open to them that may have been closed in the past. We're going to have to have a couple more quarters to see how this actually plays out," said Kim Forrest, chief investment officer at Bokeh Capital Partners. Several market strategists of late have warned that a correction could be in the offing, but are broadly optimistic about the market. Evercore ISI analysts believe the market could dip between 7% and 15% in the September-October period as growth slows and inflation increases, though the AI-driven bull rally should continue. Higher ingredient costs ate into profits of Taco Bell parent Yum Brands (YUM.N), opens new tab, which, like McDonald's (MCD.N), opens new tab and other fast-food chains, leaned on budget-friendly meal deals to boost demand as U.S. consumers pull back on eating out due to worries about rising costs. Hotel operator Marriott International (MAR.O), opens new tab cut its 2025 forecast on softening travel demand, while agribusiness giant Archer-Daniels Midland (ADM.N), opens new tab posted its lowest profit in five years. While some market participants noted that tariff-led uncertainty was likely to persist this year, with over 100 global companies withdrawing or cutting financial guidance, others said in the longer run, companies and investors would be able to see some green shoots. "It seems that companies themselves are a little more optimistic about the outlook now that the Liberation Day tariffs are in the rearview mirror," said Ross Mayfield, investment strategy analyst at Baird. "Companies are going to have to be really deft in how they navigate this (tariffs), but obviously there's no choice but to pass some of this on to the consumer. We see S&P margins hovering around record highs, and it wouldn't surprise me if that ticked down a little bit in the coming quarters."
The Independent
16 minutes ago
- The Independent
Trump on Hispanic farm workers: ‘They don't get a bad back, because if they get a bad back, they die'
Donald Trump has raised eyebrows with comments he made about farm laborers during a phone interview with CNBC. The President spoke on Tuesday, 5 August 2025, explaining his belief that deported immigrant farm employees are not easy to replace with native-born workers. Farmers have been left short of staff due to the Trump administration's ICE round-ups of undocumented migrants. Trump suggested people who live 'in the inner city' are 'not doing that [farm] work' but Hispanic migrants do it 'naturally'. He then launched into a story about a conversation he had once had with a farmer. Trump says he asked, "What happens if they get a bad back?" to which the farmer allegedly responded, "They don't get a bad back, sir, because if they get a bad back, they die".
Daily Mail
17 minutes ago
- Daily Mail
Trump soars to new HEIGHTS and climbs roof for bird's eye view of White House makeover
President Donald Trump appeared at an unusual spot on Tuesday - the West Wing roof - as he hinted there could be more White House renovations up his sleeve. The president brought an entourage with him and stepped outside the White House residence onto the roof of the Palm Room and the press briefing room - a single-story portion of the West Wing that overlooks the newly revamped Rose Garden. 'Sir, why are you on the roof?' a reporter yelled to the president. 'Mr. President, what are you doing up there?' another journalist asked. Trump gave his trademark fist pump. 'Taking a little walk,' he replied. He noted that the planned White House ballroom would be on the other side of the residence, as there are plans to add 90,000 square feet to the current East Wing, where first lady Melania Trump has her offices. He then hinted that he could add something on top of where he was standing, making a domed gesture with his hands. 'Something beautiful,' he said. 'More ways to spend my money. We'll show you. It's just another way to spend my money for the country.' President Donald Trump is seen shouting to reporters from the roof of the West Wing over where the White House press briefing room is located 'Anything I do is financed by me so you don't have to worry, it's contributed,' he continued. 'Just like my salary is contributed but nobody ever mentions that.' Trump continued his tour and then was asked about his plans for the West Wing roof yet again. He joked that he was building 'nuclear missiles' on the roof. He then stepped back into the residence. Trump's appearance on the roof comes after White House press secretary Karoline Leavitt announced Thursday that the ballroom project was a go. Construction on the East Wing will begin in September, she said, with the expected cost to be around $200 million. Trump said he would finance all or part of the ballroom project, with the rest given by donors. The Rose Garden project is also coming to a close. Asked by the Daily Mail on Sunday how he thought it turned out, Trump said the project had received 'great reviews.' 'Yeah, we're getting great reviews of the Rose Garden and we had to do it,' the president said. 'When we had a press conference you'd sink into the mud. It was grass and it was very wet, always wet and damp and wet, and if it rained it would take three, four, five days to dry out and we couldn't use it really for the intended purpose,' he continued. The president took out the Rose Garden's grassy center, making it more patio-like instead. 'And it's a beautiful white stone and it's a stone that's the same color as the White House itself,' Trump said. 'And because it's very white it's going to reflect the heat and it's not going to be very hot.' The patio's drainage system resembles the American flag and the presidential seal has been stamped in the corners of the patio. Since taking office in January, Trump has also erected two large American flags on the White House campus, on both the North and South Lawn.
