Entering Golden Age of Crypto: Tuttle
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Tuttle Capital Management CEO and CIO Matthew Tuttle discusses the Rareview 2X Bull Cryptocurrency & Precious Metals ETF (ticker: BEGS) and says we're entering the golden age of crypto. He speaks with Scarlet Fu and Eric Balchunas on "ETF IQ." (Source: Bloomberg)
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21 minutes ago
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Solar Firms Surge as Senate Drops Excise Tax From Trump Bill
(Bloomberg) -- Shares for solar companies rose on Tuesday on the Senate's decision to remove an excise tax on wind and solar projects from President Donald Trump's tax and spending bill. Struggling Downtowns Are Looking to Lure New Crowds Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares Sprawl Is Still Not the Answer Shares in Sunrun Inc. were up about 11%, Enphase Energy Inc. was up about 4% and Solaredge Technologies Inc. were up 9% at around 12:49 p.m. in New York after news reports on the change. The Senate passed the $3.3 trillion bill on Tuesday after making the last-minute change and other modifications meant to mollify some Republicans. The measure spiked a previously proposed excise tax on wind and solar projects that contained a certain threshold of components made in China, Senator James Lankford, a Republican from Oklahoma, told reporters Tuesday. That proposed tax, which had been tucked into the Senate bill unveiled days ago, was supported by some US manufacturers who said the country needs to urgently wean clean energy supply chains off China. But it had sparked alarm from renewable developers who said it could hike costs for wind farms and solar arrays that still rely on some foreign components and supply chains dominated by Beijing. Senator Ed Markey, a Democrat from Massachusetts, hailed the removal of the excise tax in a post on X ahead of passage. The bill would still phase out subsidies for wind and solar projects placed in service after December 31, 2027; some Republicans had made a last-ditch push to ease the credit cutoff. The various iterations of Trump's tax and spending package have whipsawed much of the renewable energy industry — and, with it, shares of developers, installers and manufacturers. The proposed addition over the weekend of the tax on some wind and solar projects stunned the industry, prompting shares to slide Monday. But now, with the excise tax's removal, shares popped on a day that would otherwise have threatened the pace of the growth of renewable energy in the US. Clean energy trade groups had warned that without changes, Trump's 'Big, Beautiful Bill' would have threatened some wind farms and solar arrays already under construction. The changes weren't enough to satisfy renewable developers who on Tuesday said the Senate-passed bill still poses a major threat to the industry. 'Despite limited improvements, this legislation undermines the very foundation of America's manufacturing comeback and global energy leadership. If this bill becomes law, families will face higher electric bills, factories will shut down, Americans will lose their jobs, and our electric grid will grow weaker,' Abigail Ross Hopper, president of the Solar Energy Industries Association, said in a statement. --With assistance from Erik Wasson. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P. 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
an hour ago
- Yahoo
CEO Spends 1.83 Million Amex Points to Pay Surprise Tariff Bill
(Bloomberg) -- When a tariff bill for almost $11,000 arrived without warning, Robert Keeley reached for one of his last financial lifelines and cashed in 1.83 million American Express reward points to pay it. Struggling Downtowns Are Looking to Lure New Crowds Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares Sprawl Is Still Not the Answer 'It's like a needle pin holding back a crack in the dam,' said Keeley, who runs Keeley Electronics, a guitar-pedal manufacturer with 35 employees in Oklahoma City. Keeley's scramble is part of a broader reckoning for America's smaller businesses, which are being whipsawed by volatile trade policies. Another blow could land on July 9, the deadline President Donald Trump has imposed on other countries to secure trade deals with the US to avoid higher tariffs. The stakes are especially high for manufacturers with fewer than 100 employees, which account for 93% of the roughly 240,000 US industrial firms. Unlike global conglomerates, these companies often lack the cash reserves, lobbying muscle or supply-chain flexibility to absorb steep tariff hikes or pivot production. Among those feeling the pressure are a tight-knit group of guitar-pedal manufacturers including Keeley, who run boutique businesses that build the stomp boxes that shape the sound of music. The niche industry offers a window into the economic toll of tariff whiplash on smaller firms. Painful Twist To survive, pedal builders are doing something unusual in a competitive business: turning to one another for help. The alliance was started by Julie Robbins, 46, chief executive officer of EarthQuaker Devices in Akron, Ohio. To avoid layoffs among her 35 workers, Robbins tapped the company's credit line. But she fears that strategy won't hold and is considering moving some production overseas — a painful twist, given the tariffs were meant to bring jobs home. Trump, speaking last week at the NATO summit in The Hague, said the levies are spurring manufacturers to reshore production. 'Factories are being built because they don't want to pay the tariffs,' he said. And some large companies have promised to invest in domestic manufacturing. Apple Inc. alone plans to spend more than $500 billion in the US over the next four years. But small manufacturers tend not to have the deep pockets or flexibility needed to rebuild supply chains. Many, like EarthQuaker, rely on imported components. The company sources circuit boards, resistors and transistors from China for pedals used by bands including the Black Keys and Guided By Voices. In early May, as tariff rates spiked, nearly 50 people joined the second meeting of the Pedal Builders Support Group, double the turnout of its inaugural call. The rules were clear: no talk of pricing or anything that could be considered collusion. One participant joked that the group sounded like a mini-OPEC. 'OPEC jokes are fine,' Robbins quipped. The guest speaker that day was Shawn Phetteplace, campaigns director at Main Street Alliance, a lobbying group for small-business owners. He described how Trump's first-term trade team included some moderate voices. Today's administration, he said, is 'much more kind of economically nationalist.' Funds Gone Soon, the conversation turned personal. Jon Cusack, 55, runs a pedal manufacturer in Holland, Michigan, that builds delay, reverb and other stomp boxes for his brands and other firms. He said he spent $200,000 on inventory before tariffs took effect, draining his savings. 'I've gotten to the point where my slush funds are all gone, and I still am facing several tariff bills coming up,' said Cusack, whose 30-person company had revenue of $3.9 million last year. 'Can we survive three months, six months, you know, a year? My next step is to mortgage the house, and I really don't want to do that.' It's unusual for rivals to share their struggles with one another, but members of the support group are all dealing with the same problem and are part of a tight-knit community, said Zoom participant Josh Scott, who owns Kansas City-based JHS Pedals. He employs 42 workers and had about $10 million of revenue last year. Scott, 43, who also runs a YouTube channel popular with guitar players, has used his platform to explain how tariffs work. He wrote a recent Substack post reminding consumers that 'American businesses pay the tariff' — a cost that eventually gets passed along to customers. That pressure may soon show up more broadly. Federal Reserve Chair Jerome Powell said Tuesday he expects the impact of tariffs to show up in inflation data in coming months. And manufacturers are already feeling the weight: US factory activity contracted for a fourth month in June as orders and employment shrank at a faster pace, according to the Institute for Supply Management. In mid-May, Robbins traveled to Washington to testify before the US Senate Committee on Small Business and Entrepreneurship, telling lawmakers that 'without immediate relief from the tariffs and ensuing trade war, US manufacturing companies like mine will not survive the summer.' She founded EarthQuaker with her husband, musician Jamie Stillman, in 2004. She told the committee that before this year's tariffs she bought blank printed circuit boards from China for $1.40 each, compared with $20.70 to $31.19 for domestic alternatives. 'That is not a viable option and would push our prices up far beyond what the market will bear,' she said. 'And that is just one of the components that we use.' During the Pedal Builders Support Group's next Zoom meeting, EveAnna Manley, president of Manley Laboratories Inc., shared her own cost-cutting tactics. Her Chino, California, company makes pre-amplifiers, equalizers, microphones and other equipment for recording studios. 'We put all our employees down to 30 hours a week, and that's the baseline they can stay at and still keep their health care,' said Manley, 56. With the factory now only open Monday to Wednesday instead of five days a week 'we can save a few dollars on air conditioning,' she said. Keeley shared his own story in the group's message thread, explaining how he used Amex credit-card points to pay May and June tariff bills totaling $10,987.48 on circuit boards from Golden Shine Electronics (Weng Yuan) Co. in China and other imported components shipped via DHL. 'I wanted to share the only 'play' I had in combating the tariffs,' Keeley, 55, wrote the group in mid-June. At a follow-up Zoom meeting the next week, frustrations boiled over. For nearly two hours, participants exchanged ideas on how to raise awareness about the impact of tariffs on small US manufacturers. 'They are just convinced that we can just start building transistors and resistors and inductors and capacitors,' Cusack said. 'I'm supposed to be able to become an expert in every single one of those fields and manufacture all of my own products? They don't understand what it takes to do all of that.' Robbins agreed that the perception gap has made it harder to get traction with lawmakers and the public. 'I don't think any of us are willing to go down without a fight,' she said. 'And I think we all view this as, you know, a threat to our survival.' --With assistance from Mark Niquette. (Updates with comment by Powell, new manufacturing data in 18th paragraph.) America's Top Consumer-Sentiment Economist Is Worried How to Steal a House SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P.
Yahoo
an hour ago
- Yahoo
Trump's Tax Bill Passes US Senate as Republicans Notch Major Win
(Bloomberg) — Donald Trump's $3.3 trillion tax and spending cut bill passed the Senate Tuesday after a furious push by Republican leaders to persuade holdouts to back the legislation and hand the president a political win. Struggling Downtowns Are Looking to Lure New Crowds Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares Sprawl Is Still Not the Answer Senators voted 51-50 to pass the bill, with three Republicans — Susan Collins of Maine, Thom Tillis of North Carolina and Rand Paul of Kentucky, defying Trump to oppose the legislation. Vice President JD Vance cast the tie-breaking vote. The package, which now goes to the House, combines $4.5 trillion in tax cuts with $1.2 trillion in spending cuts. 'This was a team effort,' Senate Majority Leader John Thune told reporters immediately following the vote on Tuesday. 'In the end we got the job done.' The package — informally known as the 'One Big Beautiful Bill' — includes the entirety of the president's legislative agenda in a single package. Trump personally lobbied lawmakers to quickly move the legislation through Congress. Republicans say passing the bill will help them maintain their congressional majorities in the midterms. But polling suggests the bill is not particularly popular. A recent Pew Research survey found that 49% of Americans oppose the bill, while 29% supported it. Some 21% weren't sure what to think. The House is expected to vote on the bill this week, but success is not guaranteed. Only a few Republicans can vote 'no' in the House for the bill to pass in the face of united Democratic opposition. Conservatives there say they are still pushing for more spending cuts while moderates have expressed alarm at the Senate bill's reductions to Medicaid and other social safety net programs. The Senate bill would raise the state and local tax deduction from $10,000 to $40,000 for just five years, sparking opposition from one New York Republican who views it as inadequate. Meanwhile, cuts to hospital payments have moved others to declare their opposition. Any changes in the House would force the Senate to take up the bill again, scuttling Trump's plans to sign the bill by July 4. Republicans have said the legislation will boost the economy, curb illegal immigration and start the process of cutting waste in Medicaid and other entitlement programs. The tax cut bill would avoid a large tax increase for individuals at the start of next year when the 2017 Trump tax cuts expire and it would permanently extend some partly expired business tax breaks, which the president has said would contribute to economic growth. Many economists, however, have warned that the bill provides little economic boost and exacerbates the country's fiscal woes. The 'US fiscal path is not a sustainable one,' Federal Reserve Chair Jay Powell said Tuesday. 'The level of the debt is sustainable but the path is not, and we need to address that sooner or later. Sooner is better than later.' At Trump's request, the bill adds new tax breaks for tips, car loans and overtime work and expands tax breaks for seniors and parents that he popularized on the campaign trail. These new tax breaks are funded by deep cuts to the renewable energy sector, a move that will ultimately benefit the fossil fuel industry. The popular electric vehicle tax credit would be axed, something that sparked outrage from Trump's one-time staunch ally Elon Musk, whose Tesla Inc. would suffer. The bill would send hundreds of billions in new funds to the military, solidifying Trump's emphasis on hard power over foreign aid, which he has slashed. It also would boost funding for immigration enforcement. These costly tax cuts and spending increases are partly paid for by spending cuts primarily targeted at Medicaid, food stamps and federal student loans. Democrats say the cuts to anti-poverty programs combined with the tax cuts that disproportionately benefit the wealthy make the bill highly regressive. They also point out the $3.3 trillion increase in deficits over ten years despite GOP claims of fiscal responsibility. Nearly $1 trillion would be cut from Medicaid by imposing a new work requirement for able-bodied adults without children, imposing co-pays and limiting federal reimbursements to states. Food stamp work requirements would expand and states with error-prone systems would be penalized. The Congressional Budget Office estimates 11.8 million people could lose health coverage over the course of a decade as a result of the bill. The legislation would avoid a US payment default as soon as August by raising the debt limit by $5 trillion. Trump and Republicans argued that using the partisan budget reconciliation process to raise the limit without Democrats allows the GOP to avoid making any concessions to the minority party, such as increased spending on domestic programs. Senators during the final negotiations voted to kill a controversial effort to prevent US states from regulating artificial intelligence, marking a loss major technology companies including Microsoft Corp. and Meta Platforms Inc., as well as venture capital firms like Andreessen Horowitz, that pushed the measure to stave state-level rules. —With assistance from Yash Roy, Skylar Woodhouse, Maria Eloisa Capurro, Cam Kettles, Alicia Diaz, Jamie Tarabay, Jarrell Dillard, Chris Cioffi and Ken Tran. (Updates with additional details throughout) America's Top Consumer-Sentiment Economist Is Worried How to Steal a House SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P.
