Trump Sets Tariff Start Ahead of Deadline
The time line for the talks appeared to be reset after US officials signaled that trading partners will have until Aug. 1 before the tariffs kick in. That gives them the option of three more weeks for deal-making.
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Yahoo
11 minutes ago
- Yahoo
Higher U.S. tariffs will extend uncertainty for businesses, experts say
President Trump's executive order hiking tariffs on U.S. imports could drive up consumer prices and prolong uncertainty for millions of businesses, trade experts said. Materials issued by the White House on Thursday outline new tariff rates for dozens of countries, but details remain scant on how to implement the trade agreements, said Barry Appleton, co-director of the New York Law School Center for International Law. "The last thing businesses want to have are unanswered questions. They were looking for certainty, and what we have instead is a gigantic Rubik's Cube," he told CBS MoneyWatch. "Everyone has been waiting for 'Liberation Day' to be finished," he added, referring to the country-based tariff announcements Mr. Trump first made in early April. "Instead, with this announcement, we have another perpetuation of what's going on." Under the Trump administration's new import duties, most countries will face a baseline tariff of at least 15%, although other nations will faces levies of more than 40%. The U.S. effective tariff rate is now 17%, according to Fitch Ratings — the highest in decades. That could mean pricier garments from Vietnam, shoes and toys from China, chocolate from Switzerland, and coffee from Brazil, according to economists. As a result, the revised U.S. tariffs could cost Americans an average of $2,048 per year, according to a new analysis from the National Taxpayers Union, a nonpartisan advocacy organization. Mr. Trump has argued his tariff strategy is necessary to correct what he views as unfair trading practices and revive American manufacturing, and points to still-fairly-low inflation rates. But many economists warn tariffs can lead to higher inflation and more sluggish economic growth, and some of the president's early trade moves rattled financial markets. The White House has said that Mr. Trump's trade policies benefit Americans. "President Trump's trade deals have unlocked unprecedented market access for American exports to economies that in total are worth over $32 trillion with 1.2 billion people," White House spokesperson Kush Desai said in a statement to CBS MoneyWatch. "As these historic trade deals and the Administration's pro-growth domestic agenda of deregulation and The One Big Beautiful Bill's tax cuts take effect, American businesses and families alike have the certainty that the best is yet to come." On social media, U.S. Trade Representative Jamieson Greer said the tariffs are "a knockout win over the distorted global trading order that has disadvantaged American workers, farmers, and manufacturers for decades." He added that Trump's foreign trade policy has achieved "expansive new market access for U.S. exporters, increased tariffs to defend critical industries, and trillions of new manufacturing investments that will create great American jobs." Which products could get pricier? In the U.S., the products most commonly imported from abroad — and therefore most likely to see their prices rise because of sharply higher tariffs — include household appliances, furniture, cars, clothing, sports equipment, toys and cleaning products, according to an analysis from Oxford Economics. The price of such goods rose about 1% in June, or more than double the increase in May, according to the investment research firm's analysis of consumption data, a sign that tariffs are starting to seep into the cost of everyday items. "The question is really what's not going to go up in price. The costs were being eaten in the profits of companies, but that's not sustainable," Appleton said. Mr. Trump slapped some of the highest tariffs on key trade partners like Canada, a major provider of lumber to U.S. companies. That could lead to higher housing costs, according to Oxford. Some fruits and vegetables also could get pricier this winter as grocery stores leans on imports to stock store shelves, he said. U.S. automakers including Ford, GM and Stellantis have recently warned that higher U.S. tariffs will reduce their profits by billion of dollars. That is likely to increase new car prices, said Terence Lau, dean of the Syracuse University College of Law and formerly a government affairs executive at Ford. "My advice to consumers back in April was that they should wait to buy cars," said Lau, who expects dealer prices for 2026 models to rise between 4% and 6%. "In August, my advice is to buy now." Although many businesses are still selling inventory they imported earlier this year in a bid to avoid higher tariffs, subsequent imports will likely be subject to the newly announced levies when they arrive at U.S. ports, according to trade experts. "A lot of businesses front-loaded goods to get them in the door before tariffs were announced. They'll now have to increase their costs as inventories dwindle and businesses start replenishing them," Oxford Economics' senior U.S. economist Matthew Martin told CBS MoneyWatch. "We expect cost hikes to peak in the second half of the year," Along with facing potentially higher prices, U.S. consumers could face reduced product choices stemming from supply-chain delays, according to economists. That's largely because companies unable to reshore manufacturing to the U.S. are likely to stop importing low-margin goods as they move to control costs. "In many cases, tariffs will be so high that we'll create embargoes," Martin said. "That will make it more difficult for retailers and distributors to get things out to market." Rodney Manzo, a supply-chain expert and senior director at Sage, a business management software company, said higher tariffs often end up affecting businesses and consumers in ways beyond the cash register. "For the average shopper, the effects don't always show up as a big price hike on the shelf. Instead, it's subtler — fewer options, smaller quantities and less generous promotions," he said. "Companies are quietly reducing [their stockpiles], reworking product specs or stripping out expensive components to hit margin targets." Arkansas officials reveal new details about Devil's Den murders of husband and wife The A.I. Divide | America Unfiltered Defense attorneys refuse new cases in Massachusetts, citing unfair pay 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
11 minutes ago
- Yahoo
Mega Millions winning numbers for Aug. 1: $140 million jackpot
The Mega Millions jackpot rose to $140 million for the drawing on Friday, Aug. 1, after no one matched all the winning numbers in the drawing on Tuesday, July 29. If someone matches all six numbers on Friday, they will have the option of a one-time cash payment of $62 million. There have been four Mega Millions winners this year, with the most recent being the June 27 win in Virginia of a jackpot of $348 million. Before then, on April 18, an Ohio player took home a $112 million jackpot, a lucky lottery ticket holder in Illinois took home a $344 million jackpot on March 25 and another lucky person hit the Mega Millions jackpot on Jan. 17 for $113 million. Here are the winning numbers from the Mega Millions drawing on Friday, August 1, 2025. Mega Millions winning numbers for 8/1/25 The winning numbers for Friday, August 1, will be posted here once drawn. Winning lottery numbers are sponsored by Jackpocket, the official digital lottery courier of the USA TODAY Network. Did anyone win the Mega Millions? Any Mega Millions winners will be posted here once announced by lottery officials. To view the list of past winners, visit the Mega Millions website. How to play the Mega Millions To play the Mega Millions, you have to buy a ticket. You can do this at a variety of locations, including your local convenience store, gas station or even grocery store. In some states, Mega Millions tickets can be bought online. Once you have your ticket, you need to pick six numbers. Five of them will be white balls with numbers from 1 to 70. The gold Mega Ball ranges from 1 to 24. If you're feeling especially unlucky or don't want to go through the hassle of picking, you can ask for a "Quick Pick" or an "Easy Pick.' These options let the computer randomly generate numbers for you. Mega Millions tickets now include a built-in multiplier, which increases non-jackpot prizes by two, three, four, five, or 10 times. Before, players had to pay an extra dollar to add the "Megaplier.' Where can you buy lottery tickets? Tickets can be purchased in person at gas stations, convenience stores and grocery stores. Some airport terminals may also sell lottery tickets. You can also order tickets online through Jackpocket, the official digital lottery courier of the USA TODAY Network, in these U.S. states and territories: Arizona, Arkansas, Colorado, Idaho, Maine, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New York, Ohio, Oregon, Puerto Rico, Washington, D.C., and West Virginia. The Jackpocket app allows you to pick your lottery game and numbers, place your order, see your ticket and collect your winnings all using your phone or home computer. Jackpocket is the official digital lottery courier of the USA TODAY Network. Gannett may earn revenue for audience referrals to Jackpocket services. Must be 18+, 21+ in AZ and 19+ in NE. Not affiliated with any State Lottery. Gambling Problem? Call 1-877-8-HOPE-NY or text HOPENY (467369) (NY); 1-800-327-5050 (MA); 1-877-MYLIMIT (OR); 1-800-981-0023 (PR); 1-800-GAMBLER (all others). Visit for full terms. Fernando Cervantes Jr. is a trending news reporter for USA TODAY. Reach him at and follow him on X @fern_cerv_. This article originally appeared on USA TODAY: Mega Millions winning numbers for 8/1/25: Jackpot at $140 million
San Francisco Chronicle
12 minutes ago
- San Francisco Chronicle
Corporation for Public Broadcasting to shut down after being defunded by Congress, targeted by Trump
WASHINGTON (AP) — The Corporation for Public Broadcasting, a cornerstone of American culture for three generations, announced Friday it would take steps toward its own closure after being defunded by Congress — marking the end of a nearly six-decade era in which it fueled the production of renowned educational programming, cultural content and even emergency alerts. The demise of the corporation, known as CPB, is a direct result of President Donald Trump's targeting of public media, which he has repeatedly said is spreading political and cultural views antithetical to those the United States should be espousing. The closure is expected to have a profound impact on the journalistic and cultural landscape — in particular, public radio and TV stations in small communities across the United States. CPB helps fund both PBS and NPR, but most of its funding is distributed to more than 1,500 local public radio and television stations around the country. The corporation also has deep ties to much of the nation's most familiar programming, from NPR's 'All Things Considered' to, historically, 'Sesame Street,' 'Mister Rogers' Neighborhood' and the documentaries of Ken Burns. The corporation said its end, 58 years after being signed into law by President Lyndon B. Johnson, would come in an 'orderly wind-down.' In a statement, it said the decision came after the passage through Congress of a package that clawed back its funding for the next two budget years — about $1.1 billion. Then, the Senate Appropriations Committee reinforced that policy change Thursday by excluding funding for the corporation for the first time in more than 50 years as part of a broader spending bill. 'Despite the extraordinary efforts of millions of Americans who called, wrote, and petitioned Congress to preserve federal funding for CPB, we now face the difficult reality of closing our operations,' said Patricia Harrison, the corporation's president and CEO. As part of Thursday's committee deliberations, Sen. Tammy Baldwin, D-Wis., authored but then withdrew an amendment to restore CPB funding for the coming budget year. She said she still believed there was a path forward 'to fix this before there are devastating consequences for public radio and television stations across the country.' 'It's hard to believe we've ended up in the situation we're in,' she said. 'And I'm going to continue to work with my colleagues to fix it.' But Sen. Shelley Moore Capito, sounded a less optimistic tone. 'I understand your concerns, but we all know we litigated this two weeks ago,' Capito said. 'Adopting this amendment would have been contrary to what we have already voted on.' CPB said it informed employees Friday that most staff positions will end with the fiscal year on Sept. 30. It said a small transition team will stay in place until January to finish any remaining work — including, it said, 'ensuring continuity for music rights and royalties that remain essential to the public media system.' 'Public media has been one of the most trusted institutions in American life, providing educational opportunity, emergency alerts, civil discourse, and cultural connection to every corner of the country,' Harrison said. 'We are deeply grateful to our partners across the system for their resilience, leadership, and unwavering dedication to serving the American people.' The impact will be widespread NPR stations use millions of dollars in federal money to pay music licensing fees. Now, many will have to renegotiate these deals. That could impact, in particular, outlets that build their programming around music discovery. NPR President and CEO Katherine Maher estimated recently, for example, that some 96% of all classical music broadcast in the United States is on public radio stations. Federal money for public radio and television has traditionally been appropriated to the Corporation for Public Broadcasting, which distributes it to NPR and PBS. Roughly 70% of the money goes directly to the 330 PBS and 246 NPR stations across the country, although that's only a shorthand way to describe its potential impact. Trump, who has called the CPB a 'monstrosity,' has long said that public broadcasting displays an extreme liberal bias, helped create the momentum in recent months for an anti-public broadcasting groundswell among his supporters in Congress and around the country. It is part of a larger initiative in which he has targeted institutions — particularly cultural ones — that produce content or espouse attitudes that he considers 'un-American.' The CPB's demise represents a political victory for those efforts. His impact on the media landscape has been profound. He has also gone after U.S. government media that had independence charters, including the venerable Voice of America, ending that media outlet's operations after many decades. Trump also fired three members of the corporation's board of directors in April. In legal action at the time, the fired directors said their dismissal was governmental overreach targeting an entity whose charter guarantees it independence.
