Brazil Bulls Hold Firm as Trump Drags Country Into His Trade War
One reason: The fairly closed Brazilian economy, which depends much more on China than the US, can probably withstand the 50% tariffs even if they do come into effect, they say. But on top of that there's a suspicion the spat between Trump and President Luiz Inacio Lula da Silva might follow a familiar playbook: a brief market shock, followed by a rebound as the US president dials down his threats — a pattern behind what has become widely known as the TACO trade.
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CNN
an hour ago
- CNN
Venezuelan baseball team denied visas into US, Little League International says
A Venezuelan baseball team was denied visas into the United States and will miss this year's Senior Baseball World Series, Little League International confirmed Friday. The Cacique Mara team, from Maracaibo, Venezuela, was scheduled to participate in the tournament after winning the Latin American championship in Mexico. 'The Cacique Mara Little League team from Venezuela was unfortunately unable to obtain the appropriate visas to travel to the Senior League Baseball World Series,' Little League International said in a statement, adding that it is 'extremely disappointing, especially to these young athletes.' The Venezuelan team traveled to Colombia two weeks ago to apply for their visas at the U.S. embassy in Bogotá. The embassy did not immediately respond to an Associated Press request for comment. 'It is a mockery on the part of Little League to keep us here in Bogotá with the hope that our children can fulfill their dreams of participating in a world championship,' the team said in a statement. 'What do we do with so much injustice, what do we do with the pain that was caused to our children?' Venezuela is among a list of countries with restrictions for entering the U.S. or its territories. President Donald Trump has banned travel to the U.S. from 12 other countries, citing national security concerns. Earlier in the month, the Cuban women's volleyball team was denied visas to participate in a tournament in Puerto Rico. 'They told us that Venezuela is on a list because Trump says Venezuelans are a threat to the security of his state, of his country,' said Kendrick Gutiérrez, the league's president in Venezuela. 'It hasn't been easy the situation; we earned the right to represent Latin America in the World Championship.' The Senior League Baseball World Series, a tournament for players aged 13-16, is played each year in Easley, South Carolina. It begins Saturday. The tournament organizers replaced the Venezuelans with the Santa Maria de Aguayo team from Tamaulipas, Mexico, the team that was a runner-up in the Latin American championship. 'I think this is the first time this has happened, but it shouldn't end this way. They're going to replace us with another team because relations have been severed; it's not fair,' Gutiérrez added. 'I don't understand why they put Mexico in at the last minute and left Venezuela out.'
Yahoo
2 hours ago
- Yahoo
This week in Trumponomics: Three cheers for higher taxes
Is it ever good news when taxes go up? Maybe only in the funhouse world of President Trump's trade policy. On July 23, Trump said he had reached a trade deal with Japan that will involve a 15% tariff Americans pay to import Japanese cars and other products. Before Trump took office in January, the average import tax on Japanese products was 1.6%. So Trump has raised the tax on Japanese products by 13.4 percentage points. Markets rejoiced on the news. The S&P 500 (^GSPC) index jumped nearly a point the day Trump announced the Japan deal, to close at a new record high. Japan's Nikkei index jumped as well. It's not that investors love higher taxes. It's that many thought Trump's new tariff on Japanese imports would settle at 20% or higher, and 25% for cars. So a 15% tax beat expectations, in the market's familiar parlance. Read more: What Trump's tariffs mean for the economy and your wallet Investors think a similar deal with the European Union could be in the offing, especially since Trump's newest deadline for reaching trade deals with partners is Aug. 1. Trump played down the odds of an EU deal on July 25, but markets still drifted upward. Trump seems to be in a dealmaking mood, and markets have stopped quaking on every downbeat utterance from Trump. But taxes are still going up — substantially. For those lacking a scorecard to track Trump's confusing trade war, here's where things stand: When Trump came into office, the average tax on imports was about 2.5%. Trump has added a new 'baseline' tariff of 10% to that, for most imports. For the few countries that have made deals with Trump so far, the baseline is 15% to 20%. In addition to Japan, that includes a 19% tariff on imports from Indonesia and the Philippines and a 20% tariff on Vietnamese imports. Read more: The latest news and updates on Trump's tariffs There are myriad other actual or threatened tariffs on specific product sectors, such as autos, copper, steel, aluminum, and pharmaceuticals. Imports from China still face separate tariffs of 34% to 40%. There are tariffs ranging from 10% to 25% on goods from Canada and Mexico, unless they satisfy complex domestic origin requirements. Some websites have developed tariff calculators to help businesses that import goods figure this all it all together, and the Yale Budget Lab estimates that Trump has hiked the average tax on imports from 2.5% to about 20%. That could raise about $290 billion per year in new revenue for the federal government. But that revenue is nothing more than a tax hike on American businesses and consumers. The big tax-cut law Trump signed in early July would cut other taxes by about $375 billion per year, so Trump's tariffs negate about three-quarters of that. Read more: 5 ways to tariff-proof your finances Why is Wall Street cheering? Simply put, clarity. When Trump took office, many forecasters thought Trump would raise the average tariff rate to somewhere between 10% and 15%. But Trump's April 2 tariff announcements would have pushed the average import tax close to 30%, a much stiffer shock than most were expecting. That downside surprise led to a stock sell-off so abrupt that Trump changed his mind a week later and postponed most of those 'reciprocal' tariffs. Since then, Trump's various deals, faux deals, and deals-to-be-named-later have brought the average tariff burden closer to what investors had priced in at the beginning of Trump's term. Goldman Sachs, for instance, has revised its expected tariff rate up, then down, during the last several months. The firm now expects 'a near term effective tariff rate that rises slightly more slowly than our prior assumption but ends the year roughly 14 percentage points higher than it started.' That's a bumpy round trip back toward the firm's original forecast. The Trump White House says the US economy is 'regaining its swagger.' But it's a pretty weak strut. While US stocks have risen by about 8% so far this year, the MSCI index of global stocks, excluding the United States, is up 20%. There's a slowdown in hiring in the United States, and many economists expect growth to weaken this year and next. Higher costs due to Trump's tariffs are starting to dent corporate profits and tariff-induced inflation might be arriving. Trump's net approval rating, at around 45%, is near the low for his second term. That's probably due more to the Jeffrey Epstein scandal than tariff pain, since Americans have heard a lot more about the tariffs than they've noticed in their own lives. But those tax hikes are real, and they'll soon become more tangible. Any cheering might turn into the Bronx variety. Rick Newman is a senior columnist for Yahoo Finance. Follow him on Bluesky and X: @rickjnewman. Click here for political news related to business and money policies that will shape tomorrow's stock prices. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
3 hours ago
- Yahoo
Compared to Estimates, Halliburton (HAL) Q2 Earnings: A Look at Key Metrics
Halliburton (HAL) reported $5.51 billion in revenue for the quarter ended June 2025, representing a year-over-year decline of 5.5%. EPS of $0.55 for the same period compares to $0.80 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $5.44 billion, representing a surprise of +1.35%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.55. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Halliburton performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenues- Latin America: $977 million versus $911.06 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -10.9% change. Revenues- Europe/Africa/CIS: $820 million versus the five-analyst average estimate of $769.7 million. The reported number represents a year-over-year change of +8.3%. Revenues- North America: $2.26 billion versus $2.26 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -9% change. Revenues- Middle East/Asia: $1.45 billion versus the five-analyst average estimate of $1.51 billion. The reported number represents a year-over-year change of -2.9%. Revenues- Drilling and Evaluation: $2.34 billion versus $2.27 billion estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a -3.8% change. Revenues- Completion and Production: $3.17 billion versus the seven-analyst average estimate of $3.18 billion. The reported number represents a year-over-year change of -6.8%. Operating income- Completion and Production: $513 million compared to the $539.22 million average estimate based on six analysts. Operating income (loss)- Corporate and other: $-66 million compared to the $-86.6 million average estimate based on six analysts. Operating income- Drilling and Evaluation: $312 million versus $313.49 million estimated by six analysts on average. View all Key Company Metrics for Halliburton here>>> Shares of Halliburton have returned +8.6% over the past month versus the Zacks S&P 500 composite's +4.6% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Halliburton Company (HAL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
