Latest news with #FoxBusiness'
New York Post
10 hours ago
- Business
- New York Post
Treasury chief predicts 10 more tariff deals by Labor Day — as EU reportedly nears new pact, too
WASHINGTON — Treasury Secretary Scott Bessent predicted Friday that the US could secure 10 more tariff deals with other countries before Labor Day — as the European Union is reportedly edging toward a new trade pact, too. Bessent said the trade deals would give the US economy a major boost, as would the proposed tax cuts and deregulatory provisions in President Trump's 'big beautiful bill.' 3 'If we can ink 10 or 12 of the important 18″ [proposed tariff deals], I think we could have trade wrapped up by Labor Day,' Treasury Secretary Scott Bessent told Fox Business' Maria Bartiromo in an interview Friday. FOX Business Advertisement 'If we can ink 10 or 12 of the important 18 [tentative tariff deals], I think we could have trade wrapped up by Labor Day,' the Treasury chief told Fox Business' Maria Bartiromo in an interview. 'We will have taxes and trade, which I think will provide great stimulus from the economy, and then there's the deregulatory impact,' he said. It's not clear which countries Bessent was talking about, but a pre-existing trade agreement with Canada and Mexico from Trump's first term has expedited tariff discussions between those nations. Meanwhile, other talks involving Japan, South Korea and Vietnam are making progress, Wall Street sources told The Post. Advertisement European Commission President Ursula von der Leyen also recently told officials she expected the EU could reach an agreement before mid-July, according to Bloomberg News. Commerce Secretary Howard Lutnick hinted at the extra trade deals Thursday as the Trump administration recently secured tariff agreements with the UK and China — while the July 8 deadline looms for so-called 'reciprocal' duties on products imported to the US. The US-UK agreement aligns with Trump's 10% global baseline tariff rate on all products including up to 100,000 imported cars annually. As part of the pact, Downing Street will scrap its 19% ethanol fuel tariff and the US is nixing all duties on British-made airplane parts. 3 Bessent (second from left) and US Trade Representative Jamieson Greer (left) meet with Chinese officials over trade last month. via REUTERS Advertisement The US will place 55% duties on goods from Beijing, too, while China will keep 10% tariffs on American products, Trump previously announced. 'Now our tariffs are 30[%] on them. We're at 10[%]. We're collecting a substantial tariff income,' Bessent noted Friday. There are still details to be worked out regarding Chinese magnets and rare-earth minerals, while the US has pledged to walk back visa revocations for students coming from China to learn at US universities and colleges. Trump first announced new 10% US 'Liberation Day' tariffs April 2 and promised much higher 'reciprocal' rates to reduce trade imbalances with the US that have consistently been postponed to allow for negotiations such as those conducted with the UK and China. Advertisement As some of his planned higher rates have fallen through, Wall Street traders coined the term 'TACO' — for 'Trump Always Chickens Out.' 3 Bessent's positive statements preceded the S&P 500 hitting a record high and stock futures surging Friday. AFP via Getty Images Lower courts had initially blocked some of the new tariffs, but a federal appellate court paused that decision until a July 31 hearing. Trump had previously set a goal for his administration to broker 90 trade deals in 90 days between April 9 and July 8. The president has also set a July 4 deadline for Republicans in Congress to pass a massive tax-and-spending bill that makes items from Trump's 2017 Tax Cuts and Jobs Act permanent while also eliminating taxes on tips and overtime. Bessent's positive statements preceded the S&P 500 hitting a record high and stock futures surging Friday. 'In the first 100 days, we set the table for the peace deals, the trade deals and the tax deals,' the Treasury secretary said. 'And now, in these 100 days, we're bringing them all home.'
Fox News
2 days ago
- Politics
- Fox News
New York Democrat says mayoral candidate Zohran Mamdani 'too extreme to lead'
A moderate House Democrat from New York is criticizing New York City's presumptive Democratic nominee for mayor, Assemblyman Zohran Mamdani. "Socialist Zohran Mamdani is too extreme to lead New York City. His entire campaign has been built on unachievable promises and higher taxes, which is the last thing New York needs," Rep. Laura Gillen, D-N.Y., said in a statement Wednesday. "Beyond that, Mr. Mamdani has called to defund the police and has demonstrated a deeply disturbing pattern of unacceptable antisemitic comments, which stoke hate at a time when antisemitism is skyrocketing. He is the absolute wrong choice for New York." It's the first pushback from a Democratic official to Mamdani's stunning victory in the first round of New York City's ranked choice voting primary tally. Mamdani far outpaced former New York Gov. Andrew Cuomo in the first round, winning 43.5% of the vote compared to Cuomo's 36.4%. Cuomo announced he would bow out of the primary but left it an open question whether he would join current New York City Mayor Eric Adams in running as an independent in the race. The former governor, whose own issues include accusations of sexual harassment that derailed his time in Albany, told Fox Business' Maria Bartiromo that he is not ruling out running again in November. Gillen is a Long Island Democrat who unseated former Rep. Anthony D'Esposito, R-N.Y., in the 2024 elections. She's been known to break from her own party on issues like law enforcement and illegal immigration during her brief time in Congress so far. Gillen is also breaking from Democratic leaders in her criticism of Mamdani, a 33-year-old self-proclaimed democratic socialist whose platform includes city-owned and operated grocery stores. Both House Minority Leader Hakeem Jeffries, D-N.Y., and Senate Minority Leader Chuck Schumer, D-N.Y., said in public statements on Wednesday that they had spoken to Mamdani since his victory. "He ran an impressive campaign that connected with New Yorkers about affordability, fairness, & opportunity," Schumer said. Jeffries' statement said, "Assemblyman Mamdani ran a strong campaign that relentlessly focused on the economy and bringing down the high cost of living in New York City." Fox News Digital reached out to Mamdani's campaign for comment on Gillen's criticism.
Yahoo
17-06-2025
- Business
- Yahoo
Is Trump Mobile available in Tennessee? What about the T1 phone? What to know
President Donald Trump's family brand, the Trump Organization, has launched another revenue stream, Trump Mobile. The newly unveiled cellular service and mobile phone under the company umbrella uses Trump's name and his time in the White House to help advertise the latest business venture. Trump Mobile is expected to offer a network 5G service with "The 47 Plan," along with its own smartphone. "Trump Mobile is going to change the game, we're building on the movement to put America first, and we will deliver the highest levels of quality and service," Donald Trump Jr. said in a news release. Here's a look into the mobile plan and whether it will be available in Tennessee. Trump Mobile is an e-SIM card that is compatible with most Android phones. Users will need to see if their phone is compatible to be able to use the network. You can find out at Eric Trump, executive vice president of the Trump Organization, said in an interview on Fox Business' "Mornings with Maria" on June 16 that the service will operate in the United States. "The 47 Plan," which is expected to be the cell services' flagship plan, is expected to cost $47.45 per month, a nod to Trump's two terms in office. Here's what the Trump Organization says it will include: Unlimited talk, text and data Complete device protection 24/7 roadside assistance through Drive America Telehealth services, including virtual medical care, mental health support, and easy ordering and delivery for prescription medications Free International calling to more than 100 countries, including many with American military bases No contracts, no credit check According to the Trump Mobile website, people wanting to switch can call 888-TRUMP45 to talk to someone about getting Trump Mobile. The news release on the start of Trump Mobile did not say which carriers would support it, just that they were "working with all three major carriers." Yes, Trump Mobile is available in Tennessee for those with Android-based devices. The gold smartphone, the organization has dubbed the "T1," is not yet available. Once it is launched, the phone will retail for $499 with a down payment of $100. The Trump Organization is Trump's holding company for his business ventures. USA TODAY contributed to this story. This article originally appeared on Nashville Tennessean: What is Trump Mobile? Is it available in Tennessee? What to know
Int'l Business Times
03-06-2025
- Business
- Int'l Business Times
GOP Senator Insists 'Medicaid Cuts Are Going to Strengthen Medicaid' in Defense of Trump's 'Big, Beautiful Bill'
A Republican senator defended the Trump administration's tax and domestic policy bill by stating that the cuts to Medicaid the legislation proposes will actually strengthen it. Kansas Sen. Roger Marshall appeared on Fox Business' "Mornings with Maria" where he spoke to host Maria Bartiromo about the bill. "Do you believe that you will have the votes for this package and that you will be able to identify more spending cuts by the July 4 deadline, or is it just going to take longer?" Bartiromo asked the senator. "Look, I still remain optimistic. [Senators] Ron Johnson, Rick Scott, Mike Lee, all those people and I share the same goal. On the other hand, as you mentioned, we've got folks that are afraid of the small Medicaid cuts that we made already, Medicaid cuts that are going to strengthen Medicaid and save it for those who need it the most," he began. "So we're pretty far apart, yet we have 53 Republican Senators, we have 53 opinions, we're trying to work through all that. I've been really impressed with John Thune and Mike Crapo's ability to bring everybody together. They're leading the charge right now, so I have confidence we'll get there," Marshall continued. Social media users reacted with incredulity at the senator's claim that funding cuts would actually strengthen Medicaid. "Who needs healthcare when you can have more tax breaks for billionaires, right? It's like they're playing a game of 'How much can we screw over the poor before they notice?'" wrote one user. "Sure, and starving my houseplants will make them thrive. Classic logic," another sarcastically wrote. "Cuts don't strengthen Medicaid, they shrink it and the people who pay the price aren't lobbyists. They're kids, seniors, and the disabled," one user stated. "Translation: "Sure, see if we can remove many people from Medicaid, there will be more dollars left for the few still on it, strengthening what can be done for those select chosen ones. Similar to our approach on tax breaks"," another concurred. "And we're dissolving the military and that will give us an edge on the battlefield....." one user's sarcastic comparison stated. President Donald Trump took to his social media app, Truth Social, on Monday evening in order to advocate for the bill, specifically mentioning its intended impact on Medicaid. "It will kick millions of Illegals off Medicaid, and make sure SNAP is focused on Americans ONLY! It will also restore Choice and Affordability for Car purchases by REPEALING Biden's EV Mandate, and all of the GREEN NEW SCAM Tax Credits and Spending," Trump wrote. "THE ONE, BIG, BEAUTIFUL BILL also protects our beautiful children by stopping funding for sick sex changes for minors." Originally published on Latin Times
Business Insider
03-06-2025
- Business
- Business Insider
Jamie Dimon says the markets feel 'complacent' right now — and he's not optimistic about a soft landing
JPMorgan CEO Jamie Dimon said people could be in for a surprise when they realize that the market is not doing as well as they think. Dimon was speaking to Fox Business' Maria Bartiromo for an interview filmed on Friday, which aired on Monday. During the sit-down, Bartiromo asked him about his thoughts on how the markets are doing. "Complacent. Prices are high. Things are going okay. Prices are kind of working to a soft landing. I hope that's true. I just think the odds of that are lower than other people think, and that they are gonna surprise," Dimon told Bartiromo. "There's so many things moving out there, from deficits to geopolitics, to trade. It's complex, and something can go wrong. And when things do, you usually get surprised," he continued. A representative for Dimon did not respond to a request for comment from Business Insider. Dimon had made a similar warning when he spoke at the Reagan National Economic Forum on Friday. Dimon said the US is headed for a " crack in the bond market" because it "massively overdid" spending and quantitative easing during the COVID-19 pandemic. "It is going to happen," Dimon told forum attendees. "I just don't know if it's going to be a crisis in six months or six years, and I'm hoping that we change both the trajectory of the debt and the ability of market makers to make markets," he added. But Treasury Secretary Scott Bessent disagreed with Dimon. "I've known Jamie a long time and for his entire career he's made predictions like this. Fortunately, none of them have come true," Bessent said in an interview on CBS' "Face the Nation" on Sunday. "That's why he's a banker, a great banker. He tries to look around the corner," Bessent continued. House Republicans passed President Donald Trump's " big beautiful bill" on May 22. GOP lawmakers hope the bill, which is now with the Senate, will be reach Trump's desk on July 4. The Committee for a Responsible Federal Budget said the bill, in its current form, will increase the deficit by $2.5 trillion over the next 10 years. Bessent, however, said the Trump administration plans to reduce the deficit and "leave the country in great shape in 2028." "So the deficit this year is going to be lower than the deficit last year, and in two years it will be lower again. We are going to bring the deficit down slowly. We didn't get here in one year, and this has been a long process," he told CBS on Sunday. To be sure, Dimon isn't the only one who thinks the market has grown complacent. On Monday, "Big Short" investor Steve Eisman told CNBC's "Fast Money" that the market has "gotten pretty complacent" about tariffs. "I have one concern, and that's tariffs. That's it," Eisman said, adding that trade negotiations with Europe will be "incredibly complicated." "And I don't know what's going to happen with China. I just don't know how to handicap this because it's just too many balls in the air," he continued.
