Early tax filers are enjoying bigger refunds compared to the same time last year, according to the latest figures from the Internal Revenue Service.

As of Feb. 6, 2026, tax refunds averaged $2,290, up nearly 11% from the same point last year. “Average refund amounts are strong,” the IRS said in a statement last week. 

Forecasters have predicted filers would benefit from larger checks this year due to a series of new tax provisions included in the “one big, beautiful” bill signed by President Trump in July 2025. One financial services firm, Piper Sandler, estimated the average payment would increase by about $1,000 per filer. 

The biggest benefits are likely to flow to those in the top 10% of households, experts have said. Lower-earning taxpayers will also see gains, but they aren’t as likely to enjoy as big a jump in refund amounts as higher-income households, according to a Jan. 30 analysis from investment firm Principal Asset Management. 

Tax season officially kicked off on Jan. 26, 2026. As of early February, the IRS has received nearly 22.4 million returns, slightly down from 23.6 million the same time last year, the agency’s data shows. 

People who file electronically usually get their refunds in fewer than 21 days, according to the IRS.

Refund sizes likely to expand 

Refunds will likely grow in size as tax season progresses. That’s in part because lower-income Americans tend to file early, while wealthier households, which have more complex tax returns, take longer to file.

The average refund amount typically starts small, peaks in mid-February and then slips slightly through the end of tax season, Andrew Lautz, director of tax policy for the Bipartisan Policy Center, a Washington, D.C.-based think tank, said in a policy brief last month. Last year, the average refund was $2,939, according to the Bipartisan Policy Center.

The IRS typically releases a fresh batch of data each week during tax season and provides a few subsequent updates after filing concludes on April 15. 

The agency said it expects refund numbers to be higher when it posts an update on Feb. 27. That’s because by that point, the agency will have processed some of the refunds of Americans who claimed the Earned Income Tax Credit and Additional Child Tax Credit, refundable tax credits designed for low- to moderate-income working families.

Edited by

Aimee Picchi

In:

NEW YORK — Amazon posted higher fiscal third quarter profit and sales compared with a year ago, as the online giant kept attracting shoppers looking for good prices while inflation resurges.

The results announced Thursday beat Wall Street expectations. The company’s prominent cloud computing arm also surpassed analysts’ expectations. But Amazon issued a cautious sales outlook for the fiscal fourth quarter, citing overall economic uncertainty and President Donald Trump’s tariffs. But shares soared close to 9% in after-hours trading.

Amazon posted net income of $21.12 billion, or $1.95 per share, for the quarter ended Sept. 30. That’s up from $15.33 billion, or $1.43 per share, a year ago.

Analysts had expected $1.57 per share for the quarter, according to FactSet.

Amazon’s sales rose to $180.2 billion, up from $158.88 billion in the year ago period.

Analysts had expected $177.91 billion, according to FactSet.

Amazon has announced it’s cutting about 14,000 corporate jobs as it ramps up spending on artificial intelligence and cuts costs elsewhere. Teams and individuals impacted by the job cuts were notified Tuesday. Amazon has about 350,000 corporate employees and a total workforce of about 1.56 million. The cuts announced Tuesday amount to about a 4% reduction in its corporate workforce.

Analysts are dissecting Amazon’s results to get insight into consumer behavior for the holiday shopping season and how Trump’s tariffs are impacting prices.

Over the past year, Suzann Hernandez and Camilo Aguirre have put a lot of effort into lowering their energy bill. Beyond simple solutions like turning off lights or closing doors when either the heat or AC was on, the couple insulated their windows and kept the temperature set at a strict 76 degrees, even on the hottest days of summer. 

Despite their best efforts, however, their energy savings strategy had little impact against a rate hike that went into effect in their home state of New Jersey on June 1. The increase, approved by the New Jersey Board of Public Utilities in February, raised the average electric bill for residents in the state by 17%, the utilities company informed customers in a letter sent out earlier this year. 

“We thought it’d be, see at least like a $50 decrease,” Hernandez told CBS News’ correspondent Tom Hanson. “When we compared it to what we got this year, we only saw a $20 decrease.”

It’s not only residents in the Garden State who are feeling the pinch of higher prices. 

“This is a national problem,” Dan Cassino, a professor of government and politics at Fairleigh Dickinson University, told CBS News. 

According to a new report from PowerLines, a nonprofit focused on lowering utility bills, utility rate increase requests and approvals totaled more than $34 billion in the first three quarters of 2025. That’s almost double the $16 billion in requests and approvals over the same period in 2024. 

Those rate hikes are expected to show up in the bills of over 124 million customers this year, PowerLines found. That will create economic hardship for customers For those Americans already struggling to make ends meet the hikes will mean additional economic hardship potentially affecting the wider economy, the organization said in its report. 

By and large, customers nationwide are feeling powerless in the face of the escalating energy costs. 

“It feels like there’s nothing we can do about it,” said Karin Gudal, an AES Ohio customer quoted in PowerLines report. “We can try to make our buildings as energy efficient as we can…but even that takes money.”

Data shows that utility prices for American households have continued to climb. According to the U.S. Energy Information Administration, residential electricity prices this year were up 11% in August from January.

Politicians, meanwhile, are using their campaign platforms to cater to frustrated voters.

In New Jersey, for example, rising energy prices is an issue gubernatorial race candidates have latched onto in the lead up to elections on Nov. 4. In their campaign ads, both Democratic candidate Mikie Sherrill and Republican candidate Jack Ciattarelli promise they will help curb energy bills if elected. 

Cassino expects the issue, which has consumed the political race in New Jersey, will soon reverberate in races throughout the country. 

“This is a harbinger of what’s gonna happen next year in the midterm elections,” he said. “This issue’s not going to go away. It’s not like the power bills are going to go down.”

Edited by

Anne Marie D. Lee

MANILA, Philippines — MANILA, Philippines (AP) — World shares were mixed Thursday with European indexes down or flat while most Asian shares rose, tracking gains on Wall Street following a topsy-turvy trading day.

U.S. futures and oil prices gained.

In early European trading, Germany’s Dax shed nearly 0.3% to 24,114.48. France’s CAC 40 was almost flat at 8,079.54, while Britain’s FTSE 100 fell almost 0.2% to 9,409.35.

Earlier in Asia, Japan’s Nikkei 225 closed 1.3% higher to 48,277.74 as investor sentiment was lifted by a strong start to the earnings season and expectations of U.S. rate cuts.

Japan’s core machinery orders, excluding ships and electric power, fell 0.9% month-on-month in August, missing market expectations for a 0.4% gain. But they marked improved from a 4.6% drop in July, according to data released Thursday.

South Korea’s Kospi surged to a record high, adding 2.5% to 3,748.37 on buying of tech and auto stocks that was spurred by hopes for a trade deal with U.S. Samsung Electronics and automakers Hyundai Motor and Kia Corp. were among the big gainers.

In Chinese markets, Hong Kong’s Hang Seng index shed 0.1% to 25,888.51, while the Shanghai Composite index added 0.1% to 3,916.23.

Australia’s S&P/ASX 200 closed nearly 0.9% higher at 9,068.40, breaching the 9,000 level for the first time amid gains in gold stocks. Miners in resource-rich Australia are benefitting from a runup in gold prices. Early Thursday, the precious metal was up 0.9% at 4,237.60 per ounce.

Also, the jobless rate rose to 4.5% in September, the highest in four years, stepping up expectations that the country’s Reserve Bank may resume rate cuts as early as next month.

India’s BSE Sensex added 0.8%, while Taiwan’s Taiex advanced 1.4%.

On Wednesday, most U.S. stocks rose. The S&P 500 added 0.4% to 6,671.06, but only after jumping toward one of its biggest gains since the summer, erasing it all and then climbing back.

The Nasdaq composite climbed 0.7%, closing at 22,670.08 after earlier pinballing between a drop of 0.4% and a rally of 1.4%. The Dow Jones Industrial Average lagged the market, shedding less than 0.1% to 46,253.31.

Technology stocks helped lead the way Wednesday following a better-than-expected profit report from Netherlands-based ASML, a major equipment supplier to the semiconductor industry. It expects its revenue for 2025 to be 15% above last year’s, while next year’s should be at least as high as this year’s. Several big banks also drove the market higher.

Companies are under pressure to deliver strong profits after their stock prices broadly surged 35% from a low in April. To justify those gains, which critics say made their stock prices too expensive, companies will need to show they’re making much more in profit and will continue to do so.

Profit reports are under more scrutiny than usual as investors seek insights into the health of the American economy. The U.S. government’s latest shutdown is delaying important updates on the economy, such as a report on inflation that was due Wednesday.

In other dealings early Thursday, U.S. benchmark crude oil gained 50 cents to $58.77 per barrel. Brent crude, the international standard, rose 47 cents to $62.38 per barrel.

The dollar rose to 151.15 Japanese yen from 151.06 yen. The euro climbed to $1.1658 from $1.1648.

The U.S. economy will be hampered by the Trump administration’s tariffs in the coming months, which along with interest rate cuts could lead to a “stagflation-lite” scenario of modestly elevated inflation and unemployment, according to the UCLA Anderson Forecast released Wednesday.

The fourth-quarter estimate also predicts that rising layoffs could lead to a recession, and if President Trump is successful in exerting more control over the Federal Reserve, a “full blown stagflation scenario becomes a more significant risk.”

“This forecast is being produced at a time when more extreme scenarios have become increasingly plausible, even though they do not yet represent our baseline outlook,” states the report by Clement Bohr, senior economist at the forecast.

UCLA’s report notes that the labor market “deteriorated notably” in June while inflation pivoted away from a path of “gradual normalization” onto a rising trajectory.

The quarterly forecast does not take into account the government shutdown that began Wednesday that could results in thousands of layoffs, but predicts third-quarter GDP growth will come in at just 1% on a seasonably adjusted basis, and it will weaken further as the full cost of the tariffs takes hold.

It expects growth to recover in the middle of next year and reach 2% by the fourth quarter, remaining there throughout 2027.

Driving the stagflation prediction is an effective tariff rate of about 11%, with the risk of future levies on pharmaceuticals and the potential lack of a resolution of the China trade dispute. The report notes the political pressure on Federal Reserve Chairman Jerome Powell and the decision by the bank to cut the federal funds rate by a quarter point in September. UCLA predicts a similar rate cut this month.

Trump’s “big beautiful” budget reconciliation bill passed in July, which included $703 billion in temporary tax cuts over the next four years starting in 2026, also will provide substantial stimulus. The Consumer Price Index is expected to peak at 3.6% in the first quarter of next year before easing.

However, the economy will be held back by a tightening labor supply caused by retiring baby boomers and restrictive immigration policies. The unemployment rate has crept up to 4.3% and is expected to peak at 4.6% early next year.

Also Wednesday, closely watched ADP Research released figures showed private-sector payrolls decreased by 32,000 in September with job growth slowing across many industries.

The billions of dollars being invested in artificial intelligence by large technology firms has helped prop up the economy, the forecast noted, which should result in productivity gains — but the capital expenditures should tail off as a “trough of disillusionment” sets in when revenue gains don’t meet expectations.

The report also expects consumer consumption to weaken following a surge in electric-vehicle purchases in the third quarter due to the expiration of federal tax credits last month.

Mark Zandi, chief economist at Moody’s Analytics, said if the government shutdown lasts a week or two it won’t have a “meaningful economic impact.” However, if it lasts for a month or more and is accompanied by mass federal layoffs, it would have a profound effect on the economy, Zandi said.

“It would wreak havoc on the financial markets as global markets and investors begin to wonder if we can govern ourselves,” he said. “That would mean higher interest rates and lower stock prices.”

The California forecast predicts that the state economy will start to recover in the fourth quarter and pick up its pace next year following a slowdown in manufacturing, despite deportations that are reducing labor for food processing and agriculture.

The aerospace sector will benefit from the resumption of normal production at Boeing and Airbus, while there is increasing business at space exploration and satellite companies.

Still, the broader tech sector is facing challenges with cutbacks in H-1B visas and demands for workers with AI skill sets, the report says.

The forecast predicts the California unemployment rate will peak at 6.2% early next year but drop to 4.6% in 2027 as job growth picks up. Gains in real personal income are expected to be 1.5% this year before tailing off to 0.9% next year and rising to 2.7% in 2027.

LOS ANGELES, Calif. /California Newswire/ — A groundbreaking new study from The Evolution of Publishing Institute reveals that published authorship creates a dramatic “Author Authority Premium” in professional services, with published authors commanding overwhelmingly higher preference rates, premium fees, and enhanced credibility compared to non-author counterparts with identical qualifications.

The comprehensive survey of 100 Los Angeles residents examined hiring preferences across three key professional service categories, uncovering striking advantages for professionals who have written books.

KEY FINDINGS:

Hiring Preferences Heavily Favor Authors:

* 86% prefer hiring marketing consultants who are published authors (vs. 14% for non-authors)

* 82% prefer business consultants with published books

* 69% prefer financial advisors who have authored books

Significant Pricing Power:

* Published authors can potentially command 2x higher consultation rates on average

* Fee premiums range from 40-65% across professional service categories

Trust and Credibility Multiplier:

* 86% trust content more when created by book authors vs. 14% for industry experts without books

* Content trust multiplier of 6.1x higher preference for author-created materials

Professional Branding Impact:

* LinkedIn headlines mentioning authorship see 44 percentage point boost in effectiveness

* 72% find professional branding more compelling when authorship is highlighted

SPEAKING AND THOUGHT LEADERSHIP ADVANTAGES

The study also revealed substantial benefits for conference speaking and thought leadership positioning:

* 83% prefer CEOs who authored business books as conference speakers vs. 17% for non-author CEOs

* 68% view executives with published books as better qualified for thought leadership roles

* Authority boost of +66 percentage points for published authors in speaking contexts

INDUSTRY IMPLICATIONS

“This data suggests that writing a book could be one of the best investments you can make in your career,” says Sara O’Neil, a board member at the Evolution of Publishing Institute. “It boosts your credibility and gives you a true edge over the competition.”

The findings indicate that books serve as powerful third-party validation of expertise, with published works creating what researchers term “credibility economics” in professional services.

STUDY METHODOLOGY AND LIMITATIONS

The survey was conducted among 100 Los Angeles residents using hypothetical scenarios comparing professionals with identical qualifications except for published authorship status. Researchers note that results are based on stated preferences rather than actual hiring decisions, and the study assumes generic “published author” status without considering book quality, publisher, or sales success.

Results may vary by specific professional service niches, and the sample was limited to Los Angeles residents.

ABOUT THE EVOLUTION OF PUBLISHING INSTITUTE

The Evolution of Publishing Institute conducts research on the intersection of publishing and professional development. More information is available at: https://publishingevolution.org/.

Learn More: https://publishingevolution.org/

This version of news story was published on and is Copr. © 2025 California Newswire® (CaliforniaNewswire.com) – part of the Neotrope® News Network, USA – all rights reserved.

Information is believed accurate but is not guaranteed. For questions about the above news, contact the company/org/person noted in the text and NOT this website.

Shares were mostly higher Monday in Asia after Wall Street broke its three-day losing streak, trimming its losses for last week.

China factory data are due out on Tuesday and a quarterly business sentiment survey by the Bank of Japan comes on Wednesday.

The next big event for Wall Street could be a looming shutdown of the U.S. government, with a deadline set for this week. But such political impasses have had limited impact on the market before.

U.S. jobs data also will be in the spotlight.

U.S. futures edged higher early Monday and oil prices fell.

Tokyo’s Nikkei was the regional outlier, giving up 1% to 44,892.52.

Chinese markets advanced, with the Hang Seng in Hong Kong adding 1.5% to 26,518.03, while the Shanghai Composite index gained 0.1% to 3,832.65.

Australia’s S&P/ASX 200 rose 0.7% to 8,545.70, while the Kospi in South Korea surged 1.3% to 3,430.57.

On Friday, U.S. stocks trimmed their losses for the week after a report showed that inflation is behaving roughly as economists expected, even if it’s still high.

The S&P 500 rose 0.6% to 6,643.70. The Dow Jones Industrial Average gained 0.7% to 46,247.29, while the Nasdaq composite added 0.4% to 22,484.07. All three indexes pulled closer to the all-time highs they set at the start of the week.

Stocks got some help from the report showing inflation in the United States accelerated to 2.7% last month from 2.6% in July, according to the measure of prices that the Federal Reserve likes to use. While that’s above the Fed’s 2% target, it was precisely what economists had forecast.

That offered some hope that the Fed could continue cutting interest rates in order to give the economy a boost. Without such cuts, growing criticism that stock prices have become too expensive by rising too quickly would become even more powerful.

The Fed just delivered its first rate cut of the year last week but is not promising more because they could worsen inflation.

Another report said sentiment among U.S. consumers was weaker than economists expected. The survey from the University of Michigan said consumers are frustrated with high prices, but their expectations for inflation over the coming 12 months also ticked down to 4.7% from 4.8%.

One factor threatening to push inflation higher, adding to consumer woes, is President Donald Trump’s tariffs, and he announced more late Thursday. They include taxes on imports of some pharmaceutical drugs, kitchen cabinets and bathroom vanities, upholstered furniture and heavy trucks starting on Oct. 1.

Details were sparse about the coming tariffs, as is often the case with Trump’s pronouncements on his social media network. That left analysts unsure of their ultimate effects, and the announcement created ripples in the U.S. stock market instead of huge waves.

Paccar, the company based in Bellevue, Washington, that’s behind the market-dominant Peterbilt and Kenworth truck brands, revved 5.2% higher, for example.

Big U.S. pharmaceutical companies nudged higher. Eli Lilly rose 1.4%, and Pfizer added 0.7%.

In other trading early Monday, U.S. benchmark crude oil lost 49 cents to $65.23 per barrel. Brent crude, the international standard, declined 42 cents to $68.80 per barrel.

Reports that the OPEC plus oil producing nations might raise their production limits next month have added to worries over oversupply, analysts said.

The U.S. dollar slipped to 148.93 Japanese yen from 149.51 yen. The euro rose to $1.1727 from $1.1703.

The latest Consumer Price Index numbers show inflation is rising while jobless claims hit their highest level in nearly four years. CBS News MoneyWatch correspondent Kelly O’Grady explains what to know.

NEW YORK — West Nile virus infections are intense so far this year, with case counts running 40% higher than normal, health officials say.

More than 770 cases, including about 490 severe cases, were reported as of early September, according to Centers for Disease Control and Prevention data posted this week. About 550 cases — 350 of them severe — are usually reported by this time of year.

Health officials are ramping up warnings to the public, because most cases of the mosquito-borne disease are reported in August and September.

“West Nile virus can be a very serious disease and its presence in mosquitoes remains high right now in Massachusetts,” said the state’s public health commissioner, Dr. Robbie Goldstein, in a statement last week.

People can protect themselves by wearing long-sleeved shirts and pants when possible, and using an EPA-registered insect repellent when spending time outdoors, health officials say.

West Nile virus was first reported in the United States in 1999 in New York, and then gradually spread across the country. It peaked in 2003, when nearly 10,000 cases were reported.

Scientists say many people — perhaps tens of thousands each year — are infected but don’t know it because they have no symptoms, or only mild ones such as headaches, body aches, joint pain, vomiting, diarrhea and rashes.

In severe cases, damage to the central nervous system causes inflammation of the brain or spinal cord, and even death.

In the last decade, health officials have fielded reports of 2,000 cases annually on average, including 1,200 life-threatening neurological illnesses and approximately 120 deaths. Deaths are on pace to be higher this year, CDC officials said, but they declined to discuss specifics, saying mortality statistics are too preliminary.

The problem is not that there are more mosquitoes this year, but rather that a higher proportion of the bugs are carrying the virus, CDC officials said. Mosquito infection rates can be affected by such factors as temperature, rainfall, the amount of insect control going on, and how many nearby birds are infected.

Colorado, which tends to see more West Nile virus, has reported about 150 of the nation’s cases — more than double what other states are reporting.

Fort Collins is a hot spot. Monitoring last month in an area in the southwest part of the city found that 35 out of every 1,000 female mosquitoes were infected — far higher than the 8 per 1,000 that would be expected for that time of year — said Roxanne Connelly, a CDC entomologist who lives there.

It’s not clear why, but she noted it’s been a wet and warm year.

___

The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education and the Robert Wood Johnson Foundation. The AP is solely responsible for all content.

For Kasey McBlais, a 42-year-old single mom who lives in Maine with her two elementary school-aged children, the cost of running a household is only getting more expensive, from buying groceries to paying for her home’s upkeep.

“It’s really challenging,” McBlais, who works at a nonprofit, says of managing her expenses. “It’s paycheck to paycheck.”

Cleaning her chimney cost $500 this year, up from about $200 when she bought her house in 2019. And grocery money isn’t going as far either, prompting McBlais to stretch meals to make sure the family has leftovers. “I honestly don’t expect anything to go back to the way they were — it’s a matter of things leveling off where they are at,” she said. 

McBlais’ concerns and struggles come as the pace of inflation continues to creep higher, remaining well above the Federal Reserve’s goal of driving it down to an annual 2% rate. The situation is leaving some consumers feeling frustrated by stubbornly high prices on everything from groceries to housing, souring their views about the health of the U.S. economy. 

In a recent CBS News poll, two-thirds of Americans said that prices in the past few weeks have continued to rise, with nearly all saying they expect the rise in costs to continue. 

On Thursday, the Consumer Price Index is expected to show that prices rose at an annualized rate of 2.9% in August, up from 2.7% in July. Some economists point to the Trump administration’s tariffs as a contributing factor.

“Tariffs will raise prices, and that does of course lead to inflation — there’s no way around that,” said Erasmus Kersting, an economics professor at the Villanova School of Business. 

To be sure, inflation is well below its pandemic peak. But the Federal Reserve’s progress has been slipping, with recent CPI data showing price growth picking up again after reaching a low point this spring. 

At the same time, President Trump is pushing the Federal Reserve to cut its benchmark rate, posting on social media on Wednesday that there is “no inflation!!!” He also urged the Fed to “lower the RATE, BIG, right now.” 

In July 2024, when Mr. Trump pledged to end the “inflation nightmare,” the CPI rate stood at 2.9%, or the same pace that economists forecast for tomorrow’s report.

“The president would like people to stop paying attention to inflation now because it’s not helping it,” Kersting noted. “In the past he wanted people to pay attention to it, because back then it did help him win the election.”

Asked for comment on forecasts the CPI will show an uptick in inflation, the White House said the president is delivering on his promises.

“Joe Biden unleashed the worst inflation crisis in nearly four years — President Trump ended it. Despite the media’s false narrative, core inflation has run at a 2.4% average pace since President Trump took office which is the lowest 6-month pace since March 2021. The so-called ‘experts’ have been wrong month after month: tariffs have not hiked prices and President Trump is delivering on his promise to make America affordable again,” White House spokeswoman Taylor Rogers told CBS MoneyWatch.

The Federal Reserve’s complicated decision

A hotter CPI report would complicate the Federal Reserve’s task of deciding its next interest rate move on Sept. 17, given that the labor market has stalled out this summer. The Fed’s so-called “dual mandate” requires it to promote full employment while keeping inflation in check. 

So far in 2025, the Fed has held its benchmark rate steady, with Chair Jerome Powell saying he wanted to keep the central bank’s powder dry in case tariffs caused inflation to reignite. Because rate reductions make it cheaper to borrow, they can spur businesses and consumers to open their wallets, adding to inflationary pressures. 

But two consecutive disappointing jobs reports signal that the labor market is stalling out, putting pressure on the Fed to cut rates, which can help bolster hiring by making it cheaper for businesses to borrow and add more workers. Powell last month signaled the Fed may be open to a cut, pointing to the labor market’s risks.

The probability of a 0.25 percentage point rate cut is pegged at 90% by CME FedWatch, which bases its forecast on 30-day Fed Funds futures prices. There’s a slimmer 10% likelihood that the Fed could usher in a jumbo cut of 0.5 percentage points, its data shows. 

A rate cut could help some consumers by lowering their borrowing costs, with interest fees on credit cards, home equity lines of credit and other loans likely to drop after a reduction. But households are still continuing to face higher prices at the grocery store and for household bills, experts note.

“Budget pressure has never fully let up for many households, even as inflation subsided during 2024 and early 2025,” Stephen Kates, a certified financial planner and Bankrate financial analyst, said in an email. “Current and future inflation expectations feel like a slow, painful walk down memory lane.”

MANILA, Philippines — Shares in Asia mostly traded higher Thursday after a rally of technology stocks steadied Wall Street and a slide in the dollar made Asian assets more attractive.

U.S. futures were mixed while oil prices were lower.

Japan’s Nikkei 225 jumped 1.2% to 42,437.37 while Australia’s S&P/ASX 200 added 0.6% to 8,791.50. South Korea’s Kospi rose 0.2% to 3,192.22. Taiwan climbed 0.7% while India’s BSE Sensex added 0.6%.

The Chinese markets bucked the trend, with Hong Kong’s Hang Seng index down 1.1% to 25,006.22. The Shanghai Composite index fell nearly 2% to 3,738.32 on fears regulators will intervene amid excessive stock gains and liquidity.

On Wednesday, Wall Street steadied after Alphabet and other technology stocks rallied. It also got some relief from easing pressure from the bond market, where the latest discouraging report on the U.S. job market bolstered expectations that the Federal Reserve will cut interest rates soon to support the economy.

The S&P 500 climbed 0.5% to break the two-day losing slide it had been on since setting its latest all-time high. The Dow Jones Industrial Average dipped 24 points, or 0.1%, and the Nasdaq composite climbed 1%.

Google’s parent company was one of the strongest forces lifting the market and jumped 9.1% after avoiding some of the worst-case scenarios in its antitrust case.

Also helping to steady Wall Street was a calming bond market. A day earlier, yields climbed worldwide on worries about governments’ abilities to repay their growing mountains of debt, as well as concerns that President Donald Trump’s pressure on the Federal Reserve to cut short-term interest rates could lead to higher inflation in the long term.

Such worries have pushed investors to demand higher yields before lending money to governments. And when bonds are paying more in interest, investors feel less need to pay high prices for stocks, which are riskier investments.

On Wednesday, Treasury yields retreated following the latest report on the U.S. job market to come in weaker than expected. The 10-year Treasury yield fell to 4.22% from 4.28% late Tuesday, for example.

The report showed that U.S. employers were advertising 7.2 million job openings at the end of July, fewer than economists had forecast.

A weakened job market could push the Federal Reserve to cut its main interest rate for the first time this year at its meeting later this month. That’s the widespread expectation among traders, with the next big data point coming on Friday via an update on U.S. hiring during August.

Lower interest rates could give the job market and overall economy a boost. The downside is that they can also push inflation higher when Trump’s tariffs may be set to raise prices for all kinds of imports.

“The dollar, naturally, buckled under the weight of weaker jobs and lower rates, and increased Fed cut bets, handing Asia an early boost. When the U.S. dollar slides, Asian assets instantly look more attractive in currency-adjusted terms, and regional equities should snap to life after a sluggish start to September,” Stephen Innes of SPI Asset Management said in a commentary.

But he said Chinese equities slid as regulators fret over excessive stock gains and too much liquidity in the system, with Beijing signaling it may tighten the screws.

In other dealings on Thursday, U.S. benchmark crude lost 42 cents to $63.55 per barrel. Brent crude, the international standard, shed 35 cents to $67.25 per barrel.

The U.S. dollar rose to 148.24 Japanese yen, from 148.05 yen. The euro fell to $1.1653 from $1.1667.

The end of the de minimis tax loophole on Friday means that low-cost shipments to the U.S. are no longer exempt from import duties, a potential hit to consumers ordering goods from abroad. 

Under the prior tax break, parcels containing goods worth less than $800 were not subject to tariffs, making many products from overseas, such as clothing and beauty products, a cheaper alternative to U.S.-made items.  

Now, stepped-up duties apply to all online orders entering the U.S. That could lead to higher costs and longer delivery times given that customs agents must now inspect and process the shipments, experts said. 

“This means that, when making e-commerce purchases from your favorite international sites that you didn’t have to worry about paying duties on before — now you have to,” Rathna Sharad, CEO and co-founder of FlavorCloud, a global logistics platform, told CBS MoneyWatch. “This increases the cost of common consumer goods, and it varies widely by category of product.”

In her case, Sharad said the cost of the Korean beauty products she likes has already risen about 15%. “It’s a massive change for U.S. consumers, and a big change for brands and retailers because they have to scramble to figure out their pricing strategies and what this means for them.”

The White House on July 30 announced it would suspend the de minimis treatment, calling it a “catastrophic loophole” that provided a pathway for opioids “as well as other unsafe or below-market products that harm American workers and businesses” to enter the U.S.  

The White house said in a statement to CBS MoneyWatch that the loophole was exploited by bad actors. 

“Between 2015 and 2024, shipments that entered the United States under de minimis ballooned by over 900%,” White House spokesperson Kush Desai said in a statement. “Thanks to President Trump’s historic action, the days of criminal exporters and drug traffickers exploiting the de minimis loophole to flood our country with counterfeit goods, lead toys and illicit drugs like fentanyl are over.” 

The International Trade Administration, a federal agency, also cited statements from companies praising the move. 

“The de minimis loophole has long provided an opportunity for some importers & retailers to avoid paying their fair share of U.S. duties,” Gap said Friday. “These packages are also typically subject to minimal inspection, raising potential safety concerns for U.S. consumers. Closing this loophole strengthens our nation’s supply chain integrity, improves consumer protection, and levels the playing field for all retailers.”

Peter Navarro, Mr. Trump’s senior counselor for trade and manufacturing, said on a call with reporters on Thursday that ending the exemption would generate up to $10 billion a year in tariff revenues, while also creating thousands of jobs. 

How much pricier?

According to a recent FlavorCloud analysis, a pair of lined slippers made in China and shipped to the U.S. that previously cost $30 when the de minimis exemption was in force will now cost $44.37, an increase of 51%. That figure factors in several U.S.tariffs on imports: a 12.5% levy on slippers; 20% duty on Chinese goods; and a 10% universal tariff on all imports, as well as a $2.62 merchandise processing fee to calculate the new price.

A nutritional supplement from Canada that formerly cost $37 will now run $60.17 with tariffs in effect, FlavorCloud also found. And a stainless steel water bottle from the U.K. that cost $15 when ordered online in the U.S. will see its price rise to $21.81 once tariffs are applied. 

Additionally, a chef’s knife from Japan that previously sold for $240 online could cost $298.49 after accounting for applicable tariffs, according to the same analysis. 

To be sure, some foreign manufacturers could choose to absorb the cost of higher U.S. tariffs — which are typically paid by importers here at home — experts said.  

“Because consumers want bargains, many companies may choose to bite the bullet and incur the increased import costs if they could remain competitive,” said Augustine Lo, a partner at international law firm Dorsey & Whitney, while noting that abolishing the de minimis loophole amounts to a heavy burden on small and midsize businesses. 

Indeed, for now tariffs have had relatively little impact on the rate of U.S. inflation, economic data shows, although forecasters note that it can take up to a year for levies to trickle into consumer prices. 

Avoiding surprise costs

Shoppers can take certain steps to avoid being hit with surprise costs when ordering goods online from overseas. 

First, check a product’s country of origin before making a purchase. U.S.-based sellers often ship goods from their warehouses abroad, which could greatly increase the cost of an item now that tariffs are being applied. More specifically, look for tariff surcharges listed as line items on companies’ websites, and decide if the extra charges are worth the cost. 

For example, if the imports duties on a particular good exceed its value, it may not be worth buying. At minimum, factor in such added costs into your budget while shopping, FlavorCloud recommends. 

The bottom line is that the end of the de minimis loophole amounts to a major shift for consumers and businesses alike, according to Sean Henry, CEO and co-founder of Stord, an e-commerce fulfillment platform. 

“It’s a large change because over the last decade, de minimis has accounted for such a large portion of online sales,” Henry told CBS MoneyWatch. 

In 2024, U.S. Customs and Border Patrol processed $65 billion worth of de minimis packages. 

“It was a way to allow international sellers a fast path, with no paperwork or customs duties, into the U.S.,” Henry said. “It’s like they were in the fast line at the airport and ran right through. Now, all of a sudden, those same packages are being put into general boarding, and it’s going to slow everything down.”

BANGKOK — Shares advanced in Asia on Monday, a day ahead of U.S. President Donald Trump’s deadline for imposing higher tariffs on goods imported from China.

Markets in Japan and Thailand were closed for holidays.

The Hang Seng in Hong Kong edged 0.2% higher to 24,908.37, while the Shanghai Composite index gained 0.5% to 3,653.50.

Triple digit tariffs imposed by Trump and Beijing were paused for 90 days in May to allow time for talks.

Tuesday is the deadline for extending that truce. The last round of negotiations, held last month in Stockholm, ended without a clear word from Trump on whether the deadline would be extended for another 90 days.

Elsewhere in Asia, Australia’s S&P/ASX 200 rose 0.3% to 8,831.40, while the Kospi in South Korea was nearly unchanged, at 3,210.76.

On Friday, the S&P 500 rose 0.8% to 6,389.45, just shy of its record high. The Dow Jones Industrial Average added 0.5% to 44,175.61, and the Nasdaq rose 1% to finish at 21,450.02.

Technology companies, with their hefty stock values, did much of the heavy lifting for the market. Nvidia rose 1.1% and Apple gained 4.2%.

Gilead Sciences jumped 8.3% for one of the market’s biggest gains after reporting financial results that easily beat analysts’ forecasts, while also raising its earnings forecast for the year. Expedia Group rose 4.1% after also reporting encouraging financial results.

They are among the final big batch of companies within the S&P 500 to report mostly strong financial results for the second quarter. Still, many have warned that current tariffs could cut into their profits.

Elsewhere in the market, entertainment giant Paramount Skydance slid 10.5% a day after the company was created by the closing of an $8 billion merger of Skydance and Paramount. Shares in rival Warner Bros. Discovery sank 8%.

Investors will get more insight this week on U.S. inflation at both the consumer and wholesale levels and on retail sales.

Trump’s trade war and its potential impact on the U.S. economy and on the Federal Reserve’s interest rate policy are a focus after the U.S. began imposing higher import taxes on dozens of countries last Thursday.

The Fed’s last decision to hold interest rates steady included two votes to lower interest rates. Its next meeting is in September, and Wall Street is overwhelmingly betting that the central bank will cut interest rates by a quarter of a percentage point after signals have pointed to a weaking of the economy.

Both are key concerns for the Fed, which has been trying to cool inflation down to its target rate of 2% while also fulfilling its “full employment” mandate.

Lower interest rates can give the economy and investment prices a boost, though the downside is that they can also push inflation higher. Concerns about inflation reheating could be overshadowed by worries about a weakening employment market.

In other dealings early Monday, U.S. benchmark crude oil shed 38 cents to $63.50 per barrel. Brent crude, the international standard, declined 31 cents to $66.28 per barrel.

The U.S. dollar slipped to 147.46 Japanese yen from 147.62 yen. The euro rose to $1.1673 from $1.1650.

BANGKOK — China’s exports surged 7.2% in July from a year earlier while its imports grew at the fastest pace in a year, as businesses rushed to take advantage of a truce in President Donald Trump’ s trade war with Beijing.

However, analysts said the improvement also reflected a low base for comparison in July 2024.

Exports to the United States sank nearly 22% year-on-year, while imports from America fell almost 19%. But exports to Africa and Southeast Asia surged at double-digit rates as Chinese businesses diverted sales to other markets.

Tariffs on Chinese goods are being considered separately from the new higher tariffs that took effect on Thursday for dozens of U.S. trading partners.

China’s global trade surplus for 2025 rose to $683.5 billion by the end of July, nearly a third higher than the surplus for the same period last year. The data showed that China’s surplus in July was $98.2 billion, while its exports to the United States were $23.7 billion than its imports of U.S. goods.

U.S. imports from China are subject to tariffs of at least 30%, with some products facing much higher import duties. Trump earlier had ordered still higher rates of up to 245%, and Beijing responded in kind, but the two sides agreed to pause those to allow time for trade talks. It’s unclear if the truce will be extended beyond an Aug. 12 deadline following the latest round of negotiations last week in Sweden.

The Trump administration has also raised tariffs on imports from countries other than China that it suspects of being “transshipped” via other countries. For example, the import duty on Vietnam’s exports to the U.S. now stands at 20%. For transshipped goods, it’s 40%.

“With the temporary boost to demand from the U.S.-China trade truce already fading and tariffs on shipments rerouted via other countries now rising, exports look set to remain under pressure in the near term,” Zichun Huang of Capital Economics said in a report.

Economists had been expecting China’s dollar-denominated exports to grow less than 6% in annual terms in July, on a par with June’s 5.8% rate.

But improved trade with the rest of the world has helped offset the impact of Trump’s trade war. Imports rose 4.1% last month from a year earlier, the most since July 2024, with higher shipments of crude oil, copper and soybeans.

China’s exports of rare earths that are vital for making many high-tech and other products and Trump has made ensuring U.S. access to such vital minerals a key part of trade negotiations, leading Beijing to promise to loosen some controls.

In July, China’s exports of rare earths fell 17.6%, compared with a nearly 50% fall the month before. In January-July, its rare earths exports fell 24.2% in dollar terms although they rose more than 13 percent by volume.

Exports of vehicles, fertilizer, ships and auto parts also saw strong growth.

Washington — President Trump officially began levying higher import taxes on dozens of countries Thursday, just as the economic fallout of his months-long tariffs threats was beginning to create visible damage to the U.S. economy.

The White House said that starting just after midnight EDT, goods from more than 60 countries and the European Union began facing tariff rates of 10% or higher. Products from the European Union, Japan and South Korea are being taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh are being taxed at 20%. Mr. Trump also expects places such as the EU, Japan and South Korea to invest hundreds of billions of dollars in the U.S.

He immediately took to his Truth Social platform to hail the levies, saying, “IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!”

About an hour before that, he posted, “RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA. THE ONLY THING THAT CAN STOP AMERICA’S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!”

On Wednesday afternoon, Mr. Trump said, “I think the growth is going to be unprecedented,” adding that the U.S. was “taking in hundreds of billions of dollars in tariffs.” But he said he couldn’t provide a specific figure for revenues because “we don’t even know what the final number is” regarding tariff rates.

Despite the uncertainty, the Trump White House is confident that the onset of his broad tariffs will provide clarity about the path of the world’s largest economy. Now that companies understand the direction the U.S. is headed, the administration believes it can ramp up new investments and jump-start hiring in ways that can rebalance the U.S. economy as a manufacturing power.

But so far, there are signs of self-inflicted wounds to America as companies and consumers alike brace for the impact of new taxes. What the data has shown is a U.S. economy that changed in April with the president’s initial rollout of tariffs, an event that led to market drama, a negotiating period and Mr. Trump’s ultimate decision to start his universal tariffs on Thursday.

After April, economic reports showed that hiring began to stall, inflationary pressures crept upward and home values in key markets started to decline, said John Silvia, CEO of Dynamic Economic Strategy.

“A less productive economy requires fewer workers,” Silvia said in an analysis note. “But there is more, the higher tariff prices lower workers’ real wages. The economy has become less productive, and firms cannot pay the same real wages as before. Actions have consequences.”

Even then, the ultimate transformations of the tariffs are unknown and could play out over months, if not years. Many economists say the risk is that the American economy is steadily eroded rather than collapsing instantly.

“We all want it to be made for television where it’s this explosion – it’s not like that,” said Brad Jensen, a professor at Georgetown University. “It’s going to be fine sand in the gears and slow things down.”

Mr. Trump has promoted the tariffs as a way to reduce the persistent trade deficit. But importers sought to avoid the taxes by importing more goods before the taxes went into effect. As a result, the $582.7 billion trade imbalance for the first half of the year was 38% higher than in 2024. Total construction spending has dropped 2.9% over the past year, and the factory jobs promised by Mr. Trump have so far actually been job losses.

The lead-up to Thursday fit the slapdash nature of Mr. Trump’s tariffs, which have been variously rolled out, walked back, delayed, increased, imposed by letter and frantically renegotiated.

The process has been so muddled that officials for key trade partners were unclear at the start of the week whether the tariffs would begin Thursday or Friday. The language of the July 31 order to delay the start of tariffs from Aug. 1 said the higher tax rates would start in seven days.

On Wednesday morning, Kevin Hassett, director of the White House National Economic Council, was asked if the new tariffs began at midnight Thursday, and he said reporters should check with the U.S. Trade Representative’s Office.

Mr. Trump on Wednesday announced additional 25% tariffs to be imposed on India for its buying of Russian oil, bringing India’s total import taxes to 50%. He has said that import taxes are still coming on pharmaceutical drugs and announced 100% tariffs on computer chips, meaning the U.S. economy could remain in a place of suspended animation as it awaits the impact.

The president’s use of a 1977 law to declare an economic emergency to impose the tariffs is also under challenge. The impending ruling from last week’s hearing before a U.S. appeals court could cause Trump to find other legal justifications if judges say he exceeded his authority.

Even people who worked with Trump during his first term are skeptical that things will go smoothly for the economy, such as Paul Ryan, the former Republican House speaker, who has emerged as a Trump critic.

“There’s no sort of rationale for this other than the president wanting to raise tariffs based upon his whims, his opinions,” Ryan told CNBC on Wednesday. “I think choppy waters are ahead because I think they’re going to have some legal challenges.”

Still, the stock market has been solid during the recent tariff drama, with the S&P 500 index climbing more than 25% from its April low. The market’s rebound and the income tax cuts in Trump’s tax and spending measures signed into law on July 4 have given the White House confidence that economic growth is bound to accelerate in the coming months.

As of now, Trump still foresees an economic boom while the rest of the world and American voters wait nervously.

“There’s one person who can afford to be cavalier about the uncertainty that he’s creating, and that’s Donald Trump,” said Rachel West, a senior fellow at The Century Foundation who worked in the Biden White House on labor policy. “The rest of Americans are already paying the price for that uncertainty.”

Americans could see inflation tick higher in 2025 as businesses start to pass on the cost of the Trump administration’s tariffs to consumers through price hikes, Beth Hammack, president and CEO of the Federal Reserve Bank of Cleveland, told CBS News’ Kelly O’Grady in an interview.

So far this year, inflation has remained relatively muted despite President Trump’s wide-ranging tariffs, partially because many businesses stockpiled goods and manufacturing parts ahead of the import duties’ implementation. Some business facing higher tariffs also chose to hold off on passing cost increases onto consumers as they awaited more clarity around where tariff rates would settle. Additionally, the Trump administration instituted numerous pauses on threatened levies, delaying cost increases for businesses and consumers. 

Mr. Trump has been pushing the Fed to cut interest rates, citing subdued inflation numbers and cuts from other major central banks, such as in the U.K. and the European Union. But the Federal Reserve last week maintained its benchmark rate at the same level where it’s been parked since December 2024, with Fed Chairman Jerome Powell citing the risks of higher inflation due to the Trump administration’s tariffs. 

That’s a danger also highlighted by Hammack, who said she believes inflation could reach a 3% annual rate this year, representing a pace that would be 1 percentage point higher than the Fed’s goal of a 2% annualized rate. 

“Individual businesses have been trying to hold back on, passing on those [tariff] costs, because they’re worried about what it might mean for demand,” Hammack told O’Grady. “They’ve been selling inventory that they’d accumulated early in the year, and so they didn’t need to charge for the tariffs on that, but they’re coming through those stockpiles.”

She added, “They’re coming to the point where their margins are getting squeezed and they need to start passing that onto consumers.”

Many households are still struggling with the cost of living, with half of Americans saying they view grocery prices as a major source of stress in their life right now, outpacing housing cost and health care, according to a new poll from The Associated Press-NORC Center for Public Affairs Research. 

“Two-speed economy”

Hammack said the U.S. appears to be in a “two-speed economy.” 

“The top part of the income spectrum is doing incredibly well,” she noted. “They’re feeling a lot of excitement about the stock market, how their 401(k)s are doing, and they’re feeling flush with cash.”

But, she added, low-income households are facing a lot of economic challenges. 

“I hear individuals trading down, they go to the supermarket and they can’t buy ground beef,” Hammack said. “They’re buying hot dogs, they’re looking at their $400 emergency fund, and it’s not able to pay for a new air conditioner or the car repairs that it used to be able to pay for.”

Price pressures from the Trump administration’s tariffs could cause a one-time increase in costs as businesses adjust their prices to cover the import duties, she added. Fed officials are focused on making sure that the price hikes don’t become what she calls a “more persistent inflationary problem.”

“What I’m focused on is making sure that we have an economy that’s working for all Americans,” Hammack said. “Which is why I believe we need to stay really focused on the inflation side of our mandate.”

At the same time, Friday’s disappointing jobs report shows that the labor market is also facing fresh challenges, with employers hiring fewer workers than expected in July. The Fed’s mandate is to keep both inflation and unemployment low, with the central bank turning to interest rate hikes to cool inflation or rate cuts to help the job market. 

With both inflation on the rise and the job market experiencing some headwinds, the Fed has a delicate balancing act, she noted. 

“This is a really challenging time for monetary policy makers, because both sides of our mandate are being challenged,” Hammack said. “And so the decision of which way to go and how quickly to move is a really difficult one right now.

The Federal Reserve will make its next decision on interest rates in September, and some analysts are already calling for a rate cut with the US economy seeing three straight months of weak jobs growth. Hammack admits waiting too long to cut rates because of potential inflation is a risk.

“If we wait too long to cut rates, that could mean that more people are losing their jobs than we’d like to see,” Hammack said. “We have to balance those two factors when we’re trying to decide what’s right to steer the economy forward.

Cancer survivors infected with COVID-19 in the early months of the pandemic had a higher risk of dying from dormant cells reawakening, Colorado researchers found, though they don’t know whether people who get the virus now face the same risk.

Experiments in mice found that genetically modified animals were more likely to have signs of metastatic cancer in their lungs if infected with flu or COVID-19 than engineered mice that researchers didn’t give a virus, said James DeGregori, deputy director of the University of Colorado Cancer Center in Aurora.

That finding launched an international partnership to determine whether the same thing happened in people, he said.

DeGregori was one of the lead investigators, alongside scientists from Utrecht University in the Netherlands, Imperial College London, University College London, University of Connecticut, Albert Einstein College of Medicine in New York City, Children’s Hospital of Philadelphia, and the COVID-19 International Research Team, based in Massachusetts.

Two datasets, from the United States and the United Kingdom, both showed a higher risk that cancer survivors with confirmed COVID-19 infections would die from metastatic cancer, compared to survivors who didn’t test positive for the virus.

The British data showed people who tested positive had about twice the risk of those who tested negative, and the American data showed about a 44% increased risk, DeGregori said. A significant number of the U.S. patients never got tested for COVID-19, however, so the risk was likely higher because of cancer deaths in people with missed infections, he said.

The American data only included breast cancer survivors, while the British data included people who were in remission from any type of cancer. The risk of death was highest in the months immediately after an infection.

COVID-19 didn’t directly cause the cancer to spread, but created an environment where dormant cells elsewhere in patients’ bodies can wake up, DeGregori said. The body responds to an infection with inflammation to kill the virus, which helps the cancer cells, he said.

“It’s kind of like collateral damage,” he said.

Drugs exist that could block one specific molecule that ramps up inflammation, but they also suppress the immune system, which is a problem when the patient has a serious infection, DeGregori said.

“You have to balance the good it does with the bad it does,” he said.

President Trump on Thursday formally announced higher tariffs against more than 60 U.S. trading partners starting next week — just hours before the administration’s self-imposed midnight deadline. 

The president signed an executive order listing out tariff rates for imports from dozens of countries, including a handful that have cut trade deals with the administration and dozens that haven’t reached a deal yet. The duties range as high as 41% for Syria and 40% for Laos and Myanmar, while almost no country’s imports will face tariffs below 10%.

The new tariffs apply to imports that are “entered for consumption, or withdrawn from warehouse for consumption,” in seven days, the order said. Mr. Trump had vowed to impose higher tariffs starting just after midnight on Friday, Aug. 1. A White House official told CBS News the extra seven days were intended to give Customs and Border Protection enough time to implement the new tariff rates.

“[F]or most economies and most of our trading partners, the cost of doing trade tomorrow will be higher than it is today,” Greg Daco, chief economist at management consulting firm EY-Parthenon, said prior to the release of Thursday’s list.

Mr. Trump set the latest deadline for trade agreements in April after announcing — and later suspending for 90 days — what he described as “Liberation Day” tariffs on more than 90 countries. A July 9 deadline for deals came and went, with the White House again stalling for time. But Mr. Trump had since vowed not to extend the deadline beyond Aug. 1 for most nations.

Almost 70 trading partners are included on Thursday’s list, and goods from countries that weren’t listed will face 10% tariffs — the same baseline that Mr. Trump imposed in April.

For some countries, Thursday’s tariff list features lower rates than the ones that were threatened on Liberation Day. But other countries’ tariffs were adjusted up slightly. For example, Madagascar was threatened with 47% tariffs in April and just 15% tariffs on Thursday, but Switzerland’s rate jumped from 31% to 39%. 

For the handful of trading partners that have reached agreements with Mr. Trump in recent weeks — including Japan, South Korea and the European Union — the new tariff list reflects the terms of those trade deals.

A senior administration official told reporters Thursday new tariff list separates U.S. trading partners into three buckets. If the United States has a trade surplus with a country — meaning the U.S. exports more goods to the country than it imports — that nation’s goods will face a 10% tariff rate. If the U.S. has a small trade deficit, imports from that country will generally face 15% tariffs. And countries that the U.S. has larger deficits with face higher tariffs, typically based on either the “Liberation Day” rate, a rate hashed out in a trade deal with the U.S. or a rate floated by Mr. Trump in a letter.

Stiff tariffs on Canada

Tariffs on the United States’ three largest trading partners — Mexico, Canada and China — are treated separately. Duties on Canadian goods will jump from 25% to 35% starting Friday, the White House announced Thursday, following through on a threat from earlier this month. 

Mr. Trump is also threatening tariff hikes for Mexico and China, but the U.S.’ southern neighbor got a 90-day extension on Thursday, and an Aug. 12 deadline to strike a deal with China is expected to be extended for three months, too.

Amid concerns that the White House’s trade agenda was fueling economic uncertainty for businesses and consumers, Trump administration officials this spring pledged to nail down “90 deals in 90 days.” 

By that measure, his administration has come up far short of its goals. The White House has announced broad bilateral agreements with a handful of nations as well as the 27-member European Union, but those deals have lacked the extensively documented details typical of most trade deals, experts note. 

“It’s important to note that we don’t even have any deals as deals are commonly understood, except maybe the U.K. agreement, which is still being discussed,” Alex Jacquez, chief of policy and advocacy at Groundwork Collaborative, a left-leaning advocacy group, told CBS MoneyWatch.

The countries that have yet to strike deals with the U.S., including major trading partners such as Canada and Mexico, account for 56% of American imports, according to Goldman Sachs. 

Shortly after the new tariff list was released, Mr. Trump told NBC News in an interview it’s “too late” for countries that still haven’t struck a trade agreement to avoid the new import duties — but he’s still willing to negotiate after the higher tariffs take effect. He said he believes his trade strategy was going “very well, very smooth,” pointing to the revenue brought in by tariffs and the fact that inflation has not spiked.

“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. “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.”

Tearing up the rules

Mr. Trump re-entered office in January promising to rewrite the rules of international commerce, which he has long maintained disadvantage the U.S. and hurt American workers. In that effort, he has embraced tariffs as a way to reduce trade deficits with other nations, energize domestic manufacturers, generate federal revenue and gain leverage in foreign policy.  

In practice, the White House has struggled to deliver on that ambitious agenda, Daniel Altman, an economist and founder of investment newsletter High Yield Economics, told CBS MoneyWatch. 

“There were never enough trade negotiators in all of Washington to conclude all of these details by August 1,” he said. “We have some framework agreements that have made the headlines, but as we’re finding out a lot of those deals include tariff rates that are pretty much the same as the base rate of 15% that the White House has mooted for the rest of the world.”

Yet despite the appearance of chaos that has attended some of the rollout of his new tariff regime, Mr. Trump has clearly succeeded in changing the terms of trade with several key economic partners in ways that could favor the U.S. In some cases, that includes winning the elimination or significant reductions in tariffs on American exports going the other way.

Under its deal with the EU, for instance, the U.S. will impose a 15% tax on most of the trading bloc’s imports, but the EU has agreed not to charge any levy on imports from the U.S. Deals with Japan and South Korea impose the same tariff rate on those countries’ exports to the U.S.

Other countries that struck trade deals with the U.S. have acceded to higher tariffs in hopes of ensuring good relations with Mr. Trump and avoiding even higher levies. Those include Indonesia and the Philippines, which will each face a 19% tariff on their exports. The U.S. will subject imports from Vietnam to a 20% duty, plus a 40% tariff on goods that are transshipped via other countries. 

“In any other time frame, one would have said that having the EU, Korea, Japan, Philippines, Indonesia and the United Kingdom covers an awful lot of world trade and U.S. trade,” Alan Wolff, senior fellow at the nonpartisan Peterson Institute for International Economics and former deputy director-general of the World Trade Organization, told CBS MoneyWatch.

President Trump’s tariff agenda is also generating significant revenue. According to the U.S. Treasury, the U.S. in June brought in $27 billion in tariff revenue — more than three times what it collected in the same period a year ago.

The White House has repeatedly insisted that tariff costs will be borne by foreign countries and that the levies will help spur investment in U.S. manufacturing. Trade experts note that tariffs are typically paid by importers, which often pass on those costs to consumers in the form of higher prices. 

The White House is set to put pressure on the U.S.’s trading partners this week to sign new tariff deals, with the hope that they will be finalized before a Wednesday deadline.

The Trump administration is expected to send dozens of letters to countries that have not made a trade deal, warning them that higher tariffs could kick in Aug. 1, White House National Economic Council director Kevin Hassett and Treasury Secretary Scott Bessent said Sunday.

“Our smaller trading partners could become much bigger trading partners,” Hassett said on “Face the Nation with Margaret Brennan.” “And that’s, I think, one of the reasons why countries are racing to set deals up with us ahead of the deadline.”

As many as 15 letters will be going out beginning Monday, President Trump confirmed to reporters before heading back to the White House from his New Jersey club on Sunday. Some will go out on Tuesday and Wednesday, he said, adding that “some deals have been made.”

Mr. Trump wrote later on social media that “Letters, and/or Deals, with various Countries from around the World” would start being delivered at 12:00 a.m. ET Monday.

“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff,” Mr. Trump wrote in another post, referring to an alliance of nations with emerging economies, which held a summit in Brazil over the weekend. “There will be no exceptions to this policy. Thank you for your attention to this matter!”

Initially comprised of Brazil, Russia, India, China and South Africa, the group now also includes Iran, Egypt, Ethiopia and the United Arab Emirates.

Mr. Trump did not specify what exactly would trigger the added BRICS tariff.  

Commerce Secretary Howard Lutnick also told reporters Sunday that higher tariffs could go into effect Aug. 1 for countries that don’t make a deal by Wednesday.

Questions remain about which countries will be notified, whether anything will change in the days ahead and whether Mr. Trump will once more push off imposing the rates.

In an interview with CNN on Sunday, Bessent said about 100 letters will be sent to small countries “where we don’t have very much trade” and where tariffs are already at the baseline of 10%. The treasury secretary also said that the administration is primarily focused on nations with the largest trade deficit with the U.S.

“There are 18 important trading relationships that account for 95% of our deficit, and those are the ones we’re concentrating on,” Bessent said.

Treasury Secretary Scott Bessent rejected the idea that Aug. 1 was a new deadline and declined to say what might happen Wednesday.

“We’ll see,” Bessent said on CNN’s State of the Union. “I’m not going to give away the playbook.”

Mr. Trump and his top trade advisers say he could extend the time for dealmaking but they insist the administration is applying maximum pressure on other nations. Hassett said that Trump would decide when it was time to give up on negotiations.

Stephen Miran, the chair of the White House Council of Economic Advisers, likewise said countries negotiating in good faith and making concessions could “sort of, get the date rolled.”

The steeper tariffs that Trump announced April 2 threatened to overhaul the global economy and lead to broader trade wars. A week later, after the financial markets had panicked, his administration suspended for 90 days most of the higher taxes on imports just as they were to take effect, but he kept the 10% baseline in place while raising the tariff rate on goods imported from China. Chinese goods are now subject to 30% across-the-board tariffs.

With the freeze on sweeping U.S. tariffs set to expire Wednesday, July 9, the White House 
has touted new trade agreements with countries in recent weeks, like China, the U.K. and Vietnam. But there are still questions heading into the week with other deals yet to be announced.

Bessent said the U.S. was “close to several deals,” and predicted several big announcements over the next few days. He gave no details.

“I think we’re going to see a lot of deals very quickly,” Bessent said.

Given the complexity of trade deals, some experts think the U.S. is likely to extend the tariff pause for some nations. 

“It can take a lot more time [than 90 days] to truly iron these things out,” Clark Packard, a trade policy expert and research fellow at the Cato Institute, a nonpartisan public policy think tank, told CBS News’ MoneyWatch.

Mr. Trump last week announced a deal with Vietnam. Under the terms of the agreement, Mr. Trump said the U.S. would levy 20% tariffs on goods imported to the U.S. from Vietnam, and a 40% tariff on “any transshipping.” The president said Vietnam would “‘OPEN THEIR MARKET TO THE UNITED STATES,’ meaning that, we will be able to sell our product into Vietnam at ZERO Tariff.”

That was a decline from the 46% tax on Vietnamese imports he proposed in April — one of his so-called “reciprocal tariffs” targeting dozens of countries with which the U.S. runs a trade deficit.

Asked if he expected to reach deals with the European Union or India, Trump said Friday that “letters are better for us” because there are so many countries involved.

“We have India coming up and with Vietnam, we did it, but much easier to send a letter saying, ‘Listen, we know we have a certain deficit, or in some cases a surplus, but not too many. And this is what you’re going to have to pay if you want to do business in the United States.”

Canada, however, will not be one of the countries receiving letters, Trump’s ambassador, Pete Hoekstra, said Friday after trade talks between the two countries recently resumed.

“Canada is one of our biggest trading partners,” Hoekstra told CTV News in an interview in Ottawa. “We’re going to have a deal that’s articulated.”

Canadian Prime Minister Mark Carney has said he wants a new deal in place by July 21 or Canada will increase trade countermeasures.

Hoekstra would not commit to a date for a trade agreement and said even with a deal, Canada could still face some tariffs. But “we’re not going to send Canada just a letter,” he said.

Maria Weston Kuhn had one lingering question about the car crash that forced her to have emergency surgery during a vacation in Ireland: Why did she and her mother sustain serious injuries while her father and brother, who sat in the front, emerge unscathed?

“It was a head-on crash and they were closest to the point of contact,” said Kuhn, now 25, who missed a semester of college to recover from the 2019 collision that caused her seat belt to slide off her hips and rupture her intestines by pinning them against her spine. “That was an early clue that something else was going on.”

When Kuhn returned home to Maine, she found an article her grandma had clipped from Consumer Reports and left on her bed. Women are 73% more likely to be injured in a frontal crash, she learned, yet the dummy used in vehicle tests by the National Highway Traffic Safety Administration dates back to the 1970s and is still modeled almost entirely off the body of a man.

Kuhn, who is starting law school at New York University this fall, took action and founded the nonprofit Drive US Forward. Its aim was to raise public awareness and eventually encourage members of Congress to sign onto a bill that would require NHTSA to incorporate a more advanced female dummy into its testing.

The agency has the final word on whether cars get pulled from the market, and the kind of dummy used in its safety tests could impact which ones receive coveted five-star ratings.

“It seems like we have an easy solution here where we can have crash test dummies that reflect an average woman as well as a man,” Sen. Deb Fischer, a Nebraska Republican who has introduced the legislation the past two sessions, told The Associated Press.

Senators from both parties have signed onto Fischer’s “She Drives Act,” and the transportation secretaries from the past two presidential administrations have expressed support for updating the rules.

But for various reasons, the push for new safety requirements has been moving at a sluggish pace. That’s particularly true in the U.S., where much of the research is happening and where around 40,000 people are killed each year in car crashes.

The crash test dummy currently used in NHTSA five-star testing is called the Hybrid III, which was developed in 1978 and modeled after a 5-foot-9, 171-pound man (the average size in the 1970s but about 29 pounds lighter than today’s average). What’s known as the female dummy is essentially a much smaller version of the male model with a rubber jacket to represent breasts. It’s routinely tested in the passenger seat or the back seat but seldom in the driver’s seat, even though the majority of licensed drivers are women.

“What they didn’t do is design a crash test dummy that has all the sensors in the areas where a woman would be injured differently than a man,” said Christopher O’Connor, president and CEO of the Farmington Hills, Michigan-based Humanetics Group, which has spent more than a decade developing and refining one.

A female dummy from Humanetics equipped with all of the available sensors costs around $1 million, about twice the cost of the Hybrid used now.

But, O’Connor says, the more expensive dummy far more accurately reflects the anatomical differences between the sexes — including in the shape of the neck, collarbone, pelvis, and legs, which one NHTSA study found account for about 80% more injuries by women in a car crash compared to men.

Such physical dummies will always be needed for vehicle safety tests, and to verify the accuracy of virtual tests, O’Connor said.

Europe incorporated the more advanced male dummy developed by Humanetics’ engineers, the THOR 50M (based on a 50th percentile man), into its testing procedures soon after Kuhn’s 2019 crash in Ireland. Several other countries, including China and Japan, have adopted it as well.

But that model and the female version the company uses for comparison, the THOR 5F (based on a 5th percentile woman), have been met with skepticism from some American automakers who argue the more sophisticated devices may exaggerate injury risks and undercut the value of some safety features such as seat belts and airbags.

Bridget Walchesky, 19, had to be flown to a hospital, where she required eight surgeries over a month, after a 2022 crash near her home in Sheboygan, Wisconsin, that killed her friend, who was driving. While acknowledging the seat belt likely saved her life, Walchesky said some of the injuries — including her broken collarbone — were the result of it pinning her too tightly, which she views as something better safety testing focused on women could improve.

“Seat belts aren’t really built for bodies on females,” Walchesky said. “Some of my injuries, the way the force hit me, they were probably worsened.”

The Alliance for Automotive Innovation, an industry trade group, said in a statement to the AP that the better way to ensure safety — which it called its top priority — is through upgrades to the existing Hybrid dummy rather than mandating a new one.

“This can happen on a faster timeline and lead to quicker safety improvements than requiring NHTSA to adopt unproven crash test dummy technology,” the alliance said.

Humanetics’ THOR dummies received high marks in the vehicle safety agency’s early tests. Using cadavers from actual crashes to compare the results, NHTSA found they outperformed the existing Hybrid in predicting almost all injuries — including to the head, neck, shoulders, abdomen and legs.

A separate review by the Insurance Institute for Highway Safety, a research arm funded by auto insurers, was far more critical of the dummy’s ability to predict chest injuries in a frontal crash. Despite the vast expansion in the number of sensors, the insurance institute’s testing found, the male THOR dummy was less accurate than the current Hybrid dummies, which also had limitations.

“More isn’t necessarily better,” said Jessica Jermakian, senior vice president for vehicle research at IIHS. “You also have to be confident that the data is telling you the right things about how a real person would fare in that crash.”

NHTSA’s budget plan commits to developing the female THOR 5F version with the ultimate goal of incorporating it into the testing. But there could be a long wait considering the THOR’s male version adopted by other countries is still awaiting final approval in the U.S.

A 2023 report by the Government Accountability Office, which conducts research for Congress, cited numerous “missed milestones” in NHTSA’s development of various crash dummy enhancements — including in the THOR models.

Kuhn acknowledges being frustrated by the slow process of trying to change the regulations. She says she understands why there’s reluctance from auto companies if they fear being forced to make widespread design changes with more consideration for women’s safety.

“Fortunately, they have very skilled engineers and they’ll figure it out,” she said.

The Consumer Price Index in May rose 2.4% on an annual basis, reflecting a cooler-than-expected increase last month and signaling that the impact of President Trump’s tariffs hasn’t yet trickled through to prices on everyday items bought by Americans. 

By the numbers

The CPI was forecast to rise 2.5% last month on an annual basis, an increase from April’s 2.3% rate, according to economists surveyed by financial data firm FactSet. 

So-called core inflation, or CPI data that excludes volatile food and energy prices, rose by 2.8% over the past 12 months, the Bureau of Labor Statistics said. Economists polled by FactSet had predicted a 2.9% increase for that measure. 

The CPI, a basket of goods and services typically bought by consumers, tracks the change in those prices over time.

What’s driving the numbers

The inflation rate likely rose less than expected due to a sharp dip in gasoline prices. Lower energy prices were a “major source of disinflationary/deflationary pressure,” noted Adam Crisafulli, an analyst with Vital Knowledge. 

Gasoline prices dropped 12% in May from a year earlier, the CPI data shows. 

Other items that declined in price included clothing, which slipped by 0.9% from a year earlier, and airline fares, with a 7.3% decline. Offsetting that were price hikes on items including some grocery items, including beef and coffee, as well as housing costs.

While inflation remains far lower than during its post-pandemic spike — when it reached a peak of 9.1% in June 2022 — it’s still higher than the Federal Reserve’s goal of driving it down to a 2% annual rate. 

Because of that, Wall Street expects the Fed to hold off on cutting rates until later this year, with economists polled by FactSet giving a 100% probability that the central bank will keep rates steady at its June 18 meeting. 

Economists are also keeping a watchful eye on when Mr. Trump’s tariffs, which he has imposed on almost every nation on the globe, will show up in the inflation data. Tariffs are paid by U.S. companies when they import foreign goods, and Walmart and other importers have said they expect to hike prices for consumers to pass along those costs.

So far, the impact of those tariffs appear to be limited, although economists are forecasting that the inflation rate could edge above 3% by year end. The tariff impacts could start to show up in the CPI data later this summer, said Seema Shah, chief global strategist at Principal Asset Management, in an email after the CPI data was released. 

“Today’s below forecast inflation print is reassuring — but only to an extent,” Shah added. “Tariff-driven price increases may not feed through to the CPI data for a few more months yet, so it is far too premature to assume that the price shock will not materialise.”

HONG KONG — Global shares sank on Monday and oil prices jumped as trade tensions and the Russian-Ukraine conflict ratcheted up geopolitical uncertainty.

The future for the S&P 500 lost 0.5% while that for the Dow Jones Industrial Average gave up 0.4%.

Germany’s DAX retreated 0.4% to 23,891.11 and the CAC 40 in Paris declined 0.5% to 7,712.40.

British FTSE 100 gained 1% to 8,778.84.

In Asia, Hong Kong’s Hang Seng initially plunged more than 2% as Beijing and Washington traded harsh words over trade. U.S. President Donald Trump’s announcement that he will double tariffs on steel and aluminum to 50% layered on still more worries for investors.

But the Hang Seng closed just 0.6% lower, at 23,157.97. Markets in mainland China were closed for a holiday.

China blasted the U.S. for issuing AI chip export control guidelines, stopping the sale of chip design software to China, and planning to revoke Chinese student visas.

A report over the weekend that China’s factory activity contracted in May, although the decline slowed from April as the country reached a deal with the U.S. to slash President Donald Trump’s sky-high tariffs, further undermined market sentiment.

Oil prices rallied after OPEC+ decided on a modest increase in output beginning in July. It was the third monthly increase in a row.

U.S. benchmark crude oil gained $2.08 to $62.87 per barrel, while Brent crude, the international standard, was up $1.75 at $64.53 per barrel.

Moscow pounded Ukraine with missiles and drones just hours before a new round of direct peace talks in Istanbul and a Ukrainian drone attack destroyed more than 40 Russian planes deep in Russia’s territory, Ukraine’s Security Service said on Sunday.

Hong Kong’s Hang Seng dropped 0.6% to 23,157.97 as China and the U.S. accused each other of breaching their tariff agreement reached in Geneva last month.

Tokyo’s Nikkei 225 lost 1.3% to 37,470.67, while the Kospi in Seoul added 0.1% to 2,698.97.

Australia’s S&P/ASX 200 retreated 0.2% to 8,414.10.

India’s Sensex lost 0.4% while the Taiex in Taiwan fell 1.6%.

On Friday, Wall Street closed its best month since 2023. The S&P 500 retreated less than 0.1% and the Dow Jones Industrial Average edged 0.1% higher. The Nasdaq composite fell 0.3%.

Hopes had largely been rising that the worst of such worries had passed, which in turn sent stocks rallying, after Trump paused his tariffs on both China and the European Union. A U.S. court then on Wednesday blocked many of Trump’s sweeping tariffs. That all sent the S&P 500 in May to its first winning month in four and its best since November.

But the tariffs remain in place while the White House appeals the ruling by the U.S. Court of International Trade, and the ultimate outcome is still uncertain.

In the bond market, Treasury yields eased after a report showed that the measure of inflation that the Federal Reserve likes to use was slightly lower in April than economists expected.

A separate report from the University of Michigan said that sentiment among U.S. consumers was better in May than economists expected. Sentiment improved in the back half of the month after Trump paused many of his tariffs on China.

In currency trading early Monday, the U.S. dollar fell to 142.91 Japanese yen from 143.87 yen. The euro inched up to $1.1421 from $1.1351.

By ELAINE KURTENBACH and MATT OTT, Associated Press Business Writers

Wall Street is poised to open with gains as the Federal Reserve wraps up a two-day policy meeting where it will almost certainly leave interest rates unchanged despite pleas from President Donald Trump for a rate cut as he pursues a worldwide trade war.

Futures for the S&P 500 and the Nasdaq composite rose 0.6% before the bell Wednesday. Futures for the Dow Jones Industrial Average rose 0.7%.

Walt Disney Co. jumped more than 6% in premarket after the entertainment behemoth easily beat Wall Street’s profit targets for the second quarter. Disney’s revenue rose 7% from the same quarter a year ago as it added another 2.5 million Disney+ and Hulu subscribers.

Disney’s results come just days after Trump accused other countries of “stealing the movie-making capabilities” of the U.S. and said that he had authorized government agencies to immediately begin the process of implementing this new import tax on all foreign-made films.

Video game company Electronic Arts climbed more than 5% after it announced preliminary results for its most recent quarter, which also easily beat analysts’ sales and profit targets.

Some companies say they’re already seeing impacts to their business from the uncertainty created by tariffs, causing them to revise or pull their guidance. Some have even offered two sets of forecasts — one contingent on tariffs and one without the additional costs factored in.

Chair Jerome Powell and other Fed officials have signaled that they want to see how the duties — including 145% on all imports from China — impact consumer prices and the economy.

Uncertainty around tariffs has also made U.S. households more pessimistic about the economy and could affect their long-term plans for purchases. That anxiety has helped fuel a surge in imports ahead of potentially more severe tariffs ahead.

The U.S. trade deficit soared to a record $140.5 billion in March as consumers and businesses alike tried to get ahead of tariffs that went into effect in April and others that have been postponed until July. Last week, the government reported the U.S. economy shrank at a 0.3% annual pace during the first quarter of the year because of a surge in imports.

At midday in Europe, Germany’s DAX was virtually unchanged, while the CAC 40 in Paris slipped 0.6% and Britain’s FTSE 100 shed 0.4%.

In Asia, shares advanced after the U.S. and China said they plan to hold trade talks in Switzerland later this week.

Hong Kong’s benchmark briefly jumped more than 2% after officials in Beijing rolled out interest rate cuts and other moves to help support the Chinese economy and markets as higher tariffs ordered by Trump hit the country’s exports.

But the markets’ reaction to both developments was relatively restrained.

Tokyo’s Nikkei 225 edged 0.1% lower to 36,779.66.

The Hang Seng in Hong Kong gained only 0.1% by the end of trading, closing at 22,691.88. The Shanghai Composite index rose 0.8% to 3,342.67.

The trade talks may account for the decision to announce the economic rescue package, Lynne Song of ING Economics said in a report.

“This way, the easing won’t be seen as a knee-jerk reaction to tariffs. Policymakers are likely now privy to some of the early data on how the economy is being impacted by the tariff shock,” Song said.

But analysts said the muted response to the policies announced Wednesday also may reflect disappointment over the lack of major government spending increases that many economists say may be needed to wrest the Chinese economy out of its doldrums.

“These will help to shore up growth at the margin. But any boost to credit demand will be modest and today’s moves are no substitute for an expansion in fiscal support,” Julian Evans-Pritchard of Capital Economics said in a report.

Australia’s S&P/ASX 200 picked up 0.3% to 8,178.30, while the Kospi in South Korea gained 0.6% to 2,573,80.

U.S. benchmark crude oil gained 48 cents to $59.57 per barrel. Brent crude, the international standard, gained 40 cents to $62.55 per barrel.

The dollar rose to 143.34 Japanese yen from 142.41 yen. The euro ticked down to $1.1365 from $1.1369.

Originally Published: May 7, 2025 at 6:06 AM PDT

WASHINGTON — The Trump administration is looking for an off-ramp from the trade war it started with China earlier this month, calling its tariffs on Chinese goods unsustainable as major retailers warn the White House that U.S. consumers will begin seeing supply shortages and higher prices within weeks.

Markets soared on comments from President Trump and his treasury secretary, Scott Bessent, in recent days, acknowledging the current tariff rate of 145% on China will have to come down “substantially.” But subsequent comments from Bessent on Wednesday, that the White House would not lower the rate without reciprocal action from Beijing, cooled enthusiasm on Wall Street.

It is unclear whether China will cooperate, however, when it sees pain first setting in for American households that could maximize its leverage in trade negotiations. Cailian Press, a Chinese media outlet focused on finance, characterized the administration’s latest rhetoric as “a sign that Trump is already softening stance on his signature tariff policies.”

On Wednesday, Trump told reporters that talks with China were “active” over a “fair deal,” and that Beijing has expressed interest in negotiating a deal.

“I’m not going to say, ‘oh, I’m going to play hardball with China,’” Trump said Tuesday. “We’re going to be very nice. They’re going to be very nice. And we’ll see what happens.”

Trump also said he was not looking to fire Jerome Powell, chair of the Federal Reserve, despite posting threats he might do so on social media over Powell’s remarks warning that Trump’s trade policies would increase prices and slow economic growth.

The current 145% rate “is very high, and it won’t be that high. Not gonna be that high,” Trump added. “No, it won’t be anywhere near that high. It’ll come down substantially, but it won’t be zero.”

The president’s remarks came one day after he held a meeting with chief executives from three major big box retailers — Walmart, Target and Home Depot — who warned him that supply chain disruptions were already underway and would lead to empty shelves at U.S. stores in a matter of weeks, Axios reported.

In another private meeting Tuesday, held by JP Morgan Chase & Co. between Bessent and investors and first reported by the Wall Street Journal, the treasury secretary acknowledged that existing import duties on China were “not sustainable” and that “de-escalation” was necessary with Beijing. The nature of the private meeting, which was proceeded by a market surge, renewed concerns over insider trading.

“I wish to be clear,” Bessent said in separate, public remarks Tuesday to a forum of the Institute of International Finance. “America first does not mean America alone. To the contrary, it is a call for deeper collaboration and mutual respect among trade partners.”

The secretary’s remarks echoed an earlier motto from Trump’s first administration, which pursued more moderate trade policies, and marked a departure in tone from just three weeks ago, when Trump announced massive tariff increases on countries around the world.

Since that time, the president has partially lowered many of those tariff rates, but no new trade agreements have been struck.

“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” Trump said at the time, announcing the global tariff hikes on April 2. “Our country and its taxpayers have been ripped off for more than 50 years, but it is not going to happen anymore. It’s not going to happen.”

Trump had implemented tariffs on China before his April announcement, levying 20% on Chinese imports over the country’s role in producing precursor chemicals that play a major role in the U.S. fentanyl crisis.

He then increased that to 34% on April 2. China retaliated, prompting Trump to increase tariffs on China to 145%, including the 20% figure applied over fentanyl.

A week of devastating losses on Wall Street that followed the April 2 event, followed by concerning activity in the bond market, ultimately led Trump to lower tariff rates on most U.S. trading partners down to a universal 10% rate — welcome relief to allies such as Vietnam, which had faced a 46% tariff rate, and the European Union, hit with a 20% rate. But the 145% rate on Chinese goods remained.

Bessent, in his remarks to the finance institute, struck a conciliatory note on his efforts to get China to the negotiating table.

“China, in particular, is in need of a rebalancing,” Bessent said. “Recent data shows the Chinese economy tilting even further away from consumption toward manufacturing. China’s economic system of growth, driven by manufacturing exports, will continue to create even more serious imbalances with its trading partners if the status quo is allowed to continue.”

“China’s current economic model is based on exporting its way out of troubles,” he added. “It’s an unsustainable model that is not only harming China, but the entire world. China needs to change. The country knows it needs to change. Everyone knows it needs to change, and we want to help it change, because we need re-balancing, too.”

BANGKOK — China’s exports jumped 12.4% in March from a year earlier as companies rushed to beat increases in U.S. tariffs imposed by U.S. President Donald Trump, the government said Monday.

Imports fell 4.3% to $211.3 billion in March, the customs administration reported, far exceeded by exports worth $313.9 billion, leaving a trade surplus of $102.6 billion.

China’s trade surplus surged to a record $992.2 billion in 2024 and its exports climbed 5.4%, helping to make up for sluggish growth at home as the country slowly recovers from a crisis in its property market and lingering impacts of the COVID-19 pandemic.

After taking office, Trump first ordered a 10% increase in tariffs on imports from China. He later raised that to 20%. Now, China is facing 145% tariffs on most of its exports to the United States, based on the most recent revisions in Trump’s trade policies.

China’s trade surplus with the United States was $27.6 billion in March as its exports rose 4.5%. It logged a surplus of $76.6 billion with the U.S. in January-March even though exports were up only 2.3% the first two months of the year.

“Savvy U.S. importers likely saw tariff hikes coming in April onward and frontloaded imports,” ING Economics said in a report, but that trend is likely to fall off as importers use up their inventories while they watch for the latest twists and turns in unpredictable U.S. trade policy.

“As a result, it’s likely that direct trade between the U.S. and China will crater starting in April,” it said.

The customs data showed total exports from the world’s second largest economy rose 5.8% in the first three months of the year from a year earlier while imports sank 7%, leaving a trade surplus of $273 billion.

The harsh U.S. tariffs on Chinese products have raised questions about whether manufacturers might end up diverting exports to other overseas markets as they give up on selling to American consumers due to a more than doubling of import duties.

The biggest increases in exports were to China’s Southeast Asian neighbors, which saw the dollar value of shipments from China jump nearly 17% in March from a year earlier. Exports to Africa rose more than 11% and those to India by nearly 14%.

A customs administration spokesperson, Lyu Daliang, said China was facing a “complex and severe external situation” but that the sky would not fall. He pointed to China’s diversified export options and huge domestic market.

When asked about falling Chinese imports, he told reporters that China has been the world’s second largest importer for 16 straight years, increasing its share of global imports from about 8% to 10.5%.

“At present and in the future, China’s import growth space is huge, and the large Chinese market is always a great opportunity for the world,” he said.

Chinese President Xi Jinping was visiting Vietnam on Monday as part of a regional tour that also will take him to Malaysia and Cambodia, giving him an opportunity to firm up trade ties with other Asian countries that also are facing potentially steep tariffs, though last week Trump delayed enforcing them by 90 days.

China’s exports to Vietnam jumped nearly 17% last month from a year earlier, while its imports fell 2.7%.

While Xi’s trip likely was planned earlier, it has gained significance due to the trade war between Washington and Beijing.

The impact of the higher tariffs is already showing, with exports of lower value-added items like shoes and clothing falling, while shipments of computer chips, household appliances and vehicles surged.

Exports of rare earths fell nearly 11% in the first quarter of the year as China tightened controls on the strategically vital materials used in electric vehicles and other high-tech products.

Argentina’s statistics agency says that monthly inflation has accelerated to its fastest pace in seven months, with consumer prices up 3.7% from the month before mainly as a result of rising food prices

BUENOS AIRES, Argentina — Monthly inflation in Argentina accelerated in March to its fastest pace in seven months, the country’s official statistics agency reported on Friday, with consumer prices up 3.7% from the month before mainly as a result of rising food prices.

The steep hike, compared to a 2.4% inflation rate for February, surprised financial analysts and worried Argentines who have become increasingly concerned that President Javier Milei’s progress on lowering price increases might be stalling. The last time inflation rose this much on a monthly basis was in August 2024, when prices jumped 4.2%.

The inflation numbers come at a critical juncture for South America’s second-biggest economy. Earlier this week, the International Monetary Fund announced a new $20 billion loan agreement with Argentina. The IMF’s executive board is expected to vote on the program later Friday.

While Milei considers the IMF deal crucial to his efforts to stabilize Argentina’s long troubled economy, the still-vague agreement has spread jitters among traders who expect that Argentina will have to impose a new monetary and foreign-exchange policy as a condition of receiving the cash. But further devaluing the peso, now pegged to the U.S. dollar, risks capital flight and even higher inflation.

Milei came to power in December 2023 with a pledge to pull Argentina out of its yearslong inflationary spiral.

Washington — President Trump on Wednesday announced the U.S. will impose a minimum baseline of 10% tariffs on goods imported from all foreign countries, as well as higher, “reciprocal” tariffs on nations that impose tariffs on U.S. exports, despite warnings from economists over increased prices.

The president, who signed an executive order to impose the tariffs, insisted the days of the U.S. being taken advantage of are “over.” The reciprocal tariffs, Mr. Trump said, will amount to roughly half the tariff rate those countries impose on U.S. exports, or less. Countries that will see tariffs higher than 10% include the European Union, China and Israel. 

Senior administration officials said the 10% worldwide tariffs take effect April 5 at 12:01 a.m., and the higher reciprocal tariffs go into effect on April 9 at 12:01 a.m.

“In short, chronic trade deficits are no longer merely an economic, they’re a national emergency that threatens our security and our very way of life,” the president said in a White House Rose Garden announcement. “And for these reasons, starting tomorrow, the United States will implement reciprocal tariffs on other nations.”  

“For nations that treat us badly, we will calculate the combined rate of all their tariffs, non-monetary barriers and other forms of cheating, and because we are being very kind, we’re a kind people, very kind,” Mr. Trump said. “You’re not so kind when you’re ripped off… We will charge them approximately half of what they are and have been charging us.” 

As he spoke, the president proudly held up a chart showing the new tariff rates the U.S. will begin to impose on allies, foes and everyone in between, 

Countries that will see “discounted reciprocal rates,” according to a sheet handed out by the White House, include China at a rate of 34%, on top of the tariffs the U.S. already imposes on China; 20% on goods from the European Union; 32% on Taiwan; 25% on South Korea and 17% on Israel. 

Canada and Mexico are not subject to these tariffs for now, senior administration officials said, but tariffs the president has already imposed, citing fentanyl and migration issues, persist. 

Mr. Trump said “horrendous” trade imbalances have hurt the U.S. and put national security at risk, placing blame on previous U.S. presidents and administrations. 

“It’s our declaration of economic independence,” the president said in the White House Rose Garden. Mr. Trump labeled Wednesday “Liberation Day.”

The president lamented that the U.S. imports phones and other electronics, as well as pharmaceuticals, saying that if there’s a war, the U.S. would struggle. He said his moves Wednesday are also standing up for U.S. farmers and ranchers who have been “brutalized” by other countries, specifically blasting Canada. 

Mr. Trump said the Americans “subsidize” a lot of other countries, calling out the European Union, China, South Korea and Australia for their trade practices. 

“They’ve taken so much of our wealth away from us,” Mr. Trump said of other countries. 

The president said he expects complaints from “globalists,” “outsourcers,” “special interests,” and “fake news” in the days ahead, but insisted those groups have been wrong about trade before. 

“In the first term, they said tariffs would crash the economy,” Mr. Trump said. “Instead, we built the greatest economy in the history of the world.” 

In the audience for the president’s announcement were rank-and-file steelworkers and auto workers, House Speaker Mike Johnson, as well as most of Mr. Trump’s Cabinet, including Vice President JD Vance.  

What new tariffs did Trump announce today?

The president says his plan will place a minimum baseline of 10% tariffs on all countries, with reciprocal tariffs on many trading partners that have their own tariffs placed on the U.S. The 25% tariffs the president previously announced on foreign cars and foreign auto parts are set to go into effect at midnight.  

 A White House official said the reciprocal tariffs are additive, meaning they will be imposed in addition to any previous tariffs already in place, unless a specific good is exempt under Section 232 of the Tariffs Act, which carries a flat 25% rate on certain things like steel and aluminum.

Here are some of the tariff rates that Mr. Trump announced:

• China — 34% 
• European Union — 20%
• Taiwan — 32%
• South Korea — 25%
• India — 26%
• Israel — 17% 
• Nicaragua — 18%
• Norway — 15%
• Jordan — 20%

Countries that will see only the baseline 10% tariff rates include: Guatemala, Honduras, Argentina, El Salvador, Ecuador, Egypt, Saudi Arabia, Australia and the United Kingdom. 

Shawn Fain, president of United Auto Workers, told CBS News’ “Face the Nation with Margaret Brennan” Sunday that tariffs are one tool to get companies to bring jobs back to the U.S.

“Tariffs are a tool in the toolbox to get these companies to do the right thing, and- and the intent behind it is to bring jobs back here,” Fain said. “And, you know, invest in the American workers. The American working class people have been left behind for decades, and they’re sick of it.”

What are tariffs, exactly?

Tariffs are duties paid on goods imported into the U.S. The most common type of tariffs are ad valorem tariffs (Latin for “according to the value”), which represent a fixed percentage tax on the value of a product. The 25% auto tariffs are these types of tariffs.  

There are also “specific” tariffs, which are levied as a fixed charge per unit, and “tariff-rate quotas,” which are taxes triggered by reaching a specific import threshold.

What do financial experts say about tariffs?

Economists and taxpayer advocacy groups have their doubts, and are warning tariffs could upset economic growth and will almost surely contribute to higher prices for American consumers. Some automakers have already announced higher car prices, after the president announced tariffs on foreign cars and parts. 

More than a dozen leaders at think tanks and taxpayer advocacy groups, including at the National Taxpayers Union, the Taxpayers Protection Alliance, the Small Business & Entrepreneurship Council and the Competitive Enterprise Institute, on Tuesday sent a joint letter to congressional leaders and the commerce and treasury secretaries, urging them to consider how tariffs on steel, lumber, energy, pharmaceutical and medical supplies and cars and car parts will increase prices. 

“We encourage you to consider whether tariffs may, in many cases, undermine President Trump’s broader long-term economic goals by increasing the cost of goods subject to tariffs,” they wrote. “We are especially concerned about tariffs on inputs needed by U.S. manufacturers that make it harder to compete with finished goods made abroad and tariffs that increase the price of necessities like food and housing.”

Alex Jacquez, who worked on the Biden White House National Economic Council, said that although it’s hard to know the exact impact of Mr. Trump’s tariffs without knowing all the details, CEOs are telling investors and shareholders they will be hiking prices. 

“What the major retailers and companies who may be affected by tariffs are planning to do and they’re planning out in public here is pass these costs along to consumers as much as they possibly can,” Jacquez, now the chief of policy and advocacy at Groundwork Collaborative, said on a call with reporters Tuesday. 

Colin Grabow, associate director at the libertarian Cato Institute’s Herbert A. Stiefel Center for Trade Policy Studies, wrote in a USA Today op-ed that “tariffs are a costly and inefficient tax usually borne by the importing country’s customers.” 

“Americans may have voted for lower prices in November, but under the guise of tariff reciprocity, the Trump administration is set to deliver something very different,” Grabow wrote. 

A reporter on Tuesday asked Leavitt if the president is thinking about seniors on fixed income who are stressed about the recent swings in the stock market, swings partly attributed to the president’s tariff announcements. Stocks have struggled as Wall Street braces for the next round of tariffs. 

“Well certainly, they are legitimate concerns and the president takes those concerns very seriously,” Leavitt said. “And he’s addressing them every single day. And tomorrow’s announcement is to protect future generations of the senior citizens you mentioned. It’s for their kids and their grandkids, to ensure that there are jobs here in the United States of America for their children to live the American dream, just like they presumably did.”

And the president told NBC News he “couldn’t care less” if his tariffs lead to automakers raising their prices. 

“I couldn’t care less if they raise prices, because people are going to start buying American-made cars,” he told NBC. 

Sara Cook and

Jennifer Jacobs

contributed to this report.

HONG KONG — Global shares were mostly higher on Monday after gains in technology stocks snapped Wall Street’s four-week losing streak.

European markets opened higher. Britain’s FTSE100 added 0.5% to 8,685.74 and the CAC 40 in Paris was up 0.5% to 8,080.93.

Germany’s DAX advanced 0.7% to 23,051.54 after the country’s business activity in private sectors hit a ten-month high, with a smaller-than-expected contraction in manufacturing.

The future for the S&P 500 surged 1%, while that for the Dow Jones Industrial Average picked up 0.7% as investors awaited developments on U.S. President Donald Trump’s tariffs.

Reports suggested that he may narrow his broad approach to focus on countries that run significant trade surpluses with the U.S., including many countries in Asia.

President Donald Trump has set an April 2 deadline to impose more tariffs on trading partners. It follows a series of other deadlines that have been set for tariffs only to be postponed, sometimes at the last minute.

Chinese Premier Li Qiang struck a conciliatory tone during a meeting with business leaders and U.S. Senator Steve Daines, a strong supporter of President Donald Trump, who is the first member of Congress to visit Beijing since Trump took office in January.

Relations between the countries “have come to an important juncture,” Li said. “Our two sides need to choose dialogue over confrontation, win-win cooperation over zero-sum competition,” he said, adding that China hoped that the U.S. would work together to promote the steady and sustainable development of the China-U.S. relations.

The meeting also involved the leaders of several American businesses, including FedEx Corp. CEO Raj Subramaniam, Boeing Co.’s senior vice president Brendan Nelson, Qualcomm’s CEO Cristiano Amon and Pfizer’s CEO Albert Bourla.

“In recent days, Trump administration officials have signaled that the list of affected countries may not be universal, and existing tariffs — such as those on steel — may not necessarily be cumulative,” Junrong Yeap of IG said in a commentary, adding that , “optimism has surfaced that Trump’s tariff plans may once again be more bark than bite.”

Hong Kong’s Hang Seng gained 0.4% to 23,787.71, and the Shanghai Composite Index rose 0.2% to 3,370.03.

In Tokyo, the Nikkei 225 edged 0.2% lower to 37,608.49 after a preliminary report on manufacturing showed output falling at its fastest pace in a year, while new orders fell more quickly.

Australia’s S&P/ASX 200 added 1%, closing at 7,936.90, while Korea’s Kospi lost 0.4% to 2,632.07.

On Friday, the S&P 500 edged up 0.1%, gaining 0.5% for the week. But it was still down 4.8% so far this month.

The Dow industrials eked out a 0.1%, while the Nasdaq composite rose 0.5%.

Technology stocks bounced back to offset a big share of the declines elsewhere in the S&P 500. The sector has been at the center of much of the market’s recent sell-off in a reversal from their market-driving gains throughout the previous year.

Stocks have been losing ground for weeks over uncertainty about the direction of the U.S. economy. A trade war between the U.S. and its key trading partners threatens to worsen inflation and hurt both consumers and businesses. Inflation remains stubbornly above the Federal Reserve’s goal of 2% and tariffs could hurt the central bank’s efforts to ease the rate of inflation.

A recent batch of economic reports on home sales, industrial production and unemployment reinforced the view that the economy is holding strong. But other reports on consumer sentiment and retail sales have revealed rising caution from consumers.

Businesses have been warning investors about tariffs, inflation and growing uncertainty about the impact to costs.

In other dealings Monday, U.S. benchmark crude oil declined 15 cents to $68.13 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, dropped 17 cents to $71.99 per barrel.

The U.S. dollar rose to 149.62 Japanese yen from 149.37 yen. The euro inched up to $1.0840 from $1.0816.

BANGKOK — Asian shares and US futures were mostly higher Wednesday after a retreat on Wall Street wiped out all of the S&P 500’s post-U.S. election gains.

China announced it intends to keep its economy growing at around a 5% annual pace in 2025, in line with last year’s target, as it opened the annual session of its largely ceremonial legislature. Premier Li Qiang also promised more government spending and other measures to support growth.

U.S. stocks tumbled after higher tariffs on imports from China, Canada and Mexico took effect on Tuesday, and investors were watching to see what President Donald Trump says during his speech to Congress and the nation. Early Wednesday, the future for the S&P 500 gained 0.7% while the Dow Jones Industrial Average was up 0.6%.

Tokyo’s Nikkei 225 index edged less than 0.1% higher to 37,356.44, while the Hang Seng in Hong Kong surged 1.2% to 23,207.16.

The Shanghai Composite index was nearly unchanged at 3,324.16.

In South Korea, the Kospi gained 0.7% to 2,546.03, while Australia’s S&P/ASX 200 shed 1.2% to 8,100.60.

On Tuesday, U.S. stocks racked up more losses on Wall Street as the trade war between the U.S. and its key trading partners escalated.

The Trump administration imposed 25% tariffs on imports from Canada and Mexico starting Tuesday and doubled tariffs against imports from China by 20%. All three countries announced retaliatory actions, sparking worries about a slowdown in the global economy.

The S&P 500 fell 1.2% to 5,778.15, with more than 80% of the stocks in the benchmark index closing lower. The Dow slid 1.6% to 42,520.99.

The Nasdaq composite slipped 0.4% to 18,285.16. The tech-heavy index briefly reached a 10% decline from its most recent closing high, which is what the market considers a correction, but gains for Nvidia, Microsoft and other tech heavyweights helped pare those losses.

Financial stocks were among the heaviest weights on the S&P 500 index. JPMorgan Chase fell 4% and Bank of America lost 6.3%.

The market could soon face more twists in the tariff drama. After Tuesday’s closing bell, Commerce Secretary Howard Lutnick told Fox Business News that the U.S. would likely meet Canada and Mexico “in the middle” on tariffs, with an announcement coming as soon as Wednesday.

The market rally after Trump’s election in November had been built largely on hopes for policies that would strengthen the U.S. economy and businesses. Worries about tariffs raising consumer prices and reigniting inflation have been weighing on both the economy and Wall Street.

The tariffs are prompting warnings from retailers, including Target and Best Buy, as they report their latest financial results. Target fell 3% despite beating Wall Street’s earnings forecasts, saying there will be “meaningful pressure” on its profits to start the year because of tariffs and other costs.

Best Buy plunged 13.3% for the biggest drop among S&P 500 stocks after giving investors a weaker-than-expected earnings forecast and warning about tariff impacts.

Concerns about profits follow a series of economic reports with worrisome signals that include U.S. households becoming more pessimistic about inflation and pulling back on spending. Consumer spending has essentially driven U.S. economic growth in the face of high interest rates.

Retaliations against the higher tariffs were swift.

China responded to new U.S. tariffs by announcing it will impose additional tariffs of up to 15% on imports of key U.S. farm products, including chicken, pork, soy and beef, and expanded controls on doing business with key U.S. companies. Canada plans on slapping tariffs on more than $100 billion of American goods over the course of 21 days. Mexico also plans tariffs on goods imported from the U.S.

In other dealings early Wednesday, U.S. benchmark crude oil lost 70 cents to $67.56 per barrel, while Brent crude, the international standard, fell 37 cents to $70.67 per barrel.

The U.S. dollar rose to 149.99 Japanese yen from 149.82 yen. The euro slipped to $1.0607 from $1.0626.

Bitcoin was trading at about $97,850 according to CoinDesk.

___

AP Business Writers Damian Troise and Alex Veiga contributed.

One common theme often emerges from the biographies of social trailblazers — their acknowledgment of a higher force guiding their lives.  

In those biographies and autobiographies, we hear of “callings” and “visions” and a sense that the individual’s contributions add to the larger orchestra of humanity’s progress and advancement. Since spiritual forces transcend time and place, we sometimes note that individuals in vastly different environments seem to be “moving” to a common harmony at play at that moment in human history. 

RELATED: Tahirih: Lighting the Unquenchable Flame

Those things all happened in the contemporaneous lives of two great women of modern history – Tahirih (born Fatimeh) from Iran and Sojourner Truth (born Isabella Baumfree) from the United States of America.

Isabella Baumfree was born into slavery in 1797 in Ulster County, New York, and endured decades of hardship and suffering. She was separated from her parents at age 9 and sold with a flock of sheep for $100. Ten years later, in 1827, she escaped slavery but continued to endure much suffering. When she moved to New York City, her religious faith deepened, and although she had no formal education, she acquired a vast and deep knowledge of the Bible. She recognized her strong voice and became a traveling orator. She chose her new name, Sojourner Truth, in 1843 and turned her life over to God, traveling from church to church, sharing the message of Jesus Christ. She died in 1883 after a life of sacrifice for the greater good. 

Tahirih was born as Fatimeh in the city of Qazvin, Iran, in 1817. From a young age, she showed great interest in religion and spirituality and sought knowledge at every opportunity. She was attracted to the message of spiritual teachers who were preparing their followers for a new religion, and when she came upon the writings of Siyyid Ali Muhammad — the Bab — she readily accepted him as the new prophet of God for that era:

There is no paradise more wondrous for any soul than to be exposed to God’s Manifestation in His Day, to hear His verses and believe in them, to attain His presence, which is naught but the presence of God, to sail upon the sea of the heavenly kingdom of His good-pleasure, and to partake of the choice fruits of the paradise of His divine Oneness. – The Bab, Selections from the Writings of the Bab, p. 77.

As a result of becoming a follower of the Bab, her Muslim family ostracized and disowned her, and she was ultimately murdered for her beliefs in 1852 after leading a life dedicated to truth and freedom.  

As one reads the biographies of these two amazing women, several common themes emerge from their lives. Both women rose above seemingly unsurmountable oppression to become clear clarions of truth and reality. Centuries later, their messages are widely accepted, but it is awe-inspiring to imagine that they recognized the reality of oneness when nearly none of their contemporaries were able to similarly do so. Both of these remarkable contemporary women invoked a higher power and were thus able to transcend their environments.  

A Calling from God

What precipitates a handful of human souls throughout history to rise among their peers to speak out? What gives them such a burning interest in influencing the social norms of their communities? In the case of Tahirih and Sojourner Truth, a soon-to-be-published book titled “The Calling“ suggests there is a spirit of the age that vibrates throughout civilizations, touching the hearts and souls of humanity. Some souls are highly moved by this spirit, and their response is a source of the quickening of other hearts.

Both Tahirih and Sojourner Truth attributed their awakening spirit to a higher force that came to them. In Tahirih’s case, her recognition of the Bab came to her in a dream. For Sojourner True, a vision confirmed and caused her to fully align her life with the teachings of Jesus Christ.

The Power of the Word

Both Tahirih and Sojourner Truth were able to articulate their vision and spirit very effectively. Tahirih was a well-admired writer and poet, and her spoken word moved masses of people to follow her, even in a culture that held women in very low regard. Likewise, Sojourner Truth, although not formally educated, was a masterful orator whose speeches moved people’s hearts. She delivered her most famous speech, titled “Ain’t I a Woman?” in 1851 at the Ohio Women’s Rights Convention.

The combination of these two women’s non-constrainable spirits and their gift for touching hearts resulted in a great deal of travel and a departure from their homes and families to connect with an ever-growing number of individuals who succeed in inspiring others through their speeches.

Sacrifice

Their suffering and sacrifice most tightly bind together Tahirih and Sojourner Truth — and they did so willingly. Both women had families but chose their calling over the advantages and ease that would have perhaps accompanied a safer, more domestic life. Tahirih left her family to look for the Promised One, and ultimately, her family betrayed her. Sojourner Truth was also separated from her first husband, whom she loved, and then her child was sold illegally without her knowledge. She unwillingly sacrificed the chance to raise her child. Both women found a higher calling than their physical families and associated themselves with an allegiance to the broader spiritual and social good.  

RELATED: Harlem, 1920: An Entire Black Church Embraces the Baha’i Faith

An Absence of Fear

Why did Sojourner Truth and Tahirih exhibit such courage in their respective communities? Those who’ve studied their lives point to one theme that emerges very clearly: they both exhibited a seemingly unquenchable fearlessness. Notwithstanding what they had to overcome – deeply ingrained, violent prejudices based on race, gender, and faith–they continued to speak out day after day. Sojourner Truth was so confident that her son should not have been illegally sold that she overcame tremendous obstacles and became one of the first Black women to challenge a white man in court. Tahirih, for her part, must have known that her actions would result in her death, and nevertheless, she carried forward fearlessly, regardless of the consequences. In societies steeped in prejudice against women and people of color, they stood firm and triumphed in their fearless commitment to social good.

These precious women are now surely reunited with their beloved Creator. Although they came from vastly different societies and contexts, they emerged through their spiritual capacities to be quite similar in their worldview and vision. They are champions for all those who yearn for the recognition of the equality of women and men, the establishment of human rights for every single human soul, and the oneness of humanity. Who are the souls among us today breaking the norms of their society and emerging as leaders of our collective consciousness?

SAN DIEGO, Calif. /CALIFORNIA NEWSWIRE/ — Mortgage Capital Trading, Inc. (MCT®), the de facto leader in innovative mortgage capital markets technology, has announced a 15.12% decrease in mortgage lock volume compared to the previous month. The data, reflecting current market dynamics, is available in MCT’s latest report, which offers in-depth analysis and insights for industry professionals and stakeholders.

While the market exhibited relative stability post-election, a clear downtrend in refinance activity was observed as interest rates settled. Heading into the winter months and with a new presidential administration taking office in January, volatility concerns remain a focal point for the industry. Current expectations suggest that mortgage volume will stay low through the early months of the year.

Andrew Rhodes, Senior Director and Head of Trading at MCT, commented on the outlook: “Most lenders have already priced in at least one rate cut in either December or January. Barring unforeseen events, mortgage rates are predicted to remain relatively steady through the winter months.”

Industry forecasts indicate that rates are likely to hold or increase slightly, further dampening refinance activity. With the evolving market landscape, industry professionals are encouraged to stay informed of potential shifts in the coming months.

For further insights into the current mortgage market and the latest trends in lock volume, MCT invites industry professionals to download the full report.

MCT’s Lock Volume Indices present a snapshot of rate lock volume activity in the residential mortgage industry broken out by lock type (purchase, rate/term refinance, and cash out refinance) across a broad diversity of lenders (e.g., sizes, products/services offered, business models) from MCT’s national footprint.

About MCT:

For over two decades, MCT has been a leading source of innovation for the mortgage secondary market. Melding deep subject matter expertise with a passion for emerging technologies and clients, MCT is the de facto leader in innovative mortgage capital markets technology. From architecting modern best execution loan sales to launching the most successful and advanced marketplace for mortgage-related assets, lenders, investors, and network partners all benefit from MCT’s stewardship. MCT’s technology and know-how continue to revolutionize how mortgage assets are priced, locked, hedged, traded, and valued – offering clients the tools to perform under any market condition.

For more information, visit https://mct-trading.com/ or call (619) 543-5111.

Download report at: https://mct-trading.com/press-release/mct-reports-15-decrease-in-mortgage-lock-volume-amid-higher-rates/

Learn More: https://mct-trading.com/

This version of news story was published on and is Copr. © 2024 California Newswire® (CaliforniaNewswire.com) – part of the Neotrope® News Network, USA – all rights reserved.

Information is believed accurate but is not guaranteed. For questions about the above news, contact the company/org/person noted in the text and NOT this website.

NEWS SOURCE: Mortgage Capital Trading Inc.

TOKYO — TOKYO (AP) — Bitcoin surpassed $100,000 for the first time, while Asian shares were mostly higher Thursday, taking their cues from another Wall Street record rally.

U.S. futures edged lower while oil prices crept up.

Bitcoin has been nudging toward $100,000 and it surged late Wednesday, U.S. time, after President-elect Donald Trump chose crypto advocate Paul Atkins as his nominee to head the Securities and Exchange Commission. The cryptocurrency has climbed dramatically from $69,374 on Nov. 5, Election Day. As of 11 p.m. ET, it was up 4.7% at $103,308.27.

South Korea’s Kospi fell 0.4% to 2,452.34, extending a 1.4% decline the day before as President Yoon Suk Yeol was facing possible impeachment after he suddenly declared martial law on Tuesday night. He revoked the martial law declaration six hours later.

Yoon accepted his defense minister’s resignation Thursday as opposition parties moved to impeach both of them. The main opposition Democratic Party and other small opposition parties submitted a joint motion to impeach President Yoon Suk Yeol on Wednesday over his martial law declaration.

Elsewhere in Asia, Japan’s benchmark Nikkei 225 added 0.4% to 39,435.89, while Australia’s S&P/ASX 200 gained 0.2% to 8,480.80. Hong Kong’s Hang Seng slipped 1.1% to 19,516.98. The Shanghai Composite gained 0.2% to 3,370.18.

Taiwan’s Taiex gained 0.3%, while the Sensex in India was up 0.2%.

“As the dust settles and a fragile calm returns to the Korean markets, Asia braces for a bouncy Thursday. The mood is buoyed further by a fresh wave of record highs on Wall Street,” Stephen Innes, managing partner at SPI Asset Management, said in a commentary.

On Wednesday, shares got a boost from upbeat talk by tech companies about the artificial-intelligence boom.

The S&P 500 climbed 0.6% to 6,086.49, adding to what’s set to be one of its best years of the millennium. It was the 56th time the index has hit an all-time high this year after climbing in 11 of the last 12 days.

The Dow Jones Industrial Average rose 0.7% to 45,014.04, while the Nasdaq composite added 1.3% to its own record, closing at 19,735.12.

Salesforce jumped 11%, helping pull the market higher after delivering stronger revenue for the latest quarter than analysts expected, though its profit fell just short.

CEO Mark Benioff highlighted the company’s artificial-intelligence offering for customers, saying “the rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale.”

All the optimistic talk helped Nvidia, the company whose chips are powering much of the move into AI, rally 3.5%. It was the strongest force pushing upward on the S&P 500 by far.

Retailers overall have offered mixed signals about how resilient U.S. shoppers can remain. Their spending has been one of the main reasons the U.S. economy has avoided a recession that earlier seemed inevitable after the Federal Reserve hiked interest rates to crush inflation. But shoppers are now contending with still-high prices and a slowing job market.

This week’s highlight for Wall Street will be Friday’s jobs report from the U.S. government, which will show how many people employers hired and fired last month.

Expectations are brewing that the Fed will cut its main interest rate again when it meets in two weeks. The Fed began easing its main interest rate from a two-decade high in September, hoping to offer more support for the job market.

The central bank had appeared set to continue cutting rates into next year, but the election of Donald Trump has scrambled Wall Street’s expectations somewhat. Trump’s preference for higher tariffs and other policies could lead to higher inflation, which could alter the Fed’s plans.

Fed Chair Jerome Powell said Wednesday that the central bank can afford to cut rates cautiously because inflation has slowed from its peak two years ago and the economy remains sturdy.

In the bond market, the yield on the 10-year Treasury fell to 4.18% from 4.23% late Tuesday.

In other dealings early Thursday, benchmark U.S. crude added 6 cents to $68.60 a barrel. Brent crude, the international standard, also gained 6 cents, to $72.37 a barrel.

In currency trading, the U.S. dollar fell to 150.29 Japanese yen from 150.62 yen. The euro cost $1.0525, inching up from $1.0510.

___

AP Business Writer Stan Choe contributed.

The death of a 19-year-old college student on a Texas highway is raising questions about the fleet of drivers Amazon uses to move packages between its facilities. College freshman Iliana Velez’s life was cut short in a crash with a contractor who was driving to pick up an Amazon load.

A University of Texas freshman, Velez was working nights sorting packages part time at an Amazon fulfillment center.

In the early morning hours of Jan. 3, 2022, Velez was on a break when she was forced off the road by a box truck driven by Jordan Sannicola, a contractor on his way to pick up an Amazon shipment. Velez’s car rolled multiple times. She died at the scene. 

Her mother, Trula Velez, received the news from police that same evening.

“The officer knocked on my door and he said that she was involved in an accident, and she didn’t make it,” she said. “I was such in a state of shock.”

When Sannicola was arrested four weeks later, investigators learned he had a history of traffic violations, a suspended driver’s license and outstanding felony warrants, including one count of evading arrest with a vehicle. He told police he was using a hand-held mobile device when he collided with Iliana Velez’s car.

“Someone with multiple warrants should not have been hired,” Trula Velez said.

A lawsuit filed by Trula Velez alleges Amazon had previously rejected Sannicola’s application to deliver packages for the company’s “flex” home delivery service after he failed a background check. Still, he was able to drive for an Amazon-contracted company. Despite his criminal history and driving record, Take Flight with B, a North Carolina motor carrier company, hired Sannicola to move Amazon freight.

Missed warning signs?

The Velez family attorney, Alex Hilliard, claims that because of the background check, Amazon was “fully aware” of Sannicola’s poor driving record and criminal background when he started driving for Take Flight, which transported goods between Amazon facilities on a segment of the delivery network known as the “middle mile.”

The lawsuit also alleges tracking technology provided by the Relay phone application Amazon uses to monitor driver location and performance had informed the company of Sannicola’s unsafe driving behavior, but it failed to act.

“Mr. Sannicola had 70 different speeding violations [while working for Take Flight] that Amazon had been notified of,” said Hilliard. “They did nothing about that.”

A CBS News analysis of federal safety data revealed Amazon contractors primarily in the company’s “middle-mile” delivery network had monthly violation rates — such as speeding and texting while driving — that were usually double those of carriers who didn’t transport for Amazon. The analysis examined six years of monthly Federal Motor Carrier Safety Administration (FMCSA) unsafe driving rates and found the average rates of carriers who shipped for Amazon were at least 89% higher in every month.

“I was stunned,” said Jason Miller, a professor at Michigan State University who is an expert in supply chain management. “I’ve published many articles using these data. You do not see effects like this normally, where you have a set of carriers that is almost twice as unsafe as a different set of carriers.”

CBS News used roadside inspection reports in federal data to identify Amazon contractors. The reports, which are produced by law enforcement, indicate who a carrier said they were shipping for at the time of inspection. The analysis included carriers who shipped at least once for Amazon in the two years leading up to each month examined.

Miller said the large patchwork of contractors Amazon uses for “middle-mile” transport poses challenges to ensuring a uniform culture of safety.

“The more you are essentially having your freight hauled by hundreds, if not thousands of small young firms, that makes it much more difficult to ensure those firms are operating safely versus a more – what we call strategic procurement model, where you may have a few very large carriers that you work with that handle a lot of freight,” said Miller.

In the past two years, at least 57 people have died in more than four dozen crashes involving federally regulated carriers shipping for Amazon, according to FMCSA data, though the data does not indicate who was at fault in these incidents. The FMCSA produces a crash involvement score for carriers, but it is not public.

Amazon’s response

“Any fatality is heartbreaking,” said Tim Goodman, Amazon’s global legal director for road safety. “Any families that have been affected by this all have our condolences and our hearts go out to them.”

While Amazon mandates background checks for contracted drivers who deliver directly to customers’ homes, Goodman said the company looks to the FMCSA to oversee “middle-mile” contractors who move freight between facilities in larger vehicles.

A spokeswoman for FMCSA confirmed it requires contractors who dispatch commercial motor vehicles with a gross vehicle weight rating of more than 10,000 pounds to conduct background checks into drivers’ safety performance history as a condition of employment.

Amazon said when the company learns a contracted carrier has violated FMCSA guidelines, the carrier can face consequences, including permanent suspension.

“We have taken disciplinary action against around 19,000 motor carriers for failing to meet FMCSA safety requirements,” Goodman said.

Among those carriers is Take Flight with B, the contractor that hired Jordan Sannicola. Amazon confirmed it suspended Take Flight with B permanently from its contracted fleet.  The motor carrier has since gone out of business.

Goodman defended Amazon’s continuing reliance on third-party trucking contractors to move its freight and deliver packages.

“In the United States, transportation with motor carriers is driven by independent businesses, small businesses,” said Goodman. “It has been that way since at least the Carter administration.”

“We are unique at Amazon in terms of our scale,” Goodman said. “But it’s a business model that has worked, and worked well, and we’re committed to having it be a catalyst to be able to improve safety for the roads for all of us.”

Amazon disputes CBS News’ data findings. In a statement sent after the interview, a spokesperson said: “We’ve worked closely with CBS throughout this story, and are disappointed that they continue to use data based on a flawed methodology. We take safety incredibly seriously and the truth is that overall crash rates across third party carriers that we work with have improved. Our standards are stricter than FMCSA requirements, and we’ll continue working to ensure our partners are the safest carriers on the road.”

Among other complaints, the company took issue with how CBS News identified Amazon contractors—it said inspection reports sometimes list the wrong shipper—and how CBS News measured a carrier’s safety.

Amazon measures safety using the FMCSA’s “unsafe driving score,” which is a number that applies different standards depending on the size of the carrier. This score is not made public by the government, but the underlying data is. Rather than ranking the carriers by size, CBS News looked directly at the underlying rates of unsafe driving violations like texting and speeding.

CBS News consulted with multiple leading supply chain researchers, who all use FMCSA measures in peer-reviewed studies. Alex Scott, a University of Tennessee professor and expert in supply chain management, said he does not use the FMCSA’s scores in part because they make smaller carriers appear safer than they are.

“I don’t think that makes any sense,” Scott said. “If they’re less safe, then they’re less safe.”

What the court system says

On Oct. 11, a judge sentenced Jordan Sannicola to a 40-year prison term for the charge of “failing to stop and render aid — accident involving death” in the crash that killed Iliana Velez.

“One mistake cost someone’s life, and that was my daughter’s, and her life was just getting started,” Trula Valez said.

A court date for her lawsuit against Amazon is set for early 2025.

Americans may be shelling out more for gasoline if the incoming Trump administration follows through on threats to impose tariffs on imports from Canada and Mexico.

President-elect Donald Trump this week said he would enact a 25% tariff on all products from both countries, citing concerns about illegal immigration and illicit drugs flowing into the U.S. While prices could climb on a variety of goods shipped to the U.S., the potential impact on motorists and on the transportation sector could be particularly acute, analysts say.   

“Canada and Mexico are huge U.S. trading partners, so it’s a shot across the bow of longtime U.S. allies,” Patrick De Haan, head of petroleum analysis at GasBuddy, told CBS MoneyWatch.

“For a lot of the U.S., it could be problematic for what they pay at the pump,” De Haan said of the tariffs’ impact, in particular to inland regions such as the Great Lakes, Midwest and the Rockies. “The coastal areas have more options — they don’t rely as much on Canadian crude.”

Although the U.S. is the world’s leading oil producer, we still import a lot of crude, with Canada providing roughly 20% of the oil used stateside. As a result, gas prices could shoot up 30 to 40 cents a gallon, and potentially up to 70 cents, within as little as two days after the tariffs take effect, De Haan said.

 The national average for a gallon of regular on Wednesday stood at $3.07, down from $3.25 a year ago, according to AAA.  

The threatened tariffs on imports from Mexico and Canada could also result in a $3,000 increase in the cost of the average car, according to Wolfe Research analysts cited by the Wall Street Journal. Roughly $97 billion in auto parts are imported to the U.S. from the two nations annually, and 4 million vehicles are shipped in — roughly 3 million from Mexico and 1 million from Canada, the firm estimated. 

To be sure, it remains uncertain if Trump will follow through on his trade threats. Some analysts think the president-elect is likely using the specter of tariffs as a way to wring concessions from other countries, noting that his administration will be eager to avoid setting off another round of inflation just as U.S. prices are growing at a normal level. 

“We would be surprised if [the tariffs] were ever actually implemented,” analysts with investment adviser Capital Economics wrote in a report, noting that the auto sectors in the Canada, Mexico and the U.S. are tightly interconnected.

In a post to his Truth Social platform Wednesday evening, Trump said that he “just had a wonderful conversation” with Mexican President Claudia Sheinbaum, during which he alleged that Sheinbaum “agreed to stop migration through Mexico, and into the United States, effectively closing our southern border.”

He said the two also spoke about “what can be done to stop the massive drug inflow into” the U.S.

Sheinbaum responded with her own social media post, writing that in her “conversation” with Trump she “explained to him the comprehensive strategy that Mexico has followed to address the migration phenomenon, respecting human rights. Thanks to this, migrants and caravans are assisted before they reach the border. We reiterate that Mexico’s position is not to close borders but to build bridges between governments and between peoples.”  

His post comes a day after Sheinbaum indicated that Mexico could retaliate with tariffs of its own if Trump followed through with his threat to impose tariffs on Mexico. 

So, Disneyland raised its ticket prices again. This year’s increase saw most multiday passes and single-day tiers go up about 6.5%.

That increase last week triggered the expected flood of new media and online complaints that Disneyland has become too expensive — just like every past increase for the past decade or so has done. I asked readers on ThemeParkInsider.com over the weekend if they thought that Disney was too expensive, and 90% of respondents answered “yes.”

Yet every time I visit Disneyland and Disney California Adventure, the parks are packed. Attendance last year was up 2.2% at Disneyland and 10% at Disney California Adventure, according to the industry’s TEA/AECOM Theme Index report. If Disneyland is “too expensive,” those high prices do not seem to be deterring Disney fans from visiting the theme parks.

Yes, those same fans are tired and frustrated by getting squeezed everywhere they go to spend money. Top concert and sports tickets routinely cost as much as — if not more than — a day at Disneyland, despite not providing as many hours of entertainment. Restaurants have raised their prices to the point where eating out at Disneyland is beginning to feel like a deal sometimes. Yet just because other stuff also is too expensive does not excuse Disneyland for charging an eye-watering amount for its tickets.

How are Disneyland fans making it work? From what I have seen in the parks, many of them are not paying Disney’s regular ticket rates. Casual fans are taking advantage of the many discounts that Disneyland offers during the year, such as the upcoming $50 kids’ ticket. Disney’s most loyal fans are paying far less than $100 a visit by using the resort’s Magic Key annual passes.

Let’s look at what Disneyland just did with the prices of those and how that might actually help increase the number of people in the parks on any given date. At the top of the chart, the price of the Inspire pass — the least restricted and most expensive — also went up about 6%. But at the other end, the price of the Imagine pass for Southern California residents — that is blocked out weekends and many popular vacation periods — went up 20%, to $599. Prices for the other two levels went up 10% and 14.7%.

NEW YORK — U.S. ports from Maine to Texas shut down Tuesday when the union representing about 45,000 dockworkers went on strike for the first time since 1977.

A lengthy shutdown could raise prices on goods around the country and potentially cause shortages and price increases at big and small retailers alike as the holiday shopping season — along with a tight presidential election — approaches.

“First and foremost, we can expect delays to market. And those delays depend on really what the commodities are and priorities at the ports and how quickly things move,” said Mark Baxa, president of the Council of Supply Chain Management Professionals.

The International Longshoremen’s Association is demanding significantly higher wages and a total ban on the automation of cranes, gates and container-moving trucks that are used in the loading or unloading of freight at 36 U.S. ports. Those ports handle roughly half of the nations’ cargo from ships.

The contract between the ILA and the United States Maritime Alliance, which represents the ports, expired Tuesday. Some progress was reported in talks late Monday, but the union went on strike anyway.

The union’s opening offer was for a 77% pay raise over the six-year life of the contract, with President Harold Daggett saying it’s necessary to make up for inflation and years of small raises. ILA members make a base salary of about $81,000 per year, but some can pull in over $200,000 annually with large amounts of overtime.

Monday evening, the alliance said it had increased its offer to 50% raises over six years, and it pledged to keep limits on automation in place from the old contract. The alliance also said its offer tripled employer contributions to retirement plans and strengthened health care options.

While any port can handle any type of goods, some ports are specialized to handle goods for a particular industry. The ports affected by the shutdown include Baltimore and Brunswick, Georgia, the top two busiest auto ports; Philadelphia, which gives priority to fruits and vegetables; and New Orleans, which handles coffee, mainly from South America and Southeast Asia, various chemicals from Mexico and North Europe, and wood products such as plywood from Asia and South America.

Other major ports affected include Boston; New York/New Jersey; Norfolk, Virginia; Wilmington, North Carolina; Charleston, South Carolina; Savannah, Georgia; Tampa, Florida; Mobile, Alabama; and Houston.

If a strike were deemed a danger to U.S. economic health, President Joe Biden could, under the 1947 Taft-Hartley Act, seek a court order for an 80-day cooling-off period. This would suspend the strike.

But Biden, during an exchange with reporters on Sunday, said “no” when asked if he planned to intervene to plan a potential work stoppage impacting East Coast ports.

“Because it’s collective bargaining, I don’t believe in Taft-Hartley,” Biden said.

The strike could last weeks — or months. If the strike is resolved within a few weeks, consumers probably wouldn’t notice any major shortages of retail goods. But a strike that persists for more than a month would likely cause a shortage of some consumer products, although most holiday retail goods have already arrived from overseas. Shoppers could see higher prices on a vast array of goods, from fruit and vegetables to cars.

Since the major supply chain disruption in 2021 caused by pandemic bottlenecks, retailers have adapted to supply chain disrupters being “the new norm,” said Rick Haase, owner of a mini-chain of Patina gift shops in and around the Twin Cities in Minnesota.

“The best approach for Patina has been to secure orders early and have the goods in our warehouse and back rooms to ensure we are in stock on key goods,” Haase said.

Daniel Vasquez, who owns Dynamic Auto Movers in Miami, which specializes in importing and exporting vehicles, increased inventory, specifically for vehicles that take longer to ship, in anticipation of a strike.

He has also stopped relying on one port or shipping partner and has expanded his relationship with smaller ports and shipping companies that can bypass congested areas.

“This move provides us with an edge — having backup partners in place means we can reroute shipments efficiently if the strike hits hard,” Vasquez said.

Jonathan Gold, vice president of the supply chain and customs policy at the National Retail Federation, the nation’s largest retail trade group, said the strike arrives with the supply network continuing to face challenges from Houthi attacks on commercial shipping that have essentially shut down the use of the Red Sea and Suez Canal.

The uncertainty over the supply chain is taking place at the peak of the holiday shipping season for retailers, which traditionally runs from July through early November. Many big retailers, anticipating a strike, started shipping their goods to U.S. distribution centers in June, and Gold said that the majority of products ordered are already in the U.S.

But retailers will have a hard time replenishing items and are incurring extra warehouse costs to store goods longer. Gold also noted that carriers are already announcing surcharges on containers to address potential disruptions.

The Toy Association, the nation’s leading toy trade group, was one of roughly 200 trade groups that sent a joint letter to President Biden earlier this month urging the administration to work with ILA and USMX to come up with a contract. Greg Ahearn, its president and CEO, noted that a strike would happen at an extremely critical time for toy sellers and makers — up to 60% of a toy company’s annual sales come during the fourth quarter.

The holiday shipping window for the toy industry is anywhere from six to eight weeks and started in July, though some toy companies tried to ship earlier or add more toys to shipments, Ahearn said.

“It hits many ways,” he said. “From a consumer perspective, it starts with delays in availability and then starts to surface as product shortages within toys. At retail for the toy industry, it results in potentially higher prices based on scarcity and increased costs.”

___

AP Writers Tom Krisher in Detroit and Stephen Groves in Dover, Delaware, contributed to this report.

HONG KONG — Asian stocks surged on Friday with Japan’s Nikkei leading regional gains after Wall Street romped to records following the Federal Reserve’s big cut to interest rates.

U.S. futures and oil prices were lower.

The Bank of Japan ended a two-day monetary policy meeting and announced it would keep its benchmark rate unchanged at 0.25%.

In Tokyo, the Nikkei 225 index soared 2.1% to 37,935.58 after the nation’s key inflation data in August accelerated for a fourth consecutive month. The core consumer price index rose 2.8% year-on-year in August, exceeding the central bank’s 2% target and leaving room for further rate hikes.

Markets are closely watching for hints on the pace of future rate hikes from BOJ Gov. Kazuo Ueda.

“For the BOJ, given current economic conditions and recent central bank rhetoric, further policy adjustments are not expected until later this year or early 2025,” Anderson Alves of ActivTrades said in a commentary.

The U.S. dollar fell to 142.32 Japanese yen from 142.62 yen. The euro rose to $1.1166 from $1.1161.

China refrained from further monetary stimulus as the central bank left key lending rates unchanged on Friday. The one-year loan prime rate (LPR), the benchmark for most corporate and household loans, stays at 3.45%, and the five-year rate, a reference for property mortgages, was held at 3.85%.

The Hang Seng in Hong Kong added 1.1% to 18,206.68 while the Shanghai Composite index fell 0.2% at 2,729.69.

Elsewhere, Australia’s S&P/ASX 200 rose 0.2% to 8,209.70. South Korea’s Kospi was up 0.8% to 2,600.29.

On Thursday, the S&P 500 jumped 1.7% to 5,713.64 for one of its best days of the year and topped its last all-time high set in July. The Dow Jones Industrial Average leaped 1.3% to 42,025.19, and the Nasdaq composite led the market with a 2.5% spurt to 18,013.98.

Wall Street’s gains followed rallies for markets across Europe and Asia after the Federal Reserve delivered its first cut to interest rates in more than four years on Wednesday.

That closed the door on a run where the Fed kept its main interest rate at a two-decade high in hopes of slowing the U.S. economy enough to stamp out high inflation. Now that inflation has fallen from its peak two summers ago, Chair Jerome Powell said the Fed can focus more on keeping the job market solid and the economy out of a recession.

Wall Street’s initial reaction to Wednesday’s cut was a yawn. Markets had already run up for months on expectations for lower rates. Stocks edged lower after swinging a few times.

“Yet we come in today and have a reversal of the reversal,” said Jonathan Krinsky, chief market technician at BTIG. He said he did not anticipate such a big jump for stocks on Thursday.

The Fed is still under pressure because the job market and hiring have begun to slow under the weight of higher interest rates. Some critics say the central bank waited too long to cut rates and may have damaged the economy.

Some investment banks raised their forecasts for how much the Federal Reserve will ultimately cut interest rates, anticipating even deeper reductions than Fed officials.

The U.S. presidential election adds to uncertainties. One fear is that both the Democrats and Republicans could push for policies that add to the U.S. government’s debt, which could keep upward pressure on interest rates regardless of the Fed’s moves.

In the bond market, the yield on the 10-year Treasury held steady at 3.71%, where it was late Wednesday. The two-year Treasury yield, which more closely tracks expectations for Fed action, fell to 3.58% from 3.63%.

In other dealings, U.S. benchmark crude oil lost 20 cents to $69.68 per barrel. Brent crude, the international standard, declined 22 cents to $73.43 per barrel.

___

AP Business Writer Stan Choe contributed.