With all of these deals, the ones in Asia, the ones we're announcing today, we maintain the tariffs, we give some tariff relief on certain products or goods, but at the same time, we open up foreign markets in ways that they have not been open before,
New figures from the Office for National Statistics show that the value of UK exports to the US fell by £500 million in September, an 11.4% drop month on month, taking trade back to levels last seen in January 2022. The ONS said exports have "remained relatively low since the introduction of tariffs in April", when the Trump administration imposed a 10% baseline tariff on most UK goods.
Earlier this year, Republican senator Josh Hawley of Missouri introduced a bill proposing $600 in tariff rebates for nearly all Americans and their dependent children. Americans deserve a tax rebate after four years of [Joe] Biden [White House] policies that have devastated families' savings and livelihoods, Hawley said at the time. He said the legislation would allow hard-working Americans to benefit from the wealth that Trump's tariffs are returning to this country.
Bessent temporarily punted to address another question from Stephanopoulos about whether Trump undermined his administration's own legal argument in favor of the tariffs that their primary purpose is not to generate revenue by focusing on the money they're purportedly bringing in. It's not about taking in the revenue, it's about re-balancing, Bessent said. And the revenue occurs early on. And then as we rebalance and the jobs come home, then it becomes domestic tax revenue.
Just Sunday morning, he promised tariffs would pay down the national debt and fund a $2,000 dividend for most Americans. Administration officials have frequently talked about tariff receipts of up to $1 trillion a year offsetting deficits a decade from now. The big picture: The tension about tariffs' true purpose was evident at the Supreme Court this week, as the government attempted to defend Trump's authority to impose them.
This year, the 24-hour deal blitz that is Black Friday will commence on November 28th, followed by a weeklong Cyber Monday sale that kicks off on December 1st. Many of the gadgets we've been eyeing are likely to receive steep discounts throughout both events, allowing you to save on laptops, OLED TVs, noise-crushing headphones, and everything in between. If you didn't get what you wanted during Amazon Prime Day or the retailer's most recent sales event, now's your chance.
For now, it's... not. The Vanguard S&P 500 ETF ( NYSEMKT: VOO) is actually looking pretty healthy so far, up 0.2% premarket. And why is that? Perhaps investors are thinking all these layoffs, caused by cheap AI replacing expensive workers, and allowing corporate profits to rise. Or investors could be encouraged by the way oral arguments went before the Supreme Court yesterday, with the Justices apparently doubtful of President Trump's ability to legally and unilaterally impose tariffs on imports without Congressional assent.
And then Trump is trying to become king. If you look at this attempt to grab the authority over tariffs from the U.S. Congress, that is a king move. He wants to be the power man to decide on all taxes involving imports. He's clearly up to that. And he also is doing it with the filibuster. Everything Trump is doing is to grab more power and to become a king, he added.
Bitcoin price has bounced back to over $103,000 today after plunging below $100,000 on Tuesday - its lowest level since June - as extreme fear gripped the market. The drop came amid heavy selling pressure, ETF outflows, and renewed macro uncertainty. Earlier this week, investors pulled nearly $1.8 billion from Bitcoin and other crypto ETFs, while crypto-linked stocks like Strategy and Coinbase also declined.
Supreme Court Justice Neil Gorsuch, who was nominated by President Donald Trump, battled Solicitor General D. John Sauer on Wednesday over the limits of executive power while hearing a case on the legality of Trump's sweeping tariffs. Sauer argued against lower court rulings that shot down Trump's use of emergency powers under the International Emergency Economic Powers Act (IEEPA) to levy sweeping tariffs on foreign countries a power solely granted to Congress in the Constitution.
