President Donald Trump on July 7. (Alex Brandon/AP) President Donald Trump said he would not offer any extensions to a new Aug. 1 deadline for nations to begin paying so-called reciprocal tariffs. “TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change,” ...more
A tank truck driver connects a hose to an underground tank in Jackson, Miss. Diesel's average price in the Gulf Coast region gained 1.4 cents a gallon. (Rogelio V. Soli/Associated Press) The national average diesel price showed a modest post-holiday uptick, rising 1.2 cents a gallon to $3.739 a gallon, according to U.S. Energy Information ...more
Daimler Truck headquarters in Berlin. (Bernd Weißbrod/dpa/TNS) Daimler Truck Holding AG said it plans to double the size of its defense business by 2030 as it seeks to profit from higher military spending globally. The world’s biggest manufacturer of commercial vehicles is looking to expand the high-margin product area while undertaking cost cuts elsewhere as ...more
Vehicles for export are parked at a port in Pyeongtaek, South Korea, on July 8. (Ahn Young-joon/AP) President Donald Trump sent letters to 14 countries July 7 outlining higher tariffs they’ll face if they don’t make trade deals with the U.S. by Aug. 1. In the letters, which were posted on Truth Social, Trump warned ...more
An Amazon delivery truck leaves an Amazon distribution center in Richmond, Calif. (Justin Sullivan/Getty Images/TNS) Amazon.com Inc.’s Prime Day is slamming into President Donald Trump’s trade war, with ever-shifting tariffs prompting some brands to sit out the summer sale and some shoppers dropping hints they plan to pull back. The event, which began July 8 ...more
Also was spun out of Rivian earlier this year with $105 million in funding from the automaker, which retained a minority stake, and venture capital firm Eclipse. (coffeekai/Getty Images) A Rivian Automotive Inc.-backed startup developing small electric vehicles was valued at $1 billion in a new investment from Greenoaks Capital, according to people familiar with ...more
Drilling rigs in the U.S. have been declining steadily and are hovering near four-year lows. (Justin Hamel/Bloomberg) The U.S. sees domestic crude output growth slowing more than expected this year as choppy oil prices limit drilling activity. U.S. crude output is now expected to grow by 160,000 barrels a day this year to 13.37 million ...more
The watchdog’s announcement coincides with the beginning of the Amazon Prime Day sales event, which runs from July 8-11. (Jason Alden/Bloomberg) Canada’s competition watchdog secured a court order to help its investigation into whether Amazon.com Inc. is abusing its dominant retail position in the market. The order requires Amazon to produce records relevant to the ...more
“There’s no VIP dining room, there’s no new marble,” Powell said of the Marriner S. Eccles Federal Reserve building in his testimony on June 25. (Al Drago/Bloomberg) President Donald Trump said Jerome Powell should “resign immediately” if allegations from an administration official that the Federal Reserve chair misled lawmakers prove true. Trump reiterated his criticism ...more
Copper futures surged as much as 17% after Trump’s comments, the largest intraday gain in data going back to at least 1988. (Qilai Shen/Bloomberg) President Donald Trump said he planned to implement a 50% rate on copper as part of a set of looming sectoral tariffs, while also indicating he could offer pharmaceutical manufacturers at ...more
