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Average rate on a 30-year mortgage drops to lowest level since April

Summary

  • 30-year mortgage rate falls to 6.63%, lowest since April
  • Weekly drop reflects decline in long-term bond yields
  • Rates still near this year’s high of around 7%
  • High financing costs continue to slow home sales

The average rate on a 30-year U.S. mortgage has fallen to its lowest level in four months, welcome news for prospective who have been held back by stubbornly high home financing costs.

The long-term rate fell to 6.63% from 6.72% last week, mortgage buyer said Thursday. A year ago, the rate averaged 6.47%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell. The average rate dropped to 5.75% from 5.85% last week. A year ago, it was 5.63%, Freddie Mac said.

Elevated have helped keep the U.S. in a sales slump that began in early 2022, when rates started to climb from the rock-bottom lows they reached during the pandemic. Home sales sank last year to their lowest level in nearly 30 years.

For much of 2025, the average long-term mortgage rate has remained relatively close to the 7.04% high for this year that it reached in mid-January.

This is the third week in a row that rates have come down. The latest average rate on a 30-year mortgage is now just shy of 6.62%, the low point for this year set April 10.

Mortgage rates are influenced by several factors, from the ‘s interest rate policy decisions to bond market investors’ expectations for the economy and inflation.

The main barometer is the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The yield was at 4.23% at midday Thursday, up slightly from 4.22% late Wednesday.

The yield is well below where it was last week, before Friday’s weaker-than-expected report on the U.S. job market ignited worries that the  administration’s  are stalling hiring plans by employers.

Last Wednesday, the central bank’s policymaking committee voted to hold its main interest rate steady. And Fed Chair Jerome Powell pushed back on expectations that the Fed could cut rates at its next meeting in September, noting that inflation remained above the Fed’s 2% target and the job market was “in balance.”

But the latest jobs report may shift that stance. Traders on are now betting heavily that the Fed will need to cut next month, something President has been demanding the Fed, and Powell specifically, to do.

A cut in rates could give the job market and overall economy a boost, but it could also fuel inflation just as Trump’s tariff policies risk raising prices for U.S. consumers.

“While both buyers and sellers welcome lower mortgage rates, it’s not clear whether rates will continue to fall,” said Lisa Sturtevant, chief economist at Bright MLS. “A weaker economy could lead to lower mortgage rates, but the risks of higher inflation could keep rates elevated.”

Intel’s stock tumbles after Trump says its CEO must resign

Summary:

  • urges CEO to resign immediately
  • Sen. Tom Cotton cites Tan’s ties to Chinese chip firms
  • Concerns raised over links to Chinese Communist Party, PLA
  • Intel board asked to clarify Tan’s investment divestitures

Shares of Intel slumped Thursday after President said in a social media post that the chipmaker’s CEO needs to resign.

“The CEO of Intel is highly CONFLICTED and must resign, immediately,” Trump posted on Truth Social. “There is no other solution to this problem. Thank you for your attention to this problem!”

Trump made the post after Sen. Tom Cotton sent a letter to Intel Chairman Frank Yeary expressing concern over CEO Lip-Bu Tan’s investments and ties to semiconductor firms that are reportedly linked to the Chinese Communist Party and the People’s Liberation Army, and asked the board whether Tan had divested his interests in these companies to eliminate any conflicts of interest.

Intel did not immediately respond to a request for comment, so it is not immediately clear if Tan has divested his interests in the companies.

“In March 2025, Intel appointed Lip-Bu Tan as its new CEO,” Cotton wrote in the letter. “Mr. Tan reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced- and chip firms. At least eight of these companies reportedly have ties to the Chinese People’s Liberation Army.”

Tan, who took over as CEO in March, previously launched the venture capital firm Walden International in 1987 to focus on funding tech start-ups, including chip makers. ‘s state media has described Tan as “actively” devoted to Chinese and Asian markets, having invested not only in the Taiwan Semiconductor Manufacturing Company but also China’s state-owned enterprise SMIC, which seeks to advance China’s chipmaking capabilities.

The demands made by Trump and Cotton come as economic and political rivalries between the U.S. and China increasingly focus on the competition over chips, AI and other digital technologies that experts say will shape future economies and military conflicts.

Cotton, the chairman of the Senate Intelligence Committee, has raised concerns that Chinese spies could be working at tech companies and defense contractors, using their positions to steal secrets or plant digital backdoors that give China access to classified systems and networks.

On Thursday the Arkansas Republican wrote to the Department of Defense urging Defense Secrectary Pete Hegseth to ban all non-U.S. citizens from jobs allowing them to access DoD networks. He has also demanded an investigation into Chinese citizens working for defense contractors.

“The U.S. government recognizes that China’s cyber capabilities pose one of the most aggressive and dangerous threats to the United States, as evidenced by infiltration of our critical infrastructure, telecommunications networks, and supply chains,” Cotton wrote in an earlier letter calling on the Pentagon to conduct the investigation.

officials have linked China’s government to hacking campaigns targeting prominent Americans and critical U.S. systems.

“U.S. companies who receive government grants should be responsible stewards of taxpayer dollars and adhere to strict security regulations,” Cotton wrote on the social platform X.

Intel had been a beneficiary of the Biden administration’s CHIPS Act, receiving more than $8 billion in federal funding to build computer chip plants around the country.

Shares of the California company slid 3.5%, while markets, particularly the tech-heavy , gained ground.

Founded in 1968 at the start of the PC revolution, Intel missed the technological shift to mobile computing triggered by ‘s 2007 release of the , and it’s lagged more nimble chipmakers. Intel’s troubles have been magnified since the advent of artificial intelligence — a booming field where the chips made by once-smaller rival Nvidia have become tech’s hottest commodity.

Intel is shedding thousands of workers and cutting expenses — including some domestic semiconductor manufacturing capabilities — as Tan tries to revive the fortunes of the struggling chipmaker.

Trump imposes 100% tariff on imported computer chips

Summary

  • to impose 100% tariff on imported
  • U.S. chipmakers and investors like likely spared
  • Tariff could drive up prices for electronics, cars, and appliances
  • Chip shortage during pandemic previously fueled inflation

WASHINGTON (AP) — President Donald Trump said Wednesday that he will impose a 100% tariff on computer chips, raising the specter of higher prices for electronics, autos, household appliances and other essential products dependent on the processors powering the digital age.

“We’ll be putting a tariff of approximately 100% on chips and semiconductors,” Trump said in the Oval Office while meeting with Apple CEO . “But if you’re building in the United States of America, there’s no charge.”

The announcement came more than three months after Trump temporarily exempted most electronics from his administration’s most onerous tariffs.

The Republican president said companies that make computer chips in the U.S. would be spared the import tax. During the COVID-19 pandemic, a shortage of computer chips increased the price of autos and contributed to higher inflation.

Investors seemed to interpret the potential tariff exemptions as a positive for Apple and other major tech companies that have been making huge financial commitments to manufacture more chips and other components in the U.S..

Big Tech already has made collective commitments to invest about $1.5 trillion in the U.S. since Trump moved back into the in January. That figure includes a $600 billion promise from Apple after the maker boosted its commitment by tacking another $100 billion on to a previous commitment made in February.

Now the question is whether the deal brokered between Cook and Trump will be enough to insulate the millions of iPhones made in and India from the tariffs that the administration has already imposed and reduce the pressure on the company to raise prices on the new models expected to be unveiled next month.

certainly seems to think so. After Apple’s stock price gained 5% in Wednesday regular trading sessions, the shares rose by another 3% in extended trading after Trump announced some tech companies won’t be hit with the latest tariffs while Cook stood alongside him.

The shares of AI chipmaker Nvidia, which also has recently made big commitments to the U.S., rose slightly in extended trading to add to the $1 trillion gain in market value the Silicon Valley company has made since the start of Trump’s second administration.

The stock price of computer chip pioneer , which has fallen on hard times, also climbed in extended trading.

Inquiries sent to chip makers Nvidia and Intel were not immediately answered. The ‘s main trade group, the Semiconductor Industry Association, declined to comment on Trump’s latest tariffs.

Demand for computer chips has been climbing worldwide, with sales increasing 19.6% in the year-ended in June, according to the World Semiconductor Trade Statistics organization.

Trump’s tariff threats mark a significant break from existing plans to revive computer chip production in the U.S. that were drawn up during the administration of President Joe Biden.

Since taking over from Biden, Trump has been deploying tariffs to incentivize more domestic production. Essentially, the president is betting that the threat of dramatically higher chip costs would force most companies to open factories domestically, despite the risk that tariffs could squeeze corporate profits and push up prices for mobile phones, TVs and refrigerators.

By contrast, the bipartisan CHIPS and Science Act that Biden signed into law in 2022 provided more than $50 billion to support new computer chip plants, fund research and train workers for the industry. The mix of funding support, tax credits and other financial incentives were meant to draw in private investment, a strategy that Trump has vocally opposed.

Trump’s broad tariffs go into effect just as US economic pain is surfacing

Summary

  • raises import on goods from 60+ countries
  • Markets in Asia, Europe and U.S. futures remain mostly positive
  • Tariffs aim to reduce U.S. trade deficit and boost investment
  • Economists caution against long-term impacts like and slower hiring

WASHINGTON (AP) — President began imposing higher import taxes on dozens of countries Thursday just as the economic fallout of his monthslong tariff threats has begun to cause visible damage to the U.S. economy.

Just after midnight, goods from more than 60 countries and the European Union became subject to tariff rates of 10% or higher. Products from the EU, Japan and South Korea are taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh are taxed at 20%. Trump also expects the EU, Japan and South Korea to invest hundreds of billions of dollars in the United States.

“I think the growth is going to be unprecedented,” Trump said Wednesday. He said the U.S. was “taking in hundreds of billions of dollars in tariffs,” but did not provide a specific figure for revenues because “we don’t even know what the final number is” regarding the rates.

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

So far, however, there are signs of self-inflicted wounds to the U.S. as companies and consumers brace for the impact of the new taxes.

Risk of economic erosion

Hiring began to stall, inflationary pressures crept upward and home values in key markets started to decline after the initial tariff rollout in April, said John Silvia, CEO of Dynamic Economic Strategy.

“A less productive economy requires fewer workers,” Silvia said. “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.”

Many economists say the risk is that the American economy is steadily eroded.

“It’s going to be fine sand in the gears and slow things down,” said Brad Jensen, a professor at Georgetown University.

Trump has promoted the tariffs as a way to reduce America’s persistent trade deficit. But importers tried to avoid the taxes by bringing in more goods before the tariffs took 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.

The economic pain is not confined to the U.S.

Germany, which sends 10% of its exports to the U.S. market, saw industrial production sag 1.9% in June as Trump’s earlier rounds of tariffs took hold. “The new tariffs will clearly weigh on economic growth,” said Carsten Brzeski, global chief of macro for ING bank.

Dismay in and Switzerland

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

Trump on Wednesday announced additional 25% tariffs to be imposed on India because of its purchases of , bringing its total import taxes to 50%.

A leading group of Indian exporters said that will affect nearly 55% of the country’s outbound shipments to America and force exporters to lose long-standing clients.

“Absorbing this sudden cost escalation is simply not viable. Margins are already thin,” S.C. Ralhan, president of the Federation of Indian Export Organizations, said in a statement.

The Swiss executive branch, the Federal Council, was expected to meet Thursday after President Karin Keller-Sutter and other Swiss officials returned from a hastily arranged trip to Washington in a failed bid to avert a 39% U.S. tariffs on Swiss goods.

Import taxes are still coming on pharmaceutical drugs, and Trump announced 100% tariffs on . That could leave the U.S. economy in a place of suspended animation as it awaits the impact.

remains solid

The president’s use of a 1977 law to declare an economic emergency to impose the tariffs is under a legal challenge. Even people who worked with Trump during his first term are skeptical, such as Paul Ryan, the Wisconsin Republican who was House speaker.

“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.

Trump is aware of the risk that courts could overturn his tariffs. In a Truth Social tweet, he said, “THE ONLY THING THAT CAN STOP AMERICA’S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!”

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

Global financial markets took the new tariffs in stride, with Asian and European shares and U.S. futures mostly higher.

But ING’s Brzeski warned: “While financial markets seem to have grown numb to tariff announcements, let’s not forget that their adverse effects on economies will gradually unfold over time.”

Trump foresees an economic boom. American voters and the rest of the world 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.”

Virginia Beach solicits development proposals near convention center


Summary

The Virginia Beach government is seeking proposals from developers for a commercial or residential project near the city’s convention center — with the hope that new development will revitalize and boost the economy of that part of the city.

The site in question is a 1.73-acre property owned by the city, located on the eastern portion of 825 18th St. and at the southeast corner of 19th Street and Parks Avenue. The property is currently used as a lot and has 109 spaces.

An image of the site that Virginia Beach hopes to redevelop, as depicted in the request for proposals. Image courtesy Virginia Beach

The request for proposals calls for the construction of a public structured parking facility, as well as other complementary uses, which may include commercial, office, residential, restaurant or retail spaces.

Peter Gaytan, a planner with the city’s Department of Economic Development, notes that the city would like to see more parking, possibly as a multi-story garage, on the property.

Gaytan said the intent would be for the developer to own or lease the property, but the city would continue to manage the parking facilities on the site.

The “desires to unlock development potential within this area and is seeking a proposal that contributes to the city’s goal of creating a diverse, world-class, year-round coastal community for residents and visitors,” the states.

Developers have until 3 p.m. Oct. 20 to submit their proposals.

Afterward, a review committee will evaluate the proposals based on various criteria, including their anticipated fiscal impact. The committee will assess fiscal impact based on the respondent’s combined financial contribution to the project as well as the project’s financial and operational viability. The city aims to evaluate whether the proposal offers a realistic and well-structured financial model that ensures long-term success. The proposal must clearly state whether it hopes for the city government or VBDA to provide any contributions.

Other criteria the committee will evaluate include the number of public parking spaces and how quickly they could realistically be achieved, respondents’ credentials, compatibility of plans with a parking structure, and whether the proposal aligns with the city’s Central Beach Small Area Plan vision and adjacent ViBe Creative District.

The highest-ranking proposals’ backers may be shortlisted for interviews with the review committee, according to the RFP. Based on ranking and potential interviews, the review committee will make a recommendation to the VBDA and City Council.

As for when construction is likely to begin, Gaytan said that it depends on how many proposals the city receives and what the proposals entail, although he expects groundbreaking in 2026.

Southwest Virginia businessman and philanthropist McGlothlin dies

Summary

  • , a native and part-time , Virginia, resident, died at 85.
  • He built United Co., sold it in 2009 and backed the state’s first casino
  • McGlothlin and his wife, Frances, have been major art collectors and philanthropists

Jim McGlothlin, a former coal magnate, backer of Virginia’s first casino and a prominent philanthropist, has died at the age of 85.

A part-time resident of Bristol, Virginia, and a native of Buchanan County, McGlothlin was an attorney educated at and its law school who purchased a Buchanan coal company at auction in 1970 with six partners. That developed into United Coal Co., which became a billion-dollar business by the time it was sold in 2009 to a Ukrainian billionaire.

After the coal mine sale, The United Co., where McGlothlin remained CEO, chairman and sole owner for more than a decade, diversified into a hospitality and wealth management company. Among other ventures, it held a stake in the Bristol-based Hard Rock Hotel & Casino, which opened in 2022 as a temporary resort at the Bristol Mall.

That was the state’s first casino to open after the legislature legalized casinos in 2020, and McGlothlin and business partner Clyde Stacy were instrumental in moving the previously reluctant state toward legalization. In November 2024, the permanent, $515 million casino opened its doors.

In addition to his business accomplishments, McGlothlin and his wife, Frances Gibson McGlothlin, became major art collectors specializing in 19th and 20th century American paintings, nearly 90 of which they donated to the in Richmond, a gift worth about $250 million. The McGlothlins made other large financial donations to the museum, including $30 million for its 2010 expansion and nearly $60 million in 2022 for a new wing.

The couple also has made generous donations to William & Mary, where they are both alumni, funding the McGlothlin Leadership Forum, which brings industry leaders as speakers to the Williamsburg campus.

The McGlothlins also donated millions to and Mountain Mission School, a private school in started in 1921 to house and educate children in need. Jim McGlothlin began volunteering there in 1966 as a young lawyer and was on its board of directors at the time of his death.

McGlothlin also was behind the founding of The Olde Farm golf course in Bristol, where a celebrity tournament drew such luminaries as golf legends Jack Nicklaus and Gary Player and NFL stars Peyton Manning and Dan Marino. In 2018, the tournament raised $56.6 million for Mountain Mission School, the largest single-day charitable gift in PGA Tour history.

He was named the 2022 Virginia Business Person of the Year, and in an interview with Virginia Business, McGlothlin said he and Stacy, whom he had known since high school, decided late last decade that Southwest Virginia needed something big to employ residents after coal mining jobs were quickly disappearing. That “something” turned out to be a casino, even though Virginia had not yet legalized them.

“We called it ‘the moonshot,’ and it had to be big,” McGlothlin said in 2022. “It couldn’t just be another place to employ 40 people [because] we were going downhill — anybody could testify our debt was just escalating. The political people were difficult, but as time went on, they began to see this could have a big effect on investment in tourism.”

The United Co. released a statement about McGlothlin on Wednesday, noting that his philanthropy extended to many other local causes through the company’s foundation, including The Soup Kitchen and Morrison School.

“As The United Co.’s founder, Mr. McGlothlin was the company’s driving force for over 50 years,” the company said in a statement. “Mr. McGlothlin’s love for his family, the company and its employees, and his Southwest Virginia community ran deep.” 

Jim Allen, chairman of Hard Rock International, issued a statement Wednesday commemorating McGlothlin. “On behalf of the entire Hard Rock family, we extend our deepest condolences to Mr. McGlothlin’s family and loved ones. His determination, integrity and generosity left a profound mark on all of us, and his legacy will live on through the incredible impact he made — in Bristol, across Virginia and in the lives of so many.”

William & Mary President Katherine Rowe also paid tribute to McGlothlin. “A distinguished William & Mary alumnus and innovator in business and law, Mr. McGlothlin sought to advance prosperity throughout the commonwealth. At his alma mater, Mr. McGlothlin served two terms on the board of visitors. Deeply committed to the success of others, he launched scores of talented students on their professional pathways.”

McGlothlin, who is survived by his wife, three children and six grandchildren, served on many corporate and organization boards, including Bassett Furniture, the PGA Tour, CSX and First Tee.

“Coming from humble beginnings and rising to a titan of industry, Jim embodied the American dream,” Gov. Glenn Youngkin said in a statement. “Alongside his wife, Fran, they used that success to dedicate their time and treasure to changing the lives of countless Virginians. Their commitment to the Virginia Museum of Fine Arts enriches the culture of our commonwealth. Their support for the Mountain Mission School in Grundy provided a beacon of hope to generations of children. Their support for William & Mary and VCU Health enables students to reach their dreams and have a daily impact on patient care and medical training.”

A rally for Apple leads Wall Street higher

Summary:

  • rose 6%, lifting and
  • S&P 500 up 0.7%; Dow adds 97 points; Nasdaq gains 1%
  • McDonald’s, , Arista Networks report strong earnings
  • , AMD, Disney shares fall after mixed results
  • Fed rate cut hopes persist amid tariff concerns

is rising on Wednesday, led by a rally for Apple.

The S&P 500 was 0.7% higher in afternoon trading. The Industrial Average was up 97 points, or 0.2%, as of 1:09 p.m. Eastern time, and the Nasdaq composite was 1% higher.

Apple alone accounted for nearly half of the S&P 500’s gain. It rose 6% ahead of an announcement at the White House where it’s expected to increase its U.S. investments by an additional $100 billion over the next four years.

Trading elsewhere on Wall Street was mixed following a jumble of profit reports. McDonald’s and Shopify rose following their latest updates, while Super Micro Computer tumbled after its earnings and revenue came in below analysts’ expectations. The Walt Disney Co. fell after its earnings beat forecasts but its revenue fell short

Worries are still high that President Donald ‘s tariffs may be hurting the economy, but hopes for coming cuts to interest rates by the and a parade of stronger-than-expected profit reports from U.S. companies have helped steady the market.

Companies are under pressure to deliver bigger profits to justify the big gains their stock prices have made since the U.S. market hit a low point in April. The S&P 500 is just a bit below its record, which was set late last month, and the big rally fueled criticism that the broad market has become too expensive.

McDonald’s climbed 3% after reporting stronger profit and revenue for the spring than analysts expected. A meal tied to the “Minecraft” movie proved to be a hit for the restaurant chain.

Shopify jumped 19.5% after the company, which helps businesses sell on the internet, said it made more in revenue last quarter than expected. Analysts also said the company’s forecast for revenue in the current quarter suggests the strong trends are continuing.

Arista Networks was one of the stronger forces lifting the S&P 500 and leaped 18% after the networking company delivered a bigger profit for the latest quarter than expected. Its forecast for revenue in the current quarter also topped forecasts.

They helped offset a 21% slump for Super Micro Computer, which gave back some of the huge gains the server maker has made recently. Super Micro came into the day with a nearly 88% gain for its stock so far this year, but it reported weaker profit and revenue for the latest quarter than analysts expected. It also gave a forecast for profit in the current quarter that fell short of what Wall Street had penciled in.

Disney dropped 3% after its profit beat forecasts but its revenue fell short. Analysts said investors may have been looking for Disney to boost its profit forecast by a bigger amount.

The NFL also announced that it had entered into a nonbinding agreement with Disney’s ESPN, which will give the sports broadcaster the NFL Network, NFL Fantasy and the rights to distribute the RedZone channel. The NFL will get a 10% stake in ESPN in the proposed deal.

Chip company Advanced Micro Devices fell 6.6% after its profit for the latest quarter only matched analysts’ expectations. Analysts said the company’s financial forecasts for upcoming results also looked solid, but that may not have been enough for investors after its stock had already soared 44.3% for the year so far coming into the day.

In the bond market, Treasury yields held relatively steady.

The yield on the 10-year Treasury edged up to 4.24% from 4.22% late Tuesday. It’s still well below where it was last week, before Friday’s much weaker-than-expected report on the U.S. job market ignited worries that Trump’s tariffs are pushing employers to hold back on hiring.

That report has traders on Wall Street betting heavily that the Federal Reserve will need to cut interest rates at its next meeting in September. Such cuts can give the economy and investments prices a boost, but they also can push higher.

In stock markets abroad, indexes rose modestly across much of Europe and Asia.

Trump to put additional 25% import taxes on India, bringing combined tariffs to 50%

Summary:

  • signs order imposing 25% tariff on
  • Combined U.S. on India now total 50%
  • Action targets India’s imports
  • Tariffs take effect in 21 days; talks still possible
  • , also a Russian oil buyer, not included

WASHINGTON (AP) — President signed an  Wednesday to place an additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on its ally to 50%.

The tariffs would go into effect 21 days after the signing of the order, meaning that both India and Russia might have time to negotiate with the administration on the import taxes.

Trump’s moves could scramble the economic trajectory of India, which until recently was seen as an alternative to China by American companies looking to relocate their . China also buys oil from Russia, but it was not included in the order signed by the Republican president.

As part of a negotiating period with Beijing, Trump has placed 30% tariffs on goods from China, a rate that is smaller than the combined import taxes with which he has threatened New Delhi.

Trump had previewed for reporters on Tuesday that the tariffs would be coming, saying the U.S. had a meeting with Russia on Wednesday as the Trump administration tries to end the war in Ukraine.

“We’re going to see what happens,” Trump said about his tariff plans. “We’ll make that determination at that time.”

The Indian government on Wednesday called the additional tariffs “unfortunate.”

“We reiterate that these actions are unfair, unjustified and unreasonable,” Foreign Ministry spokesman Randhir Jaiswal said in a statement, adding that India would take all actions necessary to protect its interests.

Jaiswal said India has already made its stand clear that the country’s imports were based on market factors and were part of an overall objective of ensuring energy security for its 1.4 billion people.

Ajay Srivastava, a former Indian trade official, said the latest tariff places the country among the most heavily taxed U.S. trading partners and far above rivals such as China, Vietnam and Bangladesh.

“The tariffs are expected to make Indian goods far costlier with the potential to cut exports by around 40%-50% to the U.S.,” he said.

Srivastava said Trump’s decision was “hypocritical” because China bought more Russian oil than India did last year.

“Washington avoids targeting Beijing because of China’s leverage over critical minerals which are vital for U.S. defense and technology,” he said.

In 2024, the U.S. ran a $45.8 billion trade deficit in goods with India, meaning America imported more from India than it exported, according to the U.S. Census Bureau. American consumers and businesses buy pharmaceutical drugs, precious stones and textiles and apparel from India, among other goods.

At the world’s largest country, India represented a way for the U.S. to counter China’s influence in Asia. But India has not supported the Ukraine-related sanctions by the U.S. and its allies on Moscow even as India’s leaders have maintained that they want peace.

The U.S. and China are currently in negotiations on trade, with Washington imposing a 30% tariff on Chinese goods and facing a 10% retaliatory tax from Beijing on American products.

The planned tariffs on India contradict past efforts by the Biden administration and other nations in the Group of Seven leading industrialized nations that encouraged India to buy cheap Russian oil through a price cap imposed in 2022. The nations collectively capped Russian oil a $60 per barrel at a time when prices in the market were meaningfully higher,

The intent was to deprive the Kremlin of revenue to fund its war in Ukraine, forcing the Russian government either to sell its oil at a discount or divert money for a costly alternative shipping network.

The price cap was rolled out to equal parts skepticism and hopefulness that the policy would stave off Russian President Vladimir Putin’s invasion of Ukraine.

The cap has required shipping and insurance companies to refuse to handle oil shipments above the cap, though Russia has been able to evade the cap by shipping oil on a “shadow fleet” of old vessels using insurers and trading companies located in countries that are not enforcing sanctions.

But oil prices have fallen with a barrel trading on Wednesday morning at $65.84, up 1% on the day.

Trump will highlight Apple’s plans to invest $100 billion more in US, raising total to $600 billion

Summary:

  • Apple increases U.S. investment pledge by $100 billion
  • Total commitment now $600 billion over four years
  • to host celebration at
  • Move seen as win for U.S. manufacturing amid tariff tensions

WASHINGTON (AP) — President  on Wednesday is expected to celebrate at the White House a commitment by Apple to increase its U.S. investments by an additional $100 billion over the next four years.

“Today’s announcement with Apple is another win for our manufacturing industry that will simultaneously help reshore the production of critical components to protect America’s economic and ,” White House spokeswoman Taylor Rogers said.

Apple had previously said it intended to invest $500 billion domestically, a figure it will now increase to $600 billion. Trump in recent months has criticized the tech company and its CEO, , for efforts to shift production to to avoid the  his Republican administration had planned for .

While in Qatar earlier this year, Trump said there was “a little problem” with Apple and recalled a conversation with Cook in which he said he told the CEO, “I don’t want you building in India.”

India has incurred Trump’s wrath, as the president signed an order Wednesday to put an additional 25% tariff on the world’s most populous country for its use of . The new import taxes to be imposed in 21 days could put the combined tariffs on Indian goods at 50%.

As part of the Apple announcement, the investments will be about bringing more of its supply chain and advanced manufacturing to the U.S.

Apple’s new pledge comes just a few weeks after it forged a $500 million deal with MP Materials, which runs the only rare earths producer in the country. That agreement will enable MP Materials to expand a factory in Texas to use recycled materials to produce magnets that make iPhones vibrate.

Speaking on a recent investors call, Cook emphasized that “there’s a load of different things done in the United States.” As examples, he cited some of the iPhone components made in the U.S. such as the device’s glass display and module for identifying people’s faces and then indicated the company was gearing to expand its productions of other components in its home country.

“We’re doing more in this country, and that’s on top of having roughly 19 billion chips coming out of the US now, and we will do more,” Cook told analysts last week, without elaborating.

Apple Inc., which is based in Cupertino, California, didn’t immediately comment Wednesday.

News of Apple’s latest investment in the U.S. caused the company’s stock price to surge by nearly 6% in Wednesday’s midday trading. That gains reflect investors’ relief that Cook “is extending an olive branch” to the Trump administration, said Nancy Tengler, CEO of money manager Laffer Tengler Investments, which owns Apple stock.

Despite Wednesday’s upturn, Apple’s shares are still down by 14% this year, a reversal of fortune that has also been driven by the company’s botched start in the pivotal field of artificial intelligence.

Bloomberg News first reported the announcement of Apple’s additional investment commitment.

BridgeTower Media acquires Grace Media, leader in window coverings industry

Summary:

BridgeTower Media — parent company of Virginia Business and a leading provider of business intelligence, marketing solutions, and events across more than 40 specialized B2B brands — has acquired Grace Media, the company behind the International Window Coverings Expo (IWCE) and Window Fashion VISION magazine, including its digital platform www.wf-vision.com.

As the premier annual event for the North American window covering industry, IWCE draws thousands of professionals from across the globe. Window Fashion VISION has served as the industry’s most trusted source for trends, business strategy and education for more than 30 years. These two cornerstone brands will now be integrated into BridgeTower’s robust business intelligence and events portfolio.

“Grace Media has built a loyal, engaged audience that relies on its content and connections to stay ahead,” said BridgeTower Media President and CEO Hal Cohen. “We’re excited to bring our digital transformation expertise to help scale that audience further, just as we’ve done across other high-performing verticals. We also see tremendous synergy between Grace Media and our coverage of the home furnishings and construction sectors. This acquisition will strengthen our tradeshow business and provide new growth opportunities across markets.”

Grace McNamara acquired Window Fashion magazine in 1986 from the Industrial Fabrics Association International and later rebranded it as Window Fashion VISION. In 1997 she launched IWCE, which has since grown into a national event welcoming over 8,000 companies to date, including thousands of new attendees annually. During the pandemic, McNamara’s daughter Ania Munzer stepped in to help manage operations and has continued to expand her leadership role. Munzer will remain in her current role post-acquisition.

“Building this business has truly been a labor of love,” said McNamara. “We’ve always been passionate about supporting the window covering industry and helping professionals grow their businesses. BridgeTower Media is the ideal partner to carry this mission forward. Their track record in digital transformation and B2B growth is exceptional. As Ania leads the next chapter, I feel confident we’ve aligned with a partner that shares our values and vision.”

Grace Media was represented by Franklin Partners Inc. (www.franklinpartnersinc.com) and Winthrop & Weinstine, P.A (www.winthrop.com). Financial terms of the transaction were not disclosed.