Buffett criticizes Trump's tariffs rollout, says US shouldn’t use 'trade as a weapon'
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Warren Buffett, 94, criticized President Trump's tariffs during Berkshire Hathaway's annual meeting on May 3, 2025, in Omaha, Nebraska, attended by 40,000 people including Hillary Clinton; Buffett argued that using trade as a 'weapon' harms international relations and destabilizes markets; he emphasized that balanced trade benefits all countries and warned against creating a world where only a few countries prosper; Buffett's comments reflect ongoing concerns about U.S. economic policies; Berkshire Hathaway reported a decline in first-quarter profits to $4.6 billion from $12.7 billion the previous year, with operating earnings down 14% to $9.6 billion; Buffett remains optimistic about investing and has no plans to retire.
#WarrenBuffett #Trump #Tariffs #BerkshireHathaway #Economy #Trade #InternationalRelations #Profits #Investing #Omaha
Trump proposes abolishment of federal income tax, bringing US back to 'richest period' in history
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President Donald Trump proposes to eliminate federal income tax, suggesting a return to a tariff-based system that existed from 1870 to 1913; Trump claims this period was the richest in U.S. history; The first federal income tax was established on February 25, 1913; In 2023, $4.92 trillion was collected in federal income taxes; Trump plans to create an 'External Revenue Service' to collect tariffs; Economists express concerns that tariffs primarily burden U.S. importers; Trump suggested a 10% or 20% tariff across the board and a 60% tariff on Chinese goods; He also threatened a 25% tariff on goods from Canada and Mexico; In 2022, Democrats approved $80 billion for the IRS, including hiring 87,000 new agents.
#Trump #IncomeTax #Tariffs #Economy #Irs #2025 #Republican #TaxReform #Doral #ForeignTrade
Biden admin hits Sheetz convenience store chain with lawsuit, despite campaign stop
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The Biden administration has filed a lawsuit against Sheetz, a Pennsylvania-based convenience store chain, accusing it of violating civil rights law with its hiring practices. The Equal Employment Opportunity Commission (EEOC) claims that Sheetz's criminal background checks were discriminatory and disproportionately impacted Native American, Black, and multiracial jobseekers. The lawsuit was filed on the same day President Biden visited a Sheetz location in Pittsburgh. The EEOC does not allege purposeful discrimination but argues that Sheetz violated the law. Sheetz has stated that it does not tolerate discrimination and has attempted to work with the EEOC for nearly eight years to resolve the dispute.
#BidenAdministration #Sheetz #Lawsuit #RacialDiscrimination #HiringPractices #EqualEmploymentOpportunityCommission #Eeoc
Biden admin hits Sheetz convenience store chain with lawsuit, despite campaign stop
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The Biden administration has filed a lawsuit against Sheetz, a Pennsylvania-based convenience store chain, accusing it of violating civil rights law with its hiring practices. The Equal Employment Opportunity Commission (EEOC) claims that Sheetz's criminal background checks were discriminatory and disproportionately impacted Native American, Black, and multiracial jobseekers. The lawsuit was filed on the same day President Biden visited a Sheetz location in Pittsburgh. The EEOC does not allege purposeful discrimination but argues that Sheetz violated the law. Sheetz has stated that it does not tolerate discrimination and has attempted to work with the EEOC for nearly eight years to resolve the dispute.
#BidenAdministration #Sheetz #Lawsuit #RacialDiscrimination #HiringPractices #EqualEmploymentOpportunityCommission #Eeoc
Air Force confirms first successful AI dogfight
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The U.S. Air Force has publicly confirmed the first successful dogfight between a fighter jet piloted by artificial intelligence (AI) and a human-piloted aircraft. The dogfight took place as part of the Air Combat Evolution (ACE) program launched by the Defense Advanced Research Projects Agency (DARPA) in 2019. The AI dogfights were conducted at Edwards Air Force Base in California. The dogfight involved a manned F-16 and the X-62A VISTA, an experimental variant of the F-16, with live AI agents installed in the X-62A. The Air Force did not disclose the outcome of the dogfight. The AI system was not disengaged during the dogfights, and the test pilots did not need to activate the safety switch. The ACE program aims to advance testing with machine learning and involves collaboration between government, private industry, and academia.
#UsAirForce #Ai #Dogfight #AceProgram #Darpa #MachineLearning
https://www.foxbusiness.com/technology/us-air-force-confirms-first-successful-ai-dogfight
Experts warn over 'wobbly' US economy, Biden's economic 'lie'
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Experts Steve Forbes and Kevin Hassett warn that the US economy is more 'wobbly' than it seems. Forbes points out that the gold price and commodity prices indicate a weak dollar, and raising interest rates would not solve the problem. Hassett highlights the impact of inflation on everyday Americans, noting that rising gas prices reduce disposable income. Both Forbes and Hassett criticize President Biden's economic policies, with Forbes accusing him of taxing the least wealthy and controlling people's lives. Hassett criticizes the Biden administration for lying about the need for higher tax rates and the supposed injustice in society. The experts argue that the economy is unstable and that the Biden administration's policies are exacerbating the situation.
#UsEconomy #Biden #Inflation #Taxes
https://www.foxbusiness.com/economy/experts-warn-wobbly-us-economy-bidens-economic-lie
The US economy is 'strong,' big banks are 'very healthy': Ken Leon
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Ken Leon, CFRA research director, states that the US economy is strong and big banks are very healthy. He predicts that the Federal Reserve doesn't have to take any action in the short-term.
Jamie Dimon sounds alarm over 'persistent' inflation, Fed policy
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Jamie Dimon, CEO of JPMorgan Chase, warns of several headwinds that pose major threats to the U.S. economy, including chronic inflation, Federal Reserve policy, and ongoing wars. Dimon expresses concern about a 'large number of persistent inflationary pressures' that may continue. Inflation rose 3.5% in March, the highest level since September 2023, according to the consumer price index data. Dimon also expresses concerns over the campaign to shrink the assets on the Federal Reserve's $7.5 trillion balance sheet. He believes the odds of a soft landing for the economy are lower than what the markets are pricing in. Dimon's comments come as policymakers weigh when to start cutting interest rates amid concerns that progress on inflation has stalled.
#JamieDimon #JpmorganChase #Inflation #FederalReserve #UsEconomy
https://www.foxbusiness.com/economy/jamie-dimon-sounds-alarm-over-persistent-inflation-fed-policy
Biden's COVID-19 spending comes back to bite as inflation remains high: economists
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President Biden and senior White House officials are scrambling to explain stubbornly-high inflation levels, which economic experts blame on the administration's own spending agenda. The latest consumer price index (CPI) reading showed annual inflation accelerated 3.5% in March. Biden blamed businesses and Republicans for seeking to "slash taxes for billionaires." Experts attribute the persistent inflation to Biden's massive spending packages, including the American Rescue Plan and the $1.9 trillion COVID-19 stimulus package. The gross U.S. national debt surpassed $34 trillion at the beginning of this year. Biden's actions, such as the push for a student loan bailout plan, Buy America rules, expanded regulatory regime, and new tariffs on foreign goods, have also contributed to higher consumer prices. High inflation has created financial pressures for U.S. families, forcing them to pay more for everyday necessities. The White House attributed inflation to supply chain and economic factors linked to the pandemic and the war in Ukraine. The White House also highlighted the strong economic recovery and low unemployment rate under President Biden.
#Biden #Covid19 #Inflation #Economists #Spending #AmericanRescuePlan #StimulusPackage
https://www.foxbusiness.com/politics/bidens-covid-19-spending-inflation-remains-high
Biden claims inflation was 'skyrocketing' when he took office, despite data showing opposite
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President Biden claimed that inflation was surging when he took office in January 2021, despite federal data showing the opposite. However, Bureau of Labor Statistics data indicates that inflation was recorded at just 1.4% in January 2021 when Biden took office and remained below 3% until April 2021. It surged to 4.2% in April 2021 and reached a 40-year high of 9.1%. Since then, the Consumer Price Index has steadily declined, decreasing every month until December, when it jumped from 3.1% to 3.4%. Inflation fell again in January but increased in February to 3.2% and again in March to 3.5%. The persistent inflation levels may prevent the Federal Reserve from slashing interest rates in the coming months. Biden's administration claims that the pandemic and Russia's war in Ukraine caused inflation to increase globally, and they have taken action to address it. High inflation has created financial pressures for U.S. households, particularly low-income Americans, who are disproportionately affected by price fluctuations. Housing and gasoline costs were the biggest drivers of inflation last month.
#Biden #Inflation #ConsumerPriceIndex #FederalReserve #Economy
Where are high prices hitting American families the hardest?
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Inflation rose faster than expected in March as the cost of rent and gasoline increased. The consumer price index (CPI) rose 0.4% in March from the previous month and climbed 3.5% from the same time last year. Housing costs, particularly rent, were one of the biggest drivers of inflation, with rent costs rising 0.5% for the month and up 5.7% from the same time last year. Food prices also contributed to inflation, with the cost of food rising 0.1% in March and remaining up 2.2% from the same time last year. Grocery prices are up a stunning 21% compared to January 2021. Gasoline prices rose 1.1% in March, with the average cost of a gallon of gas hitting $3.61. The cost of used vehicles fell 1.1% last month, while new car and truck prices declined 0.2%. Auto insurance jumped 2.6% in March and is up 22.2% on an annual basis. Ticket prices fell 0.4% in March, down about 7.1% compared to last year.
#Inflation #ConsumerPriceIndex #Rent #Gasoline #FoodPrices #GroceryPrices #UsedVehicles #AutoInsurance #TicketPrices
https://www.foxbusiness.com/economy/where-are-high-prices-hitting-american-families-hardest
Labor market woes: US small businesses scale back hiring plans
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US small businesses' hiring plans fell to the lowest level since the early stages of the COVID pandemic, with just 11% of small businesses surveyed in March planning to hire in the next three months, according to the National Federation of Independent Business (NFIB). More than half of small business owners reported hiring or trying to hire in March, but employment activity is waning from peak levels. The competitive labor market led to a net 38% of small businesses raising compensation. Small businesses' three-month hiring plans dipped to their lowest level since May 2020. The industry with the highest percentage of small businesses reporting job openings was transportation, followed by services and construction. Almost half of small businesses in the transportation sector reported having a job opening they can't fill. The NFIB's report comes ahead of the jobs report from the Bureau of Labor Statistics, which will provide fresh data for Fed policymakers considering potential interest rate cuts.
#UsSmallBusinesses #LaborMarket #HiringPlans #Nfib #Employment #Compensation #JobOpenings #TransportationSector #BureauOfLaborStatistics #InterestRateCuts
https://www.foxbusiness.com/economy/labor-market-woes-us-small-businesses-scale-back-hiring-plans
Former Facebook exec says AI robots will soon complete household chores amid human replacement concerns
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Former Facebook senior executive Chamath Palihapitiya predicts that autonomous humanoid robots capable of completing household chores will be developed in the next two or three years. These robots will be able to wash dishes, do laundry, and perform other household tasks. Palihapitiya also suggests that these robots will have more specific industrial purposes and may not necessarily be humanoid in form. He addresses concerns about AI disrupting industries and jobs, citing a report that found 10% of the U.S. workforce is in occupations with a high degree of exposure to AI. However, Palihapitiya believes that AI systems will give humans more leverage rather than replacing them. He compares the concerns about AI today to the concerns about computers eliminating jobs in the past, noting that computers actually enhanced jobs and led to the emergence of new sub-industries.
#Ai #Robots #HouseholdChores #HumanReplacement #Technology
US economy facing a ‘very difficult balancing act’: Joe LaVorgna
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SMBC chief economist Joe LaVorgna joins ‘The Big Money Show’ with an analysis of the state of the U.S. economy.
Federal Reserve slashing rates ahead of Election Day would likely just superficially boost US wallets: experts
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The Federal Reserve is anticipated to slash interest rates this year ahead of Election Day, which will likely lead to a superficial boost to Americans feeling wealthier ahead of casting their votes, though the cuts would have detrimental effects in the long run, according to experts. The temporary boost to the economy driven by an ease of access in terms of debt may make Americans feel wealthier because they're able to spend more, but the long-run effects of spending outside of their means will be detrimental. The Federal Reserve is widely anticipated to cut rates this year during two of its four meetings, which President Biden’s campaign could point to as evidence inflation is slowing and boost confidence among voters in the economy. However, experts argue that rate cuts will not make up for the damage that Biden's economic policies have done. The Federal Reserve left interest rates unchanged at its March meeting for the fifth straight time, and kept the federal funds rate between a range of 5.25% to 5.5%, which is a 22-year-high. The central bank expects to cut interest rates three times in 2024. The Fed slashes interest rates when it has confidence in the robustness of the economy, not when experts are concerned about the state of the economy. The Fed's decisions are made without political bias, according to Federal Reserve Chairman Jerome Powell. However, experts argue that the Fed is no longer a politically independent institution and that politics is largely behind the decisions. The economy is a top issue for voters, with a Fox News poll finding that 61% of voters believe Biden has failed at handling the economy. The savings rate has tanked, which is detrimental to long-run economic growth.
#FederalReserve #InterestRates #ElectionDay #UsEconomy #Inflation #PresidentBiden
https://www.foxbusiness.com/economy/federal-reserve-slashing-interest-rates-ahead-of-election-day
Yellen says 'tough conversations' needed on China's overproduction
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Treasury Secretary Janet Yellen said during her trip to Beijing that the U.S. and China have a "duty" to manage the complex relationship between the countries responsibly and raised concerns about the impact of Chinese firms' overproduction in several key industries. Yellen met with Chinese Premier Li Qiang for 80 minutes in Beijing and discussed issues such as China's overproduction of electric vehicles (EVs), solar panels, and other clean energy components. Yellen highlighted that these overproductions have hurt producers and jobs in the U.S. and other countries. The excess manufacturing capacity of EVs in China could be between 5 and 10 million per year by 2027. Yellen also mentioned that China's excess industrial capacity and the government's support for those industries were discussed during the meeting. Li showed some willingness for U.S. and Chinese economic teams to explore the issue further. Chinese state media outlet Xinhua quoted Li as saying that the U.S. should view production capacity from a market-oriented and global perspective and refrain from turning economic and trade issues into political or security issues. Yellen's trip to China is her second in the last nine months.
#JanetYellen #China #Overproduction #ElectricVehicles #CleanEnergy #UschinaRelationship
https://www.foxbusiness.com/economy/yellen-says-tough-conversations-needed-on-chinas-overproduction
Yellen says 'tough conversations' needed on China's overproduction
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Treasury Secretary Janet Yellen said during her trip to Beijing that the U.S. and China have a "duty" to manage the complex relationship between the countries responsibly and raised concerns about the impact of Chinese firms' overproduction in several key industries. Yellen met with Chinese Premier Li Qiang for 80 minutes in Beijing and discussed issues such as China's overproduction of electric vehicles (EVs), solar panels, and other clean energy components. Yellen highlighted that these overproductions have hurt producers and jobs in the U.S. and other countries. The excess manufacturing capacity of EVs in China could be between 5 and 10 million per year by 2027. Yellen also mentioned that China's excess industrial capacity and the government's support for those industries were discussed during the meeting. Li showed some willingness for U.S. and Chinese economic teams to explore the issue further. Chinese state media outlet Xinhua quoted Li as saying that the U.S. should view production capacity from a market-oriented and global perspective and refrain from turning economic and trade issues into political or security issues. Yellen's trip to China is her second in the last nine months.
#JanetYellen #China #Overproduction #ElectricVehicles #CleanEnergy #UschinaRelationship
https://www.foxbusiness.com/economy/yellen-says-tough-conversations-needed-on-chinas-overproduction
Americans weigh in on whether a comfortable retirement is possible in today's economy
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Americans gathered at the Flying Biscuit Café in The Villages, Florida to discuss the cost of living and the attainability of a stable retirement amid the country's inflation. Lisa, a Florida resident, expressed her concerns about the high cost of living and the lack of ability to save. Another resident, Roger, mentioned that he sees many people working longer to supplement their income. However, one woman who retired at 55 shared her experience of early retirement, attributing it to careful planning and owning a paid-off house. Concerns about retirement savings have grown, with a recent survey by Northwestern Mutual suggesting that it would take $1.46 million to comfortably retire.
#Retirement #Economy #CostOfLiving #Inflation #Savings
Trapped vessels navigate Port of Baltimore after bridge collapse
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The Port of Baltimore has opened a temporary channel for some tugs and barges that were stranded in the harbor after a bridge collapse. The primary shipping channel has been blocked since the container ship MV Dali crashed into a support column of the Francis Scott Key Bridge, killing six construction workers. The U.S. Coast Guard and the state of Maryland are working to reopen the port. Limited ship traffic has resumed after a temporary channel with a depth of 11 feet was opened. A second temporary channel with a depth of 15 to 16 feet is planned, and a third channel with a depth of 20 to 25 feet will be opened once debris is cleared. The timeline for a full reopening of the port is uncertain due to the challenges of freeing the container ship and clearing debris. The Biden administration is providing assistance and working on a funding package to rebuild the bridge. White House press secretary Karine Jean-Pierre will visit Baltimore to observe recovery efforts.
#PortOfBaltimore #BridgeCollapse #Shipping #UsCoastGuard #Maryland #ContainerShip #RecoveryEfforts #FundingPackage #BidenAdministration
https://www.foxbusiness.com/economy/trapped-vessels-navigate-port-of-baltimore-after-bridge-collapse
Biden's tax-hike plan would cost the US economy nearly 800K jobs
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President Biden's tax-hike plan, outlined in his budget blueprint for fiscal 2025, would reduce economic output by 2.2%, slash wages by 1.6%, and eliminate about 788,000 full-time equivalent jobs, according to the Tax Foundation. The proposed tax increases include a 25% minimum tax rate on households worth over $100 million, raising the capital-gains tax rate, quadrupling the corporate stock buyback tax to 4%, raising the corporate tax rate to 28%, increasing the Medicare tax on wealthy Americans, implementing a global minimum tax on multinational corporations, and closing the carried interest loophole. The tax increases would reduce the federal deficit by about $3 trillion and fund new programs such as a monthly tax credit for homeowners, child care subsidies, and lower prescription drug costs. The corporate income tax proposal is labeled the most harmful, with the budget calling for a corporate tax rate increase to 28% and an increase in taxes on U.S. companies' foreign earnings to 21%. Higher taxes on corporations would trim GDP by 0.9%, wages by 0.8%, and full-time equivalent jobs by 192,000. The proposals are unlikely to gain support in a divided Congress and face rejection from Republicans.
#Biden #Taxhike #UsEconomy #TaxFoundation #Budget #TaxIncreases #CorporateTax #CapitalGainsTax #WealthyAmericans #MultinationalCorporations #Congress #Republicans
https://www.foxbusiness.com/economy/bidens-tax-hike-plan-would-cost-us-economy-nearly-800k-jobs
Trump wows Wall St., Boeing CEO out, Baltimore bridge fallout, Sam Bankman-Fried sentenced
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The S&P 500 and Dow Jones Industrial Average had their best start to a year since 2019, with the S&P 500 ending at an all-time high. Crypto gained over 60% this year. Former President Trump's social media company surged after its Nasdaq Composite debut. Boeing CEO Dave Calhoun will step down at the end of the year amid the ongoing safety crisis. The collapse of the Francis Scott Key Bridge in Baltimore will likely impact supply chains and the U.S. economy. Former FTX CEO Sam Bankman-Fried has been sentenced to jail on seven counts of securities fraud. Disney and a Florida board backed by Gov. DeSantis reached an agreement in a legal battle.
#StockMarket #Trump #Boeing #BaltimoreBridge #SamBankmanfried