New tariffs imposed by President Donald Trump officially took effect Thursday, with the president declaring just minutes before the deadline that billions of dollars are now "flowing" into the U.S. economy.
The move doubles down on his trade war, introducing new rates between 10 and 41 percent on imported goods from more than 90 countries — many of which are scrambling to negotiate better terms.
Trump exclaimed in block capitals: “It’s midnight!!! Billions of dollars in tariffs are now flowing into the United States of America.”
Commerce Secretary Howard Lutnick predicted $50 billion in monthly revenue from the new import taxes, but JPMorgan warned that 60% of the increased costs are expected to be passed on to American consumers as higher prices.
The increase in import taxes on dozens of countries comes as the economic impact of his months-long tariff threats begins to visibly harm the U.S. economy. Americans are expected to pay an average of 18.3 percent more for imported goods – the highest rate since 1934, according to the Budget Lab at Yale.
The White House remained confident that businesses would increase investments, rebalancing the U.S. economy as a manufacturing powerhouse.
Read More
What you need to know so far today...
- Trump declares billions of dollars 'flowing' into the U.S. as tariffs take effect
- Trump tariffs: Full list of countries hit by US president’s new trade war levies
- Trump plans 100% tariff on imported chips raising specter of higher priced electronics and appliances
- Bank predicts American shoppers will bear most of tariff costs
- Trump nominates Stephen Miran to serve as a temporary Federal Reserve governor
- Lutnick expects US to collect $50B per month in tariff revenues
End of live coverage
04:15
,
Rhian Lubin
Our live coverage has now ended.
Read on for a full breakdown of what President Donald Trump’s tariffs mean for the cost of everyday items.
Good morning
Thursday 7 August 2025 14:58
,
Oliver O'Connell
President Donald Trump’s long-awaited tariffs on goods imported into the U.S. are now officially and fully in effect, more than four months after his “Liberation Day” announcement on April 2.
Rates ranging from 10% to 50% on dozens of trading partners took effect on Thursday, testing his strategy for reducing U.S. trade deficits without causing major disruptions to global supply chains, higher inflation, or stiff retaliation from trading partners.
U.S. Customs and Border Protection started collecting the higher tariffs at 12:01 a.m. ET after weeks of suspense over Trump's final tariff rates and frantic negotiations with major trading partners to try to lower them.
Goods loaded onto U.S.-bound vessels and in transit before the midnight deadline can qualify for lower prior tariff rates before October 5, according to a CBP notice to shippers issued this week. Imports from many countries had previously been subject to a baseline 10% import duty after Trump paused higher rates announced in early April.
Since then, Trump has frequently adjusted his tariff plan, increasing rates for some countries to much higher levels, including 50% for goods from Brazil, 39% from Switzerland, 35% from Canada, and 25% from India. On Wednesday, he announced a separate 25% tariff on Indian goods to be enforced in 21 days, related to the South Asian country's purchases of Russian oil.
Ahead of the deadline, Trump praised the "billions of dollars" that will flow into the U.S., mostly from countries he said had taken advantage of the United States.
Trump plans 100% tariff on imported computer chips raising specter of higher priced electronics and appliances
Thursday 7 August 2025 15:01
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Oliver O'Connell
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 Tim Cook. "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.
Read on...
Are India and China being pushed closer together by Trump's tariffs?
Thursday 7 August 2025 15:07
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Oliver O'Connell
Although India has been one of Washington’s key strategic partners in countering China’s dominance in the Asia-Pacific region, experts warn that the latest wave of U.S. tariffs could prompt Delhi and Beijing to seek closer ties, as Alisha Rahaman Sarkar reports.
Switzerland wants further talks with US over crippling tariffs
Thursday 7 August 2025 15:13
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Oliver O'Connell
Switzerland has vowed to continue negotiations with the United States after the implementation of a 39 percent import levy on Swiss goods, a measure that threatens to severely impact the nation's export-driven economy.
The substantial tariff, among the highest imposed under Donald Trump's global trade reset, took effect at midnight Washington time, following an unsuccessful eleventh-hour attempt by Swiss officials to secure a more favorable agreement. This levy is poised to significantly restrict the small alpine nation's access to the US market, a crucial destination for high-value exports such as watches from Swatch, Rolex, and Patek Philippe, alongside premium cheeses and chocolates. While the US is also the largest market for Swiss pharmaceuticals, valued at $35 billion last year from companies like Roche and Novartis, these exports are not currently subject to the 39 percent rate.
“For the affected sectors, companies, and their employees, this is an extraordinarily difficult situation,” stated Swiss President Karin Keller-Sutter to reporters after an urgent meeting of the seven-member Federal Council, Switzerland's governing cabinet.
Keller-Sutter's recent trip to Washington concluded without a deal, during which she reportedly did not meet with Trump or any of his senior trade representatives. Her proposal for a 10 percent tariff rate was rejected by U.S. officials.
Despite the setback, Swiss lawmaker Damien Cottier, chairman of the Swiss-U.S. parliamentary association, expressed optimism. “We have seen in other cases that President Trump's positions can evolve,” he said. “We must continue to negotiate and argue our case, which is a good one.”
With reporting from Reuters
New tariffs escalate Trump's trade war
Thursday 7 August 2025 15:16
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Oliver O'Connell
Some of the tariffs are being used to penalise nations Trump has taken issue with over matters unrelated to trade. Trump slapped Brazil, for example, with a 50 per cent import tax largely because he is unhappy with its treatment of former Brazilian President Jair Bolsonaro.
Jabed Ahmed reports.
Trump calls for resignation of Intel CEO
Thursday 7 August 2025 15:18
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Oliver O'Connell
President Donald Trump has called for the immediate resignation of Intel’s new chief executive, Lip-Bu Tan, labelling him “highly conflicted” due to his alleged ties to Chinese firms. The demand raises significant questions about the future direction of the struggling American chip giant.
Writing on Truth Social on Thursday morning, Trump stated: “The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!”
The controversy follows an exclusive Reuters report in April, which revealed that Tan, either personally or through venture funds he founded or operates, had invested at least $200 million (£158 million) in hundreds of Chinese advanced manufacturing and chip companies. Some of these firms are reportedly linked to the Chinese military.
Trump’s comments came a day after Reuters first reported that Republican Senator Tom Cotton had written to Intel’s board chair, seeking answers regarding Tan’s connections to Chinese entities and a recent criminal case involving his former firm, Cadence Design.
The outspoken demand from Trump, reiterating “There is no other solution to this problem,” sent shares of Intel down by approximately 2 percent in early trading on Wall Street.
A change in leadership at Intel could intensify pressure on the company, which is a cornerstone of US efforts to bolster domestic chipmaking. Last year, Intel secured $8 billion (£6.3 billion) in subsidies, the largest allocation under the 2022 CHIPS and Science Act, to establish new fabrication plants in Ohio and other states.
With reporting from Reuters
India slams Trump over 'unfair' tariffs
Thursday 7 August 2025 15:27
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Oliver O'Connell
India has called Donald Trump's hefty tariffs "unfair" after the US president slapped an additional 25 percent duty on New Delhi as punishment for importing Russian oil.
The new import tax, effective 21 days after August 7, will raise duties on some Indian exports to as high as 50 percent. However, three weeks would allow India and Russia the opportunity to negotiate with the US administration on the import taxes.
Experts say this marks a low point in US-India relations, which could harm the gains the two sides have worked hard to build over the past few years.
Alisha Rahaman Sarkar reports.
How is Wall Street faring as Trump's tariffs go into effect?
Thursday 7 August 2025 15:38
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Oliver O'Connell
Wall Street saw early gains on Wednesday, initially buoyed by hopes that major technology firms might avoid President Donald Trump’s latest tariffs on chip imports, though this optimism soon gave way to a more mixed market sentiment.
Apple’s shares rose 2.4 per cent, building on a 5.1 per cent increase from the previous session, after Trump announced the iPhone maker would invest an additional $100 billion in the US, bringing its total commitment to $600 billion over the next four years. The president also unveiled a near 100 percent tariff on semiconductor imports, but stated it would not apply to companies manufacturing in the U.S. or those committed to doing so.
However, these early gains were soon tempered by a shift in market sentiment. By 10:31 a.m. ET, the Dow Jones Industrial Average was down 137 points, or 0.34 percent, at 44,045, while the S&P 500 gained 7.94 points, or 0.13 percent, to 6,353, and the Nasdaq Composite rose 138 points, or 0.65 percent, to 21,300.
Broader tariffs, ranging from 10 to 50 percent, imposed by Trump on dozens of trading partners, came into effect on Thursday.
New signs of a weakening labour market, particularly following a disappointing July payrolls report, have fuelled speculation that the Federal Reserve could soon begin a rate-cutting cycle. Underscoring these jitters, new data revealed jobless claims reached 226,000 for the week of August 2, exceeding economists' forecasts of 221,000. Traders are now almost fully anticipating a September rate cut.
Investors are also closely watching for Trump’s interim replacement for Federal Reserve Governor Adriana Kugler in the coming days, amid expectations that the nominee will be a policy dove likely to favour lowering interest rates.
Kugler’s resignation creates a vacancy on the seven-member Fed Board led by Chair Jerome Powell, whom Trump has repeatedly criticised for not cutting borrowing costs. Powell’s tenure is set to conclude in May.
Trump tariffs: Full list of countries hit by new trade war import taxes
Thursday 7 August 2025 15:47
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Oliver O'Connell
President Donald Trump’ssweeping new tariffs for dozens of countries have come into force as he continues to escalate his global trade war.
Alexander Butler looks at which countries were affected by which rate.
Trump demands new census using ‘2024 election information’ and to weed out migrants in population totals
Thursday 7 August 2025 15:59
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Oliver O'Connell
President Donald Trump ordered the Commerce Department to re-run the count of the U.S. population that took place five years ago, while excluding any migrants in the U.S. from the total.
Writing Thursday on Truth Social, Trump said he’d asked the department, which oversees the U.S. Census Bureau, to “immediately” start what he called “a new and highly accurate CENSUS based on modern day facts and figures,” making use of “the results and information gained from the Presidential Election of 2024.”
Andrew Feinberg reports from Washington, D.C.
'President Trump wants to hurt the American people, and that's exactly what he's doing'
Thursday 7 August 2025 16:08
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Oliver O'Connell
Commenting on the 35 percent tariff on imported Canadian goods paid for by American buyers, Ontario Premier Doug Ford tells Wolf Blitzer on CNN: “President Trump wants to hurt the American people, and that's exactly what he's doing.”
In 2024, $413 billion of Canadian goods were shipped to the U.S.
Ontario Premier Doug Ford: "President Trump wants to hurt the American people, and that's exactly what he's doing." pic.twitter.com/e8JYtNBLwp
— Aaron Rupar (@atrupar) August 7, 2025
Trump's tariffs: Confusion over transshipment rules
Thursday 7 August 2025 16:15
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Oliver O'Connell
Concerns about the immediate enforcement of stricter U.S. trade penalties on goods rerouted through third countries have eased, according to three individuals in Southeast Asia familiar with the matter, who spoke to Reuters.
Southeast Asian nations, including Vietnam and Thailand, have been specifically singled out by White House officials for their alleged role in facilitating the transshipment of Chinese goods to the U.S. Without such rerouting, these goods would face substantially higher tariffs if shipped directly from China.
The Trump administration started imposing tariffs on goods from dozens of countries on Thursday. An executive order stated that products identified as having been illegally rerouted to conceal their origin would face an additional 40 percent duty. However, the order did not specify what exactly constitutes transshipment.
Currently, U.S. imports from Southeast Asia’s largest economies, which heavily depend on exports, are subject to tariff rates of around 19 percent. This is a significant reduction from previously threatened rates.
Existing U.S. customs guidelines specify that goods from countries without free trade agreements with the U.S., such as those in Southeast Asia, can be labeled as originating from the country where they undergo a “substantial transformation” of components, even if those parts are entirely sourced from another country like China.
With no new U.S. guidance on rules of origin or a clear definition of transshipment, some officials in Southeast Asia have advised exporters that current rules still apply. This effectively limits transshipment cases to illegal activities, such as using forged export certificates or unlawfully obtained documents.
Trade consultants have described the rules as vague, advising clients, even before the latest wave of U.S. tariffs, to ensure at least 40 percent local content in their exports to the U.S. “to be on the safe side,” one consultant noted.
Thursday 7 August 2025 16:25
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Oliver O'Connell
Lutnick expects U.S. to collect $50B per month in tariff revenues
Thursday 7 August 2025 16:35
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Oliver O'Connell
Commerce Secretary Howard Lutnick said on Thursday he expects the country to collect $50 billion a month in tariff revenues or more — up from $30 billion last month — as higher levies on imports from dozens of countries take effect.
“And then you're going to get the semiconductors, you're going to get pharmaceuticals, you're going to get all sorts of additional tariff money coming in,” Lutnick said in an interview with Fox Business Network.
President Donald Trump's higher tariffs on imports from dozens of countries took effect on Thursday, raising the average U.S. import duty to its highest in a century, with countries facing tariffs of 10% to 50%.
Much of the cost of the new taxes on imports is expected to be passed on to American consumers.
Watch: Treasury Secretary quizzed on who pays tariffs
Thursday 7 August 2025 16:45
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Oliver O'Connell
Spoiler: It’s the U.S. importer who pays a tax on what they buy from overseas, not the foreign exporter.
"So the tariff is paid in this country by the importer, is that right?" -- Eugene Robinson guides Scott Bessent into acknowledging that tariffs are in fact paid in the United States, not by foreign governments pic.twitter.com/uB3QqAsmpe
— Aaron Rupar (@atrupar) August 7, 2025
What is the Trump administration hoping to achieve with its sweeping tariffs?
Thursday 7 August 2025 17:00
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Oliver O'Connell
President Donald Trump's top trade negotiator, Jamieson Greer, said the U.S. was working to reverse decades of policies that had weakened U.S. manufacturing capacity and workforce, and that many other countries shared concerns about macroeconomic imbalances.
“The rules of international trade cannot be a suicide pact,” he wrote in a column published by The New York Times.
“By imposing tariffs to rebalance the trade deficit and negotiating significant reforms that form the basis of a new international system, the United States has shown bold leadership,” Greer said.
Eight major trading partners, accounting for approximately 40% of U.S. trade flows, have reached framework deals for trade and investment concessions with Trump, including the European Union, Japan, and South Korea, which will reduce their base tariff rates to 15%.
Britain won a 10% rate, while Vietnam, Indonesia, Pakistan, and the Philippines secured rate reductions to 19% or 20%.
Gov. Kathy Hochul lays out what new Trump tariffs will cost New Yorkers
Thursday 7 August 2025 17:15
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Oliver O'Connell
On Trump’s 8/7 tariff deadline, @GovKathyHochul is out with new numbers, detailing expected cost increases across the state.
— Emma Wallner (@EmmaGWallner) August 7, 2025
TLDR: Trump’s trade war is set to crush New Yorkers’ wallets pic.twitter.com/riLKtEEarw
Bank predicts American shoppers will bear most of tariff costs
Thursday 7 August 2025 17:20
,
Oliver O'Connell
Meera Pandit, J.P. Morgan Asset Management global markets strategist, joined CNBC’s Squawk on the Street to discuss how she expects President Donald Trump’s tariffs could impact profitability, consumer behavior, and more.
Meera Pandit of JPMorgan warns that "We’re expecting around 60% of cost of tariffs will get passed on consumer." https://t.co/jTEWG1zy1A
— Eric Michael Garcia (@EricMGarcia) August 7, 2025
She said the bank expects around 60 percent of the costs of tariffs to be passed on to American consumers, while companies retain 40 percent.
Pandit noted that tax cuts could provide a tailwind for consumer and corporate profitability in the coming year. However, she expressed concern about the potential inflationary effects of these policies, influenced by the Federal Reserve's reaction to the weakening job market and rising goods costs.
Despite a possible shift in inflation trends towards services, growth and inflation are expected to remain linked, potentially keeping inflation elevated in the first half of the next year.
Countries rush to make deals to avoid new Trump tariffs as world economy braces for impact
Thursday 7 August 2025 17:40
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Oliver O'Connell
How are countries reacting to high tariffs imposed by President Donald Trump?
“There'll be some supply chain rearrangement. There'll be a new equilibrium. Prices here will go up, but it'll take a while for that to show up in a major way,” said William Reinsch, a senior fellow and trade expert at the Center for Strategic and International Studies in Washington.
Countries with punishingly high duties, such as India and Canada, “will continue to scramble around trying to fix this,” he added.
Switzerland's President Karin Keller-Sutter stated on Thursday that talks with the U.S. would continue after she returned empty-handed from an 11th-hour trip to Washington aimed at preventing the crippling U.S. import tariff on Swiss goods.
A last-minute effort by South Africa to improve its offer in exchange for a lower tariff rate also failed. The trade negotiating teams of both countries will have more discussions, according to South African President Cyril Ramaphosa's office.
Vietnam announced on Thursday that it would continue talks with the U.S. as it seeks to lower tariffs further, following negotiations that resulted in a reduction from 46% to 20%, down from the duty Trump imposed on imports from the Southeast Asian country in April.
Meanwhile, Brazil's President Luiz Inacio Lula da Silva told Reuters on Wednesday that he would not humiliate himself by seeking a phone call with Trump, even as he said his government would continue cabinet-level talks to lower a 50% tariff rate.
Indian Prime Minister Narendra Modi also expressed defiance, saying he would not compromise the interests of the country's farmers.
There were signs that some nations were joining forces to confront Trump, with Brazil's Lula saying he would call the leaders of India and China to discuss a joint BRICS response to tariffs.
India announced on Wednesday that Modi would visit China for the first time in seven years.
ICYMI: Big Pharma admits it is discussing Trump’s plan to lower drug prices
Thursday 7 August 2025 17:50
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Oliver O'Connell
Pfizer CEO Albert Bourla says that his company and other large pharmaceutical firms are considering collaborating with the Trump administration to make more of their medicines available at lower costs to consumers.
In a conference call with investors on Tuesday to discuss second-quarter earnings, Bourla said, “We have serious discussions in the industry,” according to BioPharma Dive.
Russia and India talk up 'strategic partnership' after Trump tariff hike
Thursday 7 August 2025 18:03
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Oliver O'Connell
Russia and India have reaffirmed their commitment to a “strategic partnership” during bilateral security talks in Moscow, a day after President Donald Trump announced higher tariffs on Indian imports. The move by Washington was in response to India's purchases of Russian oil.
On Thursday, India's national security adviser, Ajit Doval, met with Sergei Shoigu, secretary of Russia's Security Council. Both officials emphasised the importance of their countries' relations.
Doval later met President Vladimir Putin at the Kremlin, with official footage showing the two men shaking hands. Shoigu, Kremlin foreign policy adviser Yuri Ushakov, and India's Ambassador to Russia, Vinay Kumar, also attended the meeting. Interfax news agency quoted Doval as saying that New Delhi “was looking forward to a visit from President Vladimir Putin by the end of the year.”
The Kremlin did not disclose what they discussed.
With reporting from Reuters
Americans will see an average tax of 18.6% for imported goods, Yale’s Budget Lab says
Thursday 7 August 2025 18:18
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Oliver O'Connell
American consumers are now facing the highest tax on imported goods since 1933, with an average levy of 18.6 percent taking effect under President Donald Trump’s tariff policies. This significant increase has been highlighted by the Budget Lab at Yale, a non-partisan policy research centre.
The Budget Lab estimates that the trade war initiated by the U.S. this year will result in short-term price increases of 1.8 percent. This is equivalent to an estimated loss of $2,400 in income for the average American household, according to the group’s findings.
The analysis is based on the effects of all U.S. tariffs and foreign retaliation implemented in 2025 and through Wednesday, including a 50 per cent tariff rate on India.
The Budget Lab’s projections assume that the Federal Reserve will not react to these tariffs, meaning the real income adjustment will primarily occur through increased prices rather than changes in nominal incomes. If the Federal Reserve were to intervene, the group noted, the adjustment could instead manifest as lower nominal incomes.
With reporting from the AP
Trump's planned 100% computer chip tariff sparks confusion
Thursday 7 August 2025 18:20
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Oliver O'Connell
President Donald Trump's plans for 100% tariffs on computer chips that aren't made in the U.S. are stoking confusion among businesses and trading partners — boosting stocks for leading semiconductor companies while leaving smaller producers scrambling to understand the implications.
The U.S. imports a relatively small number of chips because most of the foreign-made chips in a device — from an iPhone to a car — were already assembled into a product, or part of a product, before it landed in the country.
Continue reading...
Favorite emerges for Trump's Fed chair, report says
Thursday 7 August 2025 18:30
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Oliver O'Connell
Christopher Waller, a current governor at the Federal Reserve, is reportedly a leading contender to become the central bank's next chair, according to a Bloomberg News report.
Sources familiar with the matter told Bloomberg that Waller has met with members of President Donald Trump's team, who are said to be impressed with him, although he has not yet met the president himself.
A spokesperson for the Federal Reserve declined to comment on the report. White House spokesperson Kush Desai stated: “President Trump will continue to nominate the most competent and experienced individuals to deliver on his pledge to Make America Wealthy Again. Unless it comes from President Trump himself, however, any discussion about personnel decisions should be regarded as pure speculation.”
The development comes as President Trump has intensified his search for a new Federal Reserve chair, despite previously backing off threats to remove current Chair Jerome Powell before his term concludes on May 15. President Trump has repeatedly criticised Mr Powell for his reluctance to cut interest rates.
With reporting from Reuters
Trump claims ‘billions of dollars’ now flowing into US as new tariffs come into effect
Thursday 7 August 2025 18:40
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Oliver O'Connell
President Donald Trump declared that billions of dollars are “flowing” into the U.S. just minutes before the president’s new tariffs went into effect.
Trump doubled down on his trade war last week, unveiling new rates between 10 and 41 percent on goods from more than 90 countries.
After ordering a week-long delay on most tariffs just before his self-imposed deadline expired on August 1, the president's rates took effect just after midnight on Thursday.
James Liddell reports.
Might Trump's tariffs be pushing India and China closer together?
Thursday 7 August 2025 19:00
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Oliver O'Connell
Although India has been one of Washington’s key strategic partners in countering China’s dominance in the Asia-Pacific region, experts warn that the latest wave of US tariffs could prompt Delhi and Beijing to seek closer mutual ties.
Alisha Rahaman Sarkar reports.
India and Brazil leaders talk after Trump tariff hike
Thursday 7 August 2025 19:15
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Oliver O'Connell
Indian Prime Minister Narendra Modi and Brazil's President Luiz Inácio Lula da Silva held a telephone conversation on Thursday, according to Modi's office.
The call followed Lula's declaration a day earlier that he intended to initiate discussions within the BRICS group specifically to address tariffs imposed by President Donald Trump.
While Modi's office stated the pair “exchanged views on various regional and global issues of mutual interest,” it notably omitted any explicit mention of Trump or his trade levies.
The BRICS economic grouping also comprises Russia and South Africa.
This comes as India has already indicated a potential rebalancing of its global partnerships in response to the imposition of heavy tariffs on Indian goods by Trump.
Full list of countries hit by Trump's new trade war tariffs
Thursday 7 August 2025 19:30
,
Oliver O'Connell
President Donald Trump’s sweeping new tariffs on dozens of countries have taken effect as he continues to escalate his global trade war.
Here’s the full list:
UN head calls US tariffs rollout 'disheartening news'
Thursday 7 August 2025 19:45
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Oliver O'Connell
The United Nations Secretary-General, Antonio Guterres, has described the implementation of new U.S. tariffs as “disheartening news,” warning that all trade wars “are ruinous and need to be avoided.”
Speaking through his deputy spokesman, Farhan Haq, Guterres stressed that governments must implement “measures... to protect the poorest and most vulnerable sectors of society who will certainly suffer as a result of the higher prices” caused by such conflicts.
India calls Trump's 50% tariffs ‘unfair’
Thursday 7 August 2025 20:00
,
Oliver O'Connell
India has called Donald Trump's hefty tariffs "unfair" after the US president slapped an additional 25 percent duty on New Delhi as punishment for importing Russian oil.
The new import tax, effective 21 days after August 7, will raise duties on some Indian exports to as high as 50 percent. However, three weeks would allow India and Russia the opportunity to negotiate with the US administration on the import taxes.
Alisha Rahaman Sarkar reports.
Ralph Lauren shares fall as fashion house says tariffs could squeeze profits
Thursday 7 August 2025 20:30
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Oliver O'Connell
Shares in Ralph Lauren plummeted by more than 7 percent on Thursday, as the luxury fashion house expressed concerns that tariff costs could erode profit margins and that it is closely monitoring consumer reactions to higher prices.
"The big unknown sitting here today is the price sensitivity and how the consumer reacts to the broader pricing environment and how sensitive that consumer is," Ralph Lauren’s CEO Patrice Louvet told analysts. "That’s what we’re watching very closely as we head into the second half."
These cautious remarks followed the clothing maker’s strong sales performance in its fiscal first quarter, which also saw an upgrade to its sales outlook.
The New York-based company had previously announced in May that it would be raising prices this autumn due to tariffs.
Vance-hosted Epstein meeting took place at White House, report says
Thursday 7 August 2025 20:45
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Oliver O'Connell
As the controversy around the Jeffrey Epstein files continues, following the Justice Department’s announcement in early July that there was no client list and no more documents would be released, MSNBC reports that there was, in fact, a White House meeting regarding the Epstein case last night.
This comes after the Trump administration denied that any such meeting, originally billed as a dinner, was ever planned. CNN was the first to report that the meeting aimed to align everyone on the issue and resolve tensions between Attorney General Pam Bondi and FBI Director Kash Patel. It was scheduled to take place at the Naval Observatory, the official residence of Vice President JD Vance.
MSNBC reports that both Bondi and Patel attended the meeting at the White House last night, but it is unclear whether President Donald Trump was also present.
When asked about the meeting yesterday afternoon during an Oval Office event, when it was still believed to be at Vance’s residence, both the vice president and the president denied it.
“We're not meeting to talk about the Epstein situation. And I think the reporter, the reporter needs better sources,” Vance said.
“Look, the whole thing is a hoax,” Trump added. “It's put out by the Democrats because we've had the most successful six months in the history of our country. And that's just a way of trying to divert attention to something that's total bulls***.”
It was also reportedly on the agenda to discuss what Epstein accomplice Ghislaine Maxwell told Deputy Attorney General Todd Blanche before her transfer to a minimum-security facility, following a meeting with the DOJ's second in command.
Trump names Stephen Miran to Fed board
Thursday 7 August 2025 20:46
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