Money, Wealth & Power—A Daily Look at the Financial World
A wave of tariffs on timber, lumber, and derivative products like upholstered wooden furniture and cabinetry is squeezing American furniture manufacturers from multiple directions at once. The White House has framed these duties as a national security measure, but for the workers and small firms that make up the domestic furniture sector, the policy is…
The Supreme Court is preparing to decide whether President Trump can use emergency powers to impose sweeping tariffs on imports from China, Mexico, and dozens of other countries, and the outcome could trigger one of the most disruptive market events in years. The case, Learning Resources, Inc. v. Trump (No. 24-1287), challenges the legal foundation…
The American beef industry is telling shoppers to stop waiting for relief at the meat counter. With the U.S. cattle herd still shrinking and ranchers showing little appetite to rebuild, the message from producers and federal data alike is blunt: today’s elevated beef prices are not a temporary spike but a structural shift that will…
Nestle, the world’s largest food company, is preparing to shed its ice cream business as part of a sweeping corporate restructuring tied to leadership changes and persistent performance pressures. The move would separate the Swiss conglomerate from well-known frozen treat brands at a time when the underlying ice cream market is attracting significant investor capital….
Bernie Sanders rallied supporters at The Wiltern in Los Angeles, throwing his weight behind a proposed one-time 5% wealth tax on California billionaires and declaring that for the ultra-rich, “enough is never enough.” The initiative, formally tracked as a constitutional amendment under Initiative 25-0024A1, would affect roughly 200 people and direct the vast majority of…
The U.S. dollar has lost roughly 10% of its trade-weighted value over the past 12 months, and President Trump is publicly celebrating the slide. That tension between a weakening currency and White House enthusiasm sits at the center of a growing debate about what the drop actually means for American households, including grocery bills and…
JPMorgan Chase CEO Jamie Dimon has put the odds of a U.S. recession at roughly 50%, warning that the sweeping tariffs launched under the “Liberation Day” trade policy are both inflationary and a drag on growth. With the latest federal inflation data showing prices still climbing and the Federal Reserve flagging tariff-related risks to the…
Sam Altman used a high-profile appearance in New Delhi to call out a growing corporate tactic: blaming artificial intelligence for job cuts that were already on the chopping block. Speaking at the India AI Impact Summit, he said some companies are engaging in “AI washing,” invoking the technology as cover for layoffs they would have…
Mohamed El-Erian, the former chief executive of PIMCO, warned that Blue Owl Capital’s decision to permanently halt redemptions at a private credit fund aimed at retail investors carries echoes of the 2008 financial crisis. The fund, which had offered quarterly tender offers, will instead shift to quarterly return-of-capital distributions as its assets are sold down…
The claim that President Donald Trump’s tariffs cut the U.S. trade deficit by 78 percent has circulated widely in political commentary, but federal data tells a starkly different story. The Bureau of Economic Analysis reported that the annual 2025 goods-and-services trade deficit came in at $901.5 billion, down just 0.2 percent from $903.5 billion in…