President Trump issued a new tariff proposal late last night—this time targeting Canada.
(LILAMAX)- President Trump issued a new tariff proposal late last night—this time targeting Canada. The plan calls for a 35% tariff on Canadian goods, set to take effect August 1st.
In defense and energy news, the Department of Defense announced it will invest $400 million in MP Materials, which operates the only rare earth mine in the United States. Rare earth elements are critical for military technologies like the F-35 warplane, drones, and submarines, as well as consumer products like smartphones, electric vehicles, and wind turbines. Currently, China controls about 70% of the global rare earth market.
Meanwhile, the devastating floods in Texas have reignited concerns over flood insurance. FEMA data shows that although 99% of U.S. counties have experienced flooding since 1996, only 4% of homeowners carry flood insurance. The lack of coverage makes recovery far more difficult for communities hit by disasters.
On Wall Street, the Nasdaq and S&P 500 both closed at record highs, with the Dow also posting gains despite tariff concerns. Oil prices dipped to their lowest level since February.
In the auto sector, U.S. vehicle recalls have hit a 15-month high. Between April and June, 7.3 million cars and trucks were recalled. Ford led the industry, accounting for 3.3 million vehicles across 49 campaigns, according to BizzyCar.
Waffle House has dropped its 50-cent egg surcharge, which was added when egg prices soared. Prices have eased but remain about 40% higher than a year ago.
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2025-07-11 11:05:11