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The Guardian

Tariffs are Trump’s favorite plaything – and his justifications are absurd | Steven Greenhouse

‘Trump is essentially telling Canada: I have a right to punch you in the nose whenever I want. But if you punch me back, that’s illegal discrimination against the US.’ Photograph: Carlos Barría/ReutersView image in fullscreen‘Trump is essentially telling Canada: I have a right to punch you in the nose whenever I want. But if you punch me back, that’s illegal discrimination against the US.’ Photograph: Carlos Barría/ReutersOpinionDonald TrumpTariffs are Trump’s favorite plaything – and his justifications are absurdSteven GreenhouseThe president is using forced labor as a pretext to slap tariffs on countries around the world With the midterm elections less than four months away, it’s a precarious time for Donald Trump and Republicans: Trump’s war against Iran is going badly, his approval ratings are in the toilet, gas prices are soaring and pushing up inflation, and nation after nation is furious about Trump’s insults, bullying and ugly American unilateralism. So amid all this mess, what does Trump do? He turns to his favorite economic plaything: tariffs. On Monday, Trump signed orders to slap a 50% tariff on many Canadian goods, and four days later, he imposed across-the-board 10% or 12.5% tariffs on goods from more than 80 countries. Trump was no doubt thumping his chest, while millions of people overseas were dumping on him for yet another unnecessary, hostile act. Too bad for Republicans, and most Americans, though, because Trump’s fixation on tariffs will only worsen their troubles. Trump’s new tariffs will push up prices – let’s not forget that tariffs are taxes on imports, and US consumers will pay those taxes. A corollary of that: Trump’s tariffs will worsen Americans No 1 economic concern: affordability. In bad news for typical Americans, the Yale Budget Lab estimates that Trump’s tariffs will increase costs for the average US household by $1,100 each year. The tariffs are also likely to push Trump’s approval ratings deeper into the sewer. If Trump thinks these tariffs are going to distract Americans from thinking about the Epstein files or the disastrous mess he’s made with his Iran “excursion”, he’s deluding himself. The American people aren’t going to forget those things. It’s hard to tell whether Trump’s repeated use of tariffs is a fixation or an addiction. Emperor Donald I evidently loves tariffs because he can use them to clobber other countries whenever he wants. They’re a powerful cudgel he won’t let go of. Trump imposed his new tariffs on more than 80 countries on the very day that another set of tariffs he slapped on dozens of countries was due to expire. To paraphrase the actor Charlton Heston, I can imagine Trump saying: “I’ll give up tariffs when you take them from my cold, dead hands.” With these new tariffs, Trump is again engaged in his delusional, destructive tariff tomfoolery. They’ll push up prices, squeeze Americans’ wallets and anger other countries. Trump said his tariffs would boost US manufacturing, but the US has lost 75,000 factory jobs since he returned to office, with many executives complaining about all the herky-jerky uncertainty Trump has wrought. Assessing Trump’s effects on the economy, Atsi Sheth, the chief credit officer for Moody’s Ratings, told the New York Times :“Volatility and unpredictability is the new normal.” Like so much that Trump does, his new tariffs are clearly based on pique and false premises with lots of shamelessness and absurdity thrown in. After the US supreme court overturned Trump’s me-against-the-whole-world tariffs in February, Trump, refusing to let go of his tariff toy, turned to other strategies. To justify his new 50% tariffs against Canada – which are piled atop numerous other tariffs he’s imposed on a country that was long the US’s closest ally – Trump relied on a never before used provision of the Smoot-Hawley Tariff Act, a widely derided 1930 law that greatly worsened the Great Depression of a century ago. With this new tariff, placed on hockey sticks, paper, plywood, dairy products and many other Canadian goods, Trump invoked a Smoot-Hawley provision that allows retaliation against countries that engage in trade discrimination against the US. In making that case, Trump’s exhibit No 1 is something rather preposterous, or should I say rather shameless? After Trump imposed high, punitive tariffs on Canada last year, 11 of Canada’s 13 provinces and territories halted liquor imports from the US because they were so irate about those tariffs along with Trump’s outlandish and belittling statements that he wanted to make Canada the 51st state. The White House called this ban on US liquor illegal discrimination, while Canadians view it as a type of traditional trade retaliation that countries engage in when another country – here the US – slaps tariffs on them, a situation made worse by the fact that Trump’s tariffs against Canada are an egregious violation of the United States-Mexico-Canada Agreement. Trump also insists that Canada has improperly discriminated against the US because Canada imposed a 25% tariff on select US-made cars after Trump slapped a 25% tariff on Canadian-made cars. He is essentially telling Canada: I have a right to punch you in the nose whenever I want. But if you punch me back, that’s illegal discrimination against the US. That’s the logic of America’s leading stable genius, who also offered another far-fetched justification for his decision: “We’re going to put a big tariff on Canada because of the smoke,” he told reporters on Friday, referring to wildfire smoke that has crossed the US border. Ontario’s premier, Doug Ford, isn’t happy about Trump’s painful, new 50% tariff. “We won’t back down,” he said on social media. “The fastest and only way to get US alcohol back on Ontario shelves is for the U.S. to drop its illegal tariffs on Canada.” As for the new tariffs hitting more than 80 countries, Trump, who over the years has shown next to no concern about worker exploitation, turned rather surprisingly to the issue of forced labor to slap on those tariffs.

Tariffs are Trump’s favorite plaything – and his justifications are absurd | Steven Greenhouse
Europe
BBC Business

Virtual interviews don't show bosses your personality, says Burnham

Image source, Getty ImagesByJennifer MeierhansBusiness reporterPublished30 July 2026, 09:47 BSTUpdated 2 hours agoBosses should not rely so heavily on virtual job interviews when hiring as they don't capture candidates' personality and passion, Andy Burnham has said. "One thing I really don't like is this culture now of interviewing via Zoom or Teams," the prime minister told a careers podcast, adding: "How does a young person shine in that situation?" With more than one million 16 to 25-year-olds not in work or education, and vacancies at a five-year low, firms are increasingly turning to AI to sift through applications and choosing online interviews over in-person. But some young people have told the BBC the experience of applying for hundreds of jobs and never hearing back is "robotic and brutal". It comes as some 89% of UK recruiters say they are planning to use more AI in the hiring process this year, according to data from Linked In. Speaking to former political adviser Jimmy McLoughlin on his podcast Jimmy's Jobs of the Future, Burnham said he was concerned that the use of technology was not making recruitment processes "fairer". "How do you get over some of your personality, your passion?" he asked, referring to virtual interviews. "It seems to me to then work against people who have that side to their character and work for those who are just giving the more formulaic answer. "I do worry about that and I've seen that in relation to my kids and their situation." More than one million 16-25-year-olds are not in education, employment or training - the highest level in more than 12 years, official figures show. A major review by former minister Alan Milburn found job and career opportunities for young people are "not growing, they're shrinking" with one in six set to be out of work, education or training in five years unless action is taken. "We are at risk of a lost generation" with young adults facing a "perfect storm" of challenges, Milburn warned in May. Burnham also told the podcast that companies who provide six-week work placements for teenagers could be prioritised for government contracts.

Virtual interviews don't show bosses your personality, says Burnham
Europe
BBC Business

Oil price dives as US and Iran pause attacks

Image source, Getty ImagesByNick EdserBusiness reporterPublished27 July 2026, 11:43 BSTUpdated 9 minutes agoThe price of oil has fallen sharply on hopes that a pause in attacks between the US and Iran could help lead to a resolution to the conflict. Brent crude, the global benchmark for oil, sank more than 9% to below $88 a barrel at one point, marking a sharp turnaround from last week when it had risen above $100. The fall came after the US ambassador to the UN said attacks on Iran had been halted for a second night in a row to give "talks some space". An Iranian army spokesperson said on Sunday that Tehran had halted "retaliatory" attacks in the region in response. The outbreak of the Iran war triggered a sharp rise in oil prices as the conflict led to the effective closure of the Strait of Hormuz, a key shipping route which usually carries about 20% of the world's oil and liquefied natural gas (LNG). When Iran and the US signed a memorandum of understanding in June to halt military operations and reopen the strait, the price of oil fell back to pre-war levels of around $70 a barrel. However, the collapse of the ceasefire earlier this month reignited fears over global energy supplies and pushed the oil price back up. Last week it hit $100 a barrel for the first time since May, with added concerns coming after Houthi militia in Yemen attacked oil tankers in the Red Sea, threatening a key export route that Saudi Arabia had used to bypass the Strait of Hormuz. Susannah Streeter, chief investment strategist at Wealth Club, said markets were remaining "cautious given the twists and turns during this conflict". Despite the sharp fall in crude, "there is still significant uncertainty baked into these prices and a reticence about whether negotiations will lead to a lasting breakthrough," she added. The conflict between the US and Iran - and its impact on oil - has pushed up the cost of fuel such as petrol and diesel in many countries. This often has knock-on effects on other prices, such as food, as businesses pass on the higher costs they are facing to customers, and this can push up the rate of inflation.

Oil price dives as US and Iran pause attacks
North America
CNBC Finance

Coca-Cola tops earnings estimates, hikes full-year outlook as demand for drinks climbs

Coca-Cola on Tuesday reported quarterly earnings and revenue that topped Wall Street's estimates, fueled by higher demand for its drinks. The company also hiked its full-year forecast. Coke is now projecting comparable earnings per share growth of 9% to 10%, up from its prior forecast of 8% to 9%. It also expects organic revenue to increase about 5%, on the high end of its earlier range of 4% to 5%. Coke reported second-quarter net income of $4.43 billion, or $1.03 per share, up from $3.81 billion, or 89 cents per share, a year earlier. Excluding asset impairments, restructuring costs and other items, the company earned 97 cents per share. Net sales rose 7% to $13.38 billion. Coke's organic revenue, which excludes acquisitions, divestitures and currency fluctuations, jumped 6% in the quarter. The company's global unit case volume increased 5%, and every one of its reporting segments saw volume growth. The metric strips out pricing to reflect demand more accurately. The consumer environment is "dynamic," CEO Henrique Braun said in a statement. The comment followed rival PepsiCo saying that shoppers' budgets tightened in the second quarter, leading to weaker sales in the U.S. for its snacks and drinks. Global oil prices have swung dramatically due to the U.S. war with Iran, leading many consumers to temper their spending. In Coke's home market, the national average gas price hit a four-year high of $4.56 per gallon in late May. But Coke's results do not show consumers cutting back. Even in North America, volume grew 3% in the quarter. The company credited its global World Cup campaign with driving higher demand. Two drinks in particular, its namesake soda and Powerade, saw higher volumes that the company attributed, in part, to the tournament's marketing. Coke volume increased 5% and Powerade volume climbed 8% in the quarter. Coke's water, sports, coffee and tea segment was the top performer this quarter, with volume growth of 6%. Out of those four categories, all but coffee saw their volume increase during the quarter. Coke's sparkling soft drinks segment reported volume growth of 4%, helped in part by the lift in demand for its namesake soda and its line extensions. Coca-Cola Zero Sugar saw volume climbed 16%, while Diet Coke, or Coca-Cola Light as it is known in some markets, reported volume growth of 7%.

Coca-Cola tops earnings estimates, hikes full-year outlook as demand for drinks climbs
North America
CNBC Finance

UPS beats earnings expectations, raises full-year guidance

United Parcel Service on Tuesday posted second-quarter earnings results that beat Wall Street expectations and raised its full-year outlook. For the quarter ended June 30, UPS reported net income of $604 million, or 71 cents per share, down significantly from $1.28 billion, or $1.51 per share, in the year-ago period. Adjusting for one-time items, the company reported a profit of $1.5 billion, or $1.76 per share. The company also raised its full-year 2026 guidance, now expecting consolidated revenue of $91.2 billion and adjusted diluted EPS of roughly $7.22 per share. "Our second-quarter results marked an expected and significant shift in our performance and we delivered both consolidated revenue and non-GAAP adjusted operating profit growth," CEO Carol Tomé said in a release. "We entered the second half of the year with strong momentum and are raising our full-year consolidated revenue, non-GAAP adjusted operating profit and non-GAAP adjusted diluted EPS guidance." UPS is in the midst of a turnaround strategy aimed at positioning the company for long-term and sustainable growth. The company is focused on enhancing automation in its networks and tapping into growing markets, including healthcare logistics. For the second quarter, UPS reported a 6% increase in domestic revenue, driven by an increase in revenue per piece, and a 12.5% increase in international revenue. Supply chain solutions revenue rose 7.8%, in part due to growth in healthcare logistics. The company added that it has achieved roughly $1.2 billion of program benefits from its network reconfiguration program, expecting to reach $3 billion by the end of the year. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

UPS beats earnings expectations, raises full-year guidance
North America
CNBC Finance

Hims and Hers shares fall 10% as FTC sues company over data, billing practices

Shares of telehealth company Hims and Hers Health fell sharply Wednesday after the Federal Trade Commission sued the company, alleging it misled consumers about privacy protections, billing practices and subscription cancellations. The FTC, joined by Los Angeles County and Utah, alleged Hims and Hers shared users' sensitive health information with online advertising platforms including Meta Platforms and Snap Inc. through tracking technologies embedded on its website. The agency said the company's practices were inconsistent with promises it made to protect users' health data. The FTC also accused Hims and Hers of charging customers for prescriptions before they have spoken with a healthcare provider. The agency alleges many customers are billed after completing an intake form rather than after a consultation with a medical professional. The regulator further alleges the company made it difficult for users to cancel subscriptions. Hims and Hers denied the allegation in a post on X, saying the lawsuit "disregards substantial evidence" provided during the FTC's nearly three-year investigation into the company and "contorts the law to try to manufacture claims." The company said it is confident in its position and will "vigorously defend" itself. The lawsuit comes as Hims and Hers has emerged as one of the largest telehealth providers in the fast-growing market for weight loss medications. The company offers virtual appointments and prescriptions for treatments including weight loss drugs, erectile dysfunction, hair loss and mental health medications, which are shipped directly to consumers. The investigation by the FTC dates back to October 2023. CNBC has reported on several probes into Hims and Hers' business practices, including its Super Bowl ad and compounded weight loss drugs. In April, the FTC formally communicated the findings of its probe started in 2023 to the company and settlement discussions began. In May, Hims and Hers disclosed a $15 million probable-loss accrual related to the matter, warning the final cost could be materially higher. The company said it made a settlement offer without admitting wrongdoing. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Hims and Hers shares fall 10% as FTC sues company over data, billing practices
North America
CNBC Finance

Nike was once China's sneaker king. Here's why its sales have fallen 30%

Sports-related products are the fastest growing consumer category in China and participation in sports and exercise is at its highest level in decades. The overall sportswear market has ballooned 51% in the past five years, fueled by a new focus on healthy living, according to GlobalData. But instead of thriving during China's sports renaissance, Nike's business in the region is languishing. Sales have fallen from the prior year eight quarters in a row, and the overall business has shrunk 30% since 2021, with annual revenue hitting its lowest level in eight years at the end of May. China was once Nike's fastest-growing region, beloved by investors for its high margins and potential for sustained growth. Now, it's the company's smallest market and has become a drain on a global turnaround that some on Wall Street believe is taking too long. Some U.S. analysts expect Nike's China business to recover once its North America operations stabilize, but experts on the ground told CNBC its challenges in the region are deeper, and far different, from what it faces at home. Young Chinese shoppers are increasingly choosing domestic brands over expensive foreign names as part of a larger "China Chic" movement, and consumers are hungry for a localized assortment — not the same product that's being replicated from Utah to Shanghai. Nike is also working to overhaul its distribution model in China, which critics say has become messy, overly complex and driven by discounts. "In a way, Nike has just become irrelevant," said Yaling Jiang, the founder of consumer research firm ApertureChina and an expert on the Chinese consumer. "I don't think young people can remember what's the last new thing they've done. But if you mention Adidas to them, they will tell you about … their pet clothes, pet jerseys, or their China jackets." During its most recent earnings call, Nike's outgoing finance chief Matt Friend couldn't say when the China business would return to growth, telling analysts that revenue trends in the near term "will be in line" with recent performance and "profitability will bottom before sales." In January, Nike CEO Elliott Hill announced Cathy Sparks, a 25-year Nike veteran, would become the next vice president and general manager of Greater China, reporting directly to him. In an interview with CNBC, she said Nike is taking the steps it needs to reconnect with Chinese consumers. "The one thing that I have certainly learned over the last six months is that the Chinese consumer has changed and they have high standards for what they want through product connections, engagement with the brand," said Sparks. "We know that if we can design footwear and apparel, lifestyle or performance, that's specifically targeted towards the unique needs of Chinese consumers, we'll drive full price revenue." A Nike spokesperson pushed back on the idea that the company has lost relevance in the region and said what's changed is younger shoppers are looking for "hyperlocal connections," including through events and broader cultural moments. "Nike has been in China for more than 40 years, and from day one, our approach has been to start with local consumer insight and turn that insight into inspiration, innovation and storytelling that can spark movement," the spokesperson said. When Nike turned to China as its next major growth market in the mid-2000s, it won by largely replicating its global strategy and betting that popular clothes and shoes in the Western world would also land with Chinese shoppers.

Nike was once China's sneaker king. Here's why its sales have fallen 30%
North America
CNBC Finance

Procter & Gamble revenue misses estimates as volume stays unchanged

Procter & Gamble on Wednesday reported mixed quarterly results, as underwhelming demand for its products resulted in weaker-than-expected sales. P&G reported fiscal fourth-quarter net income attributable to the company of $3.04 billion, or $1.26 per share, down from $3.62 billion, or $1.48 per share, a year earlier. Excluding restructuring costs, transaction gains and other items, the company earned $1.43 per share. Net sales rose 2% to $21.2 billion. The company's organic revenue, which excludes acquisitions, divestitures and currency fluctuations, was unchanged for the quarter, thanks to flat volume across P&G's portfolio. During P&G's full fiscal year 2026, the company has reported volume growth in just one quarter. Like many consumer companies, it has seen demand for its products weaken as shoppers have grown more value conscious, substituting cheaper private label versions instead or stretching their shampoos and laundry detergents further. For the fiscal fourth quarter, P&G's beauty division was the top performer, posting 3% volume growth. The segment includes Pantene shampoo and Olay and SK-II skincare products. Fabric and home care was the only other reporting segment to see volume growth. The division, which includes Tide detergent and Swiffer, reported that its volume rose 1% in the quarter. P&G's baby, feminine and family care division as well as its grooming business both reported that volume fell 1%. Health care was the worst performer for P&G this quarter. The division, which houses Oral-B and Vicks, saw its volume shrink 3%, fueled by declining sales of its oral care products. Looking ahead to the next fiscal year, the company is not projecting a significant upswing in demand for its products. For fiscal 2027, P&G expects core earnings per share in a range of $6.89 to $7.11. The company is also projecting all-in sales growth in the range of 1% to 3% compared with the prior year. Wall Street was anticipating earnings per share of $7.04 and revenue growth of 2.7% for fiscal 2027. P&G is currently estimating a $1 billion headwind after taxes from higher costs for raw materials, energy and transportation. Combined with its projections for a higher net interest expense, lower non-operating income and unfavorable exchange rates, P&G anticipates an 8% — or 56 cent — drag on its earnings per share for fiscal 2027.

Procter & Gamble revenue misses estimates as volume stays unchanged
Europe
BBC Business

The Chinese robot army transforming the UK's retail industry

Every time you click "buy" on an online order, the chances are that your purchase starts getting processed within minutes. Increasingly, the journey starts with a squat silver floor robot gliding beneath a storage rack, lifting a shelf and carrying it across a warehouse to a waiting worker. At Geek+'s factory in the eastern Chinese city of Hefei, which the BBC visited, fleets of the robots are built and tested before being shipped to warehouses around the world. Some of Britain's biggest retailers - including Tesco, Asda and Next - now use the company's technology. By automating these repetitive journeys, Geek+ says retailers can increase picking speeds, store more goods in spaces that are hard to reach for humans, and reduce errors. Unlike traditional warehouse automation, which relies on fixed conveyor systems and permanent infrastructure, autonomous mobile robots can be deployed simply using QR code floor markers and safety fencing. Geek+, which listed in Hong Kong last year in one of the biggest robotics share sales of 2025, has become the world's largest supplier of autonomous mobile robots. The UK has struggled with weak productivity growth for more than a decade, and economists say wider adoption of robotics will be essential if businesses are to become more efficient. In its 2026 report SME Technology Adoption in the United Kingdom, the Organisation for Economic Co-operation and Development (OECD) said technologies like robotics would be key to improving productivity. According to the OECD, Britain's low adoption of robotics is "surprising" given its manufacturing heritage, noting that while UK firms have embraced mature digital technologies, they lag behind in robotics and automation. That presents an opportunity for companies such as Geek+. The UK has one of Europe's largest e-commerce and logistics sectors, but many warehouses are still in the early stages of automation. Britain has already become Geek+'s biggest European market, with UK partner MotionTech deploying more than 2,000 robots across 10 warehouse sites.

The Chinese robot army transforming the UK's retail industry