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The Wall Street Journal reports that President Donald Trump has postponed implementing his reciprocal tariffs to August 1, 2025, after Treasury Secretary Scott Bessent argued more time could secure trade deals. Originally set to expire this week, the delay aims to extract last-minute concessions. Letters warning of tariff rates were sent to several countries. Trump insisted the date would not shift again, stating: “Tariffs will start being paid on August 1st.” New tariffs include up to 200% on pharmaceuticals and 50% on copper. While some countries may still negotiate lower rates, Trump said: “A letter means a deal.”

 

Wall Street Journal

Sentiment among U.S. small businesses fell slightly in June as owners continued to worry about taxes ahead of a major legislative win for the Trump administration. The National Federation of Independent Business (NFIB) said Tuesday that its optimism index, a gauge of sentiment among small firms, edged down 0.2 points to 98.6 in June, slightly above its long-term reading of 98. A consensus of economists polled by the Wall Street Journal expected 98.7. A substantial increase in respondents reporting excess inventories contributed the most to the decline, the NFIB said, with nearly one in eight businesses reporting inventories were "too high" in June, almost double that in May. Respondents also reported a substantial decline in how they see the health of their own businesses, with 49% reporting "good" and 8% reporting "excellent," down from 55% and 14%, respectively, in May. Those reporting fair or poor business health increased.

 

Bloomberg

Reuters

Wall Street Journal

Americans' outlook on inflation was little changed last month as households upgraded their views on the state of their finances and ability to get credit. The New York Federal Reserve monthly Survey of Consumer Expectations shows that respondents in June saw inflation at 3% 12 months from now, the same level it was at in January, before President Trump's sweeping tariff proposals. The reading marked a 0.2 percentage point decline from May. Inflation expectations at the three- and five-year horizons were unchanged at 3% and 2.6% respectively, according to the survey. Fewer households reported difficulties accessing credit, with a smaller share saying they will face challenges in the next year. Chances of missing a minimum debt payment over the next three months dropped to the lowest since May of last year. Separately, the Philadelphia Fed said that in the first quarter the share of credit cards in some sort of delinquency retreated for the first time since the closing three months of 2021. It also said that the rates being paid on credit cards are the highest since 2012, at an average of 24.62% during the first quarter

 

Bloomberg

CNBC

Reuters

The Federal Trade Commission has written to Amazon and Walmart asking them to crack down on third-party merchants on its platforms making deceptive "Made in the USA" claims. The four retailers are Oak Street Bootmakers in Chicago; Stand Flag Poles in Fort Lauderdale, Florida; football equipment maker Pro Sports Pads in Jacksonville, Florida, and medical products maker USA Big Mountain Paper, also in Jacksonville. The FTC urged both companies to take "corrective action" against sellers whose descriptions violate both federal law and their own codes of conduct. "Consumers want to have confidence that when they buy something labelled 'Made in the USA' they are actually supporting American workers and the American economy", commented FTC chair Andrew Ferguson.

 

Reuters

A U.S. court has nullified the Federal Trade Commission's 'click-to-cancel' rule, which mandated straightforward cancellation methods for subscriptions. The court found that the FTC failed to adhere to the necessary rulemaking procedures as required by U.S. law. This decision highlights the importance of procedural compliance in regulatory actions and may influence future rulemaking processes by federal agencies.

 

Ars Technica

Canada's Competition Bureau has secured a court order to aid its probe into whether Amazon is abusing its dominant retail position in the market. The order requires Amazon to produce records relevant to the watchdog’s probe, which started in 2020 and concerns Amazon’s Marketplace fair pricing policy. The policy allows the company to penalize sellers for some actions, including if they list an item for sale at a price that's considerably higher than a recent price that item had been offered at, either on Amazon or elsewhere. The bureau said it has obtained a court order that requires Amazon to hand over records and relevant information for the investigation. There is no conclusion of wrongdoing at this time, the agency said.

 

Bloomberg

CBC News

Marks and Spencer has sought assistance from the FBI following a significant cyber attack that is projected to cost the British retailer up to £300m ($408m) in operating profits this year. Chair Archie Norman revealed to a U.K. parliamentary select committee that M&S had a "supportive" exchange with the FBI, as well as collaborating with the U.K.'s National Crime Agency and the National Cyber Security Centre. He also declined to say whether the company had paid the hackers following the attack, adding: "We are not discussing any of the details of our interaction with the threat actor,” and emphasising the legal implications of the situation.

 

TechCrunch

BBC News

The Guardian

Financial Times

Restore Capital, one of Hudson's Bay's biggest lenders, has asked an Ontario court to terminate the retailer’s “uneconomical and imprudent” sale of 25 leases to billionaire mall owner Ruby Liu. The motion filed on Tuesday also requested the appointment of a "super monitor" to more efficiently liquidate the remainder of its assets. "HBC has incurred exorbitant rent costs and professional fees in trying to obtain the necessary landlord consents with nothing to show for it, despite the landlords having indicated long ago that no consent will be provided," Restore's motion says. It notes that the latest financial forecasts show between June 30th and August 15th, Hudson's Bay will incur C$7.5m in rent costs in connection with pursuing the Liu deal and a significant portion of the C$8.5m in professional fees projected during the seven-week period are linked to it as well. Ms Liu has said that, if a court approves the sale, she believes she can win landlords over.

 

CBC News

Toronto Star

Shaun Maguire, a prominent Sequoia Capital partner, has ignited backlash after calling NYC candidate Zohran Mamdani an “Islamist” from a “culture that lies.” A petition demanding Sequoia’s response has drawn hundreds of signatures, notably from Middle Eastern tech leaders. Maguire later apologized via video, clarifying his remarks, but continued to post defiantly on X. His history of political commentary, support for Trump, and outspoken social media persona have previously raised internal concerns at Sequoia. Despite controversy, Maguire remains influential, with major investments in SpaceX, Stripe, and Bridge. A counter-petition supporting him also emerged, gaining support from notable tech figures.

 

Wall Street Journal

Citadel has appointed Dr. David Stark as its first Chief Medical Officer, a move aimed at enhancing employee wellness and performance. According to Sjoerd Geharing, the firm's chief people officer, Dr. Stark “will be responsible for driving innovation in employee benefits and wellness.” This initiative reflects a growing trend in the finance industry, where firms are increasingly investing in employee wellness roles to alleviate workplace pressures. Dr. Stark previously served as chief medical officer at Morgan Stanley, where he redefined employee health plans. The importance of such roles is underscored by research from former U.S. Surgeon General Jerome Adams, which states that “employees who are in good physical, mental, and emotional health are more likely to deliver optimal performance.” Citadel's move aligns with similar practices in tech companies, fostering a culture of care and loyalty.

 

Forbes

Delta Air Lines has successfully implemented a skills-first approach to talent management, as highlighted by Brian Wright, Director of Global Leadership, Learning & Development, who stated, “At Delta, growing our people has always been a top priority.” The airline removed degree requirements for over 90% of jobs, fostering new career pathways. Delta's transformation was supported by strong leadership buy-in and cross-functional collaboration, ensuring a well-coordinated initiative. The introduction of the Talent Hub and AI-powered tools aims to enhance employee skills and performance. Despite initial concerns about undervaluing degrees, Delta emphasised that skills complement traditional credentials. This strategic shift demonstrates how large organisations can effectively manage change and cultivate a skills-driven culture, ultimately benefiting both employees and customers.

 

Forbes

The rise of AI is raising concerns about the future of entry-level jobs, with CEOs suggesting that as many as half of all white-collar positions could be affected. Aneesh Raman, a LinkedIn executive, noted that the bottom rungs of the white-collar career ladder are “breaking.” However, he also pointed out that there is no definitive evidence linking AI to the current instability in the entry-level job market. The disruption could lead to a shortage of skilled mid- and high-level employees, as companies may struggle to cultivate talent if entry-level positions diminish. To address this, educators and employers must collaborate to reimagine the talent pipeline, ensuring that graduates possess skills that AI cannot replicate. The urgency is clear, as the investment in AI is accelerating rapidly, and the time to adapt is now.

 

Washingtonpost.com

Starbucks' China business has attracted offers for a potential stake sale, valuing the coffee chain unit at up to $10bn, CNBC reported this morning, with Centurium Capital, Hillhouse Capital, Carlyle Group, and KKR thought to be among the prospective bidders. Almost 30 domestic and foreign private equity firms in China have submitted non-binding offers and Starbucks is in the process of evaluating the offers, deal structure proposals and value creation pitches from the bidders. 

 

CNBC

Reuters

South China Morning Post

Since China’s December 2023 ban on exporting key minerals to the U.S., including antimony, gallium, and germanium, American imports from Thailand and Mexico have surged. U.S. customs data show 3,834 metric tons of antimony oxides arrived from those countries—more than the prior three years combined. Industry experts and shipping records suggest the minerals likely originate from China, with transshipments via third countries to skirt export restrictions. Thai Unipet Industries, a Thai subsidiary of Chinese firm Youngsun Chemicals, shipped over 3,300 tons to Texas-based Youngsun & Essen. Despite China’s recent crackdown, profits and demand remain strong, challenging enforcement.

 

Reuters