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Business news, market updates, and economic developments
President Donald Trump plans to start 50% tariffs on some Canadian products early Saturday, after a delayed deadline linked to ongoing trade talks. Canada says progress has been made in negotiations but important issues remain unresolved.
Key Facts
The 50% tariffs target various Canadian goods like dairy, honey, alcoholic drinks, hockey sticks, and more.
Some key imports from Canada are exempt, so the tariffs affect only some U.S. imports from Canada.
President Trump said a preliminary trade deal was reached, aiming to remove Canadian tariffs on American farm products.
Canada’s Prime Minister Mark Carney said negotiations continue to strengthen Canada’s economy.
The U.S. Trade Representative office mentioned the deal would cover market access, economic security, and digital trade rules.
President Trump hinted the Keystone XL Pipeline project might be revived as part of the deal.
These tariffs follow earlier broad tariffs Trump imposed on 60 other trade partners, including the European Union.
The tariffs are set to take effect at 12:01 a.m. Eastern Time on Saturday.
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The U.S. Interior Department announced short-term water cut plans for California, Arizona, and Nevada that mostly follow the states' own suggestions. These plans avoid large immediate reductions in Colorado River water use.
Key Facts
The federal government set short-term water reduction plans for three states: California, Arizona, and Nevada.
The plans mostly agree with proposals given by the states themselves.
The states will not face severe water cuts right now.
The Colorado River is a major water source for these states.
The decision aims to manage water resources amid ongoing shortages.
The announcement was made by the Interior Department on a Friday.
Managing Colorado River water is important for farms, cities, and communities in the region.
These plans are part of broader efforts to address water supply challenges in the western U.S.
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A study by KPMG and the University of Texas at Austin shows that only 5% of users use artificial intelligence (AI) in advanced ways at work. Most people use AI for simple tasks, while a few use it to help with complex thinking and problem-solving in their workflows.
Key Facts
KPMG is organizing its tax teams with different AI roles: power users, makers, and builders.
Only 5% of users consistently show advanced AI skills, according to KPMG research.
Routine AI use involves simple tasks like summarizing or answering questions.
Sophisticated AI use means using AI as a partner to explore ideas and handle complex assignments.
Advanced users provide AI with context and goals to manage multi-step tasks.
AI can take over repetitive tax tasks, allowing professionals to focus on analysis and risk management.
Many companies can access AI quickly, but developing skills and judgment to use it well takes more time.
Upcoming webinars will discuss AI’s impact on business operations and how companies overcome challenges in AI adoption.
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Long-term borrowing costs in the US went up again despite the Treasury Department's recent effort to lower them by buying back government debt. The national debt has passed $40 trillion, and investors remain worried about high borrowing levels and inflation, causing bond yields to rise.
Key Facts
The US Treasury Department tried to lower borrowing costs by buying back more government debt.
After a short-term drop, the interest rate on 30-year government bonds rose to about 5.27%.
Governments and companies borrow money by selling bonds and pay interest called yields.
Bond yields increase when inflation is high or expected to rise.
US national debt recently surpassed $40 trillion, more than double what it was 10 years ago.
Rising oil prices and large corporate borrowing, especially by tech firms investing in AI, have pushed yields higher.
The US dollar weakened following bond market volatility.
Gold prices rose to a three-month high amid economic uncertainty.
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The Federal Trade Commission (FTC) is considering new rules to limit personalized pricing, where companies charge different prices to different customers based on their personal data. The FTC wants businesses to clearly explain how they use personal data to set prices and to get customer consent. Some people worry these limits might reduce discounts or cause prices to rise.
Key Facts
Personalized pricing means charging each customer a different price based on their personal information.
The FTC cannot ban personalized pricing completely but can penalize businesses that don’t disclose how prices are set.
FTC Chair Andrew Ferguson said many consumers expect prices to be the same for everyone in stores.
The FTC invited the public to comment on a proposed policy to restrict hidden personalized pricing practices.
Research shows personalized pricing often helps businesses make more money but can hurt some consumers.
If prices are misrepresented as the same for everyone when they’re not, that could break FTC rules.
The FTC wants companies to tell customers what data they use for pricing and get permission to collect it.
Consumers may not realize how much data they create or how it’s used to set individual prices.
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There are increasing worries about the bond market and the rise in borrowing costs. Kristin Myers, an expert in exchange-traded funds (ETFs), discussed these issues in a CBS News segment.
Key Facts
Concerns are growing about the bond market worldwide.
Borrowing costs, or interest rates, are rising.
Kristin Myers is the ETF editor-in-chief for Asset TV.
Myers provided insights in a CBS News report.
The discussion appeared on the CBS News platform.
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The U.S. National Science Foundation awarded a $15 million federal grant to a group of New England fishing advocates, researchers, and tech companies. The money will fund new technologies like underwater cameras and autonomous robots to help fishermen catch fish more accurately and improve the seafood processing industry in the region.
Key Facts
The grant aims to help commercial fishermen catch better and healthier fish.
A camera system called a “third eye” will be developed to see what fish enter the nets before hauling them on deck.
This camera can reduce bycatch, which is unwanted or regulated fish caught accidentally.
Autonomous robots will monitor underwater conditions that affect lobster traps, such as low oxygen zones that kill lobsters.
Researchers at the University of Massachusetts Dartmouth’s marine school will work on the camera systems.
Recorded data from cameras can help resolve disputes about fishing rules between crews and observers.
The Cape Cod Commercial Fishermen’s Alliance leads efforts on robots to detect harmful environmental factors for lobsters.
The grant also supports strengthening the seafood processing industry, which has lost jobs and moved some work overseas.
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Walmart will start accepting Apple Pay and other tap-to-pay options at some U.S. stores and Sam's Club locations from Monday. This change allows customers to use contactless payment methods instead of Walmart's own QR code system.
Key Facts
Walmart announced the addition of tap-to-pay options for customers.
This change starts on Monday in some Walmart and Sam's Club stores in the U.S.
Previously, Walmart customers had to use Walmart Pay, which required scanning QR codes.
Tap-to-pay means customers can pay by simply tapping their card or phone on the reader.
Walmart says the goal is to give shoppers more payment choices and make shopping easier.
The announcement was made in a press release on Friday.
This story may be updated as more information becomes available.
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The U.S. housing market has become more favorable for buyers in recent months, especially in certain areas like Miami, Florida, where there are more homes for sale than buyers. This shift is partly due to a large number of condominiums available and higher fees that have reduced demand for condos, giving buyers more power to negotiate prices.
Key Facts
Miami, Florida, has the strongest buyer’s market in the U.S. in ZIP code 33130.
This area has about three times the usual supply of homes, with 15.5 months of supply.
Almost 30% of homes for sale in this area have price cuts.
High homeowners association (HOA) fees, increased after building safety rules from the 2021 Surfside collapse, have decreased condo demand.
Condo supply in Miami-Dade County is 12.3 months, compared to 4.9 months for single-family homes.
Less than 1% of South Florida condo buildings qualify for FHA loans, making financing harder.
Other top buyer’s markets include Port Aransas, Texas, Lahaina, Hawaii, and North Miami Beach, Florida.
Miami’s cost of living has risen sharply, now more expensive than New York and second only to San Francisco in the U.S.
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Neutrogena responded to criticism over how it ended its partnership with actress Hayden Panettiere after she spoke openly about her postpartum depression. The company said it was sorry for making her feel unsupported during a difficult time, following her death at age 36.
Key Facts
Hayden Panettiere was a Neutrogena ambassador for about 10 years starting in 2005.
Panettiere said Neutrogena ended their deal with her after she mentioned postpartum depression during a live interview.
She described being shocked and hurt by the company’s reaction, saying she was not invited back after that.
Neutrogena issued a statement expressing sadness over her death and apologized for not supporting her.
Panettiere struggled with mental health issues, including postpartum depression, which affects some new mothers.
She shared her experiences in a podcast interview and her memoir, revealing challenges in her life and career.
Panettiere died at 36, and her cause of death is still under investigation.
Fans criticized Neutrogena on social media and called for boycotts after the news.
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Canada and the US are trying to finalize a trade deal before a US deadline to avoid new tariffs on Canadian goods. Manitoba Premier Wab Kinew criticized the deal and President Donald Trump, urging Canada to hold out for better terms, while other leaders have mixed views about the agreement.
Key Facts
The US set a deadline to finalize the Canada-US trade deal by Friday night to avoid new tariffs.
Manitoba Premier Wab Kinew criticized President Trump and warned against making too many concessions.
Negotiators are close to a deal that could reduce US tariffs on Canadian steel, aluminum, and automobiles.
Canada may allow more American dairy products into its market as part of the deal.
Some Canadian leaders support restoring US alcohol sales to help reduce US tariffs.
Public opinion in Canada is divided, with many unhappy about possible concessions to the US.
Trade Minister Dominic LeBlanc and US Trade Representative Jamieson Greer met multiple times to work on the deal.
Local leaders expressed concern about the impact of tariffs and the deal’s benefits for their communities.
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Unemployment benefits are usually protected from being taken by private debt collectors, but the rules can vary depending on the state. While some states protect these benefits fully, others have different rules, especially if the money is in a bank account or if the debt is related to government payments or child support.
Key Facts
Unemployment benefits help people who lose a job but often pay less than a regular paycheck.
Private debt collectors normally cannot directly take unemployment benefits without first suing and winning a court case.
Each state sets its own rules about how unemployment benefits are protected from debt collectors.
If unemployment benefits go into a bank account mixed with other funds, it can be harder to prove which money is protected.
Federal benefits like Social Security have special rules protecting two months of payments in bank accounts, but unemployment benefits do not.
Debts owed to the government, like overpaid unemployment benefits, can sometimes be collected by reducing future benefits.
Child support payments can be taken from unemployment benefits in most cases due to federal laws.
People who face legal action to collect debt should check their state's exemptions and may have little time to challenge bank account freezes.
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CBS Mornings is offering special discounts on various products to help improve daily life. These deals can be found at cbsdeals.com, where CBS earns a commission on purchases made through the site.
Key Facts
CBS Mornings features exclusive discounted products.
The deals are meant to improve everyday lifestyle.
Customers can access these discounts at cbsdeals.com.
CBS earns money through commissions from purchases.
The promotion is part of CBS News content offerings.
The deals are available during the CBS Mornings show.
The article encourages users to visit the website to shop.
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Hannah Benson, a business owner in Chester, England, discovered that windows in an old office space she was renovating had been covered with thick black paint, not just boarded up. She and her team are now working carefully to restore the century-old windows for her new showroom.
Key Facts
Hannah Benson runs Beanstalk Merch, a UK-based company specializing in printed and customizable merchandise.
She is renovating an old office in St Michael's Row Arcade, a building over 100 years old, originally built for the 2nd Duke of Westminster.
The windows in the space had been boarded up and painted black by previous tenants, making restoration harder.
The windows were covered when the building was used as staff facilities like locker rooms for department store workers.
The black paint was carefully removed by hand using a glass paint stripper and cleaning.
Dust from renovations once triggered the fire alarm, but no evacuation was needed.
Benson’s goal is to restore the building’s historic features while creating a welcoming showroom for her business.
Renovations revealed unexpected challenges, showing how old buildings can hide hidden issues.
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Debt collectors can freeze your bank account to collect unpaid debts, but usually only after they sue you and win a court judgment. They find your bank account information through past payments, court processes, or details you might provide during collection efforts.
Key Facts
Debt collectors need a court judgment before they can freeze (levy) your bank account.
They can find your bank by looking at past payments made by electronic transfers, checks, or automatic withdrawals.
Courts can require you to provide information about your finances and bank accounts after a judgment is made.
Debt collectors may gather financial information during their collection process or from your own statements.
A bank levy means your funds are frozen and given to the creditor to cover unpaid debts.
Credit card balances in the U.S. increased by $21 billion in the second quarter of 2024, raising the risk of debt collection actions.
Sharing banking details with collectors can help them identify your accounts, so caution is important.
Debt relief options might help prevent bank account freezes by managing or reducing what you owe.
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President Donald Trump threatened tough economic actions against Iran, calling it an “economic D-Day.” After his announcement, US oil prices rose, and US stock markets experienced their biggest losses in three weeks, while US government debt reached a new record.
Key Facts
President Trump warned of severe economic sanctions on Iran and any country doing business with it.
Iran dismissed Trump’s threats, calling them a distraction from US problems.
The Strait of Hormuz remains closed, disrupting about 20% of the world’s oil and gas shipments.
US crude oil prices rose to about $86.70 per barrel after Trump’s statement.
The Dow Jones Industrial Average dropped 703.84 points (1.32%) on the day following the threat.
The 30-year US Treasury bond yield rose to over 5.25%, near a 20-year high, showing reduced investor confidence.
The US Treasury tried to calm markets by increasing debt buybacks to $4 billion but was unsuccessful.
US government total debt passed $40 trillion recently.
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The bond market is experiencing problems because borrowing costs are going up. Treasury Secretary Scott Bessent is working to ease worries in the market as these issues continue.
Key Facts
Borrowing costs in the bond market are rising.
This increase is causing concern globally.
Treasury Secretary Scott Bessent is addressing these concerns.
The situation is affecting how investors view bonds.
The bond market plays a key role in government and corporate borrowing.
Higher borrowing costs can lead to more expensive loans for governments and companies.
The market is still adjusting to these changes.
Officials are closely monitoring the bond market situation.
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Waymo, a company owned by Alphabet, has doubled its spending on lobbying the U.S. government to support faster approval for fully autonomous taxi services. This increase is part of a growing competition with Uber, which prefers a gradual introduction of robotaxis alongside human drivers.
Key Facts
Waymo spent over $1 million on lobbying between April and June, more than twice the amount it spent a year earlier.
Waymo’s lobbying expenses are now close to Uber’s and higher than other rivals like Amazon’s Zoox and Tesla.
Waymo wants faster approval for fully driverless taxis, while Uber supports a mixed model with both robotaxis and human drivers.
The two companies’ different approaches have worsened their partnership in cities like Austin and Atlanta.
Both Waymo and Uber face resistance from politicians and labor groups concerned about job losses for human drivers.
Waymo increased its lobbying spending by 93% in the first half of 2026, reaching over $2 million.
Waymo has pushed local governments, including Washington, DC, and New York, to approve autonomous vehicle services.
Uber advocates for hybrid networks where at least 85% of rides in pilot programs include human drivers.
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A 9-month certificate of deposit (CD) can earn more interest than a regular savings account, with rates around 4.00% to 4.40% currently available. A $25,000 deposit in such CDs could earn about $746 to $820 in interest over nine months, but the money is locked in until the term ends.
Key Facts
A CD (certificate of deposit) is a savings product with a fixed interest rate for a set time.
Current 9-month CD rates range from about 4.00% to 4.40% APY (annual percentage yield).
A $25,000 deposit at 4.40% APY could earn about $820 in interest in nine months.
At 4.00%, the same deposit might earn around $746 in interest over nine months.
CDs offer predictable returns since rates stay fixed until the CD term ends.
Early withdrawal from a CD may result in a penalty, reducing flexibility.
High-yield savings accounts offer similar interest rates but allow easier access to funds.
Choosing the highest CD rate can increase earnings by about $74 over nine months on $25,000.
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