June 13, 20255 min readFive Climate Issues to Watch When Trump Goes to CanadaPresident Trump will attend the G7 summit on Sunday in a nation he threatened to annex. He will also be an outlier on climate issuesBy Sara Schonhardt & E&E News Saul Loeb/AFP via Getty ImagesCLIMATEWIRE | The world’s richest nations are gathering Sunday in the Canadian Rockies for a summit that could reveal whether President Donald Trump's policies are shaking global climate efforts.The Group of Seven meeting comes at a challenging time for international climate policy. Trump’s tariff seesaw has cast a shade over the global economy, and his domestic policies have threatened billions of dollars in funding for clean energy programs. Those pressures are colliding with record-breaking temperatures worldwide and explosive demand for energy, driven by power-hungry data centers linked to artificial intelligence technologies.On top of that, Trump has threatened to annex the host of the meeting — Canada — and members of his Cabinet have taken swipes at Europe’s use of renewable energy. Rather than being aligned with much of the world's assertion that fossil fuels should be tempered, Trump embraces the opposite position — drill for more oil and gas and keep burning coal, while repealing environmental regulations on the biggest sources of U.S. carbon pollution.On supporting science journalismIf you're enjoying this article, consider supporting our award-winning journalism by subscribing. By purchasing a subscription you are helping to ensure the future of impactful stories about the discoveries and ideas shaping our world today.Those moves illustrate his rejection of climate science and underscore his outlying positions on global warming in the G7.Here are five things to know about the summit.Who will be there?The group comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States — plus the European Union. Together they account for more than 40 percent of gross domestic product globally and around a quarter of all energy-related carbon dioxide pollution, according to the International Energy Agency. The U.S. is the only one among them that is not trying to hit a carbon reduction goal.Some emerging economies have also been invited, including Mexico, India, South Africa and Brazil, the host of this year’s COP30 climate talks in November.Ahead of the meeting, the office of Canada's prime minister, Mark Carney, said he and Brazilian President Luiz Inácio Lula da Silva agreed to strengthen cooperation on energy security and critical minerals. White House press secretary Karoline Leavitt said Trump would be having "quite a few" bilateral meetings but that his schedule was in flux.The G7 first came together 50 years ago following the Arab oil embargo. Since then, its seven members have all joined the United Nations Framework Convention on Climate Change and the Paris Agreement. The U.S. is the only nation in the group that has withdrawn from the Paris Agreement, which counts almost every country in the world as a signatory.What’s on the table?Among Canada’s top priorities as host are strengthening energy security and fortifying critical mineral supply chains. Carney would also like to see some agreement on joint wildfire action.Expanding supply chains for critical minerals — and competing more aggressively with China over those resources — could be areas of common ground among the leaders. Climate change is expected to remain divisive. Looming over the discussions will be tariffs — which Trump has applied across the board — because they will have an impact on the clean energy transition.“I think probably the majority of the conversation will be less about climate per se, or certainly not using climate action as the frame, but more about energy transition and infrastructure as a way of kind of bridging the known gaps between most of the G7 and where the United States is right now,” said Dan Baer, director of the Europe program at the Carnegie Endowment for International Peace.What are the possible outcomes?The leaders could issue a communique at the end of their meeting, but those statements are based on consensus, something that would be difficult to reach without other G7 countries capitulating to Trump. Bloomberg reported Wednesday that nations won’t try to reach a joint agreement, in part because bridging gaps on climate change could be too hard.Instead, Carney could issue a chair’s summary or joint statements based on certain issues.The question is how far Canada will go to accommodate the U.S., which could try to roll back past statements on advancing clean energy, said Andrew Light, former assistant secretary of Energy for international affairs, who led ministerial-level negotiations for the G7.“They might say, rather than watering everything down that we accomplished in the last four years, we just do a chair's statement, which summarizes the debate,” Light said. “That will show you that you didn't get consensus, but you also didn't get capitulation.”What to watch forIf there is a communique, Light says he’ll be looking for whether there is tougher language on China and any signal of support for science and the Paris Agreement. During his first term, Trump refused to support the Paris accord in the G7 and G20 declarations.The statement could avoid climate and energy issues entirely. But if it backtracks on those issues, that could be a sign that countries made a deal by trading climate-related language for something else, Light said.Baer of Carnegie said a statement framed around energy security and infrastructure could be seen as a “pragmatic adaptation” to the U.S. administration, rather than an indication that other leaders aren’t concerned about climate change.Climate activists have lower expectations.“Realistically, we can expect very little, if any, mention of climate change,” said Caroline Brouillette, executive director of Climate Action Network Canada.“The message we should be expecting from those leaders is that climate action remains a priority for the rest of the G7 … whether it's on the transition away from fossil fuels and supporting developing countries through climate finance,” she said. “Especially now that the U.S. is stepping back, we need countries, including Canada, to be stepping up.”Best- and worst-case scenariosThe challenge for Carney will be preventing any further rupture with Trump, analysts said.In 2018, Trump made a hasty exit from the G7 summit, also in Canada that year, due largely to trade disagreements. He retracted his support for the joint statement.“The best, [most] realistic case outcome is that things don't get worse,” said Baer.The worst-case scenario? Some kind of “highly personalized spat” that could add to the sense of disorder, he added.“I think the G7 on the one hand has the potential to be more important than ever, as fewer and fewer platforms for international cooperation seem to be able to take action,” Baer said. “So it's both very important and also I don't have super-high expectations.”Reprinted from E&E News with permission from POLITICO, LLC. Copyright 2025. E&E News provides essential news for energy and environment professionals.

President Donald Trump and Elon Musk had a very public spat this week. Jeff Bottari/Zuffa LLC via Getty Images 2025-06-07T19:13:48Z Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? President Donald Trump says he has no desire to repair his relationship with Elon Musk. He also said Musk would face "serious consequences" if he funds Democrats. Meanwhile, Musk deleted some of his most incendiary X posts on Saturday. It seems Elon Musk won't be President Donald Trump's "first buddy" again anytime soon.Trump told NBC News on Saturday that he has no plans to repair his relationship with Musk after it imploded this week. When asked if their relationship is done, Trump said, simply, "I would assume so, yeah."Trump said he doesn't intend to speak with Musk and said the tech billionaire was "disrespectful to the office of the President.""I think it's a very bad thing, because he's very disrespectful. You could not disrespect the office of the President," Trump said.The epic and very public fallout began after Musk criticized Trump's tax bill, which the president calls his "One Big Beautiful Bill."During Thursday's dramatic exchange, which took place mostly on the social media networks each billionaire owns, Trump threatened to terminate Musk's government contracts and subsidies. Musk shot back that Trump was in the so-called "Epstein files" in a now-deleted post.In the NBC interview on Saturday, Trump warned Musk against funding Democratic candidates running against GOP members voting in favor of the bill, saying there will be "serious consequences.""If he does, he'll have to pay the consequences for that," Trump said. "He'll have to pay very serious consequences if he does that."Last month, Musk said he would spend "a lot less" on political campaigns in the future. He spent hundreds of millions in support of Trump in 2024."If I see a reason to do political spending in the future, I will do it," Musk said at the Qatar Economic Forum last month. "I do not currently see a reason."Trump's remarks on Saturday came after Musk deleted some X posts from his account. He deleted the post referencing the Epstein files and a video he re-posted that appeared to show Trump partying with Epstein in the 1990s. Musk also deleted an X post in which he called a Trump comment an "obvious lie" and another post saying SpaceX would decommission its Dragon spacecraft "immediately."White House press secretary Karoline Leavitt told Business Insider that passing the tax bill is the president's priority."President Trump and the entire Administration will continue the important mission of cutting waste, fraud, and abuse from our federal government on behalf of taxpayers, and the passage of the One Big Beautiful Bill is critical to helping accomplish that mission," Leavitt said in a statement.Representatives for Musk did not respond to a request for comment from BI.The repercussions from Musk and Trump's dispute were swift, affecting the price of Tesla stock and Dogecoin. A senior White House official told BI that Trump is now considering selling his Tesla.On Saturday, Vice President JD Vance said it was a "huge mistake" for Musk to "go after the president" during the newest episode of "This Past Weekend w/ Theo Von.""I'm not saying he has to agree with the bill or agree with everything that I'm saying," Vance said. "I just think it's a huge mistake for the world's wealthiest man, I think one of the most transformational entrepreneurs ever — that's Elon — to be at this war with the world's most powerful man."During the interview, Vance said he thinks everything will be fine between the pair if Musk "chills out a little bit.""Hopefully Elon figures it out and comes back into the fold," Vance said, adding that Trump had been a "little frustrated" with Musk's recent criticisms."But I think he's been very restrained because the president doesn't think that he needs to be in a blood feud with Elon Musk, and I actually think if Elon chilled out a little bit, everything would be fine," Vance said.Musk responded to Vance's comment on X on Saturday, writing, simply, "Cool." Recommended video

There are some questionable sources underpinning Robert F. Kennedy Jr.‘s controversial “Make America Healthy Again” commission report. Signs point to AI tomfoolery, and the use of ChatGPT specifically, which calls into question the veracity of the White House report meant to address reasons for the decline in US life expectancy.An investigation by NOTUS found dozens of errors in the MAHA report, including broken links, wrong issue numbers, and missing or incorrect authors. Some studies were misstated to back up the report’s conclusions, or more damningly, didn’t exist at all. At least seven of the cited sources were entirely fictitious, according to NOTUS.Another investigation by The Washington Post found that at least 37 of the 522 citations appeared multiple times throughout the report. Notably, the URLs of several references included “oaicite,” a marker that OpenAI applies to responses provided by artificial intelligence models like ChatGPT, which strongly suggests its use to develop the reportGenerative AI tools have a tendency to spit out false or incorrect information, known as “hallucinations.” That would certainly explain the various errors throughout the report — chatbots have been found responsible for similar citation issues in legal filings submitted by AI experts and even the companies building the models. Nevertheless, RFK Jr has long advocated for the “AI Revolution,” and announced during a House Committee meeting in May that “we are already using these new technologies to manage health care data more efficiently and securely.”In a briefing on Thursday, press secretary Karoline Leavitt responded to concerns about the accuracy of the citations while evading any mention of AI tools. Leavitt described the errors as “formatting issues” and defended the health report for being “backed on good science that has never been recognized by the federal government.” The Washington Post notes that the MAHA report file was updated on Thursday to remove some of the oaicite markers and replace some of the non-existent sources with alternative citations. In a statement given to the publication, Department of Health and Human Services spokesman Andrew Nixon said “minor citation and formatting errors have been corrected, but the substance of the MAHA report remains the same — a historic and transformative assessment by the federal government to understand the chronic disease epidemic afflicting our nation’s children.”See More:

Lousy ROI Elon Musk counts the cost of his four-month blitz through US government Term at DOGE did serious damage to his brands, only achieved a fraction of hoped-for savings. Joe Miller and Alex Rogers, Financial Times – May 30, 2025 9:28 am | 59 Elon Musk wields a chainsaw at the Conservative Political Action Conference in February to illustrate his aim to cut government waste Credit: Jose Luis Magana/AP Elon Musk wields a chainsaw at the Conservative Political Action Conference in February to illustrate his aim to cut government waste Credit: Jose Luis Magana/AP Story text Size Small Standard Large Width * Standard Wide Links Standard Orange * Subscribers only   Learn more Elon Musk’s four-month blitz through the US government briefly made him Washington’s most powerful businessman since the Gilded Age. But it has done little for his reputation or that of his companies. Musk this week formally abandoned his role as the head of the so-called Department of Government Efficiency (Doge), which has failed to find even a fraction of the $2 trillion in savings he originally pledged. On Thursday, Donald Trump lamented his departure but said Musk “will always be with us, helping all the way.” Yet the billionaire will be left calculating the cost of his involvement with Trump and the meagre return on his $250 million investment in the US president’s election campaign. “I appreciate the fact that Mr Musk put what was good for the country ahead of what was good for his own bottom line,” Tom Cole, the Republican chair of the House Appropriations Committee, told the Financial Times. After Doge was announced, a majority of American voters believed Musk would use the body to “enrich himself and undermine his business rivals,” according to a survey, instead of streamlining the government. Progressive groups warned that he would be “rigging federal procurement for billionaires and their pals” and cut regulations that govern his companies Tesla and SpaceX. Democratic lawmakers said Doge was a “cover-up” of a more sinister, self-serving exercise by the world’s richest person. Early moves by the Trump administration suggested Musk might get value for money. A lawsuit brought by the Biden administration against SpaceX over its hiring practices was dropped in February, and regulators probing his brain-implant company Neuralink were dismissed. Musk’s satellite Internet business Starlink was touted by Commerce Secretary Howard Lutnick as a potential beneficiary of a $42 billion rural broadband scheme. An executive order calling for the establishment of a multibillion-dollar Iron Dome defense system in the US looked set to benefit Musk, due to SpaceX’s dominance in rocket launches. The gutting of various watchdogs across government also benefited Musk’s businesses, while a number of large US companies rushed to ink deals with Starlink or increase their advertising spending on X. Starlink also signed agreements to operate in India, Pakistan, and Vietnam, among other countries it has long wished to expand into. But while Doge took a scythe to various causes loathed by Musk, most notably international aid spending and government contracts purportedly linked to diversity initiatives or “woke” research, it also caused severe blowback to the billionaire’s businesses, particularly Tesla. At one point during his Doge tenure, Tesla’s stock had fallen 45 percent from its highest point last year, and reports emerged that the company’s board of directors had sought to replace Musk as chief executive. The 53-year-old’s personal wealth dropped by tens of billions of dollars, while his dealerships were torched and death threats poured in. Some of the brand damage to Tesla, until recently Musk’s primary source of wealth, could be permanent. “Eighty percent of Teslas in the US were sold in blue zip codes,” a former senior employee said. “Obviously that constituency has been deeply offended.” Starlink lost lucrative contracts in Canada and Mexico due to Musk’s political activities, while X lost 11 million users in Europe alone. Probes of Tesla and SpaceX by government regulators also continued apace, while the Trump administration pressed ahead with plans to abolish tax credits for electric vehicles and waged a trade war vehemently opposed by Musk that threatened to further damage car sales. In the political arena, few people were cheered by Doge’s work. Democrats were outraged by the gutting of foreign aid and by Musk’s 20-something acolytes gaining access to the Treasury’s payment system, along with the ousting of thousands of federal workers. Republicans looked askance at attempts to target defense spending. And true budget hawks were bitter that Musk could only cut a few billion dollars. Bill Gates even accused Musk of “killing the world’s poorest children” through his actions at Doge. Musk, so used to getting his way at his businesses, struggled for control. At various points in his tenure he took on Treasury Secretary Scott Bessent, Secretary of State Marco Rubio, Transport Secretary Sean Duffy, and trade tsar Peter Navarro, while clashing with several other senior officials. Far from being laser-focused on eliminating waste, Musk’s foray into government was a “revenge tour” against a bureaucracy the billionaire had come to see as the enemy of innovation, a former senior colleague of Musk’s said, highlighting the entrepreneur’s frustration with COVID-19 regulations in California, his perceived snub by the Biden administration, and his anger over his daughter’s gender transition. Trump’s AI and crypto tsar, David Sacks, an influential political voice in the tech world, “whipped [Musk] up into a very, very far-right kind of mindset,” the person added, to the extent that was “going to help this administration in crushing the ‘woke’ agenda.” Neither Musk nor Sacks responded to requests for comment. Musk, who claimed Doge only acted in an “advisory role,” this week expressed frustration at it being used as a “whipping boy” for unpopular cuts decided by the White House and cabinet secretaries. “Trump, I think, was very savvy and allowed Doge to kind of take all those headlines for a traditional political scapegoat,” said Sahil Lavingia, head of a commerce start-up who worked for Doge until earlier this month. Musk, he added, might also have been keen to take credit for the gutting of USAID and other moves but ultimately garnered unwanted attention. “If you were truly evil, [you] would just be more quiet,” said Lavingia, who joined the initiative in order to streamline processes within government. “You would do the evil stuff quietly.” The noise surrounding Musk, whose ability to dominate news cycles with a single post on his social media site X rivaled Trump’s own hold on the headlines, also frustrated the administration. This week, White House Deputy Chief of Staff Stephen Miller took to X to indirectly rebut the billionaire’s criticism of Trump’s signature tax bill, which he had lambasted for failing to cut the deficit or codify Doge’s cuts. Once almost synonymous with Musk, Doge is now being melded into the rest of government. In a briefing on Thursday, White House Press Secretary Karoline Leavitt said that following Musk’s departure, cabinet secretaries would “continue to work with the respective Doge employees who have onboarded as political appointees at all of these agencies.” She added: “The Doge leaders are each and every member of the President’s Cabinet and the President himself.” Doge’s aims have also become decidedly more quotidian. Tom Krause, a Musk ally who joined Doge and was installed at Treasury, briefed congressional staff this week on improvements to the IRS’s application program interfaces and customer service, according to a person familiar with the matter. Other Doge staffers are doing audits of IT contracts—work Lavingia compares with that done by McKinsey consultants. Freed from the constraints of being a government employee, Musk is increasingly threatening to become a thorn in Trump’s side. Soon after his Doge departure was announced, he again criticized the White House, this time over its plan to cancel clean energy tax credits. “Teddy Roosevelt had that great adage: ‘speak softly but carry a big stick’,” Fred Thiel, the chief executive of Bitcoin mining company MARA Holdings, told the FT. “Maybe Elon’s approach was a little bit different.” © 2025 The Financial Times Ltd. All rights reserved. Not to be redistributed, copied, or modified in any way. Joe Miller and Alex Rogers, Financial Times Joe Miller and Alex Rogers, Financial Times 59 Comments

The Trump administration's plan to accept a luxury jet donated by the Qatari government to use as Air Force One raises significant security concerns, intelligence experts and government officials say, as President Donald Trump said it would be "stupid" not to accept a free plane.Trump on Monday defended the administration's plans to receive a luxury jet donated by the Qatari government during remarks at the White House, calling the donation a "very nice gesture.""I would never be one to turn down that kind of an offer. I mean, I could be a stupid person and say, 'No, we don't want a free, very expensive airplane.' But it was, I thought it was a great gesture," he said.MORE: Trump admin live updatesRhode Island Sen. Jack Reed, the top Democrat on the Senate Armed Services Committee, slammed the move, arguing that using the plane as Air Force One would "pose immense counterintelligence risks by granting a foreign nation potential access to sensitive systems and communications.""This reckless disregard for national security and diplomatic propriety signals a dangerous willingness to barter American interests for personal gain," Reed said in a statement Monday. "It is an affront to the office of the presidency and a betrayal of the trust placed in any U.S. leader to safeguard the nation's sovereignty."Air Force One a 'high-value target'Air Force One sits on the tarmac, May 12, 2025, at Joint Base Andrews, Maryland.Win McNamee/Getty ImagesThe primary aircraft used in the current Air Force One fleet includes two aging Boeing 747-200 jumbo jets that have been operational since 1990. Despite flying for more than 35 years, the current pair of Air Force One jets are considered some of the safest and secure aircraft in the world.Many of the security features on the plane remain classified. It has anti-missile defenses or countermeasure systems to protect against surface-to-air and air-to-air missiles, and the communication devices can also withstand the pulse of a nuclear blast. It is also outfitted with sophisticated communications capability to allow the president to securely run the country from the plane and protect him from cyberattacks."It's designed to transport the president in a safe way and be able to withstand physical attacks, but to also ensure that the president maintains communication with military, his cabinet, other government leaders in a safe and secure manner," said John Cohen, an ABC News contributor and former acting Homeland Security official. "Any building or vehicle or airplane that the president is located is a high-value target for foreign intelligence services who want to gather as much information about the president."Air Force One can also remain in the air for several days due to its ability to refuel in midair. The plane also houses a small medical facility where doctors could perform surgery if needed.All of these systems would likely need to be installed on the Boeing 747-8 that Trump would receive as a gift from Qatar.MORE: Trump defends Qatar jumbo jet offer, says it would be 'stupid' to turn away free planeA jet donated by Qatar would also be a "counterintelligence nightmare," ABC News contributor Darrell Blocker, a former CIA field operative, said."If you go back to almost anything that is given by a foreign government, there are regulations and restrictions and guidelines for ensuring that they're not being bugged, and a plane would be an absolute nightmare to be able to confirm that it's not," Blocker told ABC News Live on Monday. "From an intelligence perspective, it's not the brightest move."Blocker cited that when the U.S. embassy was being built in Moscow in the 1980s, the U.S. had to "take it down to its bare bones" because the Russians "put bugs through every room, every facility.""I think the people of Troy, when they accepted that horse, regretted it after the fact also," he said.The complexity and time needed to retrofit and inspect the plane raise questions on cost and a timeline."Even under the best of circumstances, it's going to take a significant effort for the military to be satisfied that the aircraft is constructed safely, that it's not compromised from the standpoint of intelligence collection capabilities being planted on it, and that it is built in a way that it will be able to assimilate the sensitive communications and countermeasure capabilities that are that are present on any plane that's Air Force One," Cohen said. "To be done right, it's not going to happen quickly.""In order to adequately ensure that this airplane -- which was operated by a foreign government that happens to have a relationship with Iran and China and Russia -- in order to ensure that that plane has not had collection capabilities introduced into it when it was constructed, they're gonna have to basically tear it down to the airframe," he added.White House working on 'legal details'Both the U.S. Air Force and the Department of Defense referred questions to the White House when asked about the possible transfer of the Qatari-owned Boeing 747 to the Department of Defense."The plane will be donated to the Department of Defense, and as with any foreign gift given to the United States Government, all proper safety and security protocols will be followed," White House spokesperson Anna Kelly told ABC News.House Speaker Mike Johnson said Monday he would not comment on Trump preparing to receive the jet from Qatar because he hasn't seen the "details."The White House is working on the "legal details" of the Qatari government's donation to the Defense Department, press secretary Karoline Leavitt said Monday in an appearance on Fox News."But, of course, any donation to this government is always done in full compliance with the law. And we commit ourselves to the utmost transparency and we will continue to do that," Leavitt added.President Donald Trump boards Air Force One at Joint Base Andrews, Md., on his way to Riyadh, Saudi Arabia, May 12, 2025.Manuel Balce Ceneta/APTrump said during remarks at the White House on Monday that he doesn't plan to use the plane after he leaves office. Pressed by ABC News Senior Political Correspondent Rachel Scott on what he would say to people who view the luxury plane as a personal gift to him, Trump said it was not a gift to him but "a gift to the Department of Defense."Sources familiar with the proposed arrangement told ABC News that the plane would be a gift that is to be available for use by Trump as the new Air Force One until shortly before he leaves office, at which time ownership of the plane will be transferred to the Trump presidential library foundation.If a private contractor were able to complete the modifications needed to the donated plane before the end of Trump's presidency, many of the systems installed would then need to be removed should the Trump presidential library foundation take possession of the plane upon Trump leaving office due to the sensitive nature of the technology.Ultimately, Cohen said he suspects that members of the intelligence community and the military will assess the risk to national security and "the level of effort to minimize the risk to national security.""If they're doing their job, the president's national security team will explain to him the level of risk that exists if a foreign intelligence service were able to introduce collection capabilities that could intercept face-to-face communications on the plane, electronic communications coming from the plane," Cohen said. "They should also be explaining to him the level of effort that it will involve in order for that risk to be mitigated. And with that information, he can then make an informed decision on whether and under what conditions to accept the airplane."

The Bureau of Labor Statistics published new consumer price index data on Tuesday. FREDERIC J. BROWN/AFP via Getty Images 2025-05-13T12:33:18Z Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? The inflation rate unexpectedly cooled in April to 2.3% from March's 2.4% year over year. The year-over-year increase is the smallest since 2021. The Fed held interest rates steady in May, partly due to uncertainty around tariffs' effects. Inflation unexpectedly slowed in April to 2.3% over the year, progressing toward the Federal Reserve's 2% target and the smallest increase since February 2021.Price growth was expected to stay flat at 2.4%, but now inflation has cooled for three consecutive months.A recent UBS note predicted that April data would mark the start of the impacts of Trump's implemented tariffs, and that May through October would show larger impacts if the trade policies stand. Last week, the Federal Open Market Committee members decided to hold interest rates steady, as they wait for more certainty around tariffs' impacts. CME FedWatch, which shows what traders think will happen to interest rates, showed a 92% chance before the inflation report that rates will be unchanged at the FOMC's next scheduled meeting in June.Trump announced what he called "reciprocal" tariffs on countries around the world on April 2, before quickly pausing many of them for 90 days. A baseline of 10% has been in effect, along with a 145% tariff on most imports from China and 25% tariffs on autos, steel, and aluminum. On Monday, the Trump administration announced a trade deal with China, a key trade partner for the US. Both countries will cut rates by 115 percentage points for 90 days. Last week, Trump said the US and UK reached a trade deal. The 10% tariff is still in effect, but the two countries negotiated agreements on vehicles, steel, and aluminum from the UK.Karoline Leavitt, the ​​White House press secretary, said on Friday that Trump "is committed to the 10% baseline tariff, not just for the United Kingdom but for his trade negotiations with all other countries as well."BeiChen Lin, senior investment strategist at Russell Investments, said that businesses likely stocked up before Trump's 10% tariffs, which could be delaying their impact on inflation figures."If the broad 10% universal tariff doesn't get negotiated away, then eventually we will likely see a one-time boost to price levels, which would also translate into a temporary boost to the inflation rate," Lin said.Tariffs could also affect overall economic growth and the job market."If the large increases in tariffs that have been announced are sustained, they are likely to generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment," Federal Reserve Chair Jerome Powell said in a May 7 press conference.Powell said at the press conference that the economy is resilient, with a solid job market and inflation just above the Fed's target of 2%. Real gross domestic product shrank in the first quarter of 2025, the first time since 2022, but a large rise in imports that subtracts from growth contributed to that contraction. Job growth was better than expected in April, but still indicated a tougher job market for unemployed Americans.Powell said the Fed's policy is "100 basis points less restrictive than it was last fall. And so, we think that leaves us in a good place to wait and see."This is a developing story. Please check back for updates. Recommended video