President Donald Trump has proposed new tariffs with a different reason but aims for the same result. These tariffs mainly affect American households and companies by making goods more expensive.
Key Facts
President Trump introduced a new tariff plan recently.
The reasons behind the tariffs have changed from previous proposals.
Despite the new rationale, the tariffs still increase costs on many goods.
U.S. consumers (households) pay more because of these tariffs.
American businesses also face higher expenses due to the tariffs.
Tariffs act as taxes on imported goods.
The burdens of tariffs usually fall on people and firms inside the U.S.
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After a divorce, who must pay credit card debt depends on factors like whose name is on the card, when the debt was made, and where the couple lives. Even if a divorce agreement says one person should pay, credit card companies can still ask either person on a joint account to pay if the debt is unpaid.
Key Facts
If a credit card is in only one spouse's name, that spouse usually has to pay the debt after divorce.
In community property states, debts made during marriage are often shared, no matter whose name is on the account.
Both spouses are legally responsible for joint credit card debts, regardless of divorce agreements.
Authorized users on an account are not legally required to pay the debt but should be removed during divorce to avoid problems.
Courts may separate debts made during marriage from debts made after separation.
Creditors are not bound by divorce orders and can pursue either party for payment.
If one spouse stops paying, the other can face credit damage and fees.
Paying off shared credit card debt before finalizing divorce can prevent future issues.
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Sales of previously owned homes in the U.S. fell in June but home prices reached a record high. The median home price rose to $440,600, making it harder for buyers to afford homes despite some lower mortgage rates compared to last year.
Key Facts
Existing home sales dropped 2.4% in June to a yearly rate of 4.09 million homes.
Sales were 2.8% higher than in June last year but below economists’ predictions.
The typical annual sales pace is about 5.2 million, higher than the current 4-million level.
Mortgage rates rose since the U.S.-Iran conflict began, contributing to slower sales.
The median home price in the U.S. hit $440,600 in June, the highest since records began in 1999.
Home prices have increased for 36 months in a row.
The housing market has been weak since 2022 due to rising mortgage rates.
Sales in the first half of this year only slightly increased from last year by 0.7%.
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CBS Mornings is offering special discounts on everyday products through their deals website. Customers can visit cbsdeals.com to buy items at lower prices, and CBS earns a commission from these sales.
Key Facts
CBS Mornings features exclusive discount deals for viewers.
The deals are designed to improve everyday life with various products.
Customers can access these offers at the website cbsdeals.com.
CBS News earns commission from purchases made through this site.
The promotion is part of CBS Mornings programming.
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A federal judge approved a $1.5 million settlement between Elon Musk and the Securities and Exchange Commission (SEC). Although the judge had serious doubts about the agreement, the court decided it did not have enough reason to reject it. This settlement ends a long dispute between Musk and the SEC.
Key Facts
The SEC and Elon Musk reached a $1.5 million settlement.
A federal judge approved the settlement on Wednesday.
The judge expressed serious concerns but still approved the deal.
The settlement resolves a dispute that lasted for several years.
The SEC first announced the agreement in May.
The case involved regulatory issues with Elon Musk.
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Consumers have filed a lawsuit against Costco, claiming the retailer sold a protein powder containing toxic heavy metals without warning shoppers. The lawsuit says Costco did not test for or disclose the presence of lead, cadmium, and arsenic in the Orgain Organic Protein Powder.
Key Facts
Seven consumers filed a class-action lawsuit against Costco in federal court in Washington state.
The lawsuit accuses Costco of selling Orgain Organic Protein Powder as safe and nutritious without mentioning heavy metal contamination.
The heavy metals involved include lead, cadmium, and arsenic, which can cause health problems.
Plaintiffs claim Costco knew or should have known about the heavy metals but did not warn customers.
Lab tests cited by plaintiffs, including from Consumer Reports, found dangerous levels of heavy metals in the protein powder.
Orgain stated their products meet food safety standards and contain only trace environmental substances.
Plaintiffs want the court to require Costco to disclose heavy metal levels and stop selling the products without warnings.
Consumer Reports found many protein powders contain unsafe levels of heavy metals in previous testing.
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San Francisco International Airport plans to build a new private luxury terminal for paying passengers seeking a more exclusive airport experience. The terminal will have private security and customs lines, serve commercial flights, and is expected to open by late 2028.
Key Facts
The new terminal will be 75,000 square feet and located across the runway from current terminals.
It will offer private TSA and Customs and Border Protection lines for international travelers.
The airport is looking for companies to develop, build, and operate the terminal and will select a bidder by December.
The terminal aims to serve commercial airline passengers, not private or business jets.
Access will be available through membership or per-use payments, with prices set by the operator.
Other airports like London Heathrow and Paris Charles de Gaulle already have similar luxury terminals.
Airports in Los Angeles, Dallas Fort Worth, Miami, and Atlanta offer private terminals operated by the company PS.
San Francisco’s move responds to increasing demand for premium travel experiences amid local wealth growth.
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Disney and Pixar have partnered with the Starlight Children’s Foundation to bring the movie "Toy Story 5" to 300 children’s hospitals across the United States. This initiative aims to provide entertainment and comfort to hospitalized children through special screenings.
Key Facts
Disney and Pixar worked together for this project.
The movie featured is "Toy Story 5."
The film is being shown in 300 children’s hospitals.
The project is done in collaboration with the Starlight Children’s Foundation.
This effort focuses on bringing joy and comfort to sick children.
The program is taking place across the country, covering many hospitals.
The initiative started around July 2026.
It is part of Disney’s outreach to support communities.
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The global art market is growing but facing higher costs and lower profits for many galleries and dealers. A company called Art Technology Holdings created an AI tool named Taste to help art professionals manage tasks more efficiently while keeping personal connections with buyers.
Key Facts
Global art sales reached $59.6 billion in 2025, a 4% increase from the previous year.
Operating costs for galleries and dealers rose by about 5%, causing 38% of dealers to report lower profits.
The art market relies heavily on trust, personal relationships, and expert guidance.
Many in the art industry are cautious about technology that may reduce human interaction.
The AI platform Taste helps automate tasks like customer management and communication.
Taste aims to save time on administrative work so sales teams can focus on collectors.
Younger art buyers want more digital and personalized experiences.
Art fair sales made up 35% of dealer turnover in 2025, the highest since 2022.
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Leading economists are urging Andy Burnham, expected to become UK prime minister soon, to make big changes to the tax system and public services. They propose replacing several current taxes with one national tax on all income and using the money to fund universal public services like free school lunches and bus rides.
Key Facts
Economists including Jim O’Neill and Jonathan Portes wrote an open letter calling for radical tax and spending reform in the UK.
The country spends £100 billion per year on debt interest, more than on defense and half of the NHS budget.
The Prosperity 2030 report suggests replacing six taxes—including income tax and national insurance—with one levy on all income types.
This new tax system could raise an extra £75 billion annually within five years, depending on the rate set.
The report proposes spending the new revenue on universal services such as free bus service and free primary school lunches.
It recommends scrapping stamp duty and council tax and replacing them with a 1% national property levy given to local authorities.
Andy Burnham is expected to become Labour leader on 17 July and prime minister on 20 July.
Ed Miliband is considered a likely choice for Burnham’s chancellor, and Jim O’Neill might advise the new government.
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A report by Glaad shows that LGBTQ+ characters appeared in only 20.4% of major films released in 2025, continuing a three-year decline in representation. The study highlights fewer LGBTQ+ characters of color and almost no transgender characters in mainstream films, while smaller film companies are praised for more inclusive work.
Key Facts
Only 46 out of 225 films released in 2025 included LGBTQ+ characters.
LGBTQ+ representation dropped from 28.5% in 2023 to 20.4% in 2025.
LGBTQ+ characters mostly had supporting roles; fewer lead roles were present.
Transgender characters were nearly absent in over 200 films analyzed.
Mid-budget and horror films showed higher LGBTQ+ inclusion and box office success.
Smaller distributors like Mubi and Bleecker Street released notable LGBTQ+ inclusive films.
Younger audiences (Gen Z) have a higher percentage of LGBTQ+ individuals, making this market important for studios.
Glaad warns that ignoring LGBTQ+ viewers could hurt studios financially and their cultural relevance.
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The article explains how improving the way organizations manage their operations can help them grow and perform better. It highlights that many firms focus mainly on their core work but often overlook operational systems like billing and communication, which are important for long-term success.
Key Facts
Many organizations, such as law firms and financial companies, focus on their main services but neglect operational efficiency.
Operational problems like billing errors and poor communication can cause financial losses over time.
OLAF Companies offers services to improve operational management, compliance, and financial processes for professional firms.
Good operational leadership helps experts focus on their main work while ensuring the business runs smoothly.
Operational management is often reactive instead of strategic, which can worsen small inefficiencies.
Revenue loss can happen when billing and work tracking are inconsistent or inaccurate.
Operational functions should be seen as important to business success, not just costs to manage.
Strong operations support better client service and help businesses grow sustainably.
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The UK business secretary, Peter Kyle, urged pension funds to invest more in British companies or face new laws requiring them to do so. He expressed frustration that government efforts have not led to enough investment and said the government might enforce mandatory investment rules if needed.
Key Facts
Peter Kyle is the UK business secretary.
He called on pension funds to increase their investments in British companies.
If pension funds do not invest enough, the government may force them by law.
Previous government efforts, including deals and reforms, aimed to boost investment in the UK economy.
In 2023, the chancellor agreed with pension funds to voluntarily invest up to £50 billion in British assets.
New laws allowing mandatory investment powers exist but cannot be used until 2028.
Many large overseas investors invest in UK projects more than some domestic pension funds.
Kyle said a leadership change in the Labour party would not affect the ongoing industrial strategy.
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Kia America is recalling nearly 463,000 Telluride SUVs from model years 2020 to 2024 because their front power seat motors may overheat and cause a fire. Owners are advised to park outside and away from buildings until dealers fix the problem for free by installing a new electronic fuse assembly.
Key Facts
The recall affects almost 463,000 Kia Telluride midsize SUVs from 2020 to 2024.
The issue is caused by the front power seat motor overheating.
Overheating can happen if the power seat slide knob gets stuck or if an earlier recall repair was done incorrectly.
The overheating may lead to fires while the vehicle is being driven or parked.
The National Highway Traffic Safety Administration (NHTSA) is handling the recall.
Owners should park their vehicles outdoors and away from structures until repaired.
Kia dealers will fix the problem for free by adding an electronic fuse assembly.
Notification letters to owners should start going out on August 13.
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Paris Haute Couture Week showcased new fashion collections from top designers, including Pierpaolo Piccioli's first show for Balenciaga. The event featured creative ideas around showing or covering the body, using fantasy themes, and combining traditional craftsmanship with new technology.
Key Facts
Pierpaolo Piccioli debuted as Balenciaga’s couture designer with dramatic gowns and feathered looks.
The event lasted four days and included 30 fashion houses, with five showing couture for the first time.
Designers played with themes of showing skin, covering it, or making it disappear.
Some collections used fantasy elements like balloon shapes, feathers, and inflated latex designs.
New technology like particle accelerators and lab-grown silk were highlighted alongside traditional handmade techniques.
Couture pieces are very expensive and made for a small number of clients, but they help promote other luxury products like perfumes and handbags.
Major fashion houses are relying on new creative directors to bring fresh energy back to the luxury industry after a recent slowdown.
Well-known celebrities such as Demi Moore, Cynthia Erivo, Cate Blanchett, Pedro Pascal, and Tilda Swinton attended the shows.
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Brian Potter, a British songwriter and producer known for many popular 1970s songs, has died at age 87. He worked with American partner Dennis Lambert and helped create hits for artists like Glen Campbell, the Four Tops, and Take That.
Key Facts
Brian Potter was born in Essex, England, and trained as a drummer before becoming a lyricist.
He co-wrote the 1965 hit "Whatcha Gonna Do About It" for Small Faces.
Potter partnered with Dennis Lambert and moved to the U.S. to write and produce music.
They created hits such as "Rhinestone Cowboy" by Glen Campbell and "Baby Come Back" by Player.
Potter and Lambert helped refresh the Four Tops' sound, producing hits like "Ain’t No Woman (Like the One I’ve Got)".
They worked with several artists across genres including disco with Tavares and soul with Dusty Springfield.
"It Only Takes a Minute" was a disco hit they produced for Tavares and later covered by Take That.
Potter and Lambert received two Grammy nominations in 1976 for their work with Glen Campbell.
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Momentum stocks, which have been rising faster than the overall market, helped push stock prices up earlier this year. Recently, these stocks have started to lose value, especially after the Federal Reserve hinted it might raise interest rates.
Key Facts
Momentum stocks are shares that have increased and outperformed the market for about a year.
A popular momentum ETF gained about 33% over the last 12 months, beating the S&P 500’s 20% gain.
Chip and memory companies like Micron Technology, Intel, and AMD were among the top performers in momentum stocks.
Since July, momentum stocks have performed poorly, with the iShares MTUM ETF dropping more than 11% at one point.
The selloff started soon after the Federal Reserve, led by chairman Kevin Warsh, kept interest rates steady but signaled possible future increases.
Rising short-term interest rates can disrupt momentum stocks, which often perform worse during these rate changes.
The current market shift reflects broader economic uncertainties and changing Fed policies.
Oil prices increased due to tensions with Iran, which affects inflation and may influence the Fed’s decisions.
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President Trump threatened to stop all trade with Spain, which caused Spain’s stock market to drop and raised concerns among investors. The trade conflict relates to disagreements over NATO spending and Spain’s position on Iran, but the legal and practical details of such a trade cutoff remain unclear.
Key Facts
President Trump said, "We don't want to do any trade business with Spain anymore," renewing a conflict over NATO and Iran.
Spain’s main stock index fell 2.7% after the announcement, the largest drop since a similar threat in March.
Investors saw Spanish government debt as riskier compared to Germany’s, pushing up the cost of holding that debt.
Cutting trade with one European Union country could disrupt the recent U.S.-EU trade agreement.
The U.S. currently exports more goods to Spain than it imports from them.
In Trump’s first term, there was a tariff on Spanish black olives for "anti-dumping," but this was partly reduced later.
Any trade cutoff could increase prices in the U.S. for products like medicines and olive oil, adding to inflation worries.
The White House did not comment on the trade threat when asked.
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This article talks about ways to control impulse buying by using new tools that simulate shopping thrills without spending money. It also features financial advice from Jill Schlesinger for a caller who is managing a reduced salary while facing rising college expenses and saving for retirement.
Key Facts
South Korea has introduced "dopamine sites" that let people experience the excitement of shopping or ordering food without spending real money.
These sites aim to help people who struggle with compulsive spending.
The article includes a financial advice segment with Jill Schlesinger.
Jill helps a caller named Danielle who took a pay cut for better work-life balance.
Danielle is now facing higher college costs than expected for her child.
Danielle wants to keep saving for retirement despite these new expenses.
Viewers can send money questions to Jill via the email askjill@jillonmoney.com.
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China's passenger car exports rose by 80% in June compared to last year, mainly because more electric vehicles (EVs) were bought overseas. However, sales inside China dropped by 26% due to strong competition and weaker demand from buyers at home.
Key Facts
In the first half of the year, China exported over 4.4 million passenger cars, a 72% increase from the previous year.
Domestic sales in China were around 8.3 million vehicles from January to June but fell 26% in June alone.
The domestic market faces heavy price competition and lower demand due to a weak property market and reduced government support for electric vehicle purchases.
Experts predict China’s car exports may grow by 30% to 50% for all of 2026 compared to last year.
Chinese automakers like BYD are expanding overseas and opening factories abroad to boost profits despite some trade tensions.
High global gasoline prices have increased interest in electric vehicles worldwide.
China’s electric vehicle exports to Canada are growing after the country approved an annual import quota with low taxes.
The U.S. continues to restrict Chinese EV imports with tariffs, and some Chinese-linked EV makers are banned from selling certain models in the U.S. starting 2027.
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