Business
Here we go again: latest Trump tariff deadline looms amid inflation concerns | Trump tariffs

When Donald Trump unveiled his “liberation day” tariffs in the spring, only to pull the plug days later as panic tore through global markets, his officials scrambled to present the climbdown as temporary.
Three months of frenetic talks would enable the Trump administration to strike dozens of trade agreements with countries across the world, they claimed. “We’re going to run,” the White House trade adviser Peter Navarro told Fox Business Network. “Ninety deals in 90 days is possible.”
The 90-day pause Trump ordered on his steep tariffs is almost up, and 90 deals have not materialized. The US is again on the brink of launching a trade assault against dozens of countries, with rates including 27% on Kazakhstan, 47% on Madagascar and 36% on Thailand.
“I’m not thinking about the pause,” the president claimed during a briefing with reporters earlier this week, when asked about Wednesday’s deadline. “I’ll be writing letters to a lot of countries. And I think you’re just starting to understand the process.”
Business leaders, lobbyists, economists and investors might disagree. Even officials in Trump’s own administration have at times struggled to keep up. Another cliff edge has reared into view, forcing them to return to a familiar question: will he actually go through with this?
“I would suspect he’s serious,” said Marc Busch, professor of international business diplomacy at Georgetown University. “I think he’s going to give a pass to the countries negotiating in good faith. But as of 9 July, a lot of the news will be big tariffs that the US hasn’t seen since the 1930s are in effect.”
A handful of agreements have emerged, cooling some tensions. A partial deal with the UK was first to emerge, before a delicate truce with China, and a pact with Vietnam. Officials are also said to be closing in on a “framework” arrangement with the EU.
But these breakthroughs have been significantly narrower than conventional free trade agreements, which can take years to hammer out. “These aren’t real trade deals. These are cessations of hostility,” said Busch. “These are purchasing agreements that may or may not appease Trump for maybe a little while, thrown in with some aspirational stuff.”
Even if Trump extends the 90-day pause next week, or strikes myriad deals at breakneck pace, current tariff levels are still much higher than they were before his return to office. The effects of this are still filtering through to prices for US consumers.
“The US economy is definitely, I would say, breaking more to the positive than would have been the narrative, or the expectation, kind of right after liberation day,” said John Waldron, president of Goldman Sachs. “There’s still an expectation that we’re going to see more inflation over the course of the summer.”
Mid-sized businesses in the US face an estimated $82.3bn in additional costs if the US maintains a 10% universal rate on all imports, as well as higher rates of 55% on China and 25% on Mexico and Canada, according to analysis by the JPMorganChase Institute.
Such firms “often play a crucial role in regional economies and as part of larger supply chains”, said analysts at the institute. “If they struggle, it may cause ripple effects for other businesses and their communities.”
If the “liberation day” tariffs are reimposed after the pause, costs would rise significantly. But even if they are not, the duties Trump has already introduced – and remain in force – are leaving companies with a hefty bill.
The administration’s playbook, of hiking tariffs on a country dramatically and then cutting them back as a result of an agreement, is “like a retailer that one day increases prices by 100% and another day announces a 30% sale”, said Busch. “It’s quite extraordinary that we’re still debating this issue,” he added. “American businesses are already eating and passing on parts of these tariffs to consumers.”
No senior federal official has been more vocal about this reality than Jerome Powell, chair of the Federal Reserve, who – despite Trump’s public demands and attacks – has kept US interest rates on hold while waiting to see how the administration’s trade strategy pans out.
“Someone has to pay for the tariffs,” Powell said at a recent press conference, noting how the cost filters through a supply chain, from the initial manufacturer through to the customer buying a product. “All through that chain, people will be trying not to be the ones who pick up the cost.
“But ultimately, the cost of the tariff has to be paid and some of it will fall on the end consumer. We know that. That’s what businesses say. That’s what the data says from past evidence. So we know that’s coming.”
Trump does not see it this way, insisting that tariffs are taxes on other countries, rather than US businesses and consumers.
Whatever happens over the next few days, those attempting to take a longer-term view believe the main actions he has taken in recent months – like imposing blanket 10% tariffs – could remain in place for many years to come.
“We think it’s likely that high and broad-based tariffs are here to stay because, of all the purported goals of trade policy, they’re proving most successful at raising revenue,” said Michael Pearce, deputy chief US economist at Oxford Economics. “Given the fiscal challenges that lie ahead, those revenues will be hard for future administrations to replace.”
Business
Cantor Fitzgerald Boosts Oracle (ORCL) Target as AI Demand Fuels Cloud Business

Oracle Corporation (NYSE:ORCL) is one of the AI Stocks on Wall Street’s Radar. On September 10, Cantor Fitzgerald analyst Thomas Blakey raised the price target on the stock to $400.00 (from $271.00) while maintaining an Overweight rating.
The price target raise follows Oracle’s booming AI-related contracts that are driving massive growth in its cloud business. The company reported 359% year-over-year growth in Remaining Performance Obligations (RPO), an increase of $317 billion.
It has also raised its Oracle Cloud Infrastructure (OCI) estimates with visibility and revenue guidance extending to fiscal year 2030. The firm sees upside potential when comparing the $317 billion to new contracts to the FY26-30 outlook.
Overall, the firm expects the stock to trade on long-term AI growth potential.
“RPO wowed investors with a 359% increase y/y and a $ increase of $317 billion as the who’s who of AI signed contracts with Oracle during the quarter. As a result, Oracle meaningfully increased its OCI estimates with visibility and OCI revenue guide out to F30, which appears to have more upside potential when comparing the $317b incremental contract signings to the cumulative F26-F30 OCI revenue guide. Given the dramatic shift upward in estimates, we believe shares will trade off out-year forecasts and note that our $400 PT is ~10.5x F28E EV/R (vs. from $271 & 11.5x prior), using our pro forma b/s, a slight premium to recent multiples and more than warranted, in our view, given Oracle’s positioning to benefit from secular growth trends in AI training and inferencing as well as potential upside to increased forecasts.”
Oracle Corporation (NYSE:ORCL) is a database management and cloud service provider.
While we acknowledge the potential of ORCL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 10 AI Stocks In The Spotlight For Investors and 10 AI Stocks on Wall Street’s Radar.
Disclosure: None.
Business
Spending without thinking is a risk with unlimited contactless cards

Kevin PeacheyCost of living correspondent and
Tommy LumbyBusiness data journalist

Spontaneous spending is likely to rise if the limit on contactless cards is increased or scrapped entirely, academics say.
At present, the need to press a four-digit PIN for purchases over £100 gives people a timely prompt about how much they are paying, lowering the risk of debt-fuelled purchases.
Earlier this week, the UK’s financial regulator proposed that banks and card providers set their own limits, or are allowed to remove them entirely. That would make entering a PIN even more of a rarity.
Banks, and some BBC readers, say consumers should be able to set their own contactless limits, as debate on the issue picks up ahead of a final decision later in the year.
Reckless or over-regulated?
Contactless payments have become part of everyday life for millions of people across the world.
When they were introduced in the UK in 2007, the transaction limit was set at £10. Increases in the threshold since then included relatively big jumps around the time of the pandemic, to £45 in 2020, then to £100 in October 2021.
They prompted surges in the average contactless spend.

Clearly, the average would rise because more, higher value, purchases could be made via contactless, without a PIN.
But what is much harder to quantify is whether people were spending more frequently, and larger amounts, than would have been the case if they had needed to enter a PIN.
Richard Whittle, an economist at Salford Business School, says the extra convenience for consumers can come at a cost.
“If this ease of payment leads to consumers spending without thinking, they may be more likely to buy what they don’t really want or need,” he says.
He says this could be a particular issue with credit cards, when people are spending borrowed money and accumulating debt. He believes regulators should consider whether to have different rules for contactless credit cards than for contactless debit cards.
Stuart Mills, a lecturer in economics at the University of Leeds, says cash gives “visible and immediate feedback” on how much money you have, while a PIN is an “important friction point” for controlling spending.
“Removing such frictions, while offering some convenience benefits, is also likely to see many more people realising they’ve spent an awful lot more than they ever planned to,” he says.

Both these academics have raised this concern before, but this is not solely a theoretical argument.
In the Kent market town of Sevenoaks, shopper Robert Ryan told the BBC that entering a PIN “does give me a bit of a prompt to make sure I’m not overspending on my tap-and-go”.
However, the reality for many people is that, under pressure from the cost of living, they are rarely spending more than £100 in one go anyway, so contactless has become the norm.
Research by Barclays suggests nearly 95% of all eligible in-store card transactions were contactless in 2024.
Terezai Takacs, who works in a florists in Sevenoaks, says that over the last couple of years people were cutting back on spending, such as asking for smaller bouquets.
Technology takeover
Ms Takacs also points out that the majority of customers now pay via the digital wallet on their smartphone.
Paying this way already has an unlimited payment limit, owing to the in-built extra security features such as thumbprints or face ID.
Dr Whittle says that is likely to dilute the impact of raising the contactless card limit on spontaneous, or reckless, spending – because young people, in particular, are paying by phone.
Some say scrapping the contactless card limit is overdue, because it is far less relevant when people are accustomed to PIN-free spending on a phone.
“Regulators are finally catching up with how people actually pay,” says Hannah Fitzsimons, chief executive at fintech company Cashflow.
“Digital wallets on smartphones face no limits, so why should cards be stuck in the past?”
If the contactless card limit were to increase or be scrapped, then it would push the UK further on than much of Europe, and more in line with rules in other advanced economies.
In Canada, the industry sets the level rather than regulators, and it is set by providers in the US and Singapore – a model which the Financial Conduct Authority (FCA) wants to replicate in the UK.
Banks agree with the regulator, although UK Finance – the industry trade body – says “any changes will be made thoughtfully with security at the core”.
Personal choice
Banks and card providers that do change limits will be encouraged to allow customers to set their own thresholds, or turn off contactless entirely on their cards.
Gabby Collins, payments director at Lloyds Banking Group – the UK’s biggest bank, says: “Lloyds, Halifax and Bank of Scotland customers can already set their own contactless payment limits in our apps – in £5 steps, up to £100 – and we’re absolutely committed to keeping that flexibility.”
That option has support among some BBC readers, viewers and listeners who contacted us on this topic through Your Voice, Your BBC News.
Ben, aged 36, from London, told us: “The most important principle here is personal choice. I would like to set my own personal limit.
“It is my card and my choice based on convenience and risk tolerance. Some banks do not allow for this. This option has to be provided to everyone.”
Others have concerns over security, saying that unlimited contactless cards would become more of a temptation to thieves and fraudsters.
‘Limitless abuse’
Charities warn that not everyone has the digital skills to set their own limits. In other circumstances, it can have an extremely serious impact on people’s lives.
Sam Smethers, chief executive of Surviving Economic Abuse, says unlimited contactless cards give controlling partners the opportunity for limitless economic abuse.
“Unlimited contactless spending could give abusers free access to drain a survivor’s bank account with no checks or alerts,” she says.
“This could leave a survivor without the money they need to flee and reach safety, while pushing them even further into debt.”
She warns that it could also hasten the shift towards a cashless society.
Cash is a lifeline to many survivors because it was the only way to escape abusers who can monitor online transactions, withhold bank cards and close down bank accounts, she says.
Additional reporting by Andree Massiah
Business
Elon Musk calls for dissolution of parliament at far-right rally in London | Elon Musk

Elon Musk has called for a “dissolution of parliament” and a “change of government” in the UK while addressing a crowd attending a “unite the kingdom” rally in London, organised by the far-right activist Stephen Yaxley-Lennon, known as Tommy Robinson.
Musk, the owner of X, who dialled in via a video link and spoke to Robinson while thousands watched and listened, also railed against the “woke mind virus” and told the crowd that “violence is coming” and that “you either fight back or you die”.
He said: “I really think that there’s got to be a change of government in Britain. You can’t – we don’t have another four years, or whenever the next election is, it’s too long.
“Something’s got to be done. There’s got to be a dissolution of parliament and a new vote held.”
This is not the first time Musk has involved himself in British politics. He started a war of words with the UK government over grooming gangs and also criticised 2023’s Online Safety Act, calling the legislation a threat to free speech.
He had a warm relationship with Nigel Farage, and there were even rumours he could channel a donation to his party before the Tesla boss called for the Reform UK leader to be replaced during a dispute over his support for Robinson.
Musk told the crowd in central London: “My appeal is to British common sense, which is to look carefully around you and say: ‘If this continues, what world will you be living in?’
“This is a message to the reasonable centre, the people who ordinarily wouldn’t get involved in politics, who just want to live their lives. They don’t want that, they’re quiet, they just go about their business.
“My message is to them: if this continues, that violence is going to come to you, you will have no choice. You’re in a fundamental situation here.
“Whether you choose violence or not, violence is coming to you. You either fight back or you die, that’s the truth, I think.”
Musk also told the crowd “the left are the party of murder”, referring to the death of Charlie Kirk.
He said: “There’s so much violence on the left, with our friend Charlie Kirk getting murdered in cold blood this week and people on the left celebrating it openly. The left is the party of murder and celebrating murder. I mean, let that sink in for a minute, that’s who we’re dealing with here.”
He also criticised what he called the woke mind virus and said decisions for advancement should be on merit rather than “discrimination on the basis of sex, or religion or any race or anything else”.
He said: “A lot of the woke stuff is actually super-racist, it’s super-sexist and often it’s anti-religion, but only anti-Christian, like why anti-Christian? That’s unfair … that should be all that matters, the woke mind virus, that I call it, is against all that.”
More than 110,000 people were estimated to have taken part in the far-right street rally, in what is thought to be one of the largest nationalist events in decades. The marchers were faced by about 5,000 anti-racist counter-protesters.
In addition to Musk, figures including Katie Hopkins and French far-right politician Éric Zemmour were invited to speak at the event.
PA Media contributed to this report
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