Tag Archives: CNBC

Trump’s 50% Brazil tariff stretches emergency powers already facing court challenge

President Donald Trump announced a blanket 50% tariff on imports from Brazil, citing his anger over the country’s treatment of its former president, Jair Bolsonaro. Trump’s tariffs would be imposed using the International Emergency Economic Powers Act, or IEEPA, a White House official said. Trump’s interpretation of his powers under that law is at the Read More…

Trump administration launches probe of DEI policy at George Mason University

The Department of Education has launched a probed into George Mason University’s hiring practices, the second time this month that the school has been the target of a federal investigation. A complaint by professors alleges that George Mason violated the Civil Rights Act of 1964 by giving preferential treatment to candidates from “underrepresented groups.” If Read More…

White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

President Donald Trump’s budget chief said that Federal Reserve Chairman Jerome Powell “has grossly mismanaged the Fed.” Office of Management and Budget Director Russell Vought also suggested Powell had misled Congress about a pricey renovation of the central bank’s headquarters. Vought’s broadside opens up a new front in the Trump administration’s war on the Fed Read More…

Bishop of major Catholic diocese exempts parishioners from Mass over fears of ICE raids

Bishop Alberto Rojas of the Diocese of San Bernardino said that parishioners with a “genuine fear of immigration enforcement actions” are exempt from Mass obligations “until such time as this decree is revoked or amended.” Catholic bishops have previously issued exemptions during natural disasters or massive societal events, such as the COVID-19 pandemic. The Diocese Read More…

Trump announces 50% tariff on Brazil in retaliation for Bolsonaro trial, trade deficit

President Donald Trump said Wednesday the U.S. will slap a 50% tariff on Brazil’s imports, partly in retaliation for the ongoing prosecution of the country’s former president, Jair Bolsonaro. US President Donald Trump speaks during a multilateral lunch with visiting African Leaders in the State Dining Room of the White House in Washington, DC, on Read More…

Supreme Court allows Trump to proceed with large-scale government agency staff cuts, reorganizations

The Supreme Court allowed the Trump administration to proceed with large-scale reductions in staff at many federal government agencies while opponents continue to seek to block those efforts in lower-court proceedings. The Supreme Court’s decision is not the latest word on the legality of the cutbacks. The high court is likely to consider that issue Read More…

IRS says churches can endorse political candidates without losing tax-exempt status

The IRS in a new federal court filing says that churches can endorse political candidates to their congregations without risking the loss of their tax-exempt status. The move upends a 70-year interpretation of the U.S. tax code, whose Johnson Amendment has barred certain nonprofit groups, including churches, from endorsing political candidates without putting their tax-exempt Read More…

White House: Odds of tariff-related inflation are low, like ‘pandemics or meteors’

White House economist Stephen Miran said President Donald Trump’s tariffs could raise prices, but suggested that was highly unlikely. “Rare events happen. We get pandemics or, or meteors or whatever,” the Council of Economic Advisers chair told CNBC. Many economists say they expect to see prices increase in the coming months. A top White House economic Read More…

Trump’s tax bill could end popular ‘SALT’ deduction workaround for certain business owners

Currently, many pass-through businesses use a workaround — the pass-through entity, or PTE, tax — to bypass the $10,000 limit on the federal deduction for state and local taxes, known as SALT. The House-approved bill could block certain pass-through businesses from using the popular state-level tax break. However, this provision could still face changes amid Read More…

House Republican budget bill calls for bigger ‘pass-through’ business tax break. Who could benefit

For 2025, the Section 199A deduction for qualified business income, or QBI, is worth up to 20% of eligible revenue, with some limitations. This applies to so-called pass-through businesses, including sole proprietors, partnerships and S-corporations, along with some trusts and estates. The House Republican bill would make the deduction permanent, raise the maximum tax break Read More…

China tariff ‘stacking’ pushes true cost of import taxes well above 30% on many consumer products

The Trump administration trade deal with China which paused the steepest tariffs on Chinese goods is not offering much relief to importers that face “stacking” of multiple import taxes sending the true cost well above 30%. From apparel to footwear, swimsuits to backpacks, tariff bills range from 40%-70%. Walmart said this week that prices will Read More…

Women small business owners are more worried than men about Trump’s tariffs and the economy

Small Business Playbook Events Women business owners express more concern about inflation, the economy, and a potential recession than male counterparts, according to the latest CNBC|SurveyMonkey Small Business Survey for Q2 2025. Approval ratings of President Trump and his tariffs policy are both much lower among women who own businesses than among male small business Read More…

America’s small businesses preparing for recession with Trump tariffs: CNBC|SurveyMonkey survey

Founding Members CNBC CFO Council Just 30% of small business owners said they would rate the current state of the economy as excellent or good, according to the latest quarterly CNBC|SurveyMonkey Small Business Survey. While inflation and consumer demand continue to roil small business owners, it’s the threat of the potential Trump tariffs that is Read More…

Trump tariffs will lead to abandoned freight at ports as cash-strapped businesses reject orders

President Trump’s new country-specific tariffs, on top of existing trade levies, will raise the cost of imports for U.S. businesses by an exponential amount, though in an announcement during the day Wednesday Trump said some countries, excluding China, would receive a 90-day reprieve. Rick Muskat, president of family-owned shoe retailer Deer Stags which imports its Read More…

Trump’s Canadian tariffs are having a chilling effect on Vermont’s small business owners

President Donald Trump’s tariffs on Canadian products, along with the escalating trade war and rhetoric between the two nations, is starting to squeeze some small businesses in Vermont. Concerns for those small businesses include a decline in merchandise shipments to Canadian customers, a drop off in Canadian tourism and higher prices from imported products. “I Read More…

Treasury Department suspends enforcement of ownership information reporting for millions of businesses

The U.S. Department of the Treasury on Sunday said it won’t enforce the penalties or fines associated with the “beneficial ownership information,” or BOI, reporting requirements. Previously, the Treasury set a March 21 deadline for businesses to comply or risk fines of up to $10,000. The Treasury will also propose regulation to apply the BOI Read More…

In wake of Southern California wildfires, a diverse small business community looks to rebuild

Expanding Opportunity While many in Altadena’s entrepreneurial community remain optimistic about a recovery, multiple business owners described lengthy and difficult roads ahead. Some businesses were burned entirely to the ground, while others face long-term displacement due to damage or smoke. For those fortunate enough to have brick-and-mortar properties still standing, they’re surrounded by what some Read More…

Treasury sets March 21 deadline for millions of businesses to report ownership information or risk fines of $10,000 or more

The Treasury Department set a March 21 deadline for businesses to report “beneficial ownership information” or risk civil and criminal penalties. It delayed the prior deadline by 30 days. The delay comes after a Texas district court struck down a nationwide injunction on enforcement of the Corporate Transparency Act. The Treasury Department left open the Read More…

Op-ed: Amid DEI retreat, America’s small businesses are not caving like big corporations

Small Business Playbook Events CNBC and SurveyMonkey’s latest quarterly polling of America’s small business owners finds majority support for diversity, equity and inclusion (DEI) efforts at a time when many national corporations are scaling back or ending DEI programs. Small business owners say they see positive impacts on the business from DEI goals, such as Read More…

Treasury delays deadline for small businesses to file new form to avoid risk of fines for noncompliance

The U.S. Treasury Department delayed a Jan. 1, 2025, deadline to file a new “beneficial ownership information” report by about two weeks, to Jan. 13. It delayed the BOI reporting requirement following recent federal court rulings. The requirement was created by the Corporate Transparency Act, which aims to curb illicit finance. Janet Yellen, U.S. Treasury Read More…