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Markets soar as Trump pauses most global tariffs, escalates trade war with China

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Markets soar as Trump pauses most global tariffs, escalates trade war with China

President Trump walked back plans on Wednesday for a global trade war that sparked fears of economic panic and recession, a dramatic reversal after a week of market turmoil that led to a historic surge of relief on Wall Street.

But the president further escalated his standoff with China over tariffs, raising duties on America’s third-largest trading partner to 125%. Trump’s tariff on foreign automobiles, set at 25%, remains in place.

Markets responded to Trump’s reversal with an exuberant surge, a turn of fortunes after news of the president’s policies last week wiped out $7 trillion in value over just three days of trading. Overnight, a U.S. bond market selloff added to concerns over a spiraling economic crisis.

Minutes after Trump changed course, the Dow Jones industrial average rose over 2,900 points. The Nasdaq was up 12% at the closing bell. And the Standard & Poor’s 500 increased over 9.5% — its largest gain since the 2008 financial crisis, but still down over 11% from its February highs.

The turnabout provided temporary relief from a policy that experts warned could upend the global economy, sending prices in the United States up across the board and risking global recession.

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Trump administration officials initially explained the policy switch as part of an organized plan: “This was his strategy all along,” Treasury Secretary Scott Bessent said. Yet, within the hour, Trump himself acknowledged that dire market blowback from his announcement last week forced him to back down.

The initial policy plan had countries paying a universal tariff of 10% to import their goods to the United States. Other, select countries, which the president believed were treating the United States unfairly, were hit with higher rates.

“I thought that people were jumping a little bit out of line,” Trump told reporters at the White House, explaining his decision. “They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid.

“I guess they say it was the biggest day in financial history,” Trump added. “I think the word would be flexible, you have to be flexible.”

The sequencing of Trump’s announcement prompted some concern among Democrats that Trump may have tipped off allies that a policy reversal was coming. On Wednesday morning, four hours before announcing the pause, Trump wrote on social media that it was a “GREAT TIME TO BUY.”

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“Trump is creating giant market fluctuations with his on-again, off-again tariffs. These constant gyrations in policy provide dangerous opportunities for insider trading,” said Sen. Adam Schiff (D-Calif.). “Who in the administration knew about Trump’s latest tariff flip-flop ahead of time? Did anyone buy or sell stocks, and profit at the public’s expense? I’m writing to the White House — the public has a right to know.”

Trump said he would pause his universal 10% tariff rate on most countries, which went into effect a week ago.

But other trading partners hit with higher rates on Wednesday — tariffs that were referred to as “reciprocal” by the White House, but that actually reflected a country’s trade deficit with the United States — will now have those rates lowered to 10%.

While Trump said that rate is “substantially lower” than previously planned rates, it is still nearly three times the average import tax that had been in place before his announcement last week.

China, meanwhile, will be hit by yet another increase in duties, with imports from Beijing now facing a 125% tariff rate, after China matched Trump’s last two rate hikes over the past week.

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“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump wrote on Truth Social, leading markets to soar minutes later.

“Conversely, and based on the fact that more than 75 Countries have called … to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States,” Trump continued, “I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!”

The president’s decision to reverse course drew widespread praise from his political allies, who credited him with executing on the “art of the deal” over the past week.

Trump’s approach, wrote Bill Ackman, a billionaire hedge fund manager and supporter of the president, is that “we now understand who are our preferred trading partners, and who the problems are. China has shown themselves to be a bad actor.”

Bessent initially told reporters at the White House that Trump’s decision to issue a pause was the result of most countries around the world refraining from issuing retaliatory measures, and instead approaching the administration with offers to negotiate.

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“President Trump created maximum negotiating leverage for himself,” Bessent said. “The ones that we have lowered went into effect a week ago, and we have just been overwhelmed — overwhelmed — by the responses from, mostly, our allies, who want to come and negotiate in good faith.”

Karoline Leavitt, the White House press secretary, pushed back against questions from the media over the president backing down in the face of market pressures, as well as assessments from the country’s major banking institutions, such as JPMorgan Chase and Goldman Sachs, that his new trade policy would push the country into recession.

“Many of you in the media clearly missed the art of the deal,” Leavitt said. “You clearly failed to see what President Trump is doing here.”

The White House said Trump was providing relief to trading partners that declined to retaliate to his initial tariff increase, and was escalating with China because it took retaliatory steps.

But Trump found out that the European Union, too, announced plans to retaliate with new levies only on Wednesday morning, when questioned by a reporter in the Oval Office that afternoon.

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Howard Lutnick, the Commerce secretary, told Trump in front of reporters that he did not believe Europe’s new actions would go into effect.

“Oh, that’s bad timing for them. That’s bad timing,” Trump said.

“They didn’t put them in,” Lutnick said. “No, they threatened. But they picked a later date, which, our expectation is it’s going to be later still.”

“Oh, OK. Because I’m glad that they held back,” Trump responded.

Trump and Leavitt had denied for days that Trump would consider any pause on the new trade policy, even denying that the specific pause announced Wednesday — a 90-day pause on global tariffs, with China excluded — was on the table just two days ago.

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That rumor led to a short-lived market rally on Monday before the White House referred to such plans as “fake news,” plunging stocks once more.

“We are not looking at that,” Trump told reporters at the time, asked about the prospects of a 90-day pause.

By Wednesday, Trump said of the pause, “it’s something very positive for the world.”

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Walmart’s EV chargers are coming to California with discounts for members

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Walmart’s EV chargers are coming to California with discounts for members

Walmart is rapidly expanding its network of electric vehicle chargers designed for customers to use while they shop.

The network could help fill gaps in EV infrastructure in states with greater need for chargers. Walmart, which has more than 5,000 locations in the U.S. and hundreds in California, says more than 90% of Americans live within 10 miles of one of its stores.

The chargers also offer an incentive for customers to choose Walmart — Walmart Plus members will receive a 10% discount off an average price of $0.46 per kilowatt-hour of energy at the company’s chargers.

Walmart chargers are already available at more than 75 locations in 17 states, with Texas boasting the most charging stations, followed by Florida and Arizona.

Matthew Nelson, Walmart’s director of energy policy, said last week on LinkedIn that the network will soon reach 29 states, including California.

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“We are delivering on the promise of affordable, reliable and convenient charging,” Nelson said in his post.

According to Walmart’s website, six charging stations are coming to California soon, though the company did not offer a specific timeline.

The chargers will be installed at stores in Antelope, Brea, Fresno, Stockton, Suisun City and Vallejo.

Most charging sites in California will include eight to 16 fast-charging stalls, said Walmart spokesperson Kelsey Bohl.

The company first announced plans in April 2023 to install its own EV chargers at Walmart and Sam’s Club stores, with a goal of installing thousands of chargers by 2030. Partnering with ABB E-Mobility and Alpitronic, it added 25 new charging sites this past May and six more in June.

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“Walmart is building a leading retail-integrated EV fast-charging network, focused on delivering an affordable, reliable and convenient charging experience where customers already shop,” Bohl said in an emailed statement. “Customers can charge while they shop, access stations through the Walmart app they already use, and benefit from affordable pricing.”

The charging stations already available include 612 individual charging stalls using 400-kilowatt chargers. Each stall has a dual charging cord with both Combined Charging System and North American Charging Standard connectors. The standard connectors, designed by Tesla, are smaller and lighter than the combined systems.

The primary way to pay for the chargers is through the Walmart app, but the company is also experimenting with built-in credit card readers to allow those without the app to use the stations.

Customers can check charger availability on the Walmart app. The company said the chargers will be available 24 hours a day.

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Waymo reports teen riders for bad behavior and delivers them to the police

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Waymo reports teen riders for bad behavior and delivers them to the police

Robotaxis could be turning into robocops.

A self-driving Waymo reported two teens to San Mateo, Calif., police on Monday after they were found drinking alcohol and shooting toy guns in the back of the vehicle.

According to a social media post from the San Mateo Police Department, officers detained two 15-year-olds after the Waymo they were riding in contacted the department and stopped in a parking lot until law enforcement arrived.

“Parents do you know where your teens are?” the San Mateo Police Department wrote on Facebook following the incident. “Waymo does!”

Officers removed both teens from the vehicle and determined they were using toy guns to shoot Orbeez out the windows. Orbeez are small, water-absorbing beads sold at toy stores.

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“Toy guns, water guns, and BB guns all pose real dangers, especially to an untrained eye,” the Police Department said. “The simple handling of them can cause fear in [passersby].” “

A video posted on Facebook shows at least five officers and a police dog responding to the scene and approaching the Waymo with their weapons raised.

Waymo did not immediately respond to a request for comment.

Waymo vehicles have internal cameras and microphones that may be used in an emergency or to “promote safety and security,” according to Waymo’s online support page.

The cameras are also used to ensure the vehicles are clean and to help find lost items, according to the support page.

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The company said it does not use facial recognition or other biometric identification technologies to identify individuals.

“In more urgent circumstances, support may access live video during a trip,” the Waymo page said.

The San Mateo Police Department’s Facebook post has garnered nearly 60 comments, with one user accusing Waymo of “snitching.”

“At least they got a designated driver?!” one user commented.

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Commentary: How right-wing anti-transgender attacks led to a Supreme Court ruling upholding sex discrimination

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Commentary: How right-wing anti-transgender attacks led to a Supreme Court ruling upholding sex discrimination

At the Supreme Court, the unfounded fear of boys masquerading as girls in youth sports rolled the clock back on gender equality.

On the surface, the Supreme Court’s June 30 opinion upholding state laws barring transgender girls from women’s and girl’s sports teams looks like a victory for women’s rights.

The 6-3 opinion by Justice Brett M. Kavanaugh certainly presents itself that way. “Females and males have inherent physical differences relevant to athletic performance,” Kavanaugh wrote. “Therefore, in contact sports, forcing female athletes to compete against males can create significant safety risks.” He also asserted that “forcing female athletes to compete against males can undermine competitive fairness.”

The ruling applied to prohibitions enacted in Idaho and West Virginia against “biological” males’ participation on women’s teams in public schools. Federal judges in both states overturned the bans. The Supreme Court majority restored them. The ruling essentially upholds similar bans enacted in 25 other states.

There was no record of any transgender person participating in school sports in the State, let alone any ‘problem’ with transgender students … creating unfair competition or unsafe conditions.

— Justice Sonia Sotomayor, demolishing the Supreme Court’s argument in favor of banning transgender girls from girl’s sports

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Kavanaugh, like Donald Trump and others in the anti-transgender camp, maintained that one’s gender is an immutable fact of life, established even before birth.

Anything else, Trump stated in an executive order he issued on inauguration day 2025, could only be the product of “gender ideology extremism.” The U.S., his order stated, recognizes “two sexes, male and female. These sexes are not changeable and are grounded in fundamental and incontrovertible reality.” That’s a “biological truth,” he declared.

In his own version of this overconfident and factually insupportable conclusion, Kavanaugh wrote: “As all agree, females and males have inherent physical differences relevant to athletic performance.”

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Science recognizes that some people are “born with sex traits that don’t fit into typical male or female patterns,” to cite a discussion on the Cleveland Clinic web page on the topic “intersex.” The condition “may involve chromosomes, hormones, reproductive organs or genitals.”

From a psychological standpoint, medical science recognizes “gender dysphoria” as a real condition often requiring counseling and medical intervention such as the use of puberty blockers and hormones to stave off the development of secondary sex characteristics until the condition can be resolved.

No one disputes that there are physical differences between the sexes. Few would dispute that on average or even at the median, males may be bigger and more powerful than females, or that in certain contact sports the difference may be telling and on occasion dangerous.

But that’s not the same as asserting that the physical differences between males and females invariably mean that men will invariably prevail over women in all competitions or that their participation will endanger women.

The International Olympic Committee — in a policy statement Kavanaugh cited incompletely — says that in “most running and swimming events,” males have a 10% to 12% advantage over women. That’s a range that would accommodate the full spectrum of outcomes — transgender females win, cisfemales win, they tie. (The “cis” prefix denotes those living consistent with their birth gender.)

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West Virginia and Idaho addressed this ambiguity by banning transgender women from all girls’ teams. So under their rules transgender girls can’t play football or soccer with cisgirls. But what’s the argument in favor of banning them from the 100-yard dash, or cross-country track, or diving, or archery?

But something else is going on here. The Supreme Court’s ruling was almost preordained, given the years-long campaign by conservatives to demonize transgender individuals as if they’re members of an alien species.

It will be recalled that during his presidential campaign, Trump spun a despicable fantasy in which children were kidnapped in school and secretly subjected to sex-change operations.

Trump’s executive order wiped out policies aimed at protecting transgender adults from discrimination. He moved to outlaw gender-affirming medical therapies for anyone under 19 by cutting off federal funding for healthcare institutions that provide such care.

He banned transgender individuals from serving in the military and ordered federal prison officials to move transgender inmates into the general populations consistent with their birth genders, which exposes them to physical assault. (Federal Judge Royce Lamberth of Washington, D.C., has blocked the government from transferring three transgender women into the male prison population or terminating their hormone treatments.)

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I wrote during Trump’s first term, when his anti-transgender policies were still gestating, that the goal was to show that “one can target any community, as long as it doesn’t have a strong political voice or political power. These are the actions of bullies and cowards, pretending to be strong.”

Last year, the Supreme Court struck its first blow against transgender rights by upholding a Tennessee law banning transgender care, including puberty blockers and hormone therapy, for minors. Similar laws have been enacted in 25 other states. The majority in that ruling by Chief Justice John G. Roberts Jr. was identical to the one in the June 30 ruling — Roberts, Kavanaugh, and Justices Clarence Thomas, Samuel A. Alito Jr., Neil M. Gorsuch and Amy Coney Barrett.

Who are the targets of this ideological campaign? They number only about 1.6 million U.S. adults, or one-half of 1% of the U.S. population. About 300,000 adolescents ages 13 to 17, or 1.4%, identify as transgender, according to a study by UCLA School of Law.

In West Virginia, as Justice Sonia Sotomayor observed in her dissenting opinion, “there was no record of any transgender person participating in school sports in the State, let along any ‘problem’ with transgender students … creating unfair competition or unsafe conditions.”

In endorsing the flat bans directed at transgender women in Idaho and West Virginia, Kavanaugh argued that any attempt to implement case-by-case judgments of students’ requests to join sports teams inconsistent with their biological gender would create “an enormous practical and administrability problem.”

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Is that so? That wasn’t the case in Maine, where the annual K-12 population is more than 170,000. There, a committee was charged with determining whether a student’s participation in a sport consistent with their gender identity but inconsistent with their biological sex would “result in an unfair athletic advantage” or present a risk of injury to others. The committee held 56 hearings from 2013 through 2021, or an average of seven per year. During the entire time span, only four involved transgender girls. (The outcome of those hearings couldn’t be learned.)

It was Maine’s policy, one might recall, that provoked a confrontation between Trump and Maine Gov. Janet Mills at the White House last year, when Trump threatened to withhold federal funding from the state unless it barred transgender students from competing on women’s sports teams. “We’ll see you in court,” Mills snapped.

Whether the Idaho and West Virginia laws genuinely protect girls from unfair competition is questionable. (The Idaho law is styled the “Fairness in Women’s Sports Act.”) In practice, the laws may subject women in public schools to “invasive sex verification procedures,” as educational expert George Theoharis of Syracuse University wrote after the court ruling.

They’re also based on a retrograde view of women as fragile creatures needing men’s protection, Theoharis wrote — “the same logic that has historically been used to justify excluding women from making their own healthcare decisions and girls from rigorous math and science; that physically demanding work is simply beyond them.” (There don’t appear to be any state laws barring transgender women from competing in men’s sports.)

Becky Pepper-Jackson, the plaintiff in the West Virginia case, in which she is identified only as B.P.J., is the only transgender girl who sought to join girl’s teams — track and cross-country — in the state. That was in 2021, just after West Virginia passed its law and she was about to enter sixth grade. She didn’t appear to pose any competitive risk to others on the track and cross-country teams she applied to join — her lawyers told the Supreme Court that on those no-cut teams, she “came in near the back.”

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Anyway, she had not gone through male puberty, which theoretically might have endowed her with a competitive advantage, because she had been taking puberty blockers and female hormones.

Thanks to the court’s ruling, Sotomayor observed in a dissent joined by Justices Elena Kagan and Ketanji Brown Jackson, West Virginia can deny Becky access to school sports “because it thinks they have an inherent athletic advantage, even if the facts show that they do not.”

B.P.J., Sotomayor wrote, “cannot practice on girls’ teams, even if she would not take anyone’s spot in an eventual competition, even if everyone who tries out for the team makes it, and even if having the chance to participate could aid immensely in treating B. P. J.’s gender dysphoria.”

So whose interest was really protected by the Supreme Court?

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