#tariffs

#tariffs

AI Summary Senate Democrats have introduced a bill to expand Social Security Administration (SSA) and Department of Veteran Affairs (VA) benefits by $200 per month for six months, aiming to provide economic relief amid persistently high inflation. The move follows the Oct. 24 announcement of an average cost-of-living adjustment (COLA) of 2.8% in 2026 for the 53 million Americans who receive Social Security retirement benefits an increase of about $56 per month.

The executive order signed by Trump on 29 September applies 25% tariffs on wood imports, as well as derivative products such as upholstered furniture and kitchen cabinets beginning 14 October. Imports of softwood timber and lumber will face a 10% tariff rate, while upholstered wooden products (including sofas and chairs) will incur a 25% duty. Kitchen cabinets and units, as well as parts used in manufacturing those products, will be subject to a 25% levy per order. Starting 1 January 2026, the US will raise the tariff for upholstered furniture to 30% while hiking the rate for kitchen cabinets, units and associated parts to 50%.

Coffee prices at U.S. grocery stores continued to climb September amid higher costs for green coffee due to self-imposed tariffs and other market forces. The U.S. Bureau of Labor Statistics said the overall Consumer Price Index (CPI) rose 0.3% from August and 3.0% from a year earlier. Food prices were up 0.2% on the month and 3.1% year over year. Within the grocery aisle, the "nonalcoholic beverages" category - which includes coffee - rose 0.7% on the month and 5.3% on the year.

It's a significant statement from anyone, let alone Dr. Ngozi Okonjo-Iweala, the director-general of the World Trade Organization. She warned at the Fortune Global Forum in Riyadh that the global economy is in its choppiest waters since the 1930s, no small feat considering that decade saw the Great Depression and the outbreak of the Second World War - and the Great Recession of 2008 is still in living memory.

This article will be updated throughout the day, so check back often for more daily updates. As expected, the Federal Open Market Committee (FOMC) announced a 0.25% reduction in its target interest rate yesterday, to a range of from 3.75% to 4% - but the stock market reacted almost not at all. The Vanguard S&P 500 ETF ( NYSEMKT: VOO) gained less than 0.1% yesterday, and it's down a sizeable 0.5% in early trading this morning.

A trade deal between Brazil and the United States could be sealed within days, Brazilian President Luiz Inacio Lula da Silva has asserted. Lula made the statement in Kuala Lumpur on Monday after meeting with US President Donald Trump. Lula has been seeking a deal since the White House slapped a 50 percent tariff on Brazilian exports in July due to legal pressure on Trump ally and former President Jair Bolsonaro.

Mexico is facing a crucial week for its economy. Thursday marks the end of the 90-day deadline that U.S. President Donald Trump gave the Mexican government to evaluate their trade relationship and define the tariffs that will remain in place between them. The Latin American country is the United States' main trading partner; however, it has failed to contain the protectionist onslaught that Trump has launched globally.

It's not outright defiance, but the renegade senators are delineating when and where they're willing to defy Trump.

The 11 member nations collectively export more to the US than China, making them an important trading partner and also highly vulnerable to Trump's tariff regime. The US president secured pledges from Vietnam to dramatically increase its US purchases, and signed deals with Malaysia and Thailand on a framework to diversify critical minerals supply chains. The four countries also pledged to remove trade barriers and provide preferential market access to various US goods.