Wall Street was expecting a TACO Tuesday. But Dow futures fall 250 points after Trump says he will set tariffs as high as 70%

U.S. stock futures tumbled on Friday after President Donald Trump said he will start sending out letters informing countries of what tariffs they will face.

On Thursday, he told reporters that about “10 or 12” letters would go out Friday, with additional letters coming “over the next few days.” The rates would become effective Aug. 1.

“They’ll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs,” Trump added.

While U.S. markets were closed for the July 4 holiday, futures tied to the Dow Jones Industrial Average dropped 251 points, or 0.56%. S&P 500 futures were down 0.64%, and Nasdaq futures fell 0.68%.

U.S. oil prices slipped 0.75% to $66.50 per barrel, and Brent crude lost 0.41% to $68.52. Gold edged up 0.11% to $3,346.70 per ounce, while the U.S. dollar fell 0.16% against the euro and 0.30% against the yen.

The Trump administration has been negotiating with top trade partners since the president put his “Liberation Day” tariffs on a 90-day pause.

That reprieve will expire on Wednesday, July 9. So far, only a few limited trade deals have been announced, and negotiations with other countries were expected to require more time.

So as the Wednesday deadline approached, Wall Street was expecting Trump to announce an extension to the tariff pause by Tuesday, reviving the so-called TACO trade that alludes to his history of pulling back from his maximalist threats.

“We suspect that further last-minute concessions will be made to permit extensions for most countries, but a few of the ‘worst offenders’ may be singled out for punitive treatment,” analysts at Capital Economics predicted earlier this week. “Markets seem to be positioned for a fairly benign outcome, implying a risk of some near-term turbulence if that fails to materialise.”

That assumes Trump won’t risk a repeat of the epic April selloff that was triggered by his Liberation Day tariffs, and Capital Economics also warned such an assumption could be complacent.

In fact, Trump has been saying for weeks that he prefers to unilaterally set tariffs with each country rather than engage in negotiations with all of them. But amid the absence of any letters, markets dismissed the risk of that tariffs could spike again.

Still, Trump has kept beating the drum about letters. In an interview that aired on Sunday, he was asked about the tariff pause and the looming deadline.

“I’d rather just send them a letter, very fair letter, saying, ‘Congratulations, we’re going to allow you to trade in the United States of America. You’re gonna pay a 25% tariff or 20% or 40% or 50%,’” Trump replied. “I would rather do that.”

When asked if the pause will not be extended, he said, “I don’t think I’ll need to because—I could—there’s no big deal.”

Trump further clarified his stance on the July 9 deadline, saying, “I’m gonna send letters. That’s the end of the trade deal.”

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EPA says Trump’s big bill should help in its fight to take back billions in green bank funds

WASHINGTON – The sprawling tax and policy bill that passed Congress repeals a multibillion-dollar green bank for financing climate-friendly projects, and the Trump administration should be allowed to freeze its funding and cancel related contracts with nonprofits, federal officials said in a court filing.

Climate United Fund and other nonprofits in March sued the Environmental Protection Agency, its administrator Lee Zeldin and Citibank, which held the program’s money. The lawsuit argued the defendants had illegally denied the groups access to billions awarded last year through the Greenhouse Gas Reduction Fund, commonly referred to as a “green bank.” The program was created by the 2022 Inflation Reduction Act.

But the bill that passed Congress on Thursday would repeal the part of the 2022 law that established the green bank and rescind money that hadn’t already been obligated to its recipients.

The EPA said the bill should hand them a victory in their court fight that is being heard by a federal appeals court in Washington. Now that Congress has rescinded funding, an earlier federal judge’s decision forcing the EPA to release money to the groups should be reversed, the agency said in its Thursday court filing.

Climate United Fund disagrees. It acknowledges that the bill in Congress is a “significant policy setback” but argues that most of the money had been disbursed and is unaffected by the bill. And if the EPA wanted to take the money back, there’s a different process the agency would need to follow.

“Our funds have already been obligated and disbursed. Any effort to claim otherwise is simply a lie to justify illegal attempts to claw back funds intended to benefit communities across the country,” CEO Beth Bafford said in a statement.

According to the EPA, when the agency terminated the grants the funds “became unobligated.”

“Grantees have desperately performed legal gymnastics to hold tens of billions of taxpayer dollars hostage. In the passage of the One Big Beautiful Bill, Congress made their intent crystal clear in repealing the program entirely and returning those billions in unobligated funds to the U.S. Treasury,” EPA spokesperson Brigit Hirsch said in a statement.

The green bank’s goals run counter to the Trump administration’s opposition to policies that address climate change and its embrace of fossil fuels. Zeldin quickly made the bank a target, characterizing the $20 billion in grants as a scheme marred by conflicts of interest and potential fraud.

In February, Zeldin told Fox News that he suspected the green bank “was a clear cut case of waste and abuse” that “in my opinion, is criminal.” The following month, Zeldin terminated the grants.

U.S. District Judge Tanya Chutkan has previously said that when the federal government was asked for evidence of fraud, the agency didn’t provide it and shifted its position. Chutkan decided the government can’t terminate the contracts and that the groups should have access to some of their frozen money.

That order was put on hold during the EPA’s appeal.

The agency argues the nonprofits are making constitutional and statutory arguments that don’t apply in what it sees as a simple contract fight.

If the government successfully argues the case is a contract dispute, then the EPA says it should be heard by a different court that can only award a lump sum – not force the government to keep the grants in place. Federal officials argue there is no law or provision in the Constitution that compels the EPA to make these grants to these groups.

In its court filing, the EPA also pointed to comments by Republican Sen. Shelley Moore Capito of West Virginia, chair of the Senate Committee on Environment and Public Works, as supportive of the agency’s position. Capito said previously the bill intended to rescind billions in funding that had been frozen.

“This action reflects not only Congress’s deep concern with reducing the deficit, but EPA’s administration of the (green bank) under the Biden administration, the agency’s selection of grant recipients, and the absence of meaningful program oversight,” the agency quotes the senator as saying.

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The Associated Press receives support from the Walton Family Foundation for coverage of water and environmental policy. The AP is solely responsible for all content. For all of AP’s environmental coverage, visit https://apnews.com/hub/climate-and-environment

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‘Looks So Much Better Now’: Russell Crowe Shows Off Dramatic Weight Loss at Award Show with Fiancée Britney Theriot

“Gladiator” actor Russell Crowe, 61, is flaunting his new slimmer physique in public.

Photos of Crowe at the Mediterrane Film Festival Golden Bee Awards on June 29 have surfaced on the Internet. The event took place on Malta, the same island where “Gladiator” was filmed over two decades ago.

The Hollywood veteran showed up in an all-black suit with his 32-year-old fiancée, “Broken City” actress Britney Theriot, on his arm. Theriot wore a black longline shift dress.

“26 years ago, in a funny way, I became a man in Malta,” Crowe told the audience inside the Fort Manoel venue after accepting the Malta Film Legend honor at the Golden Bee Awards.

The New Zealand-born movie star continued, “For whatever films I had done before then, nothing had the majesty, ambition, and budget and ultimately reach of ‘Gladiator.’”

While Crowe reflected on how the European country impacted his life, celebrity watchers were focused on The Gentlemen Barbers band member’s dramatic appearance change in Malta.

After photos of Crowe and Theriot spread online, fans began sharing their takes on the Hollywood star shedding pounds.

For instance, one Daily Mail reader praised Crowe by commenting, “That’s one hell of an achievement at 60 years of age. Great job.”

“Good for him – for his health! I love his movies,” another person wrote. A third posted, “Great to see, I was quite worried about him looking so big previously.”

Russell Crowe and his fiancée Britney Theriot in April 2025. (Photo by Matteo Rossetti/Archivio Matteo Rossetti/Mondadori Portfolio via Getty Images)

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Filippa Angeldahl's goal gives Sweden 1-0 win over Denmark

Filippa Angeldahl’s goal gave Sweden a 1-0 win over Denmark.

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Microsoft is closing its local operations in Pakistan | TechCrunch

Microsoft is closing its operations in Pakistan, marking the end of a 25-year presence in the South Asian nation.

The Redmond-based company on Friday told TechCrunch that it is changing its operational model in Pakistan and will now serve its customers through resellers and “other closely located Microsoft offices.”

“Our customer agreements and service will not be affected by this change,” a Microsoft spokesperson said in an emailed statement.

“We follow this model successfully in a number of other countries around the world. Our customers remain our top priority and can expect the same high level of service going forward,” the spokesperson added.

The decision will impact five Microsoft employees in Pakistan, according to sources who talked with TechCrunch; they add that Microsoft did not have any engineering resources in Pakistan, unlike India and other growing markets, and had its employees sell Azure and Office products in the country.

The closure comes amid broader company restructuring. Pakistan’s Information and Broadcasting Ministry described the Redmond company’s exit “as part of a wider workforce-optimization program.” Earlier this week, the company reduced its workforce by 4%, or about 9,000 roles globally.

To prepare for this transition, Microsoft had shifted licensing and commercial contract management for Pakistan to its European hub in Ireland over the past few years, while certified local partners have handled day-to-day service delivery, the ministry said.

“We will continue to engage Microsoft’s regional and global leadership to ensure that any structural changes strengthen, rather than diminish, Microsoft’s long-term commitment to Pakistani customers, developers and channel partners,” the ministry noted.

Former Microsoft executive and its first lead in Pakistan Jawwad Rehman reported the company’s exit in a post on LinkedIn on Thursday.

“This is more than a corporate exit. It’s a sobering signal of the environment our country has created . . . one where even global giants like Microsoft find it unsustainable to stay. It also reflects on what was done (or not done) with the strong foundation we left behind by the subsequent team and regional management of Microsoft,” Rehman posted.

The exit comes just days after Pakistan’s federal government announced its plan to provide IT certifications from tech companies including Google and Microsoft to half a million youth. The move stands in particularly stark contrast to Google, which disclosed a $10.5 million investment in the country’s public education sector last year and is also considering Pakistan as a market to produce half a million Chromebooks by 2026.

Microsoft’s exit reflects broader challenges in Pakistan’s tech sector. Unlike India and other regional markets, Pakistan has not established itself as a major engineering outsourcing destination for Western tech giants. Instead, the country’s tech ecosystem is dominated by two main players: local companies that have developed their own engineering capabilities, and Chinese firms like Huawei, which have gained significant market share by providing enterprise-grade infrastructure to telecommunications companies and banks.

Pakistan’s Information and Broadcasting Ministry did not respond to requests for comment.

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This North Texas city has among the cheapest Uber ride prices in the country

If your Independence Day celebration involves a drink or two, a new study has some good news about Uber prices in one North Texas city.

FORT WORTH, Texas — If your Independence Day celebration involves a drink or two, taking a rideshare like Uber is always a good idea. And a new study offers some good news about Uber prices in at least one North Texas city.

Fort Worth is tied with Indianapolis for the cheapest Uber prices in the country, with an average price for a 30-minute Uber ride of $28.33, according to a recent study by online lender NetCredit.

To determine the cities with the most and least expensive Uber rides, NetCredit used the Uber page for the 100 most populous cities in the U.S. and the three most populous cities by state to find the average local price estimate. Then, NetCredit calculated the local average price of a 30-minute ride in each city and state as a percentage of the local average hourly wage via the Bureau of Labor (sourced from the Bureau of Labor Statistics.

Texas came in third, behind Indiana and Utah, for the cheapest Uber rides, according to the study. Statewide, the average price of a 30-minute Uber ride is $30.86 or 139.6% of the local median hourly wage.

The most expensive Uber ride in the U.S., by contrast, is in Seattle, where a 30-minute ride costs an average of $60, according to the study. Washington is also the state with the most expensive Uber rides, with an average price for a 30-minute ride of $53.46.

To save money on Uber rides, NetCredit suggests carpooling using UberX Share, using the app to split the fare if traveling with friends, or using a combination of Uber and public transportation, like DART or TRE locally, to get to your destination, if possible.

NetCredit’s listing was first reported locally by our content partners at the Fort Worth Star-Telegram.

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EPA says Trump’s big bill should help in its fight to take back billions in green bank funds