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Business Leaders Demand End to ‘Drift and Delay’ on Tax & Growth

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Business Leaders Demand End to 'Drift and Delay' on Tax & Growth

Britain’s business leaders have called for stability and warned ministers against further tax rises after the resignation of Sir Keir Starmer left the UK staring down its seventh prime minister in a decade.

Reducing the cost of doing business, unlocking more long-term investment and keeping Ed Miliband out of the Treasury sit at the top of a corporate wishlist that company chiefs are now pressing on a government in transition.

Less than two years after Labour’s landslide victory under Starmer, firms are bracing for another bout of uncertainty. The worry, privately expressed by several senior figures, is that “everything will get gummed up for at least a few weeks”, with ministers effectively frozen out of decision-making while Whitehall waits for a new occupant of Number 10, most likely Andy Burnham.

Some bosses also voiced unease at the prospect of Miliband, the energy secretary, being promoted to chancellor in the next administration.

Financial markets largely took the news in their stride. Sterling rose 0.3 per cent against the dollar to $1.32 and ten-year gilt yields held broadly steady at 4.85 per cent. Traders had widely anticipated Starmer’s departure after Burnham won the Makerfield by-election last week, and the City has welcomed the outgoing mayor of Greater Manchester committing to the government’s fiscal rules, the framework that governs day-to-day spending and borrowing.

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Calm pricing has not translated into calm boardrooms, however. Big-business lobbyists are lining up calls with senior officials this week, while investment banks are scheduling client discussions on how the latest reshuffle of Downing Street will redraw the political map, policy agenda and market outlook. It is a familiar pattern for firms that have already weathered repeated bouts of pre-Budget uncertainty and wavering confidence.

One business figure and Labour donor, speaking confidentially, said the “country is just desperate for direction. There really, really has to be a clear articulation of the commitments of whatever the new government is.”

They added: “If a new prime minister is going to succeed, he’s going to have to stick his neck out to commit to what is going to get sorted out very quickly and, frankly, be prepared to be judged on it in about 18 months. Top of the list would be law and order. Obviously illegal immigration and welfare reform, welfare is at crisis point.”

The same donor said they were “really happy to see the back of Starmer”, who “pretty much failed on every score”. Labour, they argued, had spent so long thinking about how to win power while saying “very little by way of commitments” that the prime minister “probably didn’t have a mandate to make some very tough decisions and get his party to fall in line. And that was one of his biggest mistakes.” The “lack of urgency”, they said, “was what was most shocking”.

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Not everyone is convinced the change at the top is cause for celebration. Theo Paphitis, the former Dragons’ Den investor and owner of Ryman and Boux Avenue, cautioned that the “country needs to be careful what it wishes for. We don’t know what Andy’s policies are, or what he stands for.”

Rain Newton-Smith, chief executive of the CBI, whose members include BAE Systems, Tesco, Centrica and AstraZeneca, thanked Starmer for championing UK business and for his international leadership, but warned that the hard work was only beginning. “With geopolitical tensions high, the country now needs stability, confidence and a clear path to growth,” she said.

“The UK’s economic challenges will not disappear with a change of prime minister. The economy won’t fix itself while politicians look inwards. And you cannot tackle the cost of living without addressing the cost of doing business.”

That message echoes the CBI’s long-running warning that the burden on employers is nearing a tipping point, a theme that has run through repeated calls for ministers to hold the line on tax.

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Newton-Smith pointed to a list of decisions that cannot be allowed to slip: “There are big decisions that need to be taken, whether that’s on the defence investment plan, infrastructure projects, energy price caps or the UK-EU reset. These are long-term commitments and businesses need to know that there is not going to be further drift or delay.”

For many in the boardroom, the identity of the next chancellor matters more than the identity of the next prime minister. Sir Martin Sorrell, founder of S4Capital and a veteran of the advertising industry, struck a wait-and-see note on Burnham while making clear that delivery, not hospitality, would be the test.

“We don’t know what Andy stands for. Let’s see and give him a chance. He has spoken about working with industry and business,” Sorrell said. “Last time round there were scrambled eggs and smoked salmon breakfasts, but little or no follow-through. I guess it depends to some extent on who is chancellor. Miliband would be checked by the bond vigilantes.”

That last point captures the mood. Having spent the past year on the receiving end of a rising tax bill and a hardening tone from Number 10, business is willing to extend the next prime minister some goodwill, on the strict condition that this time the commitments are clear, the chancellor is credible and, above all, the drift finally stops.

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Paul Jones

Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media’s automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.

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Brad Stevens Affirms Jaylen’s Value to Celtics Amid Trade Speculation

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Kevin Durant

BOSTON — Boston Celtics president of basketball operations Brad Stevens addressed ongoing rumors surrounding star forward Jaylen Brown, emphasizing the player’s importance to the franchise while declining to speculate on his long-term future.

The comments came Tuesday night following the Celtics’ selection of Houston center Chris Cenac Jr. with the 27th overall pick in the first round of the 2026 NBA Draft. Despite the focus on adding new talent, questions about Brown dominated the post-draft press conference.

Brown was reportedly included in trade discussions as the Celtics pursued Milwaukee Bucks superstar Giannis Antetokounmpo. Those efforts did not materialize, with Antetokounmpo ultimately landing with the Miami Heat.

ESPN’s Shams Charania reported that the Celtics have been open to listening to inquiries about Brown from other teams. Stevens acknowledged the difficult nature of such speculation for the player.

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“We had a couple of meetings earlier at the end of May, also before he went back overseas a couple of days ago, or 10 days ago or so,” Stevens said. “Spent a lot of time just the two of us sitting down together, and then have been, like every offseason, in regular touch with his agent all the way through the last couple of days. Obviously, with all the rumor mill and all that stuff, and his name being splashed all over the place, that’s not easy – but we certainly wanted to be as proactive and upfront with that as possible, and I thought we had really good, candid conversations.”

Stevens made clear that Brown remains a central piece of the Celtics’ plans. “Jaylen Brown is a big part of us,” he said. “I’m never going to predict the future, but every indication, everything that I think about over the past few years has been building around those guys, right? So obviously, you never know.”

The Celtics have built their recent success around the tandem of Brown and Jayson Tatum. When asked whether the duo remains championship-caliber, Stevens offered a firm affirmation: “yes.”

Brown, a key contributor to Boston’s 2024 NBA championship run, is eligible for a contract extension in July. Stevens declined to discuss contractual matters publicly but highlighted Brown’s character and contributions.

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“He’s been amazing. He’s been an amazing teammate, a great person to be around. And whether that run ends 10 years from now when he retires, or before, there’s a lot to celebrate. We have a great relationship, an open relationship where we talk about everything,” Stevens added.

Context of the Rumors

Trade speculation intensified as the Celtics explored ways to bolster their roster after falling short in recent playoff aspirations. The pursuit of Antetokounmpo signaled an aggressive approach to chasing another title, though the deal did not come to fruition.

Brown has been a cornerstone in Boston since being drafted third overall in 2016. His two-way play, leadership and clutch performances have made him a fan favorite and a core member alongside Tatum.

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The Celtics enter the offseason with important decisions to make regarding roster construction, financial flexibility and future contention windows. Retaining both Brown and Tatum has been a foundational strategy, but NBA front offices must constantly evaluate opportunities in a league where player movement is common.

Draft Addition and Roster Outlook

The selection of Cenac Jr. adds depth to the frontcourt. The young center brings size, shot-blocking ability and potential as a rim protector, areas where Boston has sought improvement.

Stevens and the coaching staff will look to integrate the rookie while managing expectations. The Celtics’ draft strategy often focuses on high-character players who fit culturally and tactically within their system.

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Offseason moves could still include free agency signings or additional trades as teams reshape rosters ahead of the 2026-27 season. Salary cap considerations and luxury tax implications will play significant roles in Boston’s planning.

Brown’s Career with Boston

Since arriving in the league, Brown has evolved into an All-Star caliber wing. His scoring, defense and versatility have been instrumental in the Celtics’ sustained competitiveness in the Eastern Conference.

Partnership with Tatum has produced deep playoff runs and a championship banner. Both players have expressed commitment to the franchise in the past, though the business of basketball often introduces uncertainty.

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Stevens’ comments reflect a desire to maintain stability while acknowledging the fluid nature of roster management. Open communication with Brown and his representation aims to navigate the rumor cycle constructively.

Broader NBA Landscape

The league’s superstar movement continues to reshape contenders. High-profile trades and contract extensions define the modern NBA, where windows of contention can shift rapidly.

For the Celtics, preserving a championship core while adding complementary pieces remains the priority. Stevens, a former coach turned executive, brings a measured approach informed by years of experience.

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As July approaches and free agency heats up, attention will turn to Brown’s contractual status and any potential roster adjustments. Fans and observers will watch closely for indications of the team’s direction.

The Celtics enter the new season with high expectations once again. Stevens’ emphasis on Brown’s value suggests continuity is the preferred path, barring transformative opportunities that align with long-term goals.

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Micron Q3: The AI Trade Refuses To Die

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Micron Q3: The AI Trade Refuses To Die

Micron Q3: The AI Trade Refuses To Die

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Micron: Q3 Proved Me Wrong (Rating Upgrade)

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Micron: Buy The Latest Blowout

Micron: Q3 Proved Me Wrong (Rating Upgrade)

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Boeing Stock Climbs 2.2% as Backlog Grows and Quantum Satellite Program Advances

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Boeing 737 MAX

Boeing shares rose 2.23% to $221.55 on Wednesday afternoon, continuing a recovery from recent lows as the aerospace giant’s growing commercial order backlog and progress on a satellite-based quantum networking program offset lingering concerns about regulatory scrutiny and ongoing losses in its defense segment.

A Stock Recovering From Its 52-Week Low

Boeing’s recent trading has reflected a stock working to climb back from a difficult stretch earlier in the year. The stock’s 52-week range extends from a low of $176.77 to a high of $254.35, meaning Wednesday’s price sits roughly midway between those two extremes — well above where the stock bottomed out late last year, but still meaningfully below the high it touched in late January.

A Massive Order Backlog Underpins the Bull Case

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Much of the optimism surrounding Boeing’s stock continues to center on the sheer scale of its contracted future business. There is room in the aerospace market for new firms to show up. Aerospace giant Boeing has a massive book of outstanding business, with a backlog of about 6,100 commercial aircraft, giving the company years of contracted production and revenue visibility regardless of near-term market fluctuations.

Recent Commercial Deliveries

Boeing has continued making tangible progress converting that backlog into actual aircraft deliveries to airline customers around the world. AerCap Holdings announced that it has delivered the first new GE-powered Boeing 787-9 aircraft to Thai Airways International, during a special ceremony marking the milestone. Separately, Saudi Arabia’s Riyadh Air received its first two Boeing 787 Dreamliner jets as the kingdom’s new national carrier prepares to take off, launching five new destinations.

Defense Contracts Continue Rolling In

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Beyond its commercial aircraft business, Boeing has continued securing a steady stream of military and defense-related contracts. Boeing has been awarded a maximum $2 billion fixed-price-incentive-firm-target contract for the Mobile User Objective System service life extension Phase II effort. The company was also awarded a $121.2 million cost-plus-fixed-fee order for the procurement of nine retrofit A-kits, and separately received an $880 million firm-fixed-price, cost-plus-fixed-fee, indefinite-delivery/indefinite-quantity contract that provides for the procurement, modernization, and sustainment of military systems.

A Quantum Computing Push in an Unexpected Industry

Among the more unusual recent developments for the company, Boeing has been advancing a satellite-based quantum networking program that has drawn attention from technology-focused investors. Normally, quantum computing is the dominion of tech stocks. But apparently, aerospace giant Boeing has a hand in this particular cookie jar as well. The biggest investor-facing story is that Boeing moved its Q4S quantum networking satellite program closer to launch after demonstrating high-fidelity results in testing.

A Difficult Recent Earnings Track Record

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Despite the positive contract and delivery news, Boeing’s underlying financial results have continued to show significant strain. Boeing’s revenue has declined for the last two quarters, dropping from $23.94 billion to $22.21 billion. The company has also experienced a significant decline in profit over the last two quarters, with net profit dropping from $8.22 billion to just negative $4.0 million.

Earnings for the most recent quarter came in at negative $0.20 per share, though that figure beat analyst estimates of negative $0.68 per share by a wide margin, representing a 70.80% positive surprise relative to expectations. The company’s EBITDA currently stands at negative $3.31 billion, with a current EBITDA margin of negative 3.77%.

Ongoing Regulatory and Legal Challenges

Boeing continues navigating a range of legal and regulatory matters tied to its past safety record. The company also faces environmental liabilities, such as the March 2026 settlement regarding the Lower Duwamish Waterway. Additionally, its defense and space segments struggle with losses on fixed-price contracts due to technical challenges. A court hearing was also expected in June over fraud charges relating to the U.S. government and the 737 MAX crashes.

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Trade Tensions Complicating Deliveries to China

Beyond domestic regulatory matters, geopolitical trade tensions have also disrupted parts of Boeing’s commercial delivery pipeline. Trade tensions between the U.S. and China led Chinese airlines to suspend acceptance of Boeing aircraft, forcing the company to redirect deliveries to other markets — a disruption that has added complexity to the company’s broader global delivery schedule even as overall demand for new commercial aircraft remains strong.

Wall Street’s Generally Bullish Outlook

Despite the financial and regulatory headwinds, the majority of Wall Street analysts covering Boeing maintain a positive view of the stock’s longer-term prospects. According to 27 analysts, the average rating for Boeing stock is “Buy.” The 12-month stock price target is $270.00, which is an increase of nearly 24% from recent trading levels. A separate tracking service found that 66.67% of analysts recommend a “Buy” rating, with an average target price of $270, representing an upside of roughly 19% from the stock’s most recent closing levels.

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Other analyst breakdowns showed a similarly favorable, if slightly more cautious, distribution. Among one group of 24 analysts, 17 assigned a Buy rating, four recommended Hold, and three recommended Sell, with price targets ranging from a low of $150 to a high of $298.

Boeing’s Three Core Business Segments

The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. The company operates through three segments: Commercial Airplanes; Defense, Space and Security; and Global Services. The Defense, Space and Security segment engages in the research, development, production, and modification of manned and unmanned military aircraft and weapons systems, strategic defense and intelligence systems, and satellite systems, including government and commercial satellites and space exploration. The Global Services segment offers supply chain and logistics management, engineering, maintenance and modifications, upgrades and conversions, spare parts, training systems, and data analytics services to commercial and defense customers.

A Large and Stable Workforce

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Boeing remains one of the largest industrial employers in the United States despite its recent financial volatility. As of June 24, 2026, the company has 182,000 employees, underscoring the sheer scale of its operations across commercial aviation, defense, and space-related business lines.

A Path Back to Profitability, Some Analysts Argue

Several analysts have framed Boeing’s current trajectory as a genuine recovery story, even with losses persisting in the near term. While Boeing is expected to return to profitability and positive cash flow in 2026, losses and operational challenges persist in the meantime. Investors should take a balanced view when considering Boeing shares, especially following the stock’s substantial rally from its late-2025 lows. The stock may offer medium- to long-term potential tied to the company’s recovery, particularly if free cash flow turns positive as forecast.

With Boeing’s next earnings report scheduled for July 29, investors will be watching closely for updated guidance on the company’s path back to sustained profitability, progress on resolving its outstanding 737 MAX-related legal matters, and any further developments tied to the Chinese delivery suspension. Given the substantial gap between Boeing’s current trading price and the average analyst price target near $270, the stock’s near-term trajectory will likely continue to hinge on whether the company can demonstrate consistent operational improvement across its commercial, defense, and services segments in the quarters ahead.

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New prime minister and chancellor must ease burden on firms, says boss of BCC

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The call comes two weeks before nominations open to replace Sir Keir Starmer

Shevaun Haviland, Director General British Chambers of Commerce, pictured during the British Chambers Commerce Annual Global conference in June 2022.

Shevaun Haviland, Director General British Chambers of Commerce

The next prime minister and chancellor must ease burdens on business in order for the UK economy to prosper, the boss of the British Chamber of Commerce will warn on Thursday.

Shevaun Haviland, director general of the BCC, is set to tell the business group’s global annual conference on June 25 that successive governments have “hobbled” business prospects over recent years.

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Current Chancellor Rachel Reeves, who is widely predicted to be replaced if Andy Burnham becomes prime minister, is also due to speak at the conference.

The event comes around two weeks before nominations open to replace Sir Keir Starmer, with Mr Burnham currently the only candidate to have openly laid out their leadership ambitions.

Ms Haviland called on the next prime minister to resist further cost increases for firms.

Businesses have witnessed increases to national insurance contributions and the national minimum wage in recent budgets, as well as other taxes such as the packaging levy introduced earlier this year.

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The BCC chief is set to say: “At a time of huge economic shocks and global headwinds, successive UK governments have chosen to pile more and more cost on companies. That is no way to run an economy.

“So, if we want to see growth – our political leaders must reduce the burdens on business. Taxing businesses more, would be a road to ruin.”

In her speech, she will also tell firms and industry leaders that improved business confidence is needed to help improve economic growth.

The Chancellor has made stronger economic growth a key ambition for the Government, but it is has come under pressure amid weak consumer confidence and global economic uncertainty.

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Most recent data showed that the economy contracted by 0.1% in April amid signs the conflict in the Middle East was impacting some UK sectors.

She said: “The difficult truth is, whoever leads the UK, the primary challenge remains the same – delivering growth.

“Outside of the pandemic rebound, UK growth has flatlined year after year. And this economic malaise is nothing new or attributable to the policies of a single government. Despite all our strengths, we are failing to fulfil our potential.”

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LARRY KUDLOW: Antisemitism is the root of Mamdani socialism, and it’s destroying New York City

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LARRY KUDLOW: Antisemitism is the root of Mamdani socialism, and it’s destroying New York City

So Mayor Zohran Mamdani and his socialists had a big night last night. And I believe the absolute worst part of those victories yesterday, was the sheer unity message of antisemitism, hatred, and bigotry aimed at Jewish people that animates and unites this Mamdani Socialist movement — and their hope that they will someday drive the entire state of Israel out to the sea. Destroy it. 

This Jewish bigotry is the worst part of the story. I’m gonna get to their crazy socialist economics in just a moment. Yet at the city with the largest Jewish population in the world outside of Israel, this antisemitic bigotry is astonishing and heartbreaking. And demoralizing. And it has somehow got to be stopped.

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We know millions of Jewish people immigrated here from Eastern Europe and elsewhere down through the years, along with Irish, Italian, Polish, Catholics, and people from all walks of life, all religions, and all ancestries. New York was a melting pot. New York City was a great vortex of tolerance. Respect for our differences. Now it has become a place of multiple hatreds.

In a recent voter survey, half the people said life in the city feels worse than it did just a year ago. Maybe that’s the Mamdani hatred factor. It’s astonishing that New York is trapped by these kinds of hatred. Democrats like Mario Cuomo and Hugh Carey would never have stood for this. 

Nor would Republicans like George Pataki or Rudy Giuliani. Mike Bloomberg, certainly not. Ed Koch, certainly not. Yet I think a lot of this antisemitism began during the Bill DeBlasio years, and the crazy left-wing socialist staff that he brought with him — and now yes it continues through Mr. Mamdani, and it must be stopped. It is the most corrosive factor eating away at the lifeblood of New York City. And this is a place where I have lived and worked for the better part of 50 years. I’ve seen the city at its greatest. I have seen the city in the dumps. Right now it’s in the dumps.

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But you know what? More than the sagging economy or worries about crime, and education and other lifestyle things — it’s the daily losing ground to Florida, Texas, the Carolinas, and elsewhere, more than all of that is the Jewish hatred that is destroying our city.

To be sure, the Mamdani socialist platform of taxing wealth, alienating businesses, open borders, abolishing ICE, blaming cops, free-government everything, green new deals, packing the Supreme Court, rent controls, housing takeover, and all the rest, all of that is killing the economy and is wrecking affordability.

The Mamdani socialists don’t represent America. That’s a good thing. Republicans, to be sure, must emphasize their themes of freedom, free enterprise, and opportunity and tolerance. Yet it’s the antisemitism that’s destroying New York City. And that’s the part that hurts this New Yorker the most.

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Scott Bessent outlines 5 principles for Trump economic statecraft plan

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Scott Bessent outlines 5 principles for Trump economic statecraft plan

Treasury Secretary Scott Bessent on Tuesday outlined the Trump administration’s approach to economic statecraft in a speech in which he outlined five core principles guiding the White House’s strategy.

Bessent spoke Tuesday night at the Economic Club of New York’s America 250 gala dinner and said that as the nation celebrates that milestone, it requires Americans to “reflect on the creation of our country, of course, but no less, on its condition.”

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He said that as America shaped the postwar world order, it made choices that have created vulnerabilities that led strategic industries and critical supply chains to migrate overseas, as well as expose U.S. firms to face unfair competition abroad.

“We’ve emboldened other countries to exploit our dependence as leverage. And to repair those imbalances with the world is not to retreat from it. On the contrary, it is to engage on terms that make America stronger. It is to insist on trade that is fair, reciprocal, and consistent with our national interest,” Bessent said. “And it is to more closely bind what we should have never allowed to cleave: our economic and national security.”

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Treasury Secretary Scott Bessent speaks

Treasury Secretary Scott Bessent outlined the Trump administration’s core principles for economic statecraft at the Economic Club of New York. (Krisanne Johnson/Bloomberg via Getty Images)

Bessent discussed five core principles for the Trump administration’s approach to economic statecraft. Here is a breakdown of the key points from each.

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National capacity

Bessent said that the modern economy requires the U.S. to assume a leadership role in areas ranging from semiconductors, artificial intelligence (AI) and quantum computing, to advanced manufacturing, critical minerals and pharmaceuticals. 

He added that in the modern economy, “supply chains are the domain in which that leadership is tested, which requires a hard look at the resiliency of those supply chains.

“Of course, supply chain resilience does not require every component to be domestic from beginning to end. That would be unrealistic and unnecessary. But it does compel us to know where our vulnerabilities are and to reduce them before a crisis rears itself,” Bessent said. “It requires diversifying away from dangerous concentrations.”

AMERICA 250: BLACKROCK’S LARRY FINK SAYS LONG-TERM INVESTING CAN PERFORM A KIND OF ‘CIVIC MIRACLE’

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Treasury Secretary Scott Bessent in front of a Ronald Reagan portrait

Treasury Secretary Scott Bessent said the U.S. needs to lead in key aspects of the economy. (Alex Wong/Getty Images)

Trade reciprocity

Bessent said that the U.S. is the “best economic partner in the world” due to the depth and dynamism of its markets, the dollar’s dominance and innovation throughout the economy – though he said those benefits aren’t unconditional for U.S. trading partners.

“Countries cannot seek access to our market while denying fair access to theirs,” he explained while criticizing discriminatory taxes, industrial policies, intellectual property transfers and efforts to evade sanctions.

He said that while the U.S. and other countries alike have the right to regulate in ways that serve their own public interests, there is a discernible difference between that and discrimination against American firms which the administration wants to remedy.

BANK OF AMERICA’S LEGACY OF BUILDING THE AMERICAN DREAM

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U.S. economic leadership

Bessent said that the next era of economic competition will be more nuanced and that failing to lead efforts to help write the rules of the new economy could allow authoritarian or mercantilist systems to create a global economy that would “become more coercive and less favorable to American interests.”

“If America and our partners set open, secure, market-based standards, then the 21st century economy will tilt toward freedom and prosperity by rewarding innovation, protecting intellectual property, and ensuring that competition is not distorted by discrimination,” he said. 

Scott Bessent sits next to Donald Trump

Bessent said the Trump administration wants to connect national economic power with household prosperity. (Anna Moneymaker/Getty Images)

Financial leadership

Bessent noted the dollar’s role as the world’s reserve currency and how it’s based on the “depth of our markets, the strength of our rule of law, the credibility of our institutions, and the scale of our economy.”

That has given the U.S. “enormous advantages” ranging from lower borrowing costs, deeper capital markets and more influence over the global financial system – but it also imposes obligations to crack down on things like sanctions evasion, financing of terrorism, cybercrime and corruption.

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“Treasury’s job is to protect the integrity of the financial system by rooting out these abuses – and to deploy this power with discipline. Sanctions must be targeted, enforceable, and connected to strategy,” he said, adding it requires diplomatic coordination with partners to ensure compliance.

FORD NAMED NO. 1 MOST ICONIC AMERICAN COMPANY IN NATIONWIDE SURVEY: ‘MAKING PEOPLE’S LIVES BETTER’

Delivering household prosperity

Bessent said that the “purpose of American economic statecraft is to connect national power with household prosperity,” which he said reflects an “economy in which our working families are not merely consumers of what the world produces, but participants in what America builds.”

“America’s competitive advantage has never been confined to the bounty of our natural resources or the depth of our capital markets,” he said. 

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“It has always resided in the character and the capacity of our people; the entrepreneur with the temerity to turn an idea into enterprise, the worker with the ability to master new trades and new technologies that didn’t exist a decade ago, and the institutions that allow their freedom and confidence to flourish,” Bessent explained.

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He said that the American people can “expect policy that rewards work, investment, production and innovation. Leadership that understands how productive capacity is power. An economy whose success is measured not merely by what it produces, but by whom it lifts.”

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New candy stores are popping up across NYC. Why?

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Rainbow sour jelly candy covered in sugar sprinkles

In Brooklyn, Cat Cirino launched her sweet shop, Candor Candy’s, in the Fort Greene neighbourhood in March. To boost revenues she also sells pantry items such as granola, rice, soft drinks and beef jerky, all from independent producers.

But when it comes to her core product, selling candy has a number of benefits, such as it having a long shelf life, and being able to sit at room temperature. And if the shop follows the pick-and-mix model then the customer does a lot of the work on his or her own.

But as Cohen points out, it is not all plain sailing. With many confectionary supplies coming from overseas, he says that his wholesale prices have risen. The increases come due to President Trump’s numerous import tariffs on other countries, and higher global transport costs as a result of fuel prices rising due to the US-Israeli conflict with Iran.

Cohen notes that a Hershey chocolate bar that cost his shop about 62 cents pre-pandemic now comes to more than a dollar. For while Hershey’s is a famous American brand, the cocoa beans it is made from come from overseas.

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He adds that one of his UK suppliers simply stopped shipping to the US after losing too much money in customs.

Despite these issues, Cohen says he has absorbed most of the cost increases, and that his sales are up. In these tough economic times, he says “a little candy goes a long way”.

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Logitech: Enterprise Momentum Supports A Buy Rating

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Logitech: Enterprise Momentum Supports A Buy Rating

Logitech: Enterprise Momentum Supports A Buy Rating

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Baker Hughes CEO Lorenzo Simonelli sells $10.6m in stock

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Baker Hughes CEO Lorenzo Simonelli sells $10.6m in stock

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