Amazon has reportedly canceled a major inventory order from China and other Asian countries, leaving several vendors burdened with unsold stock worth hundreds of thousands of dollars. According to a document reviewed by Bloomberg, the canceled items included beach chairs, scooters, and air conditioners. Additional orders placed in Vietnam and Thailand were also scrapped. While Amazon acknowledged that it relies heavily on China-based suppliers for both components and finished goods, the company declined to comment on the specific cancellations. These cancellations occurred just before Donald Trump announced a sharp increase in tariffs on Chinese imports to 125%, while simultaneously introducing a temporary 90-day pause with a reduced 10% reciprocal tariff. This surprise move help...

Donald Trump has revealed plans to significantly reduce U.S. government spending, aiming for cuts totaling around $1 trillion. In a post on his social platform, Truth Social, the American President shared details of a recent meeting with the Speaker of the House and several conservative lawmakers. "Today I had a very good meeting with the Speaker of the House and some of our more conservative members, all great people. I let them know that I AM FOR A BIG POWERFUL SPENDING CUT! WE ARE GOING TO DO A REDUCTION, hopefully over $1 trillion," Trump wrote. He added that the proposed cuts would be included in "one big, beautiful bill," and emphasized the urgency of passing the legislation. "I, along with members of the House and Senators, will be pushing very hard for these massive spending ...

Jamie Dimon, CEO of JPMorgan Chase, is calling for a significant expansion of the earned income tax credit (EITC), proposing that the government nearly double the benefit and extend eligibility to include more low-income workers, particularly those without children. Why It Matters? The EITC, first introduced in 1975, is a refundable tax credit aimed at helping low- to moderate-income earners. Unlike tax deductions, it directly reduces the amount of taxes owed and can even lead to a refund if a person owes no income tax at all. Currently, the maximum EITC benefit is $7,830 for a working parent with three or more children, while workers without children can receive up to just $600. Dimon argues that increasing the credit would provide critical financial support to families strug...