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Bessent on loss of US manufacturing jobs: 'We can't snap our fingers and have factories built'

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Treasury Secretary Scott Bessent defended the impact of President Trump’s tariffs on U.S. manufacturing jobs, as leaders in the industry call for an end to the tariffs, arguing it’s “been a couple of months.”

Since April, manufacturing jobs have fallen by 12,000 and are now down by 42,000. Businesses have complained for months since Trump announced sweeping tariffs that they are slowing the economy. However, during an appearance on NBC’s “Meet the Press,” Bessent argued that not enough time has passed for the U.S. to see the benefits of tariffs on manufacturing jobs.

“It’s been a couple of months. And with the manufacturing sector…we can’t snap our fingers and have factories built,” he said.

He added that the U.S. is seeing a “record amount of investment intentions.”

“The ‘One Big Beautiful Bill,’ which has full expensing for factories and equipment, was passed on July 4th,” he continued. “Many companies were holding back then. So, we are going to see construction jobs. And we are going to see manufacturing jobs.”

When host Kristen Welker brought up former President Biden’s jobs report, saying he added manufacturing jobs while Trump has been losing them, Bessent argued, “We need good data.”

“What we are seeing is the jobs that are being created are going to either native-born or legal Americans,” he said. “Most of the jobs created under the Biden administration went to illegal aliens.”

“That’s the facts,” Bessent added when Welker said there would be debate over his statement.

Manufacturing jobs fell by 12,000 and are now down by 42,000 since April, a month after Trump announced his tariffs.

Trump has justified the new taxes by arguing that they will help to reinvigorate U.S. manufacturing and create domestic jobs. The president argued that the country will export more products manufactured in the U.S. and also sell more domestic products.

If Mark Zuckerberg’s Wealth Were Evenly Distributed Across America, How Much Money Would Every Person Get?

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What if Mark Zuckerberg woke up one day and decided to split his wealth with every American? Would you finally pay off your student loans, buy a Tesla or… just get lunch?

Read More: If Warren Buffett’s Wealth Was Evenly Distributed Across America, How Much Money Would Every Person Get?

Find Out: How Far $750K Plus Social Security Goes in Retirement in Every US Region

Let’s do the math and find out.

For those who didn’t know, Zuckerberg is the co-founder and CEO of Meta Platforms, the tech company behind Facebook, Instagram, Threads and WhatsApp.

As of September 2025, Zuckerberg’s net worth is estimated at $257.2 billion, per Forbes. That’s billion with a B, enough to buy every NFL team and still have change left over. You could live comfortably for several lifetimes and still not make a dent in his net worth.

But most of Zuckerberg’s money isn’t sitting in a checking account or a giant vault filled with cash. Instead, it’s tied up in assets, primarily Meta Platforms. Much of his wealth comes from owning a massive amount of Meta stock, which means his fortune is directly linked to the company’s market value.

This is where the term “net worth” can be a little misleading. Net worth refers to the total value of everything a person owns, including stocks, real estate, business interests and other investments, minus what they owe. So while Zuckerberg is worth over $200 billion on paper, he doesn’t have that much sitting around in cash.

In other words, that money is mostly in stock, not cash that he can Venmo to you. So giving it away would involve selling a massive chunk of shares and possibly crashing the company’s value in the process.

Check Out: If Bezos’ Wealth Was Evenly Distributed Across the US, How Much Would We Get?

According to Worldometer, as of September 2025, the U.S. population is around 347,613,848. So if Zuckerberg split his $257.2 billion evenly across that entire group, every American would get around $740. And if he gave it to only adults (about 78% of the population, according to the Census), the payout would rise to almost $950 per person.

Not bad. It won’t change your life, but it could definitely change your weekend.

You could:

  • Get a new smartphone

  • Knock out a month of rent (if you have roommates… and live somewhere affordable)

  • Buy a plane ticket for a mini-vacation

  • Stock your fridge for a few weeks

  • Cover your streaming services for a year and still have money left over.

Short answer: No way.

Zuckerberg would need to sell a massive amount of Meta stock to cash out, which would likely send the stock price tumbling. Once it dropped, his net worth would too. Plus, taxes and logistics would eat into the total before a single check reached anyone’s mailbox.

Liverpool vs Everton: Dream derby debut for Ornella Vignola shows potential at Everton

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Liverpool had taken a 12th-minute lead at Anfield through Cornelia Kapocs and were well on top.

But Vignola’s moment of magic in the 24th minute dragged her side back into the game.

She raced past midfielder Ceri Holland, carrying the ball from the halfway line towards Liverpool’s area, and fired it past goalkeeper Faye Kirby from a tight angle.

It was the spark Everton needed and Katja Snoeijs’ header on the stroke of half-time meant they went in at the break 2-1 up despite being heavily outplayed.

Toffees boss Brian Sorensen admitted: “In football there are things that happen that can change things in a game at the flip of a coin. She brought us back from a very deep place.

“I knew that we would come back then. I think that moment changed the game.”

And how Everton came back. Sorensen switched things up at half-time, introducing club record signing Ruby Mace in midfield and added experience in defence.

Vignola, who made two appearances for Barcelona at the start of her career, was braced for her opportunity nine minutes after the restart.

She got two in as many minutes and scored both. Suddenly, Everton were 4-1 ahead and well on course to extending their unbeaten run in this fixture to eight games.

Did Sorensen expect Vignola to have such an impact?

“No! Not three goals from her,” he added. “I expected her to score which is why I started her. She was superb and she has been like that in training.

“Her runs are so well-timed and the way she faces up and goes at players, she is excellent. She just wants to score.

“I said to her afterwards she has set the benchmark for what I want to see. She is still a young player though, so let’s see. Today was a good debut.”

Bessent 'confident' Trump administration will win in Supreme Court on tariffs

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Treasury Secretary Scott Bessent said he feels “confident” the Trump administration will win the fight to rescue President Trump’s tariffs in the Supreme Court after lower courts invalidated them. 

During an appearance on NBC’s “Meet the Press,” Bessent was asked by host Kristen Welker whether the administration was prepared to offer rebates on the tariffs if the Supreme Court ruled against them.

“I am confident that we will win at the Supreme Court,” he said.

However, he argues that there are “numerous other avenues that we can take.”

When pushed as to whether the administration would “be prepared” to offer rebates, Bessent said the U.S. “would have to give a refund on about half the tariffs,” adding that it “would be terrible for the treasury.”

“There’s no ‘be prepared,'” he said. “If the court says it, we’d have to do it.”

Tariff rebates, introduced by Republican Sen. Josh Hawley (Mo.) in July, would provide $600 tariff rebates to almost all Americans and to their dependent children. It would be modeled on the direct payments Congress authorized in the 2020 CARES Act, which provided $1,200 direct payments to adults and $500 direct payments to children during the COVID-19 pandemic.

Trump is pushing for the Supreme Court to greenlight his tariffs after the U.S. Court of Appeals for the Federal Circuit struck down the bulk of Trump’s tariffs, ruling the president can’t use emergency powers to justify levies imposed on dozens of trading partners. 

Trump said would be on “the brink of economic catastrophe” unless the Supreme Court rules that the tariffs are legal.

“The President and his Cabinet officials have determined that the tariffs are promoting peace and unprecedented economic prosperity, and that the denial of tariff authority would expose our nation to trade retaliation without effective defenses and thrust America back to the brink of economic catastrophe,” Solicitor General D. John Sauer said in a statement, according to the Associated Press.

Where Will Apple Stock Be in 3 Years?

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  • Apple has underperformed the S&P 500 over the past three years.

  • It struggled with slowing iPhone sales, tariffs, and other macro challenges.

  • But its business is stabilizing and its future still looks bright.

  • 10 stocks we like better than Apple ›

Apple (NASDAQ: AAPL) is usually considered a reliable blue chip stock. It owns one of the world’s most well-known brands, it locks its users into its hardware devices and sticky services, and it returns plenty of cash to its investors through its buybacks and dividends.

But over the past three years, Apple’s stock only rose 51% as the S&P 500 advanced 63%. It underperformed the market as investors fretted over its sluggish iPhone sales, the Trump administration’s unpredictable tariffs against China, and its lackluster artificial intelligence (AI) strategies.

Apple's 5th Avenue store in New York.
Image source: Apple.

Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B), which still holds Apple as its top stock, even sold about 57% of its shares over the past two years. Those red flags suggest that Apple’s stock is running out of steam, but will it bounce back and head higher over the next three years?

In the first nine months of fiscal 2025 (which ends this September), Apple still generated 51% of its net sales from the iPhone. Another 26% came from its services segment, which houses its App Store, iCloud, and various subscription-based services. The remaining 23% came from its Macs, iPads, wearables, accessories, and other products.

Apple relies heavily on the growth of its services segment, which now hosts over 1 billion paid subscriptions, to offset its slower sales of iPhones and other hardware devices. Here’s how those two core businesses fared over the past few years.

Metric

FY 2022

FY 2023

FY 2024

9M 2025

iPhone sales growth (YOY)

7%

(2%)

0%

4%

Services sales growth (YOY)

14%

9%

13%

13%

Total sales growth (YOY)

8%

(3%)

2%

6%

Data source: Apple. YOY = Year over year.

In fiscal 2022, Apple’s iPhone sales accelerated as the pandemic lockdowns passed, its supply chains normalized, and it satisfied that pent-up demand for new phones. But in fiscal 2023 and fiscal 2024, its iPhone sales stalled out again as it lapped that temporary growth spurt, it faced tougher competitors in China, and the 5G upgrade cycle cooled off. A lack of meaningful upgrades also prevented many iPhone users from replacing their aging devices.

In fiscal 2025, Apple’s iPhone sales warmed up again. The iPhone 16 experienced a strong launch driven by the robust demand for its top-tier Pro models, while the threat of higher tariffs against China drove many consumers to upgrade their devices before those rates kicked in. It also cut its prices in China to benefit from a 15% subsidy on purchases of smartphones, tablets, and smartwatches under 6,000 yuan ($840), and it reached more cost-conscious consumers with the lower-end iPhone 16e. Its iPhone sales grew by the double digits across its top emerging markets — including India, the Middle East, South Asia, and Brazil — and offset its slower sales in its mature markets.

Italian Grand Prix result: Max Verstappen wins as Oscar Piastri lets Lando Norris past to take second at Monza

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McLaren’s approach to racing in the title fight between their drivers sparked controversy as Max Verstappen won the Italian Grand Prix for Red Bull.

McLaren ordered Oscar Piastri to cede second place to team-mate Lando Norris after a slow pit stop dropped the Briton behind the Australian after he had been running in second for most of the race.

McLaren unconventionally pitted Piastri before Norris as they left their pit stops late in the race in the hope of a safety car that could give them a chance to attack Verstappen.

But after Piastri had a clean stop on lap 45 with eight to go, when Norris stopped a lap later, a fault with a wheel gun delayed him, and his stop was four seconds longer than his team-mate’s.

That put him behind Piastri, but the team ordered the championship leader to relinquish the position, arguing that it was “a bit like Hungary last year”.

That was a reference to Norris letting Piastri by to take his first win after team strategy reversed their positions for tactical reasons.

Piastri said he disagreed but followed the order anyway.

There will be arguments that the situations were not comparable – and that a fault in the pits is just part of the twisting fortunes of racing.

The result cuts Piastri’s lead over Norris by three points to 31 with eight races to go.

  • McLaren’s decision will be a focus for some time in the title fight

  • Verstappen marked a return to form for Red Bull, which may be track-specific

  • A hectic couple of laps at the start preceded a race of little incident until Norris’ pit stop

  • More bad luck for Fernando Alonso, who retired with suspension failure after an outstanding weekend for Aston Martin

Cruz’s committee is taking China’s ‘bad moon on the rise’ seriously

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The Senate Commerce Committee, which oversees NASA, recently held a hearing with the colorful title of “There’s a Bad Moon on the Rise: Why Congress and NASA Must Thwart China in the Space Race.”

As the title suggests, the committee convened to examine the possibility that China might actually be the first country back to the moon and what could be done about it.

What is the Chinese threat, in the view of the committee, and how can the U.S. thwart it? The consensus of the witnesses was that a return to the moon would derive enormous benefits in a number of areas.

Former NASA Administrator Jim Bridenstine referred to these benefits as “DIME” — short for “Diplomatic, Information, Military, Economic.” The country that returns to the moon will be the preeminent power on Earth for a long time to come.

The witnesses noted some of the economic benefits of space exploration, not only of the moon, but of low Earth orbit.

Mike Gold, president of civil and international space for Redwire, noted that his company has flown numerous experiments on the International Space Station that lead the way for advanced pharmaceuticals and growing of human organs.

Another topic that arose was the mining pf helium 3, an isotope with great promise for nuclear fusion, from the moon.

A return to the moon also has national security implications. The moon is, in some ways, the “high ground” which allows the country that occupies it to exert both hard power (military) and soft power (diplomatic and information).

The U.S. must be the nation that leads the world back to the moon. If China is that nation, the results will be catastrophic, considering that country’s totalitarian government and its imperialistic drive to dominate the Earth.

Both the witnesses and the members of the committee were disappointingly vague on solutions for preventing the Chinese from beating the U.S. back to the moon. Several talked about a “grand strategy” for space, encompassing not only the moon but also low Earth orbit and beyond. Details were lacking on what this grand strategy would be.

More than one participant mentioned the need for adequate and consistent funding, something that lacking during previous attempts to return to the moon. 

Chairman Ted Cruz (R-Texas) mentioned continuity of architecture, avoiding what he viewed as a “premature” pivot from the Orion/Space Launch System to purely commercial vehicles. 

Gold and Bridenstine were particularly supportive of the Lunar Gateway, a lunar orbital space station they suggested would enhance lunar surface operations.

Nuclear power also came in for some praise. The witnesses touted the recent decision by Interim NASA Administrator Sean Duffy to build a lunar surface nuclear power plant and get it to the moon by 2030.

Bridenstine took note of the one technology that may well prevent NASA and its partners from beating China back to the moon. The SpaceX Starship Human Landing System is far away from being operational enough to take astronauts to the lunar surface and back. 

The things that the human landing system will have to do, including multiple refueling missions in low Earth orbit, makes the vehicle too complex to quickly become a lunar lander, in his view. 

Bridenstine suggested that had he (or anyone) been NASA administrator when a lunar lander had been selected, the human landing system would not have made the cut.

Nevertheless, the Starship Human Landing System is the lander selected to return astronauts to the moon. No prospect exists of a last-minute substitution that would be ready in time.

Barring SpaceX’s Elon Musk pulling a rabbit out of his hat or the Chinese faltering, the U.S. is in peril for a “Sputnik moment” on steroids.

As mentioned in a previous article, what happens next depends on whether the U.S. reacts in the same way as it did in the wake of the Soviet Union’s first artificial satellite.

A flags and footsteps mission to the moon will be a fleeting victory for China if NASA and its partners follow with a permanent moon base.

The future of the world depends on wise, clear-eyed policy that takes a temporary defeat and presses on to the ultimate victory.

Mark R. Whittington, who writes frequently about space policy, has published a political study of space exploration entitled “Why is It So Hard to Go Back to the Moon?” as well as “The Moon, Mars and Beyond” and, most recently, “Why is America Going Back to the Moon?” He blogs at Curmudgeons Corner.

William Blair Reiterates a Buy on Amgen Inc (AMGN)

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Amgen Inc. (NASDAQ:AMGN) is one of the Most Undervalued S&P 500 Stocks to Buy Right Now. On September 3, William Blair analyst Matt Phipps reiterated a Buy rating on Amgen Inc. (NASDAQ:AMGN) without disclosing any price target. The analyst acknowledged that the recent results from the FORTITUDE-101 showed less survival benefit for Bemarituzumab in gastric cancer. However, he remains optimistic about the upcoming FORTITUDE-102.

Phipps highlighted that despite the initial setback, management has been focused on the upcoming FORTITUDE-102, which combines Bemarituzumab with chemotherapy and Opdivo. The results for this trial are expected to be very important for regulatory approval and market potential.

In addition, the broader portfolio of Amgen Inc. (NASDAQ:AMGN) remains strong, and Phipps anticipates the company’s strategy to adapt timelines and plans based on trial results. He sees this flexibility as a positive indicator for long-term growth.

Amgen Inc. (NASDAQ:AMGN) is a biotechnology company that discovers and develops medicines for serious diseases. It focuses on creating treatments for conditions with high unmet medical needs.

While we acknowledge the potential of AMGN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.

London faces first Tube strike since March 2023

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BBC/Harry Low Victoria Underground station entrance barriers pulled acrossBBC/Harry Low

The last Tube strike to close the whole network took place in March 2023

London Underground staff have started a five-day walkout over pay and conditions.

Members of the Rail, Maritime and Transport (RMT) union are carrying out rolling action over pay and “fatigue management”, and have asked for a 32-hour week.

There will be limited service until 18:00 BST on Sunday and little or no service between Monday and Thursday. The Elizabeth line and the Overground are operating but are busier than usual.

Transport for London (TfL) has offered a 3.4% pay rise and said it “welcomes further engagement with our unions”, but said a reduction in the contractual 35-hour week “is neither practical nor affordable”.

Any services that are running on Sunday will finish early, TfL said.

Between Monday and Thursday, there will be little or no service on all of the Tube as different parts of RMT membership walk out on different days.

On Sunday, TfL reported that the Bakerloo and Circle line were completely suspended, whilst the Central, Metropolitan and Piccadilly lines were part suspended.

Overground and Elizabeth line trains have been able to stop at stations shared with the Tube, but at times they may not be able to from Monday to Thursday, TfL said.

TfL A chart stating which services are impacted on the London transport network. It says no service is expected on the DLR on 9 and 11 September, severe service disruption is expected on the London Underground from 8 to 11 September. Disruption to some services is expected on the London Underground on 7 September and the morning of 12 September. And buses are expected to have some disruption on 12 September.TfL

TfL has warned of various levels of disruption to services

There is also a separate dispute on the Docklands Light Railway (DLR) on Tuesday and Thursday, which mean there will be no DLR services on those days.

The Elizabeth line and Overground will be much busier throughout the strike action.

The Tube will open late on Friday 12 September, at 08:00.

You can find out more on which lines are affected on TfL’s website.

American Heart Association updates blood pressure guidelines for 2025: Here's what's new

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(NEXSTAR) – The American Heart Association and American College of Cardiology have updated their joint guidelines for people with high blood pressure for the first time since 2017, making changes to the way they recommend managing the condition.

The guidance expands the options for preventing and managing high blood pressure, which is a major risk factor for more severe health issues.

“By addressing individual risks earlier and offering more tailored strategies across the lifespan, the 2025 guideline aims to aid clinicians in helping more people manage their blood pressure and reduce the toll of heart disease, kidney disease, Type 2 diabetes and dementia,” said Dr. Daniel W. Jones, chair of the committee that writes the guidelines.

One big update has to do with GLP-1 medications, like Ozempic and Mounjaro, which have grown popular in recent years for their ability to promote weight loss. The new guidelines suggest patients with high blood pressure who are also overweight may want to seek a prescription for a GLP-1.

The American Heart Association also changed its guidance for pregnant and postpartum, recommending certain medications when patients record a stage 2 high blood pressure reading. The change is based on additional evidence that high blood pressure can cause serious complications, like preeclampsia, during pregnancy and after delivery.

Also new is an added emphasis on how hypertension can contribute to cognitive decline and dementia. New research shows that high blood pressure can damage blood flow to the brain, causing issues with memory and cognitive function.

Another major change in 2025 is advising doctors use a risk calculator, nicknamed PREVENT by the American Heart Association, to estimate patients’ risk of cardiovascular disease. The calculator looks at an individual’s age, sex, blood pressure, cholesterol and more to predict his or her risk of developing heart disease within 10 years and within 30 years.

Some things haven’t changed, however. The criteria for what constitutes high blood pressure remains unchanged from 2017:

Normal blood pressure less than 120/80 mm Hg
Elevated blood pressure 120-129 mm Hg and <80 mm Hg
Stage 1 hypertension 130-139 mm Hg or 80-89 mm Hg
Stage 2 hypertension ≥140 mm Hg or ≥90 mm Hg

The guidelines also still recommend a healthy lifestyle to prevent and manage blood pressure issues. Eating healthy, reducing salt, exercising and managing stressors are all recommended to reduce blood pressure and related conditions like heart attack, stroke, kidney disease, and more.