US News Headlines May 8th 2025
U.S.–U.K. Trade Agreement Finalized
On May 8, 2025, the United States and the United Kingdom announced a new trade agreement. The deal reduces U.S. tariffs on British cars, steel, and aluminum, while the U.K. agreed to lower tariffs on U.S. agricultural products, including beef and ethanol. The agreement maintains U.K. food safety standards and excludes provisions on digital services taxes and the National Health Service. PBS+3AP News+3New York Post+3The Guardian+2The Guardian+2The Times+2The Times+1The Guardian+1
U.S. Economic Indicators
Following the trade deal announcement, U.S. stock markets experienced gains:The Guardian+6AP News+6Reuters+6
- S&P 500 rose 0.6% to 5,663.94AP News
- Dow Jones Industrial Average increased 0.6% to 41,368.45AP News
- Nasdaq Composite climbed 1.1% to 17,928.14AP News
- Russell 2000 advanced 1.8% to 2,026.41AP News
Investor sentiment was also influenced by President Trump's comments on potential trade discussions with China. The Times+3AP News+3YouTube+3
Tax Policy Proposal
President Trump proposed increasing the top federal income tax rate from 37% to 39.6% for individuals earning over $2.5 million annually. The proposal includes eliminating the "carried interest" tax preference for hedge fund and private equity profits. The administration aims to extend tax cuts from 2017 and provide relief for middle- and working-class households. Financial Times
NOAA to Discontinue Climate Disaster Cost Tracking
The National Oceanic and Atmospheric Administration (NOAA) announced it will cease updating its Billion-Dollar Weather and Climate Disasters database beyond 2024. The database has tracked the economic impact of extreme weather events since 1980. The decision aligns with staffing and policy changes under the Trump administration. AP News
Appointment of New U.S. Attorney for D.C.
President Trump appointed Jeanine Pirro, a former judge and Fox News host, as interim U.S. Attorney for the District of Columbia. She replaces Ed Martin, whose nomination faced Senate opposition. The Guardian
Election of First American Pope
Cardinal Robert Francis Prevost of Chicago was elected as Pope Leo XIV, becoming the first American to lead the Roman Catholic Church. He previously served in Peru and held a senior Vatican position overseeing bishop appointments. World leaders, including President Trump, extended congratulations. YouTube+7PBS+7Wikipedia+7Wikipedia
LGBTQ+ Travel Concerns
Some LGBTQ+ Australians canceled plans to attend the 2025 World Pride festival in Washington, D.C., citing concerns over U.S. policies and safety. Reports indicated issues with border detentions and visa complications. Equality Australia issued a travel warning, while D.C. tourism officials expressed optimism about attendance. The Guardian