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1. US to raise tariff rate on Canadian imports
President Donald Trump said on Thursday that the United States will put a 35% tariff on imports from Canada effective Aug. 1, an increase from the current 25% rate, the Wall Street Journal reports. An exemption for goods that comply with the nations' free-trade agreement would still apply.
"If Canada works with me to stop the flow of fentanyl, we will, perhaps, consider an adjustment to this letter," Trump said in a letter to Canadian Prime Minister Mark Carney. "These tariffs will be modified, upward or downward, depending on our relationship with your country. You will never be disappointed with the United States of America."
2. UK economy down for second consecutive month in May
The U.K.'s gross domestic product was down 0.1% in May after a 0.3% drop in April, Reuters reports. This came as a surprise to economists who projected the GDP would rise by 0.1% from April's level.
The meager numbers could lead to interest rate cuts from the Bank of England next month, the news outlet reports.
"The lack of momentum in the U.K. economy indicated by these sluggish figures means that an August interest rate cut currently looks inevitable, despite the recent spike in inflation," said Suren Thiru, economics director at accountancy body ICAEW.
3. California hotel openings up in first half of 2025
The number of hotel openings in California in the first half of 2025 were up 64% compared to last year, with the number of hotel rooms up 135% year over year, CoStar News' Bryan Wroten reports.
The increase in rooms was heavily affected by the May opening of the 1,600-room Gaylord Pacific Resort & Convention Center in Chula Vista, California, near San Diego. It's the largest hotel to open in California in 33 years, Atlas Hospitality Group President Alan Reay said.
“I think that in itself speaks volumes about people’s desire, and perhaps even more so the city’s desires to help fund that kind of project,” he said.
4. US jobless claims down; continuing claims at near four-year high
In the week ending July 5, jobless claims in the U.S. were down 5,000 from the week prior to 227,000, the Wall Street Journal reports. Economists were projecting the number of claims to be at 235,000.
Continuing claims were at 1.97 million the week through June 28, the highest level since November 2021 and an indication that it's hard for people without jobs to find new ones.
5. 'Superman' production helps hotel demand soar in Cleveland
It wasn't a bird or a plane that added tens of thousands of hotel room nights to Cleveland in 2024 — it was the production of "Superman."
The newest movie iteration of the comic book superhero was filmed in Cleveland last year, and more than 25,000 hotel room nights were booked to accommodate the nearly 3,000 crew members and more than 2,500 background actors for the production of the film, Axios reports.
"The impact this will have for the region and the state both economically and culturally is incredible," said Bill Garvey, president of the Greater Cleveland Film Commission. "It puts a giant spotlight on Ohio from around the world as a giant tentpole motion picture release."