When Brandon Hurst first decided to sell his plants on TikTok Live in 2023, the 32-year-old Sylmar resident didn’t know what to expect. He said he thought he could sell at least 30 plants, but instead sold 250.
Now, three years later, the internet creator, who goes by Brandon the Plant Guy, sells up to 5,000 plants a week, works out of a 3,000-square-foot greenhouse in Sylmar and has a staff of 13. He credits much of this success to the exposure he’s received on TikTok.
“I’d be out of business if it wasn’t for TikTok,” said Hurst. “I would have ended the business and gone back to working the desk job that I was working prior. I was already on that path, that was where we were headed. And then TikTok really did turn that around.”
Hurst is one of the 920,000 California-based businesses using the social media platform to reach new customers and grow their brands, according to new data from consulting firm PF Global.
In 2025, TikTok helped generate $12 billion in advertising and merchandise sales for those businesses and supported 52,000 jobs in the state, said the PF Global report, which was commissioned by TikTok.
Nationwide, economic activity on TikTok last year helped contribute $81 billion to some 8.5 million U.S. businesses, the report said.
The surge in activity reflects a growing trend toward online commerce, as more small businesses and consumers turn to social media platforms like TikTok to buy and sell goods.
“We enable American culture, American creators, American businesses, to reach an audience around the world,” said Nicole Mason, TikTok’s head of U.S. public policy, said during a presentation on Wednesday morning.
The new report comes as TikTok is increasingly eager to tout its economic impact as a newly formed U.S. joint venture. In January, the company was taken over by three managing investors: Silver Lake, Oracle and Emirati investment firm MGX, each holding 15%, with ByteDance retaining 19.9% of investments. This transition came after TikTok’s Chinese parent company, ByteDance, was under pressure to divest its ownership in the app’s U.S. operations or face a nationwide ban, due to security concerns.
Last month, TikTok also settled a $400-million lawsuit from the U.S. Department of Justice, ending a 2024 lawsuit alleging the company violated federal children’s privacy laws.
TikTok, which operates its U.S. headquarters in Culver City, where it employs several hundred workers, is mostly known for its viral, short-form vertical videos. But, over the years, the platform has become a hub of curated viral content and a central part of many businesses’ marketing strategies.
The app also has features like TikTok Live, where businesses can host live shopping events, and TikTok Shop, which serves as a direct-to-consumer online marketplace.
For its study, PF Global surveyed more than 11,000 adults in the U.S. and 5,000 businesses. The firm also conducted five case studies with U.S. small businesses and TikTok creators and interviewed over 600 people around the country. The data set combined that survey data with government statistics, industry research and TikTok’s own internal data.
PF Global recently published a similar economic report for the U.K. and is working on reports for 10 other European countries with TikTok.
Neil Ross, a partner at PF Global, said a common global theme is that TikTok users are more likely to see something on the platform and go out and do it.
“People around the world are using it as a kind of digital front door to work out where to go, what to shop, what experiences to have,” Ross said.
The U.S. report states that 27 million Americans “visited an independent shop, cafe or restaurant for the first time after seeing it on the platform.”
The app’s roots date to 2014, when an app called Musical.ly was launched in Shanghai. In 2016, Chinese tech company ByteDance launched a similar platform in China called Douyin.
As the apps grew in popularity, ByteDance picked up on their potential. It purchased Musical.ly in 2017 and combined all these platforms into one, named TikTok. Over the next few years, the app began its rapid ascent, hooking in users with a curated algorithm and viral trends. Today, 200 million Americans use TikTok every month, according to PF Global.
“On a daily basis, TikTok powers real economic impact across the United States, helping entrepreneurs grow their businesses, reach new customers, and create jobs across the country,” said Adam Presser, TikTok’s chief executive in a statement.
By Kevin Freking and Jonathan J. Cooper
WASHINGTON — President Trump is canceling nearly $1 billion in spending approved by Congress, the White House announced Friday, using a rare and contested power to axe funding for immigrant services and diversity-focused initiatives.
Trump’s Office of Management and Budget described the funding cut as focused on “the most harmful government spending.”
Most of the cuts are focused on Health and Human Services programs that serve refugees and unaccompanied minors accused of being in the country illegally. The administration says the funds are no longer necessary because illegal border crossings have diminished considerably.
Also targeted for cuts were a Department of Education program for migrant students, a Department of Justice office focused on reducing racial tensions, a business development initiative for minority entrepreneurs, housing counseling services from the Housing and Urban Development Department and a series of grants from the Health and Human Services Department that the administration called “outright harmful and blatantly ideological.”
A White House news release announcing the funding rescission notes that some of the organizations are led by people who worked in the Obama administration.
Trump’s move was condemned by Sen. Susan Collins of Maine, a Republican in a tough reelection campaign and chair of the Senate Appropriations Committee.
Collins said in a statement that the action came without warning or consultation. She also said she would work to address with colleagues “these illegal actions.”
“Not only is the delay itself an impoundment that was not reported to Congress, but also it is a usurpation of Congress’s appropriations powers,” Collins said. “OMB is an agency of the executive branch. It does not get to decide which programs are worth funding.”
Under federal law, Congress has 45 days to review the president’s proposed spending cuts before they take effect. But Trump made that all but impossible by announcing them with just five days left in the federal fiscal year and the House out of session through the November election. The Government Accountability Office, which is an arm of Congress, says the maneuver known as a “pocket rescission” is illegal.
Collins called it the latest attempt by OMB to “undermine Congress’s Constitutional power of the purse.”
A year ago, Trump issued a pocket rescission for the first time in nearly 50 years by blocking $4.9 billion in congressionally approved foreign aid. The U.S. Supreme Court declined to block that rescission, saying that Trump’s authority over foreign affairs weighed heavily in its decision. This year, Trump is targeting domestic spending.
The use of a pocket rescission fits into a broader pattern by the Trump administration to exert greater control over the U.S. government, eroding Congress’ power.
What was essentially the last pocket rescission occurred in 1977 when President Carter rescinded it, and the Trump administration argues it’s a legally permissible tool, despite some murkiness, since Carter had initially proposed the claw-back well ahead of the 45-day deadline.
The administration has also fired federal workers, imposed a historic increase in tariffs, and started the war in Iran without going through Congress, putting the burden on the judicial branch to determine the limits of presidential power.
Sen. Patty Murray of Washington, the lead Democrat on the Senate Appropriations Committee, described the White House action as “theft from the American people, plain and simple.”
“These are funds Congress has delivered on a bipartisan basis and should be helping people — not cut off by a president more focused on building a ballroom than investing in families,” Murray said.
Murray said that in recent spending negotiations, Democrats fought to include language to prevent the administration from usurping Congress’ power on spending decisions, but Republicans have declined to go along.
“While Trump spends tax dollars on ads promoting himself” — a reference to a taxpayer-paid TV spot that has drawn bipartisan rebuke — “Congress needs to reassert its powers to help people, and it’s past time Republicans join us in that fight,” she said.
In addition to immigrant services, the White House said it was rescinding $70 million for what it called “woke” international education programs, $28 million in grant funding for Health and Human Services research programs, and $9 million in debt relief for foreign countries that fund climate change policies. An additional $10 million was being withheld from a minority business development program.
Freking and Cooper write for the Associated Press.
The US recalled a billion products off the market in just six months.
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The Trump administration has cut or frozen up to $177 billion in federal grants since the president took office for his second term, according to a tracking tool released Wednesday by a pro-democracy nonprofit and a group of researchers and scientists.
The cuts affected all 50 states and the District of Columbia, with health, nutrition, the environment and disaster relief making up the largest share of cuts, the States United Democracy Center and Grant Witness organization found.
Among the grants that were eliminated, frozen or delayed were ones related to maternal health in Michigan, education research in Mississippi and assistance to minority farmers in Iowa, the researchers found. California, Texas, New York, Illinois and North Carolina saw the highest amounts of interrupted grant money. The tracking tool is called Lost Funds.
“By bringing thousands of funding disruptions from the Trump administration together in a publicly accessible, verified database, Lost Funds puts the magnitude of their impact on full display,” Scott Delaney, co-founder of Grant Witness, said in a statement.
The $177 billion finding represents nearly 10% of federal discretionary spending, the groups said.
The tracker’s organizers said the disrupted grants were beyond the kind of cuts that typically happen when administrations change.
“Lost Funds shows the extraordinary scale and real human impact of these disruptions, and how states are once again on the front lines protecting their residents,” said Kelly Rader, States United Democracy Center’s research director.
In some cases, courts have ruled against the administration’s grant funding cuts.
The new tool, which is being made available for public use, relies on data from USASpending.gov, an open data source of federal spending information, according to the groups’ methodology. They said the tracker would be updated regularly as the administration takes new action and lawsuits move through the courts.
States United bills itself as a nonpartisan group dedicated to the rule of law and free, fair, secure elections. It was co-founded by Norm Eisen, an attorney who has been involved in prominent lawsuits against the Trump administration, including over the Kennedy Center. Eisen left States United in 2021.
Grant Witness is a group of scientists, researchers and attorneys who document how funding is changing under President Trump’s administration.
A message seeking comment on the analysis was sent to the White House.
Catalini writes for the Associated Press.
WASHINGTON: The six-month-old US war against Iran has cost $38 billion so far and that amount is projected to rise by $3 billion a month, Congress’ nonpartisan bookkeeper reported on Tuesday, as the Trump administration searches for ways to end the conflict and reopen the vital Strait of Hormuz.
The war is expected to increase inflation by 0.5 percent in the first three months of 2027, according to the Congressional Budget Office accounting, which totaled expenses through August 1.
The mounting costs have strained US munitions stockpiles and driven up energy prices, raising concerns about the country’s ability to respond to other potential conflicts and adding pressure on an already stretched federal budget.
The cost was close to the $37.5 billion that Defense Secretary Pete Hegseth reported at a Senate hearing on July 21.
The budget office said the majority of the costs stem from the rapid drawdown of munitions, estimating that it could take five years to replenish US stockpiles. Reuters reported in August that the US had used “virtually all” of its long-range precision missiles during the war.
The Department of Defense did not cooperate with congressional financial auditors, CBO reported.
Representatives from the White House and Department of Defense did not immediately respond to requests for comment.
The inquiry was conducted at the request of the top Democrat on the US House of Representatives Budget Committee, Brendan Boyle of Pennsylvania.
“Donald Trump’s disastrous war in Iran has already taken the lives of brave American servicemembers and left others wounded,” Boyle said in a statement.
“Beyond that human toll, this nonpartisan CBO report makes clear that the war has also cost American taxpayers tens of billions of dollars and counting, while continuing to drive up costs.”
Eighteen US military service members have died in the Iran war.
The report did not include costs of recent strikes on commercial vessels in the Strait of Hormuz and attacks on US military installations in the region. It also did not factor in the borrowing expenses associated with financing the war, which could add tens of billions of dollars to the total cost.
IMPACT ON US READINESS
The CBO accounting found the war could have sprawling consequences for the US defense posture and the domestic economy.
The deficit in critical munitions, including missile interceptors, risks hampering the Pentagon’s response in the event of another major conflict, such as potential hostilities involving China and Taiwan, CBO said.
At the July hearing in the Senate, Hegseth pleaded for nearly $90 billion emergency funding legislation to restock munitions supplies.
“Without these funds, we face critical shortfalls,” Hegseth said.
Energy shocks caused by attacks in the Strait of Hormuz — the narrow waterway through which roughly 20 percent of the world’s oil traveled before the war — and on energy facilities in neighboring Gulf countries have sharply increased prices for consumers and global producers.
The rising cost of the war also threatens to weigh on deteriorating US fiscal health. The nation’s total public debt surpassed $40 trillion in August.
Trump regularly contrasts the Iran war with the US invasions of Iraq and Afghanistan that followed the September 11, 2001, attacks.
The eight-year US war in Iraq, which involved more than 100,000 ground troops at its peak, cost $2 trillion, Reuters reported. The two-decade-long US conflict in Afghanistan, which also involved more than 100,000 troops at its most intense, cost $2.3 trillion, according to Brown University’s Costs of War project.
WASHINGTON: President Donald Trump’s administration is planning to sell to Israel a munitions package worth $2.8 billion, which will include tens of thousands of highly destructive 2,000-pound bombs, according to a US official familiar with the sale.
The planned sale, which has been informally communicated to relevant congressional committees who weigh in on large arms sales, includes 20,000 MK 84s and 20,000 BLU-117s, the official, speaking on the condition of anonymity, said.
News of the package was first reported by the Washington Post.
The State Department and the Israeli embassy did not immediately respond to a request for comment.
US public support for Israel has fallen since the Gaza war began in 2023, particularly among Democrats. A June Quinnipiac University poll found 48 percent of voters and 66 percent of Democrats believe the United States is too supportive of Israel, up from 16 percent and 20 percent when the question was first asked in 2017.
The 2,000-pound bombs have been regularly used by Israel in Gaza as well as in Lebanon, drawing scrutiny from rights experts. More than 73,000 Palestinians have been killed in Israel’s military campaign, according to Gaza health authorities. A UN inquiry determined that Israel had committed genocide in Gaza, a charge Isarel rejects.
Israel calls its actions self-defense, after Hamas-led militants killed 1,200 people and took more than 250 hostages in an October 2023 attack.
The US and Israel attacked Iran on February 28. Iran responded with its own strikes on Israel and Gulf states that host US bases. US-Israeli strikes on Iran and Israeli attacks in Lebanon have killed thousands and displaced millions.
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Europe’s answer to OpenAI has just become considerably better funded.
The Paris-based company Mistral AI announced its Series D on Tuesday, three years after being seeded, with the memory chip giant Samsung leading alongside the EU-backed Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity.
The step up is steep.
Mistral was valued at €11.7 billion in 2025 after a €1.7 billion Series C led by Dutch chipmaker ASML, meaning the company has almost doubled its valuation in a year.
Much of the money is going into concrete rather than code. CEO Arthur Mensch announced the funding would build out data centres and computing capacity that Mistral can rent to others but that will also ensure autonomy.
“Long term, the plan is to fully rely on capacity that we are building ourselves, and so that means that the amount of compute that we own is going to grow around 100% in the next five years,” Mensch said, adding that the company would train “bigger and faster models.”
Mistral is already spending €4 billion on data centres across France and Europe, with one facility running outside Paris and another under construction in Sweden.
It raised further debt financing in March for the same purpose, and Microsoft has agreed to fund capacity from its European network, built around thousands of Nvidia chips.
Both Microsoft and Nvidia are also investors in Mistral, with the latter also adding exposure in this funding round.
The company says more than 125 enterprises across 20 countries use its technology, and Mistral projects it will pass a billion in annual recurring revenue by the end of 2026.
Despite the news, Europe continues to critically lag behind in the global AI race.
Mistral’s valuation sits far below OpenAI and Anthropic, and Europe’s wider AI sector remains a fraction of the American one, with enterprise adoption across the bloc running at around 13.5%.
Other European contenders exist but are smaller.
Germany’s Aleph Alpha focuses on government and regulated industries rather than competing at the frontier, while Helsing has grown quickly in defence applications, and Switzerland’s Apertus offers fully open models and training data.
Brussels is trying to close the gap.
The InvestAI initiative carries a €200 billion headline commitment, and in July the Commission opened tenders for up to seven AI gigafactories, aiming to unlock more than €30 billion in investment, though those sites are not expected to operate until next year or 2028.
Thirteen smaller AI factories are already being built across seven EU countries.
The AI Act became applicable in August, but its toughest obligations were pushed back by the digital omnibus agreed in May, with high-risk rules now landing in December 2027 and August 2028, a delay Brussels framed as making the policy more innovation-friendly.
Beijing has reached for its chequebook.
The Chinese finance ministry is advancing a 360 billion yuan (€46.1bn) package to businesses, announced on Sunday through statements from the companies involved and reported by state news agency Xinhua, making it one of the larger interventions in China’s financial system this year as growth slows.
The Chinese banks take the bulk of it, roughly 290 billion yuan (€37.2bn), intended to preserve their capacity to keep lending as Beijing presses them to increase support for economic activity.
Xinhua reported the injection would strengthen the institutions’ “sound operating capabilities, risk resistance capabilities and ability to serve the real economy.”
The Agricultural Bank of China is pursuing a private placement of A-shares worth up to 160 billion yuan (€20.5bn) and the Industrial and Commercial Bank of China up to 100 billion yuan (€12.8bn), with the finance ministry among the investors.
Unusually, so is the China National Tobacco Corporation, which operates the state tobacco monopoly and the Export-Import Bank of China which will receive 30 billion yuan (€3.85bn).
Insurers account for the remaining 70 billion yuan (€9bn).
China Life Insurance Group, the country’s largest life insurer, gets 35 billion yuan (€4.5bn) and China Taiping Insurance Group 7 billion yuan (€900mn).
The People’s Insurance Company of China plans to raise up to 15 billion yuan (€1.9bn) through a private placement to the ministry, China Export and Credit Insurance Corporation receives 10 billion yuan (€1.28bn), and China Reinsurance Group is raising 3 billion yuan (€385mn).
Insurers have been squeezed from two directions as years of low interest rates have eroded investment returns, while the government has directed them to put money into Chinese equities.
The currency has been moving in the same direction.
The Chinese yuan reached its strongest level against the US dollar since January 2023 on Monday, trading at around $0.149, a firmer exchange rate that also happens to blunt a long-standing American complaint about Chinese currency management, weeks before talks in Washington.
The capital injection is not the only move Beijing is making this month.
Chinese President Xi Jinping is reportedly preparing to bring a large delegation of business executives to his Washington visit on 24 September, according to sources cited by news agencies.
It would be a notable departure from customary practice.
Xi rarely travels with corporate leaders, many of whom lost standing after the regulatory crackdowns on technology, education and property that began in 2020, and the last comparable delegation accompanied him to the US more than a decade ago, in 2015.
Washington’s response has also been curious.
“The White House is not tracking a Chinese CEO delegation,” a US official said, without explaining what tracking meant in this context, leaving the statement short of either confirmation or denial.
The gesture would be reciprocal in any case.
When US President Donald Trump visited Beijing in May, he brought a roster of American CEOs including Elon Musk, Tim Cook and Jensen Huang. Bringing Chinese counterparts to Washington would signal a willingness to invest and trade with the US, while handing the White House potential economic wins before November’s midterm elections.
Expectations for the summit itself remain modest, with the two sides still divided over which products should count as non-sensitive under trade arrangements.
US Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng are due to meet in early September to work on deliverables.
Zhihu (ZH) announced that it has entered into a subscription agreement to invest RMB1.5B (approx. $210M) as a limited partner in Tianjin Lisi Xingshen Equity Investment Partnership (Limited Partnership).
The proposed capital commitment, payable in cash via capital calls, will give Zhihu