trading

Economists credit US President Donald Trump’s tariff campaign with reducing trade between Germany and the US, its top trading partner last year.

China overtook the United States as Germany’s largest trading partner during the first eight months of 2025, preliminary data from the German statistics office has shown.

The data indicated that German imports and exports with China totalled $190.7bn (163.4 billion euros) from January to August, while trade with the US amounted to $189bn (162.8 billion euros), according to Reuters calculations.

The US was Germany’s top trading partner in 2024, ending an eight-year streak for China. Germany had sought to reduce its reliance on China, citing political differences and accusing Beijing of unfair practices.

But trade dynamics shifted again this year, with US President Donald Trump’s return to the White House and his renewed tariff campaign.

The tariffs have pushed down German exports to the US, which fell 7.4 percent in the first eight months of the year compared with 2024.

In August, exports to the US also fell 23.5 percent year-on-year, showing that the trend is accelerating.

“There is no question that US tariff and trade policy is an important reason for the decline in sales,” said Dirk Jandura, president of the BGA foreign trade association.

Jandura added that US demand for classic German export goods, such as cars, machinery and chemicals, had fallen.

With the ongoing tariff threat and the stronger euro, German exports to the US are unlikely to rebound any time soon, said Carsten Brzeski, global head of macro at the financial institution ING.

Exports to China fell even more sharply than those to the US, dropping 13.5 percent year-on-year to $63.5bn (54.7 billion euros) in the first eight months of 2025.

By contrast, imports from China rose 8.3 percent to $126.4bn (108.8 billion euros).

“The renewed import boom from China is worrying – particularly as data shows that these imports come at dumping prices,” said Brzeski.

He warned that the trend not only increases German dependence on China, but could add to stress in key industries where China has become a major rival.

“In the absence of economic dynamism at home, some in Germany may now be troubled by any shifts on world markets,” said Salomon Fiedler, an economist at the bank Berenberg.

Stock markets have come a long way from the stereotypical trading floors we may know from the movies and TV. Most trading is electronic these days. And, while the New York Stock Exchange and Nasdaq still ring an opening and closing bell, it’s largely symbolic. After-hours trading in various forms is increasingly common and could soon become the norm.

Several established brokers already offer after-hours trading. Key exchanges and infrastructure providers are looking for regulatory approval to extend their hours of operation. And Sept. 29 will see the launch of the new, SEC-approved, 24X National Exchange. This will initially trade U.S. equities from 4 a.m. to 8 p.m ET every weekday.

But just because you can trade at almost all hours, should you?

Image source: Getty Images.

Is 24/7 trading a good thing?

The convenience of being able to manage your portfolio at an hour that suits you is one of the biggest benefits of extended trading. Regular market hours of 9:30 a.m to 4 p.m. ET may not suit many retail investors who can’t easily trade during office hours. That’s even more so for international investors who own U.S. stocks and live in a different time zone.

Depending on what type of investor you are, there’s also an appeal to being able to react to events as they unfold — we live in a 24-hour news cycle and the current after-hours and pre-market trading sessions will only take you so far.

Perhaps a company just issued a disappointing earnings release or announced a change in leadership that you think will impact its performance. Maybe there’s other breaking news such as trade deals, overseas developments, or economic data that might significantly impact a particular business. Extended trading hours give you a chance to react as things happen.

Drawbacks of 24/7 trading

On the other hand, trading outside the regular hours can carry more risk and prove costly. People are more likely to make emotional investment decisions when they can trade at any time they want, whether that’s panic selling or impulse buying. This can damage your portfolio in the long run.

Another big issue is that there isn’t as much liquidity. If you’re trading outside of regular hours, you may not be able to execute the trades you want. And if you can, you may find there’s a wide bid-ask spread. With fewer people trading, the gap can widen between what investors are willing to pay and the price the seller wants.

In terms of prices, thinner order books can translate to increased volatility. Price discovery is also harder. The securities information processors (SIPs) that collect and distribute real-time data don’t yet operate out of hours, so you may find two different systems give different prices.

Finally, if you plan to trade out of hours today, many brokerages have restrictions on which equities you can trade and what types of orders you can place. For example, Charles Schwab (SCHW 1.08%), one of the leaders in extended trading, will only take limit orders during non-traditional hours. Similarly, Robinhood (HOOD 3.13%) doesn’t offer fractional trading on all its securities and only supports certain order types in extended or overnight trading.

Round-the-clock trading is coming

A mix of forces is driving us closer to 24-hour trading. Those include technological advances, shifts in regulatory attitudes, globalization, and investor demand. Most recently, the SEC and Commodity Futures Tradition Commission said extended trading is a joint priority. Even so, we’re more likely to see 22-hour or 23-hour trading windows on weekdays than a full shift to 24/7 markets.

Here are some of the drivers toward extended trading hours:

• Tokenized assets are gaining traction. These are essentially a way to issue a token that represents ownership of anything from real estate to equities to online art. They originated in the cryptocurrency world, but are starting to have an impact on all asset classes. One of the attractions of the blockchain is that it doesn’t have set trading hours.
• Nasdaq hopes to launch 24/5 trading by the second half of 2026. It says it is working with regulators and infrastructure providers to make this possible. The exchange is also awaiting SEC approval for tokenized stock trading.
• The NYSE wants to offer 22/5 trading on NYSE Arca, its electronic trading system. If regulators approve, it wants to extend its hours from 1:30 a.m. to 11:30 p.m. ET every weekday. The idea is to launch at the end of next year.
• Back-end infrastructure is shifting to accommodate longer hours. The SIP operating committees have asked the SEC to approve plans for 23/5 operations. Clearing houses are doing the same. This would give investors the information they need to trade effectively, no matter the time.

Not quite 24/7, but nearly

We’re on the cusp of a seismic shift in how markets work. Exchanges, SIPs, clearing houses, and brokerages are all laying the groundwork for systemic change that will make after-hours trading more normal.

As an investor, it’s worth thinking about how this might impact your activities. That includes making a plan to handle breaking news and avoid panic decisions, understanding what brokerage automation tools might help, and being clear on how longer trading windows might fit with your goals and strategies.

By&nbspAP with Doloresz Katanich

Published on
11/09/2025 – 8:13 GMT+2

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Klarna stock opened at $52 (€45) a share on Wednesday, a 30% premium on the company’s $40 pricing. It took roughly three-and-a-half hours for the specialists on the floor of the NYSE to manually price the first batch of trades of the company. The shares rose as high as $57 before losing some momentum and ending at $45.82, up 14.6%.

More than 34 million shares worth approximately $1.37 billion (€1.17bn) were sold to investors, making it the largest IPO this year, according to Renaissance Capital. That’s notable because 2025 has been one of the busier years for companies going public.

Founded in 2005 as a payments company, Klarna entered the US buy-now-pay-later market in 2015 in partnership with department store operator Macy’s. Since then, Klarna has expanded to hundreds of thousands of merchants and embedded itself in internet browsers and digital wallets as an alternative to credit cards. The company recently announced a partnership with Walmart.

The company is trading under the symbol “KLAR”. While Klarna was founded in Sweden and is a popular payment service in Europe, company executives said they made the decision to go public in the US as a signal that Klarna’s future growth opportunities lay with the American shopper.

“It’s the largest consumer market in the world, and it’s the biggest credit card market in the world. It’s a tremendous opportunity, from our perspective,” said CEO and co-founder Sebastian Siemiatkowski in an interview with The Associated Press ahead of the IPO.

Over the years and in multiple interviews, Siemiatkowski has made it clear that Klarna wants to steal away customers from the big credit card companies and sees credit cards as a high-interest, exploitative product that consumers rarely use correctly.

Klarna’s most popular product is what’s known as a “pay-in-4” plan, where a customer can split a purchase into four payments spread over six weeks. The company also offers a longer-term payment plan where it charges interest. The business model has caught on globally, particularly among consumers who are reluctant to use credit cards. The company said 111 million consumers worldwide have used Klarna.

The buy-now-pay-later market is booming

Klarna and other buy-now-pay-later companies have attracted increased public interest in recent years as the business model has caught on. State and federal regulators, as well as consumer groups, have expressed some degree of worry that consumers may overextend themselves financially on buy-now-pay-later loans just as much as they do with credit cards.

Siemiatkowski says the company is actively monitoring how consumers use their products, and the average balance of a Klarna user is less than $100 (€85.50). Because the company issues loans that are six weeks or less, Klarna argues it can more easily adjust its underwriting standards depending on economic conditions.

With Klarna going public, its co-founders are now billionaires. At Klarna’s IPO price of $40, Siemiatkowski’s 7% stake in the company is worth around $1bn (€850 million), while Victor Jacobsson, who left the company in 2012, owns an 8.4% stake in the company now worth $1.3bn (€1.11bn). Siemiatkowski said he did not sell shares as part of the IPO.

But with Klarna’s 20-year-long incubation period before going public, and several fundraising rounds, major parts of Silicon Valley are walking away with a handsome return for their patience. Sequoia Capital, the storied venture capital firm that was an early backer in the company, has accumulated a 21% ownership in Klarna worth roughly $3.15bn (€2.69bn). Silver Lake, another major VC firm, owns roughly 4.5% of the company.

Klarna reported second-quarter revenue of $823 million (€703.64mn) in August before going public and had an adjusted profit of $29m (€24.8mn). The delinquency rate on Klarna’s “pay-in-4” loans is 0.89% and on its longer-term loans for bigger purchases, the delinquency rate is 2.23%. Those figures are below the average 30-day delinquency rates on a credit card.

Klarna will now be the second-largest buy-now-pay-later company by market capitalisation behind Affirm. Shares of Affirm have surged more than 40% so far this year, putting the value of the company around $28bn (€23.94bn), helped by a belief among investors that buy-now-pay-later companies may take away market share from traditional banks and credit cards. Affirm fell slightly on Wednesday.

Klarna’s primary underwriters for the IPO were JPMorgan Chase and Goldman Sachs.

Some investors and analysts alike have expressed mixed feelings about Palantir Technologies (PLTR 4.00%) over the past couple of years. Yes, demand for the company’s software has been booming and translating into fantastic earnings growth. But this also has resulted in a soaring valuation as other investors piled into the stock. Palantir has traded for as much as 289 times forward earnings estimates in recent times, a level that many consider exorbitant.

But in recent weeks, Palantir stock has pulled back, dropping as much as 18% since early August. And this movement has pushed the stock price to a few dollars away from Wall Street’s average 12-month price forecast. Is it finally time to buy this high-growth player? Let’s find out.

Image source: Getty Images.

Why has Palantir soared?

So, first, let’s consider why Palantir, up a mind-blowing 1,900% over the past three years, has climbed so much in the first place. It’s important to note that, though Palantir has existed for more than 20 years, the company only launched an initial public offering five years ago. The company took its time refining its products and strategy and working to move closer to profitability before deciding on such an operation.

And though Palantir stock advanced in the months following its IPO, the stock truly started to pick up major momentum about two years ago. This coincides with the launch of the company’s Artificial Intelligence Platform (AIP), software that, integrating the power of AI, helps customers bring together all of their disparate data and use it to supercharge decision-making and growth.

Palantir, in the past, was most associated with government contracts, but the launch of AIP boosted the commercial business — and now both government and commercial revenues are soaring in the double digits quarter after quarter. Uses for AIP are vast, from the military applying it to real-time decision making on the battlefield to commercial customer United Airlines using it to predict maintenance issues.

All of this has helped Palantir reach profitability and grow the commercial business from a handful of customers just four years ago to 485 today.

This may be the beginning…

Chief executive Alex Karp in recent quarters has said growth is in its early stages, and in the latest letter to shareholders wrote, “This is still only the beginning of something much larger.” Considering the AI market is set to grow from billions of dollars today to trillions of dollars in just a few years, according to analysts’ forecasts, this may be very true.

Palantir’s AIP offers customers an opportunity to quickly and easily apply AI to their operations, and this sort of service already is showing itself to be in high demand — as need for AI grows, this could continue.

As mentioned above, the one problem that Palantir has faced over the past year or so is valuation. As some investors looked at the company’s booming sales and stellar ability to balance growth with profitability, they rushed to get in on this AI player. And that pushed many Wall Street analysts to warn investors about buying the stock at current valuations.

Now, though, following recent declines, the stock has been trading for less than $160. The average Wall Street share price target is about $151. Since Palantir has neared this average estimate, some investors may view the stock as more reasonably priced than it was in the past. The stock traded for more than $181 at its high in August.

And this also has lowered valuation, with the stock now trading at 243x forward earnings estimates, down from 289x just a month ago.

PLTR PE Ratio (Forward) data by YCharts

Is Palantir a buy?

Does this mean that now, on the dip, is a good time to buy Palantir? It’s important to note that, if you’re a value investor, you’ll still find Palantir expensive at today’s valuation. But it’s also important to say that it’s hard to apply such valuation measures to high growth tech stocks — since these measures reflect earnings estimates in the near term but don’t include the potential a few years down the road.

Meanwhile, demand for Palantir’s software is going strong and future prospects look bright so there’s reason to be confident about the company’s future. And Palantir’s recent drop, bringing it near Wall Street’s average 12-month price forecast, shows the stock may be approaching a level that could appeal to investors — especially those who thought the price was too high in the past.

All of this means, if you’re a growth investor looking for a potential long-term AI winner, it’s a great idea to buy Palantir now on the dip.

July 31 (UPI) — President Donald Trump formalized his reciprocal tariffs policy on Thursday, imposing stiff levies on dozens of nations while making good on his promise to use the economic measure to try and balance what he sees as negative trade deficits with U.S. trading partners.

The American president signed an executive order putting a 10% tariff on most trading partners, aside from a handful with whom recent deals have either been made with or are pending.

Trump has long turned to economic tariffs as a bargaining tool, both as a negotiation tactic and as an attempt to spur the domestic manufacturing industry. Since returning to the White House in January, the New York real estate mogul has railed against trade deficits, often framing them as examples of trading partners taking advantage of the United States.

The executive order was signed hours before a White House-imposed deadline for other countries to finalize deals with the United States, while delaying the imposition of the tariffs until Aug. 7. It also permits goods loaded onto shipping vessels prior to Aug. 7 that arrive in the United States before Oct. 5 to be exempt from the levies.

White House press secretary Karoline Leavitt told reporters during a press conference held Thursday, before the executive order was announced, that the sweeping tariffs apply to all trading partners who have not fashioned “bespoke” deals with the president.

“We promised that the president would negotiate with countries all around the world to cut tailor-made trade deals depending on those countries’ challenges, how badly they’ve ripped off the United States of America and our manufacturing industry and our workforce in the past,” she said.

Countries facing the highest levies under the executive order are Syria at 41%, Myanmar and Laos at 40% and Switzerland at 39%.

Earlier Thursday, Trump announced he was pausing plans to place tariffs on Mexico for 90 days to allow negotiations to progress.

On Wednesday night, he threatened ongoing trade negotiations with Canada over Ottawa’s decision to recognize a Palestinian state. Canada is set to see its tariff go from 25% to 35%.

Recent deals have also been reached with South Korea, the European Union, Britain, Japan and others.

It also comes on the heels of Trump slapping a 40% tariff on Brazilian goods over its prosecution of his ally, former far-right President Jair Bolsonaro, for a total of 50%.

“We have never had a president who wields the full power of the United States to negotiate good deals for our country and its people like President Trump,” Leavitt said.

“This is what maximum leverage looks like.”

As Israel’s killing of Palestinians continues fast and slow, through air strikes and starvation, the foreign ministers of 28 countries have signed a statement calling for an end to Israel’s war on Gaza.

As these countries deploy words months after the United Nations and other groups warned of an oncoming famine, there has been little action on other fronts.

Some of these countries have recognised the Palestinian state while France last week angered Israeli officials by announcing it would do the same in September.

Still, many critics have pointed out that as countries make these statements, many of them continue to benefit from trade with Israel and have not imposed sanctions or taken any other action that could push Israel to end its genocidal war on Gaza.

The war has killed at least 59,821 people in Gaza and wounded 144,477.

Here’s all you need to know about the countries profiting from Israel while condemning its military action:

How much do the signatories of the statement trade with Israel?

Belgium, France, Ireland, Italy, Japan, the Netherlands, Poland, Spain, Switzerland and the United Kingdom all have more than $1bn in imports, exports or both with Israel, according to 2023 figures from the Observatory of Economic Complexity.

What do these countries trade with Israel?

Among the top items being traded are cars and other motor vehicles, integrated circuits, vaccines and perfumes.

About $3.58bn in integrated circuits is the largest individual product going to Ireland, making up the overwhelming majority of Ireland’s imports from Israel.

Meanwhile, Italy exports to Israel more than any other country that signed the statement. Its $3.49bn of exports included $116m in cars in 2023.

Do these countries recognise Palestine?

Of those countries that issued the statement, Ireland and Spain recognised Palestine in 2024 and have spoken strongly against Israel’s actions in Gaza. Still, that hasn’t stopped them from continuing trade with Israel.

Seven other countries that signed the statement also recognise the State of Palestine, including Cyprus, Malta and Poland, all of which recognised Palestine in 1988, shortly after the Palestinian Declaration of Independence.

Iceland (2011), Sweden (2014), Norway (2024) and Slovenia (2024) also recognise the State of Palestine while France said it will do so in September at the United Nations General Assembly.

Who signed the statement?

Australia, Austria, Belgium, Canada, Cyprus, Denmark, Estonia, Finland, France, Greece, Iceland, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Poland, Portugal, Slovenia, Spain, Sweden, Switzerland and the UK.

All of them are still trading with Israel.

What was Israel’s reaction to the statement?

As expected.

Oren Marmorstein, a spokesperson for the Israeli Ministry of Foreign Affairs, wrote on X that Israel rejects the statement, saying “it is disconnected from reality and sends the wrong message to Hamas.”

What else are countries trading with Israel doing?

France, Germany and the UK called for an “immediate ceasefire” in Gaza and “unconditional release of all hostages” after they held an emergency call to discuss the war and the hunger crisis created by Israel’s siege and aid blockade on the enclave.

Has any of this made Israel change its behaviour?

Attention has turned heavily towards the starvation of Palestinians in Gaza, leading even longtime Israeli stalwart supporters like former US presidential candidate Hillary Clinton to address the issue.

Aid organizations report that thousands of children in Gaza are at risk of starvation while trucks full of food sit waiting across the border.

The full flow of humanitarian assistance must be restored immediately.https://t.co/dt3Z9h6KXd

— Hillary Clinton (@HillaryClinton) July 24, 2025

This pressure has led Israel to announce “tactical pauses” for “humanitarian purposes” from 10am to 8pm (07:00 to 17:00 GMT) in al-Mawasi, Deir el-Balah and Gaza City. They started on Sunday.

Despite the pauses, Israeli forces killed at least 43 Palestinians early on Sunday.

The Palestinian Ministry of Health in Gaza said on Sunday that it had recorded six more deaths over 24 hours due to famine and malnutrition, including two children.

This brings the total number of starvation deaths to 133, including 87 children.

Cardi B, entering the newest phase of her rap career, has just one question in mind: “Am I the Drama?”

That’s the title for the Grammy winner’s long-anticipated sophomore album, which she unveiled Monday on social media. The “Bodak Yellow” artist, 32, announced “Am I the Drama?” will drop Sept. 19, seven years after she made her splashy debut with 2018’s “Invasion of Privacy.”

The aptly dramatic “Am I the Drama?” cover art features Cardi B in an abstract red body suit and matching fishnet tights grabbing the heel of one of her sky-high platform pumps. The image also features a raven resting on her shoe and even more of them swarming around her.

Cardi B hinted at her album and its raven motif Sunday in a theatrical teaser as she reflected on “seven years of love, life and loss” and trading in grace for hell.

“I learned power’s not given. It’s taken,” the Bronx native says. “I’m shedding feathers and no more tears. I’m not back. I’m beyond.”

Cardi B broke out with “Bodak Yellow” almost a year before she released “Invasion of Privacy” in April 2018. Times critic Mikael Wood in his review commended the rapper for her relatability — “through her words and delivery … the songs make you feel like she’s speaking directly to you.”

At the 2019 Grammy Awards, Cardi B won a top honor and made history while doing so: She became the first woman to win the rap album category as a solo artist.

Cardi B continued to gain popularity over the following years for hits including “I Like It” with J Balvin and Bad Bunny, and “WAP” with Megan Thee Stallion. The latter, and Cardi B’s recent singles “Up” and “Outside,” will be among the 23 songs on the new album, according to the tracklist preview on Spotify.

“Am I the Drama?” will arrive as Cardi B also marks new milestones in her personal life.

Earlier this year, the “Hustlers” actor made her romance with NFL star Stefon Diggs official after parting ways with Migos rapper Offset. She also became a mother for a third time in September when she welcomed her daughter Blossom Belles, with Offset. They also share 6-year-old daughter Kulture and 3-year-old son Wave.

WAILUKU, Hawaii — A Rams–Jalen Ramsey reunion might not be in the offing.

Coach Sean McVay on Tuesday reiterated his respect for the star cornerback who helped the Rams win Super Bowl LVI, but for the first time he indicated that there might be too many “obstacles” to making a trade with the Miami Dolphins for the three-time All-Pro.

Ramsey is due to earn $24.3 million this season, and his salary-cap number will increase substantially over the next few seasons, according to Overthecap.com.

“Usually, those are scenarios and situations that you have to have plans in place prior to executing some of the decisions that have occurred,” McVay said, perhaps referencing the contract adjustment quarterback Matthew Stafford received and the signing of free-agent receiver Davante Adams. “Definitely don’t want to rule anything out… but there would be some obstacles that are real that are in the place of maybe preventing that from occurring.”

The Rams are set to open the season with a cornerback group that includes returning starters Darious Williams and Ahkello Witherspoon, with Cobie Durant, Emmanuel Forbes Jr., Josh Wallace and Derion Kendrick also competing for playing time.

The Rams recently waived Kendrick, who was due to earn $3.4 million in the final year of his rookie contract, but re-signed him Tuesday, probably for a one-year veteran minimum contract.

Kendrick is in Maui for the Rams minicamp, which featured a 30-minute jog through Tuesday.

“It was really just kind of a financial business deal,” McVay said, adding that he, general manager Les Snead and defensive backs coach Aubrey Pleasant had communicated with Kendrick their desire to keep him in the fold before he was waived.

McVay did indicate that talks with running back Kyren Williams’ agent regarding a possible extension were progressing.

“We’re getting closer to hopefully finding a conclusion to this,” McVay said. “Now, until that’s actually agreed upon from both sides, we’re really in the same boat. … So, we’re trying to be able to solve that, and if we’re able to land that we’ll be excited about that.”

Neither left tackle Alaric Jackson nor newly signed tackle D.J. Humphries are with the team in Maui.

The Rams signed Humphries last week because Jackson is dealing with blood-clot issues for the second time in his pro career. In March, Jackson signed a three-year contract that includes $35 million in guarantees.

“He was able to communicate that he was feeling some things in his lower leg, and he ends up going and getting a scan and it revealed that was the case,” McVay said. “You pray for him to be able to have a healthy, safe recovery, and we’re really just taking it a day at a time with him.

“What we did want to be able to do in the meantime was be proactive about a contingency plan. … D.J.’s a guy that we’ve got a lot of respect for. Obviously, familiarity with him just playing against him and he’s a veteran. Felt like that was definitely the right move for our team in the meantime.”

Etc.

The Rams conclude their minicamp Wednesday with a public workout at War Memorial Stadium … Rams veterans on Tuesday helped coach in a flag football camp for high school students. Rookies worked with Habitat for Humanity to rebuild homes in Lahaina that were lost to wildfires in 2023.

This is 2025 and cryptocurrency is now a full fledge financial force globally. Volatility and regulation have become a thing of the past. Today, crypto market participants are looking for innovative technologies to invest in new concepts and new strategies. One such innovation is the combination of CEX and DEX under one roof, namely the BYDFi. This platform offers the most comprehensive, secure, and user-friendly experience by being your one-stop social trading platform.

How is this possible? BYDFi has launched MoonX, a Web3 trading tool that combines the efficiency of centralized exchanges (CEX) with the freedom of decentralized exchanges (DEX). This innovation is sure to change the course of 2025 crypto trading. Let’s discuss what the dual engine strategy has to offer.

Is BYDFi Your Average Social Trading Platform?

Inside BYDFi’s CEX

The Accessibility of BYDFi’s CEX

The Security and Regulatory Compliance of BYDFi’s CEX

BYDFi’s CEX With MoonX

MoonX’s Security Structure

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The combo of CEX and DEX eliminates the limitations of singular models and offers the capabilities of both to revitalize the concepts in the 2025 Crypto Trading Market.

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BYDFi’s Commitment to the Future of Crypto Trading

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The Rams made a move in their secondary, but it was not an addition.

Cornerback Derion Kendrick, sidelined last season after sustaining a torn anterior cruciate ligament during training camp, was waived, the team announced Friday.

Kendrick, a sixth-round draft pick in 2022, participated in the Rams’ offseason program and organized team activities. He was scheduled to earn $3.4 million this season, according to Overthecap.com.

The secondary is something of a question mark for a Rams team that is regarded as a potential Super Bowl contender.

After finishing 10-7 and advancing to the NFC divisional round last season, the Rams neither signed a cornerback during free agency nor drafted one.

Veterans Darious Williams, 32, and Ahkello Witherspoon, 32, are the projected starting cornerbacks. Cobie Durant, Emmanuel Forbes Jr. and Josh Wallace are among others expected to play.

When asked, coach Sean McVay has not ruled out the possibility of trading for Miami Dolphins cornerback Jalen Ramsey, who helped the Rams win Super Bowl LVI. But Ramsey is due to earn $24.2 million this season and will have a salary-cap number of at least $25 million in the following three seasons, according to Overthecap.com. McVay has repeatedly pointed to “a lot of layers” that would have to be addressed for a reunion with Ramsey to take place.

Two-time Pro Bowl cornerback Jaire Alexander was recently released by the Green Bay Packers.

“Nothing but respect for the player but I don’t know if that’s a direction we would go,” McVay said this week about Alexander.

Kendrick played in 32 games for the Rams. He started six games as a rookie and 12 in 2023. He intercepted one pass.

May 28 (UPI) — A three-judge panel on Wednesday struck down President Donald Trump‘s unilateral tariffs, including 10% imposed on most U.S. trading partners, calling them “contrary to law.”

Despite several lawsuits filed in different courts, this is the first time a federal court has blocked them.

The New York-based Court of International Trade, in a 49-page opinion, said the International Emergency Economic Powers Act does not give him the “unlimited” power to levy across-the-board tariffs.

The Trump administration can appeal the decision to the U.S. Court of Appeals for the Federal Circuit and, ultimately, the Supreme Court.

White House spokesperson Kush Desai said the U.S. trade deficits with other countries have “created a national emergency that has decimated American communities.”

“It is not for unelected judges to decide how to properly address a national emergency. President Trump pledged to put America First, and the Administration is committed to using every lever of executive power to address this crisis and restore American Greatness,” White House spokesperson Kush Desai said in a statement to CBS News.

The judges’ decision was based on two cases brought by a group of small businesses and 12 Democratic state attorneys general.

The judges were appointed by three presidents: Gary Katzmann by Barack Obama, Timothy Reif by Donald Trump and Jane Restani by Ronald Reagan.

“The President’s assertion of tariff-making authority in the instant case, unbounded as it is by any limitation in duration or scope, exceeds any tariff authority delegated to the President under IEEPA,” the judge wrote. “The Worldwide and Retaliatory tariffs are thus ultra vires and contrary to law.”

Separate tariffs against China, Canada and Mexico “do not deal with the threats set forth in those orders,” the court also found. These went into effect on March 4.

Trump imposed a 25% tariff against Canadian and Mexican goods, except for items compliant with the United States-Mexico-Canada, and 10% for energy and potash from the U.S. northern neighbor. China was hit with a 30% tariff.

The 10% duties went into effect on April 5.

The president has the right to impose tariffs, based on a 1970s court decision involving the Trading with the Enemy Act of 1917, which preceded the International Emergency Economic Powers Act.

The judges said the president’s tariffs do not meet the limited condition of an “unusual and extraordinary threat” that would allow him to act alone without approval by Congress.

“Because of the Constitution’s express allocation of the tariff power to Congress, we do not read IEEPA to delegate an unbounded tariff authority to the President,” they wrote. “We instead read IEEPA’s provisions to impose meaningful limits on any such authority it confers,” the ruling said.

Earlier this month, T. Kent Wetherell II, a district judge in Florida nominated by Trump, said the president has the authority on his own to impose tariffs, but opted to transfer the case to the Court of International Trade.

Several lawsuits have been filed since Trump announced the tariffs on April 2 as “Liberation Day.”

Trump also announced on April 2 plans for harsher tariffs against the so-called worst offenders but one week later he paused them for 90 days until July. They include ones against America’s greatest allies: 26% against India, 25% against South Korea, 24% against Japan and 20% against the 27 members of the European Union.

Trump also had announced a 125% tariff on top of 30% against China but he suspended that. He also excluded tariffs on electronic products in China but last week threatened a 25% one on Apple products not made in the United States.

Last week Trump suggested 50% tariffs on the EU by June but paused them until July 9 on Sunday.

The tariffs have rattled U.S. stocks.

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Malevolent trading practices aren’t new. Struggles against insider trading, as well as different forms of market manipulation, represent a long-running battle for regulators.

In recent years — however — experts have been warning of new threats to our financial systems. Developments in AI mean that automated trading bots are not only smarter, but they’re more independent too. While basic algorithms respond to programmed commands, new bots are able to learn from experience, quickly synthesise vast amounts of information, and act autonomously when making trades.

According to academics, one risk scenario involves collaboration between AI bots. Just imagine: hundreds of AI-driven social media profiles begin to pop up online, weaving narratives about certain companies. The information spread isn’t necessarily fake, but may just be the amplification of existing news. In response, real social media users start to react, highlighting the bots’ chosen message.

As the market is tipped by the crafted narrative, one investor’s roboadvisor rakes in profits, having coordinated with the gossiping bots. Other investors, who didn’t have the insider information, lose out by badly timing the market. The problem is, the investor profiting may not even be aware of the scheme. This means that charges of market manipulation can’t necessarily be effective, even if authorities can see that a trader has benefitted from distortive practices.

Social platforms are changing trading

Alessio Azzutti, assistant professor in law & technology (FinTech) at the University of Glasgow, told Euronews that the above scenario is still a hypothesis — as there’s not enough evidence to prove it’s happening. Even so, he explains that similar, less sophisticated schemes are taking place, particularly in “crypto asset markets and decentralised finance markets”.

“Malicious actors… can be very active on social media platforms and messaging platforms such as Telegram, where they may encourage members to invest their money in DeFi or in a given crypto asset, to suit themselves,” Azzutti explained.

“We can observe the direct activity of human malicious actors but also those who deploy AI bots.”

He added that the agents spreading misinformation may not necessarily be very sophisticated, but they still have the power to “pollute chats through fake news to mislead retail investors”.

“And so the question is, if a layman, if a youngster on his own in his home office is able to achieve these types of manipulations, what are the limits for the bigger players to achieve the same effect, in even more sophisticated markets?”

The way that market information now spreads online, in a widespread, rapid, and uncoordinated fashion, is also fostering different types of trading. Retail investors are more likely to follow crazes, rather than relying on their own analysis, which can destabilise the market and potentially be exploited by AI bots.

The widely-cited GameStop saga is a good example of herd trading, when users on a Reddit forum decided to buy up stock in the video game company en masse. Big hedge funds were betting that the price would fall, and subsequently lost out when it skyrocketed. Many experts say this wasn’t a case of collusion as no official agreement was created.

A spokesperson from ESMA, the European Securities and Markets Authority, told Euronews that the potential for AI bots to manipulate markets and profit off the movements is “a realistic concern”, although they stressed that they don’t have “specific information or statistics on this already happening”.

“These risks are further intensified by the role of social media, which can act as a rapid transmission channel for false or misleading narratives that influence market dynamics. A key issue is the degree of human control over these systems, as traditional oversight mechanisms may be insufficient,” said the spokesperson.

ESMA highlighted that it was “actively monitoring” AI developments.

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Is regulation ready?

One challenge for regulators is that collaboration between AI agents can’t be easily traced.

“They’re not sending emails, they’re not meeting with each other. They just learn over time the best strategy and so the traditional way to detect collusion doesn’t work with AI,” Itay Goldstein, professor of finance and economy at the Wharton School of the University of Pennsylvania, told Euronews.

“Regulation has to step up and find new strategies to deal with that,” he argued, adding that there is a lack of reliable data on exactly how traders are using AI.

Filippo Annunziata, professor of financial markets and banking legislation at Bocconi University, told Euronews that the current EU rules “shouldn’t be revised”, referring to the Regulation on Market Abuse (MAR) and the Markets in Financial Instruments Directive II (MiFID II).

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Even so, he argued that “supervisors need to be equipped with more sophisticated tools for identifying possible market manipulation”.

He added:  “I even suggest that we ask people who develop AI tools for trading on markets and so on to include circuit breakers in these AI tools. This would force it to stop even before the risk of manipulation occurs.”

In terms of the current legal framework, there’s also the issue of responsibility when an AI agent acts in a malicious way, independent of human intent.

This is especially relevant in the case of so-called black box trading, where a bot executes trades without revealing its inner workings. To tackle this, Some experts believe that AI should be designed to be more transparent, so that regulators can understand the rationale behind decisions.

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Another idea is to create new laws around liability, so that actors responsible for AI deployment could be held responsible for market manipulation. This could apply in cases where they didn’t intend to mislead investors.

“It’s a bit like the tortoise and the hare,” said Annunziata.

“Supervisors tend to be tortoises, but manipulators that use algorithms are hares, and it’s difficult to catch up with them.”