Economic Crosscurrents and Geopolitical Tensions Shape Friday’s Headlines

Economic Indicators and Monetary Policy Outlook - U.S. mortgage rates experienced their largest weekly decline in over a year, dropping from 6.50% to 6.35%, which has led to a significant increase in home purchase applications, marking the highest year-over-year growth rate in more than four years [3] - The decline in mortgage rates is attributed to expectations of Federal Reserve interest rate cuts, driven by signs of a weakening U.S. economy and softer job market data [3] Tariff Revenue and Government Actions - The U.S. government collected a record $30 billion in customs duties in August 2025, over four times higher than the previous year, contributing to total tariff revenue surpassing $183 billion for the year [4][8] - This surge in tariff revenue coincides with a federal appeals court ruling regarding the legality of tariffs imposed by the Trump administration, which are still in effect pending appeal [4] Corporate Developments - Apple (AAPL) has delayed the launch of its new iPhone Air in mainland China due to regulatory approval issues related to its exclusive use of eSIM technology, impacting its market presence [6][8] Political Developments - UK Prime Minister Keir Starmer dismissed U.S. Ambassador Peter Mandelson following revelations of his connections to convicted sex offender Jeffrey Epstein [7] - The Trump administration is pursuing various controversial policy initiatives, including linking child deaths to COVID-19 vaccines and attempting to revoke legal status for hundreds of thousands of migrants, which has been blocked by a federal court [7][8] - Additionally, the Trump administration is seeking to halt a $6 billion offshore wind project in Maryland as part of a broader effort against clean-energy developments [8] Fundraising Challenges - Former President Joe Biden is reportedly facing difficulties in raising funds for his planned presidential library, with major donors scaling back contributions due to various grievances, which raises concerns about his post-presidential ambitions [10]