Key Points

• - Non-GAAP EPS of $0.15 beat analyst estimates by $0.31, while GAAP revenue of $120.6 million topped forecasts by $6.2 million.

• - Net loss (GAAP) was $(0.51) per diluted share, driven by $63.4 million in non-cash impairment charges connected to Austin assets.

• - Leasing activity and tenant retention improved, but Funds From Operations (FFO, non-GAAP) declined and the payout ratio reached 100%.

• These 10 stocks could mint the next wave of millionaires ›

Brandywine Realty Trust (NYSE:BDN), a real estate investment trust focused on office and mixed-use properties, announced its second quarter fiscal 2025 earnings on July 23, 2025. The company reported better-than-expected non-GAAP results, delivering Non-GAAP EPS (Funds From Operations, or FFO per share) of $0.15, which surpassed the consensus non-GAAP EPS estimate of $(0.16). GAAP revenue came in at $120.6 million, exceeding estimates by $6.2 million. Despite these beats, the quarter was affected by a GAAP net loss of $(0.51) per diluted share and a significant year-over-year decrease in FFO (non-GAAP) compared to Q2 2024, primarily due to non-cash impairment charges related to assets in Austin, Texas. Overall, while leasing and liquidity metrics showed progress, pressure from asset impairments, high payout ratios, and ongoing headwinds in the office market remained apparent.

Metric	Q2 2025	Q2 2025 Estimate	Q2 2024	Y/Y Change
EPS (Non-GAAP, FFO per diluted share)	$0.15	$(0.16)	$0.22	(31.8 %)
Revenue (GAAP)	$120.6 million	$114.3 million	$125.3 million	(3.7 %)
Net Income (Loss) per diluted share (GAAP)	$(0.51)	$(0.16)	$0.17	-400%
Same Store Net Operating Income – Accrual Basis	$66.5 million		$64.8 million	2.6 %
Cash and Cash Equivalents	$122.6 million		$90.2 million(as of Dec 31, 2024)	35.9%

Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.

Business Overview and Recent Focus

Brandywine Realty Trust (NYSE:BDN) specializes in the ownership, development, and management of office and mixed-use real estate, with a focus on markets such as Philadelphia, Pennsylvania suburbs, and Austin, Texas. Its portfolio includes both traditional office properties and newer developments, including residential buildings and life science hubs. The firm’s approach leverages targeted geographic expertise and modern, amenity-driven properties to maintain relevance in the evolving real estate environment.

Recently, Brandywine has centered its strategy around geographic diversification, leasing stabilization, and capital recycling through asset sales. Its growth is driven by signing new leases, securing high tenant retention, and completing development projects. Key success factors include the pace of leasing, tenant relationship management, liquidity management, and the ability to address underperforming assets, especially in more volatile markets like Austin.

Quarter Highlights: Leasing, Financials, and Portfolio Activity

The company’s reported results exceeded Wall Street expectations on both Non-GAAP EPS and GAAP revenue, with FFO per share (non-GAAP) coming in at $0.15 compared to an estimated $(0.16), and GAAP revenue at $120.6 million, ahead of the $114.3 million forecast. FFO (non-GAAP) dropped 31.3% from the prior year period, reaching $26.1 million. The quarter’s headline result included a net loss of $(0.51) per diluted share (GAAP), as non-cash impairment charges totaling $63.4 million, relating to Austin office assets, weighed down the bottom line. This impairment related to portfolio assets located in Austin, Texas.

Leasing showed improvement, with 234,000 square feet of new and renewal leases signed across wholly owned properties, and 461,000 square feet including joint ventures. Tenant retention surged to 82%, a sharp increase from 55% in the prior quarter. Tour activity, a sign of potential tenant demand, jumped 66% quarter-over-quarter. The core portfolio closed the period at 88.6 % occupied and 91.1 % leased, underscoring steady – if not robust – operational stability. In the portfolio, both same store net operating income (NOI) and cash-based NOI moved higher. Same store NOI on an accrual basis increased 1.0%, and cash-based same store NOI rose 6.3%.

Development leasing and asset sales were major themes. The Solaris House, a residential project in Austin, reached 89% leased, supporting the company’s push into multifamily assets. One Uptown, a new office development, signed a lease for 100,000 square feet. The company also increased its 2025 annual asset sales guidance to $72.7 million after closing the sale of a low-occupancy Austin property for $17.6 million and entering into an agreement to sell another for $55.1 million as of June 30, 2025. This repositioning supports Brandywine’s strategy of recycling capital from challenged markets into higher-performing assets and paying down debt.

Brandywine maintained a strong liquidity position, ending the quarter with $122.6 million in cash and no outstanding balance on its $600.0 million unsecured credit facility as of June 30, 2025. The company also completed a $150.0 million bond issuance at 8.875% interest (7.04% yield to maturity) in June 2025, and repaid a $43.6 million construction loan on July 23, 2025. However, rising interest costs were evident, with interest expense increasing from $29.5 million in Q2 2024 to $32.3 million.

Another focal point of the quarter was the company’s payout ratio. The dividend payout for the second quarter matched FFO per share at 100 %, following an even higher first half payout of 107.1 %. This high ratio prompts questions around long-term dividend sustainability unless operational cash flow improves as new projects stabilize.

Funds From Operations (FFO) is a measurement real estate investment trusts use that adds back depreciation and amortization to net income, offering a clearer view of actual cash performance. The company uses FFO per share as its core profitability metric, while ‘same store net operating income’ shows performance on stabilized properties held throughout the comparison periods.

Outlook and Guidance

Management released updated guidance for fiscal 2025. The company now expects full-year FFO per share (non-GAAP) between $0.60 and $0.66, with a midpoint above analyst consensus. Assumptions include year-end core occupancy of 88–89%, ending leased rate of 89–90 %, and steady same store NOI growth between 0% and 1% on an accrual basis (2–3% on a cash basis). The company expects a tenant retention rate of 62–63%, minimal lease expirations through 2026, and no planned acquisitions. Development work is set to start on only one new project this year, and asset sales will be focused outside of land disposals.

The company’s leadership did not declare a change in the quarterly dividend. Management highlighted that the payout ratio remains high but expressed confidence that stabilization of new developments and successful lease-up activities will improve coverage after 2025. Continued asset sales, leasing progress in development projects, and positive tour activity are expected to be key drivers for operational improvement. Elevated impairment charges, particularly in the Austin market, were reported, and future performance will likely depend on the value realized from asset sales and the lease-up of new properties.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.

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Gamers of a certain age will remember a period roughly 15 years ago when the industry collectively decided stereoscopic 3D was going to be the next big thing in gaming. From Nvidia's "3D Vision" glasses system to Nintendo's glasses-free 3DS to Sony's 3D TV aimed specifically at gamers, major gaming companies put a lot of effort into bringing a sense of real depth to the flat video game scenes of the day.

Unfortunately for those companies, the stereoscopic 3D gaming hype faded almost as quickly as it rose; by 2012, most companies were scaling back their stereoscopic investments in light of underwhelming public demand (case in point: Nintendo's pivot to the 3D-free 2DS line of portables). And while some stray upstarts have tried to revive the stereoscopic gaming dream in the years since, the idea seemed destined to be a footnote in gaming tech history.

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If you're on the hunt for an investment that can provide a steady stream of passive income, look no further than dividend stocks. One that stands out is Energy Transfer (NYSE: ET), which boasts an impressive 7.1% dividend yield. What makes Energy Transfer particularly attractive is its stable cash flow from midstream operations.

With the surge in oil and gas production across the U.S. and a regulatory landscape becoming increasingly favorable for expansion, Energy Transfer is well positioned. Here's what investors should know today.

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Energy Transfer stands to benefit from U.S. oil and gas production

The first thing investors should be aware of is that Energy Transfer operates as a master limited partnership (MLP). MLPs don't pay taxes at the corporate level. Instead, profits are distributed to investors (limited partners), allowing MLPs to return more cash to their unitholders compared to typical corporations. This is why Energy Transfer offers an appealing distribution yield of over 7%.

As a midstream operator, Energy Transfer earns revenue by transporting, storing, and processing oil, gas, and natural gas liquids under long-term contracts. Its contracts are often fee-based, which can help stabilize revenue. This reliable cash flow also enables consistent, high distributions to investors, which the company aims to grow between 3% to 5% annually.

Energy Transfer boasts one of the largest and most diversified portfolios of energy infrastructure in the United States, including major natural gas liquids, crude oil, and natural gas pipelines, as well as storage facilities, export terminals, and processing plants.

Its scale provides it with geographic reach across key basins, enabling it to serve upstream drillers, downstream refiners, and other markets. Its location in those key regions means it benefits from the network effect. In other words, as more producers and end users connect, its infrastructure becomes more valuable.

With the U.S. aiming to increase energy production and achieve American energy dominance under President Donald Trump, Energy Transfer stands to benefit from higher volumes being transported and processed across its extensive infrastructure network.

It has improved its financial position

One criticism of Energy Transfer is that it has been aggressive in its acquisitions and capital-intensive projects, utilizing debt or raising capital through unit sales to fund them. Major acquisitions and projects in recent years include its $3.25 billion deal to acquire WTG Midstream Holdings and spending $2.7 billion to expand the Hugh Brinson Pipeline. The deals help to expand Energy Transfer's pipeline and processing network, but some worry that it has increased its leverage to do so.

The company has made progress in reducing its debt burden and strengthening its financial position. Over the past several years, it has utilized excess cash flow to reduce debt and improve its net debt-to-EBITDA ratio.

We can see this progress in Energy Transfer's leverage ratio. According to the company, its leverage ratios are now in the lower half of its target range of 4.0 to 4.5 times. Based on approximately $60.6 billion in total debt and $15.7 billion in EBITDA, the company has a debt-to-EBITDA ratio of 3.85, which is on the lower end for the company over the past decade.

Investors should consider this before buying Energy Transfer

As an MLP, Energy doesn't pay taxes and instead passes on profits to its investors. This can help avoid double taxation that corporations face, but it also comes with some unique tax treatment. Profits are distributed to investors (called unitholders), typically via a Schedule K-1 form, which can complicate tax filing and create headaches for investors accustomed to simpler forms.

They may also generate UBTI (unrelated business taxable income), which can be a problem if held in retirement accounts such as IRAs. If you earn more than $1,000 in UBTI, you must file a Form 990-T and may owe taxes (even though IRAs are tax-deferred). This makes a stock like Energy Transfer ideal for a taxable brokerage account.

This added tax treatment is something to consider if you are investing in Energy Transfer or similar companies that are structured as a master limited partnership. However, if you're willing to deal with the additional tax implications, Energy Transfer is a solid dividend stock to add to your portfolio today.

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In April, nearly 52.6 million retired workers brought home an average Social Security check totaling $1,999.97. While a $2,000 monthly check might not sound like a lot of money, no social program has consistently played a more vital role in pulling seniors above the federal poverty line and helping them make ends meet than Social Security.

There's just one problem: This nearly 90-year-old program's financial foundation is crumbling.

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Current and future retirees are counting on their elected officials -- including President Donald Trump -- to strengthen Social Security and avoid the prospect of sweeping benefit cuts, which are drawing closer. However, not every proposal to improve Social Security will yield a desired result.

Social Security benefit cuts are estimated to be eight years away

In January 1940, the very first retired-worker benefit check was paid from Social Security's coffers. Every year since this first payment was doled out, the Social Security Board of Trustees has published an annual report that details in length how the program generates income and where those dollars end up.

More importantly, these annual Trustees Reports analyze fiscal and monetary policy shifts, along with ongoing demographic changes, to make educated projections about the financial health of Social Security when looking 75 years into the future (what the Trustees refer to as the "long term").

Beginning in 1985, every Trustees Report has warned of a long-term unfunded obligation. In simpler terms, the Trustees projected what Social Security would collect in income in the 75 years following the release of a report and estimated that outlays (benefits + administrative expenses to operate the Social Security program) would outpace income.

In the 2024 Trustees Report, this long-term funding deficit had ballooned to $23.2 trillion. While online myths often blame government theft or undocumented migrants for Social Security's woes, it's significant demographic shifts -- rising income inequality, lower birth rates, and a meaningful decline in net legal migration in the U.S. -- that are the real culprits.

Though $23.2 trillion is an eye-popping figure, it's not the one that should have beneficiaries most concerned. Rather, the most worrisome of all projections is that the Old-Age and Survivors Insurance Trust Fund (OASI) will exhaust its asset reserves by 2033.

The OASI's asset reserves represent the excess income collected since inception that hasn't been paid out in benefits (or administrative expenses). Social Security's asset reserves are invested in special-issue, interest-bearing government bonds, as required by law.

The good news for the OASI is that it doesn't need a cent in asset reserves to keep paying benefits. More than 91% of Social Security's income is collected from the 12.4% payroll tax on earned income. Thus, there's no concern about Social Security going bankrupt or stopping benefit payments.

However, the existing payout schedule, including annual cost-of-living adjustments (COLAs), is at risk of major disruption in 2033. Without reform, the Trustees anticipate that retired workers and survivor beneficiaries will see their Social Security checks slashed by up to 21% in eight years.

The OASI's asset reserves are forecast to run out by 2033. U.S. Old-Age and Survivors Insurance Trust Fund Assets at End of Year data by YCharts.

President Trump has proposed a foundational change to Social Security

During the first 100 days of Donald Trump's nonconsecutive second term, he's overseen a flurry of Social Security changes. The most publicized one has been his creation of the Department of Government Efficiency (DOGE), which aims to make the U.S. federal government more efficient. In the wake of DOGE's creation, the Social Security Administration announced plans to reduce its staff by 7,000 to 50,000, as well as close some of its physical offices.

Attempting to make Social Security a more efficient program by trimming administrative costs is nothing new for Trump. All four of the president's annual budget proposals during his first term (Jan. 20, 2017 – Jan. 20, 2021) called for modest outlay reductions over a 10-year period.

But President Trump's sweeping Social Security proposal has nothing to do with cutting benefits. Rather, it has to do with eliminating a hated aspect of the program that results in reduced benefits.

.@POTUS: "In the coming weeks and months, we will pass the largest tax cuts in American History--and that will include No Tax on Tips, NO Tax on Social Security, and No Tax on Overtime. It's called the one big beautiful bill..." pic.twitter.com/SRwaWoY9gZ

-- Rapid Response 47 (@RapidResponse47) April 29, 2025

In a social media post to Truth Social on July 31, then-candidate Donald Trump stated, "Seniors should not pay tax on Social Security." In a recent town hall meeting, the president doubled down on his desire to end the tax on Social Security benefits.

Beginning in 1984, up to 50% of Social Security benefits could be exposed to the federal tax rate if provisional income (adjusted gross income + tax-free interest + one-half of benefits) surpassed $25,000 for a single filer and $32,000 for couples filing jointly. A decade later, a second tier was added that allows up to 85% of benefits to be taxed at the federal rate if provisional income tops $34,000 for single filers and $44,000 for couples filing jointly.

The reason the tax on Social Security benefits is so disliked is because these income thresholds haven't been adjusted for inflation since their introduction decades ago. A tax that was only expected to impact around 10% of all senior households in the mid-1980s is now applicable to around half of all senior households. Not surprisingly, an informal poll in 2023 by nonpartisan senior advocacy group The Senior Citizens League found that 94% of respondents didn't believe Social Security income should be taxed.

Eliminating this tax would increase net benefits for about half of all retired-worker beneficiaries -- but it would also have undesirable consequences for Social Security.

Trump's proposal to improve Social Security would significantly worsen its outlook

A proposal to remove the tax on Social Security benefits would have overwhelming support from retirees currently receiving benefits and likely garner plenty of support from future beneficiaries. But moving forward with such a proposal would have deleterious effects on Social Security's financial health.

In 2023, Social Security collected a little over $1.35 trillion in income. Though an aforementioned 91% came from the 12.4% payroll tax on earned income (applicable up to $176,100 in 2025), the remainder traces back to the interest income earned on the program's asset reserves, as well as the taxation of benefits.

With the OASI's asset reserves shrinking with each passing year due to demographic shifts, interest income will be a less-meaningful income source over time. Meanwhile, the importance of taxing benefits as a source of Social Security income has only grown over time.

The income generated from taxing Social Security benefits has increased significantly over four decades. U.S. Old-Age, Survivors, and Disability Insurance Trust Fund Income from Taxation of Benefits Receipts data by YCharts.

If the tax on benefits is eliminated, the 2024 Trustees Report estimates that $943.9 billion in income would be lost from 2024 through 2033. This would almost certainly speed up the timeline to the OASI's asset reserve depletion date, as well as potentially increase the percentage that benefits would need to be cut (beyond the estimated 21%) to sustain payouts through 2098 without any further reductions.

Perhaps the saving grace for Social Security's financial health is that President Trump can't amend the program through an executive order. Amending the Social Security Act requires 60 votes in the upper house of Congress. The thing is, neither Democrats nor Republicans have held a supermajority of seats (60) in the Senate since 1979, so any major overhauls to Social Security will require bipartisan support.

Although ending the tax on benefits is wildly popular with seniors, it's fiscally irresponsible and would further cripple an already struggling program. It's highly unlikely the president will find any support from Democrats in the Senate, and it's not even clear if all 53 GOP senators would support such a proposal.

Despite all the hoopla surrounding Trump's popular proposal, it has almost no chance of being enacted.

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Whenever I get a new credit card, the first thing I do is set up auto-pay.

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It's a no-brainer -- it guarantees I'll never miss a payment by accident, and the bank just pulls the money straight from my checking account.

But choosing the wrong auto-pay settings (or just accepting the bank's default) can cost you big time. If you're not careful, you could end up only paying the minimum due -- while the rest of your balance racks up interest.

Here's how to make sure auto-pay is actually working for you.

Understanding your auto-pay options

When you set up auto-pay, most banks offer a few choices:

• Pay the minimum payment (usually 1% to 3% of your balance)
• Pay the statement balance (everything you owed last billing cycle)
• Pay the current balance (everything you owe up to that time)

If you're not paying attention, it's really easy to choose "minimum payment." But this means over 95% of your statement rolls over to the next month. Next, interest is charged, typically compounding daily, and things get ugly real quick.

Best practices when setting up auto-pay

Here are a few tips for when you set up auto-pay:

1. Choose "pay statement balance" (if possible). This pays off what you owed last cycle, on time, every time. You'll avoid paying any interest, and you don't need to pay for today's new purchases yet.
2. Set up "pay current balance" if you're a heavy spender. This will pay everything you owe -- including recent charges -- so you're fully caught up. As a side benefit, this keeps your credit utilization as low as possible, which helps your credit score.
3. Double-check your bank's default setting. Before finalizing, make sure you're not accidentally locked into minimum payments.
4. Set a reminder a few days before due dates. Even with auto-pay, it's smart to eyeball your checking account balance and make sure you've definitely got the funds to cover your payment.

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What happens if you only pay the minimum

Here's an example of the consequences of only making minimum payments:

My wife and I usually put about $3,500 a month on our credit cards. Let's say we only paid the minimum -- maybe 2% of the balance, or about $70.

The rest of the balance would roll over and start racking up interest. My credit card APR sits at about 22% right now, so this means I'll pay $63 in interest the first month.

And if we kept rolling that balance over without paying it off? We'd fork over hundreds -- even thousands -- of dollars in interest over the course of a year (while also racking up a ridiculous balance!)

Smart habits, bigger wins

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Shares of AppLovin (NASDAQ: APP), an adtech company, spiked by 12.4% this week, according to data compiled by S&P Global Market Intelligence, after the company reported better-than-expected revenue and earnings and said it would sell its gaming division.

The sale will not only generate cash for AppLovin, but allow the company to focus more on its adtech business, which is the company's fastest-growing segment.

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Investors may also be responding to the AppLovin CEO's blog post expressing interest in merging with TikTok Global (for assets outside of China). No official deal has been announced, and the company said the move is admittedly "a long shot."

Investors are lovin' the company's momentum

AppLovin reported earnings per share of $1.67 in the first quarter (which ended March 31), up 149% from the year-ago quarter and ahead of Wall Street's consensus estimate of $1.45. The company's revenue of $1.48 billion also outpaced analysts' average estimate of $1.38 billion and was a 40% increase from the year-ago quarter.

Sales from the company's important advertising segment were also impressive, rising 71% in the quarter to $1.16 billion. The company's apps revenue declined by 14% to just $325 million.

But investors weren't worried about the company's app revenue decline because AppLovin announced that it's selling its mobile gaming business to Tripledot Studios. The move will give AppLovin $400 million in cash, a nearly 20% ownership stake in Tripledot, and allow the company to leave its apps business behind and focus its attention on advertising. The deal is expected to close in the second quarter.

A moonshot move

As if it weren't a big enough quarter already for AppLovin, the company's CEO Adam Foroughi wrote in a blog post yesterday that his company is pursuing TikTok Global in an effort to merge with the company, specifically for all assets outside of China.

The company said it's pursuing a merger, not a buyout, and that the combined company could boost TikTok's annual revenue from its current ad revenue of $20 billion and help it reach $80 billion annually.

But investors should know that AppLovin admits the merger proposition is a long shot. Foroughi said:

Let's be clear: this is a long shot. But building one of the world's best advertising AI models was also a long shot, yet we did it. We're not here for small bets. Our goal is to build a massive business that creates value for the world and our shareholders.

Investors should be pleased with the company's latest results and the sale of its gaming division. The company is focused on its expanding its ad business and, without or without a TikTok deal, AppLovin appears to be on the right track.

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Since hitting a peak in January, the S&P 500 index has traded down, and is currently 14% off that record (as of April 22). President Donald Trump's economic policies, particularly around trade and tariffs, are causing a lot of uncertainty.

For individual investors, it can be scary to see the value of their portfolios declining. However, it's crucial to remain optimistic over the long term. Now might be a great time to put money to work.

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The stock market is in the midst of a sell-off. The best investors should still consider buying my top Vanguard exchange-traded fund (ETF) with $2,000 right now.

A simple way to diversify

The S&P 500 is the most closely watched index for a good reason. This benchmark contains some of the largest companies in the U.S., and it represents about 80% of the total market value of all stocks that trade on exchanges in this country.

I view the Vanguard S&P 500 ETF (NYSEMKT: VOO) as one of the best ways for investors to gain exposure to the performance of the S&P 500. It's a simple way to automatically diversify your portfolio.

The ETF contains businesses in every sector, ranging from communication services and consumer discretionary to real estate and utilities. And it has exposure to some of the most dominant companies.

The ETF is offered by Vanguard, a pioneer in the industry that's been around since 1975. With total assets under management of $10.4 trillion (as of Jan. 31), this is a very reputable company to entrust with your hard-earned savings.

Double-digit returns at a low cost

In 2023 and 2024, the S&P 500 produced a total return of 26% and 25%, respectively. These gains were fantastic, but investors shouldn't expect this type of performance to continue. Instead, it's more reasonable to assume that we'll see a reversion to the mean.

In the past decade, the Vanguard S&P 500 ETF has generated a total annualized return of 11.3%. If we zoom out even further, the S&P 500 has typically put up a 10% yearly return. Looking ahead, it's best to have a more tempered outlook, with a double-digit gain certainly in the cards.

It's hard to complain about these kinds of results. Data shows that the vast majority of active fund managers, so-called professionals in the investment management industry, lose to the S&P 500 over an extended period. And in doing so, they still charge high fees to clients.

The Vanguard S&P 500 ETF is somewhat of a no-brainer investment option when viewed in this light. It carries a tiny expense ratio of 0.03%. On a $2,000 investment, only $0.60 goes to Vanguard to cover its overhead expenses. That's a great deal.

Keep the right mindset

There's a lot of fear right now among investors. No one is sure how the tariff situation will play out. And people are worried about a recession in the near future. It can make sense that investors would be hesitant to put money to work. However, it's important to always maintain a long-term mindset.

There have been numerous bear markets and corrections in the past. And every single time, the S&P 500 has ultimately recovered to reach a new high. The lesson for investors is to accept that drawdowns are normal. Moreover, the best times to invest are when everyone else seems to be running for the exits.

Investing $2,000 right now in the Vanguard S&P 500 ETF is a smart decision that will benefit you in the long run.

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Neil Patel has positions in Vanguard S&P 500 ETF. The Motley Fool has positions in and recommends Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy.

Shares of e-commerce giant Amazon (NASDAQ: AMZN) spiked today on news that President Donald Trump's administration is willing to ratchet down its trade war with China. Specifically, The Wall Street Journal is reporting the administration may cut import tariff on goods from China by more than half.

Treasury Secretary Scott Bessent's comments today that there "will be a de-escalation" between China and the U.S. also helped send stocks soaring.

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Amazon stock was up by roughly 5% as of 12:45 p.m. ET.

145% tariffs no more?

While nothing has been formally announced, WSJ reported that a senior White House official said that the Trump administration is likely to reduce China tariffs to between 50% and 65%. The potential shift in tariffs may also include a tiered system in which some imports that aren't considered a threat to national security would receive a lower tariff.

This comes after Trump said yesterday that the 145% tariffs on China are "very high" and that they won't stay that high, adding that they would come down "substantially." Bessent echoed Trump's sentiment today in a keynote address, saying that China and the U.S. have an opportunity "for a big deal."

In 2024, about 70% of the products sold on Amazon were made in China. Trump's 145% tariffs on Chinese imports could therefore severely impact Amazon's business, with many sellers likely to stop offering products on the platform while others significantly raising prices.

With the Trump administration indicating that it wants to find a way out of this trade war, investors are hoping Amazon's e-commerce business will benefit.

Less rhetoric; more deals

Investors will still have to wait and see what, if any, tariff deals are reached with China. Any wavering on Trump's part on trade negotiations could send Amazon's stock falling again. Still, it's good to see the administration seemingly wants to de-escalate its trade war with China.

The news comes on the heels of Trump saying yesterday that he has "no intention" of firing Federal Reserve Chairman Jerome Powell. Trump had previously indicated he wanted Powell to be fired because the Fed had decided to keep interest rates steady, instead of cutting them as Trump wants.

The legality of Trump's ability to fire Powell was in question, and investors were worried that trying to do so would cause even more volatility in the market and the economy.

Amazon investors should be happy that the administration appears to be cooling down its tariff threats against China and backing away from threats to the Fed. But it's worth keeping in mind that there's still a lot of tariff and economic uncertainty right now, which will likely lead to more market volatility in the near term.

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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.

If your spouse (or ex-spouse) is still alive and is due to receive Social Security benefits, it pays to look into how much you could receive. Here, we'll cover seven essential things you should know before filing for spousal Social Security benefits.

1. Basic eligibility rules

To be eligible to collect spousal Social Security benefits, the following must be true:

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• Your spouse must have claimed their own retirement benefits. As you'll see below, this rule does not necessarily apply for ex-spouses.
• You're 62 or older. However, there is an exception to this rule. You can collect at any age if you care for a child under the age of 16 or who has a disability and is entitled to benefits based on your spouse's record.
• You haven't earned enough work credit for a Social Security retirement benefit of your own, or you have earned a retirement benefit of your own, but the spousal benefit would be higher.

2. How much you can expect to receive

Your benefit is 50% of the amount your spouse is eligible to receive when they reach full retirement age. For example, if your spouse is scheduled to receive $3,000 per month at full retirement age, your benefit would be $1,500.

If you decide to receive spousal benefits before you reach your full retirement age, your monthly benefit will be permanently reduced.

3. You can find the numbers you're looking for online

The Social Security Administration (SSA) makes all the facts, figures, and some of the services you're looking for available on their site. You only need to create a free and secure my Social Security account.

Here's a breakdown of what you can do with your my Social Security account:

• Get a personalized retirement benefit estimate
• Get proof that you don't receive benefits
• Check your application status
• Get your Social Security statement
• Request a replacement Social Security card
• Upload documents and submit online forms
• Set up or change direct deposit
• Get a Social Security 1099 (SSA-1099) form
• Print a benefit verification letter
• Change your address

4. Here's what happens if your spouse postpones taking Social Security

Let's say your spouse postpones taking Social Security until age 70 to earn delayed retirement credits and increase their monthly benefit. While they'll be collecting more in retirement, your maximum spousal benefit remains 50% of the amount they would have received if they'd retired at full retirement age.

5. What happens if your work record makes you eligible for benefits

If you're eligible for retirement benefits based on your own work record and spousal benefits, you'll need to apply for both. It's called "deemed filing" because once you apply for one of the two benefits, you're deemed to have applied for both. The SSA ensures that you receive the larger of the two benefit amounts.

Here's an example: One partner is eligible for a monthly retirement benefit of $1,500, and because their spouse is eligible to receive $4,000 at full retirement age, their spousal benefit would be $2,000. Since the spousal benefit is higher, that's the amount they receive.

According to the SSA, "If a spouse is eligible for a retirement benefit based on his or her own earnings, and if that benefit is higher than the spousal benefit, then we pay the retirement benefit. Otherwise, we pay the spousal benefit."

6. Divorced? Here's how to know you're still eligible for spousal benefits

Divorce doesn't necessarily mean you're no longer eligible for spousal benefits. Here's how to know you're eligible:

• You were married to your ex for at least 10 years.
• You're currently unmarried.
• You're at least 62.
• Your ex is currently receiving Social Security benefits, or they've reached retirement age and are eligible to receive benefits but have not applied. You can apply if you've been divorced for at least two years.
• If your ex has reached retirement age but hasn't applied for benefits, you can still apply if you've been divorced for two years or more.

7. You can apply online

Whether you're applying for your retirement benefits, a spouse's benefit, or both, the application can be completed online. If you're at least 61 years and 9 months old, visit the Social Security Administration's website to get started.

Planning for retirement is all about feathering your nest to the best of your ability. If collecting spousal Social Security benefits helps maximize your Social Security income, there's no question it's a win.

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