Politics

Wall Street tumbles after Trump escalates his trade war; S&P 500 sinks 1.2%, and Dow drops 500

NEW YORK (AP) — Wall Street’s sell-off is accelerating after President Donald Trump upped the stakes in his trade war. Not even a double-shot of good news on the U.S. economy could stop the bleeding, and the S&P 500 fell 1.2% Thursday. The index is threatening to close more than 10% below its record, which would be its first such drop since 2023. The Dow Jones Industrial Average fell 507 points, and the Nasdaq composite lost 1.6%. Trump’s escalating trade war is raising worries about the economy’s strength, though reports came in better than expected during the morning on both inflation and joblessness in the United States.… Continue Reading

Trump threatens retaliatory 200% tariff on European wine after EU proposes American whiskey tax

WASHINGTON (AP) — American retailers say President Donald Trump’s threatened 200% tariff on European wine would harm consumers. Holly Seidewand owns First Fill Spirits in New York state and says a tariff war hurts importers, distributors and retailers but “consumers will bear the brunt of it.” Ronnie Sanders is CEO of Vine Street Imports in New Jersey and says customers aren’t prepared to pay two or three times more for their favorite wine. Trump on Thursday called the EU among “the most hostile and abusive taxing and tariffing authorities.” Because of the Republican president’s threat, a previously untariffed $15 bottle of Italian Prosecco could cost $45. The European Commission says Europe wants to “negotiate to avoid tariffs.”… Continue Reading

US resumes military aid and intelligence sharing as Ukraine says it is open to a 30-day ceasefire

JEDDAH, Saudi Arabia (AP) — The Trump administration says it will immediately lift its suspension of military aid to Ukraine and intelligence sharing with Kyiv. The announcement came Tuesday, a week after the measures were imposed to push Ukrainian President Volodymyr Zelenskyy to enter talks to end the war with invading Russian forces. In a joint statement released following a lengthy day of talks between Ukraine and the United States in Saudi Arabia, Ukraine also said it was open to a 30-day ceasefire in the war with Russia, subject to Kremlin agreement. U.S. Secretary of State Marco Rubio and national security adviser Mike Waltz both said the discussions in Jeddah had been positive.… Continue Reading

Trump halts doubling of tariffs on Canadian metals, after Ontario suspends electricity price hikes

WASHINGTON (AP) — President Donald Trump says he will double his planned tariffs on steel and aluminum from 25% to 50% for Canada. He’s escalating a trade war with the United States’ northern neighbor and standing unmoved by recent stock market turmoil and rising recession risks. Trump said on social media that the increase of the tariffs set to take effect on Wednesday is a response to the price hikes that the provincial government of Ontario put on electricity sold to the United States. That prompted Ontario on Tuesday to back down on its planned surcharges on electricity sold to the United States.… Continue Reading

Republicans are marching ahead with a government funding bill despite Democratic opposition

WASHINGTON (AP) — House Speaker Mike Johnson says lawmakers “have to keep the government in operation” as Republicans face a critical test of their unity. A spending bill that would avoid a partial government shutdown and keep federal agencies funded through September is coming up for a vote. Vice President JD Vance visited Capitol Hill to rally support. Johnson is teeing up the bill for a vote as soon as Tuesday despite the lack of buy-in from Democrats, essentially daring them to vote against it and risk a shutdown that would begin Saturday if lawmakers fail to act. Some Senate Democrats are waiting on the House vote before taking their stand. President Donald Trump tells Republicans to “remain UNITED.”… Continue Reading

EPA froze ‘green bank’ funds worth billions, climate group suit says

WASHINGTON (AP) — A nonprofit that was awarded nearly $7 billion by the Biden administration to finance clean energy and climate-friendly projects has sued the Environmental Protection Agency, accusing it of improperly freezing its account. Climate United Fund, a coalition of three nonprofit groups, demanded access to a Citibank account it received through the Greenhouse Gas Reduction Fund, a program created by the 2022 Inflation Reduction Act and more commonly known as the green bank. EPA Administrator Lee Zeldin has accused the Biden administration and fund recipients of misconduct and waste. Climate United said those allegations have no merit. Without access to their account, Climate United said it’s hard to issue loans or even pay staff.… Continue Reading

Judge orders Trump administration to pay nearly $2 billion in USAID and State Dept. debts

WASHINGTON (AP) — A federal judge has given the Trump administration until Monday to pay nearly $2 billion owed to partners of the U.S. Agency for International Development and State Department. Thursday’s decision thaws the administration’s six-week funding freeze on all foreign assistance. U.S. District Judge Amir Ali ruled in favor of nonprofit groups and businesses that sued over the funding freeze, which has forced organizations around the world to slash services and lay off thousands of workers. Ali issued his order a day after a divided Supreme Court rejected the Trump administration’s bid to freeze funding that flowed through USAID.… Continue Reading

Trump reaches 36.6 million television viewers for first address to Congress in second term

NEW YORK (AP) — President Donald Trump reached an estimated 36.6 million television viewers for his address to Congress, the Nielsen company said. That’s up from former President Joe Biden’s 32.2 million in 2024, and the most since Biden reached 38.2 million in 2022. It was a smaller audience than Trump reached for his annual address in any of the four years of his first term, Nielsen said. Fox News Channel, the most popular network for Trump fans, dominated viewing, reaching 10.7 million people. Nielsen said 71% of Trump’s television viewers were 55 and older.… Continue Reading

Trump takes credit for ‘swift and unrelenting’ action in speech to Congress

WASHINGTON (AP) — President Donald Trump is taking credit for “swift and unrelenting action” in reorienting the nation’s economy, immigration and foreign policy as he updates Congress and the American people on his turbulent first few weeks in office. Democratic legislators have immediately registered their dissent with stone faces, placards calling out ’lies,” and one legislator’s ejection. The Republican-led House and Senate have done little to restrain the president as he and his allies work to slash the size of the federal government and remake America’s place in the world. Trump says he is working to “reclaim democracy from this unaccountable bureaucracy” and has threatened federal workers anew with firings if they resist his agenda.… Continue Reading

Zelenskyy calls Oval Office spat with Trump ‘regrettable,’ says he’s ready to work for Ukraine peace

KYIV, Ukraine (AP) — Ukrainian President Volodymyr Zelenskyy says last week’s Oval Office blowup with U.S. counterpart Donald Trump was “regrettable,” and he adds: “It is time to make things right.” His remarks came hours after the White House announced a pause on military aid to Ukraine. In a social media post on X, Zelenskyy said Friday’s White House meeting “did not go the way it was supposed to be.” He added that ”it is time to make things right. We would like future cooperation and communication to be constructive.” He said Ukraine is ready to sign a deal on its rare-earth minerals and security with Washington.… Continue Reading

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