Hayes on Trump's efforts to destroy FEMA ahead of hurricane season
Chris Hayes addresses Trump's efforts to "dismantle and destroy" FEMA, despite the president's abundant campaign promises in 2024 to states ravaged by Hurricane Helene.
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Associated Press
20 minutes ago
- Associated Press
EU readying 'countermeasures' if tariffs deal with US crumbles
BARCELONA (AP) — The European Union on Monday said it is preparing 'countermeasures' against the United States after the Trump administration's surprise tariffs on steel rattled global markets and complicated the ongoing wider tariff negotiations between Brussels and Washington. EU Commission President Ursula von der Leyen and U.S. President Donald Trump agreed last week to 'accelerate talks' on a deal, but that if those trade negotiations fail 'then we are also prepared to accelerate our work on the defensive side,' European Commission spokesperson Olof Gill told a press conference in Brussels. 'In the event that our negotiations do not lead to a balanced outcome, the EU is prepared to impose countermeasures, including in response to this latest tariff increase,' Gill said. He said the EU is finalizing an 'expanded list of countermeasures' that would 'automatically take effect on July 14 or earlier.' That's the date when a 90-day pause, intended to ease negotiations, ends in tariffs announced by the two economic powerhouses on each other. About halfway through that grace period, Trump announced a 50% tariffs on steel imports. Trump's return to the White House has come with an unrivaled barrage of tariffs, with levies threatened, added and, often, taken away. Top officials at the EU's executive commission says they're pushing hard for a trade deal to avoid a 50% tariff on imported goods. The EU could possibly buy more liquefied natural gas and defense items from the U.S., as well as lower duties on cars, but it isn't likely to budge on calls to scrap the value added tax — which is akin to a sales tax — or open up the EU to American beef. The EU has offered the US a 'zero for zero' outcome in which tariffs would be removed on both sides industrial goods including autos. Trump has dismissed that but EU officials have said it's still on the table. The announcement Friday of a staggering 50% levy on steel imports stoked fear that big-ticket purchases from cars to washing machines to houses could see major price increases. But those metals are so ubiquitous in packaging, they're likely to pack a punch across consumer products from soup to nuts.
Yahoo
21 minutes ago
- Yahoo
US Dollar: This Week's Labor Data May Offer Support Despite Lingering Trade Fears
The US Dollar fell sharply below 99 amid rising geopolitical and trade tensions. Trump's tariff hike risks reigniting trade wars, raising doubts about the US-China trade truce. Key US economic data this week, especially Friday's nonfarm payrolls, will influence the dollar's path. Looking for actionable trade ideas to navigate the current market volatility? Subscribe here to unlock access to InvestingPro's AI-selected stock winners. The US Dollar started the week with a sharp drop, falling below the 99 level and testing last week's lows. Rising geopolitical tensions, stricter US trade policies, and a packed US economic data schedule have made investors more cautious. Although the dollar saw some small gains last week, it lost those gains quickly this week due to growing political and economic uncertainty. The pressure on the US Dollar is mainly due to President Donald Trump's announcement that tariffs on steel and aluminum imports will rise from 25% to 50% starting June 4. This decision has raised fears that trade wars could return, weakening investor confidence. The move also cast doubt on the temporary trade truce reached with China in Switzerland last month. Trump accused China of breaking the deal, but China strongly denied it. It is still unclear whether the two leaders will meet soon. Kevin Hassett, head of the US National Economic Council, said a meeting between Trump and Chinese President Xi Jinping could happen later this week. However, markets are treating this possibility with caution. Some analysts believe the US does not plan to remove tariffs completely, but the lack of clear direction is adding long-term uncertainty. The dollar index is also under pressure from concerns about slowing US growth. According to Morgan Stanley (NYSE:MS), the US economy may weaken by mid-next year, leading to expected interest rate cuts. The bank predicts the dollar index (DXY) could drop nearly 9% to around 91—a level last seen during the pandemic. The economic data scheduled for this week will be key to where the US dollar heads next. Today, markets will watch both the US ISM manufacturing PMI and manufacturing PMI data from the Eurozone. Speeches from Federal Reserve members will also be closely followed for any hints about future interest rate moves. On Wednesday, the ADP private sector employment report and the Fed's Beige Book will be released. On Thursday, the foreign trade balance and unemployment claims data will come out. The most important data point of the week will be the US nonfarm payrolls report on Friday. These reports could strongly influence the Fed's short-term policy decisions. Analysts expect job growth to slow, but the unemployment rate is likely to hold steady at 4.2%. If the data show the labor market remains strong, fears of a recession may ease, and the dollar could bounce back. On the other hand, weaker job numbers may add more pressure on the dollar. Tensions on the geopolitical front are adding to the pressure on the US dollar. Over the weekend, Ukraine carried out a large drone strike on Russian military sites, reportedly damaging nearly 40 bombers. This renewed conflict has pushed investors toward safer assets. How Russia will respond remains uncertain. Talks are expected to take place in Istanbul, but the latest attacks raise doubts about the success of any diplomatic progress. Meanwhile, markets are also watching the European Central Bank's meeting on Thursday. The ECB is expected to cut interest rates by 25 basis points. While this puts some pressure on the euro, the move may still support the euro against the dollar, given the political and economic uncertainty in the US. In short, the dollar index is currently weighed down by trade tensions and signs of economic weakness. Geopolitical risks, unclear Fed policy, and especially renewed friction between the US and China will shape its direction. Friday's nonfarm payrolls data will be one of the most important indicators this week. Although the US Dollar slowed its downward trend last week, the developments over the weekend put pressure on the index again. As the US Dollar lost its intermediate support at 99, it started to slide below the level where it has found support since April. The current trend may lead the US Dollar to test the 97.90 level once again this week. On a weekly close below this level, the index will return to the falling channel that originated in February. Thus, in the coming months, we may see that the downtrend may continue towards the 95 region and then towards the 92 level. However, the easing of trade tensions and the data releases this week that are supportive of the US economy may help the US Dollar to find support in the 98 region again. In upward moves, daily closes above 99.65 can be followed as a sign of recovery. Then, the index may be expected to move towards the 100-102 region. However, the current outlook suggests that the US Dollar may continue its downward trend rather than a recovery. *** Be sure to check out InvestingPro to stay in sync with the market trend and what it means for your trading. Whether you're a novice investor or a seasoned trader, leveraging InvestingPro can unlock a world of investment opportunities while minimizing risks amid the challenging market AI: AI-selected stock winners with a proven track record. InvestingPro Fair Value: Instantly find out if a stock is underpriced or overvalued. Advanced Stock Screener: Search for the best stocks based on hundreds of selected filters and criteria. Top Ideas: See what stocks billionaire investors such as Warren Buffett, Michael Burry, and George Soros are buying. This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk rests with the investor. We also do not provide any investment advisory services. Related articles US Dollar: This Week's Labor Data May Offer Support Despite Lingering Trade Fears US Dollar: Downside Risks Rise Amid Downbeat Economic Data Ahead of PCE This Week EUR/USD: Upside Momentum Builds as Rate Cut Delay Sparks Weakness in US Dollar Error in retrieving data Sign in to access your portfolio Error in retrieving data
Fast Company
21 minutes ago
- Fast Company
From immigration law to business success: Navigating the challenges for foreign business in the U.S.
As a U.S. business immigration attorney and founder of Grape Law Firm PLLC, I have worked with many foreign entrepreneurs who have achieved lasting success in the United States. Establishing and scaling a company here requires time, effort, and strategic planning to navigate a complex web of immigration regulations and compliance requirements. COMMON LEGAL HURDLES IN SECURING EMPLOYEE VISAS The primary challenge faced by businesspeople is securing a legal presence in the United States. This means obtaining the appropriate visa or status for both entrepreneurs and their essential personnel. However, the process of business immigration to the U.S. is often a challenging adventure. According to the 2024 CIS Ombudsman Annual Report, from initial market entry to business expansion—and even to permanent establishment—the complexities of business immigration affect entrepreneurs at every stage of their U.S. journey. They face significant challenges in documenting the viability of their enterprises to immigration officials while managing their immigration status to meet the changing needs of the business ecosystem. NAVIGATING VISA PATHWAYS FOR BUSINESS GROWTH As business immigration attorneys, one of our primary duties is to help our clients choose the most suitable visa for their business vision and goals. The selection of the appropriate visa is the foundation on which a successful application strategy is built and is an investment in the company's long-term growth. It is imperative for entrepreneurs to understand that various options exist for starting new businesses in the United States or expanding existing operations. Each visa category has its own distinct advantages and considerations based on differing business needs. For instance, the E‑1 Treaty Trader and the E‑2 Treaty Investor visas are viable options for entrepreneurs. These visa categories cater to foreign traders and investors who are citizens of treaty countries—countries that have treaty agreements with the U.S. Traders must engage in continuous trade with the United States, and the U.S. must be their primary trading partner. Conversely, investors must make substantial investments through new or existing enterprises. Both the E‑1 and E‑2 visas can support long-term, sustainable business ventures in the United States (each is valid for up to five years and can be extended indefinitely), provided that they spur economic progress in their respective industries and investment areas. Furthermore, the L‑1 Intracompany Transferee visa is an ideal choice for international companies planning to expand to the U.S. The L‑1 visa allows foreign companies to transfer their managerial or executive employees for new office openings, thereby facilitating the establishment of operations in the United States. However, a potential downside is that the L‑1 visa requires rigorous application preparation—a thorough case file must be compiled, followed by consistently detailed documentation of organizational development and business growth metrics, especially during the first three years of operations. A CASE IN POINT One case from our L‑1 visa practice perfectly illustrates these complexities. As a seasoned professional in the scaffolding industry, our client's initial L‑1 New Office visa application succeeded through careful preparation and a comprehensive five‑year business plan. However, the real challenges emerged during the extension phase. When she sought to extend her L‑1 visa with different legal counsel, she faced a rigorous Request for Evidence (RFE) from USCIS that scrutinized every aspect of her business operations. The RFE questioned not only the structure, but also its growth trajectory and staffing decisions—common challenges that many foreign businesses face in proving the legitimacy and sustainability of their operations. The industry's unique characteristics, including its project‑based nature and specialized staffing requirements, made it particularly challenging to conform to USCIS's traditional expectations for business development. Her case is a stark reminder for prospective entrepreneurs that experienced immigration counsel can provide needed guidance throughout the ups and downs of their U.S. immigration journey. Entrepreneurs must acknowledge that deciding on the right visa type is more than an entry ticket to the United States—a visa is the key to legal rights, business investments, and financial aspirations that influence one's life in the U.S. BUILDING A FOUNDATION FOR LONG-TERM SUCCESS The U.S. business immigration ecosystem is ever-changing and demands legal acumen in business planning—integrating proactive immigration solutions from the very beginning. To achieve lasting success, entrepreneurs need expert legal guidance to navigate the complex steps of immigration and adapt to any changes or updates in the immigration system. Beyond legal counsel, success often hinges on comprehensive preparation and strategic planning. Maintaining detailed business documentation from day one proves crucial for immigration success. Successful immigrant entrepreneurs often distinguish themselves through meticulous record-keeping of business transactions, employee contracts, and market analyses that demonstrate their enterprise's viability. Early strategic planning should include developing detailed business projections, establishing clear organizational structures, and creating systems for tracking achievements and metrics. These elements strengthen visa applications and create a foundation for sustainable growth. Networking within industry associations and chambers of commerce can provide valuable insights into immigration processes and business development. Furthermore, entrepreneurs who actively participate in their industry's ecosystem often find themselves better positioned to demonstrate their legitimacy to immigration authorities. This comprehensive approach, combining thorough documentation with strategic foresight, guarantees that immigration planning aligns with business goals while maintaining strict compliance with U.S. regulations. As we look to the future, business expansion into the United States and immigration to the country will only become more interlinked. In that regard, the aforementioned success story of our entrepreneur client is an excellent example—showcasing that viewing immigration not as a hurdle but as a strategic tool is essential for success. Always remember: proper planning, combined with expert guidance, can transform potential obstacles into opportunities for growth in the American market. The key to sustainable success lies in developing a nuanced understanding of how immigration pathways can support business objectives while ensuring compliance with regulatory requirements.
