LA Times Today: Those rebuilding after L.A. fires will likely face higher lumber prices as Trump tariffs loom
How much could it cost us? Economics reporter Don Lee joined Lisa McRee with details.
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Yahoo
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- Yahoo
Brazil urges trade talks with U.S. after Trump tariff hike
BRASILIA/SAO PAULO (Reuters) -Brazil on Wednesday urged the U.S. to respond to a trade proposal submitted in May, reaffirming its openness to a "mutually acceptable" deal after U.S. President Donald Trump announced a 50% tariff on Brazilian goods starting in August. In a joint statement, Brazil's Foreign Affairs Ministry and the Ministry of Development said the government had sent a letter on Tuesday, reinforcing its May 16 negotiating proposal. Vice President Geraldo Alckmin noted on Monday that the May offer had gone unanswered. "In light of the urgency of the matter, the Brazilian government reiterates its interest in receiving comments from the U.S. government on the proposal," the statement said, suggesting there were "areas of negotiation where we could further explore mutually agreed solutions." Brazil also expressed "indignation" at the planned increase in tariffs from 10% to 50% on its exports to the United States, warning of a "very negative" impact on both economies. The letter from Brasilia also noted that Latin America's largest economy has run persistent trade deficits with the United States in both goods and services, totaling nearly $410 billion over the past 15 years. The statement came a day after U.S. Trade Representative Jamieson Greer announced an investigation into what he described as Brazil's "unfair" trade practices. Brazil's Solicitor General Jorge Messias said on Wednesday that the U.S. had apparently launched that probe because of the weakness of the initial U.S. case for imposing the 50% tariffs. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
3 minutes ago
- CNN
Trump says it's ‘highly unlikely' he'll fire Powell after suggesting otherwise in meeting with lawmakers
President Donald Trump said Wednesday it's 'highly unlikely' that he'll fire Federal Reserve Chair Jerome Powell after signaling otherwise a day earlier in a private meeting with lawmakers. The mixed messages come as the administration has sought to build maximum pressure on the chair, whom Trump would very much like out of his job, even if he's reluctant to decree his termination. When asked if he has completely ruled out firing Powell, Trump told reporters in the Oval Office that he never rules anything out but it was 'highly unlikely.' But he offered an important caveat: 'Unless he has to leave for fraud.' Behind closed doors, the president has seemed more intent on axing the chair, who's been a frequent target of his ire, particularly for not lowering interest rates fast enough. In a meeting with lawmakers on Tuesday, he polled them about whether he should fire Powell, a senior White House official told CNN. And he told them that he was going to fire him – maybe Wednesday – pointing to the $2.5 billion renovation plan at the Federal Reserve building, which he claimed he was not happy about, according to a source briefed on the president's remarks in the meeting. He even gestured toward a document he said was a letter firing Powell, according to a person in the room. Another person familiar with the meeting said Trump appeared intent on getting rid of Powell and was enthused by the reception from the lawmakers who were encouraging him to fire the chair. Trump confirmed to reporters on Wednesday that he'd asked lawmakers about the 'concept' of firing Powell, saying the ones he asked were largely in favor. But he called reports that he planned to fire Powell 'not true.' Trump on Tuesday evening had suggested the building renovation plan might be sufficient cause to fire Powell — an escalation of his criticism of the Fed chair. But multiple sources said that it was unclear that anything was imminent in terms of firing. Trump has often made threats behind closed doors that he intends to fire individuals, including Powell. 'He's just toying with the idea right now,' another White House official noted. This is a developing story and will be updated.
Business Insider
3 minutes ago
- Business Insider
Crypto prices are jumping on hopes that Congress is about to mark a major legislative win for the market
Crypto prices rose on Wednesday as the market looked toward the possible passage of a landmark crypto bill in the US House of Representatives. Halfway through crypto week, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act appears to have garnered enough support to pass. The news sparked momentum for many cryptos, including Bitcoin, Ethereum and Solana, as well as crypto stocks Circle and Coinbase. Bitcoin jumped 2% around midday, ethereum was up almost 7%, and Circle and Coinbase rallied 14% and 3%, respectively. Despite 12 Republican lawmakers initially hesitating to vote in favor of the stablecoin bill, President Donald Trump said late Tuesday that they had changed their minds. In a Truth Social post, he said that eleven members of Congress had agreed to vote for the Genius Act to pass and would do so the following morning. Trump has also said that House Speaker Mike Johnson "looks forward to taking the Vote as early as possible." The Genius Act would establish a federal regulatory framework for stablecoins, a type of crypto pegged to a fiat currency such as the US dollar. The latest burst of momentum for the bill has pushed up stocks with high stablecoin exposure, including Circle Internet Group and Coinbase Global. Two other crypto bills, the CLARITY Act and Anti-CBDC Surveillance State Act, are also expected to be voted on this week. The former would establish a regulatory framework for digital assets in the US, and the latter would prevent the Federal Reserve from issuing its own currency. These bills haven't progressed as quickly as the Genius Act. However, House Majority Leader Steve Scalise has stated that he expects Congress to vote on all three on Wednesday. "We're back on track. And exactly what the combination will be, we're talking through that, but all three bills will be encompassed in the work we do today," he said. House Majority Whip Tom Emmer added that he believes all three bills will pass when they come to a vote, though the exact timing remains unclear. "With Bitcoin approaching new all-time highs, we anticipate a confluence of factors driving renewed momentum in crypto," stated James Wo, founder and CEO of Digital Finance Group. "The combination of increasing regulatory clarity and favorable macroeconomic conditions could mark a pivotal moment for industry growth and mainstream adoption."
