Eurozone Investor Sentiment Nosedives as Market Rout Intensifies
Investor sentiment for the eurozone has plummeted after U.S. President Trump's tariff announcement and ensuing market turmoil, according to a monthly sentiment survey published Monday.
The Sentix economic index, which surveyed 1,127 investors between Thursday and Saturday, hit its lowest value since October 2023, falling to minus 19.5 this month from minus 2.9 in March. Trump revealed the latest tariffs on Wednesday, with markets globally experiencing severe declines in each following session.
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The Hill
39 minutes ago
- The Hill
Outdated apprenticeship laws are keeping Americans out of work
The U.S. is in the throes of a skilled-labor shortage. One answer to this problem is centuries old: apprenticeships. Apprenticeships can fill jobs and add a rung to the ladder of opportunity for people who cannot afford college. Yet many states lift that ladder out of reach by giving preferential treatment to existing apprenticeship programs over proposed new programs. That can change through legislation, federal executive action and litigation. Many trades train new workers through apprenticeship programs, where people learn on the job while earning a paycheck. But laws regulating apprenticeships have long stifled the creation of new programs that could train more needed workers. One example is the 'needs test.' In multiple states, proposed apprenticeship programs must show that there is a local 'need' for their program. This means that existing programs are protected against competition from new programs based on the theory that existing programs already meet industry needs. Some states even go so far as to allow established programs to file objections against proposed new programs. These 'competitors' vetoes' treat apprenticeship programs unequally, favoring established players (and their affiliated labor unions) over newcomers. Workers miss out on opportunities, consumers face increased costs and the labor shortage drags on. Beyond legislative reform, there are two ways to push back against these unfair laws: federal executive action and constitutional litigation. The National Apprenticeship Act, also known as the Fitzgerald Act, empowers the secretary of Labor to cooperate with states' labor agencies to promote standards for apprenticeships and increase apprenticeship opportunities. Department of Labor regulations create a system where state authorities can act on behalf of the department to register apprenticeship programs for federal purposes — that is, providing apprentice labor for projects operating under federal contracts or grants. The state's laws must meet certain requirements for the state to be eligible. This dynamic gives the Labor Department leverage over state laws that restrict access to apprenticeship opportunities. In 2007, for example, the Labor Department ended its partnership with California's apprenticeship agency due to the creation of a needs test. The department reasoned that the test 'limited, rather than promoted, apprenticeship opportunity.' Despite this, other states with similar needs tests remain federal partners. The first Trump administration sought to promote apprenticeship opportunities, and the second should follow this by pressuring states to drop needs tests in return for continued or renewed partnerships. There's also a constitutional path. Pacific Legal Foundation, where we work, brought a 2012 lawsuit challenging California's needs test, but the law was upheld in a Ninth Circuit decision in a different case the following year. Multiple courts have held that governments cannot shelter established businesses against competition from newcomers, but the Ninth Circuit upheld the needs test on the faulty premise that apprentices may need to have post-apprentice job opportunities protected. This justification holds no water in a climate with an insufficient supply of skilled workers. This reflects a sad trend in the law: Your right to earn a living for your family takes a backseat to lawmakers' favored interest groups. Your right to seek education so you can earn a living deserves just as much respect as many other rights we hold dear, like your right to speak freely. To paraphrase a Supreme Court decision, your need to feed your family 'may be as keen, if not keener by far, than [your] interest in the day's most urgent political debate.' This is especially true for those struggling to make ends meet. Too often, politicians believe that we need to adopt laws that shower marginalized groups with handouts and special favors. But what people really need is a fair shake — a chance to learn a trade and climb the ladder of opportunity. Yet the law often raises that ladder beyond reach. Leveling the playing field for apprenticeship programs will do far more than handouts to empower people to achieve the American Dream. Something is deeply wrong when we do not have enough workers at the same time families are struggling to put food on the table. We can address both problems by promoting apprenticeship programs. Much reform is needed of apprenticeship laws to maximize the potential these programs can provide. However, doing away with needs tests and giving equal treatment to existing and proposed apprenticeship programs is a good first step toward greater economic opportunity and lower costs for all. David J. Hoffa and Ethan W. Blevins are attorneys at Pacific Legal Foundation, a public interest law firm that defends Americans' liberty against government overreach and abuse.
New York Post
an hour ago
- New York Post
White House reviews SpaceX contracts as Trump-Musk feud simmers, sources say
The White House earlier this month directed the Defense Department and NASA to gather details on billions of dollars in SpaceX contracts following the public blowout between President Donald Trump and billionaire Elon Musk, four people familiar with the order told Reuters. Sparking an ongoing review, the administration ordered the agencies to scrutinize Musk's contracts to prepare possible retaliation against the businessman and his companies, these people said. As Reuters reported on Thursday, Pentagon officials are simultaneously considering whether to reduce the role that SpaceX, Musk's space and satellite company, may win in an ambitious new U.S. missile defense system. Advertisement 5 The White House directed the Defense Department and NASA to gather details on billions of dollars in SpaceX contracts following the blowout between President Donald Trump and billionaire Elon Musk. camrocker – Reuters couldn't determine whether the White House intends to cancel any of the approximately $22 billion in federal contracts SpaceX now has. But the review shows the administration is following through on a threat by Trump during his spat with Musk last week to possibly terminate business and subsidies for Musk's ventures. 'We'll take a look at everything,' the president said, speaking to reporters aboard Air Force One on June 6. Advertisement In an email to Reuters, a White House spokesperson didn't answer questions about Musk's business, saying the 'Trump administration is committed to a rigorous review process for all bids and contracts.' In a separate statement, a spokesperson at NASA said the agency 'will continue to work with our industry partners to ensure the president's objectives in space are met.' Neither SpaceX nor officials at the Defense Department responded to requests for comment. 5 Pentagon officials are simultaneously considering whether to reduce the role that SpaceX, Musk's space and satellite company, may win in an ambitious new U.S. missile defense system. REUTERS The people familiar with the order said the contract scrutiny is intended to give the administration the ability to move fast if Trump decides to act against Musk, who until recently was a senior advisor to the president and the head of the cost-cutting Department of Government Efficiency, or DOGE. The review is 'for political ammunition,' one of the people said. Advertisement Whether the U.S. government could legally, or practically, cancel existing contracts is unclear. But the possibility underscores concerns among governance experts that politics and personal pique could improperly influence matters affecting government coffers, national security, and the public interest. 'There's an irony here that Musk's contracts could be under the same type of subjective political scrutiny that he and his DOGE team have put on thousands of other contracts,' said Scott Amey, a contracting expert and general counsel at the Project on Government Oversight, a watchdog group based in Washington. 'Any decision shouldn't be based on the egos of two men but on the best interests of the public and national security.' 5 Musk's SpaceX in recent years has become a crucial partner of the U.S. government in much of its aerospace and defense work, according to reports. AP 5 A White House spokesperson didn't answer questions about Musk's business, saying the 'Trump administration is committed to a rigorous review process for all bids and contracts,' in response to Reuters. Getty Images Advertisement Musk's SpaceX in recent years has become a crucial partner of the U.S. government in much of its aerospace and defense work, launching satellites and other space cargo and potentially managing a crucial element of the 'Golden Dome' missile shield planned by Trump. Although Musk in recent days has sought to walk back some of his critiques of the president, such as calling for Trump's impeachment last week and linking him to a convicted sex offender, his outbursts nonetheless highlighted the government's reliance on SpaceX. 5 The review shows the administration is following through on a threat by Trump during his spat with Musk last week to possibly terminate business and subsidies for Musk's ventures. AFP via Getty Images Before reversing course, Musk threatened to decommission the company's Dragon spacecraft. The spacecraft, as part of a roughly $5 billion contract with NASA, is the only U.S. vessel currently capable of carrying astronauts to and from the International Space Station. SpaceX is also building a network of hundreds of spy satellites under a classified contract with the National Reconnaissance Office, a U.S. intelligence agency. The contract was a pivotal transaction for SpaceX, deepening its ties with U.S. defense and intelligence services.
UPI
an hour ago
- UPI
Trump approves Nippon Steel purchase of U.S. Steel
1 of 3 | President Donald Trump issued an executive order, officially giving the green light Nippon Steel Corporation's multi-billion-dollar purchase of U.S. Steel Corporation. File Photo by Archie Carpenter/UPI | License Photo June 14 (UPI) -- President Donald Trump issued an executive order on Friday officially giving the green light to Nippon Steel Corporation's multi-billion-dollar purchase of U.S. Steel Corporation. Trump's executive order rescinds a directive issued by former President Joe Biden that blocked the Tokyo-based steel producer's $14.9 billion purchase on national security grounds. The president had been signaling he would approve such a move, stating in May that the two steel giants would form a "planned partnership." Trump previously ordered a review of the transaction by the Committee on Foreign Investment in the United States. "Based on the recommendation of and my review of the materials provided by CFIUS, including re-review of the prior assessment of risk, I additionally find that the threatened impairment to the national security of the United States arising as a result of the Proposed Transaction can be adequately mitigated if the conditions set forth in section 3 of this order are met," Trump wrote in the executive order. "President Trump has approved the Companies' historic partnership that will unleash unprecedented investments in steelmaking in the United States, protecting and creating more than 100,000 jobs," Pennsylvania-based U.S. Steel said in a release jointly issued with Nippon Steel. "We thank President Trump and his Administration for their bold leadership and strong support for our historic partnership. This partnership will bring a massive investment that will support our communities and families for generations to come. We look forward to putting our commitments into action to make American steelmaking and manufacturing great again." Trump's executive order requires both companies to enter into a National Security Agreement, which stipulates $11 billion in new investments must be made in the United States by 2028. That includes an already-underway project not scheduled for completion until after 2028. The United States government will also be issued a golden share as part of the NSA, giving it unique voting rights. "President Trump promised to protect American Steel and American Jobs -- and he has delivered on that promise," White House spokesperson Kush Desai told CNN in a statement. "Today's executive order ensures US Steel will remain in the great Commonwealth of Pennsylvania, and be safeguarded as a critical element of America's national and economic security." Confirmation of the deal comes just over a week after 50% tariffs took effect on metals imported into the United States from nearly all countries. The tariffs were enacted a day after Trump signed an executive order doubling the duties on almost all imported aluminum and steel.
