
Tariff revenue impact on Supreme Court ruling against Trump
'The more money coming in, it gets harder and harder for SCOTUS to rule against us,' Bessent said in an interview on Fox Business Network's 'Kudlow.'
Bessent was responding to a question about a case currently in front of the U.S. Court of Appeals for the Federal Circuit in Washington, D.C., which challenges the legality of what Trump calls 'reciprocal' tariffs as well as a separate set of tariffs imposed in February against China, Canada and Mexico. - Reuters

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The Sun
29 minutes ago
- The Sun
Bitcoin surges past $124,000 amid US regulatory shifts
TOKYO: Bitcoin reached an all-time high during early Asian trading on Thursday, climbing above $124,000. The cryptocurrency briefly surpassed $124,500 before pulling back slightly. This surge follows a previous peak set in July, signalling renewed bullish momentum. US stock market gains, including record highs for the S&P 500 and Nasdaq, contributed to Bitcoin's upward trend. Recent US regulatory changes under President Donald Trump have further fuelled the rally. Trump's administration has eased restrictions on banks dealing with crypto firms, previously flagged for reputational risks. Samer Hasn, senior market analyst at noted the favourable conditions for the crypto market. 'President Donald Trump has moved to end restrictions that previously prevented banks from doing business with companies flagged for reputational risk concerns, a category in which crypto firms were often unfairly placed,' he said. Hasn added that Trump may push for deeper crypto integration into the financial system. The Trump family's growing involvement in the sector could accelerate further deregulation. Major corporations, including Trump's media group and Elon Musk's Tesla, are increasing their Bitcoin holdings. Large institutional investors, known as 'whales,' have also driven recent price gains. The cryptocurrency's rally reflects broader optimism in digital asset adoption. - AFP


The Star
2 hours ago
- The Star
Ukraine's Zelenskiy to meet UK PM in London ahead of Trump-Putin summit
Ukrainian President Volodymyr Zelenskiy shakes hands with British Prime Minister Keir Starmer at 10 Downing Street, in London, Britain, June 23, 2025. REUTERS/Jaimi Joy/File Photo LONDON (Reuters) -Ukrainian President Volodymyr Zelenskiy is due in London to meet British Prime Minister Keir Starmer on Thursday, to take stock ahead of U.S. President Donald Trump's key talks with Russian President Vladimir Putin in Alaska on Friday. Zelenskiy, who was in Germany on Wednesday, has been working with European leaders to press Trump not to allow Putin to carve up Ukraine's territory at the Alaska summit. He is due to meet Starmer at 9.30 a.m. local time (0830 GMT) at the British premier's official residence, 10 Downing Street. On Wednesday, Trump joined a Germany-hosted virtual meeting with European leaders, including Zelenskiy, who sought to set red lines ahead of the summit on ending the war in Ukraine. Zelenskiy said he warned Trump that the Russian leader was "bluffing" about his desire to end the war. Trump later threatened "severe consequences" if Putin does not agree to peace in Ukraine and while he did not specify what the consequences could be, he has warned of economic sanctions if his meeting on Friday proves fruitless. The comments and the outcome of the virtual conference on Wednesday could provide encouragement for Kyiv ahead of the summit. Trump described the aim of his talks with Putin in Alaska as "setting the table" for a quick follow-up that would include Zelenskiy. "If the first one goes okay, we'll have a quick second one," Trump said. "I would like to do it almost immediately, and we'll have a quick second meeting between President Putin and President Zelenskiy and myself, if they'd like to have me there." Britain, France and Germany, the co-chairs of the so-called "Coalition of the Willing", set out their position on the pathway to a ceasefire in Ukraine in a statement released after Wednesday's virtual meeting. (Reporting by Catarina Demony in London; Editing by Kate Holton and Philippa Fletcher)


The Sun
3 hours ago
- The Sun
Oil climbs on supply risks; weak fundamentals weigh
TOKYO: Oil prices climbed on Thursday as investors remain cautious the U.S.-Russia summit on Ukraine on Friday will lead to a loosening of Russian crude sanctions and may even result in further action against buyers, while a weak market outlook capped gains. Brent crude futures were up 24 cents, or 0.37%, at $65.87 a barrel at 0356 GMT, while U.S. West Texas Intermediate crude futures rose 21 cents, or 0.34%, to $62.85. Both contracts hit their lowest in two months on Wednesday after bearish supply guidance from the U.S. government and the International Energy Agency (IEA). Trump on Wednesday threatened 'severe consequences' if Putin does not agree to peace in Ukraine. Trump did not specify what the consequences could be, but he has warned of economic sanctions if the meeting in Alaska on Friday proves fruitless. 'The uncertainty of U.S.-Russia peace talks continues to add a bullish risk premium given Russian oil buyers could face more economic pressure,' Rystad Energy said in a client note. 'How Ukraine-Russia crisis resolves and Russia flows change could bring some unexpected surprises.' Trump has threatened to enact secondary tariffs on buyers of Russian crude, primarily China and India, if Russia continues with its war in Ukraine. 'Clearly there's upside risk for the market if little progress is made' on a ceasefire,' said Warren Patterson, head of commodities strategy at ING, in a note. The expected oil surplus through the latter part of this year and 2026, combined with spare capacity from the Organization of the Petroleum Exporting Countries, means that the market should be able to manage the impact of secondary tariffs on India, Patterson said. But things become more difficult if we see secondary tariffs on other key buyers of Russian crude oil, including China and Turkey, he said. Expectations the U.S. Federal Reserve will cut rates in September is also supportive for oil. Traders are almost 100% agreed a cut will happen after U.S. inflation increased at a moderate pace in July. Treasury Secretary Scott Bessent said he thought an aggressive half-point cut was possible given recent weak employment numbers. The market is putting the odds of a quarter-percentage point cut at the Fed's September 16-17 meeting at 99.9%, according to the CME FedWatch tool. Lower borrowing rates would drive demand for oil. Oil prices were kept in check as crude inventories in the United States unexpectedly rose by 3 million barrels in the week ended on August 8, according to the U.S. Energy Information Administration on Wednesday. Also holding oil prices back was an International Energy Agency forecast that 2025 and 2026 global supply would rise more rapidly than expected, as OPEC and its allies increase output and production from outside the group grows - REUTERS