EPA says Trump's big bill should help in its fight to take back billions in green bank funds
Climate United Fund and other nonprofits in March sued the Environmental Protection Agency, its administrator Lee Zeldin and Citibank, which held the program's money. The lawsuit argued the defendants had illegally denied the groups access to billions awarded last year through the Greenhouse Gas Reduction Fund, commonly referred to as a 'green bank.' The program was created by the 2022 Inflation Reduction Act.
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Winnipeg Free Press
31 minutes ago
- Winnipeg Free Press
Musk forms new political party after split with Trump over president's signature tax cuts law
BRIDGEWATER, N.J. (AP) — Elon Musk say he's carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing on X that he is forming the America Party in response to the president's sweeping tax cuts law. Musk, once a ever-present ally to Trump as he headed up the slashing agency known as the Department of Government Efficiency, broke with the Republican president over his signature legislation, which was signed into law Friday. As the bill made its way through Congress, Musk threatened to form the 'America Party' if 'this insane spending bill passes.' 'When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,' Musk said Saturday on X, the social media company he owns. 'Today, the America Party is formed to give you back your freedom.' The formation of new political parties is not uncommon, but they typically struggle to pull any significant support away from the Republican and Democratic parties. But Musk, the world's richest man who spent at least $250 million supporting Trump in the 2024 election, could impact the 2026 elections determining control of Congress if he is willing to spend significant amounts of Monday. His reignited feud with the president could also be costly for Musk, whose businesses rely on billions of dollars in government contracts and publicly traded company Tesla has taken a hit in the market. It wasn't clear whether Musk had taken steps to formally create the new political party. Spokespeople for Musk and his political action committee, America PAC, didn't immediately comment Sunday. As of Sunday morning, there were multiple political parties listed in the Federal Election Commission database that had been formed in the the hours since Musk's Saturday X post with versions of 'America Party' of 'DOGE' or 'X' in the name, or Musk listed among people affiliated with the entity. But none appeared to be authentic, listing contacts for the organization as email addresses such as ' wentsnowboarding@ ″ or untraceable Protonmail addresses. Musk on Sunday spent the morning on X taking feedback from users about the party and indicated he'd use the party to get involved in the 2026 midterm elections. Last month, he threatened to try to oust every member of Congress that voted for Trump's bill. Musk had called the tax breaks and spending cuts package a 'disgusting abomination,' warning it would increase the federal deficit, among other critiques. 'The Republican Party has a clean sweep of the executive, legislative and judicial branches and STILL had the nerve to massively increase the size of government, expanding the national debt by a record FIVE TRILLION DOLLARS,' Musk said Sunday on X. Monday Mornings The latest local business news and a lookahead to the coming week. His critiques of the bill and move to form a political party mark a reversal from May, when his time in the White House was winding down and the head of rocket company SpaceX and electric vehicle maker Tesla said he would spend 'a lot less' on politics in the future. Treasury Secretary Scott Bessent, who clashed with Musk while he ran DOGE, said on CNN's 'State of the Union' on Sunday that DOGE's 'principles' were popular but 'if you look at the polling, Elon was not.' 'I imagine that those board of directors did not like this announcement yesterday and will be encouraging him to focus on his business activities, not his political activities,' he said. ___ Associated Press writer Meg Kinnard in Chapin, South Carolina, contributed to this report.
Toronto Sun
an hour ago
- Toronto Sun
U.S. tariffs on European goods threaten to shake up the world's largest trade relationship
Published Jul 06, 2025 • 5 minute read Lindt Chocolates are seen in store display on April 11, 2025 in Basel, Switzerland. Photo by Sedat Suna / Getty Images FRANKFURT, Germany (AP) — The European Union expects to find out on Monday whether President Donald Trump will impose punishing tariffs on America's largest trade partner in a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Trump imposed a 20% import tax on all EU-made products in early April as part of a set of tariffs targeting countries with which the United States has a trade imbalance. Hours after the nation-specific duties took effect, he put them on hold until July 9 at a standard rate of 10% to quiet financial markets and allow time for negotiations. Expressing displeasure the EU's stance in trade talks, however, Trump said he would increase the tariff rate for European exports to 50%, which could make everything — from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals — much more expensive in the U.S. The EU's executive commission, which handles trade issues for the bloc's 27-member nations, said its leaders hope to strike a deal with the Trump administration. Without one, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes. This advertisement has not loaded yet, but your article continues below. Here are important things to know about trade between the United States and the European Union. U.S.-EU trade is enormous The EU's executive commission describes the trade between the U.S. and the EU as 'the most important commercial relationship in the world.' The value of EU-U.S. trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat. The biggest U.S. export to Europe is crude oil, followed by pharmaceuticals, aircraft, automobiles, and medical and diagnostic equipment. Europe's biggest exports to the U.S. are pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Trump has complained about the EU's 198 billion-euro trade surplus in goods, which shows Americans buy more stuff from European businesses than the other way around. However, American companies fill some of the gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. The U.S. services surplus took the nation's trade deficit with the EU down to 50 billion euros ($59 billion), which represents less than 3% of overall U.S.-EU trade. What are the issues dividing the two sides? Before Trump returned to office, the U.S. and the EU maintained a generally cooperative trade relationship and low tariff levels on both sides. The U.S. rate averaged 1.47% for European goods, while the EU's averaged 1.35% for American products. This advertisement has not loaded yet, but your article continues below. But the White House has taken a much less friendly posture toward the longstanding U.S. ally since February. Along with the fluctuating tariff rate on European goods Trump has floated, the EU has been subject to his administration's 50% tariff on steel and aluminum and a 25% tax on imported automobiles and parts. Trump administration officials have raised a slew of issues they want to see addressed, including agricultural barriers such as EU health regulations that include bans on chlorine-washed chicken and hormone-treated beef. Trump has also criticized Europe's value-added taxes, which EU countries levy at the point of sale this year at rates of 17% to 27%. But many economists see VAT as trade-neutral since they apply to domestic goods and services as well as imported ones. Because national governments set the taxes through legislation, the EU has said they aren't on the table during trade negotiations. This advertisement has not loaded yet, but your article continues below. 'On the thorny issues of regulations, consumer standards and taxes, the EU and its member states cannot give much ground,' Holger Schmieding, chief economist at Germany's Berenberg bank, said. 'They cannot change the way they run the EU's vast internal market according to U.S. demands, which are often rooted in a faulty understanding of how the EU works.' 'Consequence for many companies' Economists and companies say higher tariffs will mean higher prices for U.S. consumers on imported goods. Importers must decide how much of the extra tax costs to absorb through lower profits and how much to pass on to customers. Mercedes-Benz dealers in the U.S. have said they are holding the line on 2025 model year prices 'until further notice.' The German automaker has a partial tariff shield because it makes 35% of the Mercedes-Benz vehicles sold in the U.S. in Tuscaloosa, Alabama, but the company said it expects prices to undergo 'significant increases' in coming years. This advertisement has not loaded yet, but your article continues below. Simon Hunt, CEO of Italian wine and spirits producer Campari Group, told investment analysts that prices could increase for some products or stay the same depending what rival companies do. If competitors raise prices, the company might decide to hold its prices on Skyy vodka or Aperol aperitif to gain market share, Hunt said. Trump has argued that making it more difficult for foreign companies to sell in the U.S. is a way to stimulate a revival of American manufacturing. Many companies have dismissed the idea or said it would take years to yield positive economic benefits. However, some corporations have proved willing to shift some production stateside. France-based luxury group LVMH, whose brands include Tiffany & Co., Luis Vuitton, Christian Dior and Moet & Chandon, could move some production to the United States, billionaire CEO Bernaud Arnault said at the company's annual meeting in April. This advertisement has not loaded yet, but your article continues below. Arnault, who attended Trump's inauguration, has urged Europe to reach a deal based on reciprocal concessions. 'If we end up with high tariffs, … we will be forced to increase our U.S.-based production to avoid tariffs,' Arnault said. 'And if Europe fails to negotiate intelligently, that will be the consequence for many companies. … It will be the fault of Brussels, if it comes to that.' 'Road could be rocky' Some forecasts indicate the U.S. economy would be more at risk if the negotiations fail. Without a deal, the EU would lose 0.3% of its gross domestic product and U.S. GDP would fall 0.7%, if Trump slaps imported goods from Europe with tariffs of 10% to 25%, according to a research review by Bruegel, a think tank in Brussels. This advertisement has not loaded yet, but your article continues below. Given the complexity of some of the issues, the two sides may arrive only at a framework deal before Wednesday's deadline. That would likely leave a 10% base tariff, as well as the auto, steel and aluminum tariffs in place until details of a formal trade agreement are ironed out. The most likely outcome of the trade talks is that 'the U.S. will agree to deals in which it takes back its worst threats of 'retaliatory' tariffs well beyond 10%,' Schmieding said. 'However, the road to get there could be rocky.' The U.S. offering exemptions for some goods might smooth the path to a deal. The EU could offer to ease some regulations that the White House views as trade barriers. 'While Trump might be able to sell such an outcome as a 'win' for him, the ultimate victims of his protectionism would, of course, be mostly the U.S. consumers,' Schmieding said. Toronto Maple Leafs Sunshine Girls World Toronto & GTA Crime
Winnipeg Free Press
an hour ago
- Winnipeg Free Press
Russia and Ukraine trade drone strikes, disrupting air travel
Russia and Ukraine struck each other with hundreds of drones on Sunday, throwing Russian air travel in disarray, days after Moscow launched its largest aerial assault in the more than 3-year-old war. Photos circulating on social media showed crowds huddling at Russian airports including key international hubs in Moscow and St. Petersburg, as hundreds of flights were delayed or canceled due to Ukrainian drone strikes on Saturday and overnight, according to Russia's Transport Ministry. The flight disruptions hit Moscow's Sheremetyevo and St. Petersburg's main Pulkovo airports. Other airports in western and central Russia also faced disruptions. Russian air defenses shot down 120 Ukrainian drones during the nighttime attacks, and 39 more before 2 p.m. Moscow time (11 GMT) on Sunday, Russia's Defense Ministry said. It did not clarify how many had hit targets, or how many had been launched in total. Early on Sunday, Ukrainian drones injured two civilians in Russia's Belgorod region near the border, its Gov. Vyacheslav Gladkov said Sunday. The Ukrainian attacks came just days after Russia pummelled Kyiv with waves of drones and missiles overnight into Friday, in what Ukrainian officials called the largest such strike since Moscow's all-out invasion. The seven-hour onslaught killed at least two civilians, wounded dozens more and caused widespread damage, Ukraine said, while Moscow ramped up its push to capture more of its neighbor's land. In total, Russia launched 550 drones and missiles across Ukraine that night, according to the country's air force. The barrages have coincided with a concerted Russian effort to break through parts of the roughly 1,000-kilometer (620-mile) front line, where Ukrainian troops are under severe pressure. Large-scale Russian drone strikes on Sunday injured three civilians in Kyiv and at least two in Kharkiv, Ukraine's second-largest city in the northeast, officials said. A large Russian attack involving Shahed drones also targeted port infrastructure in Mykolaiv in central Ukraine, according to local Gov. Vitaliy Kim. He reported warehouses and the port's power grid were damaged but there were no casualties. Hours later, Russia launched a glide bomb and a drone at the front-line town of Kostyantynivka in eastern Ukraine, killing four civilians and injuring a fifth, the prosecutor's office said. The drone struck a car in which a married couple were travelling, killing the 39-year-old woman and 40-year-old man on the spot, it said. ___ Follow AP's coverage of the war in Ukraine at
