Trump, Putin meet in Alaska
Speaking to reporters on Air Force One, Trump said he's prepared to walk away from the negotiating table if he doesn't believe Putin is open to a deal that would end the three-year war.
'I think it's going to work out very well — and if it doesn't, I'm going to head back home real fast,' Trump told Fox News anchor Bret Baier aboard Air Force One.
'If it doesn't, you walk?' Baier asked.
'I would walk, yeah,' Trump said
The president also drew a red line with Putin, who brought along several businesspeople on the trip.
'They're not doing business until the war is settled,' Trump said.
And Trump put European leaders at ease, announcing that he has no intention of discussing potential concessions on Ukraine's behalf.
'I'm not here to negotiate for Ukraine,' Trump said.
Over the course of the trip from Washington to Anchorage, the previously planned one-on-one meeting between Trump and Putin expanded and will now be a three-on-three meeting. Trump will be joined by Secretary of State Marco Rubio and special envoy Steve Witkoff.
Trump arrived with a big crew that includes Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, CIA Director John Ratcliffe, chief of staff Susie Wiles, press secretary Karoline Leavitt, and others.
Putin's plane landed a half-hour after Trump's. The Russian president endeavored on his own side quests while making the trip from Moscow to Anchorage.
Putin participated in a wreath-laying ceremony in Eastern Russia at a monument dedicated to Soviet and American pilots who cooperated during World War II. He also met with local hockey players.
Trump and Putin deplaned at 3:08 p.m. Eastern time. They walked down the red carpets between fighter jets to shake hands.
Trump arrived first, clapping as Putin approached.
The leaders exchanged greetings, then walked to a riser, as a military fly-over was conducted overhead. They shook hands again and stepped off the riser.
They rode together in the Beast — the presidential limo — to the summit location.
A Kremlin spokesman said the summit, which will include an expanded bilateral meeting with additional Russian and American officials, could last six to seven hours.
Trump and Putin are expected to conduct a press conference afterwards.
BACK IN KYIV…
Ukrainian President Volodymyr Zelensky is the odd man out on Friday, having not been invited to the bilateral summit.
Trump has said he hopes a trilateral meeting between himself, Putin and Zelensky will come together quickly after Friday's meeting.
Back in Kyiv, Zelensky told a small group of reporters, including NewsNation's Robert Sherman, that the summit will benefit Putin more than anyone, arguing that the Russian leader will be bolstered at home for appearing on equal footing with the U.S. president.
'What [Putin] is seeking frankly, is photographs,' Zelensky said. 'He needs a photo from a meeting with President Trump.'
'First, he will be meeting on U.S. soil, which I believe is his personal victory,' Zelensky added. 'Second, he is coming out of isolation … third, with this meeting, he has somehow postponed the sanctions policy. President Trump has serious sanctions. We will see what happens next.'
Ukraine on Thursday launched drone attacks on cities in southern Russia, killing one person and injuring at least 16 more.
Rep. Marjorie Taylor Greene (R-Ga.) accused Zelensky of seeking to 'sabotage' the peace talks with the military offensive.
'Zelensky doesn't want peace and obviously is trying to sabotage President Trump's heroic efforts to end the war in Ukraine,' Greene posted on X.
Russian forces have been carrying out their own airstrikes across Ukraine's eastern and southern regions.
'There is not only no order but also no signals from Moscow about preparing to end this war,' Zelensky said. 'On the day of negotiations, they are also killing. And that says a lot.'
• A federal appeals court panel overturned a judge's block on the Trump administration's dismantling of the Consumer Financial Protection Bureau, paving the way for mass layoffs to resume. Office of Personnel Management Director Scott Kupor says that by the end of 2025, the Trump administration will have shed around 300,000 workers.
• Trump says he's open to following through on former President Biden 's push to reschedule marijuana, a move that comes up short of legalization but would still provide a major boost for the cannabis industry.
• PBS is cutting its budget by more than 20 percent after Congress eliminated roughly $500 million in federal funding from public TV and radio.
• U.S. District Judge Stephanie Gallagher blocked two memos issued by the Trump administration that threatened schools with funding cuts for diversity, equity and inclusion programs.
💡 Perspectives:
• The Hill: The meeting in Alaska is already a success for Vladimir Putin.
• New York Times: Putin should be careful what he wishes for.
• CNN: How Trump and Putin's relationship has evolved.
• Washington Post: How Putin will seek to sway Trump at Alaska summit.
• The Telegraph: The most dangerous moment of the war for Zelensky.
Read more:
• GOP momentum for Ukraine aid package grows.
• 5 questions ahead of the Trump-Putin meeting in Alaska.
• What do Putin, Trump and Zelensky want from Alaska summit?
CATCH UP QUICK
Retail sales rose a solid 0.5 percent last month and June spending was stronger than expected, according to a new Commerce Department report.
Health and Human Services Secretary Robert F. Kennedy Jr said on Friday that he is not running for president in 2028, denying speculation amid attacks from right-wing activist Laura Loomer.
NEWS THIS AFTERNOON
Texas redistricting showdown nears the end
Texas House Speaker Dustin Burrows (R) gaveled in the start of a second special session Friday afternoon, saying he expected there to be enough lawmakers present Monday for the GOP to vote on its new gerrymandered maps.
'I have been told, and I expect that we will reestablish quorum on Monday,' Burrows said. 'Although I have not seen any public statements directly from those who are not here, that seems to be what people have the expectation of.'
Texas Democrats fled the state almost two weeks ago to deny a quorum and delay a vote on the new maps, which could help Republicans win an additional five House seats in next year's midterm elections.
However, the missing Democrats signaled they're ready to return if a second special session is called and if California moves ahead with its own redistricting efforts.
The first Texas special session ended Friday, and Texas Gov. Greg Abbott (R) immediately gaveled in a second special session. The missing Democrats are being fined $500 a day, and Abbott has promised to keep calling new special sessions until enough Democrats return to the state to allow for a vote on the new maps.
California Gov. Gavin Newsom (D) this week launched his own campaign to redraw the Golden State's maps, satisfying the second demand from Texas Democrats.
At least one Texas Democrat that fled the state announced she'd return for the new special session.
'I am proud of what we accomplished,' state Rep. Ann Johnson (D) said in a statement. 'We ended a session that had nothing to do with helping Texans and everything to do with silencing them. And we exposed the truth behind the Governor's political agenda: to hijack the maps, erase opposition, and decide the next election before a single vote is cast. Now, with that session behind us, I'm returning to Texas to continue the fight — from the floor of the House.'
MEANWHILE…
California legislators are expected to release their proposed gerrymandered maps soon to counter the Texas GOP's moves.
Still, a poll released this week indicates Newsom has his work cut out for him to sell voters on the idea of circumventing the independent redistricting commission, which at the moment has sole authority to draw the state's maps.
'Trump's election rigging comes to an end now,' Newsom posted on X. 'California won't stand by and watch Trump burn it all down — we are calling a special election to redraw our Congressional maps and defend fair representation. This is a five alarm fire for Democracy. Vote YES November 4.'
Former California Gov. Arnold Schwarzenegger (R) has been a vocal opponent of California's redistricting efforts, teasing a fight with Newsom over social media Friday.
'I'm getting ready for the gerrymandering battle,' Schwarzenegger wrote above a photo of him lifting weights.
Republicans in Florida, Ohio and Indiana are also eyeing potential mid-decade redistricting efforts.
The Hill's Mike Lillis and Caroline Vakil report that California's move is putting pressure on other blue states to follow suit.
'The Democrats don't want to stop [with California], pressing party leaders in Illinois, New York and even Maryland to take a page from Newsom's playbook to help the party flip control of the House — and establish a check on President Trump — in next year's elections.'
💡 Perspectives:
• American Prospect: Newsom's defining moment for the party.
• The Hill: DeSantis is diminished as 2028 GOP nominee.
• The Liberal Patriot: Why populism could dominate both parties.
• Whole Hog Politics: Checking in on Election Day 2025.
ON TAP
IN OTHER NEWS
DC attorney general sues Trump over police takeover
Washington, D.C., Attorney General Brian Schwalb (D) sued President Trump on Friday, seeking to end the federal takeover of the District's Metropolitan Police Department (MPD).
The 33-page lawsuit alleges that Trump exceeded his emergency authorities by appointing Drug Enforcement Agency (DEA) Administrator Terry Cole as temporary police commissioner.
The lawsuit seeks to reinstall Mayor Muriel Bowser (D) and Police Chief Pamela Smith at the head of the MPD.
'There is no greater risk to public safety in a large, professional police force like MPD than to not know who is in command,' the lawsuit reads.
The federal takeover of the MPD can only last for 30 days, at which point Congress would have to vote to authorize an extension.
In addition to taking over the MPD, Trump dispatched more than 800 National Guard troops to join agents from other federal departments in patrolling the nation's capital to crack down on crime.
FBI Director Kash Patel said Friday that federal authorities made 18 additional arrests Thursday night.
'We're now over 120 arrests since President Trump's initiative began,' Patel said. 'The good cops are getting the job done.'
The raids are also targeting homeless encampments, clearing them off of federal property.
In addition, Attorney General Pam Bondi ordered the end to a number of Washington, D.C., policing policies on immigration, declaring 'DC's sanctuary policies no longer apply.'
Bondi said the MPD would begin cooperating with federal authorities on immigration matters, although the local police force will not be allowed to make arrests based solely on a person's immigration status.
Trump's border czar Tom Homan said the administration is not asking MPD officers to directly enforce immigration laws, which are the responsibility of Immigration and Customs Enforcement (ICE) officers.
'Law enforcement needs to work with law enforcement,' Homan told NewsNation, The Hill's sister network. 'We're not asking Metro PD to be immigration officers, but when you're enforcing criminal law and when you find an illegal alien not only in violation of immigration law here illegally but involved with criminal activity, they absolutely should call us.
Separately, Bondi said she sent letters to 32 mayors and governors of sanctuary cities, warning them 'we're going to come after you' if they don't comply with 'our federal policies and with our federal law enforcement.'
'They have, I think, a week to respond to me, so let's see who responds and how they respond,' Bondi told a Fox News reporter.
Federal agents have been met by protests and hecklers in Washington, which is one of the most heavily concentrated regions of Democratic voters in the country.
'Donald Trump wants to impose police ice checkpoints all over D.C., and the freedom-loving people of Washington are not going to put up with that,' Rep. Jamie Raskin (D-Md.) said on MSNBC's 'All In.'
'The whole thing is absurd, and he wants to use it as the basis for taking these police state tactics across the country and the people of America,' Raskin added. 'The majority is not going to stand for it.'
Bowser, the Democratic mayor, was briefly under fire Thursday when it was revealed she'd left town for Martha's Vineyard.
Bowser explained over social media that she was picking her 7-year old daughter up from camp, saying she'd return Friday.
The mayor said she canceled a previously scheduled family vacation 'to lead our city's crisis management efforts.'
'I am in constant contact with my senior team and have been in constant consultation with our partners throughout a short swing out of the District,' Bowser said.
💡 Perspectives:
• MSNBC: Trump exerts control over Kennedy Center Honors.
• City Journal: Trump is right to send National Guard to Washington.
• The Nation: Mamdani's victory over fear.
• UnHerd: DC and LA failures play into Trump's hands.
• Racket: Russiagate releases lift veil on surveillance state abuses.
Read more:
• National Guard ramps up DC presence amid signs of tension.
• Democrats introduce bill to block Trump DC police takeover.
• GOP relishes forcing Dem votes on extending Trump DC police power.
• Judge temporarily blocks Medicaid data sharing with ICE officials.
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The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Trump's trade war not likely to cause recession, Moody's economist says Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Commerce department applies 50% steel, aluminum tariffs to more products (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. Consumers' inflation expectations rise amid Trump tariffs Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. US import prices rebound in July on higher consumer goods costs US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here. Trump says semiconductor tariffs could reach 300% President Trump said Friday he is planning on unveiling tariffs on semiconductor imports over the next two weeks, hinting that those duties could reach as high as 300%. From Bloomberg: Read more here. Applied Materials' shares sink on weak China demand, tariff risks Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. China's economy lags in July under pressure from tariffs and a weak property market China's economy lagged in July as factory output and retails sales slowed and house prices dropped, according to data released on Friday. President Trump's tariffs have added to uncertainty on exports and are looming over the world's second-largest economy. Concerns linger despite Trump extending a pause in sharp hikes in import duties for 90 days, beginning Monday, following a 90-day pause that began in May. AP reports: Read more here. Taiwan lifts 2025 growth forecast, defying US tariff worries Bloomberg News reports: Read more here. These tariffs are bananas An interesting spot from this week's inflation data: Prices for the reliable, potassium-heavy banana have jumped to their highest price ever recorded. Banana prices peaked around $0.64 per pound in the post-COVID inflation wave and then went on a slow downward trajectory. That is, until April 2025, when President Trump announced his first wave of sweeping tariffs. Prices are now hovering near $0.66 per pound. As the Yale Budget Lab chief Ernie Tedeschi noted on X, the average tariff rate on banana imports went from virtually nothing to very much something as Trump imposed tariffs on most US trading partners. That's nuts! Tapestry forecasts annual profit below estimates on tariff pain Tapestry (TPR) stock fell 8% before the bell on Thursday after the Coach handbag maker forecast annual profit below estimates. The company cited higher costs due to tariffs that have hit its margins. Reuters reports: Read more here. Tariff confusion drives record volume at Los Angeles Port (Bloomberg) — The Port of Los Angeles said it handled the highest container volume in its 117-year history last month, as uncertainty over President Donald Trump's tariffs drives shippers to front-load cargoes. Already the busiest port in the country, LA moved more than 1 million twenty-foot equivalent units (TEUs) in July, an 8.5% increase from a year ago, the operator said on Wednesday. That includes containers entering and exiting its terminals, with loaded imports rising by a similar percentage to nearly 544,000 TEUs. The total volume handled was 14.2% higher than in June. Read more here. Pharma tariffs are likely weeks away, Reuters reports US tariffs on pharmaceutical imports are coming but not imminent, Reuters reported Wednesday, citing unnamed sources. Trump has previously warned duties on the drug industry could reach as much as 250%. Reuters reports: Read more here. Brazil's Lula announces $5.5 billion in credits for exporters hit by US tariffs Brazilinan President Luiz Inácio Lula da Silva has announced a plan that includes $5 billion in credit to help local exporters handle tariffs . Associated Press reports: Read more here. Swiss say tariffs could raise costs for US F-35A jets The original price of the 36 fighter jets Switzerland is buying from the United States could go up by more than $1 billion due to the impacts of tariffs. Reuters reports: Read more from Reuters here. AI boom could help manufacturers adapt to global tariff landscape Mark Bendeich of Reuters details how the confluence of supply chain disruption from Trump's tariff policy and the rise of AI software solutions is leading to increased innovation among manufacturers. Richard Howells, SAP vice president and supply chain specialist, emphasized that the uncertainty surrouding Trump's trade policy is driving the technology push. "That's how it was during the financial crisis, Brexit and COVID," Howells stated. "And it's what we're seeing now." Read more here. GE Appliances to invest over $3B in US, moving from China and Mexico GE Appliances will move production of its refrigerators, gas ranges and water heaters from China and Mexico, investing over $3 billion to expand plans in five US states. AP News reports: Read more here. Bessent dismisses China investing in US as part of a trade deal Treasury Secretary Scott Bessent ruled out Chinese investments as part of a US trade deal. When asked if China would offer a multi-billion dollar pleadges like Japan, South Korea and the EU, Bessent said no. Bloomberg News reports: Read more here. Tariffs bring in record $27.7 billion in July as Trump calls haul 'incredible for our country' Yahoo Finance's Brett LoGiurato and Ben Werschkul report: Candidates at Iowa State Fair hear from voters about Trump tariffs (Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. (Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. Tariffs' impact on Walmart, other retailers' earnings about to come into focus Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Trump's trade war not likely to cause recession, Moody's economist says Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Commerce department applies 50% steel, aluminum tariffs to more products (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. Consumers' inflation expectations rise amid Trump tariffs Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. US import prices rebound in July on higher consumer goods costs US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here. US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here. Trump says semiconductor tariffs could reach 300% President Trump said Friday he is planning on unveiling tariffs on semiconductor imports over the next two weeks, hinting that those duties could reach as high as 300%. From Bloomberg: Read more here. President Trump said Friday he is planning on unveiling tariffs on semiconductor imports over the next two weeks, hinting that those duties could reach as high as 300%. From Bloomberg: Read more here. Applied Materials' shares sink on weak China demand, tariff risks Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. China's economy lags in July under pressure from tariffs and a weak property market China's economy lagged in July as factory output and retails sales slowed and house prices dropped, according to data released on Friday. President Trump's tariffs have added to uncertainty on exports and are looming over the world's second-largest economy. Concerns linger despite Trump extending a pause in sharp hikes in import duties for 90 days, beginning Monday, following a 90-day pause that began in May. AP reports: Read more here. China's economy lagged in July as factory output and retails sales slowed and house prices dropped, according to data released on Friday. President Trump's tariffs have added to uncertainty on exports and are looming over the world's second-largest economy. Concerns linger despite Trump extending a pause in sharp hikes in import duties for 90 days, beginning Monday, following a 90-day pause that began in May. AP reports: Read more here. Taiwan lifts 2025 growth forecast, defying US tariff worries Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. These tariffs are bananas An interesting spot from this week's inflation data: Prices for the reliable, potassium-heavy banana have jumped to their highest price ever recorded. Banana prices peaked around $0.64 per pound in the post-COVID inflation wave and then went on a slow downward trajectory. That is, until April 2025, when President Trump announced his first wave of sweeping tariffs. Prices are now hovering near $0.66 per pound. As the Yale Budget Lab chief Ernie Tedeschi noted on X, the average tariff rate on banana imports went from virtually nothing to very much something as Trump imposed tariffs on most US trading partners. That's nuts! An interesting spot from this week's inflation data: Prices for the reliable, potassium-heavy banana have jumped to their highest price ever recorded. Banana prices peaked around $0.64 per pound in the post-COVID inflation wave and then went on a slow downward trajectory. That is, until April 2025, when President Trump announced his first wave of sweeping tariffs. Prices are now hovering near $0.66 per pound. As the Yale Budget Lab chief Ernie Tedeschi noted on X, the average tariff rate on banana imports went from virtually nothing to very much something as Trump imposed tariffs on most US trading partners. That's nuts! Tapestry forecasts annual profit below estimates on tariff pain Tapestry (TPR) stock fell 8% before the bell on Thursday after the Coach handbag maker forecast annual profit below estimates. The company cited higher costs due to tariffs that have hit its margins. Reuters reports: Read more here. Tapestry (TPR) stock fell 8% before the bell on Thursday after the Coach handbag maker forecast annual profit below estimates. The company cited higher costs due to tariffs that have hit its margins. Reuters reports: Read more here. Tariff confusion drives record volume at Los Angeles Port (Bloomberg) — The Port of Los Angeles said it handled the highest container volume in its 117-year history last month, as uncertainty over President Donald Trump's tariffs drives shippers to front-load cargoes. Already the busiest port in the country, LA moved more than 1 million twenty-foot equivalent units (TEUs) in July, an 8.5% increase from a year ago, the operator said on Wednesday. That includes containers entering and exiting its terminals, with loaded imports rising by a similar percentage to nearly 544,000 TEUs. The total volume handled was 14.2% higher than in June. Read more here. (Bloomberg) — The Port of Los Angeles said it handled the highest container volume in its 117-year history last month, as uncertainty over President Donald Trump's tariffs drives shippers to front-load cargoes. Already the busiest port in the country, LA moved more than 1 million twenty-foot equivalent units (TEUs) in July, an 8.5% increase from a year ago, the operator said on Wednesday. That includes containers entering and exiting its terminals, with loaded imports rising by a similar percentage to nearly 544,000 TEUs. The total volume handled was 14.2% higher than in June. Read more here. Pharma tariffs are likely weeks away, Reuters reports US tariffs on pharmaceutical imports are coming but not imminent, Reuters reported Wednesday, citing unnamed sources. Trump has previously warned duties on the drug industry could reach as much as 250%. Reuters reports: Read more here. US tariffs on pharmaceutical imports are coming but not imminent, Reuters reported Wednesday, citing unnamed sources. Trump has previously warned duties on the drug industry could reach as much as 250%. Reuters reports: Read more here. Brazil's Lula announces $5.5 billion in credits for exporters hit by US tariffs Brazilinan President Luiz Inácio Lula da Silva has announced a plan that includes $5 billion in credit to help local exporters handle tariffs . Associated Press reports: Read more here. Brazilinan President Luiz Inácio Lula da Silva has announced a plan that includes $5 billion in credit to help local exporters handle tariffs . Associated Press reports: Read more here. Swiss say tariffs could raise costs for US F-35A jets The original price of the 36 fighter jets Switzerland is buying from the United States could go up by more than $1 billion due to the impacts of tariffs. Reuters reports: Read more from Reuters here. The original price of the 36 fighter jets Switzerland is buying from the United States could go up by more than $1 billion due to the impacts of tariffs. Reuters reports: Read more from Reuters here. AI boom could help manufacturers adapt to global tariff landscape Mark Bendeich of Reuters details how the confluence of supply chain disruption from Trump's tariff policy and the rise of AI software solutions is leading to increased innovation among manufacturers. Richard Howells, SAP vice president and supply chain specialist, emphasized that the uncertainty surrouding Trump's trade policy is driving the technology push. "That's how it was during the financial crisis, Brexit and COVID," Howells stated. "And it's what we're seeing now." Read more here. Mark Bendeich of Reuters details how the confluence of supply chain disruption from Trump's tariff policy and the rise of AI software solutions is leading to increased innovation among manufacturers. Richard Howells, SAP vice president and supply chain specialist, emphasized that the uncertainty surrouding Trump's trade policy is driving the technology push. "That's how it was during the financial crisis, Brexit and COVID," Howells stated. "And it's what we're seeing now." Read more here. GE Appliances to invest over $3B in US, moving from China and Mexico GE Appliances will move production of its refrigerators, gas ranges and water heaters from China and Mexico, investing over $3 billion to expand plans in five US states. AP News reports: Read more here. GE Appliances will move production of its refrigerators, gas ranges and water heaters from China and Mexico, investing over $3 billion to expand plans in five US states. AP News reports: Read more here. Bessent dismisses China investing in US as part of a trade deal Treasury Secretary Scott Bessent ruled out Chinese investments as part of a US trade deal. When asked if China would offer a multi-billion dollar pleadges like Japan, South Korea and the EU, Bessent said no. Bloomberg News reports: Read more here. Treasury Secretary Scott Bessent ruled out Chinese investments as part of a US trade deal. When asked if China would offer a multi-billion dollar pleadges like Japan, South Korea and the EU, Bessent said no. Bloomberg News reports: Read more here. Tariffs bring in record $27.7 billion in July as Trump calls haul 'incredible for our country' Yahoo Finance's Brett LoGiurato and Ben Werschkul report: Yahoo Finance's Brett LoGiurato and Ben Werschkul report: 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
USA Today
5 minutes ago
- USA Today
3 Republican-led states are deploying National Guard troops to DC: What to know
The Republican governors of three states are deploying hundreds of National Guard troops to Washington at the request of the administration of President Donald Trump, who has portrayed the city as awash in crime. The announcements on Aug. 16 of troops from hundreds of miles away in West Virginia, South Carolina and Ohio came a day after DC officials and the Trump administration negotiated a deal to keep Mayor Muriel Bowser's appointed police chief, Pamela Smith, in charge of the police department after DC Attorney General Brian Schwalb filed a lawsuit to block the federal takeover of the department. Trump, a Republican, said this week he was deploying hundreds of DC National Guard troops to Washington and temporarily taking over the Democratic-led city's police department to curb what he depicted as a crime and homelessness emergency. Justice Department data, however, showed violent crime in 2024 hit a 30-year low in Washington, a self-governing federal district under the jurisdiction of Congress. West Virginia Governor Patrick Morrisey's office said in a statement he was deploying 300 to 400 National Guard troops to D.C. in "a show of commitment to public safety and regional cooperation." The statement said he also was providing equipment and specialized training. South Carolina Governor Henry McMaster responded to a Pentagon request by announcing that 200 of his state's National Guard troops would be sent. Ohio Governor Mike DeWine said he would send 150 military police members in the coming days, adding none of them were "currently serving as law enforcement officers in the state." After the announcements, Mayor Bowser posted on X: "American soldiers and airmen policing American citizens on American soil is #UnAmerican." Troops to other cities? The National Guard serves as a militia that answers to the governors of the 50 states except when called into federal service. The DC National Guard reports directly to the president. Trump, who has suggested he could take similar actions in other Democratic-controlled cities, has sought to expand the powers of the presidency in his second term, inserting himself into the affairs of major banks, law firms and elite universities. In June, Trump ordered 700 Marines and 4,000 National Guard troops to Los Angeles, against the wishes of California's Democratic governor, during protests over mass immigration raids by federal officials. South Carolina's McMaster said his troops would immediately return to South Carolina if needed to respond to a possible hurricane or other natural disaster. Hurricane Erin, now northeast of Puerto Rico, has become a catastrophic Category 5 storm that could bring ocean swells to the U.S. East Coast early next week, the U.S. National Hurricane Center said. National Guard troops often respond to natural disasters and rarely police US civilians. Drew Galang, a spokesperson for West Virginia's Morrisey, said the state's National Guard received the order to send equipment and personnel to D.C. late on Friday and was working to organize the deployment. The White House said on Aug. 16 that DC National Guard members have conducted patrols on foot and in vehicles around the National Mall and Union Station. The White House said the National Guard troops are not making arrests now and that they may be armed. It is not clear how the administration could deploy National Guard troops elsewhere. A federal judge in San Francisco is expected in the coming weeks to issue a ruling on whether Trump violated the law with the Los Angeles deployments. (Reporting by AJ Vicens in Detroit, Richard Cowan in Washington and Bhargav Acharya in Toronto; Editing by Donna Bryson, Matthew Lewis, Paul Simao and William Mallard)
Buzz Feed
5 minutes ago
- Buzz Feed
Trump-Putin Meeting Document Leak Sparks Backlash
Add this to the list of embarrassingly bad national security errors the Trump administration has made — secret documents with details of Donald Trump's meeting with Russian President Vladimir Putin were reportedly found in a public hotel printer. If you haven't heard, Trump and Putin met last Friday in Anchorage, Alaska, to discuss ending the ongoing war between Russia and Ukraine. Trump described the meeting as "extremely productive," but no ceasefire was confirmed. According to NPR, 8 U.S. State Department pages with "previously undisclosed and potentially sensitive details" appeared to be "accidentally" left behind in the business center of a hotel located 20 minutes from where the official Trump-Putin meeting took place. The documents, found by hotel guests, reportedly included information about "precise locations," "meeting times of the summit," and "phone numbers of US employees." When questioned about the incident, White House Press Deputy Secretary Anna Kelly told reporters that the documents found were a "multi-page lunch menu." "It's hilarious that NPR is publishing a multi-page lunch menu and calling it a 'security breach,'" Kelly said in a quote to News Nation. While some of the pages reportedly described details of a luncheon, others included a seating chart for the summit, room names where meetings would take place, and details about an "American Bald Eagle Statue" that Trump was set to gift Putin. This, of course, isn't the Trump administration's first national security incident, as we all remember "signal-gate." People have a lot of opinions, so let's take a look at what they're saying: What are your thoughts? Let us know in the comments below.
