US House votes to rescind approval for California heavy-duty truck rules
WASHINGTON (Reuters) - The U.S. House of Representatives on Wednesday voted to rescind the Environmental Protection Agency's 2023 approval of California's plans to require a rising number of zero-emission heavy-duty trucks.
The House is also voting on Wednesday on whether to repeal an EPA waiver issued in December under President Joe Biden for California's 'Omnibus' low-NOx regulation for heavy-duty highway and off-road vehicles and engines.
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Politico
9 minutes ago
- Politico
Fulbright board members, accusing Trump of politicizing the program, announce resignation
Board members of the Fulbright Scholarship Program announced their resignation Wednesday, protesting what they call the Trump administration's politicization of the program, as the White House continues to find itself locked in a battle with universities around the nation. In a memo released on Wednesday, board members said they voted 'overwhelmingly' to resign in light of the actions of political appointees at the State Department, which manages the program. The 12-person board was appointed by former President Joe Biden. The program awards nearly 8,000 scholarships to academics each year, according to its website. The board said the administration usurped the program's authority when the State Department denied some of those awards for a 'substantial number of individuals' for the 2025-2026 academic year, overriding the board's decision to admit academics studying subjects including biology, engineering, medical sciences, music and history. 'Our resignation is not a decision we take lightly,' the memo read. 'But to continue to serve after the Administration has consistently ignored the Board's request that they follow the law would risk legitimizing actions we believe are unlawful and damage the integrity of this storied program and America's credibility abroad.' The Fulbright Program directed a request for comment to the State Department, which did not immediately respond. However, Sen. Jeanne Shaheen (D-N.H.) — the ranking member of the Senate Foreign Relations Committee — confirmed the board members' resignation. 'While I understand and respect the bipartisan Fulbright Board for resigning en masse rather than grant credibility to a politicized and unlawful process, I'm painfully aware that today's move will change the quality of Fulbright programming and the independent research that has made our country a leader in so many fields,' Shaheen said. The Fulbright Foreign Scholarship Board's page on the State Department's website — which earlier Wednesday listed a dozen members — only has one member on Wednesday afternoon: Carmen Estrada-Schaye, the president of Historic Homes Restoration, who was appointed to the board in 2022. Members on the board included several alumnis of Joe Biden's White House, including former deputy chief of staff Jen O'Malley Dillon, former head of speechwriting Vinay Reddy and Louisa Terrell, former director of the Office of Legislative Affairs. Congress established the Fulbright Program nearly 80 years ago and, according to the board, specified that the board has final approval authority of applicants. The program was established to 'increase mutual understanding and support friendly and peaceful relations between the people of the United States and the people of other countries,' according to the Fulbright website. Forty-four Fulbright alumni have served as heads of state or government, according to the State Department, while 62 Fulbright alumni from 15 countries have been awarded the Nobel Prize. Ninety Fulbright alumni have received Pulitzer Prizes. 'This proud legacy has depended on one thing above all: the integrity of the program's selection process based on merit, not ideology, and its insulation from political interference,' the board's memo said. 'That integrity is now undermined.' The board said it has repeatedly raised legal issues and strong objections with senior administration officials, including in writing, but officials have refused to acknowledge or respond to the board. The White House did not respond to a request for comment. Since President Donald Trump began his second term, the White House has clashed with universities for programs and policies the administration has labeled divisive. Recently, the administration tried to stop foreign students and scholars from attending Harvard University. A court has temporarily blocked the administration from enforcing the order.
New York Post
25 minutes ago
- New York Post
Hegseth wavers on Russia sanctions, says US should not use ‘every tool' to end Ukraine invasion
WASHINGTON — Defense Secretary Pete Hegseth resisted senators' efforts to secure his support for a bipartisan bill that would sanction Russia for its war on Ukraine, telling an Appropriations subcommittee Wednesday that the US should not use 'every tool at our disposal' to pressure Moscow to stop its assault. Asked by Sen. Chris Coons (D-Del.) whether Washington 'should use every tool it has at its disposal, including additional sanctions, to pressure Russia to come to the table to negotiate a just and lasting peace for the war in Ukraine,' Hegseth demurred. 'Senator, every tool at our disposal? No,' he said. 'We have a lot of tools in a lot of places.' 'We should be pursuing a cease-fire and a negotiated resolution to the war in Ukraine at any cost,' Coons responded. ''Peace through strength' means actually using our strength, continuing to support Ukraine, and securing a lasting peace. [Vladimir] Putin will only stop when we stop him.' 4 Defense Secretary Pete Hegseth testified Wednesday at a Senate Appropriations Committee hearing. REUTERS Prior to questioning Hegseth, Coons had talked up Sen. Lindsey Graham (R-SC) and Sen. Richard Blumenthal's (D-Conn.) pending bill to further sanction Russia for its continued resistance to peace in Ukraine. The legislation, backed by 80 senators, would impose sanctions on key Russian officials and economic sectors — and, critically, penalize foreign nations that do business with Moscow. Graham later followed up, urging Hegseth and the administration 'to use that tool to get the attention of China and India.' 'China buys — and India buys — 70% of Russia's oil … If they stop buying cheap Russian oil tomorrow, would that grind Putin's war machine to a halt?' Graham asked, later adding: 'We have an ability, through legislation, to get China and India's attention [and say] that if you keep buying cheap Russian oil to empower Putin to kill Ukrainian children, you're going to lose access to our markets. 'We're not going to evict every Russian from Ukraine, I'm a practical guy,' Graham added. 'But we got to end this war so we don't entice China to take Taiwan, and we don't encourage Iran to think we're just all talk [about] stopping their nuclear ambitions.' 4 Sen. Lindsey Graham (R-S.C.) questions Secretary of Defense Pete Hegseth during a Senate Committee on Appropriations subcommittee hearing to examine proposed budget estimates for fiscal year 2026 for the Department of Defense. AP On Friday, the Wall Street Journal reported that the White House was quietly pushing Graham to water down the bill by allowing waivers to exempt certain people and entities from sanctions and to 'remove the mandatory nature' of the legislation. A White House official told the outlet that the Constitution 'vests the president with the authority to conduct diplomacy with foreign nations.' 'Any sanction package must provide complete flexibility for the president to continue to pursue his desired foreign policy,' they added. Hegseth did admit Wednesday that Russia is the 'aggressor' in Ukraine and that Chinese President Xi Jinping wants Moscow to 'win' the conflict. However, the secretary declined to answer Sen. Mitch McConnell's (R-Ky.) question about 'which side' he wanted to win the war. 'As we've said time and time again, this president is committed to peace in that conflict,' Hegseth said. 'Ultimately, peace serves our national interests, and we think the interests of both parties, even if that outcome will not be preferable to many in this room and many in our country.' 4 Defense Secretary Pete Hegseth (R) greets Chairman of the Joint Chiefs of Staff Air Force Gen. Dan Caine before testifying during a hearing with the Senate Appropriations Committee on June 11. Getty Images McConnell pushed further, noting that the Russians 'don't seem to be too interested' in peace talks. The former Senate GOP leader also alleged that NATO partners increasing their defense spending at Trump's behest are now wondering 'whether we're in the midst of brokering what appears to be allowing the Russians to define victory.' 'I think victory is defined by the people that have to live there, the Ukrainians,' he said. 'And I don't think they're going to ever conclude that victory means basically adopting the Russian views on all this. ' Hegseth responded that 'no one's adopting views,' but added that the upcoming National Defense Authorization Act does not include funding of weapons for Ukraine because 'the budget reflects the reality that Europe needs to step up more for the defense of its own continent, and President Trump deserves the credit for that.' 4 Ranking member Sen. Chris Coons (D-Del.) speaks with subcommittee Chairman Sen. Mitch McConnell (R-KY) during a hearing with the Senate Appropriations Committee on June 11, 2025. Getty Images McConnell agreed, noting that he had 'the same complaints' about the Biden administration not pushing hard enough for Europe to fund Ukraine's defense. Still, the Kentuckian insisted that by not standing foursquare behind the Kyiv government, 'it seems to me pretty obvious that America's reputation is on the line.' 'Will we defend democratic allies against authoritarian aggressors?' McConnell asked. 'That's the international concern that I have about this, and I think a number of my fellow members share that view.'
Yahoo
26 minutes ago
- Yahoo
Trading Day-Good vibrations turn sour
By Jamie McGeever ORLANDO, Florida (Reuters) - TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist I'm excited to announce that I'm now part of Reuters Open Interest (ROI), an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. The US and China have reached a trade deal, or at least agreed on the framework of a deal, which together with surprisingly soft U.S. inflation data, gave markets a lift on Wednesday. But Wall Street's gains were mild, and they were later wiped out by rising tensions in the Middle East. In my column today I look at the 'equity risk premium' and other metrics that suggest relative U.S. equity and bond valuations are getting very stretched. More on that below, but first, a roundup of the main market moves. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. 1. China's latest trade truce with US leaves investors nonethe wiser 2. Dollar keeps losing market share but euro slow tobenefit: ECB study 3. US importers turn to brokers to navigate Trump-eratariffs, at a cost 4. When it comes to a US debt default, never say never 5. No longer the big outlier, Italy sees bond renaissance:Mike Dolan Today's Key Market Moves * Wall Street ends in the red, having earlier hit highslast seen in February-March. The S&P 500 falls 0.3%, the Nasdaqloses 0.5%. Consumer cyclicals sector falls 1%, and energy isthe best-performing sector up 1.5%. * U.S. stock market volatility, as measured by the VIXindex, falls to its lowest in almost four months earlier in theday. * Treasuries rally, also boosted by soft inflation and astrong 10-year auction. Yields end down as much as 7 bps, curvebull steepens slightly. * Oil hits a two-month high, rising more than 4% aftersources say the US is preparing to evacuate its Iraqi embassydue to heightened security concerns in the region. Brent crudereaches $69.77/bbl, WTI rises above $68/bbl. * Precious metals rise, led by a surge in platinum to a4-year high above $1,280/oz. Platinum rose as much as 5% and isup over 20% in June, which would be its best month since 2008. Good vibrations turn sour It's a "done" deal, according to U.S. President Donald Trump, although the he and Chinese leader Xi Jinping still have to finalize the wording of the trade agreement between the two superpowers and sign off on it. The main points of the deal appear to be: China will remove export restrictions on rare earth minerals and other key industrial components; U.S. tariffs on Chinese goods will total 55%; Chinese tariffs on U.S. goods will total 10%. Trump could not have been more enthusiastic in his praise for the agreement on Wednesday, and Commerce Secretary Howard Lutnick said 'deal after deal' with other countries will follow in the weeks ahead. Yet, judging by the relatively muted market reaction, investors are less enthused. And given the chaotic and unpredictable nature of the Trump administration's tariff announcements thus far, the irony of Treasury Secretary Scott Bessent calling on China to be a "reliable partner" in trade negotiations will not be lost on some observers. Especially, one suspects, in Beijing. Based on these proposed China levies, and with the US expected to conclude more trade deals in the coming weeks, the overall U.S. effective tariff rate will be lower than feared a couple of months ago. That's a relief. But the effective tariff rate of around 15% that many economists expect will still be significantly higher than the 2.5% rate at the end of last year, and would be the highest since the 1930s. Also, as the May inflation figures showed, tariffs have yet to be felt on prices. Investors - and Fed policymakers, who meet next week - are in a state of limbo. How will corporate profits and consumer spending be affected? What proportion of the tariffs will companies "swallow", and how much will they pass on to their customers? Zooming out, inflation appears to be cooling around the world, although this trend is expected to reverse once tariffs start to fuel higher goods price inflation. Figures on Wednesday showed that U.S. consumer inflation and Japanese wholesale inflation were lower than expected in May. These reports follow similar numbers from Europe recently, and China remains stuck in its battle against deflation. Next up is India, which releases consumer inflation figures on Thursday, which are expected to show annual inflation slowed to 3.0% in May, the lowest in more than six years. Another focus for investors on Thursday will be the auction of 30-year U.S. Treasury bonds. US stocks-bonds warnings flash amber again Calm has descended on U.S. markets following the 'Liberation Day' tariff turmoil of early April. But Wall Street's rally has revived questions about U.S. equity valuations, as stocks once again look super pricey compared to bonds. Since the chaotic days of early April, U.S. equities have rebounded fiercely, with the S&P 500 up 25%, putting the Shiller cyclically adjusted price-earnings (CAPE) ratio for the index in the 94th percentile going back to the 1950s, according to bond giant PIMCO. Stocks are looking expensive in absolute terms, and in relation to bonds. The equity risk premium (ERP), the difference between equity yields and bond yields, is near historically low levels. According to analysts at PIMCO, the ERP is now zero. The previous two times it fell to zero or below were in 1987 and 1996–2001. In both instances, the ultra-low ERP precipitated a steep equity drawdown and sharp fall in long-dated bond yields. "The U.S. equity risk premium ... is exceptionally low by historical standards," they wrote in their five-year outlook on Tuesday. "A mean reversion to a higher equity risk premium typically involves a bond rally, an equity sell-off, or both." But reversion to the mean doesn't just happen by magic. A catalyst is needed. Equities have recovered largely because they were oversold in April, trade tensions have been dialed down, and investors remain confident that Big Tech will drive solid AI-led earnings growth. So even though huge economic, trade, and policy risks continue to hang over markets, there is no sign of an imminent catalyst that would cause an equity market selloff. CHEAP FOR A REASON The flip side of equities looking expensive is that bonds look like a bargain. Indeed, the relative divergence between stocks and bonds is such that, by one measure, U.S. fixed income assets are the cheapest relative to equities in over half a century. Using national flow of funds data from the Federal Reserve, retired strategist Jim Paulsen calculates that the total market value of U.S. bonds as a percentage share of the total market value of U.S. equities is the lowest since the early 1970s. "Since the aggregate U.S. portfolio is currently aggressively positioned, investors may have far more capacity and desire to boost bond holdings in the coming years than most appreciate," Paulsen wrote last week. But bonds are 'cheap' for a reason. Washington's profligacy – the reason ratings agency Moody's recently stripped the U.S. of its triple-A credit rating – and inflation worries have kept yields stubbornly high. The term premium - the risk premium investors demand for holding long-term debt rather than rolling over short-dated loans - is the highest in over a decade, reflecting concerns about Uncle Sam's long-term fiscal health. And the diagnosis here shows no signs of improving. Trump's 'Big Beautiful Bill' is expected to add $2.4 trillion to the U.S. debt over the next decade, according to the nonpartisan Congressional Budget Office, likely putting more upward pressure on yields. Of course, equity investors do seem to be pricing in a very rosy scenario, and the past few months have shown how quickly the market landscape can change. The U.S. economy could weaken more than expected, the trade war could escalate, or there could be a geopolitical surprise that causes bond yields and equity prices to fall. Investors should therefore be mindful of the warnings being sent by ERPs and other absolute and relative valuation metrics. However, they should also remember that stretched valuations can get even more stretched. As the famous saying goes, markets can stay irrational longer than investors can remain solvent. What could move markets tomorrow? * India CPI inflation (May) * UK trade (April) * UK industrial production (April) * ECB's Jose Luis Escriva and Frank Elderson speak atseparate events * Brazil retail sales (May) * $22 billion U.S. 30-year Treasury note auction * U.S. weekly jobless claims * U.S. PPI inflation (May) Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Jamie McGeever; Editing by Deepa Babington) 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
