
The Latest: Ex-Homeland Security official fights back against Trump's investigation order
A former Homeland Security official during President Donald Trump's first administration, who authored an anonymous op-ed sharply critical of the president, is calling on independent government watchdogs to investigate after Trump ordered the department to look into his government service.
Miles Taylor was once chief of staff at the Department of Homeland Security and warned in an interview with The Associated Press of the far-reaching implications of Trump's April 9 memorandum.
Here's the latest:
US growth likely to slow to 1.6% this year, hobbled by Trump's trade wars, OECD says
The Organization for Economic Cooperation and Development forecast Tuesday that the U.S. economy — the world's largest — will slow further to just 1.5% in 2026. Trump's policies have raised average U.S. tariff rates from around 2.5% when he returned to the White House to 15.4%, the highest since 1938, according to the OECD. Tariffs raise costs for consumers and American manufacturers that rely on imported raw materials and components.
World economic growth will slow to just 2.9% this year and stay there in 2026, according to the OECD's forecast. It marks a substantial deceleration from growth of 3.3% global growth last year and 3.4% in 2023.
The world economy has proven remarkably resilient in recent years, continuing to expand steadily — though unspectacularly — in the face of global shocks such as the COVID-19 pandemic and Russia's invasion of Ukraine.
But global trade and the economic outlook have been clouded by Trump's sweeping taxes on imports, the unpredictable way he's rolled them out and the threat of retaliation from other countries.
Top Trump officials visit prolific Alaska oil field amid push to expand drilling
Trump wants to double the amount of oil coursing through Alaska's vast pipeline system and build a massive natural gas project as its 'big, beautiful twin,' a top administration official said Monday while touring a prolific oil field near the Arctic Ocean.
The remarks by U.S. Energy Secretary Chris Wright came as he and two other Trump Cabinet members — Interior Secretary Doug Burgum and Environmental Protection Agency Administrator Lee Zeldin — visited Prudhoe Bay as part of a multiday trip aimed at highlighting Trump's push to expand oil and gas drilling, mining and logging in the state that drew criticism from environmentalists.
During the trip, Burgum's agency announced plans to repeal Biden-era restrictions on future leasing and industrial development in portions of the National Petroleum Reserve-Alaska that are designated as special for their wildlife, subsistence or other values.
Man accused of trying to get witness against him deported by writing letters threatening Trump
A Wisconsin man is facing charges accusing him of forging a letter threatening Trump's life in an effort to get another man who was a potential witness against him in a criminal case deported.
Prosecutors said in a criminal complaint that Demetric D. Scott was behind a letter sent to state and federal officials with the return address and name of Ramón Morales Reyes.
Scott was charged Monday with felony witness intimidation, identity theft and two counts of bail jumping.
Immigration agents arrested Morales Reyes after he dropped his child off at school in Milwaukee. Homeland Security Secretary Kristi Noem announced the arrest, saying he had written a letter threatening to kill Trump and would 'self-deport' to Mexico.
But the claim started to unravel as investigators talked to Morales Reyes.
Morales Reyes is listed as a victim in the case involving Scott, who is awaiting trial in Milwaukee County Jail on armed robbery and aggravated battery charges. The trial is scheduled for July.
Ex-Homeland Security official Taylor fights back against Trump's 'unprecedented' investigation order
A former Homeland Security official during Trump's first administration who authored an anonymous op-ed sharply critical of the president is calling on independent government watchdogs to investigate after Trump ordered the department to look into his government service.
Miles Taylor, once chief of staff at the Department of Homeland Security, warned in an interview with The Associated Press of the far-reaching implications of Trump's April 9 memorandum, 'Addressing Risks Associated with an Egregious Leaker and Disseminator of Falsehoods,' when it comes to suppressing criticism of the president. That memo accused Taylor of concocting stories to sell his book and directed the secretary of Homeland Security and other government agencies to look into Taylor and strip him of any security clearances.
Taylor sent a letter via email to the inspectors general at the Department of Justice and Homeland Security on Tuesday.
'I didn't commit any crime, and that's what's extraordinary about this. I can't think of any case where someone knows they're being investigated but has absolutely no idea what crime they allegedly committed. And it's because I didn't,' Taylor said.
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Globe and Mail
40 minutes ago
- Globe and Mail
Bitcoin Has Hit an All-Time High of $112,000. 3 Reasons the Leading Cryptocurrency Is Surging.
Last month, Bitcoin (CRYPTO: BTC) reached a new all-time high of $111,970. Even after a small pullback, the leading cryptocurrency is still up 13% this year, while the S&P 500 has gained just 1.6%. Going back even further, Bitcoin has returned an impressive 990% during the past five years. When a cryptocurrency goes on a tear, investors and prospective investors want to know why. And, even more importantly, they want to know if the gains are likely to continue. In Bitcoin's case, there are a few key reasons it has been doing so well lately. 1. A crypto-friendly political climate President Donald Trump was pro-crypto and pro-Bitcoin during his campaign, even saying that he wanted the U.S. to be "the Bitcoin superpower of the world." He was expected to usher in a more crypto-friendly climate if elected, and so far, he has done just that. Under the Biden administration, the Securities and Exchange Commission (SEC) had gone after many of the major crypto companies and exchanges. Trump's pick for SEC Chair, Paul Atkins, is known for supporting cryptocurrency. Since Trump has taken office, the SEC has ended lawsuits with Coinbase Global (NASDAQ: COIN) and Binance and ended investigations into OpenSea, an NFT marketplace; and Uniswap, a decentralized exchange. The Trump administration also announced the creation of a Strategic Bitcoin Reserve in March. Just like countries stockpile gold, foreign currencies, and other valuable assets, the federal government is stockpiling Bitcoin. Arizona and New Hampshire have followed suit with their own Bitcoin reserves. Government support for Bitcoin and cryptocurrency as a whole should be good for the industry, as it helps further legitimize cryptocurrencies as an investment. Since Election Day, Bitcoin has hit multiple all-time highs and is up 54% overall. 2. It's a hedge against a weak U.S. dollar The U.S. dollar has been losing value, with the U.S. Dollar Index (DXY) down about 9% on the year. Import tariffs, the possibility of a trade war, and worries of a recession have all taken their toll. When the dollar declines or there's a period of high inflation, investors often look for alternative assets to use as stores of value. Gold has long been a popular choice, and in recent years, Bitcoin has been called digital gold. There's a limited number of Bitcoin available -- the maximum supply is capped at 21 million coins. This gives it a built-in scarcity that traditional currencies don't have. It's hard to predict currency fluctuations or when the U.S. dollar will bounce back, although a U.S.-China trade deal would probably help. This may not be a long-term tailwind for Bitcoin, but it is a benefit at the moment. 3. It's increasingly popular with institutional investors While institutional investors used to be wary of investing in Bitcoin, that's no longer the case. The SEC approved the first Bitcoin spot price exchange-traded funds (ETFs) in January 2024, opening the door for more institutional adoption. Those U.S. Bitcoin ETFs had inflows of $5.2 billion in May and have over $125 billion in combined assets under management (AUM) at the time of this writing. Like government support, institutional investors help legitimize Bitcoin, and the amount of money they invest can also drive up the price. Bitcoin's value has already jumped by 130% since the approval of Bitcoin ETFs, and cryptocurrency will likely become more and more mainstream going forward. A January survey by EY Parthenon and Coinbase found that 83% of institutional investors were planning to increase their digital asset allocation in 2025. Will Bitcoin continue to surge? All the factors that have contributed to Bitcoin's latest bull run are still in place. The political climate is and should remain positive toward cryptocurrency. Banks, hedge funds, and other institutions are investing in Bitcoin. The U.S. dollar hasn't recovered yet, although that could change at any time. This doesn't mean Bitcoin is a surefire investment. Far from it -- Bitcoin is risky, and you could make a compelling argument against it. Bitcoin has limited utility, transactions are slow and relatively expensive, and it doesn't produce anything of value like a business does. People invest in the hopes that the price will go up. But as it's demonstrated over the years, Bitcoin can deliver incredible returns, and it's the most successful cryptocurrency by a wide margin. Stocks are still a safer choice, but Bitcoin is a good alternative investment for anyone who wants digital assets in their portfolio. Should you invest $1,000 in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $656,825!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $865,550!* Now, it's worth noting Stock Advisor 's total average return is994% — a market-crushing outperformance compared to172%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 2, 2025


Canada Standard
2 hours ago
- Canada Standard
Economic Watch: Doubled U.S. steel, aluminum tariffs spark criticism, trade war concerns across globe
As the largest supplier of U.S. steel, Canada has called the additional levies "unlawful and unjustified," and vowed to fight. BEIJING, June 5 (Xinhua) -- Government leaders, businesspeople, and analysts have voiced concerns and criticisms over the recent U.S. tariff hikes on imported steel and aluminum, warning that the measures would not only harm the interests of U.S. trade partners, but also fuel a global trade war and deal a blow to the world economy. The United States started to raise tariffs on imported steel and aluminum from 25 percent to 50 percent starting from Wednesday, according to an executive order signed by U.S. President Donald Trump on Tuesday. The European Commission criticized the new U.S. tariff measures, warning that the move could prompt swift European retaliation. "The EU is prepared to impose countermeasures, including in response to the latest U.S. tariff increase," the commission's spokesperson said in an emailed statement. The U.S. action undermines the EU's ongoing efforts to reach a negotiated agreement with the United States, according to the statement. As the largest supplier of U.S. steel, Canada has called the additional levies "unlawful and unjustified," and vowed to fight. "Canada's new government is engaged in intensive and live negotiations to have these and other tariffs removed as part of a new economic and security partnership with the United States," the Prime Minister's office said in a statement Tuesday. "We are in intensive negotiations with the Americans, and, in parallel, preparing reprisals if those negotiations do not succeed," said Canadian Prime Minister Mark Carney on Wednesday. Unifor, a Canadian general trade union, called on Carney to retaliate immediately and urged Canada to pause exports of critical minerals to the United States. Hundreds of Canadian steelworkers have lost their jobs since initial tariffs took effect, said Unifor, warning that layoffs in the auto and aerospace industries could also occur. "This isn't trade policy, it's a direct attack on Canadian industries and workers," said Marty Warren, United Steelworkers National Director for Canada, in a statement. Thousands of Canadian jobs are on the line, and Canada needs to respond immediately and decisively to defend workers, added Warren. Calling the impact of the initial 25 percent tariffs "devastating," after it resulted in job losses and a drop in shipments to the United States, Catherine Cobden, CEO of the Canadian Steel Producers Association, said a 50 percent tariff will lead to a "dramatic acceleration" of those trends. "At a 50 percent tariff, we basically consider the U.S. market closed -- completely closed, door slammed shut, if you will -- to Canadian steel," she said. "We can't ship at 50 percent. Perhaps we can stockpile for a few days, but obviously we can't keep producing if one of our major markets is shuttered." Gary Clyde Hufbauer, a non-resident senior fellow at the Peterson Institute for International Economics, said: "With the 50 percent tariff, not only is American steel going to be less internationally competitive but so are the multitude of American industries that depend on steel as a necessary input." The new rate on imported steel will almost certainly enlarge the profits of domestic steel companies while U.S. manufacturers and American households will pay dearly for the bonanza to steel barons, wrote Hufbauer in an opinion piece on Monday. The tariffs make it more expensive for domestic auto manufacturers to produce here, and "it's an economically inconsistent, illiterate policy that seems to be hiding under the national security justifications," said Wayne Winegarden, a senior fellow at the Pacific Research Institute. "They've never given any justification why 25 percent is the right number, let alone why 50 percent is," Winegarden was quoted by a report on According to Felix Tintelnot, a professor of economics at Duke University, no business leader should make massive upfront investments in heavy industry if they don't believe that the same policy will last for a few years. Jeremy Flack, CEO of Flack Global Metals, a U.S.-based steel trader and manufacturer, said the tariffs have led to a pause of orders and reduced demand for steel. "We are not getting any orders. Volumes starting from February have begun to decline," Flack said.


Toronto Sun
2 hours ago
- Toronto Sun
LILLEY: Draft trade deal with U.S. hammered out amid 'intensive discussions'
Deal in principle in the works with Trump administration; now it's all down to finer points Get the latest from Brian Lilley straight to your inbox U.S. President Donald Trump meets with Prime Minister Mark Carney in the Oval Office of the White House in Washington, D.C., on May 6, 2025. Photo by JIM WATSON / AFP via Getty Images There is a draft, high-level proposal on a new trade deal between Ottawa and Washington, according to multiple sources. The question now is whether political leaders in both countries can get it over the finish line. 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 The hope, especially in Ottawa, is to have an agreement of some sort in place before the G7 meetings begin in Kananaskis, Alta., on June 15. The proposal would see both countries agree in broad strokes on ways to move forward in the trade relationship. According to sources, highly contentious issues like Canada's supply management system for dairy and the digital services tax that is opposed by all sides in Washington would be put off into the future. Prime Minister Mark Carney was clear in denouncing the increased tariffs on steel and aluminum, calling them illegal and unjustified. But he, like his cabinet ministers on Wednesday, didn't ramp up the rhetoric against the Americans. Carney even spoke about the ongoing discussions on the trade front. 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. 'We are in intensive discussions right now with the Americans on the trading relationship,' Carney told reporters ahead of his cabinet meeting. 'Those discussions are progressing.' Read More During question period on Wednesday afternoon, Carney repeated his comments under questioning from the opposition Conservatives. 'We are in intensive negotiations with the Americans and, in parallel, preparing reprisals if those negotiations do not succeed,' Carney said. Let me translate that for you: Carney isn't slapping a 50% counter-tariff on U.S. steel and aluminum imports because a deal is within reach. As Carney noted, the increase in steel and aluminum tariffs from 25% to 50% was applied globally; it wasn't just aimed at Canada, so to respond with counter-tariffs now could jeopardize those talks. This advertisement has not loaded yet, but your article continues below. In response to a question from the Bloc Quebecois, Carney said the talks were at a delicate point. Dominic LeBlanc, Carney's minister of intergovernmental affairs and point man on the talks with the Donald Trump administration, was in Washington Tuesday meeting with his U.S. counterparts. The discussions have been ongoing since Trump was sworn into office and have recently intensified with the hope of announcing a deal within the next week to 10 days. What we can expect is an announcement that Canada will increase its defence spending, including potential participation in the Golden Dome missile defence system. We should expect the government to show that border security will be a priority and there will be action on fentanyl. This advertisement has not loaded yet, but your article continues below. All of those are things that Carney has spoken about to some degree in the past. What will be interesting to see is whether the 'projects of national interest' that he has been speaking to premiers about are part of the deal. Will Ontario's Ring of Fire, a source of critical minerals, work its way into a deal that sees the Americans as a preferred customer? We already know that the Americans are anxious for us to see projects like Grays Bay Port in Nunavut developed. Giving that project a green light as part of a trade negotiation could be part of the package. What we know for sure is this high-level proposal is not a full-scale renegotiation of the Canada-U.S.-Mexico Agreement. That would come at a later date and while the Canadian side is pushing for a deal, the Americans want something short and simple for now with full negotiations to come later. According to multiple sources, that doesn't sit well with Canada's top diplomat in Washington, Kristen Hillman, who is 'getting into the weeds' and trying to solve everything at once. If the Americans are willing to come to an agreement of sorts at a high level and lift the tariffs while a full renegotiation of CUSMA happens, the Carney government should take it. It's true that Trump can be erratic and could change his mind at a later date, but if a deal is on the table, we should take it. Celebrity Columnists Canada Toronto & GTA Canada