Oil Traders Shun China-Made Ships for US Flows on Trump Levies
Charterers booking ships to haul cargoes that will load from, or discharge at, US terminals are asking for vessels that weren't constructed in Chinese yards, according to people involved in the market. The requests are being made when traders have alternatives, such as South Korean-built tankers, the people said, declining to be identified discussing sensitive commercial matters.
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Yahoo
15 minutes ago
- Yahoo
Trump wants Fed's Lisa Cook out over mortgage fraud claims
President Donald Trump on Wednesday morning demanded the resignation of Federal Reserve official Lisa Cook in his latest attack against the central bank. The call for Cook's resignation came less than a day after Federal Housing Finance Agency director Bill Pulte disclosed an Aug. 15 letter sent to Attorney General Pam Bondi pushing the Department of Justice to probe Cook's mortgages. Pulte suggested Cook committed mortgage fraud. "Cook must resign, now!!!" he said in a short social media post linking to a Bloomberg News story about her. The White House, Department of Justice, and FHFA did not immediately respond to a request for comment. The Federal Reserve declined to comment. Trump has embarked on an extraordinary campaign to pressure the Federal Reserve to lower the cost of borrowing. He's expressed enormous fury at Fed Chair Jerome Powell in particular for holding steady on interest rates all year. Trump allies like Pulte have joined Trump in prodding the central bank to cut interest rates. In Pulte's case, his pro-Trump advocacy has prompted some criticism from Republican senators who say he should focus on his main task of overseeing the mammoth residential mortgage market. Trump recently had an opportunity to imprint his stamp on the central bank after the early resignation of former Fed Governor Adriana Kugler. That allowed him to name White House aide Stephen Miran to the slot, at least temporarily. Another opening in the Board of Governors would pave the way for the president to install a second pick who's friendlier to his push for lower interest rates. Cook was nominated by former President Joe Biden and confirmed by the Senate in a May 2022 party-line vote. She is the first Black woman to serve on the Fed's Board of Governors, a 12-member group that takes frequent votes on monetary policy and helps regulate the financial sector. Her current term expires in 2038. Pulte's letter described mortgage documents it had obtained about Cook, alleging she had "falsified bank documents and property records to obtain more favorable loan terms." Over the course of a month in 2021, Cook obtained primary residence mortgages on two properties in Michigan and Georgia and declared both to be her main residence. She later listed the Georgia property for rent in 2022, which led Pulte to urge Bondi to investigate if Cook didn't disclose rental income as part of her Fed financial disclosures. Cook isn't alone in attracting scrutiny from the Trump administration over allegations of mortgage fraud. Prominent Democratic figures like Sen. Adam Schiff of California are in the same crosshairs as well. Sign in to access your portfolio
Yahoo
15 minutes ago
- Yahoo
Nearly 5 Million U.S. Citizen Kids Could Lose Child Tax Credit Thanks To New SSN Rule In Tax Law
A provision to the new tax law signed by President Donald Trump recently could make millions of U.S. citizen children ineligible for the federal child tax credit — not because of their own status, but because of their parents'. The One Big Beautiful Bill Act makes several changes to the tax code, including a boost in the maximum CTC from $2,000 to $2,200 starting in 2025. However, it also includes a new requirement: to claim the credit, the taxpayer must include a valid Social Security number on their return, and for joint filers, at least one spouse must have a work-eligible SSN. Each qualifying child must also have a valid SSN. Don't Miss: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can What the New SSN Rule Means Under previous rules, families could claim the CTC for dependent children who were U.S. citizens, even if the parents were undocumented or lacked a work-eligible SSN. Parents without an SSN could still file taxes using an Individual Taxpayer Identification Number. Now, that's changing. Under the new SSN rule, a family can only claim the child tax credit on a joint return if at least one parent has a valid SSN. And each child for whom the credit is being claimed must have an SSN. The Center for Migration Studies estimates the shift will affect more than 4.5 million children, the majority of whom are U.S. citizens. That includes almost 1 million children in California, 875,000 in Texas, and 247,000 in Florida. Trending: Kevin O'Leary Says Real Estate's Been a Smart Bet for 200 Years — Other Tax Benefits Also Restricted The new SSN requirement doesn't just affect the child tax credit — it extends to several other tax benefits as well. According to the National Immigration Law Center, these benefits will now only be available to taxpayers with a Social Security number valid for work purposes. This includes: The new $6,000 tax deduction for individuals over age 65. Exclusion of income from discharged student debt due to death or disability. A new deduction for up to $25,000 in tips received. A new deduction for up to $12,500 in overtime pay. The American Opportunity and Lifetime Learning tax credits, which help offset higher education costs for the taxpayer or a changes mean that non-citizens or those without work-eligible SSNs may no longer claim these benefits — regardless of whether they pay taxes — potentially reducing refunds and limiting access to credits that offset education, retirement, or income-related expenses. The Bottom Line While the OBBBA increases the maximum CTC to $2,200 per child and indexes it to inflation, eligibility changes could leave millions of children without the benefit — many of them U.S. citizens. For now, families affected by the SSN requirement may need to prepare for a smaller refund — or no CTC at all — starting with their 2025 tax returns. Read Next: Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Nearly 5 Million U.S. Citizen Kids Could Lose Child Tax Credit Thanks To New SSN Rule In Tax Law originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
The Hill
16 minutes ago
- The Hill
From aid to trade: Recalibrating US strategy for global prosperity
The dissolution of the U.S. Agency for International Development marks a seismic realignment in America's approach to global development — shifting emphasis from traditional aid models to a greater focus on commercial partnerships grounded in mutual economic interest. Developing nations have long called for closer U.S. trade ties and greater investment in infrastructure. Last month, President Trump made the pivot explicit during a meeting with five West African presidents: 'We're shifting from aid to trade.' The need for stronger economic engagement is urgent. China now accounts for four times as much trade with Africa as the U.S. While China has been building industrial zones, a large amount of America's past approach has been relying on inflexible five-year plans and virtue-signaling grants. I experienced this contrast firsthand. In 2016, I founded Lori Systems, a logistics tech company in Africa. We were once offered a grant from a Western development finance institution, on the condition that half of our truck drivers be women. This condition made no sense, though. Less than 1 percent of truck drivers in their own country were women, to say nothing of the countries where we were working. In contrast, Chinese investors who approached us asked us how an investment could accelerate their nation's infrastructure goals. They focused on tangible outcomes, not performative ones. U.S. foreign assistance has saved many lives and contributed to the stabilization of fragile states, but over time it became mired in bureaucracy and stagnation. The world has changed — and so must the nation's approach. As researcher Efosa Ojomo shows, prosperity stems from treating nations as commercial partners, not charity cases. This will unlock trade, stronger institutions and sustained growth. Trump is pushing for a much needed forward-looking reengagement — an evolution that aligns U.S. strategic interests with emerging market economic outcomes. That means: Engaging countries as partners, not dependents; with skin in the game and measurable outcomes. Backing U.S. businesses to win on the global stage. Investing in strategic infrastructure that drives economic stability such as power, ports, fiber and cloud infrastructure aligned with U.S. interests. Preserving high-impact programs like the President's Emergency Plan for AIDS Relief and the President's Malaria Initiative, which have delivered unmatched, life-saving results and global health stability. This approach isn't charity — it's smart foreign policy. Vietnam shows how trade can help lift nations while serving U.S. interests. In 1995, nearly all Vietnamese lived in poverty and exports totaled only $5 billion. Over the next three decades, exports climbed to $400 billion, extreme poverty was reduced to almost zero, and two-way trade with the U.S. reached $113 billion — providing strong diversification to American supply chains. As President Nguema of Gabon said last month, 'We are not poor countries. We are rich countries when it comes to raw materials, but we need partners to support us and help us develop those resources with win-win partnerships.' He welcomed the revised U.S. leadership doctrine but warned that in America's absence 'other countries might come instead of you.' The old system frustrated many American taxpayers and disillusioned partner nations. A modern, pro-growth model is not only more respectful but also potentially more effective if done right. Now is the moment the nation can shift from a dynamic of donors and recipients to one of partners pursuing shared interests. America's private sector, one of history's greatest engines of value creation, has the opportunity to drive lasting development across emerging markets and the world. Joshua Sandler is the CEO of Truegov, a GovTech company. He previously built venture-backed businesses across Africa and advised governments on infrastructure, trade, tax policy and economic development.
