On GPS: US-Iran talks went ‘as well as expected'
American and Iranian officials held a "constructive" first round of nuclear talks in Oman yesterday, with plans to meet again next week. Will the Trump administration be able to negotiate a new deal? Fareed speaks with Vali Nasr, professor at the Johns Hopkins School of Advanced International Studies.
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Yahoo
28 minutes ago
- Yahoo
Trump tariffs live updates: US, China agree on plan to ease trade tensions as US appeals court allows tariffs to remain in effect
The US and China agreed to a framework and implementation plan to ease trade tensions on Tuesday. 'We have reached a framework to implement the Geneva consensus,' US Commerce Secretary Howard Lutnick said. The commerce secretary indicated the deal should resolve issues between the two countries on rare earths and magnets. Representatives will now take the proposal to their respective leaders for approval. The progress comes after two days of trade talks between the US and China in London. The high-stakes negotiations follow Trump's call with Xi Jinping last week, which both leaders framed as positive. Tensions between the two countries had been rising since they reached a temporary truce in mid-May in Geneva. Both countries accused the other of breaching the agreement while ratcheting up pressure on other issues. Meanwhile, though Trump's most sweeping tariffs continue to face legal uncertainty, on Tuesday, the president received a favorable update. A federal appeals court held a decision saying his tariffs can temporarily stay in effect. The US Court of International Trade had blocked their implementation last month, deeming the method used to enact them "unlawful." Read more: What Trump's tariffs mean for the economy and your wallet The latest twists and turns in Trump's trade policy come as the president pushes countries to speed up negotiations. The US sent a letter to partners as a "friendly reminder" that Trump's self-imposed 90-day pause on sweeping "reciprocal" tariffs is set to expire in early July. White House advisers have for weeks promised trade deals in the "not-too-distant future," with the only announced agreement so far coming with the United Kingdom. US and Indian officials held trade talks this week and agreed to extend those discussions on Monday and Tuesday ahead of the July 9 deadline. New tariffs are coming into play: Effective Wednesday, June 4, Trump doubled tariffs on steel and aluminum from 25% to 50%. Here are the latest updates as the policy reverberates around the world. Bloomberg reports: Read more here. Yahoo Finance's Rick Newman reports: Read more here. US-China talks stretched on Tuesday, and they may continue into Wednesday, US Commerce Secretary Howard Lutnick told reporters outside of Lancaster House in London, where delegations from both countries are meeting. "I think the talks are going really, really well," Lutnick said. "We're very much spending time and effort and energy — everybody's got their head down working closely." "I hope they end this evening," he added, "but if they need be, we'll be here tomorrow." The teams from China and the US, including Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, have been holding negotiations since Monday. The London summit followed a phone call between President Trump and Chinese President Xi Jinping. Stocks rose to near session highs following Lutnick's comments on an otherwise fairly muted day in markets. Read more here. From Reuters: Read more here. Banking fees and trading revenue for one of the world's largest investment banks is expected to climb this quarter despite the concerns that surround US tariffs, Citigroup's (C) head of banking Vis Raghavan said on Tuesday. Raghaven added, that M&A activity continues to be active but the IPO market has been "stagnant." Reuters reports: Read more here. The World Bank cut its global growth forecast for 2025 on Tuesday by 0.4 percentage point to 2.3%. The international financial institution, which provides loans to governments said that high tariffs and uncertainty were a "significant headwind" for nearly all economies. Reuters reports: Read more here. Yahoo Finance's Alexis Keenan reports: Read more here. On Tuesday, US Commerce Secretary Howard Lutnick said trade negotiations with China were going well, as the two sides met in London for a second day of talks. Reuters reports: Read more here. The CEO of Freeport-McMoRan Inc. (FCX), North America's top producer of copper has warned that tariffs could hurt an industry that President Trump is trying to help. Bloomberg News reports: Read more here. Reuters reports: Maruti Suzuki has cut near-term production targets for its maiden electric vehicle e-Vitara by two-thirds because of rare earths shortages, a document showed, in the latest sign of disruption to the auto industry from China's export curbs. India's top carmaker, which said on Monday it had not seen any impact yet from the supply crisis, now plans to make about 8,200 e-Vitaras between April and September, versus an original goal of 26,500, according to a company document seen by Reuters. It cited "supply constraints" in rare earth materials that are vital in making magnets and other components across a range of hi-tech industries. Read more here. Both the US and China are finding new tools to use as bargaining chips within trade negotiations. Here's an example of just some of them: Bloomberg News reports: Read more here. The de-escalation in trade tensions likely contributed to an improvement in US small-business confidence in May. However, uncertainty remained due to the overall economic outlook. Reuters reports: Read more here. Chinese stocks fell on Tuesday ahead of the second day of trade negotiations between the US and China. Investors are cautious as the two biggest economies seek to resolve some contentious issues. Bloomberg News reports: Read more here. As US-China trade negotiations resume in London on Tuesday, both sides are eager to rebuild the truce established in May. While, the US has tightened controls on AI chip exports, China may be holding the most valuable card in these talks. CNN reports: Read more here. Advertising firm, WPP said on Tuesday that global advertising revenue is expected to grow 6% this year, lowering its earlier target of 7.7% due to the uncertainty surrounding US trade policies. Reuters reports: Read more here. Bloomberg reported that trade talks between the US and China will resume tomorrow morning at 10 a.m. in London after six hours of negotiations on Monday. US officials were looking for a "handshake" on Monday, National Economic Council director Kevin Hassett told CNBC, as the two sides look to ease tensions over tech and rare earths. President Trump weighed in on the progress, telling reporters on Monday: "We are doing well with China. China's not easy. ... I'm only getting good reports.' Treasury Secretary Scott Bessent, meanwhile, said it was "good meeting" and Commerce Secretary Howard Lutnick called the talks "fruitful," sending an upbeat signal on the talks' progress. The Chinese delegation, led by Vice Premier He Lifeng, did not comment on the talks. From Bloomberg: Read more here. The number of ocean containers from China bound for the US fell precipitously in May when President Trump's 145% tariffs on Chinese goods were in effect. Supply chain technology company Descartes said Monday that seaborne imports from China to the US dropped 28.5% year over year, the sharpest decline since the pandemic, per Reuters. Overall, US seaborne imports fell 7.2% annually in May to 2.18 million 20-foot equivalent units. The decline snaps a streak of increases fueled by companies frontloading goods to avoid higher duties, which has kept US seaports, such as the Port of Long Beach, busy. "The effects of U.S. policy shifts with China are now clearly visible in monthly trade flows," Descartes said in a statement. Read more here. In today's Chart of the Day, Yahoo Finance's Josh Schafer writes that tariff headlines have been rattling markets to a lesser degree than they did in April, despite an escalation of trade tensions recently: Sign up for the Morning Brief newsletter to get the Chart of the Day in your inbox. US import costs of steel and aluminum are expected to rise by more than $100 billion after President Trump doubled tariffs on the metals to 50% this week. That is expected to impact automakers such as Ford (F), as well as importers for a variety of goods, from baseball bats to aircraft parts. The Financial Times reports: Read more here. Tariffs have brought challenges for many, but Century Aluminum (CENX) and top recycler Matalco stand to benefit from President Trump's metal import duties as domestic prices rise. Reuters reports: Read more here. Bloomberg reports: Read more here. Yahoo Finance's Rick Newman reports: Read more here. US-China talks stretched on Tuesday, and they may continue into Wednesday, US Commerce Secretary Howard Lutnick told reporters outside of Lancaster House in London, where delegations from both countries are meeting. "I think the talks are going really, really well," Lutnick said. "We're very much spending time and effort and energy — everybody's got their head down working closely." "I hope they end this evening," he added, "but if they need be, we'll be here tomorrow." The teams from China and the US, including Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, have been holding negotiations since Monday. The London summit followed a phone call between President Trump and Chinese President Xi Jinping. Stocks rose to near session highs following Lutnick's comments on an otherwise fairly muted day in markets. Read more here. From Reuters: Read more here. Banking fees and trading revenue for one of the world's largest investment banks is expected to climb this quarter despite the concerns that surround US tariffs, Citigroup's (C) head of banking Vis Raghavan said on Tuesday. Raghaven added, that M&A activity continues to be active but the IPO market has been "stagnant." Reuters reports: Read more here. The World Bank cut its global growth forecast for 2025 on Tuesday by 0.4 percentage point to 2.3%. The international financial institution, which provides loans to governments said that high tariffs and uncertainty were a "significant headwind" for nearly all economies. Reuters reports: Read more here. Yahoo Finance's Alexis Keenan reports: Read more here. On Tuesday, US Commerce Secretary Howard Lutnick said trade negotiations with China were going well, as the two sides met in London for a second day of talks. Reuters reports: Read more here. The CEO of Freeport-McMoRan Inc. (FCX), North America's top producer of copper has warned that tariffs could hurt an industry that President Trump is trying to help. Bloomberg News reports: Read more here. Reuters reports: Maruti Suzuki has cut near-term production targets for its maiden electric vehicle e-Vitara by two-thirds because of rare earths shortages, a document showed, in the latest sign of disruption to the auto industry from China's export curbs. India's top carmaker, which said on Monday it had not seen any impact yet from the supply crisis, now plans to make about 8,200 e-Vitaras between April and September, versus an original goal of 26,500, according to a company document seen by Reuters. It cited "supply constraints" in rare earth materials that are vital in making magnets and other components across a range of hi-tech industries. Read more here. Both the US and China are finding new tools to use as bargaining chips within trade negotiations. Here's an example of just some of them: Bloomberg News reports: Read more here. The de-escalation in trade tensions likely contributed to an improvement in US small-business confidence in May. However, uncertainty remained due to the overall economic outlook. Reuters reports: Read more here. Chinese stocks fell on Tuesday ahead of the second day of trade negotiations between the US and China. Investors are cautious as the two biggest economies seek to resolve some contentious issues. Bloomberg News reports: Read more here. As US-China trade negotiations resume in London on Tuesday, both sides are eager to rebuild the truce established in May. While, the US has tightened controls on AI chip exports, China may be holding the most valuable card in these talks. CNN reports: Read more here. Advertising firm, WPP said on Tuesday that global advertising revenue is expected to grow 6% this year, lowering its earlier target of 7.7% due to the uncertainty surrounding US trade policies. Reuters reports: Read more here. Bloomberg reported that trade talks between the US and China will resume tomorrow morning at 10 a.m. in London after six hours of negotiations on Monday. US officials were looking for a "handshake" on Monday, National Economic Council director Kevin Hassett told CNBC, as the two sides look to ease tensions over tech and rare earths. President Trump weighed in on the progress, telling reporters on Monday: "We are doing well with China. China's not easy. ... I'm only getting good reports.' Treasury Secretary Scott Bessent, meanwhile, said it was "good meeting" and Commerce Secretary Howard Lutnick called the talks "fruitful," sending an upbeat signal on the talks' progress. The Chinese delegation, led by Vice Premier He Lifeng, did not comment on the talks. From Bloomberg: Read more here. The number of ocean containers from China bound for the US fell precipitously in May when President Trump's 145% tariffs on Chinese goods were in effect. Supply chain technology company Descartes said Monday that seaborne imports from China to the US dropped 28.5% year over year, the sharpest decline since the pandemic, per Reuters. Overall, US seaborne imports fell 7.2% annually in May to 2.18 million 20-foot equivalent units. The decline snaps a streak of increases fueled by companies frontloading goods to avoid higher duties, which has kept US seaports, such as the Port of Long Beach, busy. "The effects of U.S. policy shifts with China are now clearly visible in monthly trade flows," Descartes said in a statement. Read more here. In today's Chart of the Day, Yahoo Finance's Josh Schafer writes that tariff headlines have been rattling markets to a lesser degree than they did in April, despite an escalation of trade tensions recently: Sign up for the Morning Brief newsletter to get the Chart of the Day in your inbox. US import costs of steel and aluminum are expected to rise by more than $100 billion after President Trump doubled tariffs on the metals to 50% this week. That is expected to impact automakers such as Ford (F), as well as importers for a variety of goods, from baseball bats to aircraft parts. The Financial Times reports: Read more here. Tariffs have brought challenges for many, but Century Aluminum (CENX) and top recycler Matalco stand to benefit from President Trump's metal import duties as domestic prices rise. Reuters reports: Read more here.
Hamilton Spectator
35 minutes ago
- Hamilton Spectator
California governor says ‘democracy is under assault' by Trump as feds intervene in LA protests
LOS ANGELES (AP) — Calling President Donald Trump a threat to the American way of life, Gov. Gavin Newsom depicted the federal military intervention in Los Angeles as the onset of a much broader effort by Trump to overturn political and cultural norms at the heart of the nation's democracy. In a speech Tuesday evening, the potential 2028 Democratic presidential candidate said the arrival of National Guard and Marine troops in the city at Trump's direction was not simply about quelling protests that followed a series of immigration raids by federal authorities. Instead, he said, it was part of a calculated 'war' intended to upend the foundations of society and concentrate power in the White House. 'California may be first, but it clearly will not end here. Other states are next,' a somber Newsom warned, seated before the U.S. and California flags. 'Democracy is next. Democracy is under assault before our eyes. This moment we have feared has arrived.' As head of the heavily Democratic state known as the epicenter of the so-called Trump resistance, Newsom and the Republican president have long been adversaries. But the governor's speech delivered in prime time argued that Trump was not just a threat to democracy, but was actively working to break down its guardrails that reach back to the nation's founding. ″He's declared a war. A war on culture, on history, on science, on knowledge itself,' Newsom said. 'He's delegitimizing news organizations, and he's assaulting the First Amendment.' Newsom added that Trump is attacking law firms and the judicial branch — 'the foundations of an orderly and civil society.' 'It's time for all of us to stand up,' Newsom said, urging any protests to be peaceful. 'What Donald Trump wants most is your fealty, your silence, to be complicit in this moment. Do not give in to him.' His speech came the same day that Newsom asked a court to put an emergency stop to the military helping federal immigration agents, with some guardsmen now standing in protective gauntlet around agents as they carried out arrests. The judge chose not to rule immediately, giving the Trump administration several days to continue those activities before a hearing Thursday. Trump has activated more than 4,000 National Guard members and 700 Marines over the objections of city and state leaders, though the Marines have not yet been spotted in Los Angeles and Guard troops have had limited engagement with protesters. They were originally deployed to protect federal buildings. Newsom's speech capped several days of acidic exchanges between Trump and Newsom, that included the president appearing to endorse Newsom's arrest if he interfered with federal immigration enforcement. 'I think it's great. Gavin likes the publicity, but I think it would be a great thing,' Trump told reporters. Over the years, Trump has threatened to intercede in California's long-running homeless crisis, vowed to withhold federal wildfire aid as political leverage in a dispute over water rights, called on police to shoot people robbing stores and warned residents that 'your children are in danger' because of illegal immigration. Trump relishes insulting the two-term governor and former San Francisco mayor — frequently referring to him as Gov. 'New-scum' — and earlier this year faulted the governor for Southern California's deadly wildfires. Trump has argued that the city was in danger of being overrun by violent protesters, while Newsom and Los Angeles Mayor Karen Bass have called the federal intervention an unneeded — and potentially dangerous — overreaction. The demonstrations have been mostly concentrated in the city's downtown hub. Demonstrations have spread to other cities in the state and nationwide, including Dallas and Austin, Texas, Chicago and New York City, where a thousand people rallied and multiple arrests were made. Trump left open the possibility of invoking the Insurrection Act, which authorizes the president to deploy military forces inside the U.S. to suppress rebellion or domestic violence or to enforce the law in certain situations. It's one of the most extreme emergency powers available to a U.S. president. 'If there's an insurrection, I would certainly invoke it. We'll see,' he said from the Oval Office. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Yahoo
37 minutes ago
- Yahoo
Trump Is Officially Spiting Pride Month
White House Press Secretary Karoline Leavitt said that President Donald Trump has no intention to officially recognize Pride Month. 'There are no plans for a proclamation for the month of June,' Leavitt said at a White House press briefing Tuesday. 'But I can tell you this president is very proud to be a president for all Americans, regardless of race, religion or creed.' The reporter who asked the question, MAGA podcaster Alec Lace, suggested that the White House could name June 'Nuclear Family Month' rather than honoring LGBTQ Americans. President Bill Clinton first named June 'Gay and Lesbian Pride Month' in 1999 in a tribute to the Stonewall riots of June 1969, which helped launch the gay rights movement. Pride Month was expanded to include bisexual and transgender Americans under President Barack Obama. Trump declined to officially proclaim June Pride Month during his first presidency—although in 2019, he tweeted in support of Pride Month. 'As we celebrate LGBT Pride Month and recognize the outstanding contributions LGBT people have made to our great Nation, let us also stand in solidarity with the many LGBT people who live in dozens of countries worldwide that punish, imprison, or even execute individuals on the basis of their sexual orientation,' Trump said. 'My Administration has launched a global campaign to decriminalize homosexuality and invite all nations to join us in this effort!' However, since returning to office, Trump has made what he calls 'gender ideology' among his top priorities. Trump has eradicated DEI programs from the federal government, sought to prevent trans women from competing in women's sports and also to eliminate trans people from the military. Many corporations and brands are planning to scale back their celebrations of Pride Month in this new political climate, according to CNN. Nevertheless, many LGBTQ Americans are still boisterously celebrating June. Pride Month events in Washington, D.C.—including a parade and a street festival—are expected to draw hundreds of thousands of attendees, according to ABC News.
