Another Judge Rules Against Trump's Invocation of Alien Enemies Act
A federal judge in Texas became the latest on June 9 to hold that President Donald Trump had misapplied the Alien Enemies Act in attempting to remove from the United States purported members of the Venezuelan Tren de Aragua gang.
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CNBC
36 minutes ago
- CNBC
'Collateral damage': Fund managers lobby Congress over Section 899 to avert foreign investors leaving the U.S.
American fund managers are lobbying Congress over a provision tucked inside President Donald Trump's tax bill that they say could lead to foreign investors "quickly" pulling investments out of the U.S. The "One Big Beautiful Bill Act," which passed through the U.S. House of Representatives in May, aims to penalize foreign-owned firms operating in the U.S. and that are from countries with "unfair foreign taxes" under a provision known as Section 899. It is currently being considered by the Senate. The Investment Company Institute (ICI), which represents fund houses in the U.S., is lobbying Congress for an amendment as it warns the bill in its current form also impacts most foreign investments in U.S. stock markets, according to documents seen by CNBC. "In order to avoid the impact of section 899, portfolio investors are likely to retreat quickly from US equities, leading to capital outflows from the United States," the ICI said in a letter sent to Senator Mike Crapo, the chairman of the Senate Finance Committee, on June 5. "If sustained selling by foreign investors depresses US equity markets, this would harm both US companies and investors." Section 899 aims to introduce retaliatory tax measures against entities from countries that have levies such as the Digital Services Taxes and the OECD's global minimum tax rules. If signed into law, it could impact investors from the European Union, the United Kingdom, Canada, Australia, and Switzerland, among others. The tax would start at 5% and escalate by five percentage points annually to a maximum of 20%, on top of existing taxes, which vary by country and tax treaties. That could dent returns for foreign investors in U.S. equities. In the letter, the ICI also suggests that the U.S. fund management industry, which has collectively invested around $18 trillion in U.S. stock markets, would be "collateral damage" due to the impact of Section 899. "We do believe, however, that the current drafting of proposed section 899 should clarify its scope and avoid discouraging foreign investment in US equity markets through 'investment funds' such as US mutual funds and ETFs and their foreign counterparts (e.g., UCITS funds)," the ICI said. The letter to Senators goes on to say, "section 899 would penalize these funds and their shareholders by taxing passive income from US equity investments. To this end, investment funds would be collateral damage to the intended focus of section 899." Funds typically charge fees as a percentage of assets under management, and a withdrawal by foreign investors, over Section 899 concerns, could lead to lower earnings for the investment management firm. The Senate Finance Committee declined to comment, and Senator Mike Crapo's office did not respond to CNBC's request for comment. Foreign investors own $19 trillion in the U.S. stock markets, $7 trillion in U.S. government bonds, and $5 trillion in U.S. credit, according to data compiled by Apollo Global Management. The ICI said it's largely in support of the U.S. government's attempt to "protect US business interests overseas and to address discriminatory foreign taxes." However, it cautions that the current draft of the bill does the opposite. "Some foreign governments may actually cheer this capital flight from the United States because it benefits their local equity markets, which is not the behavioral incentive that Section 899 seeks to achieve," it said. Yuri Khodjamirian, chief investment officer for Tema ETFs, said investors in Europe who are focused on dividend-distributing U.S. companies would be "thinking quite carefully" about their holdings at this stage. "If suddenly you have to pay tax on that income, why would you hold that?" Khodjamirian questioned. Tema ETFs runs the American Reshoring ETF that is available to both U.S. and foreign investors. Tax experts suggest earnings paid out to foreign investors are more likely to be hit by Section 899 than capital gains and other methods of shareholder distributions. The Tema ETFs investment chief cautioned that the impact on the U.S. equities market would be relatively minimal as U.S. companies, say in the S&P 500, are typically not known for their dividends. "In the US, dividend yields are quite low. There's not a lot of companies paying. And most of the capital gets returned to share buybacks," Khodjamirian told CNBC. "Is that actually going to be that big of an issue then?"
Newsweek
an hour ago
- Newsweek
Iran Sends Defiant Warning to US on Nuclear Program: "Delusional President"
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Ahead of a next round of nuclear talks with the United States, Iran has issued a defiant warning—cautioning Washington to take its red lines seriously on uranium enrichment and sanctions relief, announcing an expansion of its nuclear power program and threatening to curtail cooperation with the UN watchdog IAEA. One top Iranian official described U.S. President Donald Trump as "delusional". Newsweek has reached out to the U.S. State Department for comment. Why It Matters Recent remarks by Iranian officials come amid heightened tensions over discussions on a potential nuclear agreement with Washington as Tehran faces growing pressure from Western powers and the International Atomic Energy Agency (IAEA), alongside threats of military action by Israel. As it prepares to respond to a U.S. proposal following five rounds of Oman-mediated talks, Iran says its advancing nuclear program is strictly for civilian purposes and non-negotiable, while demanding meaningful relief from the sanctions reimposed under Trump. Iranian citizens protest against the current Iranian government outside the Omani Embassy in Rome during the closed-door meeting between U.S. and Iranian delegations to discuss Tehran's rapidly advancing nuclear program, Friday, May 23, 2025. Iranian citizens protest against the current Iranian government outside the Omani Embassy in Rome during the closed-door meeting between U.S. and Iranian delegations to discuss Tehran's rapidly advancing nuclear program, Friday, May 23, 2025. Andrew Medichini/AP Photo What To Know "We strongly recommend the American side not to waste this opportunity — it's in their own interest to take it seriously," Iran's Foreign Ministry's Spokesperson Esmail Baqaei said about the upcoming round of talks, according to Mehr News Agency. The ministry has also criticized plans for a resolution from the United States and European allies to the IAEA board that would declare Iran non-compliant with its nuclear non-proliferation obligations, according to Reuters. After years of good cooperation with the IAEA—resulting in a resolution which shut down malign claims of a "possible military dimension" (PMD) to Iran's peaceful nuclear program—my country is once again accused of "non-compliance". Instead of engaging in good faith, the E3 is… — Seyed Abbas Araghchi (@araghchi) June 6, 2025 Mohammad Eslami, head of Iran's Atomic Energy Organization said his country will "powerfully advance its nuclear program in clear response to Western lies," the head of the Atomic Energy Organization of Iran (AEOI) says, with Baqaei warning that any IAEA confrontation would trigger Iranian countermeasures, not more cooperation. While enrichment has been at the heart of disagreements, Iranian officials have further expressed skepticism over Washington's recent proposal, saying it did not address sanctions relief—a central demand in the negotiations. Parliament Speaker Mohammad-Baqer Qalibaf called Trump the "delusional president of the United States" pursuing a policy of "imposition," according to the semi-official Tasnim News Agency. Under the Trump administration's maximum pressure policy, the U.S. Treasury Department sanctioned over 30 Iranian individuals this week for operating a shadow banking network that allegedly facilitated billions of dollars in illicit transactions for the Iranian government. What People Are Saying U.S. President Donald Trump at the White House, as quoted by Reuters on Tuesday: "They're just asking for things that you can't do. They don't want to give up what they have to give up. They seek enrichment. We can't have enrichment." Iran's Deputy Foreign Minister for Political Affairs Majid Takht-e-Ravanchi said Monday in an interview with the Islamic Republic News Agency (IRNA): "We are preparing the response, which has not yet been finalized... Our proposal is certainly not a one-sentence or one-paragraph text that can be easily dismissed. It contains elements that demonstrate our seriousness, show that our position has a defined framework, and indicate that we intend to work based on established principles. Our approach is logical." What Happens Next Iran will send its reply to Washington within days, according to media reports, with the date of the next round of talks with the U.S. yet to be officially confirmed by all parties. Members of the IAEA board are due to vote this week.
Yahoo
an hour ago
- Yahoo
What will the Army 250th birthday parade look like? Here's what we know so far
WASHINGTON - The Army's 250th birthday parade will be hosted in the nation's capital this weekend, and it's expected to bring massive crowds of people to D.C., along with heightened security. The event coincides with the 79th birthday of President Donald Trump. Army officials estimate that around 200,000 people will attend the evening event. What we know The parade will go down Constitution Avenue, from 23rd Street to 15th Street, starting at 6:30 p.m. on Saturday. Fencing is up, and this is just the start of the security measures. "We're preparing for an enormous turnout," U.S. Secret Service Special Agent In Charge Matt McCool said. While Secret Service officials say they're expecting potentially hundreds of thousands of people, that's not all — SkyFox captured video over Jessup, Md., showing tanks headed to the nation's capital as well. The military parade has been designated a National Special Security Event — similar to a presidential inauguration or state funeral. That status is reserved for events that draw large crowds and potential mass protests. It calls for an enhanced degree of high-level coordination among D.C. officials, the FBI, Capitol Police and Washington's National Guard contingent — with the Secret Service taking the lead. The Army birthday celebration had already been planned for months but earlier this spring, Trump announced his intention to transform the event into a massive military parade complete with 60-ton M1 Abrams battle tanks and Paladin self-propelled howitzers rolling through the city streets. What they're saying "I cannot emphasize enough, your safety remains our number one priority," D.C. Police Chief Pamela Smith said. Still, there are some security concerns. Just this past weekend, the day the WorldPride parade took place in D.C., police responded to a shooting and a double stabbing at Dupont Circle. Meanwhile, in Los Angeles, there's been widespread unrest and violence as thousands have been on the streets to protest federal immigration crackdowns. "We are paying attention obviously to what is happening there, and we will be ready for that if it were to occur here," Special Agent McCool said. Agent Phillip Bates of the FBI's Washington Field office, which is tasked with counterterrorism and crisis management, said there were "no credible threats" to the event at the moment. Although federal, state, and local officials said Monday that they're not expecting it, their preparations include nearly 19 miles of anti-scale fencing, 17 miles of bike racks and concrete barriers, 175 magnetometers, officers from multiple agencies and drones. "Rest assured, all drones will be owned and operated by the Secret Service or our partners. So, please do not be alarmed," McCool said. What they're saying As for whether people who live in D.C. feel safe, some said yes. "I don't have any concern about safety, you know?" Northwest D.C. resident Onur told FOX 5. But others say they have some worries. "It seems kind of odd that they put up this 10 foot security fence all around if they don't expect something to happen or some kind of unrest or something," Joe Harper, Jr., said. There are also concerns regarding traffic and potential road damage if you've got all of those tanks down here. The Source This story includes information from the Associated Press and previous FOX 5 DC reporting.
