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San Francisco Chronicle
29 minutes ago
- San Francisco Chronicle
Independent candidate for Michigan governor is betting on partisan fatigue in the midterms
DETROIT (AP) — Detroit Mayor Mike Duggan spent his political career as a Democrat, leading Michigan's largest Democratic stronghold. But now, he's become a target of his former party, whose leaders are furious about his decision to run for Michigan governor next year as an independent. Detroit is a power base for Democrats in the battleground state, and some fear Duggan will draw support from their nominee and potentially help the Republican candidate. Democrats have launched attacks against Duggan, accusing him of being bankrolled by allies of President Donald Trump. But Duggan — who is soon leaving the office he has held since 2014 — says voters of all leanings are tired of partisan fighting. 'It doesn't actually matter where I go in the state,' Duggan said. 'People are angry that their problems are not getting solved because the two parties are so consumed with fighting with each other.' Duggan had been a major Democratic figure in Michigan with a close working relationship with former President Joe Biden. While there is precedent for independent governors in the U.S., none are currently in office and there has never been one in Michigan. Why run as an independent? He announced his bid a month after Democrats suffered heavy losses in the 2024 election. But, midterm elections tend to favor the party not in power. Democrats have now seized on cuts to Medicaid and SNAP benefits as winning issues in races across the country. Duggan doesn't see it that way. 'I mean, it would have been easier to win as a Democrat, but then I'd have just been part of the partisan problem,' Duggan said. As an example, Duggan pointed to Michigan's split Legislature, with Republicans in control of the state House and Democrats controlling the state Senate. Only six proposals have become law this year, and the state operating budget is still hung up. Duggan's campaign has focused on his independency from both parties and education in the state. Duggan derided Michigan House Democrats who voted against a measure to restrict cellphone usage in schools. 'I don't really intend to get involved in the national Republican versus Democratic talking points,' he said. Tariffs in Detroit, and abroad Several companies in Michigan's auto industry, centered in Detroit, have reported major losses and expressed worry about tariffs imposed by the Trump administration. Auto parts often move across the border between the U.S. and Canada multiple times during manufacturing. Duggan said tariffs on China and Mexico could push manufacturing to Michigan. However, tariffs on Canada are 'devastating,' he said. 'When you put a tariff on Canada, you put a tariff on Michigan,' he said. He also critiqued the ever-changing nature of Trump's tariff policies, saying they prevent companies from making educated, long-term investments. President Trump Duggan praised current Democratic Gov. Gretchen Whitmer for her work with the Trump administration, opposing the tariffs on Canada and working with him to get new fighter jets for an air force base. Some Democrats have criticized Whitmer for appearing with Trump multiple times this year. 'I think it's exactly the right kind of approach,' he said. Elon Musk Democrats in Michigan have frequently tied Duggan to Elon Musk; an attempt to undercut Duggan by association with the divisive public figure. Musk, a former Trump ally, said in July that he would create a third political party. When Duggan responded to Musk on X saying 'Now you've got my attention,' the Michigan Democratic Party said the mayor was 'cozying' up to the richest man in the world. When asked about exchange, Duggan said his bid is 'exactly the opposite' of a third party and said he wants no part of one. As an independent, he would not be responsible for any party majority, he said. 'I'm going to work with whoever wins to build bridges,' he said. Arab American voters Michigan is home to one of the largest populations of Arab American voters in the U.S., many of whom are disillusioned with both political parties over Israel's military offensive in Gaza which has resulted in a devastating humanitarian crisis. 'The governor doesn't make policy 6,000 miles away,' Duggan said. 'The governor has a great deal to say about the tone of hate speech and threats to individuals — whether it's the Jewish community, the Arab community — in the state of Michigan.' Who else is in the race? Whitmer is term-limited and cannot run for reelection. The crowded field vying to replace her includes three Democrats — Secretary of State Jocelyn Benson, Lt. Gov. Garlin Gilchrist II and Genesee County Sheriff Chris Swanson — and four Republicans — U.S. Rep. John James, state Senate Leader Aric Nesbitt, former state Attorney General Mike Cox and former Speaker of the state House Tom Leonard. Running as an independent allowed Duggan to avoid the Democratic primary, but he gave up access to the party's resources. He's well-known in Detroit and the surrounding areas but largely lacks statewide name recognition. Recent fundraising numbers showed Duggan was competitive with Benson, James and Nesbitt. Only Benson's campaign raised more than Duggan's, thanks to $1.1 million she transferred from her Secretary of State campaign account. National Democratic groups, though, are certain to prioritize the Michigan race and pour money in if needed. 'A lot of people in the state are fed up with a two party system,' Duggan said. 'And it's not going to change by electing another Republican or Democrat.'
USA Today
29 minutes ago
- USA Today
US stock futures higher as Trump threatens semiconductor tax
U.S. stock futures are higher after President Donald Trump said semiconductors would face a 100% tax unless the companies "are building in the United States." The carveout was a relief for companies like Apple that invest in the United States. Apple just said it plans to spend an additional $100 billion on U.S. companies and suppliers over the next four years, in addition a $500 billion investment announced in February. Taiwan said TSMC is exempted from the tax, and South Korea said chips from Samsung Electronics and SK Hynix won't be subject to the 100% tariff either. The comments come on the heels of an earlier announcement of an additional 25% tax on India to bring the total levy to 50%. Trump said the additional tariff is because India continues to buy Russian oil. Other countries are racing to strike a deal with Trump with the Aug 7 deadline here. Nations without a deal face new tariffs. At 6 a.m., futures tied to the blue-chip Dow rose 0.48%, while broad S&P 500 futures added 0.69% and tech-heavy Nasdaq futures gained 0.70%. Investors are also eyeing corporate earnings, which have been mostly positive. About 80% of reports are beating analysts' earnings expectations, above the 76% average of the last four quarters, according to data provider LSEG. Data also showed earnings growth for the quarter is estimated at 12.1%, up from 5.8% at the beginning of July. Corporate news Cryptocurrency Actelis Networks said its board approved a cryptocurrency treasury strategy to help it diversify its balance sheet. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.
CNBC
30 minutes ago
- CNBC
India isn't flinching: Why Trump might be misreading India's tariff playbook
India's stock market showed little sign of panic a day after the U.S. announced a 50% tariff on goods from the country and threatened secondary sanctions over its continued oil trade with Russia. The Sensex, the benchmark index for India's blue-chip stocks, was down 0.8% as of 1:50 p.m. Mumbai time (4:20 a.m. ET) on August 7. From bureaucrats to businesses, there's a broad consensus in India that the latest escalation from the U.S. is only a pressure tactic to fast-track trade talks. However, Indian Prime Minister Narendra Modi now has something he didn't have, even a day earlier: the support of the Indian opposition to push back. Rahul Gandhi, the leader of India's largest opposition party, the Indian National Congress, described the penalty for Russian oil purchases as "economic blackmail" by Trump, further reducing the political room for Modi to concede to American demands. Consequently, the Indian negotiators' resolve may only get stronger, especially in talks over areas that directly affect the country's farmers. "India will never compromise on the interests of the country's farmers, fishermen, and livestock breeders. I know it will cost me personally, but I am ready," Modi said on Thursday morning, hours after the U.S. increased tariffs. By most estimates, the cost of losing trade with the U.S. is significant for India but not debilitating. The most pessimistic estimate is from Morgan Stanley. It says that if all goods are subject to a 50% duty, the impact on India's gross domestic product is likely to be 60 basis points, about $23 billion at current exchange rates. On the other hand, the cost of allowing U.S. dairy exports into India — one of the most contentious issues— is expected to cost India 1.8 lakh crore rupees ($20 billion) alone, according to SBI Research, a unit of the country's largest bank. A little over half of that burden will hit farmers directly in the form of falling retail prices, SBI said, unless the government compensates for the loss. The additional tariffs could also be catastrophic for India's gem and jewelry companies, a spokesperson for the industry lobby told CNBC-TV18 on Thursday, while Indian seafood exporters, who sell the bulk of their produce to the U.S., may lose nearly $3 billion a year at the 25% tariff effective today, according to analysts at Morgan Stanley. India's labour-intensive textile industry, meanwhile, expects $5 billion worth of business to move away from India in the next few months due to the tariffs. High U.S. duties will also affect India's ability to attract foreign direct investment (FDI), according to Arvind Sanger from Geosphere Capital Management, a New York-based broker. India's position is bolstered by the fact that over 60% of its GDP comes from domestic consumption, however. The Indian rupee will be the immediate casualty, according to Mahesh Patil, who oversees more than 3 lakh crore rupees ($35 billion) worth of financial assets at the Mumbai-based Aditya Birla Mutual Fund as its chief investment officer. However, Patil also noted that the rupee settling at lower levels against the U.S. dollar may offset some of the hit on Indian exporters, and the impact may be visible with a lag of a few months. About 40% of India's entire trade with the U.S. is in services, which is not even a point of discussion so far as the U.S. exports more services to India than it imports. Trump also hasn't paid heed to the call for curbs on the H1-B visa, which is a route mostly used by Indian nationals looking to fill talent gaps — particularly in the tech sector — in the U.S. Amid Trump's threat of secondary sanctions on India, Modi is planning his first visit to China since 2018. And, close on the heels of U.S. envoy Steve Witkoff, India's National Security Advisor Ajit Doval is visiting Russia in an effort to pursue India's interests through diplomacy. Meanwhile, India's foreign ministry has hit out at what it calls U.S. hypocrisy in ignoring its own trade with Russia that has continued through the war in Ukraine, an allegation that Trump brushed aside but didn't deny. It's also important to note that Indian companies own stakes in many Russian oil fields. Trump's trade advisor, Peter Navarro, has also alleged that India uses the dollars from trade with America to pay for Russian oil, however most of India's oil trade with Russia is settled in dirhams, the currency of the United Arab Emirates (UAE), refiners have told CNBC-TV18. India has been a lot more willing than Brazil and China to find a middle ground with the U.S. The government has already reduced duties on imports of U.S. motorcycles, bourbon, ethernet switches, synthetic flavoring essences and fish hydrolysate, to name a few. It has also allowed Tesla to set up shop in Mumbai and withdrew the equalization levy on internet giants, widely known as the Google tax. India has also increased its oil purchases from the U.S. by 120% in the last six months, source in the Indian government told CNBC-TV18, which was one of Trump's primary demands when Modi visited the White House in February 2025. However, since then, Trump has moved the goalposts from just reducing the U.S.' trade deficit with India to the South Asian country's relationship with Russia. Trump has said India's purchases of Russian oil are why it's now facing tariffs of 50%, with this full rate due to be imposed 21 days after Trump's executive order was signed Wednesday. Despite this, New Delhi's tone and rhetoric have been milder than the statements coming from Beijing or Rio De Janeiro, but it's also sticking to its red lines. India is keen to use the 21 days before to find a win-win situation, a government official told CNBC-TV18. While the Indian government hasn't hinted at any escalation on its end, some experts believe that India has some legal options at its disposal. "It is important that we talk to our trading partners and like-minded countries who have been hit by similar actions by the U.S.," Anjali Prasad, the former Indian ambassador to the World Trade Organization, said. "Only when we get together, decide on a strategy, will there be some action effectively possible, because there is strength in numbers." The fact that Trump is due to meet Russian President Vladimir Putin in the coming days, meanwhile, shows that the U.S.' priority is to end Russia's war on Ukraine. If there's a breakthrough in talks between Trump, Putin, and Ukrainian President Volodymyr Zelenskyy, India's oil purchases from Russia might no longer be a problem. The incentive for India to watch and wait, instead of rushing with concessions, is right there.
