Live updates: Trump wraps up Mideast tour as death toll in Gaza rises
President Donald Trump President Donald Trump on Friday wrapped up a Mideast tour in the United Arab Emirates with a breakfast for business leaders and a visit to an interfaith place of worship named for the Abraham Accords he negotiated.
As part of the accords, the UAE and some other countries in the Middle East recognized Israel. Trump departed Abu Dhabi after his visit to the Abrahamic Family House .
During his visit to the region, violence flared in the West Bank and Gaza. Israeli strikes killed at least 93 people Friday, adding to the more than 120 people who died in recent days.
Here's the latest:
Large metal plates will protect DC streets from tanks during June parade
The Army will place large metal plating at key points on Washington's streets. That's to better protect them from the thunderous movements of 25 M1 Abrams main battle tanks set to roll through the capital in a military parade on June 14.
Each of the Abrams tanks weighs approximately 60 tons, and concerns about what that weight could do to D.C.'s streets ultimately kept them from being used for a parade during President Donald Trump's first term.
The plates will be put at points along the parade route where the tanks will turn — and where their metal and rubber tracks can do the most damage to D.C.'s paved streets.
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Humanities groups sue Trump administration to reverse local funding cuts
A humanities federation and a state council have filed a federal lawsuit seeking to reverse local funding cuts made by Trump adviser Elon Musk's Department of Government Efficiency and the National Endowment for the Humanities.
The lawsuit was filed Thursday in U.S. District Court in Portland, Oregon, and names DOGE, its acting administrator and the endowment among the defendants.
The lawsuit says DOGE and the endowment exceeded their authority in terminating funding mandated by Congress. DOGE shut down the funding and laid off more than 80% of the staff at the endowment as part of an executive order signed by President Donald Trump, a Republican.
The White House hasn't returned a message seeking comment.
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House conservatives stymie Trump's tax breaks package
Conservatives have blocked Trump's big tax breaks and spending cuts bill, delivering a stunning setback for the president.
House Republicans failed Friday, on a 16-21 vote, to push it out of the Budget Committee. Five GOP conservatives voted against it, demanding further cuts to Medicaid, green energy tax breaks and other changes.
Committee Chair Rep. Jodey Arrington put the panel into recess as talks continue.
Tallying a whopping 1,116 pages, the One Big Beautiful Bill Act is teetering at a critical moment. At the same time, lawmakers from high-tax states including New York are demanding a deeper local tax deduction. Democrats call the package 'bad economics.'
Trump administration must resume $11 billion in funding for public health departments, judge rules
U.S. District Judge Mary McElroy in Rhode Island granted the preliminary injunction request Friday in the lawsuit brought last by a coalition of Democrat-led states. She had granted a temporary restraining order last month in the case.
The lawsuit filed April 1 by 23 states and the District of Columbia sought to immediately halt $11 billion in cuts, alleging it would decimate public health infrastructure across the country. The money, allocated by Congress during the pandemic, supported COVID-19 initiatives and mental health and substance abuse efforts.
The injunction only applies to the states involved in the lawsuit. The federal government must file documentation that they're complying with the order by Tuesday evening.
Israel strikes two ports in Yemen and intensifies attacks in Gaza as Trump wraps up visit to region
Israel's military said Friday it struck two ports in Yemen that were controlled by the Houthi militant group.
It claimed that the Hodeida and Salif ports were used by the Houthis to transfer weapons.
There were no immediate reports of casualties.
Watching Trump from afar, Israel fears being left out of a new Middle East it helped create
As President Trump jetted from one sprawling palace to another, embracing Arab leaders and heralding a new Middle East this week, many in Israel worried that the best partner they've ever had in the White House had lost interest.
For decades, Israel has leveraged its special relationship with the United States to serve as a gatekeeper to Washington. From the Camp David Treaty with Egypt to the Abraham Accords brokered by Trump in his first term, Arab states seeking U.S. favor usually had to first make nice with Israel. And rarely did their interests prevail if they clashed with Israel's.
But on Wednesday, to Israel's dismay, Saudi Arabia and Turkey brokered a historic meeting between Trump and Syria's new president, and Trump portrayed his decision to lift sanctions on Damascus as a favor to his host, Saudi Crown Prince Mohammed bin Salman, and Turkish President Recep Tayyip Erdogan.
▶ Read more about Israel and the Middle East
Returning from Mideast, Trump turned to pop culture, criticizing Taylor Swift and Bruce Springsteen
During a recent concert in Manchester, England, Springsteen said the United States was 'currently in the hands of a corrupt, incompetent and treasonous administration.'
'Never liked him, never liked his music, or his Radical Left Politics,' Trump wrote on Truth Social. He said Springsteen 'ought to KEEP HIS MOUTH SHUT until he gets back into the Country, that's just 'standard fare.' Then we'll all see how it goes for him!'
Trump also targeted Swift, seemingly unprompted.
'Has anyone noticed that, since I said 'I HATE TAYLOR SWIFT,' she's no longer 'HOT?'' he wrote.
Trump originally attacked Swift shortly after she endorsed then-Vice President Kamala Harris in last year's presidential election.
Freed Israeli-American hostage has left the hospital, parents say
Edan Alexander, the Israeli-American hostage released Monday after backdoor US-Hamas diplomacy, left the hospital Friday, according to a statement released by his parents, who said his recovery is far from over.
Yael and Adi Alexander said their son still needed medical treatment for his injuries suffered during the Hamas attack Oct. 7, 2023, and over his 18 months in captivity. His hands are injured from a tunnel collapsing on him, they said.
Alexander returned to his grandmother's home in Tel Aviv, where his parents said he will stay for the time being.
'Today we were able to take down Edan's hostage photos from the wall with a great sigh of relief and an enormous sense of comfort,' they said, calling for the return of 58 hostages still in Gaza.
Democrats want to focus on Trump. Instead, they're being asked about Biden's mental acuity
Joe Biden's time in public office is now behind him, but his age and mental acuity have become a litmus test for the next leaders in his party.
A new book that alleges White House aides covered up Biden's physical and mental decline has put the questions about Biden's health back in the spotlight, months after former Vice President Kamala Harris lost to Trump. Several potential Democratic contenders for the 2028 nomination in recent days have been asked whether they believe Biden was declining in office or whether he should have sought reelection before a disastrous debate performance led to his withdrawal.
Many Democrats would prefer to focus on Trump's second term. Trump has done his best to prevent that — mentioning Biden's name an average of six times a day during his first 100 days in office, according to an NBC News analysis — and Republicans have followed his lead, betting that voters frustrated by Trump's policy moves will still prefer him over memories of an unpopular presidency.
▶ Read more about the Democrats and former President Joe Biden
European leaders agree with Trump that Russia's position on ceasefire talks is unacceptable
And they intend to coordinate a response, U.K. Prime Minister Keir Starmer said Friday.
'We just had a meeting with President Zelensky and then a phone call with President Trump to discuss the developments in the negotiations today, and the Russian position is clearly unacceptable,' Starmer told reporters.
'As a result of that meeting with President Zelensky, under discussion with President Trump, we are now closely aligning and coordinating our responses and will continue to do so,' he said, as European leaders held a summit in Albania.
He said the decision with Trump was also agreed on with the leaders of France, Germany and Poland.
▶ Read more about the European summit in Albania
Trump says James Comey 'knew exactly what that meant'
Speaking to Bret Baeir during his Middle East trip, Trump criticized the former FBI director for posting a picture of shells that said '86 47.'
'He knew exactly what that meant,' Trump said, according to interview excerpts released Friday. 'A child knows what that meant. If you're the FBI director and you don't know what that meant, that meant assassination.'
Trump is the 47th president. The number '86' means 'to throw out,' 'to get rid of' or 'to refuse service to,' according to Merriam-Webster, the dictionary used by The Associated Press.
Comey apologized for the post and denied it was a call for violence.
Trump didn't say what should happen next with Comey, saying 'I don't want to take a position on it' and the matter was up to his staff. However, he described him as a 'dirty cop.'
'And if he had a clean history, I could understand if there was a leniency, but I'm going to let them make that decision,' he said.
The Secret Service is investigating, according to Homeland Security Secretary Kristi Noem.
'This better be a good deal, Howard'
Trump made his name by playing a demanding boss on 'The Apprentice,' and he still likes to give his staff a hard time.
Commerce Secretary Howard Lutnick told Fox News about the president hovering behind him while he signed an agreement with the United Arab Emirates on Thursday.
''This better be a good deal, Howard,'' Lutnick recalled Trump saying. 'And then he leans close, he goes, 'Or your ass is grass.''
Death toll in Gaza rises to 93
At least 93 people were killed by Israeli strikes in Gaza on Friday, as President Trump wrapped up his regional trip.
Strikes overnight hit across Gaza, including the outskirts of Deir al-Balah and the city of Khan Younis. Gaza's health ministry said hundreds more were injured in addition to those killed.
The widespread attacks across come as Trump finishes his visit to Gulf states but not Israel. There had been widespread hope that his regional trip could usher in a ceasefire deal or renewal of humanitarian aid to Gaza. An Israeli blockade of the territory is now in its third month.
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UN peacekeeping force confronted in southern Lebanon
The force, known as UNIFIL, said one of its patrols was confronted between the villages of Jmayjmeh and Khirbet Selm Friday by a large group of people in civilian clothing who 'attempted to stop the patrol using aggressive means, wielding metal sticks and axes, resulting in damage to the vehicles.'
The peacekeepers used 'non-lethal force' in response, and there were no injuries, it said in a statement.
Hezbollah supporters in Lebanon frequently accuse the U.N. mission — which was created to oversee the withdrawal of Israeli troops from southern Lebanon after Israel's 1978 invasion -- of collusion with Israel. Israel has accused the peacekeepers of turning a blind eye to Hezbollah's military activities in southern Lebanon.
Earlier this week, UNIFIL issued a statement that complained of 'aggressive behavior' by Israeli forces towards its peacekeepers, including shots fired across the border that hit a UNIFIL base south of the village of Kfar Shouba.
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At least 82 killed by Israeli strikes in Gaza
Strikes overnight and into Friday hit across Gaza, including the outskirts of Deir al-Balah and the city of Khan Younis. At least 66 people were killed according to the Indonesian hospital, where most of the bodies were taken. A further 16 bodies were taken to Nasser hospital, said health officials.
The widespread attacks across northern Gaza come as Trump finishes his visit to Gulf states but not Israel.
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Trump says he sent Iran a proposal for nuclear deal
Speaking to reporters aboard Air Force One before take off, the president said the U.S. has given Iran a proposed agreement.
It was the first public acknowledgement of a significant development in the high-stakes negotiations over Tehran's nuclear program.
'They have a proposal,' Trump said. 'But most importantly, they know they have to move quickly, or something bad is going to happen.'
He did not give specifics.
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Dozens of Israelis protest in support of a soldier imprisoned for refusing to fight in Gaza
The protesters expressed support for Daniel Yahalom, a reserve soldier who is serving five days in prison for refusing to participate in what he called an unjust fight.
He's part of a small but growing number of Israelis who are refusing to show up for service as the war drags on and Israel intensifies its operations in Gaza.
The Israeli military confirmed Yahalom was going to prison and said he was not the first to receive a prison sentence for refusing to serve during the current Israel-Hamas war.
'This boy always cares about others even before himself ... He cares about the suffering of our brothers who are dying underground, and he is willing to pay the price,' said his mother Haya Yahalom.
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Trump boards Air Force One to end his Mideast trip
President Donald Trump has boarded Air Force One in Abu Dhabi as he ends his Mideast trip.
Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi's ruler and the leader of the United Arab Emirates, met Trump at the airport. The men shook hands and spoke for a few moments.
Trump also said goodbye to other officials. He looked back, saluted and pumped his fist in the air before boarding the aircraft to head back to Washington.
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Trump says people in Gaza are starving
President Donald Trump has said 'a lot of people are starving' in Gaza, a rare acknowledgement of the humanitarian crisis in the territory as Israel's war with Hamas is on the verge of escalating anew.
Speaking to reporters at a business forum in Abu Dhabi on the final day of his trip to the Middle East, Trump said he was looking to resolve a range of global crises.
'We're looking at Gaza,' he said. 'And we've got to get that taken care of. A lot of people are starving ... There's a lot of bad things going on.'
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Israeli strikes across the Gaza Strip killed at least 64
At least 48 bodies were brought to the Indonesian hospital and another 16 bodies were taken to Nasser Hospital, health officials in Gaza said, as strikes overnight into Friday morning hit the outskirts of Deir al-Balah and the city of Khan Younis.
The strikes came as U.S. President Donald Trump wraps up his Middle East visit that skipped Israel and offered no prospect for a ceasefire in the war-battered territory.
There had been widespread hope that Trump's regional trip could usher in a ceasefire deal or renewal of humanitarian aid to Gaza. An Israeli blockade of the territory is now in its third month.
An Israeli official said the strikes on Friday were preparatory actions in the leadup to a larger operation and meant to send a message to Hamas that it will begin soon if there isn't an agreement to release hostages. The official was not authorized to brief media and spoke on condition of anonymity.
— Tia Goldenberg in Tel Aviv, Israel
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Trump arrives at Abrahamic Family House
The interfaith complex in Abu Dhabi features a mosque, church and synagogue — houses of worship for the three Abrahamic faiths.
It was built after the United Arab Emirates signed onto the Abraham Accords in 2020, during President Donald Trump's first term. The agreement –- which Trump has encouraged other Middle Eastern and North African countries to join –- saw the UAE recognize Israel.
The visit to the white-marble place of worship on the shores of the Persian Gulf is set to conclude Trump's first major foreign trip of his second term.
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Trump says he expects to meet with Russia's Putin soon
'I think it's time for us to just do it,' Trump told reporters in Abu Dhabi.
Trump reiterated that he wasn't surprised that Putin skipped a U.S. orchestrated meeting in Turkey between Ukrainian and Russian officials. Putin didn't want to go because he's not there, Trump said.
Trump added that a meeting with Putin would happen 'as soon as we can set it up.'
' I would actually leave here and go,' said Trump, who noted his daughter Tiffany just gave birth to her first child. 'I do want to see my beautiful grandson.'
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Trump says he's heading home to meet his new grandchild
Trump says he's had an 'incredible' trip to the Middle East but that 'now it's time to go back home.' He added: 'My daughter had a baby and I'm going to go home and see that baby.'
Tiffany Trump gave birth to a boy.
'She's doing great and the baby's great.'
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Israeli Cabinet assessing Qatar negotiations
An Israeli official said Cabinet members are meeting Friday to assess the negotiations in Qatar and to decide on next steps. The official was not authorized to brief media on the meeting and so spoke on condition of anonymity.
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Trump says he's doing the selling for the United States
At an event to highlight business partnerships between the UAE and US companies, Trump gave himself a big pat on the back.
'I'm just thinking we have a president of the United States doing the selling,' Trump said to business leaders as they walked him through a presentation on investments that are benefitting the American economy. 'You think Biden would be doing it? I don't think so. But I think its so important. I have to be a cheerleader for our country.'
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President Trumps gets a single drop of oil
President Donald Trump has arrived at a business forum being held at Qasr al-Watan, a ceremonial palace in Abu Dhabi.
Trump entered and listened to a presentation from Sultan al-Jaber, the head of the state-owned Abu Dhabi National Oil Co., as well as officials from Exxon Mobil Corp. and Occidental, two oil firms.
Al-Jaber then presented Trump a memento that included a drop of oil in it.
'This is the highest quality oil there is on the planet,' Trump told those watching.
He then drew laughter when he said: 'And they only gave me a drop -- so I'm not thrilled.'
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Hostage families call on their government to work with Trump to release those still held in Gaza
Hostage families called on their government Friday to work with President Trump to release those still held in Gaza.
A statement from the hostages forum, which supports the families said people woke up with 'heavy hearts' amid reports of increased attacks across Gaza at the end of Trump's visit to the Middle East. There were widespread attacks in northern Gaza Friday as Trump was finishing his visit to Gulf States but not Israel.
Israel says about 23 of the hostages are said to be alive.
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Hostage families call on PM to 'join hands' with Trump
Israeli Prime Minister Benjamin Netanyahu vowed earlier in the week to push ahead with a promised escalation of force in Israel's war in the Gaza Strip to pursue his aim of destroying the Hamas militant group, which governs Gaza.
The hostage families called on Netanyahu to 'join hands' with Trump's efforts to release the hostages.
'Missing this historic opportunity for a deal to bring the hostages home would be a resounding failure that will be remembered in infamy forever.
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Trump slams opponents to his birthright citizenship order as 'Sleazebags'
Trump is wrapping up his four-day visit to the Middle East, but he's keeping a close eye on what's going on back in Washington.
Before heading out Friday morning to the Qasr Al Watan presidential for the final engagements of his trip, the president took to his Truth Social platform to hammer 'Radical Left Sleazebags' after Supreme Court justices on Thursday heard more than two hours of arguments debating how the lower courts should handle Trump's executive order on birthright citizenship.
'I hope the Supreme Court doesn't fall for the games they play,' Trump added. 'The people are with us in bigger numbers than ever before.'
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President Trump kicks off final day of Mideast trip
President Donald Trump is kicking off the final day of his Middle East trip with a meeting of U.S. and UAE business executives alongside UAE President Sheikh Mohammed bin Zayed Al Nahyan. Energy, health care, aviation, entertainment and other business leaders will be in attendance to highlight ties between the two countries -- a central focus of Trump's trip to the region. Trump will then tour the Abrahamic Family House, a complex that houses a church, mosque and synagogue and is a symbol of interfaith tolerance. Trump has encouraged other countries in the region to join the Abraham Accords and recognize Israel, as the UAE did in 2020. The president will then depart back to Washington.
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Israeli strikes killed at least 20 people in Gaza
Israeli strikes killed at least 20 people in Gaza on Friday morning, as U.S. President Donald Trump wraps up his Middle East visit.
An Associated Press journalist counted the bodies at the Indonesian Hospital in northern Gaza, where they were brought. Survivors said many people were still under the rubble.
The widespread attacks across northern Gaza come as Trump finishes his visit to Gulf states but not Israel.
There had been widespread hope that Trump's regional visit could usher in a ceasefire deal or renewal of humanitarian aid to Gaza. An Israeli blockade of the territory is now in its third month.
The Israeli military had no immediate comment on the strikes.
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Trump to visit Abrahamic House on last day of his Mideast trip
President Donald Trump will make several stops before taking off on Air Force One to end his Mideast trip on Friday.
He'll attend a business summit in the morning in Abu Dhabi, the capital of the United Arab Emirates.
Trump later will visit the Abrahamic Family House in Abu Dhabi. It is home to a mosque, a church and a synagogue. The UAE built it after diplomatically recognizing Israel in an agreement known as the Abraham Accords, as Christianity, Islam and Judaism are all known as the Abrahamic faiths.
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Etihad Airways says it is buying Boeing aircraft during Trump trip
Etihad Airways announced Friday it would purchase 28 wide-body Boeing aircraft during a visit by President Donald Trump to the United Arab Emirates.
Etihad is the government-owned airline of Abu Dhabi that also flies East-West routes like Emirates, the long-haul carrier in neighboring Dubai.
Etihad said in a statement that the sale included 'a mix of Boeing 787 and 777X aircraft, powered by GE engines and supported by a services package.'
Boeing did not immediately acknowledge the deal.
Trump was due to address a business conference in Abu Dhabi on Friday, the last day of his Mideast trip that's also taken him to Saudi Arabia and Qatar, which booked a major Boeing order for its long-haul carrier, Qatar Airways.
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Tia Goldenberg contributed from Tel Aviv
The Associated Press
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Trump tariffs live updates: Trump says he will set unilateral tariff rates within weeks
President Donald Trump told reporters on Wednesday that he would send letters to trading partners in the next week or two setting unilateral tariff rates. 'At a certain point, we're just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it,' the president said at the Kennedy Center in Washington. Soon after introducing steep new tariffs that roiled markets, Trump instituted a pause on his most punishing duties that expires July 9. His latest comment, however, only muddies the waters about what could happen next as the deadline approaches. Earlier on Wednesday, Treasury Secretary Scott Bessent told Congress that it is "highly likely" that the tariff pause would be extended for countries that are negotiating with the administration "in good faith." "There are 18 important trading partners — we are working toward deals on those — and it is highly likely that those countries that are ... negotiating in good faith, we will roll the date forward," Bessent said during testimony before the House Ways and Means Committee. On Tuesday, the US and China agreed to a framework and implementation plan to ease tariff and trade tensions. Trump signaled his approval, saying the deal was "done" pending sign-off from him and Chinese President Xi Jinping. Trump and other US officials indicated the deal should resolve issues between the two countries on rare earths and magnets, though reports later indicated China would only loosen restrictions on rare earth mineral exports for a six-month period. Trump also said the US will allow Chinese students in US colleges, a sticking point that had emerged in the weeks following the countries' mid-May deal in Geneva. Trump said the US would impose a total of 55% tariffs on Chinese goods. Yahoo Finance's Ben Werschkul reports, citing a White House official, that Trump arrived at that figure by adding together an array of preexisting duties and not any new tariffs. 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 Here are the latest updates as the policy reverberates around the world. Treasury Secretary Scott Bessent told House lawmakers on Wednesday that the Trump administration may extend the 90-day tariff pause on some countries in order to continue trade negotiations. When asked if Americans should prepare for another "Liberation Day" on July 9, when the tariff pause ends for most countries, Bessent said that the administration may choose to move the deadline on 18 of the most important trading partners, so long as they make an effort to come to the negotiating table. "We are working toward deals on those, and it is highly likely that [for] those countries — or trading blocs, in the case of the EU — who are negotiating in good faith, we will roll the day forward to continue good faith negotiations," Bessent said (see video below). "If someone is not negotiating, then we will not." A recent report on the drastic decline of US ocean imports serves as an example of how President Trump's increased tariffs on China affected supply chains and several industries as ttalks continue. Reuters reports: Read more here. The Treasury Department says that the US government is successfully using tariffs to decrease the budget deficit by more than $30 billion, largely due to increased customs receipts. Reuters reports: Read more here. China will ease curbs on exports of rare earth minerals for six months as part of a new trade understanding with the US, according to The Wall Street Journal. The move could add more uncertainty for American manufacturers, particularly the auto industry, which has been pushing for easier access. The Journal notes that the move gives China leverage down the line if tensions ratchet back up. From the report: In celebrating the agreement early Wednesday, President Trump noted "any necessary rare earths will be supplied, up front, by China." He did not mention any time limit on loosening those restrictions. Treasury Secretary Scott Bessent, in testimony before Congress on Wednesday, painted Wednesday's agreement as an incremental step on the longer road to a more comprehensive trade deal. "A trade deal today or last night was for a specific goal, and it will be a much longer process," he told a House committee. When asked if current US tariff levels on Chinese imports would not change again, Commerce Secretary Howard Lutnick told CNBC, "You can definitely say that." "We're in a great place with China," Lutnick said Wednesday. While the US-China truce framework is awaiting final word from US President Trump and Chinese President Xi Jinping, Lutnick added, "Both sides are really positive." The agreement is largely viewed as reestablishing the "handshake" that US and Chinese officials reached in Geneva last month, as details on a larger trade pact remain scant. Trump posted on social media this morning that the US has imposed 55% tariffs on China, a number that does not include any new tariffs but instead comprises some preexisting tariffs, Trump's fentanyl tariffs, and 10% "Liberation Day" tariffs. Lutnick touted that, as a result of the two-day talks, the US will gain access to rare earths and magnets, while the Chinese delegation sought to remove the US's export controls. He added that the trade deficit remains an ongoing issue, stating, "We're going to examine how China can do more business with us." May's Consumer Price Index (CPI) report showed inflation pressures eased on a monthly basis despite investor concerns that President Trump's tariffs would accelerate the pace of price increases. The Consumer Price Index (CPI) increased 0.1% on a monthly basis in May and 2.4% on an annual basis, a slight uptick from April's 2.3% gain. Yahoo Finance's Allie Canal reports: Read more here. I would keep an eye on consumer names off the news of a trade deal with China floated by President Trump this morning (see our prior post below). Seeing upticks premarket in heavily China-exposed retailers such as Nike (NKE), Walmart (WMT), Target (TGT), and Abercrombie & Fitch (ANF). The premarket gains here aren't mind-blowing in part because tariffs appear to still be in place. Trump posted on Truth Social: OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!" A variety of market observers quickly weighed in hours after Tuesday evening's unveiling to suggest that the deal may not have a lot of meat on the bones — but at least relations are no longer moving in the wrong direction. The talks perhaps underscored how unlikely a comprehensive trade deal is anytime soon, noted AGF Investments Greg Valliere, "but at least relations may not worsen as talks continue throughout the summer." Both sides promised additional talks in the weeks or months ahead, but none have yet been scheduled. Veronique de Rugy, a professor at the Mercatus Center at George Mason University, suggested the talks continued to show China's leverage. "China is hurting, yes—but they still hold the upper hand on critical resources, and they know how to use them." Any lessening of tensions — and freer flow — of these mineral resources in China would be a significant boost to the global economy with China holding outsized leverage in both the reserves and processing capacity of these key building blocks for everything from computers to electric vehicle batteries to medical devices. Likewise, the US offering concessions on export controls would be a significant move after years where successive US administrations have wielded these controls — especially around the design and manufacture of semiconductors — by saying they need to be tight on China for national security reasons. Read more here. May's Consumer Price Index (CPI) report will be released on Wednesday and its expected to show that prices rose a bit faster than in April. Yahoo Finance's Allie Canal breaks down what to look out for and how President Trump's tariffs are impacting what consumers are now paying for goods and services. Read more here. Now that the US-China trade truce is back on track, both sides are keen to ensure it stays that way. China's Vice Premier He Lifeng said both sides need to now 'show the spirit of good faith in abiding by their commitments and jointly safeguard the hard-won results of the dialogue.' Bloomberg News reports: Read more here. Reuters reports: Read more here. Despite the US-China trade truce resuming the pain from President Trump's tariffs remains in China, especially among small exporters. Reuters reports: Read more here. Japan warned Wednesday that tariffs threaten its economic growth, the government said in a monthly report. Reuters reports: Read more here. Reuters reports: Read more here. Reuters reports: Read more here. A federal appeals could said on Tuesday that President Trump's sweeping tariffs can continue for now. This is a significant win for Trump, who introduced tariffs back in March and declared "Liberation Day," as he saw them as a way to free the US from what he called unfair trade practices. Bloomberg News reports: Read more here. Early summer sales for Inditex, the owner of fashion retailer Zara, came in weaker, as the company missed expectations for first quarter sales on Wednesday. President Trump's tariffs have impacted consumer demand in the US and other major markets. Reuters reports: Read more here. After weeks of back and forth, the US and China have agreed on a framework to implement the Geneva consensus that helped ease tariffs. The breakthrough came after two days of talks in London, including a marathon session on Tuesday. US Commerce Secretary Howard Lutnick said both sides had to "get the negativity out" before making progress. 'Now we can go forward to try to do positive trade, growing trade,' he said. As part of the deal, Beijing has promised to speed up shipments of rare earth metals, a crucial component for global auto and defense industries. Washington will ease export controls. This marks the first sign of movement on key issues. The proposal will now be presented to President Trump and China's Xi. Still, the discussions also did little to resolve a long-standing issue: China's trade surplus with the US. 'Markets will likely welcome the shift from confrontation to coordination,' said Charu Chanana, chief investment strategist at Saxo Markets. 'We're not out of the woods yet — it's up to Trump and Xi to approve and enforce the deal.' The meeting was set up after a phone call between the two leaders, following weeks of each side accusing the other of breaking the Geneva commitments. Both countries had used chips, rare earths, student visas and ethane as bargaining tools. Josef Gregory Mahoney, a professor at East China Normal University, said trust, not money, has been the biggest casualty of the trade war. 'We've heard a lot about frameworks,' he said. 'But the fundamental issue remains: Chips versus rare earths. Everything else is a peacock dance.' Bloomberg reports: Read more here. Treasury Secretary Scott Bessent told House lawmakers on Wednesday that the Trump administration may extend the 90-day tariff pause on some countries in order to continue trade negotiations. When asked if Americans should prepare for another "Liberation Day" on July 9, when the tariff pause ends for most countries, Bessent said that the administration may choose to move the deadline on 18 of the most important trading partners, so long as they make an effort to come to the negotiating table. "We are working toward deals on those, and it is highly likely that [for] those countries — or trading blocs, in the case of the EU — who are negotiating in good faith, we will roll the day forward to continue good faith negotiations," Bessent said (see video below). "If someone is not negotiating, then we will not." A recent report on the drastic decline of US ocean imports serves as an example of how President Trump's increased tariffs on China affected supply chains and several industries as ttalks continue. Reuters reports: Read more here. The Treasury Department says that the US government is successfully using tariffs to decrease the budget deficit by more than $30 billion, largely due to increased customs receipts. Reuters reports: Read more here. China will ease curbs on exports of rare earth minerals for six months as part of a new trade understanding with the US, according to The Wall Street Journal. The move could add more uncertainty for American manufacturers, particularly the auto industry, which has been pushing for easier access. The Journal notes that the move gives China leverage down the line if tensions ratchet back up. From the report: In celebrating the agreement early Wednesday, President Trump noted "any necessary rare earths will be supplied, up front, by China." He did not mention any time limit on loosening those restrictions. Treasury Secretary Scott Bessent, in testimony before Congress on Wednesday, painted Wednesday's agreement as an incremental step on the longer road to a more comprehensive trade deal. "A trade deal today or last night was for a specific goal, and it will be a much longer process," he told a House committee. When asked if current US tariff levels on Chinese imports would not change again, Commerce Secretary Howard Lutnick told CNBC, "You can definitely say that." "We're in a great place with China," Lutnick said Wednesday. While the US-China truce framework is awaiting final word from US President Trump and Chinese President Xi Jinping, Lutnick added, "Both sides are really positive." The agreement is largely viewed as reestablishing the "handshake" that US and Chinese officials reached in Geneva last month, as details on a larger trade pact remain scant. Trump posted on social media this morning that the US has imposed 55% tariffs on China, a number that does not include any new tariffs but instead comprises some preexisting tariffs, Trump's fentanyl tariffs, and 10% "Liberation Day" tariffs. Lutnick touted that, as a result of the two-day talks, the US will gain access to rare earths and magnets, while the Chinese delegation sought to remove the US's export controls. He added that the trade deficit remains an ongoing issue, stating, "We're going to examine how China can do more business with us." May's Consumer Price Index (CPI) report showed inflation pressures eased on a monthly basis despite investor concerns that President Trump's tariffs would accelerate the pace of price increases. The Consumer Price Index (CPI) increased 0.1% on a monthly basis in May and 2.4% on an annual basis, a slight uptick from April's 2.3% gain. Yahoo Finance's Allie Canal reports: Read more here. I would keep an eye on consumer names off the news of a trade deal with China floated by President Trump this morning (see our prior post below). Seeing upticks premarket in heavily China-exposed retailers such as Nike (NKE), Walmart (WMT), Target (TGT), and Abercrombie & Fitch (ANF). The premarket gains here aren't mind-blowing in part because tariffs appear to still be in place. Trump posted on Truth Social: OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!" A variety of market observers quickly weighed in hours after Tuesday evening's unveiling to suggest that the deal may not have a lot of meat on the bones — but at least relations are no longer moving in the wrong direction. The talks perhaps underscored how unlikely a comprehensive trade deal is anytime soon, noted AGF Investments Greg Valliere, "but at least relations may not worsen as talks continue throughout the summer." Both sides promised additional talks in the weeks or months ahead, but none have yet been scheduled. Veronique de Rugy, a professor at the Mercatus Center at George Mason University, suggested the talks continued to show China's leverage. "China is hurting, yes—but they still hold the upper hand on critical resources, and they know how to use them." Any lessening of tensions — and freer flow — of these mineral resources in China would be a significant boost to the global economy with China holding outsized leverage in both the reserves and processing capacity of these key building blocks for everything from computers to electric vehicle batteries to medical devices. Likewise, the US offering concessions on export controls would be a significant move after years where successive US administrations have wielded these controls — especially around the design and manufacture of semiconductors — by saying they need to be tight on China for national security reasons. Read more here. May's Consumer Price Index (CPI) report will be released on Wednesday and its expected to show that prices rose a bit faster than in April. Yahoo Finance's Allie Canal breaks down what to look out for and how President Trump's tariffs are impacting what consumers are now paying for goods and services. Read more here. Now that the US-China trade truce is back on track, both sides are keen to ensure it stays that way. China's Vice Premier He Lifeng said both sides need to now 'show the spirit of good faith in abiding by their commitments and jointly safeguard the hard-won results of the dialogue.' Bloomberg News reports: Read more here. Reuters reports: Read more here. Despite the US-China trade truce resuming the pain from President Trump's tariffs remains in China, especially among small exporters. Reuters reports: Read more here. Japan warned Wednesday that tariffs threaten its economic growth, the government said in a monthly report. Reuters reports: Read more here. Reuters reports: Read more here. Reuters reports: Read more here. A federal appeals could said on Tuesday that President Trump's sweeping tariffs can continue for now. This is a significant win for Trump, who introduced tariffs back in March and declared "Liberation Day," as he saw them as a way to free the US from what he called unfair trade practices. Bloomberg News reports: Read more here. Early summer sales for Inditex, the owner of fashion retailer Zara, came in weaker, as the company missed expectations for first quarter sales on Wednesday. President Trump's tariffs have impacted consumer demand in the US and other major markets. Reuters reports: Read more here. After weeks of back and forth, the US and China have agreed on a framework to implement the Geneva consensus that helped ease tariffs. The breakthrough came after two days of talks in London, including a marathon session on Tuesday. US Commerce Secretary Howard Lutnick said both sides had to "get the negativity out" before making progress. 'Now we can go forward to try to do positive trade, growing trade,' he said. As part of the deal, Beijing has promised to speed up shipments of rare earth metals, a crucial component for global auto and defense industries. Washington will ease export controls. This marks the first sign of movement on key issues. The proposal will now be presented to President Trump and China's Xi. Still, the discussions also did little to resolve a long-standing issue: China's trade surplus with the US. 'Markets will likely welcome the shift from confrontation to coordination,' said Charu Chanana, chief investment strategist at Saxo Markets. 'We're not out of the woods yet — it's up to Trump and Xi to approve and enforce the deal.' The meeting was set up after a phone call between the two leaders, following weeks of each side accusing the other of breaking the Geneva commitments. Both countries had used chips, rare earths, student visas and ethane as bargaining tools. Josef Gregory Mahoney, a professor at East China Normal University, said trust, not money, has been the biggest casualty of the trade war. 'We've heard a lot about frameworks,' he said. 'But the fundamental issue remains: Chips versus rare earths. Everything else is a peacock dance.' Bloomberg reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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Trump administration hit with second lawsuit over restrictions on asylum access
McALLEN, Texas -- Immigration advocates filed a class action lawsuit Wednesday over the Trump administration's use of a proclamation that effectively put an end to being able to seek asylum at ports of entry to the United States. The civil lawsuit was filed in a Southern California federal court by the Center for Gender & Refugee Studies, the American Immigration Council, Democracy Forward, and the Center for Constitutional Rights. The lawsuit is asking the court to find the proclamation unlawful, set aside the policy ending asylum at ports of entry and restore access to the asylum process at ports of entry, including for those who had appointments that were canceled when President Donald Trump took office. Unlike a similar lawsuit filed in February in a Washington, D.C., federal court representing people who had already reached U.S. soil and sought asylum after crossing between ports of entry, Wednesday's lawsuit focuses on people who are not on U.S. soil and are seeking asylum at ports of entry. No response was immediately issued by the Department of Homeland Security or Customs and Border Protection, which were both among the defendants listed. Trump's sweeping proclamation issued on his first day in office changed asylum policies, effectively ending asylum at the border. The proclamation said the screening process created by Congress under the Immigration and Nationality Act 'can be wholly ineffective in the border environment' and was 'leading to the unauthorized entry of innumerable illegal aliens into the United States.' Immigrant advocates said that under the proclamation noncitizens seeking asylum at a port of entry are asked to present medical and criminal histories, a requirement for the visa process but not for migrants who are often fleeing from immediate danger. 'Nothing in the INA or any other source of law permits Defendants' actions,' the immigrant advocates wrote in their complaint. Thousands of people who sought asylum through the CBP One app, a system developed under President Joe Biden, had their appointments at ports of entry canceled on Trump's first day in office as part of the proclamation that declared an invasion at the border. 'The Trump administration has taken drastic steps to block access to the asylum process, in flagrant violation of U.S. law,' the Center for Gender & Refugee Studies stated in a news release Wednesday.
Yahoo
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- Yahoo
White House preparing Trump's meetings at G7 summit, which Zelenskyy attends
The White House has confirmed that it is preparing separate bilateral meetings on the sidelines of the Group of Seven summit, where, in addition to the G7 leaders, the presidents of Brazil, Mexico and Ukraine are expected to attend. Source: White House spokeswoman Karoline Leavitt during a press briefing in Washington, quoted by Ukrinform Quote from Leavitt: "I can confirm there will be quite a few bilateral meetings between the president [Trump – ed.] and other foreign leaders." Details: Meanwhile, Leavitt did not specify whether a meeting between President Donald Trump and President Volodymyr Zelenskyy is planned. Quote from Leavitt: "The White House is still working very hard to finalise that schedule, and we will provide that for you as soon as we have it." Background: The Office of the President of Ukraine hopes to organise a meeting between Zelenskyy and Trump on the sidelines of the G7 summit on 15-17 June. Last week, Zelenskyy confirmed that he had received an invitation to the G7 summit. Support Ukrainska Pravda on Patreon!