Global oil market looks ‘bloated' amid lackluster demand from major economies
Supply will rise by 2.5 million barrels per day in 2025, up from 2.1 million bpd previously forecast, said the IEA, which advises industrialized countries, in a monthly report, and by a further 1.9 million bpd next year.
OPEC+ is adding more crude to the market after the Organization of the Petroleum Exporting Countries, Russia and other allies decided to unwind its most recent layer of output cuts more rapidly than earlier scheduled. The extra supply, along with concern about the economic impact of President Donald Trump's tariffs, has weighed on oil this year.
Supply is rising far faster than demand in the IEA's view. It expects global oil demand to rise by 680,000 bpd this year and 700,000 bpd next year, both down 20,000 bpd from the previous forecast.
'The latest data show lackluster demand across the major economies and, with consumer confidence still depressed, a sharp rebound appears remote,' the agency said in the report, which linked its higher output forecast to increased OPEC+ production targets. 'Oil market balances look ever more bloated.'
IEA demand forecasts are at the lower end of the industry range, as the agency expects a faster transition to renewable energy sources than some other forecasters. OPEC on Tuesday maintained its forecast for demand to rise by 1.29 million bpd this year –— almost double the IEA figure.
Oil prices extended losses after the IEA published its report at 8 a.m. GMT, with Brent crude trading lower than $66 a barrel.
The report implies that supply may exceed demand by almost 3 million bpd next year, driven by growth from outside the wider OPEC+ group and a limited expansion in demand.
Despite higher OPEC+ production, non-OPEC producers will continue to lead supply growth this year and next owing to rising output in the US, Canada, Brazil and Guyana, according to the IEA.
Still, additional sanctions on Russia and Iran may curb supplies from the world's third and fifth largest producers, the IEA said.
The U.S. announced new sanctions on Iran last month and the European Union lowered a price cap for Russian oil as part of its latest sanctions on Moscow.
'It is clear that something will have to give for the market to balance,' the IEA said.
Continued Chinese stockbuilding due to major institutional and policy developments aimed at enhancing energy security may help absorb the surplus, the agency said. This helped support prices earlier in the year, analysts have said.
Despite lowering its demand forecast, the IEA expects global crude oil refining rates to approach a fresh all-time high of 85.6 million bpd in August, after reaching 84.9 million bpd in July.
Global refinery runs will rise by 670,000 bpd, to 83.6 million bpd, in 2025; and by a further 470,000 bpd, to 84 million bpd, in 2026, driven by better-than-expected data for market economies grouped in the Organisation for Economic Co-operation and Development and China, the agency said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNN
21 minutes ago
- CNN
‘An existential threat': For Silicon Valley, falling behind in AI is a bigger threat than tariffs
If there's one thing the White House, Wall Street and Silicon Valley can agree on, it's that artificial intelligence is a top priority. Tech giants are pouring billions into new data centers and infrastructure to support the technology. The White House came out with an AI action plan in July to boost America's leadership in the space, underscoring the tech's importance to the administration. Wall Street keeps pushing AI-related stocks like Nvidia (NVDA) to new records. But President Donald Trump's trade war has raised questions about whether the administration's policies could work against its big AI push. Certain tariffs could raise the costs of materials and components necessary to support those AI models. For example, the president said on August 6 that he would issue a 100% tariff on semiconductors imports, although he added that companies that have committed to expanding their manufacturing operations in the US would be exempt. (He did not give an exact timeline for when those tariffs would start.) And in late July, he imposed a 50% tariff on copper, which is used in electronic components such as printed circuit boards and chips. But while tariffs could stoke uncertainty around costs, experts say they won't slow technological advancements, primarily because the stakes are simply too high to fall behind in the global AI race. For large tech companies like Meta and Microsoft, losing in AI would be a higher price to pay than any additional costs from tariffs. Dallas Dolen, the US technology, media and telecommunications lead for PricewaterhouseCoopers, said these types of companies likely view the AI boom as an 'existential moment' for their businesses. 'Cost, if you have enough money, is not the most important variable that you take into account when you're told it's an existential threat,' he said to CNN. When Meta, Microsoft and Google reported earnings in late July, one message rang loud and clear: Big Tech is spending big on AI, and it's starting to pay off. Meta spent $17 billion in capital expenditures for the quarter that ended in June, and it saw its earnings per share go up 38% compared to a year ago. Capital expenditures typically refer to money spent on things like data centers and infrastructure, likely a sign that Meta is investing more in the servers needed to power its burgeoning AI services. Wall Street cheered the results; Meta shares (META) rose 9% in after-hours trading when it posted the results on July 30, and shares are up roughly 30% year to date. Microsoft (MSFT) also posted strong results thanks to its cloud computing business. It spent $24.2 billion in capital expenditures during its most recent quarter, and it plans to spend another $30 billion in the coming months, the company said in late July. Microsoft became the second company to reach a $4 trillion valuation last month, following Nvidia, and its shares are up about 26% so far this year. And Google parent Alphabet increased its capital expenditures for 2025 to $85 billion because of demand for its cloud products. The company said its cloud services are used by 'nearly all gen AI unicorns,' referring to privately held companies worth $1 billion or more in the generative artificial intelligence space. Alphabet shares (GOOG) are up nearly 7% year to date. That additional infrastructure may be essential; Goldman Sachs estimates that global power demand from data centers will surge 50% by 2027 and 165% by 2030 compared to 2023 because of AI. 'We have barely scratched the surface of this 4th Industrial Revolution now playing out around the world led by the Big Tech stalwarts such as Nvidia, Microsoft, Palantir, Meta, Alphabet, and Amazon,' Wedbush Securities analyst Dan Ives said in a research note following the companies' earnings results. Trump's rapidly changing tariff policies have made it difficult to estimate how exactly the levies could impact the cost of building and operating data centers. But PwC's Dolen said he's seen estimates indicating that tariffs could increase construction costs by 5% to 7%. The National Association of Manufacturers' outlook survey also found that trade uncertainties and increased costs of raw materials were the top business challenges for manufacturers in the first quarter of 2025. However, big tech companies are likely to eat any additional costs related to AI infrastructure because 'demand is so strong,' said Michelle Brophy, director of research for tech, media and telecom at market intelligence firm AlphaSense. It's a different story for smaller companies that don't have billions to spend each quarter. They also typically have private investors demanding a fast return on investment, and data centers are long-term bets that could take years to show value in a meaningful way. Between 2015 and 2020, it took one to three years on average to construct a data center, according to commercial real estate services firm CBRE. And a data center is useful for 25 years to 30 years on average, McKinsey & Company senior partner Pankaj Sachdeva said in October 2024. Because data centers are long-term projects, 'the degree of uncertainty will have a larger impact in terms of, you know, committing to something that will take multiple years to execute,' said Laurence Ales, a professor of economics at Carnegie Mellon University. It's also unclear whether Trump's semiconductor tariffs will raise the cost of future data centers. The president said companies that have 'committed' to building in the US won't have to pay a levy on semiconductors. 'But the good news for companies like Apple is, if you're building in the United States, or have committed to build, without question, committed to build in the United States, there will be no charge,' he said on August 6 during an event announcing Apple's $100 billion initiative to produce iPhone parts in the US. Trump didn't specify which companies would be exempt, but chipmaking giants Nvidia and TSMC have both said they would expand their US operations. Experts believe more collaboration between the White House and Silicon Valley is likely to come, possibly easing any potential tariff-induced costs for tech giants. Trump showed his willingness to negotiate with tech leaders earlier this week: He allowed Nvidia and AMD to sell their AI chips to China as long as they provide a 15% cut to the US government in exchange for export licenses. And the White House is reportedly discussing taking a stake in chipmaker Intel. Building AI infrastructure is a key part of the White House's AI action plan, which includes policy recommendations for streamlining permits for facilities like data centers and semiconductor manufacturing facilities. The United States already has more data centers than any other country, according to data from Cloudscene, a platform that connects businesses with cloud services, compiled by Statista. Many of the world's largest cloud providers, like Microsoft and Amazon, are American companies. 'We need to be mindful that this is an area in which we have an advantage,' Matt Pearl, director of the strategic technologies program at the Center for International and Strategic Studies, said to CNN. 'And we don't want to give that up.'
Yahoo
32 minutes ago
- Yahoo
What would happen if America started faking its economic data? Here's what happened when other countries did it
Lying to your lenders is a bad enough idea when you're an individual. It's even worse when you're a country. That's the specter critics of President Donald Trump have raised after he fired the head of the US Bureau of Labor Statistics this month after disappointing jobs data. While there's no indication the data has been rigged (assertions from the White House aside) – or will be rigged in the future – the White House's nomination of a partisan to lead the government's economic data agency was enough to worry global economic and financial circles. There's historical precedent for that fear. Countries like Greece and Argentina have been both been punished by investors for putting out manufactured numbers in the past. 'President Trump has just taken one very negative stop along a slippery slope,' Alan Blinder, a former vice chair of the Federal Reserve, told CNN. 'The next worry is going to be manipulation' of data. At stake is the health of an economy relied upon by nearly every person on earth, directly or indirectly. The US economy affects everyone from Americans in glitzy Manhattan skyscrapers to, quite literally, garbage pickers living in developing nation slums. But while Greece famously faked its way into the European Union and Argentina to this day remains embroiled in legal fights over its own sham numbers, there key differences here: The US economy is the world's biggest, buoyed by its global dominance and its years of strength. The Trump administration says firing Erika McEntarfer wasn't about politics but was instead about making BLS data more rigorous and accurate. 'Historically abnormal revisions in BLS data over the past few years since COVID have called into question the BLS's accuracy, reliability, and confidence. President Trump believes that businesses, households, and policymakers deserve accurate data to inform their decision-making, and he will restore America's trust in the BLS,' said White House spokeswoman Taylor Rogers in a statement to CNN. Still, economists warn, the United States is at something of a crossroads now, waiting to see what happens to data series that economists have praised as the gold standard, even if many agree that model updating and modernization could make major improvements to the data's accuracy. 'There's no substitute for credible government data,' said Michael Heydt, the lead sovereign analyst at rating agency Morningstar DBRS. Greece and Argentina In 2004, Greece confessed it had faked numbers on its national deficit and debt to qualify for entry into the eurozone in 2001. But the number-fudging didn't end there. Appointed to Greece's statistical agency in 2010, economist Andreas Georgiou made a bold decision: He worked to publish deficit numbers that aligned with reality. After years of untrustworthy numbers that made the idea of official Greek data a global punchline, his efforts were downright startling. What followed were years of legal fights, and he was prosecuted for allegedly inflating the country's deficit figures. Even the EU itself condemned Greece for the false data. The fakery made the effects of the global financial crisis of 2008 and 2009 significantly worse in Greece. Lenders, skittish of what Greece's actual public finances might be, shied away, demanding increasingly higher rates to hold Greek bonds. Austerity measures demanded by the World Bank and International Monetary Fund to bail out Greece angered everyday citizens. Pictures of Greeks rioting in the streets, burning cars and expressing their rage, underscored the dangers. In Argentina, accusations of untrustworthy inflation and economic growth data have dogged Latin America's third-largest economy for decades, scaring off investors despite a wealth of natural resources. Then-President Nestor Kirchner demoted the person in charge of preparing inflation data because she (correctly) reported surging prices in 2007. Everyone from ordinary citizens to global investors treated official inflation data as suspect for years after. That contributed to the country's credit ratings staying in junk territory for years – one of the factors investors typically cite to charge a country more to loan it money. (In Argentina's case, previous sovereign defaults were also a major factor. The unreliable inflation data, after all, did not happen in a vacuum.) That matters to ordinary people because short- and long-term debt, whether from a federal government down to tiny cities and towns, can help fund everything from new schools to roads to essential services. When lenders turn off the money spigot – or charge dearly for access – that means regular people ultimately pay the price. But the United States is far from replicating either scenario, said Robert Shapiro, the chairman of economic advisory firm Sonecon and a former Under Secretary of Commerce for Economic Affairs under President Bill Clinton. When the data was revealed to be fake in both Greece and Argentina, those economies were already in terrible shape, Shapiro pointed out. 'So the impact of the markets no longer being able to rely on the data was a little less because the markets were already backing away from investment and employment.' The US economy is growing, hitting a relatively robust annualized rate of 3% in the second quarter. And at over $30 trillion, the US economy has a heft that both Greece and Argentina lack. 'We're the largest economy in the world. We are by far the greatest financial center in the world,' Shapiro said. A global standard Trump fired Dr. Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, shortly after the August 1 jobs report showed sharply slower jobs growth than expected for July – and significant downward revisions to data from June and May. Trump accused McEntarfer, without evidence, of manipulating the reports for 'political purposes.' Analysts begged to differ. The US is 'a world leader in providing high-quality data,' Heydt said. 'The BLS in particular is kind of a world class institution… The US for a long time has been kind of the gold standard for data.' William Beach, a former Trump BLS commissioner, told CNN previously that 'there's no way' for McEntarfer or others to rig the data. 'By the time the commissioner sees the number, they're all prepared, they're locked into the computer system,' he said. 'There's no hands-on at all for the commissioner.' But large revisions in the bureau's data have raised eyebrows, not just this month, but in the past as well. A preliminary annual revision in August 2024, for example, showed the US economy had added 818,000 fewer jobs over the past year than previously reported. Those kinds of large revisions might suggest deeper issues, like how the BLS gets their data and constructs their economic models, said Kathryn Rooney Vera, the chief market strategist and chief economist at financial services company StoneX. 'Several economists and research teams I personally engage with have flagged these as structural issues with the data long before Trump's involvement or the firing of the BLS chief,' Rooney Vera told CNN. And Shapiro noted another wrinkle: budget cuts. Already the BLS has said it will cut back on collecting some data because it has fewer people. That, in turn, means it can take longer to get to final numbers for data releases. In the case of the jobs report, big companies usually respond with information first. Smaller companies tend to trail. 'And so you get a lot of responses that come in after the date when the initial estimate is put out,' he said, leading to revisions. Still, the US has other sources of data, both public and private, to round out a fuller picture of the economy. Shapiro pointed to the Census Bureau and the Bureau of Economic Analysis. 'These institutions are made up virtually 100% by statisticians and economists,' Shapiro said. 'They're utterly nonpolitical in their jobs.' 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
Associated Press
43 minutes ago
- Associated Press
Wall Street drifts as world stock markets take Trump's tariffs in stride
Today's live updates have ended. Read what you missed below and find more coverage at President Donald Trump began levying higher import taxes on dozens of countries Thursday, just as the economic fallout of his monthslong tariff threats has begun to create visible damage for the U.S. economy. But while U.S. stocks are drifting lower, the moves are modest and stocks rose in much of the rest of the world. U.S. stocks drifted to a mixed finish. The S&P 500 slipped 0.1%, the Dow Jones Industrial Average dipped 0.5%, and the Nasdaq composite rose 0.3%. The import taxes are at a level not seen in the U.S. in almost 100 years, with Americans expected to pay an average of 18.3% more for imported products. That's the highest rate since 1934, according to the Budget Lab at Yale, a nonpartisan policy research center. Despite the uncertainty, the Trump White House is confident businesses will ramp up new investments and jump-start hiring in ways that can rebalance the U.S. economy as a manufacturing power. Update: Date: 2025-08-08 01:42:29 Title: Judge blocks Trump's birthright order nationwide in fourth such ruling since Supreme Court decision Content: The federal judge in Maryland ruled late Thursday that the administration cannot withhold citizenship from children born to people in the country illegally or temporarily. It is the fourth court decision blocking the president's birthright citizenship order nationwide following a Supreme Court ruling in June. U.S. District Judge Deborah Boardman's preliminary injunction was expected after she said last month that she would issue such an order if the case were returned to her by an appeals court. The 4th U.S. Circuit Court of Appeals sent it back to her later in July. Since June two other district courts as well as an appellate panel have also blocked the birthright order nationwide. There was no immediate response to an email sent to the White House seeking comment. Update: Date: 2025-08-08 01:25:43 Title: Venezuela's foreign minister criticizes US offer of $50 million for President Maduro's arrest Content: Yvan Gil released a statement characterizing the doubled reward for Nicolás Maduro's arrest as 'pathetic' and accusing U.S. Attorney General Pam Bondi of orchestrating a 'crude political propaganda operation.' 'We're not surprised, coming from whom it comes from. The same one who promised a nonexistent 'secret list' of Epstein and who wallows in scandals for political favors,' Gil said, referring to the backlash Bondi faced related to a purported list in the Jeffrey Epstein scandal. 'Her show is a joke, a desperate distraction from her own misery.' Earlier in the day, the administration announced the new reward of $50 million, up from a figure that was $15 million in the first Trump presidency and raised to $25 million under President Joe Biden. The government accuses Maduro of being one of the world's biggest traffickers and working with cartels to flood the U.S. with fentanyl-laced cocaine. Update: Date: 2025-08-08 01:15:06 Title: Trump orders increased law enforcement presence in Washington for at least 7 days Content: The White House says there will be increased presence of federal law enforcement in the capital to combat crime for the next week, with the option to extend it. 'Washington, DC is an amazing city, but it has been plagued by violent crime for far too long,' White House press secretary Karoline Leavitt said in a statement. 'President Trump has directed an increased presence of federal law enforcement to protect innocent citizens.' She said that means 'there will be no safe harbor for violent criminals in D.C.' The announcement comes amid Trump's repeated suggestions that control of Washington could be returned to federal authorities. Doing so would require a repeal of the Home Rule Act of 1973 in Congress, a step that the president said lawyers are examining but that could face pushback. Update: Date: 2025-08-08 00:28:27 Title: What to know as Trump's immigration crackdown strips tuition breaks from thousands of students Content: Tens of thousands of college students without legal residency are losing access to in-state tuition rates as part of the president's immigration crackdown. The Justice Department has been suing states to end tuition breaks for such students, starting with Texas in June. It has also filed lawsuits in Kentucky, Minnesota and, most recently, Oklahoma. Last year Florida ended its tuition break for students living there illegally. The tuition breaks once enjoyed wide bipartisan support but have increasingly come under criticism from Republicans in recent years. ▶ Read more on what to know about the tuition breaks Update: Date: 2025-08-08 00:06:32 Title: US doubles reward to $50 million for arrest of Venezuela's president to face drug charges Content: The Trump administration accuses Nicolás Maduro of being one of the world's largest traffickers and working with cartels to flood the U.S. with fentanyl-laced cocaine. 'Under President Trump's leadership, Maduro will not escape justice, and he will be held accountable for his despicable crimes,' Attorney General Pam Bondi said in a video recording announcing the reward. Maduro was indicted in Manhattan in 2020, during the first Trump presidency, along with several allies on federal charges of narco-terrorism and conspiracy to import cocaine. At the time, the U.S. offered a $15 million reward for his arrest. That was later raised by the Biden administration to $25 million — the same amount offered for the capture of Osama bin Laden following 9/11. Maduro remains entrenched, however, after defying the U.S., the European Union and several Latin American governments who condemned his 2024 reelection as a sham. Update: Date: 2025-08-07 23:48:05 Title: Texas Democrats plead for donations to extend their walkout and block Trump's redistricting plan Content: After leaving for Illinois to prevent a legislative vote on a Republican redistricting plan, state House Democratic leader Gene Wu needed a means to project his voice and viewpoints to a national audience. So he tapped his campaign account to buy a microphone for news conferences. When it came to covering the hefty hotel bill for Wu and his roughly 50 colleagues, Wu said, he relied on money from his chamber's Democratic Caucus. Now Texas Democrats are pleading for donations to help finance what could be a walkout lasting weeks, if not months, in a high-stakes attempt to prevent the Republican majority from passing a plan sought by the president to help maintain GOP control of the U.S. House next year. 'We're getting a lot of small-dollar donations,' Wu told AP, 'and that's going to be used to help keep this thing going.' ▶ Read more about the walkout Update: Date: 2025-08-07 23:27:35 Title: US pauses most visa applications from Zimbabwe Content: The U.S. announced the pause Thursday for all routine visa applications for citizens of Zimbabwe, the latest restriction on travelers from Africa. It came days after the U.S. unveiled a pilot project requiring citizens of two other African countries, Malawi and Zambia, to pay a bond of up to $15,000 for tourist or business visas that will be forfeited if they overstay. The State Department said the U.S. Embassy in Zimbabwe would pause all routine visa services starting Friday 'while we address concerns with the Government of Zimbabwe.' The embassy described the measure as temporary and part of the administration's efforts to 'prevent visa overstay and misuse.' Most diplomatic and official visas are to be exempt. The U.S. has enforced new travel restrictions on citizens from several African countries under Trump's broader immigration enforcement policies. Update: Date: 2025-08-07 23:17:32 Title: Q&A: Can Trump hold a census in the middle of a decade and exclude immigrants in the US illegally? Content: On Thursday the president instructed the Commerce Department to have the Census Bureau start work on a new census that would exclude immigrants who are in the country illegally from the head count, which determines political power and federal spending. Experts said it was unclear what exactly Trump was calling for, whether it was changes to the 2030 census or a mid-decade census, and, if so, whether it would be used for a mid-decade apportionment, which is the process of divvying up congressional seats based on population. Can Trump do this? It would be extremely difficult to conduct a mid-decade census, if not impossible, according to experts. Any changes in conducting one would require alterations to the Census Act and approval from Congress, which has oversight responsibilities, and there likely would be a fierce fight. ▶ Read more about questions raised by the president's action Update: Date: 2025-08-07 23:07:49 Title: Trump says Armenia and Azerbaijan will sign 'historic' peace deal at White House Content: The president said he is looking forward to hosting Armenian Prime Minister Nikol Pashinyan and Azerbaijani President Ilham Aliyev on Friday. In a post on his social media site, he billed the event as 'historic' and said the two leaders would participate in a 'Peace Signing Ceremony.' Trump said his 'administration has been engaged with both sides for quite some time' and added that he was 'very proud of these courageous Leaders for doing the right thing.' Armenia and Azerbaijan have been locked in a bitter conflict over territory since the early 1990s, when ethnic Armenian forces took control over the Karabakh province and nearby territories. Update: Date: 2025-08-07 23:01:13 Title: White House pauses tour bookings as it begins installing new ballroom Trump ordered Content: However there have been no cancelations of bookings due to the ballroom, Nick Clemens, spokesperson for first lady Melania Trump, said in a statement Thursday evening. 'Instead, new tour bookings were paused proactively while a collaborative group of White House, U.S. Secret Service, National Park Service, and Executive Residence staff work to determine the best way to ensure public access to the White House as this project begins and for the duration of construction,' the statement said. Clemens added that the 'White House tour route has evolved over presidencies.' The White House recently announced that construction on the new $200 million ballroom will begin in September. Update: Date: 2025-08-07 22:46:20 Title: JD Vance went kayaking for his birthday. The Secret Service had the Ohio river's water level raised Content: The action was taken last weekend to accommodate the kayaking trip, which the vice president and his family took for his 41st birthday. The Secret Service said it requested the increased waterflow for the Little Miami River to ensure motorized watercraft and emergency personnel 'could operate safely' while protecting Vance, whose home is in Cincinnati. It prompted criticism of Vance as entitled, amid the Trump administration's sweeping government cuts. The vice president's office said Vance was unaware the river had been raised. The Army Corps of Engineers declined to address any financial impact. Spokesperson Gene Pawlik said outflows from the Caesar Creek Lake into the Little Miami were slightly and temporarily increased, and the move met operational criteria and fell within normal practice. Pawlik also said it was determined that water levels down- or upstream would not be adversely affected. Update: Date: 2025-08-07 22:26:46 Title: Dean Cain, former TV Superman and Trump backer, will be sworn in as honorary ICE officer Content: Dean Cain wants to join the U.S. Immigration and Customs Enforcement agency. In an interview with Fox News, Cain said he has already spoken to the agency, which is responsible for the president's mass deportations agenda. Homeland Security spokesperson and Assistant Secretary Tricia McLaughlin said Cain will be sworn in as an 'honorary ICE Officer' in the coming month. McLaughlin referenced Cain's 1990s role in 'Lois & Clark: The New Adventures of Superman' in saying, 'Superman is encouraging Americans to become real-life superheroes.' Earlier this week Cain posted a video encouraging others to join ICE, which aims to expand hiring after a massive infusion of cash from Congress. Cain, 59, told Fox News he was already a sworn deputy sheriff and a reserve police officer. It was not immediately clear what his duties as an honorary officer would entail. Cain has been outspoken in his conservative viewpoints and endorsed Trump in three elections. Update: Date: 2025-08-07 21:53:56 Title: Trump honors Purple Heart recipients, including 3 who sent him medals after attempt on his life Content: The president recognized nearly 100 recipients at the White House on Thursday at a ceremony in the East Room of the White house. He offered 'everlasting thanks to you and your unbelievable families.' But Trump had special words for the trio of veterans who sent him their medals after the 2024 attempt on his life at a campaign rally in Pennsylvania. Trump said they 'showed me the same unbelievable gesture of kindness.' 'What a great honor to get those Purple Hearts. I guess, in a certain way, it wasn't that easy for me either, when you think of it,' Trump said of the attempt on his life. 'But you went through a lot more than I did, and I appreciate it very much.' Update: Date: 2025-08-07 21:43:16 Title: Trump signs order for colleges to prove they do not consider race in admissions Content: The order follows a Supreme Court ruling in 2023 against affirmative action. The court allowed colleges to consider how race has shaped students' lives if applicants shared that information in essays. The administration accuses colleges of using personal statements as proxies to consider race. The order signed Thursday has similarities to parts of agreements with Brown and Columbia universities, which agreed to provide data on race as part of settlements to restore their federal funding. Conservatives argue that colleges still consider race through proxy measures, but no clear pattern emerged in the racial makeup of last year's freshman class. Update: Date: 2025-08-07 21:30:09 Title: Trump orders federal regulators to probe alleged bank discrimination against conservatives Content: The president signed an executive order mandating a probe into whether banks have discriminated against conservatives and certain industries like gun manufacturers and cryptocurrency companies, invoking vast powers to go after entities he alleges have discriminated against him and his allies. The order deals with an issue known as debanking, which is when banks close accounts of individuals or decline to go into business with certain industries. Trump has accused JPMorgan and Bank of America of debanking him and his companies in the past, something both have denied. Trump ordered federal regulators to make sure banks do not discriminate against individuals or companies for their political or religious beliefs. He also ordered regulators to probe when banks may have allegedly discriminated and refer cases to the Department of Justice within 120 days. The move could open banks to potential civil or criminal investigations, fines or other punishments. Update: Date: 2025-08-07 21:22:39 Title: Administration asks Supreme Court to lift restrictions on Southern California immigration stops Content: The Trump administration asked the Supreme Court to lift a court order blocking immigration stops that a judge found to be indiscriminate in Southern California. The emergency petition comes after an appeals court refused to lift the temporary restraining order. Judge Maame E. Frimpong found there was a 'mountain of evidence' that federal immigration enforcement tactics were violating the Constitution. The administration argues that her order hinders immigration enforcement. Update: Date: 2025-08-07 21:05:42 Title: Trump notes that he's reached his 200th day in office Content: The president briefly noted that Thursday marked his 200th day in office during a White House event commemorating Purple Heart Day. 'This is 200 days already,' Trump said at the start of the event. 'Time flies.' The 100-day mark is a key benchmark early in a presidential administration, and Trump celebrated the first 100 days of his second term with a speech and rally in Michigan. But the 200-day milestone is not usually noted. Update: Date: 2025-08-07 20:44:15 Title: Senior Russian UN diplomat says he hasn't heard of any meeting planned with Ukraine's president at summit Content: Russia's deputy U.N. ambassador Dmitry Polyansky also told U.N. reporters that a location for the meeting between Russian President Vladimir Putin and U.S. President Donald next week has been agreed 'that they don't want to discuss.' Asked what Russia's aim is for the meeting, Polyansky said, 'Russia's aims are always peace and security in the world. They are not changing, and that's the same aim that we pursue in this kind of negotiations.' He said he hasn't heard of a meeting with Ukraine's President Volodymyr Zelenskyy, but added, 'I'm not in the loop. I think that these things are now being very actively commented through the channels of two presidents.' Update: Date: 2025-08-07 20:42:36 Title: Trump says he would meet with Putin even if Putin won't meet with Zelenskyy Content: Trump says he would meet with Russian President Vladimir Putin even if the Russian leader won't meet with Ukrainian President Volodymyr Zelensky. Trump, when asked Thursday by a reporter if Putin would need to meet with Zelenskyy in order to secure a meeting with the U.S., said, 'No, he doesn't. No.' Update: Date: 2025-08-07 20:40:21 Title: Wall Street drifts as stock markets worldwide take Trump's new tariffs in stride Content: U.S. stocks drifted to a mixed finish on Thursday, as Trump's new tariffs on dozens of countries had only a muted effect on markets worldwide. The S&P 500 slipped 0.1% Thursday. The Dow Jones Industrial Average dipped 0.5%, and the Nasdaq composite rose 0.3%. Worries are high that Trump's tariffs are damaging the economy, particularly after last week's worse-than-expected report on the job market. But hopes for coming cuts to interest rates by the Federal Reserve and a torrent of stronger-than-expected profit reports from big U.S. companies are helping to offset the concerns, at least for now. ▶ Read more about Wall Street Update: Date: 2025-08-07 20:36:22 Title: Questions remain around Trump's plans for a 100% tariff on computer chips Content: The U.S. imports a relatively small number of computer chips because most foreign-made chips in a device — from an iPhone to a car — were already assembled into a product, or part of a product, before it landed in the country. But a key question the industry is asking is 'whether there will be a component tariff, where the chips in a device would require some sort of separate tariff calculation,' said Martin Chorzempa, a senior fellow at the Peterson Institute for International Economics. Regardless, Wall Street investors interpreted Trump's planned tariff as good news not just for U.S. companies like Intel and Nvidia, but also for the biggest Asian chipmakers like Samsung and Taiwan Semiconductor Manufacturing Company that have been working to build U.S. factories. But in contrast, it left greater uncertainty for smaller chipmakers in Europe and Asia that have little exposure to the artificial intelligence boom but still make semiconductors inserted into essential products like cars or washing machines. These producers 'probably aren't large enough to get on the map for an exemption and quite probably wouldn't have the kind of excess capital and margins to be able to add investment at a large scale into the United States,' Chorzempa said. ▶ Read more about chip tariffs Update: Date: 2025-08-07 20:27:58 Title: Stephen Moore appears at White House with Trump Content: The White House hastily invited journalists into the Oval Office Thursday afternoon for a surprise appearance by conservative economist Stephen Moore. Trump and Moore, flanked by charts, had some economic data to present. Moore is a favorite of Trump and the president nominated hi to the Federal Reserve board in his first White House term, but Moore could not get confirmed in the Senate. Update: Date: 2025-08-07 20:21:48 Title: Trump opens the door for private equity and crypto as 401(k) retirement plan options Content: Millions of Americans saving for retirement through 401(k) accounts could have the option of putting their money in higher-risk private equity and cryptocurrency investments, according to an executive order signed Thursday by President Donald Trump that could give those financial players long-sought access to a pool of funds worth trillions. There is no immediate change in how people invest part of their work earnings. Federal agencies would need to rewrite rules and regulations to allow the expanded choices, and that would take months or more to complete. But once done, employers could offer a broader array of mutual funds and investments to workers, according to the White House. New plans could invest in alternative assets, particularly private equity, cryptocurrencies and real estate. The Republican president's order directs the Labor Department and other agencies to redefine what would be considered a qualified asset under 401(k) retirement rules. ▶ Read more about retirement plans Update: Date: 2025-08-07 19:58:55 Title: Florida Republican House Speaker says his chamber will take up congressional redistricting Content: Florida, the third most U.S. populous state, is preparing to join a widening fight among states grappling for political advantage ahead of the 2026 elections, after Florida's Republican House Speaker Daniel Perez announced Thursday that his chamber will take up congressional redistricting this fall. 'As many of you are aware, there are national conversations ongoing in other states related to midterm redistricting,' Perez wrote in a memo to state lawmakers detailing plans for a select committee on redistricting. The announcement comes as President Donald Trump is pushing GOP-controlled states to redraw their maps to favor Republican candidates and boost his party's prospects ahead of the midterm elections, as his political standing falters. Florida Republican Gov. Ron DeSantis has voiced support for mid-decade redistricting, telling the public to 'stay tuned.' Update: Date: 2025-08-07 19:57:00 Title: Trump picks economics aide Miran to fill remainder of Federal Reserve spot Content: Stephen Miran, the chairman of the White House Council of Economic Advisers, is Trump's pick to fill the final months of the Fed governorship held by Adriana Kugler, who resigned from the post last week. Miran has been a major defender of Trump's income tax cuts and tariff hikes, arguing that the combination will generate enough growth to reduce budget deficits and drive faster economic growth. He also has played down the risk of Trump's tariffs generating higher inflation, a major source of concern for Fed Chair Jerome Powell, who Trump has criticized for holding off on cuts to the central bank's benchmark interest rate. Miran, who has an economics doctorate from Harvard University, would be in the position until Jan. 31, 2026, when the term is set to expire. Update: Date: 2025-08-07 19:36:54 Title: US Air Force to deny retirement pay to transgender service members being separated from the service Content: The U.S. Air Force said Thursday it would deny all transgender service members who have served between 15 and 18 years the option to retire early and would instead separate them without retirement benefits. The move means that transgender service members will now be faced with the choice of either taking a lump-sum separation payment offered to junior troops or be removed from the service. An Air Force spokesperson told The Associated Press that 'although service members with 15 to 18 years of honorable service were permitted to apply for an exception to policy, none of the exceptions to policy were approved.' About a dozen service members had been 'prematurely notified' that they would be able to retire before that decision was reversed, according to the spokesperson who spoke on condition of anonymity to discuss internal Air Force policy. All transgender members of the Air Force are being separated from the service under the Trump administration's policies. ▶ Read more about transgender troops Update: Date: 2025-08-07 19:02:51 Title: Judge orders temporary halt to construction at Florida's 'Alligator Alcatraz' detention center Content: A federal judge on Thursday ordered a temporary halt to construction of an immigration detention center — built in the middle of the Florida Everglades and dubbed 'Alligator Alcatraz' — as attorneys argue whether it violates environmental laws. The facility can continue to operate and hold detainees for U.S. Immigration and Customs Enforcement, but workers will be barred from adding any new filling, paving or infrastructure for the next 14 days. U.S. District Judge Kathleen Williams issued the ruling during a hearing and said she will issue a written order later Thursday. Environmental groups and the Miccosukee Tribe have asked Williams to issue a preliminary injunction to halt operations and further construction. The suit claims the project threatens environmentally sensitive wetlands that are home to protected plants and animals and would reverse billions of dollars' worth of environmental restoration. ▶ Read more about 'Alligator Alcatraz' Update: Date: 2025-08-07 18:56:51 Title: EPA cancels $7 billion Biden-era grant program to boost solar energy Content: The Environmental Protection Agency on Thursday terminated a $7 billion grant program that was intended to help pay for residential solar projects for more than 900,000 lower-income U.S. households. It's the latest Trump administration move hindering the nation's shift to cleaner energy. The funding, part of Democratic President Joe Biden's Solar for All program, was awarded to 60 recipients including states, tribes and regions for investments such as rooftop solar and community solar gardens. Solar, a renewable energy, is widely regarded as a way to introduce cleaner power onto the electrical grid and lower energy bills for American consumers. ▶ Read more about residential solar Update: Date: 2025-08-07 18:27:19 Title: Ralph Lauren warns that tariffs could squeeze its profit margin Content: Shares of Ralph Lauren fell more than 7% on Thursday as the maker of iconic polo shirts, sport coats and other luxury clothing said that tariffs and general uncertainty could affect consumer sentiment later this year. 'The big unknown sitting here today is the price sensitivity and how the consumer reacts to the broader pricing environment and how sensitive that consumer is,' Ralph Lauren's CEO Patrice Louvet told analysts on Thursday. 'That's what we're watching very closely as we head into the second half.' The cautious comments came after the clothing maker posted strong sales in its fiscal first quarter — and upgraded its sales outlook. In May, the New York-based company had said that it would raise prices this fall because of tariffs. Correction: This post has been updated to reflect that Ralph Lauren said tariffs and general uncertainty could impact consumer sentiment. The company did not say tariff costs could hurt profit margins, as was previously written. Update: Date: 2025-08-07 17:48:39 Title: UN chief welcomes all efforts to end the war in Ukraine that respect its territorial integrity Content: U.N. deputy spokesman Farhan Haq, asked for Secretary-General Antonio Guterres' reaction to the announcement of a meeting between U.S. President Donald Trump and Russian President Vladimir Putin, said: 'We'll have to see what happens.' 'But clearly, we do welcome all efforts that are that are intended to bring about peace in Ukraine in line with the U.N. Charter, international law and the resolutions of the General Assembly and Security Council,' Haq said. The U.N. Charter requires all 193 U.N. member states, including Russia and Ukraine, to refrain from using force against any other nation and to respect their sovereignty and territorial integrity. U.N. resolutions call for Russia, which invaded Ukraine in February 2022, to withdraw all its forces from the country. Update: Date: 2025-08-07 17:46:33 Title: Researchers laid off and science shelved as battle between Harvard and Trump administration continues Content: The loss of an estimated $2.6 billion in federal funding at Harvard has meant that some of the world's most prominent scientists and academics are laying off young researchers. They are shelving years or even decades of research, into everything from opioid addiction to cancer. The funding cuts are part of a monthslong battle that the Trump administration has waged against some the country's top universities including Columbia, Brown and Northwestern. The administration has taken a particularly aggressive stance against Harvard, freezing funding after the country's oldest university rejected a series of government demands issued by a federal antisemitism task force. And despite Harvard's lawsuits against the administration, and settlement talks between the warring parties, researchers are confronting the fact that some of their work may never resume. Harvard University professor Alberto Ascherio has collaborated with the U.S. government to collect blood samples taken from soldiers over the course of two decades for his groundbreaking research to identify the cause of multiple sclerosis and other neurodegenerative diseases. Now that work is on hold indefinitely. 'It's like we have been creating a state-of-the-art telescope to explore the universe, and now we don't have money to launch it,' said Ascherio. 'We built everything and now we are ready to use it to make a new discovery that could impact millions of people in the world and then, 'Poof. You're being cut off.'' Update: Date: 2025-08-07 17:31:59 Title: United Nations chief calls US tariffs `disheartening news' Content: Secretary-General Antonio Guterres believes all trade wars 'are ruinous and need to be avoided,' U.N. deputy spokesman Farhan Haq said. The secretary-general stresses to all governments that at a time of trade wars 'measures need to be taken to protect the poorest and most vulnerable sectors of society who will certainly suffer as a result of the higher prices,' Haq said. Update: Date: 2025-08-07 17:26:33 Title: Brazil president and India prime minister call to discuss tariffs Content: Brazil's President Luiz Inácio Lula da Silva spoke with Indian Prime Minister Narendra Modi on Thursday about unilateral U.S. tariffs, according to a statement from Brazil's presidency. The call came as new tariffs imposed by Trump took effect. On Wednesday, Trump said he would be adding a 25% tariff on Indian imports tied to Russian oil starting in 21 days, raising the total to 50%. A similar rate was applied to Brazilian exports last week, which went into effect on Wednesday — though exemptions included aircraft parts, aluminum, tin and wood pulp. Lula and Modi reaffirmed their goal to boost bilateral trade to more than $20 billion by 2030 and agreed to expand the MERCOSUR-India trade agreement. Lula confirmed plans to visit India in early 2026, with Vice President Geraldo Alckmin visiting in October. Update: Date: 2025-08-07 16:53:35 Title: Americans will see an average tax of 18.6% for imported goods, Yale's Budget Lab says Content: As Trump's tariffs take effect, Americans will see an average tax of 18.6% for imported products, the highest rate since 1933, according to the Budget Lab at Yale, a non-partisan policy research center. The Budget Lab estimated prices will increase 1.8% in the short term as a result of the trade war the U.S. waged this year. That's the equivalent of a $2,400 loss of income per U.S. household, the group said. The analysis, which is based on the effects of all U.S. tariffs and foreign retaliation implemented in 2025 and through Wednesday, including the 50% tariff rate on India. The analysis assumes the Federal Reserve doesn't react to tariffs and so the real income adjustment comes primarily through prices rather than nominal incomes. If the Federal Reserve reacted, the adjustment could in part come in the form of lower nominal incomes, the group said. Update: Date: 2025-08-07 16:26:12 Title: 'Speedway Slammer' nickname for Indiana detention partnership sparks a backlash Content: Department of Homeland Security Secretary Kristi Noem is promoting a deal with the state of Indiana to open 1,000 detention beds for immigrants facing deportation. DHS posted an image of an IndyCar-style race car emblazoned with 'ICE' and the number 5, rolling past a barbed-wire prison wall. 'If you are in America illegally, you could find yourself in Indiana's Speedway Slammer,' Noem said. Speedway, which hosts the Indianapolis 500 — put out a statement saying the town wasn't involved, and IndyCar asked that its intellectual property 'not be utilized moving forward in relation to this matter.' No. 5 is used by IndyCar driver Pato O'Ward, the only Mexican driver in the series. DHS officials said they won't stop promoting the nickname. Update: Date: 2025-08-07 16:25:21 Title: Vance to meet with foreign secretary during UK trip Content: On Friday, the White House says Vance will meet with U.K. Foreign Secretary David Lammy at Chevening House, a stately home in Kent, south of London. The White House hasn't detailed what's on the agenda. But the meeting comes as the United Kingdom tries to come to favorable terms for steel and aluminum exports to the U.S., as the two sides work out details of a broader trade deal announced at the end of June. Russia's invasion of Ukraine and the Israel-Hamas war in Gaza are also likely to be on the agenda amid debates between Washington and London about the best way to end those conflicts. Update: Date: 2025-08-07 16:17:48 Title: The leaders of Armenia and Azerbaijan will meet at the White House on Friday Content: Trump is scheduled to meet Friday with Armenian Prime Minister Nikol Pashinyan and Azerbaijani President Ilham Aliyev, according to a U.S. official who was not authorized to speak publicly and spoke on condition of anonymity. The two nations have been working toward a peace treaty in their almost four decades of conflict, and a possible peace deal is on the table, according to the official. Armenia and Azerbaijan have been locked in a bitter conflict over territory since the early 1990s, when ethnic Armenian forces took control over the Karabakh province and nearby territories. Update: Date: 2025-08-07 16:03:21 Title: Senior FBI official who resisted Trump demands is ousted Content: A senior FBI official who served as acting director in the first weeks of the Trump administration and resisted demands to turn over the names of agents who participated in the Jan. 6, 2021, investigations is being forced out of the bureau, according to two people familiar with the matter who spoke to The Associated Press on Thursday. The circumstances of Brian Driscoll's ouster were not immediately clear, but his final day is Friday, said the people, who were not authorized to discuss the personnel move by name and spoke on the condition of anonymity. Update: Date: 2025-08-07 15:58:47 Title: Indiana Republicans mum on Vance redistricting talk Content: Indiana Gov. Mike Braun told reporters that Republican leaders discussed a 'wide array of topics' in a private meeting with JD Vance Thursday morning. 'We listened,' he said while walking through the statehouse, and confirmed redistricting was discussed, according to a video posted by a reporter with Fox 59 in Indianapolis. Indiana House Speaker Todd Huston and Senate President Pro Tem Rodric Bray, both Republicans, declined to comment to reporters, and in a post on X, Braun's office did not mention redistricting. 'It was great to meet with @VP Vance today. We discussed a number of issues, and I was pleased to highlight some of the great things happening in Indiana,' the post said. Update: Date: 2025-08-07 15:45:06 Title: Alcohol trade groups ask for 'toasts not tariffs' Content: A coalition of 57 U.S. associations and state guilds that represent businesses that make, import, distribute and sell alcohol, called the 'Toasts not Tariffs Coalition' asked Trump to keep the trade in U.S. and European Union spirits and wines free of reciprocal tariffs. The group estimates that Trump's 15% tariff on U.S. imports of EU wine and spirits could result in more than 25,000 American job losses and nearly $2 billion in lost sales. 'Many U.S. and EU spirits are recognized as 'distinctive products' and can only be made in their designated countries — Bourbon and Tennessee Whiskey in the U.S., and Cognac in France,' the group wrote. 'Similarly, wine is linked to its place of origin through American Viticultural Areas, appellations of origin or geographical indications. Consequently, production of these products cannot simply be relocated to circumvent tariffs.' Update: Date: 2025-08-07 15:42:05 Title: Trump holding closed-door meeting as complaints about RFK Jr.'s mRNA vaccine announcement loom Content: Trump said he would discuss a controversial decision by his Health and Human Services Secretary to cancel $500 million worth of mRNA vaccine development research during a noon meeting on Wednesday. A key Kennedy adviser, Dr. Robert Malone, is urging 'Make America Healthy Again' supporters to use their social media channels to encourage Trump to uphold the cancellations. But U.S. Sen. Bill Cassidy, R-La., among others, blasted Kennedy's decision to end the vaccine research. 'It is unfortunate that the Secretary just canceled a half a billion worth of work, wasting the money which is already invested,' Cassidy wrote on X. Update: Date: 2025-08-07 15:40:06 Title: 10 ways Trump has boosted the Christian right Content: Trump has repeatedly delivered for the bedrock of his Republican support. While he has made overtures to other religious groups including Jews and Muslims, conservative Christians are among his highest-profile surrogates and appointees, and their impact is expanding. 'We're bringing back religion in our country,' Trump contended on the National Day of Prayer in May. Progressive Christian critics say he's eroding the separation of church and state, and advancing an ideology that Christian nationalists should dominate government. 'A president with a true Christian agenda would be most concerned with uplifting those in our country who have been cast aside,' said the Rev. Shannon Fleck. 'Those most vulnerable among us are not these manipulators of Christianity that are seeking nothing but power.' ▶ Read more to see 10 ways Trump has delivered for conservative Christians
