The Latest: Trump triumphant over new tariffs regime, but concerns abound
The implementation is being portrayed by the White House as a testament to Trump's negotiating skills, even as concerns persist that the taxes will stunt the U.S. economy and increase inflation in ways that disproportionately harm working-class Americans. And while Trump has been getting his way on trade , strong-arming the European Union , Japan and other partners, he's facing at least seven lawsuits charging that he's overstepped his authority.
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CNBC
a few seconds ago
- CNBC
Asia markets set to open lower as investors weigh Trump's vow on fresh chip tariffs
Asia-Pacific markets are set to start the day lower, following U.S. President Donald Trump's vow to impose a 100% tariff on imports of semiconductors and chips to the U.S., but companies that are "building in the United States" will be exempted. Details such as how much a company needs to be manufacturing in the U.S. to qualify for the tariff exemption were not immediately clear. Good morning from Singapore. Investors will be keeping a close watch on chip stocks following U.S. President Donald Trump's vow to impose 100% tariffs on imported semiconductors and chips, unless they are made by companies "building in the United States." Japan's benchmark Nikkei 225 was set to open lower, with the futures contract in Chicago at 40,785 while its counterpart in Osaka last traded at 40,790, against the index's last close of 40,794.86. Futures for Hong Kong's Hang Seng index stood at 24,903, pointing to a weaker open compared with the HSI's Wednesday close of 24,910.63. Australia's S&P/ASX 200 was set to start the day lower with futures tied to the benchmark at 8,779, compared with its last close of 8,843.70. — Amala Balakrishner President Donald Trump said late Wednesday that he would slap a 100% duty on imports of semiconductors and chips – with an exception for companies that are "building in the United States." "We're going to be putting a very large tariff on chips and semiconductors," he said, speaking in the Oval Office on Wednesday afternoon. "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," Trump added. Shares of Apple advanced 3% in extended trading, fresh off a 5% gain in the regular session. Stock chart icon Apple shares in the past day – Kevin Breuninger, Darla Mercado All the three major averages finished with gains on Wednesday. The S&P 500 advanced 0.73% to finish at 6,345.06, while the Nasdaq Composite jumped 1.21%, closing at 21,169.42. The Dow Jones Industrial Average also rose 81.38 points, or 0.18%, to end the day at 44,193.12. — Sean Conlon
Fox News
a few seconds ago
- Fox News
New report warns of dangerous reliance on foreign parts for US weapons
Fox News chief national security correspondent Jennifer Griffin reports on the growing concerns about the United States' reliance on China for military parts on 'Special Report.'
CNN
a few seconds ago
- CNN
Judge considers whether Florida's ‘Alligator Alcatraz' detention center violates environmental law
Miami (AP) — A federal judge heard arguments Wednesday over whether to stop construction of an immigration detention center — built in the middle of the Florida Everglades and dubbed 'Alligator Alcatraz' — because it didn't follow environmental laws. Until the laws are followed, environmental groups and the Miccosukee Tribe said U.S. District Judge Kathleen Williams should 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. The lawsuit in Miami against federal and state authorities is one of two legal challenges to the South Florida detention center which was built more than a month ago by the state of Florida on an isolated airstrip owned by Miami-Dade County. A second lawsuit brought by civil rights groups says detainees' constitutional rights are being violated since they are barred from meeting lawyers, are being held without any charges, and a federal immigration court has canceled bond hearings. A hearing in that case is scheduled for Aug. 18. The detention facility has ignored a review process required by the National Environmental Policy Act, and the lawsuit was meant to assert the public's rights to make sure environmental harm does not occur, Eve Samples, executive director of Friends of the Everglades, testified in court Wednesday. The new detention facility would likely lead to an immediate reduction in habitat for endangered Florida panthers and would likely increase the risk of panthers killing each other or being hit by vehicles, Randy Kautz, a wildlife ecologist and former Florida Fish and Wildlife Conservation Commission researcher, testified. Kautz cited studies showing panthers generally stay at least 650 feet (200 meters) from areas with human activity and 1,600 feet (500 meters) away from bright artificial lights at night, translating to about 2,000 acres (800 hectares) of potentially lost habitat surrounding 'Alligator Alcatraz.' Florida Rep. Anna Eskamani, who took a July 12 tour of the facility with other state and federal lawmakers, in court described an active construction site with recently-erected tents, new asphalt and temporary lights. Florida Division of Emergency Management director Kevin Guthrie told members of the tour that the facility would be able to hold 4,000 detainees by the end of August and the center had about 1,000 workers, some of whom lived at the facility and others who commuted, said Eskamani, an Orlando Democrat. Jessica Namath, a member of Friends of the Everglades, testified that she's been protesting near the entrance of the detention facility regularly since it opened. She described seeing a constant parade of work trucks and other heavy machinery. She said she's been visiting the Everglades and the area around the detention center for years, and it now looks 'heartbreakingly different.' Namath is the daughter of Hall of Fame quarterback Joe Namath, who attended Wednesday's hearing but didn't speak. Under the 55-year-old federal environmental law, federal agencies should have examined how the detention center's construction would impact the environment, identified ways to minimize the impact and followed other procedural rules such as allowing public comment, according to the environmental groups and the tribe. It makes no difference that the detention center holding hundreds of detainees was built by the state of Florida since federal agencies have authority over immigration, the suit said. Attorneys for federal and state agencies last week asked Williams to dismiss or transfer the injunction request, saying the lawsuit was filed in the wrong jurisdiction. Even though the property is owned by Miami-Dade County, Florida's southern district is the wrong venue for the lawsuit since the detention center is located in neighboring Collier County, which is in the state's middle district, they said. Williams had yet to rule on that argument. The lawsuits were being heard as Florida Republican Gov. Ron DeSantis ′ administration apparently was preparing to build a second immigration detention center at a Florida National Guard training center in north Florida. At least one contract has been awarded for what's labeled in state records as the 'North Detention Facility.'
