Saving Money on a Used Car Is Getting Harder
Prices for preowned cars are rising faster than for new ones, with tight overall supplies pushing more people into the used-car market. The supply crunch started during the Covid-19 pandemic, and has persisted in part because of President Trump's tariffs.
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Newsweek
a minute ago
- Newsweek
California High-Speed Rail Protects $4B in Federal Funding Amid Lawsuit
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. California officials have reached an agreement with the Federal Railroad Administration that places $4 billion in federal grants for the state's high-speed rail project into a legal trust while a lawsuit challenging the funding cancellation moves through court. The agreement, which the California High-Speed Rail Authority confirmed to Newsweek, would set aside the funding while state authorities worked to prevent President Donald Trump's funding revocation. Why It Matters Years of delays and an inflated budget have damaged public and political faith in California's high-speed rail project, but the past few years have seen progress, with construction happening throughout the state and tracklaying set to begin later this year. Proponents of the project say that to call if off now, as many of its detractors in the White House desire, would waste years of advancement. That has not stopped Trump, a long-standing critic of the project, from regularly threatening to take away the federal funding that has been vital to the project's progress, a threat he and Transportation Secretary Sean Duffy carried out in July. An Amtrak Pacific Surfliner train headed north arrives at the Moorpark Train Station in Moorpark, California, on June 15, 2024. An Amtrak Pacific Surfliner train headed north arrives at the Moorpark Train Station in Moorpark, California, on June 15, 2024. Getty Images What To Know The agreement with the Federal Railroad Administration places the contested $4 billion into a legal trust, which state officials said would prevent the funds from being redirected while the legal challenge proceeded. The California High-Speed Rail Authority, which does not comment on pending litigation, confirmed to Newsweek that the agreement had been reached. The authority has previously called the Trump administration's funding decision an "unwarranted and unjustified" move that was "based on an inaccurate, often outright-misleading, presentation of the evidence." The project has faced long-running delays and cost increases since voters approved it in 2008, with early estimates near $33 billion and more recent estimates ranging broadly in reporting between roughly $128 billion and $135 billion. The authority and state officials have pointed to continuing construction milestones. Officials said the project had entered or neared a tracklaying phase, with 171 miles under active construction and more than 50 major structures completed. What People Are Saying California Senator Dave Cortese, the chair of the Senate Transportation Committee, said in a statement on the agreement: "I'm encouraged that the California High-Speed Rail Authority has reached an agreement with the Federal Railroad Administration to prevent $4 billion in federal high-speed rail funding from being lost while litigation is pending. "These funds were terminated under the Trump Administration following a compliance review, despite no findings of fraud, waste, or abuse. The Authority promptly challenged that decision in court, and this agreement ensures that the funding will remain available until the legal process is resolved. "As Chair of the California Senate Transportation Committee, I will continue to defend our progress on high-speed rail, and efforts like my bill SB 545 will help secure opportunities for major residential and commercial development along the high-speed rail corridor, creating the kind of public-private synergy that can help fund the infrastructure of the project itself and deliver long-overdue economic benefits to communities across the state." What Happens Next The state's lawsuit challenging the federal withdrawal was filed in U.S. District Court. Initial litigation is expected to proceed in the coming months, with the trust arrangement intended to keep the grants intact until the court resolves the dispute.
Newsweek
a minute ago
- Newsweek
Russia Reveals Plans for Trump-Putin Alaska summit
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Kremlin has confirmed the names of those who will attend the summit between Russian President Vladimir Putin and U.S. President Donald Trump in Alaska this Friday, August 15, among other details about the schedule. Alongside Putin will be Foreign Minister Sergey Lavrov, Defence Minister Andrey Belousov, presidential aide Yuri Ushakov, Finance Minister Anton Siluanov, and Special Envoy Kirill Dmitriev, who heads Russia's sovereign wealth fund. The summit, to be held at the Elmendorf-Richardson military base in Anchorage and centred on agreeing a settlement on Ukraine, will begin at 11:30 a.m. local time, the Kremlin said, according to state-run news agency RIA. It will begin with a head-to-head meeting between Trump and Putin, the Kremlin said, leading into negotiations between the two delegations and a working breakfast. Trump and Putin will then hold a press conference after the talks. This is a breaking news story. Updates to follow.
News24
a minute ago
- News24
Swatch boss proposes gold tax on US as payback for tariffs
• For more financial news, go to the News24 Business front page. Switzerland's gold industry on Thursday voiced scepticism about a proposal by the boss of watchmaker Swatch to introduce a levy on gold exports to the United States in retaliation for US tariffs on Switzerland. US President Donald Trump last week imposed tariffs of 39% on imported Swiss goods, causing shock and dismay in the Alpine republic, a major refining and transit hub for gold. The US Customs and Border Protection afterwards said Washington might put tariffs on the most widely-traded gold bullion bars in the United States. However, Trump said on Monday that gold would not face tariffs. Swatch CEO Nick Hayek told Swiss newspaper Blick that Trump's announcement indicated that tariffs on gold would be painful for the US president. "Now is the time to go on the offensive. Switzerland should order a 39% export tax on gold bars for the United States," Hayek told the paper. "That's where we have to get at him. That's his Achilles' heel." The Swiss Association of Manufacturers and Traders in Precious Metals (ASFCMP) said that while ideas to better balance bilateral trade were welcome, careful consideration needed to be given to Switzerland's longer-term interests. "An export tax on Swiss gold destined for the USA would not only harm Switzerland economically, but also damage the reputation of a country that has consistently promoted and defended free trade," ASFCMP President Christoph Wild said. The Swiss Economy Ministry declined to comment on the proposal, but said the support of business representatives was in general welcome and helped underscore the close economic ties between the U.S. and Switzerland. Trump justified his 39% tariff by pointing to Switzerland's sizeable trade surplus with the United States. Part of that is due to gold exports. Hayek said that even if a gold levy failed to move Trump, it would cut the U.S. trade deficit with Switzerland. "If Trump doesn't give in to our pressure, we'll at least improve the trade balance with the US if the Americans no longer import gold bars via Switzerland," he told Blick. Switzerland is continuing to hold talks with US officials aimed at lowering the US tariffs.
