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Yahoo
10 minutes ago
- Yahoo
Oil Steady With Focus on India-Russia Trade Before Tariff Boost
(Bloomberg) -- Oil was steady as the market weighed the outlook for Russian crude flows to India after a Trump administration official ramped up his criticism over the trade ahead of an expected tariff increase. Brent held below $68 a barrel, on track for the biggest weekly gain since early July, while West Texas Intermediate was near $63. White House trade adviser Peter Navarro blasted India again for continuing to buy Russian oil and said he sees US import levies on the nation doubling as planned on Aug. 27. Why New York City Has a Fleet of New EVs From a Dead Carmaker Trump Takes Second Swing at Cutting Housing Assistance for Immigrants Neom's Desert Ski Resort Strains Saudi Prince's $1.5 Trillion Plan Chicago Schools Seeks $1 Billion of Short-Term Debt as Cash Gone We Need a Reality Check on Crime, Safety and Transit 'India doesn't appear to want to recognize its role in the bloodshed,' he said. 'They don't need the oil. It's a refining profit sharing scheme.' President Donald Trump has threatened to raise the duties on Indian imports to the US to 50%, half of which would be due to purchases of Russian crude. Still, oil refiners in the South Asian nation have returned to buying after a brief pause, while an official from Moscow expects flows to be maintained. Earlier this week, Navarro claimed that the surge in Russian imports since the war in Ukraine was driven by 'profiteering by India's Big Oil lobby' and not domestic needs. Oil is still lower for the year as OPEC+ ramps up production and Trump's trade policies spark concerns over demand. Foreigners Are Buying US Homes Again While Americans Get Sidelined Volkswagen EVs Outsell Tesla in Europe a Decade After Dieselgate What Declining Cardboard Box Sales Tell Us About the US Economy Survived Bankruptcy. Next Up: Cultural Relevance? Women's Earnings Never Really Recover After They Have Children ©2025 Bloomberg L.P. 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
CBS News
10 minutes ago
- CBS News
Judge blocks Trump administration from expanding Florida's "Alligator Alcatraz" over environmental concerns
A federal judge on Thursday ordered an indefinite halt to new construction at an immigration detention facility that Florida officials have dubbed "Alligator Alcatraz," and barred any new detainees from being brought to the site, siding with environmental groups who said the facility is endangering the Everglades and its wildlife. The decision is a setback for Florida's Republican-led state government and its aggressive efforts to aid the Trump administration's hardline immigration agenda, including by deputizing thousands of state police as federal immigration officers. The order by U.S. District Court Judge Kathleen Williams did not require Florida officials to completely cease operations at Alligator Alcatraz, allowing the state to continue using existing structures there to detain immigrants suspected of being in the U.S. illegally. But Williams barred any more detainees from being transferred to the site — dashing plans to expand the detention center. The makeshift detention facility — located in what was largely an abandoned airfield — is one of several locations and prisons that Republican-led states have offered the Trump administration so they can be converted into immigration detention centers. Officials in Indiana and Nebraska have also allowed facilities in their states to hold immigrants facing deportation. Thursday's ruling stems from a lawsuit filed by the Miccosukee tribe and environmental activists who challenged operations at Alligator Alcatraz on environmental grounds. They've argued environmental reviews mandated in federal law should have been completed before the site was set up. Florida officials have argued Alligator Alcatraz is not subject to those federal environmental requirements because the facility is run by the state. The Trump administration has said it will reimburse Florida for the effort using federal funds. Williams had paused further construction at Alligator Alcatraz earlier this month, but only for two weeks. A separate lawsuit over the legal rights of those held at the Everglades facility is also playing out. That case was partially dismissed by the U.S. District Court Judge Rodolfo Ruiz earlier this week, since the Trump administration had designated an immigration court to hear the claims of those detained at Alligator Alcatraz, one of the main concerns raised by the lawsuit. But Ruiz allowed another part of the case centered on detainees' right to in-person and confidential legal consultations to proceed, transferring the lawsuit to another federal judge.
Associated Press
11 minutes ago
- Associated Press
South Korea's Lee must navigate the ‘Trump risk' at key summits in Japan and US
SEOUL, South Korea (AP) — TO RUN 0100 GMT ON FRIDAY AUG 22 South Korea's President Lee Jae Myung faces a pivotal foreign policy test barely two months after taking office, with back-to-back summits in Tokyo and Washington that reflect the wider struggle of U.S. allies to navigate Donald Trump's unilateral push to redefine postwar orders on trade, security and alliances. The meetings come after Seoul and Tokyo reached trade deals with Washington that spared them from the Trump administration's highest tariffs, but only after pledging hundreds of billions of dollars in new U.S. investments. Trump's transactional approach with long-standing allies extends beyond trade to security and has fueled fears in South Korea that he will demand higher payments to support the U.S. troop presence in the country, even as he possibly seeks to scale back America's military footprint there to focus on China. The looming concerns about a U.S. retreat in leadership and security commitments come as South Korea and Japan confront growing cooperation between their nuclear-armed adversaries, North Korea and Russia, partners in the war in Ukraine and in efforts to break isolation and evade sanctions. Here is what is at stake for the Asian allies of the U.S. as they deal with an America-first president who's more unyielding than his predecessors: Asian allies pulled closer by Trump A day after confirming his Aug. 25 summit with Trump, Lee's office announced he will visit Japan on Aug. 23-24 to meet Prime Minister Shigeru Ishiba, a rare diplomatic setup that underscores how Trump is drawing closer two often-feuding neighbors with deep-rooted historical grievances. The meeting on Saturday in Tokyo of Lee and Ishiba — who last met on the sidelines of the Group of Seven summit in June — is largely about projecting leverage as the countries seek to coordinate their response to Trump, said Choi Eunmi, an analyst at South Korea's Asan Institute for Policy Studies. 'There is now the Trump risk,' Choi said. 'There's especially a lot of uncertainty in the business sector, so they might discuss ways to ease that uncertainty … not necessarily in joint efforts to confront Trump, but within the framework of trilateral cooperation.' Yukiko Fukagawa, a professor at Japan's Waseda University, said Lee's visit to Tokyo will also be seen positively in Washington, long frustrated by its Asian allies' persistent disputes over Japan's colonial rule of Korea before the end of World War II, and the way these tensions hindered three-way security collaborations. 'Because they have to deal with increasingly challenging mutual counterparts, such as China and America, both Japan and South Korea are under pressure to set aside minor differences to cooperate on larger objectives,' Fukagawa said. Yoshimasa Hayash, Japan's chief cabinet secretary, said Lee's visit will help promote the 'stable development' of bilateral ties as their countries work together on international challenges by utilizing the 'shuttle diplomacy' of regular summits. Lee and Ishiba could discuss restarting long-stalled free trade talks and South Korea's potential entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, a 12-member Asia-Pacific trade pact that Ishiba has pushed to expand amid tensions over U.S. tariffs. Ishiba, who has met Trump twice in person — at the White House in February and at the G7 in Canada — could also offer Lee tips ahead of his summit in Washington. Seoul and Tokyo clearly share many crucial interests in the face of Trump's efforts to reset global trade and U.S. security commitments. They are both under pressure from Washington to pay more for the tens of thousands of American troops stationed in their countries and also to increase their own defense spending. Their vital automobile and technology industries are vulnerable to Trump's tariff hikes. They navigate a tricky balance between the U.S. and its main rival, China, a growing regional threat that is also the largest trade partner for Seoul and Tokyo. They are alarmed by North Korea's accelerating nuclear program and its deepening alignment with Russia, which could complicate future diplomatic efforts after a long stalemate in U.S.-led denuclearization talks. It makes more sense for South Korea and Japan to work with the Trump administration under a trilateral framework rather than engage Washington separately, especially given how Trump mixes security and economic demands, said Ban Kil-joo, a professor at South Korea's National Diplomatic Academy. For example, the countries could propose a trilateral scheme to support Trump's push to expand natural gas and other energy production in Alaska, rather than negotiating potential investments bilaterally, he said. 'Beyond the drilling project itself, they would need to address security, including protecting maritime routes for the LNG shipments, and that responsibility could count toward defense cost-sharing or higher defense spending,' which Trump demands, Ban said. Modernizing the military alliance Lee's meeting with Trump could include talks to flesh out the details of South Korea's $350 million investment fund for U.S. industries, centered on cooperation in shipbuilding, a sector Trump has highlighted in relation to South Korea. A more crucial topic for the leaders could be the future of their decades-long military alliance, a legacy of the brutal 1950-53 Korean War. The U.S., which keeps about 30,000 troops in South Korea to deter North Korea, has long urged Seoul to accept greater flexibility to use them for missions beyond the Korean Peninsula – a demand that has intensified under Trump. Comments by senior U.S. government and military officials suggest that, in addition to pressing South Korea to pay more for hosting American forces, the Trump administration could seek to reshape U.S. Forces Korea as part of a broader military focus on ensuring capability to respond to a conflict with China over Taiwan. That shift would mean conventionally armed South Korea taking on more of the burden against the North, while the U.S. turns its focus to China. This could affect the size and role of U.S. Forces Korea, leaving Seoul with fewer benefits but higher costs and risks at a time when the North Korean nuclear threat is growing, experts say. South Korean lawmakers have also expressed fears that Washington could ask for Seoul's commitment to intervene if a conflict breaks out in the Taiwan Strait, a tricky prospect given South Korea's reliance on China for trade and Beijing's role in dealing with North Korea. South Korea should enter the Trump summit with a clear stance on its role in regional security, Ban said, possibly supporting U.S. efforts to maintain Indo-Pacific stability and opposing changes to the status quo, but without explicitly naming China as an adversary. While potentially accepting a more flexible role for U.S. Forces Korea, South Korea should also seek U.S. commitments to ensure deterrence and readiness against North Korea aren't compromised. American troop deployments off the peninsula could be offset by increased airpower or the arrival of strategic assets like bombers, helping prevent any miscalculation by the North, Ban said. __ AP writer Mari Yamaguchi in Tokyo contributed.
