‘Another win' for the Trump administration with gender affirming care crackdown
Comedian Alex Stein has commended the Trump administration for its crackdown on gender affirming care through Medicaid.
The Trump administration has announced that all transgender care will no longer be funded through Medicaid.
Mr Stein described the legislation as 'another win' for the Trump administration.
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Perth Now
25 minutes ago
- Perth Now
Chip stocks lift Wall St as investors await trade talks
US stock indexes have edged higher, helped by gains in Nvidia and other chipmakers, as investors awaited possible negotiations between the United States and its trading partners for more clarity on tariff plans. US President Donald Trump and Chinese leader Xi Jinping are set to speak this week, the White House said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions. Trump's administration wants countries to provide their best offer on trade negotiations by Wednesday as officials seek to accelerate talks with multiple partners ahead of a self-imposed deadline in just five weeks, according to a draft letter to negotiating partners seen by Reuters. Trump said last week he planned to double tariffs on imported steel and aluminium to 50 per cent starting on Wednesday, fuelling fresh concerns among investors and hampering global stocks as they approached record highs. A softening of Trump's harsh trade stance allowed a recovery in risky assets in May, with the benchmark S&P 500 and the tech-heavy Nasdaq posting their biggest monthly percentage gain since November 2023. The S&P 500 remains less than 4.0 per cent away from its record peak touched in February. "The markets are still trading with a decent level of uncertainty because they're not sure how everything's going to turn out," said Chris Zaccarelli, chief investment officer at Northlight Asset Management. "Having a best and final offer deadline and a framework to move forward should be positive for the markets." In early trading on Tuesday, the Dow Jones Industrial Average rose 10.40 points, or 0.02 per cent, to 42,315.12, the S&P 500 gained 10.39 points, or 0.17 per cent, to 5,946.18 and the Nasdaq Composite gained 87.28 points, or 0.46 per cent, to 19,330.74. Six of the 11 major S&P 500 sub-sectors fell. Communication services declined the most with a nearly 0.7 per cent fall. On the flip side, information technology stocks led gains with a 0.8 per cent rise, helped by a 2.7 per cent rise in Nvidia. Chipmaker Broadcom rose 2.1 per cent ahead of its results later this week. Constellation Energy rose 2.9 per cent after Meta Platforms said it had struck a power agreement with the utility's nuclear plant. It lifted other nuclear stocks such as Vistra Corp, up 4.4 per cent, GE Vernova, up 1.8 per cent, and NuScale Power, up 2.1 per cent. A US Labor Department report showed job openings increased in April but lay-offs picked up, signalling a slowing labour market as tariffs impact the economic outlook. Central bank officials including Fed Board governor Lisa Cook, Chicago Fed president Austan Goolsbee and Dallas president Lorie Logan are due to speak through the day. Monthly jobs data on Friday will offer more signs on how trade uncertainty is affecting the world's biggest economy. Pinterest rose 4.7 per cent after JPMorgan raised its rating to "overweight" from "neutral". Dollar General jumped 12.9 per cent as the discount retailer raised its annual sales forecast after surpassing quarterly sales expectations. Advancing issues outnumbered decliners by a 1.61-to-1 ratio on the NYSE and by a 1.67-to-1 ratio on the Nasdaq. The S&P 500 posted 24 new 52-week highs and 4 new lows while the Nasdaq Composite recorded 66 new highs and 41 new lows.
The Advertiser
3 hours ago
- The Advertiser
US economic growth to slow to 1.6 per cent, OECD says
US economic growth will slow to 1.6 per cent this year from 2.8 per cent last year as President Donald Trump's erratic trade wars disrupt global commerce, leaving businesses and consumers paralysed by uncertainty, the OECD says. The Organisation for Economic Cooperation and Development forecast the US economy - the world's largest - will slow further to just 1.5 per cent in 2026. Trump's policies have raised average US tariff rates from around 2.5 per cent to 15.4 per cent, the highest since 1938, according to the OECD. World economic growth will slow to just 2.9 per cent this year and stay there in 2026, according to the forecast. It marks a substantial deceleration from growth of 3.3 per cent global growth last year and 3.4 per cent in 2023. The world economy has proven remarkably resilient in recent years, continuing to expand steadily in the face of global shocks such as the COVID-19 pandemic and Russia's invasion of Ukraine. But global trade and the economic outlook have been clouded by Trump's sweeping taxes on imports, the unpredictable way he's rolled them out and the threat of retaliation from other countries. Reversing decades of US policy in favour of freer world trade, Trump has levied 10 per cent tariffs on imports from almost every country. He's also threatened more import taxes, including a doubling of his tariffs on steel and aluminium to 50 per cent. Without mentioning Trump by name, OECD chief economist Álvaro Pereira wrote in a commentary to accompany the forecast that "we have seen a significant increase in trade barriers as well as in economic and trade policy uncertainty. This sharp rise in uncertainty has negatively impacted business and consumer confidence and is set to hold back trade and investment." China - the world's second-biggest economy - is forecast to see growth decelerate from five per cent last year to 4.7 per cent in 2025 and 4.3 per cent in 2026. Chinese exporters will be hurt by Trump's tariffs, hobbling an economy already weakened by the collapse of the nation's real estate market. Some of the damage will be offset by help from the government: Beijing last month outlined plans to cut interest rates and encourage bank lending as well as allocating more money for factory upgrades and elder care, among other things. The 20 countries that share the euro currency will collectively see economic growth pick up from 0.8 per cent last year to one per cent in 2025 and 1.2 per cent next year, the OECD said, helped by interest rate cuts from the European Central Bank. The Paris-based OECD, comprising 38 member countries, works to promote international trade and prosperity and issues periodic reports and analyses. US economic growth will slow to 1.6 per cent this year from 2.8 per cent last year as President Donald Trump's erratic trade wars disrupt global commerce, leaving businesses and consumers paralysed by uncertainty, the OECD says. The Organisation for Economic Cooperation and Development forecast the US economy - the world's largest - will slow further to just 1.5 per cent in 2026. Trump's policies have raised average US tariff rates from around 2.5 per cent to 15.4 per cent, the highest since 1938, according to the OECD. World economic growth will slow to just 2.9 per cent this year and stay there in 2026, according to the forecast. It marks a substantial deceleration from growth of 3.3 per cent global growth last year and 3.4 per cent in 2023. The world economy has proven remarkably resilient in recent years, continuing to expand steadily in the face of global shocks such as the COVID-19 pandemic and Russia's invasion of Ukraine. But global trade and the economic outlook have been clouded by Trump's sweeping taxes on imports, the unpredictable way he's rolled them out and the threat of retaliation from other countries. Reversing decades of US policy in favour of freer world trade, Trump has levied 10 per cent tariffs on imports from almost every country. He's also threatened more import taxes, including a doubling of his tariffs on steel and aluminium to 50 per cent. Without mentioning Trump by name, OECD chief economist Álvaro Pereira wrote in a commentary to accompany the forecast that "we have seen a significant increase in trade barriers as well as in economic and trade policy uncertainty. This sharp rise in uncertainty has negatively impacted business and consumer confidence and is set to hold back trade and investment." China - the world's second-biggest economy - is forecast to see growth decelerate from five per cent last year to 4.7 per cent in 2025 and 4.3 per cent in 2026. Chinese exporters will be hurt by Trump's tariffs, hobbling an economy already weakened by the collapse of the nation's real estate market. Some of the damage will be offset by help from the government: Beijing last month outlined plans to cut interest rates and encourage bank lending as well as allocating more money for factory upgrades and elder care, among other things. The 20 countries that share the euro currency will collectively see economic growth pick up from 0.8 per cent last year to one per cent in 2025 and 1.2 per cent next year, the OECD said, helped by interest rate cuts from the European Central Bank. The Paris-based OECD, comprising 38 member countries, works to promote international trade and prosperity and issues periodic reports and analyses. US economic growth will slow to 1.6 per cent this year from 2.8 per cent last year as President Donald Trump's erratic trade wars disrupt global commerce, leaving businesses and consumers paralysed by uncertainty, the OECD says. The Organisation for Economic Cooperation and Development forecast the US economy - the world's largest - will slow further to just 1.5 per cent in 2026. Trump's policies have raised average US tariff rates from around 2.5 per cent to 15.4 per cent, the highest since 1938, according to the OECD. World economic growth will slow to just 2.9 per cent this year and stay there in 2026, according to the forecast. It marks a substantial deceleration from growth of 3.3 per cent global growth last year and 3.4 per cent in 2023. The world economy has proven remarkably resilient in recent years, continuing to expand steadily in the face of global shocks such as the COVID-19 pandemic and Russia's invasion of Ukraine. But global trade and the economic outlook have been clouded by Trump's sweeping taxes on imports, the unpredictable way he's rolled them out and the threat of retaliation from other countries. Reversing decades of US policy in favour of freer world trade, Trump has levied 10 per cent tariffs on imports from almost every country. He's also threatened more import taxes, including a doubling of his tariffs on steel and aluminium to 50 per cent. Without mentioning Trump by name, OECD chief economist Álvaro Pereira wrote in a commentary to accompany the forecast that "we have seen a significant increase in trade barriers as well as in economic and trade policy uncertainty. This sharp rise in uncertainty has negatively impacted business and consumer confidence and is set to hold back trade and investment." China - the world's second-biggest economy - is forecast to see growth decelerate from five per cent last year to 4.7 per cent in 2025 and 4.3 per cent in 2026. Chinese exporters will be hurt by Trump's tariffs, hobbling an economy already weakened by the collapse of the nation's real estate market. Some of the damage will be offset by help from the government: Beijing last month outlined plans to cut interest rates and encourage bank lending as well as allocating more money for factory upgrades and elder care, among other things. The 20 countries that share the euro currency will collectively see economic growth pick up from 0.8 per cent last year to one per cent in 2025 and 1.2 per cent next year, the OECD said, helped by interest rate cuts from the European Central Bank. The Paris-based OECD, comprising 38 member countries, works to promote international trade and prosperity and issues periodic reports and analyses. US economic growth will slow to 1.6 per cent this year from 2.8 per cent last year as President Donald Trump's erratic trade wars disrupt global commerce, leaving businesses and consumers paralysed by uncertainty, the OECD says. The Organisation for Economic Cooperation and Development forecast the US economy - the world's largest - will slow further to just 1.5 per cent in 2026. Trump's policies have raised average US tariff rates from around 2.5 per cent to 15.4 per cent, the highest since 1938, according to the OECD. World economic growth will slow to just 2.9 per cent this year and stay there in 2026, according to the forecast. It marks a substantial deceleration from growth of 3.3 per cent global growth last year and 3.4 per cent in 2023. The world economy has proven remarkably resilient in recent years, continuing to expand steadily in the face of global shocks such as the COVID-19 pandemic and Russia's invasion of Ukraine. But global trade and the economic outlook have been clouded by Trump's sweeping taxes on imports, the unpredictable way he's rolled them out and the threat of retaliation from other countries. Reversing decades of US policy in favour of freer world trade, Trump has levied 10 per cent tariffs on imports from almost every country. He's also threatened more import taxes, including a doubling of his tariffs on steel and aluminium to 50 per cent. Without mentioning Trump by name, OECD chief economist Álvaro Pereira wrote in a commentary to accompany the forecast that "we have seen a significant increase in trade barriers as well as in economic and trade policy uncertainty. This sharp rise in uncertainty has negatively impacted business and consumer confidence and is set to hold back trade and investment." China - the world's second-biggest economy - is forecast to see growth decelerate from five per cent last year to 4.7 per cent in 2025 and 4.3 per cent in 2026. Chinese exporters will be hurt by Trump's tariffs, hobbling an economy already weakened by the collapse of the nation's real estate market. Some of the damage will be offset by help from the government: Beijing last month outlined plans to cut interest rates and encourage bank lending as well as allocating more money for factory upgrades and elder care, among other things. The 20 countries that share the euro currency will collectively see economic growth pick up from 0.8 per cent last year to one per cent in 2025 and 1.2 per cent next year, the OECD said, helped by interest rate cuts from the European Central Bank. The Paris-based OECD, comprising 38 member countries, works to promote international trade and prosperity and issues periodic reports and analyses.
Perth Now
4 hours ago
- Perth Now
US economic growth to slow to 1.6 per cent, OECD says
US economic growth will slow to 1.6 per cent this year from 2.8 per cent last year as President Donald Trump's erratic trade wars disrupt global commerce, leaving businesses and consumers paralysed by uncertainty, the OECD says. The Organisation for Economic Cooperation and Development forecast the US economy - the world's largest - will slow further to just 1.5 per cent in 2026. Trump's policies have raised average US tariff rates from around 2.5 per cent to 15.4 per cent, the highest since 1938, according to the OECD. World economic growth will slow to just 2.9 per cent this year and stay there in 2026, according to the forecast. It marks a substantial deceleration from growth of 3.3 per cent global growth last year and 3.4 per cent in 2023. The world economy has proven remarkably resilient in recent years, continuing to expand steadily in the face of global shocks such as the COVID-19 pandemic and Russia's invasion of Ukraine. But global trade and the economic outlook have been clouded by Trump's sweeping taxes on imports, the unpredictable way he's rolled them out and the threat of retaliation from other countries. Reversing decades of US policy in favour of freer world trade, Trump has levied 10 per cent tariffs on imports from almost every country. He's also threatened more import taxes, including a doubling of his tariffs on steel and aluminium to 50 per cent. Without mentioning Trump by name, OECD chief economist Álvaro Pereira wrote in a commentary to accompany the forecast that "we have seen a significant increase in trade barriers as well as in economic and trade policy uncertainty. This sharp rise in uncertainty has negatively impacted business and consumer confidence and is set to hold back trade and investment." China - the world's second-biggest economy - is forecast to see growth decelerate from five per cent last year to 4.7 per cent in 2025 and 4.3 per cent in 2026. Chinese exporters will be hurt by Trump's tariffs, hobbling an economy already weakened by the collapse of the nation's real estate market. Some of the damage will be offset by help from the government: Beijing last month outlined plans to cut interest rates and encourage bank lending as well as allocating more money for factory upgrades and elder care, among other things. The 20 countries that share the euro currency will collectively see economic growth pick up from 0.8 per cent last year to one per cent in 2025 and 1.2 per cent next year, the OECD said, helped by interest rate cuts from the European Central Bank. The Paris-based OECD, comprising 38 member countries, works to promote international trade and prosperity and issues periodic reports and analyses.
