Trump signs disaster declaration for Texas floods
'I just signed a Major Disaster Declaration for Kerr County, Texas, to ensure that our Brave First Responders immediately have the resources they need,' Trump said in a Truth Social post Sunday morning. 'These families are enduring an unimaginable tragedy, with many lives lost, and many still missing. The Trump Administration continues to work closely with State and Local Leaders.'
'Secretary of Homeland Security Kristi Noem was on the ground yesterday with Governor Greg Abbott, who is working hard to help the people of his Great State,' the president added. 'Our incredible U.S. Coast Guard, together with State First Responders, have saved more than 850 lives. GOD BLESS THE FAMILIES, AND GOD BLESS TEXAS!'
According to The Associated Press, at least 67 people have died due to the flooding. A significant portion of central Texas is facing a Flood Watch, Flash Flood Warning or Flood Warning, according to the National Weather Service.
Fifty-nine people have died due to the flooding in Kerr County, Texas, the county's sheriff said Sunday, according to an update on the county website. Thirty-eight of those killed were adults and 21 were children, the sheriff also said.
In a post to the social platform X Sunday, Abbott thanked Trump in response to his earlier Truth Social post.
'Thank you, @realDonaldTrump, for your dedication to Texas. Collaboration between our state, local, and federal partners is critical to our state's recovery,' Abbott said in his post.
'Thank you to our brave first responders working around the clock to find missing Texans,' he added.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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CNBC
a few seconds ago
- CNBC
Market watchers warn Trump might not ‘chicken out' of 30% tariffs on the EU
Global investors may be underestimating U.S. President Donald Trump's commitment to follow through on his latest tariff threats, some market watchers have warned. In his latest trade policy update, Trump announced that he would be slapping 30% tariffs on goods imported to the U.S. from the European Union and Mexico from Aug. 1. European markets had a muted reaction to the news, with the pan-European Stoxx 600 index ending Monday's session — the first after Trump sent his letter to the EU — 0.06% lower. Tuesday's session saw a slightly deeper sell-off , with the index shedding 0.4%, but sentiment was largely dampened by economic growth concerns after U.S. inflation rose. Compared with the rout seen in the immediate aftermath of the so-called "liberation day" announcement earlier this year, this week's market moves mark a stark contrast in sentiment – even though the looming EU tariff rate is higher than the one drawn up back in April. On April 3 – the day after Trump unveiled his reciprocal tariffs list that included a 20% blanket rate on EU goods – the Stoxx 600 lost 2.7%. The subsequent two sessions saw the index plummet 5% and 4.5%, respectively. .STOXX YTD line Stoxx 600 price year-to-date Part of the reason for the less severe reaction from markets might be due to investors doubling down on the so-called TACO – Trump Always Chickens Out – trade , in which market participants are trading assets with a firm belief that the White House's tariff threats are merely a negotiating tactic that are unlikely to come to fruition. Indeed, there appears to be a strong belief among many that a deal between the EU and the U.S. will be struck before Trump's looming Aug. 1 deadline. "When it comes to the most recent tariff threats, investors just aren't getting worried," Michael Field, European market strategist, at Morningstar, told CNBC in an email on Wednesday. "Of course, you could put this down to complacency … but their experience of the last few months has shown that, so far, tariff threats have simply been a way of getting people to the negotiation table, and haven't yet translated into a working policy." Others, however, have warned that this approach could see some investors getting burned by the expectation of deals being reached. "I do believe these tariffs will ultimately be implemented. I don't think the EU is going to give in as easily as Trump might hope," Anthony Esposito, founder and CEO of Australian investment advisory AscalonVI Capital, told CNBC. "This scenario likely contributes to lower global GDP growth, and it's coming at a time when many of the EU's largest economies are burdened with historically high sovereign debt levels." European officials have expressed optimism that Washington and Brussels are edging closer to the framework of a trade agreement, but it has also been made clear that the EU is ready to retaliate with countermeasures if its economic interests are damaged by tariffs. Kevin Yin, VP of investment at Phoenix, Arizona-based Asterozoa Capital, argued that this time around, Trump has a greater incentive to follow through on his tariff threats. "The TACO (Trump Always Chickens Out) narrative has held so far, but now with domestic stock markets near all-time highs and largely complacent to continued tariff threats, Trump has additional leverage to continue his push which increases the chance of the 30% tariff rate coming to fruition," he said in an email. "On the other hand, Trump and [Treasury Secretary Scott] Bessent have shown more sensitivity to the bond market, and the recent rise in yields may pressure the President and his team to back off." Risk to Europe's stock rally European equities have been on a bull run this year, amid a broad diversification away from U.S. assets and the promise of vast fiscal stimulus in the region. The Stoxx 600 has gained more than 7% so far this year, while Germany's DAX index is up by around 21% and Italy's FTSE MIB has surged 17%. Market watchers told CNBC that a 30% tariff scenario threatened to derail – at least in part – the regional rally. "Could tariffs kill the European bull run? It really depends on the level," Morningstar's Field said. "[10%] tariffs, as is the case with the U.K., would be a mild hurdle – 30% tariffs on the other hand could put a serious dent in European GDP growth for the next few years. This might not be enough to quell entirely the flight to European equities, but it would certainly weaken the current momentum that Europe has." Dan Coatsworth, investment analyst at AJ Bell, agreed that if Trump follows through on his latest threat, it could hamper further growth in valuations in Europe. "Europe has been such a strong performer this year thanks to investors looking for cheaper valuations compared to the US and the prospect of greater spending by the German government on areas such as defence and construction," he told CNBC. "High tariffs threaten to spoil this party and could lead to a bout of profit taking by investors." Anthony Willis, senior economist at Columbia Threadneedle, took a more optimistic view. "It's worth remembering that EU exports to the US are around 18% to 20% of overall exports – that leaves a large amount of trade that will not be impacted by the actions of the Trump administration," he said. "Indeed, the consequences of the US imposing levies on everyone appears to be that many countries are looking elsewhere for trade opportunities." Trading amid uncertainty When it comes to trading amid the uncertainty, AscalonVI's Esposito warned that a 30% tariff scenario would see "most asset classes across the region … feel pressure." "However, if defense spending continues to rise , the European Central Bank continues to hold rates around 2%, and precious metals continue to rally, we could see relative outperformance in defense, financials, and mining," he said. "From a trading perspective, I would be long precious metals and cautious on European and US equities." Asterozoa's Yin added that if Trump's proposed tariffs are fully realized, he would expect to see U.S. Treasurys selling off, while gold and U.S. industrials rally. "European exporters such as auto [equipment manufacturers] could suffer," he told CNBC.
Associated Press
a few seconds ago
- Associated Press
A look inside a lab making the advanced fuel to power growing US nuclear energy ambitions
OAK RIDGE, Tenn. (AP) — Near signs that warn of radioactive risk at Oak Ridge National Laboratory, a half-dozen workers from the nuclear power company X-energy are making what appear to be gray billiard balls. Inside, they're packed with thousands of tiny black spheres that each contain a speck of uranium enriched beyond what today's power plants use. The United States is chasing a new age of nuclear power that banks on domestic production of reactor fuel like X-energy is making, and though the work at Oak Ridge is unfolding across just 3,000 square feet, X-energy and others are already revving up for big production. President Donald Trump set a goal of quadrupling domestic production of nuclear power within the next 25 years, signing executive orders in May to speed up development. A new wave of advanced nuclear reactors could be operational around 2030. But just like cars won't run without gas, those plants won't run without fuel. To expand nuclear energy long-term, the nation must maximize its nuclear fuel production, according to Trump. In Oak Ridge, X-energy has broken ground on a massive, nearly $2 billion campus for a new fuel fabrication facility, the first in the United States in over half a century. The nuclear fuel company Standard Nuclear, also in Oak Ridge, aims to produce metric tons of fuel for advanced reactors. A supplier named Orano is likewise looking to build a multibillion-dollar uranium enrichment facility nearby. 'This is a unique time,' said Tyler Gerczak, Oak Ridge National Laboratory's principal investigator for the cooperative with X-energy's subsidiary TRISO-X. 'The momentum is incredible.' Making the 'most robust nuclear fuel' The Associated Press toured the lab where X-energy is making small amounts of fuel for testing. Anyone beyond a magenta-and-yellow chain that warns of radioactivity must wear gowns, two layers of gloves and radiation monitors. When they leave, they're tested for radioactivity. X-energy, a Maryland-based company, uses uranium to make so-called TRISO fuel — inside what's known as 'pebbles.' Those are the billiard balls. The Energy Department says it's the most robust nuclear fuel on Earth because the particles cannot melt in a reactor. At the lab, the first step is making a uranium cocktail that resembles dark yellow lemonade. Uranium powder, in the form of triuranium octoxide, gets added to nitric acid, said Dan Brown, vice president of fuel development for TRISO-X. Then carbon and an organic solution are added. They have two glass containers set up — one wears a heated jacket, looking almost like a little sweater, that helps the uranium dissolve into the acid solution. The second cools the acid solution while the carbon source is added, which turns the mix near-black, he said. At another station, in a long clear tube, the cocktail solidifies into small black spheres with a jellybean-like consistency. Those black balls, about the size of poppyseeds, then travel through machines under temperatures as high as 1,800 degrees Celsius to get protective carbon coatings — like candy dipping — that make them look like very tiny BBs. X-energy uses graphite and other cohesive materials to bind 18,000 kernels together into a larger sphere. That gets coated in a final layer of graphite to seal the final pebble. In the end, it's strong enough to withstand the weight of an SUV. The pebbles will eventually give up their energy in the high-temperature gas-cooled nuclear reactor X-energy is developing, with about 220,000 pebbles per reactor, like gumballs in a gumball machine. When they exit the bottom, if energy remains, the pebbles will return to the top for another pass. Each one could be used about six times. X-energy also plans to make fuel products for other advanced reactor designs. The national laboratory lends X-energy its expertise, research and high-tech equipment for analysis and will evaluate samples, as will some universities. Other samples are archived. Idaho National Laboratory received a batch for its advanced test reactor, Brown said. Critics of building more nuclear reactors say they're too expensive and riskier than other low-carbon energy sources. 'Without a substantial decrease in construction costs, it's not worth the avoided greenhouse gas emissions,' said David Kemp, a Cato Institute policy analyst. Kemp said Trump's 25-year quadrupling goal is unrealistic because it would mean building nuclear reactors faster than ever. The United States lacks any next-generation reactors operating commercially and only two new large reactors have been built from scratch in nearly 50 years. Those two, at a Georgia nuclear plant, were completed years late and at least $17 billion over budget. Working to 'amp up' domestic nuclear fuel production Many next-generation reactors will use high-assay low-enriched uranium. It's fuel that's enriched to a higher level than traditional large nuclear reactors use, allowing the newer reactors to run longer and more efficiently, sit on smaller footprints and produce less waste, according to the Department of Energy. There's little of it made in the United States right now. Only Russia and China currently have the infrastructure to make large amounts of high-assay low-enriched uranium. In the United States, Centrus Energy produced the nation's first 20 kilograms of high-assay low-enriched uranium in more than 70 years in late 2023, to show it can produce limited quantities for commercial reactors. A big takeaway from Trump's executive orders is the need to 'amp up' domestic production of nuclear fuel to reduce dependence on foreign sources and enable in the long term expansion of American nuclear energy, according to the Energy Department. At the Nuclear Energy Institute trade association, Benjamin Holtzman, director of new nuclear, said he thinks the fuel will be ready for a new generation of U.S. nuclear reactors needed to meet the growing demand for electricity — if the right actions are taken now. X-energy CEO J. Clay Sell said he hopes to help solve the fuel problem so it doesn't hold back new reactor development. The Energy Department has awarded funding to X-energy. Amazon invested in X-energy too, and they're collaborating to bring more than 5 gigawatts of new U.S. power projects online by 2039. X-energy is the only one with an application before the U.S. Nuclear Regulatory Commission to license a new fabrication facility to transform enriched uranium into fuel products for nuclear reactors. Another applicant has asked to amend an existing license to make fuel for advanced reactors, according to the NRC. About five additional companies have told the NRC they are interested in making fuel for advanced reactors. X-energy's pilot lab at the National Laboratory started in 2016. The company now has 100 acres in Oak Ridge and growing for its nuclear fuel production complex. The first factory could be operational by late 2027 or early 2028, capable at full operation of assembling enough fuel orbs to power 11 of its new-age reactors; a second by late 2029, with a capacity four times greater, said TRISO-X President Joel Duling. 'I've been through two or three 'nuclear renaissances,'' Duling said. 'This isn't a renaissance. This is a game-changer.' ___ McDermott reported from Providence, Rhode Island. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
Newsweek
30 minutes ago
- Newsweek
GOP Budget Could Increase Energy Bills for Millions of Americans
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. Fewer clean energy projects will be commissioned or reach completion as a result of the Republican tax bill pushed through Congress, potentially raising energy bills for millions, according to experts who spoke with Newsweek. "This bill will raise energy prices for all Americans," said Harry Godfrey, the managing director and head of federal engagement at Advanced Energy United, an industry association representing renewable power companies in the U.S. "No two ways about it," he added. "This bill will kill clean energy projects, particularly wind and solar projects, in active development." Newsweek has contacted the White House for comment outside regular office hours. President Donald Trump, joined by Republican lawmakers, signed the One Big Beautiful Bill Act into law during an Independence Day military family picnic on the South Lawn of the White House in Washington, D.C., on... President Donald Trump, joined by Republican lawmakers, signed the One Big Beautiful Bill Act into law during an Independence Day military family picnic on the South Lawn of the White House in Washington, D.C., on July 4. MoreThe final version of the One Big Beautiful Bill Act, signed into law by President Donald Trump on July 4, contains signification revisions and rescissions to clean energy grant programs enacted as part of the 2022 Inflation Reduction Act (IRA). This act, widely considered the centerpiece of Joe Biden's presidency, directed more than $300 billion in funds toward supporting renewable energy projects, primarily in the form of tax credits and grants aimed at expediting private investment. About $160 billion in clean energy investments have been announced since its passage, according to the Clean Economy Tracker, a partnership between Utah State University and the research firm Atlas Public Policy. "The main benefit of the IRA was putting a floor on the amount of renewables that would be built, reducing future uncertainty in electricity prices and emissions," said James Bushnell, a co-director of the Energy Economics Program at the University of California, Davis. "Maybe a lot of these renewables would have been built anyway, but the IRA eliminated scenarios where they might not have been," he told Newsweek. "Those scenarios are now back on the table." The White House has said the new tax bill will "drive down energy costs" through expanded oil, gas and coal production. However, it significantly shortens the window for wind and solar projects to qualify for tax credits, phasing these in over the coming years. To qualify, such projects must either be finished by the end of 2027 or begin construction within the next year. "The most likely projects to be impacted will be those in development that cannot move to construction in the next six to 12 months," Godfrey said. "Some financiers won't wait around to see if the projects meet the new cutoff," he continued. "So very real projects that would have come online at the tail end of this decade—creating thousands of jobs, millions in tax revenue for local communities, representing billions in private investment—they'll go up in smoke." According to Godfrey, as the bill has been debated and revised since Trump assumed office, many energy companies have gotten "cold feet," scaling back renewables projects given the anticipated effects. According to Dan O'Brien, a senior analyst at the climate policy think tank Energy Innovation, individual cases of firms reneging on their renewables investments have become commonplace. He referenced a solar company that announced plans last summer to establish a cell manufacturing plant in Minnesota. However, as the plan to cut tax credits came closer to becoming a reality, it paused construction on the plant and held off on purchasing equipment. While these big-picture effects are significant, Godfrey said the consumer-side effects are "even more worrisome." He added that the bill also terminated the 30 percent tax credit previously available to cut the up-front costs of installing solar panel systems at the end of 2025. "While solar leasing will endure for the near-term, 'mom and pop' solar installers whose businesses are built on solar sales face a bleak picture," he said. A view of solar panels atop the roof of a home in Pasadena, California, on February 25. A view of solar panels atop the roof of a home in Pasadena, California, on February Energy Innovation's research found that the bill would "raise energy prices for all Americans," O'Brien told Newsweek that it would "vary by state." Particular effects, he said, would be felt in the South and Midwest, given the regions' enormous solar and wind potential but the lack of state government support for such projects. "As a result, these states see the highest energy cost increases, to the tune of over $600 increases annually for households in Missouri, Kentucky, and South Carolina," he said, giving the think tank's inflation-adjusted estimates for 2035. "Oklahoman, Texan, and North Carolinian families will also see steep increases of $480 to $540." Nationally, Energy Innovation has found that the bill will result in a 10 to 18 percent increase in energy bills for residential, commercial and industrial consumers by 2035. This is in addition to the effects of the national economic slowdown the think tank expects the bill to cause: $980 billion in lost gross domestic product during the 2025-2034 budget period, alongside 760,000 lost jobs by the end of the decade.
