Rollercoaster First Half Is Ending With Stocks at Records
In January, few envisaged the dollar — the emblem of US exceptionalism — would suffer losses this deep, or predicted the S&P 500's giddying plunge followed by breakneck rebound. Europe's stock market, meanwhile, has morphed from backwater into investor must-have.
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NBC News
a minute ago
- NBC News
White House reviewing Smithsonian exhibits to make sure they align with Trump's vision
The White House is conducting an expansive review of the Smithsonian's museum exhibitions, materials and operations ahead of America's 250th anniversary to ensure it aligns with President Donald Trump's views of history, an administration official confirmed to NBC News. The assessment, which was first reported by the Wall Street Journal, will include reviews of museum exhibitions, online content, internal curatorial processes, exhibition planning, the use of collections and artist grants, and wording related to museum exhibit messaging, the official said. The Smithsonian Institution includes 21 museums, 14 education and research centers and the National Zoo. The news of the review was outlined in a letter dated Tuesday and sent to Lonnie Bunch, the secretary of the Smithsonian Institution. White House senior associate Lindsey Halligan, Domestic Policy Council Director Vince Haley and White House Office of Management and Budget director Russ Vought signed the letter. 'This initiative aims to ensure alignment with the president's directive to celebrate American exceptionalism, remove divisive or partisan narratives, and restore confidence in our shared cultural institutions,' the administration official quoted the letter as saying. The official said the review is aimed at making sure the museums reflect the 'unity, progress, and enduring values that define the American story' and reflect the president's executive order calling for 'Restoring Truth and Sanity to American History.' That order, which was signed on March 27, calls for removing "improper ideology" from the Smithsonian museums and the National Zoo. 'This is about preserving trust in one of our most cherished institutions," Halligan said in a statement. "The Smithsonian museums and exhibits should be accurate, patriotic, and enlightening—ensuring they remain places of learning, wonder, and national pride for generations to come.' The impeachment exhibition at The Smithsonian Institution's National Museum of American History, on Aug. 1. Andrew Leyden / ZUMA Press Wire via Reuters NBC News reported in May that historical leaders and critics were questioning why exhibits at the Smithsonian's National Museum of African American History and Culture on the National Mall were rotating out. NBC News found at least 32 artifacts that were once on display had been removed. Among those items were Harriet Tubman's book of hymns filled with gospels that she is believed to have sung as she led enslaved people to freedom through the underground railroad, and the 'Narrative of the Life of Frederick Douglass,' the memoir by one of the most important leaders in the abolition movement. The Smithsonian's National Museum of American History also recently made headlines after it removed a placard referring to Trump from an impeachment exhibit, sparking concerns over his influence on the cultural institution. Mention of his two impeachments was later restored to the exhibit after criticism of the removal. In a statement, the Smithsonian said that the exhibit was temporarily removed because it"did not meet the museum's standards in appearance, location, timeline, and overall presentation. 'It was not consistent with other sections in the exhibit and moreover blocked the view of the objects inside its case. For these reasons, we removed the placard," the statement added. Trump's executive order called for changes at the museum system, charging that the 'Smithsonian Institution has, in recent years, come under the influence of a divisive, race-centered ideology. This shift has promoted narratives that portray American and Western values as inherently harmful and oppressive.' '[W]e will restore the Smithsonian Institution to its rightful place as a symbol of inspiration and American greatness –- igniting the imagination of young minds, honoring the richness of American history and innovation, and instilling pride in the hearts of all Americans,' the order said. Trump has also gotten more involved at another federally controlled D.C. institution, the John F. Kennedy Center for the Performing Arts. He has named himself the Kennedy Center chairman and fired the previous bipartisan board of trustees after vowing there would be no "anti-American propaganda" at the venue. 'We don't need woke at the Kennedy Center,' he said in February. House Republicans have moved to rename the center the 'Donald J. Trump Center for Performing Arts,' but the law creating the center prohibits any of the facilities from being renamed. Trump seemed to acknowledge the House effort in a post on Truth Social Tuesday. "GREAT Nominees for the TRUMP/KENNEDY CENTER, whoops, I mean, KENNEDY CENTER, AWARDS. They will be announced Wednesday," he wrote.
Associated Press
a minute ago
- Associated Press
US budget deficit up 20% year-over-year despite record Trump tariff income
WASHINGTON (AP) — Despite the U.S. taking in record income from President Donald Trump's tariffs in July — with a 273% increase in customs revenues (or $21 billion) from this time last year — the U.S. budget deficit is still higher, according to Treasury Department data released Tuesday. The government's shortfall has climbed 20% this fiscal year compared to the same period in 2024. Even as Trump talks about America becoming rich because of his import tax hikes, federal spending keeps outpacing the revenues collected by the government. That financial picture might change as companies exhaust their pre-tariff inventories, forcing them to import more goods and generate even more in tax revenues that could whittle away at the deficit without meaningfully reducing it as promised. If tariffs fail to deliver on Trump's pledge to improve the government's balance sheet, the American public could be faced with fewer job options, more inflationary pressures and higher interest rates on mortgages, auto loans and credit cards. The budget deficit is the annual gap between what the U.S. government raises in taxes and what it spends, over time feeding into the overall national debt. A Treasury official who spoke on the condition of anonymity to preview the data said overall increased spending is in part due to a mix of expenditures, including growing interest payments on the public debt and cost-of-living increases to Social Security payouts, among other costs. This comes as the federal government's gross national debt creeps up to the $37 trillion mark. While organizations like the Committee for a Responsible Federal Budget say that tariff income can be a stream of meaningful revenue — estimated to generate about $1.3 trillion over the course of President Trump's four-year term in office; some economists like Kent Smetters of the University of Pennsylvania's Penn Wharton Budget Model say tariffs are likely to result ' in only modest reductions in federal debt.' In June, the Congressional Budget Office estimated that President Donald Trump's sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall. But revenue estimates are also difficult to predict as the president has changed his tariff rates repeatedly and the taxes declared as part of an economic emergency are currently under appeal in a U.S. court. A Treasury official did not respond to an Associated Press request for comment on when the U.S. could begin to see tariff revenue start to put a dent in the deficit. Treasury Secretary Scott Bessent said last month on Fox Business Network's 'Mornings with Maria' that the administration is 'laser-focused on bringing this deficit down.' The Trump administration expects to make more trade deals with other nations, including China and other major economies. For instance, on Monday, Trump extended a trade truce with China for another 90 days, which preserves the 30% tariffs he had imposed as a condition for negotiations. The previous deadline was set to expire at 12:01 a.m. Tuesday. Trump posted on his Truth Social platform that he signed the executive order for the extension, and that 'all other elements of the Agreement will remain the same.' Beijing, at the same time, also announced the extension of the tariff pause, according to the Ministry of Commerce. ___ Associated Press writer Josh Boak contributed to this report.
Forbes
a minute ago
- Forbes
Will Trump Reclassify Marijuana? What To Know As He Considers Making It A Less Serious Drug
President Donald Trump said his administration is considering reclassifying marijuana as a less serious drug, appeasing industry lobbyists and business leaders who have cozied up to the president as they seek the move that could substantially cut taxes for the cannabis industry. President Donald Trump speaks during a press conference at the White House in Washington, D.C., on Aug. 11, 2025. (Photo by Hu Yousong/Xinhua via Getty Images) Xinhua News Agency via Getty Images Trump told reporters Monday his administration is 'looking at reclassification' and said it would likely come to a conclusion 'over the next few weeks' whether to make marijuana, currently a Schedule 1 drug, a Schedule 3 drug. The statement confirms a report in the Wall Street Journal last week that Trump told attendees, including the CEO of marijuana company Trulieve, Kim Rivers, at a $1 million-a-plate fundraiser earlier this month that he was interested in the move amid heavy lobbying from the industry. As a Schedule 1 drug, marijuana, along with other substances such as heroin and LSD, are described as 'drugs with no currently accepted medical use and a high potential for abuse.' Reclassifying marijuana to Schedule 3 would put it in the same category as Tylenol and Codeine, make it easier to conduct research, secure funding and investments and allow the industry to tap into more tax incentives, though the drug would still be technically illegal under federal law. Trump's softened stance on marijuana comes as the industry has tapped into his orbit, including through the American Rights and Reform PAC, which is financially backed by the industry and has advertised on its behalf, while also giving $1 million to Trump's PAC, the Wall Street Journal reported. The PAC has a poll on its website commissioned by Trump pollster Tony Fabrizio that shows more than half of Republicans favor legalizing cannabis, along with video advertisements that blame the Biden administration for its continued classification as a Schedule 1 drug (the Biden administration attempted to reschedule the drug, but ultimately did not move forward with the proposal). Calling it 'a very complicated subject base,' Trump said Monday he's 'heard great things having to do with medical and bad things having to do with just about everything else.' Trump has previously expressed some openness to loosening restrictions on marijuana. He said in a Truth Social post last year he planned to vote for a Florida amendment to legalize marijuana, though it ultimately failed with voters. In the same social media post he said that, as president, he would 'continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug.' What To Watch For The Controlled Substances Act charges the attorney general's office with initiating the rulemaking process to change the drug's classification. The Justice Department then typically assigns the Drug Enforcement Administration to make a determination about drug scheduling. 'The only way to fully resolve the myriad of issues stemming from the federal conflict with state law is to remove cannabis from the Controlled Substances Act and regulate the product in a manner similar to alcohol,' National Cannabis Industry Association CEO Aaron Smith said in a statement to ABC News in 2023, when the Biden administration announced it was rethinking the classification. Tangent Cannabis stocks surged Monday in the wake of Trump's announcement, according to CNBC, which reported Canopy Growth stock jumped more than 26%, Tilray Brands was up 41% (its best day since 2021), and Cronos Group spiked 16% for a 52-week high. The uptick started in the immediate aftermath of the Wall Street Journal report last week revealing Trump had told people at a recent fundraiser he was seriously considering reclassifying the drug. Key Background Rescheduling marijuana could attract more investors to the industry and give banks more confidence to back cannabis companies. As a Schedule 1 drug, cannabis businesses cannot deduct business expenses under Internal Revenue Code Section 280E. The effort to reclassify the drug was stalled during the Biden administration amid resistance from the Drug Enforcement Agency, the New York Times reported. Further Reading Trump says his administration looking at reclassifying marijuana (ABC News) Trump says he'll make a decision on reclassifying marijuana in the coming weeks (Politico) Trump threatens Fed chair Powell with 'major lawsuit' over HQ renovation cost (CNBC)
