Fed Says It Was ‘Honored' by Trump's Tour of Building Site
'The Federal Reserve was honored to welcome the President yesterday for a visit to our historic headquarters,' the Fed said in the statement. 'We appreciated the opportunity to share progress on the renovation with him and with Senators Tim Scott and Thom Tillis. We are grateful for the President's encouragement to complete this important project.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
USA Today
a minute ago
- USA Today
Trump plans drug tariffs of up to 250%
President Donald Trump threatened to levy tariffs of up to 250% on pharmaceuticals imported into the United States. The president told CNBC on Aug. 5 that he plans to announce new tariffs "within the next week or so" on imports of pharmaceutical and semiconductor imports. He said he plans to launch a smaller tariff on drug imports before increasing the duties over 12 to 18 months to a maximum amount. Trump would start with an "initially small tariff on pharmaceuticals," he said. "But in one year, one-and-a-half years maximum, it's going to go to 150%, and then it's going to go to 250%, because we want pharmaceuticals made in our country." He said other nations "make a fortune" on pharmaceuticals, citing drugs imported from China and Ireland. Trump has said several times in recent months that there could be trade actions for the pharmaceutical industry, which has globalized since the 1990s with a drug supply chain that stretches from Europe to China and India. In July, Trump said his administration planned pharmaceutical-specific tariffs of up to 200%, though drug companies would have time to establish U.S.-based drug manufacturing. In April, Trump said he planned to impose tariffs on pharmaceuticals made overseas, a move he said would prompt drug companies to move their operations to the U.S. On July 31, Trump sent letters to 17 drug companies urging them to lower U.S. drug prices by Sept. 29 to "most favored nation" amounts paid by other nations. In the letters, Trump urged drug companies to adopt such pricing on drug for Medicaid, the federal-state health insurance program for low-income residents. He also requested drug companies lower U.S. prices to the same levels charged in Europe and elsewhere for newly-launched drugs for people on Medicare, Medicaid and private insurance plans. Trump also urged drug companies to lower pharmaceutical prices for U.S. consumers and businesses that directly purchase from drug companies. "Make no mistake: a collaborative effort towards achieving global pricing parity would be the most effective path for companies, the government and American patients," Trump said in the letters. "But if you refuse to step up, we will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices."
NBC News
a minute ago
- NBC News
Trump says Treasury Secretary Bessent 'does not want' to be Fed chair, but 4 others in running
President Donald Trump told CNBC on Tuesday that he has narrowed the field of potential future Federal Reserve chairs to four candidates, a list that does not include Treasury Secretary Scott Bessent. While the president did not disclose who is in contention, he revealed that Bessent, previously considered a leading candidate, has taken himself out of contention. 'Well, I love Scott, but he wants to stay where he is,' Trump said during a ' Squawk Box ' interview. 'I asked him just last night, 'Is this something you want?' [Bessent said], 'Nope, I want to stay where I am. He actually said, 'I want to work with you.' It's such an honor. I said, 'That's very nice. I appreciate that.'' The news follows Fed Governor Adriana Kugler's surprise announcement Friday that she is resigning effective this Friday. The move allows Trump to install another of his appointees to the Fed Board of Governors at a time when the White House is aggressively pushing the central bank to lower interest rates. Among the likely candidates remaining are former Governor Kevin Warsh and Kevin Hassett, the National Economic Council director and a key Trump advisor. Both have advocated for lower rates. Fed Governor Christopher Waller also is thought to be in the running. 'Both Kevins are very good, and there are other people that are very good, too,' Trump said, adding that Kugler's resignation 'was a pleasant surprise.' Current Chair Jerome Powell 's term ends in May 2026. He has been a frequent target of Trump's criticism, and there has been speculation that the president would name a 'shadow chair' who could help undermine Powell until his term expires. Trump did not commit to taking that approach but conceded that it is 'a possibility.' Trump nominated Powell for the Fed job in 2017, during his first term as president. The Senate then confirmed Powell the following February. Trump alleged Tuesday that Powell told him, 'Sir, I'll keep interest rates so low. I'm a low interest rate person.' The Fed last week voted to hold its benchmark interest rate steady in a range between 4.25%-4.5%. Markets expect the Fed to approve its next cut in September. The central bank lowered its policy rate a full percentage point from September through December 2024, moves that Trump has said were politically motivated to help Democratic presidential nominee Kamala Harris. Click here to watch the CNBC TV livestream.
Fast Company
a minute ago
- Fast Company
Palantir hits $1 billion in quarterly sales for the first time, avoids DOGE cuts
Shares of Palantir Technologies sailed past previous record highs Tuesday after booking its first $1 billion sales quarter and raising its performance expectations for the year. The stock rose above $170 on Tuesday after breaking previous records four times this year in the global artificial intelligence race. The previous high for the stock was set just over a week ago when its stock closed at $158.80. Since going public in 2020 when it posted a $1.17 billion annual loss, the artificial intelligence software company has swung swiftly to a profit and sales are booming. Profit rose 33% to $327 million in the second quarter. Its $1 billion quarterly revenue haul was fueled by a 53% spike in government sales, despite massive spending cuts under President Donald Trump and his Department of Government Efficiency, once led by the world's richest man Elon Musk. 'DOGE has had zero negative impact on Palantir's U.S. government business, which achieved its fastest growth rate since the second quarter of 2021,' wrote William Blair analysts Louie DiPalma and Bryce Sandberg. 'Palantir is clearly benefiting from AI industry momentum across its government and commercial customer bases.' The company also recorded a 93% jump in business sales. Overall U.S. revenue surged 68% to $733 million. Late Monday, Palantir raised its annual revenue expectations to between $4.14 billion and $4.15 billion. It also raised its U.S. commercial revenue guidance to more than $1.3 billion, which would mean that Palantir achieved a growth rate of at least 85%. 'This was a phenomenal quarter,' CEO Alex Karp said in a statement accompanying the earnings release. 'We continue to see the astonishing impact of AI leverage.' Karp believes AI will benefit everyone, saying during a call with industry analysts on Monday that Palantir is, 'bullish on all aspects of American life, including and especially people in the blue collar.' He said Palantir wants to 'arm the working class or blue collar workers with AI agency enhancing skills,' and said that the company will reach out to labor leaders to help familiarize workers with the technology. 'People with less than a college education are creating a lot value and sometimes more value than people with a college education using our product,' Karp said. Palantir, headquartered in Denver, specializes in software platforms that pull together and analyze large amounts of data.
