
Trump Ban on Harvard Foreign Students' US Entry Blocked for Now
US District Judge Allison Burroughs ruled Thursday that the government can't enforce Trump's proclamation that escalates his feud with the university over foreign students. The judge ruled after Harvard amended a May 23 lawsuit over another US order to stop Harvard from enrolling international students. Burroughs had already blocked that effort.
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Yahoo
13 minutes ago
- Yahoo
Trump Tariffs Get Seal of Approval as S&P Affirms Credit Rating
(Bloomberg) -- S&P Global Ratings said revenues from Donald Trump's tariffs will help soften the blow to the US's fiscal health from the president's tax cuts, enabling it to maintain its current credit grade. While Trump's trade war has roiled markets, unnerved foreign governments and provoked criticism from leading economists, S&P affirmed its AA+ long-term rating for the US. A Photographer's Pipe Dream: Capturing New York's Vast Water System Chicago Schools Seeks $1 Billion of Short-Term Debt as Cash Gone A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome Festivals and Parades Are Canceled Amid US Immigration Anxiety Princeton Plans New Budget Cuts as Pressure From Trump Builds This is in part because it reckons money flowing from the levies will offset the impact on the US's budget position from the recent tax and spending bill. It kept the outlook for the long-term rating stable. 'Amid the rise in effective tariff rates, we expect meaningful tariff revenue to generally offset weaker fiscal outcomes that might otherwise be associated with the recent fiscal legislation, which contains both cuts and increases in tax and spending,' analysts including Lisa Schineller wrote in a report. The decision offers a glimmer of good news for Trump by endorsing one of his arguments that imposing tariffs is already helping to improve the nation's fiscal position. Tariff revenue reached a fresh monthly record in July, with customs duties climbing to $28 billion. The views of ratings agencies have had an important impact on the world's biggest bond market this year. Yields on 30-year Treasuries jumped above 5% in May as tariff fears and Trump's multi-trillion dollar tax bill roiled global markets. On Tuesday however the 30-year yield inched higher to around 4.94%, while those on benchmark 10-year yields edged up to 4.34%, pointing to a muted short-term impact from the S&P report. S&P said the stable outlook indicates its expectation that while the fiscal deficit won't meaningfully improve, it also won't persistently deteriorate over the next several years. The agency expects net general government debt to surpass 100% of GDP over the next three years, but it thinks the general government deficit will average 6% from 2025 to 2028, down from 7.5% last year. Buy America Whether tariffs will give the US a meaningful revenue boost is a subject of debate among economists, who point to an apparent contradiction at the heart of Trump's approach: the revenues rely on trade, but Trump has also attempted to pull production back to the US and encourage consumers to buy American-made products — moves that would undercut future levy receipts. The White House didn't immediately reply to a request for comment out of hours. US Treasury Secretary Scott Bessent has said tariff revenues for all of 2025 could be 'well in excess of 1% of GDP,' revising his previous estimate of $300 billion. But the bipartisan Congressional Budget Office estimates the recently passed budget bill will add $3.4 trillion to the deficit over the next 10 years. 'These are still small nuances close to the top of the credit ratings hierarchy and it doesn't signal any material change in the US fiscal health, which is a complex issue,' said Homin Lee, senior macro strategist at Lombard Odier Ltd. in Singapore. What Bloomberg Strategists Say... 'The pressures on the Fed to again consider defying rates markets and hold next month just received a (rather modest) boost as S&P Global Ratings delivered a solid report card for the US's economy and outlook.' Garfield Reynolds, MLIV Team Leader. Read more on MLIV. The US lost its last top rating from the big three credit companies in May, when Moody's Ratings lowered the country from Aaa to Aa1. It blamed successive administrations and Congress for swelling budget deficits that it said show little sign of abating. Fitch Ratings and S&P had previously downgraded the US from AAA. The S&P report could be a positive for the dollar after Trump's tax and spending bill cast doubts on the sustainability of US debt, said Fiona Lim, a senior currency strategist at Malayan Banking Bhd. Still, the more lasting driver for the greenback will come from Federal Reserve minutes, as well as Fed Chair Jerome Powell's speech in Jackson Hole on Friday, she said. A gauge of the dollar was flat on Tuesday. --With assistance from Matthew Burgess. (Adds context throughout, fresh prices) Foreigners Are Buying US Homes Again While Americans Get Sidelined What Declining Cardboard Box Sales Tell Us About the US Economy Women's Earnings Never Really Recover After They Have Children Americans Are Getting Priced Out of Homeownership at Record Rates Yosemite Employee Fired After Flying Trans Pride Flag ©2025 Bloomberg L.P.


Digital Trends
14 minutes ago
- Digital Trends
RTX 40-series GPUs just got smoother gameplay with Nvidia's latest update
Out with the old, in with the new. According to Board Channels, Nvidia has now halted production for nearly all of its best graphics cards as it shifts focus to the RTX 50-series. Only one GPU remains in production, and some of the cards that are the most in demand are no longer being produced. Nvidia hasn't officially announced that it's sunsetting the RTX 40-series, but we've been hearing more and more reports that imply that might be the case. The RTX 4090 was among the first cards to go out of production, and the discontinuation appears to have immediately affected the markets. Nvidia's behemoth flagship was hard to come by at the best of times, and now, as no more new units are being produced, it's safe to assume that this situation won't improve. The cheapest RTX 4090 I could find on Amazon costs nearly $2,000, but you can still snag one for $1,900 at Newegg .


NBC News
15 minutes ago
- NBC News
Trump administration revoked more than 6,000 student visas, State Department says
WASHINGTON — The administration of President Donald Trump has revoked more than 6,000 student visas for overstays and breaking the law, including a small minority for 'support for terrorism,' a State Department official said Monday. The move, first reported by Fox Digital, comes as the Trump administration has adopted a particularly hard-line approach toward student visas as part of its immigration crackdown, tightening social media vetting and expanding screening. Directives from the State Department this year have ordered U.S. diplomats abroad to be vigilant against any applicants whom Washington may see as hostile to the United States and with a history of political activism. Around 4,000 visas were canceled because the visitors broke the law, with the vast majority being assault, the official said. Driving under the influence of alcohol and drugs and burglary were other offenses, the official added. About 200 to 300 visas were revoked for terrorism, the official said, citing a rule about visa ineligibility under the State Department's Foreign Affairs Manual. The rule identifies ineligibility grounds generally as 'engaging in terrorist activities' and 'having certain links to terrorist organizations.' The official did not say which groups the students whose visas have been revoked were in support of. Trump has clashed with several top-level U.S. universities, accusing them of becoming bastions of antisemitism following large-scale student protests advocating Palestinian rights amid the Gaza war. In his clash with Harvard, Trump has frozen funding for investigations and threatened to remove the university's tax-exempt status, prompting several European nations to increase research grants to attract talent. Secretary of State Marco Rubio has said he has revoked the visas of hundreds, perhaps thousands of people, including students, because they got involved in activities that he said went against U.S. foreign policy priorities. Trump administration officials have said that student visa and green card holders are subject to deportation over their support for Palestinians and criticism of Israel's conduct in the war in Gaza, calling their actions a threat to U.S. foreign policy and accusing them of being pro-Hamas. A Tufts University student from Turkey was held for over six weeks in an immigration detention center in Louisiana after co-writing an opinion piece criticizing her school's response to Israel's war in Gaza. She was released from custody after a federal judge granted her bail.