China Found World's Pain Point on Trade — and Will Use It Again
For months Donald Trump pushed tariffs and trade restrictions on China to unprecedented levels, part of a strategy to force Xi Jinping into talks the US president expected would help cut the trade deficit and boost American manufacturing.
With US tariffs soaring to 145% and the Trump administration boasting that it had the upper hand with China, Beijing turned the tables, essentially shutting down exports of one thing the modern world can't function without: rare earth magnets.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
USA Today
29 minutes ago
- USA Today
Conservative Josh Hawley introduces bill to raise federal minimum wage to $15 an hour
Conservative Josh Hawley introduces bill to raise federal minimum wage to $15 an hour Show Caption Hide Caption Lawmakers advance bill to lower pay for trainees Florida lawmakers are advancing bills that would allow employers to pay certain workers in training below the minimum wage for up to 12 months. Fox - 35 Orlando WASHINGTON - Ultraconservative Missouri Sen. Josh Hawley introduced a bill on June 10 with Democratic Vermont Sen. Peter Welch to raise the federal minimum wage to $15 an hour, making him one of the few Republicans to support the cause. The bill, dubbed the 'Higher Wages for American Workers Act,' would raise the minimum wage starting in January 2026 and allow it to increase on the basis of inflation in subsequent years. The federal minimum wage is currently $7.25 per hour and it's been unchanged since 2009. It is unclear whether the legislation will be taken up for a vote. Members of Congress have previously tried to raise the minimum wage, but to no avail. In 2021, Democratic lawmakers tried to tack a $15 per hour minimum wage provision in former President Joe Biden's $1.9 trillion coronavirus package, but a Senate official ruled that the measure couldn't be included in the bill. President Donald Trump said in December 2024 that he would 'consider' raising the minimum wage. However, he revoked a 2024 executive order that set the minimum wage for federal contractors at $17.75. 'For decades, working Americans have seen their wages flatline," Hawley said in a statement. One major culprit of this is the failure of the federal minimum wage to keep up with the economic reality facing hardworking Americans every day." Welch, a member of the Senate Finance Committee, echoed a similar sentiment. 'Every hardworking American deserves a living wage that helps put a roof over their head and food on the table–$7.25 an hour doesn't even come close,' he said. The Employment Policies Institute, a think tank dedicated to researching employment growth, opposed Hawley and Welch's push, arguing that it would result in a loss of jobs. 'Sen. Hawley should know better,' Rebekah Paxton, research director of the institute, said in a news release. 'This proposal would more than double the minimum wage and slash over 800,000 jobs. An overwhelming majority of economists agree that drastic minimum wage hikes cut employment, limit opportunities for workers, and shutter businesses.' The nonpartisan Congressional Budget Office found in an analysis that raising the minimum wage would 'raise the earnings and family income of most low-wage workers' but would cause other low-income workers to lose their jobs and their family income to fall. Hawley in February teamed up with progressive firebrand Vermont Sen. Bernie Sanders to introduce a bill capping credit card interest rates at 10%, saying it would "provide meaningful relief to working people." He's also been a vocal critic of Medicaid cuts.
Los Angeles Times
30 minutes ago
- Los Angeles Times
Gov. Abbott deploys over 5,000 Texas National Guard troops ahead of planned ‘No Kings' protests
AUSTIN, Texas — Texas Gov. Greg Abbott said Thursday he has ordered the deployment of more than 5,000 Texas National Guard troops, along with more than 2,000 state police, to help local law enforcement manage protests against President Donald Trump and the ongoing federal immigration raids. Abbott's announcement did not detail where the troops were sent, but some were seen at a protest Wednesday night in downtown San Antonio near the Alamo. That protest drew hundreds of demonstrators but did not erupt into violence. More protests are planned on Saturday in San Antonio and across Texas in cities such as Houston, Austin and Dallas as part of the national 'No Kings' movement. Protests earlier this week in Austin and Dallas led to brief clashes with police who used chemical irritants to disperse the crowds. About a dozen were arrested. 'Peaceful protests are part of the fabric of our nation, but Texas will not tolerate the lawlessness we have seen in Los Angeles in response to President Donald Trump's enforcement of immigration law,' Abbott said. 'Anyone engaging in acts of violence or damaging property will be arrested and held accountable to the full extent of the law.' The Republican Texas governor's move stands in sharp contrast to California Gov. Gavin Newsom, a Democrat, who has publicly clashed with Trump over his decision to deploy National Guard and Marine personnel in Los Angeles. Mayors in San Antonio and Austin have said they did not ask for Abbott to mobilize the National Guard to their cities. Abbott, who has been governor since 2014, has been aggressive in deploying the Guard in the past, particularly for immigration enforcement on the border. Since 2021, the Texas Guard has played a prominent role in Abbott's Operation Lone Star, and thousands of troops have been deployed to help clamp down on border crossings. An agreement with the Trump administration in February gave Texas National Guard soldiers the authority to arrest and detain people for entering the U.S. illegally from Mexico. Texas also has established a permanent border base for Guard troops, an 80-acre (30-hectare) installation that will house up to 1,800 troops when completed. Vertuno writes for the Associated Press.
CNN
35 minutes ago
- CNN
Trump says Israeli strike on Iran ‘could very well happen' and warns of possible ‘massive conflict' in Middle East
President Donald Trump warned Thursday of the possibility of 'massive conflict' in the Middle East that could take place 'soon.' US officials are increasingly concerned that the risk of Israel striking Iran has risen after Tehran said on Thursday that it would ramp up its nuclear activities due to the International Atomic Energy Agency passing a resolution saying that the country was not in compliance with its non-proliferation commitments, senior US officials told CNN. Questioned about a potential strike on Thursday, Trump said it 'could very well happen.' 'I don't want to say imminent, but it's something that could very well happen,' Trump told reporters at the White House. US embassies in the Middle East carried out emergency action assessments this week, and that process is ongoing as the US monitors the threat environment in the region, the officials said. Asked what the Israelis told him to prompt the departure of US personnel from the region, Trump replied: 'They didn't tell me anything, but I said look, there's a chance of massive conflict.' He described the deliberations that led him to the decision. 'We have a lot of American people in this area, and I said, look, we gotta tell them to get out cause something could happen – soon. And I don't want to be the one that didn't give any warning and missiles are flying into their buildings. It's possible. So I had to do it. You know, I had the choice – do I do it or not? Doing it has its downside but it also has its upside, like you're going to save a lot of lives if it should happen. Hopefully that doesn't happen.' Trump also said he does not want Israel to target Iran as negotiations on a potential nuclear deal continue, with a sixth round of talks set for Sunday in Oman. 'I want to have an agreement with Iran. We're fairly close to an agreement. … As long as I think there is an agreement, I don't want them going in because that would blow it. Might help it, actually, but also could blow it,' he said when asked about a potential Israeli strike.
