
Trump Administration Live Updates: President to Meet With Top E.U. Official as Threat of Trade War Looms
The Boeing 747-8 from Qatar at Palm Beach International Airport in Florida after President Trump took a tour of the plane in February. Renovation will begin soon at a Texas facility known for secret technology projects.
President Trump makes no secret of his displeasure over the cost of renovating the Federal Reserve headquarters — around $2.5 billion, or even higher by the president's accounting.
But getting the White House to discuss another of Washington's expensive renovation projects, the cost of refurbishing a 'free' Air Force One from Qatar, is quite another matter.
Officially, and conveniently, the price tag has been classified. But even by Washington standards, where 'black budgets' are often used as an excuse to avoid revealing the cost of outdated spy satellites and lavish end-of-year parties, the techniques being used to hide the cost of Mr. Trump's pet project are inventive.
Which may explain why no one wants to discuss a mysterious, $934 million transfer of funds from one of the Pentagon's most over-budget, out-of-control projects — the modernization of America's aging, ground-based nuclear missiles.
In recent weeks, congressional budget sleuths have come to think that amount, slipped into an obscure Pentagon document sent to Capitol Hill as a 'transfer' to an unnamed classified project, almost certainly includes the renovation of the new, gold-adorned Air Force One that Mr. Trump desperately wants in the air before his term is over. (It is not clear if the entire transfer will be devoted to stripping the new Air Force One back to its airframe, but Air Force officials privately acknowledge dipping into nuclear modernization funds for the complex project.)
Qatar's defense minister and Defense Secretary Pete Hegseth signed the final memorandum of understanding a few weeks ago, paving the way for the renovation to begin soon at a Texas facility known for secret technology projects. The document was reported earlier by The Washington Post.
Mr. Trump's plane probably won't fly for long: It will take a year or two to get the work done, and then the Qatari gift — improved with the latest communications and in-flight protective technology — will be transferred to the yet-to-be-created Trump presidential library after he leaves office in 2029, the president has said.
Concerns over the many apparent conflicts of interests involved in the transaction, given Mr. Trump's government dealings and business ties with the Qataris, have swirled since reports of the gift emerged this spring. But the president himself said he was unconcerned, casting the decision as a no-brainer for taxpayers.
'I would never be one to turn down that kind of an offer,' the president said in May. 'I mean, I could be a stupid person and say, 'No, we don't want a free, very expensive airplane.''
It is free in the sense that a used car handed over by a neighbor looking to get it out of his driveway is free. In this case, among the many modifications will be hardened communications, antimissile systems and afterburners to take the president quickly to safety as one of the older Air Force Ones did on Sept. 11, 2001, when Al Qaeda attacked the United States. And there is the delicate matter of ridding the jet of any hidden electronic listening devices that U.S. officials suspect may be embedded in the walls.
Image
Mr. Trump talks to reporters aboard Air Force One in May.
Credit...
Doug Mills/The New York Times
Then, of course, it has to be stuffed with the luxuries — and gold trim — with which the 47th president surrounds himself, whether he is in the Oval Office or in the air. The jet's upper deck has a lounge and a communications center, while the main bedroom can be converted into a flying sick bay in a medical emergency.
So it's no surprise that one of Washington's biggest guessing games these days is assessing just where the price tag will end up, on top of the $4 billion already being spent on the wildly-behind-schedule presidential planes that Boeing was supposed to deliver last year. It was those delays that led Mr. Trump to look for a gift.
Air Force officials privately concede that they are paying for renovations of the Qatari Air Force One with the transfer from another the massively-over-budget, behind-schedule program, called the Sentinel. That is named for the missile at the heart of Washington's long-running effort to rebuild America's aging, leaky, ground-launched nuclear missile system.
The project was first sold to Congress as a $77.7 billion program to replace all 400 Minuteman III missiles, complete with launch facilities and communications built to withstand both nuclear and cyber attack. By the time Mr. Trump came back into office, that figure had ballooned by 81 percent, to $140 billion and climbing, all to reconstruct what nuclear strategists agree is the most vulnerable, impossible-to-hide element of America's nuclear deterrent.
And that was the number before the Air Force announced a few months ago that it would have to dig all new silos across Montana, Wyoming and North Dakota, because the old Minuteman silos were leaking and crumbling.
The first of the Minutemans were installed 55 years ago, when Richard Nixon was president and Leonid Brezhnev was inside the Kremlin. Washington and Moscow had a combined total of more than 30,000 nuclear weapons pointed at each other. (Today it is closer to 3,100.)
The good news is that in the first Trump administration, the Air Force got rid of the command-and-control systems that still used 8-inch floppy disks, proving that the so-called deep state can get something done when it digs, well, deep.
Some nuclear strategists argue that the ground-based nuclear weapons do not need to be replaced at all; they are far more vulnerable than weapons traveling under the sea on stealthy submarines, or that can be loaded on bombers. But the Pentagon doesn't want to part with a third of the nuclear 'triad,' and the silos and their command posts are big employers in the rural West.
They serve another function in the second Trump administration. The modernization program has proved to be the perfect thing if you were determined to hide how much you are spending on an airplane, especially one equipped to order up a nuclear strike, if needed.
Image
Troy E. Meink, the Air Force secretary, testifying before the House Committee on Armed Services in June.
Credit...
Jose Luis Magana/Associated Press
In testimony before Congress in June, Troy E. Meink, the Air Force secretary, said that he thought the cost of the Air Force One renovations would be manageable. 'I think there has been a number thrown around on the order of $1 billion,' he said. 'But a lot of those costs associated with that are costs that we'd have experienced anyway, we will just experience them early,' before Boeing delivers its two Air Force Ones. 'So it wouldn't be anywhere near that.'
'We believe the actual retrofit of that aircraft is probably less than $400 million,' he said.
If so, that would be a bargain. But engineers and Air Force experts who have been through similar projects have their doubts that it can be accomplished for anything like that price. Members of Congress express concern that Mr. Trump will pressure the Air Force to do the work so fast that sufficient security measures are not built into the plane. When asked last week, the Air Force said it simply could not discuss the cost — or anything else about the plane — because it's classified.
(For collectors of such bureaucratic evasions, yes, the Air Force is willing to discuss the cost of building a new generation of intercontinental ballistic missiles, but not the cost of renovating the president's aircraft.)
Image
Mr. Trump disembarking Air Force One in Scotland on Friday. The president is expected to redecorate the new plane with his signature gold trim.
Credit...
Tierney L. Cross/The New York Times
Only at the Pentagon could someone reprogram $934 million and expect no one to notice. The coffers were refilled with the passage of the budget reconciliation bill several weeks ago, budget officials say.
'The more we learn about this deal, the more disturbing it becomes,' said Senator Jeanne Shaheen, Democrat of New Hampshire, who serves on the Armed Services Committee. 'The security implications of accepting a private plane from a foreign nation as Air Force One and the resulting ethical concerns a gift of that sizes creates were already significant.'
But it was more worrisome, Ms. Shaheen said, that 'this administration is diverting funds from the nuclear modernization budget to finance costly renovations to this plane.'
In doing so, she said, 'we're weakening our credibility to fund a vanity project for President Trump.'
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
10 minutes ago
- Yahoo
Analysis-Easy to lose, hard to restore: US data trust on the line
By Andrea Shalal and Davide Barbuscia WASHINGTON/NEW YORK (Reuters) -Donald Trump's move to fire the head of the U.S. Bureau of Labor Statistics has put trust in U.S. data reporting mechanisms on the line just as demand for reliable diagnoses of the health of the world's largest economy is bigger than ever. Examples from elsewhere show credibility is easily lost and hard to restore. A first test will be the choice to replace Erika McEntarfer, accused without evidence by Trump of manipulating U.S. job numbers after weaker-than-expected growth and large downward revisions were reported last week. "Imagine if one of your concerns is that there's a lackey in charge of the agency and the numbers are fake," said Michael Strain, director of economic policy studies at the conservative American Enterprise Institute, of an appointment Trump has said to expect within days. "That's a whole other level of problems." Policymakers, businesses and investors are scrambling to understand how Trump's attempt to up-end the global trade system will affect prices, employment and household wealth. Central banks, which once tried to guide market bets on rate moves months down the line, now say decisions are "data-dependent." The rub is that data collection is proving to be harder. Debt-laden governments have, as McEntarfer experienced, cut resources in their data departments; phone surveys, the go-to method for much macro research, are struggling to produce adequate samples as many households do without fixed lines. Trump's implicit accusation of partisanship by "this Biden Political Appointee" adds the troubling factor of a political dimension usually indicative of countries dogged by wider doubts over their democratic checks and balances. The key lesson from past examples of loss of data confidence is that it can take years for trust to be restored. 'MAN-MADE' NUMBERS When Argentina last year reported its first single-digit inflation in months, sceptics questioned the data and recalled the massive underreporting of inflation in the 2000s and 2010s for which it was censured by the International Monetary Fund. "They manipulated the data for a long time," said Aldo Abram of libertarian think tank Liberty and Progress Foundation in Buenos Aires. "It's logical people remember this and continue having doubts." Turkey has changed the head of its TUIK statistics institute four times since 2019, with opposition parties arguing the changes were political. Roger Marks, fixed income analyst at asset manager Ninety One, said the result for investors has been a "gradual erosion of our trust in the numbers." For Greece, whose efforts during the 2000s to conceal mounting public deficits fed that decade's sovereign debt crisis, it has been an equally long haul back to credibility. It required the overhaul of its ELSTAT statistics agency in 2016 and the creation of an international panel of experts to appoint its chief statistician - steps that have meant its hard-fought efforts to improve its budget are now unquestioned. It also prompted European governments to grant the Eurostat statistics arm of the European Union powers to check suspect national statistics reported to it. Longstanding doubts over the accuracy of Chinese statistics - with even former Premier Li Keqiang acknowledging in 2007 the country's output figures were man-made - have obscured genuine efforts to improve data quality, such as a new measure of youth unemployment excluding students that was released early in 2024. "There were genuine methodological reasons for the change, but because of the history around Chinese data a lot of people, particularly foreign investors, just didn't really trust that," Julian Evans-Pritchard, an analyst with Capital Economics. "That underscores to me that once you undermine confidence in the data, it is quite hard to restore that confidence." SPOILS SYSTEM Faced over the years with patchy official data, watchers of emerging economies have long sought to corroborate those numbers with other datasets. Capital Economics' China Activity Proxy is based on 18 indicators from freight traffic to electricity consumption. Another metric is found in the data and sentiment surveys provided by independent researchers in all the big economies. But they can only sketch in one perspective on the picture. "An awful lot of it is soft data: 'How do you feel? What do you think's going on?'" said Erik Weisman, chief economist and portfolio manager at MFS Investment Management in Boston. "They're not asking for specifics. They're not asking, how many widgets did you produce? How many insurance policies did you produce? How many hours worked?," he said, adding that the concerns raised by the sacking of McEntarfer could nonetheless force analysts to turn increasingly to those other sources. The most urgent question now is whether the breach in credibility which the Trump intervention has opened is now widened further or mended. Enrico Giovannini, former chief statistician for the Paris-based Organisation for Economic Co-operation and Development (OECD), said there was more scope in the U.S. for political appointments of key statistics roles than in other advanced economies which tended to make long, fixed-term appointments. "So the incoming government has to wait (to replace them), said Giovannini, who has also served in two Italian governments. "In the U.S., the spoils system works," he said of the practice of party supporters getting rewarded with government jobs. The International Statistical Institute, a professional organization for data collectors, issued a statement late on Monday that said Trump's move violated U.N. principles aimed at protecting fact-based statistics and called on his government to take steps to restore public confidence in U.S. federal data. William Wiatrowski, the BLS' deputy commissioner, will serve as acting commissioner until a successor to McEntarfer is named. Beyond that choice, some fear that further dangers may emerge from a Trump executive order on federal hiring intended to reserve posts for candidates who can prove they are "dedicated to the furtherance of American ideals, values, and interests." Aaron Sojourner, a senior researcher at the W.E. Upjohn Institute for Employment Research, said such a move would, if passed by Congress, apply to many jobs in federal economic statistical agencies. "This proposal would convert many of those jobs into political jobs where people can be fired for any reason if they displease a political leader," Sojourner said. (Writing by Mark John; additional reporting by Claire Fu in Singapore, Marius Zaharia in Hong Kong, Karin Strohecker in London, David Lawder in Washington, Leila Miller in Buenos Aires; Lefteris Papadimas in Athens, Indradip Ghosh and Sarupya Ganguly in Bengaluru; editing by Paul Simao) Sign in to access your portfolio
Yahoo
10 minutes ago
- Yahoo
Fed Rate Cut Speculation Is Building a Buy Case for T-Bond Futures Here
December U.S. Treasury bond futures (ZBZ25) present a buying opportunity on more price strength. See on the daily bar chart for December T-Bond futures that prices are now trending up and have just hit a four-week high. See, too, at the bottom of the chart that the moving average convergence divergence (MACD) indicator is in a bullish posture, as the red MACD line is above the blue trigger line and both lines are trending higher. More News from Barchart Dear Nvidia Stock Fans, Mark Your Calendars for August 27 Options Traders Expected Palantir Stock's Tamest Earnings Reaction in a Year. Did They Get It Right? Tesla Gains on Elon Musk's New Pay Package. Is TSLA Stock a Buy? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Fundamentally, last Friday's U.S. jobs report abruptly changed the trajectory of marketplace thinking. Now, odds are 75% that the Federal Reserve will lower U.S. interest rates at the September Federal Open Market Committee (FOMC) meeting. That's bullish for U.S. Treasury futures markets prices. A move in the December T-Bond futures prices above chart resistance at 115 23/32 would give the bulls more power and it would also become a buying opportunity. The upside price objective would be 121 even or above. Technical support, for which to place a protective sell stop just below, is located at 113 16/32. IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any trades and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature. Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you. On the date of publication, Jim Wyckoff did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10 minutes ago
- Yahoo
This Money Expert Says ‘Savers Are Losers' — Is He Right? Experts Weigh In
Robert Kiyosaki, finance expert and 'Rich Dad, Poor Dad' author, has been known for straight talk about the economy. In a recent tweet, he said, 'Savers are losers.' He pointed out that the U.S. Federal Reserve's way to avoid economic disaster is to print more money. He listed the 1987 market crash, the 1998 long-term capital management (LTCM) crash, the 2019 repo market seizure, the COVID-19 pandemic and the Silicon Valley Bank failure as examples. Read Next: Explore More: 'It's not a new crisis….it's the same crisis getting bigger,' he wrote. Then, he warned, 'Stop saving FAKE $. Start saving real gold, silver, Bitcoin. Protect your wealth. America is the biggest debtor nation in history… because of the FED. The Biggest Crash in history is coming….soon.' Also see 12 of Kiyosaki's best lessons for building wealth. Is Kiyosaki Right? By most economic markers, experts said we are not heading for a recession this year. 'As of now, the slight jump in inflation may be tied to tariffs, but there's nothing in the data suggesting an imminent recession,' said Stephan Shipe, Ph.D., CFA, CFP, a finance professor at Wake Forest University and founder of Scholar Financial Advising. Even so, inflation causes problems with saving, rather than investing. If your money in the bank is growing only at the national average of 0.38%, according to Federal Deposit Insurance Corporation statistics, but inflation is 2.7%, according to U.S. Bureau of Labor Statistics, you're losing money. A better choice would be a high-yield savings account delivering returns of around 3%, but even then, you're just barely keeping pace with inflation. 'Given the government's massive money printing today and foreseeable future, the fiat currencies are devalued consistently through time. The U.S. dollar's purchasing power is cut by half every 15 to 20 years,' explained CK Zheng, co-founder and chief information officer of ZX Squared Capital. Technically, savers are losers in that they could end up losing purchasing power over time due to inflation. But even so, finance experts like Suze Orman and Dave Ramsey recommend some funds in an easily accessible, liquid savings account for small emergencies like car or home appliance repairs. 'The truth of the matter is 75% of the people in the United States do not have at least $400 in savings for an emergency,' according to Orman in a recent GOBankingRates article. If you don't have any high-interest debt, according to the Ramsey Solutions blog, you should strive to save three to six months' worth of living expenses in an emergency savings account. Check Out: Should You Put Money Into Alternative Assets? Unlike savings accounts, which deliver paltry yields but are easily accessible in an emergency, the stock market has delivered yields of about 9% to 11% over the past 40 years, according to Carry. But if there's a crash, you could lose a good portion of your investment. That's why Kiyosaki recommended investing in alternative assets like bitcoin and ethereum. 'Crypto can bring some uncorrelated gains away from the traditional investments in equities and fixed income,' Zheng said. 'Today bitcoin is increasingly behaving like a 'digital gold' as the crypto is still in its early adoption phase.' He added that the passing of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act in late July 2025 helps give ethereum greater potential as an investment, too. 'Most of the stablecoins are built on the Ethereum platform,' he said. Noting that Kiyosaki is correct about fiat currencies depreciating, Zheng emphasized the importance of building an investment portfolio that reflects your age and risk tolerance. 'Smart investments in real assets including cryptocurrencies and equities are critical to build wealth,' Zheng said. 'Investors can dial up or down the crypto allocation based on their age and their risk appetite.' More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 6 Big Shakeups Coming to Social Security in 2025 10 Cars That Outlast the Average Vehicle This article originally appeared on This Money Expert Says 'Savers Are Losers' — Is He Right? Experts Weigh In