House throttled by Epstein drama
The House Oversight and Government Reform Committee voted to authorize the subpoena following a motion put forward by Rep. Tim Burchett (R-Tenn.), even as President Trump urges his party to drop the topic and move on.
Republicans on the House Rules Committee adjourned Monday night without completing their work in order to dodge Democratic threats to stage additional votes to compel the release of new Epstein documents.
So far, Trump's move to authorize the Department of Justice (DOJ) to release grand jury transcripts from the Epstein case has failed to quell demands from Republicans on Capitol Hill for more transparency.
Two federal judges on Tuesday asked the DOJ for more information before deciding whether to unseal the transcripts.
Meanwhile, the DOJ said it planned to meet with Maxwell, who was convicted in 2021 on sex trafficking charges and sentenced to 20 years in prison.
'I anticipate meeting with Ms. Maxwell in the coming days,' Deputy Attorney General Todd Blanche posted on X. 'Until now, no administration on behalf of the Department had inquired about her willingness to meet with the government. That changes now.'
Trump on Tuesday said he wasn't following the new developments but that the DOJ's move 'sounds appropriate.'
Republican leaders on Capitol Hill are caught between Trump's insistence that there's nothing more to uncover and demands from the rank-and-file to release all government files on the case.
The turmoil stems from a DOJ report released earlier this month that determined Epstein did not keep a 'client list,' which many on the right believed would include the names of powerful people implicated in Epstein's crimes.
To date, Maxwell is the only person to have been convicted in the case. Epstein died by suicide in a jail cell in 2019 as he was awaiting trial.
Tensions are running hot on Capitol Hill, with Speaker Mike Johnson (R-La.) swiping at Rep. Thomas Massie (R-Ky.), who cosponsored a measure with Rep. Ro Khanna (D-Calif.) that would force a vote on releasing more Epstein documents.
'Bless his heart,' Johnson said when asked if he'd support Massie's reelection bid.
Massie has repeatedly broken with Trump over spending and been a thorn in the side of GOP leaders.
Trump has threatened to back a primary challenge against Massie. In an interview with NBC News, Massie said that move would 'backfire tremendously.'
'They're trying to beat up on me in order to keep everybody else in line here,' he said.
But Johnson is also dealing with a revolt from other members.
'I led Republicans in a serious resolution — that protects victims — to expose the truth about the Epstein files, just like President Trump promised. But leadership is stalling,' Rep. Ralph Norman (R-S.C.) posted on X. 'The American people deserve action, not excuses. Let's vote on it before August recess and get it DONE!!'
Johnson said this week the House would not vote on a resolution calling for the release of some Epstein documents, saying he wanted to give the DOJ 'space' as it seeks to unseal grand jury testimony.
The Speaker on Tuesday said he supports 'maximum transparency' but is concerned about releasing information about Epstein's victims.
'Some of them were minors, some of them were not,' Johnson said. 'When the Epstein records are turned over to the public, which we must do as quickly as possible, we have to also be very judicious and careful about protecting innocent.'
The House will adjourn a day earlier than scheduled this week, with lawmakers leaving town Wednesday. They'll return in September.
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Trump tariffs live updates: US, EU rush to finalize deal as 90-day extension of China trade truce likely
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'For the world, I would say it'll be somewhere in the 15% to 20% range,' Trump said in Scotland as he met with UK Prime Minister Keir Starmer. Meanwhile, another round of US-China talks kicked off this week, with markets hoping for another extension of the countries' trade truce. The South China Morning Post, a Hong Kong-based English-language newspaper, reported that is seen as the likely outcome. This was confirmed by Commerce Secretary Howard Lutnick who said a 90-day China trade truce extension is likely. Last week, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners. Trump said the US hasn't had a "lot of luck" with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement. 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Donald Trump freezes export controls to secure trade deal with China The FT reported on Monday that President Donald Trump has frozen restrictions on technology exports to China in order to avoid hurting trade talks with Beijing and to help secure a meeting between Trump and President Xi Jinping this year, according to people familiar with the matter. The US Commerce Department's Bureau of Industry and Security, which is in charge of export controls, has been advised to avoid tough moves on China, according to eight people, including current and former US officials. The US and China are due to meet in Stockholm on Monday for a third round of trade talks following previous meetings in Geneva and London. The FT reports: Read more here (subscription required). 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Here's what remains to be seen when the US and EU reveal a joint statement on Aug. 1: Read more here. Trump official: More talks needed to clinch India deal The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. Rating firms say US tariffs alone will not trigger EU sovereign downgrades Reuters reports: Read more here. Reuters reports: Read more here. US trade deal eases tariff uncertainties, but risks remain: Japan Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy. Reuters reports: Read more here. Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy. Reuters reports: Read more here. Philips soars after lifting margin outlook on softer tariff hit Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared. Bloomberg News reports: Read more here. Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared. Bloomberg News reports: Read more here. Stellantis warns of $1.7B US tariff impact in 2025 Reuters reports: Read more here. Reuters reports: Read more here. Carney says US trade talks in 'intense phase' The Canadian Press reports: Read more here. The Canadian Press reports: Read more here. Analysts say EU-US trade deal could add up to $19 billion in pharma industry costs The recent trade deal announced between the United States and the European Union is raising concerns in different industries about potential costs. The pharmaceutical industry, specifically, is estimated to take on an extra billion dollars based on new data. Reuters reports: Read more here. The recent trade deal announced between the United States and the European Union is raising concerns in different industries about potential costs. The pharmaceutical industry, specifically, is estimated to take on an extra billion dollars based on new data. Reuters reports: Read more here. 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So EU leaders have put on a brave face, saying that they hope this breakthrough is but the first step toward a more favorable, longer-term agreement. Bloomberg rounded up some initial reaction. One that stood out: Hungarian Prime Minister Viktor Orban, a Trump ally: From the German chancellor: Italian Prime Minister Giorgia Meloni called the agreement "sustainable": France took a more hawkish approach: Finally, from Slovakia: Read more here. Europe's reaction to its trade deal with the US is decidedly mixed so far. As we detailed earlier, the deal represents the "least-worst" option for Europe, which was facing 30% duties on its imports to the US. So EU leaders have put on a brave face, saying that they hope this breakthrough is but the first step toward a more favorable, longer-term agreement. Bloomberg rounded up some initial reaction. One that stood out: Hungarian Prime Minister Viktor Orban, a Trump ally: From the German chancellor: Italian Prime Minister Giorgia Meloni called the agreement "sustainable": France took a more hawkish approach: Finally, from Slovakia: Read more here. Why Big Alcohol needs US tariff relief in five charts European Union wine and spirits producers could emerge as one of the few winners in the US-EU trade deal which was agreed on Sunday. Reuters reports: Shares in Pernod, Diageo and Campari initially rose in early trade. But they stood 1.3%, 0.4% and 0.3% lower by 0707 GMT. Shares in Remy fell 2.2%. Alcohol is among the EU's top exports to the United States, worth about $10.5 billion in 2024, according to Eurostat data, with certain products like Remy Martin cognac and champagne required to be produced in specific European regions. The United States accounts for about 18% of exports for another exclusively French product, champagne. For cognac makers, the U.S. tariffs represent a fresh challenge after producers of the drink managed this month to avert the threat of duties of up to around 35% from China. For Spanish and Italian wines, around 14% and 24% of total exports, respectively, are sold in the United States. European Union wine and spirits producers could emerge as one of the few winners in the US-EU trade deal which was agreed on Sunday. Reuters reports: Shares in Pernod, Diageo and Campari initially rose in early trade. But they stood 1.3%, 0.4% and 0.3% lower by 0707 GMT. Shares in Remy fell 2.2%. Alcohol is among the EU's top exports to the United States, worth about $10.5 billion in 2024, according to Eurostat data, with certain products like Remy Martin cognac and champagne required to be produced in specific European regions. The United States accounts for about 18% of exports for another exclusively French product, champagne. For cognac makers, the U.S. tariffs represent a fresh challenge after producers of the drink managed this month to avert the threat of duties of up to around 35% from China. For Spanish and Italian wines, around 14% and 24% of total exports, respectively, are sold in the United States. Stock in focus after US/EU trade deal: ASML Semiconductor play ASML (ASML) getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares are up nearly 5% in pre-market trading. I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that. Here's what JP Morgan had to say this morning: "ASML had indicated in its Q2 results that it saw hesitation (and thus lack of orders) from customers to order tools for their new US fabs due to the risk of tariffs on semiconductor equipment. If this information from the US on zero tariffs on semiconductor equipment is correct then this would be very positive for ASML in particular, but also for VAT. Other semiconductor equipment companies in Europe, such as ASM International ( manufacture their tools outside the EU and thus deals with countries such as Singapore, Malaysia and the US will be important for those companies." Semiconductor play ASML (ASML) getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares are up nearly 5% in pre-market trading. I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that. Here's what JP Morgan had to say this morning: "ASML had indicated in its Q2 results that it saw hesitation (and thus lack of orders) from customers to order tools for their new US fabs due to the risk of tariffs on semiconductor equipment. If this information from the US on zero tariffs on semiconductor equipment is correct then this would be very positive for ASML in particular, but also for VAT. Other semiconductor equipment companies in Europe, such as ASM International ( manufacture their tools outside the EU and thus deals with countries such as Singapore, Malaysia and the US will be important for those companies." Donald Trump freezes export controls to secure trade deal with China The FT reported on Monday that President Donald Trump has frozen restrictions on technology exports to China in order to avoid hurting trade talks with Beijing and to help secure a meeting between Trump and President Xi Jinping this year, according to people familiar with the matter. The US Commerce Department's Bureau of Industry and Security, which is in charge of export controls, has been advised to avoid tough moves on China, according to eight people, including current and former US officials. The US and China are due to meet in Stockholm on Monday for a third round of trade talks following previous meetings in Geneva and London. The FT reports: Read more here (subscription required). The FT reported on Monday that President Donald Trump has frozen restrictions on technology exports to China in order to avoid hurting trade talks with Beijing and to help secure a meeting between Trump and President Xi Jinping this year, according to people familiar with the matter. The US Commerce Department's Bureau of Industry and Security, which is in charge of export controls, has been advised to avoid tough moves on China, according to eight people, including current and former US officials. The US and China are due to meet in Stockholm on Monday for a third round of trade talks following previous meetings in Geneva and London. The FT reports: Read more here (subscription required). Heineken cheers EU-US trade deal as tariff problems grow Dutch brewer Heineken (HKHHY, said on Monday that it welcomed the trade deal between the European Union and the US and that it was weighing all options to deal with growing tariff challenges in the long term, including shifting manufacturing. Reuters reports: Read more here. Dutch brewer Heineken (HKHHY, said on Monday that it welcomed the trade deal between the European Union and the US and that it was weighing all options to deal with growing tariff challenges in the long term, including shifting manufacturing. Reuters reports: Read more here. Japan expects 1%-2% of $550 billion US fund to be investment Japan confirmed that only a small part, just 1% to 2%, of the $550 billion deal with the US will be actual investment. Most of the money will be in the form of loans, according to Japan's trade negotiator Ryosei Akazawa. Akazawa said that Tokyo will save roughly $68 billion through lower tariff rates in its deal with the US. The details revealed by Akazawa on Saturday via an interview with public broadcaster NHK, suggest the Japanese may end up giving up much less than at first glance. The $550 billion investment framework combines loans, investments and loan guarantees provided by financial institutions backed by the Japanese government. Bloomberg News reports: Read more here. Japan confirmed that only a small part, just 1% to 2%, of the $550 billion deal with the US will be actual investment. Most of the money will be in the form of loans, according to Japan's trade negotiator Ryosei Akazawa. Akazawa said that Tokyo will save roughly $68 billion through lower tariff rates in its deal with the US. The details revealed by Akazawa on Saturday via an interview with public broadcaster NHK, suggest the Japanese may end up giving up much less than at first glance. The $550 billion investment framework combines loans, investments and loan guarantees provided by financial institutions backed by the Japanese government. Bloomberg News reports: Read more here. VW's Audi cuts full-year outlook, citing tariffs and restructuring Following Volkswagen's ( VWAGY) guidance cut last week, the German carmakers premium brand Audi has also cut its full-year guidance, citing the impact of higher US import tariffs and restructuring expenses. Reuters reports: Read more here. Following Volkswagen's ( VWAGY) guidance cut last week, the German carmakers premium brand Audi has also cut its full-year guidance, citing the impact of higher US import tariffs and restructuring expenses. Reuters reports: Read more here. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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Government shutdown talk is starting early ahead of a difficult funding fight in Congress this fall
WASHINGTON (AP) — It's become tradition. Congressional leaders from both major political parties blame each other for a potential government shutdown as the budget year draws to a close. But this year, the posturing is starting extraordinarily early. The finger-pointing with more than two months to go in the fiscal year indicates the threat of a stoppage is more serious than usual as a Republican-controlled Congress seeks to make good on its policy priorities, often with no support from the other political party. Democratic leadership from both chambers and the two panels responsible for drafting spending bills met behind closed doors recently to discuss the strategy ahead. The leaders emerged demanding that Republicans work with them but were careful to avoid spelling out red lines if Republicans don't. 'We are for a bipartisan, bicameral bill. That's what always has been done,' said Senate Democratic leader Chuck Schumer. 'The onus is on the Republicans to help us make that happen.' On the Republican side, lawmakers describe the Democrats as itching for a shutdown. Senate Majority Leader John Thune said Schumer had threatened a shutdown should Republicans pass a bill to roll back $9 billion in public broadcasting and foreign aid funds. Republicans subsequently passed those cuts. 'It was disturbing to see the Democratic leader implicitly threatening to shut down the government in his July 'Dear Colleague' letter, but I'm hopeful that he does not represent the views of Senate Democrats as a whole," Thune said. Where things stand on government funding The federal government is operating on a full-year continuing resolution that provided about $1.7 trillion in spending for defense and non-defense programs. The funding expires Sept. 30. 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Most lawmakers agree Congress will need to pass a stop-gap measure before Sept. 30 to avoid a shutdown and allow lawmakers more time to work on the full-year spending measures. The view from Democrats Democrats overwhelmingly opposed this year's funding bill that expires in two months. But in the end, Schumer and nine Democratic colleagues decided a government shutdown would be even worse. They voted to allow the bill to proceed and overcome a filibuster, giving Republicans the ability to pass it on their own on a final vote. Schumer took considerable heat from progressives for his strategy. House Democratic leadership issued a statement at the time saying 'House Democrats will not be complicit.' And members of his own caucus publicly expressed disagreement. 'If we pass this continuing resolution for the next half year, we will own what the president does,' said Sen. Adam Schiff, D-Calif. 'I am not willing to take ownership of that.' Some liberal groups threatened to hold protests at various events Schumer was planning to promote a new book, and some of those events ended up being postponed due to security concerns. The Democratic frustrations have only grown stronger in the ensuing months. First, the Democrats watched the Trump administration slow-walk or block hundreds of billions of dollars from going out in part through the work of its Department of Government Efficiency. Then they watched as Republicans passed Trump's big tax and spending cut bill without any Democratic votes. Finally, they watched as Republicans this month canceled $9 billion in foreign aid and public broadcasting funds when much of it had been previously agreed to on a bipartisan basis. Meanwhile, Trump's director of the Office of Management and Budget, Russ Vought, declared that the appropriations process "has to be less bipartisan.' Democrats complain that much of the work taking place in the House has been a waste of time, since those partisan bills have no chance of getting 60 votes in the 100-member Senate. 'At this point in time, why have appropriations if they can just unilaterally through rescissions whack it all away?' said Rep. Mike Quigley, D-Ill. 'I think what you're seeing is more frustration than I've ever witnessed.' Republicans position for impasse Republicans control all the levers of power in Washington. That could make it harder to blame Democrats for a shutdown. But in the end, any bill will need some Democratic support to get the 60 votes needed to overcome a filibuster. 'Our concern is that from their standpoint, they want to have a shutdown,' Sen. John Hoeven, R-N.D., said of Democrats. '... The Democrats see it as a way to derail the agenda that we're putting through.' Sen. John Barrasso, the No. 2-ranked Republican in the Senate, said Republicans were determined to hold votes on the 12 spending bills. He said that Schumer 'had unilaterally shut down the appropriations process' in previous years by not holding such votes, moving instead to negotiate directly with GOP leadership in the House and then-President Joe Biden's Democratic administration on an all-encompassing spending package. 'If Democrats walk away from this process again, simply to protect wasteful Washington spending," Barrasso said, 'they will be the ones sabotaging the Senate and shutting down the government.' ___ Follow the AP's coverage of Congress at Kevin Freking, The Associated Press Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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EPA Set to Unravel US Authority to Regulate Greenhouse Gases
(Bloomberg) -- The Trump administration is set to announce its plans to abolish the US government's authority to regulate greenhouse gases, threatening to strike a deep blow at Washington's ability to fight climate change. Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus Can This Bridge Ease the Troubled US-Canadian Relationship? Trump Administration Sues NYC Over Sanctuary City Policy The Environmental Protection Agency will unveil a proposal in Indiana on Tuesday to scrap a landmark determination that planet-warming gases endanger public health and welfare, the agency's administrator, Lee Zeldin, said in a podcast. If finalized, the move would lay the foundation to unwind a host of regulations limiting emissions from power plants, oil wells and automobiles. Rolling back the 2009 endangerment finding would be among the most far-reaching steps yet by President Donald Trump's administration to gut US capacity to fight climate change. The finding forms the bedrock of the government's authority to impose limits on carbon dioxide, methane and other greenhouse gases. Ending it would be squarely at odds with the scientific consensus that those gases are causing climate change that's already leading to rising seas and more intense storms. 'How big is the endangerment finding? Well repealing it will be the largest deregulatory action in the history of America — resulting in over a trillion dollars in savings,' Zeldin said during an interview on the Ruthless Podcast that aired Tuesday. The EPA's proposal will also aim to end some automobile emission limits, according to a person familiar with the matter. Environmentalists have argued that any move to reverse the endangerment finding not only bucks scientific conclusions about the ways carbon dioxide, methane and other greenhouse gases interact with the world's atmosphere, but also imperils the planet. Efforts to restrain emissions now are critical to restraining the world's temperature rise and avoiding more tipping points where the consequences of climate change are magnified. 'The endangerment finding is based on decades of established, proven scientific evidence and has been repeatedly affirmed by courts,' said National Wildlife Federation chief scientist Diane Pataki. 'Overturning this decision directly contradicts the EPA's mandate to protect public health and address the sources of greenhouse gas pollution that have caused the climate crisis.' The Supreme Court effectively compelled the EPA to asses the impact of greenhouse gases in 2007 when it affirmed the agency's authority to regulate them as air pollutants under the Clean Air Act. At that point, it was up to the EPA to determine whether greenhouse gases constituted a threat that should be regulated. Critics have argued Congress designed the Clean Air Act to regulate localized pollutants, not those with widespread, global effects. Some have been pushing for repeal of the endangerment finding ever since. A policy blueprint drafted by conservative groups and Trump loyalists known as Project 2025 recommended addressing the endangerment finding. Energy businesses and some Trump allies are deeply divided over the wisdom of efforts to wholly scrap the endangerment finding. Some are concerned the effort would siphon time and manpower from other regulatory priorities, including rewriting Biden-era rules governing power plant and vehicle pollution. The effort would require the EPA to go through the formal, time-consuming federal rulemaking process. Even if the measure is finalized by the end of the year, it might not survive inevitable legal challenges. Energy companies also have warned that doing away with the endangerment finding — as well as the federal climate regulations it supports — could revive public nuisance lawsuits against oil producers and power plant operators. Under a 2010 Supreme Court decision, federal climate regulation under the Clean Air Act has effectively precluded those claims. (Updates with remarks from EPA administrator in fourth paragraph.) Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Elon Musk's Empire Is Creaking Under the Strain of Elon Musk ©2025 Bloomberg L.P. Sign in to access your portfolio
