Photos: Protesters rally with bagpipes, pointed signs as Trump visits Scotland
The big picture: While hundreds protested the president, some supporters greeted him with cries of "we love you!" as he played golf at his Trump Turnberry resort in Balmedie, Aberdeenshire, on Sunday.
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Yahoo
23 minutes ago
- Yahoo
Trump set to announce replacement for Fed Gov Kugler this week. The Fed chair in waiting?
President Trump said he plans to name a replacement this week for Federal Reserve governor Adriana Kugler, whose unexpected resignation set for this Friday offers the president an opportunity to put in place a successor for Fed Chair Jerome Powell. 'I have a couple of people in mind,' President Trump told reporters Sunday night. 'I'll be announcing that probably over the next couple of days.' Kugler's term as a governor was set to expire on Jan. 31. She has served as a Fed governor since Sept. 13, 2023, and will return to Georgetown University as a professor this fall. Kevin Warsh, a former Fed governor, and Kevin Hassett, the current chair of the President's Council of Economic Advisors, are thought to be at the top of the list for the next Fed chair and thus possible nominees to replace Kugler. Treasury Secretary Scott Bessent, who is leading the search for Powell's replacement and is also a potential contender, has already sketched out a scenario where the White House appoints someone to fill Kugler's seat who can then be in the running to succeed Powell next May. The White House also hopes that Powell decides to leave the Fed Board of Governors when his chairmanship is up, which would open up a second seat that Trump can fill. Powell has not yet said whether he intends to do that; his term as a Fed governor is not up until 2028. Read more: How much control does the president have over the Fed and interest rates? Warsh already has a lot of experience navigating the central bank. He served as Fed governor from 2006 until 2011 and became former Fed Chair Ben Bernanke's liaison to Wall Street during the chaos of the 2008 financial crisis. He is also a known figure to Trump, who interviewed him for the Fed chair post eight years ago before deciding on Powell. Trump appointed Powell to be Fed chair in 2018 at the direction of then-Treasury Secretary Steven Mnuchin. Former President Joe Biden reappointed Powell in 2022. Warsh has been critical of the Fed as of late. He has suggested that the Fed could look through increases in inflation from tariffs because it would be a one-time increase in prices. He's also argued that the costs involved in renovating the Fed's headquarters represent one of several examples of how the Fed "has lost its way" and that the American people "need a reformer to fix" the institution and rebuild its credibility. "Frankly, it's about breaking some heads," he said on Fox Business last month, calling for "regime change." Back in April, Warsh gave a speech in Washington, D.C., in which he said that the Fed's "current wounds are largely self-inflicted" and called for a "strategic reset" to ease a loss of credibility and damage to the Fed's standing. Hassett, meanwhile, already has a close relationship with Trump, given that he advises the president on economic policy and also served in the first Trump administration. Read more: How jobs, inflation, and the Fed are all related Earlier in the year, Hassett said he was more focused on the 10-year Treasury yield (^TNX) than on any quick monetary policy changes at the Federal Reserve. While the Fed can influence short-term bond yields and long-term bond yields, longer-term bond yields are influenced by many factors outside the Fed, and it is the yield on the 10-year Treasury that influences mortgage rates. But lately, Hassett has been more blatant, saying there's no reason why the Fed shouldn't be cutting rates now, something the president has repeatedly hammered the central bank to do. The president will likely watch whoever he appoints to the open Fed governor position to see how they perform and whether they'd be a successor for Powell, whose term ends next May. Though Fed governors Chris Waller and Michelle Bowman are also jockeying for the position of Fed chair, in part by dissenting at last week's Fed policy meeting in favor of cutting rates by 25 basis points, rather than holding rates steady. The opportunity for the White House to fill Kugler's seat earlier than expected comes as Trump applies pressure on Powell and the Fed board to lower rates by as many as 3 percentage points. Whoever the president appoints, it is the Federal Open Market Committee, which is composed of 19 members, that makes the decision, not just the Fed chair, and the new chair will have to contend with the committee. Jennifer Schonberger is a veteran financial journalist covering markets, the economy, and investing. At Yahoo Finance she covers the Federal Reserve, Congress, the White House, the Treasury, the SEC, the economy, cryptocurrencies, and the intersection of Washington policy with finance. Follow her on X @Jenniferisms and on Instagram. Click here for in-depth analysis of the latest stock market news and events moving stock prices 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
USA Today
25 minutes ago
- USA Today
As Trump pushes tariffs, sons back firm aimed at 'revitalizing' US manufacturing
President Donald Trump's eldest sons are involved in a new business venture aimed partly at 'revitalizing American manufacturing' as their father pursues protectionist economic policies with the same goal. New America Acquisition I Corp, a blank-check firm backed by Eric Trump and Donald Trump Jr., on Aug. 4 filed for an initial public offering of up to $300 million. The special purpose acquisition company, a vehicle previously used by the family to launch firearms retailers and media firms, aims to merge with businesses headquartered or primarily operating in the U.S., it said in a filing. The filing declares the firm is pursing mergers with one or more companies valued at $700 million or more "that play a meaningful role in revitalizing domestic manufacturing, expanding innovation ecosystems and strengthening critical supply chains.' 'Our objective is to target businesses that are not only well-positioned for long-term, sustainable growth, but also deeply aligned with the advancement of U.S. industrial capacity, technological leadership and innovation, and economic resilience," according to the filing. The Trump administration is pursuing an aggressive tariff program on goods coming into the United States, and there are levies on many manufactured products. Trump has encouraged companies to move their manufacturing to the United States. The new SPAC, incorporated in Florida, is the latest Trump family business in a sector the president is seeking to boost. The family is involved in crypto ventures, including a 60% stake in crypto platform World Liberty Financial, working to profit on crypto while the Trump administration pursues favorable policies for the industry. Eric and Trump Jr. will both serve on the advisory board for New America, receiving a combined 5 million shares in the company. Media veteran Kevin McGurn will lead the company. SPACs are shell companies that use their IPO proceeds to merge with a private company, thereby taking it public while avoiding the regulatory scrutiny of a traditional listing. New America said it would offer 30 million units in its IPO priced at $10 each, aiming to list on the New York Stock Exchange. Contributing: Reuters
CNN
25 minutes ago
- CNN
Analysis: Information is power, and Trump wants more control over it
Climate change reports, deleted. DEI initiatives, banned. Local TV and radio stations, defunded. Books, removed from military academies. Names of civil rights leaders, erased from ships. History lessons, purged from museums. The list goes on and on. President Trump and his government appointees keep asserting more control over ideas and information — which has the effect of taking power away from independent researchers, historians, and the real news outlets that he frequently calls 'fake.' Friday's abrupt firing of the labor statistics chief is one of the most dramatic examples yet. But this push for control has been evident all throughout his second term — and the individual headlines should be analyzed as part of a pattern, lest the memories start to fade. Remember the headlines about vaccine data being deleted from government websites last winter? Or the bogus math on DOGE's 'receipts' page? How about the 'Friday night purge' of impartial watchdogs investigating abuse within the government? 'Trump increasingly is playing the role of information gatekeeper,' Clay Calvert of the American Enterprise Institute wrote a prophetic blog post back in February. Calvert said Trump was 'dictating access on his terms' – promoting MAGA media outlets while punishing The Associated Press for not adopting Trump's 'Gulf of America' name. That AP dispute was about control over information. So, too, was the Trump White House's decision to purge a database of transcripts documenting his announcements and public appearances. The president has also objected to unflattering stories by lodging legal threats against news outlets. In one recent case, he followed through with a defamation lawsuit against the Wall Street Journal, which analysts said could have a chilling effect on reporting writ large. The White House has framed some of its most aggressive rewrites and removals as common-sense corrections. 'Restoring Truth and Sanity to American History' was the title of one such executive order in March. Another move to shut down a reliable source of information, the US-funded international broadcaster known as Voice of America, was framed by the administration as a way to curtail 'radical propaganda.' One of the alleged examples was a six-year-old news report 'about transgender migrants seeking asylum in the United States.' Every administration tries to shape reality to some degree. But 'Trump's statistical purges have been faster and more sweeping — picking off not just select factoids but entire troves of public information,' the Washington Post asserted in March. One glaring example involves the National Climate Assessment, a congressionally mandated report on climate change. The authors of the assessment were fired and previous versions 'have been hidden from view on government websites,' as CNN's Zachary B. Wolf wrote last week. Trump's dispute with the Bureau of Labor Statistics further raises the stakes — and the alarms about creeping authoritarianism. 'Suppressing statisticians is a time-honored tool for leaders trying to solidify their power and stifle dissent,' George Stephanopoulos said on ABC's 'This Week' on Sunday. 'It's happened throughout history, most recently in Venezuela and Turkey.' His guest, Lawrence Summers, the former treasury secretary, said that 'firing statisticians goes with threatening the heads of newspapers. It goes with launching assaults on universities. It goes with launching assaults on law firms.' 'This is really scary stuff,' Summers added. Yet some Trump aides and allies are publicly defending the firing. National Economic Council director Kevin Hassett said Monday morning on CNBC that the jobs data 'could be politically manipulated.' This battle for control isn't happening in a vacuum. There is evidence that media scrutiny and public pressure do make a difference. Back in March, the Associated Press revealed that an anti-DEI crusade at the Pentagon led to images of war heroes, women, minorities and even the famed Enola Gay warplane being flagged for removal. The embarrassing episode forced Defense Secretary Pete Hegseth's aides into a defensive crouch. Similarly, just last week, the Washington Post reported on the Smithsonian removing Trump's name from an impeachment exhibit at the National Museum of American History. The whiff of scandal was so overwhelming that the museum issued a statement on Saturday denying any White House pressure and pledging to update the exhibit in the coming weeks.
