US Futures Slip on Trump Tariffs, Crude Surges
Asian markets are poised for a cautious open after US President Donald Trump said he would double tariffs on steel and aluminum imports. Oil climbed around 2% as a further supply boost vied with heightened geopolitical risk.
US equity futures slipped in early trading following Trump's announcement on Friday in the US, while Asian contracts point to a soft start when markets reopen. Crude gained after OPEC+ agreed to lift output by 411,000 barrels a day, and following an escalation in Ukraine's attacks on Russia.
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Associated Press
11 minutes ago
- Associated Press
Republican push for proof of citizenship to vote proves a tough sell in the states
AUSTIN, Texas (AP) — President Donald Trump and congressional Republicans have made it a priority this year to require people to prove citizenship before they can register to vote. Turning that aspiration into reality has proved difficult. Trump's executive order directing a documentary, proof-of-citizenship requirement for federal elections has been blocked by a judge, while federal legislation to accomplish it doesn't appear to have the votes to pass in the Senate. At the same time, state-level efforts have found little success, even in places where Republicans control the legislature and governor's office. The most recent state effort to falter is in Texas, where a Senate bill failed to gain full legislative approval before lawmakers adjourned on Monday. The Texas bill was one of the nation's most sweeping proof-of-citizenship proposals because it would have applied not only to new registrants but also to the state's roughly 18.6 million registered voters. 'The bill authors failed spectacularly to explain how this bill would be implemented and how it would be able to be implemented without inconveniencing a ton of voters,' said Anthony Gutierrez, director of the voting rights group Common Cause Texas. Voting by noncitizens is already illegal and punishable as a felony, potentially leading to deportation, but Trump and his allies have pressed for a proof-of-citizenship mandate by arguing it would improve public confidence in elections. Before his win last year, Trump falsely claimed noncitizens might vote in large enough numbers to sway the outcome. Although noncitizen voting does occur, research and reviews of state cases has shown it to be rare and more often a mistake. Voting rights groups say the various proposals seeking to require proof-of-citizenship are overly burdensome and threaten to disenfranchise millions of Americans. Many do not have easy access to their birth certificates, have not gotten a U.S. passport or have a name that no longer matches the one on their birth certificate — such as women who changed their last name when they married. The number of states considering bills related to proof of citizenship for voting tripled from 2023 to this year, said Liz Avore, senior policy adviser with the Voting Rights Lab, an advocacy group that tracks election legislation in the states. That hasn't resulted in many new laws, at least so far. Republicans in Wyoming passed their own proof-of-citizenship legislation, but similar measures have stalled or failed in multiple GOP-led states, including Florida, Missouri, Texas and Utah. A proposal remains active in Ohio, although Gov. Mike DeWine, a Republican, has said he doesn't want to sign any more bills that make it harder to vote. In Texas, the legislation swiftly passed the state Senate after it was introduced in March but never made it to a floor vote in the House. It was unclear why legislation that was such a priority for Senate Republicans – every one of them co-authored the bill -- ended up faltering. 'I just think people realized, as flawed as this playbook has been in other states, Texas didn't need to make this mistake,' said Rep. John Bucy, a Democrat who serves as vice chair of the House elections committee. Bucy pointed to specific concerns about married women who changed their last name. This surfaced in local elections earlier this year in New Hampshire, which passed a proof-of-citizenship requirement last year. Other states that previously sought to add such a requirement have faced lawsuits and complications when trying to implement it. In Arizona, a state audit found that problems with the way data was handled had affected the tracking and verification of residents' citizenship status. It came after officials had identified some 200,000 voters who were thought to have provided proof of their citizenship but had not. A proof-of-citizenship requirement was in effect for three years in Kansas before it was overturned by federal courts. The state's own expert estimated that almost all of the roughly 30,000 people who were prevented from registering to vote while it was in effect were U.S. citizens who otherwise had been eligible. In Missouri, legislation seeking to add a proof-of-citizenship requirement cleared a Senate committee but never came to a vote in the Republican-led chamber. Republican state Sen. Ben Brown had promoted the legislation as a follow-up to a constitutional amendment stating that only U.S. citizens can vote, which Missouri voters overwhelmingly approved last November. He said there were several factors that led to the bill not advancing this year. Due to the session's limited schedule, he chose to prioritize another elections bill banning foreign contributions in state ballot measure campaigns. 'Our legislative session ending mid-May means a lot of things die at the finish line because you simply run out of time,' Brown said, noting he also took time to research concerns raised by local election officials and plans to reintroduce the proof-of-citizenship bill next year. The Republican-controlled Legislature in Utah also prioritized other election changes, adding voter ID requirements and requiring people to opt in to receive their ballots in the mail. Before Gov. Spencer Cox signed the bill into law, Utah was the only Republican-controlled state that allowed all elections to be conducted by mail without a need to opt in. Under the Florida bill that has failed to advance, voter registration applications wouldn't be considered valid until state officials had verified citizenship, either by confirming a previous voting history, checking the applicant's status in state and federal databases, or verifying documents they provided. The bill would have required voters to prove their citizenship even when updating their registration to change their address or party affiliation. Its sponsor, Republican state Rep. Jenna Persons-Mulicka, said it was meant to follow through on Trump's executive order: 'This bill fully answers the president's call,' she said. ___ Cassidy reported from Atlanta. Associated Press writers Mead Gruver in Cheyenne, Wyoming; David A. Lieb in Jefferson City, Missouri; Kate Payne in Tallahassee, Florida; Hannah Schoenbaum in Salt Lake City; Julie Carr Smyth in Columbus, Ohio; and Isabella Volmert in Lansing, Michigan, contributed to this report.
Forbes
13 minutes ago
- Forbes
Amazon, A Small Pharmacy Player, Seeks To Dent CVS And Walgreens Medicare Share
Amazon Pharmacy is rolling out new features in hopes of attracting more seniors covered by Medicare's drug benefit, a potentially lucrative market dominated by CVS Health and Walgreens. In an announcement Tuesday, Amazon said it is launching a new 'caregiver support feature' that allows its customers to have someone else manage medications on their behalf. Once the caregivers are verified through a secure invitation, 'caregivers can now manage medications for their loved ones,' the company said. In addition, customers with Medicare Part D drug coverage can now access PillPack, Amazon's online pharmacy that is designed to simplify medication management, particularly for multiple prescriptions via pre-sorted and labeled packets delivered directly to patients' doors. It's the latest effort by the online retail giant Amazon to invest in its pharmacy business, which Drug Channels Institute estimates generated 'less than $2 billion in 2024 revenue - just 0.3% of the total prescription dispensing market.' Amazon doesn't disclose how many prescriptions it fills or financial information regarding its pharmacy and healthcare businesses. Amazon, which purchased PillPack seven years ago this month for more than $750 million, has yet to disclose revenues for its Amazon Pharmacy business in the parent company's quarterly earnings statements. In contrast, CVS filled 435 million prescriptions in the first quarter for an increase of 4.3% from the year ago period while Walgreens filled more than 309 million prescription in its most recent quarter, up 3.4%. Combined, Walgreens and CVS generated more than $370 billion in prescription revenues last year, According to Dryg Channels. CVS and Walgreens have the largest share of the U.S. prescription market by most measures at a combined 40% while Amazon's share is less than 1%, according to some studies. Neither CVS nor Walgreens would disclose how many Medicare Part D prescriptions the companies fill. By adding features for seniors, Amazon Pharmacy is looking to tap a Medicare prescription market growing by thousands every day. More than 11,000 Americans are turning 65 every day. Amazon is also trying to find a niche with Americans who are caring for an elderly family member. More than 50 million people in the U.S. 'are taking care of an aging family member,' Amazon said citing data from AARP. The aging population, coupled by industry statistics showing up to one-third of Americans don't take their medications as directed or never fill them. 'These updates deliver what our customers have been asking for—simpler medication management for themselves and their loved ones,' Amazon Pharmacy vice president John Love said. 'Whether you're a caregiver juggling multiple prescriptions for an aging parent, or a customer who could benefit from the convenience of pre-sorted packets delivered reliably each month, we're removing barriers and making pharmacy work better for you.'
Yahoo
16 minutes ago
- Yahoo
Investors bet on Trump tariff concessions as retaliation threats rattle markets
China shares rose while Europe and the U.S. slipped as investors bet—or at least hoped—that U.S. President Donald Trump would step back from his most recent aggressive tariff threats. S&P futures were off 0.4% while Hong Kong rose 1.5%. Are trade tensions rising or falling? Unable to answer that question, investors let markets slip in Europe and the U.S. on Tuesday morning, bumping China. U.S. President Donald Trump's recent doubling of steel and aluminum tariffs to 50% and the imposition of new limits on the sale of chip design software to China—as well as his claim that Beijing had 'totally violated' the terms of the U.S.-China tariff truce—did little to encourage investors. Nor did EU threats of retaliation against the metals tariffs, as well as China's veiled warning that it would 'continue to take resolute and forceful measures to safeguard its legitimate rights and interests.' Still, investor sentiment that Trump's tariff threats are not as dire as they first appear and that his administration will end up backing off the toughest ones (aka the 'TACO' trade) seems to be cushioning the markets from further drops. 'Reports in Washington suggest US President Trump may talk directly with China's President Xi later this week (after several days of more heated rhetoric between the US and China over trade),' UBS chief economist Paul Donovan said in a Tuesday note. 'As Trump has been anxious for the call, and China has not, this may hint at more US retreats over trade taxes as a concession to bring China to the telephone.' European markets and U.S. futures were down slightly early Tuesday, with the Stoxx Euro 600 dropping 0.2% while S&P futures were off 0.4% before the opening bell. In Asia, markets in China rose: Shanghai rose 0.4% after Monday's holiday, while Hong Kong's Hang Seng jumped 1.5%. 'It's a difficult time to forecast right now given the relentless crossfire of trade headlines. But there's a growing sense that we're now on a turbulent but sustained path towards de-escalation,' wrote Deutsche Bank's global head of macro research Jim Reid. 'Even if the US administration remain hawkish on trade, we have already seen there are limits to that approach, particularly in the face of market turmoil and declining approval ratings for President Trump. Here's a snapshot of today's action prior to the opening bell in New York (6:15 a.m. ET): • The S&P 500 was up 0.4% Monday. The index is up 0.9% YTD.• S&P futures were trading down 0.5% this morning.• The Stoxx Europe 600 was down 0.2% in early trading.• Asia was mixed: Japan was off 0.1%. Hong Kong rose 1.5%. Shanghai was up 0.4%, and India's Nifty 50 was off 0.7%.• Bitcoin was sitting up at $105,300 this morning. This story was originally featured 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
