The Latest: Trump promises a 'major statement' on Russia-Ukraine war as he hosts NATO leader
Over the weekend, Trump threatened new 30% tariffs against Mexico and the European Union to be implemented Aug. 1 despite ongoing negotiations . Last week, he also threatened a 35% tax on many Canadian goods and warned of a 50% tax on Brazil in an attempt to impact the criminal trial against former president Jair Bolsonaro .
And a federal judge ordered a halt Friday to indiscriminate immigration stops and arrests in seven California counties, including LA, after plaintiffs including two U.S. citizens who were detained, accused the administration of systematically targeting brown-skinned people.
Here's the latest:
Data from CoinMarketCap showed Bitcoin climbed above $123,000 early Monday, up from about $108,000 only a week ago. The cryptocurrency is now the fifth most valuable asset class in the world at $2.4 trillion, with a higher market cap than Amazon.
The House is under pressure from Trump and the big-spending crypto lobby to quickly pass legislation including a bill passed last month by the Senate to regulate so-called stablecoins. The House is considering far more sweeping cryptocurrency market structure legislation.
Trump, once a skeptic, vowed to make the U.S. the global capital of crypto. He and his family have moved into mining operations, billion-dollar bitcoin purchases, a newly minted stablecoin and a Trump-branded meme coin.
The S&P 500 was edging down early Monday, still within 0.5% of its all-time high set on Thursday. The Dow Jones Industrial Average and Nasdaq composite were holding steady in their first trading after Trump said he plans 30% tariffs on goods from Mexico and the European Union starting Aug. 1, the same deadline he announced for Japan, South Korea and a dozen other countries .
The latest postponements allow time for more dealmaking to mitigate economic damage. Enacting all his import taxes on U.S. consumers would raise the risk of a recession and raise U.S. debt pressure as big tax cuts add to the deficit.
Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management, predicts the Trump administration 'will ultimately de-escalate, especially if there is a new bout of heightened bond and stock market volatility.'
As Trump slaps trading partners with tariffs rather than slog through prolonged negotiations, pressures the Federal Reserve to cut interest rates and launches a new investigation aimed at reshaping higher education, it's clear that threats are a permanent feature of his presidency.
He's tightening his grip on independent institutions, with fewer checks on his power. Republicans in Congress fear primary challenges, and the Supreme Court is stocked with his appointees.
Trump's allies believe his aggression is required in a political ecosystem where he's under siege from Democrats, the court system and the media. Critics fear he's eroding the country's democratic foundations with an authoritarian style.
'Pluralism and a diversity of institutions operating with autonomy — companies, the judiciary, nonprofit institutions that are important elements of society — are much of what defines real democracy,' said Larry Summers, a former Treasury secretary and former president of Harvard University. 'That is threatened by heavy handed, extortionist approaches.'
▶ Read more about Trump's moves to expand his power
They met in Kyiv on Monday as anticipation grew over a possible shift in the Trump administration's policy on the three-year war .
Zelenskyy said he and retired Lt. Gen. Keith Kellogg had 'a productive conversation' about strengthening Ukrainian air defenses, joint arms production, purchasing U.S. weapons in conjunction with European countries and the possibility of tighter sanctions on the Kremlin.
Trump has increasingly expressed frustration about Russian President Vladimir Putin's unbudging stance on U.S-led peace efforts. 'I am very disappointed with President Putin, I thought he was somebody that meant what he said,' Trump said late Sunday.
'We hope for the leadership of the United States, because it is clear that Moscow will not stop unless its ... ambitions are stopped by force,' Zelenskyy said on Telegram.
These children attend after-school and summer programming at a Boys & Girls Club, YMCA or public school for free thanks to funding set Congress set aside for academic support, enrichment and child care to mostly low-income families. Many now face closure as the Trump administration withholds more than $6 billion in federal education grants to align with his priorities .
Ninety-one of the 100 school districts receiving the most money from four frozen grant programs are in Republican congressional districts, according to an analysis from New America , a left-leaning think tank.
'I deeply believe in fiscal responsibility, which means evaluating the use of funds and seeking out efficiencies, but also means being responsible — releasing funds already approved by Congress and signed by President Trump,' said Georgia schools superintendent Richard Woods, an elected Republican.
▶ Read more about the children's programs that face closure
Spending bills almost always need some bipartisan buy-in to get 60 votes to avoid a filibuster in the 100-member Senate. This week's effort is different.
Congress set up a process under President Richard Nixon to speedily claw back previously approved spending authority with only a simple Senate majority. It's a rarely employed maneuver. Trump proposed 38 rescissions in 2018, but that package stalled.
'How Republicans answer this question on rescissions and other forthcoming issues will have grave implications for the Congress, the very role of the legislative branch, and, more importantly, our country,' Senate Democratic leader Chuck Schumer warned in a letter to colleagues.
Senate Majority Leader John Thune said he's disappointed to see Schumer 'implicitly threaten to shut down the government.'
The Trump administration is likening this as a test case and says more could come if Congress goes along.
Trump has asked lawmakers to rescind nearly $1.1 billion from the Corporation for Public Broadcasting — the full amount it's due to receive during the next two budget years.
The corporation distributes more than two-thirds of the money to more than 1,500 locally operated public television and radio stations. Much of the rest supports national programming through National Public Radio and the Public Broadcasting System.
The potential fallout has generated concerns among Republicans. Sen. Mike Rounds of South Dakota says these radio stations 'are the only way of really communicating in the very rural areas of our state, and a lot of other states as well.'
In recent testimony , Office of Management and Budget Director Russ Vought criticized a 'Sesame Street' town hall on CNN about combatting racism.
Senate Republicans will test the popularity of Department of Government Efficiency spending cuts this week by aiming to pass Trump's request to claw back $9.4 billion in public media and foreign aid spending.
Senate Democrats are trying to kill the measure, but they need help from a few Republicans.
A rarely used tool allows the president to request the cancellation of previously approved funding authority, triggering a 45-day clock under which the funds are frozen. If Congress fails to act before that clock expires Friday, the spending stands.
The House has already approved Trump's request on a mostly party line 214-212 vote. The Senate has little time to spare. Another House vote will be needed if senators amend the legislation, adding more uncertainty.
▶ Read more about the congressional claw-back effort
European trade ministers are meeting in Brussels following Trump's surprise announcement of 30% tariffs on the European Union.
'We should prepare to be ready to use all the tools in the toolbox,' said Denmark's foreign minister, Lars Løkke Rasmussen, told reporters ahead of the meeting. 'So we want a deal, but there's an old saying: 'If you want peace, you have to prepare for war.''
If Trump makes good on his tariff threats against dozens of countries, it could have ramifications for nearly every aspect of the global economy.
▶ Read more about the European Union on Trump tariffs talks
″This is now the time for negotiations,'′ European Commission President Ursula von der Leyen told reporters in Brussels on Sunday after Trump sent a letter announcing new 30% tariffs on all EU goods starting Aug. 1.
The America's biggest trading partner and the world's largest trading bloc had been scheduled to impose ″countermeasures'' starting Monday at midnight.
″We have always been clear that we prefer a negotiated solution,'′ she said. If they can't reach a deal, she said that ″we will continue to prepare countermeasures so we are fully prepared.'′
Mark Rutte, the NATO secretary general, is visiting to meet with Trump. Their meeting is scheduled for 10 a.m. ET in the Oval Office.
Trump is expected to move forward with a plan to sell weapons to European allies who can then transfer the weapons to Ukraine.
The president has grown frustrated with Russia's Vladimir Putin and has promised a 'major statement' on Monday.
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NYC mayoral hopeful Curtis Sliwa's group bills itself a charity despite losing tax-exempt status
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