Oil Falls as Traders Wind Back Risk Premium Before OPEC+ Meeting
Brent for September fell as much as 0.8% to near $66 a barrel after sliding 12% last week, while West Texas Intermediate traded near $65. Iran said it remains skeptical that the US-brokered ceasefire with Israel would last, although President Donald Trump suggested he might back eventual sanctions relief for the Islamic Republic.
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Yahoo
10 minutes ago
- Yahoo
Trump Tariffs Get Seal of Approval as S&P Affirms Credit Rating
(Bloomberg) -- S&P Global Ratings said revenues from Donald Trump's tariffs will help soften the blow to the US's fiscal health from the president's tax cuts, enabling it to maintain its current credit grade. While Trump's trade war has roiled markets, unnerved foreign governments and provoked criticism from leading economists, S&P affirmed its AA+ long-term rating for the US. A Photographer's Pipe Dream: Capturing New York's Vast Water System Chicago Schools Seeks $1 Billion of Short-Term Debt as Cash Gone A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome Festivals and Parades Are Canceled Amid US Immigration Anxiety Princeton Plans New Budget Cuts as Pressure From Trump Builds This is in part because it reckons money flowing from the levies will offset the impact on the US's budget position from the recent tax and spending bill. It kept the outlook for the long-term rating stable. 'Amid the rise in effective tariff rates, we expect meaningful tariff revenue to generally offset weaker fiscal outcomes that might otherwise be associated with the recent fiscal legislation, which contains both cuts and increases in tax and spending,' analysts including Lisa Schineller wrote in a report. The decision offers a glimmer of good news for Trump by endorsing one of his arguments that imposing tariffs is already helping to improve the nation's fiscal position. Tariff revenue reached a fresh monthly record in July, with customs duties climbing to $28 billion. The views of ratings agencies have had an important impact on the world's biggest bond market this year. Yields on 30-year Treasuries jumped above 5% in May as tariff fears and Trump's multi-trillion dollar tax bill roiled global markets. On Tuesday however the 30-year yield inched higher to around 4.94%, while those on benchmark 10-year yields edged up to 4.34%, pointing to a muted short-term impact from the S&P report. S&P said the stable outlook indicates its expectation that while the fiscal deficit won't meaningfully improve, it also won't persistently deteriorate over the next several years. The agency expects net general government debt to surpass 100% of GDP over the next three years, but it thinks the general government deficit will average 6% from 2025 to 2028, down from 7.5% last year. Buy America Whether tariffs will give the US a meaningful revenue boost is a subject of debate among economists, who point to an apparent contradiction at the heart of Trump's approach: the revenues rely on trade, but Trump has also attempted to pull production back to the US and encourage consumers to buy American-made products — moves that would undercut future levy receipts. The White House didn't immediately reply to a request for comment out of hours. US Treasury Secretary Scott Bessent has said tariff revenues for all of 2025 could be 'well in excess of 1% of GDP,' revising his previous estimate of $300 billion. But the bipartisan Congressional Budget Office estimates the recently passed budget bill will add $3.4 trillion to the deficit over the next 10 years. 'These are still small nuances close to the top of the credit ratings hierarchy and it doesn't signal any material change in the US fiscal health, which is a complex issue,' said Homin Lee, senior macro strategist at Lombard Odier Ltd. in Singapore. What Bloomberg Strategists Say... 'The pressures on the Fed to again consider defying rates markets and hold next month just received a (rather modest) boost as S&P Global Ratings delivered a solid report card for the US's economy and outlook.' Garfield Reynolds, MLIV Team Leader. Read more on MLIV. The US lost its last top rating from the big three credit companies in May, when Moody's Ratings lowered the country from Aaa to Aa1. It blamed successive administrations and Congress for swelling budget deficits that it said show little sign of abating. Fitch Ratings and S&P had previously downgraded the US from AAA. The S&P report could be a positive for the dollar after Trump's tax and spending bill cast doubts on the sustainability of US debt, said Fiona Lim, a senior currency strategist at Malayan Banking Bhd. Still, the more lasting driver for the greenback will come from Federal Reserve minutes, as well as Fed Chair Jerome Powell's speech in Jackson Hole on Friday, she said. A gauge of the dollar was flat on Tuesday. --With assistance from Matthew Burgess. (Adds context throughout, fresh prices) Foreigners Are Buying US Homes Again While Americans Get Sidelined What Declining Cardboard Box Sales Tell Us About the US Economy Women's Earnings Never Really Recover After They Have Children Americans Are Getting Priced Out of Homeownership at Record Rates Yosemite Employee Fired After Flying Trans Pride Flag ©2025 Bloomberg L.P.
NBC News
12 minutes ago
- NBC News
Trump administration revoked more than 6,000 student visas, State Department says
WASHINGTON — The administration of President Donald Trump has revoked more than 6,000 student visas for overstays and breaking the law, including a small minority for 'support for terrorism,' a State Department official said Monday. The move, first reported by Fox Digital, comes as the Trump administration has adopted a particularly hard-line approach toward student visas as part of its immigration crackdown, tightening social media vetting and expanding screening. Directives from the State Department this year have ordered U.S. diplomats abroad to be vigilant against any applicants whom Washington may see as hostile to the United States and with a history of political activism. Around 4,000 visas were canceled because the visitors broke the law, with the vast majority being assault, the official said. Driving under the influence of alcohol and drugs and burglary were other offenses, the official added. About 200 to 300 visas were revoked for terrorism, the official said, citing a rule about visa ineligibility under the State Department's Foreign Affairs Manual. The rule identifies ineligibility grounds generally as 'engaging in terrorist activities' and 'having certain links to terrorist organizations.' The official did not say which groups the students whose visas have been revoked were in support of. Trump has clashed with several top-level U.S. universities, accusing them of becoming bastions of antisemitism following large-scale student protests advocating Palestinian rights amid the Gaza war. In his clash with Harvard, Trump has frozen funding for investigations and threatened to remove the university's tax-exempt status, prompting several European nations to increase research grants to attract talent. Secretary of State Marco Rubio has said he has revoked the visas of hundreds, perhaps thousands of people, including students, because they got involved in activities that he said went against U.S. foreign policy priorities. Trump administration officials have said that student visa and green card holders are subject to deportation over their support for Palestinians and criticism of Israel's conduct in the war in Gaza, calling their actions a threat to U.S. foreign policy and accusing them of being pro-Hamas. A Tufts University student from Turkey was held for over six weeks in an immigration detention center in Louisiana after co-writing an opinion piece criticizing her school's response to Israel's war in Gaza. She was released from custody after a federal judge granted her bail.
CNN
42 minutes ago
- CNN
Trump wants DC to charge 14-year-olds as adults. Here's where the district's laws stand
As hundreds of federal law enforcement officers and National Guard troops descend on Washington as part of President Donald Trump's public display of force against crime in the nation's capital, the president and his allies have increasingly directed their ire toward the city's juvenile crime laws. More than two weeks after a 19-year-old former DOGE staffer was allegedly assaulted in DC by a group of teens, the president suggested that decades of Democratic leadership in the district were to blame for a system that seems to let violent juvenile offenders off the hook. Youth arrests reached a post-pandemic high in 2023, before falling the following year, according to DC government statistics. But from January 2025 until the end of June, DC Metropolitan police had arrested juveniles at the highest rate in that time period since 2019. 'Local 'youths' and gang members, some only 14, 15, and 16-years-old, are randomly attacking, mugging, maiming, and shooting innocent Citizens, at the same time knowing that they will be almost immediately released,' Trump said on Truth Social earlier this month. 'The Law in DC must be changed to prosecute these 'minors' as adults, and lock them up for a long time, starting at age 14.' Trump and US Attorney for the District of Columbia Jeanine Pirro's criticism of DC's juvenile justice system highlights a longstanding rift between the US attorney's office and that of the DC attorney general, which prosecutes juvenile offenses in the district. The district's current laws don't allow juvenile offenders younger than 15 to be prosecuted as adults in the vast majority of cases. But offenders under 18 can still end up in the adult justice system in one of two ways. Federal prosecutors from the DC US attorney's office can unilaterally charge 16 and 17-year-olds as adults when facing four of the most serious criminal charges on the books: murder, sexual assault, armed robbery, and assault with conspiracy to commit the three offenses. Alternatively, the district's attorney general's office – which has jurisdiction over most juvenile crimes – can petition a judge to charge juvenile offenders 15 and up as adults but must prove that the defendant lacks 'reasonable prospects for rehabilitation' in the juvenile system. In a statement, a spokeswoman for the DC attorney general's office touted the office's prosecution rates for violent juvenile offenses, writing that the office 'prosecutes all serious and violent crimes committed by juveniles where we have the evidence required to do so, and we seek to hold young people accountable if they harm others.' Trump ally Pirro, who was confirmed this month as US Attorney for DC, has targeted three laws to change or overturn. The top DC federal prosecutor last week attacked the district's 2018 Youth Rehabilitation Act, which was enacted to 'separate youth offenders from more mature, experienced offenders,' citing the case of a 19-year-old who shot another Metrobus passenger and was sentenced to probation under the act. The law raised the upper age limit of juvenile offenders for sentencing purposes from 22 to 24 in 2018 – and permits judges to seal convictions after offenders serve their sentences, except in cases of homicide and sexual abuse. Pirro similarly criticized the 2021 Incarceration Reduction Amendment Act, which lets all offenders convicted before age 25 to ask for a sentencing reduction after serving 15 years in prison. The law requires judges to evaluate 11 factors – ranging from the defendant's own childhood abuse history and mental health evaluations to victims' statements – in determining whether the petitioner poses a danger to any community member, and that the 'interests of justice' warrant a sentence modification. 'I know evil when I see it, no matter the age – and the violence in DC committed by young people belongs in criminal court, not family court,' Pirro said in a statement to CNN. 'We're not dealing with kids who need a pat on the back – we're dealing with a wave of brutal violence that demands a serious response. While others debate causes, families are burying loved ones, and the only way to stop this is to treat violent offenders like the criminals they are.' She also claimed that the 2022 Second Chance Amendment Act allows for the 'stunning erasure of criminal convictions' by allowing all defendants to move for certain criminal convictions to be sealed or expunged. Some criminal justice experts and local officials say that Trump and Pirro's vision for DC is out-of-date and harkens back to the rhetoric of historic crime waves in the 1990s. Compared to their counterparts at the US attorney's office, the DC attorney general's office 'is much more grounded in research about what works and what doesn't work and about what is developmentally appropriate,' said Eduardo Ferrer, an associate professor of law and policy director of the Juvenile Justice Initiative at Georgetown University. 'I'm not prepared to just throw away the key on our young people, and most people are not,' said DC Councilmember Christina Henderson, adding that she believes that attacks largely ignore the complexities of the city's justice system. 'I feel strongly that the district should be able to make that decision for themselves, because these are our kids.'
