The Latest: Overnight revisions put Trump's big bill back on track
After the Senate parliamentarian advised that a Medicaid provider tax overhaul central to President Donald Trump's tax cut and spending bill didn't adhere to the chamber's procedural rules, senators worked overnight to revise the bill to meet the president's self-imposed July 4 deadline.
Senate Parliamentarian Elizabeth MacDonough accepted a number of revisions to GOP plans, but the attention falling on MacDonough reflects a broader change in Congress: Lawmakers are increasingly trying to wedge top policy priorities into bills that can't be filibustered. That process comes with special rules designed to deter provisions unrelated to spending or taxes, and that's where the parliamentarian comes in, offering analysis of what does and doesn't qualify.
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CTV News
15 minutes ago
- CTV News
How Wall Street powered to a record high and what comes next
Anthony Matesic works on the floor at the New York Stock Exchange in New York, Wednesday, April 30, 2025. (AP Photo/Seth Wenig) A trade war. A real war with bombs dropped in the Middle East. A barrage of insults hurled by the president of the United States at the head of the U.S. Federal Reserve. The stock market has powered through all of that in the past few months to set a new record Friday and reward investors who stayed their ground through a volatile stretch. The S&P 500 closed at an all-time high of 6,173. While Wall Street can take a bow — and breath a sigh of relief — there's no let-up ahead. The pause U.S. President Donald Trump put in effect for many tariffs expires in early July. Second-quarter profit reports and upcoming economic indicators could reveal more about the impact of the tariffs that did go into effect. The Fed could face a tricky decision on interest rates. Here's a look at what's happened in markets and what could lie ahead. Tariff shock Trump appeared in the Rose Garden on April 2 and announced steeper-than-expected tariffs on almost all U.S. trade partners. He especially targeted China, eventually raising the duties on imports from China to 145 per cent. Beijing retaliated by raising tariffs on U.S. goods to 125 per cent. Within just four days, the S&P 500 fell about 12 per cent, and the Dow Jones Industrial Average lost nearly 4,600 points, or about 11 per cent. Trump shrugged off the stock market drop but he couldn't ignore the signs of trouble in the bond and foreign exchange markets. Tumbling prices for U.S. government bonds raised worries that the U.S. Treasury market was losing its status as the world's safest place to keep cash. The value of the U.S. dollar also sank in another signal of diminishing faith in the United States as a safe haven for investors. Time to pause On April 9, Trump announced on social media a '90-day PAUSE' for most of the tariffs he'd announced, except those against China. The S&P 500 soared 9.5 per cent for one of its best days ever. In May, the administration struck a trade deal with the United Kingdom. Then came the biggest news: The U.S. and China said that they were temporarily rolling back most of the tariffs they'd imposed on one another. The countries have indicated they've reached a deal, but details are scarce. Markets briefly got spooked when Trump threatened tariffs against the European Union, but he decided to hold off — until July 9 — as the countries negotiate. War and oil The trade war was pushed out of the headline by a real war this month as Israel and Iran attacked each other. The price of oil spiked, threatening to boost inflation and slow the global economy. A U.S. strike on Iranian nuclear facilities was followed by a cease-fire and oil prices dropped sharply. Relieved, Wall Street resumed its climb toward a new record. Trump and the U.S. Fed Trump wants the Fed to lower interest rates. The Fed says it needs to see the impact of Trump's tariffs before it can act. The president has taken to regularly bashing Jerome Powell, whose term as Fed chair expires next year. According to the Wall Street Journal, Trump could name his nominee to replace Powell unusually early, in an attempt to undermine him. The drama could influence trading in the bond and foreign exchange markets, and by extension on Wall Street. The bottom line Strong profit reports for the first quarter helped offset the pressure from tariffs. Soon, companies will report results for the quarter ending June 30. While Wall Street analysts have lowered their expectations for earnings growth for the companies in the S&P 500, they still forecast solid growth of five per cent, according to FactSet. The average quarterly profit growth over the past five years is 12.7 per cent. Some companies withdrew profit forecasts amid the uncertainty created by tariffs, making forecasting even trickier. Tariffs redux? In a sign that stocks are still sensitive to trade developments, the S&P 500 fell briefly Friday afternoon after Trump said he was halting trade negotiations with Canada over its plans to continue with its tax on technology firms. The '90 day PAUSE' with most countries ends July 8. There's considerable uncertainty about what's going to happen after that. Trump's so-called reciprocal tariffs -- aimed at countries with which the United States runs trade deficits and ranging from 11 to 50 per cent -- could snap back into place, something that risks spooking the markets. The president could also say that his negotiators are making progress with some or all of the targeted countries and give them another reprieve. Members of his administration seemed to indicate this week that there is some flexibility in the deadline.
Winnipeg Free Press
24 minutes ago
- Winnipeg Free Press
How Wall Street powered to a record high and what comes next
A trade war. A real war with bombs dropped in the Middle East. A barrage of insults hurled by the president of the United States at the head of the Federal Reserve. The stock market has powered through all of that in the past few months to set a new record Friday and reward investors who stayed their ground through a volatile stretch. The S&P 500 closed at an all-time high of 6,173. While Wall Street can take a bow — and breath a sigh of relief — there's no let-up ahead. The pause President Donald Trump put in effect for many tariffs expires in early July. Second-quarter profit reports and upcoming economic indicators could reveal more about the impact of the tariffs that did go into effect. The Fed could face a tricky decision on interest rates. Here's a look at what's happened in markets and what could lie ahead. Tariff shock Trump appeared in the Rose Garden on April 2 and announced steeper-than-expected tariffs on almost all U.S. trade partners. He especially targeted China, eventually raising the duties on imports from China to 145%. Beijing retaliated by raising tariffs on U.S. goods to 125%. Within just four days, the S&P 500 fell about 12%, and the Dow Jones Industrial Average lost nearly 4,600 points, or about 11%. Trump shrugged off the stock market drop but he couldn't ignore the signs of trouble in the bond and foreign exchange markets. Tumbling prices for U.S. government bonds raised worries that the U.S. Treasury market was losing its status as the world's safest place to keep cash. The value of the U.S. dollar also sank in another signal of diminishing faith in the United States as a safe haven for investors. Time to pause On April 9, Trump announced on social media a '90-day PAUSE' for most of the tariffs he'd announced, except those against China. The S&P 500 soared 9.5% for one of its best days ever. In May, the administration struck a trade deal with the United Kingdom. Then came the biggest news: The U.S. and China said that they were temporarily rolling back most of the tariffs they'd imposed on one another. The countries have indicated they've reached a deal, but details are scarce. Markets briefly got spooked when Trump threatened tariffs against the European Union, but he decided to hold off — until July 9 — as the countries negotiate. War and oil The trade war was pushed out of the headline by a real war this month as Israel and Iran attacked each other. The price of oil spiked, threatening to boost inflation and slow the global economy. A U.S. strike on Iranian nuclear facilities was followed by a cease-fire and oil prices dropped sharply. Relieved, Wall Street resumed its climb toward a new record. Trump and the Fed Trump wants the Fed to lower interest rates. The Fed says it needs to see the impact of Trump's tariffs before it can act. The president has taken to regularly bashing Jerome Powell, whose term as Fed chair expires next year. According to the Wall Street Journal, Trump could name his nominee to replace Powell unusually early, in an attempt to undermine him. The drama could influence trading in the bond and foreign exchange markets, and by extension on Wall Street. The bottom line Monday Mornings The latest local business news and a lookahead to the coming week. Strong profit reports for the first quarter helped offset the pressure from tariffs. Soon, companies will report results for the quarter ending June 30. While Wall Street analysts have lowered their expectations for earnings growth for the companies in the S&P 500, they still forecast solid growth of 5%, according to FactSet. The average quarterly profit growth over the past five years is 12.7%. Some companies withdrew profit forecasts amid the uncertainty created by tariffs, making forecasting even trickier. Tariffs redux? In a sign that stocks are still sensitive to trade developments, the S&P 500 fell briefly Friday afternoon after Trump said he was halting trade negotiations with Canada over its plans to continue with its tax on technology firms. The '90 day PAUSE' with most countries ends July 8. There's considerable uncertainty about what's going to happen after that. Trump's so-called reciprocal tariffs — aimed at countries with which the United States runs trade deficits and ranging from 11% to 50% — could snap back into place, something that risks spooking the markets. The president could also say that his negotiators are making progress with some or all of the targeted countries and give them another reprieve. Members of his administration seemed to indicate this week that there is some flexibility in the deadline.
Winnipeg Free Press
39 minutes ago
- Winnipeg Free Press
Trump administration ends legal protections for half-million Haitians who now face deportations
MIAMI (AP) — The Department of Homeland Security said Friday that it is terminating legal protections for hundreds of thousands of Haitians, setting them up for potential deportation. DHS said that conditions in Haiti have improved and Haitians no longer meet the conditions for the temporary legal protections. The termination of temporary protected status, or TPS, applies to about 500,000 Haitians who are already in the United States, some of whom have lived here for more than a decade. It is coming three months after the Trump administration revoked legal protections for thousands of Haitians who arrived legally in the country under a humanitarian parole program, and it is part of part of a series of measures implemented to curb immigration. Recently, the U.S. Supreme Court overturned a federal judge's order preventing the administration from revoking the parole program. TPS allows people already in the United States to stay and work legally if their homelands are deemed unsafe. Immigrants from 17 countries, including Haiti, Afghanistan, Sudan and Lebanon, were receiving those protections before President Donald Trump took office for his second term in January. President Trump is ending protections and programs for immigrants as part of his mass deportations promises. During his political campaign he said his administration would scale back the use of TPS, which covered more than 1 million immigrants. His campaign highlighted unfounded claims that Haitians who live and work legally in Springfield, Ohio, as TPS holders were eating their neighbors' pets. Hundreds of thousands of Venezuelans and some Afghans have been told already that they're losing their TPS status. Some of the Haitians who benefit from TPS have requested asylum or other lawful immigration status that could protect them from deportation, although it is not clear how many could be left without any relief. 'This decision restores integrity in our immigration system and ensures that Temporary Protective Status is actually temporary,' a DHS spokesperson said. 'The environmental situation in Haiti has improved enough that it is safe for Haitian citizens to return home.' The Department of State, nonetheless, has not changed its travel advisory and still recommends Americans 'do not travel to Haiti due to kidnapping, crime, civil unrest, and limited health care.' Temporary protected status for Haitians expires on Aug. 3, and the termination will be effective on Sept. 2, Homeland Security Secretary Kristi Noem said. DHS advised TPS holders to return to Haiti using a mobile application called CBP Home. Frantz Desir, 36, has been in the U.S. since 2022 on asylum, but he says he is concerned by the Trump administration's decision to terminate TPS. 'You see your friends who used to go to work every day, and suddenly—without being sick or fired—they just can't go anymore. It hits you. Even if it hasn't happened to you yet, you start to worry, 'What if it's me next?'' Desir says his asylum court date was set for this year, but the judge rescheduled it for 2028. Desir lives in Springfield, Ohio, with his wife and two children, and he works in a car parts manufacturing plant. ——- AP reporter Obed Lamy contributed from Indianapolis
