Fort Gregg-Adams to be named Fort Lee once again, but this time honoring a different Lee
The Defense Department announced June 10 that the Prince George County military installation will once again bear the name "Fort Lee" two years after it was changed as part of the process of removing the names of Confederate Civil War heroes. Only this time, the original honoree – Robert E. Lee – will not be memorialized.
Instead, the post will be named for Army Private Fitz Lee, a Dinwiddie County native and part of the Army's 'Buffalo Soldier' division for soldiers of color. Lee received the Medal of Honor for bravery in the Spanish-American War when he risked enemy fire to save wounded comrades in Cuba.
Lee became ill shortly after the rescue and died in 1899 at the age of 33. He is buried in the national cemetery in Leavenworth, Kansas.
The name change is expected to take place immediately.
More: Will Fort Gregg-Adams be renamed? Why a change might be difficult in Virginia
The Defense Department announced the changes shortly after President Donald Trump's appearance at Fort Bragg, North Carolina, where he said he would push for the renamings. At the end of his first term in 2020, Trump vetoed the defense authorization bill that including the name-change requirement, but Congress overrode it.
'We won a lot of battles out of those forts — it's no time to change," Trump said. "And I'm superstitious, you know, I like to keep it going right."
In addition to Fort Lee's revision, the Defense Department said two other renamed posts in Virginia – Fort Walker in Caroline County and Fort Barfoot in Nottoway County – will be changed back to Fort A.P. Hill and Fort Pickett, respectively. Just like with Fort Lee, the new names will not honor Confederate heroes.
Fort Pickett will be named for 1st Lt. Vernon W. Pickett, a Distinguished Service Cross recipient during World War II. The new Fort A.P. Hill will recognize three Civil War Medal of Honor recipients from the Union Army – Lt. Col. Edward Hill, First Sgt. Robert A. Pinn and Pvt. Bruce Anderson. All three received Medals of Honor at separate Civil War battles in Virginia and North Carolina.
More: Retired Lt. Gen. Arthur Gregg, for whom Fort Lee's name was changed, dies at 96
More: Fort Lee will change 27 names in transition to Fort Gregg-Adams later this month
The move was decried by Rep. Jennifer McClellan, D-Virginia, who called it 'a slap in the face to the thoughtful process' of renaming the posts.
The original defense authorization bill threatened to withhold funding to any military installation that did not remove the Confederate name. As a result, the Pentagon's Naming Commission vetted names to reflect diversity and inclusion.
Chosen for Fort Lee was Fort Gregg-Adams in honor of the late Lt. Gen. Arthur Gregg, a pioneer in military sustainment [one of the post's core missions], and the late Col. Charity Adams, who led the first all-Black women Army regiment in World War II. It was the first time two former Black military officers would be remembered with a base name.
'It's profoundly disappointing,' McClellan said of the decision. 'The Naming Commission went through a thorough, thoughtful process to choose the names.'
Trump's decision, McClellan said, was a 'waste of that effort.' It was done unilaterally and without any community input.
'It's simply political theater,' McClellan said, noting the timing of the announcement to the commemoration of the Army's 250th anniversary this year. It also precludes ceremonies scheduled for June 13 to rededicate the fort's drop zone for paratrooper training and the readjustment of the post's borders to allow unfettered public access to visitors at the post's museums.
McClellan said the move also dishonors the legacy of her predecessor in Congress, Democratic Rep. Donald McEachin. McEachin pushed hard for Fort Lee to be named after Gregg, an old family friend, but he died before the name became official.
'It erodes it, and that's a shame,' McClellan said of McEachin. 'But his legacy will live on in other areas.'
Bill Atkinson (he/him/his) is an award-winning journalist who covers breaking news, government and politics. Reach him at batkinson@progress-index.com or on X (formerly known as Twitter) at @BAtkinson_PI.
This article originally appeared on The Progress-Index: Fort Gregg-Adams becomes Fort Lee after Trump pushes for renaming
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Not everyone on Wall Street is still convinced a cut is coming Trump's tariffs hit automakers with $11.7B blow — and rising Tesla disbands Dojo supercomputer team in blow to AI effort US sparks fresh turmoil in gold with surprise tariff Firefly stock loses altitude after sizzling stock market debut TSMC's July sales grow 26% on sustained demand for AI chips Under Armour forecasts downbeat quarterly sales, shares drop Intel CEO dogged by decades of China chip bets, board work China defends buying Russian oil after Trump's tariff threat SoftBank buys Foxconn's Ohio plant to jumpstart Stargate AI push Tesla CEO Elon Musk disbands Dojo supercomputer team Tesla (TSLA) stock fell 0.2% in premarket trading following news that CEO Elon Musk is shutting down the company's Dojo team, its multibillion-dollar supercomputer unit that was viewed as central to the company's AI efforts. Bloomberg reports that Peter Bannon, who was heading up Dojo, is leaving Tesla. Dojo also lost about 20 workers recently to DensityAI, a stealth startup created by ex-Tesla executives. The remaining Dojo employees are being reassigned to other compute projects within Tesla. Musk previously called Dojo "a long shot," but one worth taking. Now, Tesla plans to rely on partners like Nvidia (NVDA) and Advanced Micro Devices (AMD) for training its AI models and machine learning that go into electric vehicles' Full Self-Driving software and Optimus robots. Tesla also announced a $16.5 billion deal last month with Samsung to secure AI chips through 2033. Read more here. Tesla (TSLA) stock fell 0.2% in premarket trading following news that CEO Elon Musk is shutting down the company's Dojo team, its multibillion-dollar supercomputer unit that was viewed as central to the company's AI efforts. Bloomberg reports that Peter Bannon, who was heading up Dojo, is leaving Tesla. Dojo also lost about 20 workers recently to DensityAI, a stealth startup created by ex-Tesla executives. The remaining Dojo employees are being reassigned to other compute projects within Tesla. Musk previously called Dojo "a long shot," but one worth taking. Now, Tesla plans to rely on partners like Nvidia (NVDA) and Advanced Micro Devices (AMD) for training its AI models and machine learning that go into electric vehicles' Full Self-Driving software and Optimus robots. Tesla also announced a $16.5 billion deal last month with Samsung to secure AI chips through 2033. Read more here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. New York gold futures spike over spot price after tariff shock Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Oil heads for worst run since 2021 as traders discount US curbs Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Sign in to access your portfolio
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Trump tariffs live updates: US-China deadline, looming court ruling on Trump's authority in focus
The US and China face an Aug. 12 deadline to extend their tariff pause as Trump amps up threats of higher duties, citing China's purchase of Russian oil. China defended its Russian oil buys, with the the Chinese Foreign Ministry saying Friday that it is "legitimate and lawful for China to conduct normal economic, trade and energy cooperation with all countries around the world, including Russia." Trump is reportedly nearing a face-to-face meeting with Russian President Vladimir Putin, but he has amped up threats on countries buying oil from Russia as he seeks an end to the war in Ukraine. This week, Trump doubled tariffs on India, citing its oil purchases. Meanwhile, Trump is preparing for a ruling in a court case that will rule on his authority to impose many of his sweeping tariffs. On Friday, he argued that if an appeals court rules against him in the most-watched of several legal battles against his tariffs, it would have devastating economic consequences. "It would be 1929 all over again, a GREAT DEPRESSION," he warned. Trump's sweeping "reciprocal" tariffs hit US trade partners on Thursday — they are most at risk in the legal challenges. You can see the new rates in the graphic below: Meanwhile, during a recent White House event with Apple (AAPL) CEO Tim Cook, he suggested he would impose a tariff of 100% on chips and semiconductors, but hinted at a carveout for companies who build in the US. Trump has unleashed a flurry of deals and trade moves in recent weeks: Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs. Trump hiked tariffs on Canadian imports to 35%, though goods contained in the US-Mexico-Canada agreement are exempt, keeping this hike's impact limited so far. The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country. The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29. Trump imposed a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts. The US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Gold bar tariff surprise gives new blow to Switzerland The US has imposed tariffs on imports of 1kg and 100oz gold bars, unleashing fresh turmoil in the global bullion market. The move threatens trade from Switzerland and other major refining centers. US Customs and Border Protection confirmed that these gold bars are now subject to tariffs, contradicting earlier industry expectations. The Financial Times first reported this change. Bloomberg reports: Read more here. Trump says US court ruling against tariff authority 'would be 1929 all over again' Yahoo Finance's Alexis Keenan reports: Read more here. Carney is patching up ties with Mexico in face of Trump threats Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives. Bloomberg reports: Read more from Bloomberg here. Swiss plane maker Pilatus halts business jet deliveries to US over tariffs Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland. "The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus," the privately held company said. From Reuters: Read more here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. China defends buying Russian oil after Trump's tariff threat China defended its purchase of Russian oil on Friday, pushing back against President Trumps threat to impose higher tariffs on Beijing for buying energy from Moscow. Trump warned both China and India this week and said he would impose higher tariffs on the nations if they didn't stop buying oil from Russia. The US president followed through on his threat by slapping an additional 25% tariff on India, bringing the total to 50%. Bloomberg News reports: Read more here. Japan says US confirms car levy cuts and end to stacking The US has confirmed it would end stacking of universal tariffs on Japan and cut car levies, according to Tokyo's trade negotiator Ryosei Akazawa. Bloomberg News reports: His comments following talks with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent provided some relief amid doubts over the details of the trade deal reached between the two countries last month. The US officials expressed regret that the stacking rule had been applied to Japan despite a verbal agreement, and said Washington would refund any overpaid levies, he said. No time frame was agreed for the implementation, Akazawa said after the meetings. There has so far been no official comment on the latest meetings from the US side. Read more here. Germany's auto association says EU-US trade deal must take effect now Reuters reports: US expects $50B a month in tariff revenues, Lutnick says US Commerce Secretary Howard Lutnick said on Thursday that the US expects $50 billion a month in from tariff revenue as higher duties take effect. Reuters reports: Read more here. India's state refiners pause Russia oil buys as US adds pressure India's state owned oil refiners have started to pull back in their purchase of Russian oil, according to sources. President Trump said this week he will apply a 50% tariff on India due to its Russian oil buys, 25% of that kicks in today. Bloomberg News reports: Companies including Indian Oil Corp. ( Bharat Petroleum Corp. ( and Hindustan Petroleum Corp. plan to skip spot purchases of the crude in the upcoming buying cycle, until there's clear government guidance, said the people, who asked not to be identified as they aren't authorized to speak publicly. That will affect buying of the Russia's Urals cargoes for October-loading, they added. The global oil market has zeroed in on India's crude purchasing after President Donald Trump doubled the levy on all Indian exports to the US as a direct punishment for the country's refiners taking Russian crude. The escalation — which hasn't yet been matched by similar action against China, another major buyer — is meant to pressure on Moscow to end the war in Ukraine. Read more here. When soccer and tariffs collide Swiss political figures are calling on FIFA's head honcho, Gianni Infantino, to help sway President Trump when it comes to tariffs. The FT reports: Read more here. Apple expands 18-year-old iPhone glass deal in bid to avoid Trump tariffs Apple (AAPL) CEO Time Cook is trying to stay in President Trump's good graces, but the tactics he's using are far from new. Apple stock climbed on Thursday premarket by almost 3% on its latest investment announcement. Bloomberg News reports: Read more here. Confusion over tariff stacking hampers Japan's bid to pin down US trade deal Bloomberg News reports: Read more here. Trump says billions of dollars will now 'flow' into the US due to tariffs President Trump took to his social media platform Truth Social on Thursday and boasted of the billions of dollars that will now flow into the US due to tariffs. "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" Trump wrote. Trump wrote that this money will come from countries he claims has taken advantaged of the US for years. ."RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA." Trump's sweeping "reciprocal" tariffs hit US trade partners on Thursday when his deadline to strike deals expired at 12:01 a.m ET. Now the world waits to see how these new tariffs will affect the global economy. Toyota warns of $9.5B tariff hit, slashes annual profit forecast Japan's Toyota Motor (TM) stock fell over 1% in premarket trading on Thursday after saying it expected a nearly $10 billion hit from President Trump's tariffs on cars imported into the US. Reuters reports; Read more here. Trump vs Modi: India hits back at US for 50% tariff India's Prime Minister Narendra Modi and his government have fired back at Trump after the US president announced 50% tariffs on the South Asian country. Trump hit India with 50% tariffs, 25% of which will take effect on Thursday, due to India's purchase of Russian oil. Bloomberg News reports: Read more here. TSMC hits record; Taiwan says tech giant exempt from US tariffs Taiwan Semiconductor Manufacturing Co. (TSM) shares rose 5% in premarket trading on Thursday after announcing it will not have to pay 100% tariff on sales to the US. Bloomberg News: Read more here. Trump floats possible tariffs on China for buying Russia oil Bloomberg News reports: Read more here. Trump says he plans to set tariffs on computer chips at 100% President Trump said on Wednesday at a press conference with Apple CEO Tim Cook that he is planning to set a 100% tariff on semiconductor imports. Companies that pledge to invest in manufacturing in the US, however, will be exempt from the tariff. Reuters reports: Read more here. Apple set to dodge bulk of India tariffs Yahoo Finance's Dan Howley reports: Apple CEO Tim Cook has arrived at the White House. He is scheduled to speak with President Trump this afternoon and unveil an additional $100 billion investment in US manufacturing, on top of the $500 billion commitment already pledged by the company. The US has imposed tariffs on imports of 1kg and 100oz gold bars, unleashing fresh turmoil in the global bullion market. The move threatens trade from Switzerland and other major refining centers. US Customs and Border Protection confirmed that these gold bars are now subject to tariffs, contradicting earlier industry expectations. The Financial Times first reported this change. Bloomberg reports: Read more here. Trump says US court ruling against tariff authority 'would be 1929 all over again' Yahoo Finance's Alexis Keenan reports: Read more here. Yahoo Finance's Alexis Keenan reports: Read more here. Carney is patching up ties with Mexico in face of Trump threats Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives. Bloomberg reports: Read more from Bloomberg here. Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives. Bloomberg reports: Read more from Bloomberg here. Swiss plane maker Pilatus halts business jet deliveries to US over tariffs Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland. "The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus," the privately held company said. From Reuters: Read more here. Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland. "The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus," the privately held company said. From Reuters: Read more here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. China defends buying Russian oil after Trump's tariff threat China defended its purchase of Russian oil on Friday, pushing back against President Trumps threat to impose higher tariffs on Beijing for buying energy from Moscow. Trump warned both China and India this week and said he would impose higher tariffs on the nations if they didn't stop buying oil from Russia. The US president followed through on his threat by slapping an additional 25% tariff on India, bringing the total to 50%. Bloomberg News reports: Read more here. China defended its purchase of Russian oil on Friday, pushing back against President Trumps threat to impose higher tariffs on Beijing for buying energy from Moscow. Trump warned both China and India this week and said he would impose higher tariffs on the nations if they didn't stop buying oil from Russia. The US president followed through on his threat by slapping an additional 25% tariff on India, bringing the total to 50%. Bloomberg News reports: Read more here. Japan says US confirms car levy cuts and end to stacking The US has confirmed it would end stacking of universal tariffs on Japan and cut car levies, according to Tokyo's trade negotiator Ryosei Akazawa. Bloomberg News reports: His comments following talks with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent provided some relief amid doubts over the details of the trade deal reached between the two countries last month. The US officials expressed regret that the stacking rule had been applied to Japan despite a verbal agreement, and said Washington would refund any overpaid levies, he said. No time frame was agreed for the implementation, Akazawa said after the meetings. There has so far been no official comment on the latest meetings from the US side. Read more here. The US has confirmed it would end stacking of universal tariffs on Japan and cut car levies, according to Tokyo's trade negotiator Ryosei Akazawa. Bloomberg News reports: His comments following talks with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent provided some relief amid doubts over the details of the trade deal reached between the two countries last month. The US officials expressed regret that the stacking rule had been applied to Japan despite a verbal agreement, and said Washington would refund any overpaid levies, he said. No time frame was agreed for the implementation, Akazawa said after the meetings. There has so far been no official comment on the latest meetings from the US side. Read more here. Germany's auto association says EU-US trade deal must take effect now Reuters reports: Reuters reports: US expects $50B a month in tariff revenues, Lutnick says US Commerce Secretary Howard Lutnick said on Thursday that the US expects $50 billion a month in from tariff revenue as higher duties take effect. Reuters reports: Read more here. US Commerce Secretary Howard Lutnick said on Thursday that the US expects $50 billion a month in from tariff revenue as higher duties take effect. Reuters reports: Read more here. India's state refiners pause Russia oil buys as US adds pressure India's state owned oil refiners have started to pull back in their purchase of Russian oil, according to sources. President Trump said this week he will apply a 50% tariff on India due to its Russian oil buys, 25% of that kicks in today. Bloomberg News reports: Companies including Indian Oil Corp. ( Bharat Petroleum Corp. ( and Hindustan Petroleum Corp. plan to skip spot purchases of the crude in the upcoming buying cycle, until there's clear government guidance, said the people, who asked not to be identified as they aren't authorized to speak publicly. That will affect buying of the Russia's Urals cargoes for October-loading, they added. The global oil market has zeroed in on India's crude purchasing after President Donald Trump doubled the levy on all Indian exports to the US as a direct punishment for the country's refiners taking Russian crude. The escalation — which hasn't yet been matched by similar action against China, another major buyer — is meant to pressure on Moscow to end the war in Ukraine. Read more here. India's state owned oil refiners have started to pull back in their purchase of Russian oil, according to sources. President Trump said this week he will apply a 50% tariff on India due to its Russian oil buys, 25% of that kicks in today. Bloomberg News reports: Companies including Indian Oil Corp. ( Bharat Petroleum Corp. ( and Hindustan Petroleum Corp. plan to skip spot purchases of the crude in the upcoming buying cycle, until there's clear government guidance, said the people, who asked not to be identified as they aren't authorized to speak publicly. That will affect buying of the Russia's Urals cargoes for October-loading, they added. The global oil market has zeroed in on India's crude purchasing after President Donald Trump doubled the levy on all Indian exports to the US as a direct punishment for the country's refiners taking Russian crude. The escalation — which hasn't yet been matched by similar action against China, another major buyer — is meant to pressure on Moscow to end the war in Ukraine. Read more here. When soccer and tariffs collide Swiss political figures are calling on FIFA's head honcho, Gianni Infantino, to help sway President Trump when it comes to tariffs. The FT reports: Read more here. Swiss political figures are calling on FIFA's head honcho, Gianni Infantino, to help sway President Trump when it comes to tariffs. The FT reports: Read more here. Apple expands 18-year-old iPhone glass deal in bid to avoid Trump tariffs Apple (AAPL) CEO Time Cook is trying to stay in President Trump's good graces, but the tactics he's using are far from new. Apple stock climbed on Thursday premarket by almost 3% on its latest investment announcement. Bloomberg News reports: Read more here. Apple (AAPL) CEO Time Cook is trying to stay in President Trump's good graces, but the tactics he's using are far from new. Apple stock climbed on Thursday premarket by almost 3% on its latest investment announcement. Bloomberg News reports: Read more here. Confusion over tariff stacking hampers Japan's bid to pin down US trade deal Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump says billions of dollars will now 'flow' into the US due to tariffs President Trump took to his social media platform Truth Social on Thursday and boasted of the billions of dollars that will now flow into the US due to tariffs. "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" Trump wrote. Trump wrote that this money will come from countries he claims has taken advantaged of the US for years. ."RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA." Trump's sweeping "reciprocal" tariffs hit US trade partners on Thursday when his deadline to strike deals expired at 12:01 a.m ET. Now the world waits to see how these new tariffs will affect the global economy. President Trump took to his social media platform Truth Social on Thursday and boasted of the billions of dollars that will now flow into the US due to tariffs. "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" Trump wrote. Trump wrote that this money will come from countries he claims has taken advantaged of the US for years. ."RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA." Trump's sweeping "reciprocal" tariffs hit US trade partners on Thursday when his deadline to strike deals expired at 12:01 a.m ET. Now the world waits to see how these new tariffs will affect the global economy. Toyota warns of $9.5B tariff hit, slashes annual profit forecast Japan's Toyota Motor (TM) stock fell over 1% in premarket trading on Thursday after saying it expected a nearly $10 billion hit from President Trump's tariffs on cars imported into the US. Reuters reports; Read more here. Japan's Toyota Motor (TM) stock fell over 1% in premarket trading on Thursday after saying it expected a nearly $10 billion hit from President Trump's tariffs on cars imported into the US. Reuters reports; Read more here. Trump vs Modi: India hits back at US for 50% tariff India's Prime Minister Narendra Modi and his government have fired back at Trump after the US president announced 50% tariffs on the South Asian country. Trump hit India with 50% tariffs, 25% of which will take effect on Thursday, due to India's purchase of Russian oil. Bloomberg News reports: Read more here. India's Prime Minister Narendra Modi and his government have fired back at Trump after the US president announced 50% tariffs on the South Asian country. Trump hit India with 50% tariffs, 25% of which will take effect on Thursday, due to India's purchase of Russian oil. Bloomberg News reports: Read more here. TSMC hits record; Taiwan says tech giant exempt from US tariffs Taiwan Semiconductor Manufacturing Co. (TSM) shares rose 5% in premarket trading on Thursday after announcing it will not have to pay 100% tariff on sales to the US. Bloomberg News: Read more here. Taiwan Semiconductor Manufacturing Co. (TSM) shares rose 5% in premarket trading on Thursday after announcing it will not have to pay 100% tariff on sales to the US. Bloomberg News: Read more here. Trump floats possible tariffs on China for buying Russia oil Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump says he plans to set tariffs on computer chips at 100% President Trump said on Wednesday at a press conference with Apple CEO Tim Cook that he is planning to set a 100% tariff on semiconductor imports. Companies that pledge to invest in manufacturing in the US, however, will be exempt from the tariff. Reuters reports: Read more here. President Trump said on Wednesday at a press conference with Apple CEO Tim Cook that he is planning to set a 100% tariff on semiconductor imports. Companies that pledge to invest in manufacturing in the US, however, will be exempt from the tariff. Reuters reports: Read more here. Apple set to dodge bulk of India tariffs Yahoo Finance's Dan Howley reports: Apple CEO Tim Cook has arrived at the White House. He is scheduled to speak with President Trump this afternoon and unveil an additional $100 billion investment in US manufacturing, on top of the $500 billion commitment already pledged by the company. Yahoo Finance's Dan Howley reports: Apple CEO Tim Cook has arrived at the White House. He is scheduled to speak with President Trump this afternoon and unveil an additional $100 billion investment in US manufacturing, on top of the $500 billion commitment already pledged by the company. Sign in to access your portfolio
