Fed Chair Powell Says Pres. Trump's Policies Could Impact Economy
"Balance of Power" focuses on the intersection of politics and global business. On today's show, Christopher Smart, Arbroath Group Managing Partner, discusses the Federal Reserve's decision to hold rates and Fed Chair Jerome Powell saying President Trump's policies could impact the economy. Rep. Debbie Wasserman Schultz (D) Florida, discusses voter's frustrations over GOP lawmakers at town halls and what Democrats are doing to fight back against President Trump and the passing of the GOP backed spending bill. Fired FTC Commissioner Rebecca Kelly Slaughter talks about the Trump administration dismissing her and Alvaro Bedoya as commissioners of the US Federal Trade Commission. (Source: Bloomberg)
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13 minutes ago
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Can Fashion's ‘Bridges' Overcome Its ‘Barriers'?
Even Queen Mary of Denmark had nothing to say at this year's Global Fashion Summit, perhaps the industry's most boldface of sustainability conclaves. The longtime patron of the Global Fashion Agenda typically delivers a brief speech to kick things off, usually along the lines of the need for collective action for transformation to occur. Or she might joke about her daughters stealing her shoes as a form of reuse. Somewhere between the opening smooth-jazz jam and a H&M Foundation-helmed panel on operationalizing circularity, however, the royal consort slipped away from her front seat at the Copenhagen Opera House, her exit barely announced by the fading click of her stilettos. More from Sourcing Journal Refiberd Wins Trailblazer 2025 With AI-Powered Textile Recycling Global Fashion Agenda's Innovation Incubator Returns, Opens Call for Solutions What Will a Second Trump Term Mean for Fashion's Sustainability Ambitions? It was a stealthy retreat that, inadvertently or not, reflected the muted mood of the two-day conference, which one attendee described as 'somber,' another as 'a bit flat' and a third as evocative of a 'palpable decline of interest.' Fewer high-level brands abounded, a consequence of throttled travel budgets, a fear of appearing overtly political—and potentially ticking off a certain White House inhabitant—and cannibalization by concurrent events such as SXSW's first London foray and, we were told, an especially buzzy textile recycling expo in Brussels where shoulders were slapped and hands shaken over business deals. For the thousand or so people who converged on Copenhagen, just a hair fewer than those who turned up for last year's 15th anniversary, there was very little to feel celebratory about. Geopolitical turmoil, tariff uncertainty and environmental deregulation hung heavily in the air. Even attempts to put a positive gloss on corporate efforts that were already lagging before the rightwing shift in both Europe and the United States, but could now be actively backsliding, felt more perfunctory than usual. The same week, a analysis of more than 40 apparel companies found that 40 percent increased their carbon footprint versus their baseline, outlapping those on a 1.5-degree Celsius trajectory by a nearly six-to-one margin. In the latest iteration of the International Trade Union Confederation's global rights index, data showed a 'sharp escalation' in violations of fundamental labor rights, including freedom of association and collective bargaining. 'Apparently more was happening in the roundtables,' one attendee said of the closed-to-press executive-level sessions, which had the likes of Kering diving into what a just transition means in the age of climate change, Target speaking about moving production closer to consumer markets and The Fashion Pact hosting a conversation about corporate financial engagement in decarbonization. The more accessible stages—the concert hall, 'action' and 'ignite'—stuck to broader, more anodyne issues such as fiber innovations, resale, regenerative materials and the gender pay gap. The biggest ripple in all that taut placidity was occasioned by Veja co-founder Sébastien Kopp, who described sustainability as a 'bag of vomit.' Kalpona Akter's heartfelt description of garment workers' struggles in Bangladesh produced little response and, by the time the 'celebration dinner' rolled around, no offers of help that might relieve her organization's loss of funding from the U.S. Agency for International Development, or USAID for short. Eileen Fisher's call for everyone to 'show up more and collaborate more' offered a burst of inspiration. Things flattened from there. 'Some feedback I heard is that some people feel the brands are too restrained and they prefer the speakers that are more candid and speak more openly,' an attendee said. But the event's dour note was hardly unexpected. There is simply no way to spin the current climate, whether political, environmental or otherwise, no matter how many times someone insists that there is no business on a dead planet. For brands grappling with the existential threat of tariffs, sustainability has dropped several rungs in priority. The Trump administration's crackdown on so-called 'woke' notions such as climate action or DEI in the United States isn't even the half of it. In Europe, the omnibus package, a series of amendments designed to simplify—and many say water down—the corporate sustainability due diligence directive, the corporate sustainability reporting directive and other legislative instruments, threatens to unravel years of progress holding corporations liable for their environmental and social impacts. It's still unclear how other forthcoming regulations involving extended producer responsibility, greener design requirements and traceability compliance will play out. 'There's a general backlash on sustainability in Brussels,' Lara Wolters, the Dutch politician who was the European Parliament's lead negotiator on the CSDD, said at a pre-game policy masterclass at the Danish Architecture Center. 'None of this is for a good reason, but maybe to take a step back. What the Commission has done is roll out a deregulatory agenda under pressure from a lot of large lobby groups in some of the member states. The intention, I think, is to give a political signal that we, too, are going to do things differently. I would even call it a sort of 'Trump Lite.'' She said that the result of this reversal would be more paperwork and less impact, especially for small and medium-sized enterprises. For the politicians who have been clamoring for fewer guardrails, however, the 'intention is to do things as fast as possible, never mind the consequences.' Across the Atlantic, the Trump administration has pulled the United States out of the Paris Agreement (again), dismantled critical climate safeguards and obliterated other regulations governing clean water, toxic pollutants and wildlife. It has clawed back most forms of foreign assistance, including grants for programs that strengthened workers' rights and combated child and forced labor. 'I spent a good chunk of my flight over breaking through President Trump's proposed 2026 budget,' said Chelsea Murtha, senior director of sustainability at the American Apparel & Footwear Association. 'And, of course, USAID is completely eliminated, and a lot of the functions that it had are not even fully being transposed over to the State Department. The U.S., in particular, was a very large funder of the [International Labour Organization's] Better Work program, and all of that funding is gone now.' The outcome has been a 'sort of paralysis,' she said. Brands, squeezed by higher import costs, are hard-pressed to fill the breach. And while individual states could step up with rulemaking to counter the White House's actions, there's also only so much they can do. 'It's not like they can't step in and do things, but they're constricted in their authorities,' she said. 'They cannot negotiate trade deals, and they can't control imports. They can pass EPR programs, because EPR programs regulate products within their state, but what they can't do is institute something like an export ban.' On the first day of the Global Fashion Summit, themed 'Barriers and Bridges,' Federica Marchionni, CEO of Global Fashion Agenda, didn't mince words, either, calling this an 'extremely challenging time for sustainability' that is hampering fashion's ability to be a 'force for good.' At the same time, she said, the only certainty in an uncertain world is climate change. And a 'strong absence' of leadership requires 'collective courage' to build supply chain resilience. The few suppliers who spoke—their attendance likely, again, constrained by a lack of financial wherewithal—alluded to their struggles. 'The volumes are lower than they used to be a couple of years ago,' said Attila Kiss, CEO of Gruppo Florence, an integrated manufacturing hub in Italy. 'The brands are asking for lower prices because they have pressure on the margins. And from the other side, we have all the ethical issues, the social issues to manage.' In a panel that discussed Arvind Limited and Fashion for Good's plans for 'near-carbon-neutral' textile factory in India that would bring online tested and emergent solutions that could collective slash greenhouse gas emissions by as much as 93 percent, Abhishek Bansal, the former's head of sustainability, said that most of the industry's climate mitigation efforts either involve setting targets or pushing the supply chain to do so. 'Unfortunately, I have seen very little money going into helping build the hard assets that are going to actually reduce emissions,' he said. 'If you honestly ask how many industry stakeholders have set aside funds to build plants or invest in technologies to achieve those targets, I think you can count them on the fingers of one hand.' 'It's a big thing to say,' Bansal added quietly, 'but I don't think we are going to meet 2030 targets.' The dearth of representation—from suppliers, from economists, from investors—was noticeable, more than one attendee said. Speaking to an audience, Tara St. James, senior director of sustainability at the Canadian retailer Moose Knuckles, said that brands could take more responsibility for fostering inclusion by bringing their suppliers to conferences or having them speak on panels with them or in their stead. 'We talk about making changes in our supply chain, which is where most of the impact is, but then we don't invite suppliers into every conversation,' one attendee said. 'And when we do, it's usually farmers and manufacturers, which is great, but I want to hear from a mom-and-pop mill, a dye house. I want more doers on the panels. And that includes more brands.' Yayra Agbofah, founder and creative director of The Revival, an organization that tackles global textile waste in Ghana, including through the Global Change Award-winning Revival Circularity Hub, said there's a difference between being ready—say, for circularity—and showing readiness based on actions. Fulfilling the second part requires reexamining fashion's business model, which he described as a failure because it fails to recognize communities like Accra's secondhand Kantamanto Market as stakeholders. 'We are dealing with the waste we didn't create, and not having a decision on how to deal with this crisis is a big problem,' he said. 'We need to be part of the decision-making. We shouldn't be left out and be an afterthought.' It was during the Q&A portion of Agbofah's panel that Brooke Roberts-Islam, a sustainable fashion journalist and consultant, nearly leaped out of her chair. Just minutes before, Golnaz Armin, vice president of color and materials at Nike, was speaking about the footwear giant's efforts to 'imagine and create meaning' with post-consumer waste. She said that Nike's size was both its advantage and disadvantage. 'Kantamanto is the only example of a scaled circular economy,' Roberts-Islam said. 'It seems so strange to have this framing of 'Why can't we scale this up for Nike because we're such a large organization?' and, you know, a lot of Nike products end up in Accra. Kanatamanto has tens of thousands of businesses that do this. They know the answer, and Nike says you're trying to find the answer, so can you, Yayra, give Nike the answer?' One of the most incisive sentiments of the conference was uttered during the very first session, but it remains to be seen if it made an impression. 'Someone told me once that a wall lying down is actually a bridge,' said Christiane Dolva, head of innovation, research and demonstration at H&M Foundation. 'I think that some of the barriers that a lot of us feel that we're running into, which literally can be like running into the wall, can be part of the solution if we shift our perspective. We need to shift our perspective.'
Yahoo
13 minutes ago
- Yahoo
Trump Unironically Attends 'Les Misérables' As Protests Spread
As protests against his immigration policies balloon nationwide, President Donald Trump is seeing one of his favorite musicals on Wednesday night: 'Les Misérables,' the story of an anti-government uprising, abusive police and harsh imprisonment. Trump is going to opening night of the famous musical's one-month run at Washington, D.C.'s John F. Kennedy Center for the Performing Arts, whose entire board of trustees he replaced in February and had them name him chairman. 'We've seen it many times,' Trump said upon arriving at the Kennedy Center with first lady Melania Trump. 'Love it. One of my favorites.' When a reporter asked him which side of the musical's conflict he most identified with, Trump laughed and refused to answer. 'That's tough. You better answer that one, honey,' he said, gesturing to the first lady. 'I don't know.' When another reporter asked how he felt about reports that some of the 'Les Misérables' cast would be boycotting the night of his performance, Trump said he 'couldn't care less.' 'All I do is run the country well,' he retorted. Trump received a mixture of cheers and boos when he took his seat at the theater. His attendance comes after he deployed National Guard troops to face largely peaceful protesters in Los Angeles and announced he was sending in Marines, despite pushback from local leadership. 'Les Misérables,' the musical based on the 1862 novel of the same name, tells the story of French peasant Jean Valjean after he emerges from a 19-year prison sentence for stealing a loaf of bread for his niece. Much of the musical centers around student demonstrations against the French monarchy. One of the musical's most recognizable songs ― 'Do You Hear The People Sing?' ― has a long history as an anthem at pro-democracy demonstrations. It's also an apparent favorite of Trump's, as he played the song right before walking onstage to announce his third presidential run in 2022. Several drag performers also attended the show Wednesday night to protest Trump, who announced in February there would be 'NO MORE DRAG SHOWS, OR OTHER ANTI-AMERICAN PROPAGANDA' at the Kennedy Center going forward. They received applause as they walked in to the theater, social media videos show. Vagenesis, whose government name is Anderson Wells, was one of the planned attendees. 'Theater is supposed to be a place of community, a place of storytelling, a place of celebration, joy, catharsis and it should be open and available to all,' Vagenesis told NPR on Wednesday. Trump's former Vice President Mike Pence similarly caused a stir when he went to see 'Hamilton' shortly after winning the 2016 election. He was loudly booed when he arrived at the Manhattan theater. When Pence was trying to exit the theater after the final curtain call, actor Brandon Dixon, who was playing the part of Aaron Burr, asked him to stay and delivered a message to him. 'We, sir, we are the diverse America, who are alarmed and anxious that your new administration will not protect us, our planet, our children, our parents or defend us and uphold our inalienable rights,' Dixon said. 'We truly hope that this show has inspired you to uphold our American values and to work on behalf of all of us,' he continued. Pam Bondi Warns Of More Arrests In California Amid Protests Against Immigration Raids Karoline Leavitt Snaps At Reporter For 'Stupid Question' About Peaceful Protests There's Growing Anger Over Flags Flown At LA Protests. Here's What Everyone Is Getting Wrong.
Yahoo
13 minutes ago
- Yahoo
Family of former Fort Novosel namesake believes new order is a slap in the face: ‘I am just appalled'
Ft. Novosel, Ala. (WDHN) — President Donald Trump announced on Tuesday that his administration would work to change the names of seven Army bases, including Fort Novosel, that previously bore the names of Confederate Army officers. K. Denise Rucker Krepp, a cousin of Confederate Colonel Edmund Rucker, for whom Fort Novosel was previously named, believes the order from President Trump to restore the names of army bases is a step backward, despite the base being named in honor of a different Rucker. 'Rucker is not that important. My family committed treason,' Krepp said. 'We should not be looking to the past. Why are you doing this, and as a Rucker, I am just appalled.' Trump says he will reverse Fort Novosel name change After almost two years, with the base renamed to Fort Novosel, President Trump called for all Army bases that had their names changed in 2023 under the previous administration to revert to their original names. 'We won a lot of battles out of those forts, it's no time to change,' President Donald Trump said. 'It was a gut punch, it hurts, and it was quite sad. My family committed treason, lost a war, and an American base in the United States should have never been named in honor of one of my family members,' Krepp said. The base was renamed in honor of Chief Warrant Officer 4 Michael Novosel Sr., a local Army aviator who served in three wars and saved 29 soldiers during a medevac mission. It will now be in honor of a Missouri native, Captain Edward Rucker, a distinguished service cross recipient pilot for extraordinary heroism in World War 1. Fort Novosel to be reverted to Fort Rucker with new namesake. Who is it? 'It's being named for him because of his last name, not about what he did — Novosel was a hero, and that's who it should be named after,' Krepp said. 'Heartbreaking to see the disrespect to Vietnam veterans. Novosel was a Vietnam veteran, and when you take his name off it's disrespectful to his family and everybody who fought,' She added. Krepp encourages people to do research on Novosel, and she says, despite the name change, she will still refer to it as Fort Novosel. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
