GOP Megabill Boosts Wealthy Households While Hurting Poor, CBO Says
Middle-income Americans also would see gains from President Trump's agenda of tax reductions and spending cuts.
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USA Today
30 minutes ago
- USA Today
US appeals court won't reconsider Trump's $5 million loss to E. Jean Carroll
US appeals court won't reconsider Trump's $5 million loss to E. Jean Carroll A divided 2nd U.S. Circuit Court of Appeals has left intact its Dec. 30 decision upholding a $5 million verdict against Donald Trump Show Caption Hide Caption Judges deliberating on Trump's E. Jean Carroll appeal Judges are deliberating on whether the jury that awarded E. Jean Carroll $5 million should have been allowed to hear other allegations. NEW YORK, June 13 (Reuters) - Donald Trump failed to persuade a federal appeals court to reconsider the $5 million verdict won by E. Jean Carroll after a jury found that the U.S. president sexually abused and defamed the former magazine columnist. A divided 2nd U.S. Circuit Court of Appeals in Manhattan on June 13 left intact its Dec. 30, 2024, decision upholding the jury award. Carroll, now 81, accused Trump of attacking her around 1996 in a Bergdorf Goodman department store dressing room in Manhattan, and defaming her in an October 2022 Truth Social post by denying her claim as a hoax. More: Trump loses appeal of sexual abuse and defamation judgment in E. Jean Carroll case Jurors decided in May 2023 that Trump had sexually assaulted Carroll, and defamed her by lying. They did not find that Trump raped Carroll, as she had claimed. More: Did Donald Trump rape E. Jean Carroll? Here's what a jury and judge said. In seeking reconsideration, Trump maintained that the trial judge erred in letting jurors review the 2005 "Access Hollywood" video of him bragging about his sexual prowess, and a "pile-on" of inflammatory evidence that he mistreated two other women. One, businesswoman Jessica Leeds, said Trump groped her on a plane in the late 1970s. The other, former People magazine writer Natasha Stoynoff, said Trump forcibly kissed her at his Mar-a-Lago estate in 2005. Trump has denied their claims. More: Jury finds Donald Trump liable in civil sex abuse case of E. Jean Carroll Trump, who turns 79 on June 14, is separately appealing an $83.3 million jury verdict in January 2024 for defaming Carroll and damaging her reputation in June 2019, when he first denied her claim about the Bergdorf encounter. The president is arguing in that appeal that the U.S. Supreme Court's decision last July providing him substantial criminal immunity shields him from liability in Carroll's civil case. In his 2019 and 2022 denials of Carroll's accusations, Trump said she was "not my type" and had made up the rape claim to promote her memoir.
Yahoo
32 minutes ago
- Yahoo
Foxconn Ships 97% of India-Made iPhones to U.S.
Apple's (NASDAQ:AAPL) efforts to sidestep steep U.S. tariffs on China-made handsets are crystalizing in India, where Foxconn shipped roughly 97% of its $3.2 billion in iPhone exports to the U.S. between March and Mayup from a 50.3% U.S. share in 2024. May alone saw about $1 billion of India-made iPhones land stateside, the second-largest monthly tally after March's $1.3 billion, according to customs data. In the first five months of 2025, Foxconn has sent $4.4 billion worth of devices from India to Americaalready surpassing the full-year 2024 total of $3.7 billion. Apple CEO Tim Cook told investors that most iPhones sold in the June quarter in the U.S. would be built in India, part of a broader push to diversify manufacturing beyond China. Foxconn's plants and Tata Electronics' three South India facilitieswhere 86% of their March-April output also went to the central to that strategy. Apple has even lobbied Chennai airport officials to cut customs clearance times from 30 hours to six, smoothing the export pipeline. While India faces its own tariff negotiationsa baseline 10% import duty and a paused 26% surcharge proposed by the Trump administrationApple's shift underscores how global supply chains are realigning around tariff arbitrage. In parallel, former President Trump has threatened 25% levies on iPhones not made in the U.S. and floated 55% duties on Chinese goods, highlighting the political stakes. Why It Matters: With India becoming a primary export hub for U.S. iPhone sales, Apple could trim tariff drag and fortify its supply resiliencebut must navigate evolving duties and geopolitical headwinds. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
33 minutes ago
- Yahoo
Defense stocks trade higher after Israel airstrikes in Iran raise Middle East tensions
Defense stocks climbed early Friday after Israel launched a series of airstrikes on Iran, raising tensions in the Middle East and heightening fears of a broader regional conflict. Lockheed Martin (LMT) stock gained as much as 3% early Friday, while shares of Northrop Grumman (NOC) and RTX (RTX) rose closer to 2%. The three companies supply weapons to Israel through their contracts with the US government. US stocks were lower at the open, with the S&P 500 and Nasdaq off about 0.7% while the Dow fell 1.1%. Overnight futures fell nearly 2% in immediate reaction to Israel's airstrikes, which were first reported near 8:00 p.m. ET on Thursday. Oil prices were the biggest mover on Friday, rising as much as 8%. Defense stocks have been on the rise over the past year, with Friday's gains bringing RTX stock's gain to north of 35% over the past year, while Northrop Grumman is up 19.5%. Lockheed Martin has risen a more modest 3.9% over that time frame. Palantir (PLTR), a defense contractor that has benefited both from the bid in defense names and its role in the AI boom, traded flat Friday morning. Its stock has soared more than 480% over the last year and is the best performer in the S&P 500 year-to-date. RTX has outperformed Wall Street's expectations since the fourth quarter of 2022. Lockheed Martin and Northrop Grumman have beat analysts' projections in seven and six of those nine quarters, respectively. The Trump administration has promised a $1 trillion budget for US defense but its fiscal 2026 budget looks set to fall short of that goal. On Thursday night, Israel launched what it called a "preemptive strike" against Iran targeting its nuclear facilities. The attacks continued into Friday, killing 78 people in Tehran including Iran's top military leadership. Iran's foreign minister described the attacks as a 'declaration of war' and its supreme leader Ayatollah Ali Khamenei said Israel 'should expect severe punishment.' US President Trump urged Iran to 'make a deal' in a post on Truth Social Friday. 'There has already been great death and destruction, but there is still time to make this slaughter, with the next already planned attacks being even more brutal, come to an end,' he wrote. 'Iran must make a deal, before there is nothing left, and save what was once known as the Iranian Empire. No more death, no more destruction, JUST DO IT, BEFORE IT IS TOO LATE.' Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @ Email her at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
