Stocks surge after U.S. and China announce pause on most tariffs
Dow stocks soared over 1,100 points after the U.S. and China announced they would lower tariffs for 90 days. Meanwhile, President Trump defended his move to accept a potential offer from Qatar to provide a new Air Force One jet. NBC News' Gabe Gutierrez reports.
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Daily Mail
22 minutes ago
- Daily Mail
Trump ally's support for raising the federal minimum wage could set up a wild showdown with the administration
Top Republican threw his support behind raising the federal minimum wage to $15 per hour in 2026 - and it could spark a showdown with President Trump. The current federal minimum wage is $7.25 per hour, and has not been raised since 2009. Hawley's proposal, called the 'Higher Wages for American Workers Act' is also cosponsored by Senator Peter Welch (D-Vt). 'For decades, working Americans have seen their wages flatline,' Hawley (R-Mo.) told CBS News. 'One major culprit of this is the failure of the federal minimum wage to keep up with the economic reality facing hard-working Americans every day. This bipartisan legislation would ensure that workers across America benefit from higher wages,'the Missouri senator added. Trump has teased lukewarm ideas about potentially raising the federal minimum wage, acknowledging it's 'pretty low' currently. But he's generally favored a state-led approach to the issue rather than stepping in on a federal level. On the campaign trail last year, Trump championed proposals such as eliminating taxes on tips, as well as on overtime wages. Those campaign promises are presently one step closer to becoming policy realities, as they are provisions included in the budget reconciliation package which passed the U.S. House of Representatives before Memorial Day. It's unclear if Hawley has discussed his legislation with the White House and whether Trump is supportive. The Daily Mail has reached out to his team for comment. Ten states, as well as Washington, D.C., have a minimum wage of over $15. Democrat-led California, Connecticut, Delaware, Illinois, Maryland, Massachusetts, New Jersey, New York, Rhode Island and Washington also have the high pay level. Twenty states set their minimum wage at the $7.25 level, 19 of which supported President Donald Trump's reelection last year. In Hawley's home state of Missouri, voters passed a measure last November to raise the state's minimum wage to $15 per hour in 2026. It included provision passed by voters that would also institute annual raises to keep minimum wage increases on pace with inflation was later struck down by the Missouri legislature this spring. Hawley's proposal is not the only one in the Senate aimed at raising the federal minimum wage. Senator Bernie Sanders (I-Vt.) introduced legislation in April to raise the federal minimum wage to $17 per hour by 2030. At the time, Sanders argued that 'the $7.25 an hour minimum wage is a starvation wage. It must be raised to a living wage – at least $17 an hour.' 'In the year 2025, a job should lift you out of poverty, not keep you in it. At a time of massive income and wealth inequality, we can no longer tolerate millions of workers trying to survive on just $10 or $12 an hour. Congress can no longer ignore the needs of the working class of this country. The time to act is now,' Sanders noted in an April press release. Republicans including President Trump are pushing to increase the dollars Americans bring home in their pockets via other methods. Trump's Treasury Secretary Scott Bessent was asked about raising the federal minimum wage at his Senate confirmation hearing earlier this year. At the time, Bessent said that he believes 'that the minimum wage is more of a statewide and regional issue' when answering a question posed by Senator Sanders. The libertarian Cato Institute, a D.C. think tank noted in a 2022 policy guide for lawmakers that 'very few studies find that minimum wages boost employment and that a significant minority find no to small employment effects.
Reuters
an hour ago
- Reuters
US firms launch ETF to capitalize on Trump's deregulation push
June 10 (Reuters) - A group of three investment management firms teamed up to launch an exchange-traded fund that will invest in companies they expect to benefit from deregulation and free capital markets, the partners in the venture said on Tuesday. The Free Markets ETF (FMKT.P), opens new tab, which began trading on the NYSE on Tuesday, will invest in companies in any industry and of any size that its managers think are likely to benefit from the pursuit of deregulation by President Donald Trump in his second administration. "I started thinking about this last summer when the Supreme Court overturned the Chevron doctrine," said Hal Lambert, founder of Point Bridge Capital, one of the three firms that will manage the ETF's portfolio. In June 2024, Supreme Court justices ruled 6-3 to overturn a 1984 decision that had given regulatory agencies latitude to interpret the laws they administer. "That was a massive win for companies dealing with big regulatory burdens, and the fact that Trump won (the election) will allow this deregulation process to happen even more speedily," said Lambert. After the election, Lambert connected with Michael Gayed, portfolio manager for Tactical Rotation Management and Todd Stankiewicz of SYKON Asset Management, to develop the ETF. They partnered with Tidal Investments, a "white label" ETF issuer that provides the platform and operational support for other companies to launch their own branded ETFs. "There just wasn't another product out there that invested in deregulation as a theme," said Gayed, who said the portfolio will include everything from bitcoin and gold to shares in companies that look likely to benefit from deregulation, from mid-sized financial firms to the nuclear energy industry. Its largest holdings include stakes in Uranium Energy Corp (UEC.A), opens new tab, Robinhood Markets (HOOD.O), opens new tab and Old National Bancorp (ONB.O), opens new tab. "This is about profits, not politics," said Gayed, although he added that the current U.S. political trends are what he expects to translate into profits for the ETF's portfolio.
Reuters
2 hours ago
- Reuters
Los Angeles, progressive beacon at center of anti-Trump backlash
LOS ANGELES, June 10 (Reuters) - Protests in Los Angeles against raids on suspected undocumented immigrants have turned into the strongest domestic backlash against President Donald Trump since he took office in January. Here is how the Democratic-leaning city and state of California vary from Trump's Republicans and his support in the U.S. heartland. Nationwide, Trump won around 2.5 million more votes than his Democratic rival Kamala Harris in the November presidential election but in Los Angeles, Harris won by a margin of roughly two to one. Of the 50 U.S. states, California backed Harris by the fifth largest margin. California is also home to several top-level Democrats, including Harris herself, and long-time former Speaker of the House of Representatives Nancy Pelosi. Governor Gavin Newsom is a Democrat, as is the mayor of Los Angeles, Karen Bass. Both have complained about Trump's tactics this week. The party raises millions in the state from wealthy donors and grassroots supporters, sometimes in a single day. At 27.3%, California has the highest foreign-born population of any U.S. state, compared to 13.9% of the total U.S. population, according to a 2024 Census report. Nearly half of Angelenos are Hispanic or Latino and some 35% of the city's total population is foreign-born, according to the American Community Survey, with many cultural and business ties to Mexico, which is only about a two-hour drive south. Faced with persistently bad air quality, especially in cities with strong driving cultures such as Los Angeles, California has developed some of the strictest environmental regulations in the country, opposed by many Republicans. A landmark plan to end the sale of gasoline-only vehicles by 2035 in California is in the crosshairs of a battle between its Democratic leadership and the Republican-run federal government, also because many other states replicate California's first-in-the-nation action. In May, the Republican-run Senate in Washington voted to ban the plan and it is now awaiting Trump's signature. He is expected to sign it this week, according to industry officials. American movies and television are one of the most visible U.S. exports, emanating from an LA-based industry that had been hailed by liberals for boosting diversity but criticized by some conservatives for creating films that include LGBT stories. In May, Trump suggested a tariff on movies produced in foreign countries to protect a domestic industry that he said was "dying a very fast death." But when China retaliated by saying it would curb American film imports, he prompted laughter at a cabinet meeting by a response that signaled his derision for Hollywood: "I think I've heard of worse things."
