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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NBC News
2 hours ago
- NBC News
Trump discusses $1,000 'Trump Account' investments for kids in GOP megabill
Watch live as President Trump takes part in a roundtable with heads from Uber, Dell and Goldman Sachs to discuss his proposal for government-sponsored investment accounts for newborn American children. The so-called "Trump Accounts" could be used for educational, home-buying or entrepreneurial expenses once a child turns 18.
The Independent
4 hours ago
- The Independent
Canada plans to hit NATO spending target early and reduce reliance on US defense, Carney says
Canada will meet NATO's military spending guideline by early next year and diversify defense spending away from the United States, Prime Minister Mark Carney said Monday, asserting that Washington no longer plays a predominant role on the world stage. The announcement means Canada will achieve NATO's spending target of 2% of gross domestic product five years earlier than previously planned. 'Our military infrastructure and equipment have aged, hindering our military preparedness," Carney said. 'Only one of our four submarines is seaworthy. Less than half of our maritime fleet and land vehicles are operational. More broadly, we are too reliant on the United States.' According to NATO figures, Canada was estimated to be spending 1.33% of GDP on its military budget in 2023, below the 2% target that NATO countries have set for themselves. Canada previously said it was on track to meet NATO's target by the end of the decade. 'Our goal is to protect Canadians, not to satisfy NATO accountants,' Carney said. Canada is about to host U.S. President Donald Trump and other leaders at a summit of the Group of Seven leading industrialized nations in Alberta on June 15-17, and before the NATO summit in Europe. NATO allies are poised to increase the commitment well beyond the 2% target. NATO Secretary-General Mark Rutte said last week that most U.S. allies at NATO endorse Trump's demand that they invest 5% of gross domestic product on their defense needs and are ready to ramp up security spending even more. Carney has said he intends to diversify Canada's procurement and enhance the country's relationship with the EU. 'We should no longer send three-quarters of our defense capital spending to America,' Carney said in a speech at the University of Toronto. 'We will invest in new submarines, aircraft, ships, armed vehicles and artillery, as well as new radar, drones and sensors to monitor the seafloor and the Arctic.' Canada has been in discussions with the European Union to join an EU drive to break its security dependency on the United States, with a focus on buying more defense equipment, including fighter jets, in Europe. Carney's government is reviewing the purchase of U.S. F-35 fighter jets to see if there are other options. 'We stood shoulder to shoulder with the Americans throughout the Cold War and in the decades that followed, as the United States played a predominant role on the world stage. Today, that predominance is a thing of the past,' Carney said in French, one of Canada's official languages. He added that with the fall of the Berlin Wall in 1989, the United States became the global hegemon, noting that its strong gravitational pull became virtually irresistible and made the U.S. 'our closest ally and dominant trading partner.' 'Now the United States is beginning to monetize its hegemony: charging for access to its markets and reducing its relative contributions to our collective security,' Carney said. Trump's calls to make Canada the 51st U.S. state have infuriated Canadians, and Carney won the job of prime minister after promising to confront the increased aggression shown by Trump. The prime minister said "a new imperialism threatens.' 'Middle powers compete for interests and attention, knowing that if they are not at the table, they will be on the menu," Carney said. Carney said the long-held view that Canada's geographic location will protect Canadians is increasingly archaic. European allies and Canada have already been investing heavily in their armed forces, as well as on weapons and ammunition, since Russia launched a full-scale invasion of Ukraine on Feb. 24, 2022.
Daily Mail
4 hours ago
- Daily Mail
America's top luxury car brand stuns with plan to build 3 new models in the US in major victory for Trump
BMW has confirmed plans to invest $1.7 billion in the US to build vehicles for the future. The German luxury brand is sticking with two massive expenditures: $1 billion to upgrade its existing Spartanburg, South Carolina, factory and another $700 million to build a nearby battery plant in Woodruff. BMW first announced the $1.7 billion investment in 2022. But last week, the company confirmed the plan is still on track — despite criticism from Trump officials in April 2025, ongoing tariff pressures, and current supply chain disruptions. The two investments will support production of BMW's upcoming flagship electric SUVs — dubbed the iX5 and iX7 — which will start rolling out of the plant in 2026 and 2028. The company hasn't released detailed pricing or range expectations for either vehicle, but it's promising a major leap in performance. Both SUVs will incorporate BMW's next-generation electric technology, which boasts up to 30 percent more range and 40 percent less energy loss than current models. High-performance trims of the SUV will have over 800 horsepower, more than triple the output of the average American car. For BMW, the commitment to the American South has been decades in the making. The company opened its South Carolina plant in 1994 and currently builds eight SUV models there. But three decades of US investment haven't translated to goodwill in the White House. In March, President Donald Trump imposed a 25 percent tariff on all imported cars and vehicle parts — a policy that could hit BMW particularly hard, since many of its engine components are still produced in Germany. Consumers are just starting to see vehicle prices increase because of the tariffs. Insurify, a digital insurance agency, published a study that predicts BMW's models will receive a 19 percent price increase in 2025 because of the President's policy, the fourth highest among all US automakers. Then, a month later, Trump officials called out BMW's business model by name. In April, White House Trade Advisor Peter Navarro criticized the company for assembling vehicles in South Carolina using imported parts. 'This business model where BMW and Mercedes come in to Spartanburg, South Carolina, and have us assemble German engines and Austrian transmissions, that doesn't work for America,' Navarro said. 'It's bad for our economics. It's bad for our national security. We want them to come here.' BMW's press team immediately pushed back, noting the company's long-standing investment in the region's economy. 'We export more vehicles from the United States than we import into the country,' the company responded in a statement. 'Plant Spartanburg generates a total economic impact of $26.7 billion for our state, supporting nearly 43,000 jobs and $3.1 billion in wages and salaries.' Last week, despite the months-long drama, BMW confirmed to Ward's Auto that the 2022 EV investment is moving forward. BMW did not immediately respond to request for comment on the investments. Still, automakers are currently facing an uphill battle to build cars in the US: present trade tensions with China have created parts shortages that could throttle American factories. China has begun withholding exports of key magnets used in vehicle brakes, windshields, and microchips. The country currently produces over 90 percent of the world's supply of these parts. Industry leaders sent a letter to President Trump in May, warning that the Chinese response could stop US vehicle production for weeks. 'China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,' Trump said in a late May post on Truth Social about the magnet withholding.
