The biggest losers of GOP climate cuts
HOUSE Republicans released their first stab at a bill to extend President Donald Trump's tax cuts, which would help pay for them by overhauling much of President Joe Biden's landmark climate law.
The draft framework put out on Monday by the Ways and Means Committee takes aim at billions of dollars of incentives in the Inflation Reduction Act (IRA), including tax credits for electric vehicles (EVs) and solar and wind projects – subsidies Trump has derided as part of a 'green new scam'.
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Focus Malaysia
27 minutes ago
- Focus Malaysia
US military confirms 700 marines deployed to Los Angeles as protests grow
The US military has confirmed it is sending 700 Marines to Los Angeles, after days of protests triggered by immigration enforcement operations. In a statement the military said: 'The activation of the Marines is intended to provide … adequate numbers of forces to provide continuous coverage of the area in support of the lead federal agency'. Earlier Donald Trump defended his decision to deploy the National Guard in the city, while California's Governor Gavin Newsom announced he was suing the Trump administration over the move. 2,000 National Guard troops were sent in by Mr Trump who said the move was necessary to uphold 'very strong law and order' in the city. He has claimed that LA would have been 'completely obliterated' without the deployment. However Mr Newsom and other senior Democrats said the move was intentionally provocative. The protests began on Friday when Immigration Customs Enforcement (ICE) officers began carrying out raids across the city, detaining many people who have lived and worked in Los Angeles for many years. Main image: Al Jazeera
Free Malaysia Today
2 hours ago
- Free Malaysia Today
Asian equities rally after China-US framework on trade
The US-China tariff deal boosted Asian markets, with Hong Kong and Shanghai among the best performers. (EPA Images pic) HONG KONG : Asian stocks rose today as investors welcomed a China-US agreement to lower trade tensions that stoked hopes the economic superpowers will eventually reach a broader tariff deal. After two days of high-profile, closely watched talks in London, the two sides said they had set up a framework to move towards a pact, following negotiations in Geneva last month that saw them slash tit-for-tat levies. The news provided some much-needed relief to markets after US President Donald Trump accused Beijing of violating that deal. The latest round of talks followed a phone call between Trump and his Chinese counterpart Xi Jinping on Thursday. As well as tariffs, a key issue in the discussions was China's export of earth minerals and magnets used in a range of things, including smartphones and electric vehicle batteries, while Beijing was keen to see an easing of restrictions on its access to tech goods. US commerce secretary Howard Lutnick said he was upbeat that concerns over rare earths 'will be resolved' eventually, as the agreement is implemented. Xi and Trump must approve the framework first. 'We're moving as quickly as we can,' US trade representative Jamieson Greer told reporters. 'We would very much like to find an agreement that makes sense for both countries,' he added. 'We feel positive about engaging with the Chinese,' he added. Speaking separately to reporters, China international trade representative Li Chenggang expressed hope that progress made in London would help to boost trust on both sides. The deal, which was reached late yesterday, boosted Asian markets with Hong Kong and Shanghai among the best performers, while Tokyo, Sydney, Seoul, Wellington, Taipei and Manila were also up. However, analysts said investors would be keen to get a closer look at the details of the agreement. 'The US-China trade circus wrapped with what can only be described as a diplomatic tautology,' said Stephen Innes at SPI Asset Management. He called it 'a late-night announcement that both sides have 'agreed in principle on a framework to implement the Geneva consensus' – consensus that was…. already agreed upon weeks ago'. In addition, he warned that markets could run out of steam if nothing concrete came through. 'If the next headline doesn't come with something tangible, such as cargo ships loaded with rare earths or an actual rollback of tariffs, expect risk assets to start demanding more photo opportunities,' he wrote. 'Until then, this rally relies on faith,' he added. And Saxo chief investment strategist Charu Chanana said before the deal was announced that while there was some hope for the talks 'the era of easy wins – tariff pauses and minor concessions – is over'. 'What's left are deeper, more entrenched challenges: tech restrictions, rare earth supply chains, student visas, and national security-linked concerns. 'These are strategic disputes, unlikely to be resolved in a few rounds of meetings,' Chanana said. Still, she did say that 'trade uncertainty has clearly faded since the peak chaos of early April', when Trump unleashed a tariff blitz that hammered worldwide stock and bond markets. Yesterday's news also overshadowed the World Bank's slashing of its 2025 forecast for global economic growth to 2.3%, from the 2.7% predicted in January, citing trade tensions and policy uncertainty. It also said the US economy would expand 1.4% this year, half of its 2024 expansion.
The Sun
2 hours ago
- The Sun
Nighttime curfew in LA as Trump vows to ‘liberate' city
LOS ANGELES: A nighttime curfew was in force in Los Angeles on Tuesday as local officials sought to get a handle on protests that Donald Trump claimed were an invasion by a 'foreign enemy.' Looting and vandalism has scarred the heart of America's second biggest city as largely peaceful protests over immigration arrests turned ugly after dark. 'I have declared a local emergency and issued a curfew for downtown Los Angeles to stop the vandalism, to stop the looting,' Mayor Karen Bass told reporters. One square mile (2.5 square kilometers) of the city's more-than-500 square mile area will be off-limits until 6am (1300 GMT) for everyone apart from residents, journalists and emergency services, she added. One protester told AFP the arrest of migrants in a city with large foreign-born and Latino populations was the root of the unrest. 'I think that obviously they're doing it for safety,' she said of the curfew. 'But I don't think that part of the problem is the peaceful protests. It's whatever else is happening on the other side that is inciting violence.' Small-scale and largely peaceful protests -- marred by eye-catching acts of violence -- began Friday in Los Angeles as anger swelled over ramped up arrests by immigration authorities. At their largest, a few thousand people have taken to the streets, but smaller mobs have used the cover of darkness to set fires, daub graffiti and smash windows. Overnight Monday 23 businesses were looted, police said, adding that more than 500 people had been arrested over recent days. Protests have also sprung up in cities around the country, including New York, Atlanta, Chicago and San Francisco. 'Provide protection' Trump has ordered 4,000 National Guard to Los Angeles, along with 700 active-duty Marines, in what he has claimed is a necessary escalation to take back control -- despite the insistence of local law enforcement that they could handle matters. A military spokeswoman said the soldiers were expected to be on the streets later Tuesday or some time on Wednesday. Their mission will be to guard federal facilities and to accompany 'federal officers in immigration enforcement operations in order to provide protection.' Demonstrators told AFP the soldiers 'should be respected' because they hadn't chosen to be in LA, but Lisa Orman blasted it as 'ridiculous.' 'I was here for the Dodger parade,' she said referring to the LA team's World Series victory. 'It was 100 times bigger. So the idea that the Marines here, it's a big show. The president wants a big show.' The Pentagon said the deployment would cost US taxpayers $134 million. Photographs issued by the Marine Corps showed men in combat fatigues using riot shields to practice crowd control techniques at the Naval Weapons Station Seal Beach. 'Behaving like a tyrant' Two dozen miles (40 kilometers) north, the sprawling city of Los Angeles spent the day much as it usually does: tourists thronged Hollywood Boulevard, tens of thousands of children went to school and commuter traffic choked the streets. But at a military base in North Carolina, Trump was painting a much darker picture. 'What you're witnessing in California is a full-blown assault on peace, on public order and national sovereignty,' he told troops at Fort Bragg. 'This anarchy will not stand. We will not allow an American city to be invaded and conquered by a foreign enemy.' California Governor Gavin Newsom, a Democrat who has clashed with the president before, said Trump's shock militarization of the city was the behavior of 'a tyrant, not a president.' 'Sending trained warfighters onto the streets is unprecedented and threatens the very core of our democracy,' he said. In a live-streamed address, Newsom called Trump a 'president who wants to be bound by no law or constitution, perpetuating a unified assault on American tradition. 'California may be first, but it clearly will not end here.' In a filing to the US District Court in Northern California, Newsom asked for an injunction preventing the use of troops for policing. 'Incredibly rare' Trump's use of the military is an 'incredibly rare' move for a US president, Rachel VanLandingham, a professor at Southwestern Law School in Los Angeles and a former US Air Force lieutenant colonel, told AFP. US law largely prevents the use of the military as a policing force -- absent the declaration of an insurrection, which Trump again mused about on Tuesday. Trump 'is trying to use emergency declarations to justify bringing in first the National Guard and then mobilizing Marines,' said law professor Frank Bowman of the University of Missouri.
