Latest news with #DonaldJ.Trump
Malaysian Reserve
36 minutes ago
- Business
- Malaysian Reserve
American Primary Aluminum Association Applauds President Trump's Announcement of a 50% Tariff on All Foreign Aluminum Imports
WASHINGTON, May 31, 2025 /PRNewswire/ — The American Primary Aluminum Association (APAA), today applauds President Donald J. Trump for taking strong and decisive action to raise the tariff rate on foreign aluminum imports from 25% to 50%. The tariff will come into effect on Wednesday 4th June. 'We applaud President Trump's historic announcement that he will impose a 50% tariff to stop the flood of foreign aluminum imports,' remarked Mark Duffy, President of the APAA. 'For decades, subsidized foreign producers have hollowed out domestic aluminum manufacturing. Under President Donald J. Trump, we finally have a strong leader who is fighting to rebuild domestic manufacturing and protect thousands of American aluminum jobs.' About the American Primary Aluminum Association: The American Primary Aluminum Association advances the interests of America's primary aluminum industry and its workers through the Aluminum Now campaign. APAA is registered and incorporated in Washington, DC and operates as a non-profit trade association. For more, please visit:
Yahoo
8 hours ago
- Business
- Yahoo
Lowville Kraft plant loses $22 million as feds cut billions in decarbonization funding
May 30—The federal government has canceled billions of dollars in funding for clean energy and decarbonization projects across the nation, including for a multi-million project to transition the Kraft-Heinz plant in Lowville off of fossil fuels. The Watertown Daily Times reported in late April that the Department of Energy under President Donald J. Trump was working on plans to cut green energy investments made by the previous administration, based on leaked documents from inside the department. On Friday, the federal government made it official and withdrew $3.7 billion in funding for 24 projects spanning the nation, including the $170 million set aside for the Kraft-Heinz company to decarbonize 10 production facilities. The company planned to use $22 million to decarbonize its Lowville operation, removing natural gas-fired equipment and replacing it with electric equipment fed from the grid. The money was awarded in November, meaning the company has only had access to the funding stream for about six months. Of the 24 projects listed, only one other New York-based project had its funding pulled, a $15 million grant for Skyven Technologies in Medina, Orleans County. That project was meant to help decarbonize an ethanol production facility in the western New York village. The Kraft project was pitched as a major development for the Lowville manufacturing plant, by bringing the facility up to next-gen specifications and creating more capacity. The Kraft-Heinz company's North America president said when the money was announced last year that the project would create new local jobs, improve workforce training and protect the resources of the communities they operate in. The plan, relying on $170.9 million in federal grants and $177.8 million in Kraft-Heinz's own money, aimed to reduce CO2 emissions across the company's U.S. presence by 99% from 2022 levels, with a goal of net-zero emissions by 2050. A spokesperson for Kraft shared this statement Friday night. "We are aware of the unilateral decision made by the U.S. Department of Energy Office of Clean Energy Demonstrations. While we will continue to evaluate this decision, it does not change our intention to continue investing in our 30 U.S. manufacturing facilities. Over the next approximately five years, we plan to invest $3 billion to modernize our U.S. supply chain infrastructure. We will continue to drive energy efficiency projects forward as we make these investments." Sen. Charles E. Schumer, D-N.Y., demanded that Energy Department officials reconsider cutting the Kraft-Heinz grant money. In a statement on Friday, the Schumer blasted the move to cut the grant money. "Taking away this investment is an unjust blow to Lewis County's biggest employer," he said. "It is a slap in the face by the Trump administration to the north country to eliminate funding that is critical to the success of this major employer. I urge Congresswoman Stefanik to join me in denouncing the Trump administration's callous cancellation of this grant, knowing that this action directly hurts local jobs, undercuts the success of one of the north country's most beloved employers, and undermines upgrades meant to help a factory that so many of our upstate dairy farmers rely on." A spokesperson for Rep. Elise M. Stefanik, R-Schuylerville, did not return a request for comment sent Friday.
International Business Times
a day ago
- Business
- International Business Times
Gold Prices Dip as Dollar Strengthens and Tariff Uncertainty Persists
Gold prices dropped on Friday, ending May with their first monthly loss of 2025. The dip was attributed to a firmer U.S. dollar and continued uncertainty over trade tariffs. Spot gold dropped 0.6 percent to $3,297.09 per ounce by 9:38 a.m. ET, a decline of 1.8 percent for the week. U.S. gold futures also fell 0.7% to $3,295.40. The dollar index gained 0.2%, which made gold more expensive for holders of other currencies. A federal appeals court has temporarily reinstated sweeping tariffs that US President Donald J. Trump, had placed on imported solar panels. The move followed a U.S. trade court decision, a day earlier, that had found Trump had overstepped his authority when imposing those duties. The resurrection amplified market swings and investor unease. "It doesn't look like initially gold will be so much in favor since there's a little bit less need for safe haven, but there are going to be significant restraints on Trump, and that ultimately will pop up prices," said David Meger, director of metals trading at High Ridge Futures. In economic news, the U.S. Personal Consumption Expenditures (PCE) Price Index increased 2.1% y/y in April, below expectations of a 2.2% rise. This relatively benign inflation data helped keep alive hopes that the Federal Reserve may yet cut interest rates in the coming months. Lower rates are generally good for gold, which doesn't offer a yield and stands to be pressured as the opportunity cost of holding the metal lessens. In India, gold continued to be unattractive this week as prices domestically grew higher and the wedding season came to an end. Dealers cut discounts to $31 an ounce from $49 a week ago. In the domestic market, gold was trading at around ₹94,900 per 10 grams after falling to a one-month low. Spot silver fell 0.6% to $33.14 an ounce. Platinum fell 1.6 percent to $1,065.50, and palladium lost 1 percent to $963.57.
Time of India
a day ago
- Politics
- Time of India
Monica Crowley educational qualification: Charting the path from political science graduate to ambassador
Monica Crowley's journey from a political science student to the ambassador and chief of protocol of the United States reflects a blend of rigorous academic achievement and a dynamic career in politics and media. Tired of too many ads? go ad free now With a Bachelor of Arts in political science from Colgate University and a Ph.D. in international relations from Columbia University, Crowley has built an impressive educational foundation that has underpinned her extensive public service and media career. Crowley, born on September 19, 1968, at Fort Huachuca, Arizona, and raised in Warren Township, New Jersey, graduated from Watchung Hills Regional High School in 1986. Her academic credentials include not only a doctorate but also two master's degrees, which further demonstrate her dedication to understanding international affairs and political science at a high level. Academic foundation and early career beginnings Crowley's academic journey began with her undergraduate studies at Colgate University, where she earned her BA in political science. She then pursued advanced studies at Columbia University, where she completed her Ph.D. in international relations in 2000. Although Columbia's internal investigation found "localized instances of plagiarism" in her dissertation, it did not reach the level of research misconduct, a conclusion that helped her continue her career in public service. Her academic background helped launch a career that bridged media and politics. At 22, Crowley worked as a research assistant to former president Richard Nixon, assisting with his last two books and later publishing two books about Nixon herself. Tired of too many ads? go ad free now Her ability to combine scholarly insight with political analysis made her a sought-after commentator. Media prominence and government service In the mid-1990s, Crowley began writing columns for the New York Post and contributed to several prestigious publications, including The New Yorker, The Washington Times, and The Wall Street Journal. She became a familiar face on television, working as a Fox News political and foreign affairs analyst from 1996 to 2017, with occasional roles on MSNBC. Her government career gained prominence when she served as assistant secretary for public affairs at the US Department of the Treasury. For her outstanding work, she was awarded the Alexander Hamilton Award, the department's highest honor. President Donald J. Trump officially nominated Crowley to be the ambassador, assistant secretary of state, and chief of protocol of the United States, a role she was sworn into with great honor. In an Instagram post, Crowley expressed her gratitude: 'I am deeply humbled to be nominated by President Donald J. Trump to serve as Ambassador, Assistant Secretary of State, and Chief of Protocol of the United States of America. It was the honor of my life to serve in his first administration — and it will be an even greater honor to represent America in his second' (monicacrowley_ Instagram). Navigating challenges and future roles Crowley's career has not been without controversy. In 2017, reports of plagiarism in her 2012 book and her doctoral dissertation emerged. While these allegations sparked debate and led to her withdrawal from a National Security Council position, Crowley has denied intentional wrongdoing. The Trump administration defended her, calling the accusations a 'politically motivated attack.' Despite these challenges, Crowley's appointment as ambassador and chief of protocol highlights her resilience and the administration's confidence in her capabilities. She is expected to represent the US at major upcoming events, including America's 250th birthday in 2026, the FIFA World Cup in 2026, and the 2028 Olympic Games in Los Angeles. Monica Crowley's educational qualifications have laid a strong foundation for her influential role in US politics and diplomacy, underscoring how academic rigor combined with practical experience can shape a career dedicated to public service.
Express Tribune
a day ago
- Business
- Express Tribune
US court temporarily reinstates Trump's tariffs amid legal battle
A federal appeals court temporarily reinstated the most sweeping of President Donald Trump's tariffs on Thursday, a day after a US trade court ruled that Trump had exceeded his authority in imposing the duties and ordered an immediate block on them. The United States Court of Appeals for the Federal Circuit in Washington said it was pausing the lower court's ruling to consider the government's appeal, and ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9. Wednesday's surprise ruling by the US Court of International Trade had threatened to kill or at least delay the imposition of Trump's so-called Liberation Day tariffs on imports from most US trading partners and additional tariffs on goods from Canada, Mexico, and China. The latter was related to his accusation that the three countries were facilitating the flow of fentanyl into the US. The trade court's three-judge panel ruled that the Constitution gave Congress, not the president, the power to levy taxes and tariffs, and that the president had exceeded his authority by invoking the International Emergency Economic Powers Act, a law intended to address threats during national emergencies. Senior Trump administration officials had said they were undeterred by the trade court's ruling, saying they expected either to prevail on appeal or employ other presidential powers to ensure the tariffs go into effect. Trump has used the threat of charging US importers costly tariffs for goods from almost every other country in the world as leverage in international trade talks, a strategy the trade court's ruling would upend. The trade court ruling had not interfered with any negotiations with top trading partners that are scheduled in the days ahead, Trump's administration said. Trump himself wrote in a statement shared on social media that he hoped the US Supreme Court would "reverse this horrible, country-threatening decision" of the trade court, while lambasting the judicial branch of government as anti-American. Donald J. Trump Truth Social 05.29.25 08:10 PM EST The U.S. Court of International Trade incredibly ruled against the United States of America on desperately needed Tariffs but, fortunately, the full 11 Judge Panel on the U.S. Court of Appeals for the Federal Circuit Court has… — Commentary Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) May 30, 2025 "The horrific decision stated that I would have to get the approval of Congress for these Tariffs," Trump wrote on Thursday evening. "If allowed to stand, this would completely destroy Presidential Power — The Presidency would never be the same! This decision is being hailed all over the World by every Country, other than the United States of America." Many US trading partners offered careful responses. The British government said the trade court's ruling was a domestic matter for the US administration and noted it was "only the first stage of legal proceedings." Both Germany and the European Commission, the European Union's executive arm, said they could not comment on the decision. Canadian Prime Minister Mark Carney said the trade court's finding was "consistent with Canada's longstanding position" that Trump's tariffs were unlawful. Financial markets, which have whipsawed in response to the twists and turns in Trump's chaotic trade war, reacted with cautious optimism to the trade court ruling, though gains in stocks on Thursday were largely limited by expectations that the court's ruling faced a potentially lengthy appeals process. Indeed, analysts said broad uncertainty remained regarding the future of Trump's tariffs, which have cost companies more than $34 billion in lost sales and higher costs, according to a Reuters analysis. Some sector-specific tariffs, such as on imports of steel, aluminum and automobiles, were imposed by Trump under separate authorities on national security grounds and were unaffected by the ruling. The Liberty Justice Center, the nonprofit group representing five small businesses that sued over the tariffs, said the appeals court's temporary stay was a procedural step. Jeffrey Schwab, senior counsel for the center, said the appeals court would ultimately agree with the small businesses that faced irreparable harm of "the loss of critical suppliers and customers, forced and costly changes to established supply chains, and, most seriously, a direct threat to the very survival of these businesses." A separate federal court earlier on Thursday also found that Trump overstepped his authority in using the International Emergency Economic Powers Act for what he called reciprocal tariffs of at least 10% on goods from most US trading partners and for the separate 25% levies on goods from Canada, Mexico and China related to fentanyl. That ruling was much narrower, however, and the relief order stopping the tariffs applied only to the toy company that brought the case. The administration has appealed that ruling as well. Uncertainity persists Following a market revolt after his major tariff announcement on April 2, Trump paused most import duties for 90 days and said he would hammer out bilateral deals with trade partners. But apart from a pact with Britain this month, agreements remain elusive, and the trade court's ruling on the tariffs and the uncertainty of the appeals process may dissuade countries like Japan from rushing into deals, analysts said. "Assuming that an appeal does not succeed in the next few days, the main win is time to prepare, and also a cap on the breadth of tariffs - which can't exceed 15% for the time being," said George Lagarias, chief economist at Forvis Mazars international advisers. The trade court ruling would have lowered the overall effective U.S. tariff rate to about 6%, but the appellate court's emergency stay means it will remain at about 15%, according to estimates from Oxford Research. That is the level it has been since Trump earlier this month struck a temporary truce that reduced punishing levies on Chinese goods until late summer. By contrast, the effective tariff rate had been between 2% and 3% before Trump returned to office in January. Trump's trade war has shaken makers of everything from luxury handbags and sneakers to household appliances and cars as the price of raw materials has risen.
