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CTV News
27-06-2025
- Business
- CTV News
U.S. says deal with Beijing will expedite rare earth exports from China
President Donald Trump speaks at an event to promote his domestic policy and budget agenda in the East Room of the White House, Thursday, June 26, 2025, in Washington. (AP Photo/Jose Luis Magana) WASHINGTON — The United States has reached an agreement with China on how to expedite rare earth shipments to the U.S., a White House official said on Thursday, amid efforts to end a trade war between the world's biggest economies. U.S. President Donald Trump earlier said the United States had signed a deal with China on Wednesday, without providing additional details, and that there might be a separate deal coming up that would 'open up' India. During U.S.-China trade talks in May in Geneva, Beijing committed to removing non-tariff countermeasures imposed against the United States since April 2, although it was unclear how some of those measures would be walked back. As part of its retaliation against new U.S. tariffs, China suspended exports of a wide range of critical minerals and magnets, upending the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. 'The administration and China agreed to an additional understanding for a framework to implement the Geneva agreement,' a White House official said on Thursday. The understanding is 'about how we can implement expediting rare earths shipments to the U.S. again,' the official said. A separate administration official said the U.S.-China agreement took place earlier this week. U.S. Commerce Secretary Howard Lutnick was quoted as saying by Bloomberg: 'They're going to deliver rare earths to us' and once they do that 'we'll take down our countermeasures.' On Friday, China's commerce ministry said the two countries recently confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. While the agreement shows potential progress following months of trade uncertainty and disruption since Trump took office in January, it also underscores the long road ahead to a final, definitive trade deal between the two economic rivals. China has been taking its dual-use restrictions on rare earths 'very seriously' and has been vetting buyers to ensure that materials are not diverted to U.S. military uses, according to an industry source. This has slowed down the licensing process. The Geneva deal had faltered over China's curbs on critical minerals exports, prompting the Trump administration to respond with export controls of its own preventing shipments of semiconductor design software, aircraft and other goods to China. In early June, Reuters reported China had granted temporary export licenses to rare-earth suppliers of the top three U.S. automakers, according to two sources familiar with the matter, as supply chain disruptions began to surface from export curbs on those materials. Later in the month, Trump said there was a deal with China in which Beijing would supply magnets and rare earth minerals while the U.S. would allow Chinese students in its colleges and universities. (Reporting by Nandita Bose and David Lawder; Additional reporting by Steve Holland, Ryan Patrick Jones and Kanishka Singh, Joe Cash in Beijing; writing by Costas Pitas; Editing by Lincoln Feast and Christopher Cushing)
The Herald Scotland
27-06-2025
- Business
- The Herald Scotland
Trump pushes Republicans to pass his big tax bill before July 4
"We hope so," the president told reporters, as he left an East Room event. The president's arrival in Washington after attending a NATO Summit in Europe capped a two-week period in which Trump's focus was on foreign affairs. But with tensions in the Middle East abating and his tax bill teetering, Trump turned his attention back to the legislation he's nicknamed the "Big Beautiful Bill." The legislation would increase the child tax credit, create investment accounts for kids, increase the estate tax exemption, boost border security and allow residents of high-tax states to write off more of their income. It would also add restrictions to Medicaid and food stamps. Trump sought to rally support for the legislation at an event with workers his administration said would benefit from measures such as no taxes on tips or overtime. White House press secretary Karoline Leavitt said at a daily briefing that meetings and direct conversations with senators about the bill had been taking place behind the scenes. "I saw some senators rolling out of the Oval Office the other day, and the president remains on the phones talking to his friends in the Senate when necessary," she said. "And when they call, he picks up the phone." She declined to say which senators Trump was trying to convince. But the president spoke this week with Wisconsin Sen. Ron Johnson, a key Republican holdout on the bill. Johnson said they met at the White House on June 23, which was a day before Trump left for Europe. Trump previously hosted members of the Senate Finance Committee at the White House and has met multiple times over the last month with Senate Majority Leader John Thune. Senators Mike Lee of Utah and Bernie Moreno of Ohio attended his event at the White House. Tax bill latest: GOP senators negotiate Trump budget bill in hopes of improving its polling Vice President JD Vance has also urged his former Senate colleagues to vote yes on the bill. He attended Senate Republicans' weekly luncheon last week and met with Johnson at the Capitol on June 10, a person familiar with the conversation said. The White House says it is optimistic it can get Johnson to a yes. He is one of several senators who have said they are worried the legislation, which extends tax cuts and expands breaks Trump signed into law in 2017, will add trillions to the federal deficit. Other lawmakers in the president's party say that cuts to Medicaid in the bill run too deep. Trump can only afford to lose three senators and still be able to pass the bill. Trump chides GOP 'grandstanders' The president directed Republican lawmakers to stay in town, and skip a planned recess heading into the July 4 holiday if they must, in order to get the bill to his desk on his preferred timeline. "To my friends in the Senate, lock yourself in a room if you must, don't go home, and GET THE DEAL DONE THIS WEEK. Work with the House so they can pick it up, and pass it, IMMEDIATELY. NO ONE GOES ON VACATION UNTIL IT'S DONE," he said on social media. At his afternoon event on June 26, the president spoke out at "grandstanders" who were derailing his agenda, without chiding any specific Republican lawmaker by name. "I shouldn't say this, but we don't want to have grandstanders where one or two people raise their hand, 'we'll vote no.' And they do it to grandstand," he said. "Not good people. They know who I'm talking about. We don't need grandstanders." The event was largely focused on everyday Americans the White House brought on stage to put a human face on the proposed policies. One of them was Maliki Krieski, a DoorDash driver from Ripon, Wisconsin, who works for the food delivery service to supplement her income and provide care for her son, a Type 1 diabetic. The 46-year old gift shop owner said she had previously shared her story with White House staff. "No tax on tips is huge," Krieski told USA TODAY after the event. "Being able to put that money back into our pockets and be able to help our families be able to really grow the economy is extremely important." Tax bill hits another roadblock Lawmakers are relying on a complicated budgeting mechanism to push the bill through without triggering a Democratic filibuster. Senators had to revise a House-passed version of the bill on June 26 after the chamber's parliamentarian, Elizabeth McDonough, ruled that provisions of the bill that were critical to winning over conservative hardliners in the House would have to come out. Among the provisions that were ruled out of bounds were several pertaining to Medicaid, a federal healthcare program for low-income and disabled individuals. Another roadblock: Trump, Senate GOP face big setback on tax bill's Medicaid overhaul Republicans in the lower chamber then said they would oppose the bill if areas of the bill were adjusted. "I love President Trump and I really want to vote to pass his agenda in the Big Beautiful Bill when it comes back to the House from the Senate, but between the far left Senate Parliamentarian stripping out many of our good provisions and the special interest lobbyists sneaking in dirty poison pills like 10 year state moratoriums on AI, I'm currently a NO," Republican Rep. Marjorie Taylor Greene of Georgia said in a post on X. House Speaker Mike Johnson told reporters that his chamber would work around the clock to meet Trump's deadline. "It doesn't make it easier, but you know me, hope springs eternal," Johnson said.
USA Today
27-06-2025
- Business
- USA Today
Hitting snags, Trump pushes Senate to pass his big tax bill before July 4
WASHINGTON – President Donald Trump's first order of business after returning from an overseas trip: shore up support for a tax bill he's been pushing to have on his desk by July 4. Trump's administration said it still expected Congress to meet the ambitious timeline, even as the bill ran into hurdles in the Senate that could delay its potential passage. 'We hope so,' the president told reporters, as he left an East Room event. The president's arrival in Washington after attending a NATO Summit in Europe capped a two-week period in which Trump's focus was on foreign affairs. But with tensions in the Middle East abating and his tax bill teetering, Trump turned his attention back to the legislation he's nicknamed the 'Big Beautiful Bill.' The legislation would increase the child tax credit, create investment accounts for kids, increase the estate tax exemption, boost border security and allow residents of high-tax states to write off more of their income. It would also add restrictions to Medicaid and food stamps. Trump sought to rally support for the legislation at an event with workers his administration said would benefit from measures such as no taxes on tips or overtime. White House press secretary Karoline Leavitt said at a daily briefing that meetings and direct conversations with senators about the bill had been taking place behind the scenes. 'I saw some senators rolling out of the Oval Office the other day, and the president remains on the phones talking to his friends in the Senate when necessary,' she said. 'And when they call, he picks up the phone.' She declined to say which senators Trump was trying to convince. But the president spoke this week with Wisconsin Sen. Ron Johnson, a key Republican holdout on the bill. Johnson said they met at the White House on June 23, which was a day before Trump left for Europe. Trump previously hosted members of the Senate Finance Committee at the White House and has met multiple times over the last month with Senate Majority Leader John Thune. Senators Mike Lee of Utah and Bernie Moreno of Ohio attended his event at the White House. Tax bill latest: GOP senators negotiate Trump budget bill in hopes of improving its polling Vice President JD Vance has also urged his former Senate colleagues to vote yes on the bill. He attended Senate Republicans' weekly luncheon last week and met with Johnson at the Capitol on June 10, a person familiar with the conversation said. The White House says it is optimistic it can get Johnson to a yes. He is one of several senators who have said they are worried the legislation, which extends tax cuts and expands breaks Trump signed into law in 2017, will add trillions to the federal deficit. Other lawmakers in the president's party say that cuts to Medicaid in the bill run too deep. Trump can only afford to lose three senators and still be able to pass the bill. Trump chides GOP 'grandstanders' The president directed Republican lawmakers to stay in town, and skip a planned recess heading into the July 4 holiday if they must, in order to get the bill to his desk on his preferred timeline. 'To my friends in the Senate, lock yourself in a room if you must, don't go home, and GET THE DEAL DONE THIS WEEK. Work with the House so they can pick it up, and pass it, IMMEDIATELY. NO ONE GOES ON VACATION UNTIL IT'S DONE,' he said on social media. At his afternoon event on June 26, the president spoke out at 'grandstanders' who were derailing his agenda, without chiding any specific Republican lawmaker by name. "I shouldn't say this, but we don't want to have grandstanders where one or two people raise their hand, 'we'll vote no.' And they do it to grandstand,' he said. 'Not good people. They know who I'm talking about. We don't need grandstanders.' The event was largely focused on everyday Americans the White House brought on stage to put a human face on the proposed policies. One of them was Maliki Krieski, a DoorDash driver from Ripon, Wisconsin, who works for the food delivery service to supplement her income and provide care for her son, a Type 1 diabetic. The 46-year old gift shop owner said she had previously shared her story with White House staff. 'No tax on tips is huge,' Krieski told USA TODAY after the event. 'Being able to put that money back into our pockets and be able to help our families be able to really grow the economy is extremely important.' Tax bill hits another roadblock Lawmakers are relying on a complicated budgeting mechanism to push the bill through without triggering a Democratic filibuster. Senators had to revise a House-passed version of the bill on June 26 after the chamber's parliamentarian, Elizabeth McDonough, ruled that provisions of the bill that were critical to winning over conservative hardliners in the House would have to come out. Among the provisions that were ruled out of bounds were several pertaining to Medicaid, a federal healthcare program for low-income and disabled individuals. Another roadblock: Trump, Senate GOP face big setback on tax bill's Medicaid overhaul Republicans in the lower chamber then said they would oppose the bill if areas of the bill were adjusted. 'I love President Trump and I really want to vote to pass his agenda in the Big Beautiful Bill when it comes back to the House from the Senate, but between the far left Senate Parliamentarian stripping out many of our good provisions and the special interest lobbyists sneaking in dirty poison pills like 10 year state moratoriums on AI, I'm currently a NO,' Republican Rep. Marjorie Taylor Greene of Georgia said in a post on X. House Speaker Mike Johnson told reporters that his chamber would work around the clock to meet Trump's deadline. 'It doesn't make it easier, but you know me, hope springs eternal,' Johnson said.
New York Post
26-06-2025
- Business
- New York Post
Trump says he ‘hopes' Congress will deliver ‘big beautiful bill' for July 4th celebration
WASHINGTON — President Trump said Thursday he still hopes to sign his 'big beautiful bill' packed with campaign promises by next week's Independence Day holiday. 'We hope so,' Trump told reporters as he left a White House East Room event touting support from blue-collar workers — including a DoorDash driver and an electrical lineman — who stand to gain from provisions reducing taxes on tips, overtime and Social Security benefits. The president made the remark after spending nearly an hour pressing Republicans to ram through the bill over the objections of 'grandstanders' in Trump's own party. 4 President Trump said Thursday that he hopes his 'big beautiful bill' passes by July 4. Getty Images The One Big Beautiful Bill Act can pass without any Democratic support under special budget reconciliation rules that allow for a simple majority in each chamber, rather than the usual 60-vote threshold in the Senate. But when exactly it comes up for a vote in the Senate, where Republicans hold 53 seats, is unclear — due to possible defections from libertarian Sen. Rand Paul (R-Ky.), fiscal hawk Ron Johnson (R-Wis.) and centrists Susan Collins (R-Maine) and Lisa Murkowski (R-Alaska). Earlier Thursday, Senate parliamentarian Elizabeth MacDonough trimmed some items from the package for not conforming to special budgetary legislation rules, such as provisions to deny Medicare and Medicaid to non-citizens and illegal immigrants and to bar funding of transgender medical services through Medicaid, which insures low-income people. 4 The bill contains many of Trump's biggest campaign promises and would be a major policy win. Getty Images 4 Four Republican senators are holdouts. AFP via Getty Images But core provisions remain intact, including an extension of Trump's expiring 2017 tax cuts — which lowered individual rates temporarily — and additional reforms to enact his campaign pledges. The bill currently keeps a House-passed plan to raise the amount of state and local taxes that can be deducted from federal taxes to $40,000 — an item particularly important to Republicans from high-tax jurisdictions like California, New Jersey and New York. The House voted 215-214 to pass the legislation on May 22, with Republican Reps. Thomas Massie of Kentucky and Warren Davidson of Ohio joining all Democrats to vote 'no' and Long Island GOP Rep. Andrew Garbarino snoozing through the narrow vote. It would have to pass the House one more time if the Senate approves the package with changes. The bill includes $25 billion in proposed spending on Trump's 'Golden Dome' missile defense program and additional funds for border enforcement, along with a path toward phasing out green-energy tax perks. 4 Trump hosted a number of workers who stand to gain financially from the legislation. AFP via Getty Images Everyday supporters of the package didn't speak at Trump's event but issued statements touting the reforms. 'As a mom and a small business owner, every dollar counts,' DoorDash driver Maliki Krieski said. 'I deliver with DoorDash to help support my son who has type 1 diabetes, and the tips I earn make a real difference. 'Thanks to No Tax on Tips, I'll be able to keep more of what I earn. This is the kind of policy that makes an impact for people like me across the country.'
Yahoo
16-06-2025
- Automotive
- Yahoo
Trump blocks California rules for greener vehicles and gas-powered car ban
Donald Trump has blocked California's first-in-the-nation rule banning the sale of new gas-powered cars by 2035, signing a resolution on Thursday to stymie the state's ambitious attempt to tackle the climate crisis by pivoting to greener vehicles. The state quickly announced it was challenging the move in court, with California's attorney general holding a news conference to discuss the lawsuit before Trump's signing ceremony ended at the White House. The resolution was approved by Congress last month and aims to quash the country's most aggressive attempt to phase out gas-powered cars. Trump also signed measures to overturn state policies curbing tailpipe emissions in certain vehicles and smog-forming nitrogen oxide pollution from trucks. Related: Fury as Republicans go 'nuclear' in fight over California car emissions California has some of the worst smog and air quality issues in the nation, and has for decades been able to seek waivers from the Environmental Protection Agency that have allowed the state to adopt stricter emissions standards than the federal government. But Trump, who has pledged to revive the US auto manufacturing industry and boost oil and gas drilling, called California's regulations 'crazy'. 'It's been a disaster for this country,' he said at a White House ceremony where he signed the resolutions. In his first term, Trump revoked California's ability to enforce its own standards, which Joe Biden reinstated in 2022. The move is the latest in an ongoing battle between the Trump administration and heavily Democratic California over issues including tariffs, LGBTQ+ rights and immigration. The state is already involved in more than two dozen lawsuits challenging Trump administration actions, and the state's attorney general, Rob Bonta, announced the latest one at a news conference in California. Ten other states, all with Democratic attorneys general, joined the lawsuit filed on Thursday. 'The federal government's actions are not only unlawful; they're irrational and wildly partisan,' Bonta said. 'They come at the direct expense of the health and the wellbeing of our people.' The three resolutions Trump signed will block California's rule phasing out gas-powered cars and ending the sale of new ones by 2035. They will also kill rules that phase out the sale of medium- and heavy-duty diesel vehicles and cut tailpipe emissions from trucks. In his remarks at the White House, Trump expressed doubts about the performance and reliability of electric vehicles, though he had some notably positive comments about the company owned by Elon Musk, despite their fractured relationship. 'I like Tesla,' Trump said. In remarks that often meandered off topic, Trump used the East Room ceremony to also muse on windmills, which he claimed 'are killing our country', the prospect of getting electrocuted by an electric-powered boat if it sank and whether he'd risk a shark attack by jumping as the boat went down. 'I'll take electrocution every single day,' the president said. When it comes to cars, Trump said he likes combustion engines but, for those that prefer otherwise, 'if you want to buy electric, you can buy electric'. The Alliance for Automotive Innovation, which represents major carmakers, applauded Trump's action. 'Everyone agreed these EV sales mandates were never achievable and wildly unrealistic,' John Bozzella, the group's president and CEO, said in a statement. Newsom, who is considered a likely 2028 Democratic presidential candidate, said Trump's action was a continuation of his 'all-out assault' on California. 'And this time he's destroying our clean air and America's global competitiveness in the process,' Newsom said in a statement. 'We are suing to stop this latest illegal action by a president who is a wholly owned subsidiary of big polluters.' Related: 'Putting profit over people': big gas is waging war on a California clean air rule The signings come as Trump has pledged to revive American auto manufacturing and boost oil and gas drilling. The move follows other steps the Trump administration has taken to roll back rules that aim to protect air and water and reduce emissions that cause climate change. The Environmental Protection Agency on Wednesday proposed repealing rules that limit greenhouse gas emissions from power plants fueled by coal and natural gas. Dan Becker with the Center for Biological Diversity, said the signing of the resolutions was 'Trump's latest betrayal of democracy'. 'Signing this bill is a flagrant abuse of the law to reward big oil and big auto corporations at the expense of everyday people's health and their wallets,' Becker said in a Associated Press contributed reporting
