Latest news with #KoreanWar-era
Yahoo
4 days ago
- Business
- Yahoo
Trump Advisor Calls on Trump to Nationalize SpaceX Immediately
Former Trump advisor Steve Bannon is urging the president to nationalize Elon Musk's SpaceX and deport the billionaire. Bannon, a far-right white nationalist commentator who served as Trump's chief strategist during his first term, insisted that Trump should sign an executive order invoking a Korean War-era national security mobilization law called the Defense Production Act to assume control over Musk's space firm, as well as its Starlink satellite constellation. "The US government should seize it," Bannon said on his podcast. The news comes after Musk escalated his highly public flame war with president Donald Trump on Thursday, vowing that "SpaceX will begin decommissioning its Dragon spacecraft immediately," a move that would've effectively cut off NASA's access to space. However, mere hours later, Musk reversed course, agreeing to "cool off." While it seems quite unlikely that Trump would actually go for Bannon's outrageous plan, the reality TV star's infamous unpredictability and willingness to throw his allies under the bus leaves practically any eventuality open. Bannon has experienced those traits firsthand, getting the boot after just a few months in Trump's first White House — much like Musk. Still, he's a loyalist who's kept Trump's ear: he spent four months in prison last year after being found in contempt of Congress for refusing to comply with a subpoena related to the January 6 insurrection. While fulminating in a cell, the far-right commentator clearly built up plenty of resentment, watching Musk cozy up to Trump, who once pardoned him for defrauding investors of Trump's border wall but has kept him at a moderate arm's length since kicking him out of the White House. In January, he swore that he would "take down" Musk. "I will have Elon Musk run out of here by Inauguration Day," Bannon said at the time. "He is a truly evil guy, a very bad guy. I made it my personal thing to take this guy down." "He should go back to South Africa," Bannon, who has advised Trump to implement sweeping — and incredibly racist — visa and refugee bans, added. "Why do we have South Africans, the most racist people on Earth, white South Africans, we have them making any comments at all on what goes on in the United States?" But now that Musk and Trump have had a massive falling out, Bannon is seeing a golden opportunity to get back in the good graces of the president. "The president treated him almost like a son," Bannon told Politico on Thursday. "He invited his family to Christmas dinner. He let him sleep over. He let him walk in and out of meetings." "The president went to the max informality to welcome this guy," he said. Bannon made his personal displeasure with Musk's presence in the White House very clear. "We're going to go to f*cking war, and I'm going to rip your f*cking face off," he told Politico. Bannon added that he's hoping White House trade advisor Peter Navarro, the architect of Trump's disastrous tariff war, will use the Defense Production Act to "seize both SpaceX and Starlink and put them under government management until that time that all investigations into Musk are complete." It goes without saying that Musk wouldn't sit idly by if Trump were to take Bannon's suggestion to heart. The billionaire founded SpaceX 23 years ago, and oversaw the development of its workhorse Falcon 9 and Falcon Heavy rockets, pioneering reusable rocket propulsion and human spaceflight. Case in point, Musk fired back with a fusillade of tweets attacking Bannon with wildly derogatory language about the mentally disabled. More on the spat: Elon Musk Declares That He's "Immediately" Cutting Off NASA's Access to Space
Yahoo
5 days ago
- Business
- Yahoo
Steve Bannon Urges Trump to Seize SpaceX and Deport Elon Musk
Steve Bannon, a former adviser to President Trump and a vocal critic of Elon Musk, urged Trump to retaliate against the SpaceX leader by targeting his business. Bannon said on his 'War Room Live' show Thursday that Trump should sign an executive order to use the Korean War-era national security mobilization law called the Defense Production Act to take control of SpaceX.
Time of India
7 days ago
- Business
- Time of India
Donald Trump set to waive some legal requirements to boost critical minerals
President Donald Trump is set to use emergency powers and slash legal requirements - including some congressional funding approvals - relating to a law aimed at lifting U.S. production of critical minerals and weapons, according to a document seen by Reuters. Trump's action would apply to the Defense Production Act , a U.S. law that grants the president broad emergency powers to control domestic industries and resources during national security emergencies. The move would represent the latest attempt by the White House to reshape a critical mineral industry dominated by China, the top U.S. economic rival. China is using its leverage in response to Trump's trade war, recently halting critical mineral exports and rattling global supply chains. The document is expected to be published on the Federal Register on Wednesday, the government web site shows. Trump invoked the Korean War-era law in March to help boost domestic production of critical minerals used to make consumer goods, computer chips, robots and advanced weaponry. Live Events The law places some restrictions on the president's authority, such as requiring the White House to seek congressional approval for projects over $50 million and forcing project delivery dates within a one-year time frame. The president can waive those requirements in the event of an emergency and Trump is expected to invoke those powers, according to the document seen by Reuters on Tuesday, ahead of its expected publication. The White House did not immediately respond to a request for comment. Former President Joe Biden signed similar waivers to speed up production of vaccines and medical equipment during the COVID-19 pandemic. John Paul Helveston, a professor at George Washington University, said U.S. investments in critical minerals represent a long-term solution to the problem, leaving the nation vulnerable to China's trade policy in the short run. "This all means that if the U.S. wants to have access to these minerals over the next 5-10 years, the U.S. will have to maintain a trade relationship with China ," Helveston said.
Yomiuri Shimbun
7 days ago
- Business
- Yomiuri Shimbun
Trump Set to Waive Some Legal Requirements to Boost Critical Minerals
Reuters file photo U.S. President Donald Trump gestures, as he departs for Pennsylvania, on the South Lawn of the White House in Washington, D.C., U.S., May 30, 2025. June 3 (Reuters) – President Donald Trump is set to use emergency powers and slash legal requirements – including some congressional funding approvals -relating to a law aimed at lifting U.S. production of critical minerals and weapons, according to a document seen by Reuters. Trump's action would apply to the Defense Production Act, a U.S. law that grants the president broad emergency powers to control domestic industries and resources during national security emergencies. The move would represent the latest attempt by the White House to reshape a critical mineral industry dominated by China, the top U.S. economic rival. China is using its leverage in response to Trump's trade war, recently halting critical mineral exports and rattling global supply chains. The document is expected to be published on the Federal Register on Wednesday, the government web site shows. Trump invoked the Korean War-era law in March to help boost domestic production of critical minerals used to make consumer goods, computer chips, robots and advanced weaponry. The law places some restrictions on the president's authority, such as requiring the White House to seek congressional approval for projects over $50 million and forcing project delivery dates within a one-year time frame. The president can waive those requirements in the event of an emergency and Trump is expected to invoke those powers, according to the document seen by Reuters on Tuesday, ahead of its expected publication. The White House did not immediately respond to a request for comment. Former President Joe Biden signed similar waivers to speed up production of vaccines and medical equipment during the COVID-19 pandemic. John Paul Helveston, a professor at George Washington University, said U.S. investments in critical minerals represent a long-term solution to the problem, leaving the nation vulnerable to China's trade policy in the short run. 'This all means that if the U.S. wants to have access to these minerals over the next 5-10 years, the U.S. will have to maintain a trade relationship with China,' Helveston said.
Yahoo
7 days ago
- Business
- Yahoo
Exclusive-Trump set to waive Defense Production Act requirements to boost critical minerals
By Ernest Scheyder and Jarrett Renshaw (Reuters) - U.S. President Donald Trump is set to slash some legal requirements, including congressional approval for larger projects, to help boost domestic production of critical minerals and weapons, according to a document seen by Reuters. The document is expected to be published on the Federal Register on Wednesday, the government web site shows. The action applies to the Defense Production Act, a U.S. law that grants the president broad emergency powers to control domestic industries and resources during national security emergencies. Trump invoked the Korean War-era law in March to help boost domestic production of critical minerals, a critical industry dominated by Washington's top economic rival China. The law places some restrictions on the president's authority, such as requiring the White House to seek congressional approval for projects over $50 million and forcing project delivery dates within a year time frame. The president can waive those requirements in the event of an emergency and Trump is expected to invoke those powers, according to a document seen by Reuters. President Joe Biden invoked similar waivers to speed up production of vaccines and medical equipment during the COVID pandemic. The White House did not immediately respond to a request for comment. (Reporting By Ernest Scheyder and Jarrett Renshaw; Editing by Trevor Hunnicutt and Chizu Nomiyama)
