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Trump says he is doubling tariffs on imported steel to 50% – as it happened

Friday, 30 May 2025 23:03

Donald Trump made a surprise announcement doubling tariffs on imported steel and aluminum from 25% to 50% during a speech in Pittsburgh celebrating a deal between US Steel and Japan’s Nippon Steel Corporation.

The exact nature of the US Steel deal Trump blessed remained unclear. Although the president insists that it is “a partnership”, Nippon Steel has never withdrawn its bid to buy and control US Steel as a wholly owned subsidiary. The US Steel website still describes the deal as “US Steel’s agreement to be acquired by NSC”.

If the deal is a purchase of US Steel by its Japanese rival, Trump would be breaking a campaign promise to block any such sale.

Trump held a bizarre press conference in the Oval Office with Elon Musk, during which the billionaire said farewell to his role as a special government employee and the president repeated false claims about government spending his donor-turned-aide had stopped.

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Federal Trade Court Blocks Trump From Imposing Sweeping Tariffs Under Emergency Powers Law

Wednesday, 28 May 2025 21:27

Court of Int'l Trade A federal trade court on Wednesday blocked President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law, swiftly throwing into doubt Trump’s signature set of economic policies that have rattled global financial markets, frustrated trade partners and raised broader fears about inflation intensifying and the economy slumping.

The ruling from a three-judge panel at the New York-based Court of International Trade came after several lawsuits arguing Trump has exceeded his authority and left U.S. trade policy dependent on his whims.

Trump has repeatedly said the tariffs would force manufacturers to bring back factory jobs to the U.S. and generate enough revenue to reduce federal budget deficits. He used the tariffs as a negotiating cudgel in hopes of forcing other nations to negotiate agreements that favored the U.S., suggesting he would simply set the rates himself if the terms were unsatisfactory.

White House spokesperson Kush Desai said that trade deficits are a national emergency “that has decimated American communities, left our workers behind, and weakened our defense industrial base — facts that the court did not dispute.”

The administration, he said, remains “committed to using every lever of executive power to address this crisis and restore American Greatness.”

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CFTC leaders exit as Trump pick prepares to take helm

Wednesday, 28 May 2025 18:53

cftc In a series of departures announced in a matter of weeks, the agency’s entire top rung is set to turn over as Brian Quintenz, President Trump’s nominee for CFTC chair, prepares to take the reins.

Commissioners Summer Mersinger and Christy Goldsmith Romero both plan to depart by the end of the week, while fellow Commissioner Kristin Johnson has said she will leave “later this year.”

Acting CFTC Chair Caroline Pham has promised to remain at the agency until Quintenz is confirmed, at which time she too will depart. The commission, which typically has five members, has been short one person since former Chair Rostin Behnam stepped down in January.

The relatively low-profile agency is expected to play a key role in regulating the digital asset market alongside the Securities and Exchange Commission (SEC).

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Does Donald Trump Know He Has Lost His Trade War?

Monday, 19 May 2025 21:35

loser The U.S. has already lost Donald Trump’s trade war. It’s now up to the president to decide how disastrous that loss will be.

The best-case scenario for the U.S. economy right now is the Trump administration fully backing down and acknowledging this loss, and quickly. Each day that passes locks in more economic damage.

Like a recalcitrant general, Trump doesn’t appear ready to surrender, saying Friday that he wants to reinstate the tariffs he put in place in early April and paused shortly thereafter.

“We have, at the same time, 150 countries that want to make a deal, but you’re not able to see that many countries,” he said Friday in Abu Dhabi. “So at a certain point, over the next two to three weeks, I think [Treasury Secretary] Scott [Bessent] and [Commerce Secretary] Howard [Lutnick] will be sending letters out, essentially telling people ― we’ll be very fair ― but we’ll be telling people what they’ll be paying to do business in the United States.”

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Trump administration says 5.3 million student loan borrowers will have wages garnished this summer

Sunday, 18 May 2025 15:16

Student borrowers to have wages garnished The Department of Education under President Donald Trump began sending notices to the first of millions of Americans with past-due federal student loans that they will see their wages garnished in just a few months. The news comes the week that the Trump administration begins to send millions of defaulted borrowers into collections.

The garnishments will happen in waves, with the first borrowers seeing the pay deductions in early June. Monday, the Education Department started sending 30-day notices to around 195,000 defaulted borrowers to notify them that they will be subject to the Treasury Offset Program, which collects past-due debts owed to state and federal agencies. Under this program, Treasury can withhold money including tax refunds, wages, Social Security payments, and disability benefits to pay delinquent debt.

Later this summer, "all 5.3 million defaulted borrowers will receive a notice from Treasury that their earnings will be subject to administrative wage garnishment," the department says in its first timeline of the enforcement action.

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Emergency savings are crucial in a recession. Here's the dollar figure to aim for.

Sunday, 18 May 2025 15:11

recession funds The average American family in 2025 should have at least $35,000 in emergency savings, according to a new report from Investopedia. And the figure keeps rising.

That tab represents six months of emergency expenses for the typical American household, and it totals about two-fifths of that household’s annual income.

Many financial experts recommend that families should amass enough emergency savings to sustain them for three to six months, if not longer. The emergency fund is meant to protect you against a job loss, health crisis, car breakdown or major household repair. Emergency savings become especially important during a recession, a scenario Americans could be facing in the months to come.

Last year, Investopedia set out to put a price on six months of emergency expenses, including housing, medical care, travel and food. In 2024, the total came to just over $33,000.

In a 2025 update, published in May, Investopedia ran the numbers again. This time, they added up to $35,218.

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Families of victims appalled as Boeing seems likely to avoid prosecution over 737 Max crashes

Saturday, 17 May 2025 23:40

Boeing is set to avoid prosecution in a fraud case sparked by two fatal crashes of its bestselling 737 Max jet that killed 346 people, according to sources familiar with the matter.

The US Department of Justice is considering a non-prosecution agreement, relatives of the victims were told on Friday, through which the US aerospace giant would not be required to plead guilty.

Representatives of the crash victims’ families expressed outrage, describing the proposal as “morally repugnant” after a tense call with senior justice department officials.

Boeing declined to comment. The justice department did not immediately respond to a request for comment. The tentative deal was first reported by Reuters.

In October 2018, 189 people were killed when Lion Air flight 610 fell into the Java Sea off Indonesia. In March 2019, Ethiopian Airlines flight 302 crashed shortly after takeoff from Addis Ababa airport, claiming 157 lives.

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