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John Paulson brushes aside Wall Street worries about Donald Trump’s tariff plan

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John Paulson brushes aside Wall Street worries about Donald Trump’s tariff plan

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Billionaire hedge fund manager John Paulson has brushed aside Wall Street worries that Donald Trump’s plans to raise tariffs will harm the economy, calling for the US to “decouple” from China.

In a shift from his own earlier criticism of the Republican presidential candidate’s trade policy, the Trump megadonor said “strategic tariffs” would be a valuable negotiating tool to “level” the playing field.

“We’re not in the period of free trade,” Paulson said in an interview with the Financial Times. “It’s very one-sided.”

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“That’s why I respect Trump because he says these things,” said Paulson, a Wall Street titan who has been mentioned as a possible Treasury secretary if the Republican wins November’s election.

“Maybe he doesn’t articulate them so well all the times but when I listen and look into it, I find he’s absolutely correct,” he added.

Trump this month threatened to impose tariffs of 100 per cent on imports from countries that shifted away from using the dollar.

Some economists have warned increased tariffs would hit consumers, slow growth and stoke inflation.

The Tax Foundation — which favours lower taxes and a simpler code — has said Trump’s formal proposals for a 60 per cent tariff on Chinese goods and 10 per cent to 20 per cent duties on most other imports would increase costs for US businesses and shrink the economy.

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Paulson’s comments contrast with his remarks in April, when he described tariffs as a “blunt tool” to fix trade imbalances and said “we don’t want to decouple from China”.

In this week’s interview, he said Beijing “has become more adversarial towards the US” and driven foreign investment out of China.

“There’s certainly been a decoupling on an economic basis,” Paulson said. “I think there’s a desire, a need to decouple from China.”

John Paulson: ‘We need to stand up and protect American manufacturers’ © Spencer Platt/Getty Images

Paulson, who made his fortune shorting the housing market before it crashed in 2008, said that, while he previously subscribed to the “economic orthodoxy” that free trade benefits the globe, trade is not “implemented fairly”.

Paulson said one of his investments — Steinway Musical Instruments — had been hit by a 30 per cent tariff for selling woodwind instruments in China, while the US imposes a tariff of just 3 per on such instruments.

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“I’m living this every day,” he said. “We are decimated.”

“Other companies I’m involved in — they’re planning on closing the US factories and going to Mexico or going offshore, and so it’s come to a point where it’s really affected us,” he added. “We need to stand up and protect American manufacturers.”

When asked about Trump’s pledge to carry out the largest deportation in US history, Paulson said the former president would enact his plan in stages. “I believe in immigration, but I believe in fair immigration,” he said. “I totally support deporting criminals.”

Paulson hit out at plans by Democratic presidential nominee Kamala Harris to increase corporate taxes and capital gains tax, as well as a proposed new levy on unrealised gains for those whose net worth exceeds $100mn.

“No question, the combination of these things would result in a market crash and immediate recession,” he said.

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Despite the suggestions of a possible Treasury role, Paulson said it was “not so easy” for him to take on an administration post because of his holdings.

One potential conflict of interest would involve his preferred shares in Fannie Mae and Freddie Mac, the state-backed groups that guarantee most US mortgages, which Paulson said should revert to being private companies.

As a shareholder, he would stand to gain from a sale.

“Now they are in a position to be released,” he said of the mortgage giants. “They have sufficient capital to stand on their own and become private companies and support the housing sector.”

Paulson argued a Trump presidency would unleash natural gas production, boost manufacturing and make government more efficient. The Republican nominee has said he will appoint Elon Musk to head a commission to audit the administration and make “drastic reforms” to regulation.

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Under Trump, Green Card Seekers Face New Scrutiny for Views on Israel

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Under Trump, Green Card Seekers Face New Scrutiny for Views on Israel

For decades, immigrants who have followed the rules and have not broken the law have had hopes of earning a green card, a document that allows them to live legally in the United States and gain a path to citizenship.

But under new guidance issued by the Trump administration, immigrants can now be denied a green card for expressing political opinions, such as participating in pro-Palestinian campus protests, posting criticism of Israel on social media and desecrating the American flag, according to internal Department of Homeland Security training materials reviewed by The New York Times.

The documents, which have not been previously reported, show how expansively the Trump administration is carrying out a directive from last August to vet green card applicants for “anti-American” and “antisemitic” views.

The administration includes criticism of Israel as a potentially disqualifying factor, with the training materials citing as an example of questionable speech a social media post that declares, “Stop Israeli Terror in Palestine” and shows the Israeli flag crossed out.

The materials were distributed last month to immigration officers at U.S. Citizenship and Immigration Services, which is part of the Department of Homeland Security and handles applications for green cards and other forms of legal status.

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They reflect how U.S.C.I.S. — long considered the gateway agency for legal migration — has rapidly transformed under President Trump into another cog in his administration’s deportation machine. The agency has worked to strip naturalized Americans of their citizenship and has hired armed federal agents to investigate immigration crimes.

The administration is also granting permanent legal residency to far fewer applicants. Green card approvals have fallen by more than half in recent months, according to a Times analysis of agency data.

“There is no room in America for aliens who espouse anti-American ideologies or support terrorist organizations,” Joseph Edlow, the agency’s director, told Congress in February.

Critics of Mr. Trump’s approach say the administration is seeking to restrict legitimate political speech, and has conflated opposition to Israeli government policies with antisemitism.

Basing green card decisions on “ideological screenings is fundamentally un-American and should have no place in a country built on the promise of free expression,” said Amanda Baran, a senior agency official under President Joseph R. Biden Jr.

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Administration officials said they were defending American values.

“If you hate America, you have no business demanding to live in America,” said Zach Kahler, a spokesman for U.S.C.I.S.

Abigail Jackson, a White House spokeswoman, said the administration’s policies had “nothing to do with free speech” and were meant to protect “American institutions, the safety of citizens, national security and the freedoms of the United States.”

The administration has moved aggressively against immigrants for expressing political views that officials have deemed anti-American, making ideology a central part of its immigration vetting process. Secretary of State Marco Rubio has revoked the visas of pro-Palestinian student activists, including one who wrote a column criticizing her university’s response to pro-Palestinian demands.

The Department of Homeland Security has proposed reviewing the social media histories of tourists seeking to visit the United States.

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Immigration officers have significant discretion in deciding whether to grant foreigners long-term permanent residence. They have long considered a variety of factors, including criminal records, national security threats, family ties to the United States and employment histories.

Ideology has also traditionally been one of those factors. In some cases, U.S. law forbids officers from granting green cards to people who have belonged to a Communist or other “totalitarian” political party, have promoted anarchy or have called for the overthrow of the U.S. government by “force or violence or other unconstitutional means.”

But in the past, immigration officers have focused on statements that could incite or encourage violence, given concerns about infringing on constitutionally protected speech, former U.S.C.I.S. officials said.

The new training materials reviewed by The Times guide immigration officers through the factors they should consider when ruling on green card applications. They discourage officers from granting green cards to people with a history of “endorsing, promoting or supporting anti-American views” or “antisemitic terrorism, ideologies or groups.”

Immigration officers have been told to weigh those factors as “overwhelmingly negative.”

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The documents list support for “subversive” ideologies as among other factors that could lead to an application being rejected. As an example, the materials point to someone “holding a sign advocating overthrow of the U.S. government.”

In addition, the guidance describes the desecration of the American flag as a negative factor, citing Mr. Trump’s executive order last year directing the Justice Department to prosecute protesters who burn the flag. The Supreme Court has ruled that flag burning is a form of political expression protected by the First Amendment.

Immigration officers have also been told to scrutinize applicants who encourage antisemitism “through rhetorical or physical actions.” They were instructed to “focus particularly on aliens who engaged in on-campus anti-American and antisemitic activities” after the Hamas attacks against Israel in 2023, the documents show.

Further examples in the documents of conduct characterized as antisemitic include a social media post showing a map of Israel with the nation’s name crossed out and replaced with the word “Palestine.” Another illustrative post suggests that Israelis should “taste what people in Gaza are tasting.”

Immigration officers must elevate all cases involving “potential anti-American and/or antisemitic conduct or ideology” to their managers and to the agency’s general counsel’s office for review, according to the documents.

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In recent months, the agency has also changed the way it refers to the employees who adjudicate green card applications, long known as “immigration services officers.” In job postings, it now calls them “homeland defenders.”

“Protect your homeland and defend your culture,” one posting says.

Steven Rich contributed reporting.

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America’s bid for energy supremacy is being forged in war

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America’s bid for energy supremacy is being forged in war

Additional work by Jana Tauschinski

Oil and gas tanker location and destination data are from Kpler. The map shows the latest position for vessels with an active AIS signal on April 19–20, filtered by minimum capacity thresholds: crude tankers of at least 50,000 deadweight tonnage (DWT); oil product tankers of at least 55,000 DWT; oil/chemical tankers of at least 40,000 DWT; LNG carriers of at least 150,000 cubic metres; and LPG carriers of at least 50,000 cubic metres. Net fossil fuel import data by country are based on Ember analysis of the IEA World Energy Balances 2023.

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Roommate faces murder charges in deaths of 2 University of South Florida doctoral students

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Roommate faces murder charges in deaths of 2 University of South Florida doctoral students

A 26-year-old man is facing two counts of first-degree murder in the deaths of two University of South Florida doctoral students who went missing last week, local authorities said Saturday. 

The Hillsborough County Sheriff’s Office in Florida said that evidence presented to the state attorney’s office resulted in the charges against Hisham Abugharbieh, the roommate of Zamil Limon, one of the doctoral students. 

Abugharbieh is accused of premediated murder with a weapon. He was arrested on Friday, the same day Limon was found dead. 

The family of Nahida Bristy, the other doctoral student, told CBS News that police said she is also likely dead. That is based on the volume of blood discovered at Abugharbieh’s residence, which he shared with Limon.

“Police told us she is no longer with us,” Bristy’s brother, Zahid Prato, said early Saturday.

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The family was told her body may never be found and police believe she may have been dismembered, according to Prato. 

CBS News has reached out to police for more information.

Authorities said in a statement Saturday they were still searching for Bristy.

Limon’s remains were found on the Howard Franklin Bridge in Tampa Friday morning, Chief Deputy Joseph Maurer with the Hillsborough County Sheriff’s Office said. His cause of death was pending autopsy results.

Deputies with the sheriff’s office took Abugharbieh into custody on Friday after responding to a domestic violence call at a home in the Lake Forest Community, a neighborhood near USF’s Tampa campus, officials said. He also faces charges of domestic violence and evidence tampering, as well as a charge of failing to report a death to law enforcement.

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Limon and Bristy, both 27, had last been seen in the Tampa area on April 16. 

Limon was studying the use of AI in environmental science and was set to present his doctoral thesis this week, his family said. Bristy is studying chemical engineering. 

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