Connect with us

News

Donald Trump defies market tumult and pushes ahead with trade war

Published

on

Donald Trump defies market tumult and pushes ahead with trade war

Unlock the White House Watch newsletter for free

Donald Trump rattled global investors again as he pressed ahead with his plan for aggressive tariffs on America’s largest trading partners even as he touted potential deals with some US allies.

Equity markets fell sharply as the president failed to soothe traders’ nerves just hours before he was set to hit countries from the EU to China with steep new levies, tilting the world into a full-blown trade war.

White House officials, including Treasury secretary Scott Bessent, had sought on Tuesday to talk up possible trade negotiations with South Korea, Japan and other countries — a message that gave hope to investors that Trump could soften his stance after pressure from billionaire allies, trading partners and Republicans in Congress.

Advertisement

But any relief was shortlived as it became clear he was pushing ahead with his plan to unload an arsenal of tariffs against trading partners.

Speaking at a fundraising event for Republicans in Congress on Tuesday night, Trump struck a defiant tone, saying other countries “want to make a deal with us” but America didn’t “necessarily” need any agreements and was “happy the way we are”. He added: “I know what the hell I’m doing.”

The new blitz of Trump tariffs from Wednesday will include additional levies on China, despite Beijing’s warning that it would “fight to the end” in a fast-developing trade conflict.

The US’s extra 50 per cent tariff on China, the world’s second-largest economy, would “be going into effect at 12.01am” eastern time on Wednesday, said White House press secretary Karoline Leavitt.

“Everyone keeps hoping, keeps waiting for a pause in tariffs,” said Peter Tchir, head of macro strategy at Academy Securities. “But we’ve just slapped on the extra increased tariffs on China. We’re slowly losing this optimism that this is a negotiating tactic. That’s why trading has been so volatile today.”

Advertisement

The benchmark S&P 500 index was up as much as 4.1 per cent early in the trading session, but ended with a loss of 1.6 per cent after Leavitt’s remarks — marking a fourth consecutive day of intense turbulence in Wall Street equities. Apple, which is heavily exposed to China through its supply chains, has dropped more than 8 per cent this week as investors worry about its margins.

The $29tn US Treasury market has also come under rising selling pressure in the past two days, sending long-term borrowing costs jumping as volatility prompts hedge funds to sharply scale back on risk.

“Market price action has been dramatic,” Wall Street bank Goldman Sachs said in a note to clients, adding that “our estimates of ‘shocks’ to market views using the joint movements of US equities and bonds are consistent with a large downgrade to US growth views”.

The additional levies on China mean its exports to the US will face duties of more than 104 per cent — a level that will be seen as a provocation by Beijing, which has retaliated with its own 34 per cent tax on US imports and moved to devalue its currency.

Alongside the new China duties, the US will also impose taxes on almost all other imports from Wednesday — the “reciprocal” tariffs announced by Trump during his “liberation day” last week.

Advertisement

That announcement has convulsed financial markets since then, wiping $6.2tn in market value from the S&P 500 and sparking warnings of spiralling inflation in the US and a slowdown in the global economy.

Oil markets have also slumped in reaction to expectations for a sharp slowdown in global trade, with the US benchmark West Texas Intermediate trading at less than $60 on Tuesday — a level that drillers have said will thwart Trump’s ambitions to increase American crude supply.

The president’s determination to follow through with his ultra-protectionist tariff policies has drawn a fierce backlash from Wall Street, business leaders and some Republican lawmakers.

The looming trade war and economic disruption has also opened divisions within Trump’s own circle. While Bessent on Monday described his plan to launch talks with Japan over a new trade deal, Trump’s trade tsar Peter Navarro wrote in the Financial Times that the president’s position was “not a negotiation”.

Elon Musk, the technology billionaire and Trump adviser, on Tuesday attacked Navarro as a “moron” and “dumber than a sack of bricks” after Navarro suggested the Tesla boss’s opposition to tariffs was self-interested.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

News

Who’s Speaking at College Graduations Across the U.S.?

Published

on

Who’s Speaking at College Graduations Across the U.S.?

The federal government has investigated prominent universities, paused grant funding and revoked student visas. And still, it is graduation season on American campuses, where thousands of young adults will soon don four-sided caps and celebrate years of hard work while “Pomp and Circumstance” plays on repeat.

Like always, college administrators have selected a range of keynote speakers to impart wisdom (and, they hope, avoid controversy) at commencement ceremonies.

A year after pro-Palestinian protesters demonstrated at many graduations, and amid the Trump administration’s crackdown on higher education, colleges are walking a tightrope in picking speakers. Administrators want to find someone who is interesting and accomplished and perhaps has ties to their school, but also who is unlikely to set off protests or say something that would bring unwelcome attention.

This year’s list includes many of the usual suspects: governors, cabinet secretaries and political commentators with well-known views on the most divisive issues of the day. It also includes scores of athletes and celebrities from outside the partisan fray.

Here is a look at some of the others, including a Muppet, who are scheduled to address graduates in the days and weeks ahead:

Advertisement

Nothing seems likelier to boost graduation attendance than having a celebrity onstage to shake hands with graduates. This year, plenty have signed up.

The rapper Snoop Dogg will speak to graduates of the University of Southern California’s business school, and Jon M. Chu, a film director, will speak at that institution’s universitywide commencement. Steve Carell of “The Office” will be at Northwestern University, and Sandra Oh of “Grey’s Anatomy” will headline Dartmouth College’s ceremony. Elizabeth Banks of “The Hunger Games” will speak at the University of Pennsylvania. The singer Usher will be honored at Emory University’s graduation.

Vanderbilt University invited Gary Sinise, whose credits include “Forrest Gump” and “Apollo 13.” The singer Sara Bareilles will speak at the University of California, Los Angeles, and Taylor Sheridan, the creator of “Yellowstone,” will take the stage at the University of Texas at Austin. LeVar Burton, of “Reading Rainbow” fame, will speak at Howard University.

Perhaps no celebrity speaker will be more anticipated, or more unusual, than the amphibious orator at the University of Maryland: Kermit the Frog, who will have to forgive his hosts for not having green among their school colors.

At a time of intense political division and sharp critiques of higher education from many Republicans, colleges have signed up a bipartisan contingent of government leaders to speak.

Advertisement

President Trump has said he will take the stage at the University of Alabama and the U.S. Military Academy. At least two members of his cabinet are also planning to address students. Homeland Security Secretary Kristi Noem is set to speak at Dakota State University, and Doug Collins, the veterans affairs secretary, will visit Piedmont University in his home state of Georgia.

Plenty of governors are also preparing speeches. Among Republicans, Kelly Ayotte of New Hampshire will address Nashua Community College graduates, Phil Scott of Vermont will be welcomed to Norwich University and Glenn Youngkin of Virginia will speak twice in two days, first at Liberty University and then at the University of Virginia’s College at Wise. Charlie Baker, the former governor of Massachusetts and current leader of the N.C.A.A., will talk to graduates of Colby College.

Democratic governors will also take the stage, including Maura Healey of Massachusetts at Mount Holyoke College, Ned Lamont of Connecticut at Trinity College, Wes Moore of Maryland at the University of Maryland Eastern Shore, JB Pritzker of Illinois at Knox College and Tim Walz of Minnesota at the University of Minnesota’s law school. Steve Bullock, the former governor of Montana, will speak at Columbia Law School.

Some international leaders are also expected. Jacinda Ardern, the former prime minister of New Zealand, will be at Yale University’s Class Day, and Mary McAleese, the former president of Ireland, has been invited to St. Mary’s College in Indiana.

Many universities opted for sports stars this year. Derek Jeter, the longtime New York Yankees shortstop, will speak at the University of Michigan, and Orel Hershiser, the former Los Angeles Dodgers pitcher, will talk to graduates of Bowling Green State University, the school he attended.

Advertisement

Decorated Olympians are also on the speaker list. The gymnast Simone Biles will address graduates at Washington University in St. Louis and the swimmer Katie Ledecky at Stanford University will do the same. Mia Hamm, who won three Olympic medals on the U.S. women’s soccer team, will talk at the University of North Carolina at Chapel Hill. Emma Coburn, a medal-winning track and field athlete, will give the address at the University of Colorado Boulder, where she competed as a collegian. Justin Best, a gold medalist in rowing, will speak at his alma mater, Drexel University.

From the basketball world, Carmelo Anthony will return to Syracuse University, where he won a national championship. Grant Hill, whose pass set up the shot that delivered Duke University an Elite Eight win in 1992, will be back in Durham. And Jonquel Jones of the New York Liberty will speak at George Washington University.

Perhaps no sport is better represented on the graduation stage than football. Among the current and former players invited to speak: A.J. Brown at the University of Mississippi, Derwin James Jr. at the University of Bridgeport, Miles Killebrew at Southern Utah University and Larry Fitzgerald Jr. at the University of Pittsburgh.

Journalists, sportscasters and television hosts will be well-represented on graduation stages, including Holly Rowe of ESPN at the University of Utah, Al Roker of NBC’s “Today” at Siena College and Steve Kornacki of NBC News at Marist University.

Jason Gay, a Wall Street Journal sports columnist, will speak at the University of Wisconsin-Madison, and Jay Shetty, an author and podcast host, will give remarks at Princeton University’s Class Day. Jonathan Karl of ABC News is set to be onstage at Washington College’s commencement, while Scott Pelley of CBS will talk to graduates of Wake Forest University.

Advertisement

Many religious universities selected faith leaders to speak at their ceremonies.

Bobby Gruenewald, a Christian pastor and the founder of the popular YouVersion Bible App, will address graduates of Oral Roberts University. At Brigham Young University, Clark Gilbert, a leader in the Church of Jesus Christ of Latter-day Saints, gave the keynote address this week. Bishop Robert Barron will speak at the Catholic University of America, and the Rev. Ricky Jenkins, who leads a church in California, will address graduates of Wheaton College in Illinois.

Benedictine College, a Catholic institution in Kansas, chose Sister Deirdre Byrne, who is a surgeon and a retired Army colonel, as its commencement speaker.

Several universities opted to have a business leader talk to graduates, including Virginia Commonwealth University, which invited Everette Taylor, the chief executive of Kickstarter.

Melonie D. Parker of Google will talk to graduates of Stillman College, and Sal Khan of Khan Academy will be pulling double duty at Johns Hopkins University and Carnegie Mellon University. John May, the founder of a private equity firm, will speak at East Carolina University, and Kristin Huguet Quayle, a vice president at Apple, will speak at Furman University.

Advertisement

While they may lack celebrity status, lots of institutions choose scientists, professors and administrators who are products of the university system to give parting advice to students.

Harvard University, which is embroiled in a legal fight with the Trump administration, invited Dr. Abraham Verghese, a physician and writer, to deliver its keynote address. Dr. Huda Zoghbi, a neurogeneticist, will speak to graduates of Rice University. Charles F. Bolden Jr., a former astronaut and NASA administrator, will be onstage at Ohio State University. Alan M. Dershowitz, a legal scholar who represented Mr. Trump in an impeachment trial, will speak at the New College of Florida.

Angela Duckworth, a psychology professor and author, will speak at Bates College. The California Institute of Technology selected Walter Massey, a physicist. And the University of Illinois Urbana-Champaign stayed close to home, choosing its chancellor, Robert J. Jones, to speak to graduates.

Continue Reading

News

World leaders arrive in Rome for funeral of Pope Francis

Published

on

World leaders arrive in Rome for funeral of Pope Francis

Unlock the Editor’s Digest for free

World leaders including US President Donald Trump are arriving at St Peter’s Square in Rome for the funeral mass of Pope Francis. 

The late pontiff, whose body will be laid to rest on Saturday at Santa Maria Maggiore, his favourite Rome church, broke with centuries of tradition and requested simplified rites for the ceremony.

Scores of global leaders are expected to attend the funeral mass, including French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, Ukrainian President Volodymyr Zelenskyy, Argentina’s right-wing president Javier Milei, and Brazil’s left-wing President Luiz Inácio Lula da Silva.

Advertisement

During his 12 years on the papal throne, Francis sought to make the Catholic church — which claims 1.4bn followers worldwide — more compassionate and accessible, while addressing contemporary problems such as climate change.

His death this week at the age of 88 prompted an outpouring of grief from admirers but also dissent from critics, including influential members of Trump’s Maga movement.

The Vatican said that an estimated 250,000 people had passed through St Peter’s Basilica over the three days Francis lay in state before his coffin was sealed on Friday evening.

Royals including the UK’s Prince William and the monarchs of Spain, Sweden and Denmark are expected to attend the funeral mass on Saturday, as well as heads of international institutions such as the UN and the European Commission. Former US president Joe Biden is also attending.

The Holy See expects that about 200,000 people will flock to St Peter’s Square for the funeral mass, including 220 cardinals and roughly 750 bishops and priests.

Advertisement

The burial marks the start of a nine-day formal mourning period, after which up to 135 eligible cardinals under the age of 80 will be locked in the Vatican for a secretive conclave to select the new pope.

Early frontrunners include Cardinal Pietro Parolin, the late pope’s secretary of state, Cardinal Luis Tagle from the Philippines and Cardinal Fridolin Ambongo Besungu.

Francis last year simplified the papal death rites. Archbishop Diego Ravelli, master of apostolic ceremonies, said at the time that the changes were intended to emphasise that “the funeral of the Roman pontiff is that of a pastor and a disciple of Christ, not a powerful person of this world”.

The homily at the funeral mass will be delivered by Italian Cardinal Giovanni Battista Re, aged 91, whose words are likely to be interpreted by many Catholics as spiritual guidance to the cardinal electors on the qualities they should seek in a new pope.

After the mass, the coffin will be taken by hearse from St Peter’s Basilica to Santa Maria Maggiore, which Francis visited before and after every papal trip. He will be the first pope in more than a century to be buried outside the walls of Vatican City.

Advertisement

The 5.5km funeral procession, which will travel at walking pace, will pass many of Rome’s most famous monuments, including the Coliseum.

Though the burial will be a private ceremony, the church will open soon afterwards so mourners can pay respects to the deceased pope, who will lie under a marble tombstone inscribed simply “Franciscus”. 

Additional reporting by Giuliana Ricozzi

Continue Reading

News

Justice Department revokes Biden-era protections for reporters in leak investigations

Published

on

Justice Department revokes Biden-era protections for reporters in leak investigations

Attorney General Pam Bondi looks on as President Trump delivers remarks during a cabinet meeting at the White House on March 24.

Win McNamee/Getty Images


hide caption

toggle caption

Advertisement

Win McNamee/Getty Images

The Justice Department on Friday rescinded a Biden-era policy that provided protections to journalists in leak investigations, paving the way for authorities to once again use subpoenas and compel testimony from reporters in probes targeting leakers.

“Federal government employees intentionally leaking sensitive information to the media undermines the ability of the Department of Justice to uphold the rule of law, protect civil rights, and keep America safe. This conduct is illegal and wrong, and it must stop,” Attorney General Pam Bondi said in an internal memo issued on Friday and obtained by NPR.

She said the DOJ’s policy allows for subpoenas, court orders and search warrants to get information and testimony from journalists. Such actions must be approved by DOJ leadership and journalists must get advance notice of them. The actions also must be as narrow as possible to avoid interfering with news gathering or “potentially protected materials,” the memo states.

Advertisement

During the Biden administration, the Justice Department said it would no longer secretly seize the records of reporters to identify their sources when investigating leaks, except under limited, specified circumstances.

Bondi’s memo marks a sharp break with that policy and returns to a more aggressive approach to leak investigations used during President Trump’s first term in office, as well as during the presidency of Barack Obama.

In the memo, the attorney general specifically cited instances of leaks under the Trump administration, including sharing classified info about intelligence assessments on the Venezuelan gang Tren de Aragua and news of Dan Caldwell, an adviser to Defense Secretary Pete Hegseth, being put on leave.

Bondi said press independence is important and the DOJ would defend it, “despite the lack of independence of certain members of the legacy news media.” She wrote that the department would try to limit forcing journalists to share information by seeking “enhanced approval” and “advance-notice procedures.”

“The Attorney General must also approve efforts to question or arrest members of thew [sic] news media,” she wrote.

Advertisement

Bruce Brown, president of the Reporters Committee for Freedom of the Press, said that protections for journalists not only serve reporters, but the American public more broadly.

“Some of the most consequential reporting in U.S. history — from Watergate to warrantless wiretapping after 9/11 — was and continues to be made possible because reporters have been able to protect the identities of confidential sources and uncover and report stories that matter to people across the political spectrum,” Brown said in a statement.

Continue Reading

Trending