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Video: Harris Slams Trump for Calling Jan. 6 a ‘Day of Love’

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Video: Harris Slams Trump for Calling Jan. 6 a ‘Day of Love’

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Harris Slams Trump for Calling Jan. 6 a ‘Day of Love’

Speaking at a campaign rally in La Crosse, Wis., Vice President Kamala Harris said former President Donald J. Trump was “gaslighting” Americans with his effort to rewrite the history of Jan. 6, 2021.

Donald Trump was at a Univision town hall where a voter asked him about Jan. 6. OK, so now we here know Jan. 6 was a tragic day. It was a day of terrible violence. There were attacks on law enforcement. A hundred and forty law enforcement officers were injured. Some were killed. And what did Donald Trump say last night about Jan. 6? He called it a, quote, “a day of love.” [crowd booing] But it points out something that everyone here knows. The American people are exhausted with his gaslighting. [crowd cheering] Exhausted with his gaslighting. Enough! We are ready to turn the page. [crowd cheering] Let’s turn the page.

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Dollar surges as Donald Trump’s tariffs shake markets

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Dollar surges as Donald Trump’s tariffs shake markets

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Donald Trump’s tariffs shook markets on Monday, with the US dollar surging, Asian markets falling and US stock futures sliding as investors rush to assess how the levies will affect America’s biggest trading partners. 

The US dollar surged more than 1 per cent against a basket of currencies, sending the Canadian dollar to C$1.473 — the lowest level since 2003. Mexico’s currency slid by more than 2 per cent to 21.15 pesos a dollar while the euro fell 1 per cent.

US stock futures also fell sharply, with contracts tracking the benchmark S&P 500 losing 1.7 per cent and those tracking the Nasdaq 100 sliding 2.3 per cent. European futures also fell, with the Euro Stoxx 50 down 2.6 per cent.

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Trump admitted in a post on Truth Social, his social network, that there would “maybe” be “some pain” from his tariffs. “But . . . it will all be worth the price that must be paid,” he wrote on Sunday.

The US two-year Treasury yield rose by 0.05 percentage points to 4.25 per cent, while the 10-year yield fell by 0.02 percentage points to 4.52 per cent.

In Asia, Japanese equities slid. The export-heavy Nikkei 225 fell 2.4 per cent while the Topix fell 1.9 per cent. The yen weakened 0.2 per cent against the dollar to ¥155.5.

China’s offshore renminbi, which trades freely, slid as much as 0.7 per cent to Rmb7.37 a dollar on Monday morning. Hong Kong’s Hang Seng index was down 1.8 per cent, led lower by Chinese companies listed in the territory. Mainland China’s stock market is closed until Wednesday.

South Korea’s Kospi benchmark shed 2.2 per cent and the won dropped 0.9 per cent against the dollar to Won1,468.8. In Australia the S&P/ASX 200 index fell as much as 2 per cent.

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Weaker currencies can help offset some of the tariffs’ impact.

“There was some optimism in the market that [tariff threats] were just for negotiation, but the market may have underestimated the determination of the Trump administration”, said Jason Lui, head of Asia-Pacific equity and derivative strategy at BNP Paribas.

The steep declines came after Trump on Saturday imposed 25 per cent tariffs on all imports from Mexico and Canada, with a lower 10 per cent levy for Canadian energy, and new 10 per cent tariffs on imports from China. He also last week threatened levies against the EU.

Economists have warned that the tariffs are likely to accelerate inflation in the US, something that pushed up Treasury yields and the dollar following Trump’s election in November.

“The clearest implication is a stronger dollar,” said Eric Winograd, chief economist at AllianceBernstein. “A long dollar position is the cleanest, clearest expression of the trade war that is now being launched.”

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“The currencies that will suffer the most are the ones against whom the tariffs are being imposed,” added Winograd, noting that “there’s a good case to be made that the equity market will suffer a little bit”.

Oil prices also climbed in early Asian trade, with international benchmark Brent crude up 0.6 per cent at $76.13 a barrel.

George Saravelos at Deutsche Bank said the tariff announcements were “at the most hawkish end of the protectionist spectrum we could have envisaged”, and that markets needed to “structurally and significantly reprice the trade war risk premium”.

The Mexican peso has whipsawed in recent weeks as traders have scrutinised the new Trump administration’s announcements for clues about how quickly and how extensive any new levies would be.

“If the tariff stays on for several months the exchange rate will reach new historic highs,” said Gabriela Siller, chief economist at Mexico’s Banco Base, referring to the number of pesos per dollar. “If the tariff stays on it will be a structural change for Mexico . . . and Mexico could go into a profound recession that would take years to come out of.”

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55 of the 67 victims have been recovered from the D.C. plane crash

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55 of the 67 victims have been recovered from the D.C. plane crash

Rescue and salvage crews work near the wreckage of an American Airlines jet in the Potomac River near Ronald Reagan Washington National Airport on Sunday in Arlington, Va.

Jose Luis Magana/AP


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Jose Luis Magana/AP

Officials have recovered the bodies of 55 of the 67 victims killed after an Army helicopter and an American Airlines passenger plane collided at low altitude near Ronald Reagan Washington National Airport last week.

“It’s my belief that we’re going to recover everyone,” said D.C. Fire Chief John Donnelly during a Sunday briefing on the victim recovery efforts and debris removal.

Divers are still searching the frigid Potomac River for the remains of 12 people. The waterway remains closed to unauthorized vessels.

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All 64 people aboard AA Flight 5342 and all three people in the Black Hawk helicopter were killed the Wednesday night collision, the deadliest air crash to happen in the country in two decades.

The process of lifting the wreckage out of the river will start Monday.

“Our goal is to really lift as much as we can, given the fact that we are also accounting for the human remains component,” said Col. Francis Pera of the Army Corps of Engineers.

Meanwhile, the National Transportation Safety Board is leading the investigation into how the crash could have happened.

The NTSB said Saturday that the airplane — an inbound flight from Wichita approaching one of DCA’s three runways — was 325 feet in the air, give or take 25 feet, at the time of impact. Early information suggests the Army helicopter was flying above 200 feet, the maximum allowed altitude for the path it was on, according to the independent federal agency.

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The helicopter was on a training mission, and investigators are working to confirm whether the crew had on their night vision while flying the clear, dark skies.

The collision has renewed concerns about the area’s level of air traffic congestion, which leaves little room for error in the airspace above major transport hubs that serve the nation’s capital region.

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China threatens countermeasures to combat Trump tariffs

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China threatens countermeasures to combat Trump tariffs

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Beijing has hit out at new 10 per cent tariffs imposed by the US on Chinese exports, saying it will “take necessary countermeasures to defend its rights and interests” as trade tensions between the two powers enter a new phase.

The Ministry of Foreign Affairs said on Sunday that China opposed the tariffs, which it said were introduced “under the pretext of the fentanyl issue”.

“The US needs to view and solve its own fentanyl issue in an objective and rational way instead of threatening other countries with arbitrary tariff hikes,” the MFA said.

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China’s Ministry of Commerce said it would file a lawsuit with the World Trade Organization.

The additional 10 per cent levies come alongside new 25 per cent tariffs on exports from Canada and Mexico, as President Trump embarks on an expanded trade war, following a range of measures imposed on China by the US during his first term.

Trump said the influx of “illegal aliens” and drugs, including the opiate Fentanyl, had created a “national emergency” that justified the tariffs.

During last year’s election campaign, he had warned of tariffs as high as 60 per cent against China, but subsequently signalled a rate of 10 per cent. He has linked the levies to the country’s role in the flow of ingredients or “precursors” for fentanyl.

China agreed to take actions to stem the flow of precursors at a summit between President Xi Jinping and then-president Joe Biden in San Francisco in November 2023. Since then, Beijing has taken some actions that were welcomed by the Biden administration, but critics, including some in the outgoing administration, wanted China to do much more.

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Although widely anticipated, the measures pose a significant challenge to Xi Jinping’s government at a time when weaknesses in domestic demand have made it particularly dependent on exports for economic growth. Last year, China’s trade surplus hit a record high of close to $1tn.

Tao Wang, chief China economist at UBS Investment Bank, said the tariffs had been imposed more quickly than expected and that the blanket 10 per cent rate was more expansive than phased measures under Trump’s first administration.

“This is broader and likely much bigger than the first round,” she said, adding that many expected Trump to add more tariffs once his officials completed a review of trade policy in April.

Wang said she expected a hit to China’s GDP of 0.3 to 0.4 per cent.

In a report published last week, Morningstar said the 10 per cent tariffs would most affect home appliances, home furnishings, lithium batteries and electric vehicles in China. But it added many companies would “likely see an impact of less than 5 per cent of their respective total revenue” and that they “may not be as bad as feared for some industries”.

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Beijing also faces trade tensions with the EU over tariffs imposed on its electric vehicles last summer, which have led to a wave of countermeasures on products from cognac to dairy. 

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