Trump announces new Ukraine weapons plan, threatens tariffs on Russia
The announcements represented Trump's most significant moves to support Kyiv and came after he repeatedly expressed frustration with Russian President Vladimir Putin's continued bombardment of Ukraine.
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Yahoo
21 minutes ago
- Yahoo
Powell asks watchdog to probe Fed HQ renovations as Trump pressure grows
Federal Reserve Chair Jerome Powell told lawmakers on Monday that he has asked the central bank's watchdog to scrutinize renovations of the Fed's headquarters, in response to growing criticism from the Trump administration of the plan. Powell called on the Fed's inspector-general, Michael Horowitz, to examine the project's cost, which has ballooned to $2.5 billion, as well as any other aspect he deems appropriate, according to a person familiar with the request. The request was referenced in a letter, first reported by POLITICO, that Powell sent to Senate Banking Chair Tim Scott (R-S.C.) and Sen. Elizabeth Warren (D-Mass.), the top Democrat on the committee. Speculation has mounted that President Donald Trump, who has clashed with Powell for refusing to cut interest rates, might try to use the renovations to remove the Fed chief 'for cause,' as allowed by statute. Still, it is unclear what type of behavior would fall under that standard. It has generally been interpreted to mean that the president cannot fire Fed board members over policy disagreements, and the Supreme Court signaled in a recent order that it might block a move to remove the Fed chair without cause. Horowitz, who was appointed by Powell last month, was previously the inspector general for the Justice Department, where he won praise from Trump and his supporters for uncovering problems in the FBI's handling of the investigation into potential collusion between Trump's 2016 campaign and Russia. Powell wrote in the letter that the IG has had 'full access to project information on costs, contracts, schedules, and expenditures and receives monthly reports on the construction program.' 'The Board's IG conducted an audit in 2021 to assess the Board's process for planning and managing multiple renovation projects as well as procuring services under various renovation-related contracts,' he added. 'I have asked the Board's IG to take a fresh look at the project.' A spokesperson for Scott said the Banking chair looks forward to receiving more information about 'the costly renovations at the Fed's headquarters.' 'Chairman Scott has continued to call for increased transparency and accountability at the Federal Reserve, and this letter is consistent with improving the communication and transparency he is seeking,' a spokesperson for the senator said in a statement to POLITICO. Axios earlier reported news of Powell's request to the IG. The headquarters renovation, which has been underway for multiple years, is a new front in the administration's criticism of the Fed. Powell was asked at a hearing last month by Scott about the project after a New York Post article characterized it as akin to the 'Palace of Versailles,' a characterization the Fed chief disputed. White House Budget Director Russ Vought — along with the National Capital Planning Commission — is investigating Powell over both the testimony he provided to Congress and questions about whether the construction project adhered to the National Capital Planning Act. Powell wrote in his letter that the Fed chose to consult with NCPC but is not subject to its jurisdiction. He also said the project has changed from its original proposal. 'As is to be expected in the major renovation of nearly 100-year-old historic buildings, the Board's designs have continued to evolve over the course of the project, and some features of the buildings, including rooftop spaces and new water features on the building grounds, were scaled back or eliminated as the project moved forward,' Powell said in the letter. 'These changes simplified the project and reduced the likelihood of further delays and cost overruns. None of them added cost to the project. We do not consider these changes to be substantial.' National Economic Council Director Kevin Hassett said on ABC News on Sunday that the question of whether Trump can fire the Fed chair is 'a thing that's being looked into.' Hassett is one of four candidates to replace Powell when his term ends next year, according to people familiar with the administration's deliberations.
CNBC
33 minutes ago
- CNBC
CNBC Daily Open: Trump brandishes tariffs for peace, not a trade war
Here's a tariff we can get behind. At a White House meeting on Monday with NATO's secretary general, Mark Rutte, U.S. President Donald Trump said he would introduce "tariffs at about 100%" on Russia's trade partners if the Kremlin doesn't reach a deal to end its invasion of Ukraine in 50 days. Notably, the punitive measures will be implemented as "secondary tariffs," Trump said. Unlike Trump's normal tariffs, under which a specific country is slapped with a levy, secondary tariffs impose the duty on countries and entities that buy Russia's exports. While those moves were meant to weaken Russia's economy, they do run the risk of drawing other countries' ire. According to data from the International Trade Centre, in 2024, Russia's biggest export was oil, and its biggest buyers were China, India and Turkey, in that order. That means those nations, among others, would effectively face a tariff of 100% from the U.S. — the highest of all updated numbers announced so far — if they don't shift their buying patterns. That said, it's refreshing to think of tariffs not as a weapon in a trade war (even if there might be collateral damage), but being used for peace. Trump threatens 100% tariffs on Russian export buyers. The U.S. president said he will impose "secondary tariffs" on Moscow if the country doesn't end its war on Ukraine in 50 days. U.S. stocks tick up even after renewed tariff threats. All major U.S. indexes posted mild gains Monday stateside. The Stoxx Europe 600 inched down 0.06%, but London's FTSE 100 closed 0.64% higher to hit a record high. 'Patriotism' buying is suppressing inflation. Kevin Hassett, director of the U.S. National Economic Council, theorized that tariffs aren't causing prices to rise because Americans are buying domestic products. Elon Musk doesn't support Tesla-xAI merger. The tech billionaire replied in the negative to a question regarding a potential deal. Musk, however, said he backs Tesla investing in xAI, and will hold a shareholder vote on it. [PRO] Tesla's supplier has potential beyond batteries. Contemporary Amperex Technology, also known as CATL, supplies battery packs to major electric companies. Analysts think the company can also be a "software ecosystem provider." Inflation report Tuesday should provide clues on the impact tariffs are having on prices June's inflation report will be examined not so much for what the headline numbers show than what's in the underlying data, especially whether tariffs are starting to have an impact. "I'm looking at autos and I'm looking at apparel, and last month's reading was very low for both of them, which is very counterintuitive to what you would have" expected, said Chris Hodge, head U.S. economist at Natixis CIB Americas. "These are two sectors that are very sensitive to increased tariffs."
Politico
42 minutes ago
- Politico
Van Hollen standing firm on FBI relocation fight
Maryland's senior senator said he isn't budging on his attempt to block President Donald Trump from diverting FBI money intended for moving agency headquarters to his home state — no matter the bureau's assurances. Sen. Chris Van Hollen (D-Md.) told reporters Monday night that senators are trying to schedule a briefing with the FBI on the rationale for abandoning the plan to move the bureau to suburban Greenbelt, after the senator's stand on the issue derailed committee approval last week of the government funding bill that covers the FBI. But even if the FBI assures senators that Trump's preferred location in downtown Washington, D.C. is a secure site, the Maryland Democrat said he isn't backing off on his attempt to block the administration from diverting about $1.4 billion that has been set aside for relocating the bureau to Maryland. 'This is not a way to resolve the issue. This is a way of having an understanding of what the FBI is saying,' Van Hollen said. 'The fundamental question here is: These monies were put aside for whichever jurisdiction — whichever site — won the competition,' he continued. 'So we'll have to talk to the FBI about that too.' After Van Hollen's amendment was adopted during a markup last week, Senate appropriators halted debate on the bill intended to fund the departments of Commerce and Justice, as well as the FBI and science programs, for the fiscal year that starts in October. The inclusion of Van Hollen's amendment led some Republican committee members to retract their support. Sen. Lisa Murkowski (R-Ala.), who joined Democrats in voting for the amendment, said she would like to hear the FBI's security assessment of Trump's plan to move the bureau to the Ronald Reagan Building. If Murkowski withdraws her endorsement of Van Hollen's provision, it would fail, appeasing the Republicans who threatened to vote 'no' on the bill. Yet even if Van Hollen were to succeed in the tall order of getting his amendment signed into law in the coming months, it would only block Trump from diverting the funds, rather than force the administration to proceed with building the new FBI headquarters in Maryland. 'I recognize this is a long battle,' Van Hollen said Monday. 'But that was a very important first salvo.' Other Senate appropriators said Monday that they hadn't received updates on resolving the FBI headquarters concerns or moving the larger funding bill forward, while Sen. John Kennedy (R-La.) expressed doubt there had been progress over the weekend. 'I don't think there's been any movement whatsoever,' Kennedy told reporters Monday.
