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Bloomberg
8 minutes ago
- Bloomberg
Trump Vows No Tariff Extension, Hardens Stance on Copper
Good morning. Trump isn't budging on his tariff timeline. Samsung's Unpacked event in New York loses some sizzle amid leaks. And a Chinese kindergarten provided food that left over 200 students with 'abnormal' levels of lead in their bodies. Listen to the day's top stories. Donald Trump isn't backing down. When it comes to tariffs on countries, the president is holding his ground on the Aug. 1 deadline as nations scramble to reach trade deals. He also ramped up his sectoral attacks, slapping a 50% levy on imports of copper, sending futures prices soaring. Industries including semiconductors also face charges, though drugmakers may get at least a year before a 200% fee on foreign-made products is implemented.
Fox News
8 minutes ago
- Fox News
Supreme Court lets Trump's ‘wrecking ball' federal job cuts proceed while legal fight continues
The Supreme Court on Tuesday allowed the Trump administration to move forward, at least for now, with plans to implement large-scale cuts to the federal workforce, issuing a stay that lifts a lower court's injunction against the administration's executive order. In a 6–3 decision, the justices granted the emergency request filed by the White House last week, clearing the way for Executive Order No. 14210 to take effect while legal challenges play out in the Ninth Circuit and potentially the high court. The order directs federal agencies to carry out sweeping reductions in force (RIFs) and agency reorganizations. It has been described by administration officials as a lawful effort to "streamline government and eliminate waste." Critics, including labor unions, local governments and nonprofit organizations, argue the president is unlawfully bypassing Congress to dismantle major parts of the federal APPEALS COURT THROWS ROADBLOCK AT TRUMP'S EDUCATION REFORM AGENDA A majority on the Court stressed that it was not ruling on the legality of specific agency cuts, only the executive order itself."Because the Government is likely to succeed on its argument that the Executive Order and Memorandum are lawful—and because the other factors bearing on whether to grant a stay are satisfied—we grant the application," the Court wrote. "We express no view on the legality of any Agency RIF and Reorganization Plan produced or approved pursuant to the Executive Order and Memorandum. The District Court enjoined further implementation or approval of the plans based on its view about the illegality of the Executive Order and Memorandum, not on any assessment of the plans themselves. Those plans are not before this Court." The district court in California had blocked the order in May, calling it an overreach. But the Supreme Court's unsigned decision on Tuesday set aside that injunction, pending appeal. The majority said the government is "likely to succeed" in defending the legality of the order. Justice Ketanji Brown Jackson dissented forcefully, writing that "this Court sees fit to step in now and release the President's wrecking ball at the outset of this litigation." She warned that the executive action represents a "structural overhaul that usurps Congress's policymaking prerogatives" and accused the majority of acting prematurely in an emergency posture without fully understanding the facts. "This unilateral decision to 'transform' the Federal Government was quickly challenged in federal court," she wrote. "The District Judge thoroughly examined the evidence, considered applicable law, and made a reasoned determination that Executive Branch officials should be enjoined from implementing the mandated restructuring… But that temporary, practical, harm-reducing preservation of the status quo was no match for this Court's demonstrated enthusiasm for greenlighting this President's legally dubious actions in an emergency posture." The executive order, issued in February, instructed agencies to prepare immediate plans for reorganizations and workforce reductions, including eliminating roles deemed "non-critical" or "not statutorily mandated." The administration says it is a necessary response to bloated government and outdated structures, claiming the injunction was forcing agencies to retain "thousands of employees whose continuance in federal service... is not in the government and public interest." Labor unions and state officials opposing the plan say it goes beyond normal workforce management and could gut services across multiple agencies. They point to proposed cuts of over 50% at the Department of Energy, and nearly 90% at the National Institute for Occupational Safety and Health. The court's ruling is not a final judgment on the legality of the executive order. It only determines that implementation may proceed temporarily while appeals continue. If the Ninth Circuit upholds the injunction or the Supreme Court declines to take up the case later, the order could again be American Federal Government Employees Union had a forceful response: "Today's decision has dealt a serious blow to our democracy and puts services that the American people rely on in grave jeopardy. This decision does not change the simple and clear fact that reorganizing government functions and laying off federal workers en masse haphazardly without any congressional approval is not allowed by our Constitution. While we are disappointed in this decision, we will continue to fight on behalf of the communities we represent and argue this case to protect critical public services that we rely on to stay safe and healthy."CLICK HERE TO GET THE FOX NEWS APP The case is Trump v. American Federation of Government Employees."Today's U.S. Supreme Court ruling is another definitive victory for the President and his administration," wrote White House principal deputy press secretary Harrison Fields in an email to Fox News Digital. "It clearly rebukes the continued assaults on the President's constitutionally authorized executive powers by leftist judges who are trying to prevent the President from achieving government efficiency across the federal government."
Wall Street Journal
11 minutes ago
- Wall Street Journal
How Well Do You Know the New Tax Law? Take Our Quiz
The new tax-and-spending law runs 887 pages, changing how everything from estates to car loan interest is taxed. The law does far more than extend the individual tax cuts of President Trump's 2017 tax law, which were set to expire at year-end. The new law makes some provisions of the 2017 version permanent, adds new tax cuts and eliminates others. Some of the changes are effective this year, so they will affect tax returns filed next spring.
