The Latest: Trump to visit Federal Reserve as feud with its chair continues
Trump has criticized Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3% this year after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump's sweeping tariffs on imports, which Powell says could push up inflation.
Powell's caution has infuriated Trump, who's demanded the Fed cut borrowing costs to spur the economy and reduce the interest rates the federal government pays on its debt. He's threatened to fire Powell, threatening the Fed's independence, which has long been supported by most economists and Wall Street investors.
The Fed has been renovating its Washington headquarters and a neighboring building. With some of the construction occurring underground and as building materials have soared in price after inflation spiked in 2021 and 2022, the estimated cost has ballooned to about $2.5 billion from $1.9 billion.
Here's the latest:
RNC Chair Michael Whatley plans to run for an open Senate seat in North Carolina
That's according to two people familiar with his thinking, who spoke on condition of anonymity because they weren't permitted to speak on the record.
President Trump, according to one of the people, asked him to make the run after Trump's daughter-in-law, Lara Trump, mulled the seat.
Politico first reported news of Whatley's plans.
Democrats see North Carolina as their top pickup opportunity next year after Sen. Thom Tillis announced his surprise retirement after clashing with Trump.
While Lara Trump had been seen as having the right of first refusal, Whatley is considered by national Republicans to be a strong contender for the seat, thanks, in part, to the large fundraising network he's cultivated as RNC chair and his perceived loyalty to the president. He's a well-known name in the state, having served as GOP chair there, and has no voting record that could be used against him by Democrats.
— Jill Colvin
Trump's trip to Scotland highlights his complex relationship with his mother's homeland
President Trump's trip to Scotland this week will be a homecoming of sorts, but he's likely to get a mixed reception.
Trump has had a long and at times rocky relationship with the country where his mother grew up in a humble house on a windswept isle.
He'll be met by both political leaders and protesters during the visit, which begins Friday and takes in his two Scottish golf resorts. It comes two months before King Charles III is due to welcome him on a formal state visit to the U.K.
'I'm not proud that he (has) Scottish heritage,' said Patricia Sloan, who says she stopped visiting the Turnberry resort on Scotland's west coast after Trump bought it in 2014. 'All countries have good and bad that come out of them, and if he's going to kind of wave the flag of having Scottish heritage, that's the bad part, I think.'
Trump's schedule, according to the White House
3 p.m. ET — Trump will sign executive orders
4 p.m. — Trump will visit the Federal Reserve
Man accused of attempting to assassinate Trump returns to court and hopes to represent himself
The man charged with attempting to assassinate Trump last year at his Florida golf course will return to court Thursday to once again explain why he wants to fire his court-appointed lawyers and represent himself.
Ryan Routh previously made the request earlier this month during a hearing in Fort Pierce before U.S. District Court Judge Aileen Cannon. She didn't rule during the hearing but said she would issue a written order later. But now Routh, 59, is set to be back in front of Cannon, a day after his court-appointed federal public defenders asked to be taken off the case.
Routh is scheduled to stand trial in September, a year after prosecutors say a U.S. Secret Service agent thwarted his attempt to shoot Trump as he played golf. Routh has pleaded not guilty to charges of attempting to assassinate a major presidential candidate, assaulting a federal officer and several firearm violations.
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Vancouver Sun
6 minutes ago
- Vancouver Sun
Trump's tariff threats against Canada face legal hurdles ahead of August deadline
Donald Trump's plan to realign global trade faces its latest legal barrier this week in a federal appeals court — and Canada is bracing for the U.S. president to follow through on his threat to impose higher tariffs. While Trump set an Aug. 1 deadline for countries to make trade deals with the United States, the president's ultimatum has so far resulted in only a handful of frameworks for trade agreements. Deals have been announced for Japan, Vietnam, Indonesia, the Philippines and the United Kingdom — but Trump indicated last week that an agreement with Canada is far from complete. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'We don't have a deal with Canada, we haven't been focused on it,' Trump told reporters Friday. Trump sent a letter to Prime Minister Mark Carney threatening to impose 35 per cent tariffs if Canada doesn't make a trade deal by the deadline. The White House has said those duties would not apply to goods compliant with the Canada-U.S.-Mexico Agreement on trade. Canadian officials have also downplayed expectations of a new economic and security agreement materializing by Friday. 'We'll use all the time that's necessary,' Carney said last week. Countries around the world will also be watching as Trump's use of a national security statute to hit nations with tariffs faces scrutiny in the United States Court of Appeals for the Federal Circuit. The U.S. Court of International Trade ruled in May that Trump does not have the authority to wield tariffs on nearly every country through the use of the International Economic Emergency Powers Act of 1977. The act, usually referred to by the acronym IEEPA, gives the U.S. president authority to control economic transactions after declaring an emergency. No previous president had ever used it for tariffs and the U.S. Constitution gives power over taxes and tariffs to Congress. The Trump administration quickly appealed the lower court's ruling on the so-called 'Liberation Day' and fentanyl-related tariffs and arguments are set to be heard in the appeal court on Thursday. The hearing combines two different cases that were pushing against Trump's tariffs. One involves five American small businesses arguing specifically against Trump's worldwide tariffs, and the other came from 12 states pushing back on both the 'Liberation Day' duties and the fentanyl-related tariffs George Mason University law professor Ilya Somin called Trump's tariff actions a 'massive power grab.' Somin, along with the Liberty Justice Center, is representing the American small businesses. 'We are hopeful — we can't know for sure obviously — we are hopeful that we will continue to prevail in court,' Somin said. Somin said they are arguing that IEEPA does not 'give the president the power to impose any tariff he wants, on any nation, for any reason, for as long as he wants, whenever he feels like it.' He added that 'the law also says there must be an emergency and an unusual and extraordinary threat to American security or the economy' — and neither the flow of fentanyl from Canada nor a trade deficit meet that definition. U.S. government data shows a minuscule volume of fentanyl is seized at the northern border. The White House has said the Trump administration is legally using powers granted to the executive branch by the Constitution and Congress to address America's 'national emergencies of persistent goods trade deficits and drug trafficking.' There have been 18 amicus briefs — a legal submission from a group that's not party to the action — filed in support of the small businesses and states pushing against Trump's tariffs. Two were filed in support of the Trump administration's actions. Brent Skorup, a legal fellow at the Washington-based Cato Institute, said the Trump administration is taking a vague statute and claiming powers never deployed by a president before. The Cato Institute submitted a brief that argued 'the Constitution specifies that Congress has the power to set tariffs and duties.' Skorup said there are serious issues with the Trump administration's interpretation of IEEPA. 'We don't want power consolidated into a single king or president,' he said. It's expected the appeals court will expedite its ruling. Even if it rules against the duties, however, they may not be immediately lifted. White House Press Secretary Karoline Leavitt has said the Supreme Court should 'put an end to this.' There are at least eight lawsuits challenging the tariffs. Canada is also being hit with tariffs on steel, aluminum and automobiles. Trump used different powers under the Trade Expansion Act of 1962 to enact those duties. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
Global News
36 minutes ago
- Global News
Thai and Cambodian leaders to meet in Malaysia for talks to end deadly border dispute
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Trump posted on Truth Social on Saturday that he spoke to the leaders of Thailand and Cambodia and suggested he would not move forward with trade agreements with either country if the hostilities continued. He later said both sides agreed to meet to negotiate a ceasefire. Both sides agree to discuss a ceasefire Cambodian Prime Minister Hun Manet said earlier Sunday his country agreed to pursue an 'immediate and unconditional ceasefire.' He said Trump told him that Thailand had also agreed to halt attacks following the U.S. president's conversation with Phumtham. Story continues below advertisement He said he tasked his deputy, Foreign Minister Prak Sokhonn, to coordinate the next steps with U.S. Secretary of State Marco Rubio and to engage directly with Thailand's foreign minister to implement the ceasefire. Thailand expressed cautious support. Phumtham thanked Trump and said that Thailand agreed in principle to a ceasefire but stressed the need for 'sincere intention' from Cambodia, the Thai Foreign Ministry said. Phumtham called for swift bilateral talks to discuss concrete steps toward a peaceful resolution, it said. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Both sides blame the other for the clashes The fighting flared Thursday after a land mine explosion along the border wounded five Thai soldiers. Both sides blamed each other for starting the clashes. Both countries recalled their ambassadors and Thailand closed its border crossings with Cambodia. Despite the diplomatic efforts, fighting continued Sunday along parts of the contested border, with both sides refusing to budge and trading blame over renewed shelling and troop movements. Col. Richa Suksowanont, a Thai army deputy spokesperson, said Cambodian forces fired heavy artillery into Surin province, including at civilian homes, early Sunday. He said Cambodia also launched rocket attacks targeting the ancient Ta Muen Thom temple, claimed by both countries, and other areas in a bid to reclaim territory secured by Thai troops. Thai forces responded with long-range artillery to strike Cambodian artillery and rocket launchers. Richa said Trump's efforts to mediate were a 'separate matter.' The battlefield operations will continue and a ceasefire can only happen if Cambodia formally initiates negotiations, he added. 'Any cessation of hostilities cannot be reached while Cambodia is severely lacking in good faith and repeatedly violating the basic principles of human rights and humanitarian law,' Thailand's Foreign Ministry said separately. Story continues below advertisement Cambodian Defense Ministry spokesperson Lt. Gen. Maly Socheata accused Thai forces of escalating the violence with bombardment of Cambodian territory early Sunday, followed by a 'large-scale incursion' involving tanks and ground troops in multiple areas. 'Such actions undermine all efforts toward peaceful resolution and expose Thailand's clear intent to escalate rather than de-escalate the conflict,' she said. Thailand on Sunday reported a new death of a soldier, bringing the total number of fatalities to 21, mostly civilians. Cambodia said 13 people have been killed. More than 131,000 people in Thailand have evacuated to safe locations and over 37,000 people fled from three Cambodian provinces. 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At the Vatican, Pope Leo XIV said he was praying for all those affected by war in the world, including 'for those affected by the clashes on the border between Thailand and Cambodia, especially the children and displaced families.' Story continues below advertisement The U.N. Security Council has called on ASEAN, a regional bloc, to mediate peace between the two members. Human Rights Watch has condemned the reported use of cluster munitions, weapons banned by International law, in populated areas, and urged both governments to protect civilians. The 800-kilometer (500-mile) frontier between Thailand and Cambodia has been disputed for decades, but past confrontations have been limited and brief. The latest tensions erupted in May when a Cambodian soldier was killed in a confrontation that created a diplomatic rift and roiled Thailand's domestic politics.
Edmonton Journal
36 minutes ago
- Edmonton Journal
Trump's tariff threats against Canada face legal hurdles ahead of August deadline
Article content Donald Trump's plan to realign global trade faces its latest legal barrier this week in a federal appeals court — and Canada is bracing for the U.S. president to follow through on his threat to impose higher tariffs. Article content While Trump set an Aug. 1 deadline for countries to make trade deals with the United States, the president's ultimatum has so far resulted in only a handful of frameworks for trade agreements. Article content Article content Article content Deals have been announced for Japan, Vietnam, Indonesia, the Philippines and the United Kingdom — but Trump indicated last week that an agreement with Canada is far from complete. Article content Trump sent a letter to Prime Minister Mark Carney threatening to impose 35 per cent tariffs if Canada doesn't make a trade deal by the deadline. The White House has said those duties would not apply to goods compliant with the Canada-U.S.-Mexico Agreement on trade. Article content 'We'll use all the time that's necessary,' Carney said last week. Article content Article content Countries around the world will also be watching as Trump's use of a national security statute to hit nations with tariffs faces scrutiny in the United States Court of Appeals for the Federal Circuit. Article content Article content The U.S. Court of International Trade ruled in May that Trump does not have the authority to wield tariffs on nearly every country through the use of the International Economic Emergency Powers Act of 1977. Article content Article content The act, usually referred to by the acronym IEEPA, gives the U.S. president authority to control economic transactions after declaring an emergency. No previous president had ever used it for tariffs and the U.S. Constitution gives power over taxes and tariffs to Congress. Article content The Trump administration quickly appealed the lower court's ruling on the so-called 'Liberation Day' and fentanyl-related tariffs and arguments are set to be heard in the appeal court on Thursday. Article content The hearing combines two different cases that were pushing against Trump's tariffs. One involves five American small businesses arguing specifically against Trump's worldwide tariffs, and the other came from 12 states pushing back on both the 'Liberation Day' duties and the fentanyl-related tariffs
