Trump admin implodes literal Biden roadblock with potential to unleash major mining windfall
By refusing to allow the haul-road to be built between Coldfoot – a remote outpost on the "Ice Road Trucker" Dalton Highway between Deadhorse and Fairbanks – and the isolated community of Ambler about 220 miles westward, mining and other development was mooted by the feds despite both Juneau's and the Natives' wishes.
Alaska Republican Gov. Mike Dunleavy, a vocal proponent of responsible development of the Last Frontier's energy potential, praised President Donald Trump and Interior Secretary Doug Burgum after the land transfer was announced.
"[It] demonstrates how the Trump administration is prioritizing both local control and responsible natural resource development," Dunleavy told Fox News Digital on Monday.
"As governor, I look forward to working with Secretary Burgum and his staff on delivering federal lands due to the state under the Alaska Statehood Act," he said. The 1958 law signed by President Dwight Eisenhower both presaged Alaskan statehood one year later and gave the 49th state greater control over development of its natural resources.
"This bodes well for both the state and our Native Corporations," he said, as "NANA" – the recipient of the land transfer – is owned by 15,000 Iñupiaq residents who live in and around Kotzebue, Ambler and northwestern Alaska.
He said the move was "long overdue," as many Alaska Natives support responsible development of ANWR, Ambler (called "Ivisaappaat" by the Natives), and other lands they share with such untapped resources – despite claims to the contrary from the Lower 48.
John Lincoln, NANA's president, said in a statement to Anchorage's NBC affiliate that the community is also "grateful" to the Trump administration and the state's congressional delegation for their work.
"NANA's land selections [under the Alaska Native Claims Settlement Act (ANCSA)] were made many years ago by our Elders and past leadership," Lincoln said, further praising Sens. Dan Sullivan and Lisa Murkowski for their pro-development advocacy in Washington.
"We look forward to continuing to work closely with our federal government on the conveyance of the remaining 100,000+ acres of selected lands and on other issues of great importance to our state and nation."
NANA's position appeared to conflict with Biden administration claims that Native communities would be hurt by or might oppose the Ambler project moving forward.
In April 2024, the Biden administration reversed a first-Trump-administration permit for 211 miles of road, which was compounded in June of that year by a "record of decision" from the Bureau of Land Management claiming environmental risks to caribou and fish and formally denying the permit.
In a last-minute move before Trump took office, the Biden administration tripled down in January and asked the Army Corps of Engineers to at minimum suspend the Ambler project's Clean Water Act permitting.
The administration also alleged negative impacts on the public health of Native communities, including "stress, subsistence/food insecurity and potential exposure to toxins [that] would disproportionately negatively affect… Alaska Native villages in and near the project area," according to the Alaska Beacon.
Burgum told Fox News Digital the Ambler Mining Road land transfer was the Trump administration "delivering on its promises."
He said Interior will continue to cut "red tape," honor agreements with Native communities and reduce federal barriers to resource development.
AIDEA, the state's business development and export authority, cited in a 2019 proposal for the Ambler Mining Road that large caches of zinc, lead, silver, gold and cobalt could be mined, and that construction of the three-phase road project itself would create 3,000 jobs in addition to thousands from multiple planned mine prospects themselves.
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Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. 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Berkshire's consumer goods companies feel the sting of Trump's tariffs Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. US has 'makings of a deal' with China, Bessent says Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Nike, Deckers, On Running among footwear stocks under pressure as Trump outlines latest tariff plans Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Stocks sink after Trump's latest tariff blitz Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Trump's 40% penalty for tariff dodging missing key details President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. Trump unleashes massive tariffs on Swiss watches, pharma firms Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. 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CNBC
10 minutes ago
- CNBC
10-year Treasury yield climbs ahead of key services data
The 10-year Treasury yield inched higher as investors assessed developments related to U.S. President Donald Trump's tariff rates and looked toward data on July's services sector activity, slated for release later in the day. The benchmark 10-year note yield was over one basis point higher at 4.21% as of 4.15 a.m. ET, while the 30-year bond was less than one basis point higher at 4.801%. The 2-year Treasury note yield also climbed over 2 basis points to 3.702%. One basis point is equal to 0.01% and yields and prices move in opposite directions. The U.S. is expected to release the ISM non-manufacturing purchasing managers' index. Analysts polled by Reuters see the figure coming in at 51.5, up from 50.8 the previous month. Trump on Monday threatened to "substantially" increase tariffs on Indian goods, though he did not specify by how much. Last week, he floated a 25% levy and an additional "penalty" if India continues buying Russian oil. India pushed back against criticism from the U.S. and European Union over its purchases of Russian oil, saying it was being "targeted" unfairly after Trump warned of sharply higher tariffs. In a statement issued late Monday, India's Foreign Ministry said it only began buying oil from Russia after "traditional supplies" were redirected to Europe in the wake of the 2022 Russia-Ukraine war. "It is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion [for them]," the ministry added, taking aim at the EU and U.S.
