Trump Piles Fresh Sanctions on Cuba's Flailing Tourism Industry
The State Department expanded its ' restricted list ' on Monday with the addition of 11 entities, including the Iberostar Selection La Habana, a new 42-story hotel in the capital. Known as Torre K, the hotel opened this year and is Cuba's tallest building.
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Trump says US will send Patriot missiles to Ukraine: 'They desperately need' them
WASHINGTON — President Donald Trump said the United States will send Patriot air defense missiles to Ukraine that will be reimbursed for by the European Union, offering critical help to Kyiv as it battles an onslaught of Russian drone attacks. Trump did not specify how many weapons systems the United States would provide and told reporters it had not been agreed upon yet. The United States, Trump stressed, would not pay for them. He then heaped fresh criticism on Russian President Vladimir Putin, whom he's soured against in recent weeks. "We will send them Patriots, which they desperately need," Trump said of Ukraine while speaking with reporters at Joint Base Andrews on July 13. "Putin really surprised a lot of people. He talks nice and then he bombs everybody in the evening. There's a little bit of a problem there. I don't like it." Ukraine latest: Trump escalates criticism of Putin, rearms Ukraine, as Russia's war plows on Ukrainian President Volodymyr Zelenskyy has been pressing Trump to allow his country to purchase Patriot missile air defense systems from the United States as Russia intensifies its missile and drone attacks. Shipments of the missile systems that were previously approved were paused by a Pentagon review of U.S. military stockpiles and then resumed last week by Trump. "Ukraine is ready to buy this equipment and support American weapons manufacturers. Europe can help," Zelenskyy said after a June 25 meeting with Trump. While speaking to reporters after returning from the FIFA Club World Cup match in New Jersey, Trump said the United States would be sending Ukraine "sophisticated military" equipment. The plan was expected to be part of an Oval Office discussion at the White House with NATO Secretary General Mark Rutte. Trump said in an interview with NBC News last week that the United States would be sending weapons to NATO that the military alliance would be paying for. 'We are not paying for any more weapons,' Trump told NBC at the time. This article originally appeared on USA TODAY: US will send Patriot air defense missiles to Ukraine: Donald Trump
Yahoo
19 minutes ago
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Fed Chair Powell's finally fighting back as the White House looks to fire him "for cause"
Federal Reserve Chairman Jerome Powell may finally have had enough of the White House's pressure campaign to have him either slash rates or resign. For months, Powell has resisted reacting to constant public berating from President Donald Trump, but the final straw may have come last week when White House advisers alleged Powell either lied to Congress about the Fed's headquarters renovation or grossly mismanaged it. Either of those, if proven true, could give Trump cover to fire Powell 'for cause.' Powell and the Fed are finally fighting back. Over the weekend, the Fed quietly posted a FAQ explaining what happened with the renovation of the Fed's headquarters, and Powell reportedly has asked the central bank's inspector general to review its $2.5 billion headquarters renovation project. A Powell firing could sow doubts over the Fed's independence and wreck the central bank's credibility to manage monetary policy unfettered by policy makers. 'Equities would likely sell off on impact, on a risk-off flight to safety trade,' said Padhraic Garvey, regional head of research, Americas, at Dutch bank ING. 'After all, this would be an effective forced exit of a reputable Fed Chair by the U.S. president, an unprecedented event for the market to get its head around. "But thereafter, equities could quickly reassess and choose to rally, on the theory that deep cuts in rates are a boon for corporates, as is a potentially steamy economy," he said "And inflation is not necessarily a bad thing for equities." The original cost of the renovation of the Fed's three office buildings overlooking the National Mall in Washington D.C. was estimated at $1.9 billion in 2019 but swelled to $2.5 billion. The more than 33% increase in budget was due to design changes, costs of materials, equipment, and labor and other 'unforeseen conditions' like more asbestos than anticipated and toxic contamination in soil, the Fed's FAQ said. Last week, Trump's budget director Russell Vought wrote a letter suggesting Powell either made false statements to Congress about the expensive renovation or failed to comply with permitting rules around capital-area construction. Trump also named three White House advisers to the National Capital Planning Commission, which must sign off on major construction projects in the area. Vought called out, among other things, luxe VIP dining areas and rooftop terrace gardens. However, the Fed's FAQ says 'no new VIP dining rooms are being constructed' and 'garden terrace' refers to 'the ground-level front lawn of 1951 Constitution Avenue, which serves as the roof of the parking structure beneath.' It also noted 'Green roofs are found on other federal government buildings, like the Departments of Justice, Interior, and many others, and are encouraged by the General Services Administration.' To some, Powell has already done damage, whether he stays on as Fed chair. 'It is easy to argue the market has lost confidence in the Fed,' said Nancy Tengler, chief executive of Laffer Tengler Investments. She noted some of what she sees as Powell missteps as Fed chair, including raising rates in 2018, which she says caused the 'intra-year bear market in response to Trump 1.0 tariffs. He was forced to capitulate months later.' Then in 2021, the Fed 'waited way too long to hike rates as inflation morphed from a controlled burn into a wildfire' that allowed consumer prices to soar to 9.1% by June 2022, Tengler said. Other economists say if Powell goes, the impact could be limited. 'Basically, it is likely that this would lead to a sizeable initial sell-off that could be calmed by the other governors forcibly reiterating Fed independence,' said Jim Reid, Deutsche Bank's global head of economics and thematic research. ING's Garvey said likely, 'an early departure of Powell would be followed quickly by a replacement super-dove as head of the Federal Reserve.' A dove is someone who leans toward keeping interest rates low to grow the economy, compared with a hawk who favors higher interest rates to keep inflation controlled. But even with a 'super-dove' atop the Fed, Garvey questions how much policy would change. 'We can acknowledge that the (Fed's policy-making arm) would swing more dovish than it has been. But we can't conclude that the Committee would then cut rates just because Trump commands it. In the end, it's a majority decision, and the Committee is likely to remain as divided as the latest minutes suggest, but with a bias to keep rates on hold until the coast is clear to cut them.' Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday. This article originally appeared on USA TODAY: Could renovations finally sink Fed chair and stocks? 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Yahoo
19 minutes ago
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'Very disappointed': Trump slams Putin, moves to send Ukraine weapons
President Donald Trump lashed out at Vladimir Putin ahead of a meeting with the secretary general of NATO, again venting his frustration with the Russian leader's unwillingness to de-escalate in Ukraine. 'I am very disappointed with President Putin,' Trump said July 13 at Joint Base Andrews. 'I thought he was somebody that meant what he said. And he'll talk so beautifully and then he'll bomb people at night. We don't like that.' More: Trump said he'd end Ukraine war in 24 hours. Now his patience with Putin is wearing thin. Trump's increasingly tough rhetoric against Putin comes as he moves to boost U.S. military support for Ukraine, telling reporters July 13 that he will send Patriot air defense missiles to the war-ravaged country that was invaded by Russia in 2022. Trump said the European Union will reimburse the United States for the missiles. Ukrainian President Volodymyr Zelenskyy has been pressing Trump to allow his country to purchase Patriot missile air defense systems from the United States as Russia intensifies its missile and drone attacks. Shipments of the missile systems that were previously approved were paused by a Pentagon review of U.S. military stockpiles and then resumed last week by Trump. While speaking to reporters after returning from the FIFA Club World Cup match in New Jersey, Trump said the United States would send Ukraine "sophisticated military" equipment. The plan was expected to be part of an Oval Office discussion at the White House with NATO Secretary General Mark Rutte. Trump's amicable approach to Putin – he called him 'very kind' just last month – has increasingly been laced with criticism as Russia continues to heavily bombard Ukrainian cities despite efforts by U.S. officials to reach a ceasefire. With Putin pressing forward on the war effort, Trump has moved to help Ukraine with weapons and Congress is considering legislation that would increase sanctions on Russia. Contributing: Francesca Chambers, USA TODAY This article originally appeared on USA TODAY: Trump lashes out at Putin, moves to send Ukraine weapons
