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The Memo: Trump adopts new aggressive stance on Russia

The Memo: Trump adopts new aggressive stance on Russia

Yahooa day ago
President Trump moved to a more aggressive footing with Russia on Monday, promising to funnel weapons through NATO allies to Ukraine and threatening to hammer Moscow's trading partners with sanctions.
Even though there is a lengthy hiatus of 50 days before those sanctions would take effect, it's still a notable shift from the president.
Trump had long been skeptical of the pace and scale of U.S. aid to Ukraine.
It has been only a little more than four months since he and Vice President Vance had a famously fractious meeting with Ukrainian President Volodymyr Zelensky in the Oval Office.
In the aftermath of that meeting, where Zelensky was assailed for his supposed ingratitude and the weakness of his bargaining position, it seemed like the choking off of U.S. military aid to Kyiv was near-certain. That, in turn, would make a Russian victory in the war begun by President Vladimir Putin's February 2022 invasion equally inevitable.
Now, the picture looks very different. Trump — for reasons that appear personal as much as strategic — has become increasingly irritated with Putin's refusal to bring the war to an end.
On Monday, meeting at the White House with NATO Secretary-General Mark Rutte, Trump complained that he enjoys 'very pleasant' phone calls with Putin only to see Russian 'missiles go off that night.'
The accusation of double-dealing or disingenuousness on the part of Putin has become more of a centerpiece of Trump's rhetoric recently.
On Monday, he contended that Putin 'didn't fool' him, even as he held that the Russian leader had pulled the wool over the eyes of past Presidents Biden, Obama and George W. Bush.
Just last week, Trump made a similar point in even more pointed terms, saying, 'We get a lot of bulls‑‑‑ thrown at us by Putin, if you want to know the truth. He's very nice all the time but it turns out to be meaningless.'
Now, of course, the question is how meaningful Trump's own shift will be.
The most obviously substantive move is the provision of weapons — notably Patriot air defense systems.
The deal by which those, and other weapons, will be bought by European NATO members and then transferred on to Ukraine seems to resolve one central tension in the conflict. It enables Trump to vastly reduce the cost to the U.S. Treasury Department — and thus to U.S. taxpayers — of military aid to Ukraine, while bolstering Ukraine's defenses and ameliorating the panic from U.S. allies in Europe that Trump's isolation would invite greater Russian expansionism.
Referring to NATO allies, Trump said Monday, 'We are going to be sending them weapons, and they're going to be paying for them. We're not buying it, but we will manufacture it, and they're going to be paying for them.'
The Wall Street Journal, citing two unnamed sources familiar with the upcoming weapons transfers, reported that the package could be worth about $10 billion.
The Department of State says the United States has provided almost $67 billion in military assistance to Ukraine since Russia's invasion.
The sanctions element of Monday's proposal was a bit more vague.
Trump initially used the word 'tariffs' to describe what he had in mind as a tactic to deepen Russia's economic isolation. But it fell to Commerce Secretary Howard Lutnick to clarify that Trump was in fact suggesting the imposition of economic sanctions on Moscow's trading partners.
Those sanctions are supposedly going to take effect if a peace deal is not arrived at within Trump's 50-day time frame.
There are a few obvious caveats.
The most obvious is whether Trump will follow through given his propensity to move in unpredictable ways.
A second is whether Putin would try to persuade the president, during that period, that it is actually Ukraine that is being the more stubborn party.
A third mixed signal came even Monday, when Trump appeared lukewarm about the proposed congressional legislation that would ramp up sanctions on Russia directly.
Even so, it's notable that the more hawkish members of the GOP, including Sen. Lindsey Graham (R-S.C.), have been vocally enthusiastic about Trump's apparent shift.
There are, too, some in Republican circles who believe Trump's instinctive isolationism has been diluted somewhat by the perceived success of the recent U.S. airstrikes against targets in Iran — strikes that resulted neither in any casualties for the U.S. nor created any serious danger of getting sucked into a longer war.
The American public also seems to have an appetite for tougher economic measures against Russia.
An Economist/YouGov poll last month found that 44 percent of Americans surveyed favored increasing sanctions on Russia and 19 percent wanted to maintain sanctions at their current level, while only 15 percent wanted to reduce or eliminate sanctions.
Much remains uncertain, including how Putin will react to Monday's announcements. And, of course, the biggest vexing question is how many concessions either Russia or Ukraine are willing to make to end the war.
But Trump, long derided by critics for his softness on Putin, is this time taking a harder line than he ever has before.
The Memo is a reported column by Niall Stanage.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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The drumbeat that President Trump will fire Fed Chair Jerome Powell got louder Wednesday, with reporting from CBS News, Bloomberg, CNBC, and The New York Times all adding to the sense that Trump is getting closer to making the unprecedented move. Stocks were lower following the news, but the biggest move in markets was coming from the foreign exchange market, where the dollar was getting crushed against other major currencies. The dollar quickly fell as much as 1% against the Japanese yen, lost about 0.7% against the euro, and fell about 0.5% against the British pound. The dollar index fell about 0.7%. Trump has for some time complained about Powell's lack of aggressive rate cuts this year, saying the Fed chair is "too late," among other barbs. 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As of late Wednesday morning, traders saw a more than 70% chance of the Fed cutting rates in September, versus roughly 56% earlier in the day, according to CME Group. President Trump asked Republican members of the House of Representatives if he should fire Fed Chair Jerome Powell in the Oval Office on Tuesday night, CBS News reported Wednesday, citing unnamed sources. The New York Times reported that Trump had showed off a draft of a letter firing Powell during the meeting. The Republican representatives voiced approval for such a move, CBS reported. Shortly after the CBS report, Bloomberg reported that Trump is likely to fire Powell soon, citing a White House official. All three major indexes fell after the news to touch lows for the day. The S&P 500 (^GSPC) fell 0.45%, while the Dow Jones Industrial Average (^DJI) fell 0.3%. The Nasdaq Composite (^IXIC) dropped nearly 0.6%. The US Dollar DXY ( fell roughly 0.9% following the news. Meanwhile, bets on Fed rate cuts rose from earlier in the day after weaker-than-expected inflation data out earlier Wednesday morning. As of late Wednesday morning, traders saw a more than 70% chance of the Fed cutting rates in September, versus roughly 56% earlier in the day, according to CME Group. Expectations for Fed rate cuts in September are falling Investor speculation that the Fed will hold rates steady not just this month but also in September is growing. According to the CME Group, traders are pricing in a 44% chance that the Fed will not cut rates in September, up from 30% last week. Investors see a more than 54% probability of a 25 basis point cut in September, down from roughly 66% last week. And traders are betting that there's a slim 1.4% chance that the central bank will cut rates by 50 basis points, down from 4.2% last week. Investor speculation that the Fed will hold rates steady not just this month but also in September is growing. According to the CME Group, traders are pricing in a 44% chance that the Fed will not cut rates in September, up from 30% last week. Investors see a more than 54% probability of a 25 basis point cut in September, down from roughly 66% last week. And traders are betting that there's a slim 1.4% chance that the central bank will cut rates by 50 basis points, down from 4.2% last week. Johnson & Johnson stock climbs after earnings beat Johnson & Johnson (JNJ) stock climbed nearly 5% Wednesday after the drugmaker's latest earnings results topped expectations and the company raised its financial outlook for the year. The pharma giant reported revenues of $23.7 billion, higher than the $22.8 billion expected by Wall Street analysts. Earnings per share came in at $2.77, compared to the $2.66 projected, Yahoo Finance's Anjalee Khemlani reports. The company also raised its revenue guidance for the year to a range between $93.2 billion and $93.6 billion, up from its prior range of $91 billion to $91.8 billion. J&J lifted full-year earnings per share guidance by $0.25 to $10.85. Khemlani writes: Read more about J&J's latest earnings results here. Johnson & Johnson (JNJ) stock climbed nearly 5% Wednesday after the drugmaker's latest earnings results topped expectations and the company raised its financial outlook for the year. The pharma giant reported revenues of $23.7 billion, higher than the $22.8 billion expected by Wall Street analysts. Earnings per share came in at $2.77, compared to the $2.66 projected, Yahoo Finance's Anjalee Khemlani reports. The company also raised its revenue guidance for the year to a range between $93.2 billion and $93.6 billion, up from its prior range of $91 billion to $91.8 billion. J&J lifted full-year earnings per share guidance by $0.25 to $10.85. Khemlani writes: Read more about J&J's latest earnings results here. US stocks edge up at the open US stocks inched higher Wednesday morning as investors digested another round of corporate earnings results and a wholesale inflation checkup. The Dow Jones Industrial Average (^DJI) rose about 0.3% after shedding over 400 points on Tuesday, while the S&P 500 (^GSPC) was up nearly 0.2%. The tech-heavy Nasdaq Composite (^IXIC) was just above the flat line after notching a fresh record Tuesday as AI chipmaker Nvidia (NVDA) hit a new high. Shares of Johnson & Johnson (JNJ), Bank of America (BAC), and Goldman Sachs (GS) rose after reporting solid earnings results, while Morgan Stanley (MS) stock fell despite the bank's own earnings report topping Wall Street's projections. US stocks inched higher Wednesday morning as investors digested another round of corporate earnings results and a wholesale inflation checkup. The Dow Jones Industrial Average (^DJI) rose about 0.3% after shedding over 400 points on Tuesday, while the S&P 500 (^GSPC) was up nearly 0.2%. The tech-heavy Nasdaq Composite (^IXIC) was just above the flat line after notching a fresh record Tuesday as AI chipmaker Nvidia (NVDA) hit a new high. Shares of Johnson & Johnson (JNJ), Bank of America (BAC), and Goldman Sachs (GS) rose after reporting solid earnings results, while Morgan Stanley (MS) stock fell despite the bank's own earnings report topping Wall Street's projections. Trending tickers: J&J, ASML, Goldman Sachs, SharpLink Gaming Here's a look a the top trending tickers in premarket trading as earnings season kicks off: Read more live coverage of earnings season here. Here's a look a the top trending tickers in premarket trading as earnings season kicks off: Read more live coverage of earnings season here. Wholesale prices increase less than expected in June Wholesale prices rose less than expected in June. Wednesday's report from the Bureau of Labor Statistics showed that its producer price index (PPI) — which tracks the price changes companies see — rose 2.3% from the year prior, below the 2.7% seen in May and lower than the 2.5% increase economists had projected. On a monthly basis, prices were flat. Economists had expected 0.2% increase. Excluding food and energy, "core" prices rose 2.6% year over year, below the 3.2% gain seen in May. Economists had expected an increase of 2.7%. Meanwhile, month-over-month core prices were flat below the 0.2% increase economists had expected and the 0.3% gain seen last month. The report follows Tuesday's Consumer Price Index (CPI) report which showed core price increases accelerated to 2.9% in June. Wholesale prices rose less than expected in June. Wednesday's report from the Bureau of Labor Statistics showed that its producer price index (PPI) — which tracks the price changes companies see — rose 2.3% from the year prior, below the 2.7% seen in May and lower than the 2.5% increase economists had projected. On a monthly basis, prices were flat. Economists had expected 0.2% increase. Excluding food and energy, "core" prices rose 2.6% year over year, below the 3.2% gain seen in May. Economists had expected an increase of 2.7%. Meanwhile, month-over-month core prices were flat below the 0.2% increase economists had expected and the 0.3% gain seen last month. The report follows Tuesday's Consumer Price Index (CPI) report which showed core price increases accelerated to 2.9% in June. Goldman stock gains as trading and dealmaking boosts profits Shares of Goldman Sachs (GS), JPMorgan Chase (JPM), and Citigroup (C) were moving higher in premarket trading on Wednesday after the Wall Street firms reported higher dealmaking and trading revenue this week to kick off earnings season. Yahoo Finance's David Hollerith reports: Read more here. Shares of Goldman Sachs (GS), JPMorgan Chase (JPM), and Citigroup (C) were moving higher in premarket trading on Wednesday after the Wall Street firms reported higher dealmaking and trading revenue this week to kick off earnings season. Yahoo Finance's David Hollerith reports: Read more here. Markets are now ho-hum about tariff threats. Trump and Wall Street disagree about why. Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. Chip linchpin ASML warns on 2026 growth amid tariff headwinds ASML (ASML, shares slumped almost 8% in premarket trading after the chip industry linchpin said it may not achieve growth in 2026. The warning came even as the world's biggest supplier of chipmaking gear's second quarter bookings topped Wall Street estimates on Wednesday. Reuters reported: Read more here. ASML (ASML, shares slumped almost 8% in premarket trading after the chip industry linchpin said it may not achieve growth in 2026. The warning came even as the world's biggest supplier of chipmaking gear's second quarter bookings topped Wall Street estimates on Wednesday. Reuters reported: Read more here. Gold rises as trade war fears bolster haven asset Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. Trump order to open up private investment to retirement plans. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters reports: Read more here. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

U.S. and Bahrain sign nuclear cooperation agreement
U.S. and Bahrain sign nuclear cooperation agreement

Miami Herald

time14 minutes ago

  • Miami Herald

U.S. and Bahrain sign nuclear cooperation agreement

July 16 (UPI) -- U.S. and Bahraini officials signed a nuclear cooperation memorandum of understanding to develop nuclear energy at home and abroad ahead of high-level meetings on Wednesday. The memorandum is intended to develop nuclear cooperation for civil purposes, Secretary of State Marco Rubio said prior to signing the MOU on behalf of the United States. It's an "example that the United States is prepared to be a partner with any nation on Earth that wants to pursue a civil nuclear program that is not geared towards weaponization or threatening the security of their neighbors," Rubio added. "U.S. private sector technology is the best in the world ... at helping such close allies like Bahrain achieve the hopes that they have for their own future [and] be able to generate energy," Rubio continued. "Energy is key to everything," Rubio said. "You can't talk about any industry or any business endeavor without energy, and this is an exciting new technology that we hope to be sharing with many of our partners." Bahraini Foreign Minister Abdullahtif bin Rashid Al Zayani said signing the memorandum of understanding affirms "our shared commitment to the peaceful use of nuclear technology to benefit our countries and societies." "Cooperation on nuclear technology will be a vital contributor to our shared responsibility and prosperity in the years ahead," Al Zayani said. "We in Bahrain deeply value the chance to benefit from the U.S. world-leading technology and expertise in this field," he concluded before signing the MOU on behalf of Bahrain. After the signing ceremony, Rubio and Al Zayani joined President Donald Trump and Crown Prince of Bahrain Salman bin Hamad Al Khalifa, who also is the Bahraini prime minister, for an afternoon luncheon followed by a more formal meeting. Trump said they would discuss the Operation Midnight Hammer attacks on Iran's nuclear facilities and trade between the United States and Bahrain. "It is indeed a great honor to be here this morning to put into action the relationship that exists between our two countries," Al Khalifa said. "We'll be discussing security, trade and investment," the crown prince said. "We're very happy to be announcing $17 billion worth of deals that are coming to the United States." Al Khalifa said the United States and Bahrain have had a civil relationship since 1893 and formally since 1948. Trump said Bahrain's investment is among $17 trillion in investments in total that Middle East nations, including Saudi Arabia and Qatar, have pledged to make in the United States. "We have the hottest country in the world," Trump said. "We were dead a year ago, but now we are the hottest country anywhere in the world." Trump also is scheduled to have a dinner meeting with the Qatari Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman Al Thani at 7 p.m. EDT. Prior to the dinner meeting, Trump is scheduled to sign legislation targeting fentanyl trafficking at 3 p.m. Copyright 2025 UPI News Corporation. All Rights Reserved.

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