Trump moves to lift visa restrictions for Argentina in a boost to his right-wing ally
It will likely take two to three years before visa-free travel becomes a reality for Argentine passport holders, but the Trump administration's move to kickstart the process marked a show of support for President Javier Milei, its staunchest ally in South America and a darling of conservatives around the world.
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Canada News.Net
an hour ago
- Canada News.Net
White House pressure mounts as Trump clashes with Fed chair
WASHINGTON, D.C.: On August 1, President Donald Trump escalated his feud with Federal Reserve Chair Jerome Powell, urging the central bank's board of governors to seize control from Powell if he refused to slash interest rates. The extraordinary demand made on Trump's Truth Social account underscored how aggressively the president has been pressuring the independent central bank to support his economic agenda. Trump denounced Powell as "stubborn," repeating months of verbal attacks against the Fed chief. Traditionally, the Federal Reserve operates free from partisan politics, with its mandate focused on price stability and maximum employment. However, Trump has been openly frustrated by Powell's refusal to move interest rates lower in the face of mounting economic headwinds. So far this year, Powell has resisted changing the Fed's benchmark overnight lending rate, which remains steady at an average of 4.33 percent. He has argued that policymakers need time to measure the economic effects of Trump's sweeping tariffs on foreign goods. In Powell's view, those tariffs could still ripple through inflation and broader financial conditions, making it too risky to act hastily. Trump, however, is demanding drastic action. "If Powell doesn't substantially lower rates, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!" he wrote. Interestingly, two Fed governors—Christopher Waller and Michelle Bowman, both appointed by Trump—have begun to echo part of the president's argument. In statements released August 1, the pair said that they see Trump's tariffs as essentially creating a one-time bump in prices, not a sustained inflationary threat. They added that the labor market appears to be cooling. As a result, they dissented at Wednesday's policy meeting, advocating for minor rate cuts, though not nearly as deep as Trump wants. Trump quickly celebrated their stance, calling their opposition "strong dissents," even as he continues to insist that the broader U.S. economy is thriving. His political calculus is clear: rate cuts would both ease borrowing costs for households and reduce federal debt servicing expenses, helping him head into the election claiming credit for strong growth. But fresh economic data complicates his narrative. The July jobs report showed only 73,000 new positions created, far below expectations. Meanwhile, earlier employment figures for May and June were revised downward to just 14,000 and 19,000, respectively—evidence that the economy is slowing more sharply than the White House has admitted. Trump insists inflation is not a concern, but the Fed's preferred measure currently runs at 2.6 percent annually, above the central bank's two percent target. Cutting rates by the three percentage points he is demanding would amount to an unprecedented shift. Economists warn such a steep move could flood the system with liquidity, driving up prices rather than containing them. The clash between Trump and Powell is not only economic but also constitutional. In May, the Supreme Court ruled that a president cannot dismiss a Fed chair merely over disagreements about policy. That decision forced the White House to explore other legal avenues, including whether Powell could be ousted "for cause" because of cost overruns tied to the Fed's US$2.5 billion headquarters renovation. For now, Powell remains secure in his post. His current term as chair runs until May 2026, after which Trump—if still in office—will be able to nominate a successor subject to Senate confirmation. Until then, the tug-of-war between the president's political demands and the Fed's cautious independence looks set to continue.
Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Hong Kong cancels passports and bans financial support for 16 overseas activists
HONG KONG (AP) — Hong Kong authorities on Monday strengthened a crackdown on 16 overseas-based activists who were previously targeted by bounties on suspicion of endangering national security, implementing measures that include banning financial support to them and canceling passports for most of them. The activists were among 19 people who were targeted with arrest warrants in July for alleged roles in Hong Kong Parliament, a group the police called a subversive organization abroad. The organization is not the city's official legislature and its influence is limited. Three of the original 19 activists were already targeted by similar measures last year. Secretary for Security Chris Tang banned providing funds or economic resources to the 16 activists, including Victor Ho, Keung Ka-wai, Australian academic Chongyi Feng and U.S. citizen Gong Sasha, the Hong Kong government said in a statement. Travel documents were canceled for 12 of the 16 who hold Hong Kong passports. The government also prohibited properties from being leased to the people on the list or forming joint ventures with them. Anyone violating the orders risks a penalty of up to seven years in prison. The 16 activists are hiding in the U.K., the U.S., Canada, Germany, Australia, Thailand and Taiwan, among other regions, the government said, accusing them of continuing to engage in activities endangering national security. The notice also accused them of intending to incite hatred against Beijing and Hong Kong through smear and slander. 'We therefore have taken such measures to make a significant impact,' the statement said. Beijing imposed a national security law on the territory in 2020 that has effectively wiped out most public dissent following huge anti-government protests in 2019. Many activists were arrested, silenced or forced into self-exile. The measures announced Monday were issued under the powers granted by Hong Kong's homegrown national security law enacted last year. The arrest warrants issued in July have drawn criticism from foreign governments, including the U.S., the U.K. and the European Union. Police offered rewards of 200,000 Hong Kong dollars ($25,480) to 1 million Hong Kong dollars ($127,400) for information leading to their arrests. In a July statement, U.S. Secretary of State Marco Rubio condemned the moves. 'The extraterritorial targeting of Hong Kongers who are exercising their fundamental freedoms is a form of transnational repression,' he said. 'We will not tolerate the Hong Kong government's attempts to apply its national security laws to silence or intimidate Americans or anyone on U.S. soil.' The Hong Kong office of the Chinese Foreign Ministry responded by opposing criticism from foreign politicians, insisting the actions were legitimate. The governements in Beijing and Hong Kong said the security laws were necessary for the city's stability.
Toronto Star
3 hours ago
- Toronto Star
India and the Philippines stage joint sail and naval drill in the disputed South China Sea
MANILA, Philippines (AP) — India and the Philippines staged joint sail and naval exercises in the disputed South China Sea for the first time, a high-profile military deployment that will likely antagonize China. Beijing has separate territorial disputes with the two Asian democracies and a long-running regional rivalry with New Delhi. Armed Forces of the Philippines chief of staff Gen. Romeo Brawner said Monday that the two-day joint naval sail and exercises which began Sunday have been successful so far and expressed hopes that Filipino forces could engage India's military in more joint maneuvers in the future.
