U.S. Sen. Duckworth visits Taiwan to discuss regional security and trade
Duckworth, an Illinois Democrat, will hold a series of high-level meetings with senior Taiwan leaders to discuss U.S.-Taiwan relations during her visit Wednesday and Thursday, said the American Institute in Taiwan, which acts as the de-facto American embassy in Taiwan in liu of formal diplomatic relations.
Trade, investment and 'other significant issues of mutual interest' also are on the schedule, the institute said.
'The visit underscores the United States' commitment to its partnership with Taiwan and reaffirms our shared commitment to strengthening a Free and Open Indo-Pacific,' the institute said.
China routinely protests such visits, which it views as a violation of U.S. commitments.
Duckworth and her staff are the second U.S. congressional delegation to visit Taiwan in as many days, demonstrating concerns in Washington over the island's security in the face of Chinese threats to invade, as well as its importance as a trade partner, particularly as the producer of 90% of the world's most advanced computer chips.
Taiwan also faces 32% tariffs under the Trump administration, a figure the government in Taiwan is attempting to negotiate to a lower level without angering sectors such as agriculture that fear lower tariffs could open their markets to heightened competition from abroad.
Duckworth is visiting at the same time as Lourdes A. Leon Guerrero, the governor of Guam, the U.S. Pacific territory that would almost certainly be a key player in any Chinese military moves against Taiwan.
Taiwan and China split during a civil war in 1949 and Beijing still considers the island its own territory to be annexed by force if necessary. China refuses all contact with the government of President Lai Ching-te, whom China brands as a separatist, and seeks to maximize diplomatic pressure on Taiwan.
While China sends military aircraft, ships and spy balloons near Taiwan as part of a campaign of daily harassment, special attention has been given this week to the location of the Liaoning, China's first aircraft carrier, whose hull was bought from Ukraine and then fitted out by China more than a decade ago. China has two aircraft carriers including the Liaoning, a third undergoing sea trials and a fourth under construction.
'What I can tell you is that the activities of the Chinese warship in the relevant waters are fully in line with international law and the basic norms of international relations,' Chinese Foreign Ministry spokesperson Mao Ning said.
Col. Hu Chung-hua of the Taiwanese Defense Ministry's' intelligence department told reporters Wednesday that the carrier was currently in waters southeast of Taiwan and has been under close surveillance by Taiwan's monitoring stations since leaving its home port in China.
There are concerns the carrier might stage military drills close to Taiwan that could be a further step toward a blockade, an act the U.S. would be required to respond to under its own laws. While the U.S. provides much of Taiwan's high-tech military hardware, the law is unclear whether it would send forces to aid Taiwan in the event of a conflict.
Hu said the ministry would not comment on the possibility of drills near Taiwan, but considers all options while monitoring the Chinese military.
The ministry 'anticipates the enemy as broadly as possible and defends against the enemy strictly. We also carefully evaluate and act accordingly,' Hu said.
China is considered a master of 'grey-zone encounters' that bring tensions just to the point of breaking out into open conflict.
Col. Su Tong-wei of the ministry's operation of planning said the armed forces were constantly evaluating threat levels to consider whether to 'activate a response center, or to increase our defense readiness to perform an immediate readiness drill.'
'We will also react accordingly to safeguard national security,' Su said.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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And in the midst of strong quarterly financial results from Big Tech, a new paradigm is emerging, Yahoo Finance's Hamza Shaban wrote in today's Morning Brief. Hamza writes: Read more here. Chevron beats Wall Street profit estimates with record production Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Stocks post weekly losses as Trump tariffs, weak jobs data clobber markets Stocks sank on Friday as investors digested weak labor market data while President Trump's tariffs are set to take effect this month against an array of US trading partners. The Dow Jones Industrial Average (^DJI) dropped more than 500 points, or 1.2% Friday afternoon, while the S&P 500 (^GSPC) fell around 1.6%. The tech-heavy Nasdaq Composite (^IXIC) tumbled more than 2.2%. 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Gold futures are up 30% year-to-date as the investors expect a slowdown from tariffs and rate cuts from the Fed if the labor market continues to deteriorate. Gold (GC=F) futures rose to about $3,400 as stocks sold off and investors reacted to a weaker-than-expected jobs report and tariff uncertainty, increasing the odds of a Federal Reserve rate cut in September. July's report showed the economy added just $73,000 jobs, much less than anticipated. The prior two months were revised down sharply, signaling a labor market slowdown has been underway for some time. Meanwhile President Trump signed an order to hike tariffs on Canada to 35%, while he kept a baseline minimum rate of 10% across all partners. The tariffs on Canada go into effect Friday, while many of the other "reciprocal" rates take effect Aug. 7. Gold futures are up 30% year-to-date as the investors expect a slowdown from tariffs and rate cuts from the Fed if the labor market continues to deteriorate. 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"Important numbers like this must be fair and accurate, they can't be manipulated for political purposes. McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months. Similar things happened in the first part of the year, always to the negative." Trump has been pressuring the Federal Reserve to lower interest rates. Policymakers this week decided to keep rates steady, with two dissidents voting for a rate cut. President Trump said he has directed his team to fire Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, who is responsible for producing the US monthly jobs reports. This comes after July's print showed larger-than-normal revisions for the past two months, indicating that the labor market has been cooling for the past three months. 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In its results released late Thursday, Reddit also reported adjusted earnings per share of $0.92, ahead of the estimated $0.72. The company said global daily active users hit 110.4 million in the three months ended June 30, just above the 110 million expected by analysts, according to Bloomberg consensus data. Meanwhile, US daily active users hit 50.3 million, slightly below the 50.5 million expected. Read more about Reddit's latest report here. Reddit (RDDT) stock soared more than 16% early Friday after the social media platform reported second quarter earnings and revenue that surpassed Wall Street's expectations, with a sunnier than anticipated outlook for its third quarter. The social media's revenue grew 78% to $500 million, its fastest revenue growth in three years, according to the company. That figure was ahead of the $425 million projected by Wall Street analysts tracked by Bloomberg. In its results released late Thursday, Reddit also reported adjusted earnings per share of $0.92, ahead of the estimated $0.72. The company said global daily active users hit 110.4 million in the three months ended June 30, just above the 110 million expected by analysts, according to Bloomberg consensus data. Meanwhile, US daily active users hit 50.3 million, slightly below the 50.5 million expected. Read more about Reddit's latest report here. Novo Nordisk, Eli Lilly stocks pop on report of Medicare, Medicaid GLP-1 coverage Shares of Novo Nordisk (NVO) and Eli Lilly (LLY) spiked at the open after the Washington Post reported that the Trump administration is planning to experiment with allowing Medicare and Medicaid to cover weight-loss drugs. A plan obtained from the Centers for Medicare and Medicaid Services stated that state Medicaid programs and Medicare Part D insurance plans can voluntarily choose to cover Novo Nordisk's Ozempic and Wegovy and Eli Lilly's Mounjaro and Zepbound for weight management, the Post reported. It's a signal that the administration is more open to GLP-1 drug coverage, despite reservations from Health and Human Services Secretary Robert F. Kennedy Jr. Novo Nordisk and Eli Lilly stocks both popped 3% in the first 10 minutes of trading. On Thursday, the stocks sold off after President Trump sent a letter to 17 pharma companies demanding that they slash their drug prices in the US. Shares of Novo Nordisk (NVO) and Eli Lilly (LLY) spiked at the open after the Washington Post reported that the Trump administration is planning to experiment with allowing Medicare and Medicaid to cover weight-loss drugs. A plan obtained from the Centers for Medicare and Medicaid Services stated that state Medicaid programs and Medicare Part D insurance plans can voluntarily choose to cover Novo Nordisk's Ozempic and Wegovy and Eli Lilly's Mounjaro and Zepbound for weight management, the Post reported. It's a signal that the administration is more open to GLP-1 drug coverage, despite reservations from Health and Human Services Secretary Robert F. Kennedy Jr. Novo Nordisk and Eli Lilly stocks both popped 3% in the first 10 minutes of trading. On Thursday, the stocks sold off after President Trump sent a letter to 17 pharma companies demanding that they slash their drug prices in the US. Stocks sink at the open US stocks sank at the market open on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, and the June jobs report showed signs of a labor market slowdown. The Dow Jones Industrial Average (^DJI) dropped 0.9%, while the S&P 500 (^GSPC) fell around 1%. The tech-heavy Nasdaq Composite (^IXIC) sank about 1.4%, on the heels of a losing day for the major US gauges. US stocks sank at the market open on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, and the June jobs report showed signs of a labor market slowdown. The Dow Jones Industrial Average (^DJI) dropped 0.9%, while the S&P 500 (^GSPC) fell around 1%. The tech-heavy Nasdaq Composite (^IXIC) sank about 1.4%, on the heels of a losing day for the major US gauges. Treasury yields sink after jobs data as traders price in more aggressive Fed action The big market action after a shocking July jobs report was being seen in the bond market Friday morning. Treasuries were in rally mode as traders moved to price in at least two interest-rate cuts from the Federal Reserve this year. That reversed the moves seen Wednesday after the FOMC meeting, which saw Fed Chair Jay Powell talk down the need for rate cuts. The yield on 2-year Treasury notes fell by more than 17 basis points to as low as 3.78% Friday morning. The yield on 10-year notes fell by nearly 10 basis points to as low as 4.27%. Data from the CME Group showed the odds for a September rate cut from the Fed were as high as 75% following Friday's report. The July jobs report showed the US economy added just 73,000 jobs last month while revisions to the May and June reports showed more than quarter million fewer jobs were added to the economy than previously reported. On Wednesday, odds for a September rate cut from the Fed were just 37%. Just before the release of Friday's jobs report, two Fed governors — Chris Waller and Michelle Bowman — issued statements explaining their decision to vote against the Fed's call to keep interest rates unchanged on Wednesday. Both suggested the US labor market is not as strong as recent data had shown, and that when the labor market turns, it may turn quickly. Waller and Bowman's dissents on Wednesday marked the first time since 1993 that two members of the Fed's Board of Governors voted against a policy action at the same meeting. President Trump, for his part, said Friday morning before the jobs numbers were released the Fed board should "ASSUME CONTROL" as Powell continues to face criticism from the president over his view that interest rates should remain at current levels. The big market action after a shocking July jobs report was being seen in the bond market Friday morning. Treasuries were in rally mode as traders moved to price in at least two interest-rate cuts from the Federal Reserve this year. That reversed the moves seen Wednesday after the FOMC meeting, which saw Fed Chair Jay Powell talk down the need for rate cuts. The yield on 2-year Treasury notes fell by more than 17 basis points to as low as 3.78% Friday morning. The yield on 10-year notes fell by nearly 10 basis points to as low as 4.27%. Data from the CME Group showed the odds for a September rate cut from the Fed were as high as 75% following Friday's report. The July jobs report showed the US economy added just 73,000 jobs last month while revisions to the May and June reports showed more than quarter million fewer jobs were added to the economy than previously reported. On Wednesday, odds for a September rate cut from the Fed were just 37%. Just before the release of Friday's jobs report, two Fed governors — Chris Waller and Michelle Bowman — issued statements explaining their decision to vote against the Fed's call to keep interest rates unchanged on Wednesday. Both suggested the US labor market is not as strong as recent data had shown, and that when the labor market turns, it may turn quickly. Waller and Bowman's dissents on Wednesday marked the first time since 1993 that two members of the Fed's Board of Governors voted against a policy action at the same meeting. President Trump, for his part, said Friday morning before the jobs numbers were released the Fed board should "ASSUME CONTROL" as Powell continues to face criticism from the president over his view that interest rates should remain at current levels. Figma stock rises 19% in premarket trade Friday, poised to build on Thursday's 250% rally Figma (FIG) stock looked set to surge again on Friday, rising as much as 19% in premarket trading after shares rocketed higher with a gain of 250% in Thursday's public market debut, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Figma (FIG) stock looked set to surge again on Friday, rising as much as 19% in premarket trading after shares rocketed higher with a gain of 250% in Thursday's public market debut, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. New healthcare jobs continue to lead gains Here's a look at US employment by sector in July. Where hiring picked up: Where hiring declined: Here's a look at US employment by sector in July. Where hiring picked up: Where hiring declined: US labor market adds 73,000 jobs in July while unemployment rate hits 4.2% Stock futures fell premarket after the July jobs report showed US nonfarm payrolls missed estimates. Dow Jones Industrial Average futures (YM=F) dropped 0.9%, while futures for the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank 1.1%. Yahoo Finance's Josh Schafer reports: Read more here. Stock futures fell premarket after the July jobs report showed US nonfarm payrolls missed estimates. Dow Jones Industrial Average futures (YM=F) dropped 0.9%, while futures for the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank 1.1%. Yahoo Finance's Josh Schafer reports: Read more here. European stocks slide after Trump announces new tariffs European stocks fell on Friday after President Trump confirmed new tariff rates, including a 15% tariff rate on goods from the European Union and a 10% rate for the UK. In London, the benchmark FTSE 100 index (^FTSE) fell 0.5%. The pan-European Stoxx 600 (^STOXX) index shed 0.75%, while Germany's DAX (^GDAXI) dropped 1.89% and the CAC (^FCHI) in Paris declined 2%. In a twist, Trump said the new tariffs will take effect a week from now, instead of today, as was originally telegraphed. Still, global markets were rattled by the latest change to US trade policy. Swiss manufacturers warned Friday that tens of thousands of jobs are at risk after President Trump imposed steep tariffs. European pharmaceutical companies, such as Novo Nordisk (NVO) and AstraZeneca (AZN), were also in the red Thursday and will be stocks to watch Friday after Trump sent a letter to 17 companies, urging them to lower prices. European stocks fell on Friday after President Trump confirmed new tariff rates, including a 15% tariff rate on goods from the European Union and a 10% rate for the UK. In London, the benchmark FTSE 100 index (^FTSE) fell 0.5%. The pan-European Stoxx 600 (^STOXX) index shed 0.75%, while Germany's DAX (^GDAXI) dropped 1.89% and the CAC (^FCHI) in Paris declined 2%. In a twist, Trump said the new tariffs will take effect a week from now, instead of today, as was originally telegraphed. Still, global markets were rattled by the latest change to US trade policy. Swiss manufacturers warned Friday that tens of thousands of jobs are at risk after President Trump imposed steep tariffs. European pharmaceutical companies, such as Novo Nordisk (NVO) and AstraZeneca (AZN), were also in the red Thursday and will be stocks to watch Friday after Trump sent a letter to 17 companies, urging them to lower prices. Good morning. Here's what's happening today. Economic calendar: Nonfarm payrolls (July); Unemployment rate (July); Average hourly earnings (July); Average weekly hours worked (July); Labor force participation rate (July); ISM manufacturing (July); S&P Global US manufacturing (July final); Construction spending (June); University of Michigan consumer sentiment (July final) Earnings: Chevron (CVX), Colgate-Palmolive (CL), Exxon Mobil (XOM) Here are some of the biggest stories you may have missed overnight and early this morning: July jobs report on deck: What to expect Trump stuns markets again with latest bid to reshape US trade order Trump: Fed board should assume control if Powell won't cut rates Trump lays out sweeping tariff hikes for dozens of countries Amazon stock sinks as cloud results fail to impress Moderna beats estimates on COVID booster sales, cost cuts Exxon beats profit estimates as output rises despite weak oil prices Chevron beats Wall Street profit estimates with record output Economic calendar: Nonfarm payrolls (July); Unemployment rate (July); Average hourly earnings (July); Average weekly hours worked (July); Labor force participation rate (July); ISM manufacturing (July); S&P Global US manufacturing (July final); Construction spending (June); University of Michigan consumer sentiment (July final) Earnings: Chevron (CVX), Colgate-Palmolive (CL), Exxon Mobil (XOM) Here are some of the biggest stories you may have missed overnight and early this morning: July jobs report on deck: What to expect Trump stuns markets again with latest bid to reshape US trade order Trump: Fed board should assume control if Powell won't cut rates Trump lays out sweeping tariff hikes for dozens of countries Amazon stock sinks as cloud results fail to impress Moderna beats estimates on COVID booster sales, cost cuts Exxon beats profit estimates as output rises despite weak oil prices Chevron beats Wall Street profit estimates with record output Big Tech's AI and core businesses are blurring together This week, investors heard quarterly updates from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). And in the midst of strong quarterly financial results from Big Tech, a new paradigm is emerging, Yahoo Finance's Hamza Shaban wrote in today's Morning Brief. Hamza writes: Read more here. This week, investors heard quarterly updates from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). And in the midst of strong quarterly financial results from Big Tech, a new paradigm is emerging, Yahoo Finance's Hamza Shaban wrote in today's Morning Brief. Hamza writes: Read more here. Chevron beats Wall Street profit estimates with record production Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Sign in to access your portfolio
The Hill
6 minutes ago
- The Hill
Senate strikes deal to approve funding bills ahead of August recess
Sen. Susan Collins (R-Maine), head of the Senate Appropriations Committee, announced Friday afternoon that the chamber will be moving forward to pass its first tranche of government funding bills for fiscal year 2026. The chamber will vote on three full-year funding plans that cover the departments of Veterans Affairs and Agriculture, the Food and Drug Administration, legislative branch operations, military construction and rural development. Senators will first vote on a series of amendments from both sides of the aisle as part of the process, and a final vote is expected Friday night. 'It's taken a great deal of work, good faith and negotiation to get to this point,' Collins said upon announcing the development from the Senate floor on Friday. The deal comes after days of uncertainty on both sides of the aisle over whether the chamber would be able to pass any funding bills before its August recess. The evolving package had undergone several revisions this week. Republican leaders dealt with frustration in their ranks over some of the funding levels in the legislative branch funding bill, while Democratic resistance to the Trump administration's relocation plans for the FBI's headquarters weighed down efforts to pass the annual Justice Department funding bill. In remarks on the Senate floor, Sen. Patty Murray (Wash.), top Democrat on the Senate Appropriations Committee, called the bills 'the best chance we have to get the best outcome for folks back home,' while pushing members against another funding stopgap, also known as a continuing resolution (CR), like what the party was forced to swallow in March to keep the government open. 'We cannot have another slush fund CR that gives away more power to Trump,' she said. Together, the bills would provide more than $180 billion in discretionary funding for the agencies for fiscal 2026 – well over half of which would go toward the annual VA and military construction funding plan. Lawmakers are hoping to pass further funding legislation when they return from recess in September, as Congress braces for what could be a messy funding fight to keep the government open beyond the start of the fiscal year in October.
The Hill
6 minutes ago
- The Hill
Khanna: ‘Time has come' to recognize Palestinian state
At least 11 progressive House Democrats, including Rep. Ro Khanna (D-Calif.), have signed onto a letter calling for the U.S. to recognize a Palestinian state in the wake of moves by several American allies to do so before the United Nations convenes in September. 'Recognizing a Palestinian state is an idea whose time has come. The response of my colleagues has been overwhelming,' Khanna wrote on X. 'We will build support and release prior to the UN convening.' The letter was first reported by Jewish Insider. In the same post, Khanna charged that someone had leaked the letter to the paper in order to 'sabotage' the effort. Signatories, Jewish Insider reported, include Texas Democrats Reps. Greg Casar, Veronica Escobar, Lloyd Doggett and Al Green, alongside Reps. Mark Pocan (D-Wis.), Jared Huffman (D-Calif.), and Bonnie Watson Coleman (D-N.J.). Prominent progressives Reps. Pramila Jayapal (D-Wash.) and Maxwell Frost (D-Fla.) also signed on. Rep. Jim McGovern (Mass.), the top Democrat on the House Rules Committee, has also signed the letter, Khanna's office confirmed to The Hill. The letter follows announcements from France, Canada and the United Kingdom that they would move towards recognizing a Palestinian state. France plans to do so at the U.N. in September, while Canada said recognition was contingent on demilitarization and holding democratic elections without Hamas. The U.K. plans to recognize a Palestinian state in September if a ceasefire is not reached by then. The moves by the members of the Group of Seven are largely symbolic, but they signal growing diplomatic pressure on Israel over a worsening hunger and humanitarian crisis in Gaza. A draft of the letter from Democratic lawmakers circulated July 31 states that recognition by the U.S. — an unlikely prospect regardless — would be contingent on a Palestinian state recognizing Israel and adopting 'a framework to guarantee Israel's security, including the disarmament of and relinquishing of power by Hamas.' 'We believe recognizing Palestinian statehood and obligating Palestinian leaders to abide by the international law binding on states and their governments will make that far more achievable and sustainable than decades of statelessness and repression have,' the draft letter reads. The Palestinian Authority is currently an observer state at the United Nations, meaning it cannot vote (the Vatican holds the same status). There have been efforts to make the Palestinian Authority a full member state, which requires the assent of the U.N. Security Council, where the U.S. holds veto power, alongside a two-thirds vote from the U.N. general assembly. The United States blocked a move for full Palestinian membership in April 2024.
