EU's tariff response should target Republican-led US states and tech firms, Austria says
"We have to hit Republican states and we have to hit Donald Trump's friends, the tech companies," Wolfgang Hattmannsdorfer, a conservative, told a news conference, adding that the EU would have to discuss digital taxation and regulation.
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Time Magazine
19 minutes ago
- Time Magazine
Trump's Battle With Sanctuary Cities Dealt Major Blow
Donald Trump has been dealt a significant setback in his ongoing battle over sanctuary cities, after a U.S. federal judge threw out the Administration's lawsuit which looked to block legislation in Illinois that limits local law enforcement from cooperating with federal immigration authorities. The Trump Administration argued that existing so-called 'sanctuary laws' in the state run counter to federal laws because they restrict local officials from sharing information with federal agents, stopping immigration officials from identifying people who 'may be subject to removal.' But those concerns were dismissed by Judge Lindsay C. Jenkins, who said finding sanctuary policies as 'impermissible regulation'would run counter to the Tenth Amendment. 'It would allow the federal government to commandeer States under the guise of intergovernmental immunity—the exact type of direct regulation of states barred by the Tenth Amendment,' said the judge. Jenkins, who was appointed by former President Joe Biden, added: 'Because the Tenth Amendment protects defendants' sanctuary policies, those policies cannot be found to discriminate against or regulate the federal government.' Trump's war with sanctuary cities began on day one in office, with an Executive Order, titled 'Protecting the American People Against Invasion.' In the Executive Order, Trump argues that sanctuary jurisdictions 'seek to interfere with the lawful exercise of Federal law enforcement operations,' and calls on the Attorney General and Secretary of Homeland Security to withhold federal funding from these cities. In April, Trump then signed an Executive Order asking Attorney General Pam Bondi and the Department of Homeland Security (DHS) identify cities and states that don't sufficiently comply with Trump's federal immigration laws within a month. It is a continuation of Trump's first term, during which he also signed an Executive Order that looked to ensure sanctuary jurisdictions did not receive federal funding. At the time, though, multiple cities sued Trump, and the courts subsequently upheld the legality of such provisions. Read More: What Are Sanctuary Cities and Why Is Trump Targeting Them? Though Trump's battle might be lost in Illinois, his Administration continues to fight across the country. The day before the lawsuit in Illinois failed, Thursday, the Department of Justice (DOJ) announced new legal action against New York City for its sanctuary laws. Earlier this week, Louisville, Kentucky chose to acquiesce to the administration's immigration policies and cease its designation as a sanctuary city. As human rights organizations argue for the importance of sanctuary and some cities push back against what they view as federal government overreach, the question remains which cities are fighting back against the crackdown. Chicago's and Illinois leadership was very clear in its desire to challenge Trump's immigration policies. Illinois Gov. J.B. Pritzker celebrated the ruling on X, saying that, 'Illinois just beat the Trump Administration in federal court.' 'This ruling affirms what we have long known: that Chicago's Welcoming City Ordinance is lawful and supports public safety,' Chicago's Mayor Brandon Johnson said in a statement responding to the ruling, saying he was 'pleased' with the decision. 'Chicago cannot be compelled to cooperate with the Trump Administration's reckless and inhumane immigration agenda.' Chicago's status as a sanctuary city is just one iteration of the term—though the long-time Democratic city has been designated as such cities that limit information shared with federal immigration officers. Though there is no specific definition for a sanctuary city, the term refers to jurisdictions with a wide range of laws in place to limit their cooperation with federal immigration enforcement. For Chicago in particular, their 'Welcoming City Ordinance,' argues that 'partnering with [Immigrations and Customs Enforcement (ICE)] would go against our mission to make Chicago the most immigrant friendly city in the country and turn ours into a community of fear for immigrants.' The Trump Administration, though, also has ongoing suits against not just New York City but also Los Angeles, Denver, Rochester, and four cities in New Jersey. Tom Homan, President Trump's 'border czar,' also has laid out the administration's plans to continue combat sanctuary cities. Read More: Sanctuary Cities Are Not New 'Sanctuary cities are sanctuaries for criminals—hard stop,' Homan said. 'And President Trump made a commitment a couple weeks ago that we're going to prioritize sanctuary cities.' Simultaneously, certain cities designated 'sanctuary cities' have been less strong in their pushback against the federal Government. Louisville's Department of Corrections will now notify the Department of Homeland Security (DHS) at least 48 hours before an inmate with an immigration detainer is scheduled to be released from custody. The city's mayor, Craig Greenberg cited 'a terrifying increase in raids by ICE, including mass raids' on cities designated as sanctuary cities—claiming that by taking Louisville off the designated sanctuary city list, he prevents risking ' the safety of our broader immigrant community.' While New York City has remained the country's largest sanctuary city, its status as such and Mayor Eric Adams' desire to push back against the federal government has come into question. Even before the latest lawsuit issued by the Trump government, Adams' Administration had been embroiled in a battle with the New York City Council and court system to allow ICE agents into Rikers Island. Though he has said he will 'without a doubt' keep the city's sanctuary status. Adams has called for changes to the city's sanctuary laws after the Justice Department suit, saying that they 'go too far' in some places. 'I think we need to tweak the current laws to allow us to coordinate with the federal government when it comes down to removing those dangerous people from our streets," Adams told CBS New York. Back in February, Adams' cooperation with the federal government came under questioning after the Justice Department ordered federal prosecutors to drop corruption charges against the Mayor, stating that the case was interfering with the Democratic mayor's ability to follow through with the President's agenda to crack down on illegal immigration. The move pushed Gov. Kathy Hochul to consider removing Adams from office.
New York Post
19 minutes ago
- New York Post
Democrats' approval rating craters to 35-year low: WSJ poll
Democrats' approval rating with registered voters has plunged to a 35-year low, while Republicans maintain an edge on most of the top issues Americans care about, a new poll found. A whopping 63% of registered voters view Democrats unfavorably, dramatically eclipsing the 33% who had a positive impression, marking the lowest rating they scored since 1990, according to a Wall Street Journal survey. That abysmal rating for Democrats comes against the backdrop of lackluster figures for President Trump and Republicans. Trump's approval rating sits at 46%, with 52% who disapprove of the commander in chief. The figure is higher than this point during his first term, which was 40%. Republicans' approval rating clocked in at a net seven points unfavorable. If congressional elections were held today, 46% of voters indicated they'd back a Democrat, compared to 43% who would support a Republican. 3 The poll suggests that House Democrats have their work cut out for them to ensure they can flip control of the lower chamber. AP 3 Democrats are also carefully eyeing pickup opportunities in Senate races. AP A majority, 51%, also said the change Trump is bringing has resulted in dysfunction and chaos, compared to 45% who agreed the president was making positive adjustments. Still, across the board, voters preferred the GOP approach over the Dem position on a range of key issues. Voters trusted Republicans over Democrats on inflation by about 10 points; on immigration by 17 points; and handling illegal immigrants by 17 points, the survey found. In one unique finding, respondents disapproved of Trump's tariffs by 17 points and Republicans still scored 7 points higher than Democrats on that issue. 'The Democratic brand is so bad that they don't have the credibility to be a critic of Trump or the Republican Party,' John Anzalone, a Democratic pollster who helped conduct the survey, told the outlet. 'Until they reconnect with real voters and working people on who they're for and what their economic message is, they're going to have problems.' Anzalone teamed up with Republican Tony Fabrizio, Trump's trusted pollster during the 2024 campaign cycle, to conduct the survey for the Wall Street Journal. 3 President Trump's approval rating was underwater but higher than at this point during his first term, the poll showed. REUTERS One area where congressional Democrats topped Republicans was vaccine policy and healthcare, per the poll. Democrats are still reeling from their 2024 election loss, and key figures within the party have openly vented that the party doesn't have a strong message or sense of direction. Typically, the party out of power in the White House is favored to have a strong performance in the midterm elections, which is why many observers believe the Democrats are well-positioned heading into 2026. However, the Wall Street Journal poll shows Democrats are still remarkably anemic as the party struggles to find its footing. Around this time in 2017, voters called themselves Democrats over Republicans by 6 percentage points, per the poll. Democrats later went on to flip 40 House seats in the 2018 midterm elections. This go-around, Republicans have a 1-point edge in party identification over Democrats. Republicans have a threadbare 219 to 212 House majority and are scrambling to defy history by retaining control during the 2026 midterms. The Wall Street Journal poll sampled 1,500 registered voters between July 16–20 with a margin of error of plus or minus 2.5 percentage points.
CNBC
20 minutes ago
- CNBC
More stock market records, more trade deals, more trade talks — plus, lots of earnings
The S & P 500 rose every day this past week as trade deals, both in the works and announced, lent support to the market. The index heads into the final stretch of a strong July at record highs. For the week, the S & P 500 gained nearly 1.5%. The Nasdaq did not go wire to wire in the green this week, but it did rise 1%, closing at another record high. Ahead of the last trading day of the month on Thursday, the S & P 500 was up almost 3% for July, while the Nasdaq jumped 3.6%. The best session of the week came on Wednesday after President Donald Trump announced the night before what he called a "massive" trade agreement with Japan ahead of the Aug. 1 deadline. The deal settled on a 15% tariff on goods entering the United States from Japan, including automobiles. In exchange, Japan will invest $550 billion in America and open its market to more imports from the U.S. The trade focus now shifts to China and the European Union. Next week, Treasury Secretary Scott Bessent travels to Stockholm for talks with Chinese officials about extending the negotiating window for a trade deal. Regarding the EU, Trump said Friday he sees only a "50-50 chance" of a deal with the trading bloc. The president plans to meet with EU officials in Scotland on Sunday. .SPX .IXIC 5D mountain S & P 500 and Nasdaq 5-day performance The other big news of this past week was Trump's trip to the Federal Reserve on Thursday. He toured the central bank renovation site with Fed Chairman Jerome Powell. They spoke with reporters and had an uncomfortable moment over renovation costs. Trump signaled that he's no longer considering firing Powell. The president told reporters Friday that Powell and he had a "good meeting" about interest rates, and he believes the Fed will start cutting them. Powell has kept rates steady since December 2024, saying central bankers need more time to see how finalized tariffs will impact inflation. On the economy, the June existing home sales report was released on Wednesday, followed by June new home sales on Thursday. While sales of both were slower than expected, the reports diverged when it came to prices. The median price of a previously owned home sold in June was $435,300, up year over year and the 24th consecutive month of annual increases, according to the National Association of Realtors. However, government data showed the median sales price of new homes sold last month was $401,800 — below May and below year-ago levels. Watching housing price trends is important because it can give us signals on where shelter costs might be headed, which have been a key factor keeping overall inflation elevated. Second quarter earnings season has kicked into full gear, with results thus far coming in better than expected. According to FactSet, a third of the S & P 500 companies have already reported, with 80% of those delivering upside surprises to both sales and earnings expectations. Within the Club portfolio, we heard from Danaher, GE Vernova, Capital One, Honeywell, and Dover. Talk about a blowout. GE Vernova came into the quarterly print near all-time highs, setting a high bar of expectations, which it easily hopped over. The stock was rewarded with record highs and was our top performer of the week, with 12% gains. Shares have nearly doubled in 2025 versus the S & P 500's 8.6% advance this year. GE Vernova on Wednesday reported strong order growth and robust EBITDA margin expansion. EBITDA stands for earnings before interest, taxes, depreciation and amortization. Strong backlog growth also gives us confidence that end market demand remains healthy. "This era of accelerated electrification is driving unprecedented investments in reliable power, grid infrastructure, and decarbonization solutions," CEO Scott Strazik said on the post-earnings call. Danaher on Tuesday delivered a strong set of results, albeit against relatively low expectations. The company did outpace expectations on the top and bottom lines, thanks to strength in all key operating segments. While Chinese sales in biotechnology and life sciences grew, the positive numbers were overshadowed by sustained weakness in diagnostics due to the countries volume-based procurement program. The quarter was enough to spark a relief rally and keep us in the name. Danaher was our second-best performer this week, rising 8%. Despite a good week, the stock was still down 10.5% year to date. Capital One delivered a noisy quarter on Tuesday due to the Discover integration. While shares were among our losers this week, down 2.5%, they have been on a roll, up more than 19% year to date. We saw enough the quarter to reaffirm our view that there will be some serious long-term benefits resulting from the acquisition and its payment network. Capital One is one of only two banks in the world with their own credit card network, the other being American Express. We will look for the company to leverage that edge into earnings growth and for the stock to be rewarded for it with a higher multiple as the integration progresses and management executes on their game plan. We were surprised by Thursday's more than 4% stock drop on Dover 's earnings. In addition to a top and bottom-line beat, the company reported a record adjusted segment EBITDA margin, an acceleration in bookings that provides visibility into the future. It also outlined several growth and productivity investments to support long-term growth. Compounding the strong results, management raised its full-year outlook on both revenue growth and adjusted earnings per share. For the week, Dover lost about 1%. Like Dover, Honeywell stock was also dinged after it reported Thursday morning, despite the results coming in largely better than expected. Shares were our worst performer of the week, down 5.2%. While there was some weakness in aerospace and in segment margin performance, we were satisfied with the explanation provided by management on the call and believe the weakness provides a buying opportunity ahead of what we think will be a value-creating breakup into three separate operating companies. The split will start in the fourth quarter of this year, when management spins off the advanced materials business, and continue in 2026 with the separation of aerospace, which will leave the automation business as the third public company. In the week ahead, we will get seven more Club name earnings, including Amazon , Apple , Meta Platforms , and Microsoft . (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
