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US, China Agree to Tariff Truce Extension

US, China Agree to Tariff Truce Extension

Bloomberg15 hours ago
"Balance of Power: Late Edition" focuses on the intersection of politics and global business. On today's show, Senator Elizabeth Warren, a Massachusetts Democrat, says President Donald Trump's tariffs are to blame for higher interest rates and comments on the Senate's "ROAD to Housing Act." Evelyn Farkas, Executive Director of Arizona State University's McCain Institute, discusses why Russian President Vladimir Putin doesn't take President Trump's Ukraine ceasefire threat seriously. (Source: Bloomberg)
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'Willing to be complicit': Booker screams on Senate floor over police bills
'Willing to be complicit': Booker screams on Senate floor over police bills

USA Today

time24 minutes ago

  • USA Today

'Willing to be complicit': Booker screams on Senate floor over police bills

WASHINGTON – New Jersey Democrat Sen. Cory Booker screamed at his colleagues in a rare occurrence on the Senate floor Tuesday, arguing they were 'complicit' with President Donald Trump and that his party 'needs a wake-up call.' The exchange occurred as Sen. Catherine Cortez Masto, D-Nevada, sought to swiftly move a package of bipartisan bills that would increase resources and funding to police departments and officers. Booker objected to the package and offered an amendment that would require the administration to allocate public safety grants without political bias. That ignited Cortez Masto's ire, who complained that Booker hadn't raised his concerns when the bills passed out of the Senate Judiciary Committee, which he sits on, weeks ago. 'This is ridiculous. This is an attempt to kill all of these bills,' she said. Booker responded, 'This, to me, is the problem with Democrats in America right now is we're willing to be complicit to Donald Trump to let this pass through when we have all the leverage right now.' He also got into a heated back-and-forth with Sen. Amy Klobuchar, D-Minnesota, who told him that he couldn't just stop bills that come out of a committee and then "allow for other bills that fund other parts of your budget in your state." Booker said he it was wrong to imply that the police bills were not vital to his state. 'What I am tired of is when the president of the United States of America violates the Constitution, trashes our norms and traditions, and what does the Democratic party do?' he thundered on the Senate floor. 'Comply? Allow him? Beg for scraps?' "The Democratic party needs a wake-up call," he said. Democrats have been divided about how to organize an effective resistance against Trump and break through the cracks of MAGA populism as the party is still recovering after a bruising 2024 election loss. Booker and other progressive Democrats have been urging their colleagues to be more vocal against the administration. 'If we don't stand as Democrats, we deserve to lose. But if we stand united, if we stand strong, if we stand with other people, if we tell, with a chorus of conviction that, 'America, what this president is doing is wrong,' if we stand up and speak that way, dear God, we will win,' Booker said. In April, Booker delivered a marathon 25-hour and five-minute speech on the Senate floor, railing against the Trump administration's policies and actions. 'These are not normal times in America, and they should not be treated as such,' Booker said at the time.

70 years later, an alarm against nuclear proliferation rings louder than ever
70 years later, an alarm against nuclear proliferation rings louder than ever

The Hill

time24 minutes ago

  • The Hill

70 years later, an alarm against nuclear proliferation rings louder than ever

It feels like we're living in unprecedented times. Political divisions rack the U.S. and the world. The war between Ukraine and Russia has brought unforeseen advances in drone warfare. The foreign policy arena feels like a powder keg dangerously close to open flames. Of course, over the last few weeks, we've all been reminded of the terrifying reality of nuclear weapons following U.S. and Israeli strikes against Iran's nuclear program. Questions about these weapons are once again on the minds of policymakers and the public. Though it may feel like new territory, we may look to the past to help us navigate these turbulent times. This month marks the 70th anniversary of the Russell-Einstein Manifesto, written in the wake of the atomic bombing of Hiroshima and Nagasaki in 1945, when the U.S. and Soviet Union were racing to create even more destructive weapons. In this context, philosopher Bertrand Russell and physicist Albert Einstein crafted a powerful statement transcending political ideologies, group identities and national borders. Their message was simple yet powerful: 'Remember your humanity, and forget the rest.' They warned of the calamity of nuclear war. After the invention of the atomic bomb, war was no longer about fortifications and sieges. It was no longer a question of winners and losers but of 'will any of us be left?' Humanity faced the threat of extinction. Though memories of the Cold War are quickly fading, we must acknowledge that the world Russell and Einstein warned against persists and is, in some ways, more worrisome now. Nine governments are known to possess nuclear weapons. Nuclear arsenals have unfathomable destructive power. As the recent events in Europe and the Middle East demonstrate, these weapons are still a threat. Given these realities, many suggest the manifesto's vision of international cooperation and nuclear disarmament was naïve. But this misses the point. The manifesto never said the path to disarmament or peace would be easy. Instead, it noted that the renunciation of nuclear weapons and the abolition of war were the keys to human survival. The fact that this vision hasn't been achieved does not invalidate it as an aspiration; it makes it more urgent. What can be done to address this urgency? One step would be for the nuclear powers to credibly announce a no-first-use policy. To date, only China and India have formally committed to refrain from using nuclear weapons in initial strikes against others. The other nuclear powers could adopt a similar policy. The U.S. and Russian governments could reinvigorate the New Strategic Arms Reduction Treaty (New START Treaty) which seeks to limit nuclear capabilities. The Russian government suspended participation in New START in February 2023 in response to tensions over Ukraine. The treaty is set to expire in February 2026. Though governments got us into this mess, governments alone can't get us out. Politicians have a weak incentive to consider reducing, if not altogether abolishing, nuclear weapons absent sufficient pressure. The same goes for governments seeking to obtain them. The Russell-Einstein Manifesto inspired many to take up the cause of nuclear disarmament. The Pugwash Conferences on Science and World Affairs brought together scholars from many disciplines to discuss peaceful solutions to conflict. These types of gatherings are still needed. But the real solution is everyday people. Nuclear weapons may seem beyond our control, but the ideals and opinions of citizens may be the most critical factor in limiting them and war. Ordinary citizens could be the source of pressure that pushes their governments in the right direction. This is not a utopian dream. Historian Lawrence Wittner highlights the crucial, yet often overlooked role that citizen-based organizations have played in limiting the spread and use of nuclear weapons. But for this to work, citizens must take an interest and recognize their power over their governments. At the heart of the Russell-Einstein Manifesto was a straightforward, yet powerful question: 'Shall we put an end to the human race; or shall mankind renounce war?' As we recognize the 70th anniversary of its publication, we would all do well to reflect on our answer. Abigail R. Hall is an associate professor of economics at the University of Tampa and a senior fellow at the Independent Institute. Christopher J. Coyne is a professor of economics at George Mason University and a senior fellow at the Independent Institute. They are the coauthors of the book ' How to Run Wars: A Confidential Playbook for the National Security Elite.'

Kraft Heinz beats expectations for the 2nd quarter as home-cooking rises
Kraft Heinz beats expectations for the 2nd quarter as home-cooking rises

Fast Company

time24 minutes ago

  • Fast Company

Kraft Heinz beats expectations for the 2nd quarter as home-cooking rises

Kraft Heinz beat estimates for quarterly results on Wednesday, helped by resilient demand for its pantry staples and condiments in the United States as consumers tried to stretch their household budgets. A mix of sticky inflation and heightened economic uncertainty has forced consumers to cook more affordable meals at home instead of eating out. People prioritizing protein in their diets has also boosted demand for Kraft Heinz's steak sauce and Worcestershire sauce. The company's board is 'working with urgency' to evaluate strategic options for some brands, executives said on a post-earnings call, following media reports earlier this month that it was exploring a spin-off of the grocery business. Kraft Heinz recorded a $9.3 billion impairment charge in the second quarter due to a steady decline in its market capitalization to $33.8 billion, with the stock value dropping about 30% since 2022. The company reiterated its annual targets and now expects a cost impact of about 100 basis points this year from President Donald Trump's tariffs. Its shares were up 1% in early trade. The Philadelphia Cream Cheese maker has worked on introducing healthier options in some categories such as desserts to capture consumer demand, and has said it would remove food dyes from its portfolio. It also announced plans to change the packaging for Kraft Mayonnaise to highlight the absence of dyes and artificial flavors, weeks after snacks giant PepsiCo said it will rebrand its Lay's and Tostitos chips without those substances. While Kraft Heinz's quarterly volumes fell about 2.7 percentage points due to some weakness in categories such as coffee, cold meat cuts and ready-to-eat meals, the decline was lower than the prior quarter's drop of 5.6 percentage points. In North America, its biggest market by revenue, volumes fell 3.4 percentage points. 'Looking ahead, we continue to expect growth in our international business, but we are not contemplating an improvement in the U.S. industry for the rest of 2025,' CEO Carlos Abrams-Rivera said in a statement. With consumers seeking value, the company has been investing in promotions, and that, along with inflation, could pressure margins in the current quarter, said Arun Sundaram, analyst at CFRA Research. Net sales for the three months ended June 28 came in at $6.35 billion, beating analysts' average estimate of $6.26 billion, according to data compiled by LSEG.

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