
FACT FOCUS: Trump misrepresents facts about wind power during Cabinet meeting
His comments on Tuesday contained false and misleading information about the use of wind power in the United States and around the world, and came on the heels of an executive order he signed Monday that would end subsidies around 'green' energy.
Here's a look at the facts.
CLAIM: 'Wind is a very expensive form of energy.'
THE FACTS: Onshore wind is one of the cheapest sources of electricity generation, with new wind farms expected to produce electricity around $30 per megawatt hour. This compares to a new natural gas plant, around $65 per megawatt hour, or a new advanced nuclear reactor, which runs over $80, according to estimates from the Energy Information Administration. Onshore wind farms cost less to build and operate than natural gas plants on average in most regions of the United States, even without tax credits. Though natural gas plants are available to produce electricity at any time of the day, unlike wind. Offshore wind is among the sources of new power generation that will cost the most to build and operate, at $88 per megawatt hour, according to the EIA.
While electricity rates have risen nationwide over the past decade, states that have added a significant amount of onshore wind power, such as Iowa, Kansas, Oklahoma and New Mexico,
have kept rates from rising as fast as other states
, said Brendan Pierpont, director of electricity modeling at the nonpartisan think tank Energy Innovation. For example, the share of electricity generated from wind in Iowa increased from 15% in 2010 to nearly 60% of the state's electricity generation in 2023, while the state's electricity rates grew at a rate slower than that of 42 other states, his research found.
Wind power can be expensive if it's built where winds are weaker, but the United States is adding it in places with strong wind resources, he added.
'Wind should be seen as part of an overall portfolio of electricity system resources and is an important part of keeping costs down,' he said Wednesday.
Trump has committed to increasing U.S. energy production, particularly fossil fuels. He
signed an executive order Monday
aimed at phasing out tax credits for wind and solar facilities.
CLAIM: Wind turbines are 'almost exclusively' made in China, but President Xi Jinping told Trump they have 'very, very few.'
THE FACTS: China is the world's largest manufacturer of wind turbines, producing more than half of the supply. It is also installing them in China at a record pace. In total, China has 1.3 terawatts of utility-scale wind and solar capacity in development, which could generate more electricity than neighboring Japan consumed in all of 2023, according to a
report from the Global Energy Monitor
released Wednesday. The report highlighted China's offshore wind development, calling China the undisputed leader in the offshore wind sector, though it also said coal and gas are still
on the rise
across China.
'The whole narrative that we're led to believe in the West is that China is building coal plants and that it's doing nothing for its carbon footprint,' Tom Harper, partner at the global consultant Baringa, said Tuesday. 'So the surprising thing is China is building a portfolio of zero-carbon resources that are designed to not perfectly complement each other, but to work alongside each other to reduce reliance on fossil fuels.'
CLAIM: 'If you look at smart countries, they don't use it.'
THE FACTS: At least 136 countries around the world use wind power to generate electricity,
according to the EIA
, with many countries growing the amount they produce. The top five markets for wind power in 2024 were China, the U.S., Brazil, India and Germany, while Uzbekistan, Egypt and Saudi Arabia represent the next wave of wind energy growth, according to the
Global Wind Energy Council
.
Council CEO Ben Backwell said 2024 marked yet another record year for wind energy growth, with the 'industry increasingly pushing into new regions.'
Michael Gerrard, director of the Sabin Center for Climate Change Law at Columbia University, disputed the idea that smart countries don't use wind power. China is soaring ahead in building a massive amount of wind power while Germany, the United Kingdom, Finland, Spain, Sweden, France and many other countries in Europe have large programs of wind construction, he said Wednesday.
'By cutting back on wind power development, the U.S. is ceding the lead to China in this important technology, and killing a lot of U.S. jobs,' Gerrard said in an e-mail.
CLAIM: In New England, two whales washed up over 50 years, 'and last summer they had 14 washed up. Now, I'm not saying that's the wind farm that was built, that maybe it is right.'
THE FACTS: There are no known links between large whale deaths and ongoing offshore wind activities, according to the
National Oceanic and Atmospheric Administration
. NOAA says it analyzes the causes of death whenever possible, following the science and data.
Unfounded claims about offshore wind threatening whales
have surfaced as a flashpoint in the fight over the future of renewable energy.
The nation's first commercial-scale offshore wind farm
officially opened in 2024
east of Montauk Point, New York. The nation's second-largest offshore wind farm is under construction off the coast of Massachusetts. A five-turbine pilot project has been operating since 2016 off the coast of Rhode Island.
CLAIM: 'The birds are dying all over the place.'
THE FACTS: Turbines, like all infrastructure, can pose a risk to birds. However, the National Audubon Society, which is dedicated to the conservation of birds, thinks developers can manage these risks and climate change is a greater threat. An Audubon
report
found that two-thirds of North American bird species could face extinction due to rising temperatures.
In January, the nonprofit said responsible offshore wind development is a clear win for birds, the U.S. economy and the climate.
'While persistent myths claim widespread and devastating effects of offshore wind turbines on wildlife, the science tells a different story. Our findings clearly indicate that we can responsibly deploy offshore wind in a manner that still protects birds and their habitats,' Sam Wojcicki, Audubon's senior director for climate policy,
wrote in a January post
. The organization also supports wind energy on land when it is sited and operated properly to minimize the impact on birds and other wildlife.
CLAIM: 'You can't take them down because the environmentalists don't let you bury the blades.'
THE FACTS: Wind turbine blades are challenging to recycle. They are designed for durability to withstand hurricane-force winds. However, the U.S. already has the ability to recycle most wind turbine materials, according to the Department of Energy. It issued
a report in January
that found 90% of wind turbines can be recycled using existing infrastructure, while new strategies and innovative recycling methods will be needed to tackle the rest.
The wind power industry acknowledges that the disposal of wind turbine blades is an issue. Danish wind energy developer
Ørsted committed in 2021
to never sending turbine blades to landfill, instead reusing, recycling or otherwise recovering them. ___
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CNBC
32 minutes ago
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Virginia drops in America's Top States for Business rankings. Federal job cuts are a big reason
Six months into his second term in office, President Trump has begun to fundamentally change the relationship between the federal government and the states. In the process, he has shaken up CNBC's annual competitiveness ranking, America's Top States for Business. Virginia, last year's No. 1 state and a top three finisher in each of the last five years, slips to fourth place in 2025 — its worst showing since 2018 — and cedes the No. 1 spot to North Carolina. A major reason is a drop in the state's Economy ranking, to No. 14 in 2025 from No. 11 last year. Economy is the heaviest weighted category in the study under this year's methodology as more states pitch themselves as safe havens in a potential downturn. Virginia is already seeing a small downturn of sorts, as the Trump administration sets out to slash the federal workforce. That hits The Old Dominion where it lives. The federal government accounted for more than 144,000 jobs in Virginia last year, according to the Congressional Research Service. That is a larger percentage of the workforce than any state except Maryland and Hawaii. And that doesn't include Virginians who work for federal contractors, or commute to federal jobs elsewhere in the D.C. metro area. Include all of those, and the number approaches 300,000. In May, Virginia was one of only three states whose unemployment rate rose from the prior month, according to the U.S. Bureau of Labor Statistics. The state is still adding jobs each month, albeit at a slower pace than last year, and Virginia's 3.4% unemployment rate in May was still below the national average. But the slowdown — and the fact that many of the federal job cuts have yet to be reflected in the official numbers — concerns University of Virginia economist Eric Scorsone, Executive Director of the Weldon Cooper Center for Public Service. "Virginia has been an economy, historically, that is pretty resilient," he said. "But now, we're seeing something quite different, where Virginia is seeing some job losses, or at least job stagnation, whereas the nation as a whole is still creating jobs." The Center's most recent forecast, published in April, calls for the state to lose 32,000 jobs this year, with the job losses accelerating as the year goes on. While Scorsone said those job losses will occur primarily in the federal sector, he also sees a ripple effect. "Things like leisure and accommodations," he said. "As people lose jobs, they're going to spend less on those things, [and] maybe in retail," he added. Gov. Glenn Youngkin, a Republican, says the state can absorb those federal job cuts. In February, the state launched a web site, targeting displaced workers with job listings and other resources from across the state. "We have 250,000 open jobs posted that are unfilled. And so, there's a great opportunity for folks to find a new opportunity, new job, new career," Youngkin said on CNBC's "Squawk Box" on April 15. A recent check of the site showed that the number of openings has shrunk to 199,000 as jobs have been filled and private sector hiring has slowed. That still would appear to be more than enough for the federal workers likely to be displaced. But Scorsone said it is not that simple. "Virginia's federal workforce is different than, say, other states. Our workforce tends to be highly educated, professional executive level," he said. "Many of the jobs that are open may be in different sectors, like health care. You can't just easily move into a health care job if that's not your area of expertise," he added. In his CNBC appearance in April, Youngkin acknowledged the likelihood that the state will lose jobs, and that the private sector alternatives will not be an exact fit for many displaced government employees. "Listen, they're not perfect matches," he said. "They're high paying, good jobs that require someone to possibly get some retraining or re-skilling, or go into a new field, but they're really good jobs." Youngkin said the budget cuts, and job losses, are necessary. "We need to rein in spending and re-establish fiscal reality back into the federal government," he said, adding that Virginia goes into the upheaval from a position of strength. "We're seeing record surpluses in our budgets. We're able to use those surpluses to reduce taxes and invest in education and law enforcement and other investments in business development," Youngkin said. Indeed, Virginia is still a business powerhouse, with the top Education ranking in the CNBC study, and the second best rating for Infrastructure. Over time, no state has performed better than Virginia in the CNBC rankings. The state has taken top honors six times since the project began in 2007. But in 2025, with economic anxiety rising, Virginia's economic situation is just shaky enough to take it down a few pegs.


CNBC
32 minutes ago
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Massachusetts is 2025's Most Improved State for Business boosted by financial independence from D.C.
For 400 years, the spirit of independence has served the people of Massachusetts well. In 2025, it helped the state achieve a turnaround of sorts in CNBC's annual America's Top States for Business study. The Bay State is America's most improved state in this year's rankings, rising 18 spots to No. 20 overall, after staging the biggest drop — falling 23 places — last year. Massachusetts was able to make that U-turn thanks to its relative independence from Washington. With federal budget cuts looming, this year's CNBC study considered their potential impact on each state's economy. Economy is the most important category in 2025, and Massachusetts improved its ranking in the category to No. 15, from No. 40 last year. According to the Center on Budget and Policy Priorities, federal funds comprised 30% of Massachusetts government spending last fiscal year. That made Massachusetts the 14th least dependent state on Washington (Wyoming was the least dependent at 19%; Louisiana was the most at 50%). In addition, Massachusetts' federal workforce of about 25,000 people makes up only about half a percent of its total workforce, according to data from the Congressional Research Service. That makes the state's federal workforce the eighth-smallest in the country relative to the total. "We tackle hard problems in Massachusetts. Hard stuff. Wicked hard stuff sometimes," Gov. Maura Healey, a Democrat, said in her State of the Commonwealth speech in January. She pointed to $1.5 billion in state funding for child care to make up for federal cuts after the pandemic. "We were the only state to fully replace federal support that went away," she said. Massachusetts still lags the nation in access to affordable child care, according to Child Care Aware of America, but it improved its performance this year, helping the state to an eighth-place finish in the Quality of Life category. But independence only goes so far, even in Massachusetts. The state is the third-largest recipient of federal health and science research grants, after New York and California. The Trump administration has taken aim at those grants nationwide, but nowhere more directly than in Massachusetts. Since April, the Trump administration has moved to freeze $3.2 billion in grants to Harvard University and to terminate another $100 million in federal contracts with the 389-year-old institution, accusing the university of liberal bias and of harboring antisemitism. The school has sued to block the cuts, citing the First Amendment, and the university's own efforts to curtail antisemitism on campus. 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Anderson said the long-term solution to the state's competitive issues might be to take that independent streak a bit further, encouraging research institutions to work more closely with the private sector rather than relying on state support. "This could be the beginning of a new era of collaboration between private sector companies and these institutions," he said. Join the conversation. Didn't see your state mentioned? You can see where it ranked overall, and in all 10 categories of competitiveness, in the full rankings of the 2025 America's Top States for Business.
Yahoo
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Stock market today: Dow, S&P 500, Nasdaq futures stall as Nvidia milestone, Trump tariffs vie for focus
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Yahoo Finance UK's LaToya Harding reports: The FTSE 100 (^FTSE) hit a new all-time high on Thursday morning, while European stocks also advanced. The German Dax (^GDAXI) also touched a record, as traders shrugged off the threat of Donald Trump's escalating trade wars. The US president confirmed overnight that a 50% copper tariff will come into place on 1 August, and announced a 50% tariff on goods from Brazil. ... The Brazilian Real weakened by 2.29% against the US dollar on the back of the news, its biggest decline since 4 April, but mining stocks rallied in London, signalling that investors are not concerned about the new tariffs. ... Read more on UK and Europe markets here. Here are some top stocks trending on Yahoo Finance in premarket trading: Freeport-McMoRan (FCX) shares rose over 3% before the bell on Thursday after President Trump said he would impose 50% tariffs on copper. Southern Copper Corporation (SCCO) stock was also up almost 4% in premarket trading following Trump's announcement that he would hit copper imports with a 50% tariff. Ultragenyx Pharmaceutical Inc. (RARE) stock fell over 20% after announcing that the US FDA had granted Breakthrough Therapy Designation for GTX-102 as a treatment for Angelman syndrome. Dollar Tree (DLTR) rose 2% before the bell following the news that that its board authorized a $2.5 billion share buyback plan. Some analyst calls that caught my eye this morning as the Street preps for yet another earnings season. Advanced Micro Devices (AMD) HSBC analyst Ryan Mellor drops an upgrade on AMD (AMD) to Buy. Says Mellor: "Turning bullish on new product pipeline. We now believe there could be significant upside to FY26 estimated AI revenue as our revised forecast of USD15.1 billion is now 57% above consensus forecasts of USD9.6 billion driven by a higher-than-expected pricing premium of its recent MI350 series launch. We are also encouraged by its MI400 rack architecture (to be launched in 2026) but it remains too early to quantify. Hence, we now expect that upside to FY26 estimated AI revenue will lead to higher re-rating to AMD that is not fully priced in by the market despite the 14% share price rally post its AI day event (12 June). PepsiCo (PEP) JP Morgan analyst Andrea Teixeira is cautious on PepsiCo (PEP) going into its July 17 earnings report. Says Teixeira"We believe expectations are for another soft quarter for PEP as consumption trends in the U.S. deteriorated in the quarter for both PFNA and PBNA segments, while International should remain relatively solid with some puts and takes. We don't envision a substantial change to underlying guidance at this point following the cut to EPS with 1Q25 and a low enough bar for OSG, although USD softening could provide some relief to reported results. To date, PEP's initiatives to turn around the snacking business have disappointed with tracked channel trends remaining under pressure, and with more time elapsing from shelf resets and price portioning and pack size adjustments (to lower absolute price points), if the company doesn't begin to show signs of improving trends near term (i.e., getting less bad against easing comparisons) there could be a need for more meaningful investment." The maker of Nutella and Ferrero Rocher, Ferrero, is reportedly close to finalizing a deal to acquire WK Kellogg Co. (KLG) for a roughly $3 billion dollar price tag, per the WSJ. The stock soared in after-hours trading following the report, up over 50%. As of Wednesday's market close, the company had a market cap of roughly $1.5 billion. The cereal maker, behind brands like Froot Loops and Frosted Flakes, has been under pressure lately as consumers crave less breakfast food. Over the course of four weeks, ending June 29, cereal category sales fell 1.8% "in line with the trend from recent months," Stifel analyst Matthew Smith wrote in a note to clients. For WK Kellogg in particular, dollar sales were down 5.7% in that same time frame. It could get even worse when compared to the highs of the pandemic, per Smith. He said that "cereal sales had been running down -1.5% or so, we believe the volumes are likely to continue to move towards the historical decline rate." "The category is holding in and it's shifting ... we will shift with it," CEO Gary Pilnick told investors on its recent earnings call, "as consumers are looking for value, they're looking for health and wellness... No matter what the combination is, the cereal category is a tremendous destination for those consumers." WK Kellogg did not respond to a request for comment. Circle stock (CRCL) jumped 3% in premarket trading on news that the Jack Ma-backed Ant Group Co. is reportedly considering adopting its stablecoin on the Chinese fintech company's blockchain platform. Bloomberg reported that Ant International, the company's global unit, is planning to incorporate Circle's USD coin (USDC-USD) on its blockchain platform after the asset becomes compliant in the US, according to people familiar with the matter. They did not give a timeline for when that might happen. Ant Group is also seeking to apply for stablecoin licenses; it has reportedly processed more than $1 trillion in global transactions last year, a third of which were on the blockchain. And Circle has been buoyed recently by increased optimism over the stablecoin regulatory environment. Circle stock is up over 500% since its IPO a little over a month ago. Read more here. Coffee futures (KC=F) rose on Thursday after President Trump threatened to slap a 50% tariff on Brazil, the world's largest producer. The news has shaken the industry and risks US consumers seeing a price surge. The FT reports: Read more here. Taiwan Semiconductor Manufacturing Company's (TSM) revenue rose 39% last quarter, boosting expectations that AI spending remains robust. Bloomberg reports that TSMC's sales to Nvidia (NVDA) and Apple (AAPL) reached roughly $32 billion for the June quarter, above expectations. Shares of TSMC advanced 0.88% in premarket trading. More from Bloomberg: Read more here. Delta stock (DAL) soared more than 12% in premarket trading after the company's earnings topped Wall Street estimates and Delta reinstated its guidance for the year. Delta CEO Ed Bastian told Yahoo Finance's Pras Subramanian that progress on trade deals and the approval of the tax deal were "helpful" in removing uncertainty for the airline. Subramanian reports: Read more here. Earnings: Delta (DAL), Conagra Brands (CAG), Levi's (LEVI), WD-40 (WDFC) Economic data: Initial jobless claims (week ending July 5); Continuing claims (week ending June 28) Here are some of the biggest stories you may have missed overnight and early this morning: Nvidia's real edge isn't just its products, but its customers The early winner in the 'Dexit' war for corporate relocations: Nevada Trump threatens to impose 50% tariff on Brazil Nvidia stock set to rise after company becomes first to hit $4T Kellogg stock soars 50% on report Ferrero buyout is near Xi signals China may finally move to end deflationary price wars Tesla to hold annual shareholder meeting in November Nvidia's Huang to meet Chinese leaders while AI curbs deepen MP Materials, Pentagon team up on rare earth magnets; stock jumps Yahoo Finance's Alexis Keenan reports: Read more here. Yahoo Finance UK's LaToya Harding reports: The FTSE 100 (^FTSE) hit a new all-time high on Thursday morning, while European stocks also advanced. The German Dax (^GDAXI) also touched a record, as traders shrugged off the threat of Donald Trump's escalating trade wars. The US president confirmed overnight that a 50% copper tariff will come into place on 1 August, and announced a 50% tariff on goods from Brazil. ... The Brazilian Real weakened by 2.29% against the US dollar on the back of the news, its biggest decline since 4 April, but mining stocks rallied in London, signalling that investors are not concerned about the new tariffs. ... Read more on UK and Europe markets here. Here are some top stocks trending on Yahoo Finance in premarket trading: Freeport-McMoRan (FCX) shares rose over 3% before the bell on Thursday after President Trump said he would impose 50% tariffs on copper. Southern Copper Corporation (SCCO) stock was also up almost 4% in premarket trading following Trump's announcement that he would hit copper imports with a 50% tariff. Ultragenyx Pharmaceutical Inc. (RARE) stock fell over 20% after announcing that the US FDA had granted Breakthrough Therapy Designation for GTX-102 as a treatment for Angelman syndrome. Dollar Tree (DLTR) rose 2% before the bell following the news that that its board authorized a $2.5 billion share buyback plan. Some analyst calls that caught my eye this morning as the Street preps for yet another earnings season. Advanced Micro Devices (AMD) HSBC analyst Ryan Mellor drops an upgrade on AMD (AMD) to Buy. Says Mellor: "Turning bullish on new product pipeline. We now believe there could be significant upside to FY26 estimated AI revenue as our revised forecast of USD15.1 billion is now 57% above consensus forecasts of USD9.6 billion driven by a higher-than-expected pricing premium of its recent MI350 series launch. We are also encouraged by its MI400 rack architecture (to be launched in 2026) but it remains too early to quantify. Hence, we now expect that upside to FY26 estimated AI revenue will lead to higher re-rating to AMD that is not fully priced in by the market despite the 14% share price rally post its AI day event (12 June). PepsiCo (PEP) JP Morgan analyst Andrea Teixeira is cautious on PepsiCo (PEP) going into its July 17 earnings report. Says Teixeira"We believe expectations are for another soft quarter for PEP as consumption trends in the U.S. deteriorated in the quarter for both PFNA and PBNA segments, while International should remain relatively solid with some puts and takes. We don't envision a substantial change to underlying guidance at this point following the cut to EPS with 1Q25 and a low enough bar for OSG, although USD softening could provide some relief to reported results. To date, PEP's initiatives to turn around the snacking business have disappointed with tracked channel trends remaining under pressure, and with more time elapsing from shelf resets and price portioning and pack size adjustments (to lower absolute price points), if the company doesn't begin to show signs of improving trends near term (i.e., getting less bad against easing comparisons) there could be a need for more meaningful investment." The maker of Nutella and Ferrero Rocher, Ferrero, is reportedly close to finalizing a deal to acquire WK Kellogg Co. (KLG) for a roughly $3 billion dollar price tag, per the WSJ. The stock soared in after-hours trading following the report, up over 50%. As of Wednesday's market close, the company had a market cap of roughly $1.5 billion. The cereal maker, behind brands like Froot Loops and Frosted Flakes, has been under pressure lately as consumers crave less breakfast food. Over the course of four weeks, ending June 29, cereal category sales fell 1.8% "in line with the trend from recent months," Stifel analyst Matthew Smith wrote in a note to clients. For WK Kellogg in particular, dollar sales were down 5.7% in that same time frame. It could get even worse when compared to the highs of the pandemic, per Smith. He said that "cereal sales had been running down -1.5% or so, we believe the volumes are likely to continue to move towards the historical decline rate." "The category is holding in and it's shifting ... we will shift with it," CEO Gary Pilnick told investors on its recent earnings call, "as consumers are looking for value, they're looking for health and wellness... No matter what the combination is, the cereal category is a tremendous destination for those consumers." WK Kellogg did not respond to a request for comment. 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