Maxwell Gets Limited Immunity; Trump Not Ruling Out Pardon - CNN NewsNight with Abby Phillip - Podcast on CNN Podcasts
A curious twist in the Epstein saga, a look at what Ghislaine Maxwell received in order to talk to Donald Trump's Justice Department. Plus, from famous to infamous, Americans debate the controversial legacies of fallen stars.
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Oil climbs on EU trade deal, potential US-China tariff truce extension
By Anjana Anil (Reuters) -Oil extended gains on Tuesday, lifted by hopes of improved economic activity after the U.S.-EU trade deal, a potential U.S.-China tariff truce and President Donald Trump's shorter deadline for Russia to end the Ukraine war. Brent crude futures were up 24 cents, or 0.34%, to $70.28 a barrel by 0000 GMT, while U.S. West Texas Intermediate crude was at $66.93 a barrel, up 22 cents, or 0.33%. Both contracts settled more than 2% higher in the previous session, and Brent touched its highest level since July 18 on Monday. The trade agreement between the United States and the European Union, while imposing a 15% import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand. Oil prices were also supported by news of a possible extension of the trade truce between the U.S. and China, with top economic officials from both countries having met in Stockholm on Monday for more than five hours of talks. The discussions are expected to resume on Tuesday. Meanwhile, Trump set a new deadline on Monday of "10 or 12 days" for Russia to make progress toward ending the war in Ukraine or face sanctions. Trump has threatened sanctions on both Russia and buyers of its exports unless progress is made. "Trump's comments reignited fears that Russia's oil flows would be impacted," ANZ senior commodity strategist Daniel Hynes wrote in a note. "This also comes on the back of the latest sanctions package by the EU against Russia, including a lower price cap on the country's crude and the import of refined products made from Moscow's oil in other countries," Hynes added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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US companies up against 'nightmare' tariff wall
Donald Trump took the trade world by storm when he returned to office, announcing new and higher tariffs on imports, starting with goods from China and quickly spreading to almost every country in the world. As the confusion from the threats, negotiations, climb-downs and carve-outs starts to clear, a new economic landscape is emerging. Trump is building a steep, and often expensive, wall of tariffs, the likes of which has not existed in the US for more than a century. "It's been an absolute nightmare," said Jared Hendricks, owner of the Utah-based Village Lighting Company, who took out a $1.5m (£1.1m) loan backed by his home earlier this year to cover the unexpected jump in his costs. Since April, most goods coming into the US have faced taxes of at least 10%. The pause on some of Trump's plans to levy even higher tariffs is now coming to an end, and larger taxes are set to start on 1 August. Six things that may cost Americans more after Trump's tariffs Who are the winners and losers in US-EU trade deal? Faisal Islam: Trump's tough tariff tactics are getting results In recent weeks, Trump has sent letters to some countries outlining his planned tariffs on goods from their countries. He has also reached agreements, described as "frameworks", with major trading partners, including the European Union and Japan, that leave key issues unresolved while establishing levies that were once unthinkable. In general, goods coming into the US are to be taxed 10% to 50%, depending on their origin, compared to an average tariff rate of less than 2.5% at the start of the year. Though Trump has dropped some of his most extreme threats, his plans still represent a "dramatic shift", one poised to be "significantly disruptive", said Wendy Cutler, senior vice president at the Asia Society Policy Institute. "We're definitely in a tariff world," she said. Trump said the measures - delivering on a top campaign promise - have been "unbelievable". They are bringing back US manufacturing, he said, opening up overseas markets and raising money for the US government - which has already collected more than $100bn in tariff revenue this fiscal year, a record. He is also using them to push other countries on a range of non-trade issues, including military spending and social media. "We have the hottest country of anywhere in the world," he said recently. Mr Hendricks, who employs about a dozen people, though, said the new levies had created a range of challenges for his business selling Christmas lights and decor mostly made in southeast Asia. He is expecting many of his shipments to arrive after 1 August. He struggled to compete with bigger players also pressing suppliers and shipping firms to deliver before the deadline. The new costs hit during the off-season, when he has little money coming in. Trump says US may not reach trade deal with Canada How are trade deals actually negotiated? "A hundred billion dollars in tariffs and they're celebrating that?" he said. "That's on the backs of people like me that are now trying to figure out how to pay payroll." Larger businesses, too, say the tariffs already are hurting their bottom lines, even though the White House has granted some exemptions and the full plans have yet to come into force. General Motors recently told investors it paid more than $1bn in tariffs from the beginning of April through the end of June, despite carve-outs for car parts from Mexico and Canada. Tesla spent an extra $300m. Toymakers Hasbro and Mattel expect tariffs to cost tens of millions this year and have reduced their sales forecasts, while aerospace manufacturer RTX, formerly Raytheon, said the measures would cost it $500m, after mitigation efforts. Executives in some industries, like steel, say the new protections will boost domestic demand for their products. Labor unions have backed parts of Trump's plans, too. But economists still expect the levies to lead to slower growth in the US, as company profits take a hit. Firms must then cut back on investing or risk hurting sales by raising prices, or both. Waza, a Los Angeles shop that employs about 30 people in the US selling Japanese-made products like kitchen knives and incense, has already started raising prices 10% to 20%. Executive Vice-President Anri Seki said sales were holding up and, after months of uncertainty, she hoped the business would be able to move forward. But the back-and-forth has pushed the firm to consider looking outside the US to expand. They made America's clothing. Now they are getting punished for it. The US-EU trade deal in numbers - how it compares to UK deal Despite efforts in Japan and the US to sell a deal on a 15% tariff as positive, she said the outcome was disappointing. "It just feels unfair," she said. "It's really hard for everyone to see what is the good ending point." Recently, Goldman Sachs analysts estimated the tariffs would lower US growth by 1 percentage point this year. Still, shares in the US have soared to new highs, as fears that gripped financial markets after Trump's so-called Liberation Day tariff announcement in April have abated. Consumer confidence has picked up, prices have remained contained and the job market is still chugging. Some of that is from earlier uncertainty being resolved, said Ernie Tedeschi, director of economics at the Budget Lab at Yale University, who predicts the levies will shave about 0.8 percentage points off growth this year. "There is a vast valley between 'good' and 'recession'," he said. "There's this middle ground of 'not great'...And I think that is what we're looking at with tariffs." But Tim Quinlan, senior economist at Wells Fargo, said people may be underestimating risks. Consumer spending on discretionary services, like taxi rides or air travel, slipped in the first five months of the year – something that has only happened during or immediately after recessions, he noted. He said that did not necessarily mean "a recession is around the corner", but cautioned it had "raised doubts about the ability of the consumer to continue to underpin the economy". With stockpiles of goods that pre-date the tariffs dwindling and 1 August looming, the full effects of the measures will be felt in months ahead. "People have sort of moved on, but now they're going to be reinstated in August it's going to be right back where we were," said Julie Robbins, chief executive of Earthquaker Devices, an Ohio-based manufacturer of guitar pedals. The business, which employs about 34 people, has held off hiring and delayed purchases this year, as its profits erode and costs climb. It plans to raise prices, but isn't sure how much. Already, sales outside the US – about 40% of the business – have dropped, which Ms Robbins attributes to backlash against Americans, at least partly over tariffs. "I view the tariffs and the current trade war policy as the largest threat to our business," she said. "There are so many ways this could go sideways."
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Michigan Walmart customers used shopping carts and a gun to subdue a man who stabbed 11 people
Walmart Stabbing Suspect Matthew Kolakowski was shopping for fishing gear and snacks with his daughter at a Michigan Walmart over the weekend when he heard an employee yelling 'he's got a knife' followed by sounds of screaming. Then he saw a man rushing toward the checkout counter. 'All of a sudden I see him pop up and I swear we locked eyes for a minute and I yelled at my daughter, 'Stay here.' So I just took off running,' Kolakowski said, recalling the moment he decided to confront the man accused of stabbing 11 people at the Traverse City store on Saturday. Bradford Gille was charged Monday with terrorism and 11 counts of attempted murder. Police said they had no apparent motive for the violent attack carried out with a 3 1/2 inch (nearly 9-centimeter) knife. The actions of Kolakowski and some other men drew effusive praise from Grand Traverse County Sheriff Michael Shea. Overnight, the strangers became online celebrities for their heroics as a video showing the confrontation spread swiftly on social media. Kolakowski said that as he followed the man out of the store, he saw him plunge his blade into an older woman outside. Having no weapon himself, Kolakowski grabbed a shopping cart, hoping to knock the man down as he gave chase. 'He just ran right behind her and buried his knife into her back, right in front of me,' Kolakowski said. 'He pulled the knife out of her and went to take off, then stopped and hesitated and turned around like he was going to go after her again. That's when he noticed me with the grocery cart ... I just went as hard as I could and just got him on his ankles with the grocery cart from behind.' Kolakowski, a 39-year-old disabled veteran, was quickly joined by another man with a shopping cart, stopping the man later identified by authorities as Gille. A third man pointed a gun toward the man, repeatedly demanding he drop the knife. He eventually put the knife down and Kolakowski said he jumped on the man, restraining him until police quickly arrived. 'Honestly, I didn't hesitate at all,' said Kolakowski, speaking from his home in nearby Kent City. Though he was wary of being stabbed himself, he said, 'I just kept going.' Shea said the 11 victims were men and women ranging in age from 29 to 84, including one Walmart employee. All were expected to survive, officials said. Authorities said Gille, 42, has a history of mental health problems and has been arrested or ticketed numerous times in the Petoskey, Michigan, area since 2001. He has also received jail sentences for assault and domestic violence-related offenses. In 2017, he was found not guilty by reason of insanity after being charged with damaging a burial vault and tipping over grave markers at a Ptoskey cemetery. And police in Petoskey reported speaking twice with Gille in recent days about loitering. In a statement Monday, the Petoskey Department of Public Safety said the agency sought and received a court order Friday to place Gille in protective custody, deeming him a risk to himself or others. But they could not find him — until the Traverse City stabbings occurred. Gille's mother told the Petoskey News-Review in 2007 that her son had been in a long-term cycle of mental illness. Beverly Gille at that time praised police and judges, whom she said were trying to help him. 'He's fine when he's on his medication,' she told the newspaper. 'The problem is his illness tells him that he is fine and doesn't need to take his medication.' At his arraignment Monday, Gille appeared agitated and seemed to suggest he was homeless. A not-guilty plea was entered for him, and bond was set at $100,000. Kolakowski said that as he and the other shoppers surrounded the man in the Walmart parking lot, it was clear that something was not right. He described the man as wild-eyed and sweating heavily and describing those in the store as 'bad, like he was making an excuse why he stabbed everybody." Kolakowski brother-in-law, Chris O'Brien, who recorded the video, said the 'crazy' scene unfolded incredibly fast and that Kolakowski's actions surely prevented several more stabbings. 'It's his courage that is the craziest part. It was something to witness,' he said. 'A guy was stabbing people and we were just next on his list if we didn't do something right,' O'Brien said. 'Matt was determined to make sure it was stopping then and there and he sure as hell did that.' ___ Associated Press reporters Ed White and Corey Williams contributed. Solve the daily Crossword
