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axios.com | 1 hrs. 13 min. ago

Trump's $5,000 checks require Congress to approve, Johnson says

#dividend #Fund #Inflation #investment #Ireland #Li #R #tariff #tariffs #Trump

President Trump's proposal to send adult U.S. citizens $5,000 dividend checks would require congressional approval, House Speaker Mike Johnson (R-La.) said on Sunday.Why it matters: Trump and his top officials claim they can send the checks without Congress — even with the prospect of them costing upward of $1.3 trillion.What they're saying: "He'd need Congress to act," Johnson said in a CNN interview.Asked by NBC's ""Meet the Press" if he'd commit that the checks will be sent, Johnson said "I commit that Congress will work through it and find consensus on that like they have to do everything else."Driving the news: President Trump, at the GOP's midterm convention in Dallas, said this week he'd order a $5,000 check — a "Trump Dividend" — if Republicans retained control of the House and the Senate.Trump and other officials have said the dividend would be funded by tariffs, gains on investments and other income. The president told reporters before departing Ireland on Sunday that "the $5,000 checks are going forward" and that he had thought of this plan "a while ago."When a reporter asked why not do the checks now instead of after the midterm elections, given Republicans currently control Congress, Trump replied: "Because if the Democrats get in, our country will be in shambles."The big picture: Such a massive stimulus also comes with significant economic risks, both to the deficit and inflation. The idea has already met bipartisan opposition, though Trump has insisted the offer and the checks will happen. Editor's note: This story has been updated with new details throughout.

axios.com | 3 hrs. 25 min. ago

Dems' primary plan gives Native Americans more power

#Broker #Calendar #credit #Don #Hold #immigration #India #Inflation #Infrastructure #Li #Margin #Mexico #Moderate #Power #R #Russell #Stress #Trump

The 2028 race for the White House will give new political clout to a long-overlooked constituency: Native American voters.Driving the news: New Mexico now holds an influential early spot as one of the first states to vote in the Democratic primary — on Feb. 15, 2028. That's put Native Americans, who make up about 12% of the state, in position to wield more influence in the presidential race than ever before.In recent Democratic primaries, New Mexico typically has voted late in the season, in June. States that held the earliest primaries had much smaller Native populations.Now potential presidential campaigns are scrambling to adjust to the 2028 lineup, calling Native leaders to learn about Indigenous power players and the dynamics of tribal governments, Democratic operatives tell Axios.Zoom in: Any presidential candidate who wants to win New Mexico is "going to have to listen to tribes," warned Deb Haaland, the former U.S. interior secretary who made history in 2021 when she became the first Native American to head a cabinet agency."We could be a large part in who that nominee is."Native leaders and their allies say that will force presidential candidates to engage closely with tribal governments and pay attention to issues such as tribal sovereignty, land and water rights, and rural infrastructure.Several potential 2028 contenders are already taking notes.Isaac Dakota Casados, a New Mexico Democratic consultant and Navajo Nation member, told us his phone has been ringing off the hook as presidential campaigns-in-waiting look to learn more about Native voters."They're really trying to figure out how the Native American demographic plays into this larger picture," he said. "I think they're used to speaking to Hispanic and Latino populations within their states. This is a very unique variable that's very different to them."Casados said Illinois Gov. JB Pritzker acknowledged to him that he's "really gotta learn" about tribal leadership, while New Jersey Sen. Cory Booker was "fascinated" by New Mexico's myriad tribal cultures in a recent conversation.Kalyn Free, a Choctaw Nation citizen who's on the Democratic National Committee's powerful rules and bylaws committee, also said she's been getting outreach from presidential hopefuls and their teams.The jockeying among 2028ers to win Native American voters could help elevate new power brokers in the Indigenous community.Tribal governments will likely be courted for endorsements. Haaland, a member of the Laguna Pueblo, is uniquely poised to become a sought-after validator for 2028 candidates in Indian country: She's running for governor of New Mexico this year.Some potential 2028 contenders already appear to be wooing Haaland. She met recently with Booker and is rallying with former Transportation Secretary Pete Buttigieg this weekend. Pritzker helped raise money for Haaland at an event in New Mexico this month.Haaland told us she talked with Pritzker about her efforts to investigate the troubled legacy of federal Indian boarding schools and President Trump's slashing of protections for Native American sacred sites.Asked if she would endorse a candidate in the 2028 primary, Haaland said: "I would wait to see."Zoom out: New Mexico has the nation's third-largest share of people who identify as American Indian or Alaska Native, and it includes 23 federally recognized tribes.When New Mexico votes in the presidential primary, the race will probably have been narrowed to two or three candidates — giving the state an oversized say in helping pick the party's nominee, Democratic strategists say.Native leaders say their community's voters don't easily map onto the party's progressive-vs.-moderate divide, and stressed that the community isn't a monolith in general elections, either. In the 2016 Democratic primary, Hillary Clinton won some states with significant Native populations, such as New Mexico and Arizona — but Bernie Sanders carried others, such as Alaska and Montana.In 2024's general election, some Native voters across the country — who polls suggested had been hit particularly hard by inflation — shifted toward Trump.What's next: Democrats hope that by putting New Mexico early in the primary lineup, they'll learn how to better win Native Americans and reverse that trend."These votes really matter," said New Mexico Gov. Michelle Lujan Grisham (D), noting that Native voters have been the margin of difference for presidential candidates in some battlegrounds. "We credit the Navajo Nation vote to getting Biden over the finish line in Arizona" in 2020.Flashback: This year Native American leaders lobbied the Democratic National Committee to add New Mexico to the early primary calendar.In February, the All Pueblo Council of Governors passed a resolution that said doing so would "transform the relationship between presidential candidates and Pueblo peoples," whereas the old lineup had been "effectively silencing" Native voices.Axios' Russell Contreras contributed reporting.

globalnews.ca | 3 hrs. 38 min. ago

Trump drops tariff on Irish whiskey while booze ban looms for Canada

#Canada #European Union #Import #tariff #tariffs #Trump #union

The tariffs on Irish whiskey were imposed months ago as part of his standard tariff imposed by Trump on European Union imports, which was reduced to 10 per cent in July.

smh.com.au | 3 hrs. 51 min. ago

Australia news LIVE: One Nation reveals migration plan; Trump downplays AI threat; voters lose faith in PM on economy

#AI #Australia #economy #Migration #Trump

Follow our rolling coverage of all the latest developments from around Australia and the world.

washingtonpost.com | 4 hrs. 39 min. ago

Trump calls on Zelensky to stop attacking Russian energy targets

#Diesel #energy #Inflation #Russia #Trump

A surge in the U.S. average price for diesel to an all-time high of $6 a gallon has reinforced concerns about higher global inflation.

axios.com | 5 hrs. 27 min. ago

Why Trump's united Ireland stance hit such a nerve

#Broker #Europe #France #Germany #Ireland #Li #media #merger #R #Reform #Support #Trump #United Kingdom

President Trump stood by his support for a united Ireland on Sunday after his remarks during a two-day visit sparked a backlash from unionist and British politicians and praise from Irish nationalists.Why it matters: Trump broke with a longstanding U.S. presidential convention of not taking sides on whether Northern Ireland should ultimately be British or Irish.The U.S. helped broker the 1998 Good Friday Agreement, built around consent and parity between British unionism and Irish nationalism.Former President Clinton, whose administration played a central role in the peace process, explicitly said the U.S. was "neither in favor of a united Ireland nor opposed to the idea."Driving the news: Trump said in Dublin, sitting beside Irish Taoiseach Micheál Martin on Saturday, that he'd "love to see" Ireland unified and that it is "going to happen eventually," so it "may as well happen now."He described uniting Northern Ireland with the Republic of Ireland as "fantastic," adding: "The U.K. would have something to say about it obviously, but I think it would be a great thing, I mean, how can it be bad?"Trump later said Irish reunification would be a "very cool thing" while noting that "no matter what you say or how you say it, there's no good answer."On Sunday, Trump told reporters: "It just seems to me that you have Northern Ireland and you have Ireland. It seems to me that one of the naturals of all time is to put them together."He added this was only his opinion, but "many people agree" and he "had so much support" in response to his remarks.Between the lines: Trump has managed the unusual feat of delighting Irish nationalists while alarming some Northern Irish politicians who have previously expressed support for him.Martin revealed that Trump has privately expressed the same preference before.What they're saying: While Irish nationalist politicians seized on Trump's comments and said "the conversation on Irish unity has shifted," unionists in Northern Ireland and politicians in Westminster swiftly condemned the remarks. Democratic Unionist Party leader Gavin Robinson, who represents East Belfast in Parliament, said on X, "Northern Ireland's constitutional future will be decided by the people of Northern Ireland, not by commentary in London, Dublin or Washington. Northern Ireland is part of the United Kingdom because that is the settled democratic will of its people."Robert Jenrick from Nigel Farage's Reform Party said on X that Trump was "completely wrong," adding: "Northern Ireland is, and will always be, a proud part of the United Kingdom."A 10 Downing Street spokesperson said in a media statement that British Prime Minister Andy Burnham's position on Irish unification remains unchanged from previous comments he's made that a referendum on a united Ireland was "off the table" as he's "not aware ​that there is majority public support" for one.The spokesperson added that Burnham is committed to upholding the Good Friday Agreement, which largely ended three decades of conflict known as the Troubles, established Northern Ireland's current system of government and largely removed visible signs of the border.Context: Under the Good Friday Agreement, Northern Ireland remains part of the U.K. unless voters in Northern Ireland choose reunification and voters in Ireland approve the constitutional change — putting democratic consent, rather than the preference of London, Dublin or Washington, at the center of its constitutional future.Flashback: It's not the first time that Trump has floated the idea of a united Ireland.In March, he joked about a Northern Ireland-Republic "merger" in Washington.

livemint.com | 6 hrs. 42 min. ago

Trump urges Ukraine to stop Russia oil strikes as House readies Lindsey Graham sanctions bill

#Diesel #Export #fuel shortage #Infrastructure #oil #Russia #sanctions #strike #Trump #Ukraine

Trump urged Ukraine to stop striking Russian oil infrastructure, saying the attacks are worsening a global fuel shortage as US diesel prices top $6 a gallon. Russia’s reduced exports have tightened supplies, while a US bill seeks tougher sanctions on Moscow.

euronews.com | 9 hrs. 7 min. ago

Trump accuses Ukraine of pushing up energy prices while on two-day visit to Ireland

#BIT #Diesel #economy #energy #energy prices #global economy #Ireland #Russia #Trump #Ukraine

US President Donald Trump says Ukraine should stop striking Russian diesel supplies as the impact is harming the global economy. Trump's comments come as he continued his two-day visit to Ireland which blend a bit of high-level meetings with personal leisure.

theguardian.com | 9 hrs. 22 min. ago

Surging inflation puts interest rates back in focus as policymakers meet in Japan, US and UK

#bond #budget #Inflation #interest rate #Interest Rates #Iran #Japan #Li #market #oil #SET #Trump

Iran war and turbulent global bond markets add to pressure as rate decisions loom this week in major western economiesEconomics viewpoint: perilous UK economic conditions trace back to TrumpCentral bankers in economies including the US, Japan and the UK will face a moment of truth this week, as surging inflation raises the prospect of higher interest rates.Policymakers in all three countries will set rates in the next seven days against the backdrop of turbulent global bond markets. Continue reading...

theguardian.com | 9 hrs. 54 min. ago

Trump reiterates $5,000 ‘dividend’ pledge if Republicans win midterms

#debt #dividend #Dollar #Trump

Plan to give US adults $5,000 has been greeted with incredulity across the political spectrum as well as outrageDonald Trump on Sunday doubled down on his controversial pledge to give US adults a $5,000 “dividend” if his Republican ⁠party keeps control of Congress after November’s midterm elections.The plan has been greeted with expressions of incredulity across the US political spectrum as well as outraged accusations of seeing to bribe voters. The plan – which would cost more than a trillion dollars – also comes amid huge concern over the US national debt, which topped $40tn for the first time in August.Reuters contributed to this article Continue reading...

theguardian.com | 10 hrs. 10 min. ago

Crossbench MPs launch push to stop Australian military exports being used in human rights breaches

#Australia #Export #Li #R #Trump

‘Red lines’ legislation would forbid defence equipment technology or services being used, includes parts for F-35 fighter jetsGet our breaking news email, free app or daily news podcastCrossbench MPs including David Pocock and Sophie Scamps will put pressure on the Albanese government to ban Australian goods from being used by the Israeli military – including for F-35 fighter jets – by introducing a bill designed to force it to adhere to international obligations.The group’s “red lines” legislation, to be presented on Monday, would outlaw defence equipment, technology or services being used where they could breach Australia’s international human rights obligations. Continue reading...

thebulwark.com | 12 hrs. 38 min. ago

Here’s How You Know Trump’s Canada Tariffs Are Bombing

#Canada #R #Supply Chain #supply chains #tariff #tariffs #Trump

They’re costly, voters hate them, and they threaten supply chains vital to the U.S. auto industry.

ft.com | 13 hrs. 28 min. ago

Will the Fed defy Trump and raise rates?

#Fed #market #Trump

Market Questions is the FT’s guide to the week ahead

axios.com | 13 hrs. 48 min. ago

The tab is coming due for America's borrowing binge

#AI #Benchmark #bond #Bonds #Consumer Prices #debt #Diesel #economy #energy #energy prices #Federal Reserve #gasoline #GDP #Inflation #interest rate #Interest Rates #Iran #Li #market #mortgage #SET #Taxes #Trump #yield

Americans are facing a rising tab as a multi-decade borrowing binge collides with a spike in energy prices caused by the Iran war.The big picture: Long-term interest rates are surging, as are consumer prices.It's a toxic mix of near-term inflation pressures and years of fiscal imbalance.Driving the news: The yield on the benchmark 10-year U.S. Treasury note rose to 4.97% Friday, up a full percentage point since the end of February, and only a hair below its high since 2007.The rate on a 30-year fixed-rate mortgage has risen in lockstep, reaching 7.08% Friday, per Mortgage News Daily — the highest in more than a year.State of play: The immediate catalyst Friday was an inflation report that showed consumer prices surging higher in August, with gasoline prices accounting for more than a third of the gain. Gasoline is now at a national average of $4.29 a gallon, while the price of diesel has climbed to over $6 a gallon.All this means that the Federal Reserve is now expected to raise its target interest rate this week.But longer-term borrowing rates are set in global markets — and determined by bigger forces.The U.S. government is spending about $2 trillion a year more than it raises in taxes at a time the cumulative debt is already roughly 100% of a year's GDP.Long-term bond yields have been rising worldwide, reflecting both high government borrowing and demand for capital from the AI buildout.The intrigue: The recent spikes have taken place in spite of interventions by Treasury Secretary Scott Bessent to try to smooth turbulent bond markets — efforts that haven't succeeded in making borrowing cheaper.And rather than focus on the deficit reduction the bond market wants, President Trump has floated the notion of $5,000 payments to all U.S. adult citizens if Republicans win midterm elections.The U.S. government is already spending around $1 trillion a year in interest on the debt, on track to rise to $2 trillion over the next decade, a new high as a share of the economy. If the recent surge in rates is sustained, those numbers will grow even higher.The bottom line: The combination of near-term energy-driven inflation and the long-term debt trajectory means that it will cost more to borrow money for the foreseeable future.

theguardian.com | 13 hrs. 59 min. ago

‘Trump accounts’ promise to mint child millionaires. Experts have their doubts

#affordable #Boom #budget #federal government #Fund #Georgia #growth #investment #KID #market #Return #stock #Stock Market #Trump

President has hyped growth of federal investment accounts to help US children – for his own political gainSince returning to the White House, Donald Trump has scrapped rules that made childcare more affordable and pushed to cut funding for the nation’s public schools. But with midterm elections fast approaching and his approval ratings very low, the US president has repeatedly trumpeted a two-month-old program designed to help the nation’s children. That program, unhumbly named “Trump accounts”, calls for the federal government to give a one-time $1,000 seed deposit to every newborn whose family applies.In campaign speeches this summer, Trump has sought to milk these accounts for maximum political advantage, making big promises about how much these accounts will help the nation’s children. In a speech in Las Vegas last month, Trump hailed the program, saying: “It’s really giving [children] a head start on the American dream… They start off with $1,000 … and they can end up with $100,000, $200,000, $300,000” and if the stock market booms, “you’d end up with $1m”. Continue reading...

washingtonpost.com | 1 days ago

As Iran proxies activate in Yemen and Iraq, Trump’s Mideast morass deepens

#economy #energy #global economy #Iran #Iraq #oil #oil price #Trump #Yemen

Two of the most important corridors for international energy shipments are blocked by Iran and its proxies, oil prices are up and the global economy is reeling.

theguardian.com | 1 days ago

Taxes wouldn’t fund $5,000 Trump ‘dividend’ if Republicans win midterms, says commerce secretary

#dividend #economy #Fund #revenue #tax revenue #Taxes #Trump

Lutnick said $500bn of estimated $1tn needed to fund checks to all US adults could come from new visa programDonald Trump’s controversial proposal to give a $5,000 “dividend” to all US adults if Republicans maintain control of Congress in November’s elections would not be paid out from US tax revenues, according to the US commerce secretary, Howard Lutnick.“It’s not tax money,” Lutnick said in an interview with NBC News, adding that the administration could “earn the money that Donald Trump wants to pay out, not from the deficit and not from taxpayers”. Continue reading...

cnbc.com | 1 days ago

GM plans U.S. battery development as Trump's DOT attacks Ford for China ties

#China #energy #Supply Chain #supply chains #Trump

Most battery cells currently rely on raw materials from China. GM is seeking to establish domestic supply chains both for EVs and energy storage.

al-monitor.com | 1 days ago

Trump says Iran probably responsible for attack on Saudi pipeline

#crude #Export #Iran #Main #oil #Saudi Arabia #Trump

DUBLIN, Sept 12 (Reuters) - U.S. President Donald Trump said on Saturday that Iran was probably responsible for an aerial attack on Saudi Arabia ​that shut down its East-West pipeline, one of the kingdom's main routes for exporting crude while bypassing the Strait of Hormuz."I think they are, probably they are," Trump told reporters in Dublin when asked if Iran was responsible for the attack on the vital oil conduit.The U.S. president also said that he had spoken with Saudi Crown Prince Mohammed bin Salman, whom he described as a "good friend."

washingtonpost.com | 1 days ago

U.S.-Canada trade war set to hit hard in midterm battleground states

#Canada #SET #tariff #tariffs #trade #trade war #Trump

Republican candidates in some of the nation’s most competitive races are treading carefully as local industries brace for President Trump’s tariffs.

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nytimes.com | 1 days ago

Inflation Complicates Trump’s Midterms Pitch to Voters

#Gas #gas price #Inflation #mortgage #Trump

Gas prices are high, mortgage rates are climbing and inflation remains well above target, complicating the president’s midterm appeal.

theguardian.com | 1 days ago

Donald Trump lands in Dublin for two-day Ireland visit – live

#economy #Hold #Ireland #Trump

US president will hold talks with Ireland’s leftwing president Catherine Connolly, and play golfDonald Trump has touched down in Dublin this morning for a two-day visit to Ireland, where he will hold talks with the Irish president and prime minister, and play golf.The weekend visit coincides with the Irish Open, a major golf tournament taking place at the beachfront Doonberg golf course owned by the US president.Many in Ireland are rooting for Connolly to let rip at Trump for his policies and rhetoric on immigrants and the Middle East. Others hope she will stifle any criticisms to avoid provoking a visitor who could upend Ireland’s economy.” Continue reading...

theguardian.com | 1 days ago

Call it the Miliband doctrine. Let’s hope the new Israeli settlement boycott is just the start

#Bank #boycott #coalition #economic sanctions #Indonesia #sanctions #Settlement #Support #Trump

Steve Bloomfield | This week’s move suggests that, even in the age of Trump, Britain will once again have an ‘ethical dimension’ to its foreign policy. That’s good for the world Almost 30 years ago, the Labour titan Robin Cook announced his arrival at the Foreign Office by laying out what would become described as an “ethical foreign policy”. The UK, he said, “must support the demands of other peoples for the democratic rights on which we insist for ourselves”. Human rights would be “at the heart of our foreign policy”.In the 25 years since Cook was demoted, Britain has had a further 14 foreign secretaries – including seven in the past six years – few of whom can claim to have placed progressive ideals at the heart of their actions. Ed Miliband’s speech on Tuesday outlining the UK’s decision to impose economic sanctions on Israeli settlements in the West Bank – and unveiling the international coalition he has built to support it – suggests that Cook may finally have a successor.Steve Bloomfield is the former international editor of the Observer and a previous winner of the Orwell prize Continue reading...

aljazeera.com | 1 days ago

How Canadians are bracing for the impact of Trump’s trade war

#Canada #tariff #tariffs #trade #trade war #Trump

Canada’s buy-local movement remains strong, but new tariffs could test how much more shoppers are willing to pay.

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