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    Too little, too late: Trump takes on gas prices as fuel costs hamper his midterm hopes

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    Polls show US voters are deeply upset by high gas prices and are likely to punish Republicans in the midterms as a resultHow will Trump’s mass deportation agenda shape the US midterm elections? Our reporters answer your questionsWith fewer than two weeks until the midterms, US voters are unlikely to see relief on one of this election cycle’s main issues: gas prices.Airing up her car’s tires at a Speedway in Perrysburg, Ohio, Toledo resident Sharie Smith, 41, says soaring costs are having a direct impact on her life. Continue reading… More

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      Small business owners are doing OK – but will that help Trump overcome his low approval ratings?

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      Overall, economic sentiment for Trump is poor, but small businesses seem fairly confident, according to several surveysThere are 34m small businesses in the United States. They employ approximately half of the country’s workers and generate about half of the country’s GDP. They’re an important voting block. So how are they feeling about the economy as we head into November’s midterm elections? Overall, economic sentiment for Donald Trump is poor but small business – admittedly a diverse demographic that’s hard to poll – seems fairly confident. A number of recently published surveys and reports can help understand their mood.Confidence is generally stable. Continue reading… More

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      Will Trump’s economy sink Republicans in the US midterm elections? Our reporters answer your questions

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      The high cost of living has Americans angrier than ever. Guardian reporters answer your questions about the economy before voters head to the pollsSign up or sign in to ask your questionWelcome to our latest US midterms live Q&A.With just over two weeks to election day on 3 November, the US economy is top of voters’ minds. Food and gas prices remain high, the job market is unstable, consumers are angrier than ever, and a new Fed chair, Kevin Warsh, took over this year.The makeup of the Democratic party, plus key races to watchWho are the groups financially backing the candidates in the midterms?Will the Iran war cost Trump in the US midterm elections? Your questions answered Continue reading… More

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      ‘From liabilities to goldmines’: refineries eye record profits from diesel shortage

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      Firms turning crude oil into the ‘workhorse’ fuel stand to gain most despite economic fallout from record pricesDays after Donald Trump announced a deal to import Russian diesel into the US in an effort to lower soaring pump prices, the world’s energy watchdog has warned that the global fuel shortage will drag into 2027.Trump’s temporary sanctions reprieve was criticised for offering “too little, too late” to temper the sky high pump prices triggered by the shutdown of war-damaged refineries in the Middle East and Russia – once the world’s second-largest diesel exporter behind the US. Continue reading… More

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      Trump’s deal with Putin will have little impact on US diesel prices, experts say

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      Analysts say fuel will take weeks to ship and quantity is too small to affect prices, while full deal is unlikely to be met given damage to Russian refineriesTrump announces partial ceasefire but Zelenskyy says deal is ‘news to me’Donald Trump’s deal with Vladimir Putin to temporarily lift sanctions on US imports of Russian diesel will have little “meaningful” effect on motorists and businesses in the US and overseas, energy and foreign policy analysts have predicted.The US president infuriated Volodymyr Zelenskyy when he announced the deal on Friday, writing on Truth Social that the agreement with his Russia counterpart to supply millions of tonnes of diesel was essential to reduce fuel prices in the US, which have soared after his decision to go to war against Iran. Continue reading… More

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      Trump’s recent statements on the economy are even more bonkers than usual | Steven Greenhouse

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      Our ‘genius’ president is revealing his ignorance of economics, fueling concerns about the threat he poses to the worldDonald Trump recently made a bold claim about his abilities, writing on Truth Social: “The only control or ‘guardrails’ that AI needs is a STRONG AND SMART (High IQ!) PRESIDENT, and the U.S.A. has that, in spades!”But in the days before and after that post, Trump made one mind-boggling statement after another, including one that raised the possibility of cutting off all trade with dozens of the US’s trading partners. The president’s statements had many experts questioning not just his intelligence, but also whether he – and the outlandish policies he was proposing – were a clear and present danger to both the US economy and the world economy. Public respect for Trump’s economic sense has fallen so low that just 7% of Americans think he should take the lead in regulating AI, according to a recent WSJ poll. Continue reading… More

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      DoJ declines to reopen investigation into former Fed chair Jay Powell

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      Kevin Warsh’s predecessor had been investigated over cost overruns related to central bank renovation projectThe US ⁠justice department is not reopening a criminal investigation into former Federal Reserve chair Jerome Powell ⁠for cost overruns ⁠related ​to the central bank’s building renovation project, a department spokesperson said on Friday.Attorney general Todd ⁠Blanche – in comments to Bloomberg News, which first reported the development – said he has not ruled out ⁠continuing to look into the project’s oversight and potentially take ​action if evidence of ‌wrongdoing came to ‌light. Continue reading… More