Trump, Donald J

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      Stocks Jump in Asia After Trump’s Tariff Reprieve

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      Markets in Japan, South Korea and Taiwan soar after the U.S. president pauses punishing tariffs. Gains in mainland China were modest as trade hostilities heat up between Washington and Beijing.Following President Trump’s decision to pause punishing tariffs on dozens of countries, markets in Asia reacted predictably: Stocks soared in the countries that were spared.In early trading on Thursday, benchmark indexes rose more than 9 percent in Taiwan, 8 percent in Japan and 5 percent in South Korea. All three Asian economies were among the U.S. trading partners given a 90-day reprieve from Mr. Trump’s so-called reciprocal tariffs.While the U.S. allies won’t immediately face the 24 percent to 32 percent tariffs the Trump Administration had previously threatened, they will still be subject to a lower rate of 10 percent. That comes on top of 25 percent tariffs that Mr. Trump has imposed on goods including cars — a particular sore point for big auto exporters Japan and South Korea.In the United States, the reversal by Mr. Trump on Wednesday sparked the biggest one-day rally of the S&P 500 since October 2008, when stocks soared as investors anticipated central bank rate cuts in the wake of the global financial crisis.Huge Gains and Losses in One WeekModest gains or losses are the most common outcomes on S&P 500 trading days. But since last Thursday the index has had two steep drops and one of its biggest gains since 2000. More

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      Trump Signs Orders Punishing Those Who Opposed His 2020 Election Lies

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      President Trump on Wednesday signed executive orders punishing two officials from his first administration and an elite law firm, continuing a campaign of retribution that he has gleefully carried out since his inauguration.Two executive orders targeted Christopher Krebs, who as a senior cybersecurity official oversaw the securing of the 2020 presidential election, and Miles Taylor, who served as chief of staff at the Department of Homeland Security during Mr. Trump’s first term and anonymously wrote a high-profile opinion article for The New York Times in 2018. Among other measures, the orders directed Pam Bondi, the attorney general, and Kristi Noem, the homeland security secretary, to investigate the former officials and report their findings to the White House.A third order targeted the law firm Susman Godfrey with many of the same sanctions that Mr. Trump has applied to other law firms that had taken on cases or causes he did not like. In 2023, Fox News agreed to pay $787.5 million to resolve a defamation suit filed by Dominion Voting Systems over the network’s promotion of misinformation about the 2020 election. Susman Godfrey represented Dominion, a manufacturer of voting machines that lawyers allied with Mr. Trump attacked with outlandish claims about widespread voting fraud.The executive orders reflected Mr. Trump’s desire for political payback. Mr. Trump has fixated on punishing — among others — elected Republicans and officials in his administration who have defied him or later opposed him.Mr. Trump has also sought to rewrite the history of his defeat in 2020, and has continued to repeat his lie that the election was stolen from him. Mr. Krebs, leading the agency tasked with protecting election machinery from foreign interference, shot down many of Mr. Trump’s false claims of widespread fraud, and Mr. Trump fired Mr. Krebs days after his loss. Mr. Trump has continued to harbor deep resentments against the agency.“This guy, Krebs, was saying ‘oh the election was great,’” Mr. Trump said Wednesday as he signed the order. He added, of Mr. Krebs,:“He’s the fraud. He’s a disgrace.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      House Votes to Curb National Injunctions, Targeting Judges Who Thwart Trump

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      The House passed legislation on Wednesday that would bar federal district judges from issuing nationwide injunctions, part of an escalating Republican campaign to take aim at judges who have moved to halt some of President Trump’s executive orders.The bill, approved mostly along party lines on a vote of 219 to 213, would largely limit district court judges to issuing narrow orders that pertain to parties involved in a specific lawsuit, rather than broader ones that can block a policy or action from being enforced throughout the country. It would make an exception in cases that were brought by multiple states, which would need to be heard by a three-judge panel.It faces a slim chance of becoming law because of the obstacles it faces in the Senate, where seven Democrats would have to join Republicans to allow it to advance. So far, similar bills have not been approved by the Senate Judiciary Committee.House Republicans have framed the legislation, named the No Rogue Rulings Act, as a necessary constitutional check on what they claim is an abuse of power by judges attempting to wield political influence from the bench.Citing an increase in nationwide injunctions since Mr. Trump took office, Republican lawmakers have argued that an unelected federal judge in one district should not be able to block the executive branch from implementing nationwide policies, a duty they say should be left to appeals courts or the Supreme Court.The Supreme Court “must reach a majority in order to make something the law of the land, and yet a single district judge believes that they can make the law of the land,” Representative Darrell Issa, the California Republican who introduced the bill, said on the House floor on Wednesday.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Lawyers for Venezuelans Challenge Alien Enemies Act Deportations in Texas

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      Broadening their efforts to stop the Trump administration from using a rarely invoked wartime statute to carry out deportations, lawyers for the American Civil Liberties Union on Wednesday asked a federal judge in Texas to bar the White House from using the law to send Venezuelan migrants to El Salvador.The filings by the A.C.L.U., submitted in Federal District Court in Brownsville, Texas, were in direct response to a Supreme Court decision on Monday. That ruling permitted the migrants to challenge efforts to deport them under the wartime law, known as the Alien Enemies Act, but only in the place they were being held.The three Venezuelans identified in the Texas filings — albeit only by their initials — had already secured a court order from a federal judge in Washington last month shielding them from being flown to El Salvador under President Trump’s invocation of the act. But the Supreme Court, in its ruling, vacated the order by that judge, James E. Boasberg, saying that the A.C.L.U.’s case on behalf of the men should have been filed in Texas, not Washington.On Tuesday, the A.C.L.U. filed a similar case in New York, noting that two of the Venezuelans subject to Mr. Trump’s proclamation had been moved from a detention center in Texas to one in the town of Goshen, in Orange County, N.Y. An emergency hearing has been scheduled in that case for Wednesday morning in Federal District Court in Manhattan.Mr. Trump’s efforts to use the Alien Enemies Act to deport scores of Venezuelan migrants have set off one of the most contentious legal battles of his second term. It began last month, after the president invoked the act, which has been used only three times since it was passed in 1798, to authorize the deportation of people he claims were members of Tren de Aragua, a violent Venezuelan street gang.The A.C.L.U. immediately challenged Mr. Trump’s use of the act in court filings in Washington, even as the administration rushed more than 100 Venezuelan migrants on to planes to El Salvador. Once there, they were put in a megaprison called CECOT, known for its brutal conditions.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Delta Warns Trump’s Trade War Could Lead to a Recession

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      Delta Air Lines on Wednesday became one of the largest American companies to warn that President Trump’s escalating trade war was weighing on its business and the global economy.In an interview with CNBC on Wednesday, Delta’s chief executive, Ed Bastian, said a recession was possible as companies pulled back spending.“Everyone’s being prepared for uncertainty,” he said, “if that continues, and we don’t get resolution soon, we will probably end up in a recession.”Airlines are highly sensitive to changes in the economy because air travel is among the first things that individuals and businesses can cut back on when they are worried about their paychecks or profits.Mr. Bastian expressed shock at the speed at which the trade tensions had taken the wind out of the economy.“We’re in uncharted, unprecedented uncertainty, when you look at what’s happened and the pivot so quickly to this self-inflicted situation,” he said.Mr. Bastian’s comments are at odds with those of the Treasury secretary, Scott Bessent, who said on Wednesday that chief executives had told him the economy was solid.In its first-quarter earnings release, Delta said it no longer expected its business to grow in the second half of the year and added that a lack of the clarity about the economy prevented it from telling investors how much money it expects to make this year.Mr. Bastian said summer bookings were in line with last year. Some customs data show a sharp decline in foreigners entering the United States. Mr. Bastian said around 80 percent of Delta’s international bookings are made in the United States. “U.S. consumers are looking to go somewhere, particularly to try to get a reprieve from all the craziness we’re going through,” he said.Delta’s shares have fallen around 40 percent this year. More

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      Trump Administration Freezes $1 Billion for Cornell and $790 Million for Northwestern, Officials Say

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      The Trump administration has frozen more than $1 billion in funding for Cornell and $790 million for Northwestern amid civil rights investigations into both schools, two U.S. officials said.The funding pause involves mostly grants from and contracts with the Departments of Agriculture, Defense, Education and Health and Human Services, according to the officials, who spoke on the condition of anonymity to discuss the unannounced decision.The moves are the latest and largest in a rapidly escalating campaign against elite American universities that has resulted in roughly $3.3 billion in federal funds being suspended or put under review in just over a month. Other schools that have had funds threatened include Brown, Columbia, Harvard, the University of Pennsylvania and Princeton.Cornell and Northwestern are both facing investigations into allegations of antisemitism and into accusations of racial discrimination stemming from their efforts to promote diversity.Cornell officials said in a statement that they had received more than 75 stop-work orders from the Defense Department on Tuesday, but that they had no information to confirm that more than $1 billion in funding had been suspended. The affected grants, they said, supported research that they described as “profoundly significant to American defense, cybersecurity and health.”“We are actively seeking information from federal officials to learn more about the basis for these decisions,” according to the joint statement from Michael Kotlikoff, the university president; Kavita Bala, the provost; and Robert Harrington, provost for medical affairs.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Officials Point to Outreach on Tariffs in a Bid to Calm Markets

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      President Trump’s top trade official defended the administration’s aggressive tariff moves on Tuesday, arguing before a Senate committee that the U.S. economy is facing “a moment of drastic, overdue change” after decades of being propped up by the financial sector and government spending.The remarks by Jamieson Greer, the United States trade representative, came as the Trump administration faced blowback from trading partners, businesses and investors over Mr. Trump’s approach. The president’s moves this month to impose a 10 percent global tariff and steep “reciprocal” tariffs on dozens of countries have already triggered a trade war with China and caused other countries to draw up their own retaliation plans. Economists now consider a recession increasingly likely.Mr. Trump has dismissed those concerns and said he will not back away from his trade agenda, which he says is necessary to return manufacturing and industrial production to the United States. He and his economic advisers have claimed that countries are clamoring to make new trade agreements with the United States and to lower their tariffs and other trade barriers.In a social media post on Tuesday, Mr. Trump described a call with South Korea’s acting president, Han Duck-soo, about trade and tariffs and that South Korean officials were heading to the United States for talks. He also expressed optimism that a trade war with China could be averted.“China also wants to make a deal, badly, but they don’t know how to get it started,” Mr. Trump wrote. “We are waiting for their call. It will happen!”Mr. Greer said in his prepared remarks that nearly 50 countries have approached him to discuss how to “achieve reciprocity on trade.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More