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      JPMorgan Chase CEO Jamie Dimon Warns of Economic Pain From Trump’s Tariffs

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      President Trump’s wave of tariffs threatens to bring both short-term economic pain, including lower growth, and long-term damage to America’s standing and trade relationships around the world, the chief executive of Wall Street’s biggest bank warned on Monday.“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession,” Jamie Dimon, JPMorgan Chase’s chief executive, wrote in his annual letter to shareholders.The warning by Mr. Dimon, one of Wall Street’s most influential leaders, echoes the growing anxiety among corporate chiefs about how the tariffs will play out. Even those who had initially professed support for Mr. Trump’s trade plans are becoming increasingly worried about the consequences.Even before Mr. Trump’s tariff announcement last week, the U.S. economy had been showing signs of strain after years of healthy performance, Mr. Dimon wrote. Inflation was already a worry, Mr. Dimon said, pointing to a yawning fiscal deficit and the need for more infrastructure spending. And stock valuations remain well above historical averages, — even after the recent market sell-off.The potential consequences of the trade fight could make things worse, the letter said. Those include other countries’ efforts to fight back — as China has done by imposing 34 percent counter-levies — and a possible erosion of confidence among consumers and investors. Mr. Dimon also warned about the weakening of the American dollar’s role as the global reserve currency.“If America, for whatever reason, becomes a less-attractive investment destination, the U.S. dollar and the economy could suffer if foreigners sold their U.S. assets,” he wrote.JPMorgan’s own economists have increasingly been saying that a recession is more likely this year, though Mr. Dimon did not personally take a position on those odds in his shareholder letter.While Mr. Dimon asserted that JPMorgan itself was strong enough to withstand the shocks that the levies posed — its traders have profited from previous whipsaws in the markets — the global economy may not be so fortunate. “It is not particularly good for the capital markets,” Mr. Dimon wrote of the tariff-linked volatility.For now, Mr. Dimon wrote that he was hoping for a speedy resolution to the trade battles. “The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse,” he wrote.The longer-term worry, Mr. Dimon said, is that Mr. Trump’s fight could shred decades-old alliances that cemented the United States’ primacy in the global order. The JPMorgan chief wrote that he was worried that America’s trading partners might seek out deals with the likes of China, Iran or Russia in response to the tariffs.“America First is fine,” Mr. Dimon wrote, referring to Mr. Trump’s description of his policies — “as long as it doesn’t end up being America alone.” More

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      Lawsuit Accuses Prominent Palestinian American of Supporting Hamas

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      The complaint against the businessman, Bashar Masri, does not say that he knew about the Oct. 7 attack in advance but does assert that he was aware of the Hamas military infrastructure at his properties.Families of victims of the Hamas-led terrorist attack on Oct. 7, 2023, sued a prominent Palestinian American businessman on Monday, accusing him of supporting Hamas by developing properties that were crucial to the terrorist group’s operations.According to the lawsuit, Bashar Masri, a wealthy developer, operated hotels and an industrial site in Gaza to “construct and conceal” a labyrinthine network of tunnels that allowed Hamas to “store and launch its rockets at Israel.”“The properties defendants developed with Hamas were not only part of the infrastructure Hamas used in connection with the Oct. 7 attack itself,” the lawsuit added. “Their development deliberately advanced Hamas’s false narrative that it was interested primarily in the economic development of Gaza and a grudging coexistence with Israel.”The lawsuit was filed in Federal District Court in Washington, where Mr. Masri has a home. It does not say that Mr. Masri and the companies he controls knew about the attack in advance but does assert that they were aware of the Hamas military infrastructure at their properties.Mr. Masri, a respected entrepreneur, denied the allegations.Mr. Masri “was shocked to learn through the media that a baseless complaint was filed today referring to false allegations against him and certain businesses he is associated with,” a statement from his office said. “Neither he nor those entities have ever engaged in unlawful activity or provided support for violence and militancy.”The complaint comes at a politically sensitive time for Mr. Masri, who has been linked to the hostage envoy for the Trump administration who has been involved in efforts to free the remaining captives being held by Hamas in Gaza. Mr. Masri is expected to play a role in the reconstruction of Gaza.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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      Judge Calls Mistaken Deportation of Maryland Man a ‘Grievous Error’

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      The Trump administration committed a “grievous error” that “shocks the conscience” by inadvertently deporting a Salvadoran migrant to a notorious prison last month and then declaring there was little it could do to bring him back, a federal judge in Maryland said on Sunday.The strongly worded order by the judge, Paula Xinis, served two purposes: It offered a more detailed explanation of a brief ruling she issued on Friday, demanding that the White House bring the migrant, Kilmar Armando Abrego Garcia, back to the United States by the end of Monday. And it rejected a request by the Justice Department to pause the order as a federal appeals court considered its validity.Over 22 pages, Judge Xinis took Trump officials to task for deporting Mr. Abrego Garcia to El Salvador on March 15 in violation of a previous court order that allowed him to stay in the United States. Administration officials then argued that neither they nor she as the judge overseeing the case had any power to retrieve him from the prison.“As defendants acknowledge, they had no legal authority to arrest him, no justification to detain him, and no grounds to send him to El Salvador — let alone deliver him into one of the most dangerous prisons in the Western Hemisphere,” Judge Xinis wrote. “Having confessed grievous error, the defendants now argue that this court lacks the power to hear this case, and they lack the power to order Abrego Garcia’s return.”Moreover, Judge Xinis questioned the administration’s underlying claims that Mr. Abrego Garcia, 29, was a member of a violent transnational street gang, MS-13, which officials recently designated as a terrorist organization. The judge described those claims as being based on “a singular unsubstantiated allegation.”“The ‘evidence’ against Abrego Garcia consisted of nothing more than his Chicago Bulls hat and hoodie,” she wrote, “and a vague, uncorroborated allegation from a confidential informant claiming he belonged to MS-13’s ‘Western’ clique in New York — a place he has never lived.”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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      A Second Child Dies of Measles in Texas

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      It is the second confirmed measles death in the U.S. in a decade. If the outbreak continues at the current pace, the nation may lose its “elimination” status.The measles crisis in West Texas has claimed the life of another child, the second death in an outbreak that has burned through the region and infected dozens of residents in bordering states.The 8-year-old girl died early Thursday morning of “measles pulmonary failure” at a hospital in Lubbock, Texas, according to records obtained by The New York Times. It is the second confirmed measles death in a decade in the United States.The first was an unvaccinated child who died in West Texas in February. Another unvaccinated person died in New Mexico after testing positive for measles, though officials have not yet confirmed that measles was the cause of death.A Trump administration official said on Saturday night that the girl’s cause of death is “still being looked at.” Since late January, when the outbreak began, West Texas has reported 480 cases of measles and 56 hospitalizations. The outbreak has also spread to bordering states, sickening 54 people in New Mexico and 10 in Oklahoma.If the virus continues to spread at this pace, the country risks losing its measles elimination status, a hard-fought victory earned in 2000. Public health officials in West Texas have predicted the outbreak will continue for a year.Robert F. Kennedy, the nation’s health secretary, has faced intense criticism for his handling of the outbreak. A prominent vaccine skeptic, he has offered muted support for vaccination and has emphasized untested treatments for measles, like cod liver oil.According to doctors in Texas, Mr. Kennedy’s endorsement of alternative treatments has contributed to patients delaying critical care and ingesting toxic levels of vitamin A.Experts also fear that the Trump administration’s recent decisions to dismantle international public health safeguards and pull funding from local health departments have made large, multistate outbreaks more likely.Measles is one of the most contagious pathogens. The virus can linger in the air for up to two hours after an infected person has left the room and spreads when a sick person breathes, coughs or sneezes.Within a week or two of being exposed, those who are infected may develop a high fever, cough, runny nose and red, watery eyes. Within a few days, a telltale rash breaks out as flat, red spots on the face and then spreads down the neck and torso to the rest of the body.In most cases, these symptoms resolve in a few weeks. But in rare cases, the virus causes pneumonia, making it difficult for patients, but especially children, to get oxygen into their lungs.It may also cause brain swelling, which can leave lasting problems, like blindness, deafness and intellectual disabilities.For every 1,000 children who get measles, one or two will die, according to the Centers for Disease Control and Prevention. The virus also harms the body’s immune defenses, leaving it vulnerable to other pathogens.Christina Jewett More

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      Justice Dept. Accuses Top Immigration Lawyer of Failing to Follow Orders

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      A senior Justice Department immigration lawyer was put on indefinite leave Saturday after questioning the Trump administration’s decision to deport a Maryland man to El Salvador — one day after representing the government in court.Deputy Attorney General Todd Blanche suspended Erez Reuveni, the acting deputy director of the department’s immigration litigation division, for failing to “follow a directive from your superiors,” according to a letter sent to Mr. Reuveni and obtained by The New York Times.Mr. Reuveni — who was praised as a “top-notched” prosecutor by his superiors in an email announcing his promotion two weeks ago — is the latest career official to be suspended, demoted, transferred or fired for refusing to comply with a directive from President Trump’s appointees to take actions they deem improper or unethical.“At my direction, every Department of Justice attorney is required to zealously advocate on behalf of the United States,” Attorney General Pam Bondi wrote in a statement sent to The Times on Saturday. “Any attorney who fails to abide by this direction will face consequences.”Under questioning by a federal judge on Friday, Mr. Reuveni conceded that the deportation last month of Kilmar Armando Abrego Garcia, who had a court order allowing him to stay in the United States, should never have taken place. Mr. Reuveni also said he had been frustrated when the case landed on his desk.Mr. Reuveni, a respected 15-year veteran of the immigration division, asked the judge for 24 hours to persuade his “client,” the Trump administration, to begin the process of retrieving and repatriating Mr. Abrego Garcia.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 Family’s Cash Registers Ring as Financial Meltdown Plays Out

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      The party was on at a Saudi-backed LIV Golf tournament at the president’s Doral resort in Florida and a fund-raiser at Mar-a-Lago, even as markets tumbled.The financial market meltdown was underway when President Trump boarded Air Force One on his way to Florida on Thursday for a doubleheader of sorts: a Saudi-backed golf tournament at his family’s Miami resort and a weekend of fund-raisers attracting hundreds of donors to his Palm Beach club.It was a fresh reminder that in his second term, Mr. Trump has continued to find ways to drive business to his family-owned real-estate ventures, a practice he has sustained even when his work in Washington has caused worldwide financial turmoil.The Trump family monetization weekend started Thursday night, as crowds began to form at both the Trump National Doral resort near Miami International Airport, and separately at his Mar-a-Lago resort 70 miles up the coast.Mr. Trump landed on the edge of one of the golf courses in a military helicopter — just in time for a dinner at Doral. The next day, LIV Golf, the breakaway professional league backed by Saudi Arabia’s sovereign wealth fund, was scheduled to hold a tournament at the course for the fourth time.On Thursday at Mar-a-Lago, hundreds of guests gathered for the American Patriots Gala, a conservative fund-raiser that featured Homeland Security Secretary Kristi Noem and President Javier Milei of Argentina, who told his supporters back home that he was hoping to catch up with Mr. Trump while there, seemingly unaware that Mr. Trump was double-booked at two of his family properties that night.And that was just the weekend’s lead-up.Mr. Trump ordered a new set of global tariffs on Wednesday from the White House using his trademark Sharpie pen, a version of which is on sale at Mar-a-Lago for $3.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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      Former Aides to Ken Paxton Win $6.6 Million in Whistle-Blower Case

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      A judge found that four whistle-blowers who accused Ken Paxton, the Texas attorney general, of corruption and reported him to the F.B.I. were unjustly fired.A judge awarded a total of $6.6 million to four former high-level aides to Ken Paxton, the Texas attorney general, who claimed that they were unduly fired after reporting him to federal investigators and accusing him of corruption in 2020.The plaintiffs — Blake Brickman, Mark Penley, David Maxwell and Ryan Vassar — proved that the attorney general’s office violated the state’s whistle-blower act, Judge Catherine Mauzy of a district court in Travis County ruled on Friday.Each plaintiff was awarded between $1 million and more than $2 million for lost wages, emotional pain, legal fees and other costs associated with the trial.“The Court finds that Plaintiffs have proved liability, damages, and reasonable and necessary attorney’s fees by a preponderance of the evidence,” Judge Mauzy wrote in her ruling.Judge Mauzy also noted that Mr. Paxton never disputed any issue or fact in the case, opting not to contest his office’s liability. Mr. Paxton did not testify.Tom Nesbitt, a lawyer for Mr. Brickman, celebrated the decision.“Yesterday’s judgment is the natural and intended consequence of Ken Paxton’s choice to surrender rather than fight the whistle-blowers’ claims in court,” he said in a statement on Saturday.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