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Trump admin kicks off new tariff process
The Trump administration is opening a new trade investigation into manufacturing in foreign countries. It's an effort that comes after the Supreme Court struck down President Donald Trump's previous use of tariffs.
Trump and his team have made clear that they're seeking to replace the hundreds of billions of dollars in lost revenues by using different laws to establish new tariffs. The administration is starting investigations under Section 301 of the Trade Act of 1974 to try to charge new import taxes. But U.S. Trade Representative Jamieson Greer told reporters that he didn't want to prejudge the outcome of the process, even though he said that "the policy remains the same."
Wealthy nations pledge release of emergency oil
The International Energy Agency has agreed to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects on energy markets of the war in the Middle East.
The Paris-based organization said Wednesday that it will make 400 million barrels of oil available from its members' emergency reserves. It's a larger stock than the 182.7 million barrels that were released in 2022 by the IEA's 32 member countries in response to Russia's full-scale invasion of Ukraine. During a videoconference of the Group of Seven leaders Wednesday, French President Emmanuel Macron praised the emergency release, saying it amounts to the equivalent of 20 days of the volume normally exported through the Strait of Hormuz.
Trump-backed drones hope to win contracts
Among dozens of companies competing for Pentagon contracts to supply attack drones, one stands out: Powerus, flush with cash and ballooning in size as it buys up rivals. It also has another advantage. It is partly owned by President Donald Trump's two oldest sons.
The stake is the latest in a string of new investments by the sons, especially Don Jr., in companies with federal contracts. The Trump Organization did not respond to a request to comment on the potential conflict, but issued statement from Eric saying he is proud of his investments.
Stock market stays calm, even as oil prices rise
The U.S. stock market remained calm, even as the price of oil got back to rising. The S&P 500 edged down 0.1% Wednesday for a second day of modest moves following what had been a wild stretch caused by the war with Iran.
The Dow Jones Industrial Average dropped 0.6%, and the Nasdaq composite rose 0.1%. Oracle limited Wall Street's losses after jumping following a strong profit report. Oil prices climbed even though the International Energy Agency said its members will release a record amount of crude from stockpiles set aside for emergencies. Treasury yields rose in the bond market.
Some states are reviving a push to tax the rich
Advocates across the U.S. are hoping a growing unhappiness of wage and wealth inequalities that have increased coming out of the COVID-19 pandemic will help more states adopt policies involve the rich paying more in taxes.
Chuck Collins, who inherited generational wealth by being the great-grandson of Oscar Mayer, has spent decades arguing that people like him should face higher taxes as wage and wealth inequality worsens. Perhaps nowhere is the tax the rich movement more ambitious than the one taking place in California. Advocates are working to get voters to approve a ballot initiative that would place a one-time 5% tax on those with a $1 billionaire net worth.