Following President Trump’s unexpected pause on tariffs, which led to a market resurgence, Rep. Alexandria Ocasio-Cortez and Sen. Adam Schiff called for investigations into potential insider trading within the administration and Congress. Their demands followed suspicions that individuals with advance knowledge of the decision profited from the market fluctuations. This prompted calls for increased transparency, including mandatory disclosure of recent stock purchases by members of Congress, and ultimately, a ban on congressional insider trading. The White House dismissed these concerns as politically motivated, while several other Democrats voiced similar concerns regarding potential conflicts of interest.
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The House passed the “SAVE” Act, a restrictive voting bill requiring in-person proof of citizenship for voter registration, a measure projected to disenfranchise millions, particularly women, minorities, and rural residents. The bill’s passage was along party lines, with four Democrats joining Republicans in support. While framed as combating non-citizen voting, critics argue it disproportionately impacts eligible voters lacking readily available citizenship documentation. The bill’s future remains uncertain, facing an uphill battle in the Senate where a filibuster is anticipated.
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A new Angus Reid Institute study reveals significant shifts in Canadian consumer behavior. Seventy-six percent of Canadians report boycotting American products, while 61% are cancelling or delaying U.S. trips. Concurrently, 86% are increasing their purchases of Canadian goods. These trends indicate a substantial decrease in cross-border travel and spending, mirroring levels last seen during the COVID-19 pandemic.
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Ukrainian long-range strikes on Russian ammunition depots have significantly reduced their daily artillery shell expenditure from approximately 40,000 to 27,000-28,000 rounds. This success, exceeding 1700 kilometers in range, is attributed to increased Ukrainian deep strike capabilities utilizing unmanned systems. While the reduction is substantial, a slight increase in Russian shelling suggests potential resupply from allies or increased domestic production. These developments occur against a backdrop of ongoing Russian offensives in eastern Ukraine and previous ammunition supply shortfalls for Ukrainian forces.
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The USDA plans to close its D.C. headquarters, resulting in thousands of layoffs and the relocation of remaining staff to three yet-to-be-determined national hubs. This restructuring also targets numerous field office leases. The stated rationale is to better serve farmers and ranchers, although critics argue that centralization near other agencies would be more effective. Concerns are rising among farmers, particularly given the current planting season and previous, albeit temporarily reversed, job cuts.
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Following a significant market surge Wednesday, spurred by President Trump’s partial tariff suspension, U.S. stocks experienced substantial losses Thursday. The Dow Jones Industrial Average fell 4.3%, while the S&P 500 and Nasdaq each dropped over 5%, reflecting lingering uncertainty surrounding the future of trade policies. This uncertainty, coupled with the persistence of some tariffs, including a 145% levy on Chinese goods, continues to weigh heavily on investor sentiment and fuels concerns about inflation and economic growth. Global markets, which initially mirrored Wednesday’s U.S. gains, also saw varied reactions, with some Asian nations welcoming the temporary reprieve while others, notably China, remained prepared for continued trade disputes.
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Bestselling author Jillian Lauren Shriner, wife of Weezer bassist Scott Shriner, was shot by Los Angeles police officers responding to a hit-and-run incident. Police claim Shriner, found armed with a handgun in her backyard, refused repeated commands to drop the weapon before being shot. The shooting, currently under investigation, is unclear from bodycam footage, with authorities unsure if Shriner fired upon officers. Shriner, who was hospitalized with non-life-threatening injuries, has been charged with attempted murder.
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Despite a temporary reprieve from some tariffs, the US stock market experienced significant losses following a brief surge, with the Dow falling over 1300 points. Economists warn that the economic damage from President Trump’s tariffs is substantial and the risk of a US and global recession remains high, despite the 90-day pause on certain levies. While the EU also paused retaliatory tariffs, the ongoing trade war with China, including increased tariffs on both sides, continues to escalate and fuels economic uncertainty. This uncertainty, coupled with existing tariffs, is impacting various markets, including bonds, oil, and the US dollar.
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President Trump temporarily paused most of his newly implemented global tariffs, leaving a 10 percent baseline tariff in place. However, tariffs on Canadian goods remained unchanged, despite pleas from over 75 countries for negotiation. Trump cited market reactions as the reason for the partial reversal, while simultaneously increasing tariffs on Chinese goods to 125 percent. This action followed days of market turmoil caused by the president’s initial tariff increases, and Canada responded with retaliatory tariffs on U.S. vehicles.
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Ukraine received its third €1 billion payment from the EU’s Extraordinary Revenue Acceleration (ERA) initiative, funded by interest from frozen Russian assets. This tranche will cover essential government spending. The EU also requested a second tranche of windfall profits (€2.1 billion) from the same assets, allocating funds to Ukrainian and EU defense procurement and recovery efforts. The ERA initiative aims to utilize profits from frozen Russian assets to support Ukraine without incurring debt, holding Russia accountable for its invasion.
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John Q. Hosedrinker