Trump’s executive order comes as a group of bank associations are trying to block bank applications from four digital asset firms. US President Donald Trump is set to sign an executive order on Thursday instructing federal bank regulators to identify and fine financial institutions that engaged in “debanking.” According to Bloomberg on Thursday, citing a senior White House official, regulators will be required to review complaint data, while financial institutions under the purview of the Small Business Administration will be asked to make efforts to reinstate clients who were unlawfully denied banking services. Debanking has been a key concern among some political groups, who argue that businesses such as gun manufacturers and fossil fuel companies have been denied banking services for idealogical reasons. Read more
United States trade partners such as Switzerland, Brazil and India were still scrambling to get a better deal on Thursday as President Donald Trump’s higher tariff rates on imports from dozens of countries kicked in, raising the average US import duty to its highest in a century. The US Customs and Border Protection agency began collecting the higher tariffs of 10 per cent to 50pc at 12:01am EDT (09:01am PKT) after weeks of suspense over Trump’s final tariff rates and frantic negotiations with major trading partners that sought to lower them. The leaders of Brazil and India vowed not to be cowed by Trump’s hardline bargaining position, even while their negotiators sought a reprieve from the highest tariff levels. The new rates will test Trump’s strategy for shrinking US trade deficits without causing massive disruptions to global supply chains or provoking higher inflation and stiff retaliation from trading partners. After unveiling his “Liberation Day” tariffs in April, Trump has frequently modified his plan...
United States envoy Steve Witkoff held talks with Russian President Vladimir Putin in the Kremlin on Wednesday, two days before the expiry of a deadline set by US President Donald Trump for Russia to agree to peace in Ukraine or face new sanctions. Witkoff flew to Moscow on a last-minute mission to seek a breakthrough in the three-and-a-half-year war that began with Russia’s full-scale invasion in 2022. Russian state TV showed a brief clip of him shaking hands with Putin at the start of their meeting. Russian news agencies said the talks ended after about three hours, and Witkoff’s motor convoy was seen leaving the Kremlin. Russian investment envoy Kirill Dmitriev, who earlier greeted Witkoff on arrival and strolled with him in a park near the Kremlin, posted on social media: “Dialogue will prevail.” There was no immediate statement from either side on the substance of the talks. Later, Trump called the meeting “highly productive” in a post on Truth Social. “Great progress was made!” the US president wrote. “...
United States President Donald Trump said on Monday he will substantially raise tariffs on India over its purchases of Russian oil. Trump last week said he would impose a 25 per cent tariff on goods imported from India and added that the world’s fifth-largest economy would also face an unspecified penalty, but gave no details. Later, Trump mounted a sharp attack and said: “I don’t care what India does with Russia. They can take their dead economies down together, for all I care.” Over the weekend, two Indian government sources told Reuters that India will keep purchasing oil from Russia despite Trump’s threats. In turn, White House Deputy Chief of Staff Stephen Miller had accused India of effectively financing Russia’s war in Ukraine by purchasing oil from Moscow. In a post on Truth Social today, Trump assailed New Delhi for buying Russian oil and then selling it. “India is not only buying massive amounts of Russian oil, they are then, for much of the oil purchased, selling it on the open market for big prof...
Indian officials have said they would keep purchasing oil from Russia despite the threat of penalties that United States President Donald Trump said he would impose, the New York Times reported on Saturday. Reuters could not immediately verify the report. The White House, India’s Ministry of External Affairs and the Ministry of Petroleum and Natural Gas did not immediately respond to requests for comment. Trump on Wednesday imposed a 25 per cent tariff on goods imported from India starting August 1 along with additional penalties, potentially straining relations with the world’s most populous democracy. Trump indicated in a Truth Social post that India would face additional penalties for the purchase of Russian arms and oil. However, he later said that he did not care what India does with Russia. On Friday, Trump told reporters that he had heard that India would no longer be buying oil from Russia. Two senior Indian officials said there had been no change in policy, according to the NYT report, which added th...
United States President Donald Trump on Friday said he had ordered two nuclear submarines to be positioned in regions near Russia in response to threats from former Russian president Dmitry Medvedev. “I have ordered two nuclear submarines to be positioned in the appropriate regions, just in case these foolish and inflammatory statements are more than just that,” Trump said in a post on Truth Social. “Words are very important, and can often lead to unintended consequences. I hope this will not be one of those instances.” Trump did not say whether he meant nuclear-powered or nuclear-armed submarines. He also did not elaborate on the locations, which are kept secret by the US military. The United States and Russia control the vast majority of the world’s nuclear weaponry, and Washington keeps nuclear-armed submarines on patrol as part of its so-called nuclear triad of land, sea and air-launched weapons. Trump and Medvedev, who is deputy chairman of Russia’s Security Council, traded taunts in recent days after Tr...
A federal judge in California has temporarily blocked deportations of Hondurans, Nepalese and Nicaraguans whose legal protections have been revoked by the Trump administration. “The freedom to live fearlessly, the opportunity of liberty, and the American dream. That is all Plaintiffs seek,” District Judge Trina Thompson said in a 37-page order on Thursday. “Instead, they […]