Canada drops retaliatory tariffs on billions’ worth of U.S. products
It’s August, so there’s finally something thawing...
It’s August, so there’s finally something thawing in Canada: Prime Minister Mark Carney said the country would drop its recently imposed 25% tariffs on goods covered by the United States-Mexico-Canada trade pact as of Sept. 1, bringing them more in line with what the US has put on Canadian goods. The move to drop import duties on ~$21 billion worth of American goods came a day after Carney spoke to President Trump and was widely interpreted as a gesture of goodwill to try to lay the groundwork for future trade talks. But it’s not all as friendly as Canada is reputed to be—Carney noted that high tariffs would remain for now on US steel, aluminum, and automobiles.
The US now owns 10% of Intel. It’s official: The...
The US now owns 10% of Intel. It’s official: The government has taken the highly unusual step of owning a piece of the beleaguered chipmaker. President Trump said the deal came out of his meeting with the company’s CEO, whom he’d previously called on to step down over his ties to China. “They’ve agreed to do it, and I think it’s a great deal for them,” Trump told reporters yesterday before Commerce Secretary Howard Lutnick announced the deal was done. The move comes as the latest intervention by Trump’s government into the private sector, after taking a “golden share” in the US-Nippon Steel merger and taking a cut of sales to China by other semiconductor makers.
National Guard troops patrolling in Washington, DC, as part of President Trump’s crackdown on the city have been ordered to start carrying guns by Defense Secretary Pete Hegseth.
A UN-backed group that’s considered to be the world’s authority on food crises said that Gaza City and the surrounding areas are experiencing a famine that will spread unless Israel’s restrictions on aid are lifted. UN Chief António Guterres called it a “man-made disaster,” but Israel rejected the finding as “an outright lie.”
Ghislaine Maxwell said she never saw Donald Trump misbehave in transcripts of her recent meetings with Deputy Attorney General Todd Blanche, which were released by the Justice Department yesterday.
A federal judge left the immigration detention center known as “Alligator Alcatraz” open for now, but ruled that due to environmental concerns, no new detainees could be brought in, no new construction could start, and construction changes must occur that could force it to shut down.
Waymo got approval to start testing its self-driving vehicles in New York City
Stocks end sharply higher after Powell opens door to rate cut in Jackson Hole
The U.S. stock market closed sharply higher Friday, as...
The U.S. stock market closed sharply higher Friday, as investors cheered the potential for interest rate cuts following Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Policy Symposium.
The Dow Jones Industrial Average rallied 1.9%, while the S&P 500 climbed 1.5% and the Nasdaq Composite jumped 1.9%, according to preliminary data from FactSet. The S&P 500 ended slightly below its all-time closing high of 6,468.54 on Aug. 14, with Friday’s stock-market rally lifting the index to a modest gain for the week.
Powell’s Jackson Hole speech on monetary policy sparked optimism on Wall Street that the Fed may cut its benchmark interest rate at its policy meeting in September. Ahead of his Friday speech, the S&P 500 had stumbled this week as investors rotated out of Big Tech stocks.
The S&P 500 finished Friday with a weekly gain of 0.3%, while the Dow advanced 1.5% for the week. The tech-heavy Nasdaq saw a weekly loss of 0.6%, the preliminary FactSet data show.
Strong Asian demand and West Texas Intermediate's discount to Middle...
Strong Asian demand and West Texas Intermediate's discount to Middle Eastern grades are fueling a rebound in US crude exports, which are on track to exceed 4 million barrels per day in August and September, the most since the beginning of the year. After a summer of heavy refinery runs, maintenance downtime and efforts to avoid Texas' year-end ad valorem tax are expected to keep shipments to Asia firm through October.
Texas AI Data Center Could House Largest US Nuclear Site
A massive AI data center project in the Texas Panhandle could house the...
A massive AI data center project in the Texas Panhandle could house the nation’s largest nuclear power site.
Data center developer Fermi America and Westinghouse are finalizing a license application to install four nuclear reactors at a project near Amarillo, Texas. The companies plan to build four AP1000 units on the campus, Fermi announced on Aug. 21.
If built, the project would be the largest nuclear power site in the U.S.
Fermi’s announcement did not include a timeline or cost estimate. A recent installation of two AP1000 units near Augusta, Georgia, spent more than 10 years in development and cost more than $30 billion.
