Author: Damian Paletta
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Fed chair’s comments send markets soaring
WASHINGTON • Federal Reserve Board Chair Jerome Powell on Wednesday suggested the central bank could be close to slowing down the pace of its recent interest rate increases, saying rates are now just slightly below what he considers a “neutral” level. His comments marked a sharp change from his position last month, when he said…
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Trump to advance trade deal with Mexico after NAFTA talks with Canada falter
WASHINGTON • High-stakes trade negotiations between the White House and Canadian leaders unraveled Friday, amid strains caused by lingering divisions and comments President Donald Trump made that suggested he would refuse to offer concessions. The breakdown put Trump’s effort to redraw the North American Free Trade Agreement in legal limbo. The White House formally notified…
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Ryan splits with Trump as GOP lawmakers move to block planned tariffs
WASHINGTON – Congressional Republicans are maneuvering to stop President Donald Trump from levying harsh tariffs on steel and aluminum imports, arguing that the move runs counter to the core of their economic agenda and could even cause political problems heading into the 2018 midterms. “We are extremely worried about the consequences of a trade war…
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House passes GOP tax bill, upping pressure on struggling Senate effort
WASHINGTON – The House passed its version of the Republican tax overhaul Thursday, notching a key win for President Trump and House Speaker Paul Ryan, R-Wis. But obstacles remain in the Senate, which is refining its own version of the legislation amid objections from key GOP senators. The bill passed with 227 votes in favor…
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Trump pulls back threat to shut down government over border wall — for now
The White House has signaled to congressional Republicans that it will not shut down the government in October if money isn’t appropriated to build a wall along the U.S.-Mexico border, potentially clearing a path for lawmakers to reach a short-term budget deal. Congress has only appropriated money to fund government operations through the end of…
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Trump treasury secretary won’t commit to putting Harriet Tubman on $20 bill
Treasury Secretary Steven Mnuchin on Thursday would not commit to carrying out the Obama administration’s plan to put Harriet Tubman on the $20 bill, saying he had not made a decision about the matter. Mnuchin said the decision would be based on how to design the currency in a way that prevents counterfeiting, rather than whose…
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Scaramucci removed as White House communications director days after being named to the job
President Trump on Monday removed Anthony Scaramucci from his role as White House communications director just days after the New York financier was named to the job — a move made at the request of new White House Chief of Staff John F. Kelly, according to two people with knowledge of the decision. Scaramucci’s brief tenure in the role…
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U.S. could get first paid family leave benefit under Trump budget proposal
President Trump’s budget proposal next week will include a new benefit for America’s working parents, one Democrats have long championed and Republicans have long opposed: paid family leave. The president’s first detailed budget request on Tuesday will seek funds for the creation of a program to grant mothers and fathers six weeks of paid leave…
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Trump says he reversed major NAFTA decision after pleas from Mexico, Canada
President Donald Trump said Thursday that he has decided to wait to start the formal process of withdrawing of the United States from the North American Free Trade Agreement after calls from the leaders of Mexico and Canada. Trump, speaking in the Oval Office, said he had been days away from signing the order to…
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U.S. trade deficit shrinks as global economy gathers strength
The U.S. trade deficit dropped sharply in February compared with the previous month, data released on Tuesday showed, as a stronger global economy helped to stoke demand for American-made goods. The trade deficit, the gap between U.S. imports and exports of goods and services, fell to $43.6 billion in February, down from $48.2 billion in…