Israel is demanding that Hamas clarify the condition of hostages Shiri Bibas and her two young sons, Ariel and Kfir, who remain in captivity in the Gaza Strip. The three are among those slated for release as part of the ongoing first phase of the ceasefire and hostage deal, which temporarily halted the war ignited by Hamas in October 2023. Under the terms of the agreement, women and children are to be freed first, while the remains of deceased hostages are to be transferred later. However, concerns for the Bibas family have grown as Hamas has not included them among the initial releases. Yarden Bibas, Shiri’s husband and the father of Ariel and Kfir, was abducted separately and is scheduled for release later in this phase of the deal. Hamas has said that 18 of the 26 remaining hostages in this phase are alive but has not provided details on specific individuals, including the Bibas family. Ariel, 5, and Kfir, who turned 2 earlier this month, are the only children still being held in Gaza. In a previous hostage exchange in November 2023, more than 100 of the 251 people abducted during Hamas’s October attack were released. At the time, Hamas claimed that the Bibas children and their mother had been killed, a claim Israel has investigated but has not confirmed. The IDF says that there is no intelligence confirming their status, and no signs of life have been seen since their abduction. The Bibas family became a prominent symbol of the attack after a widely shared video showed Shiri, visibly distressed, carrying her children as they were taken by Hamas terrorists. The children’s striking red hair and Kfir’s young age—just 10 months at the time—drew worldwide attention. In November 2023, after Hamas declared the family dead, the terror group released a video showing Yarden Bibas being informed of the alleged deaths. In February 2024, the IDF discovered additional surveillance footage from Khan Younis showing the abduction of Shiri, Ariel, and Kfir. IDF Spokesman Daniel Hagari recently expressed “grave concerns” about the lives of Shiri and her children. The Bibas family’s relatives have continued to hold onto hope, saying on Monday that they are awaiting their return. Their hopes were recently dashed when the three were omitted from a list of hostages set for release on Shabbos. Hamas has also breached the ceasefire and hostage deal by releasing four female soldiers—Liri Albag, Naama Levy, Daniella Gilboa, and Karina Ariev—rather than prioritizing civilian women and children as stipulated by the agreement. Following this breach, IDF spokesman Hagari reaffirmed that Israel is committed to securing the release of remaining civilian hostages, including Shiri Bibas and her two sons. Among those expected to be released on Thursday is civilian hostage Arbel Yehoud, for whom a video proof-of-life has been obtained, though her family has requested that it not be published. Two other hostages, Agam Berger and Gadi Mozes, are also set to return. However, there has been no update regarding the Bibas family’s fate. (YWN World Headquarters – NYC)
The leader of Ontario, Canada’s most populous province, on Wednesday triggered a snap election, saying he needs a strong four-year mandate to fight the tariffs threatened by U.S. President Donald Trump. Doug Ford, leader of the Progressive Conservative Party, said the 25% tariffs threatened by Trump would devastate Canada’s economy and cost Ontario thousands of jobs. “The people of our province, like people across Canada, are facing unprecedented times,” Ford said in Windsor, Ont. “I am asking the people of Ontario for their trust. I’m asking (…) for a strong, stable, four-year mandate to do whatever it takes to protect Ontario.” The move would send Ontarians to the polls on Feb. 27, more than a year before the June 2026 fixed election date. Ford already has a large majority government, with 79 of the 124 seats in the Ontario legislature. Trump has threatened to introduce tariffs on Canadian goods starting Saturday. His press secretary, Karoline Leavitt, told reporters at the White House on Tuesday that the plan was “still on the books” for that day. “This is a game to the president,” said Ford, who is the equivalent of a U.S. state governor. “He seeks to divide and conquer.” Ford said the provincial government is prepared to spend “tens of billions of dollars” to protect jobs and the economy of Ontario, Canada’s manufacturing and automobile hub. “We’ll fight these tariffs with every tool in our toolbox,” he said. Ford has said there would be a dollar-for-dollar tariff retaliation on American goods entering Canada. He has also said that if Trump applies tariffs, he will instruct Ontario’s liquor control board to pull all American-made alcohol from shelves. Trump has said that Canada can avoid tariffs if it becomes the 51st state and he has incorrectly claimed that the U.S. has a $200 billion deficit with its major trading partner. Opposition parties accuse Ford of calling an early election before any potential charges emerge from a police investigation into his now-scrapped plan to develop lands under environmental protection. Bonnie Crombie, leader of the Ontario Liberal Party, said the $175 million Canadian ($121 million) the election will cost is money better spent on health care and affordable housing. “This isn’t a necessary election,” Crombie told a news conference on Wednesday. “He is trying to cling to power.” Daniel Beland, a political science professor at Montreal’s McGill University, said Ford is taking “a calculated risk.” “The opposition is divided between the Liberals and the New Democratic Party, which is very likely to allow him to stay in power, at least if he runs an effective campaign,” said Beland. The Ontario election is being held at the same time as the federal Liberal Party is selecting a new leader to replace Prime Minister Justin Trudeau who announced his resignation Jan. 6. Trudeau will remain prime minister until a new Liberal Party leader is chosen on March 9. The next Liberal leader could be the shortest-tenured prime minister in the country’s history. All three opposition parties have vowed to bring down the Liberals’ minority government in a no-confidence vote after parliament resumes on March 24 which would trigger a spring election. “We need a strong leadership that is prepared to do whatever lies ahead despite the chaos we now see in Ottawa,” said Ford. “Trump’s threats […]
President Donald Trump is making plans to mark the 250th anniversary of American independence with an “extraordinary celebration” and a new national monument. Trump is expected to sign an executive order Wednesday establishing a task force to coordinate and plan the event, according to a White House document shared with The Associated Press. The United States will celebrate its 250th anniversary — also known as the semiquincentennial — on July 4, 2026. The order is also expected to revive Trump’s plans to build a “ National Garden of American Heroes ” with statues memorializing 250 historical figures and to commission artists for the first 100. In a 2020 speech celebrating Independence Day at Mount Rushmore in South Dakota, Trump first announced his plans to create what he said would be “a new monument to the giants of our past.” Trump himself curated the list of who was to be included — Davy Crockett, Billy Graham, Whitney Houston, Harriet Tubman and Antonin Scalia, among others. No site was selected, and the garden was never funded by Congress. President Joe Biden abolished the task force that Trump formed to create the monument. Trump’s announcement came at a time of conservative backlash to efforts to take down statues dedicated to Confederate leaders and slave owners in the wake of George Floyd’s killing and subsequent protests. Wednesday’s action is also expected to reinstate an executive order Trump signed in 2020 that was aimed at protecting monuments, memorials and statues from destruction and vandalism. Trump had signed the order after police thwarted an attempt by protesters to pull down a statue of President Andrew Jackson in a park across from the White House. That earlier order had called on the attorney general to prosecute to the fullest extent of the law any person or group responsible for destroying or vandalizing a monument, memorial or statue. It called for the maximum prosecution of anyone who incited violence and illegal activity, and threatened state and local law enforcement agencies with a loss if federal dollars if they failed to protect monuments. “The National Garden will honor American heroism after dozens of monuments to Americans, including Presidents and Founding Fathers, have toppled or destroyed and never restored,” according to a White House document on the order shared with the AP. Plans of the expected signing were first reported by Fox News. During his 2024 campaign, Trump had talked about creating a yearlong “Salute to America 250” celebration. He said that on his first day back in office he would convene a task force that would be responsible for coordinating with state and local governments to plan festivities, beginning this Memorial Day. He said he wanted the plan to include a yearlong “Great American State Fair” in Iowa, featuring pavilions that would “showcase the glory of every state in the Union, promote pride in our history, and put forth innovative visions for America’s future.” Trump also wanted to launch the “Patriot Games,” sports contests featuring high school athletes from across the country that he said would “allow young Americans from every state to show off the best of American skill, sportsmanship, and competitive spirit.” (AP)
Meta has agreed to pay $25 million to settle a lawsuit with President Trump over the suspension of his accounts. The settlement does not include any admission of wrongdoing by the tech giant.
Tax season is underway, and the IRS expects 140 million people will file returns by April 15. The agency has also debuted a new online tool to help taxpayers check the status of any refund they may be entitled to. President Donald Trump this week offered all federal employees a buyout package in an effort to reduce the size of the government workforce, which could impact IRS staffing at an important period for the agency, though it’s not yet clear how. The IRS did not immediately respond to a request for comment. Here’s what to know: When will I receive my refund? If you file your tax return electronically, the IRS says it should take 21 days or less to receive your refund. If you choose to receive your refund with direct deposit, it should take even less time. If you file a paper return, the refund could take four weeks or more, and if your return requires amendments or corrections, it could take longer. The IRS cautions taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills. How can I check the status of my refund? Taxpayers can use the online tool Where’s My Refund? to check the status of their income tax refund within 24 hours of e-filing and generally within four weeks of filing a paper return. Information related to this tool is updated once daily, overnight. To access the status of your refund, you’ll need: — Your Social Security or individual taxpayer ID number (ITIN) — Your filing status — The refund amount calculated on your return How do refunds work? If you paid more through the year than you owe in tax, due to withholding or other reasons, you should get money back. Even if you didn’t pay excess tax, you may still get a refund if you qualify for a refundable credit, like the Earned Income Tax Credit (EITC) or Child Tax Credit. To get your refund, you must file a return, and you have three years to claim a tax refund. Do I qualify for the Earned Income Tax Credit (EITC)? To qualify for the EITC, you must have under $11,600 in investment income and earn less than a specific income level from working. If you’re single with no children, your income level must be $18,591 or below. And if you’re married filing jointly with three or more children, you must make $66,819 or below. To determine if your household qualifies based on your marital status and your number of dependents you can use the online EITC Assistant tool. What about the Child Tax Credit? If you have a child, you are most likely eligible for the Child Tax Credit. The credit is up to $2,000 per qualifying child. To qualify, a child must: — Have a Social Security number — Be under age 17 at the end of 2024 — Be claimed as a dependent on your tax return You qualify for the full amount of the Child Tax Credit for each qualifying child if you meet all eligibility factors and your annual income is not more than $200,000 ($400,000 if filing a joint return). What’s different this year? The IRS has expanded a program that allows people to file their taxes […]
Federal prosecutors and Justice Department officials have reportedly discussed the possibility of dismissing the corruption case against New York City Mayor Eric Adams, according to The New York Times. The case has been under scrutiny following an FBI investigation into his campaign finances.
Homeland Security Secretary Kristi Noem said Wednesday that the Trump administration has revoked a decision that would have protected roughly 600,000 people from Venezuela from deportation. On “Fox and Friends,” Noem said that she reversed the decision made by her successor, Alejandro Mayorkas, in the waning days of the Biden administration that extended Temporary Protected Status. “Before he left town, Mayorkas signed an order that said for 18 months they were going to extend this protection to people that are on temporary protected status, which meant that they were going to be able to stay here and violate our laws for another 18 months,” Noem said. “We stopped that.” The move goes into effect immediately. The six page notice from the DHS says that the decision from the Trump administration restores the status quo preceding the Biden administration decision to extend protections for Venezuelans until Oct. 2026. Now the TPS expiration goes back to the original date of April 2025. The Biden administration previously extended the protections to more than 230,000 Salvadoreans, 103,000 Ukrainians and 1,900 Sudanese that are already living in the U.S. Noem did not say what would happen to them and the DHS notice only refers to Venezuelans. The TPS designation gives people legal authority to be in the country but doesn’t provide a long-term path to citizenship. They are reliant on the government renewing their status when it expires. Critics have said that over time, the renewal of the protection status becomes automatic, regardless of what is happening in the person’s home country. The policy change was first reported Tuesday by The New York Times. Venezuelans who had the protection could now be subject to removal from the country, though the U.S. doesn’t have diplomatic relations with Venezuela, limiting deportation options. Other countries that do not receive deportees include Cuba and Nicaragua, but Noem said that President Donald Trump “clearly will exercise all the authority and power that he has to make these countries take them back.” Congress created TPS in 1990 to prevent deportations to countries suffering from natural disasters or civil strife, giving people authorization to work in increments of up to 18 months at a time. About 1 million immigrants from 17 countries are protected by TPS, including people from Venezuela, Haiti, Honduras, Nicaragua, Afghanistan, Sudan, Ukraine and Lebanon. Venezuelans are one of the largest beneficiaries, and the extension authorized by the Biden administration would have allowed them to stay from April 2025 to Oct. 2, 2026. TPS faces an uncertain future under Trump, who tried to sharply curtail its use during his first term. Federal regulations would allow the extensions to be terminated early, though that’s rarely been done. (AP)
Agudath Israel of America is applauding Senators Bill Cassidy (R- LA) and Tim Scott (R-SC) and Representatives Adrian Smith (R-NE) and Burgess Owens (R-UT), for once again leading the effort to enact a federal scholarship tax credit program. The Educational Choice for Children Act (ECCA) unveiled today as part of National School Choice Week will provide ten billion dollars’ worth of tax credits each year to individual and corporate taxpayers to support K-12 educational expenses including private school tuition. The proposed bill, which Agudath Israel helped craft with the sponsors and coalition partners, would allow a dollar-for-dollar federal tax credit up to ten percent of an individual taxpayer’s adjusted gross income (AGI) or $5,000 (whichever is higher) and up to five percent of a corporation’s taxable income for contributions made to a Scholarship Granting Organization (SGO). The SGO would then provide scholarships to children of eligible families for approved educational expenses. Scholarship eligibility is extended to families earning 300% of the median income in that area, which means a very large percentage of the families in our community will be able to benefit from the program. Through its network of regional offices, Agudah has been at the forefront of promoting similar legislation in state capitals and currently, more than twenty states have scholarship tax credit programs which have helped hundreds of thousands of students attend the school of their choice, public or private. Jewish day school families, among many others, have been beneficiaries of such programs. A federal tax credit would enhance existing programs and open up more educational opportunities in states where no program exists currently. This issue, particularly this bill, has been at the forefront of Agudath Israel’s agenda for several years, and its momentum has been steadily building. Last session, Agudah successfully worked with its allies to garner the support of more than 180 members of Congress and help it pass the important House Ways and Means Committee. Earlier today, Agudah shared an action alert (HERE) with its members asking them to reach out to members of Congress and ask for their support of this game changing legislation. “We encourage lawmakers, to put a bipartisan stamp on the common-sense policy that is at the heart of this bill: Assisting parents to access the learning environment and the educational benefits that are best suited for their children, and that will enhance educational achievement for all of America’s students,” said Rabbi Abba Cohen, Agudath Israel of America’s Vice President for Government Affairs and Washington Director. “While school choice is advancing across the nation, nearly half of the states in this country have not yet enacted any such program,” said Rabbi Avi Schnall, Agudath Israel of America’s Director of Federal Education Affairs. “This bill will allow parents in all 50 states to benefit from educational freedom.” “During his campaign for president, Donald Trump promised to promote universal school choice in all 50 states and even pledged to sign this legislation,” noted Rabbi A.D. Motzen, Agudath Israel’s National Director of Government Affairs. “Agudah and its allies urge Congressional leaders and the Administration to include this proposal in any budget deal so that it can become law this session and begin to help students across the country.” For more information about the bill go to Agudah.org/schoolchoice.
Western officials have warned Ukraine that an escalating rift between the defense minister and procurement chief may jeopardize trust in the country and urged the government to resolve the situation quickly so as not to disrupt weapons supplies. The conflict began last week when the Defense Procurement Agency’s board unanimously voted to extend director Maryna Bezrukova’s contract for another year. However, Defense Minister Rustem Umerov overruled the decision, refusing to renew her contract. He accused her of poor performance and failing to deliver weapons and ammunition to front-line troops. The decision provoked an outcry from lawmakers and anti-corruption watchdogs who said the minister’s move was illegal because Bezrukova had her contract extended by the agency’s supervisory board in January. They also came to Bezrukova’s defense, saying she has been instrumental in creating greater transparency and reforms within the DPA, which has long faced corruption allegations. Under Ukrainian law, Umerov’s decision to go ahead with her dismissal is illegal. The incident comes at a politically sensitive time for Ukraine as the country’s leadership is eagerly watching the Trump administration’s next moves, and as Ukrainian troops continue to face challenges in holding the line in the east amid fierce Russian attacks. In a statement posted Monday on social media platform X, the ambassadors representing Group of Seven nations urged the government to resolve the situation “expeditiously and focus on keeping defense procurement going.” “Consistency with good governance principles and NATO recommendations is important to maintain the trust of the public and international partners,” they said. Following Umerov’s decision, the Anti-Corruption Action Center filed a complaint urging the National Anti-Corruption Bureau (NABU) to investigate him for alleged abuse of power. Local media reported that NABU opened proceedings against Umerov at the Anti-Corruption Action Center’s request. Anastasiia Radina, a lawmaker and head of the Committee on Anti-Corruption Policy, called for Umerov’s dismissal, a decision that ultimately will fall to Ukrainian President Volodymyr Zelenskyy. “What I see as a parliamentarian and as an observer is that his actions do not strengthen the agency and its independence. And that is just unacceptable for a country at war,” she told The Associated Press. Meanwhile, Russia and Ukraine exchanged drone barrages overnight in an attempt to strike deeper into their enemy’s territory. The Russian military said Wednesday it intercepted and destroyed 104 Ukrainian drones over nine Russian regions in one of the biggest drone attacks on Russia this year. No casualties or significant damage was reported. Ukraine’s air force said Russia launched 57 Shahed and other drones overnight. Moscow also attacked with missiles overnight. In southern Mykolaiv, a Russian ballistic missile struck a food enterprise Tuesday night, killing two female workers, regional head Vitalii Kim said. Odesa authorities said Russian drones attacked port infrastructure in the Ismail district of the region that borders NATO member Romania Romania’s Ministry of National Defense said two F-16 fighter jets were dispatched at 3:20 a.m. to monitor airspace for about two hours, and emergency authorities issued text alerts to some residents living in Tulcea county, which is across the Danube river near Ukrainian ports. The ministry condemned the Russian attacks, calling them “unjustified and in serious contradiction with the norms of international law,” and said NATO allies have been informed. Since the war next door started in February 2022, Romania has reported […]
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The leader of Syria’s rebels who toppled President Bashar Assad last month was named the country’s interim president on Wednesday as former insurgents cancelled the existing constitution, saying a new charter would be drafted soon. The appointment of Ahmad al-Sharaa, a rebel once aligned with al-Qaida, as Syria’s president “in the transitional phase,” came after a meeting of the former insurgent factions in Damascus, the Syrian capital. The announcement was made by the spokesperson for Syria’s new, de facto government’s military operations sector, Col. Hassan Abdul Ghani, the state-run SANA news agency said. Al-Sharaa had been expected to appear in a televised speech following the meeting, but did not immediately do so, and it remained unclear if he would. The exact mechanism under which the factions selected him as interim president was also not clear. Al-Sharaa, formerly known as Abu Mohammed al-Golani, is the leader of Hayat Tahrir al-Sham, an Islamist former insurgent group that led the lightning offensive that toppled Assad in early December. The group was once affiliated with al-Qaida but has since denounced its former ties, and in recent years, al-Sharaa has sought to cast himself as a champion of pluralism and tolerance and promised to protect the rights of women and religious minorities. The United States had previously placed a $10 million bounty on al-Sharaa but canceled it last month after a U.S. delegation visited Damascus and met with him. Top U.S. diplomat for the Middle East, Barbara Leaf said after the meeting that al-Sharaa came across as “pragmatic.” There was no immediate reaction by the Arab world or beyond on al-Sharaa’s appointment, which had been expected. Western nations, although they have moved to restore ties with Damascus after Assad was overthrown, are still somewhat circumspect about Syria’s new Islamist rulers. Abdul Ghani, the spokesman, also announced on Wednesday the cancelation of the country’s constitution — adopted in 2012, under Assad’s rule — and said that al-Sharaa would be authorized to form a temporary legislative council until a new constitution is drafted. All the armed factions in the country would be disbanded, Abdul Ghani said, and would be absorbed into state institutions. Since Assad’s fall, HTS has become the de facto ruling party and has set up an interim government largely composed of officials from the local government it previously ran in rebel-held Idlib province. The interim authorities have promised they would launch an inclusive process to set up a new government and constitution, including convening a national dialogue conference and invite Syria’s different communities, though no date has been set. As the former Syrian army collapsed with Assad’s downfall, al-Sharaa has called for creation of a new unified national army and security forces, but questions have loomed over how the interim administration can bring together a patchwork of former rebel groups, each with their own leaders and ideology. Even knottier is the question of the U.S.-backed Kurdish groups that have carved out an autonomous enclave early in Syria’s civil war, never fully siding with the Assad government or the rebels seeking to topple him. Since Assad’s fall, there has been an escalation in clashes between the Kurdish forces and Turkish-backed armed groups allied with HTS in northern Syria. The Kurdish-led Syrian Democratic Forces were not present at Wednesday’s meeting of the country’s armed factions Wednesday […]
Former U.S. Sen. Bob Menendez was sentenced to 11 years in prison Wednesday for accepting bribes of cash and gold bars and serving as an agent of Egypt as he sold influence to businessmen eager to exploit his political power. The sentence caps a remarkable downfall for Menendez, who was convicted last July of enriching himself through a variety of corrupt acts. Prosecutors said that in exchange for the gold, thousands of dollars in cash and a luxury car, the Democrat tried to protect associates from criminal investigations, met with Egyptian intelligence officials and took steps to help that country access to millions of dollars in U.S. military aid. Earlier Wednesday, Judge Sidney H. Stein also sentenced two New Jersey businessmen convicted of paying bribes. Menendez, 71, has promised to appeal. (AP)
At the signing of the Laken Riley Act, President Donald Trump said Wednesday that he is directing the opening of a detention center at Guantanamo Bay, Cuba, to hold up to 30,000 migrants who are living illegally in the United States and cannot be deported to their home countries. Trump made the announcement just before he signed the immigrant detention measure, the first law of his new administration. “We’re going to send them out to Guantanamo,” the president said in the White House East Room. He did not elaborate. The U.S. military base has been used to house detainees from the U.S. war on terrorism. The Laken Riley Act was described by Trump as a “landmark law” and “tremendous tribute” to the slain Georgia nursing student for whom it is named. The law mandates that people in the U.S. illegally who are accused of theft and violent crimes be detained and potentially deported, even before a conviction. Laken Riley, 22, went out for a run in February 2024 and was killed by Jose Antonio Ibarra, a Venezuelan national who was in the country illegally. Ibarra was found guilty in November and sentenced to life without parole. “She was a light of warmth and kindness,” Trump said during a signing ceremony that included Riley’s parents and sister. “It’s a tremendous tribute to your daughter what’s taking place today, that’s all I can say. It’s so sad we have to be doing it.” He added, “It’s a landmark law that we’re doing today. It’s going to save countless lives” (AP
On the campaign trail last year, President Donald Trump talked tough about imposing tariffs as high as 60% on Chinese goods and threatened to renew the trade war with China that he launched during his first term. But now that he’s back in the White House, Trump appears to be seeking a more nuanced relationship with the country that both Republicans and Democrats have come to see as the gravest foreign policy challenge to the U.S. China is also a major trading partner and an economic powerhouse, and it has one of the world’s largest military forces. “We look forward to doing very well with China and getting along with China,” Trump said Thursday at the World Economic Forum in Davos, Switzerland, in comments that suggested Beijing could help end the war in Ukraine and reduce nuclear arms. As he moves forward with plans to impose 25% tariffs on Canada and Mexico on Feb. 1, Trump has not set a firm date for China. He’s only repeated his plan for a much lower 10% tax on Chinese imports in retaliation for China’s production of chemicals used in fentanyl. On Tuesday, White House press secretary Karoline Leavitt said Trump was “very much still considering” raising tariffs on China on Feb. 1. Trump, who spoke with Chinese President Xi Jinping days before taking office, seems to be showing restraint and bowing to a more complicated reality than he described while running for office. Speaking of potential tariffs on China in a recent Fox News interview, he said: “They don’t want them, and I’d rather not have to use it.” Liu Yawei, senior adviser on China at the Carter Center in Atlanta, said Trump has become “more pragmatic.” “The signaling, at least from the election to the inauguration, seems to be more positive than has been expected before,” Liu said. “Hopefully, this positive dynamic can be preserved and continued. Being more pragmatic, less ideological will be good for everyone.” A Chinese expert on American foreign policy acknowledged that there are many “uncertainties and unknowns about the future” of U.S.-China relations. But Da Wei, director of the Center for International Security and Strategy at Tsinghua University in Beijing, also said Trump’s recent change in tone offers “encouraging signals.” In his first term, warm relations were followed by a trade war When Trump first became president in 2017, Xi and Trump got off to a good start. Xi was invited to Trump’s Mar-a-Lago resort in Florida. A few months later, he treated Trump to a personal tour of the Palace Museum in the heart of Beijing, only to see Trump launch the trade war the following year. The U.S.-China relationship soured further over the COVID-19 pandemic, and it hardly improved during President Joe Biden’s administration, which saw a controversial visit to the self-governing island of Taiwan by then-House Speaker Nancy Pelosi and a Chinese spy balloon aloft over U.S. territory. Biden kept Trump’s tariffs on Chinese goods and intensified the economic and technological rivalry with export controls, investment curbs and alliance building. Now it will be up to Trump’s top diplomat, Secretary of State Marco Rubio, to help chart a new path for the second term. During his confirmation hearing, Rubio said China has “lied, cheated, hacked and stolen” its way to global superpower status […]
The Federal Reserve left its benchmark interest rate unchanged Wednesday after cutting it three times in a row last year, a sign of a more cautious approach as the Fed seeks to gauge where inflation is headed and what policies President Donald Trump may pursue. The Fed reduced its rate last year to 4.3% from 5.3%, in part out of concern that the job market was weakening. Hiring had slowed in the summer and the unemployment rate ticked up, leading Fed officials to approve an outsized half-point cut in September. Yet hiring rebounded last month and the unemployment rate declined slightly, to a low 4.1%. In its statement Wednesday, the Fed upgraded its assessment of the job market, calling it “solid,” and noting that the unemployment rate “has stabilized at a low level in recent months.” The Fed also appeared to toughen its assessment of inflation, saying that it “remains somewhat elevated.” Both a healthier job market and more stubborn inflation typically would imply fewer Fed rate cuts in the coming months. Fed Chair Jerome Powell has said it is harder to gauge where inflation is headed, in part because of increased uncertainty around what policies Trump will adopt and how quickly they will affect the economy. Trump has promised widespread tariffs, tax cuts, and mass deportation of immigrants, all of which could push prices higher. The Fed typically keeps interest rates high to slow borrowing and spending and cool inflation. Powell said in December that the central bank has entered a “new phase,” in which it expects to move more deliberately. In December, Fed officials signaled they may reduce their rate just twice more this year. Goldman Sachs economists believes those cuts won’t happen until June and December. In November, inflation was just 2.4%, according to the Fed’s preferred measure, not far from its 2% target. But excluding the volatile food and energy categories, core prices rose a more painful 2.8% from a year earlier. The Fed pays close attention to core prices because they are often a better guide to inflation’s future path. It’s unclear how of if Trump will respond to the Fed’s decision to stand pat. Last week in Davos, Switzerland, Trump said that he would bring down energy prices, then “demand” that the Fed lower borrowing costs. Later, when asked by reporters if he expected the Fed to listen to him, he said, “yes.” Presidents in recent decades have avoided publicly pressuring the Fed out of deference to its political independence. Most other central banks in developed countries are cutting their interest rates. The European Central Bank, for example, is widely expected to reduce borrowing costs at its next meeting on Thursday. The Bank of Canada said Wednesday it has also cut its rate, and the Bank of England is also expected to do so next month. The Bank of Japan, however, is actually raising its rate from a rock-bottom level. Japan has finally experienced some inflation after decades of slower growth and bouts of deflation. A Fed rate cut in March is still possible, though financial markets’ futures pricing puts the odds of that happening at just one-third. As a result, American households and businesses are unlikely to see much relief from high borrowing costs anytime soon. The average rate on a 30-year mortgage […]
The Trump administration has rescinded a plan for a sweeping pause on federal grants and loans totaling potentially trillions of dollars after it was temporarily blocked by a federal judge. The push set off panic and confusion across the country and raised the possibility of a constitutional crisis over control of taxpayer money and expansion of executive power. Here’s a look at the legal issues at play: The power of the purse The Constitution gives Congress control over federal spending, a setup key to the framers’ vision of separating major powers between branches of government. Once appropriations are approved, the White House has the job of doling out money to states, agencies and nonprofits through the Office of Management and Budget. Typically, the White House sends out money according to the priorities laid out in Congress, though there have been times when presidents have refused to spend all the cash they get. Thomas Jefferson, for example, declined to use money set aside for gunboats in the early 1800s. When the president won’t spend money that Congress has set aside, it’s called impoundment. Trump’s Republican administration had framed the proposed halt to federal grants and loans as a brief pause that would allow for an across-the-board review to align spending with his ideological agenda, rather than an impoundment. What does the law say? A showdown between Congress and President Richard Nixon in the 1970s led to a law laying out specific rules around impoundment. Nixon had tried to halt billions of dollars in federal funding for things ranging from social programs to water treatment. The administration faced a wave of lawsuits that it overwhelmingly lost, said William Ford, a policy analyst at the nonpartisan group Protect Democracy. Congress also passed the Impoundment Control Act in response. The act says that if there’s a delay in sending out federal money, the White House is supposed to tell Congress about the pause and how much money is involved. There are some exceptions for logistical issues related to specific programs. The law also says any longer-term freeze has to get congressional approval. While duels over spending have continued since then, the law has rarely been invoked, Ford said. Any legal battle could reach the Supreme Court Trump allies have said that the Impoundment Control Act is unconstitutional, arguing the White House should have more control over spending. Trump also promised to challenge the law in a 2023 campaign video as a way to fight against waste. If an impoundment fight comes back in the future, the weighty constitutional issues at play could mean it ends up before the Supreme Court. The court weighed in on the Nixon funding fight in a case known as Train v. New York. The justices unanimously found that the president couldn’t block sewage treatment funding that had already been approved by Congress. What’s at stake? The White House said that the funding freeze wouldn’t affect programs that send money to individual people, including Social Security, Medicare, food stamps, student loans and scholarships. If implemented, it was still expected to affect trillions of dollars and cause widespread disruption in a wide range of programs, from the National Science Foundation to Meals on Wheels. It also sparked at least two lawsuits, one helmed by the group Democracy Forward representing nonprofits that get federal funding […]
