Trump Trade War Results In Record $12 Billion Surge In Customs Revenues
Trump Trade War Results In Record $12 Billion Surge In Customs Revenues
Sometimes, especially when stocks are tumbling, bond yields are soaring and the dollar looks like it is about to lose its reserve currency (and be replaced by what: the yuan? the euro? the turkish lira?), it is easy to forget what is the driving motive behind Trump's trade war. And in a nutshell, it is this chart: US debt which at $37 trillion is unsustainable, and which is growing at a pace which everyone - not just the bipartisan CBO, but also the Fed, the IMF, Elon Musk, the shoeshine boy, literally everyone - knows for a fact is catastrophically unsustainable.
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But while everyone knows something has to be done to avoid a devastating catastrophe, until Trump came along nobody would dare do a thing to change the current status quo for the obvious abovementioned reasons: any attempt to restructure or even modestly adjust US debt-funded "growth", which transforms roughly $1 trillion of debt every 100 days into less than https://www.zerohedge.com/markets/it-took-58-debt-generate-1-growth-q4
...
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... would lead to tumbling stocks, soaring bond yields and the dollar trading like it's the Turkish lira. Kinda like right now.
But the US had to start somewhere, and Trump did that amid the now familiar howls of terror from market participants (how dare Trump do something that trades long-term viability for short-term pain), the co-opted mainstream media and of course establishment economists, all of whom agree something must be done... just not this and not now.
Still, with nothing to lose, the 2nd term president has started off on a path of doing something, and while nobody knows where and how it all ends, we have some good news: it is starting to bear fruit, in the form of a huge surge in customs revenues.
According to today's Daily Treasury Statement, on April 22, the US collected a record $11.7 billion in "customs and certain excise taxes"...
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... the biggest one day haul on record. To be sure, this is not a "one-day collection", but rather is a monthly accrual and is more indicative of the monthly total (which stands at about $15.4 billion).
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But hHowever one looks at it, the amount is certainly impressive and is double the previously monthly total, and about six times greater than the pre-Trump 1.0 monthly total in the $2BN ballpark. And this is just the start: once more layered tariffs start being collected, the monthly customs revenue will double again, rising to $25bn, $30bn, and so on... numbers which start to matter in the grand scheme of things.
In other words, while one can rage against Trump's policies and mean tweets, he is the only one who is doing something to prevent an outcome which everyone agrees will be catastrophic... but because it is "some time in the future" as opposed to pain right now, everyone would much rather have the next generation of Americans foot the bill and deal with the catastrophic fallout. Or, one can do something about it, and while it will take much, much more than even the above stunning doubling in customs collections, the chart above represents what America has long needed: a painful start in the right - and sustainable - direction.
https://cms.zerohedge.com/users/tyler-durden
Thu, 04/24/2025 - 00:04
https://www.zerohedge.com/economics/trump-trade-war-results-record-12-billion-surge-customs-revenues
Earth Day 2025: Our Power, Our Planet, Our Propaganda
Earth Day 2025: Our Power, Our Planet, Our Propaganda
,
It is Earth Day 2025, the central religious holiday of the environmental left, and the https://www.earthday.org/earth-day-2025-our-power-our-planet/
of Earth Day actually found it appropriate to trademark “Our Power, Our PlanetTM.” The joke: It is a theme supremely vacuous, reflecting the rock-bottom analytic quality of their thinking. Do they actually believe that anyone would plagiarize something so infantile?
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https://www.aei.org/articles/earth-day-and-the-celebration-of-suffering/
characterizing the renewables industry as it expands.
This is despite the https://www.dsireusa.org/
— wind, solar, geothermal, hydropower, and a few others — in particular in the developed economies. It is therefore not very surprising that renewable electricity generation has grown; if we subsidize something heavily, we will get more of it.
Accordingly, the claim that renewable power is “cheap” is propaganda; if renewable electricity is so cheap, why does it need massive subsidies and guaranteed market shares and all the rest? The answer is obvious: Renewable power is not cheap, in particular when we add the cost of backup generation needed to prevent service interruptions caused by the inherent unreliability of wind and solar power.
The cost estimates (https://www.eia.gov/outlooks/aeo/pdf/electricity_generation.pdf
) from the Energy Information Administration for electricity generation with alternative technologies are as follows, in year 2024 dollars per megawatt-hour, including the $132.65 per megawatt hour cost of that backup generation. Combined-cycle natural gas generation: $44.95. “Ultra-super critical” coal: $92.98. Nuclear: $99.31. Photovoltaic solar: $173.72. Onshore wind: $177.93. Offshore wind: $286.29. Unconventional power is not competitive.
Ignore also the propaganda that renewable power is “clean,” an assertion that ignores the attendant https://www.aei.org/wp-content/uploads/2019/04/RPT-The-Green-New-Deal-5.5x8.5-FINAL.pdf
: heavy-metal pollution, wildlife destruction, noise and flicker effects, massive land use and degradation of vistas, landfill problems, and on and on.
The Earth Day “tripling” nostrum is justified with the usual mindless assertion that a “climate crisis” is upon us. That is false. The Intergovernmental Panel on Climate Change (IPCC) in its Sixth Assessment Report (https://www.ipcc.ch/report/ar6/wg1/downloads/report/IPCC_AR6_WGI_Chapter12.pdf
.
There is little trend in the number of “hot” days since 1895; eleven of the twelve years with the highest number of such days " rel="nofollow">occurred before 1960. (This is because standard textbook atmospheric physics predicts not an increase in average highs, but instead an increase in average lows.) The U.S. Climate Reference Network https://www.ncdc.noaa.gov/temp-and-precip/national-temperature-index/time-series?datasets%5B%5D=uscrn¶meter=anom-tavg&time_scale=p12&begyear=2005&endyear=2020&month=8,%20and%20the%20monthly%20data%20at%20https://www.ncei.noaa.gov/access/monitoring/national-temperature-index/time-series/anom-tavg/1/0
since satellite measurements began in 1993, or about thirteen inches over the course of a century, an outcome very unlikely to prove a “crisis.”
The arctic sea ice has https://nsidc.org/arcticseaicenews/
since satellite measurements began in the early 1970s.
The number of U.S. wildfires shows https://www.epa.gov/climate-indicators/climate-change-indicators-wildfires
the ubiquitous assertions about the dire impacts of declining pH levels in the oceans.
The leftist opposition to fossil fuels has nothing to do with environmental quality or climate issues or any of the other rationalizations repeated ad nauseam. It is instead a central component of the fundamental https://www.aei.org/articles/springtime-for-the-rockefellers/
between fossil fuel use and human flourishing. In 1990, the late Alexander King, cofounder of the Club of Rome in 1968, argued in the context of the use of DDT to control malaria:
My own doubts came when DDT was introduced for civilian use. In Guyana, within two years it had almost eliminated malaria, but at the same time, the birth rate had doubled. … My chief quarrel with DDT in hindsight is that it has greatly added to the population problem.
Tens or hundreds of millions of the world’s poor have died from malaria as a direct result of the multination ban on the use of DDT, driven by https://www.calepa.ca.gov/wp-content/uploads/2016/10/CEPC-2013yr-Feb28-Comments-AppA_Ex18.pdf
about its harmful effects on various bird species, promulgated from the very first Earth Day in 1970. Then there was the observation made in 1971 by Michael McClosky, the former executive director of the Sierra Club, during an Ethiopian famine:
The worst thing we could do is give aid…. the best thing would be to just let nature seek its own balance and to let the people there just starve.
For left-wing environmental ideologues, humans are nothing more than environmentally destructive mouths to feed without moral standing. (The Nazi term was “https://www.researchgate.net/publication/292922199_Useless_eaters_Disability_as_genocidal_marker_in_Nazi_Germany
, some substantial numbers of people are and will be geniuses.
I return, as I have so many times, to the 
of Dogbert: “You can’t save the earth unless you’re willing to make other people sacrifice.” That is the true theme of all Earth Days, yesterday, today, tomorrow, and forever.
Benjamin Zycher is a senior fellow at the American Enterprise Institute.
https://cms.zerohedge.com/users/tyler-durden
Wed, 04/23/2025 - 23:25
https://www.zerohedge.com/energy/earth-day-2025-our-power-our-planet-our-propaganda
Stop All Federal Funding Of Universities
Stop All Federal Funding Of Universities
https://mises.org/mises-wire/stop-all-federal-funding-universities
The Trump administration has found itself in a https://www.wsj.com/us-news/education/trump-administration-irate-at-harvard-will-pull-additional-1-billion-in-funding-8c209113
with Harvard University. It began when the President’s team sent several Ivy League universities a list of changes they expected the schools to make.
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The move is part of a new right-wing https://www.thefp.com/p/christopher-rufo-the-right-is-winning
and aims to begin interpreting civil rights laws in ways more in line with the values and social aims of the right.
By threatening to withhold federal funds, the administration was able to get schools like Columbia University to agree to enact changes like banning masks, granting campus police more powers, and appointing an administrator to oversee the Middle East Studies Department with the authority to crack down on rhetoric about Israel that the administration considers antisemitic.
Harvard, however, refused to abide by the administration’s demands. As a result, Trump froze a little over $2 billion in federal funds going to the school last week and announced plans to freeze an additional $1 billion earlier this week—all while threatening to withhold all $9 billion the Ivy League school receives from the federal government each year if they refuse to agree to the President’s demands.
The showdown is largely being framed as either a battle to protect academic freedom from an authoritarian president or an overdue effort to rescue one of the nation’s oldest universities from the radical far-left administrators leading it off course.
But as politicians, pundits, and university officials battle over which characterization is accurate and, therefore, what ought to happen next, few are paying any attention to one of the more outrageous details that this dispute has brought attention to: that taxpayers are being forced to send $9 billion a year to one of the wealthiest colleges in the world.
The $9 billion https://time.com/7278102/how-harvards-funding-works/
comes from several federal programs—including education initiatives, student aid, research grants, student loan guarantees, and funding for the university’s affiliated hospitals.
Much of this funding is composed of multi-year grants and contracts, but the annual figure does, indeed, tend to land around $9 billion.
And that’s just Harvard. Zoom out, and you’ll find that those same federal programs are forcing the over-taxed, heavily-indebted, inflation-rattled American public https://usafacts.org/articles/how-does-the-federal-government-support-education/
well over $100 billion to colleges and universities every single year.
Conservatives and free-market advocates are right to point out whenever the topic of student debt forgiveness is brought up that such a program is, in effect, https://mises.org/mises-wire/bidens-student-loan-scheme-benefits-ruling-class-again
from poorer, working-class Americans without college degrees to their better-off, frequently white-collar, college-educated counterparts. But the same is true for all programs that transfer tax dollars to colleges and universities.
Beyond being blatantly unjust, the federal money pouring into higher education is the https://mises.org/mises-wire/student-debt-crisis-racket
behind the exploding cost of college in recent decades. In the name of making college more affordable, the federal government effectively took over the student loan market in the US and—primarily by extending government loan guarantees—expanded the level of lending far beyond what private lenders were willing to provide.
That created significantly more demand for college, which jacked up the price. Then, the artificially high prices forced even more students to turn to loans to afford school, which required more government loan guarantees, which made prices even higher, meaning more loans were needed, and on and on. All the while, the government has started and expanded direct federal spending programs on education that have only fueled the affordability death spiral.
This has been terrible for every non-wealthy student or family straining to pay for a college degree, and all the people who could not afford to go to college at all who are still forced to fund all the government subsidies causing this mess. But, it’s important to understand, this setup has been great for the universities who have gotten to enjoy filling their campuses with cartoonishly lavish https://www.usatoday.com/picture-gallery/travel/experience/america/fifty-states/2019/03/20/university-college-buildings-landmarks-architecture/3212778002/
their administrations with diversity officers, sustainability directors, and other ideological positions.
It has also been great for the politicians and government bureaucrats who have gained leverage over the schools educating the next generation and the scholars and intellectuals currently researching topics relevant to those running our federal government.
In other words, federal higher education policy is best understood as one big government-run scam that’s enriching and empowering a small group of ideological administrators and bureaucrats at our expense. It is, in that way, no https://mises.org/mises-wire/why-political-establishment-wont-touch-chronic-disease-issue
—through which schools like Harvard are also receiving money through their hospitals.
That is the big unspoken truth at the core of this debate about what the Trump administration is doing with Harvard. A president like Trump can exert control over the internal policies of these universities because of how unnecessarily reliant they are on government money. And widespread pushing of highly unpopular progressive dogmas in classrooms and professional scholarship can only happen at this large a scale because of how—and how much—higher ed and academia are subsidized in modern America.
There is only one genuine and permanent solution to these problems. Halt all federal funding—direct and indirect—for these “private” colleges and universities.
As long as these schools rely on politicians to fund their operations, they will always be politicized. There is no escaping that. And, on the other side, even if Trump is totally victorious and gets Harvard to capitulate on everything, there is functionally nothing stopping the next Democrat to win the presidency from reversing everything Trump did.
Education and genuine scholarship are too important to entrust to the whims of politicians and government bureaucrats. Research and scholarship that is actually valuable does not require forcing people to fund it against their will.
And the American people cannot afford to keep sending a significant portion of their money to the well-off and well-connected. These problems are extensive, but the solution is straightforward: stop forcing us to fund these universities.
https://cms.zerohedge.com/users/tyler-durden
Wed, 04/23/2025 - 22:35
https://www.zerohedge.com/political/stop-all-federal-funding-universities
Boeing CEO Confirms China Halted Orders; Goldman Notes "Improved Earnings Results" For Planemaker
Boeing CEO Confirms China Halted Orders; Goldman Notes "Improved Earnings Results" For Planemaker
Boeing reported first-quarter results that Goldman analysts described as "improved," but the real headline this morning isn't the earnings—it's CEO Kelly Ortberg's https://www.cnbc.com/amp/2025/04/23/boeing-ceo-trump-trade-war-tariffs-china.html
interview, in which he revealed that China has halted aircraft deliveries.
In a televised interview with https://www.cnbc.com/amp/2025/04/23/boeing-ceo-trump-trade-war-tariffs-china.html
, CEO Ortberg stated that Chinese airlines had "in fact stopped taking delivery of aircraft due to the tariff environment." He noted that the aviation giant would begin marketing the commercial jets to other carriers if deliveries were prolonged.
"We're working with our customers right now, we're not going to wait too long," Ortberg said in the interview, adding, "We'll give the customers an opportunity if they want to take the airplanes. That's what we'd prefer to do. But if not, we're going to remarket those airplanes to people who want them."
Aircraft rejected by Chinese airlines (read: https://www.zerohedge.com/markets/trade-war-turbulence-chinese-airline-delays-boeing-jet-delivery-possible-non-tariff
) could be headed to Air India Ltd. Bloomberg noted that through the end of March, the airline had accepted 41 737 Max jets built initially for Chinese airlines.
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Boeing CFO Brian West told investors that Chinese customers represent about 10% of the commercial backlog. He noted that if tariff impacts expand beyond China, then additional problems could arise for the planemaker.
The possible tariff fallout comes as the struggling planemaker prepares to lift the 737 Max and 787 models in the coming months. The CEO was adamant about not letting trade war woes "derail the recovery" of Boeing.
In an earlier earnings release, Boeing confirmed that plane production would soon rise as first-quarter results showed earnings and cash consumption improvements.
Goldman analysts, including Noah Poponak, gave clients a first look at the earnings report, commenting that the results showed improvement.
Bottom line: BA 1Q25 results show improvement in the business. Commercial aircraft production rate plan commentary was held, defense margins are positive, services margins beat, and free cash is ahead of consensus and guidance. Yesterday the company announced the sale of portions of Digital Aviation Solutions, at a multiple higher than its own, which will help accelerate balance sheet deleveraging.
Details: Revenue of $19.50bn is in line with FactSet at $19.46bn, and up 18% yoy. Core EPS of $(0.49) compares to consensus at $(1.18) and our $(0.83), driven primarily by revenue and margin at BDS. The BCA segment operating income of $(537)mn compared to our estimated $(406)mn. BDS margin of 2.5% is above our (4.0)% estimate. The BGS margin of 18.6% is 80bps above our estimate and up 40bps yoy. 1Q25 free cash flow is $(2.3)bn, ahead of us and consensus at $(3.7)bn. The company still expects to reach a rate of 38/month on 737 and 7/month on 787 this year.
1Q25 Results:
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Poponak remained "Buy" rated on Beoing shares with a 12-month $213 price target:
Our 12-month price target of $213 is derived from targeting a 4.25% free cash flow yield on 2026E free cash, discounted back one year at 12%. Key risks: (1) the pace of air traffic growth, (2) supply chain ability to ramp-up production, and (3) contract operating performance within the defense segment.
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Since the Max jet crashes and Covid, Boeing shares have been trading in a tight range.
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CEO Ortberg outlined Boeing's turnaround efforts in a press release: "Our company is moving in the right direction as we start to see improved operational performance across our businesses from our ongoing focus on safety and quality."
https://cms.zerohedge.com/users/tyler-durden
Wed, 04/23/2025 - 22:10
Behind Yesterday's Gold Selloff: Near-Record ETF Liquidation
Behind Yesterday's Gold Selloff: Near-Record ETF Liquidation
Amid yesterday's equity meltup, ETFs accounted for 34% of the overall tape (vs an YTD avg 28%) as the desk skewed better to buy driven by a mix of domestic, international and sector exposures.
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However, the action was not uniform, because unlike recent weeks which have seen aggressive equity ETF selling/shorting offset by a surge in ETF buying, yesterday the flows were flipped.
As Goldman ETF specialist Chris Luccas writes, over the past few weeks, Goldman has seen demand for spot-exposure (GLD), across a wide range of clients, triggered by the broader outperformance and a conduit to manage uncertainty. However, yesterday’s price action appeared to be release valve after the S&P cemented its 3rd best session in the past 2 years.
Cutting to the chase, it was an outsized session for GLD as the fund concluded the session as the 3rd most-traded ETF (which is unusual GLD) and witnessed its 3rd largest notional trading session since its inception in 2004. Volumes were notable on the desk as Goldman skewed (much) better to sell (mostly long sales) across spot (GLD) and the miners complex (GDX, GDXJ), with supply accelerating into the latter half of the session. As shown in the chart below, within primary market flows, GLD registered a -$1.3bn outflow (its largest daily outflow since the record 2011 slam when tremendous SNB intervention set a ceiling for gold that lasted nearly a decade) and GDX faced a -$200mm redemption (its worst daily outflow in the past 12 months).
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With regard to price action, spot performance versus S&P was at one of its widest measures in the past 5 years..
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The ETF slam goes to show just how much easier it is to push the gold price around using paper instead of physical, but it also suggests that such bursts of selling may be limited. As Goldman notes, while gold ETF AUM is at highs, the amount of gold held by ETFs as an aggregate is below levels witnessed in 2020. Record AUM in GLD has been entirely a function of price appreciation versus subscriptions (even though inflows have been robust on the year).
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Meanwhile, as regular readers are well aware, while occasional gold ETF liquidations are inevitable, the ETF sectors has a lot of catching up to do with the actual price, as shown in the next chart mapping aggregate ETF holdings vs spot price. As such, while liquidation days like yesterday (and today) are to be expected, it is inevitable that the ETF bid will eventually appear.
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Finally, there was good news for gold bulls: while the overbought selloff - driven by ETF liquidations - in the last 2 days was remarkable and at 4% was one of the worst 2-day drops on record, physical demand out of China appeared like clockwork the moment China came online, and helped push gold about $40 higher in the span of minutes, and about $100 higher compared to this morning's lows.
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Expect much more of the same as China's population increasingly allocates its net worth into the yellow metal as we discussed yesterday.
https://cms.zerohedge.com/users/tyler-durden
Wed, 04/23/2025 - 21:56
https://www.zerohedge.com/markets/behind-yesterdays-gold-selloff-near-record-etf-liquidation
Waste Of The Day: NY Staircase Costs Almost $1 Million Per Step
Waste Of The Day: NY Staircase Costs Almost $1 Million Per Step
,
Topline: Every journey starts with a single step, but the cost of each step isn't usually $935,000.
That’s how much New York State will spend to repair each of the 77 stairs leading up the grand entrance to the Capitol building in Albany after ignoring the maintenance for over a decade. The cost gradually rose from https://www.nytimes.com/2024/03/28/nyregion/albany-capitol-staircase.html
today.
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Key facts: Inspectors closed off public access to the granite Eastern Approach staircase in 2014 after finding rusted steel supports and load-bearing bricks so loose they could be removed by hand, https://archive.ph/6jG7p
A study commissioned by then-Governor Andrew Cuomo estimated the repair bill at $17 million.
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Cuomo never appropriated the money, except for $120,000 for urgent repairs in 2016. When Gov. Kathy Hochul finally set aside funding in 2022, the cost had risen to $41 million.
This February, New York State announced it had hired Louis C. Allegrone, Inc to repair the steps at a cost of $72 million. Only one other company submitted a bid, according to the https://nypost.com/2025/01/19/us-news/gov-hochul-takes-drastic-steps-to-fix-capitol-building-stairs-as-cost-doubles-to-a-whopping-80m/
, which also found internal documents showing the administration was at one point prepared to spend over $80 million on the stairs.
The Post was unable to learn why the cost more than quadrupled from the 2014 estimate. A spokesperson told the Post that “By law, we cannot comment further while the procurement process is ongoing.” Opinion writer Andrea Peyser noted, “I’m not aware of any statute that forbids overtaxed citizens from learning how public officials rob them blind.”
Office of General Services Commissioner Jeanette Moy later told the https://www.timesunion.com/churchill/article/churchill-albany-fix-big-long-overdue-20151416.php
that inflation, rising construction costs and worsening deterioration were all factors in the cost increase.
In reality, the deferred maintenance on the Eastern Approach stretches back even further than 2014. The New York Sun ran an article in 1924 claiming the staircase was nearing “complete ruin” and estimated repairs would cost $1 million, according to the New York Times.
Search all federal, state and local government salaries and vendor spending with https://www.openthebooks.com/benjaminthechatbot/
.
Background: Oddly enough, this isn’t the only luxury staircase New Yorkers have funded recently. New York City shelled out https://www.dailymail.co.uk/news/article-10830139/NYC-straphangers-furious-MTA-unveils-stunning-staircase-cost-30million.html
for a 28-step staircase at Times Square 42nd Street subway station in 2022.
Summary: Given New York’s penchant for spending, it’s fitting that lawmakers will be unable to walk into the Capitol building without stepping on taxpayers’ wallets.
The #WasteOfTheDay is brought to you by the forensic auditors at OpenTheBooks.com
https://cms.zerohedge.com/users/tyler-durden
Wed, 04/23/2025 - 20:55
https://www.zerohedge.com/political/waste-day-ny-staircase-costs-almost-1-million-step
Iraqis Outraged By Visit Of Syrian Leader Jolani Over al-Qaeda Past
Iraqis Outraged By Visit Of Syrian Leader Jolani Over al-Qaeda Past
https://www.middleeasteye.net/news/iraqis-campaign-ban-syria-ahmad-sharaa-qaeda-past
Safaa Rashid was barely an adult in 2005 when an explosion ripped through the https://www.middleeasteye.net/countries/iraq
capital Baghdad, killing his 21-year-old cousin, a university student who was working part-time at an electrical goods shop in the city's center. "A suicide bomber stormed the market and detonated his explosive belt, killing my cousin and dozens of innocent people in an instant," said Rashid, now 38 and still living in Baghdad. "He was just at the beginning of his life."
Safaa lost two other cousins that same year in blasts that were attributed to al-Qaeda in Iraq (AQI), the armed group that would evolve into ISI, the Islamic State in Iraq (later just Islamic State), and is responsible for tens of thousands of deaths in Iraq and abroad.
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One of those who joined AQI's campaign at the time was a young Syrian named Ahmed al-Sharaa, who later would reappear in his homeland under the name Abu Mohammed al-Jolani and last year successfully overthrew President Bashar al-Assad to become Syria's new ruler.
Although Sharaa has since disavowed his time in al-Qaeda [in terms of public rhetoric at least], his possible presence at an Arab League summit in Baghdad next month has provoked outrage from victims of AQI and its successors, as well as dozens of MPs who are trying to prevent his attendance. "Jolani is the face of terrorism," said Rashid.
"He must be held accountable - I lost three cousins to his group’s violence...how can someone like this be welcomed as if he were an honoured guest?"
'Premature' meeting?
Iraqi Prime Minister Mohammed Shia al-Sudani said last week that he had formally invited Sharaa to attend the upcoming summit, which is scheduled to be held in Baghdad on May 17. The two also met in Qatar last week for the first time since the overthrow of Assad.
Although the Iraqi government had been one of the few in the region to continuously maintain relations with Sharaa's predecessor, Iraq like many other Arab states appears to be trying to integrate post-Assad Syria diplomatically, possibly hoping to end the instability unleashed by the country's 13-year war.
But the extension of the invitation has outraged many. Iraqi media reported that at least 50 MPs from Asaib Ahl al-Haq and Kataib Hezbollah - two Iran-backed armed political factions that provided military support to Assad against Sharaa and other Syrian opposition groups - have filed criminal complaints in Iraqi courts against the Syrian president.
Iraq’s Supreme Judicial Council has yet to take any official action and previously https://www.facebook.com/judiciary.sjc.iq/posts/pfbid02kX4qYJKGwfx12VBZ65RmA9K2RUG9rZUHQF91g2a2wCgiVhwYMxdZomhvWs8hvp9vl?mibextid=wwXIfr&rdid=s71xLWybGnkQUg7S
a statement saying that several complaint documents circulating on social media were fake and invalid.
Nevertheless, it has led Asaib Ahl al-Haq's leader, Qais al-Khazali, to https://x.com/Qais_alkhazali/status/1913647682045857843
Sharaa's invite "premature", warning there could be a diplomatic incident between the "brotherly nations" should he be arrested. "In light of this, and in accordance with the principle of separation of powers, the decisions of the Iraqi judiciary must be adhered to and respected by all," he wrote on X.
Abu Ali al-Askari, a senior Kataib Hezbollah figure, https://www.newarab.com/news/iraqi-mps-seek-block-syrias-sharaa-arab-summit
described Sharaa as a "convict".
Change of attitude
Sharaa travelled from Damascus to Baghdad in 2003 to join al-Qaeda shortly before the US-led invasion that toppled President Saddam Hussein. Though he has denied being close to the group's leader Abu Musab al-Zarqawi, other outlets have claimed he quickly rose through the ranks to a senior position.
During the insurgency against US-led forces in Iraq, AQI was responsible for numerous sectarian atrocities across the country, triggered by the group bombing al-Askari Shrine in Samarra on 22 February 2006.
Zarqawi had earlier declared all-out war on Iraqi Shias, "wherever they are in Iraq". Sharaa has argued his time in AQI was more about gaining fighting experience and defending Iraqis than building a caliphate or imposing al-Qaeda's harsh variant of Islamic law.
"There was a massive Arab and Islamic response to the American intervention," he https://www.kurdistan24.net/en/story/824242/syrias-interim-leader-ahmad-al-sharaa-reveals-his-journey-from-al-qaeda-in-iraq-to-hts-leadership
The Rest Is Politics podcast. He added that during his time in a range of US-run facilities, including the notorious Abu Ghraib prison, his attitude towards the conflict changed and he began to fall out with other al-Qaeda members over their support for overt sectarianism.
Iraqi Telegram accounts linked to pro-Iran groups have https://x.com/hxhassan/status/1912628832353280267
documents they say further implicate Sharaa in AQI's actions, though they also suggested Sharaa was released from an Iraqi prison for lack of evidence.
Former ISIS terrorist Jolani who is now president of Syria was released from prison just days before the first colour revolution protests in Syria (March 3, 2011.)
He was arrested on May 14, 2005, by U.S. occupation forces in Iraq and held at Camp Bucca.
The first “protests”… https://t.co/7TBIVQuEVv
— Syrian Girl (@Partisangirl) https://twitter.com/Partisangirl/status/1913325454926426201?ref_src=twsrc%5Etfw
The Islamic Dawa Party, which held the prime ministership during the bulk of the AQI and ISI insurgency, also warned against inviting Sharaa to Iraq. Though they did not mention the prime minister by name, they said that anyone invited to the Arab League conference should have a "spotless" legal record both at home and abroad.
In a statement on Sunday, they also drew comparisons with Israeli Prime Minister Benjamin Netanyahu and the outstanding arrest warrant issued against him by the International Criminal Court over the war in Gaza.
"The same should be done in Iraq towards those who have committed heinous crimes against its people, whatever the excuses, out of respect for Iraqi blood and in loyalty to the martyrs who gave their lives for the nation’s dignity and honour," said the party.
'A significant step'
Although many of Syria's neighbours have tried to rebuild links with the country following Assad's defeat, much of the international community has continued to be wary, not least after the recent outbreak of sectarian violence on the country's west coast.
The https://www.middleeasteye.net/news/weekend-hell-coastal-syria
, which erupted after attacks by Assad loyalists on pro-government forces, has seen widespread killings of hundreds of members of the Alawi religious minority by armed groups. Sharaa condemned the killings and has sought to calm tensions through dialogue, but the attacks have again raised the spectre of sectarian violence and drawn parallels with the Sunni-Shia bloodshed that devastated Iraq in the mid-2000s.
Not everyone has opposed diplomatic meetings with Sharaa. A number of MPs have emphasised the need for dialogue between the two countries after decades of violence.
Khamis al-Khanjar, an MP and head of the Azem Alliance, welcomed the meeting in Qatar between Sudani and Sharaa. "This meeting represents a significant step toward enhancing Arab cooperation and promoting the principles of dialogue and joint action to address current challenges, rebuild bridges of trust and integration among our peoples, and serve the security and stability of our region," he https://x.com/khameskhanjar/status/1912928946716360955
on social media.
But with the pain of decades of bloodshed still fresh in the mind of many in Iraq, and with AQI's descendents still https://www.theguardian.com/world/article/2024/aug/31/us-and-iraq-launch-joint-raid-killing-15-islamic-state-militants
havoc in parts of the country, the visit is likely to trigger further outcry.
"Inviting Sharaa to visit Baghdad just returned painful memories for victims’ families," said Rashid. "Many of whom are still waiting for justice nearly two decades after the worst years and al-Qaeda attacks post-2003."
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Wed, 04/23/2025 - 20:05
Xiaomi To Delay First SUV Release After Fatal Accident
Xiaomi To Delay First SUV Release After Fatal Accident
Xiaomi has postponed the launch of its first electric SUV, the YU7, following a fatal accident involving its flagship EV—a setback in its high-stakes bid to challenge Tesla and BYD, according to https://www.bloomberg.com/news/articles/2025-04-23/xiaomi-delays-release-of-first-suv-after-fatal-road-accident
.
Originally set to debut in June or July, the YU7's release has been quietly shelved with no new date confirmed, according to sources familiar with the matter. The company also canceled plans to unveil the SUV at this week’s Shanghai auto show and pushed its investor day to June from late April.
The delay complicates Xiaomi’s $10 billion electric vehicle gamble, which Chairman Lei Jun has called his final startup venture. With just one EV on the road so far, breaking into the SUV segment was seen as a critical step in scaling its presence in China’s fiercely competitive auto market.
Xiaomi declined to comment, though a Weibo post after Bloomberg’s report insisted the original June-July timeline “remains unchanged.”
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this morning that the crash has triggered a police investigation and intensified scrutiny of the company’s EV technology. Three women died in the high-speed accident.
The incident sparked widespread debate over Xiaomi’s assisted-driving features, battery safety, and overall vehicle reliability. In response, Chinese regulators have summoned over a dozen automakers to tighten rules around autonomous-driving systems.
“The problem with the way self-driving features have been sold is it’s caused people to think that they can be less attentive to the way the car is actually performing,” said Bill Russo, CEO of Automobility Ltd., at the Shanghai auto show. “You still need to monitor the car. I think that’s what we’re going to hear more of — regulators trying to step in to make sure we’re not calling it autopilot or full self-driving.”
Despite EVs being central to Xiaomi’s future—especially as its smartphone business faces headwinds—the company’s stock has slid over 20% since mid-March. This comes even after Xiaomi raised its 2025 EV delivery target to 350,000 vehicles following its fastest revenue growth since 2021.
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Wed, 04/23/2025 - 19:40
https://www.zerohedge.com/markets/xiaomi-delay-first-suv-release-after-fatal-accident
It Appears That Mass Deportations Of The Elderly Are Not Being Considered
It Appears That Mass Deportations Of The Elderly Are Not Being Considered
With all of the coverage yesterday of the heated arguments in https://jonathanturley.org/2025/04/22/supreme-court-hears-major-parental-rights-case-over-lgbt-readings/
.
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The case is a pending class action lawsuit seeking the protection of alleged Venezuelan gang members facing deportation under the Alien Enemies Act.
The original captioning was a pseudonym used by one of the parties. That did not go over well with the organization.
“Unsurprisingly, this litigation has already received attention from the press and social media. It will surely continue to do so. AARP is concerned that the nomenclature adopted by the caption of this case will create substantial confusion among journalists and the public. Indeed, in the 72 hours since the litigation was filed, it has already resulted in numerous misplaced inquiries to AARP. Both the ACLU and AARP are prominent advocacy organizations on federal policies, albeit in very different domains.”
While many retirees are moving to El Salvador and other countries in the area, the original captioning suggested a more involuntary relocation.
With a court composed of AARP-qualified members (Barrett and Jackson are in their 50s but still can join), the Supreme Court decided to remove any question that this was a case about deportations under some mysterious Alien Elderly Act (AEA):
The AARP, a nonprofit entirely unrelated to this case, seek leave to intervene to request that the petitioner A.A.R.P.’s pseudonym be changed to A.R.P. and that the case caption be styled as W.M.M., et al. v. Donald J. Trump, et. al. The petitioners and the respondents do not oppose the AARP’s motion….
The Court construes the motion to intervene as an agreement by the existing parties to amend the styling of the case caption. Accordingly, the Court amends its prior order granting the motion to proceed under pseudonyms and orders that the petitioners are permitted to proceed under the pseudonyms A.R.P., W.M.M., and F.G.M. [not to be confused with https://www.who.int/news-room/fact-sheets/detail/female-genital-mutilation
-EV]. In addition, the Court orders that this case will hereafter proceed under the case caption W.M.M., et al. v. Donald J. Trump, et. al.
The change should come as a relief given the claims on the left that Trump is planning to “disappear” journalists, homosexuals, and members of Congress.
Just last week, MSNBC host Symone Sanders-Townsend https://www.foxnews.com/media/msnbc-host-says-people-color-next-after-maryland-illegal-immigrant-deported
:
“To be very clear, it’s going to be the people of color, and vulnerable communities that are next in line.”
That apparently will not include the elderly, including the justices themselves who will be allowed to remain to rule in what is now W.M.M. v. Trump.
However, https://womenmovingmillions.org/
(WMM) may not want to make any long-term plans.
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Wed, 04/23/2025 - 19:15
https://www.zerohedge.com/political/it-appears-mass-deportations-elderly-are-not-being-considered
Palestinian Authority's Abbas Calls Hamas 'Sons Of Dogs' & Demands Release Of Hostages In Fiery Speech
Palestinian Authority's Abbas Calls Hamas 'Sons Of Dogs' & Demands Release Of Hostages In Fiery Speech
Political fractures on the Palestinian side have become more and more public as the Gaza war persists. On Wednesday Palestinian Authority (PA) President Mahmoud Abbas issued a strong declaration demanding that Hamas release all remaining Israeli captives in order to prevent Israel from using "an excuse" to continue destroying Palestinian homes and waging war in the Gaza Strip.
In the https://www.bbc.com/news/articles/c4g20pj6epvo
in the West Bank city of Ramallah, "You sons of dogs, hand over what you have and get us out of this. Don't give Israel an excuse. Don't give them an excuse."
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"Every day there are hundreds of deaths. Why? They don't want to hand over the US hostage," Abbas said, as cited in regional media. This was in reference to US-Israeli captive Adi Alexander. His family has been imploring President Trump to help gain his release. Alexander was born and raised in New Jersey.
Abbas highlighted that Israel sees itself as justified in erasing Palestinian identity so long as the hostage crisis continues. Fifty-nine hostages, living and dead, remain in the Gaza Strip. Abbas urged Hamas to hand over the hostages in order to "be done with it."
However, Prime Minister Netanyahu and his military leaders have vowed to purse the complete destruction of Hamas. So likely the US-designated terror group believes that if it frees all remaining hostages, the Israeli military will then even more relentlessly seek its total defeat. Israel has vowed to never let Hamas return to governance or power over the Strip.
The BBC commented on 89-year old Abbas' https://www.bbc.com/news/articles/c4g20pj6epvo
:
The remarks were the strongest against the group that the president has delivered since the war began 18 months ago.
A Hamas official condemned what he called Abbas's "derogatory language" towards "a significant proportion... of his own people".
The aforementioned Hamas representative added, "Abbas repeatedly and suspiciously lays the blame for the crimes of the occupation and its ongoing aggression on our people."
The West Bank leader's provocative words received some pushback from within Abbas' own political camp, and among other West Bank officials. "The victim cannot be held responsible for the crimes of the occupation. Today, we face the threat of a new catastrophe that may be more horrific than the 1948 Nakba," Secretary-General of the Palestinian National Initiative, Mustafa Barghouti, https://thecradle.co/articles/pa-president-demands-hamas-release-captives-to-remove-israeli-excuse-for-war
.
This PA vs. Hamas back-and-forth highlights that the two groups have long been rivals and political enemies. While there are occasional statements of 'solidarity' issued between both, much of the history of their interaction has been marred by political fighting, which has at times in past years spilled over into gunfights in the streets.
The PA, which has always been more secular-leaning and filled with Left-wing officials, is seen as weak and ineffectual by the Sunni hardliners in Hamas. It was Fatah, which makes up the core of the PA, which led resistance to Israeli policy for decades prior to Hamas gaining full power over the Gaza Strip.
Palestinian President Mahmoud Abbas, live at the Palestinian Central Council, to Hamas: “You sons of dogs, hand over the hostages.” https://t.co/0TfPyZElVm
— Ihab Hassan (@IhabHassane) https://twitter.com/IhabHassane/status/1915002515906846828?ref_src=twsrc%5Etfw
While anti-Israeli terrorism of the latter half of the 20th century was dominated by Marxist guerrillas, such as the Popular Front for the Liberation of Palestine (PFLP), recent decades have seen the rise of the Islamists.
The founder of the PFLP, which became infamous for hijacking airplanes throughout the 60s, 70s, and 80s, was George Habash - born to a Christian Palestinian family. He was even given an Orthodox Christian funeral in Amman, Jordan upon his death from natural causes in January 2008.
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The founder of the PFLP George Habash was given a Christian funeral at an Orthodox Christian cathedral in Amman. This highlights that prior to the rise of Hamas, Palestinian militants tended to be secular, Left-leaning, and from diverse religious backgrounds.
The PA (PLO/Fatah) continues to even have Christian officials in its ranks, while Hamas is purely Sunni and often threatens the remaining Palestinian Christians in Gaza.
The whole rivalry is a further reminder that Western officials and populations often approach the Palestine-Israel conflict in an overly simplistic manner. They tend to assume the Palestinians have a singular worldview and politics. Similarly, Israeli politics are also often deeply divided, revealing deeper complexities.
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Wed, 04/23/2025 - 18:50
NIH Director Gives Update On New Project To Find Causes Of Autism
NIH Director Gives Update On New Project To Find Causes Of Autism
The director of the National Institutes of Health (NIH) said on April 22 that the new project to identify the causes of autism will likely involve patient records and outside researchers.
“We'd like to ... get access to the medical records of a large portion of the American population,” Dr. Jay Bhattacharya, the NIH’s director, told reporters in Washington.
“I think to answer a question like this—why is autism rising—you need very large samples of people.”
He also said, “Medical records, I believe, should be a very important part of this, because that’s maybe the best way to track the link between exposures and then what happens afterwards.”
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The project could draw data from the Centers for Medicare and Medicaid as well as other parts of the government, such as the military, Bhattacharya said. Patient data would be deanonymized to protect privacy, according to the NIH director.
Bhattacharya had https://s3.documentcloud.org/documents/25906900/bhattacharya-april-update.pdf
during an NIH meeting on Monday that the NIH’s data platform would pull data from pharmacy chains, medical claims, federal partnerships, and health organizations.
Health Secretary Robert F. Kennedy Jr. https://www.theepochtimes.com/us/rfk-jr-says-us-is-launching-massive-effort-to-pinpoint-cause-of-spiking-autism-rates-5839868
the rate of autism is up to one in 31 children in America. Autism is a developmental disability that can cause an array of symptoms, including delays in learning skills and epilepsy.
a recent briefing that the rise in autism is attributable to environmental factors, as opposed to genetics or better screening. He said studies would examine possible culprits such as mold and air pollution.
Bhattacharya said that the budget for the project, which will be run out of his office, is not finalized yet but will be in the order of tens of millions of dollars.
The process for picking researchers to be involved will be the normal process, with researchers offering proposals, NIH centers evaluating the proposals, and peer reviewers deciding which projects will be approved.
“I don’t know the exact details [of] what that will look like, but the goal is to use the normal way we do science at the NIH to answer a question that the NIH normally has not sought to answer,” Bhattacharya said.
Bhattacharya said at an unrelated briefing earlier on Tuesday that the reason autism is rising is a question “that is at the front of the minds of so many parents across the country worried about their kids, and yet scientific progress on this has been slow because scientists are frankly scared to ask the question.”
He said that the NIH “is going to make it so that those questions are no longer taboo among scientists.”
Kennedy has said that vaccines may be one of the causes of autism.
Bhattacharya said during his confirmation hearing that he did not think there was a link between autism and vaccines, based on his reading of the literature, although he said he would support investigating the spike in autism.
Some autism organizations https://autisticadvocacy.org/2025/04/leading-autism-organizations-release-joint-statement-on-upholding-scientific-integrity-and-supporting-the-autism-community/
in a joint statement on April 17 that “vaccines do not cause autism.”
The Autistic Self Advocacy Network, one of the groups, https://autisticadvocacy.org/2025/04/trump-and-kennedy-spouting-dangerous-autism-misinformation/
in a statement that “it is simply impossible that actual research into a supposed environmental cause of autism could be completed by September–real science does not move that quickly.”
Kennedy had told the president that “by September, we will know what has caused the autism epidemic,” but Bhattacharya said the project will take longer than that.
Bhattacharya said that the plan is to issue a call for proposals by September. Scientists will then respond to the call, and grants will be approved.
“I would like to have a timeline within a year, where they would start to put out the preliminary results,” he said.
He added later: “Secretary Kennedy is enthusiastic to get the scientific process going, and I am too, so ... he’s accurately communicating that we want to get moving on this as rapidly as we can.”
https://cms.zerohedge.com/users/tyler-durden
Wed, 04/23/2025 - 18:25
https://www.zerohedge.com/medical/nih-director-gives-update-new-project-find-causes-autism
Trump To Exempt US Carmakers From Some Tariffs: Report
Trump To Exempt US Carmakers From Some Tariffs: Report
Exactly two weeks after Trump delayed tariffs on most non-China countries by 90 days, and a week after the president exempt most Chinese consumer electronics exports from US duties, the https://www.ft.com/content/fa0f6749-729e-41ca-917b-7b534041f6f8
that Trump is set to spare carmakers from some of his most onerous tariffs following intense lobbying by industry executives over recent weeks.
The move would exempt car parts from the tariffs that Trump is imposing on imports from China to counter fentanyl production, as well from those levied on steel and aluminium, a move which FT sources described as a “destacking” of the duties.
The exemptions would leave in place the 25% tariff Trump imposed on all imports of foreign-made cars. A separate 25% levy on parts would also remain and is due to take effect from May 3.
Although Washington has already shielded autos from the “reciprocal” tariffs announced on major trading partners, US auto companies have in recent weeks pushed for further exemptions. The concessions would mark an initial win for the auto sector and another retreat by Trump on his most aggressive tariffs amid concerns that they would push up US car prices, disrupt supply chains and cause job losses.
Over the past week, car executives had stepped up their criticism of the tariffs with Stellantis chair John Elkann warning that “American and European car industries are being put at risk” by Trump’s trade policy. Another senior automotive executive said: “we’ve urged the administration - don’t hit us over and over with all of these other tariffs . . . because that really jeopardises the health of our sector.”
The reprieve is also the latest sign Trump is open to offering carve-outs to favored industries.
Trump announced bespoke “reciprocal” tariffs of up to 50% on almost every US trading partner on “liberation day” on April 2, before later lowering the levies to a 10% baseline for 90 days, following a surge in market volatility.
Last week, the administration said it would exempt consumer electronics such as laptops and smartphones from the reciprocal tariffs but would instead potentially hit those imports with other levies later this year.
The president also signaled last week that there would be “help” for the auto industry, and earlier offered better terms for imports of cars made in Mexico and Canada as long as companies complied with the rules of the 2020 USMCA trade agreement.
Complete vehicles and parts that comply with the terms of the USMCA will have the 25% tariff applied only to their non-US content.
According to the FT sources, current negotiations are mainly focused on making it easier to implement the levies - for example, by simplifying rules over where the car components are sourced.
The FT report briefly pushed GM and Ford stock higher, but the move has since fizzled.
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https://cms.zerohedge.com/users/tyler-durden
Wed, 04/23/2025 - 18:00
https://www.zerohedge.com/economics/trump-exempt-us-carmakers-some-tariffs-report
End The "Green New Scam" Loan Machine
End The "Green New Scam" Loan Machine
https://realclearwire.com/articles/2025/04/21/end_the_green_new_scam_loan_machine_1105095.html
,
The U.S. Department of Energy’s Loan Programs Office (LPO) was created to help advance clean-energy infrastructure and technologies that allegedly had the potential to be adequate energy resources but struggled to secure private investment. With https://urldefense.proofpoint.com/v2/url?u=https-3A__www.washingtonexaminer.com_policy_energy-2Dand-2Denvironment_3378460_planned-2Dcuts-2Dharm-2Dtrump-2Denergy-2Dagenda-2Dnuclear-2Dclean-2Denergy-2Dfirms_&d=DwMF-g&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=AsHGCNYignCe08uINdEvPSIzRL4JYwujfm-i6zFOo30&m=NDivJcKOoT5_TkOej3pv3GHi17ZQ16MSvkowt891dA1nCzKH7d05FcNWBc9QFYWB&s=0Nh_SOH1QONxz_zqhPn4SB2kSOIVnguUi14nX94pVcU&e=
about staffing and budget changes, defenders of the climate-centric status quo in energy policy rushed to preserve it, claiming LPO is essential for energy dominance and manufacturing growth.
?itok=EhXAKogH
In reality, LPO is a taxpayer-backed ATM for unreliable energy technologies and infrastructure that can’t compete without federal funding.
Before the end of his presidency, Joe Biden squeezed in https://urldefense.proofpoint.com/v2/url?u=https-3A__www.politico.com_news_2024_11_20_biden-2Dclimate-2Dtrump-2Drollbacks-2D00190719&d=DwMF-g&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=AsHGCNYignCe08uINdEvPSIzRL4JYwujfm-i6zFOo30&m=NDivJcKOoT5_TkOej3pv3GHi17ZQ16MSvkowt891dA1nCzKH7d05FcNWBc9QFYWB&s=eU7VgG9_SQhQNX71rBxlc7zV5BOOtipzgcTT5L_xzs0&e=
in LPO loans for various green energy projects, attempting to undercut President Donald Trump’s energy plans. Advocates will claim these loans and others supported critical infrastructure such as battery storage, transmission upgrades, and flexible demand response. However, these investments primarily offset the deficiencies of intermittent energy sources like wind and solar. Rather than strengthening a reliable grid, such investments introduce arbitrary costs to accommodate unreliable generation.
While making notable and worthwhile investments in reliable nuclear technology, LPO has overwhelmingly become a central gear in the “https://urldefense.proofpoint.com/v2/url?u=https-3A__www.youtube.com_watch-3Fv-3DTSb1m-2Dv2Xg4&d=DwMF-g&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=AsHGCNYignCe08uINdEvPSIzRL4JYwujfm-i6zFOo30&m=NDivJcKOoT5_TkOej3pv3GHi17ZQ16MSvkowt891dA1nCzKH7d05FcNWBc9QFYWB&s=uh0w9bSt02WitA9WHfKHoERiGCfrDwebHkIlF_Kx9Wg&e=
” machinery: a system built on subsidies and climate ideology, not competition or energy realism.
The problem isn’t just taxpayer waste. It also distorts energy markets and destroys grid reliability.
LPO’s funding of intermittent energy sources and the Inflation Reduction Act’s green subsidies have wreaked havoc on how our https://urldefense.proofpoint.com/v2/url?u=https-3A__www.cato.org_blog_inflation-2Dreduction-2Dact-2Dcould-2Dturn-2Delectricity-2Dmarkets-2Dsubsidy-2Dclearinghouses&d=DwMF-g&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=AsHGCNYignCe08uINdEvPSIzRL4JYwujfm-i6zFOo30&m=NDivJcKOoT5_TkOej3pv3GHi17ZQ16MSvkowt891dA1nCzKH7d05FcNWBc9QFYWB&s=S3h7bpsqRdHX-y0vqWO11vQ_Jc5IHPWL7_HC1l6Fqxk&e=
balance affordability in power-generation planning. These sources don't operate on the same terms as traditional baseload or dispatchable generation. Instead, they rely on favorable regulatory treatment and financial backstopping from taxpayers. That imbalance leads to capacity shortfalls, distorted price signals, and reliability risks that compound over time.
These green energy schemes disconnect energy policies from the reality that American families and businesses need abundant, affordable, and reliable power—not experiments based on luxury beliefs.
This is particularly damaging in electricity markets like PJM, which serves Pennsylvania, Maryland, Virginia, Washington, D.C., and most mid-Atlantic states. Regional transmission organizations like PJM reward performance and reliability through transparent price competition. However, when LPO-backed intermittent projects bypass those dynamics through guaranteed government financing and special regulatory treatment, the result is suppressed prices for reliable generators and disincentives for investment in reliable energy capacity. Over time, this pattern erodes the reliability that energy-rich states like Pennsylvania have long delivered.
With vast natural resources and a reliable power-generation mix that makes it the top electricity exporter in the nation, Pennsylvania should be a pillar of American energy dominance. It is the country's second-largest natural gas producer. Moreover, the shale boom that emerged from the region turned the U.S. into the world’s largest oil and gas exporter. The Keystone State is an energy powerhouse. Yet, the commonwealth has electricity prices above the national average, partly due to market distortions from renewable energy mandates at the state level and federal subsidies for unreliable energy.
At a time when the nation faces rising electricity demand, mounting grid reliability challenges, and geopolitical threats to energy security, it is high time to reevaluate the LPO, including whether it should exist at all.
If it continues, it must be completely reformed. LPO investments should prioritize infrastructure that meets real-world demand regardless of the weather or the time of day. They should also target infrastructure projects that enhance grid security and technologies that attract private investment and minimize taxpayer risk. Ultimately, the program must stop serving as a revolving door for green cronyism. If fully repealing LPO is off the table, policymakers must refocus the program on energy development that keeps the lights on and serves the needs of modern life.
The so-called clean energy transition financed through LPO is neither clean nor affordable. It is also not focused on delivering reliable power to lead us into the future. Its underlying net-zero premise fosters degrowth and deindustrialization and locks out innovation.
President Trump and Energy Secretary Chris Wright have rightly embraced energy realism and rejected “https://urldefense.proofpoint.com/v2/url?u=https-3A__www.realclearenergy.org_articles_2024_12_17_to-5Fachieve-5Famerican-5Fenergy-5Fdominance-5Ftrump-5Fmust-5Favoid-5Fall-2Dof-2Dthe-2Dabove-5Frhetoric-5F1079282.html&d=DwMF-g&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=AsHGCNYignCe08uINdEvPSIzRL4JYwujfm-i6zFOo30&m=NDivJcKOoT5_TkOej3pv3GHi17ZQ16MSvkowt891dA1nCzKH7d05FcNWBc9QFYWB&s=H2YWwyavtoVeEf9_GpgNiYXYQVLMumq41VIU0LT42qk&e=
” energy schemes. Policymakers must free the U.S. Department of Energy from Joe Biden’s policies and align the agency with the Trump administration’s goals for reliable, affordable, and secure energy.
It’s time to end Washington’s green-loan machine. We must either reform it to truly serve American energy dominance or retire it for good.
André Béliveau is Senior Manager of Energy Policy at the Commonwealth Foundation, Pennsylvania’s free-market think tank.
https://cms.zerohedge.com/users/tyler-durden
Wed, 04/23/2025 - 17:40
https://www.zerohedge.com/energy/end-green-new-scam-loan-machine
China Weaponizes Magnet Exports, Potentially Delaying Tesla's Humanoid Robot Production
China Weaponizes Magnet Exports, Potentially Delaying Tesla's Humanoid Robot Production
China's halt on a wide range of critical minerals and magnet exports in retaliation for U.S. tariffs has disrupted some of Elon Musk's plans to build humanoid robots. The very act of Beijing choking off supplies of critical components highlights the urgent need to friendshore or reshore rare earths mining and refining, as well as advanced technology supply chains, if the U.S. hopes to maintain its dominance into the 2030s.
On Tuesday, Musk revealed during Tesla's earnings call that plans to build humanoid robots had hit a snag due to Beijing's ban on certain rare earth metals and magnets critical for the motors and actuators that power the robots.
Musk told investors that Tesla's Optimus humanoid robots have electric motors that operate in a confined space and require special magnets:
"That's more affected by the supply chain, by basically China requiring an export license to send out anywhere with magnets, so we're working through that with China."
Musk warned that a shortage of magnets could slow down the production of Optimus robots.
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That special, rare-earth magnet Musk was referring to is neodymium-iron-boron (NdFeB). It's crucial for powering the small, high-efficiency motors used in the robot's joints and other movements.
China has a near-monopoly on NdFeB, controlling both the extraction and refinement of the rare earths needed to produce powerful magnets.
Public trade data compiled by counterparty and supply chain risk intelligence firm Sayari shows that Tesla appears to have sourced all of its NdFeB from Chinese suppliers, including Beijing Zhongke Sanhuan High Technology...).
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Sayari finds that 40.63% of the latest shipments to Tesla originate from China...
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Tesla's Top Suppliers
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The problem with most of the world's rare earth metal supply chains based in China is that Beijing can weaponize its global monopoly against the U.S. This poses a national security threat to the U.S. because these metals are used by https://www.zerohedge.com/geopolitical/us-relies-heavily-rare-earth-imports-china
, clean tech, handsets, and many other products, as well as in F-35 stealth fighter jets and nuclear-powered submarines.
https://www.statista.com/chart/34301/us-rare-earth-imports/
Tesla's delay of the humanoid robot serial production plan in the U.S. is the clearest signal yet that America needs to friendshore or reshore these supply chains to produce the technologies of tomorrow and ensure https://www.zerohedge.com/technology/goldmans-china-tech-tour-underscores-one-message-america-must-reclaim-these-supply
.
https://cms.zerohedge.com/users/tyler-durden
Wed, 04/23/2025 - 17:20
Border Czar Says 68,000 Illegal Immigrants Arrested So Far, More To Come
Border Czar Says 68,000 Illegal Immigrants Arrested So Far, More To Come
Approximately 68,000 illegal aliens were arrested inside the United States over the past three months, Tom Homan, designated the border czar by President Donald Trump, told reporters at the White House on April 23.
“And we’re going to continue, despite what the district court says,” Homan said, referring to ongoing legal battles surrounding Trump’s deportation orders.
U.S. District Judge Alvin Hellerstein issued a ruling on April 9, which he extended on April 22, blocking the federal government from utilizing the act, citing a lack of legal protection for the accused.
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Homan pushed back on the court’s decision and said appeals are underway.
“Maybe we’ve got to hold off on some of the deportation operation we’re doing, but it’s not going to stop us from seeking these people now, arresting them, and taking them off the streets of the United States while we’re waiting for the courts to decide,” he said.
Trump gave law enforcement more authority to handle members of certain gangs and cartels on his first day back in office when he signed an https://www.whitehouse.gov/presidential-actions/2025/01/designating-cartels-and-other-organizations-as-foreign-terrorist-organizations-and-specially-designated-global-terrorists/
designating the groups as foreign terrorist organizations.
He additionally invoked the Alien Enemies Act to allow the swift deportation of individuals deemed dangerous to society.
Homan chastised critics who suggest some arrested are not given the opportunity to plead their cases in court.
“They want to say our administration is inhumane, we’re not giving due process,” he said.
“I find it incredible that there’s all this push for more and more and more due process, more process for these designated terror groups, when, in fact, no one asked for due process when they crossed the border.
“No one asked for a vetting when they crossed the border.”
He highlighted the role that secure borders, including a wall, play in assisting legal immigrants and identifying human crises and medical emergencies, suggesting such efforts help save “thousands” of lives every day.
“Every place we build a border barrier, illegal immigration went down, illegal drug flow went down,” Homan said.
“But, you know, what no one talks about, the wall saves lives.”
The border czar said the administration is working to fulfill Trump’s campaign promise to deport public safety threats and secure the border to protect national security.
Among those recently arrested are 27 members of the notorious Tren de Aragua transnational gang.
On April 22, they were https://www.justice.gov/opa/pr/27-members-or-associates-tren-de-aragua-charged-racketeering-narcotics-sex-trafficking
by the Department of Justice with a litany of offenses, including racketeering, sex and drug trafficking, robbery, and illegal firearm possession.
“As alleged, Tren de Aragua is not just a street gang–it is a highly structured terrorist organization that has destroyed American families with brutal violence, engaged in human trafficking, and spread deadly drugs through our communities,” Attorney General Pamela Bondi said in a statement.
“Today’s indictments and arrests span three states and will devastate [the gang’s] infrastructure as we work to completely dismantle and purge this organization from our country.”
Homan said the efforts exemplify a successful collaboration between Immigration and Customs Enforcement officials and state and local law enforcement agencies, and marked the administration’s first use of the Racketeer Influenced and Corrupt Organizations Act to target criminal illegal aliens.
“We sent a strong message to Tren de Aragua,” he said. “We’re going to keep doing this.”
https://cms.zerohedge.com/users/tyler-durden
Wed, 04/23/2025 - 17:00
"Give Them All the Fentanyl They Want": SoCal Mayor Under Fire For Homeless 'Purge' Comments
"Give Them All the Fentanyl They Want": SoCal Mayor Under Fire For Homeless 'Purge' Comments
A Southern California mayor is facing a wave of outrage after doubling down on a proposal to eliminate his city's homeless population by giving them "all the fentanyl they want" and calling for a federal "purge."
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"What I want to do is give them free fentanyl," said Lancaster Mayor R. Rex Parris, a Republican who has led the high desert city since 2008, during a Feb. 25 city council meeting when a local resident objected to the city's controversial plan to house the homeless on the site of an abandoned golf course.
“I mean, that’s what I want to do. I want to give them all the fentanyl they want." Parris continued.
NEW: California mayor says he wants give homeless people “all the fentanyl they want,” doubles down on his comments after facing backlash.
Woman: “It sounds like you want to kind of enclose all these homeless people in one territory.”
Lancaster Mayor R. Rex Parris: “What I want… https://t.co/mOBRW6k2tl
— Collin Rugg (@CollinRugg) https://twitter.com/CollinRugg/status/1914333705273000181?ref_src=twsrc%5Etfw
The stunned resident fired back, telling the mayor that his comments were “not kind.”
But Parris hasn’t backed down.
In a https://www.youtube.com/watch?v=3qtrCF2ShqQ
with FOX LA on Friday, he said he had no regrets and clarified that his comments were aimed at a subset of the unhoused population he claims are hardened criminals.
“I made it very clear I was talking about the criminal element that were let out of the prisons that have now become 40 to 45% of what’s referred to as the homeless population,” Parris told the outlet. “They are responsible for most of our robberies, most of our rapes, and at least half of our murders.”
He offered no data to support the explosive claims but insisted “there’s nothing that we can do for these people.”
Parris argued that no one should take his fentanyl comment “literally,” claiming the deadly opioid is already “so easy” to obtain on the streets that city-sponsored distribution wouldn’t make a difference.
He then praised Lancaster’s homeless response as the most “innovative” in the country—before urging President Trump to allow a national “purge.”
“Quite frankly, I wish that the president would give us a purge. Because we do need to purge these people,” he said.
“Now, is it harsh? Of course, it is harsh. But it’s my obligation as the mayor of the city of Lancaster to protect the hardworking families that live there, and I am no longer able to do it,” Parris continued. “It’s an untenable situation and I’m open to any solution … I want these people out of our city.”
Parris, no stranger to controversy—he once made headlines in 2018 for wanting to ban neckties in the workplace—has since become the target of a budding recall campaign.
Johnathon Ervin, a Democrat who lost to Parris in the last mayoral race, told the Los Angeles Times that his former opponent is “unfit to hold public office.”
“Anyone willing to give homeless people all the fentanyl they want, or to suggest that President Trump should allow a purge of the homeless population, has no business in public office,” Ervin said.
As of Sunday night, the online petition to recall Parris had gathered just 6% of the 20,000 signatures needed to move forward.
Parris’s term runs through April 2028.
https://cms.zerohedge.com/users/tyler-durden
Wed, 04/23/2025 - 16:40
A Recap Of Trump's First Three Months
A Recap Of Trump's First Three Months
https://www.racket.news/p/a-recap-of-trumps-first-3-months
,
Following Trump 2.0 is a difficult task. There has been no calm in President Trump’s first three months. He even https://www.usatoday.com/story/news/politics/2025/04/21/trump-easter-message-biden-radical-left-lunatics/83191969007/
when he proclaimed it Transgender Day of Visibility).
.jpg?itok=5KklLjur
Besides Trump’s https://truthsocial.com/@realDonaldTrump/posts/114370361342759621
social media post, there was also news Sunday regarding his much-maligned secretary of defense, Pete Hegseth.
Call it Signalgate 2.0. The https://www.nytimes.com/2025/04/20/us/politics/hegseth-yemen-attack-second-signal-chat.html
that his wife, brother (a Pentagon employee), and personal lawyer were part of a Signal group chat that Hegseth initiated about the March 15 attack on the Houthis. The sources are “four people with knowledge of the chat.” From the Times:
Some of those people said that the information Mr. Hegseth shared on the Signal chat included the flight schedules for the F/A-18 Hornets targeting the Houthis in Yemen — essentially https://www.nytimes.com/2025/03/24/us/politics/hegseth-classified-war-plans-group-chat.html
.
The Times had an update on Tuesday — this time from “an official and a person familiar with the conversations” — with a https://www.nytimes.com/live/2025/04/22/us/trump-administration-news#hegseth-signal-chat
that the attack plans Hegseth texted on Signal “came from U.S. Central Command through a secure, government system designed for sending classified information.”
Trump doesn’t seem to care. He called it a waste of time to address the Signalgate controversy and added:
“He’s doing a great job — ask the Houthis how he’s doing.”
U.S. attacks against the Houthis have killed about 120 people. https://www.cnn.com/2025/04/18/middleeast/dozens-killed-us-airstrikes-yemen-intl-hnk/index.html
, last Thursday, killed 74.
As for Hegseth, he pulled out a version of the https://www.racket.news/p/timeline-the-houthi-attack-chat-on
he used last month when Signalgate 1.0 broke. He noted the media’s culpability in pushing the Russia hoax, and also blamed recently-fired staffers.
.https://twitter.com/SecDef?ref_src=twsrc%5Etfw
— CSPAN (@cspan) https://twitter.com/cspan/status/1914311301272052045?ref_src=twsrc%5Etfw
What a big surprise that a few leakers get fired and suddenly a bunch of hit pieces come out from the same media that pedaled the Russia hoax [and] won't give back their Pulitzers. They got Pulitzers for a bunch of lies, Pulitzers for a bunch of lies, and on hoaxes time and time and time again. And as they pedal those lies, no one ever calls 'em on it. See, this is what the media does.
National Security Adviser Michael Waltz formed the first Signal group chat that included The Atlantic’s editor, but Hegseth has also been heavily criticized for texting specific attack plans on the messenger service.
The White House maintains that nothing in that group chat was classified (National Security Director Tulsi Gabbard called the texts “candid and sensitive”) but that did not calm the concerns of people like Sarah Streyder of the military families group Secure Families Initiative. https://www.newsweek.com/us-military-families-angry-over-signal-chat-leak-it-erodes-your-trust-2051346
:
Leaked war plans aren't just a breach of national security in some impersonal way. They're really a direct threat, both to the safety of service members and for us as military families, those are our parents, our spouses, our kids who now have increased risk and targets on their back.
Here’s a look back at many of the highlights — or, depending on your point of view, lowlights — and multitude of controversies in the first three months of Trump 2.0.
Deportations
AG Pam Bondi sets the record straight on Kilmar Abrego Garcia:
"First and foremost he was ILLEGALLY in our country—he had BEEN illegally in our country. And in 2019, TWO courts...ruled that he was a member of MS-13." https://t.co/FmmkB9gNz5
— Townhall.com (@townhallcom) https://twitter.com/townhallcom/status/1911835039656022025?ref_src=twsrc%5Etfw
The most high-profile deportation case has been that of https://www.nytimes.com/2025/04/14/us/politics/abrego-garcia-trump-deportations-el-salvador.html
, a Salvadoran man who was legally in the U.S. since 2019. However, in the words of a Justice Department attorney, an “administrative error” resulted in him being deported to El Salvador.
Still, the Trump administration is arguing against his return because it claims Abrego Garcia is a member of the MS-13 gang — which he denies — and says it has no control over what El Salvador does.
The Trump administration has refused to follow court orders to do what it can to return Abrego to the U.S., prompting concerns of https://www.npr.org/2025/04/18/nx-s1-5369402/trump-courts-constitutional-crisis
. The federal judge in the case made clear in an order Tuesday that the administration has also failed to adequately respond to discovery requests from Abrego Garcia’s attorneys. Judge Paula Xinis granted that request to find out what’s been done to try to get him back to the U.S. She writes in her latest order:
For weeks, Defendants have sought refuge behind vague and unsubstantiated assertions of privilege, using them as a shield to obstruct discovery and evade compliance with this Court’s orders. Defendants have known, at least since last week, that this Court requires specific legal and factual showings to support any claim of privilege. Yet they have continued to rely on boilerplate assertions. That ends now. If Defendants want to preserve their privilege claims, they must support them with the required detail. Otherwise, they will lose the protections they failed to properly invoke.
Xinis set a deadline for 6 p.m. today for the government to provide all requested material.
You can read Racket’s detailed timeline, which includes court records, https://www.racket.news/p/timeline-the-case-of-kilmar-armando
.
Meanwhile, the Abrego Garcia case has become especially politicized in the last week. Democratic Senator Chris Van Hollen of Maryland and four members of the House of Representatives https://www.reuters.com/world/americas/us/us-congress-members-visit-el-salvador-facilitate-release-deported-man-2025-04-21/
documents that show Abrego Garcia’s wife sought a domestic violence protective order against him in 2021. Trump also posted this:
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The image of the hand with “MS-13” on it https://www.business-standard.com/world-news/donald-trump-kilmar-abrego-garcia-deported-ms-13-gang-tattoo-el-salvador-125042000146_1.html
that the image was doctored, in part because the MS-13 symbols were never mentioned in court documents. Judge Xinis wrote in an April 6 memorandum opinion that in 2019, Homeland Security “relied principally on a singular unsubstantiated allegation that Abrego Garcia was a member of MS-13.”
REPORTER: The Alien Enemies Act has only been invoked during times of war. Do you feel you're using it appropriately right now?
TRUMP: "This is a time of war — because Biden allowed millions of people, many of them criminals... that's an invasion." https://t.co/m4ETySTWGP
— Open Source Intel (@Osint613) https://twitter.com/Osint613/status/1901608948689424795?ref_src=twsrc%5Etfw
One of the most consequential policies of Trump’s second term has been his https://www.whitehouse.gov/presidential-actions/2025/03/invocation-of-the-alien-enemies-act-regarding-the-invasion-of-the-united-states-by-tren-de-aragua/
to target alleged members of the Venezuelan gang Tren de Aragua. It’s also another case in which President Trump has criticized the judge.
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On April 19, the U.S. Supreme Court https://www.reuters.com/world/us/us-supreme-court-temporarily-blocks-deportations-venezuelan-migrants-under-2025-04-19/
the administration from deporting a group of Venezuelans.
For more on the Alien Enemies Act, you can https://www.racket.news/p/timeline-the-alien-enemies-act
.
Border Security
President Trump https://www.whitehouse.gov/presidential-actions/2025/01/securing-our-borders/
to help with border security.
The result: the number of https://www.usnews.com/news/national-news/articles/tracking-illegal-crossings-at-the-u-s-mexico-border-under-trump
. The previous low? About 8,300 in February 2025. That prompted Trump to declare “The Invasion of our Country is OVER”:
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https://usafacts.org/articles/what-can-the-data-tell-us-about-unauthorized-immigration/
, as well as all asylum appointments upon taking office.
Border apprehensions started going down in February 2024, when there were about 140,500. There were roughly 47,000 in both November and December 2024. They went down to about 29,000 in January 2025. Here’s a look at border apprehensions since October 1, 2021, the start of the federal government’s 2022 fiscal year:
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Student Visas — Revocations and Arrests
REPORTER: The Alien Enemies Act has only been invoked during times of war. Do you feel you're using it appropriately right now?
TRUMP: "This is a time of war — because Biden allowed millions of people, many of them criminals... that's an invasion." https://t.co/m4ETySTWGP
— Open Source Intel (@Osint613) https://twitter.com/Osint613/status/1901608948689424795?ref_src=twsrc%5Etfw
It’s unclear how many student visas of international students have been revoked. Secretary of State Marco Rubio https://www.nytimes.com/2025/03/28/us/politics/rubio-immigration-students-ozturk-chung-khalil.html
that breaks down the numbers by school.
The American Association of Immigration Lawyers says ICE https://www.science.org/content/article/international-students-u-s-are-reeling-amid-revoked-visas-and-terminated-records
in court.
Two high profile examples are Mahmoud Khalil and Rumeysa Ozturk.
at the LaSalle Detention Center.
Two days later, https://truthsocial.com/@realDonaldTrump/114139222625284782
“a Radical Foreign Pro-Hamas Student” and indicated that his apprehension would be “the first arrest of many to come.”
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Khalil has not been charged with any crimes. A federal district court judge issued an order staying Khalil’s deportation, as well as ruling that his case be moved to New Jersey. Meanwhile, an immigration judge has upheld Secretary of State Marco Rubio’s authority to deport noncitizens. https://www.racket.news/p/timeline-the-arrest-of-mahmoud-khalil
on his case.
Homeland Security officers arrested Ozturk, a Tufts University graduate student from Turkey, on March 25. Like Khalil, Ozturk was transported to Louisiana. In a since-deleted X post, DHS Assistant Secretary for Public Affairs Tricia McLaughlin https://www.newsweek.com/rumeysa-ozturk-tufts-student-detained-ice-canary-mission-2051085
that the DHS and ICE found that Ozturk had “engaged in activities in support of Hamas.”
A year earlier, Ozturk had co-authored an https://www.tuftsdaily.com/article/2024/03/4ftk27sm6jkj
in the Tufts student newspaper that was critical of the university’s response to a series of student government resolutions regarding the war in Gaza.
You can read a Racket timeline on her case https://www.racket.news/p/timeline-the-case-of-rumeysa-ozturk
.
International relations
REPORTER: The Alien Enemies Act has only been invoked during times of war. Do you feel you're using it appropriately right now?
TRUMP: "This is a time of war — because Biden allowed millions of people, many of them criminals... that's an invasion." https://t.co/m4ETySTWGP
— Open Source Intel (@Osint613) https://twitter.com/Osint613/status/1901608948689424795?ref_src=twsrc%5Etfw
Forget the WEF, the WTC, and WHO. After Ukrainian President Volodymyr Zelensky’s visit to Washington today, the new reigning international body is WTF! Did that really happen?
That was the appropriate opening to https://www.racket.news/p/mr-zelensky-comes-to-washington-transcript
on Ukraine President Volodymyr Zelensky’s visit to the White House.
Zelensky challenged Vance’s assertion that the path to peace depended on diplomacy. This led Vice President JD Vance to accuse Zelensky of being disrespectful. Trump joined the tumult after Zelensky claimed that the U.S., in spite of its “nice ocean,” would “feel [the impact of the war] in the future.” Trump said the Ukrainian leader did not “have the cards right now” and accused him of “gambling with World War III.”
Following the meeting, Trump https://apnews.com/article/zelenskyy-security-guarantees-trump-meeting-washington-eebdf97b663c2cdc9e51fa346b09591d
a memorandum of intent that would pave the way for a revival of that agreement.
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Preceding the Zelensky visit, https://www.racket.news/p/jd-vances-speech-in-munich
at the Munich Security Conference in which he criticized “the retreat of Europe from some of its most fundamental values.” Vance voiced concerns about the annulment of the Romanian presidential election, the European Union’s digital censorship, and the prosecution of a pro-life person praying outside an abortion clinic in the UK. He also called on Europe to increase its defense spending and become less dependent on the United States for its security.
The legacy media, of course, had some hilariously bad takes that Matt notes in this piece, https://www.racket.news/p/after-vance-blasts-europe-the-mask
.
Tariffs
This could easily fall under International Relations or even Economic Policy, but we felt it warranted its own category, given how tariffs have been a constant theme throughout Trump’s second term — even before his “Liberation Day” announcement. From the on-again, off-again https://www.cbsnews.com/news/president-trump-pauses-mexico-tariffs-april-2/
as leverage with other countries, it’s been a defining feature of his approach.
Trump rocked the financial and international world on April 2 when he announced across-the-board tariffs of 10% and additional reciprocal tariffs against 57 countries the administration considers unfair traders. The president then https://www.nytimes.com/2025/04/09/us/politics/trump-tariffs-stocks-china.html
on all countries except China just as they were about to take effect, while also increasing tariffs against China. He did that after China imposed tariffs of 84% on American products.
We’re now in a trade war that’s made Fed Chairman Jerome Powell https://www.racket.news/p/trump-vs-powell-its-on
. He’s worried about inflation caused by tariffs, while Trump is calling him a “major loser” for refusing to lower rates.
DOGE and Elon Musk
The Elon Musk-run https://doge.gov/
.
The pushback has been intense, with many critics saying Musk https://thehill.com/opinion/5158364-elons-musk-vs-trump-division/
is a good example:
He did not receive a single vote. He did not get confirmed. He does not receive a government paycheck.
The world’s richest man has declared war on the federal government and, in a matter of days, has moved to slash its size and reach, while gaining access to some of its most sensitive secrets. He has shaped the public discourse by wielding the powerful social-media site he controls and has threatened to use his fortune to bankroll electoral challenges to anyone who opposes him.
Elon Musk’s influence appears unchecked, triggering cries of alarm from those who worry about conflicts of interest, security clearances, and a broad, ill-defined mandate.
Musk and DOGE are a regular topic at protests, including the nationwide “Tesla Takedown” rallies that Racket https://www.racket.news/p/activism-uncensored-tesla-takedown
from critics.
But Trump has not wavered in his support of Musk and DOGE. Musk himself https://www.usatoday.com/story/news/politics/2025/03/27/this-is-a-revolution-takeaways-from-elon-muskdoge-interview/82697132007/
critics last month:
This is a revolution and I think it might be the biggest revolution in the government since the original revolution
However, Musk https://www.nbcnews.com/business/business-news/tesla-earnings-q1-musk-trump-administation-what-next-rcna202409
his full-time status with DOGE will come to an end next month “now that the major work of establishing the Department of Government Efficiency is done.”
He’ll focus on Tesla — which reported declining profits Tuesday — but Musk says he will still “spend a day or two per week on government matters for as long as the president would like me to do so.”
Higher Education
The Trump administration has suspended federal money or threatened to do so against https://www.yahoo.com/news/trump-administration-battling-higher-education-005338397.html
over what it considers failures to address antisemitism and DEI programs the administration believes are discriminatory.
Harvard is the most notable. The Trump administration froze $2.2 billion in grants and a $60 million contract after Harvard refused to agree to a list of demands. The IRS is now reportedly looking at revoking Harvard’s tax-exempt status.
Harvard https://www.nytimes.com/2025/04/21/us/harvard-lawsuit-trump-administration.html
Monday with a lawsuit. The school’s president says the administration is trying to control “whom we hire and what we teach.”
https://www.racket.news/p/timeline-harvard-vs-trump
on the Trump administration’s standoff with Harvard.
https://cms.zerohedge.com/users/tyler-durden
Wed, 04/23/2025 - 16:20
https://www.zerohedge.com/political/recap-trumps-first-three-months
Dick Durbin Pulls Out, Announces He Won't Run For Reelection
Dick Durbin Pulls Out, Announces He Won't Run For Reelection
(emphasis ours),
Senate Minority Whip Dick Durbin (D-Ill.), the longest-serving U.S. senator in Illinois history, announced on April 23 that he will not run for reelection next year, capping a career of more than four decades in Congress.
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“The decision of whether to run for re-election has not been easy. I truly love the job of being a United States Senator. But in my heart, I know it’s time to pass the torch,” he said in a video https://x.com/SenatorDurbin/status/1915062730580427059
on social media platform X.
“The challenges facing our country are historic and unprecedented. The threats to our democracy and our way of life are very real and I can assure you, I'll do everything in my power to fight for Illinois and the future of our country every day of my remaining time in the Senate.”
The decision of whether to run for re-election has not been easy. I truly love the job of being a United States Senator.
But in my heart, I know it’s time to pass the torch.
So, I am announcing today that I will not be seeking re-election at the end of my term. https://t.co/eiBTPjToFT
— Senator Dick Durbin (@SenatorDurbin) https://twitter.com/SenatorDurbin/status/1915062730580427059?ref_src=twsrc%5Etfw
No formal decision has been made regarding Durbin’s successor as Democratic Party whip.
Durbin was first elected to Congress in 1982, succeeding Rep. Paul Findley (R-Ill.). He has served in the Senate since Jan. 3, 1997. During his tenure as Senate Democratic whip, Durbin helped pass the Affordable Care Act, economic stimulus packages, COVID-19 relief, the Inflation Reduction Act, and the Bipartisan Infrastructure Law.
He is credited with initiating the movement to ban indoor smoking. After watching his 53-year-old father die of lung cancer when he was 14, Durbin won approval in 1987 for legislation prohibiting smoking on short commercial flights, which he expanded to nearly all domestic flights two years later.
“People started asking, ‘If secondhand smoke wasn’t safe on airplanes, why is it safe in public buildings, schools, hospitals, or restaurants?’ The answer is simple: It’s not,” Durbin said on the 25th anniversary of the law.
Durbin also served as chairman of the Senate Judiciary Committee, where he is currently the ranking member. During his tenure as chairman, he oversaw the confirmation of Ketanji Brown Jackson to the Supreme Court and helped President Joe Biden break the record for most judicial appointments by a president.
Possible names of those who could run for Durbin’s seat include former Chicago Mayor and Ambassador to Japan Rahm Emanuel, Illinois Lt. Gov. Juliana Stratton, Illinois Secretary of State Alexi Giannoulias, and Reps. Darin LaHood (R-Ill.), Lauren Underwood (D-Ill.), and Raja Krishnamoorthi (D-Ill.), the ranking member of the House Select Committee on Strategic Competition between the United States and the Chinese Communist Party.
Possible candidates to run for Durbin’s seat include former Chicago Mayor Rahm Emanuel, Illinois Lt. Gov. Juliana Stratton, Illinois Secretary of State Alexi Giannoulias, and Reps. Darin LaHood (R-Ill.), Lauren Underwood (D-Ill.), and Raja Krishnamoorthi (D-Ill.), the ranking member of the House Select Committee on Strategic Competition between the United States and the Chinese Communist Party.
Durbin said that Illinois is fortunate to have “a strong Democratic bench ready to serve.”
Sen. Tammy Duckworth (D-Ill.) will be the senior senator from Illinois upon Durbin’s retirement.
The Associated Press contributed to this report.
https://cms.zerohedge.com/users/tyler-durden
Wed, 04/23/2025 - 15:45
https://www.zerohedge.com/political/dick-durbin-pulls-out-announces-he-wont-run-reelection
Gunmen Execute 26 Tourists In Indian-Controlled Kashmir
Gunmen Execute 26 Tourists In Indian-Controlled Kashmir
India has suffered one of its worst terror attacks in recent years, after gunmen conducted mass killings in a picturesque and tourist-poplar spot in the disputed and Indian-administered region of Jammu and Kashmir on Tuesday.
The site's location in the mountainous Anantnag district is so remote that it took at least half a day for casualty figures to emerge, but authorities have since announced that 26 people were killed. Most the dead were travelers visiting a popular tourist destination in the Baisaran Valley, which is only accessible by foot or horseback. A huge military rescue operation and search for victims ensued.
Emerging eyewitness accounts indicated that men were separated from women and children by unknown armed militants which had descended on the area. The men, all civilians, were then asked their names before being executed at close range.
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that "About 1,000 tourists and 300 local service providers were in the Baisaran Valley - known as mini Switzerland for its lush hilltop meadow, surrounded by dense pine forests - when three gunmen launched the Tuesday attack, the worst, opens new tab in India in nearly two decades."
The initial reaction of the Indian government was to point the finger at Pakistan, but without naming specific culprits responsible. Indian leaders have for decades accused Pakistan of knowingly harboring terrorists along the disputed border.
There's also been anger and confusion at what's clearly a major security lapse, given is Jammu and Kashmir is heavily militarized and patrolled by the Indian Army. India also suspects that it was a Pakistan-backed massacre conducted by Islamic extremists due to the sectarian nature of the attack, given almost all the victims https://www.nytimes.com/2025/04/23/world/asia/kashmir-attack-india-pakistan.html
:
General Hooda said the fact that the victims were civilians, and that witness accounts in Indian media suggested Hindus had been singled out by the militants, had only added to the pressure. A list of the victims circulating online, which was verified by local officials in Kashmir, showed that 25 of the 26 killed were Hindus.
India’s Foreign Secretary Vikram Misri specifically charged Wednesday press conference that "cross-border linkages of the terrorist act" had been "brought out" - in a clear reference to Pakistan. Authorities have identified that 25 victims were Indian, and one a Nepali citizen.
Traumatic experience of those tourists who saw Pahalgam terror attack in front of their eyes in Kashmir and managed to escape. Indian Army comes to the rescue. Heart goes out to all the victim families in India. We stand in solidarity with each one of you. https://t.co/d8WeM0vuvM
— Aditya Raj Kaul (@AdityaRajKaul) https://twitter.com/AdityaRajKaul/status/1914759398288662867?ref_src=twsrc%5Etfw
Pakistan has vehemently denied that it was behind the killings, as it has prior such terror attacks. The country's defense minister, Khawaja Muhammad Asif, declared in the aftermath that his country did not "support any form of terrorism" - but instead said "homegrown" elements were behind it.
A relatively unknown group calling itself The Resistance Front claimed responsibility in a social media post. It blamed "outsiders" who settled the region and caused a "demographic change" - strongly suggesting the terror attack was tied to Indian claims over the disputed region.
According to some eyewitness accounts featured in https://www.cnn.com/2025/04/22/asia/gunmen-open-fire-jammu-kashmir-intl/index.html
:
“My husband was shot in the head while seven others were also injured in the attack,” one woman survivor said, according to PTI.
Another survivor, Asavari Jagdale, told PTI the gunmen came into the tent where her family was hiding. The attackers accused the family – hailing from India’s western Pune city – of supporting Indian Prime Minister Narendra Modi, before shooting Jagdale’s male relatives, including her father, she said.
Local resident Abdul Waheed told CNN he jumped on his pony to help transport the injured back to areas where they could be driven to the hospital, and enlisted others in his local pony association to help. For those who were too injured, they used makeshift cots to carry them down the valley.
“I saw people crying, screaming, just lying in the aftermath of the attack. There were children, women, men, everyone,” he said. “It was a massive trauma. I did not sleep all night.”
India's security forces have launched a manhunt after gunmen opened fire on tourists and killed 26 people in Indian-administered Kashmir’s worst attack on civilians in almost a quarter of a century.
— in pictures https://t.co/FwsTqJE0kI
— Al Jazeera English (@AJEnglish) https://twitter.com/AJEnglish/status/1915114767305634111?ref_src=twsrc%5Etfw
The Indian government has offered monetary reward for "any information leading to the neutralization of the terrorists involved in this cowardly act."
President Trump's statement in reaction to the deadly terror attack...
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The Himalayan region is administered in some parts by both Pakistani and Indian soldiers, and has long been a hotbed of violence; however, regional media has highlighted that direct attacks on tourists remain very rare.
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Wed, 04/23/2025 - 15:25
https://www.zerohedge.com/geopolitical/gunmen-execute-26-tourists-indian-controlled-kashmir
Beige Book Finds Inflation Mentions Tumble To 3 Year Low, Biggest "Headcount Reductions Are In Government Roles"
Beige Book Finds Inflation Mentions Tumble To 3 Year Low, Biggest "Headcount Reductions Are In Government Roles"
Was that it for the Atlanta Fed recession (which as we described, managed to fool everyone into believing the US economy is crashing because of... https://www.zerohedge.com/markets/us-gdp-tumbles-because-soaring-gold-imports
)?
One month after the March Beige Book reported that in the first full month of Trump's presidency, economic activity actually "rose slightly since mid-January" and that "six districts reported no change, four reported modest or moderate growth, and two noted slight contractions", moments ago the Fed released the https://www.federalreserve.gov/monetarypolicy/files/BeigeBook_20250423
report according to which economic activity was.... shockingly not falling off a cliff as one would expect listening to liberal media, but instead was "little changed since the previous report" even though uncertainty around international trade policy was pervasive across reports. Similar to last month, five districts saw slight growth, three districts noted activity was relatively unchanged, and the remaining four Districts reported slight to modest declines. And just as importantly, contrary to expectations of runaway prices, the Beige Book found that prices increases (described equally as modest and moderate) were not galloping higher but instead were "similar to the previous report."
In short, the sky is not falling. Here are some more details:
While non-auto consumer spending was lower overall, most Districts saw moderate to robust sales of vehicles and of some nondurables, generally attributed to a rush to purchase ahead of tariff-related price increases.
Both leisure and business travel were down, on balance, and several Districts noted a decline in international visitors.
Home sales rose somewhat, and many Districts continued to note low inventory levels.
Commercial real estate (CRE) activity expanded as multifamily propped up the industrial and office sectors.
More importantly, loan demand - a key proxy for overall economic activity - was flat to modestly higher, on net.
Several Districts saw a deterioration in demand for non-financial services.
Transportation activity expanded modestly, on balance.
Manufacturing was mixed, but two-thirds of Districts said activity was little changed or had declined.
The energy sector experienced modest growth.
Agricultural conditions were fairly stable across multiple Districts.
Cuts to federal grants and subsidies along with declines in philanthropic donations caused gaps in services provided by many community organizations.
In short, much of the same inertia as last month. Where there was some notable change, was in the outlook: recall last month, "overall expectations for economic activity over the coming months were slightly optimistic." No more: courtesy of the concerted media campaign to spin Trump's economic policies in the worst possible light, the latest Beige Book described the outlook in several Districts as having "worsened considerably as economic uncertainty, particularly surrounding tariffs, rose."
Taking a closer at the labor market, the April Beige Book found that employment was little changed to up slightly in most Districts, with one District reporting a modest increase, four reporting a slight increase, four reporting no change, and three reporting a slight decline. This was a slight deterioration from the previous report with a few more Districts reporting declines. That's the bad news; the great news is that DOGE is working: according to the report, "the most notable declines in headcount were in government roles or roles at organizations receiving government funding." Which is precisely what most people voted for. Some more details:
Hiring was generally slower for consumer-facing firms than for business-to-business firms.
Several Districts reported that firms were taking a wait-and-see approach to employment, pausing or slowing hiring until there is more clarity on economic conditions.
In addition, there were scattered reports of firms preparing for layoffs.
Most Districts and markets reported an improvement in overall labor availability, although there were some reports of constraints on labor supply resulting from shifting immigration policies in certain sectors and regions.
Wages generally grew at a modest pace, as wage growth slowed from the previous report in multiple Districts.
Turning to inflation, not surprisingly (to anyone who shops) prices increased across Districts, with six characterizing price growth as modest and six characterizing it as moderate, similar to the previous report.
Most Districts noted that firms expected elevated input cost growth resulting from tariffs.
Many firms have already received notices from suppliers that costs would be increasing.
Firms reported adding tariff surcharges or shortening pricing horizons to account for uncertain trade policy.
Most businesses expected to pass through additional costs to customers.
However, there were reports about margin compression amid increased costs, as demand remained tepid in some sectors, especially for consumer-facing firms.
Here is a snapshot of highlights by Fed District:
Boston: Economic activity increased slightly, as the outlook became more pessimistic on tariff-related concerns. Prices rose modestly, but contacts perceived new upside risks to inflation. Employment edged up, although hiring plans became more cautious in response to increased uncertainty. IT services contacts experienced strong revenue growth and were expected to be relatively unaffected by tariffs.
New York: Economic activity contracted modestly as heightened uncertainty weighed on businesses and consumers. Employment was steady to up slightly. Price increases picked up to the higher end of the moderate range. Businesses expressed significant concern about tariffs. Outlooks darkened, with many businesses anticipating declining activity and rising prices.
Philadelphia: Business activity declined modestly during the current Beige Book period after a slight decrease in the last period. Nonmanufacturing activity fell moderately. Employment declined slightly; wages and prices again grew modestly. Generally, sentiment fell, and firms grew less optimistic about future growth amid rising economic uncertainty.
Cleveland: Reports suggested that Fourth District business activity continued to be flat in recent weeks, and contacts expected activity to remain flat in the months ahead. Consumer spending declined, though some auto dealers noted customers pulling forward purchases ahead of potential tariffs. Employment levels increased slightly, and wage pressures remained moderate.
Richmond: The regional economy grew slightly in recent weeks despite some pockets of weakness tied to federal staffing and contract spending. Consumer spending was flat. Residential and commercial real estate activity picked up slightly. Non-financial service providers reported a modest decline in demand and hesitation from customers to make investment decisions. Employment was little changed and price growth remained moderate amid upward price pressures from tariffs.
Atlanta: The Sixth District economy grew slightly. Employment was flat. Wages, nonlabor costs, and firms' prices increased modestly. Retail sales fell slightly, and travel and tourism declined modestly. Home sales rose modestly. Commercial real estate conditions softened. Transportation activity grew slowly. Loan growth was moderate. Manufacturing declined. Energy activity rose slowly.
Chicago: Economic activity was little changed. Consumer spending increased modestly; employment and construction and real estate activity were up slightly; manufacturing was flat; business spending declined slightly; and nonbusiness contacts saw a slight decline in activity. Prices increased modestly, wages rose slightly, and financial conditions tightened. Prospects for 2025 farm income were unchanged.
St. Louis: Economic activity has remained unchanged, but the outlook has slightly deteriorated. Heavy rains negatively impacted neighborhoods, farms, and businesses. Contacts expressed a lot of uncertainty and an elevated effort in estimating the impact of tariffs and ways to reduce cost increases and supply disruptions.
Minneapolis: District economic activity was lower. Employment declined and labor demand continued to soften. Wage growth was modest, and price increases were moderate. Consumer spending was lower with some exceptions. Manufacturing experienced modest improvements. Construction activity fell overall. Commercial real estate was mostly unchanged, and home sales declined. Agricultural conditions remained weak.
Kansas City: Economic activity in the Tenth District grew slightly, but expectations about business activity and consumer spending weakened considerably. Amid shifting conditions, businesses indicated they were most likely to adjust pricing to adapt. Expectations of price growth rose at a robust rate, most pronounced in goods sectors. Employment levels were stable but hiring stalled.
Dallas: Growth in the Eleventh District economy slowed to a slight pace. Nonfinancial services activity stalled. Retail sales dipped while manufacturing and oil field activity rose modestly. Lending growth moderated. Commercial real estate activity was steady, while housing demand remained tepid. Employment increased, and input cost pressures accelerated. Outlooks deteriorated as heightened uncertainty surrounding domestic and trade policy hindered firms' ability to plan.
San Francisco: Economic activity slowed slightly. Employment fell slightly. Wages grew slightly, and prices rose modestly. Demand for business and consumer services and for retail goods weakened. Activity in manufacturing and residential and commercial real estate markets softened slightly. Lending activity and conditions in agriculture were stable. The economic outlook worsened materially.
Confirming that contrary to conventional wisdom the economic picture was largely unchanged since April, the latest February Beige Book saw just 2 mentions of recessions, the same as March, and down sharply from 6 two months prior. Where there was some concern is that mentions of "slow" rose from from 35 in March (which was down from 38 in January) to 50. But the biggest surprise is that contrary to prevailing media narratives, mentions of inflation actually tumbled from a two year high of 15, to just 8- the lowest in three years, specifically since the start of the Fed's post-Covid inflationary tsunami...
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... suggesting that the US economy - while hardly on fire as it was during the hyperinflationary period of Biden's admin - continues to chug along and is hardly collapsing as so many Trump foes would like to see; and it certainly is not seeing prices explode higher.
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Wed, 04/23/2025 - 15:05