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The U.S. Supreme Court’s skeptical questioning of former President Donald Trump’s global tariffs has fueled speculation that his trade measures may be struck down, potentially upending the already fragile trade landscape.

The case centers on Trump’s use of the 1977 International Emergency Economic Powers Act (IEEPA) to impose sweeping tariffs on imports. The law grants presidents broad authority to regulate trade during national emergencies but makes no mention of tariffs, raising constitutional questions about the limits of executive power.

During oral arguments on Wednesday, justices across the ideological spectrum except Samuel Alito and Clarence Thomas appeared doubtful that Trump had legal authority to levy such blanket global tariffs.

Trade experts now warn that if the court invalidates Trump’s tariff policy, it could trigger a new wave of economic uncertainty, as the administration is expected to pivot quickly to other trade laws to reimpose duties.

Why It Matters

The outcome of this case could reshape U.S. trade policy for years. Businesses have paid over $100 billion in IEEPA-related tariffs since 2025, and a ruling against Trump could open a complex refund battle or force the White House to seek alternative legal pathways for its protectionist agenda.

Corporate leaders, already weary of erratic trade shifts, say a ruling either way offers little stability. “Even if it goes against IEEPA, the uncertainty still continues,” said David Young of the Conference Board, who briefed dozens of CEOs after the hearing.

Trump Administration: Faces potential legal defeat but can pivot to Section 232 (Trade Expansion Act of 1962) or Section 122 (Trade Act of 1974), both of which allow temporary or national security-based tariffs.

U.S. Supreme Court: Balancing presidential powers with statutory limits on trade actions.

Businesses & Importers: Risk being caught in regulatory limbo over refunds and future duties.

Federal Reserve: Monitoring potential economic fallout from prolonged trade instability.

Refunds Could Get “Messy”

Justice Amy Coney Barrett raised concerns about how refund claims would be handled if the tariffs are ruled illegal, calling it “a mess” for courts to manage.
Lawyer Neal Katyal, representing five small businesses challenging the tariffs, said only those firms would automatically receive refunds, while others must file administrative protests a process that could take up to a year.

Customs lawyer Joseph Spraragen added that if the court orders refunds, the Customs and Border Protection’s automated system could process them, but he warned, “The administration is not going to be eager to just roll over and give refunds.”

Economic and Policy Repercussions

Analysts expect the administration to rely on alternative statutes if IEEPA tariffs are overturned. However, implementing new duties under those laws could be slow and bureaucratic, potentially delaying trade certainty until 2026.

Natixis economist Christopher Hodge said such a ruling would be only a “temporary setback” for Trump’s trade agenda, predicting renewed tariff rounds or trade negotiations in the coming year.

Meanwhile, Federal Reserve Governor Stephen Miran warned the uncertainty could act as a drag on economic growth, though it might also prompt looser monetary policy if trade instability dampens business confidence.

What’s Next

A Supreme Court ruling is expected in early 2026, leaving companies in limbo over the future of U.S. tariff policy.
If Trump’s powers under IEEPA are curtailed, analysts expect a new wave of trade maneuvers potentially invoking national security provisions to maintain his “America First” economic approach, prolonging the climate of global trade unpredictability.

With information from Reuters.

Hamed and Rida Aliwa have taken up the responsibility of raising dozens of their grandchildren after they lost five of their sons because of Israel’s war on Gaza.

Oct. 7 (UPI) — The European Union has announced it will match President Donald Trump‘s tariffs on steel, causing the United Kingdom’s steel industry to quake.

The new tariffs would cause a crisis in the U.K. steel industry, as 80% of British exports are to the EU, according to a lobbying group representing the sector. Unions said the tariffs could kill the industry, The Guardian reported.

The European Commission’s plan would sharply cut the amount of steel that can be imported to the EU without tariffs to 18.3 million tons a year, an almost 50% drop, and would almost double the tariff rate to 50%.

The EU’s goal is to cut down on global overcapacity, which brings cheap steel from China and hurts steel jobs in Europe, the New York Times reported. It is also a reaction to Trump’s tariffs on EU steel, which could increase the likelihood that global producers will send their steel to Europe, flooding the market.

“Global overcapacity is damaging our industry,” European Commission President Ursula von der Leyen said in a statement.

“We have global overcapacity, unfair competition, state aid, and undercutting in prices, and we are reacting to that,” Stéphane Séjourné, the European Commission’s executive vice president for prosperity and industrial strategy, said at a news conference at the European Parliament in Strasbourg, France. “Eighteen thousand jobs were lost in the steel sector in 2024. That’s too many, and we had to put a stop to that.

“The European steel industry was on the verge of collapse — we are protecting it so that it can invest, decarbonize, and become competitive again,” Séjourné said.

U.K. Prime Minister Keir Starmer told reporters during a flight to India that officials were in discussions with the EU about the tariffs, according to The Guardian.

“In relation to the question of tariffs or other measures, as you’d expect, we are in discussions with the EU about this, as we’re in discussions with the U.S. about it,” Starmer said. “So I’ll be able to tell you more in due course, but we are in discussions as you’d expect.”

The U.K. government took control of Chinese-owned plants in Scunthorpe, England, earlier this year, while Liberty Steel plants in Rotherham and Stocksbridge, England, fell into government control last month.

U.K. industry minister Chris McDonald said it was “vital” to “protect trade flows between the U.K. and EU” and that he would meet with industry leaders on Thursday. He said he was “pushing the European Commission for urgent clarification of the impact of this move on the U.K.”

Charlotte Brumpton-Childs, U.K. national officer with the GMB trade union, called the tariffs a “hammer blow” that “could end steelmaking in the U.K. if safeguards aren’t secured,” according to The Guardian.

Sept. 20 (UPI) — President Donald Trump is instituting two major changes to the H-1B visa process, including the introduction of a so-called “gold card,” the U.S. Department of Labor confirmed in a media release.

Trump signed a pair of executive orders, one of which will institute a $1 million fee for high-skilled workers who pay the amount themselves, with the amount doubling to $2 million if the rate is paid by the person’s employer.

The second order will see the creation of a $100,000 fee for successful H-1B visa applicants.

Both changes were dubbed Project Firewall by the administration, which says the moves are meant to “safeguard the rights, wages, and job opportunities of highly skilled American workers.”

“This program will raise more than $100 billion, which we’ll use for cutting taxes and paying down debt,” Trump said in the Oval Office after signing the executive orders.

“They’re going to spend a lot of money to come in. We need great workers. And this pretty much ensures that this is what’s going to happen.”

Typically, there are 85,000 of the H-1B visas issued each year with a large number going to people working for tech giants such as Amazon and Microsoft, government data shows.

Employers must certify that workers looking to secure one of the visas will be paid a salary similar to what a U.S. citizen would be and that the company is unable to find an American to fill the role.

Prior to the executive order, an employer could pay a $215 registration fee to enter a lottery to claim one of the 85,000 annually issued visas.

“The Trump Administration is standing by our commitment to end practices that leave Americans in the dust. As we reestablish economic dominance, we must protect our most valuable resource: the American worker. Launching Project Firewall will help us ensure no employers are abusing H-1B visas at the expense of our workforce,” U.S. Secretary of Labor Lori Chavez-DeRemer said in a statement on the department’s website.

“By rooting out fraud and abuse, the Department of Labor and our federal partners will ensure that highly skilled jobs go to Americans first.”

WASHINGTON — Former President Biden has decided to build his presidential library in Delaware and has tapped a group of former aides, friends and political allies to begin the heavy lift of fundraising and finding a site for the museum and archive.

The Joe and Jill Biden Foundation this past week approved a 13-person governance board that is charged with steering the project. The board includes former Secretary of State Antony Blinken, longtime adviser Steve Ricchetti, prolific Democratic fundraiser Rufus Gifford and others with deep ties to the one-term president and his wife.

Biden’s library team has the daunting task of raising money for the 46th president’s legacy project at a moment when his party has become fragmented about the way ahead and many big Democratic donors have stopped writing checks.

It also remains to be seen whether corporations and institutional donors that have historically donated to presidential library projects — regardless of the party of the former president — will be more hesitant to contribute, with President Trump maligning Biden on a daily basis and savaging groups he deems left-leaning.

The political climate has changed

“There’s certainly folks — folks who may have been not thinking about those kinds of issues who are starting to think about them,” Gifford, who was named chairman of the library board, told The Associated Press. “That being said … we’re not going to create a budget, we’re not going to set a goal for ourselves that we don’t believe we can hit.”

The cost of presidential libraries has soared over the decades.

The George H.W. Bush library’s construction cost came in at about $43 million when it opened in 1997. Bill Clinton’s cost about $165 million. George W. Bush’s team met its $500 million fundraising goal before the library was dedicated.

The Obama Foundation has set a whopping $1.6 billion fundraising goal for construction, sustaining global programming and seeding an endowment for the Chicago presidential center that is slated to open next year.

Biden’s library team is still in the early stages of planning, but Gifford predicted that the cost of the project would probably “end up somewhere in the middle” of the Obama Presidential Center and the George H.W. Bush Presidential Library and Museum.

Biden advisers have met with officials operating 12 of the 13 presidential libraries with a bricks and mortar presence that the National Archives and Records Administration manages. (They skipped the Herbert Hoover library in Iowa, which is closed for renovations.) They’ve also met Obama library officials to discuss programming and location considerations and have begun talks with Delaware leaders to assess potential partnerships.

Private money builds them

Construction and support for programming for the libraries are paid for with private funds donated to the nonprofit organizations established by the former president.

The initial vision is for the Biden library to include an immersive museum detailing Biden’s four years in office.

The Bidens also want it to be a hub for leadership, service and civic engagement that will include educational and event space to host policy gatherings.

Biden, who ended his bid for a second White House term 107 days before last year’s election, has been relatively slow to move on presidential library planning compared with most of his recent predecessors.

Clinton announced Little Rock, Arkansas, would host his library weeks into his second term. Barack Obama selected Jackson Park on Chicago’s South Side as the site for his presidential center before he left office, and George W. Bush selected Southern Methodist University in Dallas before finishing his second term.

One-termer George H.W. Bush announced in 1991, more than a year before he would lose his reelection bid, that he would establish his presidential library at Texas A&M University after he left office.

Trump taps legal settlements for his

Trump was mostly quiet about plans for a presidential library after losing to Biden in 2020 and has remained so since his return to the White House this year. But the Republican has won millions of dollars in lawsuits against Paramount Global, ABC News, Meta and X in which parts of those settlements are directed for a future Trump library.

Trump has also accepted a free Air Force One replacement from the Qatar government. He says the $400 million plane would be donated to his future presidential library, similar to how the Boeing 707 used by President Ronald Reagan was decommissioned and put on display as a museum piece, once he leaves office.

Others named to Biden’s library board are former senior White House aides Elizabeth Alexander, Julissa Reynoso Pantaleón and Cedric Richmond; David Cohen, a former ambassador to Canada and telecom executive; Tatiana Brandt Copeland, a Delaware philanthropist; Jeff Peck, Biden Foundation treasurer and former Senate aide; Fred C. Sears II, Biden’s longtime friend; former Labor Secretary Marty Walsh; former Office of Management and Budget director Shalanda Young; and former Delaware Gov. Jack Markell.

Biden has deep ties to Pennsylvania but ultimately settled on Delaware, the state that was the launching pad for his political career. He was first elected to the New Castle County Council in 1970 and spent 36 years representing Delaware in the Senate before serving as Obama’s vice president.

The president was born in Scranton, Pennsylvania, where he lived until age 10. He left when his father, struggling to make ends meet, moved the family to Delaware after landing a job there selling cars.

Working-class Scranton became a touchstone in Biden’s political narrative during his long political career. He also served as a professor at the University of Pennsylvania after his vice presidency, leading a center on diplomacy and global engagement at the school named after him.

Gifford said ultimately the Bidens felt that Delaware was where the library should be because the state has “propelled his entire political career.”

Elected officials in Delaware are cheering Biden’s move.

“To Delaware, he will always be our favorite son,” Gov. Matt Meyer said. “The new presidential library here in Delaware will give future generations the chance to see his story of resilience, family, and never forgetting your roots.”

Madhani writes for the Associated Press.

Apple TV+, home of series including “The Studio” and “Ted Lasso,” is raising its subscription price by $3 to $12.99 a month, it announced Thursday.

The move comes as many streamers have been raising their prices, as the cost of production increases and the businesses are facing more pressure by investors to increase profits.

Apple TV+ launched in 2019 at $4.99 a month, positioned as a low-cost perk for people to watch high-quality shows and movies with a free trial if they bought Apple products such as iPhones and iPads. Since then, the streamer has raised its prices, mostly recently in October 2023 from $6.99 to $9.99.

Like other tech giants, Apple has faced scrutiny from the Trump administration on its U.S. manufacturing presence. Earlier this year, when the Trump administration proposed increasing tariffs, some analysts were concerned about the adverse effect that would have on Apple’s iPhone business, which makes iPhones in China.

Since then, Apple has increased its commitment to manufacturing in the U.S., most recently pledging an additional $100 billion in U.S. manufacturing.

If Apple continues to face pressure on major businesses including the iPhone, it could cause the company to look at other aspects of its business that aren’t drawing as much revenue, analysts have said.

In March, tech and business news site the Information reported that Apple TV+ is losing significant amounts of money. Analysts have long viewed Apple TV+ as part of the company’s larger push into services to go along with its hardware.

While Apple TV+ is increasing its monthly subscription price, it is not raising its $99.99 annual price or the cost of bundling Apple TV+ with other services through Apple One, the company said in a statement.

Apple declined to say how many subscribers Apple TV+ has or the reasons behind the monthly subscription price increase. The streaming service is part of Apple’s larger services category, which brought in $27.4 billion in revenue in its fiscal third quarter, up 13% from a year earlier.

Unlike other major streaming platforms, Apple TV+ does not offer an ad-supported version of its service.

Princess Andre was praised for raising awareness of period issues through her new reality show The Princess Diaries during its first episode on Sunday night

Princess Andre has been praised for raising awareness of period issues through her new reality show The Princess Diaries. The starlet, 18, who is the daughter of showbiz legend Katie Price and 90s pop singer Peter Andre, appeared in the first episode of her ITV2 reality show on Sunday evening.

Princess, alongside her dad and her brother Junior, 20, was getting ready to go to a Mission Impossible premiere and she said said: “All boys need to do is scruff up their hair a bit and put a suit on. It’s not that hard!” But things took a dramatic turn when Princess candidly admitted that the appearance had come at her time of the month. as she told the cameras: “This is not good! I feel like it’s a huge pressure to look perfect at these glamorous events, there are paps there, and anything little thing that’s wrong, people point it out and there’s loads of comments about it. So that’s dodgy nails, and I’m on my period, but apart from that, I’m read carpet ready!”

It was a race against time on the way to get to the event as Princess complained about cramps and had to stop at a hotel to rush in and use their bathroom. And in a confessional, she told viewers: “She said: “This is honestly the worst nightmare. Girls, you know exactly what I’m on about. You’re wearing a nice dress, you’re going to an event or a special event and you’ve just leaked. Yeah, the panic is real.” It comes after Princess Andre says she’s ‘independent’ from parents as she breaks silence after Katie Price row.

READ MORE: Princess Andre’s poignant message for fans after Princess Diaries debutREAD MORE: Princess Andre calls Katie Price ‘unpredictable’ as she reveals relationship with mum

As the scenes unfolded, Princess managed to get out of the car and to a bathroom just in time, but admitted amid all the tension:” “This is really disastrous. What if it’s actually gone through my dress? I don’t even think I can even stand up! Oh no! Has it leaked through, dad?!”

Just before heading into the glamorous event, Princess breathed a sigh of relief and she said: “Oooh, panic over, don’t worry. I’m all good. My dress is fine.” The moment did not go unnoticed by fans, and one rushed to X to praise the budding reality star for speaking out over the issue. They wrote on the social media platform: “Hats off to Princess Andre for talking about her periods in her reality show. Her life might not be normal but she is normalising something that usually carries stigma and shame.”

During the programme, Princess featured heavily alongside her brother and fans also praised the relationship between the siblings. as one wrote: “I’m not a fan of Katie Price & Peter Andre, but they really did make the most beautiful kids in Junior & Princess”, and a a third user said: “Watching The Princess Diaries on ITV. Loving the sibling relationship between Junior and Princess.”

Katie did actually make an appearance in the first episode of the programme, but was heard only on the other end of a voice note. Princess had to asked her mother about what she was like as a child and Katie replied: “Who was the naughtiest child? Well, you was a mummy’s girl so you used to push me more and probably get away with things so I’d say you was more naughty actually. You are still very much like me but different if that makes sense, you are more sensible.

“So yeah, the answer to your question is that I think you were naughty. You naughty girl! before Princess admitted in a confessional: “Me and my mum are so close. We’re more like best friends, we’ll tell each other anything.”

Katie recently said she was “very, very upset” that Princess’ career was being managed by her ex-husband Peter Andre’s management and says she’s being left out. She also said she won’t be watching the reality show, which she isn’t a part of. The mum-of-five said she was banned from her daughter’s 18th birthday party and that her former management team – who look after Mysterious Girl singer Peter, 52, and Princess – did not want her on the show as they considered her “trash”. Speaking on her podcast, Katie claimed: “Princess was like ‘I’m having a party’. And I wasn’t invited because it was for ‘filming’.”

“But I don’t feel like I can really talk, so I just write everything down in my notes. I do wish, like, I could have had a more happier childhood. In the sense of like, I had so many things on my plate at a young age.”

The first episode also saw Princess exploring ideas for her makeup business as she attempted to build a brand of her own. She told viewers in a confessional: “I am gonna take on the challenge because this is something that I really, really want so I’ve got to work, work work.”

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One of the most iconic EU cities is under pressure to increase its tourist tax following outrage from locals – who argue their home is being turned into a theme park

Fed-up locals in one of Europe’s most famous cities are calling for tough measures following a surge in tourism. Last year, a staggering 48.7 million visitors flocked to Paris – lured in by iconic sights like the Eiffel Tower, the Louvre, and of course those mouthwatering pastries.

Around 11 million of these selfie-stick-waving tourists headed over to Montmartre, a historic district home to the ethereal Sacré-Cœur Basilica. Instantly recognisable by its narrow cobbled streets and vibrant nightlife – Montmatre was catapulted to fame thanks to its famous cabaret venue, The Moulin Rouge, and was once a haven for artists like Picasso, Van Gogh, and Renoir.

However, with narrow streets so crowded with large tour groups, residents say their home has turned into Disneyland, and are calling for drastic change. It comes after Spanish islands fear Brits won’t return as tourists are dealt another blow.

READ MORE: Huge blow as beautiful country with 3m visitors unveils £17 tourist charge

Anne Renaudie has lived in the area for almost three decades, and manages the Vivre à Montmartre association. Speaking to Reuters, she argued the historic quarter has turned into a theme park after being cast into the tourist spotlight thanks to the 2011 hit film Amelie.

“People come for three hours, have fun, buy a beret or a crepe, and leave – as if they were in an amusement park,” she said. As a result, many of the essential food shops catering to locals have been replaced with tourist-targeted snack stands and souvenir shops.

“We’re down to two or three butchers [and] two cheese shops. They’re disappearing one after the other,” Anne added. “Now, it’s a lot of ice cream, crepes, and taco places.”

Along with other members of the association, Anne is urging the town hall to impose similar clampdowns to other European hotspots including Barcelona and Venice. This includes limiting tour groups to just 25 people, banning loudspeakers and increasing the tourist tax.

Sky-high tourist taxes have become common practice across the continent in recent years, with swathes of destinations struggling to keep up with soaring demand. Take Italy’s Venice, for example, which has extended its day-tripper tourist tax to 2025 and doubled the price for certain visitors.

Those wanting to roam the endless network of canals on a gondola, or eat their body weight in pizza, will now have to pay €5 for the Venice Access Fee if they’re visiting for the day from April 18 to July 27. For last-minute visitors, this doubles to €10.

Cruise passengers heading to insufferably busy Greek islands such as Santorini and Mykonos will also be charged €20 for disembarking at the harbour, while tourists in Portugal are subject to a €1-€4 charge per night depending on the accommodation and area they’re staying in. For some, the unexpected costs come prior to flying – like one woman who was charged £75 for her luggage.

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Fossil Free Football say: “Particular concern is for the fixtures in the no-shade stadium in Charlotte where a heat index of 38C (Real Madrid v Pachuca) and 41C (Benfica v Bayern) is forecast for the next two matches.

“This underlines the dangers facing players and fans at this tournament and in 2026. Fifa have done very little to allay safety concerns.”

The game between New Zealand part-timers Auckland City and Boca Juniors is also due to take place in 41C in Nashville at a ground with limited cover.

Matches in Philadelphia, New York, Cincinnati and Washington DC will also be played in the anticipated heatwave.

After Atletico’s 4-0 defeat by Paris St-Germain in 32C in Pasadena, Marcos Llorente said it was “terribly hot” and added “my toes were sore, my nails were hurting… it’s incredible”.

Fans spoke of having to leave that game because of the heat – and complained about long queues and restrictions of water when arriving at the stadium.

A Fifa statement read: “Fifa’s top priority is the health of everyone involved in football, and Fifa’s medical experts have been in regular contact with the clubs participating to address heat management and acclimatisation.”

The governing body added there will continue to be cooling breaks in the 30th and 75th minute where needed – and that fans are allowed to bring empty clear bottles of up to one litre into stadiums.

Chelsea, who are one of two English teams competing along with Manchester City, beat Los Angeles FC in their opener but then lost 3-1 to Flamengo on Friday.

“It’s not easy because of the temperature,” said boss Enzo Maresca. “We’re going to try to rotate players.”

On a humid, late afternoon in November, Edith sits giggling loudly and bantering with two older members of her team during a lull between heavy rain showers. They watch as younger staff members dodge puddles and sweat through a daily aerobics routine in the muddy courtyard.

As energetic pop music blares across the compound made up of three single- and double-storey buildings, seven-year-old Diego, who has cerebral palsy, heads up a concrete ramp towards a therapy room. His wrists twisted, he crawls forward slowly until Edith spots him.

“Diego, my boy!” the 49-year-old calls out with a wide grin.

She runs over to him, her loose dress billowing as she scoops him up and swings him quickly onto her hip. He gives her a high five, and the two laugh before turning their attention to the workout.

The warmth and affection between Edith and her staff and the children at the orphanage make the place feel like it belongs to a very large family.

Edith’s own journey as a disability rights figure in Uganda began in 2000 with the birth of her first child, Derrick, in Jinja.

When Derrick was two days old, he turned yellow and cried excessively. So Edith and her husband, Richard, took him to a hospital where he was misdiagnosed with malaria. For two weeks, their son suffered convulsions, and upon seeing another doctor, he was found to have complications with his spinal cord after contracting meningitis.

“When he made three months, this is when I realised that my son was not growing as a normal child. He had poor head control. He had a curved spinal cord. He was very floppy,” Edith recalls while sitting in her office. Its walls are adorned with certificates of appreciation and merit, and a portrait of President Yoweri Museveni hangs above the door.

As she looks out a window onto a playground full of children, Edith recalls how she and Richard struggled to get information about their son’s condition and were ostracised by their friends and family who were fearful of them and Derrick.

“We started coming into the hospital, in and out. Home, hospital, home, hospital. And with his situation, especially with convulsions, people were like, ‘He has got epilepsy. He has demons.’ And this is where I was rejected by the community,” she says.

“They were like, ‘She gave birth to a demon-possessed child.’”

Historically and until today, education about disabilities has not been promoted through government-run schools or local clinics, leading many Ugandans to resort to traditional healing. Without a diagnosis and feeling helpless, Edith succumbed to social pressure and took her son to traditional healers.

“I tried to take him to different witch doctors. They were cutting him all over the body, smearing him with their herbs, washing him with blood of the chicken, the blood of the goat. They could take us in at night to shower us with the blood of the chicken, but still, Derrick didn’t change,” she recalls. “It was just worsening.”

But then an elderly couple at her church encouraged her to return to the hospital and supported her family. So Edith returned with Derrick to the hospital. After 12 months, he was diagnosed with permanent disability. The prolonged lack of treatment for meningitis had led to severe brain damage and cerebral palsy, leaving him nonverbal and unable to walk or feed himself for the rest of his life.

The Trump brand has been used to hawk cryptocurrencies, Bibles, steaks and guitars. Now the US president’s media company is laying the groundwork to sell investment funds.

Trump Media & Technology Group Corp., which is majority owned by Donald Trump, plans to sell offerings tied to his agenda.

The parent of the Truth Social platform, where the president is also a prominent poster, has announced plans for and trademarked the names of a group of financial products under the Truth.Fi banner—investments that will potentially benefit from the president’s policies with bets on energy, crypto and domestic manufacturing. The proposed products include exchange-traded funds, or portfolios that trade like stocks that can be purchased through most brokers.

Details on the products’ structures and strategies are still scarce. ETFs are subject to approval by regulators, and no public filings are available yet. Yet the brand-building has already begun. So have the arguments. Critics see a sitting US president having a financial stake in the success of funds that are associated with his brand and his politics, built on strategies that he can influence from the White House.

“These transactions fly in the face of government ethics standards,” says Michael Posner, professor of ethics and finance at NYU Stern School of Business. “When you’re president, the assumption is that 100% of your energy is devoted to serving the country—not monetizing your public platform.”

The administration says the president is walled off. “President Trump’s assets are in a trust managed by his children,” Deputy Press Secretary Anna Kelly said in a statement. “There are no conflicts of interest.” Trump Media did not respond to a request for comment.

US presidents aren’t required under federal law to divest assets, but past leaders have done so or used blind trusts to avoid perceived conflicts. Trump, however, has maintained financial exposure through family-controlled structures. Right before taking office again, he transferred about $4 billion worth of Trump Media shares to a trust controlled by his son Donald Trump Jr. But the arrangement is not a blind trust with independent oversight.

The concern among ethics experts isn’t only the ownership. It’s the overlap between policy and potential monetary benefit. The Truth.Fi funds could rise and fall in line with decisions the president makes in office. Protectionist policies aimed at various sectors and countries could help the proposed Truth.Fi Made in America ETF, which is set to bet on reshoring. Deregulatory moves in favor of crypto may boost a Bitcoin-themed ETF. And so on.

The crypto angle is a familiar one. Trump and his family have already profited from the digital-asset boom, hyping up a cryptocurrency bearing his name. Such so-called memecoins have no underlying value as investments, but creators of Trump’s coin recently held a promotion offering top holders a private dinner with the president. A company affiliated with the Trump Organization owns a large chunk of the Trump memecoins. Another Trump family-linked company, World Liberty Financial, has also issued its own cryptocurrencies, including a dollar-linked digital token called a stablecoin. World Liberty recently announced the coin would be used to complete a $2 billion transaction between a state-backed Abu Dhabi company and the overseas crypto exchange Binance. Senators Elizabeth Warren of Massachusetts and Jeff Merkley of Oregon have said the stablecoin offers “opportunities for unprecedented corruption” because the Trump family can benefit financially from the use of its product.

In its ETF announcement, Trump Media said the proposed products, which include portfolios known as separately managed accounts in addition to ETFs, offer a conservative alternative to “woke” investing. It’s a niche currently occupied by funds including the Point Bridge America First ETF and the God Bless America ETF, among others. Both have gathered only modest assets, as have left-leaning ETFs, thanks in part to a saturated ETF market that’s making life harder for newbie issuers.

There are already about 60 ETFs based on Bitcoin, a tally that’s grown by at least 22 this year. In addition, there are more than 60 funds tied to energy, including coal, and at least three from issuers including Tema and BlackRock Inc.’s iShares based on reshoring and manufacturing, according to data compiled by Bloomberg.

Trump Media “will be depending on its brand recognition to set its ETFs apart among a crowd of competing products,” says Roxanna Islam, head of sector and industry research at ETF shop TMX VettaFi. “A strong political following may help gather initial support, but in the long run, flows will ultimately depend on ETF basics like fees and performance.”

The company has announced plans to seed the funds with as much as $250 million. It’s working with trading platform Crypto.com and investment firm Yorkville Advisors to help run the funds. Still, its biggest unrivaled asset is Trump himself. Even if he’s not an explicit spokesperson, almost everything he does makes him a potential ad for the company. “What a competing fund doesn’t have is a person who’s in the news literally every day who can then talk about these things,” says Philip Nichols, a professor of legal studies and business ethics at the Wharton School of the University of Pennsylvania.

Hal Lambert, who runs the MAGA ETF and has raised money for Trump’s presidential runs, dismisses concerns about conflicts. For one, the president’s views on issues such as domestic manufacturing have been publicly known for decades. There are more direct ways to have a seat at the table than buying an ETF, he says; people can give money to campaigns or political action committees, for instance. “I just don’t know that that stuff would work on him,” Lambert says. “Trump does what he wants to do.”

Hajric writes for Bloomberg

Russia questioned Ukrainian sovereignty and undermined the authority of its president as the two countries engaged in their first direct talks since Russia invaded Ukraine in 2022.

Ukrainian President Volodymyr Zelenskyy arrived in Istanbul on May 15 for the talks his Russian counterpart suggested days earlier. Accompanying him were his foreign and defence ministers.

But Russian President Vladimir Putin did not show up, nor did his cabinet members. He sent a junior delegation, headed by ambassador-at-large Rodion Miroshnik, that was not empowered to sign a ceasefire.

However, in sour tones, Russia cast aspersions on the legitimacy of the Ukrainian team.

“The delegation is waiting for the clown to speak out, for the hallucinogens to wear off, and for him to finally allow those he’s banned from negotiating for three years to sit down at the table,” Russian Foreign Ministry spokesperson Maria Zakharova wrote on social media, referring to Zelenskyy’s decree against direct talks while Russia waged war in Ukraine.

“We analysed Ukrainian legislation, and according to it, we understand that Zelenskyy’s powers as the legitimate leader of the country have expired,” said Russian lead negotiator Rodion Miroshnik on May 16, the day of the talks.

He was referring to the fact that Zelenskyy did not hold a scheduled presidential election last year. The Ukrainian constitution allows Zelenskyy to remain in office at a time of national crisis, and the Ukrainian parliament extended Zelenskyy’s term until the end of martial law. But Russian officials have used the extension to paint Zelenskyy as illegitimate.

“There is a risk that agreements reached and signed in an illegitimate manner may be disavowed,” said Miroshnik.

“The most important and fundamental thing for us remains who exactly will sign these documents on the Ukrainian side,” said Kremlin spokesman Dmitry Peskov the day after the talks.

But Russia’s stance has stirred suspicion that Moscow is laying the groundwork to eventually wriggle out of any agreement.

“This rhetorical campaign is part of efforts to set conditions for Russia to withdraw from any future peace agreements at a time of Russia’s choosing,” wrote the Institute for the Study of War, a Washington-based think tank.

What the two sides proposed

Ukraine proposed a ceasefire followed by a meeting between Zelenskyy and Putin.

Russia rejected both demands, proposing instead an exchange of 1,000 prisoners of war from each side, followed by a submission of ceasefire proposals in writing.

“We agreed that each side would present its vision of a possible future ceasefire, laying it out in detail,” said Putin aide Vladimir Medinsky, a member of the negotiating team.

The war will meanwhile continue – in its favour, Russia believes.

During the talks, Russian forces launched assaults near Pokrovsk and Toretsk in Ukraine’s east, capturing some turf.

On Saturday night, Russia unleashed 273 drones on Ukraine’s cities – its largest barrage of the war.

And on Monday, the Russian Ministry of Defence claimed to have captured two settlements, Maryino in Sumy and Novoolenovka in Donetsk.

Moscow has answered Kyiv’s calls for a ceasefire by insisting on talks without preconditions, but it reportedly demanded them on Friday.

Sources familiar with the proceedings told Bloomberg the Russian delegation demanded a priori recognition that the four provinces Russia partly occupies, Luhansk, Donetsk, Zaporizhzhia and Kherson, be handed over in their entirety.

Russian Security Council deputy chairman Dmitry Medvedev insisted that the four regions Russia invaded in 2022 were Russian by law.

“They first proclaimed themselves the subjects of international law following referendums and then addressed us with a request to accede to the Russian Federation. So, from the standpoint of international law, everything is fine here,” he told the St Petersburg International Legal Forum on Tuesday.

It appeared that Russia was trying to set another precondition for a second round of talks, which should entail an agreement on Ukraine’s non-aligned status, Leonid Slutsky, the head of the State Duma’s committee on international affairs, told the pro-Kremlin newswire TASS on Tuesday.

The surrendering of the four regions and neutrality – an agreement never to join NATO and the European Union – are among conditions Putin set in a speech last June.

As delegations resumed their talks on Monday, Zakharova confirmed that those still constituted Russian goals.

Is Trump an effective negotiator?

Putin outlined the next steps after speaking with United States President Donald Trump on the phone on Monday.

“Russia is ready and will continue to work with the Ukrainian side on a memorandum on a potential future peace treaty outlining a number of positions, such as, for instance, settlement principles, the timeframe for signing a potential peace agreement, and so on, including a potential ceasefire for a certain period in case relevant agreements are reached,” Putin told reporters .

The next day, Putin called Ukrainians Neonazis for tearing down World War II monuments, and “idiots” who “would come second in a contest of idiots”, as he visited the border region of Kursk for the first time since Russian forces reclaimed it following a Ukrainian counter-invasion.

Trump urged Putin to meet with Zelenskyy.

Peskov downplayed the demand, saying they “touched upon the issue of direct contact”.

“It is important that America remains engaged in the process of bringing peace closer. It is America that Russia fears, and it is American influence that can save many lives, if used as leverage to make Putin end the war,” Zelenskyy said in his Tuesday evening address.

But others had doubts that Trump’s negotiating tactics were going to produce a good result for Ukraine.

US former ambassador to Kyiv Bridget Brink explained on Monday why she resigned her post last month.

“I resigned from Ukraine and also from the foreign service because the policy since the beginning of the [Trump] administration is to put pressure on the victim, Ukraine, rather than on the aggressor, Russia,” she told CBS’s Face the Nation. “Peace at any price is not peace at all. It’s appeasement. And as we know from history, appeasement only leads to more war.”

Europe, Canada and Australia remain the holdouts among Ukraine’s allies in favour of a harder line against Russia.

A 17th EU sanctions package came into force on Monday, restricting the movement of 189 tankers considered to be smuggling Russian oil, and bringing the total to 342. The EU also sanctioned Russian arms manufacturers and 28 Russian judges for human rights violations.