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.
On Monday, Louisiana State fired football coach Brian Kelly.
On Wednesday, the state governor Jeff Landry said the university’s athletic director, Scott Woodward, should have no say in the selection of the new coach.
On Thursday, Woodward and LSU “agreed to part ways,” according to the school’s athletic department.
And on Friday, the interim athletic director attempted to assure everyone that, despite all that has transpired in this week, the department is not in disarray.
“This place is not broken,” Verge Ausberry said during a news conference at which he sat between two members of the LSU Board of Supervisors at the front of a meeting room inside Tiger Stadium. “The athletic department is not broken. We win.”
Ausberry has been given “full authority” to run the athletic department and lead the search for a new football coach, board member John Carmouche told reporters.
“We’re going to hire the best football coach there is,” said Ausberry, a former Tigers football player who has worked in LSU athletics administration since 1991. “That’s our job. We are not going to let this program fail. LSU has to be in the playoffs every year in football.”
Woodward, a Baton Rouge native and LSU graduate, had served as the university’s athletic director since April 2019. During that span, the Tigers won two national titles in baseball and one each in football, women’s basketball and gymnastics.
One major move made during Woodward’s tenure was the 2021 firing of football coach Ed Orgeron, who had led the Tigers to the national championship following the 2019 season, and subsequent signing Kelly, the former Notre Dame coach, to a guaranteed 10-year contract worth about $100 million.
This week, days after LSU suffered its third loss in four games, Kelly was fired with more than six years remaining on his contract. Running backs coach Frank Wilson was named interim head coach.
“When Coach Kelly arrived at LSU four years ago, we had high hopes that he would lead us to multiple SEC and national championships during his time in Baton Rouge,” Woodward said in announcing Kelly’s firing. “Ultimately, the success at the level that LSU demands simply did not materialize.”
The move leaves the university on the hook for a substantial buyout. Louisiana’s governor said Wednesday he was involved in the discussions that led to Kelly’s ouster but made clear that he was unhappy with the finances of the situation.
“My role is about the fiscal effect of firing a coach under a terrible contract,” said Landry, who was speaking to reporters about other matters but was asked about recent developments at LSU. “All I care about is what the taxpayers are going to be on the hook for.”
Unnamed private donors are said to have pledged to cover the cost of Kelly’s buyout.
“If big billionaires want to spend all that kind of money, no problem,” Landry said. “But if I’ve got to go find $53 million … it’s not going to be a pleasant conversation.”
Landry also made it clear that he had no intention of allowing Woodward to play a role in the hiring of the next coach.
“Hell, I’ll let Donald Trump select him before I let [Woodward] do it,” the Republican governor said.
The next night, Woodward was out.
“We thank Scott for the last six years of service as athletic director,” LSU Board of Supervisors chair Scott Ballard said in a statement. “He had a lot of success at LSU, and we wish him nothing but the best in the future. Our focus now is on moving the athletic department forward and best positioning LSU to achieve its full potential.”
The news of Woodward’s departure dropped during a women’s basketball exhibition game between LSU and Langston. Tigers coach Kim Mulkey, who was hired by Woodward in 2021, did not attend a postgame news conference, with associate head coach Bob Starkey telling reporters Mulkey was “heartbroken” over the news.
Woodward wrote in an open letter to Tiger Nation: “Others can recap or opine on my tenure and on my decisions over the last six years as Director of Athletics, but I will not. Rather, I will focus on the absolute joy that LSU Athletics brings to our state’s residents and to the Baton Rouge community. …
“Our University will always hold a special place in my heart and I will never be too far from LSU.”
Dutch chipmaker Nexperia has suspended wafer shipments to its Chinese assembly plant in Dongguan, a move that could intensify the semiconductor supply crunch already rattling automakers worldwide.
The suspension, revealed in a company letter dated October 29 and signed by interim CEO Stefan Tilger, followed the Chinese unit’s failure to meet contractual payment terms. It comes amid escalating tensions after the Dutch government seized control of Nexperia from its Chinese owner, Wingtech Technology, in late September, citing national security and governance concerns.
Why It Matters
The halt threatens to disrupt automotive and electronics supply chains at a critical time. Around 70% of Nexperia’s chips produced in the Netherlands are packaged in China, meaning the freeze could ripple through global manufacturing networks.
The dispute also underscores the deepening fractures in global tech supply chains, where national security concerns and trade controls increasingly shape corporate decisions. With the U.S., China, and Europe tightening technology restrictions, Nexperia’s situation reflects the mounting geopolitical tug-of-war over semiconductor control.
Nexperia (Netherlands): Seeking to maintain operations while asserting independence from Chinese influence.
Wingtech Technology (China): The former owner now sidelined after Dutch government intervention.
Dutch Government: Exercising sovereignty over critical tech assets amid Western security coordination.
Chinese Ministry of Commerce: Blocking Nexperia’s chip exports from China in retaliation.
Global Automakers: Companies like Stellantis and Nissan are monitoring potential production halts as chip prices soar.
What’s Next
Nexperia says it is developing alternative supply routes to support its global customers but has not disclosed details. The Dongguan facility remains operational, though limited by the wafer cutoff.
Analysts expect further trade retaliation from Beijing, potentially deepening the rift between European and Chinese semiconductor ecosystems. Automakers warn of possible shortages by mid-November if shipments do not resume.
Implications
This episode highlights how state intervention in technology firms is reshaping global supply chains. The Dutch government’s takeover framed as a national security move signals Europe’s growing alignment with U.S. export controls targeting Chinese tech entities.
In the short term, the halt could spike chip prices and strain automotive production, particularly in Asia and Europe. Long term, it may accelerate a strategic decoupling between Western and Chinese semiconductor manufacturing bases.
Politically, this marks a test of Europe’s resolve to protect critical tech sectors even at the cost of trade friction with Beijing.
With information from an exclusive Reuters report.
The United States and China have started charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil, making the high seas a key front in the trade war between the world’s two largest economies.
A return to an all-out trade war appeared imminent last week, after China announced a major expansion of its rare earths export controls, and US President Donald Trump threatened to raise tariffs on Chinese goods to triple digits.
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But after the weekend, both sides sought to reassure traders and investors, highlighting cooperation between their negotiating teams and the possibility they could find a way forward.
China said it had started to collect the special charges on US-owned, operated, built or flagged vessels, but it clarified that Chinese-built ships would be exempted from the levies.
In details published by state broadcaster CCTV, China spelled out specific provisions on exemptions, which also include empty ships entering Chinese shipyards for repair.
Similar to the US plan, the new China-imposed fees would be collected at the first port of entry on a single voyage or for the first five voyages within a year.
“This tit-for-tat symmetry locks both economies into a spiral of maritime taxation that risks distorting global freight flows,” Athens-based Xclusiv Shipbrokers said in a research note.
Early this year, the Trump administration announced plans to levy the fees on China-linked ships to loosen the country’s grip on the global maritime industry and bolster US shipbuilding.
An investigation during the administration of former US President Joe Biden concluded that China uses unfair policies and practices to dominate the global maritime, logistics and shipbuilding sectors, clearing the way for those penalties.
China hit back last week, saying it would impose its own port fees on US-linked vessels from the same day the US fees took effect.
“We are in the hectic stage of the disruption, where everyone is quietly trying to improvise workarounds, with varying degrees of success,” said independent dry bulk shipping analyst Ed Finley-Richardson. He said he has heard reports of US shipowners with non-Chinese vessels trying to sell their cargoes to other countries while en route, so the vessels can divert.
The Reuters news agency was not immediately able to confirm this.
Tit-for-tat moves
Analysts expect China-owned container carrier COSCO to be the most affected by the US fees, shouldering nearly half of that segment’s expected $3.2bn cost from the fees in 2026.
Major container lines, including Maersk, Hapag-Lloyd and CMA CGM, slashed their exposure by switching China-linked ships out of their US shipping lanes. Trade officials there reduced fees from initially proposed levels, and exempted a broad swath of vessels after heavy pushback from the agriculture, energy and US shipping industries.
The Office of the US Trade Representative (USTR) did not immediately respond to a request for comment from Reuters.
China’s Ministry of Commerce on Tuesday said, “If the US chooses confrontation, China will see it through to the end; if it chooses dialogue, China’s door remains open.”
In a related move, Beijing also imposed sanctions on Tuesday against five US-linked subsidiaries of South Korean shipbuilder Hanwha Ocean, which it said had “assisted and supported” a US probe into Chinese trade practices.
Hanwha, one of the world’s largest shipbuilders, owns Philly Shipyard in the US and has won contracts to repair and overhaul US Navy ships. Its entities will also build a US-flagged LNG carrier.
Hanwha said it is aware of the announcement and is closely monitoring the potential business impact. Hanwha Ocean’s shares sank by nearly 6 percent.
China also launched an investigation into how the US probe affected its shipping and shipbuilding industries.
A Shanghai-based trade consultant said the new fees may not cause significant upheaval.
“What are we going to do? Stop shipping? Trade is already pretty disrupted with the US, but companies are finding a way,” the consultant told Reuters, requesting anonymity because he was not authorised to speak with the media.
The US announced last Friday a carve-out for long-term charterers of China-operated vessels carrying US ethane and liquefied petroleum gas (LPG), deferring the port fees for them through December 10.
Meanwhile, ship-tracking company Vortexa identified 45 LPG-carrying VLGCs — an acronym for very large gas carriers, a type of vessel — that would be subject to China’s port fee. That amounts to 11 percent of the total fleet.
Clarksons Research said in a report that China’s new port fees could affect oil tankers accounting for 15 percent of global capacity.
Meanwhile, Omar Nokta, an analyst at the financial firm Jefferies, estimated that 13 percent of crude tankers and 11 percent of container ships in the global fleet would be affected.
Trade war embroils environmental policy
In a reprisal against China curbing exports of critical minerals, Trump on Friday threatened to slap additional 100 percent tariffs on goods from China and put new export controls on “any and all critical software” by November 1.
Administration officials, hours later, warned that countries voting this week in favour of a plan by the United Nations International Maritime Organization (IMO) to reduce planet-warming greenhouse gas emissions from ocean shipping could face sanctions, port bans, or punitive vessel charges.
China has publicly supported the IMO plan.
“The weaponisation of both trade and environmental policy signals that shipping has moved from being a neutral conduit of global commerce to a direct instrument of statecraft,” Athens-based Xclusiv said.
Opposition parties are calling on embattled President Macron to resign before his term ends in 2027.
Caretaker French Prime Minister Sebastien Lecornu has played down the prospect of a dissolution of parliament following talks with political parties to form a coalition and pass an austerity budget to resolve the nation’s worst political turmoil in years.
The talks showed a desire to pass the proposed budget cuts by the end of the year, Lecornu said, following an impasse which has prompted calls for embattled President Emmanuel Macron to step down.
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“This willingness creates a momentum and a convergence, obviously, which make the possibilities of a dissolution more remote,” Lecornu said in a speech on Wednesday at Paris’s Matignon Palace.
Lecornu, who himself resigned on Monday after less than a month in power, said he would present a plan to Macron later on Wednesday.
The plan is the latest development in a political crisis that started when Macron called snap elections last year. His goal was to get a stronger majority in parliament, but he instead finished with an even more fractious assembly.
This plunged France into deeper political chaos: with no governing majority, the parliament has been unable to approve the budget to narrow France’s growing debt.
To resolve the deadlock, Macron appointed three prime ministers who either failed to secure a majority or resigned, including Lecornu.
Meanwhile, opposition parties have been seizing the momentum. A leading figure of far-right National Rally (NR) party, Marine Le Pen, has once again called for Macron to resign before the president’s term ends in 2027.
“Let’s return to the ballot box,” Marine Le Pen said on Monday. “The French must decide, that is clear,” she told reporters. Le Pen and Jordan Bardella, NR’s president, refused to join negotiations with Lecornu , French media reported on Tuesday, saying that such talks did not serve the interest of French citizens but rather those of Macron.
They called instead for the dissolution of the National Assembly. Following last year’s elections, NR won more seats than any other, but not enough to form a majority.
In September, a poll by TF1-LCI showed that more than 60 percent of French voters approved new elections. And should those take place, the leaders of the NR would lead the race’s first round, according to a poll by Ifop Fiducial.
Jean-Luc Melenchon, leader of the far-left France Unbowed party, and Francois-Xavier Bellamy, head of the right-wing Republicans party, also called for the president to resign.
The political chaos is not only emboldening Macron’s rivals, it is also turning his allies away.
“I no longer understand the decision of the president. There was the dissolution and since then, there’s been decisions that suggest a relentless desire to stay in control,” said Gabriel Attal, leader of the president’s centrist party.
“People are abandoning him on all sides, it’s clear that he is responsible for the political crisis which gets worse each day,” said political analyst Elisa Auange. “He seems to be making all the wrong decisions.”
A grainy circle flashes on the top-right corner of the screen at the Eagle Theater. The single-screen repertory cinema, run by the nonprofit organization Vidiots, was showing a 35-millimeter print of Paul Thomas Anderson’s psychological drama “The Master.”
The faint warning is easily missed by most viewers, but it appears every 10 minutes, alerting the projectionist to change the reel.
The auditorium was sold out. Audience members clapped as the film title appeared onscreen. There was a buzz in the air even before the lights faded to black with the standby line filled with hopefuls trying to grab a last-minute ticket. The stakes were high for the person manning the reel exchange.
Guests wait to enter the Vidiots movie theater for a movie night in Los Angeles.
Michael Rousselet, a projectionist at the Eagle Rock theater, often drinks a lot of coffee to stay alert during late-night screenings.
“If we do a good job, no one knows we exist,” Rousselet quipped as he showed off the projection booth. “If we mess up, everyone knows we exist.”
The carefully curated communal experience offered by repertory theaters is enduring the hardships of the box office, even after the pandemic, which led to the demise of some well-known cinemas. The famed Cinerama Dome and adjoining former Arclight theater on Sunset Boulevard have still not reopened, despite popular demand.
A Monday screening of a 35-millimeter copy of the 2007 film “Michael Clayton” by American Cinematheque sold out. Independent cinema has captured a niche population that has helped it prevail in a time when box office revenue is tumbling down.
Guests enter the movie theater at Vidiots in Los Angeles.
The summer box office season, which stretches from early May through Labor Day, grossed $3.67 billion in the U.S. and Canada, down slightly from last year and significantly less than the pre-pandemic norm of $4 billion. Some new films with major stars struggle to get anyone to show up. “Americana,” starring Sydney Sweeney, one of Hollywood’s top young stars, earned $500,000 during its opening weekend last month.
The unique cinematic experiences crafted by the different repertory theaters play a pivotal role in revitalizing the film industry in Los Angeles, according to Maggie Mackay, executive director of Vidiots.
“I don’t think you can [raise the next generation of film lovers] through one platform,” Mackay said, sitting down in her auditorium. “I don’t think you can fall in love with an art form by clicking a few times and observing it by yourself.”
Patrons at the bar of the Vidiots’ cinema in Los Angeles.
A 2024 study by Art House Convergence showed that between 2019 and 2024, audiences became younger and more diverse. The number of wide releases have also made the independent industry healthier, according to Rich Daughtridge, president of Independent Cinema Alliance.
Independent theaters “are still down compared to 2019, but the momentum attraction is going up,” he said.
Netflix bought the Egyptian Theatre from American Cinematheque for an undisclosed amount in 2020. The influx of money helped the organization grow the brand and host more screenings — the total jump from 500 screenings to 1,600 with 350,000 patrons visiting their theaters, according to Grant Moninger, artistic director at American Cinematheque.
Part of the reason audiences are choosing smaller theaters over multiplexes is the care and attention staff members put into each showing. The viewing experience at these revival theaters always starts with a crew member reminding the audience to stay away from their phones — they want everyone to enjoy the tiny scratches, dust specks and vibrant colors of the print they are showing.
Patrons watch a movie at Vidiots movie theater in Los Angeles.
“I think people are desperately in search of community right now and of feeling closer to other people and sharing things and not feeling disconnected by technology,” Sean Fennessey, the host of the podcast “The Big Picture,” said after the “Michael Clayton” screening.
“We’re very lucky in Los Angeles that we have so many great spaces … that are encouraging people to come together and hang out and laugh and cry and feel chills,” he added.
Each location offers Hollywood cinephiles and casual viewers alike options to catch a variety of movies based on their niche. Independent cinema has had the least trouble recruiting an audience post-pandemic, according to Art House Convergence.
The Vista Theater and the New Beverly show personal copies from the private collection of Quentin Tarantino, who saved the theaters from extinction. Its recent run of “Kill Bill: The Whole Bloody Affair” sold out and warranted the Vista announcing a new run of it.
American Cinematheque hosted a festival of films handpicked by different podcasters, which sold out screenings in the middle of the week.
Guests wait to enter the Vidiots movie theater in Los Angeles.
Vidiots hosted a discussion with American Cinema Editors member Leslie Jones after a screening of 2012’s “The Master,” a filmed she worked on. The showing sold out and most of its audience stayed late for a Q&A discussion with her.
Regardless of the inspiration these repertory theaters provide with, say, retrospectives of Akira Kurosawa, the model is not bulletproof to the punches theaters have taken. Organizations like Vidiots and American Cinematheque still rely on their nonprofit status.
These organizations count on donations and memberships. Access to directors, actors, prints and people in the industry also plays an important role in keeping afloat, according to Moninger.
“Our job is to get everybody in [the theater]. You can’t just say, ‘Hey, we’re a nonprofit,’” he said.
The uncertainty of the model does leave room for growth, according to Roger Durling, the executive director of the Santa Barbara International Film Festival.
Vidiots technical director Boris Ibanez sets up a section of the film in a projector in the projection booth of Vidiots movie theater.
The nonprofit organization recently purchased the Film Center, a five-screen multiplex, in the downtown Santa Barbara area. It is the second five-screen theater they have purchased, and it will also screen films during the festival every winter.
Throughout the year, when the theaters aren’t showing movies for the festival, the organization will maintain its existence through a repertory model.
“The nonprofit aspect allows you to concentrate more on the artistic side as opposed to thinking, ‘I just need to make money,’” Durling said.
But the thought is still on his mind.
“The more you concentrate on the artistic side of it, the money will take care of itself.”
WASHINGTON — Hours after the killing of conservative activist Charlie Kirk, FBI Director Kash Patel declared online that “the subject” in the killing was in custody. The shooter was not. The two men who had been detained were quickly released. Utah officials acknowledged that the gunman remained at large.
The false assurance was more than a slip. It spotlighted the high-stakes uncertainty surrounding Patel’s leadership of the bureau when its credibility is under extraordinary pressure, as is his own.
Patel now approaches congressional oversight hearings this week facing not just questions about that investigation but broader doubts about whether he can stabilize a federal law enforcement agency fragmented by political fights and internal upheaval.
Democrats are poised to press Patel on a purge of senior executives that has prompted a lawsuit, his pursuit of President Trump’s grievances over the Russia investigation long after it ended, and a realignment of resources that has prioritized illegal immigration and street crime over the FBI’s traditional pursuits.
The hearings will offer Patel his most consequential stage yet, and perhaps the clearest test of whether he can convince the country that the FBI, under his watch, can avoid compounding its mistakes in a time of political violence and deepening distrust.
“Because of the skepticism that some members of the Senate have had and still have, it’s extremely important that he perform very well at these oversight hearings” on Tuesday and Wednesday, said Gregory Brower, the FBI’s former top congressional affairs official.
The FBI declined to comment about Patel’s coming testimony.
Inaccurate claim after Kirk shooting
Kirk’s killing was always going to be a closely scrutinized investigation, not only because it was the latest burst of political violence in the U.S. but also because of Kirk’s friendships with Trump, Patel and other administration figures and allies.
While agents investigated, Patel posted on X that “the subject for the horrific shooting today that took the life of Charlie Kirk is now in custody.” Utah Gov. Spencer Cox said at a near-contemporaneous news conference that “whoever did this, we will find you,” suggesting authorities were still searching. Patel soon after posted that the person “in custody” had been released.
Two people were initially held for questioning in the case, but neither was a suspect.
As the search stretched on, Patel angrily vented to FBI personnel Thursday about what he perceived as a failure to keep him informed, including that he was not quickly shown a photograph of the suspected shooter. That’s according to people familiar with the matter who were not authorized to discuss it by name and spoke on condition of anonymity to the Associated Press. The New York Times earlier reported details of the call.
Asked about the scrutiny of Patel’s performance, the FBI said it had worked with local law enforcement to bring the suspect, Tyler Robinson, to justice and “will continue to be transparent.”
Patel’s overall response did not go unnoticed in conservative circles. One prominent GOP strategist, Christopher Rufo, posted that it was “time for Republicans to assess whether Kash Patel is the right man to run the FBI.”
FBI personnel purge
On the same day Kirk was killed, Patel also faced a lawsuit from three FBI senior executives fired in an August purge that they characterized as a Trump administration retribution campaign.
Among them was Brian Driscoll, who as acting FBI director in the early days of the administration resisted Justice Department demands for names of agents who investigated the Jan. 6, 2021, riot at the Capitol. Driscoll alleged in the lawsuit that he was let go after he challenged the leadership’s desire to terminate an FBI pilot who had been wrongly identified on social media as having been part of the FBI search for classified documents at Trump’s Mar-a-Lago estate. Trump, while out of office, was indicted for his role in Jan. 6 and the classified documents case.
The upheaval continues a trend that began before Patel took over, when more than a half-dozen senior executives were forced out under a Justice Department rationale that they could not be “trusted” to implement Trump’s agenda.
There’s since been significant turnover in leadership at the FBI’s 55 field offices. Some left because of promotions or retirements, but others because of ultimatums to accept new assignments or resign. The head of the Salt Lake City office, an experienced counterterrorism investigator, was pushed out of her position weeks before Kirk was killed at a Utah college, said people familiar with the move.
FBI’s priorities shift
Patel arrived at the FBI having been a sharp critic of its leadership, including for the Trump indictments and investigations that he says politicized the institution. Under Patel and Atty. Gen. Pam Bondi, the FBI and Justice Department have become entangled in their own politically fraught investigations, such as one focused on New York Atty. Gen. Letitia James.
He’s moved quickly to remake the bureau, with the FBI and Justice Department working to investigate one of the Republican president’s chief grievances — the years-old Trump-Russia investigation. Trump calls that probe, which found that Russia interfered in the 2016 election to help him get elected but did not establish a criminal conspiracy between Russia and Trump’s campaign, a “hoax.”
The Justice Department appeared to confirm in an unusual statement that it was investigating former FBI Director James Comey and former CIA Director John Brennan, pivotal players in the Russia investigation, but did not say for what. Bondi has directed that evidence be presented to a grand jury.
Critics of the new Russia inquiry consider it a transparent attempt to turn the page from the fierce backlash the FBI and Justice Department endured from Trump’s base following the July announcement that those agencies would not be releasing any additional documents from the Jeffrey Epstein sex trafficking investigation.
Patel has meanwhile elevated the fight against street crime, drug trafficking and illegal immigration to the top of the FBI’s agenda, in alignment with Trump’s agenda.
The bureau defends its aggressive policing in American cities that the Trump administration contends have been consumed by crime, despite falling crime rates in recent years in the cities targeted. Patel says the thousands of resulting arrests, many immigration-related, are “what happens when you let good cops be good cops.”
Critics say the street crime focus draws attention and resources from the sophisticated public corruption and national security threats for which the bureau has long been primarily, if not solely, responsible for investigating.
In one of his first company-wide directives, Paramount Chief Executive David Ellison announced that employees must work in the office five days a week, beginning in January.
In a Thursday email, Ellison outlined the company’s phased-in approach for office attendance — including offering a severance package to Los Angeles- and New York-based vice presidents and lower-ranking employees if they wish to leave the company rather than return to the office.
The move sets the stage for what’s expected to be deep staff cuts later this year. Ellison and his RedBird Capital Partners investors have promised Wall Street more than $2 billion in cost savings as they take over the storied media company, install their own teams and integrate Skydance Media businesses, including video games and animation, into Paramount’s operations. Paramount previously cut several hundred jobs this summer.
Paramount representatives have declined to comment on the pending layoffs beyond saying they hope to achieve the cuts with one large round.
On Thursday, Paramount said it had reached a three-year global film distribution deal with “Dune” studio Legendary, beginning with next year’s “Street Fighter.” Paramount will market and distribute Legendary films throughout the world, except in China, where Legendary East oversees releases.
Financial terms were not disclosed. The deal allows Warner Bros. to continue to distribute some films, including co-productions “Dune: Part Three” in 2026 and “Godzilla x Kong: Supernova” in 2027.
CBS News also is bracing for change. Paramount’s new chief is reportedly in negotiations with journalist Bari Weiss to buy her center-right news site, the Free Press, and join CBS News in an undisclosed role. A Paramount spokesperson on Thursday declined to comment on the talks.
Until now, Paramount staffers were expected to be in the office a couple days a week, but it was not consistently applied, according to people with knowledge of the matter but not authorized to comment.
Ellison is attempting to reset Paramount’s culture after years of under-investment, layoffs and management turmoil. In the email, he wrote the return-to-office directive was aimed at “building a stronger, more connected, and agile organization that can deliver on our goals and compete at the highest level.”
“We have a lot to accomplish and we’re moving fast,” Ellison said. “We need to all be rowing in the same direction. And especially when you’re dealing with a creative business like ours, that begins with being together in person.”
Media companies have had varying policies after the initial “work-from-home” policies imposed at the start of the COVID-19 pandemic nearly five and a half years ago. Sony Pictures Entertainment brought its employees back to the Culver City lot relatively quickly. Disney Chief Executive Bob Iger ordered a return to the office in January 2023, less than two months after he returned to lead the company.
“As I said during our town hall, some of the most formative moments of my life happened in rooms where I was a fly on the wall, listening and learning,” Ellison wrote in his email. “I’ve never seen that happen on Zoom. Being together in-person isn’t just about showing up — it’s about actively engaging with the business, supporting one another and the team’s efforts, and contributing to our shared momentum.”
Times Staff Writer Sam Masunaga contributed to this report.
Violence remains widespread in Haiti, where powerful armed gangs have surged amid political and economic chaos.
The United Nations has said that efforts to address widespread economic and political dysfunction and debilitating violence in Haiti are falling far short, with a UN response plan receiving the lowest funding of any in the world.
In a briefing on Tuesday, coordinator Ulrika Richardson said that the UN hopes to raise more than $900m for Haiti this year, but that effort is just 9.2 percent funded.
“We have tools, but the response from the international community is just not at par with the gravity on the ground,” Richardson said.
The lacklustre funding numbers underscore concerns over flagging international efforts to assist the Caribbean island nation, which is reeling from violence as powerful armed gangs jostle for control of territory and resources amid political and economic instability.
Richardson said that a $2.63bn appeal for Ukraine is 38 percent funded and that a $4bn appeal for the occupied Palestinian territories is 22 percent funded, by comparison.
More than 1.3 million people have been displaced by the violence in Haiti, and more than 3,100 people have been killed this year.
Armed gangs, some with links to powerful political and economic figures, have taken control of large swathes of the capital of Port-au-Prince since the assassination of former president Jovenel Moise in July 2021.
The UN has said that cutting off the supply of arms pouring into the country, largely smuggled from the US state of Florida, is a key step towards staunching the violence, along with applying sanctions on networks connected to the gangs.
“Haiti can quickly spiral up again, but the violence needs to end,” said Richardson.
But international efforts to address the fighting thus far have little to show, and some Haitians are sceptical of such efforts given a long history of destructive interventions by outside powers.
A UN-backed policing mission, staffed largely by Kenyan security officers, has failed to bring stability to the country or tackle the gangs. Haiti’s government also declared a three-month state of emergency earlier this month, covering the West, Centre and Artibonite departments of the country.
David Ellison stepped within reach of his hard-fought prize, Paramount Global, after winning regulators’ blessing for his Skydance Media’s $8-billion takeover of the storied media company.
President Trump-appointed Federal Communications Commission Chairman Brendan Carr approved the Skydance-Paramount merger Thursday after months of turmoil and a monumental collision between the president’s broad powers and press freedoms.
Carr’s consent came just three weeks after Paramount agreed to pay Trump $16 million to settle the president’s lawsuit over edits to a “60 Minutes” broadcast. Trump had claimed CBS producers doctored the October interview with then-Vice President Kamala Harris to boost her election chances. CBS denied his allegations, saying the edits were routine.
1st Amendment experts called Trump’s suit “frivolous.” But, after months of internal upheaval, Paramount capitulated. The move was widely seen as a prerequisite for Skydance to win FCC approval and push the Paramount-Skydance merger over the finish line.
Trump has said on social media that, as part of the settlement, he also expects the new owners to provide another $20 million in public service announcements and other free programming.
The FCC approval clears the final regulatory hurdle for the acquisition that will bring another technology titan to Hollywood. Carr authorized the transfer of Paramount’s CBS television station licenses to Larry Ellison, Oracle’s co-founder who ranks among the world’s richest men, and his family.
“Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change,” Carr said in a statement. “That is why I welcome Skydance’s commitment to make significant changes at the once storied CBS broadcast network.”
The FCC commissioners voted 2-1 in favor of the deal. Two Republicans, Carr and Olivia Trusty, voted yes, while Anna Gomez, the lone Democrat on the panel, dissented.
“After months of cowardly capitulation to this Administration, Paramount finally got what it wanted,” Gomez said in a statement. “Unfortunately, it is the American public who will ultimately pay the price for its actions.”
The Ellisons’ takeover of Paramount is expected to be complete in the coming days.
Santa Monica-based Skydance, which is owned by the Ellison family and private equity firm RedBird Capital Partners, faces an uphill slog to restore Paramount to its former glory. Years of programming under-investments, management missteps and ownership turmoil have taken a heavy toll.
Viewers’ shift to streaming has upended Paramount’s TV networks, CBS, Comedy Central, Nickelodeon, MTV and BET. Paramount Pictures lags behind Disney, Universal and Warner Bros.
Sumner Redstone’s family will exit the Hollywood stage, after nearly 40 years. The pugnacious mogul from Boston, who died five years ago, presided during an era of entertainment excesses in the 80s, 90s and early aughts — when Paramount released beloved blockbusters and cable television was in its hey-day.
For a stretch this spring, it seemed the Skydance deal could unravel.
The FCC’s review had stalled amid the legal wrangling over Trump’s lawsuit. Carr, in one of his first moves as chairman, separately opened an FCC inquiry into alleged news distortion with the “60 Minutes” Harris interview — putting CBS uncomfortably under the microscope.
Paramount’s controlling shareholder Shari Redstone (Sumner’s daughter), and some Skydance executives, urged Paramount to settle. But CBS News executives refused to apologize to Trump for the “60 Minutes” edits, saying CBS journalists did nothing wrong. The settlement, which steers money to Trump’s future presidential library, did not include an apology from CBS News or Paramount.
Two high-level CBS News executives departed and three progressive U.S. senators demanded answers. Sen. Elizabeth Warren (D-Mass.) and the others lambasted the settlement talks, saying that paying Trump money to end a “bogus” lawsuit simply to get a merger approved could be akin to paying a bribe.
The winds shifted in June. David Ellison, Larry’s 42-year-old son, talked briefly with Trump at a UFC fight in New Jersey. Days later, Trump talked favorably about his friendship with Larry Ellison and the Paramount-Skydance deal.
“Ellison’s great,” Trump told reporters in mid-June. “He’ll do a great job with it.”
David Ellison last week met with Carr in Washington to persuade him that Paramount would be in good hands. They discussed the firm’s commitments and management philosophies. Skydance also gave assurances that its Chinese investors would not have a say in the company’s affairs.
Last week, CBS separately said it was canceling “The Late Show With Stephen Colbert,” in May. The company said the move was financial, but conservatives and progressives alike questioned the timing due to the pending merger and Colbert’s pointed barbs at Trump.
Skydance outlined its planned changes at Paramount in a letter this week to Carr. Skydance promised to cancel all diversity initiatives, disband its Office of Global Inclusion and strip references to DEI from its internal and external messaging. The company also said news and entertainment programming would not tilt in any one political direction.
“New Paramount’s new management will ensure that the company’s array of news and entertainment programming embodies a diversity of viewpoints across the political and ideological spectrum, consistent with the varying perspectives of the viewing audience,” Skydance’s general counsel Stephanie Kyoko McKinnon wrote in Tuesday’s letter to Carr.
The company said it would install an ombudsman at CBS News for at least two years.
“They are committing to serious changes at CBS,” Carr told reporters in Washington earlier Thursday. “I think that would be a good thing. They’ve committed to addressing bias issues. They committed to embracing fact-based journalism.”
Ellison began his pursuit of Paramount two years ago.
He formalized his bid by January 2024. After months of negotiations, Paramount’s board and Redstone approved the Skydance takeover July 7, 2024.
Paramount’s leaders considered other prospective owners but concluded that Skydance, with its Ellison backing, would bring a solid financial foundation for a company that traces its roots back more than a century. Redstone also wanted Paramount to remain whole, rather than broken into pieces.
As part of the agreement, Skydance will be folded into the public company. Its backers will inject new capital to bolster Paramount’s finances and install a new cadre of leaders. Ellison will serve as chairman and chief executive. Former NBCUniversal Chief Executive Jeff Shell is slated to be president.
CBS’ current leader George Cheeks, one of Paramount’s three co-chief executives, could join the new regime. But the two other current chiefs, Chris McCarthy and Brian Robbins, are expected to depart.
The Skydance deal is expected to be executed in two parts. Larry Ellison and RedBird will buyout the Redstone family holding company, National Amusements Inc., for $2.4 billion.
After their debts are paid, the Redstone family will leave with $1.75 billion. The family controls 77% of Paramount’s voting shares, which will be passed to the Ellisons and RedBird.
Under the deal terms, the new Paramount will offer to buy out some shares of existing shareholders and inject $1.5 billion into Paramount’s strained balance sheet.
Paramount will then absorb Skydance, which has a movie, television, animation, video games and a sports unit. The deal values Skydance at $4.75-billion.
“We’re going to reorganize and restructure the business to prioritize cash flow generation,” David Ellison told investors last July. “With a track record in both entertainment and technological expertise [we will] be able to transition the company through this period of time to ensure that Paramount’s brightest days are ahead.”
ARLINGTON, Va. — Atty. Gen. Pam Bondi suggested Tuesday that she has no plans to step down as she dodged questions about Jeffrey Epstein and her clash with a top FBI official, seeking to press ahead with a business-as-usual approach in the face of right-wing outrage that has plunged the Justice Department into turmoil.
Pressed by reporters during an announcement touting drug seizures, Bondi sidestepped questions about the fallout of the Trump administration’s decision not to release more records related to the wealthy financier’s sex trafficking investigation that has angered high profile members of President Trump’s base. With some calling for her resignation, Bondi made clear she intends to remain attorney general.
“I’m going to be here for as long as the president wants to be here,” Bondi said. “And I believe he’s made that crystal clear.”
The announcement at the Drug Enforcement Administration headquarters of recent methamphetamine and fentanyl seizures represents an effort by Bondi to turn the page on the Epstein controversy and show that the Justice Department is forging ahead after days of mounting criticism from figures in the MAGA movement furious over the administration’s failure to deliver long-sought government secrets about Epstein. But her refusal to address the turmoil may only further frustrate conservative influencers who have been calling for transparency and accountability over the wealthy financier’s case.
“This today is about fentanyl overdoses throughout our country and people who have lost loved ones to fentanyl,” Bondi said in response to a question from a reporter about the Epstein files. “That’s the message that we’re here to send today. I’m not going to talk about Epstein.”
Trump has been seeking to tamp down criticism of his attorney general and defended her again earlier Tuesday, saying she handled the matter “very well.” Trump said it’s up to her whether to release any more records, adding that “whatever she thinks is credible, she should release.”
Asked about Trump’s comment, Bondi said the Justice Department memo released last week announcing that no additional evidence would become public “speaks for itself and we’ll get back to you on anything else.”
The turmoil over the department’s handling of the Epstein matter spilled into public view last week with reports of a internal clash between Bondi and FBI Deputy Director Dan Bongino. Part of the dispute centered on a story from the news organization NewsNation that cited a “source close to the White House” as saying the FBI would have released the Epstein files months ago if it could have done so on its own. The story included statements from Bondi, Deputy Atty. Gen. Todd Blanche and FBI Director Kash Patel refuting the premise, but not Bongino.
Asked Tuesday whether she believes Bongino should remain in his role, Bondi said only that she would not discuss personnel matters. Bondi stressed that she had spent the morning with Patel, adding that: “I think we all are committed to working together now to make America safe again and that’s what we’re doing.”
Bondi had already been under scrutiny after an earlier document release in February that she hyped and handed out in binders to conservative influencers at the White House lacked any new revelations. When that first release flopped, Bondi accused officials of withholding files from her and claimed that the FBI later turned over a “truckload” of evidence with thousands of pages of additional documents.
Despite promises that more files were on their way to the public, however, the Justice Department determined after a months-long review that no “further disclosure would be appropriate or warranted,” according to the memo released last week.
To find out how companies are coping with rising trade tensions and currency volatility, we asked our writers across key regions—Southeast Asia, Japan, India, and the United States—to speak with manufacturers and exporters on the ground.
The picture that emerged is one of caution, adaptation—and, above all, unpredictability. While some companies declined to comment or requested anonymity, others offered a window into how they’re navigating the volatility.
A few, including firms both outside and within the US, pointed to short-term advantages. But most described a landscape where contingency planning, hedging, and “wait-and-see” strategies have become the norm.
No one claimed to be immune. And all agreed on one thing: the situation is fluid, and it could change again—quickly.
Southeast Asia
Salamander Associates CEO Bill Padfield has been closely monitoring the ripple effects of US trade policy across Southeast Asia.
Padfield argues that the tariffs promulgated by the Trump administration have generated enormous hesitation in the business community. “First the pause button goes on; capital investment is halted, hiring is halted,” he adds.
In Southeast Asia’s technology manufacturing sectors, steel is a critical component. “Tech manufacturers often have steel in products,” Padfield says. “For Singapore, we have a 10% tariff, so life goes on—except what if we need steel?”
If a company’s product contains 40% steel, the ambiguity is paralyzing, he adds. “[The manufacturer] has no idea at this point how to calculate and adjust, so he cannot safely procure or price his product.” Padfield also warns of a broader, looming concern: “And so far, tariffs have been on physical products. What about services and capital flows? Will services be included and if so when … this is a grim worry for Singapore, Hong Kong, and Dubai.”
Gary Dugan, CEO of the CIO Office of Milltrust’s East West Private Wealth, sees a clear shift underway.
“Business leaders are actively seeking non-US solutions for customers and suppliers for their future growth. The US may be the largest economy in the world but now it is fast becoming one of the most unreliable.”
Simple risk mitigation for a company is now “how do I reduce my exposure to US policy making?” Encouraged by talk of new free trade zones elsewhere in the world, companies are actively exploring new manufacturing bases such as the Middle East, where there is an abundance of support from the governments in the form of ultra-low taxes, land, workers, and top-class logistics.
Vietnam
As the US considers reimposing steep tariffs on Asian imports, business leaders in Vietnam are watching closely. From M&A advisors to food exporters, the proposed trade shifts under the Trump administration could reshape everything from pricing strategies to regional market priorities. Nguyen Dung Yoong, CEO of advisory firm Ideainvest; Ignas Petrusis, founder of Saigon Fruits; and other company executives, share how they’re preparing their businesses—and their partners—for a more protectionist US trade environment.
Nguyen Dung Yoong, founder and CEO Ideainvest
Nguyen Dung Yoong, founder and CEO Ideainvest
Global Finance: How is your company reacting to Trump’s tariff plans?
Nguyen Dung Yoon: Ideainvest, while not a direct exporter, works closely with a network of SMEs across Vietnam and Southeast Asia—many of whom are active in electronics, agri-processing, light manufacturing, and textile garment. The Trump-era tariffs have added volatility and margin pressure to these sectors, and further escalation would intensify the challenge.
GF: Are you finding solutions to the tariff challenges?
Yoon: To support our partners, we’re piloting an AI-based platform that assesses SME resilience across financial, operational, and customer dimensions—enabling targeted interventions such as supplier diversification or contract restructuring. This gives us a real-time view of tariff exposure across our ecosystem.
GF: Will expanding to other markets be essential if the proposed tariffs come in full force?
Yoon: If reciprocal tariffs on Vietnam are imposed, we expect upward pressure on wholesale and consumer pricing. That said, we see strong opportunities in APAC—particularly in Japan, South Korea, and India—and are advising our partners to deepen these opportunities.
Ignas Petrusis, founder of food export-import company Saigon Fruits
GF: Have the Trump tariffs had a material impact on Saigon Fruits’ business partners?
Petrusis: At first, contracts with importers in America came on short hold as soon as the tariffs were announced. Later, once Vietnam and America agreed on a “90-day break,” demand and inquiries triple-folded. So far, we’re optimistic about the negotiations. It would be difficult to shift production elsewhere because we’d need to move our food technologists, equipment, and allocate new managers. That would cost us much more in terms of cost, time, and effort. It’s easier to simply “split the cost” between the importer in the US and our company, Saigon Fruits.
Ignas Petrusis, founder Saigon Fruits
GF:What happens to wholesale/retail prices if the proposed 46% reciprocal tariffs on Vietnam come into effect?
Petrusis: Supposedly, export prices should—in my humble opinion—drop a little bit to relieve the burden on the customers.
GF:How significant will APAC be as a buyer of Saigon Fruits’ affiliates’ products going forward?
Petrusis: Some countries like Thailand and Cambodia have similar climate zones and product variety. As for highly advanced economies like Japan, China, or Korea—we’ve seen steady and growing export volumes to those destinations. Nevertheless, we’re also seeing growing demand in countries like Uzbekistan, Kazakhstan, and others in the Middle East. They could be a promising new market for our products.
GF:What is the mood among food exporters in Vietnam right now? Is there any optimism?
Petrusis: Vietnam wasn’t the only country affected by the tariffs. For instance, if Cambodia or China were to receive higher tariffs after the final negotiations, it would boost Vietnam’s competitiveness in terms of cost base for the importer. At least among our colleagues, partners, and suppliers, the mood is optimistic—many believe exports will keep rising. Furthermore, Vietnam has at least 16 active Free Trade Agreements, including the ones with Europe, South American, and Middle East countries. It is truly a showcase of good negotiation skills and win-win thinking implementation from the Vietnamese side.
Bruno Jaspaert, CEO of Belgium-based DEEP C Industrial Zones
As Vietnam prepares for the potential return of steep US tariffs under the second Trump administration, industrial real estate leaders like DEEP C are keeping a close eye on the ripple effects. The company, which operates five eco-industrial parks across Haiphong City and Quang Ninh Province, is one of Vietnam’s largest zone developers.
GF: Have the Trump tariffs had a material impact on DEEP C’s business?
Bruno Jaspaert: So far, there has been no impact as zero projects have been delayed or canceled so far. Initially, there was concern that some investors might reconsider their plans. However, an assessment of all companies slated to acquire land in DEEP C industrial zones across Hai Phong and Quang Ninh this year revealed that none of these projects will be postponed or aborted. This indicates that companies which have committed to investing are currently sticking to their plans, which is a positive sign.
Bruno Jaspaert, CEO at DEEP C Industrial Zones
GF: Have DEEP C’s customers formulated a strategy to mitigate tariff impact?
Jaspaert: We generally see two distinct groups. One group says it’s too difficult to predict future events and chooses to continue with their plans, confident that their current strategy is the best course of action for now. The other group expresses uncertainty due to market volatility and unknown future measures the US will take, opting to wait before committing. This second group currently represents the minority; the majority of companies are proceeding with their strategies.
GF: Is there likely to be an impact on DEEP C’s customers’ wholesale/retail prices if the proposed reciprocal tariffs on Cambodia come into effect?
Jaspaert: Most of DEEP C’s customers are focused on manufacturing of goods that do not focus on the US as the main market. The segments that are hit worst are typical low-margin markets, such as furniture, sport goods, garments, and textiles—of which we have none with Washington, D.C.
GF: How significant will markets outside the US—i.e., APAC, Europe or Canada—be as a buyer of your customers’ products in the domestic industry going forward?
Jaspaert: The US stands for 300 million consumers. The TAM (total addressable market) for the consumer in Asia is worth $4 billion. If tariffs make the US a prohibitive market, companies will adapt and lean toward other markets or aim for more intra-Asian trade.
GF: What is the general mood among exporters in Vietnam right now?
Jaspaert: Except for the heaviest hit markets, most distributors are sticking to a “wait-and-see” approach. Companies cannot change their strategies overnight and definitely not every 90 days. Rather than diving in, they are awaiting the final call before making strategic adjustments. Those companies that are hit badly are currently running at full speed to export the most to benefit from the current 10%.
India
Indian companies are also weighing the ripple effects on global supply chains, trade relationships, and cost structures. From tech consulting to textiles and industrial manufacturing, Global Finance spoke to two India-based executives on how policy shifts may reshape sourcing decisions and create new market opportunities.
Deepak Jajoo, Delaplex Limited CFO
“While services are currently not subject to tariffs, we provide technology and consulting services to a broad range of US-based industries such as energy, warehousing, logistics, etc. The primary impact of such policy changes is likely to be on manufacturing and physical goods. Since the policy details are yet to be finalized, we believe the changes will not have a major effect on the IT industry at this stage.”
Sabu Jacob, Chairman and Managing Director of Kitex Group
“The US has paused [some] tariffs, leaving some uncertainty for buyers about where to source their products, but even if these tariffs take effect, India will still be the most affordable option for buyers.”
Sabu Jacob, Kitex Group’s Chairman and Managing Director
Jacob explained that India’s trade relationship with the US is more balanced compared to countries like Cambodia, Vietnam, China, Bangladesh, and Sri Lanka. “India doesn’t just export to the US—it also imports heavily from them. This makes India a valuable trade partner, and the US is looking for more such balanced relationships.” The tariff situation could also push businesses to explore new markets. For instance, the recent India-UK free trade agreement allows 99% of Indian goods to enter the UK duty-free, covering almost all trade between the two nations. “A similar free trade agreement with the EU could open even bigger opportunities for India’s economy.”
Japan
David Semaya, Executive Chairman and Representative Director of Sumitomo Mitsui Trust Asset Management Co., Ltd., says Japanese companies are taking a “wait-and-see” approach as tariff negotiations between the US and Japan remain unresolved.
“Regarding the mutual tariffs imposed by the United States, many Japanese companies are currently assessing the situation. Following the US-UK agreement, both the US and Chinese governments have agreed to reduce the additional tariffs they imposed on each other by 115%. As a result, the US will lower its tariffs from 145% to 30%, while China will reduce theirs from 125% to 10%. Since negotiations between the US and Japan are ongoing, and the outcome is still uncertain, Japanese companies are choosing not to finalize any strategies at this moment and are responding according to the present state of negotiations.
“The financial markets have reacted significantly, in terms of stocks, bonds, and currencies, since the mutual tariffs were announced. It is reported that some institutional investors, including hedge funds, have incurred losses. On the other hand, individual investors engaged in practices such as dollar-cost averaging seem to have navigated the situation successfully. Focusing on long-term investments appears to be crucial during these times.”
United States
Tony Sage, Critical Metals Corp. CEO
Tony Sage, CEO at Critical Metals Corp.
“For Critical Metals, and the critical minerals space more broadly—tariffs are no stranger to us. We’ve been in our own mini trade war with China for some time now, which really ramped up when they banned their own exports of key rare earths, including gallium, last year. Critical Metals views the push to build a domestic supply chain for critical materials in the US and the West as a positive tailwind for our business. It aligns with our longstanding vision to develop key assets that can help the West reduce its reliance on foreign countries. Our Tanbreez asset in Greenland, a 4.7 billion ton resource, is one of the world’s largest rare earth deposits, and it’s expected to be key in reducing the West’s reliance on China for rare earths.
“It’s also worth noting that the US’s domestic rare earth and critical minerals industry is still in its infancy—the US excluded rare earth elements from the tariff program because the country must rely so heavily on other sources right now. Tariffs may draw more attention to US producers, but what we feel is really going to move the needle is funding and strategic partnerships with US-focused companies to operationalize rare earth mines and refining capacity in the US as quickly as possible. Seeking relief for rare earth export restrictions isn’t enough, we believe the US government needs to back Western developers and help establish refining capacity in particular.
“As we’ve consistently maintained since our founding, securing critical minerals is a non-partisan national security imperative. Our assets provide exactly what policymakers across the political spectrum are seeking—reliable, high-quality resources in politically stable jurisdictions.”
Jeet Basi, President and Executive Chairman of Tactical Resources Corp.
“At Tactical Resources, we see measures to promote the building of domestic supply chains for the United States as a tailwind. We are focused on American assets for American rare earth production and American rare earth supply to support the production of semiconductors, electric vehicles, advanced robotics, and most importantly, national defense. Tariffs are just one tactic, as its broader and bigger than that. While there is economic uncertainty, we are benefiting from a broader geopolitical interest in securing critical mineral supplies in the US. This demand is stemming from both the federal government and the private sector, and we believe that’s only going to increase.
“The bottom line is that China has a substantial lead in the rare earths sector, and the US is racing to catch up. China currently controls roughly 90% of global rare earth production, despite accounting for only about one-third of global deposits. Tactical Resources is planning to change that with our Peak Project, which is one of the only REE hard rock direct-leach-extractable projects in the world, and is located southeast of El Paso, Texas. But tariffs won’t be enough for the US to build an integrated domestic supply chain of rare earths. The industry needs capital, price stability, streamlined permitting processes (efforts are underway for this aspect), and to establish refining capacity as quickly as possible.”
Cassandra (Gluyas) Cummings, CEO at Thomas Instrumentation Inc.
Cassandra (Gluyas)Cummings, CEO at Thomas Instrumentation Inc.
“The Trump administration’s policies are helping our business. For years we couldn’t compete with foreign pricing, but having tariffs in place at least have US companies taking another look at US manufacturing. They are sometimes still choosing to stay with their foreign manufacturers, but for years, we couldn’t even get a conversation started as everyone just assumed US manufacturing would be too expensive. It doesn’t have to be, and we can be fairly competitive in some areas.
“The tariffs aren’t affecting our supply chains too badly. It has increased some costs of our raw materials like the higher-end electronic chips that are only manufactured overseas. That said, it’s fairly small, and we do keep decent in stock inventory for our major customers. Our profit margins are very low, so we inevitably have to pass along any additional tariff charges to the customers. We are doing our best to identify US or lower tariff region alternatives where the cost makes sense. It’s just about being flexible, which we all learned to do during the global parts shortage of 2021.”
Heather Perry, CEO of Klatch Coffee
“The short story is that some of our costs are going up, immediately, but the longer, more detailed story is that those increased costs are causing us to evaluate our sourcing, importing, and roasting strategies. We need to be smarter to remain competitive in the current environment while still delivering great specialty coffee.
“Other than a very small amount of coffee produced primarily in Hawaii, the United States has essentially no domestic coffee industry. To meet the demand for total US coffee consumption, it’s almost entirely imported. That means there isn’t much of a domestic market to protect using a tariff strategy as a disincentive to foreign imports—and we can’t simply stop importing coffee, no matter what tariffs might be put in place.
“Coffee was already becoming more expensive to source prior to the ‘Liberation Day’ tariffs, with a pretty substantial run-up in prices occurring in the fall of 2024, which accelerated further this spring. A new baseline 10% tariff under the Trump Administration on all imports impacts us on every imported coffee, and in addition to the new 10% baseline, even higher tariffs (in some cases, much higher) were announced for some coffee producing countries like Vietnam and Indonesia. While some of these have since been paused or delayed.
“Uncertainty around the exact details on any specific day are creating some challenges to plan and predict our future costs.”
Heather Perry, CEO of Klatch Coffee
“Our direct-trade model has insulated us somewhat from supply disruptions. Whenever possible, we source directly from coffee producers, leveraging relationships that go back decades in some cases. This results in fewer stops along the supply chain, helping us to control costs. Because we import, store, and roast our own coffee, we can elect to draw down existing stock instead of replacing it at current (higher) market prices, but eventually, we have to replenish our inventory, and that might happen during a time when new tariffs are applied.
“After a very long period of absorbing increases in our costs to import coffee, we raised prices on some coffees on June 1st of this year—about 10 cents per cup of brewed coffee on average—but we’re still selling the same amount of coffee, and at this time, can’t attribute a decline in foot traffic or sales to price increases.”
In an interview with the Guardian, Chancellor Rachel Reeves says it is impossible for her to rule out tax rises in the autumn budget and insisted she never thought of quitting despite a turbulent week for her. It comes after she was spotted crying in the Commons. She tells the paper “there are costs” to watering down the welfare bill and acknowledged it has been a “damaging” week for Downing Street.
“Reeves hints at more tax rise pain”, says the Daily Express as it reports the chancellor “may target millions of middle earners with punishing income tax hikes”. It also suggests Reeves could put up VAT and National Insurance in a bid to plug a £40bn black hole. “It’s a centre court delight for Mary” says the headline on the paper’s main image as it shows Dame Mary Berry watching tennis at Wimbledon.
The Times writes tax rises in autumn are likely to be smaller than last year’s but Reeves is expected to have to raise tens of billions of pounds more. The paper notes there are also suggestions she could raid pension savings. The paper also highlights the UK’s “25 prettiest villages” on its front page.
The Daily Mail leads with Conservative leader Kemi Badenoch accusing Sir Keir Starmer of a “year of lies and U-turns”. She says the prime minister has “taken a wrecking ball to the economy and presided over a record surge in Channel crossings. Ex-GMTV presenter Fiona Phillips is also pictured as she gives an update on her life with Alzheimer’s.
The Daily Telegraph picks up a Boris Johnson interview with a Swiss magazine in which the former prime minister is quoted as saying the best strategy to counter Reform UK leader Nigel Farage is to ignore him. He said: “My strategy with the individuals that you mention is don’t talk about them… Talk about what you are going to offer the people.” Emma Raducanu is also pictured following her exit from Wimbledon in the third round against Aryna Sabalenka.
“Oasis back together at last” writes the Daily Mirror. “Oasis exploded back into life last night” in front of 70,000 fans, according to the paper . Liam Gallagher told the crowd: “Yes beautiful people, too long.”
The Gallagher brothers stand on stage with arms outstretched during their concert on the front of the Daily Star. “The crowd were mad for ’em,” writes the Daily Star.
The Sun called the comeback gig “historic” with the feuding brothers performing together after 16 years.
The country has had three leaders in as many days, following a court’s decision to suspend Paetongtarn Shinawatra.
Thailand has ushered in the appointment of its second interim prime minister this week, following the Constitutional Court’s suspension of the country’s leader, Paetongtarn Shinawatra, fuelled by a phone call scandal with a key Cambodian political figure.
Interior Minister Phumtham Wechayachai assumed caretaker responsibilities on Thursday, two days after Paetongtarn was banned from duties, a government statement on Thursday confirmed.
In a post on social media, the Thai government said that Phumtham’s role as acting prime minister had been agreed at the first meeting of a new cabinet, which took place shortly after ministers were sworn in by King Maha Vajiralongkorn.
The 71-year-old replaces Suriya Jungrungreangkit, who only carried out the role for one day ahead of the reshuffle.
The interim appointments occurred after Paetongtarn was temporarily barred from office earlier this week over allegations that she breached ministerial ethics in a leaked phone conversation with Cambodia’s influential former leader, Hun Sen.
The call took place in mid-June with the aim of defusing recent border tensions between the two countries following an eruption of violence that killed a Cambodian soldier.
Critics in Thailand expressed anger at Paetongtarn’s decision to call Hun Sen “Uncle” and to criticise a Thai army commander.
Thailand’s suspended Prime Minister Paetongtarn Shinawatra leaves Government House after a cabinet meeting in Bangkok on July 3, 2025 [Lillian Suwanrumpha/AFP]
The Constitutional Court accepted a petition from 36 senators, which claimed that the 38-year-old had violated the constitution in her conversation with Hun Sen.
It said there was “sufficient cause to suspect” Paetongtarn had breached ministerial ethics, with an investigation now under way into the incident.
Before her suspension began, Paetongtarn appointed herself as culture minister in the new cabinet. She was sworn in to the position at the Grand Palace on Thursday.
Paetongtarn’s government had struggled to revive a flagging economy, with an opinion poll in late June suggesting that her popularity had dropped to 9.2 percent from 30.9 percent in March.
Thailand’s political dynasty has been facing legal peril on two fronts, as a separate court hears a royal defamation suit against her father, former premier Thaksin Shinawatra.
Thaksin has denied the charges against him and repeatedly pledged allegiance to the crown.
Thaksin dodged jail and spent six months in hospital detention on medical grounds before being released on parole in February last year. The Supreme Court will this month scrutinise that hospital stay and could potentially send him back to jail.
Emmerdale fans will see the arrivals of two new characters next week, both causing trouble on the ITV soap, with danger, betrayals, discoveries and secrets under threat
00:01, 24 Jun 2025Updated 00:02, 24 Jun 2025
There’s plenty of carnage coming up on Emmerdale, with two new faces, secrets under wraps and a brutal attack(Image: ITV)
There’s plenty of carnage coming up on Emmerdale, with two new faces, secrets under wraps and a brutal attack.
One iconic character faces death after a violent attack, with him rushed to hospital in a life-threatening condition. Someone is double crossed, and it could have serious repercussions.
A character is nervous over their recent near-kiss with someone else as he fears it could be exposed, while a feud rumbles on too. Kicking things off, there’s a horrifying twist for Paddy Kirk next week.
Paddy, who has been on the soap for decades, is brutally attacked and left lifeless, as his dad Bear races to save him. Amid a time of conflict between the father and son, Bear battles to save his son’s life when the vet is injured badly by a dog.
Paddy is trying to rescue a sheep caught in the fence on the land of new farmer Celia, only to be caught and bitten by an aggressive dog. Bear manages to save him, but he’s left traumatised by the incident. As Paddy’s loved ones gather at the hospital, he emerges from surgery.
Emmerdale fans will see the arrivals of two new characters next week(Image: ITV)
But he and wife Mandy Dingle are reeling when Bear launches a verbal attack on his son’s character. Taking the words to heart, a heartbroken Paddy sobs silently before struggling in the fallout. Soon he heads for Celia’s farm to confront her about the attack but it doesn’t go well.
He blames Bear for this and the pair are further apart than ever before. Telling his dad to move out, he’s clear he wants nothing to do with him but will this be it for them amid Bear’s own mystery worrying storyline?
Celia isn’t the only new arrival to the show next week, as newcomer Ray, a new villain, also makes his mark. As Ross Barton and his brother Lewis Barton’s secret weed hustle continues, Mack Boyd makes a horrifying decision amid his own involvement in the plot.
With Moira Dingle still facing financial issues and struggling to keep the farm, with Mack still thinking he’s to blame, they consider whether to sell the weed to a dealer for a huge sum of money. When Lewis refuses, Mack goes behind their backs and agrees to sell up to Ray.
Ray, a new villain, also makes his mark(Image: ITV)
Lewis assumes his brother Ross has betrayed him and their relationship falls apart as Mack feels guilty over what he’s done. Mack is left desperate though without the brothers on board, as he struggles to meet the dealer’s demands.
So when all the plants go missing from the barn, Ross accuses Mack of stealing it and selling it all to Ray but he protests his innocence. So who has taken the weed and where is it now?
Vinny Dingle also faces turmoil next week after he recently tried to kiss his pal Kammy Hadiq. While Kammy has said he won’t tell anyone including Vinny’s fiancée Gabby Thomas, Vinny can’t help but fear it will be exposed.
He’s avoiding his pal so when Gabby invites Kammy to their engagement party, Vinny is in turmoil. Finally next week Sarah Sugden supports her grieving grandfather Cain Dingle who’s upset when the whole family is barred from his son Nate Robinson’s funeral by Tracy.
It’s set to be a dramatic week for Kat Moon in next week’s EastEnders as she’s left worrying about how things are with Alfie, as well as being concerned for her ex, Phil
Kat and Phil tied the knot in 2023(Image: BBC/Jack Barnes/Kieron McCarron)
It’s been a huge week for Kat and Alfie in EastEnders this week, with the return of Kat’s daughter Zoe Slater. However, Kat is completely unaware that Zoe returned to London – and that her husband, Alfie, has gone to Barcelona to follow her after she fled.
Next week, she’s left worrying about her lack of communication, while also being left concerned about her ex, Phil.
It was a close call in scenes earlier this week, as Kat suspected something suspicious was going on in Stacey’s flat. She opened the bedroom door, where Zoe was, although she’d already escaped out the window. She later told Stacey she was going to Barcelona, and now Alfie’s gone to hopefully bring her back home.
Alfie and Kat have just tied the knot – but their marriage is starting on a huge lie (Image: BBC/Jack Barnes/Kieron McCarron)
However, he told a huge lie to his new wife Kat, telling her that he was off to Australia to visit his brother Spencer. Although she came round to the idea in the end, Kat told Alfie that their relationship would be over for good if she finds out he’s lying.
Spoilers for next week reveal even more turmoil for Kat and Alfie as she’s left is worrying about how things are with her husband Alfie Moon.
She tries to confide in Jean Slater, Jean about her hurt over Alfie being incommunicado, but Jean refuses to forgive Kat for going into business with Kathy and Harvey.
Kat becomes concerned for Phil next week as he’s overwhelmed caring for Nigel(Image: CREDIT LINE:BBC/Jack Barnes/Kieron McCarron)
However, Alfie’s lack of communication isn’t the only thing concerning Kat, as she’s left worried about her ex-husband Phil. Phil’s worried about Nigel deteriorating amid his dementia diagnosis, and some of his actions next week leave Phil struggling.
During a heart to heart, Kat realises her ex-husband is exhausted and in over his head as she suggests he gets help to care for Nigel. Jean is later left questioning Kat why she’s spending so much time at Phil’s place, as she insists it’s nothing but platonic concern.
Last week, Phil was seen giving Alfie an unlikely pep talk after he and Kat called the wedding off. He told Alfie that he was the one Kat always wanted as the two made amends and tied the knot.
However, the couple’s third marriage to each other hasn’t got off on the best foot – starting off on a huge lie. Will Kat find out that Alfie’s lying about her whereabouts?
If so, how will she react? Will the pair really be over for good like she said?
EastEnders airs Mondays to Thursdays at 7:30pm on BBC One and BBC iPlayer.
EastEnders for next week’s episodes have revealed drama and danger in the fallout to this week’s big scenes, with discoveries, concern and more than one clash in Walford
00:01, 17 Jun 2025Updated 00:11, 17 Jun 2025
EastEnders for next week’s episodes have revealed drama and danger (Image: CREDIT LINE:BBC/Jack Barnes/Kieron McCarron)
There’s more chaos on the way on EastEnders next week, with more than one character taking centre stage.
In the fallout to big scenes this week on the BBC soap, there’s chaos ahead with danger and trouble for some residents. Kat Slater is worrying about how things are with her husband Alfie Moon and she soon confides in someone about their lack of communication.
Alfie isn’t the only one causing concern for Kat, as she soon makes an alarming discovery about her ex Phil Mitchell. Phil’s worried about Nigel deteriorating amid his dementia diagnosis, and some of his actions next week leave Phil struggling.
Phil ends up being injured when he and Nigel grapple over a pan of boiling water. Phil tells Kat he’s exhausted and in over his head, so she suggests he gets some extra support to care for Nigel.
An incident with Lexi later leaves Phil troubled, and Kat once again tells him he needs help for Nigel. Denise Fox also offers guidance to Phil, telling him he needs to look after himself.
There’s more chaos on the way on EastEnders next week(Image: CREDIT LINE:BBC/Jack Barnes/Kieron McCarron)
Elsewhere next week, Elaine Peacock is also sparking concern as she struggles after her split from George Knight. Linda Carter is left overwhelmed as her mother constantly leaves her to hold the fort at the pub.
George steps in to help her, and soon Elaine slams him which destroys any hope of a truce. Things take a bitter turn when George warns Elaine that his new solicitor says he’s got a claim on The Vic.
Things only get worse when Linda and Elaine clash, and it turns out Elaine has given alcohol to the teens leaving children in hospital. The alcohol is consumed by some of the kids who are at the house where a party is taking place, leading to a hospital dash.
Speaking of, Denzel throws a party next week and with Tommy invited, Joel tries to get a way in. He attempts to chat up Amy too only for it to be thwarted as his next target is revealed, after his recent drama with Avani.
With the children upstairs watching a move, Denzel welcomes his friends round and soon he allows Joel in, as they head off to get some booze from the pub. Disaster strikes though when they steal the jug of punch and Raymond and the twins end up drinking it.
Bernadette Taylor’s exit storyline may have been teased too, as she’s asked by cousin Felix Baker for her seal of approval over his new romance with Johnny Carter. But with her reluctant to after him covering up the murder of her brother Keanu, something Felix knows nothing about, will it come back to haunt all those involved?
In the fallout to big scenes this week on the BBC soap, there’s chaos ahead with danger and trouble for some residents(Image: CREDIT LINE:BBC/Jack Barnes/Kieron McCarron)
Theres a strange discovery though when some weird invoices are spotted linked to the Panesar account, which Bernie has access to. She dismissed the concerns, but soon she’s questioned once more.
As Ravi and Suki go to confront Bernie about the irregularities, will they make a discovery and is this linked to Bernie’s looming exit? Finally next week, Nicola Mitchell is enraged when her son Barney’s biological father Zack Hudson gets between them again.
With Barney failing an exam due to stress, Nicola tries to cheer him up and bring the family back together. When Harry invites Zack though, there’s soon drama as Nicola and husband Teddy clash and she trashes the room.
As her party gets underway, Nicola chucks out Zack and Barney storms off. Teddy offers to support his son though if he wants to get to know Zack. But what will he decide? Amid the drama, Nicola and George get closer but will it lead to more
