From Reuters Daily Briefing |
By Robert MacMillan, Reuters.com Weekend Editor |
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- Gutted: The administration wants to lighten the federal budget by $163 billion while raising defense and border-security spending. The proposal includes reducing U.S. health spending, cutting billions for projects in renewable energy, climate change and EV chargers while devoting Energy Department funding toward technologies aimed at gas, coal, minerals and nuclear reactors. The U.S. has $36 trillion in debt and analysts say cuts to the IRS could add another $5 trillion even as Trump seeks to extend 2017 tax cuts.
- Don't go there: Weakening travel demand could erase billions from the U.S. economy as Trump's trade policy erodes consumer sentiment. China and the U.S. are edging ever so slightly toward tariff talks. Judges who have stood in Trump's way are receiving threats of violence and harassment, and so are their families. Trump threatened to revoke Harvard's tax-exempt status. His administration asked the Supreme Court to intervene in its bid to strip temporary protected status for more than 300,000 Venezuelan migrants. And Mike Waltz's ouster as national security adviser caps a month of turmoil in the ranks.
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- You are where you live: Trump's negotiators think the only way to end Russia's war in Ukraine is for Kyiv to acknowledge that it won't retake the land that Moscow's troops have seized. Most Ukrainians don't buy that idea by a country mile. Ukraine's parliament will vote on May 8 on whether to ratify a minerals deal signed with the U.S. Zelenskiy lauded his meeting with Trump at the Vatican as the best they've had.
- Gaza supplies dwindle: Fights are erupting over ever-decreasing food supplies in the strip, a U.N. official said, and stocks collected since Israel's ceasefire are running out because of an Israeli blockade. Looting of food stores and community kitchens is spreading. Israel's security cabinet approved plans to expand its operations in Gaza. A ship bound for Gaza that was carrying humanitarian aid was bombed by drones in the waters off Malta. Its organizers blamed Israel.
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- This is where it hurts: Quarterly results from consumer and retail companies, as we call them, show that American shoppers are curbing their spending because of U.S. trade policies. I promised my editor not to use the phrase "de minimis" in this newsletter, so have a look at this story the next time you can't buy some items that come from outside America. And here is a look at which companies have withdrawn their financial forecasts because of tariffs.
- Stocking up: Amazon's smaller sellers are trying to make sure they have enough wares to sell to avoid further tariffs on merchandise, but analysts say it may not help. Amazon said it considered listing import charges for goods on its low-cost haul unit, but denied exploring doing the same thing on its main website after the White House called it a hostile political act.
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