TV News LIES

Donald Trump has said he will announce new 25% tariffs on all steel and aluminum imports into the US on Monday that would affect “everybody’, including its largest trading partners Canada and Mexico, in another major escalation of his trade policy overhaul.

The US president, speaking to reporters on Air Force One on Sunday, also said he would announce reciprocal tariffs – raising US tariff rates to match those of trading partners – on Tuesday or Wednesday, which would take effect “almost immediately”. “And very simply, it’s, if they charge us, we charge them,” Trump said of the reciprocal tariff plan.

The New York City-based Macy’s will be closing 66 stores across nearly two dozen states as part of its “Bold New Chapter” strategy, describing the soon-to-be-closed locations as “non-go-forward” locations.

The new strategy, initially announced in February 2024, is designed to return the company to sustainable, profitable sales growth. In a Thursday press release, Macy’s said it plans to close about 150 underproductive stores in total over a three-year period.

“Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go–forward stores, where customers are already responding positively to better product offerings and elevated service,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc.

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JPMorgan Chase is summoning all staff back to the office, becoming the latest corporate giant to call time on era of remote and hybrid working sparked by the Covid-19 pandemic.

The US’s largest bank, which has some 316,000 employees worldwide, announced on Friday that all workers on hybrid work schedules will be required to return to the office five days a week from March.

Five years after Covid-19 emptied offices across much of the world almost overnight, prominent employers are now seeking to draw a line under a prolonged period of hybrid work and draw staff back to their desks full-time.

While leading Wall Street firms have led the charge, the debate over the merits and pitfalls on remote work – for employers, employees, customers and communities – continues across multiple industries.

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Janet Yellen, the Treasury secretary, said her agency will need to start taking “extraordinary measures”, or special accounting maneuvers intended to prevent the nation from hitting the debt ceiling, as early as 14 January, in a letter sent to congressional leaders Friday afternoon.

“Treasury expects to hit the statutory debt ceiling between January 14 and January 23,” Yellen wrote in a letter addressed to House and Senate leadership, at which point extraordinary measures would be used to prevent the government from breaching the nation’s debt ceiling – which has been suspended until 1 January.

The department has in the past deployed what are known as extraordinary measures, or accounting maneuvers, to keep the government operating. But once those measures run out, the government risks defaulting on its debt unless lawmakers and the president agree to lift the limit on the US government’s ability to borrow.

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US corporations and their supporters in Washington are pushing aggressively to roll back tax policies they once endorsed, in a move that could return hundreds of billions of dollars to some of America’s biggest companies.

As congressional negotiators attempt to keep the government funded past 19 January, an agreement is emerging that ties the corporate tax breaks to an increase in support for vulnerable American families – an effort to make the deal more palatable for Democrats.

Just six years ago the Business Roundtable, a lobbying group for CEOs of large US firms, described the Trump-era Tax Cuts and Jobs Act as “a remarkable, once-in-a-generation opportunity”. Now, the group is leading “a six-figure advocacy campaign” to roll back parts of it, according to Politico, and threatening that failing to secure new tax cuts will lead to “slower job creation, smaller wage increases and lower overall economic growth”.

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FTX Trading on Friday filed for Chapter 11 bankruptcy, capping a sudden and startling downfall for one of the world's largest cryptocurrency exchanges.

Founder and CEO Sam Bankman-Fried also resigned from the company, which appointed John J. Ray III as its new chief executive. Bankman-Fried plans to stay with FTX while it works through the bankruptcy process, according to a statement on Friday.

"The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders," Ray said in the statement.

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