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‘Gone too far’: GOP lawmakers rally around Trump after Musk raises Epstein allegations

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House GOP lawmakers are accusing Elon Musk of going ‘too far’ after he suggested President Donald Trump was ‘in the Epstein files.’

‘Hopefully we never have to answer questions about tweets like that from Elon again,’ said Rep. Pat Fallon, R-Texas, calling Musk’s comments ‘not helpful.’

‘Elon crossed the line today,’ Rep. Chip Roy, R-Texas, told Fox News Digital,

Musk referenced late pedophile Jeffrey Epstein in relation to Trump Thursday as part of a larger tirade against the president and Republican leaders over their budget reconciliation bill.

The tech billionaire accused Republicans of adding to the national debt — currently nearing $37 trillion — with legislation they’ve called Trump’s ‘big, beautiful bill.’

‘Time to drop the really big bomb. [Trump] is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!’ Musk wrote on X. ‘Mark this post for the future. The truth will come out.’

Rep. Troy Nehls, R-Texas, said Musk had ‘gone too far.’

‘There’s just no need for this,’ Nehls said. ‘Those conversations should be taking place behind closed doors.’

Some Republicans argued that any damning information about Trump and Epstein would have already been revealed if it existed.

‘What I would say is, if Joe Biden had Donald Trump in the Epstein logs, there’s no question it would have come out during the campaign,’ Rep. Randy Fine, R-Fla., told Fox News Digital. ‘So, I don’t know what’s prompting it. I think it’s all unfortunate.’

Rep. Tim Burchett, R-Tenn., questioned why Musk would let his young son, nicknamed ‘X,’ around Trump if he believed he was closely associated with a pedophile.

‘The Biden administration would have put it out. There’s nobody that Democrats hate more than Donald J. Trump, and he’s handing them their lunch every day. So, I don’t put much faith into it,’ Burchett said.

‘Why would he let his kid hang out with the president if that was true? That just doesn’t make any sense. And now he’s calling for his impeachment. I mean, it’s just going off to the deep end.’

Rep. Anna Paulina Luna, R-Fla.,  who is leading a task force on declassifying federal investigations, including Epstein’s, told reporters she did not think Musk’s suggestion held water.

‘Speaking to Jeffrey Epstein, I will be very specific that I do believe that if President Trump was in the Epstein files, they would have released it during the primary, and they didn’t,’ Luna said.

‘So, the fact is, is that I do not believe that President Trump is in the Epstein files, the way that it’s being implied, but either which way, this is why we continue to push for transparency.’

Rep. Ralph Norman, R-S.C., however, stood apart in his answer in calling for more transparency into the Epstein files.

‘Facts will bear out whatever they will,’ Norman said. ‘The Epstein files are bound to come out, and let it come out. We ought to see it. America has a right to know, just like they do with the John F. Kennedy files, the Bobby Kennedy files.’

White House press secretary Karoline Leavitt attributed Musk’s tirade to Trump’s bill, which is focused on working- and middle-class tax relief and not benefiting Musk and his companies enough.

‘This is an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted. The President is focused on passing this historic piece of legislation and making our country great again,’ Leavitt said.

Sen. Pete Ricketts, R-Neb., told Fox News Digital, ‘I could not tell you what Elon Musk’s motivations are, but I can tell you what we’re going to do, which is avoid a $4 trillion tax increase on the American people.

And while it’s well-known the two men were acquainted, a source familiar with the matter pointed out that Trump had kicked Epstein out of his Palm Beach Golf Club.

Trump had permanently banned Epstein from Mar-a-Lago for hitting on a teenage daughter of a club member, according to a book, ‘The Grifter’s Club.’ 

‘The administration itself released Epstein files with the President’s name included. This is not a new surprise Elon is uncovering. Everyone already knew this,’ the source said. ‘If Elon truly thought the President was more deeply involved with Epstein, why did he hang out with him for six months and say he ‘loves him as much as a straight man can love a straight man?”

Fox News Digital has also reached out to Musk for comment via his office at Tesla.

This post appeared first on FOX NEWS

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India’s energy transition accelerates as coal declines and renewables surge

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In May, India witnessed its most significant drop in coal-fired electricity production in half a decade. 

This decline coincided with the first decrease in total power demand since August and a record surge in renewable energy output, according to a Reuters analysis, which quoted official data.

Federal power grid regulator, Grid India’s data indicates a substantial drop in natural gas-fired power generation, the largest in almost three years. 

This decline is attributed to increased electricity production from cleaner sources such as hydro and nuclear power.

India, a major player in the global energy market as the second-largest coal importer and fourth-largest LNG purchaser, is experiencing a decrease in fossil fuel demand for electricity production. 

This reduction coincides with a period of significant price volatility and pressure on benchmark fossil fuel prices.

Source: Reuters

Decline in fossil fuel demand

Indian coal trader I-Energy said in a note:

Demand from the power sector – typically strong during peak season – remained limited.

Additionally, economic headwinds have weighed on non-power industries.

Asian spot LNG prices have decreased by over 15% this year. 

Simultaneously, thermal coal benchmark prices have plummeted to their lowest levels in over four years.

These declines are attributed to reduced demand from China and India, the largest global coal importers.

Grid India’s data analysis reveals a significant 9.5% year-over-year drop in India’s coal-generated power during May, totaling 113.3 billion kilowatt-hours (kWh). 

This decline in coal-generated power represents the most substantial annual decrease since June 2020’s nationwide COVID-19 lockdown.

India sees a historic drop in coal power generation in May as renewable energy reaches record highsThe world’s third-largest greenhouse gas emitter may see a significant reduction in emissions due to a prolonged decrease in fossil fuel demand for power generation. 

This shift comes after the country increased its coal dependence to fuel post-pandemic economic recovery.

To justify its extensive use of coal, India has consistently emphasised its lower emissions per person when compared to more affluent countries.

Cutting reliance

Driven by ample coal reserves and diminished electricity demand growth, Chinese and Indian utilities have further decreased their reliance on coal and LNG imports this year.

Due to surging temperatures and elevated power demand, India had allowed the operation of gas-fired power plants throughout 2024.

Moody’s ICRA vice president, Prashant Vashisth, stated that due to reduced power demand and elevated gas-fired power costs rendering it less competitive against alternatives like solar, utilities are expected to decrease their purchase volumes this year.

May saw a 5.3% year-on-year decrease in total electricity generation, reaching 160.4 billion kWh. 

Peak demand also declined by approximately 8% compared to the previous year, registering at 231 GW.

Government officials attributed this reduction primarily to milder temperatures.

In May 2024, a heatwave drove peak electricity demand to 250 GW, reflecting the highest electricity requirement during that period.

Renewable energy surge

Also, May saw renewable energy production reach an unprecedented 24.7 billion kWh, marking a 17.2% year-over-year increase.

This growth elevated renewables’ contribution to the total power supply to 15.4%, the highest percentage recorded since 2018.

Source: Reuters

India’s electricity generation saw coal’s contribution decrease to 70.7% this May, Grid India reports. T

his is a drop from 74.0% the previous year and marks the smallest proportion of coal-generated power since June 2022.

Hydropower production saw a significant increase, rising 8.3% to 14.5 billion kWh.

This surge elevated hydropower’s contribution to total power generation to 9.0%, up from 7.9% in May 2024, as indicated by the data.

In May, natural gas-fired power generation experienced a significant drop, plummeting 46.5% compared to the previous year. 

This resulted in an output of only 2.78 billion kWh, representing the largest annual decrease since October 2022.

The post India’s energy transition accelerates as coal declines and renewables surge appeared first on Invezz

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In World news

Victoria Gold-Silver Exploration Update

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Infinity Lithium Corporation Limited (‘Infinity’, or ‘the Company’) is pleased to announce that it has engaged a drilling contractor and has committed to testing the exciting CST (Comstock) gold-silver prospect (the CST Prospect) within the Cobungra Project (EL 7073) in July. Cobungra is located within the Lachlan Fold Belt in NE Victoria and was recently acquired by Infinity from Highland Resources Limited (ASX announcement 31 March 2025) as part of the Company’s transition to a focus on precious metals in Australia.

KEY POINTS

  • Drilling contractor contracted, drilling set to commence early July.
  • Exploration will test high priority CST Prospect (gold-silver) at Cobungra.
  • Undrilled geophysical target with coincident high-grade gold rock chip samples.
  • Gold focus in Australia the immediate priority to enhance company value going forward.

Infinity has moved quickly to commit to drill testing its recently acquired gold-silver-copper Projects and expand its holding of high-grade gold exploration ground within the Victorian portion of the rich Lachlan Fold Belt (Figure 1).

CST Prospect, Cobungra Project

The CST Prospect is located along strike (approx. 2,000m) from the previously drilled (5 holes) Forsyth Prospect also located within EL7073 which returned high-grade gold and silver intercepts including 5.35m @ 4.7g/t gold (Au), 334 g/t silver (ag) from 143m (ASX release dated 31 March 2025). Gold and silver mineralisation at both the Forsyth and CST Prospects is interpreted to be related to the Ensay Shear which is a laterally continuous structure running NW-SE through the tenement. Along strike, approx. 5km to the SE, is the proximal to the +300,000 oz Au Cassilis gold deposit (319,500 oz Au deposit JORC 2012, ABA Resources https://www.abaresources.com.au/portfolio.php). The Company believes that the strike of the Ensay Shear is a prospective exploration horizon.

The CST Prospect (Comstock) is an obvious and exciting initial drilling priority as Infinity targets precious metals in Australia. The CST Prospect presents an excellent drill target based on some historic gold-silver workings with a programme of rock chip sampling and geophysical surveying (I.P) 2013-2014 identifying coincident anomalies. These will be drilled in a small, first-pass drill campaign (approximately 6 holes for 800m). The CST Prospect has never been drilled and this is a first pass drilling campaign designed to identify further priority targets and areas of geological interest.

There are at least seven quartz vein-type gold (silver) lodes distributed in the CST Prospect Mineral Occurrence, with traced length of 20m~80m and width of 0.1m~2.0m. These lodes are nearly parallel, strike NNE and dip to SEE at a dip angle of 65°~80° (Figure 2). These lodes are interpreted to be ‘tension gashes’ running oblique within the dominant NW-SE striking Ensay Shear.

Refer to ASX release 31 March 2025 “Infinity Acquires Gold Projects”. Infinity is not aware of any new information that materially affects the information included in this announcement

Click here for the full ASX Release

This post appeared first on investingnews.com

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In Business

Nationwide coordinated retail crime crackdown results in hundreds of arrests, authorities say

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A nationwide coordinated crackdown on retail crime — what authorities are calling the first of its kind — led to hundreds of arrests in 28 states last week.

The blitz, led by Illinois’ Cook County regional organized crime task force, involved more than 100 jurisdictions and over 30 retailers including Home Depot, Macy’s, Target, Ulta Beauty, Walgreens, Kroger and Meijer.

“When you give specific focus to a crime, it reverberates,” Cook County Sheriff Tom Dart told CNBC. “When they see it is being prosecuted and taken seriously, it deters conduct. They don’t want to get caught.”

Organized retail crime — a type of shoplifting where groups of thieves work together in targeted operations to turn stolen goods into cash — has grown in scale and scope in recent years. CNBC previously reported on the extensive law enforcement efforts to take down retail crime organizations.

While aggregate numbers for retail theft are difficult to quantify, retailers reported 93% more shoplifting incidents on average in 2023 compared with 2019, according to a survey conducted by the National Retail Federation. Those surveyed also reported a 90% increase in the associated dollar losses over that same time period.

Some critics point to a lack of enforcement and felony thresholds for allowing criminals to continue committing theft. It’s something Cook County State’s Attorney Eileen O’Neill Burke has been focused on since taking office in December.

On her first day in office, O’Neill Burke said prosecutors would pursue felony retail theft charges in accordance with state law, when the value of the goods exceeds $300 or when the suspect already has a felony shoplifting conviction.

Before her taking office, retail theft felonies were charged only if the value of the stolen goods was $1,000 or more or if the suspect had 10 or more prior convictions.

Since Dec. 1, the Cook County State’s Attorney’s Office has filed charges in 1,450 felony retail theft cases, the office said.

The goals of the coordinated operation, O’Neill Burke told CNBC, is “to have one day where we focus and concentrate on [retail theft] and we share intelligence about it — about what we learned about the network, so that gives us more tools on how to take this network down.”

It was the coordination between law enforcement and prosecuting attorneys that got a number of the involved retailers to participate in the blitz.

“Collaboration is key to making a meaningful impact,” Ulta Beauty Senior Vice President of Loss Prevention Dan Petrousek told CNBC. “That’s why we were proud to participate in the National ORC Blitz alongside dedicated law enforcement and prosecutorial partners.”

Ulta Beauty had teams participating across nine states in last week’s operation, providing law enforcement with information on incidents of retail crime.

“Organized retail crime remains one of the most significant challenges in our industry,” said Marty Maloney, Walgreens director of media relations. “In this most recent operation we worked closely with law enforcement partners across nearly 20 cities and at over 40 locations to help curb this trend.”

A representative for Home Depot told CNBC that while overall theft is down, investigated incidents of organized retail crime are still up double digits year over year.

Now that the operation has concluded, the group is pulling together each jurisdictions’ observations and sharing data to continue to help crack down on retail theft.

Other participating retailers reached for comment by CNBC, including Macy’s, T.J. Maxx and Target, said they’re committed to partnering with law enforcement and pushing for stronger laws to combat retail crime.

California Highway Patrol arrests retail crime suspect in Long Beach, CA.Courtesy: California Highway Patrol.

This post appeared first on NBC NEWS

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In Politics

Elon Musk posts ‘Kill Bill’ meme in latest push to nix Trump’s ‘big, beautiful bill’

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Less than a week after leaving his position as head of the White House’s Department of Government Efficiency, Elon Musk is calling on Americans to urge their senators and representatives to ‘kill’ the ‘big, beautiful’ budget bill backed by President Donald Trump.

Musk has grown increasingly critical of Trump’s ‘big, beautiful bill,’ claiming that if passed, it would increase the U.S. budget deficit by $5 billion.

On Wednesday afternoon, Musk posted an image of the 2003 Uma Thurman movie ‘Kill Bill,’ appearing to reference his call to nix the Trump-backed bill.

‘We need a new bill that doesn’t grow the deficit,’ Musk said on X. 

In another post, Musk urged: ‘Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL.’ 

Musk said Tuesday afternoon that he ‘just can’t stand it anymore.’

‘This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,’ he said. ‘Shame on those who voted for it: you know you did wrong. You know it.’

Musk previously criticized the bill during an interview with CBS, noting he was ‘disappointed’ in the spending bill because ‘it undermines’ all the work his DOGE team was doing.

The bill passed the House in late May, ahead of Memorial Day, largely along party lines. However, two Republicans did vote against the measure, citing insufficient spending cuts and a rising national debt. GOP Kentucky Sen. Rand Paul has also signaled he likely will not vote in favor of the bill in its current form, citing a debt ceiling increase that is a red line for him. 

Trump has lashed out at Paul and others for opposing the bill, but so far he has taken a more measured approach to Musk’s criticism.

‘Look, the president already knows where Elon Musk stood on this bill,’ White House press secretary Karoline Leavitt said during a Tuesday afternoon briefing when asked about Musk’s most recent criticism.

‘It doesn’t change the president’s opinion. This is one big, beautiful bill, and he’s sticking to it,’ she said. 

Fox News Digital’s Alec Schemmel contributed to this report.

This post appeared first on FOX NEWS

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In Stocks

Rolls-Royce share price nears 1,000p as a new catalyst emerges

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The Rolls-Royce share price continued its strong surge this week as it reached a new all-time high. It soared to 900p, up by over 2,518% from its lowest point during the pandemic, as it became one of the biggest British companies globally. This trend means that it may soon hit 1,000p as we have predicted several times.

China as a big catalyst for Rolls-Royce share price

Our last article on Rolls-Royce Holdings identified China as a potential catalyst for the stock. In that article, we noted that Comac, China’s aircraft manufacturer, may turn to the company for engines as tensions with the US rise. 

A likely scenario is where the Trump administration will ban General Electric and other American companies from supplying engines and parts to Comac. The goal will to enable Boeing maintain a market share in the aviation industry.

The challenge, however, is that Rolls-Royce Holdings manufactures engines for wide-body aircraft. It has no presence in the narrow-body sector after it abandoned the business a few years ago.

Rolls-Royce has hinted that it will want to return to the narrow-body industry in the future. However, building a new engine from scratch may be a big challenge and take over 6 years to complete.

China Airbus orders

China is a big catalyst for the Rolls-Royce share price as its airlines focus on buying Airbus planes. Indeed, no major airline has made a big Boeing order in the past few years. 

Now, Bloomberg is reporting that China is considering a big bid for Airbus planes, a deal that may be announced next month when EU leaders visit Beijing to celebrate long-term ties. The platform reported that the orders could be between 200 and 500.

Bloomberg notes that the potential orders will be spread between wide-body and narrow-body planes. Rolls-Royce Holdings engines power most of Airbus’ wide-body engines, making it a big beneficiary of such a deal. 

However, Rolls-Royce gains in this order will take time to materialize because of Airbus’ backlog, which stands at over 8,000 planes. This means that any orders could be delivered in the next decade. 

Civil aviation is an important market for Rolls-Royce Holdings, a company that sells engines and then takes long-term service contracts. This division accounts for over 50% of its total revenue. 

Rolls-Royce is also benefiting from the other two divisions: power and defence. Its power business is benefiting from the ongoing AI boom, while the defence business is a top beneficiary as European and American governments boost their defense spending.

At the same time, the management has focused on making Rolls-Royce a leaner and more profitable company. Indeed, it achieved its mid-term targets in 2024, two years ahead of schedule.

Rolls-Royce share price analysis

RR stock chart by TradingView

The daily chart shows that the RR share price has been in a strong uptrend in the past few years as the company’s growth resumed. It recently moved above the key resistance level at 810p, invalidating the double-top pattern that was forming. A double-top is one of the most bearish patterns in technical analysis. 

The stock remains above the 50-day and 100-day Exponential Moving Average (EMA), a sign that bulls are in control. Also, the Relative Strength Index (RSI) and the MACD indicator have all pointed upwards.

Therefore, the Rolls-Royce share price will likely continue soaring, with the next point to watch being at 1,000p. The bullish outlook will only become invalid if the stock drops below the support at 850p. 

The post Rolls-Royce share price nears 1,000p as a new catalyst emerges appeared first on Invezz

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In Business

Dollar General is shaking off tariff fears and winning over higher-income consumers

5 Mins Read

Shares of Dollar General jumped nearly 16% on Tuesday after the discounter raised its outlook, saying it drew more middle- and higher-income shoppers amid fears that higher tariffs would hurt consumer spending.

The Tennessee-based retailer beat quarterly expectations for revenue and earnings. The company said it now anticipates net sales will grow about 3.7% to 4.7%, compared to its previous expectation of about 3.4% to 4.4%. It expects diluted earnings per share to range from $5.20 to $5.80, compared to its prior outlook of approximately $5.10 to $5.80. Dollar General anticipates same-store sales will increase 1.5% to 2.5%, higher than its previous guidance of about 1.2% to 2.2%.

Here’s how the retailer did for the fiscal first quarter compared with Wall Street’s estimates, according to a survey of analysts by LSEG:

In the three-month period that ended May 2, Dollar General reported net income of $391.93 million, or $1.78 per share, compared with $363.32 million, or $1.65, in the year-ago quarter.

As of Tuesday’s close, shares of Dollar General have risen about 48% so far this year. That far exceeds the roughly 1% gains of the S&P 500 during the same period. Shares of the retailer closed at $112.57 on Tuesday, bringing Dollar General’s market value to $24.76 billion.

Dollar General’s first-quarter results — and its stock performance — stand out in a retail industry that is already taking a hit from President Donald Trump’s tariffs. Companies including Best Buy, Macy’s and Abercrombie & Fitch have cut their profit outlooks due to tariffs.

On an earnings call Tuesday, Dollar General CEO Todd Vasos said the company has worked to reduce its exposure to China — and limit price hikes for shoppers. He said the retailer has worked with vendors to cut costs, moved manufacturing to other countries and made changes to its products or swapped them out for other merchandise.

He said direct imports make up about a mid- to high single-digit percentage of its overall purchases and indirect imports are about double that.

“While the tariff landscape remains dynamic and uncertain, we expect tariffs to result in some price increases as a last resort, though, we intend to work to minimize them as much as possible,” he said.

CFO Kelly Dilts said on the company’s earnings call that full-year guidance assumes that Dollar General will be able to offset “a significant portion of the anticipated tariff impact on our gross margin, but also allows for some incremental pressure on consumer spending.”

Customer traffic dipped by 0.3% in the first quarter compared to the year-ago period, but shoppers spent more when they visited. The average transaction amount rose 2.7%, as sales in the food, seasonal, home and apparel categories all grew.

Vasos added tariffs have also increased U.S. consumers’ desire to find deep discounts. Vasos said the company’s first-quarter results reflect Dollar General’s gains from “customers across multiple income bands seeking value.”

He said store traffic and the company’s market research indicates that more middle- and higher-income customers have come to its stores more frequently and spent more when they visited.

“We are pleased to see this growth with a wide range of customers and are excited about our ongoing opportunity to grow [market] share with them,” he said.

Those gains have helped as Dollar General’s core customer “remains financially constrained,” Vasos said. According to a survey by the company, he said 25% of customers reported having less income than they did a year ago and almost 60% of core customers said “they felt the need to sacrifice on necessities in the coming year.”

Dollar General’s sales largely come from U.S. consumers who are on a tight budget. About 60% of the retailer’s sales come from households with an annual income of less than $30,000 per year, Vasos said last fall at a Goldman Sachs’ retail conference.

In addition to wooing value-conscious shoppers, Dollar General has tried to tackle company-specific problems that drew government scrutiny and tested customer loyalty. The discounter, which has more than 20,000 stores across the country, has paid steep fines to the Labor Department for workplace safety violations due to blocked fire exits and dangerous levels of clutter.

Vasos highlighted some of the ways that Dollar General has tried to improve the customer experience. Among them, it’s worked to reduce employee turnover, and it took about 1,000 individual items off its shelves so it can keep top-selling items in stock, he said.

Dollar General has launched its own home delivery service, which is now available at more than 3,000 stores. Its deliveries through DoorDash have grown, too, with sales up more than 50% year over year in the quarter.

Dollar General has also bulked up its merchandise categories outside of the food and snack aisles, adding more discretionary items like seasonal decor and home items.

Vasos said sales in those categories have also gotten a boost from middle- and higher-income customers shopping its stores.

Its newer store chain, Popshelf, sells mostly discretionary items and caters to consumers with higher household incomes than Dollar General’s typical shoppers. Vasos did not share a specific metric for the chain, but said Popshelf’s same-store sales delivered strong growth in the quarter. The company recently changed the store layout to emphasize toys, beauty and party candy.

This post appeared first on NBC NEWS

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In Politics

Energy groups celebrate Trump’s latest move to unleash Alaska drilling

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Conservative energy leaders are celebrating President Donald Trump’s latest effort to unleash American drilling. 

The Department of the Interior announced a proposal Monday to rescind President Joe Biden’s restrictions on oil and gas development in the National Petroleum Reserve in Alaska. 

Interior Secretary Doug Burgum said a Biden-era 2024 Bureau of Land Management (BLM) rule that restricted energy development for more than half of the 23 million acres on Alaska’s North Slope ignored the Naval Petroleum Reserves Production Act of 1976. 

‘The National Petroleum Reserve (NPR), created by Congress over a century ago to secure America’s energy supply, supports responsible oil development on 13 million acres,’ Frank Lasee, president of Truth in Energy and Climate, said in a statement shared with Fox News Digital. 

‘President Biden’s drilling ban in Alaska undermined energy security, increasing reliance on foreign oil, raising gasoline prices and fueling inflation through higher transportation costs,’ Lasee added. ‘Resuming drilling puts economic growth and energy independence ahead of climate ideology in a place almost no regular American will ever visit.’

Consistent with Trump’s executive orders, the proposed revision reverts to regulations that were in place prior to May 7, 2024, which Lasee called a ‘commendable’ prioritization of ‘American energy needs and economic well-being while adhering to the law.’

‘President Biden never should have halted congressionally sanctioned oil drilling in Alaska,’ said Sterling Burnett, director of the Arthur B. Robinson Center on Climate and Environmental Policy at the Heartland Institute. ‘Trump is to be applauded, both for putting Americans’ energy needs and our economic well-being first and for following the law by opening these areas back up for production.’

According to the Department of Interior, the 2024 rule provisions lacked ‘a basis in the Naval Petroleum Reserves Production Act’ and undermined the BLM’s congressional obligation to oversee timely leasing in the region. 

‘President Trump’s move to restore drilling in Alaska’s Arctic region is a bold and necessary step toward reclaiming American energy independence,’ Jason Isaac, CEO of the American Energy Institute, said. 

Trump vowed to unleash American energy on the campaign trail in 2024 and signed executive orders on the first day of his second term to rescind Biden-era climate policies. 

‘By reversing Biden’s disastrous restrictions on 13 million acres, Trump is unleashing the abundant resources that power our economy, lower energy costs and strengthen national security. This is a victory for American workers, consumers and allies who rely on stable, affordable energy,’ Isaac added. 

Steve Milloy, senior policy fellow at the Energy & Environment Legal Institute, called the announcement ‘more good news from the Trump administration in rolling back more of Biden’s war on fossil fuels.’

‘Promises made. Promises kept. But the Trump administration will need to go further to give investors confidence that the Alaska leases will actually be viable. Radical climate activists will resort to the courts and scare off investors. There likely needs to be a legislative solution to that,’ Milloy added.

Trump and his Republican allies are seeking to roll back some of Biden’s green energy initiatives through budget reconciliation on Trump’s ‘big, beautiful bill.’

‘The National Petroleum Reserve (NPR) was created more than 100 years ago specifically to provide a supply of oil for America’s energy security. That energy security can be achieved by responsibly developing our oil reserves, including in the Gulf of America, our vast shale oil deposits in America’s heartland and, now, thankfully, the 13 million acres of the NPR that are going to be developed,’ said Gregory Whitestone, CO2 Coalition executive director.

‘Continuation of the Biden administration’s drilling ban would have resulted in a greater reliance on foreign supplies of oil (and) increases in gasoline prices and the inflationary spiral across all sectors of the American economy from increased transportation costs,’ Whitestone added. 

This post appeared first on FOX NEWS

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In Stocks

Vietnam firms to sign $2B deal for US agricultural products

3 Mins Read

The Vietnamese Agriculture Ministry announced on Tuesday that domestic companies plan to sign memorandums of understanding with US partners to purchase $2 billion in American agricultural goods, according to a Reuters report. 

This initiative is aimed at advancing a new trade agreement between Vietnam and the US.

US President Donald Trump’s administration had imposed substantial “reciprocal” tariffs on Vietnam, reaching a significant 46%. 

This measure has introduced considerable uncertainty into Vietnam’s economic outlook. 

While these tariffs are currently suspended until July, their potential activation presents a serious threat to Vietnam’s established growth model. 

This model is heavily dependent on exports, particularly to the US, which remains Vietnam’s primary and most crucial export market. 

The reimplementation of these tariffs could severely disrupt trade flows and negatively impact Vietnam‘s economic performance. 

The situation highlights the vulnerability of export-oriented economies to shifts in international trade policies and the potential consequences of trade disputes between major economic powers. 

New deals

During a recent diplomatic visit to the United States, a high-powered Vietnamese delegation, consisting of 50 prominent companies and spearheaded by agriculture minister Do Duc Duy, solidified several new trade agreements aimed at bolstering economic ties between the two nations. 

A key highlight of this visit was the signing of five Memorandums of Understanding (MoUs). 

These MoUs specifically pertain to the procurement of agricultural products from the state of Iowa. 

As per the directives outlined in these agreements, Vietnam has committed to purchasing a substantial $800 million worth of goods from Iowa over the span of the next three years. 

The visit itself served as a platform for Vietnamese businesses to engage directly with their American counterparts, fostering collaboration and paving the way for future cooperation across various sectors.

According to the report, memoranda of understanding with Iowa encompass acquisitions of corn, wheat, dried distillers grains, and soybean meal.

Trade deficit

Recent discussions between Vietnam and the Trump administration have centered on establishing a mutually agreeable trade framework, driven by the substantial trade imbalance favoring Vietnam.  

As part of these ongoing negotiations, Vietnam has committed to increasing its intake of goods originating from the US. 

This pledge is a direct response to the persistent and widening trade gap that has become a key point of contention. 

The scale of this deficit is notable; in the preceding year, the US recorded a staggering trade shortfall of $123 billion in its economic exchanges with Vietnam. 

Other measures

This deficit underscores the urgency and importance of finding a balanced solution through these trade talks, aiming to ensure a more equitable flow of goods between the two nations.

Last year, Vietnam imported $3.4 billion in agricultural goods from the US, while exporting $13.68 billion worth of its own agricultural products to America, according to the Vietnam News Agency.

Vietnam has committed to purchasing additional American goods, such as Boeing aircraft and liquefied natural gas. 

Moreover, following US allegations of Vietnam being a significant center for counterfeit goods and digital piracy, the nation has vowed to take action against these illegal operations.

The post Vietnam firms to sign $2B deal for US agricultural products appeared first on Invezz

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