Tag Archives: Donald Trump

Germany’s Merkel to visit Washington March 14

German Chancellor Angela Merkel addresses a joint news conference with Egypt's President Abdel Fattah al-Sisi following talks at the El-Thadiya presidential palace in Cairo, Egypt March 2, 2017. REUTERS/Amr Abdallah Dalsh

WASHINGTON (Reuters) – German Chancellor Angela Merkel will travel to Washington on March 14 to meet President Donald Trump, their first encounter after a rocky start to relations amid disagreements about trade, Trump’s travel ban and his comments about the media.

A U.S. official announced the visit, which comes shortly before a meeting in Germany of the finance ministers of the G20 industrialized countries and will help lay the groundwork for Trump’s visit to Germany in July for a meeting of G20 leaders.

The new Republican president and Merkel issued a joint statement after a telephone call in January, underscoring the importance of the NATO alliance and vowing to work together more closely to combat terrorism.

A few days later, Merkel sharply criticized Trump’s temporary travel ban on citizens from seven majority-Muslim countries. She has also repeatedly underscored the importance of a free press when asked about Trump’s negative comments about the media.

Merkel had a warm relationship with Trump’s predecessor, Democrat Barack Obama.

The meeting between Trump and Merkel is likely to cover a wide range of issues, including the global economy, trade, the fight against Islamic State, NATO and ties with Russia and China.

(Reporting by Steve Holland; Additional reporting by Andrea Shalal in Berlin; Writing by Eric Walsh; Editing by Frances Kerry)

Trump administration has found only $20 million in existing funds for wall

A general view shows a newly built section of the U.S.-Mexico border fence at Sunland Park, U.S. opposite the Mexican border city of Ciudad Juarez, Mexico January 26, 2017. REUTERS/Jose Luis Gonzalez

By Julia Edwards Ainsley

WASHINGTON (Reuters) – President Donald Trump’s promise to use existing funds to begin immediate construction of a wall on the U.S.-Mexico border has hit a financial roadblock, according to a document seen by Reuters.

The rapid start of construction, promised throughout Trump’s campaign and in an executive order issued in January on border security, was to be financed, according to the White House, with “existing funds and resources” of the Department of Homeland Security.

But so far, the DHS has identified only $20 million that can be re-directed to the multi-billion-dollar project, according to a document prepared by the agency and distributed to congressional budget staff last week.

The document said the funds would be enough to cover a handful of contracts for wall prototypes, but not enough to begin construction of an actual barrier. This means that for the wall to move forward, the White House will need to convince Congress to appropriate funds.

An internal report, previously reported by Reuters, estimated that fully walling off or fencing the entire southern border would cost $21.6 billion – $9.3 million per mile of fence and $17.8 million per mile of wall.

DHS officials did not respond to a request for comment on this story.

Trump has said he will ask Congress to pay for what existing funds cannot cover and that Mexico will be pressured to pay back U.S. taxpayers at a later date.

Republican House Speaker Paul Ryan has said he will include funding for a border wall in the budget for next fiscal year. He has estimated the cost to be between $12 billion and $15 billion.

Many Republican lawmakers have said they would vote against a plan that does not offset the cost of the wall with spending cuts.

In the document it submitted to Congress, the DHS said it would reallocate $5 million from a fence project in Naco, Arizona, that came in under budget and $15 million from a project to install cameras on top of trucks at the border.

The surveillance project was awarded to Virginia-based Tactical Micro, but was held up due to protests from other contractors, according to the DHS document. Tactical Micro could not be reached for comment.

The DHS only searched for extra funds within its $376 million budget for border security fencing, infrastructure and technology, so it would not have to ask for congressional approval to repurpose funding, according to the document.

Contractors cannot begin bidding to develop prototypes until March 6 but more than 265 businesses already have listed themselves as “interested parties” on a government web site.

Those interested range from small businesses to large government contractors such as Raytheon <RTN.N>.

(Reporting by Julia Edwards Ainsley; Editing by Sue Horton and Bill Trott)

Dow tops 21,000 on Trump speech, rate hike talk

A screen shows the Dow Jones Industrial Average soon after the market opened on the floor of the New York Stock Exchange . REUTERS/Brendan McDermid

By Yashaswini Swamynathan

(Reuters) – The Dow crossed the 21,000 mark for the first time ever on Wednesday, as President Donald Trump’s measured tone in his first speech to Congress lifted investor optimism and bank stocks surged on hopes of an interest rate hike this month.

Trump on Tuesday said he wanted to boost the U.S. economy with a “massive” tax relief and make a $1 trillion effort on infrastructure, bets that have helped Wall Street scale new records since the November election.

“Trump came off very Presidential and investors are drawing optimism from the way he delivered the message in his speech,” said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

“Today is just another vote of confidence in Donald Trump being able to do what he says he wants to do.”

If the Dow closes above 21,000, it would have taken 24 trading sessions since the blue-chip index first closed above 20,000, matching the fastest move between thousand-point milestones, which happened between March and May 1999 and took the index above 11,000.

Banks and industrial stocks, which have benefited the most in the post-election rally, were the biggest gainers on Wednesday. The spike also helped the S&P to break out from the tight trading range the index has been stuck in since Dec. 7.

The three main indexes were on track for their best one-day gain since Nov. 7, a day before the U.S. presidential election.

The S&P financial index <.SPSY> soared 2.7 percent, outperforming the other 10 major sectors, also helped by key Federal Reserve officials who hinted at an interest rate hike this month.

The KBW Nasdaq Bank index <.BKX> was up 3.3 percent, while the dollar gained 0.6 percent.

The odds of March rate hike also rose after the Commerce Department reported that January inflation ticked up by the most in four years.

Traders have now priced in a nearly 70 percent chance of rate hike when the Fed’s policy-setting body meets on March 14-15, according to Thomson Reuters data.

Gold prices, the CBOE Volatility index <.VIX> and bond proxy sectors of the S&P 500 dropped.

“The specter of higher rates means the economy is doing better,” Bakhos said.

At 12:18 p.m. ET the Dow Jones Industrial Average <.DJI> was up 290.2 points, or 1.39 percent, at 21,102.44, the S&P 500 <.SPX> was up 33.11 points, or 1.40 percent, at 2,396.75 and the Nasdaq Composite <.IXIC> was up 76.88 points, or 1.32 percent, at 5,902.31.

Seven of the 11 major S&P sectors, including industrials <.SPLRCI> and materials <.SPLRCM>, gained between 1.4 and 2.7 percent.

Lowe’s <LOW.N> stock jumped 9.3 percent to $81.22 and was the biggest percentage gainer on the S&P, after the home improvement chain issued an upbeat sales forecast.

One laggard on all the three indexes was Intel <INTC.O>, which fell 1.2 percent after Bernstein downgraded the stock to “underperform” and cut its price target.

Advancing issues outnumbered decliners on the NYSE by 2,044 to 891. On the Nasdaq, 2,192 issues rose and 620 fell.

The S&P 500 index showed 127 new 52-week highs and four new lows, while the Nasdaq recorded 189 new highs and 32 new lows.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)

Trump gives nod to Republican tax-credit proposal on Obamacare

President Donald Trump delivers his first address to a joint session of Congress. REUTERS/Jim Lo Scalzo

By Yasmeen Abutaleb

WASHINGTON (Reuters) – U.S. President Donald Trump backed the use of tax credits to help people purchase health insurance in a speech to Congress on Tuesday, the first time he signaled support for a key component of House Republican proposals to replace Obamacare.

Republicans, who control the White House and Congress, are united in their opposition to former Democratic President Barack Obama’s signature 2010 healthcare law, but have so far failed to agree on the details of how to replace it.

“We should help Americans purchase their own coverage, through the use of tax credits and expanded Health Savings Accounts,” Trump said. “But it must be the plan they want, not the plan forced on them by our government.”

Democrats are ardently opposed to tampering with Obamacare, which provided coverage to millions of previously uninsured people.

A draft Republican replacement for Obamacare would include an age-based monthly tax credit that Americans who do not get health insurance through their employer could use to buy coverage and take from job to job.

Some Republicans have voiced resistance to that plan.

The president’s comments were also a nod to health insurers – whom Trump met with on Monday – who say tax credits are necessary to keep people in the market.

“The fact that he used the word tax credits is a signal to congressional Republican ranks” that he supports their proposals, said Tom Miller, a resident fellow in health policy at the American Enterprise Institute think tank.

Trump also said Americans should be able to buy insurance across state lines, a proposal favored by health insurers because it would enable them to offer plans in states with fewer regulatory hurdles.

Trump said state governors should be given resources and flexibility on Medicaid, the government health insurance program for the poor, and ensure that “no one is left out.” That appeared to be an attempt to ease concerns from the more than 30 governors who expanded Medicaid coverage under Obamacare.

But Trump offered few details on how he would reconcile House Republican plans to unwind the expansion of Medicaid with promises to maintain coverage for those who gained health insurance under Obamacare.

He also reaffirmed that those with pre-existing conditions should have access to coverage but did not say how that would be accomplished.

(Editing by Nick Tattersall and Peter Cooney)

New Trump travel order expected in coming days, Pence says

DAY 19 / FEBRUARY 7: Vice President Mike Pence was called in to break a Senate vote tie that threatened to defeat the confirmation of billionaire Betsy DeVos as education secretary.

WASHINGTON (Reuters) – U.S. President Donald Trump plans to finalize a new order limiting travel to the United States in the coming days, his vice president said on Wednesday, after federal courts blocked the administration’s earlier travel ban.

A White House source had previously said the new order was likely to be announced on Wednesday.

More than two dozen lawsuits were filed in U.S. courts against the Jan. 27 travel ban, which temporarily barred entry to the United States for people from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen, as well as halting the U.S. refugee program.

The ban was suspended by the 9th U.S. Circuit Court of Appeals, ruling in a case brought by Washington state. The Trump administration then said it would produce a new order.

“They’re putting out the finishing touches on that executive order. It should be out in the next few days,” Vice President Mike Pence told CBS program “This Morning.”

The original order triggered chaos at airports as people, including legal residents known as green card holders, were temporarily blocked from entering the country and federal agencies tried to interpret the new guidelines.

The administration has said it is likely the new directive will exclude legal permanent residents, making it harder for opponents to challenge the ban. [L2N1GD20P]

Pence did not elaborate on the revised directive.

The Associated Press, citing unidentified U.S. officials, reported late on Tuesday that the new order will remove Iraq from the list of countries whose citizens face a temporary travel ban.

(Reporting by Susan Heavey; Editing by Frances Kerry)

Trump recommits to U.S. allies but says they must pay ‘fair share’

President Trump addresses Joint Session of Congress. REUTERS/Carlos Barria

By Matt Spetalnick

WASHINGTON (Reuters) – President Donald Trump on Tuesday reaffirmed support for the United States’ longstanding security alliances around the world but insisted that friends and partners from Europe to the Middle East to the Pacific must “pay their fair share of the cost.”

In his first nationally televised speech to Congress since taking office on Jan. 20, Trump sought to reassure allies still uneasy over doubts he raised during the 2016 presidential campaign about his commitment to their defense and to maintaining a U.S. global leadership role.

But he also made clear that he expects those countries to shoulder more of the burden of their own security needs, echoing a campaign message that some allies had taken advantage of Washington’s generosity in providing them a security umbrella.

“Our foreign policy calls for a direct, robust and meaningful engagement with the world,” Trump told a joint session of Congress. “It is American leadership based on vital security interests that we share with our allies across the globe.”

He specifically assured NATO allies of his new administration’s continued commitment to the decades-old alliance. However, he made no mention of one of the main sources of European concern: his friendly overtures during the campaign toward Russian President Vladimir Putin.

“We strongly support NATO, an alliance forged through the bonds of two World Wars that dethroned fascism and a Cold War that defeated communism,” Trump said.

“But our partners must meet their financial obligations,” he said. “And now, based on our very strong and frank discussions, they are beginning to do just that.”

Then, deviating from his prepared remarks, Trump added: “In fact, I can tell you the money is pouring in. Very nice.” But he offered no specifics.

Some critics had accused Trump of failing to recognize the benefit that accrued to the United States of having strong democratic allies helping to stabilize volatile areas like the Middle East, Ukraine and South Asia.

Trump’s remarks followed the deployment earlier this month of senior Cabinet members to Brussels, Bonn and Munich, Germany, aimed at calming European worries.

The Europeans heard from Defense Secretary James Mattis that the North Atlantic Treaty Organization military alliance was not “obsolete” after all, despite Trump’s suggestions to the contrary.

Vice President Mike Pence told them that Russia would be “held accountable” for its actions in Ukraine.

Mattis made his first foreign trip to South Korea and Japan, where he sought to ease concerns about what Trump’s self-styled “America First” strategy means for U.S. foreign policy in Asia.

While seeming to tackle some of the doubts of U.S. allies, Trump still made clear that he wanted them to do more.

“We expect our partners, whether in NATO, in the Middle East, or the Pacific, to take a direct and meaningful role in both strategic and military operations, and pay their fair share of the cost,” he said.

(Reporting by Matt Spetalnick; Editing by Jonathan Oatis)

Dow breaches 21,000 as banks gain on rate talk

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 28, 2017. REUTERS/Brendan McDermid

(Reuters) – U.S. stocks opened at record intraday highs on Wednesday, with the Dow breaching the 21,000 mark for the first time ever as a more measured tone in President Donald Trump’s speech reassured investors and bank stocks gained on higher chances of an interest rate hike this month.

The Dow Jones Industrial Average &lt;.DJI&gt; was up 184.17 points, or 0.88 percent, at 20,996.41, the S&amp;P 500 &lt;.SPX&gt; was up 18.65 points, or 0.789037 percent, at 2,382.29 and the Nasdaq composite &lt;.IXIC&gt; was up 49.66 points, or 0.85 percent, at 5,875.10.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)

U.S. seeks end to U.N. rights council’s ‘obsession’ with Israel

Israeli policemen remove a pro-settlement activist during an operation by Israeli forces to evict residents from several homes in the Israeli settlement of Ofra, in the occupied West Bank, February 28, 2017. REUTERS/Ronen Zvulun

By Stephanie Nebehay

GENEVA (Reuters) – U.S. President Donald Trump’s administration is reviewing its participation in the U.N. Human Rights Council, seeking reform of its agenda and an end to its “obsession with Israel”, a senior U.S. official said on Wednesday.

Washington has long argued that the Geneva forum unfairly focuses on Israel’s alleged violations of human rights, including war crimes against Palestinian civilians in the occupied West Bank and Gaza Strip.

The United States “remains deeply troubled by the Council’s consistent unfair and unbalanced focus on one democratic country, Israel”, Erin Barclay, U.S. deputy assistant secretary of state, told the U.N. Human Rights Council.

Barclay said that no other nation had a whole agenda item devoted to it and that “this obsession with Israel” threatened the council’s credibility.

Barclay questioned whether focusing on Israel was a sensible priority, adding that Syrian President Bashar al-Assad’s government was bombing hospitals while North Korea and Iran deny millions of their people of freedoms of religion, peaceful assembly and expression.

“In order for this Council to have any credibility, let alone success, it must move away from its unbalanced and unproductive positions,” Barclay said.

“As we consider our future engagements, my government will be considering the Council’s actions with an eye toward reform to more fully achieve the Council’s mission to protect and promote human rights.”

The United States is currently an elected member of the 47-state Geneva forum where its three-year term ends in 2019.

There was no immediate reaction from the U.N. human rights office, but on Tuesday Council spokesman Rolando Gomez told a briefing: “The US been a very active and constructive partner in the Council for many years, spearheading a number of important initiatives, such as DPRK (North Korea), Iran, Syria, LGBT rights … and many issues that are certainly on the agenda today.”

He said that any country that wished to revoke its membership of the council would have to go through the General Assembly in New York.

(Additional reporting by Tom Miles; editing by Richard Lough)

Trump to lay out plans for America in upcoming speech to Congress

White House aide Omarosa Manigault (center R) directs traffic as U.S. President Donald Trump (center L) welcomes the leaders of dozens of historically black colleges and universities (HBCU) in the Oval Office at the White House in Washington, U.S. February 27, 2017. REUTERS/Jonathan Ernst

By Steve Holland

WASHINGTON (Reuters) – Donald Trump gets a chance to put the rocky start to his presidency behind him on Tuesday night with a speech to the U.S. Congress where he will lay out his plans for the year including a healthcare overhaul and military buildup.

The speech at 9 p.m. (0200 GMT Wednesday) in the chamber of the House of Representatives will be Trump’s biggest chance yet as president to command a large prime-time audience and describe his agenda after a first month in office characterized by missteps, internal dramas and acrimonious disputes with the news media.

The address, which Trump has been writing with aide Stephen Miller and others, will include some gestures toward unifying a country polarized by a bitterly fought election and divided in the early days of his presidency.

An average of recent polls by Real Clear Politics put his approval rating at about 44 percent, low for a new president.

White House spokesman Sean Spicer said the theme of the speech to Congress, which is controlled by Trump’s fellow Republicans, would be “the renewal of the American spirit” and that it would be grounded in how to solve the problems of everyday Americans.

“He will invite Americans of all backgrounds to come together in the service of a stronger and brighter future for our nation,” Spicer told reporters on Monday.

Trump, whose inauguration speech on Jan. 20 painted a dark picture of the United States and referred to “American carnage,” told Reuters last week in an interview that his address would be a speech of optimism.

The president faces a host of questions going into his first speech before a joint session of Congress.

Specifics of his plan to overhaul former Democratic President Barack Obama’s signature healthcare law have not been released. He has yet to describe how to pay for a sharp increase in planned spending on rebuilding U.S. roads and bridges.

His proposals to cut taxes for millions of people and corporations have not been sketched out. His strategy for renegotiating international trade deals remains unclear. He took delivery on Monday of a Pentagon proposal for fighting Islamic State militants and must decide on it in the days ahead.

He seeks a big increase in defense spending but that plan includes a demand that non-defense federal agencies cut funds to offset the cost, painful reductions likely to face opposition in Congress. Some Republicans have said the proposed 10 percent defense spending increase is not enough to meet the military’s needs.

Asked in a Fox News interview broadcast on Tuesday how he would pay for the increased spending, Trump said, “I think the money is going to come from a revved up economy.”

His executive order temporarily banning people from seven Muslim-majority nations on national security grounds stirred protests and was put on hold by federal courts. He was expected to sign a replacement order on Wednesday.

DEMOCRATIC DISPLEASURE

Tim Albrecht, a Republican strategist in Iowa, said the speech was Trump’s best opportunity to date to explain where he wants to take the country. Albrecht doubted there would be much in the way of conciliatory language.

“Despite those at home or in the audience, he’s going to put forward what he believes needs to be done just as he did in the two years he ran for president,” he said. “As with everything in Trump land, conventional wisdom is thrown out the window.”

Democratic lawmakers plan to attend the speech and give their reactions to reporters afterward, as is the custom during similar events, according to congressional aides.

But at least one Democrat – Representative Luis Gutierrez of Illinois, has said he will protest Trump’s speech by refusing to applaud or give him a standing ovation, as also is a custom at presidential speeches.

Democrats aim to show their displeasure with Trump policies by inviting an array of guests to the House visitors’ galleries to highlight their opposition to his agenda.

Democratic Senator Dick Durbin of Illinois has invited Aaima Sayed, a medical student who participates in an Obama administration program that defers deportation for youths brought to the United States illegally. Trump has not given a definitive answer on whether he will leave the program in place.

Other Democratic guests include Muslim immigrants, an advocate of programs for people with disabilities and people who want new gun control measures.

Trump’s guest list illustrates some of his favorite themes: the widows of two California police officers killed by an illegal immigrant, a young woman who benefited from a Florida school choice program and the daughter of a pharmaceutical entrepreneur who founded his company to look for a cure for her illness.

Another guest will be Maureen Scalia, wife of late Supreme Court Justice Antonin Scalia, a hero to conservatives whom Trump hopes to replace on the court with Neil Gorsuch.

House Democratic leader Nancy Pelosi told reporters on Monday that if Trump’s address was anything like his inaugural speech, “it will be a very sad evening for our country.”

(Additional reporting by Richard Cowan, Ayesha Rascoe, Jeff Mason, Emily Stephenson, Doina Chiacu; Editing by Peter Cooney and Frances Kerry)

Dow hits 12th record high close; Trump talks up infrastructure spending

Leaf Group CEO Sean Moriarty (4th L) stands amongst Leaf Group management and board members for the opening bell at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S.

By Caroline Valetkevitch

NEW YORK (Reuters) – U.S. stocks ended slightly higher on Monday and the Dow closed at a record high for a 12th straight session, as President Donald Trump said he would make a “big” infrastructure statement on Tuesday.

The Dow’s streak of record-high closes matches a 12-day run in 1987, with Boeing and UnitedHealth among the biggest boosts for the Dow on Monday. The S&P 500 also closed at a record high. Energy gave the biggest boost to the S&P 500, with the energy index up 0.9 percent.

Trump, who met with state governors at the White House, also said he is seeking what he called a “historic” increase in military spending of more than 9 percent, while he said his administration would be “moving quickly” on regulatory reforms.

The comments came ahead of Trump’s first address to a joint session of Congress Tuesday evening. Investors are looking for more specifics on Trump’s plans, given the hefty gains in the market since the Nov. 8 election.

“Things are moving along in terms of the Trump agenda, but we’ll get a clearer picture after tomorrow night so that might precipitate some buying or selling,” said Bucky Hellwig, senior vice president at BB&amp;T Wealth Management in Birmingham, Alabama.

Hellwig and others said there’s potentially more upside than downside from the address, given how the market has reacted in recent weeks.

Shares of U.S. defense companies – Boeing, Raytheon, General Dynamics and Lockheed Martin – rose after Trump said he would seek to boost Pentagon spending by $54 billion in his first budget proposal.

Boeing was up 1.1 percent while UnitedHealth was up 1.4 percent.

The Dow Jones Industrial Average was up 15.68 points, or 0.08 percent, to close at 20,837.44, the S&P 500 gained 2.39 points, or 0.10 percent, to 2,369.73 and the Nasdaq Composite added 16.59 points, or 0.28 percent, to 5,861.90.

In its 1987 12-day streak of record-high closes, the Dow rose 9.2 percent compared with just a 3.9 percent gain in the recent record run.

While the S&amp;P 500 is up 10.8 percent since the Nov. 8 election, the pace of the rally has slowed this year.

Trump’s promise a few weeks ago of a “phenomenal” tax announcement helped rekindle the post-election rally, driving the main U.S. markets to record highs.

Time Warner ended up 0.9 percent after news that the head of the U.S. Federal Communications Commission does not expect to review AT&T Inc’s planned $85.4 billion acquisition of Time Warner.

AT&T slipped 1.3 percent.

Advancing issues outnumbered declining ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.87-to-1 ratio favored advancers.

The S&P 500 posted 63 new 52-week highs and one new low; the Nasdaq Composite recorded 143 new highs and 45 new lows.

(Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila and James Dalgleish)