ActiveInvestorMag.com: Cabinet & Insiders

Trump invokes the Defense Production Act to put $150 million into US refining

Fri, 23 Oct 2026 14:17:00 GMT

The president announced the step at an Iowa rally, and the Energy Department said the money would restart a refinery and expand fuel output.

President Donald Trump invoked the Defense Production Act to spend $150 million on domestic gas and diesel production, with the stated aim of lowering fuel prices. “In more breaking news, my administration is using the Defense Production Act to release $150 million to increase American refining capacity,” Trump told a rally in Sioux City, Iowa. He told the crowd the money would increase refinery capacity “to produce more diesel”.

The White House published a presidential determination under Section 303 of the Defense Production Act of 1950 on domestic petroleum production, refining and logistics capacity. The memorandum, addressed to the Secretary of War, cites Executive Order 14156 of 20 January 2025, which declared a national energy emergency under the National Emergencies Act. Trump made the determination on Thursday.

The Energy Department said it would use the funding to restart an American refinery and expand refining capacity. The department described the plan as one that would add millions more gallons of fuel a day.

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Pentagon and Lockheed agree a 10-year framework for at least 850 F-35 jets

Thu, 22 Oct 2026 21:17:00 GMT

The decade-long deal sets a minimum commitment for US aircraft and keeps Lockheed aiming for annual output of 156 jets.

Lockheed Martin and the Pentagon struck an initial deal to produce 850 F-35 jets. The US Defense Department said the framework establishes a minimum commitment of 850 US aircraft over a 10-year period. The two sides agreed a decade-long framework deal for hundreds of jets.

Under the agreement with the Department of Defense, which President Donald Trump calls the Department of War, Lockheed aims to maintain annual production. It aims to keep that annual production at 156 aircraft.

Michael Duffey, the under secretary of defense for acquisition and sustainment, said in a statement: “This agreement with Lockheed Martin proves it”. Duffey said in the Pentagon announcement that the deal works “by aligning financial incentives with actual performance”. Lockheed chairman, president and chief executive Jim Taiclet also commented on the agreement.

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Treasury proposes rules to curb large investors’ purchases of single-family homes

Thu, 22 Oct 2026 21:17:00 GMT

The proposed regulations are the first to enforce a new law passed by Congress, and the White House paired them with an order it says will cut homeownership costs.

Treasury Secretary Scott Bessent announced on 22 October that the Trump administration has issued proposed regulations to enforce a new law on home purchases by private-equity firms. It is the first rule issued to enforce that law. The rules for big investor homebuyers follow limits that Congress set.

The proposal would restrict institutional investors’ purchases of homes. Other coverage described it as a rule to bar investors from buying up single-family homes.

“Treasury is working to ensure American families and workers have a fair shot at purchasing homes,” Bessent said in a release. He presented the effort as a means of boosting affordable housing.

On the same day, the White House said President Donald Trump had signed an executive order to lower the costs of single-family homeownership and mortgages and to promote innovation throughout the housing market. The White House said the president is removing unnecessary red tape to make homeownership more affordable.

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Pentagon builds a deep-cover economic spy program aimed at China

Thu, 22 Oct 2026 14:18:00 GMT

A program overseen by a former CIA officer who followed Deputy Defense Secretary Steve Feinberg from Cerberus Capital Management would place undercover operatives against Chinese targets, alongside a new tech sabotage agency.

The Pentagon is looking to build a more robust deep-cover spying program to confront China, according to people familiar with it. The effort is described as an economic intelligence programme targeting China. It would use US operatives working undercover.

Tom Rakusan is overseeing the program. He is a senior adviser to Deputy Defense Secretary Steve Feinberg and spent 39 years at the CIA. Rakusan previously worked on matters related to Russia’s alleged interference in the 2016 US presidential election.

After leaving the CIA, Rakusan joined Cerberus Capital Management, the private equity firm co-founded by Feinberg. He followed Feinberg from Cerberus to the Pentagon in 2025.

Separately, the Pentagon is quietly building an elite new tech sabotage agency, which has been described as a new Pentagon power centre around Feinberg.

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Trump denies ordering the Starlink slowdown in Ukraine as Rubio and Hegseth point to Musk

Thu, 22 Oct 2026 14:18:00 GMT

The president said he does not know who restricted Ukraine’s satellite internet, his top officials put the decision on SpaceX, and lawmakers are calling for an investigation.

President Trump denied ordering a slowdown of SpaceX’s Starlink service in Ukraine and said he does not know who did. “I don’t know who did it,” Trump said when asked whether SpaceX founder Elon Musk was behind the change.

Secretary of State Marco Rubio said Ukraine’s access to Starlink is a decision for SpaceX and Musk, not the White House, responding to claims that the administration was involved in restricting Kyiv’s access to satellite internet services. “Starshield is a defense product… the United States military uses,” Rubio told reporters last week. “It’s not at this moment available to Ukraine”.

The Pentagon also denies playing a role. “We haven’t pulled anything back,” Defense Secretary Pete Hegseth told reporters on Tuesday. Rubio and Hegseth have both pointed at Musk over the slowdown. Trump made his denial when asked directly whether Musk was behind the change to the service.

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Treasury sanctions a Greek and Panamanian law firm, shipping agents and nine vessels it ties to Iran’s shadow fleet

Wed, 21 Oct 2026 21:18:00 GMT

The designations under Operation Economic Outcast extend Washington’s pressure on Iranian shipping from the vessels to the lawyers and agents around them.

The US Treasury on Wednesday imposed sanctions on a law firm based in Greece and Panama that it accuses of aiding Iranian shipping.

The action also targets shipping agents and nine vessels in what the department presents as a crackdown on Iran’s shadow fleet. The Treasury said four firms were designated under Operation Economic Outcast, its campaign against the networks that move Iranian cargo.

The law firm, Karnakis & Karnakis, did not immediately respond to a request for comment. The Treasury accuses it of helping Iran hide its shadow fleet; the coverage reviewed does not include the firm’s response to that allegation.

The targets span legal services, shipping operators and agents, and the vessels themselves, in a package billed as sweeping new sanctions on the shadow fleet.

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Washington will loan about a third of its heating oil reserve to the Northeast to curb prices

Wed, 21 Oct 2026 21:18:00 GMT

The Energy Department is releasing 315,000 barrels after Maine’s senators pressed for relief from a 70% rise in heating oil costs.

The Trump administration plans to loan about a third of the federal heating oil reserve in a bid to tame prices.

The Energy Department said on Wednesday it would release 315,000 barrels of home heating oil from the reserve. The supply is going to the Northeast, where prices have surged.

Energy Secretary Chris Wright directed the release after pressure from Maine’s senators over a 70% rise in heating oil costs. “After receiving Senators Collins’ and King’s letter and extensive discussions with Senator Collins, I have directed the” release, Wright said in a statement published by Collins’s office.

The oil will be lent rather than sold outright, and there will be a bidding process for the loans.

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Trump says the Pentagon will invest $1.5 billion in North Carolina chip production

Wed, 21 Oct 2026 14:16:00 GMT

At a rally in Greenville, the president and Commerce Secretary Howard Lutnick also announced a Sibelco plant worth hundreds of millions of dollars.

President Donald Trump said the Pentagon will invest $1.5 billion in chip production in North Carolina. He made the announcement at a campaign stop in the state, with the money going to semiconductor chip production. Trump spoke in Greenville, where the rally was held.

Commerce Secretary Howard Lutnick joined him on stage to share the news with the crowd. Lutnick announced on Tuesday a new investment in North Carolina by Sibelco, a global industrial minerals company. He said Sibelco will invest “hundreds of millions” of dollars in semiconductor manufacturing in the state.

Sibelco is going to build a manufacturing plant in North Carolina, Lutnick said. At the Pitt-Greenville Airport, Trump and Lutnick announced two semiconductor production efforts in all.

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Washington asks shut refineries to reopen and pays farmers $8 billion for diesel costs

Tue, 20 Oct 2026 21:17:00 GMT

The energy secretary says the administration is talking to every idled refinery, as the White House offers one-time payments to farmers hit by record diesel prices.

The US government is coaxing refiners to produce more diesel, energy department officials said. “We are talking about reopening every refinery we can,” Energy Secretary Chris Wright said in Houston, adding that there are dialogues under way. The administration is engaging with every refinery that has been shut in, Wright said. The US is also pushing shuttered domestic refineries to reopen, he said at a Houston announcement on Tuesday.

In a separate move, President Donald Trump said his administration will provide $8 billion in aid to farmers hurt by record diesel prices. Agriculture Secretary Brooke Rollins announced the USDA relief programme, which is meant to offset a portion of farmers’ 2026 crop-year losses. Rollins said the one-time payments will help bring certainty to farmers.

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Hassett calls the economy a boom while conceding that September inflation needs work

Tue, 20 Oct 2026 14:18:00 GMT

The White House’s top economic adviser dismissed critical polls on Monday, days after consumer prices posted their largest monthly rise since April.

Kevin Hassett, director of the National Economic Council, dismissed polls critical of the Trump administration’s handling of the economy on Monday, arguing that the US economy is in a boom. He argued that the “true sentiment” of the economy is “best measured by what you see” Americans doing.

In a CNBC interview on 19 October, Hassett acknowledged that inflation challenges persist despite some price declines. He said inflation looks like “it is needing some work”, and Hellenic Shipping News reported that he said inflation requires policy attention after the September consumer price data. Hassett pointed to falling beef and egg prices but still said September inflation needs attention. TradingKey summarised his remarks as saying the inflation rebound warrants attention and that more data are needed to assess the cooling trend.

The Wealth Advisor described the remarks as an acknowledgement that inflation may be moving in the wrong direction again, just days after the consumer price report. Mysteel reported that Hassett said the latest CPI data show inflation remains a concern.

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Hegseth makes an unannounced visit to Israel and meets Netanyahu days before the vote

Tue, 20 Oct 2026 14:18:00 GMT

The Defence Secretary met the Israeli prime minister at an air base in southern Israel, a day after Trump endorsed Netanyahu and as talk of renewed strikes on Iran grows.

US Defence Secretary Pete Hegseth met Israeli Prime Minister Benjamin Netanyahu in Israel on Monday, two sources with knowledge of the trip told Axios. The New York Times also reported the meeting, citing two people with knowledge of the trip. Axios said the unannounced visit came eight days before Israel’s election.

The Media Line reported that the two men met at an air base in southern Israel. Haaretz reported that Hegseth also met Israel’s defence minister, Israel Katz, and Türkiye Today reported that UAE officials were present at the air base as well. According to Türkiye Today, Israel’s military censor initially barred Israeli media from reporting the meeting until Axios published it.

Bloomberg described the meeting as part of a wider trip to the Middle East, days before the vote. Ynet published a US Department of Defense photo of Hegseth speaking with troops in the area covered by US Central Command.

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Sanctioned tankers can shed their designations, the US energy secretary says

Mon, 19 Oct 2026 21:20:00 GMT

Chris Wright said vessels in a dark fleet he puts at about 1,600 ships can return to legal trade, and that American fuel prices have already peaked.

The United States is allowing dark-fleet oil tankers to shed sanctions, Energy Secretary Chris Wright said, according to Bloomberg. Wright estimated that there are about 1,600 vessels in the global dark fleet of sanctioned tankers. Moneycontrol reported the same remarks and added that investors are proposing to buy idled sanctioned tankers. This is the administration’s own account of its policy rather than a published rule.

Wright made the comments alongside a broader defence of the administration’s fuel policy, which follows Washington’s decision to set aside new Russia sanctions. He said the administration has not broken its promise to lower gasoline prices, noting that they have dropped, and he said US gasoline and diesel prices have peaked. He also said there is a three-alarm fire on diesel and that Europe should be releasing more from its stockpiles. He discussed the sharp rise in diesel and gasoline prices and what the administration is doing about them.

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Gas prices average $4.31 a gallon and Washington’s energy chief denies breaking a promise

Sun, 18 Oct 2026 21:20:00 GMT

Pump prices are up nearly 45 percent, and cabinet secretaries spent Sunday tying the relief timetable to the Iran war.

Gas prices in the United States averaged $4.31 a gallon on Saturday, according to the AAA motor club, up nearly 45 percent, the New York Times reported. The figure landed in the middle of a Sunday television round in which the administration defended its record on energy costs.

Energy Secretary Chris Wright said the administration has not broken its promise to lower gas prices amid the Iran war, defending the record during a CNN interview, The Hill reported. On the same programme the host Dana Bash asked him directly whether the administration had let Americans down, two weeks before the midterm elections. Wright’s answer was that the administration is working to bring energy costs down.

Treasury Secretary Scott Bessent said oil prices could fall before the end of 2026, but that it will depend on the Iran conflict. Vice President JD Vance, asked on CBS News about rising fuel prices caused by the war, said the country is where it is.

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Pence urges Trump to restore the Russia sanctions as his cabinet defends the diesel deal

Sun, 18 Oct 2026 21:20:00 GMT

The former vice president broke with the administration on Sunday while the energy and treasury secretaries called the waiver an incentive for Moscow.

Former vice president Mike Pence called on President Donald Trump to restore the Russia sanctions and scrap the Russian diesel deal, The Hill reported on Sunday. The same report said the president and other administration officials had not yet yielded to critical members of their own party.

The administration spent the day defending the arrangement. Energy Secretary Chris Wright described the diesel deal as an incentive for Moscow to reduce its war, Politico reported. Wright said the decision to waive new sanctions would motivate Russia to end its war with Ukraine, according to Business Insider, and suggested the relief could pressure President Vladimir Putin to tone down the fighting as a step toward peace, the New York Post reported. Speaking to CNN, Wright put it as an incentive to end the war.

Treasury Secretary Scott Bessent took the same line, saying no one has been tougher on Russian sanctions than Trump, and defending the decision to set aside sweeping Russian tariffs. These are the administration’s own characterisations of its policy rather than evidence that the policy is working.

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Zelensky holds his first call with Trump’s envoys since the diesel deal

Sun, 18 Oct 2026 21:20:00 GMT

Kyiv says intelligence sharing has resumed after a pause, as the Ukrainian president pushes for an in-person meeting.

Ukrainian President Volodymyr Zelensky spoke on Sunday with Steve Witkoff and Jared Kushner, the envoys of President Donald Trump, Reuters reported. Axios said it was the first call between Zelensky and senior US officials since tensions spiked between the two countries after Trump cut a diesel deal with Russia 10 days ago, that the call lasted around 40 minutes, and that Zelensky raised the possibility of an in-person meeting in the coming days.

Zelensky said on X that he had held a conversation with the American president’s envoys and that Russia’s war on Ukraine must be brought to an end, Al Jazeera reported. The Kyiv Independent headlined his assessment that a great deal depends on America’s position. Ukrainska Pravda said the call covered meetings by the teams in Florida and continuing Russian strikes.

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Trump’s envoys press Ukraine to let Russian gas flow west again

Sun, 18 Oct 2026 14:23:00 GMT

Steve Witkoff and Jared Kushner have raised resuming Russian gas transit through Ukraine in peace talks, drawing an objection from Berlin.

United States special envoy Steve Witkoff and Jared Kushner, President Donald Trump’s son-in-law, have urged Ukraine to resume the transit of Russian gas to Europe as part of peace talks, the Kyiv Post reported. The proposal was first reported by the New York Times on 17 October and picked up by outlets in Ukraine and Asia the following morning. The two envoys raised the idea during talks with Ukrainian and European officials, according to accounts of that report.

The Kyiv Post said the suggestion triggered pushback from Germany. None of the reports in this pack say what volumes would move, which route would carry them, or what Moscow would be asked to give in exchange.

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Vance says the US has ‘decisively won’ part of the Iran war as voters press him on costs

Sun, 18 Oct 2026 14:23:00 GMT

At a CBS News town hall the vice-president defended the war, the economy and the administration’s visa rhetoric.

Vice-President JD Vance faced questions from voters about the Iran war, immigration, data centres and high living costs at a CBS News town hall, according to accounts from the Associated Press, CNBC and ABC News. Vance said that in “some ways” the United States has “decisively won” part of the war with Iran, and described Iran as the largest state sponsor of terrorism, The Hill reported.

That claim is the administration’s own characterisation of the conflict rather than an independent assessment, and it was contested in the room. A man whose wife was killed in the early hours of the war pressed Vance on “mistakes” and what he called “fundamental failures,” CBS News reported. ABC News’s account of the evening lists data centres, high costs and immigration alongside the war among the subjects voters put to him.

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Lutnick’s objections stall the tariff talks between Washington and Mexico

Fri, 16 Oct 2026 14:32:00 GMT

The commerce secretary has resisted significant cuts to tariffs on Mexican steel, aluminium and vehicles, slowing a deal that officials say is not at an impasse.

Progress toward a tariff deal between the United States and Mexico has stalled after opposition from Commerce Secretary Howard Lutnick, the Wall Street Journal reported. The commerce secretary has objected to significant reductions in tariffs on Mexican steel, aluminium and automobiles. Reuters carried the report, attributing it to the Journal.

Quartz reported that Lutnick is resisting cuts to the 25% tariff on vehicles and the 50% levies on steel and aluminium, though officials deny an impasse. CBT News gave the same figures, reporting that he opposes significant reductions to the 25% tariff on Mexican automobiles and the 50% levies on steel. Apa.az, summarising the Journal, reported that progress has slowed significantly in recent days because of the commerce secretary’s position, according to sources. Political Wire noted it is the second time he has had this effect on the talks, and Breaking The News reported that he opposed major cuts to tariffs on Mexican steel, aluminium and cars, bringing the talks to a halt.

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Washington weighs sanctions relief for shadow-fleet tankers as senators call the diesel deal a betrayal

Thu, 15 Oct 2026 14:29:00 GMT

The energy secretary said the administration is discussing easing sanctions on vessels carrying Russian oil to bring down record freight rates, days after a bipartisan group of senators objected to the diesel agreement.

US energy secretary Chris Wright said in a video address to the World Petroleum Congress in Riyadh this week that the administration was discussing easing sanctions on shadow-fleet vessels in order to cut freight rates, Reuters reported. Wright confirmed that the initiative was under discussion and pointed to record-high maritime transportation rates as the reason, according to a Reuters account relayed by UNN. The Gulf publication AGBI reported Wright citing record rates.

The research group Energy Aspects said Wright had tied the proposed easing to record freight rates, Euromaidan Press reported, placing the move days after Washington freed up Russian diesel. Earlier this week the Kremlin said the diesel arrangement opened the way to wider cooperation.

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Vance invokes wartime powers to expand Delek’s refinery in Tyler, Texas

Tue, 13 Oct 2026 21:28:00 GMT

The administration is using the Defense Production Act to lift fuel output at a single named refiner, with no cost or timeline disclosed.

Vice President JD Vance announced that the administration will use the Defense Production Act to expand a Texas refinery and boost fuel production. Bloomberg reported that the plan involves working with Delek US Holdings, under a Cold War-era law. The refinery is in Tyler, Texas.

Vance made the announcement during a stop in Tyler: “Today, I am pleased to announce that the Trump administration, working with the refinery at Delek, has used the Defense Production Act”, he said. The Washington Examiner reported it as Trump invoking the act to expand the Delek refinery. No cost or timeline has been given.

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A six-hour meeting in Florida sits behind Washington’s new push to end the Ukraine war

Tue, 13 Oct 2026 14:32:00 GMT

US envoys pressed Ukrainian negotiators at a Miami golf club, and the trips to Moscow that were meant to follow have been postponed.

The diplomatic push to end the Ukraine war came during a six-hour meeting last Friday in Florida hosted by the US envoys Jared Kushner and Steve Witkoff, The Washington Post reported. The crisis that followed first erupted at Witkoff’s golf club outside Miami on Friday, according to an account of the same meeting. The New York Times reported that President Trump faces a new crisis over Ukraine after the Russian diesel deal.

Two sources said Witkoff and Kushner discussed President Vladimir Putin’s position with Ukrainian representatives at the Miami meeting, in an account that also reported Washington is betting the diesel deal will bring Russia closer to peace talks. Ukraine’s negotiating team has since briefed President Zelenskyy on the talks with the envoys. Zelenskyy commented on the talks himself after that briefing.

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Washington says Gulf oil flows have recovered to most of their pre-conflict level

Mon, 12 Oct 2026 14:48:00 GMT

The US energy secretary puts flows through the Strait of Hormuz at 80% to 90% of where they were before the war, one report of the same remarks puts the recovery at 44%, and Saudi Arabia is looking for export routes that avoid the strait.

US Energy Secretary Chris Wright said oil flows through the Strait of Hormuz had recovered to 80% to 90% of pre-conflict levels, averaging 13 million barrels a day on a figure the excerpt cuts off mid-sentence. A second outlet reported Wright as saying Gulf oil flows have recovered to as much as 90%.

The same publication’s energy report is less reassuring. It headlined the recovery at 14 million barrels a day despite the Saudi attacks, while its own summary line said flows through Hormuz had recovered but only to 44% of pre-war levels, at around 11 million barrels a day. These are the administration’s own figures and the accounts of them do not agree, which leaves a range rather than a number.

Neither account disputes the direction, only the distance travelled: all of them describe a recovery from a wartime low rather than a return to normal.

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The Pentagon revises its Iran war troop death toll as House Democrats press for strike records

Sun, 11 Oct 2026 21:29:00 GMT

The department has updated the number of troops who died during the war to 21, the defence secretary called the report that surfaced it fake, and lawmakers want an account of a strike carried out on 1 September.

The Hill reported that the Pentagon has updated the death toll of troops during the Iran war to 21. Defense Secretary Pete Hegseth attacked the outlet that reported it and called the report “DISGUSTING and FAKE”, and lawmakers have been scrutinising the Defense Casualty Analysis System database, in a sentence the excerpt does not complete. The department’s own figure and the department’s own objection arrive together, which is the difficulty for anyone trying to read the number.

House Democrats have opened a second front. In a letter to Hegseth they demanded that the Pentagon provide an account of the strike on 1 September, as well as further material the excerpt does not list. Senator Chris Murphy, an outspoken critic of the war, says the Pentagon has barred him and other lawmakers from accessing the base or even meeting with defence officials, in a passage the excerpt leaves unfinished.

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Republican opposition widens to the Pentagon’s plan to livestream an execution

Sun, 11 Oct 2026 14:33:00 GMT

The defence secretary has promised a public military execution in December, the vice president says he will not watch, and the president has not decided.

Defence Secretary Pete Hegseth announced that the military would publicly execute Nidal Hasan, the Fort Hood shooter, and vowed this week that the execution would go ahead, in a line the excerpt cuts off. Axios reported that the plan to livestream it reflects a shift toward putting raw, real-world violence on display for unlimited audiences, and that the administration has made a show of flexing American power, sometimes with grisly footage. The execution is set to be carried out by firing squad in December, with one account giving the scheduled date as December 3.

Vice President JD Vance said on Friday that he would not watch a potential livestream, which President Trump told reporters he had approved. Vance questioned whether the execution would actually be public and joined what Axios called a small chorus of Republicans opposed to watching it. “Whatever the controversy is about the method of the execution, I hope that people don’t forget that this is a guy who brutally murdered a lot of innocent people,” he told reporters. The president is still deciding whether to livestream it.

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Citi expects the Treasury to cut long-bond sales next month

Sat, 10 Oct 2026 21:31:00 GMT

Citigroup told clients that Scott Bessent is likely to shrink auctions of long-dated government debt, and could cancel the 20-year bond altogether.

Citigroup has told clients it expects the US Treasury to reduce the size of its long-dated bond auctions, and says Treasury Secretary Scott Bessent could go further and cancel issuance of the 20-year bond. Bloomberg reported the same call, saying Bessent will likely cut long bond sales next month. Citi’s trimming of the auctions is described as the bank’s base case.

Any change would be announced at the Treasury Department’s next quarterly refunding announcement, on 4 November. None of the reports puts a figure on how much the auctions would shrink, and none of them says the Treasury has decided anything. This is a bank’s forecast and the coverage of it, not a statement from the department.

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Five Indian IT firms lose green-card sponsorship as Vance opens a visa-fraud probe of universities

Fri, 09 Oct 2026 21:29:00 GMT

Cognizant, Infosys, TCS, Wipro and HCL were suspended alongside Microsoft and Adobe, and the inquiry now extends to student exchange visas.

Cognizant, Infosys, Tata Consultancy Services, Wipro and HCL are among the IT firms suspended from the US green card programme. CP24 reported the US freezing green-card applications for Microsoft, Adobe and Infosys over alleged fraud; the fraud is the administration’s allegation and has not been established.

Axios reported that the administration said on Thursday it was suspending Microsoft from a key programme used to sponsor employees for green cards, and that the move also targeted Adobe and six IT service firms. The suspension of Microsoft and Adobe was the first step; the extension to the Indian IT majors and the widening of the inquiry is the new part.

Vice President JD Vance headlined the event, which also announced a visa fraud probe of universities. He announced a federal investigation into Yale for alleged visa fraud, standing alongside Attorney General Todd Blanche and White House deputy chief of staff for policy Stephen Miller. TIME reported the crackdown expanding to student exchange visas as well as green cards, with Labor Secretary Keith Sonderling also present, and West Hawaii Today noted Federal Trade Commission chairman Andrew Ferguson among those attending.

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Bessent hires Judy Shelton as a Treasury adviser on currency policy

Fri, 09 Oct 2026 14:37:00 GMT

The Treasury Secretary has taken on the economist whose nomination to the Federal Reserve Board failed, giving her a brief that covers currency policy.

Treasury Secretary Scott Bessent has hired Judy Shelton as an adviser, the Treasury said. The department said Shelton will advise Bessent on currency policy, “with a particular focus on evaluating” a subject the published excerpt stops short of naming.

Shelton was President Donald Trump’s former pick for the Federal Reserve Board. The Wall Street Journal described her as a controversial economist who was unsuccessfully nominated to join the Federal Reserve. The announcement was made on Friday, and was reported in the same terms outside the United States, as Trump’s former Fed pick joining Treasury as Bessent’s adviser.

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US and 14 other economies sign a joint pact on industrial overcapacity

Thu, 08 Oct 2026 21:30:00 GMT

Trade Representative Jamieson Greer said the declaration broadens the overcapacity fight beyond China and that EU countries are united behind it.

US Trade Representative Jamieson Greer set out details of a new joint deal with 14 other major economies to crack down on industrial excess capacity, saying action is needed to restrain Chinese exports. The agreement takes the form of a joint ministerial statement to address excess capacity in key sectors, signed on the margins of the OECD Trade Committee. One account of the same pact counted India, the United States and 13 other economies among the signatories, with Argentina also on the list.

Greer said on Thursday that all European Union countries agree more action is needed to address Asian capacity. He also said the Trump administration is broadening its focus on industrial overcapacity beyond China. The South China Morning Post described the result as Washington and Brussels forging a multilateral coalition against China’s industrial surge. The declaration will initially cover key sectors, and Greer said several economies had already moved.

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Reports of Bessent’s temper land while credit investors doubt his reassurances

Thu, 08 Oct 2026 14:34:00 GMT

A new account describes the Treasury secretary berating staff, and seven senior officials are reported to have left.

A report published this week describes Treasury Secretary Scott Bessent berating staff and throwing a binder in Treasury meetings. A summary of the same report says he spat in his own food at a Washington restaurant and dismissed Howard Lutnick, among other revelations about his anger. Bessent is facing heavy criticism after the report described his temper and the restaurant confrontation. One account notes that the reason for the restaurant episode was a trivial one.

The personnel picture is part of the story. One account says Bessent is confronting an exodus of seven senior officials amid what it calls hard-charging leadership. The sources quote no response from Bessent to the accounts of his conduct.

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The 30-year mortgage rate climbs to its highest level in nearly three years

Thu, 08 Oct 2026 14:34:00 GMT

The White House had predicted a fall; Trump blamed the Fed and Bessent blamed an energy shock.

The US 30-year mortgage rate has risen to its highest level in nearly three years. Trump criticised the Federal Reserve as the rate hit that three-year high, while Treasury Secretary Scott Bessent, in the Oval Office with him, blamed inflation and high mortgage rates on a temporary shock from higher energy costs. Bessent had set out his approach to economic policy in a talk to students at Southern Methodist University’s Cox School of Business.

The level arrives days after a forecast from the White House pointing the other way. On October 4, Kevin Hassett, director of the National Economic Council, told CNN’s Jake Tapper that US mortgage rates would fall over the next few months. He said they would fall “very quickly” over that period and described the economy as “booming”, with people buying. Rates then printed at 7.28.

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Washington and Moscow explore selling Russian gas to Europe again

Thu, 08 Oct 2026 14:34:00 GMT

Reports say Trump’s envoys discussed a US investor for the Nord Stream pipelines while the war continues.

The United States and Russia are exploring a sale of Russian gas to Europe while the war in Ukraine continues, according to sources cited in an exclusive report. The talks are described at the level of exploration rather than agreement, and the report rests on unnamed sources.

The pipeline question is explicit in a second account. Jared Kushner and an envoy of President Vladimir Putin discussed bringing in a US investor for the Nord Stream pipelines, according to a report of the meeting. A third account says the two governments are discussing restarting the Nord Stream pipelines. That account attributes the discussions to Trump’s team and its Russian counterparts.

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White House makes enrollment in Trump Accounts automatic for every US child

Wed, 07 Oct 2026 21:29:00 GMT

The Treasury Department will enroll tens of millions of children without an application and has cleared the way for donations of individual stocks.

The White House announced automatic enrollment in Trump Accounts for every US child. President Trump made the announcement in the Oval Office. The accounts are to receive contributions from the Treasury Department.

The mechanics were set before the event. The Treasury Department moved last week to automatically enroll tens of millions of children and to greenlight donations of individual stocks into the accounts. Treasury Secretary Scott Bessent was scheduled to hold a press conference with Pennsylvania lawmakers at four in the afternoon Eastern time to discuss the impact of automatic enrollment.

The announcement was carried live, billed in advance as Trump unveiling auto-enrollment for children’s savings accounts.

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Hassett presses Powell to leave the Fed board as Justice Department closes its inquiry

Tue, 06 Oct 2026 14:34:00 GMT

The White House’s top economic adviser said it is time for Jerome Powell to give up his remaining seat on the Federal Reserve Board.

Kevin Hassett, director of the National Economic Council and President Donald Trump’s chief economic adviser, called on former Federal Reserve chair Jerome Powell to move on from the Fed board. Hassett said it is time for Powell to leave and described his extended tenure as unprecedented. Fox Business reported that Hassett framed the departure as a way to preserve Fed independence.

The legal pressure on Powell eased in the same week. The Justice Department said on Friday that its findings did not justify reopening a criminal investigation into Powell. Deputy Attorney General Todd Blanche told Bloomberg TV that the department will not reopen the related probe.

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Energy Department offers Vistra up to $4.2 billion to squeeze more power out of its reactors

Mon, 05 Oct 2026 21:35:00 GMT

A conditional federal loan commitment would fund uprates and modernisation at Vistra nuclear plants in Ohio and Pennsylvania.

The Energy Department unveiled a conditional loan commitment of up to $4.2 billion to finance uprates and modernisation across Vistra’s nuclear fleet. Energy Secretary Chris Wright announced the commitment on Monday at Vistra’s 1.3-GW Perry Nuclear Power Plant, on Lake Erie in Ohio, east of Cleveland. The package covers plants in Ohio and Pennsylvania, with Davis-Besse among the units in line for the money.

The financing runs through the department’s Energy Dominance Financing facility. “President Trump promised to unleash an American nuclear renaissance, and the Energy Department is delivering,” Wright said. He framed the rationale as efficiency rather than new construction: “By getting more power out of the nuclear plants we already have,” he said, the aim is more energy for American families and businesses.

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Trump prepares an order widening tax-exempt diesel access, and rules out an export ban

Mon, 05 Oct 2026 21:35:00 GMT

The White House is easing limits on red-dyed, tax-exempt diesel to blunt fuel inflation while rejecting the export controls the industry had feared.

President Donald Trump is preparing an executive order to expand access to tax-exempt diesel, to be unveiled as soon as Monday. The order would ease limits on the use of red-dyed, tax-exempt fuel in an attempt to quell fuel inflation, relaxing restrictions on off-road diesel in order to cut costs. Agriculture Secretary Brooke Rollins wrote on social media on Monday that Trump “is taking action to deliver short-term relief for farmers”, and said more relief is coming as diesel prices squeeze American farmers.

On the other side of the ledger, Trump said no to a diesel export ban. Reporting that an export restriction was under consideration was denied by a White House official within hours, and Energy Secretary Chris Wright called the idea a “blunt tool”. With the export-control threat receding, Wright said he expects diesel prices to “move meaningfully down in the coming weeks and days”, even though US diesel stocks are low.

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Bessent softens his bond-market talk after yields kept rising

Mon, 05 Oct 2026 14:36:00 GMT

The Treasury secretary has pulled back from his claim to be the house after an attempt to talk yields down failed to take.

Treasury Secretary Scott Bessent has softened his stance on bond markets after his efforts to talk yields down failed to gain traction. He is now projecting a more humble view, having failed to jawbone the market, and the shift is measured against an interview he gave last month. The earlier framing was his remark that he is the house now.

The retreat came after a week in which Treasury yields rose. Bloomberg notes that in his 20 months in the job Bessent has made a habit of putting his economic predictions on the record, and that those forecasts are testing his credibility. The softening is therefore not a one-off line but a change in method by a secretary who has made on-the-record prediction part of the job.

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Bessent concedes he cannot control the bond market

Sun, 04 Oct 2026 21:25:00 GMT

The Treasury secretary defended his claim to be “the house” in US debt markets while acknowledging the limits of official intervention as long yields rise.

Treasury Secretary Scott Bessent defended his assertion that he is “the house” when it comes to overseeing America’s bond market, but acknowledged the limits of that position. “I can’t control the bond market,” he said, adding that what he can do is get people to act. The remarks came in an interview with Axios published on Saturday.

Bessent argued that rising US yields reflect global moves rather than a spike confined to the United States. “We’re not seeing people selling treasuries to buy German bonds or Japanese bonds,” he said. He cited a $20 billion swap line with Argentina and coordinated action on the yen as evidence of the toolkit still available. He also touted the US financial intervention to rescue Argentina and left the door open to similar rescues elsewhere.

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Energy Secretary says Trump knew the Iran war would lift energy prices

Sun, 04 Oct 2026 21:25:00 GMT

Chris Wright told CBS that the president was “well aware of the risks to energy flows” before the war began, and would not rule out further military action.

Energy Secretary Chris Wright said President Trump was “well aware of the risks to energy flows” before launching the war in Iran. Wright made the remarks on Sunday in an interview on CBS’s Face the Nation with Margaret Brennan. Dawn reported the same statement as an acknowledgement that the president was aware of the rising prices the war would cause.

Wright also said that ending the war would “dramatically lower energy prices”. He said the president had worked ceaselessly to end the conflict, a conflict the United States began. Political Wire summarised the interview as the energy secretary saying Trump knew gas prices would rise.

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Trump names Jay Clayton AI czar with a 120-day brief

Sun, 04 Oct 2026 14:23:00 GMT

The director of national intelligence will lead a Super Intelligence task force reporting on AI risks and the government’s oversight role.

President Trump has named Director of National Intelligence Jay Clayton as the administration’s AI czar and head of a new task force. Clayton has 120 days to report on AI risks. Reports describe an executive order creating a Super Intelligence Force led by Clayton. Axios first reported that Trump was expected to tap him for the role, which the president has described using the phrase super intelligence.

Clayton succeeds venture capitalist David Sacks, who resigned as AI and crypto czar in March. Sacks stays on as an external adviser alongside former Secretary of State Condoleezza Rice. Vice chairs include Defense Undersecretary Emil Michael and Federal Trade Commission Chairman Andrew Ferguson, with Scott Kupor also named. Core members include Vice President JD Vance and Pete Hegseth, and the group draws in Treasury Secretary Scott Bessent and White House Chief of Staff Susie Wiles. The task force will examine threats such as data breaches and model jailbreaks while reviewing regulations.

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Bessent rejects AI alarmism and proposes a US-China incident channel

Sat, 03 Oct 2026 21:28:00 GMT

The Treasury secretary said AI labs must own their risks, while also telling Axios that rising Treasury yields reflect a global move rather than a US problem.

Treasury Secretary Scott Bessent said he plans to propose a notification process between the United States and China for use if something goes wrong with artificial intelligence, Axios reported from an interview on “The Axios Show”. The Next Web reported the same proposal as an AI incident warning system, and reported Bessent saying that AI labs must own their risks and that alarmism without solutions is not leadership.

Bloomberg and the Union-Bulletin both reported that Bessent criticised prominent AI figures for their warnings about the existential risks posed by the technology, and said the industry must own its risks and find solutions. Business Insider and Mediaite reported that he compared AI executives who ask for regulation to Hannibal Lecter. Business Insider noted that Anthropic’s chief executive Dario Amodei is among those who have asked the US government to step in and regulate the companies, and that President Trump has brought AI leaders together.

The International Business Times reported that Bessent, while criticising what he called AI “alarmism”, conceded the need for safe development and for greater US-China engagement, in an excerpt cut off before the conclusion.

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Trump expected to name intelligence director Jay Clayton as AI czar

Sat, 03 Oct 2026 21:28:00 GMT

The job has sat vacant since March, and the president is filling it with the official who runs US intelligence.

President Trump is expected to give Jay Clayton, his director of national intelligence, a second title as the White House’s artificial intelligence czar, Axios reported. Trump calls the brief “super intelligence” rather than artificial intelligence, and Clayton is expected to hold both jobs at once. Quartz, the South China Morning Post and the Gulf Daily News each reported the expected appointment.

The post has been empty for months. Quartz reported that the venture capitalist David Sacks held it from January 2025 until March of this year, leaving when he reached the time ceiling on his status as a government employee. The Gulf Daily News reported that Sacks held the role at the start of Trump’s second term and still advises the president on AI. Time’s account, carried by Magzter, dated the appointment to six months after Sacks stepped down, and reported that Trump also plans to start an “AI Force”.

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Seoul Disputes Trump’s Alaska LNG Investment Announcement

Fri, 02 Oct 2026 14:31:00 GMT

Korean officials said no deal exists to fund the Alaska gas pipeline, a day after the president and his commerce secretary announced one.

Korean officials confirmed that no deal exists to invest in the Alaska natural gas pipeline. Commerce Secretary Howard Lutnick, standing next to President Donald Trump during the announcement, had told reporters that Korea would invest more than 50 billion dollars in the long-stalled project. Seoul said no decision on an Alaska gas investment had been taken.

A Korean official said a strong protest was lodged with Lutnick on the morning after the announcement, because the announcement went far beyond what had been agreed. South Korea’s statement was characterised as dumping cold water on the announcement. Reporting also noted that Trump said the investment was finalised while the accompanying fact sheet omitted it.

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Washington Presses Europe to Release Diesel Reserves as Trump Weighs an Export Ban

Fri, 02 Oct 2026 14:31:00 GMT

US officials told European capitals to tap emergency diesel stockpiles or face an American export ban, as UK pump prices passed two pounds a litre.

The United States pressed European allies over diesel reserves while President Donald Trump threatened to ban US diesel exports. Treasury Secretary Scott Bessent urged Europe to immediately ready and release such supplies, arguing on behalf of US farmers. Bessent made the call in a post on social media, and EU member states were set to meet the European Commission on Friday to discuss a response.

Energy Secretary Chris Wright told Fox News on Thursday that he was highly confident Europe could ease fuel prices by drawing down emergency stockpiles. One account described the approach as coercion, with European capitals told to release their emergency diesel supplies or face a US export ban.

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Boeing wins the Navy’s F/A-XX fighter award worth more than $20 billion

Thu, 01 Oct 2026 21:29:00 GMT

The Pentagon picked Boeing over Northrop to build the Navy’s first sixth-generation carrier aircraft.

The Department of Defense and the Navy awarded Boeing $20 billion to develop the F/A-XX strike fighter. The award is worth more than $20 billion. The Pentagon announced the deal on Tuesday. Boeing beat Northrop to build the aircraft. IBTimes reported the award as a $20B defense contract to build the next generation Navy fighter.

“It’s an honor to be selected to produce the Navy’s first sixth-generation platform,” said Steve Parker, chief executive of Boeing Defense, Space and Security. Michael P. Duffey, Under Secretary for Acquisition and Sustainment, said the F/A-XX platform represents a crucial, non-negotiable capability. Duffey said the programme will play a key role in future US air power. Duffey is described as Under Secretary of War for Acquisition and Sustainment in some accounts and as Under Secretary of Defense for Acquisition and Sustainment in others.

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Trump announces South Korean funding for Alaska LNG as Seoul says nothing is approved

Thu, 01 Oct 2026 14:28:00 GMT

The president presented a $54 billion Alaska gas project as backed by South Korean money and part of a $200 billion energy package, while Seoul said the investment has not been approved and will require commercial viability.

President Trump promoted a $54 billion natural gas project in Alaska at an Oval Office event, flanked by a senator in a tight race, alongside Commerce Secretary Howard Lutnick, Interior Secretary Doug Burgum and Energy Secretary Chris Wright. The Hill reported South Korea would invest up to $200B in the Alaska LNG pipeline and in US power plants, and Bloomberg reported the president unveiling $200 billion in South Korean energy investments. Al Jazeera put the figure at $200bn in energy investments from South Korea, and the Korea Herald reported three projects under a $200b US investment plan.

The investment figure attached to the pipeline itself was smaller. Lutnick said the investment amounted to just over $50 billion for the Alaska LNG project, and Alaska Public Media reported the president claimed South Korea will invest $50 billion while offering few details. Chosun reported Lutnick saying South Korea will invest over 50 billion dollars, or 68 trillion Korean won.

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Washington presses France and Germany to release diesel stocks or face a US export ban

Thu, 01 Oct 2026 14:28:00 GMT

Energy Secretary Chris Wright has asked Europe to release more than a third of its diesel reserves, with a US export ban held out as the alternative, as the administration weighs restrictions on foreign diesel sales.

The United States has told France and Germany to release diesel stocks or face a US export ban, according to sources cited by Reuters. Energy Secretary Chris Wright told reporters on Wednesday that the administration expected announcements soon from Europe about new diesel supplies, and that Europeans would make an announcement soon about new diesel supplies that will come to market.

Politico reported that Wright’s detailed proposal asks Europe to release more than a third of its diesel reserves, and is being presented as a way to bring down fuel prices without banning US exports. The threat against the two countries is explicit in the framing, with Wright having previously said that banning diesel exports definitely does not work before deploying it as leverage.

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Boeing wins the US Navy’s next-generation carrier fighter contract

Wed, 30 Sep 2026 14:24:00 GMT

The Pentagon picked Boeing for the F/A-XX programme in a deal worth more than $20 billion.

The Department of War and the US Navy said on Tuesday that they have chosen Boeing to build the Navy’s next-generation fighter jet. The Pentagon announced the deal, which is worth more than $20 billion. Boeing’s win in the F/A-XX competition means the company’s sixth-generation aircraft will succeed the Super Hornet fleet, long relied upon and recently employed across the Middle East. The new jet is intended to replace the F/A-18.

Boeing shares responded. The stock rose about 2% after hours and about 3% in later trade. Fox News reported the deal is worth more than $20 billion and is meant to deliver absolute air superiority.

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White House weighs a diesel export ban and taps the Strategic Petroleum Reserve

Wed, 30 Sep 2026 14:24:00 GMT

Energy Secretary Chris Wright announced a new release from US reserves and pressed European countries to draw down their own diesel inventories.

The White House held talks on a diesel export ban as the US fuel crisis deepened. US energy secretary Chris Wright held calls with UK officials on Monday, and Treasury Secretary Scott Bessent also spoke to counterparts, according to people familiar with the talks.

In announcing a new release of oil from US reserves, Wright publicly pressed European countries to fulfil their commitments. The Energy Department said the United States will release 40 million barrels of crude from the Strategic Petroleum Reserve as fuel prices surge. Semafor reported that the US will offer to loan energy producers up to 40 million barrels of oil.

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US import bans on Canadian dairy, alcohol and motorcycles take effect

Tue, 29 Sep 2026 21:22:00 GMT

The measures replace tariffs with outright prohibitions on a defined list of goods, with no date set for a return to negotiations.

United States bans on imported Canadian motorcycle, dairy and alcohol products took effect on Tuesday. The New York Times described the action as hitting Canada with a ban on some dairy and liquor products. The measures cover about a billion dollars of imports from Canada.

US Trade Representative Jamieson Greer said the bans were a consequence of Canada’s treatment of American exports. In a statement accompanying the measures, Greer set out the administration’s rationale. Speaking to CNBC, he said of the pause in talks that “there’s no urgency on our side”. Canada-US Trade Minister Dominic LeBlanc echoed that there was no immediate push to resume.

The bans are the latest escalation in the Canada-US trade war after negotiations collapsed in late August, with no word on when talks may resume.

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Trump says he is looking very seriously at a diesel export ban

Mon, 28 Sep 2026 14:31:00 GMT

The threat from the world’s biggest diesel exporter lands as UK pump prices set a record.

President Donald Trump said he is looking very seriously at banning US diesel exports. Semafor noted that the United States is the world’s biggest diesel producer and exporter, and that the threat has put buyers on alert. Energy Secretary Chris Wright said the administration is working with refiners on voluntary export curbs as an alternative to a ban.

The administration is not speaking with one voice. Wright publicly broke with the president, rejecting the idea of halting exports one day after Trump appeared to back it. US officials spent the week qualifying the president’s comments. The White House denied reports that it was preparing a 90-day prohibition, and one explainer said Washington has clarified that a ban is not under consideration. Industry groups have pushed back on the voluntary approach.

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