The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
"I think (rate cuts) will help, but whether they're going to be sufficient to counter the negative trade pressures and global growth slowdown and impact is debatable," one...Central Banksread more
China has used both monetary and fiscal measures to lift economic activity as its trade war with the U.S. looks set to intensify in the coming months.China Economyread more
Alibaba held a board meeting before its latest quarterly earnings release last week, during which the board decided to postpone the Hong Kong listing, Reuters reported.Technologyread more
President Donald Trump said on Twitter he was postponing a scheduled meeting with Denmark's prime minister because of her lack of interest in discussing a possible sale of...World Politicsread more
The two countries want to smash the civil aerospace duopoly enjoyed by Airbus and Boeing.Aerospace & Defenseread more
Federal Reserve Chairman Jerome Powell is set to deliver his annual speech on Friday at the Jackson Hole, Wyoming symposium, where he's expected to provide more clarity on the...Asia Marketsread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
U.S. and Asian investors poured $3.7 billion into U.K. tech start-ups in the first seven months of 2019, research shows.Technologyread more
Trump said he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."Politicsread more
Secretary of State Mike Pompeo privately told business executives and free traders that the trade war could end by the 2020 election and that hurdles to an immediate agreement...2020 Electionsread more
WASHINGTON — President Donald Trump on Friday declared a national emergency to gain access to roughly $8 billion to fund a border wall.
Before Trump's announcement in the Rose Garden, a senior administration official explained that the money will be pulled from the following areas:
The $1.375 billion, which is part of a spending bill passed by Congress, is short of the $5.7 billion that Trump had asked for late last year but didn't get. A fight over the barrier money led to a record-long partial government shutdown that was resolved after 35 days. What's more, the $1.375 billion would specifically not allow construction of new wall prototypes proposed by Trump, and would instead put money toward 55 miles of bollard fencing.
"They say walls don't work. Walls work 100 percent," Trump said Friday from the Rose Garden.
"We fight wars that are 6,000 miles away, wars that we never should have been in. But we don't control our own border. So we are going to confront the national security crisis on our southern border, and we're going to do it one way or the other. We have to do it," Trump said.
Trump also said that if there was a physical barrier at the southern border, "we'd save tremendous, just a tremendous amount on, would be sending the military. If we had a wall we don't need the military, cause we'd have a wall!"
The Pentagon announced earlier this month that it would send a deployment of about 3,750 troops to the U.S. border with Mexico. The additional troops will bring the total number of forces supporting the border mission to approximately 4,350, according to estimates provided by the Department of Defense.
The troop deployment, which was approved by acting Defense Secretary Patrick Shanahan on Jan. 11, will last for 90 days. The border mission includes mobile surveillance capability as well as the emplacement of approximately 150 miles of concertina wire between ports of entry.
A congressional aide, who spoke on condition of anonymity, said Trump can divert roughly $21 billion in military construction funds that aren't already obligated for use on border projects. Some of the $21 billion will be taken from the "wartime funds" account, which is known as the overseas contingency operations, or OCO.
"[The president] is free to spend without a vote from Congress," the aide said of the immediately available $21 billion. "He has to notify Congress of what he's done but he doesn't have to come to Congress to do it."