12 h. ago Hundreds of ‘Workers Over Billionaires’ Labor Day rallies take place across US

Protests denounce Trump administration’s policies and demand freedom, fairness and security for workersAs Labor Day rallies took place across the US, the Chicago mayor Brandon Johnson sharply denounced the Trump administration’s threat to deploy federal troops to the city as part of an immigration crackdown.“No federal troops in the city of Chicago,” said Johnson on Monday to a gathered crowd at the “Workers over Billionaires” demonstration in Chicago’s West Loop neighborhood. Continue reading...

Economics

22 h. ago Trump’s war on Fed is ‘serious danger’ to world economy, says ECB head

Undermining independence of central bank will affect the US and other countries, says Christine LagardeBusiness live – latest updatesDonald Trump’s attempt to influence the US Federal Reserve could pose a “very serious danger” for the world economy, the head of the European Central Bank has warned.Christine Lagarde, the president of the ECB, said Trump undermining the independence of the world’s most powerful central bank would have an impact for the US and other countries. Continue reading...

Politics

29 h. ago Investors underestimate Trump’s threat to the Fed, economists warn

FT survey cites fears that president’s assault has caused long-term damage to the US central bank and economy

Events

2 d. ago ‘Racist as hell’: Trump’s cabinet is almost all white, and he keeps firing Black officials

President’s targeting of Fed governor Lisa Cook highlights his efforts to remove diverse voices from governmentA day after Donald Trump announced that he was firing Lisa Cook, the first Black woman to serve on the board of governors of the Federal Reserve, the White House proudly released a photo. It showed Trump, his cabinet and other officials giving a thumbs-up. Of the 24 people in the Oval Office, only one was Black.For those who have studied the US president’s long and troubling history of racism, the two events were more than mere coincidence. They were indicative of a man who has recently brought white nationalist perspectives from the margins back to the mainstream. Continue reading...

Politics

3 d. ago US appeals court rules most of Trump’s sweeping global tariffs illegal – live

Ruling upholds decision from trade court while president attacks ‘Highly Partisan Appeals Court’ and says he will win tariff fightFull story: Most of Trump tariffs illegal, court findsA visit to Taiwan by two US senators has drawn criticism from China, which claims the island as its own and objects to any contact between officials of the two sides.The chair of the Senate armed services committee, Roger Wicker, and the Nebraska senator Deb Fischer arrived in Taipei on Friday for a series of high-level meetings with senior Taiwanese leaders to discuss US-Taiwan relations, regional security, trade and investment, according to the American Institute in Taiwan, Washington’s de facto embassy in lieu of formal diplomatic relations with the self-governing island democracy.A thriving democracy is never fully assured and we’re here to talk to our friends and allies in Taiwan about what we’re doing to enhance worldwide peace. Continue reading...

Events

3 d. ago Trump aide defends Robert F Kennedy Jr over CDC chaos, calling him ‘crown jewel of this administration’ – US politics live

Stephen Miller baselessly claims CDC experts ‘weren’t actually very knowledgable about public health’ as he defends health secretaryA visit to Taiwan by two US senators has drawn criticism from China, which claims the island as its own and objects to any contact between officials of the two sides.The chair of the Senate armed services committee, Roger Wicker, and the Nebraska senator Deb Fischer arrived in Taipei on Friday for a series of high-level meetings with senior Taiwanese leaders to discuss US-Taiwan relations, regional security, trade and investment, according to the American Institute in Taiwan, Washington’s de facto embassy in lieu of formal diplomatic relations with the self-governing island democracy.A thriving democracy is never fully assured and we’re here to talk to our friends and allies in Taiwan about what we’re doing to enhance worldwide peace. Continue reading...

Politics

3 d. ago The Guardian view on Trump and the Fed: independence is no substitute for accountability | Editorial

The US president’s move against Lisa Cook shows his despotic bent, but the Fed was never democracy’s guardian. It’s time to rethink who really controls moneyDonald Trump’s attempt to sack the Federal Reserve governor, Lisa Cook, is the familiar authoritarian trick of bending institutions to serve the leader’s immediate ends. The widespread condemnation is deserved. This is not some daring experiment in popular control of monetary policy. Yet what should follow censure is reflection. For the furore over Ms Cook has revealed a peculiar reflex: to defend the Fed’s independence as though it were synonymous with democracy itself.But is independence of the Fed, or central banks generally, really that? Eric Levitz at Vox thinks so, or at least that it is close enough. He argues that Congress sets the Fed’s objectives; independence applies only to the means. Without independence, politicians would be free to game rates for votes – as Richard Nixon did in 1972, leaning on the ...

Politics

3 d. ago Lawyer for Federal Reserve governor targeted by Trump says firing does ‘irreparable harm’ – US politics live

Lisa Cook’s attorney argues she should be allowed to carry on in her role until court makes ruling White House picks Kennedy deputy to replace fired CDC chiefA visit to Taiwan by two US senators has drawn criticism from China, which claims the island as its own and objects to any contact between officials of the two sides.The chair of the Senate armed services committee, Roger Wicker, and the Nebraska senator Deb Fischer arrived in Taipei on Friday for a series of high-level meetings with senior Taiwanese leaders to discuss US-Taiwan relations, regional security, trade and investment, according to the American Institute in Taiwan, Washington’s de facto embassy in lieu of formal diplomatic relations with the self-governing island democracy.A thriving democracy is never fully assured and we’re here to talk to our friends and allies in Taiwan about what we’re doing to enhance worldwide peace. Continue reading...

Politics

3 d. ago Key US inflation gauge holds mostly steady though core inflation ticks higher

The Federal Reserve’s preferred inflation gauge mostly held steady last month despite President Donald Trump’s broad-based tariffs, but a measure of underlying inflation increased

Economics

3 d. ago Backlash as White House chooses Robert F Kennedy Jr deputy to run CDC – US politics live

Senators’ fury at developments at US Centers for Disease Control and Prevention as Jim O’Neill picked to replace Susan MonarezWhite House picks Kennedy deputy to replace fired CDC chiefPatty Murray, the Washington senator, has called for the Trump administration to provide “immediate answers” about reports that two firefighters were detained by border agents as they were responding to a wildfire in the state.Federal immigration authorities on Wednesday staged an operation on the scene of the Bear Gulch fire, a nearly 9,000-acre (3,600-hectare) blaze in the Olympic national forest, where they arrested two people who were part of a contract firefighting crew, the Seattle Times first reported. The fire is the largest currently burning in the state. Continue reading...

Politics

4 d. ago Lisa Cook, the Federal Reserve governor battling Donald Trump

Economist’s legal showdown with the president will have sweeping implications for the US central bank

Politics

4 d. ago Federal Reserve Governor Lisa Cook sues Trump after he ‘fired’ her

Trump’s unprecedented move against the central bank's leadership is an effort to ‘undermine the independence of the Federal Reserve’, Cook’s lawyer said

Politics

4 d. ago Bernie Sanders condemns ousting of CDC chief Susan Monarez as ‘outrageous’ – US politics live

Vermont senator weighs in after Monarez issues statement refusing to step down, plunging public health agency into chaosA notable feature of Cook’s lawsuit against the president, her lawyers have listed Federal Reserve chair Jerome Powell and the rest of the board as defendants.They underscore that while the president has the right to remove a governor of the board “for cause”, Donald Trump only cited a referral letter from Bill Pulte, director of the Federal Housing Finance Agency, which alleges that Cook made false statements on a mortgage agreement.The claims made in Director Pulte’s referral letter are unsubstantiated allegations that about conduct that predates her [Cook’s] Senate confirmation, and Governor Cook has never been given an opportunity to address them. Continue reading...

Politics

4 d. ago Liz Truss backs Trump attacks on Fed and says ‘reckoning’ on way for central banks

Britain’s shortest-serving prime minister also critical of Bank of England and European Central BankBusiness live – latest updatesDonald Trump’s assault on the independence of the US Federal Reserve has been backed by Liz Truss, the shortest-serving British prime minister in history, who was ousted after a meltdown in the financial markets.The former Conservative leader, who during her 49 days in power in late 2022 railed against the “deep state” and the Bank of England for undermining her before she was ejected from office by her own party, said a “reckoning” was coming for the world’s most powerful central banks. Continue reading...

Politics

4 d. ago US applications for jobless benefits fell last week as layoffs remain low

Fewer Americans sought unemployment benefits last week as employers appear to be holding onto their workers even as the economy has slowed

Politics

5 d. ago Trump serious about pursuing a third term, Gavin Newsom warns

In an interview hosted by Politico, the California governor said the US must ‘wake up’ to the the threat posed by the president’s disregard of democratic normsDonald Trump is gravely serious about running for a third term in violation of the US constitution, California governor Gavin Newsom said on Wednesday, warning Americans to “wake up” to what he described as the president’s flagrant disregard for democratic norms.“I don’t think Donald Trump wants another election,” Newsom, a Democrat, said during a live interview at a summit hosted by Politico in Sacramento. “This guy doesn’t believe in free, fair elections.” Continue reading...

Events

5 d. ago America survived a coup attempt. Can it endure dictatorial creep? | Lawrence Douglas

Trump’s threat to deploy troops to Chicago is the latest example of a slow manipulation of the line between legal and illegalJanuary 6 demonstrated that longstanding democracies can readily resist a disorganized effort at a coup. They are less equipped to withstand the normalization of exceptional measures: the use of federal agents to quell domestic protest, the staging of police raids on the homes of leaders’ political opponents, the pretextual invocations of emergency powers. Each of these steps may seem temporary and targeted; they may even enjoy a thin patina of legality. But over time, a democratic order turns into what Ernst Fraenkel, a German-Jewish lawyer whose book The Dual State stands as one of the first and most perceptive examinations of Hitler’s regime, called a “prerogative state” – a government in which the executive “is released from all legal restraints and depends solely on the discretion of the persons wielding political power”.So let us be clear: Trump’s comman...

Events

6 d. ago Asian shares post modest gains after Wall Street nears more records

Shares are moderately higher in Asia after an afternoon push left major indexes on Wall Street just below their recent records

Politics

6 d. ago Trump officials puts Fema staffers on leave for signing open letter criticizing administration – as it happened

This live coverage has ended. You can find all of the latest US politics stories hereLev Menand, a law professor at Columbia law school, said Donald Trump’s attempt to fire Federal Reserve chief Lisa Cook is a “procedurally invalid removal under the statute”.Menand, who authored a book about the Fed’s actions during the coronavirus pandemic, also said for-cause firings are typically related to misconduct while in office, rather than based on private misconduct from before an official’s appointment. Continue reading...

Politics

6 d. ago Trump signals he has ‘somebody I like’ to replace Lisa Cook, as Fed governor sues over removal – live

President’s comment comes amid reporting that he wants to quickly nominate a replacement as Cook resists attempt to force her outLev Menand, a law professor at Columbia law school, said Donald Trump’s attempt to fire Federal Reserve chief Lisa Cook is a “procedurally invalid removal under the statute”.Menand, who authored a book about the Fed’s actions during the coronavirus pandemic, also said for-cause firings are typically related to misconduct while in office, rather than based on private misconduct from before an official’s appointment. Continue reading...

Politics