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US President Donald Trump on Friday threw his support behind a new “partnership” between US Steel and Japan’s Nippon Steel, sending the American firm’s share price skyrocketing on hopes of an end to the long-running saga over foreign ownership of a key national asset.  While the details of the deal remained unclear, the Pennsylvania-headquartered firm’s share price popped after Trump took to Truth Social to hail the new arrangement, closing up more than 21 percent and then rising further in after-hours trading.”US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh,” the US president said in his social media post. He added that the new “planned partnership” between America’s US Steel and Japan’s Nippon Steel would create at least 70,000 jobs and add $14 billion to the US economy. Trump’s remarks are the latest in a long saga which began in December 2023, when US Steel and Nippon Steel announced plans for a $14.9 billion merger. That deal was bitterly opposed by unions in part because it would have transfered ownership of the critical asset to a foreign company. – ‘Massive investment’ -In a statement, Nippon Steel said it “applauds” the bold action taken by Trump, adding it shared the administration’s “commitment to protecting American workers, the American steel industry, and America’s national security.”US Steel praised Trump’s “bold” leadership on the deal, noting that it would “remain American” and expand in size due to the “massive investment” that Nippon would make over the next four years as part of the deal.Neither the White House nor the two companies, have so far published the details of the new partnership.  The United Steelworkers’ union (USW), which represents US Steel employees and has long opposed the deal, said on Friday that it could not “speculate” on the impact of Trump’s announcement without more information about the deal. “Our concern remains that Nippon, a foreign corporation with a long and proven track record of violating our trade laws, will further erode domestic steelmaking capacity and jeopardize thousands of good, union jobs,” USW International President David McCall said in a statement shared with AFP. Nippon’s acquisition of US Steel was originally meant to close by the end of 2024’s third financial quarter, but was then held up by former president Joe Biden, who blocked it in his last weeks in office on national security grounds.The two firms then filed a lawsuit against the Biden administration’s “illegal interference” in the transaction.Trump previously opposed Nippon Steel’s takeover plan, calling for US Steel to remain domestically owned. But he has since softened his tone and has suggested he is open to some form of investment from Nippon.The US president recently ordered his own review of the existing deal, directing the government’s Committee on Foreign Investment in the United States (CFIUS) to look into the proposed acquisition.CFIUS, tasked with analyzing the national security implications of foreign takeovers of US companies, was given 45 days to submit its recommendations to Trump.

US President Donald Trump rekindled his trade war with the European Union on Friday by threatening 50 percent tariffs, as Brussels reacted with a call for “respect.”Trump also unleashed a broadside against smartphone makers including US tech giant Apple, threatening them with new duties of 25 percent if they do not move production to the United States.Stock markets fell as the Republican’s comments fueled fears of global economic disruption, after a relative lull in recent days after Trump reached deals with China and Britain.Trump first raised the issue of EU tariffs in an early morning post on his Truth Social network. “Our discussions with them are going nowhere!” Trump said. “Therefore, I am recommending a straight 50 percent Tariff on the European Union, starting on June 1, 2025.”He doubled down later in the day, telling reporters in the Oval Office that there was nothing the 27-nation bloc could do to change his mind.”I’m not looking for a deal. I mean, we’ve set the deal. It’s at 50 percent,” Trump said. “They haven’t treated our country properly. They banded together to take advantage of us.”Billionaire property tycoon Trump, 78, also denied that his tariffs would hurt American businesses.”They’re not hurting, they’re helping,” he said.Trump’s new tariffs would, if imposed, dramatically raise Washington’s current baseline levy of 10 percent, and fuel simmering tensions between the world’s biggest economy and its largest trading bloc.The EU’s trade chief said the bloc would work for a trade deal with Washington based on “respect” not “threats.””The EU’s fully engaged, committed to securing a deal that works for both,” trade commissioner Maros Sefcovic posted on X, after a previously planned call with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick.In a separate message posted Friday that also unnerved markets, Trump blasted Apple boss Tim Cook for failing to move iPhone production to the United States despite repeated requests.Trump said he had “long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else.” “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”Trump later stepped up his threats, saying he would hit all smartphones not made in the country.”It would be also Samsung and anybody that makes that product, otherwise it wouldn’t be fair,” Trump told reporters, adding that the new tariffs would come into effect from the end of June.- Market worries -Trump imposed sweeping tariffs on most of the world on what he called “Liberation Day” on April 2, with a baseline 10 percent plus steeper duties including a 20 percent levy on the EU.Markets were thrown into turmoil but calmed after he paused the bigger tariffs for 90 days.Trump has since claimed some early successes in deals struck with Britain and with China, the world’s second biggest economy.But talks with the EU have failed to make much progress, with Brussels recently threatening to hit US goods worth nearly 100 billion euros ($113 billion) with tariffs if it does not lower the duties on European goods.US Treasury Secretary Scott Bessent told Bloomberg Television on Friday the lower 10 percent tariff rate was “contingent on countries or trading blocs coming and negotiating in good faith.”Wall Street’s main indexes were all down around one percent two hours into trading, with the tech-heavy Nasdaq at one stage losing 1.5 percent before rallying while Apple shares sank 2.5 percent.Paris and Frankfurt ended with losses of around 1.5 percent, while London’s FTSE 100, which initially rose, also ended in the red.”The administration had kind of hinted that they were considering imposing reciprocal tariffs on countries that weren’t negotiating in good faith,” Barclays senior US economist Jonathan Millar told AFP. 

SpaceX said Friday it will make another launch attempt next week of the massive Starship rocket — key to CEO Elon Musk’s long-term vision of colonizing Mars — after two consecutive in-flight explosions earlier this year.”The ninth flight test of Starship is preparing to launch as soon as Tuesday, May 27,” the company said on its website, adding the launch window would open at 6:30 pm (2330 GMT) at its base in Texas.Two previous test flights of the world’s largest and most powerful rocket ended in setbacks, with high-altitude explosions and showers of debris falling over the Caribbean.Both times, the upper stage of the rocket was lost. But the Super Heavy Booster was caught with the launch tower’s mechanical “chopstick” arms — an impressive feat of engineering.To date, Starship has completed eight integrated test flights atop the Super Heavy booster, with four successes and four failures ending in explosions.The US Federal Aviation Administration (FAA) has ordered inquiries and grounded all SpaceX flights, but on Thursday authorized the resumption of the company’s flight activities, provided that modifications were made to the rocket.For this new flight, SpaceX will reuse one of the recovered Super Heavy boosters for the first time.However, the vehicle will not return to Starbase for a new catch. Instead, it will be used to conduct “several flight experiments to gather real-world performance data” before making a “hard splashdown” in the Gulf of Mexico, which President Donald Trump renamed the Gulf of America upon taking office.Standing 403 feet (123 meters) tall — about 100 feet taller than the Statue of Liberty — Starship is designed to eventually be fully reusable.Musk’s company is betting on the launch of numerous Starship prototypes in order to quickly correct problems — a successful strategy, but one that has its critics.In 2023, several environmental groups sued the FAA, accusing them of failing to completely assess the environmental impact of these test flights.Despite the criticism, the FAA in early May authorized the increase of the number of annual Starship rocket launches from five to 25 at SpaceX’s Texas base.

Pop great Billy Joel cancelled a series of global tour dates after being diagnosed with a brain condition that worsened because of recent performances, he announced Friday.”Billy Joel has announced that he will be cancelling all scheduled concerts following a recent diagnosis of Normal Pressure Hydrocephalus (NPH),” read a statement on the Piano Man’s website.The condition arises if cerebrospinal fluid cannot properly flow throughout the brain and spinal cord, according to Johns Hopkins Medicine. The excess fluid and pressure can cause brain damage.The institution said on its website that NPH is rare, but can cause cognitive impairment including memory problems as well as trouble walking.Joel’s statement said “this condition has been exacerbated by recent concert performances, leading to problems with hearing, vision, and balance.”Prompt treatment can alleviate the condition if diagnosed early.Joel’s scrapped dates include several in Britain, as well as a packed schedule crisscrossing the United States from July 2025 up until July 2026 when he was due to round off his ambitious string of dates in Charlotte, North Carolina. The “We Didn’t Start the Fire” legend, 76, wrote “I’m sincerely sorry to disappoint our audience, and thank you for understanding.”- Consummate New Yorker -Joel has been a pop mainstay and performer extraordinaire since the 1970s, with a catalog of fan favorites including “Uptown Girl” and “New York State of Mind.”Last year he capped a decade-long residency with more than 100 shows at Manhattan’s famed Madison Square Garden.The residency drew in millions of fans and grossed more than $260 million.”Let’s be real — I’m from New York,” the Bronx-born, Long Island-raised artist told journalists in the run-up to his 100th performance at the top arena.”This is my venue. Fortunately for me, Madison Square Garden is a world venue. You can play almost any other arena in the country and nobody else in the world is going to know about it,” he said.Last year, Joel released his first new original song in almost two decades, “Turn the Lights Back On.”The Grammy winner has a laundry list of accolades to his name, including induction into the Songwriters Hall of Fame in addition to that organization’s top lifetime achievement honor.Joel is also a member of the Rock and Roll Hall of Fame as well as a Kennedy Center honoree.A documentary film about his storied life — “Billy Joel: And So It Goes” — is set to premiere at the Tribeca Film Festival on June 4.

President Donald Trump signed a series of executive orders Friday to boost nuclear energy in the United States, including by rolling back regulatory processes on a still divisive technology.”We’re signing tremendous executive orders today that really will make us the real power in this industry,” Trump told reporters as he penned the four orders in the Oval Office.Trump’s orders aim to speed up the building of new reactors and to boost domestic mining and enriching of uranium, with the United States relying on imports for most of the crucial fuel.The US president said the focus would be on building smaller reactors, such as those required by tech and artificial intelligence companies that have huge energy needs.The orders will also overhaul the US nuclear watchdog so that it pushes through decisions on building new reactors within 18 months, amid reports that the White House found the regulator too risk averse.Trump denied that speeding up the regulation process could compromise nuclear safety.”We’re going to get it very fast and very safe,” Trump said. “It’s time for nuclear and we’re going to do it very big.”The move comes with growing interest in nuclear energy in the United States, despite being expensive to build and still politically sensitive in the wake of the 2011 Fukushima disaster.”President Trump is taking truly historic action to usher in the American nuclear renaissance,” Michael Kratsios, Director for the White House Office of Science and Technology Policy, told reporters earlier.- ‘Energy emergency’ -A senior White House official said the administration hopes to “test and deploy” new reactors before the end of Trump’s second term in January 2029.Trump’s order “fundamentally rehauls” the Nuclear Regulatory Commission, which grants permission for new reactors, by “lowering regulatory burdens and shortening the licensing timeline.”Republican Trump declared an “energy emergency” on his first day back in office to expand drilling for oil and gas and to roll back Democratic predecessor Joe Biden’s climate policies, But he is now also looking at nuclear to meet growing demand.Much of the demand is fueled by US tech giants, with some including Amazon, Microsoft and Google having recently signed deals for nuclear power as they seek carbon-free electricity sources.Two US energy companies are also preparing to bring nuclear stations back online, including Three Mile Island — the site in 1979 of the worst commercial nuclear power accident in US history.Trump’s drive to boost mining and enrichment also reflects the fact that the United States imports most of the uranium that is needed to fuel nuclear power stations.The US imported most from Canada, Australia, Russia, Kazakhstan, and Uzbekistan in 2023 but in 2024 it banned uranium imports from Russia over Moscow’s invasion of Ukraine.Nuclear power has been undergoing a resurgence in recent years as countries look for carbon-free energy and confront rising prices, fueled by the war in Ukraine.It suffered a major downturn after Fukushima when a huge tsunami caused a meltdown at a Japanese power station, with Germany in particular turning its back on nuclear.

One of California’s largest utilities is to pay the US Forest Service $82.5 million for a wildfire that burned tens of thousands of acres (hectares) of woodland, the government said Friday.The 2020 Bobcat Fire destroyed dozens of buildings as it tore through the San Gabriel Mountains north of Los Angeles.The US government said Southern California Edison had not properly controlled vegetation near its power lines and the blaze erupted when trees touched a live wire.A 2023 lawsuit claimed damages from the company for the cost of fighting the fire on Forest Service land as well as for remediation of damage caused to campgrounds, trails and wildlife habitats.”This record settlement against Southern California Edison provides meaningful compensation to taxpayers for the extensive costs of fighting the Bobcat Fire and for the widespread damage to public lands,” said US Attorney Bill Essayli. “My office will continue to aggressively pursue recovery for suppression costs and environmental damages from any entity that causes harm to the public’s forests and other precious national resources.”Southern California Edison is no stranger to paying out large sums of money for wildfires where its equipment was suspected to have been at fault.The company handed over more that $2.7 billion in settlements over the 2017 Thomas Fire that tore through Ventura and Santa Barbara counties, killing two people and destroying hundreds of buildings.It paid $2.2 billion for the 2018 Woolsey Fire that burned through Los Angeles and Ventura counties, killing three people and damaging more than 1,600 buildings.Investigators probing the deadly Eaton Fire, one of two blazes that ripped througth Los Angeles at the start of this year, are homing on in SCE transmission lines as a possible source of ignition.

A judge temporarily suspended Friday the Trump administration’s move to block Harvard from enrolling and hosting foreign students after the prestigious university sued, calling the action unconstitutional.On Thursday, Homeland Security Secretary Kristi Noem revoked Harvard University’s ability to enroll foreign nationals, throwing the future of thousands of students and the lucrative income stream they provide into doubt.But Harvard sued, and Massachusetts district judge Allison Burroughs ordered that “The Trump administration is hereby enjoined from implementing… the revocation of Plaintiff’s SEVP (Student and Exchange Visitor Program) certification.”There will be an injunction hearing on May 29, a court filing showed.President Donald Trump is furious at Harvard — which has produced 162 Nobel prize winners — for rejecting his demand that it submit to oversight on admissions and hiring over his claims that it is a hotbed of anti-Semitism and “woke” liberal ideology.His administration has already threatened to put $9 billion of government funding to Harvard under review, gone on to freeze a first tranche of $2.2 billion of grants and $60 million of official contracts, as well as targeting a Harvard Medical School researcher for deportation.”It is the latest act by the government in clear retaliation for Harvard exercising its First Amendment rights to reject the government’s demands to control Harvard’s governance, curriculum, and the ‘ideology’ of its faculty and students,” said the lawsuit filed in Massachusetts federal court.The lawsuit called for a judge to “stop the government’s arbitrary, capricious, unlawful, and unconstitutional action.”The loss of foreign nationals — more than a quarter of its student body — could prove costly to Harvard, which charges tens of thousands of dollars a year in tuition.- ‘Unlawful and unwarranted’ -Harvard President Alan Garber said in a statement Friday ahead of the temporary restraining order that “we condemn this unlawful and unwarranted action.”It imperils the futures of thousands of students and scholars across Harvard and serves as a warning to countless others at colleges and universities throughout the country who have come to America to pursue their education and fulfill their dreams,” he said. Noem had said Thursday that “this administration is holding Harvard accountable for fostering violence, antisemitism, and coordinating with the Chinese Communist Party on its campus.”Chinese students make up more than a fifth of Harvard’s international enrollment, according to university figures, and Beijing said the decision will “only harm the image and international standing of the United States.” “The Chinese side has consistently opposed the politicization of educational cooperation,” foreign ministry spokeswoman Mao Ning said.Harvard has already sued the US government over a separate raft of punitive measures.Karl Molden, a student at Harvard from Austria, said he had applied to transfer to Oxford in Britain because he feared such measures.”It’s scary and it’s saddening,” the 21-year-old government and classics student told AFP Thursday, calling his admission to Harvard the “greatest privilege” of his life.Leaders of the Harvard chapter of the American Association of University Professors called the decision “the latest in a string of nakedly authoritarian and retaliatory moves against America’s oldest institution of higher education.”

President Donald Trump rekindled the US trade war on Friday, threatening to impose a 50 percent tariff on the European Union — and drawing a strong response from European politicians. If they come into effect, the new duties on Brussels would dramatically raise Washington’s current baseline levy of 10 percent, and fuel simmering tensions between the world’s biggest economy and its largest trading bloc.Lamenting that negotiations with the EU “are going nowhere,” Trump said on Truth Social on Friday that he is recommending “a straight 50% Tariff on the European Union, starting on June 1, 2025.”The EU had been “formed for the primary purpose of taking advantage of the United States on TRADE,” he said, taking a swipe at “difficult” negotiations.European leaders and senior politicians reacted with dismay to Trump’s announcement, and called for de-escalation. “We are sticking to our position: de-escalation, but ready to respond,” France’s trade minister Laurent Saint-Martin posted on the X social media platform. Irish Prime Minister Micheal Martin called Trump’s announcement “enormously disappointing,” writing on X that “tariffs are damaging to all sides.””We do not need to go down this road,” he said, without spelling out how Europe might respond.Wall Street stocks fell on the news, before paring some losses.- ‘Difficult’ negotiations -Trump imposed a new sweeping “baseline” tariff of 10 percent against most countries last month, and even steeper duties on dozens of trading partners — including a 20 percent levy on the EU — which have since been paused for 90 days to allow for trade talks. The US president has also introduced sector-specific measures on automobiles, steel and aluminum not produced in the United States, which remain in place for many countries. The Trump team has claimed some early successes, announcing a deal to permanently roll back some sector-specific tariffs on Britain, and another agreement with China to reduce prohibitively high levies and retaliatory measures for a 90 days — a move that was welcomed by jittery financial markets. But the talks between the United States and the EU have failed to make much progress, with Brussels recently threatening to hit US goods worth nearly 100 billion euros ($113 billion) with tariffs if it does not lower the duties on European goods.Speaking to Bloomberg Television on Friday, US Treasury Secretary Scott Bessent said the lower 10 percent tariff rate was “contingent on countries or trading blocs coming and negotiating in good faith.””And I think the president was getting frustrated with the EU,” he said.An EU spokesperson declined to comment on Trump’s latest tariff threats on Friday, telling reporters that there was a pre-planned call later in the day between EU Trade Commissioner Maros Sefcovic and US Trade Representative (USTR) Jamieson Greer. Spokespeople for the USTR, the Commerce Department, the White House, and the Treasury Department did not respond to a request for comment. – US-made iPhones ‘not feasible’ -In a separate message posted Friday, Trump blasted Apple for failing to move iPhone production to the United States despite his repeated requests, and threatened new duties of “at least” 25 percent if they did not comply.Trump’s criticism of the US tech titan revived the pressure on Apple’s chief executive Tim Cook to do more to bring manufacturing jobs back to the United States from Asia. Most of Apple’s iPhone assembly happens in China, although the company has in recent years been shifting assembly to other countries, including India.Apple did not respond to a request for comment. The problem with Trump’s proposal, according to Wedbush Securities analyst Dan Ives, is that reshoring iPhone production to the United States “is a fairy tale that is not feasible.”Ives predicted moving assembly back across the Pacific Ocean could push up iPhone prices to $3,500. In a recent report, Bank of America Securities analysts said that the labor costs alone of moving assembly to the United States would add around 25 percent to the price of the high-end iPhone 16 Pro Max. “On top of that, if Apple had to pay reciprocal tariffs to import sub-assemblies into the U.S., we see the total cost of an iPhone increasing 90%+” they added.burs-da/

Police beefed up security at schools and religious buildings across Washington Friday as the US capitol reeled from the fatal shooting of two Israeli embassy staffers outside a Jewish museum. The 31-year-old Chicago man accused of Wednesday’s attack shouted “Free Palestine” as he was taken away by police — exacerbating fears over rising anti-Semitism since Israel’s invasion of Gaza following the unprecedented Hamas attack.”Around DC, you will see an increased presence of law enforcement officers around the community, you will find us around our faith-based organizations,” Metropolitan Police (MPD) Chief Pamela A. Smith told reporters.”You will see an increased presence around our schools and places like the DC Jewish Community Center. We stand shoulder to shoulder with our Jewish community.”Authorities in Washington said they were investigating the shooting “as an act of terrorism and as a hate crime” ahead of a preliminary court hearing set for alleged killer Elias Rodriguez on June 18.President Donald Trump — who spoke with Israel’s Prime Minister Benjamin Netanyahu — posted on social media that the attack was clearly anti-Semitic.The shooting, just a mile (1.6 kilometers) from the White House, triggered international outrage as Israel blamed European criticism of its Gaza offensive in response to the October 7, 2023 attack by Palestinian Hamas militants.The victims of Wednesday’s attack, Israeli citizen Yaron Lischinsky and Sarah Lynn Milgrim, a US employee of the embassy, had been planning to marry.Washington Mayor Muriel Bowser gathered her interfaith council, local Jewish leaders, city councillors and law enforcement officials on Thursday to coordinate the community response.”We have a long history, and a lot of practice in our city, of working with Jewish organizations around safety and around protection,” she told a news conference.”And we watch global events, national events and local events, and our organizations work directly with MPD, and MPD responds with additional resources.”

President Donald Trump ratcheted up the US trade war on Friday, threatening to impose a new 25 percent levy against Apple, and a 50 percent tariff on the European Union.Lamenting that negotiations with the EU “are going nowhere,” Trump said on Truth Social that he is recommending “a straight 50% Tariff on the European Union, starting on June 1, 2025.”If the new duties come into effect, they would dramatically hike the current US baseline levy of 10 percent, and raise economic tensions between the world’s biggest economy and its largest trading bloc.In a separate message, the president said Apple had failed to move iPhone production to the United States despite his repeated requests, and he threatened new duties of “at least” 25 percent if they did not comply.Wall Street stocks fell in early trading, with Apple’s share price dropping 2.7 percent.  The VIX volatility index, known as Wall Street’s “fear gauge,” was up 18.5 percent at around 9:30 am local time in New York (1330 GMT). – ‘Difficult’ negotiations -Last month, Trump imposed sweeping tariffs against most countries, introducing steep duties for several trading partners — including the EU — and sector-specific measures on automobiles, steel and aluminum not produced in the United States.Markets tanked following the announcement, and a few days later, the US president announced he would roll back the higher levies to 10 percent for a 90-day pause to allow for trade negotiations, while keeping the sector-specific measures in place.Since then, Trump has announced a deal to permanently roll back some sector-specific tariffs on Britain, and another agreement with China to reduce prohibitively high levies and retaliatory measures for 90 days. The talks between the United States and the EU have failed to make much progress, with Brussels recently threatening to hit US goods worth nearly 100 billion euros ($113 billion) with tariffs if it does not lower the duties on European goods.In his early morning social media post on Friday, Trump said the EU had been “formed for the primary purpose of taking advantage of the United States on TRADE,” and took a swipe at the “difficult” negotiations taking place.An EU spokesperson declined to comment on the threats of new tariffs, telling AFP that a call was set to take place later Friday between EU Trade Commissioner Maros Sefcovic and US Trade Representative (USTR) Jamieson Greer. Spokespeople for the USTR, the Commerce Department, the White House, and the Treasury Department did not immediately respond to a request for comment. – US-made iPhones ‘not feasible’ -Trump’s fresh criticism of Apple revived the pressure on chief executive Tim Cook to do more to bring manufacturing jobs back to the United States from Asia. Most of Apple’s iPhones assembly happens in China, although the company has in recent years been shifting production to other countries, including India.The problem with Trump’s proposal, according to Wedbush Securities analyst Dan Ives, is that reshoring iPhone production to the United States “is a fairy tale that is not feasible.””This would result in an iPhone price point that is a non-starter for Cupertino and translate into iPhone prices of ~$3,500 if it was made in the US,” he wrote in a note to clients, referring to the location of Apple’s California headquarters. This is simply “not realistic,” he said, adding that it would take up to 10 years to shift production to the United States. In a recent report, Bank of America Securities analysts said that the labor costs alone of movingIn a recent report, Bank of America Securities analysts said that the labor costs alone of moving assembly to the United States would add around 25 percent to the price of the high-end iPhone 16 Pro Max. “On top of that, if Apple had to pay reciprocal tariffs to import sub-assemblies into the U.S., we see the total cost of an iPhone increasing 90%+” they added.burs-da/md