Americas / The Economic Times
Around 3,000 union workers went on strike at Pratt and Whitney in Connecticut. The strike began due to failed contract talks. Wages, retirement benefits, and job security are key issues. The International Association of Machinists and Aerospace Workers is leading the strike. The company claims its offer is competitive. Pratt and Whitney has contingency plans to maintain operations.
A federal judge has permanently blocked a White House executive order targeting Perkins Coie, deeming it unconstitutional retaliation. Judge Beryl Howell's ruling halts enforcement and requires the Trump administration to nullify the order, which was seen as punishment for the firm's representation of Democratic causes and perceived opposition to the president.
Reported sexual assaults in the U.S. military saw a nearly 4% decrease last year, driven by a significant drop in the Army, reversing a decade-long troubling trend. While officials acknowledge the decline as positive, they emphasize the need for continued efforts to encourage reporting and support victims.
The resurgence of electricity demand, driven by Big Tech's AI and cloud computing needs, is breathing new life into previously struggling coal-fired power plants. These plants, slated for retirement, possess valuable high-voltage grid connections, attracting interest from tech companies and investors.
A strange device was found at the General Services Administration headquarters. It was linked to Elon Musk's Starlink network. This discovery raised concerns about data protection laws. People connected to Musk hold key positions at GSA. They are working to cut costs and downsize the government's real estate. The agency is selling properties and cutting contracts.
Federal Reserve Chair Jerome Powell indicated a patient approach to interest rate adjustments, awaiting clarity on the economic impact of the Trump administration's policies, including tariffs. While acknowledging the potential for higher inflation and slower growth due to these policies, the Fed is unlikely to intervene unless significant market malfunctions occur.
California Governor Gavin Newsom announced a lawsuit against President Trump's tariff authority, citing economic chaos for families and businesses. The suit challenges Trump's use of the International Emergency Economic Powers Act, arguing congressional approval is needed. Newsom highlights inflated costs and billions in damages to California's economy, particularly impacting its agricultural sector.
U.S. consumers are rushing to buy big-ticket items before new tariffs take effect, increasing prices on imports from countries like Taiwan and Mexico. John Gutierrez and Rob Blackwell secured purchases of a laptop and car, respectively, to avoid the impact of these tariffs. Economists warn of potential price spikes and weakened economic growth, urging prompt action on necessary purchases.
At least half of U.S. states, including New Mexico and Alabama, introduced laws this year to ban Glock switches, which convert pistols into machine guns. These efforts respond to the rising use of these devices, driven partly by 3D printing, while gun control and gun rights advocates debate the impact.
China's retaliatory tariffs on U.S. imports took effect just after Trump announced new duties on all steel and aluminum imports. This development could escalate the longstanding trade tensions that began during Trump's first term. Key moments in this trade spat include significant tariffs, failed trade talks, and ongoing restrictions under both Trump and Biden administrations.