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The Duckhorn Portfolio Announces Fiscal First Quarter 2025 Financial ResultsUkraine relies on military and financial aid from international partners to sustain its military campaign, especially the U.S. and Europe. On Sunday, Donald Trump told NBC's "Meet the Press" that Ukraine will "possibly" receive less military aid once he takes office. After the election of Donald Trump and a Republican sweep of both chambers of Congress, the risk of the United States cutting its funding for Ukraine is a real possibility, stoking concerns among leaders in Europe on what it means for the ongoing conflict. > 24/7 San Diego news stream: Watch NBC 7 free wherever you are Trump has previously expressed he would end the war in Ukraine within 24 hours and has been vocally critical of funding the war-torn nation alongside hardline Republican congressmen, who almost blocked a critical aid package in April of this year . On Sunday, Trump told NBC's "Meet the Press" that Ukraine will "possibly" receive less military aid once he takes office. But according to experts that spoke to CNBC, there is reason to believe Europe, which is Ukraine's biggest donor, can make up the shortfall if the U.S. withdraws or tightens that funding. Ukraine relies on military and financial aid from international partners to sustain its military campaign, especially the U.S. and Europe. According to the Kiel Institute of Economy's Ukraine Support Tracker , which has been tracking funding to Ukraine since January 2022 up until October 2024, Europe has committed 241 billion euros ($255 billion) in aid and the U.S. has committed 119 billion euros. Out of this, Europe has actually allocated 125 billion euros and the U.S. 88 billion euros, thus far. Money Report European markets set to open lower as investors digest European Central Bank rate cut New AI winners beyond Big Tech are set to emerge, UK fund manager predicts Both Europe and the U.S. have provided "a comparable amount of military aid," Pietro Bomprezzi, the project lead of the Ukraine Support Tracker, told CNBC. As Ukraine's largest donor and neighbor, Europe would face the brunt of costs if U.S. aid runs out and isn't renewed under Trump. In the tracker's latest press update released last week, Christoph Trebesch, the head of the Ukraine Support Tracker, stated: "With the current funding due to end, all eyes are now on the incoming U.S. administration and its willingness to support Ukraine." European leaders have convened several times since the election to bolster support for Ukraine, with many countries doubling up on their commitments. Germany, which is Europe's biggest donor to Ukraine, has repeatedly reiterated its support for Ukraine and pledged further military aid on a surprise visit to Kyiv last week: "Ukraine can rely on Germany," Germany's Chancellor Olaf Scholz said. Hungary's Prime Minister Viktor Orbán, who has repeatedly blocked EU funding to Ukraine, offered a different tone last month, stating that Europe would not be able to fill in the gap financially if the U.S. withdraws aid. But according to analysts who spoke to CNBC, Europe can fill the gaps, and has several ways to do so. In its latest update on Dec. 5 , the Ukraine Support Tracker stated that the use of profits from frozen Russian assets, which are "primarily available to European donors," "could help them compensate for the loss of U.S. funds in the future." Jacob Funk Kirkegaard, a senior fellow at the Brussels-based Bruegel think tank, told CNBC that "making up for U.S. financial support for Ukraine would be very easy for the EU," by using instruments such as new common debt, bilateral donations, and seizing the 250 billion euro in frozen Russian assets and distributing them to Ukraine. Nigel Gould-Davis, a senior fellow for Russia and Eurasia at The International Institute for Strategic Studies, stated that seizing and distributing frozen Russian assets would be a "game changer." While the G7's $50 billion loan using interest payments from Russian assets is a small step in this direction, the EU can do more as it has full control over these assets. "At a stroke, if [the G7] had the will to do so, it could provide a huge slice of the aggressor's money and put it to defend Ukraine," Gould-Davis said. The main reason this hasn't been done is due to a fear among certain EU members on the financial consequences, he added. There are also other ways Europe can fill in the gaps. Kirkegaard mentioned the Danish model of financing Ukraine: Instead of sending over Western-made weapons, which are more expensive to produce, countries could directly finance Ukraine's military industrial complex. Even in the case of withdrawal of critical U.S. weaponry, Kirkegaard points out that they can still be purchased: European countries could agree to a trade deal, like China did in 2018, and agree to purchase American-made products, in this case weapons to supply to Ukraine in exchange for a relief on tariffs. It is "an entirely political choice" how much Europe devotes to defend itself and Ukraine, said Gould-Davies. He frames it as a balance of resources versus a balance of resolve — the balance of resources is in Europe's favor, but the balance of resolve is in Russia's: If Europe has the political will to make use of its advantage in resources, Ukraine's defense can greatly be bolstered. Max Bergman, the director of the Europe, Russia, and Eurasia Program at the Center for Strategic and International Studiesn told CNBC that while European countries are likely to increase aid in the case of U.S. withdrawal "it is unclear if Ukraine can survive the gap between the withdrawal of U.S. aid and the ramp up of European defense production." In the case that Europe didn't step up its aid in the case of U.S. withdrawal, Ukraine would lose the war: "The danger is that we see in Kyiv in 2026 what we saw in Kaboul in 2021 — a military collapse, leading to the end of Ukraine and Ukrainian democracy." Also on CNBC SEC says Cantor Fitzgerald, led by Trump Commerce pick Lutnick, broke law NJ drones don't pose national security or public safety threat, FBI says U.S. charges 14 North Koreans in $88 million identity theft and extortion case
Japa syndrome: Why Nigeria will continue to lose its best –UfodikeAP News Summary at 3:15 p.m. EST
By JOSH BOAK WASHINGTON (AP) — Donald Trump loved to use tariffs on foreign goods during his first presidency. But their impact was barely noticeable in the overall economy, even if their aftershocks were clear in specific industries. The data show they never fully delivered on his promised factory jobs. Nor did they provoke the avalanche of inflation that critics feared. This time, though, his tariff threats might be different . The president-elect is talking about going much bigger — on a potential scale that creates more uncertainty about whether he’ll do what he says and what the consequences could be. “There’s going to be a lot more tariffs, I mean, he’s pretty clear,” said Michael Stumo, the CEO of Coalition for a Prosperous America, a group that has supported import taxes to help domestic manufacturing. The president-elect posted on social media Monday that on his first day in office he would impose 25% tariffs on all goods imported from Mexico and Canada until those countries satisfactorily stop illegal immigration and the flow of illegal drugs such as fentanyl into the United States. Those tariffs could essentially blow up the North American trade pact that Trump’s team negotiated during his initial term. Chinese imports would face additional tariffs of 10% until Beijing cracks down on the production of materials used in making fentanyl, Trump posted. Business groups were quick to warn about rapidly escalating inflation , while Mexican President Claudia Sheinbaum said she would counter the move with tariffs on U.S. products. House Democrats put together legislation to strip a president’s ability to unilaterally apply tariffs this drastic, warning that they would likely lead to higher prices for autos, shoes, housing and groceries. Sheinbaum said Wednesday that her administration is already working up a list of possible retaliatory tariffs “if the situation comes to that.” “The economy department is preparing it,” Sheinbaum said. “If there are tariffs, Mexico would increase tariffs, it is a technical task about what would also benefit Mexico,” she said, suggesting her country would impose targeted import duties on U.S. goods in sensitive areas. House Democrats on Tuesday introduced a bill that would require congressional approval for a president to impose tariffs due to claims of a national emergency, a largely symbolic action given Republicans’ coming control of both the House and Senate. “This legislation would enable Congress to limit this sweeping emergency authority and put in place the necessary Congressional oversight before any president – Democrat or Republican – could indiscriminately raise costs on the American people through tariffs,” said Rep. Suzan DelBene, D-Wash. But for Trump, tariffs are now a tested tool that seems less politically controversial even if the mandate he received in November’s election largely involved restraining inflation. The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world’s second largest economy. Biden administration officials looked at removing Trump’s tariffs in order to bring down inflationary pressures, only to find they were unlikely to help significantly. Tariffs were “so new and unique that it freaked everybody out in 2017,” said Stumo, but they were ultimately somewhat modest. Trump imposed tariffs on solar panels and washing machines at the start of 2018, moves that might have pushed up prices in those sectors even though they also overlapped with plans to open washing machine plants in Tennessee and South Carolina. His administration also levied tariffs on steel and aluminum, including against allies. He then increased tariffs on China, leading to a trade conflict and a limited 2020 agreement that failed to produce the promised Chinese purchases of U.S. goods. Still, the dispute changed relations with China as more U.S. companies looked for alternative suppliers in other countries. Economic research also found the United States may have sacrificed some of its “soft power” as the Chinese population began to watch fewer American movies. The Federal Reserve kept inflation roughly on target, but factory construction spending never jumped in a way that suggested a lasting gain in manufacturing jobs. Separate economic research found the tariff war with China did nothing economically for the communities hurt by offshoring, but it did help Trump and Republicans in those communities politically. When Trump first became president in 2017, the federal government collected $34.6 billion in customs, duties and fees. That sum more than doubled under Trump to $70.8 billion in 2019, according to Office of Management and Budget records. While that sum might seem meaningful, it was relatively small compared to the overall economy. America’s gross domestic product is now $29.3 trillion, according to the Bureau of Economic Analysis. The total tariffs collected in the United States would equal less than 0.3% of GDP. The new tariffs being floated by Trump now are dramatically larger and there could be far more significant impacts. If Mexico, Canada, and China faced the additional tariffs proposed by Trump on all goods imported to the United States, that could be roughly equal to $266 billion in tax collections, a number that does not assume any disruptions in trade or retaliatory moves by other countries. The cost of those taxes would likely be borne by U.S. families, importers and domestic and foreign companies in the form of higher prices or lower profits. Former Biden administration officials said they worried that companies could piggyback on Trump’s tariffs — if they’re imposed — as a rationale to raise their prices, just as many companies after Russia’s invasion of Ukraine in 2022 boosted food and energy costs and gave several major companies the space to raise prices, according to their own earnings calls with investors. But what Trump didn’t really spell out is what might cause him to back down on tariffs and declare a victory. What he is creating instead with his tariff threats is a sense of uncertainty as companies and countries await the details to figure out what all of this could mean. “We know the key economic policy priorities of the incoming Trump administration, but we don’t know how or when they will be addressed,” said Greg Daco, chief U.S. economist at EY-Parthenon. AP writer Mark Stevenson contributed to this report from Mexico City.Grad assistant coach suits up to fill QB void, sets Southern Illinois record with 7 TD passesCNBC Daily Open: Global geopolitical uncertainty intensifies over the weekend
Megan Fox has "learned all the tricks" of pregnancy now that she is expecting baby number four
Max Stock Limited: Immediate report of changes to interested party holdingswill require to verify their identities more often as part of a larger effort to crack down on unauthorized account sharing. DoorDash has been under pressure to ensure its drivers are operating legally. Over the summer, for example, it pledged to do a better job dangerous drivers after a flood of complaints of dangerous driving from cities. Officials in Boston, New York and other cities have said that in many cases, people with multiple traffic violations continue to make deliveries using accounts registered to others. The said Thursday it was requiring some drivers to complete real-time identity checks immediately after they complete a delivery. Previously, drivers were occasionally asked to re-verify their identities before or after a shift. DoorDash has introduced the new system in Los Angeles, Denver, Seattle and other cities, and said it planned a wider rollout next year. DoorDash said it also has developed an advanced machine learning system that can flag potential unauthorized account access, including login anomalies and suspicious activity. If the company detects a problem, it will require drivers to re-verify their identity before they can . U.S. drivers must verify their identities with a driver’s license or other government-issued identification, and upload a selfie that matches their identification photo before they can do work for DoorDash. They also must submit to background checks, which require a Social Security number. The company said it found that some drivers were getting around the requirements by sharing accounts with authorized users. In some cases, drivers who were not authorized to drive for DoorDash paid authorized users for access to their accounts. Some federal lawmakers have demanded that DoorDash and other delivery apps do a better job of keeping people who are in the U.S. illegally off the platforms. Republican U.S. Sens. Marsha Blackburn of Tennessee, Mike Braun of Indiana and Ted Budd of North Carolina sent letters to delivery companies in April asking them to crack down on account sharing. “These illegal immigrants are delivering food directly to consumers’ doors without ever having undergone a background check and often without even using their real names,” the letter said. It added that working illegally can also be dangerous for migrants, creating the potential for exploitation and abuse. The Associated Press left messages seeking comment Thursday with Gig Workers Rising and Justice for App Workers, which both represent delivery drivers. DoorDash won’t estimate how many drivers are using shared accounts, but said its safeguards are effective. Last year, it began asking drivers to re-verify their identities monthly by submitting a selfie. The company said it is now asking more than 150,000 drivers to complete selfie checks each week, and it’s removing them from the platform if they don’t comply. Dee-ann Durbin, The Associated Press
