Turning Point USA CEO Erika Kirk endorsed Vice President JD Vance for president in 2028 at the organization’s annual youth conference.
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By Nichola Groom
Dec 18 (Reuters) – The U.S. House of Representatives passed legislation on Thursday that would streamline environmental reviews and speed permitting for large energy infrastructure projects, data centers and factories.
The goals of the bill are in line with President Donald Trump’s agenda to expand domestic energy, mining and other industries, but conservationists said looser environmental standards risk clean air and public water supplies.
Congress has tried for several years to pass permitting reform legislation.
The bill lost support from clean energy advocates following last-minute changes by a small group of Republicans who wanted to preserve President Trump’s ability to block permitted offshore wind farms.
The SPEED Act, sponsored by Republican Bruce Westerman, faces opposition in the Senate from Democrats who want the legislation to benefit clean energy and related transmission projects.
The bill passed with 11 Democratic votes despite concerns about the amendments.
Energy industry groups welcomed the 221-196 bill passage on Thursday, saying it is the first “meaningful” reform of the Nixon-era National Environmental Policy Act, which builders of large projects in many sectors have blamed for slow approvals.
“Today’s vote marks a turning point to fix America’s broken permitting system and lower energy costs for every American,” said Anne Bradbury, CEO of oil and gas lobby group AXPC.
Environmental groups urged the Senate to reject the bill.
“The bill gives industry a free pass while casting aside science and public input. This will jeopardize access to clean air and safe drinking water for communities already burdened by pollution and climate risks,” said Camden Weber, climate and energy policy specialist at the Center for Biological Diversity.
A solar industry trade group said the bill did not remedy what it called unequal treatment of renewable energy resources by the federal government, which under Trump has frozen progress on permits for wind and solar projects.
“Permitting reform that prioritizes certainty and fairness will help deliver affordable energy to the American people,” Abigail Ross Hopper, president of the Solar Energy Industries Association, said in a statement.
(Reporting by Richard Cowan and Valerie Volcovici in Washington and Nichola Groom in Los Angeles; Editing by Nia Williams and Aurora Ellis)
By David Shepardson
WASHINGTON, Dec 18 (Reuters) – The Justice Department said on Thursday it had reached a settlement with the U.S. arm of Chinese auto parts supplier Wanxiang over import tariffs owed on wheel hub assemblies and other parts imported from China over a five-year period.
The U.S. government said the settlement ends nearly 10 years of litigation, with the United States collecting all the lost revenue it sought and over $30 million in civil penalties. Wanxiang America did not admit wrongdoing. The Justice Department said Wanxiang falsely classified its imported wheel hub assemblies and failed to disclose the parts were covered by the anti-dumping tariff order imposed in 1987, which resulted in the auto parts company vastly underpaying the amount of customs and anti-dumping tariffs owed on its merchandise.
The government said some of the parts at issue faced tariffs of nearly 93% under the anti-dumping order.
Wanxiang and two U.S.-based lawyers for Wanxiang did not immediately respond to requests for comment.
Wanxiang Group’s automotive parts unit has previously been described as the largest China-based automotive components company by revenue. In 2013, Wanxiang America won approval to buy A123 Systems, a U.S. maker of electric car batteries.
The U.S. government first demanded payment in 2019 of nearly $100 million in back tariffs and penalties after launching an audit in 2012. The government filed suit in 2022 over Wanxiang parts imported from 2007 through 2012. The Justice Department said Wanxiang “misclassified multiple categories of automotive components, parts, and accessories under incorrect tariff provisions.”
(Reporting by David Shepardson in Washington; Editing by Lisa Shumaker and Jacqueline Wong)
PARIS, Dec 19 (Reuters) – France’s 2026 budget faces a make-or-break moment on Friday as lawmakers scramble to avert a fiscal deadlock in last-ditch talks to agree a compromise bill.
A joint committee from both the National Assembly and the Senate is to meet to hammer out a final budget text that would then be put to votes in both houses on Tuesday.
Failure would force Prime Minister Sebastien Lecornu to seek emergency legislation to allow spending, tax collection and borrowing in the new year until a proper budget can be agreed.
Investors and ratings agencies are scrutinising France’s finances as Lecornu struggles to rein in a budget deficit running at 5.4% of output this year – the euro zone’s highest.
The minority government insists the budget must keep the fiscal deficit to less than 5% next year, having already given ground on its original target of 4.7% with costly concessions to win over Socialist lawmakers.
The Senate approved a 2026 budget on Monday with a fiscal deficit of 5.3% after conservatives blocked tax hikes to offset a bigger than planned funding shortfall in the social security budget that the lower house had approved.
Ahead of Friday’s talks, Socialists in the lower house demand that the wealthy pay more while conservatives say they will reject tax hikes.
Even if a deal emerges on Friday, it could still be torpedoed in a vote before the lower house, which has the final say.
In that case too, the government would likely submit an emergency rollover law to avoid a U.S.-style shutdown, before reviving more permanent budget legislation early next year.
Lecornu’s minority government has little room to manoeuvre in France’s fractious parliament, where budget battles have already toppled three governments since President Emmanuel Macron lost his majority in a 2024 snap election.
(Reporting by Leigh Thomas, editing by Ed Osmond)
A jury convicted a Milwaukee judge on one count of felony obstruction Thursday, the Associated Press reported, after she was accused of helping a man who was in the U.S. illegally evade federal immigration authorities.
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ROCKY MOUNT, N.C. (AP) — She had worked 22 days straight in her job as a technician at an engine plant to save up, and now Daijah Bryant could finally do what she was putting off: Christmas shopping.
Bryant pushed her cart out of a Walmart in Rocky Mount, North Carolina, and loaded her sedan’s backseat with bags of gifts. While they would soon bring joy to her friends and family, it was difficult for the 26-year-old to feel good about the purchases.
“Having to pay bills, if you happen to pay rent and try to do Christmas all at the same time, it is very, very hard,” she said with exasperation.
Ahead of President Donald Trump’s Friday evening visit to Rocky Mount, some residents say they are feeling an economic squeeze that seems hard to escape. The uneasy feeling spans political affiliation in the town, which is split between two largely rural and somewhat impoverished counties, although some were more hopeful than others that there are signs of reprieve on the horizon.
This will be Trump’s second event this month aimed at championing his economic policies ahead of a consequential midterm election next year, both held in presidential battleground states. Similar to Trump’s earlier stop in Pennsylvania, Rocky Mount sits in a U.S. House district that has been historically competitive. But earlier this year, the Republican-controlled legislature redrew the boundaries for the eastern North Carolina district to favor their party as part of Trump’s push to have GOP-led states gerrymander their congressional districts to help his party retain its House majority for the last half of his term.
Rocky Mount may be in a politically advantageous location, but the hardships its residents report mirror the tightening financial strains many Americans say they are feeling, with high prices for groceries, housing and utilities among their top concerns. Polls show persistently high prices have put Americans in a grumpy mood about the state of the economy, which a large majority say is performing poorly.
Trump has insisted the economy is trending upward and the country will see some relief in the new year and beyond. In some cases, he has dismissed affordability concerns and encouraged Americans to decrease their consumption.
Crimson smokestacks tower over parts of downtown Rocky Mount, reminding the town’s roughly 54,000 residents of its roots as a once-booming tobacco market. Through the heart of downtown, graffiti-covered trains still lug along on the railroad tracks that made Rocky Mount a bustling locomotive hotspot in the last century.
Those days seem long gone for some residents who have watched the town change over decades. Rocky Mount has adapted by tapping into other industries such as manufacturing and biopharmaceuticals, but it’s also had to endure its fair share of challenges. Most recently, financial troubles in the city’s government have meant higher utility prices for residents.
The city has been investing to try to revitalize its downtown, but progress has been slow. Long stretches of empty storefronts that once contained restaurants, furniture shops and drug stores line the streets. Most stores were closed Thursday morning, and not much foot traffic roamed the area.
That’s left Lucy Slep, who co-owns The Miner’s Emporium jewelry store with her husband, waiting for Trump’s promised “Golden Age of America.”
The jewelry store has been in downtown Rocky Mount for nearly four decades, just about as long as the 64-year-old said she has lived in the area. But the deterioration of downtown Rocky Mount has spanned at least a decade, and Slep said she’s still hoping it will come back to life.
“Every downtown in every little town is beautiful,” she said. “But without the businesses, it’s dead.”
Slep’s store hasn’t escaped the challenges other Rocky Mount small businesses have endured. Instead of buying, more people have recently been selling their jewelry to the shop, Slep said.
Customers have been scarce. About a week out from Christmas, the store — with handmade molded walls and ceilings resembling cave walls — sat empty aside from the rows of glass cases containing jewelry. It’s been hard, Slep said, but she and her husband are trying to make it through.
“This year is just not a jewelry Christmas, for whatever reason,” she said.
Slep is already looking ahead to next year for better times. She is confident that Trump’s economic policies — including upcoming tax cuts — will make a marked difference in people’s cost of living. In her eyes, the financial strains people are feeling are residual effects from the Biden administration that eventually will fade.
Optimism about what’s to come under Trump’s economy might also depend on whether residents feel their economic conditions have changed drastically in the past year. Shiva Mrain, an engineer in Rocky Mount, said his family’s situation has not “become worse nor better.” He’s been encouraged by seeing lower gas prices.
Bryant, the engine technician, feels a bit more disillusioned.
She didn’t vote in the last election because she didn’t think either party could enact changes that would improve her life. Nearly a year into the Trump administration, Bryant is still waiting to see whether the president will deliver.
“I can’t really say … that change is coming,” she said. “I don’t think anything is going to change.”
By Libby George and Karin Strohecker
LONDON, Dec 19 (Reuters) – Emerging markets defied tariffs, trade wars and global turmoil to notch up stellar double-digit returns in 2025, and investors are hopeful of a repeat performance next year.
Years of painful fiscal choices and central bankers who made all the right calls have left once-risky countries looking solid in the face of political and economic clouds in the United States and Europe, and rising geopolitical fragmentation.
“There are a lot of tailwinds that we can take from this year transferring to next year, particularly because of how marvellous and glorious the performance has been,” said Manulife Investment Management managing director Elina Theodorakopoulou, highlighting “a combination of good policies and good luck”.
LIBERATION FOR EMERGING MARKETS
U.S. President Donald Trump’s return to the White House ushered in the type of uncertainty that typically has investors fleeing to save havens such as U.S. Treasuries or the dollar.
Erratic U.S. tariff policies and Trump’s Fed attacks have flipped the script, making emerging markets look steadier.
While for many investors the fallout from U.S. policy still tops the list of risks to next year’s anticipated rally, some used the asset dip triggered by Trump’s “Liberation Day” tariff announcements in April to scoop up emerging market assets.
“You’ve increasingly seen investors diversifying out of the U.S. or generally seeking to have global diversification,” said Thomas Haugaard, portfolio manager at Janus Henderson Investors.
Emerging market debt was under-owned after years of outflows, Haugaard added.
There have been dramatic changes at a country level too.
Turkey pivoted to orthodox economic policies mid-2023, Nigeria scrapped subsidies and devalued the naira, Egypt continued IMF-backed reforms while Ghana, Zambia and Sri Lanka endured defaults and earned upgrades.
The resulting rally helped reverse years of investor cash outflows. Investors say the tough choices many emerging market governments made paid off, paving the way for strength in 2026.
“They’re able to withstand bigger hits. Their economies are (on) stronger footings,” said Giulia Pellegrini of Allianz Global Investors.
Analysts also point to another year of net credit rating upgrades as proof resilience can continue.
“Fundamentals are improving in that asset class, certainly when you look at it from a sovereign credit perspective,” said Morgan Stanley strategist James Lord.
“There is a growing momentum of credit upgrades in emerging markets year-on-year,” he added.
NEW SAVE HAVENS?
While the Fed has come under attack, emerging market central banks have shown independence and solid policymaking, investors said.
“When it comes to monetary policy, credibility is probably as high as it has ever been in EM,” said Charles de Quinsonas, head of emerging market debt at M&G.
“They cut, actually ahead of the Fed as well, but they haven’t overcut, which has helped currencies to remain quite resilient,” he added.
And prudent monetary policy helped emerging market currencies outperform, all while the dollar wilted.
This was a strong driver of investor interest into local currency debt across emerging markets, which brought returns of around 18% this year. Investors such as Pellegrini of Allianz said they could hit double digits again in 2026.
Even uncertainty around elections – from Hungary to Brazil and Colombia – that could often make investors nervy instead spells opportunity for some.
“The ensuing potential small policy changes that come on the back of that … are actually potential market moves that would generate opportunities for us,” Pellegrini said.
NO MORE BEARS
The biggest risk remains the United States.
If it enters a recession, a capital retrenchment would hurt emerging markets. And if the Fed hikes rates, it could bolster the greenback and stymie emerging market local currency strength. Trump appointing a new chair to the world’s top central bank in 2026 is adding to uncertainty.
But even this does not pose the risk it once did.
“Fundamentally, (emerging markets) are much less sensitive economically to the U.S. than they ever were,” said Quinsonas.
If anything, it is the exuberant optimism that is making analysts think twice.
HSBC’s emerging market sentiment survey published in December found bearish views on emerging markets prospects had entirely disappeared, with record net sentiment at the joint highest in the history of the survey.
David Hauner, head of global emerging markets fixed income strategy at BofA Global Research, said he had not encountered a single client that was negative on emerging markets despite speaking to more than 100 in recent weeks.
“Everybody is constructive, so this could be a negative signal,” said Hauner, adding: “History suggests that you have to be cautious when everybody agrees on the direction of the market.”
(Reporting by Libby George and Karin Strohecker; Editing by Alexander Smith)
The suspect in the Dec. 13 mass shooting on the campus of Brown University was found dead in a storage unit in Salem, New Hampshire, Thursday night. Jessi Mitchell anchored CBS News’ special report.
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