President Trump held an official launch for the “Trump Accounts” for children in the Oval Office on Monday, where he also rang the New York Stock Exchange bell. CBS News’ Olivia Rinaldi has more.
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WASHINGTON (AP) — President Donald Trump on Monday rang the opening bells for the New York Stock Exchange and the Nasdaq from the golden confines of the Oval Office, a symbolic act that reflects how he has increasingly tied his presidency to the stock market.
With high inflation hurting Trump’s popularity, the Republican president has tried to get more Americans to focus on their 401(k) investments, claiming that his policies should get the credit for any gains, particularly as the November midterm elections draw closer.
“It’s going to go up — I think the market’s going to go through the roof,” said Trump after formally launching the start of trading.
Only 33% of U.S. adults approve of Trump’s economic leadership, according to a June survey by The Associated Press-NORC Center for Public Affairs Research.
Still, the act of ringing the opening bell suggests why the president’s emphasis on the stock market might not help his party much with voters this fall.
The Oval Office event was promoting the launch of Trump Accounts, which were created as a vehicle for children to have investments in stock indexes as part of Republicans’ big 2025 tax and spending cuts bill.
In championing the accounts, Treasury Secretary Scott Bessent has emphasized that many Americans have no direct exposure to stocks.
This means that millions of people are not benefiting from investments that largely accrue to more affluent households or that the benefits they’re receiving are for retirements decades away.
Bessent declared before the bell ringing that “38% of American families do not have any exposure to our great equity markets.”
The S&P 500 stock index posted gains of 17.9% in 2025, but that came after annual returns of 25% in 2024 and 26.3% in 2023, during the presidency of Democrat Joe Biden. The benchmark stock index has risen roughly 10% so far this year.
But just as inflation crushed public support for Biden, Trump has also seen his approval fall prey to a cycle of rising prices. Trump won the 2024 election by promising to bring down costs, but his tariffs and the start of the war in Iran created new inflationary pressures.
The consumer price index has climbed 4.2% over the past 12 months, up from 3% when Trump started his second term in January 2025.
Trump, however, is betting that the stock investments that are being seeded by the government and by some prominent companies and billionaires will give future generations a deeper stake in the U.S. economy. The accounts already have gotten a boost from billionaires beyond the $1,000 from the government.
Michael Dell, the founder of Dell Technologies, and his wife, Susan, appeared by Trump on Monday as they have pledged $6.25 billion for the accounts, while there have been separate pledges by billionaires including investor Ray Dalio and SpaceX President Gwynne Shotwell, who said Monday that she would donate stock in the Elon Musk-led company to the accounts.
Trump jokingly acknowledged that children had missed the stock market gains that have occurred so far because of the delay in launching the Trump Accounts.
“We should have acted faster,” Trump said.
WASHINGTON (AP) — The U.S. Supreme Court on Monday declined to block Texas from enforcing a state law that requires apps stores to verify users’ ages and obtain parental consent for minors seeking to download apps or make in-app purchases on mobile phones.
Justice Samuel Alito, in a pair of one-sentence orders, denied petitions by plaintiffs who claim that the Texas App Store Accountability Act violates users’ constitutional rights to free speech.
Last month, a three-judge panel from the 5th U.S. Circuit Court of Appeals ruled that the law can take effect. The panel suspended a district court’s ruling last December that the law is unconstitutional.
The plaintiffs suing to block the law include the Computer & Communications Industry Association and Students Engaged in Advancing Texas. Texas Attorney General Ken Paxton is a defendant in both cases.
Plaintiffs’ lawyers argued that the law impermissibly seeks to limit access to content protected by the First Amendment, including news and educational material.
“Equity and the public interest support relief because protecting First Amendment rights — and parents’ rights to supervise their children as they see fit, not as the government tells them they should — is always in the public interest,” wrote attorneys for Students Engaged in Advancing Texas.
Attorneys from Paxton’s office argued that the law protects children from “dangerous modern products.”
“A child with access to an app store and a mobile device (such as a tablet or smartphone) can potentially download any number of software applications, potentially agreeing to invasions of the child’s privacy and sale of the child’s data and be exposed to any conceivable content without parental consent or even parental knowledge,” they wrote.
A key hearing begins Monday for Tyler Robinson, the man accused of killing Charlie Kirk. CBS News’ Carter Evans has the latest.
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Michigan Democrat Mallory McMorrow announced Sunday that she’s suspending her campaign for Senate ahead of the state’s primary in early August. Meanwhile, President Trump railed against communism during his remarks in Washington, D.C., on the Fourth of July. CBS News’ Fin Gomez has more.
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By Bo Erickson and Pritam Biswas
WASHINGTON, July 6 (Reuters) – President Donald Trump said on Monday the government had deposited the first $1,000 into more than 500,000 “Trump Accounts,” a program designed to give newborn Americans a stake in the stock market and help build wealth from an early age.
Trump rang the opening bell from the White House Oval Office alongside executives of the New York Stock Exchange and Nasdaq. He said cooperation between the rival exchanges was something Democrats and Republicans had been unable to replicate.
CEO Adena Friedman and President Nelson Griggs from Nasdaq, Intercontinental Exchange CEO Jeffrey Sprecher, and President of NYSE Group Lynn Martin were present at the ringing of the bell.
COST OF LIVING AN ELECTION ISSUE
The rising cost of living has become a major issue for voters heading into the November midterm elections.
Supporters say the Trump Accounts, designed for U.S. citizens born between 2025 and 2028, will encourage long-term investing and financial literacy, while critics argue families with limited disposable income may be unable to make additional contributions and benefit fully from the accounts.
The program adds a new savings vehicle to other tax-efficient college savings plans and retirement accounts.
Contributions are automatically invested in a low-cost index fund designed for long-term growth. Account holders take control when they turn 18, at which point they can withdraw the funds or continue investing. Gains will be taxed upon withdrawal.
The plan provides children born without wealth with substantial financial assets, the president said, and advised against early withdrawal from the accounts in a booming market environment.
COMPANIES PLEDGE SUPPORT
Several U.S. companies have pledged support for the program, with employer matches or additional seed funding.
Participating companies include payment giant Visa, technology company Dell, and media and telecom firm Comcast. Chipmaker Micron has pledged $250 million to support Trump Accounts.
“Trump Accounts are about making every child and every American a capitalist. Every one of our kids is now going to be an owner of the biggest producers in our country,” said Republican Senator Ted Cruz of Texas, who took part in the launch.
(Reporting By Bo Erickson and Jarrett Renshaw in Washington and Pritam Biswas in Bengaluru Editing by Nick Zieminski and Howard Goller)
By David Shepardson
WASHINGTON, July 6 (Reuters) – Toyota Motor Corp said on Monday it will build a new $3.6 billion auto plant in Texas and shift some truck production to the United States from Mexico.
The Japanese automaker said the new 2.5-million-square-foot building will be located on its San Antonio manufacturing campus and will open by 2030, creating 2,000 jobs. The company said it will move production of its mid-size Tacoma pickup truck from its Baja California plant in Mexico to Texas when the factory is completed.
Toyota will continue to build Tacoma trucks at its Guanajuato plant in Mexico. Toyota already produces Tundra trucks and SUVs at its existing San Antonio assembly plant on the site where the new facility will be built and a new 500,000-square-foot rear axle plant is set to open in the autumn.
President Donald Trump has pressured automakers to move auto production to the United States and has hiked tariffs on autos, steel, aluminum and parts.
Toyota said it remains committed to its operations throughout Mexico, Canada and the United States and urged Trump to extend a North American free trade deal that automakers say is critical to integrated auto production.
In 2020, Toyota moved Tacoma production from San Antonio to the Guanajuato plant, alongside the Baja plant that had produced the truck since 2004.
Texas Governor Greg Abbott said the investment will qualify for a $20 million state grant and other incentives.
A White House spokesperson said Toyota’s investment announcement “is one of many being driven by the Trump administration’s agenda of tariffs, deregulation, and tax cuts.”
Last year, Toyota CEO Akio Toyoda wore a 2024 Trump-Vance T-shirt and a red “Make America Great Again” Trump hat, drawing praise from Trump and criticism from environmentalists.
Toyota successfully lobbied Congress and the White House to roll back California emissions rules and other EV requirements, but has also faced billions of dollars in higher costs from Trump tariffs.
(Reporting by David Shepardson; Editing by Nia Williams)
LA GUAIRA, Venezuela (AP) — When the high-rise where Noel Márquez lived with his family crashed to the ground and burst into flames in Venezuela’s twin earthquakes, Márquez, who happened to be at his girlfriend’s apartment, raced home and called out for his mother, grandparents and siblings. Only his 17-year-old brother, his legs pinned under columns that required heavy machinery to lift, responded.
Márquez and his father, who also survived, spoke through layers of concrete, hearing Leonel suffer, shout for help and inhale suffocating smoke as he waited for a crane to remove the columns crushing him. But it never came. After several hours, Leonel’s cries gave way to silence, Márquez said.
But even that, terrible as it was, was not what disturbed him the most. The worst, Márquez said, was trying to recover his families’ tangled remains with little more than his bare hands and a saw. He sliced off limbs to free the corpses of Leonel and his mother but was forced to abandon his sister, who was eight-months’ pregnant, grandmother and other relatives beneath the ruins — and with their bodies, the hope that if he couldn’t save them, he could at least give them proper burials.
“It’s unfair. It’s inhumane, everything that is happening,” 26-year-old Márquez said from the overflowing makeshift morgue at La Guaira port. “We couldn’t get my brother out because we didn’t get a response from the state … and after 11 days, we are still requesting a crane.”
Márquez is one of countless Venezuelans who, after days of torment, has been left alone to search, if not for signs of life, then for loved ones’ remains — and for some semblance of closure.
International rescue teams, quietly acknowledging the possibility that no more victims would be found alive after 12 days under the rubble, are preparing to depart. Local authorities are turning their focus to finding shelter for thousands of displaced people. But the recovery of the dead has become a pressing, and horrifying, task for Venezuelans still missing their loved ones.
“I found her hand, but her torso is crushed,” said Norely Rodríguez, trying to get her 5-year-old daughter out of the ruins in the hardest-hit state of La Guaira. “I want to see if I can get her out whole.”
Many say that just as they were left without government help to rescue survivors in the immediate aftermath of the quakes, so too are they now under-equipped to unearth their dead nearly two weeks later.
The more time passes, the more gruesome the recovery process becomes, said William Gomez, a firefighter in La Guaira. “It has been difficult because the bodies are already in an advanced state of decomposition, decomposed to such an extent that many times when we try to remove them, they fall apart.”
Authorities announced that the death toll rose on Sunday to 3,342, with another 16,740 people injured. Beyond that is an untold toll: those whose bodies have yet to be found. There are no official statistics on how many people are buried under the rubble, but more than 30,000 reports of missing people have been sent to a website set up by the Venezuelan opposition.
Over the weekend in La Guaira, no government civil defense crews or security forces could be seen helping families dig. The vast majority of those working their way through the wreckage were civilians using their bare hands or rudimentary tools like pickaxes and shovels, occasionally accompanied by firefighters and Mexican rescuers who remain in the country.
“We are the ones helping ourselves: our family. Nobody else helps us except for a few volunteers,” said Yeikhary Urbina, who found the bodies of her mother and brother on Saturday suspended under piles of concrete, seemingly locked in an embrace.
Search teams from Italy, Argentina, Spain and other countries have already returned home. The Venezuelan government has not yet called off the search for survivors. But officials have pivoted from promoting heroic rescue stories on social media to announcing reconstruction plans under a program called Venezuela Reborn.
“Venezuela is entering a process of infrastructure recovery, of housing recovery,” acting President Delcy Rodríguez told state TV on Saturday.
Families with missing loved ones face fresh horrors as they scour the rubble. Some have searched for days to find corpses of loved ones so decomposed, they cannot tell them apart.
Others have dug and dug only to find nothing at all. “She kept asking, ‘Why did God play this trick on me?’” Geraldine Perdomo said of her sister, who was feverishly clawing at the ruins of her home for anything that would confirm the death of her two daughters.
And some, like Márquez, have agonized for days to extract their loved ones’ bodies only to lose them again in the chaos of the impromptu morgue beneath grain silos at the La Guaira port, where a near-constant stream of bodies has been arriving since the June 24 quakes.
Márquez said that on Sunday, a week after delivering their corpses, he heard authorities had located his mother and grandfather. But Leonel, he said, “is still missing because of the negligence here.”
He and many other residents of the country’s public housing blocks — built years ago for low-income families by former socialist leader Hugo Chávez — say their complaints of negligence long predate this disaster. High-rise buildings housing hundreds of apartments pancaked in the earthquakes, reviving questions about substandard construction.
Alexander, a 42-year-old police officer who lived in one of the towers, was trembling with fury at the government on Sunday — for not addressing what he said were long-running resident concerns that his concrete housing complex was shoddily constructed, for not sending rescue teams in time to save his wife and three daughters, and now, for not delivering heavy machinery to help him recover their bodies.
“Not a single person from the government was here,” he said, requesting to be identified only by his first name because, as a government employee, he feared retaliation for criticizing authorities.
After 11 days of searching, he reached the last missing member of his family — his 12-year-old daughter, her corpse decomposed but intact.
“She was waiting for me to pull her out,” he said, cradling the black plastic body bag in his arms.
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DeBre reported from Buenos Aires, Argentina.
President Trump took questions from reporters during an Oval Office event launching “Trump Accounts,” where he discussed the upcoming NATO summit and his phone call with FIFA President Gianni Infantino regarding U.S. striker Folarin Balogun. CBS News’ Olivia Rinaldi has the latest, while Lukas Weese, a staff writer for The Athletic, has more on the World Cup controversy.
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