The Dictatorship
WH adviser Hassett urges ‘discipline’ for Fed economists over tariff study
WASHINGTON (AP) — President Donald Trump’s top economist on Wednesday urged that Federal Reserve economists be punished for research last week that showed American companies and consumers paying for nearly all the new tariffs imposed by the White House last year.
“The paper is an embarrassment,” Kevin Hassett, director of the White House’s National Economic Council said in an interview on CNBC. “It’s the worst paper I’ve ever seen in the history of the Federal Reserve system. The people associated with this paper should presumably be disciplined.”
Hassett’s comments represent the latest attack from the Trump administration on the Fed, which has traditionally been independent of day-to-day politics. It also suggests the White House remains sensitive to concerns about rising costs for groceries, housing, and big-ticket items such as furniture and cars, as surveys show Americans remain disgruntled about the economy.
Several other studies have reached similar conclusions as the New York Fed, including one by economists at Harvard and the University of Chicago; a separate report by the Kiel Instituta German think tank; and a report last week by the nonpartisan Congressional Budget Office.
The Federal Reserve Bank of New York’s study, published last weekfound U.S. businesses and consumers are paying nearly 90% of the tariffs that Trump has imposed. Average tariffs on imports have risen from 2.6% at the beginning of last year to 13% at the end of the year, the economists found.
Since U.S. importers pay the tariffs to the U.S. Treasury, the main way overseas companies would bear the burden of the costs — as the Trump administration has said they do — would be if they ate the cost of the tariffs by lowering the price they charged to importers.
The New York Fed research found that foreign exporters have only slightly lowered their prices, by much less than tariffs have increased, leaving U.S. importers bearing the cost of the tariffs.
This isn’t the first time the White House has attacked economists for concluding that Americans are paying the tariffs or will soon do so. Last August, the chief economist at Goldman Sachs projected that Americans would pay an increasing share of the tariffs over time. Trump responded by calling on David Solomon, the CEO of Goldman Sachs, to fire the economist.
It’s true that overall inflation hasn’t risen as much as many economists expected from the tariffs, though that is in part because Trump has delayedreduced, rolled back, or allowed exemptions to many of the duties. But the cost of many goods, including furniture, appliances, and tools has risen in the past year after the duties were imposed.
Both General Motors and Ford, for example, have said they have paid billions of dollars in tariff costs. Last fall GM said it expected to pay $3.5 billion to $4.5 billion in tariffs in 2025, while Ford said it paid $800 million in just the second quarter.
Overall, the government has received nearly $100 billion in tariff revenue since October, more than it received in all of the 2024 budget year.
The Dictatorship
President Trump spoke to Live Nation CEO before antitrust case was settled, company lawyers reveal
NEW YORK (AP) — President Donald Trump spoke personally with the chief executive of Live Nation in the weeks before the Justice Department abruptly settled its longstanding antitrust lawsuit against the entertainment giant and its Ticketmaster subsidiary, the company revealed in a court filing.
Lawyers for Live Nation told the court on Monday that Trump and the company’s CEO, Michael Rapino, spoke about the antitrust lawsuit in February, but didn’t discuss “substantive terms” of any potential settlement.
They also said that White House lawyers were involved in some of the numerous in-person meetings, videoconferences, telephone calls and written communications between the company and the Justice Department in February and March.
Just days into the March trial, the Justice Department announced a settlement that most states refused to join, saying it did not go far enough to curb the company’s dominance over concert venues and ticketing for live events though Ticketmaster.
The trial continued, and a jury concluded several weeks later that the company was a monopoly that cost concertgoers and sports fans.
The White House declined to comment on Live Nation’s disclosure, referring questions to the Justice Department, which didn’t immediately respond to messages seeking comment.
The revelation comes as the Justice Department has faced criticism that its independence has been threatened by substantial oversight or interference from the White House and the president.
The Justice Department and dozens of states originally teamed up to bring the antitrust lawsuit against Live Nation.
Among other things, the jury in New York found Ticketmaster’s anticompetitive practices led to people in 22 states paying an extra $1.72 per ticket, which the judge could order the companies to pay back.
State attorneys general who sued Live Nation said the verdict could potentially lead to lower ticket prices for music fans.
The federal government’s settlement deal included a cap on service fees at some amphitheaters, plus some new ticket-selling options for promoters and venues — potentially allowing, but not requiring, them to open doors to Ticketmaster competitors such as SeatGeek or AXS.
In April, Live Nation said in a statement that the verdict “is not the last word on this matter.”
WASHINGTON (AP) — U.S. President Donald Trump and Vice President JD Vance say their interim deal to end the war with Iran will deliver a financial windfall to American farmers.
But the Iranians deny it. And in the absence of more details, sanctions experts are flummoxed over exactly how billions of dollars’ worth of Iranian assets would make their way to the American heartland from the escrow accounts where they’ve been locked for years by U.S. sanctions.
A tentative agreement reached last week would reopen the Strait of Hormuz, through which a fifth of the world’s oil and natural gas once passed, and allow Iran to start selling its oil freely again during a 60-day period when the two countries will continue negotiating key issues. The memorandum of understanding also promised to unfreeze Iranian assets.
Trump’s deal has come under fire for failing to address the reasons the president cited for going to war with Iran on Feb. 28, including curbing Tehran’s nuclear ambitions, its missile program and its support for militant groups such as Hezbollah in Lebanon and Hamas in Gaza.
Lashing back at critics Tuesday on his Truth Social media platform, Trump said U.S. farmers would get a payday: The U.S. Treasury Department, he wrote, would release the Iranian assets “into escrow, controlled by the U.S.A., and will be used for the purchase of food and medical supplies, exclusively from the United States, including Corn, Wheat, and Soybeans from our great American farmers. These are things that are desperately needed by Iran.’’
Vance, who spoke about the proposal after high-level talks in Switzerland, and Trump say that any frozen funds and assets held outside of Iran will be used to buy U.S. crops.
But the Iranians deny that’s part of the deal. A spokesperson for the Iranian Foreign Ministry, Esmail Baghaei, said any agricultural purchases would be based on “prices and quality,’’ not terms dictated by Washington.
“It is interesting that the philosophy and goal of the war, which was the destruction of the Iranian civilization and the collapse of Iran, has become enriching American farmers,” Baghaei said.
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Iran’s ambassador in Geneva, Ali Bahreini, rejected Vance’s contention that the U.S. and Qatar would dictate how Iran uses unfrozen funds. “Iran is the only country who decides what to do with those assets,” he told reporters.
A U.S. official dismissed the contradiction, asserting that Iranian leaders were speaking to their domestic audience. The official spoke on condition of anonymity because they were not authorized to speak on the record.
Joseph Glauber, a research fellow emeritus at the International Food Policy Research Institute, said Iran was unlikely to abandon its other trade partners on food.
Iran’s major suppliers include Brazil, India, Turkey, the European Union, Canada, Australia and Argentina, he said. Trump’s demand to buy from the U.S. would “create some hard feelings with some of our competitors.”
Under previous sanctions, the U.S. has required that money foreign countries spend on imports from Iran — such as South Korean purchases of oil and Iraqi purchases of Iranian electricity — be locked in escrow accounts and typically released only if the Treasury approves and if the proceeds go toward “non-sanctionable’’ items such as food and medicine.
On Monday, the U.S. Treasury approved the sale of Iranian oil, petrochemicals and petroleum products through Aug. 21. It did not mention any escrow accounts.
Richard Goldberg of the Foundation for Defense of Democracies, who coordinated efforts to put diplomatic pressure on Iran in the first Trump administration, said in a post on X that he would welcome “a clarification that Iran is actually restricted to only buying U.S. agricultural products.”
Richard Nephew, senior research scholar at Columbia University’s Center on Global Energy Policy, said it’s unclear what the new U.S.-Iran agreement actually means for releasing restricted Iranian assets.
Could the U.S. require that the assets be used to buy American farm products?
“Well, we can try!’’ Nephew, who helped design Iran sanctions in the Obama and Biden administrations, said by email. “All you really need to do is to tell a foreign bank that they can move the money but only to a U.S. bank to buy soybeans or whatever.”
Banks do not have to comply, he said. If they refuse, the U.S. could sanction them as well.
But it’s rare for the U.S. to conduct itself that way, he added, “in part because we don’t usually like to give the impression that we treat national security issues as a cash grab.”
___
Associated Press writers Josh Boak and Michelle L. Price in Washington contributed to this report.
Wednesday marks four years since the Supreme Court issued its landmark Dobbs decisionwhich effectively overturned Roe v. Wade and repealed the constitutional right to an abortion. On “Morning Joe,” co-host Mika Brzezinski explained how the ruling set off a domino effect across the United States, affecting not just abortion-related care, but also altering “the state of women’s healthcare as a whole.”
As Brzezinski noted, states across the country have enacted harsher abortion restrictions since the 2022 ruling, with 13 outright banning the procedure with very limited exceptions. This has created a climate of fear among those who treat pregnant patients, with many healthcare providers worrying that any care involving an abortion could violate the law, even when the mother’s health is at risk.
“We are talking about people dying when they’re miscarrying because doctors are too afraid to intervene and save their lives,” Amy Littlefield, abortion access correspondent for The Nation, told MS NOW.
Brzezinski said the laws have effectively limited women’s “access to lifesaving healthcare.”
The MS NOW host reflected on some high-profile stories of pregnant women who faced delayed care in states with near-total abortion bans, noting “the numbers of cases that we’ve covered here on the show of women who have had their lives threatened, have been forced to give birth to dying or dead babies, and then, by the way, denied the access to ever create life again, because they became sterilized in the process.”
“There’s an image I can’t get out of my head,” Brzezinski added, before sharing reporting from ProPublica about Porsha Ngumezi, a 35-year-old mother who died in Texas in 2023 after not receiving timely care for a miscarriage.
“For months afterward, Porsha’s 3-year-old son would chase after women who looked like her on the street, shouting, ‘That’s Mommy!’” Brzezinski said. “That’s the detail I can’t forget. I can’t stop imagining that little boy chasing after strangers on the street. And that story repeats itself.”
You can watch Brzezinski’s full comments in the clip at the top of the page.
Allison Detzel is an editor/producer for MS NOW. She was previously a segment producer for “AYMAN” and “The Mehdi Hasan Show.”
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