The Dictatorship
Stock market today: Wall Street hits records despite tariff talk

By STAN CHOE
NEW YORK (AP) — U.S. stocks rose to records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect.
The S&P 500 climbed 0.6% to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way.
Stock markets abroad mostly fell after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China once he takes office. But the movements were mostly modest. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada’s main index edged down by less than 0.1%.
Trump has often praised the use of tariffsbut investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter.
AP AUDIO: Stock market today: Wall Street hangs near its records despite tariff talk
The AP’s Seth Sutel reports Wall Street hangs near its records despite tariff talk.
The consequences otherwise for markets and the global economy could be painful.
Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics.
They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. And unlike tariffs in Trump’s first term, his latest proposal would affect products across the board.
General Motors sank 9%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.3%. The value of the Mexican peso fell 1.8% against the U.S. dollar.
Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support for the job market. While lower interest rates can boost the economy, they can also offer more fuel for inflation.
“Many” officials at the Fed’s last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon.
The talk about tariffs overshadowed another mixed set of profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates imposed by the Fed to get inflation under control.
A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected.
Kohl’s tumbled 17% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him.
Best Buy fell 4.9% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%.
Still, more stocks rose in the S&P 500 than fell. J.M. Smucker had one of the biggest gains and climbed 5.7% after topping analysts’ expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands.
Big Tech stocks also helped prop up U.S. indexes. Gains of 3.2% for Amazon and 2.2% for Microsoft were the two strongest forces lifting the S&P 500.
All told, the S&P 500 rose 34.26 points to 6,021.63. The Dow gained 123.74 to 44,860.31, and the Nasdaq composite climbed 119.46 to 19,174.30.
In the bond market, Treasury yields held relatively steady following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary.
The yield on the 10-year Treasury inched up to 4.29% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week.
In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It’s since dipped back toward $91,000, according to CoinDesk.
It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors.
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AP Business Writer Elaine Kurtenbach contributed.
The Dictatorship
NEXT: MAGA VOWS TO SILENCE FOES

WASHINGTON (AP) — President Donald Trump is escalating threats to crack down on what he describes as the “radical left” following Charlie Kirk’s assassinationstirring fears that his administration is trying to harness outrage over the killing to suppress political opposition.
Without establishing any link to last week’s shooting, the Republican president and members of his administration have discussed classifying some groups as domestic terrorists, ordering racketeering investigations and revoking tax-exempt status for progressive nonprofits. The White House pointed to Indivisible, a progressive activist network, and the Open Society Foundations, founded by George Soros, as potential subjects of scrutiny.
Although administration officials insist that their focus is preventing violence, critics see an extension of Trump’s campaign of retribution against his political enemies and an erosion of free speech rights. Any moves to weaken liberal groups could also shift the political landscape ahead of next year’s midterm elections, which will determine control of Congress and statehouses across the country.
“The radical left has done tremendous damage to the country,” Trump told reporters on Tuesday morning when leaving for a state visit to the United Kingdom. “But we’re fixing it.”
Trump has sometimes made similar threats without following through. But now there’s renewed interest fueled by anger over the killing of Kirk, a conservative activist who was a prominent supporter of Trump and friends with many of his advisers.
More than 100 nonprofit leaders, representing organizations including the Ford Foundation, the Omidyar Network and the MacArthur Foundation, released a joint letter saying “we reject attempts to exploit political violence to mischaracterize our good work or restrict our fundamental freedoms.”
“Attempts to silence speech, criminalize opposing viewpoints, and misrepresent and limit charitable giving undermine our democracy and harm all Americans,” they wrote.
White House blames ‘terrorist networks’
Authorities said they believe the suspect in Kirk’s assassination acted alone, and they charged him with murder on Tuesday.
However, administration officials have repeatedly made sweeping statements about the need for broader investigations and punishments related to Kirk’s death.
Attorney General Pam Bondi blamed “left-wing radicals” for the shooting and said “they will be held accountable.” Stephen Miller, a top policy adviser, said there was an “organized campaign that led to this assassination.”
Miller’s comments came during a conversation with Vice President JD Vance, who was guest-hosting Kirk’s talk show from his ceremonial office in the White House on Monday.
Miller said he was feeling “focused, righteous anger,” and “we are going to channel all of the anger” as they work to “uproot and dismantle these terrorist networks” by using “every resource we have.”
Vance blamed “crazies on the far left” for saying the White House would “go after constitutionally protected speech.” Instead, he said, “We’re going to go after the NGO network that foments, facilitates and engages in violence.”
Asked for examples, the White House pointed to demonstrations where police officers and federal agents have been injured, as well as the distribution of goggles and face masks during protests over immigration enforcement in Los Angeles.
There was also a report that Indivisible offered to reimburse people who gathered at Tesla dealerships to oppose Elon Musk’s leadership of the Department of Government Efficiency. Sometimes cars were later vandalized.
Indivisible’s leadership has said “political violence is a cancer on democracy” and said that their own organization has “been threatened by right-wingers all year.”
Nonprofits brace for impact
Trump’s executive actions have rattled nonprofit groups with attempts to limit their work or freeze federal funding, but more aggressive proposals to revoke tax-exempt status never materialized.
Now the mood has darkened as nonprofits recruit lawyers and bolster the security of their offices and staff.
“It’s a heightened atmosphere in the wake of political violence, and organizations who fear they might be unjustly targeted in its wake are making sure that they are ready,” said Lisa Gilbert, co-president of the government watchdog group Public Citizen.
Trump made retribution against political enemies a cornerstone of his comeback campaign, and he’s mobilized the federal government to reshape law firms, universities and other traditionally independent institutions. He also ordered an investigation into ActBluean online liberal fundraising platform.
Some nonprofits expect the administration to focus on prominent funders like Soros, a liberal billionaire who has been a conservative target for years, to send a chill through the donor community.
Trump recently said Soros should face a racketeering investigation, though he didn’t make any specific allegations. The Open Society Foundations condemned violence and Kirk’s assassination in a statement and said “it is disgraceful to use this tragedy for political ends to dangerously divide Americans and attack the First Amendment.”
Sen. Chris Murphy, a Democrat from Connecticut, wrote on social media that “the murder of Charlie Kirk could have united Americans to confront political violence” but “Trump and his anti-democratic radicals look to be readying a campaign to destroy dissent.”
White House spokeswoman Abigail Jackson said “it is disingenuous and false for Democrats to say administration actions are about political speech.” She said the goal is to “target those committing criminal acts and hold them accountable.”
Republicans back Trump’s calls for investigations
Trump’s concerns about political violence are noticeably partisan. He described people who rioted at the U.S. Capitol on Jan. 6, 2021, as “hostages” and “patriots,” and he pardoned 1,500 of them on his first day back in the Oval Office. He also mocked House Speaker Emerita Nancy Pelosi after an attack on her husband.
When Trump condemned Kirk’s killing in a video message last week, he mentioned several examples of “radical left political violence” but ignored attacks on Democrats.
Asked on Monday about the killing of Minnesota state Rep. Melissa Hortman over the summer, Trump said “I’m not familiar” with the case.
“Trump shrugs at right-wing political violence,” said Ezra Levin, the co-executive director of Indivisible, in a newsletter.
Some conservative commentators have cheered on a potential crackdown. Laura Loomer, a conspiracy theorist with a long record of bigoted comments, said “let’s shut the left down.” She also said that she wants Trump “to be the ‘dictator’ the left thinks he is.”
Katie Miller, the wife of Stephen Miller and a former administration spokeswoman, asked Bondi whether there would be “more law enforcement going after these groups” and “putting cuffs on people.”
“We will absolutely target you, go after you, if you are targeting anyone with hate speech,” Bondi said. “And that’s across the aisle.”
Her comments sparked a backlash from across the political spectrum, since even hate speech is generally considered to be protected under the First Amendment. Bondi was more circumspect on social media on Tuesday morning, saying they would focus on “hate speech that crosses the line into threats of violence.”
Trump is getting more support from Republicans in Congress. Sen. Ted Cruz of Texas and others proposed legislation that would enable the Justice Department to use racketeering laws, originally envisioned to combat organized crime, to prosecute violent protesters and the groups that support them.
Rep. Chip Roy of Texas wants the House to create a special committee to investigate the nonprofit groups, saying “we must follow the money to identify the perpetrators of the coordinated anti-American assaults being carried out against us.”
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Associated Press writer Bill Barrow in Atlanta contributed to this report.
The Dictatorship
Japan’s exports to the US continue to fall, hit by Trump’s tariffs

TOKYO (AP) — Japan’s exports to the United States plummeted 13.8% in August compared to the same month the previous year, marking the fifth straight month of declines, as auto exports were hit by President Donald Trump’s tariffs.
The Finance Ministry data released Wednesday showed the rate of the drop in exports to the U.S. compared to the previous year worsened from a 10.1% slip in July.
U.S. tariffs on Japanese automobiles and auto parts decreased from 27.5%, the amount Trump initially levied, to 15% this week, but that’s still higher than the original 2.5%.
Wednesday’s data reflect the month of August, when the tariffs were higher. Japan’s overall exports were little changed, slipping 0.1%, as exports grew to Europe and the Middle East.
The provisional data for August showed Japan’s imports from the world fell 5.2% from a year ago. Imports from China grew 2.1%, while exports to China fell 0.5%. Imports from the U.S. grew 11.6%.
Exports to the world grew in food, gaining 18%, as well as in ships, growing by nearly 25%. Imports grew in computers, adding nearly 35% on-year, while aircraft rose 21%.
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Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama
The Dictatorship
The Fed cuts interest rates by quarter-point after Trump’s pressure campaign


The Federal Reserve on Wednesday cut interest rates for the first time this yearwith policymakers opting for an expected quarter-point cut to the Fed’s benchmark rate.
The announcement comes as President Donald Trump has been pushing for rate cuts while attempting to assert more control over the historically independent central bank. He has sought to fire Biden appointee Lisa Cook from the Federal Reserve Board of Governors, a move that an appeals court temporarily blocked Monday night but could ultimately be resolved soon at the Supreme Court. The Trump administration had argued for kicking her off the board ahead of the Federal Open Market Committee’s two-day meeting that started Tuesday, at which rates and other important matters were discussed.
The Republican-led Senate just this week confirmed a new board governor appointed by Trump, Stephen Miran, who has said he would not resign from his economic adviser position in the Trump White House. Miran replaced Biden appointee Adriana Kugler, who abruptly resigned last month before her term’s expiration in January.
Another”https://www.federalreserve.gov/newsevents/pressreleases/monetary20250917a.htm” target=”_blank”>disagreed with Wednesday’s actionas he preferred a larger cut.
The New York Times previously reported that the projected quarter-point rate cut “won’t have a significant effect on consumers’ financial lives, but it may provide a tiny bit of relief for people carrying credit card debt, while savers may see slightly less generous yields.”
This is a developing story. Check back for updates.
Jordan Rubin is the Deadline: Legal Blog writer. He was a prosecutor for the New York County District Attorney’s Office in Manhattan and is the author of “Bizarro,” a book about the secret war on synthetic drugs. Before he joined BLN, he was a legal reporter for Bloomberg Law.
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