A divided Supreme Court on Monday allowed the White House to continue construction on a $400 million ballroom project as lawsuits play out.
The decision replaces a temporary order from Chief Justice John Roberts previously issued hours before a lower-court decision halting the work would have gone into effect. The lawsuit will return to lower courts, but documents say that key portions of the project could be complete within months — a quick timeline compared with a typical legal case.
See a recap.
Vance calls El-Sayed ‘evil’ in no-holds-barred Michigan speech — 9:32 p.m.
by the New York Times
Vice President JD Vance called Abdul El-Sayed, Michigan’s Democratic Senate nominee and an outspoken critic of Israel, “very, very evil” at a campaign rally near Detroit on Monday and accused him of heightening racial and religious divisions.
“I realize that there’s something about Abdul El-Sayed that is very, very evil and on the rise in the United States of America today,” Vance said at the event at a warehouse in Sterling Heights hosted by MAGA Inc., President Donald Trump’s super politcial action committee.
Vance was in Michigan campaigning for former Rep. Mike Rogers, El-Sayed’s Republican opponent in one of the nation’s most hotly contested Senate races this fall. The vice president’s remarks appeared aimed at stoking tensions between El-Sayed and Michigan’s Jewish community, which the Democrat has been attempting to allay since winning his party’s bitter primary against a pro-Israel opponent in early August.
Trump wants bipartisan push to incentivize TV, movie industry — 8:05 p.m.
By the Associated Press
Trump says he wants Congress to create federal tax incentives to promote making television and movies in the United States.
Trump in a social media post said that the idea of a tax incentive has been urged by actor Jon Voight and others in the industry. The president says that too much of the industry’s work has shifted to Canada and elsewhere.
Trump made the case for tax incentives without offering details on how it would work, but argued that the “amount of money spent on Tax Incentives will be made up tenfold by the money pouring into the Treasury’s coffers.”
“Meetings are being set up with the Leaders of both Parties in order to get this done,” Trump added. “It should be Bipartisan, especially since so much money is being lost in California, and other largely Blue States.”
Army Secretary Dan Driscoll is stepping down after 18 months on the job, White House says — 6:28 p.m.
By the Associated Press
Army Secretary Dan Driscoll is stepping down after 18 months on the job, the White House said Monday, in the latest departure of a top military leader during the Trump administration.
No reason was given for the departure of Driscoll, who is a friend of Vice President JD Vance, but tensions with Defense Secretary Pete Hegseth have been widely reported. It marks the latest in a series of shakeups of top military leadership, with the Army especially seeing major upheaval.
“Secretary Driscoll has been highly effective in advancing President Trump’s agenda to Make America Strong Again at the Department of the Army by providing outstanding leadership during historic military operations, restoring an emphasis on readiness and lethality, assisting with negotiations between Russia and Ukraine, and more,” White House spokeswoman Anna Kelly said in a statement.
SCOTUS appeal filed in Michigan ballot dispute — 6:16 p.m.
By the Associated Press
The Supreme Court is being asked to intervene in a dispute over whether a proof-of-citizenship voting measure can appear on the ballot in Michigan.
Supporters filed an emergency appeal Monday after state officials declined to certify the proposal for the ballot following a contentious signature validation process.
Backers turned in more than 700,000 signatures in March.
If passed, the initiative would require the secretary of state to review driver’s license records and other data to determine if registered voters are citizens.Voters who are flagged would be removed from the voter rolls if they cannot provide proof of citizenship.
The Michigan initiative comes as Republicans in several states move forward with similar measures even as the U.S. Senate remains deadlocked over Trump’s call for strict citizenship voting requirements.
Brazil says negotiations have restarted on US imposed tariffs — 5:51 p.m.
By the Associated Press
Brazilian and American officials restarted talks on Monday over U.S. tariffs of up to 37.5% on Brazilian exports. The meeting between Brazilian ministers and U.S. Trade Representative Jamieson Greer followed discussions between Trump and Brazil President Luiz Inácio Lula da Silv.
Brazil’s government said in a statement it is open to dialogue, though it considers the U.S. imposed tariffs incompatible with trade rules, highlighting a $424 billion U.S. trade surplus with Brazil over 15 years.
Lula’s administration views the sanctions as political backing for rival Sen. Flávio Bolsonaro ahead of October’s elections. The statement did not clarify whether Brazil will invoke its retribution law.
Trump has asked Apple to change Lake Ontario name to ‘Lake America’ on its maps, Interior chief says — 5:18 p.m.
By the Associated Press
Trump has asked Apple to change the name of Lake Ontario to “Lake America” on its maps app, his administration’s Interior chief said Monday, days after signing an executive order over the body of water now in the spotlight amid his escalating trade war with Canada.
Interior Secretary Doug Burgum told Fox’s “Mornings with Maria” program that Trump “reached out to Apple directly.” He said he was confident the “Lake America” name could be seen on its platform soon.
Apple did not immediately comment. Only the Lake Ontario name appeared on its platform as of Monday afternoon, although the label notably hovered above Canada’s water border.
House Democratic leader has ‘serious concerns’ over Graham sanctions bill — 4:48 p.m.
By the Associated Press
Jeffries said Democrats will discuss the Russia sanctions package at their weekly caucus meeting.
As Democrats, “We stand firmly and strongly behind Ukraine, the Ukrainian people,” he said, as the country fights Russia’s invasion.
But Jeffries noted that top Democratic lawmakers have warned the legislation as passed by the Senate gives Trump too much authority.
The bill would impose steep sanctions on Russian entities and slap tariffs goods imported to the U.S. from countries that purchase Russian oil and gas exports that provides revenue for the war against Ukraine.
Trump Republicans ‘divorced from reality’ on inflation, data centers, Democratic leader says — 4:46 p.m.
By the Associated Press
Rep. Hakeem Jeffries said Republicans had backed data centers in the GOP’s big tax breaks bill — though the provision was eventually stripped out by the Senate before Trump signed the legislation into law last year.
“The Republicans, it should come as no surprise, are pro-data center,” Jeffries said.
Trump earlier Monday said on social media that U.S. communities that don’t have data centers will “end up being backwards and poor.”
Jeffries lumped it with other Trump’s comments, including when the president suggested the affordability crisis was a hoax.
Energy Secretary Chris Wright set for second visit to Venezuela — 4:36 p.m.
By the Associated Press
Wright went to Caracas in February, a month after the U.S. military seized then-President Nicolás Maduro in a brazen attack.
Few details were released about Wright’s latest trip, which is expected later this week and comes after Trump’s announcement Friday that Venezuela’s acting president has agreed to give the U.S. a stake in Venezuela’s oil reserves.
Wright met Venezuela’s acting President Delcy Rodríguez at the Miraflores presidential palace in Caracas on his earlier visit.
The new trip is intended to show U.S. confidence in investment in Venezuela. The oil industry has been reluctant to invest there. Chevron is the only U.S. oil company actively producing in Venezuela.
Supreme Court lets White House continue construction on Trump’s $400 million ballroom — 4:20 p.m.
By the Associated Press
A divided Supreme Court on Monday allowed the White House to continue construction on a $400 million ballroom project as lawsuits play out.
The decision replaces a temporary order from Chief Justice John Roberts previously issued hours before a lower-court decision halting the work would have gone into effect.
The lawsuit will return to lower courts, but documents say that key portions of the project could be complete within months — a quick timeline compared with a typical legal case.
The Trump administration asked the justices to intervene after federal courts found the project must halt because it didn’t have congressional approval.
The lawsuit from the National Trust for Historic Preservation argued that President Trump has no unilateral authority to undertake the work, which has included demolishing the East Wing. The group’s lawyers accused the White House of trying to “outrun the courts” by accelerating construction.
Trump suggests Hegseth is ‘talking about’ possible 2028 presidential run — 4:17 p.m.
By the Associated Press
Asked about reports Defense Secretary Pete Hegseth may be mulling a 2028 presidential run, Trump responded that Hegseth was “talking about it, and I think he’s a very good guy.”
“But I’ll bet there’s a lot of people considering it that you don’t know,” Trump told reporters.
He added of Hegseth, “He’s done a great job. And right now, all he loves is — and all he cares about is — the military, and taking care of the military.”
Hegseth responded to suggestions that he was mulling a run for the White House by posting on X, “100% false.”
Trump doesn’t rule out further strikes on Iran — 4:06 p.m.
By the Associated Press
The president during his exchange with reporters sidestepped whether a U.S. strike on Iran’s Larak Island on Sunday was a limited military action or could be a prelude to return to open conflict with Tehran.
Trump again asserted that the U.S. and Israeli bombardment has left Iran a “a failed nation.” He said much of it’s political leadership has been killed, Iran’s economy is staggered by surging inflation, and it’s military devastated.
Still, Trump said more strikes might be necessary.
“That doesn’t mean we won’t smack them,” Trump told reporters. “We’ll see what happens.”
Trump says new Fed chair should ‘do what he has to do’ on possible rate hikes — 4:03 p.m.
By the Associated Press
Trump suggested he’s not necessarily opposed to Federal Reserve Chair Kevin Warsh raising interest rates because of inflationary pressures, but he said that he thinks interest rates are “too high.”
The president picked Warsh to lead the Fed after blasting his predecessor as chair, Jerome Powell, for not aggressively slashing its benchmark rates.
Powell held off on large rate cuts due to the inflationary pressures created by Trump’s tariffs — and those pressures have continued as the Iran war has increased energy prices.
But, for the moment, Warsh appears to have a pass from Trump.
“I have a lot of respect for him and he’ll do what he has to do,” Trump said. “I think our interest rates are too high.”
Trump says Medicare for all doesn’t work — 3:51 p.m.
By the Associated Press
The president was asked about Democratic candidates who want to use Medicare to provide universal access to health care — and he said his approach to have confidential drug pricing deals was superior.
“Well, this is much bigger, much better, much less expensive,” Trump said in response to the reporter’s question. “And it’s something that works. The other doesn’t work.”
Trump said providing universal health insurance through the government would cost too much money and lead to higher taxes.
But Trump’s own policies, including the expiration of subsidies for insurance through the Affordable Care Act, could lead to fewer people having insurance and facing higher costs.
Massive changes to Medicaid, the government’s safety-net health program for low-income Americans, passed into law last year could result in 10 million more uninsured individuals over a decade, according to Congressional Budget Office estimates.
Here’s the private sector partner in Trump’s Venezuela project — 3:39 p.m.
By the Associated Press
The White House has been mum on a lot of the details of an agreement that would give the U.S. a stake in Venezuela’s oil reserves, including the name of the private operator in the project.
That operator is North America Blue Energy Partners (NABEP), owned by Alejandro Betancourt, a source familiar with the deal confirmed. The person spoke on condition of anonymity because they were not authorized to release the information.
The company currently produces about 200,000 barrels a day, which makes it the second-largest private operator in Venezuela behind Chevron.
The new venture will have the rights to 17 fields, some of which once had been jointly run by Venezuela’s state-owned oil company PDVSA and Chinese or Russian operators, the source said. NABEP already operates fields in the area and has infrastructure there, including pipelines and rigs.
The White House did not immediately respond to a request for comment.
Trump says more pharma companies will lower health care costs for Medicaid and consumers — 3:36 p.m.
By the Associated Press
The president said nine more pharmaceutical companies would sell their drugs to state Medicaid programs at discounts under his so-called “most favored nation” pricing system.
Trump spoke while seated in the Oval Office, flanked by aides and business executives to highlight his program to have the stick prices for prescription drugs match or be lower than what is charged overseas.
The nine companies are Alcon, Astellas Pharma, BeOne Medicines, BridgeBio, CSL, Kyowa Kirin, Sun Pharma, Teva Pharmaceuticals, and UCB.
Trump has tried to use his efforts to have initial prices for prescription drugs before insurance-related discounts to tell voters worried about inflation that he is tackling affordability issues.
It’s unclear how much in savings will actually materialize for consumers as insurance already pays at a discount, although the administration has claimed more than $500 billion in savings over a decade.
Vance snaps back at El-Sayed for comments about his wife — 3:35 p.m.
By the Associated Press
El-Sayed recently responded to comments Vance made where he said he’s like to travel back in time and tell his Democratic voting grandfather about the Michigan Senate nominee because he wouldn’t believe the kinds of comments he makes.
El-Sayed responded by referring to Vance’s wife, Usha Vance, the daughter of Indian immigrants, saying, “So do we think JD is taking Usha with him back in time to meet Papaw, or no ...”
“Whatever you want to talk about, Abdul, keep my wife’s name the hell out of your mouth because she’s way out of your league,” Vance said on stage to cheers from the crowd.
Graham’s Russian sanctions package teeters in US House — 3:32 p.m.
By the Associated Press
Speaker Mike Johnson is in no rush to push forward the sanctions package that’s designed to help Ukraine and won overwhelming Senate approval earlier this month after being negotiated by the late Sen. Lindsey Graham.
Leading Democrats are worried the package gives Trump too much authority to impose tariffs that could be harmful to Americans.
“Congress does not need to greenlight new tariff authority for the President to impose those sanctions on Russia today,” wrote Rep. Gregory Meeks, the ranking Democrat on the House Foreign Affairs Committee, Rep. Richard Neal, the top Democrat on the Ways and Means Committee, and Rep. Don Beyer, the senior House Democrat on the Joint Economic Committee, joined by Senate Democrats, Sen. Elizabeth Warren and Sen. Ron Wyden.
Daniel Balson, of the advocacy group Razom for Ukraine, urged the House to act, saying the bill is backed by the president and is main bill “that has a chance of becoming law.”
Vance calls Abdul El-Sayed ‘evil’ — 3:30 p.m.
By the Associated Press
The vice president spent much of his speech in Michigan lambasting the Michigan Democratic Senate candidate and trying to make the case that El-Sayed is a dangerous alternative to Republican Mike Rogers.
He criticized El-Sayed for his association with controversial streamer Hasan Piker and portrayed him as darkly divisive, saying that, “There’s something about Abdul El-Sayed that is very, very evil and on the rise in the United States of America today.”
Democrats introduce bill to reverse Trump renaming Lake Ontario — 3:12 p.m.
By the Associated Press
The longshot legislation would also block the president or other federal officials from renaming Lake Superior, Lake Michigan, Lake Huron or Lake Erie and prohibit any federal funds from being used for any name changes.
“Americans are struggling to afford groceries, housing, and everyday essentials, and yet this President chooses to pick petty fights with our closest ally,” said Rep. Tim Kennedy, D-New York.
“Canada is not our enemy. It is our neighbor, our ally, and one of Michigan’s most important economic partners,” said Michigan Democratic Rep. Debbie Dingell.
The legislation comes after Trump’s executive order renaming the body of water amid his trade dispute with Canada.
GOP gubernatorial candidate hammers affordability ahead of Vance appearance — 2:39 p.m.
By the Associated Press
John James, the Trump-backed Republican candidate for Michigan governor, talked about kitchen table topics, including schools, healthcare and the price of gas, in front of hundreds at an industrial warehouse in a northern suburb of Detroit.
“When the vice president of the United States comes to Michigan, it sends a message,” James said. “It sends a clear message that Michigan matters.”
In the run-up to midterms, Vance, also has spent time acknowledging voters’ concerns about the cost of living. But Trump has often dismissed affordability as a Democratic political talking point.
Alito discloses book advance — 1:57 p.m.
By the Associated Press
Justice Samuel Alito reported being paid a book advance of just over $33,000 last year, according to an annual financial disclosure report that also disclosed two paid European trips for conferences.
His first book is titled “So Ordered: An Originalist’s View of the Constitution, the Court, and Our Country.” It is expected to be released Oct. 6 and focus on his judicial philosophy.
Most justices have now written books. Some have reported advances worth millions, often for personal memoirs. Other payments have been reported across multiple annual disclosure reports.
Alito also reported paid travel to Italy, the United Kingdom and Arizona for participation in conferences and events.
Required financial disclosure reports for the other justices were released in June, but Alito routinely requests extensions. He did not report any gifts.
Trump to meet with oil refiners about how to lower gasoline prices — 1:21 p.m.
By the Associated Press
The White House said that Trump on Tuesday will meet with a mix of large and small refinery companies to discuss ways to increase America’s capacity to refine oil into gasoline.
The meeting occurs as the Iran war has driven prices at the pump to a national average of $4.08, a 28% increase over the past year, according to AAA.
The White House has said that increasing the number of refineries and expanding the capacity at existing facilities would eventually reduce prices for consumers. The administration also sees the need for more refineries to process oil from Venezuela.
Also attending the meeting will be Interior Secretary Doug Burgum, Energy Secretary Chris Wright and Jarrod Agen, the director of the White House National Energy Dominance Council.
US military has no plans to send troops to the polls in November, top general says — 1:15 p.m.
By the Associated Press
The highest-ranking officer in the U.S. military says there are no plans to send troops to polling places during November’s midterm congressional elections, addressing concerns among Democrats that the Trump administration could use the military to interfere with the vote.
Gen. Dan Caine, chairman of the Joint Chiefs of Staff, made the statement in a letter to Michigan Democratic Sen. Elissa Slotkin, who recently asked Caine and Defense Secretary Pete Hegseth to confirm they won’t send troops to the polls.
“The Joint Force has no plans to send Federal military personnel or Federalized members of the National Guard to polling places during the 2026 elections,” Caine wrote. “Likewise, the Joint Force has no plans to use such personnel to seize ballots, voting machines, or other election-related material.”
Vance is heading to a rally in Michigan — 12:33 p.m.
By the Associated Press
Brian and Linda Brennan were waiting to see the vice president in the suburban Detroit suburb of Sterling Heights.
Brian Brennan, 77, said he doesn’t know if he’s optimistic about Republicans’ chances in the midterms because of the Iran war and concerns about the economy, but said he hopes conservative voters will turn out. He views issues with affordability as short-term pain for long-term gain.
“You’ve got to suffer a little bit for the end result,” Linda Brennan, 76, said.
She noted gas was up to $5 a gallon in 2022 during former President Joe Biden’s time in office.
The couple said they expect Vance and Secretary of State Marco Rubio to fight for the Republican nomination for president in 2028 and would be happy with either.
“We’re Catholics. We’re conservatives,” Linda Brennan said. “We’re just for faith and family. Not real complicated.”
Vance says of Trump’s AI post threatening Iran: ‘The president likes to switch it up on social media a little bit’ — 12:10 p.m.
By the Associated Press
The vice president spoke to reporters before he flew to Michigan on Monday about the AI video that Trump posted on social media over the weekend that featured a stylized imaginary attack on Iran’s Kharg Island, which is key to its oil exports and Trump has repeatedly threatened.
Vance then said the president “would be the first to say he doesn’t make announcements about military actions on social media, but I think that he’s sending a message to the Iranians.”
Despite the vice president’s puzzling comment, Trump makes virtually all of his announcements on military action and most other matters on his social media account.
After Trump attacks data center critics, Vance says the opposition is about utility prices — 11:55 a.m.
By the Associated Press
Vice President JD Vance tried to clarify Trump’s critique on social media that data center opponents would leave their communities “backwards and poor.”
The vice president told reporters that Trump was stressing the importance of data centers for artificial intelligence and that “ 99% of the backlash to data centers has come in areas where building a data center means higher utility and higher electricity (prices) for the people on the ground.”
Vance said companies building data centers should build power plants to generate their own electricity in accordance with the administration’s policies.
“If you build a data center, you should be putting power back into the grid, not taking it out, and if that is happening, I don’t think the data centers are that controversial,” Vance said.
JD Vance to privately address Republican Jewish Coalition during tension over Israel and antisemitism — 11:46 a.m.
By the Associated Press
The vice president’s speech Monday is an opportunity for him to assuage concerns among conservative Jewish activists about his views toward Israel and his association with controversial figures like Tucker Carlson. It’s closed to the news media and comes at an extraordinarily sensitive time for Jewish Americans and the U.S. relationship with Israel.
Concerns about antisemitism have surged across the political spectrum ahead of the midterm elections. Republicans are eager to portray Democrats as hostile toward Jews and Israel, but they’re also dealing with their own internal schisms, with younger Republicans more likely to say the U.S. is too supportive of Israel.
Vance suggested last month that some Israeli officials have sought to manipulate U.S. public opinion in order to prolong the war with Iran. “If I was in the cabinet of the Israeli government, I might not be attacking the only powerful ally that I have anywhere left in the entire world,” Vance said in June.
George Santos banned by Kalshi for insider trading on prediction platform — 11:32 a.m.
By the Associated Press
The online prediction market platform Kalshi said Monday that it has permanently banned former U.S. Rep. George Santos after concluding the former Republican congressman likely engaged in insider trading when he bet against his attendance at the State of the Union address.
The convicted ex-congressman had repeatedly discussed his intention to attend the State of the Union, which came just four months after he was granted clemency by President Donald Trump in a fraud case that led to his expulsion from the U.S. House. On the eve of Trump’s speech, Kalshi put the odds of Santos attending at close to 75%.
Then, minutes into the speech, Santos posted on X that he had been waylaid at the airport. Immediately, several social media users accused him of running another scheme.
US Treasury blocks certain journalists from G20 meeting — 11:18 a.m.
By the Associated Press
Individual reporters from The New York Times, The Wall Street Journal and Bloomberg News were not granted credentials to the Group of 20 meeting, for reasons the Treasury has not explained. Bessent told the AP in an interview Sunday that “it has nothing to do with point of view.”
The Times said denying American journalists access to an event in the U.S. is “a blatant attempt to evade public scrutiny.”
“With the war in Iran, sanctions, the bond markets, and inflation on the agenda for the G20 finance ministers, the stakes of this gathering are significant for the global economy and the American people,” the Times’ statement said. “Excluding specific reporters and entire news organizations is a disservice to the public and an assault on press freedoms that we strongly condemn.”
Bloomberg News reported Sunday evening that “denying the agency access to the meeting “undermines media freedom and public accountability.”
China, Russia, and India meet to counter US influence — 11:10 a.m.
By the Associated Press
The leaders of China, Russia and India gathered with other heads of state in Kyrgyzstan on Monday for the summit of the Shanghai Cooperation Organization, a group billed as a counterweight to U.S. global influence.
Russian President Vladimir Putin met separately with Chinese President Xi Jinping and Indian Prime Minister Narendra Modi on the sidelines of the summit, Russian state media reported. Talks between Putin and Iranian President Masoud Pezeshkian are expected Tuesday, when the official SCO sessions begin.
Russia, now 4½ years into its full-scale invasion of Ukraine, and Iran, six months into a war with the United States and Israel, see the summit as an important platform to strengthen their relations with non-Western partners.
Trump pushes back against opposition to data centers — 10:35 a.m.
By the Associated Press
The president posted on social media that U.S. communities that don’t have data centers will “end up being backwards and poor.”
“If we kill the Golden Goose, you will only have yourselves to blame,” Trump told the public. “China could not be happier with this anti Data Center movement.”
There has been a backlash across the country to the construction of data centers needed to further develop artificial intelligence. The public has expressed concerns about their use of electricity and water, and their secretive development by tech companies. Many Americans are also worried that AI could increase economic disparities and cause widespread job losses.
Data center advocates stress that the local taxes these facilities pay can help fund public schools, reducing the financial burden on homeowners.
US treasury secretary tries to rally global finance ministers to back Trump’s economic squeeze on Iran — 10:15 a.m.
By the Associated Press
As Scott Bessent hosts meetings of the Group of 20 finance ministers in Asheville, North Carolina, on Monday and Tuesday, he aims to focus on relatively uncontroversial issues, from economic growth to addressing mounting debt, along with pressuring allies to join in “economic D-Day” sanctions on Iran.
Bessent told The Associated Press on Sunday that the Trump administration is prepared to exact “financial violence if we have to.”
The U.S. has disrupted the international order by imposing aggressive tariffs on Canada and other major allies and launching a costly, unpopular war. Now hostilities between the U.S. and Iran have renewed, dampening hopes for a resolution.
Daniel Fried, a former assistant secretary of state for European affairs in the George W. Bush administration, said the U.S. may “find it difficult to rally its usual friends and allies” under the circumstances.
Republicans and Democrats react to the Venezuela deal — 9:54 a.m.
By the Associated Press
Trump allies called it a win. Sen. Bernie Moreno, R-Ohio, said it was a historic deal that helps both countries.
“If it were up to DC Democrats, Maduro would still be in power, Venezuelan oil would be going to China at half price, and the people of Venezuela would be getting robbed by a corrupt regime,” Moreno wrote on social media.
Democrats condemned it, saying Maduro’s capture was always about Trump getting Venezuela’s oil. Sen. Tim Kaine, D-Va., branded it “corruption at epic scale.”
“Will prices come down for Americans? Who knows but likely not as much as Trump has forced them up thru his idiotic Iran War,” Kaine said on social media.
Sen. Chris Van Hollen, D-Md., said Trump “put our service members at risk to get Venezuelan oil for his billionaire buddies.”
Former Biden official warns that Democrats could challenge the deal once back in power — 9:49 a.m.
By the Associated Press
Amos Hochstein, who was a senior energy adviser under President Joe Biden, said the deal is uncharted legal and diplomatic territory that carries tremendous risk for any companies thinking about getting involved. Democrats challenge the deal if they regain power in Washington, as could future administrations in Venezuela.
“There will be a lot of challenges to what was just announced,” Hochstein said. “I can only say, if it were me, I’d be nervous. And if I’m back in my old job in the next administration, then they should be nervous.”
Delcy Rodriguez pushed back on early criticism of the oil deal — 9:37 a.m.
By the Associated Press
“One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources,” Rodríguez said in her national address. She said the goal is to reach other agreements with transnational private companies such as Chevron, Repsol and Shell.
She added: “We want to be an energy powerhouse, a major oil producer, a significant gas exporter, and a major national petrochemical developer.”
Former Venezuelan planning minister calls it a ‘shameful deal’ — 9:33 a.m.
By the Associated Press
“Venezuelans will not respect this illegitimate deal and no major US oil company will take it seriously because they know it will not last,” Ricardo Hausmann, now a Harvard University professor, said on social media. He said Delcy Rodríguez, the acting president, “has no legitimacy or constitutional power to commit Venezuela to any such deal.”
In her national address, Rodríguez pushed back on some of the early criticism.
“One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources,” Rodríguez said. She said the goal is to reach other agreements with transnational private companies such as Chevron, Repsol and Shell.
She added: “We want to be an energy powerhouse, a major oil producer, a significant gas exporter, and a major national petrochemical developer.”
Some Venezuelans consider Trump oil deal a betrayal — 9:23 a.m.
By the Associated Press
It goes against what they’ve been told for decades: Venezuelan resources are for Venezuela, and no leader would cede control of those resources to the U.S. government.
At a market in eastern Caracas, Douglas Borjas said he’s upset that Venezuelan leader Delcy Rodriguez apparently agreed to 55% U.S. control of oil fields that could produce 65 billion barrels.
“I think they’re doing it to cling to power,” Borjas said. “The Venezuelan people deserve better. Venezuela has resources that can be exploited, but for the benefit of the people, not for the benefit of the corrupt elite.”
Monday’s jump in bond yields could impact consumers — 9:18 a.m.
By the Associated Press
The bond market is one of the few forces in the world strong enough to get politicians to snap to attention. It also helps dictate how much ordinary people have to pay on their mortgages and car loans, as well as how much they earn from their savings accounts and 401(k) plans.
Rising bond yields raise the specter of higher borrowing costs putting the brakes on consumer spending, the lifeblood of the economy, and raise concerns that investors might sour on financing vast government borrowing.
Wall Street is bracing for a potential rate hike — 9:08 a.m
By the Associated Press
Traders are reacting to the speech Friday by Federal Reserve Chairman Kevin Warsh about lowering inflation despite possible short-term pain for the economy.
In the bond market, the yield on the two-year Treasury, which closely tracks expectations about Fed moves, jumped to 4.35% from 4.22% just before Warsh’s speech at an economic symposium. That sets up a potential clash with U.S. President Donald Trump, who has consistently lobbied for lower rates.
More for each barrel, record prices at the pumps — 9:01 a.m.
By the Associated Press
Brent crude, the international standard, jumped 3.4% to $91.10 per barrel on Monday. U.S. benchmark crude oil was trading 3.6% higher at $86.40 per barrel.
That has created its own form of economic pressures globally, including in the U.S.
The national average for gasoline in August has been above $4 per gallon every day in August for the first time ever, according to the AAA. It has been the most expensive August at the pump on record, outpacing even the enormous supply chain crunch during the COVID-19 pandemic in August 2022.
Violence flaring in the Strait of Hormuz is sending markets down, oil up — 8:53 a.m.
By the Associated Press
U.S. markets are sliding after American forces struck Iranian rocket launchers in the Strait of Hormuz, the first military action in a month.
The futures for the S&P 500 and the Dow Jones Industrial Average both declined 0.2% on Monday. Nasdaq futures slipped 0.1%.
Meanwhile oil prices surged more than 3% after the U.S. strike on Sunday broke a lull in fighting in a war that has lasted more than six months. The Trump administration has announced new economic campaign against Iran, but there is a significant risk of escalation in fighting.
“The Middle East had finally gone quiet enough for oil traders to start sanding some of the war premium out of crude,” wrote Stephen Innes of SPI Asset Management. “Then Sunday arrived, with a reminder that quiet in the Strait of Hormuz is not the same as peace.”
Trump still teases a third presidential run, but he’s talking more and more about life after 2028 — 7:11 a.m.
By the Associated Press
Trump has frequently suggested he wants to seek a third term, posting about mounting another campaign, donning 2028 caps and discussing ways to make it happen — even as he’s acknowledged the Constitution prohibits it.
But lately, Trump has begun showing signs that even he doesn’t really believe another run will happen.
During recent speeches, the Republican president has begun describing life after the White House when his term ends in January 2029, predicting he’ll be at home and agonizing as his successor claims credit for his accomplishments.
“Your next president is going to say, ‘What a great job I did,’” Trump told an event on Long Island, New York, this month. “He’ll be sitting around, watching television. A real stiff. Unless you vote Republican, of course.”
A sitting president talking about becoming a former one is always politically fraught. But with midterm elections now just nine weeks away, Trump is approaching the point of his presidency where there will be more and more reminders that his power will soon wane.
Former White House teleprompter operator ordered to turn over profits, pay fine over insider trading — 7:10 a.m.
By the Associated Press
A former White House teleprompter operator accused of using inside knowledge to make bets on the prediction market Kalshi has been ordered to turn over more than $100,000 in profits and pay a $65,000 fine as part of a settlement with federal authorities.
The settlement with the Commodity Futures Trading Commission, announced Friday, also dealt Gabriel Perez a three-year trading ban. Perez was placed on unpaid leave from his job at the White House after reports emerged that he used his position to make bets on what President Donald Trump would say in speeches.
The White House did not immediately comment on the settlement. A White House official said in July that Perez was no longer in his position but did not say if he had been fired or resigned.
The commission found that Perez made $107,500 on prediction markets by betting on words and phrases that would appear in Trump’s speeches between December 2025 and February 2026.
Trump says US has entered deal with Venezuela to take control of 65 billion barrels of oil reserves — 7:05 a.m.
By the Associated Press
President Donald Trump said Friday that his administration has entered a sweeping agreement with Venezuela that, if realized, could give the U.S. access to vast amounts of the South American country’s untapped oil reserves, at cost.
Trump in a social media post announcing the agreement, said it was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s acting President Delcy Rodríguez.
Rodríguez’s government in a statement said the deal involves the development of 17 fields with a proven potential of 65 billion barrels. It said the agreement could draw $100 billion in investment into Venezuela’s oil industry and yield over $209 billion in taxes for Caracas.
Rodríguez in a posting on Telegram predicted the deal “will have a significant impact on our nation’s revival.”
The agreement allows for the United States to partner with an unnamed private operator in Venezuela to create a new private company to take hold of the reserves, according to a U.S. official familiar with the contours of the deal.
United Arab Emirates says it has intercepted an Iranian drone over its territorial waters — 2:50 a.m.
By the Associated Press
The United Arab Emirates’ air force intercepted an Iranian drone over its territorial waters Monday, the Defense Ministry said, an attack that comes after the U.S. and Iran exchanged fire on the weekend, the first action in a month.
In a short statement, the Defense Ministry said it “dealt with” an Iranian drone that was detected over its waters approaching from Iran.
There were no immediate claims of responsibility from Tehran nor any reports of damage.
The incident came after U.S. forces on Sunday struck Iranian rocket launchers on an Iranian island, breaking a lull in fighting in the war that has lasted more than six months.
Iran responded by launching missiles at U.S. sites in Jordan, which were intercepted.
US strikes Iranian rocket launchers on the Strait of Hormuz in first military action in weeks — 12:05 a.m.
By the Associated Press
US forces struck Iranian rocket launchers on the Strait of Hormuz in their first military action in a month on Sunday, breaking a lull in fighting during an intermittent war that has lasted more than six months. Vowing to retaliate for what it called a deadly attack, Iran later said it had launched missiles at U.S. sites in Jordan.
Forces with the Revolutionary Guard Corps were observed preparing to launch rockets with sea mines into the strait, according to Tim Hawkins, a spokesperson for the U.S. Central Command. The U.S. military last week completed clearing sea mines from the strait’s international shipping routes.
Semiofficial news outlets in Iran reported sounds of explosions near Larak island on the strait. The Guard in a statement carried by Iran’s state broadcaster noted “the martyrdom and injury of several of our fighters and compatriots.”
What we know about Trump’s deal giving US access to vast oil reserves in Venezuela — 12:00 a.m.
By the Associated Press
Besides a social media post from President Donald Trump, the White House has said little about what he is calling “THE BIGGEST OIL DEAL IN WORLD HISTORY” in Venezuela.
Trump said the agreement announced Friday night would give the United States a stake in Venezuela’s vast oil reserves, a step toward his goal of extracting energy from the country after American forces captured then-President Nicolás Maduro in a middle-of-the-night raid in January and brought him to New York to face federal drug trafficking charges.
Venezuela’s acting president, Delcy Rodríguez, described the deal as a step toward economic recovery that will modernize the country’s oil industry. In a televised address to the nation late Saturday, Rodríguez insisted Venezuela’s sovereignty is secure and said she wants the country to become a global energy powerhouse.
On Saturday, she said the oil reserves would “cease to be an inert, cold statistic and will instead become concrete solutions. Housing is one of them.”
But the answers to many questions, including how soon the reserves could be drilled and who will pay to make it happen, were not immediately clear. No text of any agreement has been released.