The past week has been marked by significant events in the world of politics, from the Trump administration’s support for a Biden-era project to a lawsuit over China tariffs. Here’s a recap of the major stories:
Trump Administration Backs Biden’s Legacy Project
The Trump administration has expressed support for the Lobito Corridor, a transcontinental railway project initiated by former President Joe Biden. The project aims to connect resource-rich areas of the Democratic Republic of Congo (DRC) and Zambia to Angola’s Atlantic port of Lobito, strengthening the West’s critical minerals supply chain.
Trump Faces Lawsuit Over China Tariffs
President Donald Trump is facing a lawsuit over the 20% tariffs imposed on Chinese goods. The lawsuit challenges Trump’s use of the International Emergency Economic Powers Act of 1977, arguing that Congress did not grant the President a “blank check” to write domestic policy.
Congress Members Trading Tesla Stock
Seven members of Congress have bought and sold Tesla Inc. stock since the 2024 presidential election. The rising price of Tesla stock in 2024 may have boosted the wealth of these Congress members.
Trump’s Stance on Cannabis Policy
Despite receiving praise from a pro-cannabis PAC during his campaign, President Trump seems to be in no rush to make significant changes to cannabis policy. A White House official stated that “no action is being considered at this time” regarding marijuana policy.
Trump Sets Up New Entity for CHIPS Act
Days after criticizing the CHIPS Act as a “horrible thing,” President Trump has set up a new entity within the Commerce Department to manage the CHIPS and Science Act, 2022. The United States Investment Accelerator will now oversee the CHIPS Act program.
Key Takeaways
- The Trump administration is supporting a Biden-era project to strengthen the West’s critical minerals supply chain.
- President Trump is facing a lawsuit over China tariffs, which challenges his use of the International Emergency Economic Powers Act of 1977.
- Congress members have been trading Tesla stock, potentially boosting their wealth.
- President Trump’s stance on cannabis policy remains unclear, despite receiving praise from a pro-cannabis PAC.
- A new entity has been set up to manage the CHIPS Act, which aims to promote the development of the semiconductor industry in the United States.