Tag: Trade

Renck: No Michael Malone. No MPJ. No excuses for Nuggets, Nikola Jokic to not win another title

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MPJ with a mic is OMG. Michael Malone remains an angry emoji.

And without these two, the Nuggets are no longer bitter and a whole lot better.

This is not a reset. It is a cleansing of negative vibes, paranoia and a bench that was thinner than Flat Stanley.

When last season ended, there was a feeling the Nuggets were going to run it back, throwing their arms in the air and asking coach David Adelman to sprinkle pixie dust on an aging roster increasingly defined by injuries and a lack of versatility.

Four months later, that’s all changed.

The Nuggets hired two general managers, Jon Wallace and Ben Tenzer, who made a trade that immediately restored title expectations. Those have only grown stronger with the unfortunate season-ending injury to Houston’s Fred VanVleet, the possibility of mental and physical fatigue in OKC, and the inclusion of six Nuggets on ESPN’s NBA Rank Top 100 released this week.

This is the deepest team Jokic has ever played with, and it’s the best chance he will have to win another title in Denver.

Sure, Jokic, who was No. 1 on the aforementioned list, has four more years left of his prime. But he will never have another prime opportunity like this.

He has Jonas Valanciunas, ESPN’s No. 87, as his backup. Are you kidding me? Valanciunas will deliver double-doubles. The previous backups for Jokic were lucky to deliver double-figure minutes. Jokic, yes, Jokic, will be fresh for the playoffs.

Everything has fallen into place this offseason as the Nuggets prepare to hold their media day on Monday, starting with the subtractions.

Multiple things can be true when discussing Michael Porter Jr. and Malone.

MPJ was candid, accommodating, and earned high marks for playing through three back surgeries and assorted other ailments. He won a ring, but wanted an offense to run through him. His departure has featured a series of revelations about his off-court life, former teammates and, this week, an admission that he is unsure if he wants to play beyond this year.

What does it say about the Brooklyn Nets that they are trying to tank and want the 2018 first-round pick to set the culture for their battery of younger players? Wish MPJ nothing but success, but if this deal nets another Nuggets title, Wallace and Tenzer will deserve a statue.

Malone deserved a news conference and a proper goodbye upon his firing. He also deserved blame for helping create the heavy pall that hung over the Nuggets last season because of his distrust of former GM Calvin Booth. It permeated the organization and oozed into the locker room as players tuned out an increasingly irritable Malone.

Porter and Malone are what the Nuggets needed two years ago. Cameron Johnson, ESPN’s No. 67, and Adelman are what they need now.

Johnson is not the floor spacer that MPJ was. But he is smarter and more equipped to contribute defensively. There is a selflessness about his game that has drawn comparisons to Aaron Gordon, No. 40 in the rankings. Durability is a question. Nothing else is. He is exactly the type of player Jokic makes better.

As for Adelman, the players like him — and not just because he is not Malone. Will his meritocracy and message work on the second night of a back-to-back in Dallas on Jan. 14? Not sure. But the players’ loyalty to him gives it a decent shot.

Who knew that Wallace’s return to the organization would have such an impact on Jamal Murray? With Wallace in Murray’s corner, while also challenging him, the guard has enjoyed a tremendous offseason. He is in great shape and has had a positive effect on team chemistry because of the way he has communicated and hooped with the young players.

Who knew that Tim Hardaway Jr. would sign a veteran minimum deal after starting 77 games for the Pistons last season? For all of the legitimate handwringing about bench scoring, Hardaway is one of the league’s most underrated signings. He profiles perfectly for the spot-up 3s created by passes from Jokic and Valanciunas.

And who new that Bruce Brown would want to come back? OK, we all did. Brown is not the player he was two years ago due to injuries. But he is a trusted reserve and creates a fight for Adelman’s up-for-grab minutes between Jalen Pickett, another player expected to take a big step forward, Julian Strawther and Peyton Watson.

It is impossible to look at the Nuggets and not think of a championship.

There is no guarantee that Denver will beat the Thunder or solve the Timberwolves. But they match up as well against the champs as anyone, and the shiny offensive options give them different ways to counter Minnesota.

No one in the East is beating them — or anyone else who advances out of the West.

If the Nuggets had kept the band together, Jokic would have given them a puncher’s chance. But last season, one in which he averaged a triple-double, showed he needed help. The Nuggets have better shooters, more depth and less drama.

Jokic turns 31 in February. He will not be the best player forever. That honor could belong to Victor Wembanyama as soon as this season.

Of all the problems the last two years — exhaustion, tension, lack of 3-point shooting — there are none left. Jokic is still here. Still in his prime. And he has teammates and a fresh voice from a coach worthy of his talent.

Now is the time for him to get another one. Likely his last in Denver.

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Troy Renck

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September 25, 2025
Exclusive | Why U.S.’s Trade Pact With South Korea Has Gotten Messier

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President Trump’s trade deal with South Korea is on shaky ground, with Commerce Secretary Howard Lutnick taking a tough line in talks as some Seoul officials privately argue to allies that the White House is moving the goal posts.

Lutnick, in recent conversations with South Korean officials, has discussed with Seoul the idea of slightly increasing the $350 billion they had previously guaranteed to the U.S. in July and suggested the final tally could get a bit closer to the $550 billion pledged by Japan, according to people familiar with the discussions, including an adviser to South Korea’s government.

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Brian Schwartz

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September 25, 2025
Donald Trump Is Saying There’s a TikTok Deal. China Isn’t

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The United States and China may have agreed on a deal to prevent the social platform TikTok from being banned in the US—if you take US president Donald Trump’s word for it. After a long-awaited call between Trump and Chinese president Xi Jinping on Friday, Trump announced victory on Truth Social: “The call was a very good one, we will be speaking again by phone, appreciate the TikTok approval, and both look forward to meeting at APEC!”

As for any details on the agreement, good luck. Specifics around the shape and scope of the deal remain largely unclear as of Friday afternoon. More importantly, there’s been no official word from the Chinese government on whether it has agreed to the terms.

“China’s position on the TikTok issue is clear: The Chinese government respects the wishes of the company in question and would be happy to see productive commercial negotiations in keeping with market rules lead to a solution that complies with China’s laws and regulations and takes into account the interests of both sides,” says China’s official readout of the call, which was posted on the website of China’s Ministry of Foreign Affairs.

The deal being proposed by the Trump administration involves Oracle, Silver Lake, and Andreessen Horowitz leading a group of investors to take a roughly 80 percent stake in TikTok’s US operation, according to The Wall Street Journal. Oracle, which has worked closely with TikTok since 2020, would continue to store US user data on its domestic servers. The new, US-controlled entity would use licensed technology from ByteDance, TikTok’s Chinese parent company, to create a similar content recommendation algorithm to the one TikTok currently employs.

“Any details of the TikTok framework are pure speculation unless they are announced by this administration,” a White House spokesperson tells WIRED.

Key questions remain, for example, on how much control Oracle and ByteDance would each have on TikTok’s US data and algorithm. Trump’s Truth Social post suggests that he will meet with Xi again at the APEC Summit in South Korea in late October, meaning details could emerge after that.

On Thursday, during a joint press conference with UK prime minister Keir Starmer, Trump boasted that the US should receive a “tremendous fee plus” for brokering the TikTok deal. It’s not clear what fee he’s referring to—WIRED asked multiple White House officials, but none replied.

The White House also credited Vice President JD Vance—the top conduit between Silicon Valley billionaires and the West Wing—for playing a key role in the deal. A White House official told WIRED that Sean Cooksey, an adviser to Vance, was “at the forefront” of negotiations on behalf of the vice president.

US efforts to ban TikTok started during Trump’s first term in 2020. Months before he left office, Trump threatened to ban TikTok and another Chinese app WeChat. The Biden administration rescinded Trump’s executive orders on the topic but continued to scrutinize TikTok. The US congress eventually passed the Protecting Americans from Foreign Adversary Controlled Applications (PAFACA) Act in April 2024. This gave TikTok two options: divest from its Chinese ownership before January 19, 2025, or risk a federal ban.

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Zeyi Yang, Jake Lahut

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September 19, 2025
Even with Trump’s tariff blessing, Apple hikes iPhone prices

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Apple’s big annual event on Tuesday delivered a polished and tightly produced showcase. The company’s CEO, Tim Cook, led the presentation with sweeping visuals, confident pacing and a clear message: Apple is still betting big on premium innovation. But the real headline wasn’t so much the tech; it was the prices.

Earlier this year, President Donald Trump granted Apple a tariff break. Still, the company raised prices across its iPhone lineup. The new ultra-thin iPhone 17 Air, which Apple positioned as a reinvention of last year’s iPhone 16 Plus, jumps to $999. The iPhone 17 Pro begins at $1,099, while the Pro Max tops out at $1,199. The entry-level iPhone 17 starts at $799.

Apple positioned the price hikes as a reflection of breakthrough innovation. The company spotlighted the iPhone Air’s sleek redesign, the powerful A19 chip and major camera upgrades. Yet the takeaway was clear: tariff relief didn’t lead to consumer savings. Instead, Apple leaned into its premium identity, signaling that cutting-edge tech now comes with a steeper price tag.

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Apple CEO Tim Cook holds an iPhone 17 Pro and an iPhone Air, on its campus in Cupertino, California, Sept. 9, 2025. (REUTERS/Manuel Orbegozo)

iPhone 17 Air: the thinnest iPhone ever

Apple unveiled the iPhone 17 Air, its slimmest model yet at 5.6mm and 165 grams, built with recycled aluminum, glass and titanium. (Apple)

Apple calls the iPhone 17 Air a game-changer. At just 5.6mm thin and weighing around 165 grams, it stands as the slimmest iPhone the company has ever made. The design uses recycled aluminum, glass and titanium to reduce weight while staying durable. Engineers reinforced the frame and applied new drop-test algorithms to make sure it holds up in daily use.

The Air debuts silicon anode battery technology, which allows Apple to shrink the device without cutting power. During the presentation, Apple promised “all-day battery life,” but never gave an exact hour count. That vague description raised questions. Moments later, Apple introduced a new low-profile MagSafe battery accessory. When paired with the iPhone 17 Air, Apple says the combo delivers up to 40 hours of video playback. The timing of that announcement made it clear that battery life could still be a concern.

Apple also pushed the Air forward with a new ultra-wide 48MP fusion camera system, which uses advanced image processing to improve detail and low-light performance. The display gained a ProMotion 120Hz refresh rate that makes scrolling and animations feel smoother. Outdoor use should also improve, thanks to 3,000 nits of peak brightness, making it easier to see in direct sunlight. On the durability side, the Air features Ceramic Shield 2 coating, which Apple claims resists scratches and accidental drops better than before.

The iPhone 17 Air starts at $999 with 256GB of storage. That price is $100 higher than last year’s thinnest model, marking another step up in Apple’s pricing strategy.

iPhone 17 Pro: design and performance overhaul

The iPhone 17 Pro starts at $1,099 and comes with 256GB of base storage. (Apple)

The iPhone 17 Pro introduces a striking unibody design that relies on laser-welded vapor chamber cooling to keep performance steady even under heavy use. Apple gave the back a ceramic shield finish, while the front now features its upgraded seven-layer coating. That change reduces glare both indoors and outdoors, making the display easier on the eyes in all conditions.

At the core of the Pro sits the new A19 Bionic chip built on 3nm architecture. Apple paired it with a 16-core Neural Engine and an updated display engine to push speed and efficiency even further. The company claims this is the most power-efficient iPhone yet and promises the longest battery life ever offered in a Pro model.

Apple also turned its attention to the camera system. The Pro camera lineup includes a 48MP main sensor and a 12MP ultra-wide, with ProRes support for high-quality video recording. It even offers Genlock syncing, which professionals can use to line up multiple cameras in studio and live production setups.

To complement the new design, Apple introduced TechWoven cases that feel more like premium accessories than traditional covers. Some versions include optional cross-body straps, a nod to the growing trend of blending technology with fashion.

Apple also revealed three new finishes for the Pro models: deep blue, cosmic orange and silver, adding a fresh look to the lineup.

The iPhone 17 Pro comes with 256GB of base storage and starts at $1,099, keeping its place as Apple’s most balanced high-end option between the Air and the Max.

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iPhone 17 Pro Max: bigger, brighter, more expensive

Apple unveiled the iPhone 17 Pro Max as its top model, featuring the biggest display ever on an iPhone. (Apple)

Apple positioned the iPhone 17 Pro Max as the ultimate model in the lineup. It shares the same unibody design, ceramic shield finish and seven-layer front coating as the Pro, but it stretches everything to a larger scale. The Pro Max delivers the biggest display Apple has ever put on an iPhone, paired with enhanced brightness that makes it more usable outdoors and in direct sunlight.

Inside, it runs on the same A19 Bionic chip with the 16-core Neural Engine, so performance and efficiency mirror the Pro. What sets the Max apart is its endurance. Apple claims it offers the best battery life of any iPhone to date, making it the go-to choice for people who rely heavily on their phone throughout the day.

The Pro Max also carries the full Pro camera system, including the 48MP main sensor and advanced video features like ProRes and Genlock. With its extra size, it appeals most to creators, gamers and anyone who wants the biggest screen possible in an iPhone.

Like the Pro, the Max is available in deep blue, cosmic orange and silver finishes.

Pricing starts at $1,199 with 256GB of storage, marking the highest entry point yet for an iPhone and reinforcing Apple’s steady climb in premium pricing.

iPhone 17: Apple’s new starting point

iPhone 17 starts at $799 with 256GB of storage. (Apple)

The standard iPhone 17 rounds out the lineup and now serves as Apple’s new baseline model. It starts at $799 with 256GB of storage.

The iPhone 17 inherits many of the Pro’s features. It comes in five colors and has a thinner profile that feels more refined in hand. The display includes the upgraded coating to cut glare, and the front camera has a square AI-driven sensor with Center Stage for better video calls.

The main camera system also makes a leap forward. The iPhone 17 now carries a 48MP main sensor, supported by Apple’s fusion technology to improve clarity and low-light results. Combined with the updated display engine and improved durability from Ceramic Shield 2, the iPhone 17 delivers a more polished experience than previous entry models.

Beyond iPhones: Apple’s big updates for AirPods and Watch

Apple didn’t stop with iPhones. The company used its event to refresh its wearables and audio lineup, bringing new features to AirPods and multiple Apple Watch models. Each product builds on familiar designs while adding functions aimed at health, fitness and convenience.

AirPods Pro 3: smarter sound and live translation

The new AirPods Pro 3 deliver up to eight hours of listening time on a single charge. (Apple)

Apple unveiled the third-generation AirPods Pro, priced at $249, and available starting Sept. 19. The design keeps the iconic stem but introduces foam-infused ear tips that come in five sizes. Apple said it studied 100,000 ear shapes to make them fit more securely.

The new AirPods Pro 3 extend listening time, offering up to eight hours on a single charge, compared with six hours in the previous generation. With the charging case, total listening time stretches to 10 hours with hearing-AI features enabled.

One of the standout additions is heart rate sensing, which turns the AirPods into another health-tracking accessory in Apple’s ecosystem. The earbuds also use AI-driven hearing enhancements to improve clarity in noisy environments. Apple said the AirPods Pro 3 now deliver up to four times stronger active noise cancellation (ANC) than the originals, making them far more effective in crowded or loud spaces.

For workouts, users can also track over 50 activity types with the Fitness app on iPhone while wearing them. Perhaps most notably, Apple added live translation. When two people wear AirPods Pro 3 paired with iPhones, conversations can be translated in real time, breaking language barriers in a way that once seemed impossible.

Apple Watch Series 11: health at the forefront

Apple Watch Series 11 expands the company’s push into advanced health technology. (Apple)

The Apple Watch Series 11 continues Apple’s push into health technology. It runs on watchOS 26 and introduces monitoring for possible hypertension and sleep apnea, with alerts designed to prompt users to seek medical care. Apple noted that FDA clearance is still pending for hypertension notifications, but the company clearly sees the watch as a serious medical tool.

The watch also includes Sleep Score, which breaks down sleep stages such as core, deep and awake to give users a clearer picture of rest quality. Battery life reaches up to 24 hours, and the watch remains efficient even with 5G connectivity.

Apple built the Series 11 with 100% recycled aluminum and titanium cases, expanding its sustainability pledge. Color options bring a refreshed look, while pricing starts around $399, depending on configuration.

APPLE WINS BLOOD OXYGEN BATTLE FOR WATCH OWNERS

Apple Watch SE 3: affordable and fast

Apple Watch SE 3 remains the lowest-priced entry into the lineup at $249. (Apple)

Apple also refreshed its budget-friendly model, the Apple Watch SE 3. At $249, it remains the lowest-priced entry into the lineup. The SE 3 uses the new S10 chip, giving it faster performance and support for Apple’s expanding gesture controls.

It also delivers sleep apnea notifications, a feature previously limited to more expensive models. Charging is now up to two times faster, ensuring the watch is ready to go with less downtime. Apple added more health and convenience tools, including wrist temperature sensing for deeper insights in the Vitals app, retrospective ovulation estimates and an Always-On display. It also supports double-tap and wrist flick gestures, plus on-device Siri. Available in two colors, the SE 3 carries forward Apple’s strategy of making core health features more accessible.

Apple Watch Ultra 3: the powerhouse upgrade

Apple Watch Ultra 3 debuts with the largest and brightest display ever on a Watch. (Apple)

At the top end, Apple introduced the Apple Watch Ultra 3, starting at $799 and shipping September 19. This model pushes the limits of durability and outdoor performance. The Ultra 3 features the largest and brightest display ever put on an Apple Watch, making it easier to read data during workouts or in direct sunlight.

It includes a redesigned radio and antenna system capable of connecting with satellites orbiting 800 miles above Earth. That means users can send messages or use Find My features even without cell service, making it a true companion for extreme adventures.

The Ultra 3 packs a larger battery that runs up to 42 hours on a single charge. With Low Power Mode enabled, Apple says the battery can extend to as much as 72 hours, making it the longest-lasting Apple Watch to date. It also introduces new Workout Buddy tools for training and enhanced hypertension notifications, further pushing Apple’s reputation in health tech. Available in black or natural titanium, the Ultra 3 blends rugged design with cutting-edge features.

iPhone 17 accessories: small add-ons with big impact

Apple showcased new accessories for its iPhones, including a low-profile MagSafe battery pack. (Apple)

Apple used the event to highlight a series of accessories that show how the company expects people to use its new iPhones. The most talked about was the low-profile MagSafe battery pack, created to address the iPhone 17 Air’s biggest weakness: vague “all-day” battery claims. When attached, the Air can stretch to 40 hours of video playback, turning what could have been a limitation into a selling point for Apple’s ecosystem.

To complement the Air’s slim profile, Apple also revealed a new translucent case and a lightweight bumper. The translucent case keeps the 5.6mm design visible while still protecting it, while the bumper adds shock resistance around the edges without adding bulk. Both aim to reassure buyers who worry that the thinnest iPhone yet might be more fragile.

For the Pro and Pro Max models, Apple introduced TechWoven cases made from a durable fabric blend. What stood out was the addition of an optional cross-body strap, giving users a hands-free way to carry their phones. Apple leaned into the idea of the iPhone as not just a device but also a lifestyle accessory that blends technology with personal style.

Together, the MagSafe battery, translucent Air case, protective bumper and fashion-forward TechWoven cases with cross-body straps showed Apple’s strategy clearly. Accessories are no longer secondary; they are central to how Apple expects customers to protect, power and personalize their iPhones.

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Kurt’s key takeaways

Apple’s iPhone 17 lineup pushes innovation forward with a blend of sleek design and powerful features. The iPhone 17 Air impresses with its ultra-thin profile and new battery technology. Meanwhile, the Pro and Pro Max models deliver unmatched performance and durability for demanding users. Additionally, Apple enhances its ecosystem with upgraded AirPods and Apple Watch models that emphasize health and convenience. Overall, Apple continues to balance style, functionality and user experience, setting a strong foundation for the year ahead.

Which Apple device are you most excited to buy, and why?

Kurt “CyberGuy” Knutsson is an award-winning tech journalist who has a deep love of technology, gear and gadgets that make life better with his contributions for Fox News & FOX Business beginning mornings on “FOX & Friends.” Got a tech question? Get Kurt’s free CyberGuy Newsletter, share your voice, a story idea or comment at CyberGuy.com.

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September 11, 2025
[Embargo 6AM] Texas congressman unveils new plan to tackle $37T national debt with tariff windfall revenues

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FIRST ON FOX: Texas Rep. Nathaniel Moran is turning tariffs into a debt-cutting tool, unveiling legislation that would funnel billions in new trade revenues into a trust fund aimed solely at shrinking America’s staggering $37 trillion national debt.

The Tariff Revenue Used to Secure Tomorrow (TRUST) Act would establish a special account at the Treasury Department called the Tariff Trust Fund. Starting in fiscal year 2026, any tariff money collected above the 2025 baseline level would automatically go into this fund. By law, that money could only be spent in one way: to shrink the federal deficit whenever the government is running in the red.

TRUMP SAYS US WOULD BE ‘DESTROYED’ WITHOUT TARIFF REVENUE

“President Trump’s bold use of tariffs has already proven effective in bringing foreign nations back to the negotiating table and securing better trade deals for America. That short-term success has produced record-high revenues, and now we need to make sure Washington doesn’t squander them,” Moran told Fox News Digital.

“The TRUST Act ensures those dollars go where they are needed most—toward reducing our national debt and protecting the financial future of our nation.”

Rep. Nathaniel Moran, R-Texas, walks down the House steps after the final votes in the Capitol before Congress’ October recess on Wednesday, Sept. 25, 2024. (Bill Clark/CQ-Roll Call/Getty Images)

Moran’s legislation comes after the U.S. collected more than $31 billion in tariff revenues in August, the highest monthly total so far for 2025. Total tariff revenue for 2025 has reached more than $183.6 billion, according to the “Customs and Certain Excise Taxes” data released on Aug. 29 by the Treasury Department.

TRUMP CALLS TARIFF WINDFALL ‘SO BEAUTIFUL TO SEE’ AS CASH SAILS IN

Tariff revenues rose steadily from $17.4 billion in April to $23.9 billion in May, before climbing to $28 billion in June and reaching $29 billion in July. At the current pace, the U.S. could collect as much tariff revenue in just four months to five months as it did during the entire previous year. At this point in fiscal year 2024, tariff revenues were at $86.5 billion.

A year-over-year comparison of tariff collections. (U.S. Treasury)

The surge in revenue coincides with a federal appeals court ruling that President Donald Trump overstepped his authority by using emergency powers to impose sweeping global tariffs.

In its Aug. 29 decision, the court said the power to set such tariffs rests squarely with Congress or within existing trade policy frameworks. The ruling does not affect tariffs imposed by other legal authorities, such as Trump’s levies on steel and aluminum imports.

Attorney General Pam Bondi announced the Justice Department will appeal the decision to the Supreme Court. In the meantime, the court allowed the tariffs to remain in place through Oct. 14.

Treasury Secretary Scott Bessent previously said that the Trump administration could apply part of the tariff revenue toward lowering the national debt.

Scott Bessent, U.S. treasury secretary, during a House Ways and Means Committee hearing in Washington, D.C., on June 11, 2025. (Eric Lee/Bloomberg/Getty Images)

The nation’s debt, which is the amount of money the U.S. owes its creditors, is nearing $37.4 trillion as of Sept. 3, according to the Treasury Department.

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The staggering figure has intensified the long-standing debate in Washington over government spending, taxation and efforts to rein in the ballooning deficit.

“Complacency is no longer an option. We must act with urgency and begin to bring down our national debt immediately,” Moran added in a statement.

Bessent has also previously said that tariffs could generate more than $500 billion in revenue for the federal government. U.S. businesses pay these import taxes to the federal government, but the cost often falls on consumers, as companies raise prices to offset the economic burden.

Amanda covers the intersection of business and geopolitics for Fox News Digital.

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September 5, 2025
The Black Market for Oil Blunts Trump’s India Tariffs

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Based on what’s happening in the black market for oil, the White House’s new import levy on India is backfiring.

President Trump last week doubled India’s tariff rate to 50% to punish it for buying sanctioned Russian oil. Indian refineries have become major buyers of Moscow’s crude since the war in Ukraine began.

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Carol Ryan

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September 2, 2025
Trump says he holds ‘incredible cards’ that could ‘destroy China’ but won’t play them yet

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President Donald Trump said on Monday the U.S. and China — the world’s two largest economies — “are going to have a great relationship,” even as he warned that if he chose to, he could “destroy China” by playing the “incredible cards” at his disposal.

“We have much bigger and better cards than they do,” Trump told reporters in the Oval Office ahead of a bilateral meeting with South Korean President Lee Jae Myung. “They have some cards. We have incredible cards. But I don’t want to play those cards. If I did, that would destroy China,” Trump said, adding “I’m not going to play those cards.”

It was not immediately clear whether Trump’s “cards” referred to economic leverage, political influence, or something else.

TRUMP CONSIDERING MEETING WITH CHINA’S XI IN THE NEAR FUTURE AMID POSSIBLE TARIFF PAUSE EXTENSION

President Donald Trump, left, meets with Chinese President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan, Saturday, June 29, 2019. (Susan Walsh/AP)

Trump also said he spoke to Chinese President Xi Jinping recently and added that he was considering a trip to meet with his counterpart as the two countries continue to negotiate trade terms.

“At some point, probably during this year or shortly thereafter, we’ll go to China,” Trump said. The president said last month that Xi had extended the invitation.

Washington and Beijing agreed on Aug. 12 to extend their trade truce for another 90 days, giving negotiators more time to reach a deal. Trump has raised tariffs on all Chinese goods several times this year, with the highest duty reaching 145% in April. The current U.S. levy on most Chinese imports stands at 30%. China has placed a 10% duty on U.S. imports.`

CHINA’S OIL TIES WITH RUSSIA AND IRAN ARE TRADE FLASHPOINTS, US SAYS

In July, Treasury Secretary Scott Bessent identified China’s support for sanctioned oil as a central point of contention during the latest round of trade talks that occurred in Sweden. Bessent previously led trade negotiations with the Chinese in Geneva in May, and a month later in London.

U.S. Trade Representative Jamieson Greer, left, and U.S. Secretary of the Treasury Scott Bessent take part in a press conference after two days of closed-door discussions on trade between the U.S. and China, in Geneva, Switzerland, Monday, May 12, 2025.

Washington has long complained that Iran and Russia use the funds from oil exports to finance terror and other destabilizing actions around the world. Despite U.S. sanctions, Beijing is the top importer of Iranian oil and the second-largest importer of Russian oil.

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In addition to Russian and Iranian oil imports, Bessent also said the U.S. wants to curb China’s status as the world’s manufacturing powerhouse. He has previously called on China to limit its massive export economy and increase its participation as a global trade import partner.

Amanda covers the intersection of business and geopolitics for Fox News Digital.

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August 25, 2025
Russian cruise missiles hit US company in massive Ukraine strike amid Trump’s peace push

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In one of the largest overnight strikes since the war began, Russia unleashed some 614 drones, ballistic and cruise missiles across Ukraine, killing one, injuring dozens and destroying an American-owned electronics company less than an hour from two NATO borders, officials confirmed Thursday morning.

Ukrainian President Volodymyr Zelenksyy said the strike on the private U.S. company, which involved “several” cruise missiles, was “very telling” following President Donald Trump’s attempts to force Moscow to end its invasion.

Black smoke rises from the electronics manufacturing company as firefighters continue to extinguish the fire after the Russian army hit a large American company producing civilian electronics with two missiles in Mukachevo, Zakarpattia region of Ukraine on Aug. 21, 2025. (Zakarpattia Regional Military Administration / Handout/Anadolu via Getty Images)

RUSSIA’S LAVROV LOOKS TO DRAW CHINA IN ON UKRAINE’S ‘SECURITY GUARANTEES’

“Last night, the Russian army set one of its insane anti-records,” Zelenskyy said. “They targeted civilian infrastructure facilities, residential buildings, and our people.

“Several cruise missiles were lobbed against an American-owned enterprise in Zakarpattia,” he continued, describing the company as “a regular civilian business, supported by American investment, producing everyday items like coffee machines.”

“And yet, it was also a target for the Russians. This is very telling,” Zelenskyy added.

The American business is believed to be Flex Ltd., whose corporate headquarters is in Austin, Texas but which has business locations across the globe.

Some 15 people were apparently injured in the strike on the city of Mukachevo in the Zakarpattia region – which sits just 30 miles from two NATO nations, Hungary and Slovakia.

A residential building destroyed after a Russian bombing, with at least four people trapped under the rubble, in the city of Kostiantynivka, Ukraine on Aug. 21, 2025. (Diego Herrera Carcedo/Anadolu via Getty Images)

UKRAINE’S STOLEN CHILDREN CRISIS LOOMS LARGE AS NATO MEETS ON RUSSIA’S WAR

Flex Ltd. did not immediately respond to Fox News Digital’s questions.

The overnight strike included 574 drones and 40 missiles, and hit numerous locations across Ukraine.

The White House also did not immediately respond to Fox News Digital’s questions regarding the president’s reaction to the strike that targeted a U.S. company, though on Tuesday he said, “It’s possible that [Putin] doesn’t want to make a deal.”

“We’re going to find out about President Putin in the next couple of weeks,” he added.

NATO leaders have repeatedly questioned Putin’s willingness to engage in good-faith negotiations as well as his desire to end his war ambitions – questions that gained little clarity even after Trump’s in-person meeting with the Kremlin chief in Alaska on Friday.

(L-R) Finnish President Alexander Stubb, Ukrainian President Volodymyr Zelensky, U.S. President Donald Trump, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, German Chancellor Friedrich Merz, and NATO Secretary General Mark Rutte prepare to depart after a group photo prior to meeting at the White House on Aug. 18, 2025 in Washington, DC. (Win McNamee/Getty Images)

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France – which has become a leading player backing Ukraine – on Thursday reiterated this point, and in a statement to Fox News Digital, said despite Russian claims that they are “ready to negotiate,” the overnight strikes suggest otherwise.

“These attacks, the most massive in a month, illustrate Russia’s lack of any genuine intention to engage seriously in peace talks,” a spokesperson with the French Ministry for Europe and Foreign Affairs told Fox News Digital.

“France reiterates its support for President Trump’s initiative in favor of a just and lasting peace and will continue to work with determination alongside Ukraine and its partners,” the spokesperson added.

Caitlin McFall is a Reporter at Fox News Digital covering Politics, U.S. and World news.

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August 21, 2025
China ‘does not agree or accept’ the EU’s EV tariffs, says negotiations are still ongoing

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Aerial photograph shows electric cars for export stacked at the international container terminal of Taicang Port in Suzhou, in China’s eastern Jiangsu Province. The EU and China have reportedly agreed to start talks on the planned imposition of tariffs on Chinese-made EVs.

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China’s commerce ministry said it “does not accept” tariffs imposed by the European Union on Chinese electric vehicles, after the bloc increased tariffs on Chinese EVs to as high as 45.3% on Wednesday.

The extra tariffs will range from 7.8% for Tesla to 35.3% for SAIC Motor, and stack on top of the 10% standard import duty for cars to the EU.

In a statement, the ministry said that “China has repeatedly pointed out that the EU’s anti-subsidy investigation on Chinese electric vehicles has many unreasonable and non-compliant aspects, and is a protectionist practice of ‘unfair competition’,” according to a Google translation.

The EU launched an “anti-subsidy” investigation into Chinese EVs last year, alleging they were illegally subsidized and thereby “causes or threatens to cause economic injury” to the bloc’s EV industry.

China has already filed a lawsuit under the World Trade Organization dispute settlement mechanism. The commerce ministry said “China will continue to take all necessary measures to resolutely safeguard the legitimate rights and interests of Chinese companies.”

China’s commerce ministry also highlighted the EU has indicated it will continue to negotiate with China, adding that both sides are conducting a new round of consultations.

It also expressed hope that the EU will “work with China in a constructive manner…, reach a solution acceptable to both sides as soon as possible, and avoid escalation of trade frictions.”

On Oct. 25, Reuters reported the two sides were looking at possible minimum price commitments from Chinese producers or investments in Europe as an alternative to tariffs.

Shares of Chinese EV makers were mostly lower in morning trading Wednesday, with heavyweight BYD trading close to the flatline while Nio and Xpeng lost 3.07% and 0.11% respectively.

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October 29, 2024
NEMLEC Police Foundation to host comedy night

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DRACUT — Who is a mystery but two of Boston’s “best” comedians will perform when the Northeastern Massachusetts Law Enforcement Council Foundation Inc. hosts its annual comedy night next month to raise money for training programs for police officers in northeastern Massachusetts.

The event is scheduled for Friday, Nov. 1, at Four Oaks Country Club, 1 Clubhouse Lane, Dracut. Doors open at 6 p.m. The program includes a cheese and cracker display, cocktail reception, a full buffet-style dinner, dessert and coffee.

Tickets are $75 per person, or $750 for a table of 10. There are several sponsorship opportunities that range in cost from $250 to $2,000.

NEMLEC allows member agencies to call in the group to respond to emergencies that smaller departments may not be equipped to handle.

Proceeds will assist NEMLEC’s training programs, including NEMLEC SWAT/RRT/K-9 training, NEMLEC Motor Unit annual training, NEMLEC STARS training, basic and advanced criminal investigation training, school and business safety summits, and active shooter training.

The programs are available to officers in the NEMLEC region, which is comprised of 65 law enforcement agencies in Middlesex and Essex counties.

The money also will be used to support local charities, including Cops for Kids with Cancer, which supports families who are struggling with childhood cancer.

Those who would like to buy a ticket or table, donate a raffle or auction item, or become a sponsor for the event, should contact Executive Director Sharon Crowley at 978-852-3589 or by email at nemlecfoundation@yahoo.com.

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October 9, 2024
Bullish options betting on JPMorgan into earnings

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Mike Khouw, OpenInterest.PRO chief strategist, joins ‘Options Actions’ to discuss how to trade JPMorgan going into bank’s earnings season.

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October 4, 2024
Supermom In Training: 5 Responses to your child saying “I’m bored”

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How many times have you heard your child say, “I’m bored”? OK, not you saying it in your head… your child whining it while they pick at a thread on their shirt. This said kid is also probably surrounded with toys, books, games and more (ahhh, to be bored like a kid!). So, here are 5 responses to your child saying “I’m bored”.

“Figure it out.” I mean, seriously – when did we become responsible for entertaining our kids 24/7?! Truth is, when your kids are bored, it’s pretty amazing how creative they will get to find their own ways of keeping busy. Just keep an eye on them – the mischievous ones might get into trouble.

“Go outside.” I really don’t think kids spend as much time outdoors as we did as kids (I remember practically living outside from sun up to sun down). We’ve all got the gear for winter or summer play, so send them out for some fresh air.

“Make something.” In our house we call it a “craft challenge” where we rummage through the recycling bin, or pull out random craft supplies, and we challenge each other to create something. It’s quite cool to see what your kids come up with.

“Read something.” We have a very accessible well-stocked bookshelf that the bean keeps very organized to make book-finding easy. We also subscribe to a number of magazines, and I have other “books” around like word searches and hidden pictures.

“Do something for someone else.” Whether it’s helping mom and dad with a household to-do, writing a letter to a long-distance family member, shoveling the neighbour’s walkway, there’s always a way to help someone else (and keep your child occupied too).

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September 24, 2024
India rules out joining world’s largest trade deal, accuses China of ‘very opaque’ trade practices

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Indian flag and Chinese flag displayed on screen.

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India’s commerce minister rejected the idea of joining the Regional Comprehensive Economic Partnership, the world’s largest trade deal, maintaining that it is not in the country’s interest to be part of a free trade agreement with China.

“India is not going to join the RCEP because neither did it reflect the guiding principles on which ASEAN was started, nor is it in the nation’s interest to do a free trade agreement with China,” India’s Minister of Commerce and Industry Piyush Goyal told CNBC’s Tanvir Gill in an interview.

The RCEP deal was signed in 2020 by 15 Asia-Pacific countries — which makes up out 30% of global GDP — and came into force in January 2022. The countries are the 10 members of the Association of Southeast Asian Nations, and five of their largest trading partners, China, South Korea, Japan, Australia and New Zealand.

Negotiations for the RCEP started in 2013 and initially included India, which some members viewed as a counterbalance to China. However, in 2019, India chose not to join RCEP, citing unresolved “core interest” issues. Back then, India did not expand on what some of those core unresolved interests were.

Goyal noted that at that time, India already had a free trade agreement with ASEAN, Japan and Korea, as well as a bilateral trade with New Zealand worth $300 million.

“It was not in our farmers’ interest, RCEP did not reflect the aspirations of our small and micro medium industries and sector, and in some form, was nothing but a free trade agreement with China,” he said.

“When you see from the lens sitting outside the country, you don’t realize how difficult it is to compete against a non-transparent economy,” the minister continued, in reference to China.

“Certainly nobody back home would like to have an FTA with [a] non-transparent economy, very opaque in its economic practices, where both trading systems, political systems, the economy — the way it is managed — is completely different from what the democratic world wants.”

Goyal also accused China of using the World Trade Organization’s policies to its advantage, flooding various economies with goods at low prices which often do not meet quality standards.

From solar panels to cars to steel, China has recently been churning out more goods in an economy that has been slow to absorb, resulting in a surge of cheap exports to foreign markets.

Semiconductor ambitions

The minister also made a strong case for India to become a Taiwan “plus one” semiconductor country.

“China Plus One” is a phrase used to describe a supply chain strategy that sees companies diversifying manufacturing and sourcing, by continuing operations in the mainland while also expanding into other countries. This approach aims to reduce risks linked to complete reliance on a single country’s market or supply chain.

Spinning off that idea, Goyal thinks India can become an alternative place in the region for companies that want to diversify outside of Taiwan for semiconductors.

“We are encouraging [the] semiconductor industry in a big way. We started building up the ecosystem, which is essential before we can see more and more foundries coming into the country for the actual chip making,” Goyal said.

“We expect the demand for semiconductor products to be about $100 billion by 2030, and will grow exponentially thereafter,” he said, adding that interest in India’s semiconductor industry is expanding “by leaps and bounds.”

India aims to establish itself as a major chips hub similar to the U.S., Taiwan, and South Korea, actively seeking foreign companies to set up their operations in the country.

Earlier this year, Prime Minister Narendra Modi inaugurated three semiconductor plants, bringing the total count of plants under development in India to four. One of those plants is a joint venture between Tata Electronics and Taiwan’s Powerchip Semiconductor Manufacturing Corp. The plant, which is set up in Dholera, Gujarat state, is expected to deliver its first batch of semiconductors by late 2025 or early 2026.

Asked if India can be Taiwan’s “plus one” in the semiconductor space, Goyal said that his country’s size, democracy and rule of law means it is a “safe habor.”

“It provides an alternative where you will always have a youthful population in life, huge demand, and you will have the rule of law to back it. I think that’s a very compulsive case,” he said.

The world recognizes that excessive concentration in any one region is fraught with serious risks, Goyal added.

India’s chip strategy has two main components: attracting foreign companies to establish operations and invest in the country, as well as forming partnerships with other major semiconductor nations, such as the U.S. In 2021, the government approved a $10 billion incentive program for the sector, which is also available to foreign companies.

As of 2024, Taiwan, the world’s chipmaking powerhouse, is expected to hold around 44% of global market share, followed by China with 28% and South Korea with 12%, according to a report. The U.S. and Japan account for 6% and 2%, respectively.

The authors of the report, Taiwan consultancy Trendforce, said Taiwan’s global capacity share in advanced manufacturing processes is expected to decrease to 40% by 2027, while South Korea’s could see a 2% decline. In the same time period, China’s is expected to increase by 3% to 31%.

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September 22, 2024
Would Trump’s proposed tariffs be a $4,000 hit for families?
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Democratic presidential nominee Kamala Harris said one of former President Donald Trump’s policy proposals — higher tariffs on goods imported into the United States — could harm everyday consumers.

During her Aug. 22 acceptance speech at the Democratic National Convention in Chicago, Harris said Trump “doesn’t actually fight for the middle class. … Instead, he fights for himself and his billionaire friends.”

Even as Trump proposes tax cuts that would benefit wealthier Americans, Harris said, he “intends to enact what, in effect, is a national sales tax — call it a Trump tax — that would raise prices on middle-class families by almost $4,000 a year.”

The Harris campaign confirmed to PolitiFact that Harris was referring to Trump’s tariff proposals when she mentioned “a national sales tax.”

Although tariffs are levied separately from taxes, a majority of economists say much of their impact is passed along to consumers. This makes them analogous to a tax. But because a minority of consumer spending goes toward imports, the tariffs would not hit all purchases equally.

There’s wide agreement that the tariff would affect consumers. “Trump’s proposal would be very harmful to household budgets,” said Daniel Mitchell, an independent libertarian economist.

However, the specific amount of the impact varies by study, and Harris’ figure of “almost $4,000” is on the high end of independent estimates.

What Trump has promised

As president, Trump imposed a variety of tariffs, some of which his successor, President Joe Biden, kept in place.

Trump has pledged a more expansive tariff strategy during his 2024 campaign. Across-the-board tariffs, rather than ones targeted on specific products or industries, drive his approach.

Trump has proposed a 10% tariff (and at least once said up to 20%) on all nondomestic goods sold in the U.S., along with a 60% tariff on Chinese goods.

Economists suspect that countries facing new or expanded tariffs under Trump would impose retaliatory tariffs of their own on U.S. goods sold in their countries. For instance, when Trump imposed tariffs on steel and aluminum imports in 2018, six trading partners imposed retaliatory tariffs: Canada, China, the European Union, India, Mexico and Turkey.

Previously, a Republican National Committee spokesperson pointed PolitiFact to a study by Coalition for a Prosperous America, a group of manufacturers and labor unions that generally supports higher tariffs. The study says a 10% tariff “would stimulate domestic production and raise economic growth to produce a 5.7% increase in real income for the average American household.”

How big could the consumer impact be?

The proposed tariff policy changes’ possible effect on middle-income consumers varies widely depending on the study. (It would also vary based on a family’s economic circumstances.)
- The American Action Forum, a center-right think tank, has projected annual additional costs per household of $1,700 to $2,350 for the 10% tariff and an additional $1,950 if the 60% tariff on China is added. That would equal $3,650 to $4,300 for both tariffs, which aligns with Harris’ statement.
- The Urban Institute-Brookings Institution Tax Policy Center, a Washington D.C.-based think tank, projected that the 10% and 60% tariffs would collectively lower average after-tax incomes of U.S. households by about $1,800. That’s 55% less than what Harris said.
- The liberal group Center for American Progress Action came up with a $3,900 figure, which is close to what Harris said. However, this estimate is based on a 20% tariff, which is on the high end of what Trump said Aug. 14 in Asheville, North Carolina — that he was considering a “10 and 20 percent” across-the-board tariff, rather than 10%.
- The Peterson Institute of International Economics, another Washington, D.C.-based think tank, initially projected that the 10% and 60% tariffs would cost a middle-income household about $1,700 extra each year. They recalculated the data for the 20% tariff proposal and found the per-household hit at $2,600 a year. That was still below what Harris said.
Mitchell said consumers may be able to avoid some of the tariffs’ hit by buying fewer imports. “But since American producers will raise prices to take advantage of diminished competition, consumers will still be paying more,” he said.

Our ruling

Harris said Trump “intends to enact what, in effect, is a national sales tax — call it a Trump tax — that would raise prices on middle-class families by almost $4,000 a year.”

Trump has repeatedly proposed wide-ranging tariffs on foreign goods. Although tariffs are imposed separately from the tax system, consumers would feel their impact much the same way as taxes.

However, the specific dollar impact on consumers varies. Two estimates we found generally support Harris’ $4,000 figure; two show a smaller, though still significant, impact.

We rate the statement Half True.
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August 30, 2024
No proof Saudi Arabia will stop using US dollar for oil

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Is Saudi Arabia abandoning the U.S. dollar for its oil sales?

A June 13 X post that purported to show “breaking news” claimed just that: “Saudi Arabia will stop using the US dollar for oil sales and will not renew the 50-year petro-dollar agreement with the U.S.”

That post from the blue-checkmark account Globe Eye News gained more than 1.5 million views and 29,000 likes as of June 18 — but a user-submitted community note was eventually appended, rebutting the post’s claims.

Globe Eye News’ X account links to an Instagram account by the same name. The accounts’ posts do not link to reputable news stories.

One verified Facebook user shared a screenshot of the tweet, asking: “Is this true?”

The post was flagged as part of Meta’s efforts to combat false news and misinformation on its News Feed. (Read more about our partnership with Meta, which owns Facebook and Instagram.)

To answer the Facebook user’s question: No, it’s not true. Global oil market experts told PolitiFact they knew of no evidence that Saudi Arabia intended to stop using the U.S. dollar for oil sales.

(Screenshot from Facebook.)

Patrick De Haan, the head of petroleum analysis at GasBuddy, a website that tracks gas prices, said there is “absolutely no credible proof” that Saudi Arabia plans to stop using the U.S. dollar for oil sales.

The U.S. dollar has been the preferred oil trading currency due to its “global use and stability,” though geopolitical shifts mean some sales happen using other currencies, De Haan said.

Mark Finley, an energy and global oil fellow at Rice University’s Baker Institute for Public Policy, said the U.S. economy is a smaller share of the global economy than it was 50 years ago and that Saudi Arabia has recently worked to diversify its geopolitical alliances, including increasing its ties to Russia and China.

“There is always interest among America’s competitors to challenge the dollar’s dominance in international finance,” he said. “Countries like China and Russia want to develop alternatives to the dollar, both to enhance their own interests and to reduce U.S. influence and leverage.”

However, because modern currency markets are large and actively traded, international companies can complete transactions in dozens of currencies with minimal cost, Finley said.

There’s no proof a formal agreement is being abandoned

The post also claimed that Saudi Arabia would allow a 50-year-old “petrodollar” agreement to expire. Experts told PolitiFact they knew of no such U.S.-Saudi Arabian agreement.

David Wight, a visiting assistant history professor at the University of North Carolina at Greensboro, described petrodollars, simply, as dollars “exchanged for the purchase of oil.”

“There was no formal agreement between the U.S. and Saudi governments that Saudi oil was contractually required to be sold in U.S. dollars,” Wight said. He authored “Oil Money: Middle East Petrodollars and the Transformation of US Empire, 1967-1988.”

“When the Saudi oil industry began, it was operated by U.S. companies, so they dealt in U.S. dollars,” Wight said. “Even after Saudi Arabia bought out the U.S. companies over the course of the 1970s, they continued to sell oil for dollars.”

Finley said that after oil shocks in the 1970s, the U.S. government “was keen for Saudi Arabia to spend its oil windfalls on U.S. companies,” to keep using U.S. financial institutions as their international bankers and to view the U.S. as its key ally.

In addition, broad global economic structures encouraged Saudi Arabia to use U.S. currency because “dollars have served as the de facto global currency since World War II,” Wight said.

The closest thing to a 50-year-old U.S.-Saudi Arabia agreement we could find was a Joint Commission on Economic Cooperation. Established in 1974, it encouraged stronger political ties between the countries and supported industrialization in Saudi Arabia — especially when it meant Saudi Arabia would “recycle petrodollars,” or reinvest dollars from its oil sales in American goods, services and assets.

It seems unlikely Saudi Arabia will cast aside the practice of selling oil for U.S. dollars anytime soon.

“Selling oil in dollars is not fundamentally what makes the dollar powerful in global trade,” Wight said. “The power of the dollar in global trade is why most oil is sold for dollars.”

Our ruling

A Facebook post said, “Saudi Arabia will stop using the US dollar for oil sales and will not renew the 50-year petro-dollar agreement with the U.S.”

Global oil market experts said they knew of no evidence that Saudi Arabia intended to stop using the U.S. dollar for oil sales. Geopolitical shifts mean that more oil sales are happening using other currencies, but the U.S. and Saudi Arabia have a long history of economic and political cooperation, and sales of oil in U.S. dollars are expected to continue.

We rate this claim False.

PolitiFact Researcher Caryn Baird contributed to this report.

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June 20, 2024
Housing forum with Tarr, Ferrante slated for June 4

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ROCKPORT — Advocates for affordable housing on Cape Ann and statewide are sending out a clarion call to lawmakers, urging them to back the state’s Affordable Homes Act, a $4 billion effort that seeks to support a wide array of housing projects across the state.

Seen as the centerpiece of Gov. Maura Healey’s effort to tackle rising housing prices in the state, the Affordable Homes Act, filed in 2023, includes $4 billion in capital spending authorizations and 28 “substantive” policy changes, three executive orders and two targeted tax credits.

The measure is the largest of its kind in state history, according to Rabbi Allen Lipson, organizer and development coordinator for the Essex County Community Organization (ECCO).

“But the real estate lobby is pushing hard against the key funding mechanism and state reps are wavering,” he said. “The bill will be voted on in the next couple of weeks. So, we are organizing to save it before it’s too late.”

ECCO has organized a meeting with regional lawmakers to try and convince them to back the bill which seeks to increase the amount of money available for affordable housing, reduce barriers to the production and preservation of housing, and give communities the tools to develop more housing where they need it, according to the Executive Office of Housing and Livable Communities.

“We have an urgent opportunity to save funding for hundreds of millions of dollars in housing across the state,” Lipson said.

The meeting is scheduled for Tuesday from 6:30-8 p.m. at the Rockport Public Library, 17 School St. in Rockport.

Event organizers said Senate Minority Leader Bruce Tarr, R-Gloucester, and Rep. Ann-Margaret Ferrante, D-Gloucester, will attend.

“We’ll be asking for their support for key provisions of the bill currently under attack,” Lipson said.

“Non-Cape Ann residents are also welcome since this issue impacts everyone in the state.”

Those interested in more information or attending may contact Lipson at allen@eccoaction.org.

Stephen Hagan can be reached at 978-675-2708 or at shagan@northofboston.com.

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June 2, 2024
Few prepared to cover long-term care costs

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Editor’s note: The share of the U.S. population older than 65 keeps rising – and will for decades to come. Since nearly half of Americans over 65 will pay for some version of long-term health care, CNHI News and The Associated Press examined the state of long-term care in the series High Cost of Long-Term Care, which began Friday and continues this week.

While many Americans will need long-term care as they get older, few are prepared to pay for it.

Medicare, which provides Americans over the age 65 with health insurance, doesn’t cover most long-term care services. And Medicaid — the primary safety net for long-term care coverage — only covers those who are indigent.

Federal estimates suggest 70% of people ages 65 and older will need long-term care before they die, but only 3% to 4% of Americans age 50 and older are paying for long-term care policies, according to insurance industry figures.

The high cost of premiums for those private long-term care policies puts it out of reach for most people.

Even some who have this kind of insurance find it doesn’t provide enough to cover the costs of home health aides, assisted-living facilities or nursing homes.

“People think that long-term care insurance is for everyone — but it is not,” said Jessie Slone, executive director of the American Association for Long-term Care Insurance, an advocacy group. “It’s for a very small subset of individuals who plan, and have some retirement assets and income they can use to pay for it.”

To qualify, applicants need to pass a health review. Slone said insurance companies have underwriting policies with “page after page” of conditions that will disqualify people from getting that coverage.”If you live a long life, the chances of you needing care are significant. So then the issue becomes who’s going to provide for that care, and who’s going to pay for it. For some, long-term care insurance is an option.”

Prices vary, based on the age when people apply, how good their health is at the time, and how much coverage they want. “You have to start looking at this generally in your 50s or 60s,” Slone said. “Because, as you get older, you’re going to have conditions which insurers are going to look at, determine that you’re very likely to need long-term care and not give you a policy.”

That coverage, if you can get it, doesn’t come cheap: In 2023, the annual average cost for a policy for a couple both age 55, taking out a $165,000 initial pool growing at 3% compounded annually — ranged from a low of $5,018 to $14,695 a year, according to the association.

But, compared to auto insurance — which most people may never use — long-term care insurance is a good investment for those who can afford it, Slone said. “Car insurance is the most expensive insurance you ever pay because the chances of you getting into a car accident are somewhat remote. But the chances of someone needing long-term care if they make it to 90 are pretty significant.”

Lori Smetanka, executive director of the National Consumer Voice for Quality Long-Term Care, a national nonprofit advocacy group, views it differently. She said the private long-term care insurance system has become a “bust” amid rising premiums and difficulties accessing benefits.

Consider the fact that the number of companies offering long-term care insurance is declining, while payouts are steadily increasing as the baby boomer generation ages.”Most people have found it very expensive,” Smetanka said. “But, at the same time, people are finding that it wasn’t covering what they needed.”

Last year, insurers paid a record of more than $14 billion to cover an estimated 353,000 long-term care claims, according to industry figures. That’s compared to about $11.6 billion just three years ago.

Currently, there are about 7.5 million people in the U.S. age 65 and older with private long-term care insurance, according to industry data.

With that incentive, some states, including Washington and California, are looking at creating long-term care social insurance pools funded by payroll taxes and other sources of funding. The effort also is being spurred, in part, by the rising costs borne by states for Medicaid long-term care coverage, which they share with the federal government.

“More and more states are coming to the conclusion that this is an under-funded system,” said Marc Cohen, a researcher and co-director of the LeadingAge LTSS Center at the University of Massachusetts at Boston. “There are simply not enough dollars going into the system – given the needs and the demands of the growing elderly population.”

So far, Washington is the only state to try to address the issue. A law approved by the state Legislature in 2019 created a long-term care benefit program, which provides residents with up to $36,500 to pay for costs such as caregiving, wheelchair ramps, meal deliveries and nursing home fees.

The Cares Funds is covered by a payroll tax that deducts 0.58% out of paychecks but guarantees a $36,500 lifetime benefit for those who have paid into the fund for 10 years.

Several other states are studying the issue. In California, a task force is looking at how to design a long-term care program, according to the National Conference of State Legislatures. Massachusetts, Illinois and Michigan also are weighing the costs versus benefits of creating a state long-term care benefits program.

But the issue of imposing new taxes to pay for long-term care insurance is controversial — and politically unpopular — on both a state and federal level.

Washington’s long-term care insurance law is facing a repeal effort from a group backed by hedge fund executive Brian Heywood that argues the system should be voluntary. Voters in November will decide whether to allow people to opt out, which supporters say would essentially gut the program.

“There are a lot of states that are looking to see what happens in Washington,” Cohen said. “If this billionaire who is funding this repeal effort wins, it will be a real blow.”

Cohen said efforts on a federal level to create a publicly funded insurance pool haven’t gained much traction. A long-term care program created by Congress through the CLASS Plan, which was tied to the Affordable Care Act, was voluntary. That law was repealed in early 2013.

“It never got off the ground before it was repealed,” he said. “With the dysfunction in Congress, we’re likely to see more action on a state level than the federal.”

Recent polls suggest there may be some public support for the move. A survey by the National Council on Aging found more than 90% of the 1,000 female respondents across party lines support the idea of creating a government program to pay for the cost of long-term care.

“The level of support was significant, and very bipartisan,” said Howard Bedlin, a long-term care expert with the council. “People keep talking about how Congress can’t find bipartisan support. Well, the voters clearly support it.

“The politicians just aren’t giving these issues the attention they deserve.”

Christian M. Wade is a reporter for North of Boston Media Group.

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By Christian M. Wade | CNHI News

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May 30, 2024
Safety net hospital fund shortfall widening

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BOSTON — Lawmakers are seeking more support for the state’s safety net hospitals amid rising concerns about the fiscal health of a fund that helps cover medical costs for large numbers of uninsured and low-income patients.

Hospitals and health insurers pay into the so-called safety net fund – a pool of money that helps fund care for hundreds of thousands of low-income residents who are uninsured or underinsured – with the state chipping in additional funding. But if the fund runs low, hospitals are on the hook for the shortfall.

The fund is projected to have a shortfall of more than $220 million in the upcoming fiscal year, hospitals say, rising to the highest level in nearly two decades.

Without additional funding, financially challenged hospitals will be forced to cover the deficit, leaving less money to provide medical care for low-income and uninsured patients, they say.

An amendment to the Senate’s version of the $57.9 billion state budget filed by Sen. Barry Finegold, D-Andover, would require commercial health insurance companies to cover 50% of any revenue shortfalls in the safety net fund.

“We need to do something to help our local hospitals,” Finegold said. “This is part of a long-term problem with funding for hospitals that serve the state’s most vulnerable residents. We need to fix it.”

Many earmarks

Finegold’s proposal is one of more than 1,000 amendments to the Senate’s budget, many of them local earmarks seeking to divert more state money to local governments, schools, cash-strapped community groups and nonprofits. Only a handful will likely make it into the Senate’s final spending package.

The plan faces pushback from the Massachusetts Association of Health Plans, which represents commercial insurers who would be impacted by the proposed changes to the hospital safety net program.

Lora Pellegrini, the group’s president and CEO, said requiring insurers to cover the fund’s shortfalls would jeopardize negotiations between the state Department of Health and Human Services and the U.S. Centers for Medicare and Medicaid Services that seek to reduce assessments paid by medical insurance carriers.

“This really came out of nowhere, and would be counterproductive to those efforts,” she said. “We have a committee process for a reason and that’s where these kinds of special interest issues should be vetted, not in the budget.”

But the move is backed by the Massachusetts Health and Hospital Association, which says requiring insurers to cover the shortfall would help alleviate an “unmanageable financial burden” on the health care system “by broadening funding support for the program.”

“The Health Safety Net is a vital component of Massachusetts’ healthcare infrastructure and its ability to cover the costs of care for low-income and uninsured patients,” Daniel McHale, MHP’s vice president for Healthcare Finance & Policy, said in a statement.

“At this increasingly fragile time for the entire health care system, it is imperative that we take the steps needed to stabilize the safety net for the people and providers who rely on it each day.”

Local hospitals affected

The state’s safety net hospitals and community health centers – which include Lawrence Hospital, Salem Hospital, Holy Family Hospital in Methuen and Anna Jaques Hospital in Newburyport – serve a disproportionate percentage of low-income patients.

Many are heavily dependent on Medicaid reimbursements, which are typically less than commercial insurance payouts.

Nearly 30% of Lawrence General’s gross revenue is for care provided to Medicaid, or MassHealth, patients. The state average is 18%.

Many community hospitals are collecting from low-paying government insurance programs, and getting below-average reimbursements from commercial insurers, advocates say.

Lawmakers also swept money from the hospital safety net fund to help cover the costs of new Medicare savings programs that pay some or all of eligible senior citizen’s premiums and other health care costs, including prescriptions.

Hospitals are also seeing increased demand from uninsured patients as hundreds of thousands of Medicaid recipients see their state-sponsored health care coverage dropped following the end of federal pandemic-related programs, which is driving up costs. Claims processing problems are another factor adding to hospital costs, they say.

Those and other factors have widened the fund’s shortfall from $68 million in fiscal 2022 to more than $210 million in the previous fiscal year, according to the hospital association. Combined, the shortfall could reach $600 million for the three fiscal years, the association said.

Biggest expense

The House, which approved its $58.2 billion version of the state budget two weeks ago, proposed $17.3 million in state funding for the hospital safety net fund. The Senate, which begins debate on its version of the budget next week, has proposed a similar amount.

In the current budget, the state allocated $91.4 million for the safety net fund.

But the House budget didn’t include an amendment requiring insurers to help hospitals pay the shortfall. That means even if the Senate approves Finegold’s amendment, it would still need to be negotiated as part of the final budget before landing on Gov. Maura Healey’s desk for consideration.

Health care coverage, in the meantime, is one of the state’s biggest expenses. Medicaid costs have doubled in the past decade and now account for nearly 40% of state spending.

MassHealth serves more than 2 million people – roughly one-third of the state’s population – despite federal Medicaid redeterminations that have reduced its rolls over the past year.

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By Christian M. Wade | Statehouse Reporter

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May 18, 2024
Meet Plum

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NEWBURYPORT — After keeping a low profile since the Recreation and Youth Services Department named its new mascot in March, Plum the Piping Plover made her grand entrance Tuesday outside City Hall to a hearty round of applause coming from about 25 people.

Plum was joined by RYS Director Andrea Egmont, Mayor Sean Reardon and local fourth-graders Maddox Mutabdzija and Lorelei Rea just outside the front entrance.

The two 10-year-olds were the winners of a mascot origin story contest as a way of promoting Plum’s appearance. The two scribes won a $25 gift certificate to Hodgies Too Ice Cream.

“This is fun that there’s a small crowd here,” Egmont said.

It is hoped Plum puts a new face on the newly renamed Recreation and Youth Services Department, which used to be called Newburyport Youth Services and featured a mascot named Lucky the Duck. When the city department was rebranded, it sparked the idea of rebranding its mascot, according to city officials.

Egmont explained that her department wanted to shy away from the clipper ship motif considering its use in local schools, leaving an animal or bird as the next best choice. With that in mind, the city’s most-talked-about bird, Plum Island’s iconic piping plover, was chosen.

The department received eight submissions, with the winners selected by Reardon, Egmont and The Daily News. After reading both winning essays to the crowd, Egmont praised all of the authors.

“They were all awesome,” Egmont said.

Lorelei said it took about 10 minutes to write her origin story and that her favorite part was describing her friends and some of Plum’s friends. Maddox’s essay, which he said took about 20 minutes, featured many sports references, including activities at which Plum excels. That was his favorite part, he added.

When asked if she would share the Hodgie’s gift certificate with her family, Lorelei made it plain what she intended to do.

“Take it all for myself,” she said.

Her comment elicited plenty of chuckles from family members, with one saying: “At least she’s honest.”

Reardon, who gave the essay winners a certificate of achievement, had nothing but good things to say about Plum’s first public appearance.

“I’m extremely excited we landed on Plum,” Reardon said, adding that any way the city can highlight the endangered bird is a win.

Plum could be making her first public appearance at Saturday morning’s Big Wheel 500 race at Cushing Park. But if Plum is unable to make it, she will still take part in the upcoming Pride Parade weekend, Egmont said.

When approached by a Daily News reporter seeking comment, Plum placed her wings over her mouth and remained silent.

Dave Rogers is the editor of the Daily News of Newburyport. Email him at: drogers@newburyportnews.com. Follow him on Twitter @drogers41008.

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By Dave Rogers | drogers@newburyportnews.com

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May 15, 2024
Senate unveils $59.7B budget

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BOSTON — Money for free community college, regional transportation and increased spending on housing and child care are among the highlights of the Senate’s version of next year’s budget, which was rolled out Tuesday.

The $59.7 billion Senate budget is slightly more than a spending plan approved by the House of Representatives about two weeks ago, and boosts local aid to communities in the next fiscal year by $38.1 million to nearly $1.3 billion.

Meanwhile, it increases Chapter 70 funding for schools by $316 million to more than $6.9 billion. That would fully fund the third year of the Student Opportunity Act, which was approved by the Legislature in 2019. The law calls for diverting $1.5 billion to schools over seven years.

The plan also proposes spending $1.3 billion in proceeds from the newly enacted “millionaires tax” by divvying up the money for a range of education and transportation programs and new initiatives.

The voter-approved law, which went into effect last year, set a 4% surtax on incomes above $1 million.

Senate Ways and Means Chairman Michael Rodrigues said the plan makes targeted investments in higher education, transportation, and reflects the upper chamber’s efforts to make the state “more affordable, equitable and competitive.”

“It maximizes and continues to build on the progress we’ve made in key sectors of the state economy,” the Westport Democrat told reporters at a briefing Tuesday.

The Senate’s budget doesn’t call for raising taxes or new fees, and pumps more money into the state’s reserves or rainy day fund, which would bring the total to more than $9 billion by the end of the fiscal year.

A key provision of the Senate budget calls for spending $117.5 million to offer free community college for all Massachusetts residents, and another $28 million for stipends for low-income community college students to cover the cost of books, transportation and child care, among other expenses.

The plan would earmark $214 million for the state’s 15 regional transit authorities – including $40 million to provide bus service free of charge to passengers. Several RTAs, including the Merrimack Valley Transit Authority, have been offering free and discounted bus service under pilot programs.

Increased funding for expanding child care, health care, housing and mental health services also are part of the Senate’s proposal.

The House approved a nearly $58 billion budget that includes new spending on public transportation, public safety, environmental protection, health care and housing. Healey unveiled a $56.1 billion budget in January that calls for capping spending increases at 2.9% across the board, citing the state’s declining revenue collections.

Lawmakers are debating the spending plan amid concerns about the state’s finances, with taxes and other revenue coming in below benchmarks in recent months, and with federal pandemic aid drying up.

Healey wielded her executive powers in February to slash $375 million from the current fiscal year budget to close a gap between spending and revenue.

Senate President Karen Spilka said the spending plan calls for making “key investments,” but shows fiscal restraint as “prudent stewards of taxpayer dollars.”

“Revenues rise and fall, but this is not the time to take our foot off the pedal when it comes to making investments in our residents that will improve quality of life, build a world-class workforce and keep people in Massachusetts so they can live, work and raise a family,” the Ashland Democrat told reporters on Tuesday.

Senators are expected to file hundreds of proposed amendments to the budget ahead of debate on the spending bill next week, which could drive up the bill’s final price tag. The fiscal year begins July 1.

Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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By Christian M. Wade | Statehouse Reporter

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May 11, 2024