Donald Trump has signed an executive order establishing a strategic cryptocurrency reserve for the United States comprised of the 198,000 bitcoins the American government already holds through law enforcement confiscations, worth an estimated $17bn in total.
White House crypto czar David Sacks said the move would “not cost taxpayers a dime” but the announcement caused the price of bitcoin to slump on Thursday night, with the value of rival coins also tumbling.
Trump is hosting a “Digital Assets Summit” at the White House on Friday.
Yesterday, the president postponed planned 25 percent tariffs on most goods from Mexico and Canada for one month after speaking to Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau.
Sheinbaum described her call with Trump as “excellent and respectful,” whereas the Trudeau exchange was reportedly more “colorful”, with the Canadian saying afterwards he expects his country to remain locked in a trade war with the U.S. for the foreseeable future.
Trump also abruptly called a cabinet meeting yesterday to clarify the role of Elon Musk and the Department of Government Efficiency (DOGE) after they faced significant pushback from the courts over their authority to order the mass firings of federal workers.
Defiant CBS suddenly comes out swinging in $20bn Trump lawsuit
The network has filed a motion to dismiss Donald Trump’s $20 billion lawsuit over former Vice President Kamala Harris’s 60 Minutes interview last year, calling the suit an “affront to the First Amendment without basis in law or fact.”
The president had previously claimed the outlet edited the interview in such a way as to attempt to make him look bad to voters, allegedly contributing to “voter interference.”
He filed the lawsuit in October, months before taking office, prompting CBS to publicly release the unedited video of Harris last month in a bid to demonstrate there was nothing unusual or manipulative in the editing.
Michelle Del Rey has the latest.
Joe Sommerlad7 March 2025 14:50
Congress cannot realise Trump’s cuts without touching Medicaid or Medicare, budget office confirms
House Republicans won’t be able to reach their budget target needed to pass the Trump agenda without major cuts to Medicare or Medicaid, the Congressional Budget Office (CBO) confirmed on Wednesday.
Last week, House Republicans took on a budget plan that aims to pass Trump’s agenda on immigration, energy and taxes.
It orders the House Energy and Commerce Committee to cut spending by $880 billion.
The CBO, a nonpartisan federal agency that provides budget and economic information to Congress, noted that when Medicare is taken off the table, the funding governed by the committee amounts to $8.8 trillion over 10 years.
Medicaid makes up 93 percent of that, or $8.2 trillion.
Here’s more from Gustaf Kilander.
Joe Sommerlad7 March 2025 14:30
Watch: Republican senator shares ‘worries’ over Trump’s tariff policy
Louisiana’s ever-folksy John Kennedy cautiously expresses some disquiet in this interview with former Trump adviser Larry Kudlow on Fox Business.
Joe Sommerlad7 March 2025 14:10
Canadian senator challenges Donald Trump Jr to boxing match over ‘bogus tariffs’
Patrick Brazeau, 50, a controversial Quebec-based lawmaker, took to X on Thursday to challenge Trump’s eldest son to a charity bout.
“In light of these bogus tariffs from President Trump from the U.S. onto Canada, I challenge you to a fight to raise money for cancer research or an organization of your choosing”, Brazeau wrote to Don Jr.
Here’s more from Madeline Sherratt.
Joe Sommerlad7 March 2025 13:55
U.S. economy adds 151,000 jobs but unemployment ticks up in first report of Trump administration
That’s an increase on January and a decent showing amid a climate of DOGE-backed federal layoffs.
Here’s the latest from Rhian Lubin.
Joe Sommerlad7 March 2025 13:45
Twenty states sue Trump over mass firings saying Musk’s DOGE skipped required notices
Nearly half of the country’s attorneys general sued the Trump administration over the Department of Government Efficiency (DOGE)’s mass firings of federal workers.
The AGs accuse the administration of terminating tens of thousands of probationary employees without first following federal regulations, including a 60-day advance notice to affected employees and states.
“These large-scale, indiscriminate firings are not only subjecting the Plaintiff States and communities across the country to chaos. They are also against the law,” the suit filed on Thursday says.
“Where an agency fails to provide such notice, the employees ‘may not be released.’”
Here’s the latest from Kelly Rissman.
Joe Sommerlad7 March 2025 13:30
Jimmy Kimmel roasts Trump for ‘dumb’ claim about transgender mice
The late night host roasted the president for falsely claiming, during his address to Congress on Tuesday evening that the U.S. government spent $8m on making mice “transgender”.
Here’s Greg Evans on Kimmel.
Joe Sommerlad7 March 2025 13:10
Trump’s treasury secretary declares cheap goods are ‘not the essence of the American Dream’
Scott Bessent made that odd statement as part of a defense of his boss’s tariffs hike unsettling the stock market.
Let them eat overpriced cake?
Joe Sommerlad7 March 2025 12:50
Trump administration resumes detention of migrant families and kids
A detention center in Texas is reopening as the Trump administration prepares to restart the detention of migrant families and kids – a move that advocates worry could usher in another “dark chapter” in America’s treatment of immigrants.
CoreCivic, a company that manages the South Texas Family Residential Center in Dilley, Texas, announced on Wednesday that it had reached an agreement with U.S. Immigration and Customs Enforcement (ICE) to reactivate the facility.
The facility, which holds up to 2,400 people, was built in 2014 for ICE to provide additional space to hold migrant families.
CoreCivic ran the center until 2024, “when funding for the contract with ICE was terminated and the facility was idled,” the company said in a statement.
The newest agreement is set to expire in 2030.
Joe Sommerlad7 March 2025 12:30
Musk wants to privatize Amtrak and the Postal Service
The billionaire Trump adviser wants government-run entities like the U.S. Postal Service and Amtrak to be taken private.
“Basically, something’s got to have some chance of going bankrupt, or there’s not a good feedback loop for improvement,” Musk told the Morgan Stanley Technology Media & Telecom conference this week.
“We should try to privatize everything we possibly can, and that would be my recommendation.”
The DOGE leader reserved special ire for Amtrak, saying the rail provider “can leave you with a very bad impression of America,” compared with comparable services in other countries.
Joe Sommerlad7 March 2025 12:10