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Dow Headed for Worst April Since 1932 as Investors Send ‘No Confidence’ Signal

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Dow Headed for Worst April Since 1932 as Investors Send ‘No Confidence’ Signal




Few think the administration’s negotiations with trade partners will yield results soon enough to ease the strain.



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White House economic director reveals three trade deals await Trump’s signature

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White House economic director reveals three trade deals await Trump's signature


White House National Economic Council Director Kevin Hassett exerted confidence in the Trump administration’s ability to get tariff legalities overturned, adding that three alleged trade deals are awaiting the president’s signature.

“Trump does always win these negotiations, because we’re right,” Hassett said on “Mornings with Maria,” Thursday. “We’re right that America has been mishandled by other governments, that our tariffs are taking them to the table.”

“It’s unfortunate that people would attack it… the way the judges just did. You know, these activist judges are trying to slow down something right in the middle of really important negotiations,” he added. “I’m sure that when we appeal that, this decision will be overturned.”

On Wednesday, the U.S. Court of International Trade ruled that President Trump overstepped his authority over tariffs under the International Emergency Economic Powers Act (IEEPA).

CITI C.E.O. BULLISH ON U.S. ECONOMY AND ENTREPRENEURSHIP UNDER TRUMP LEADERSHIP

“The Constitution assigns Congress the exclusive powers to ‘lay and collect Taxes, Duties, Imposts and Excises,’ and to ‘regulate Commerce with foreign Nations,’” the court opined. “The question in the two cases before the court is whether the International Emergency Economic Powers Act of 1977 (“IEEPA”) delegates these powers to the President in the form of authority to impose unlimited tariffs on goods from nearly every country in the world.”

Kevin Hassett on Trump tariff deals

White House National Economic Council Director Kevin Hassett talked tariff court appeals and ongoing deals on “Mornings with Maria.” (FOXBusiness)

“The court does not read IEEPA to confer such unbounded authority and sets aside the challenged tariffs imposed thereunder,” the court continued.

According to Hassett, the recent ruling “doesn’t at all” impact ongoing trade deals, but admitted there could be “little hiccups.”

Hassett then divulged that three trade partners have come forth with formal negotiations that just need President Trump to officially sign off on.

“At the end of [last] week, [there were] three that were basically ready for the president’s decision. I don’t know if people have had that conversation with him yet, but yes, there are many, many deals coming,” he said, “and there were three that basically look like they’re done.”

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The White House previously told FOX Business that the Trump administration is committed to using every level of executive power to restore American greatness.

“We’re very, very confident that this really is incorrect,” Hassett said. “In the end, people know President Trump is 100% serious, and they also have seen that President Trump always wins.”

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FOX Business’ Greg Wehner and Bill Mears contributed to this report.



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Aercap Holdings stock soars to all-time high of $115.07

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Aercap Holdings stock soars to all-time high of $115.07



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Former Goldman Sachs banker sentenced to two years in prison for 1MDB role

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Tim Leissner arriving at court in Brooklyn, New York for his sentencing hearing on Thursday


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Tim Leissner, the disgraced former Goldman Sachs banker at the heart of the multibillion-dollar 1MDB scandal, has been sentenced to two years in prison, in a coda to one of the most infamous Wall Street prosecutions in history. 

Leissner, who faced up to 25 years in prison, told Judge Margo Brodie of Brooklyn federal court that he stood before her “in shame”, admitting that what he had done was “very wrong”.

Wearing a dark suit, the ex-banker apologised “to the people of Malaysia, who are the real victims”, adding that if “I could turn back time I would”. Leissner said he had “pretty much lost everything”, including his career, freedom, family and financial independence. One of Leissner’s daughters and his parents were in the courtroom.

“I lost my will to live,” Leissner said, “I tried to take as many pills as I could to end it then . . . it was absolute rock bottom.”

Leissner’s sentence marks a milestone in US law enforcement’s investigation into the 1MDB affair, in which Goldman bankers helped corrupt Malaysian officials misappropriate about $4.5bn from its sovereign wealth fund, according to prosecutors. Leissner pleaded guilty early in the investigation and agreed to co-operate with prosecutors, testifying in the trial of one of his former colleagues, Roger Ng.

Goldman admitted paying more than $1bn in bribes to obtain underwriting work and paid nearly $3bn in criminal fines under a resolution with the US Department of Justice, in a saga that spanned Malaysia, the Middle East, Switzerland and the US, engulfing high-flying financiers and politicians alike. The case also led to the prosecution of Malaysia’s prime minister at the time, Najib Razak, who was convicted and ultimately sentenced to six years in prison.

Ng was sentenced to 10 years in prison in 2023 after a New York jury found him guilty of bribery and money laundering. Razak, who founded 1MDB, is fighting his prison sentence in Kuala Lumpur. Another central figure, Malaysian financier Jho Low, was charged by US authorities. He remains at large and maintains his innocence.

Henry Mazurek, Leissner’s lawyer, argued his client had undergone a “tremendous transformation” in a bid to “regain the soul that he had lost”.

Leissner “wants the opportunity to right the wrongs he has committed”, Mazurek told the court.

The justice department did not recommend a sentence. Prosecutor Drew Rolle described the scandal as “the biggest financial crime in world history”, but said Leissner’s co-operation was critical to the investigation and charges against Ng and Low.

Leissner previously testified how he steered Goldman’s arrangement of three 1MDB bond deals in 2012 and 2013, which raised about $6.5bn before the ex-banker helped siphon more than $2.7bn from the Malaysian fund.

He told the court that he spent his share of the stolen 1MDB proceeds, about $60mn, on a 170ft yacht and real estate in New York and London as well as investments in Italian football team Inter Milan.

The bank’s general counsel Kathryn Ruemmler wrote to the judge this month to say Leissner “extensively lied to and deceived many people” at the Wall Street group and “has still not repaid one penny” of a $20.7mn arbitration award that a court in 2023 said he owes Goldman. 

Rolle said in court that the bank’s letter was “truly extraordinary” and came from an “institution continuing to resist responsibility for its central role” in the scandal. “It’s sort of like a getaway driver showing up at a cooperator’s sentencing”, he said.



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