The past week was filled with intriguing stories, from the Trump administration’s backing of a Biden-era project to a lawsuit over China tariffs. Members of Congress are trading Tesla stock, while Trump’s stance on cannabis policy remains unclear. Lastly, the President sets up a new entity to manage the CHIPS Act. Here’s a quick recap of these stories.
Trump’s Administration Backs Biden’s Legacy Project
The Trump administration has shown support for the Lobito Corridor, a project initiated by former President Joe Biden. The transcontinental railway project aims to link resource-rich areas of the Democratic Republic of Congo (DRC) and Zambia to Angola’s Atlantic port of Lobito. This move is expected to strengthen the West’s critical minerals supply chain.
Trump Faces Lawsuit Over China Tariffs
President Donald Trump is facing a lawsuit over the 20% tariffs imposed on Chinese goods. The lawsuit, filed by the New Civil Liberties Alliance on behalf of a Florida-based small business, challenges Trump’s use of the International Emergency Economic Powers Act of 1977.
Congress Members Trading Tesla Stock
Seven members of Congress have bought and sold Tesla Inc. TSLA stock since the 2024 presidential election. The rising price of Tesla stock in 2024 following Trump’s election win may have boosted the wealth of these Congress members.
Trump’s Stance on Cannabis Policy
Despite receiving praise from a pro-cannabis PAC during his campaign, President Trump seems to be in no rush to make significant changes to cannabis policy. A White House official stated that “no action is being considered at this time” regarding marijuana policy.
Trump Sets Up New Entity for CHIPS Act
Days after criticizing the CHIPS Act as a ‘horrible thing,’ President Trump has set up a new entity within the Commerce Department to manage the CHIPS and Science Act, 2022. The United States Investment Accelerator will now oversee the CHIPS Act program.
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This story was generated using Benzinga Neuro and edited by Rounak Jain
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