Trump Faces Legal, Economic, and Political Fronts
President Trump was engaged in multiple legal, economic, and political battles on Thursday, according to various news reports. These included a lawsuit against the IRS, threats of tariffs against Canada and countries selling oil to Cuba, and an upcoming announcement regarding his nominee for Federal Reserve chair.
Trump filed a lawsuit against the Internal Revenue Service (IRS) and Treasury Department for at least $10 billion, accusing the agencies of unlawfully allowing an IRS contractor to leak his tax returns and those of his sons and company, CBS News reported. The lawsuit, filed in federal court in Miami, alleges that mishandling of his tax returns led to their improper disclosure to media outlets in 2020. Trump's oldest sons, Eric and Don Jr., and the Trump Organization are also plaintiffs in the suit. "Defendants have caused Plaintiffs reputational and financial harm, public embarrassment, unfairly tarnished their business reputations, portrayed them in a false light, and negatively affected President Trump, and the other Plaintiffs' public standing," the lawsuit alleges.
In economic news, Trump threatened Canada with a 50% tariff on any aircraft sold in the U.S., escalating his trade war with America's northern neighbor, CBS News reported. The president said he was retaliating against Canada for refusing to certify jets from Savannah, Georgia-based Gulfstream Aerospace. "If, for any reason, this situation is not immediately corrected, I am going to charge Canada a 50 Tariff on any and all Aircraft sold into the United States of America," Trump said in a post on Truth Social. He also stated he was "hereby decertifying" the Bombardier Global Express.
Trump also signed an executive order that would impose a tariff on any goods from countries that sell or provide oil to Cuba, a move that could further cripple the island, which is facing a deepening energy crisis, according to CBS News. The order would primarily put pressure on Mexico, which has been an oil lifeline for Cuba.
On the political front, the FBI executed a search warrant Wednesday at an elections office in Fulton County, Georgia, seeking to take ballots in an investigation linked to the 2020 presidential election, CBS News reported. Fulton County confirmed that the FBI sought a number of records related to 2020 elections. A state senator present told reporters the FBI sought hundreds of boxes of ballots.
Additionally, Trump said he would announce his nominee for Federal Reserve chair Friday morning, as he puts pressure on the Fed to cut interest rates, CBS News reported. "I've chosen a very good person to head the Fed," he told reporters late Thursday. He described his pick as an "outstanding person" who is "very respected" and "known to everybody in the financial world." While he did not name the nominee, he indicated that White House National Economic Council Director Kevin Hassett and former Fed board member Kevin Warsh were front-runners.
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