Trump hits India with 50% tariffs. Experts warn of the consequences if the president removes a Fed Board governor. An electric scooter company is exposed as a scam. And remembering Hurricane Katrina 20 years on.
Here’s what to know today.
Trump hits India with punishing 50% tariffs for buying Russian oil
President Donald Trump’s promised 50% tariffs on India took effect on Wednesday, as the U.S. risks blowing up a relationship considered crucial in its effort to counter the rise of China.
Trump started the tariff rate at 25% but doubled it earlier this month as punishment for India buying Russian oil, making it one of the highest of the many tariffs imposed during the president’s ongoing global trade war.
India, one of the world’s fastest growing economies and a key partner for the West in the Indo-Pacific region, is heavily reliant on trade with the U.S., its largest export market.
The 50% levy risks decades of warming ties between Washington and New Delhi. Prime Minister Narendra Modi has vowed to stand firm in the face of what he termed “the politics of economic selfishness” and to defend the country’s farmers and small businesses.
Vice President JD Vance — whose wife is the daughter of Indian immigrants — told NBC’s “Meet the Press” on Sunday that the U.S. had applied “aggressive economic leverage” on India to “try to make it harder for the Russians to get rich from their oil economy.”
Stock markets in India remained closed on Wednesday due to a public holiday.
Read the full story here.
More politics news:
- In one Washington neighborhood, the National Guard takeover has created a sense of terror for immigrants.
- Trump’s comments about allowing 600,000 Chinese international students into the U.S. have drawn criticism from some Republicans, including loyal backers of the president.
- Trump said his administration will seek the reinstatement of the death penalty for murder cases in the nation’s capital.
- DOGE put the personal data of millions of Americans, including Social Security numbers, on a vulnerable server, according to a new whistleblower complaint.
The scooters looked real, but the business was fake
An electric scooter company with seemingly trusted endorsements and glitzy storefronts allegedly swindled hundreds of thousands of dollars from Americans.
Lightning Shared Scooter Co. had a simple pitch to potential investors: How’d you like to make some extra money with just a few taps on your phone? The Hong Kong-based company sold investors on the idea that their money would double, then triple with its rentable scooters. Recruitment of friends of family would yield even more return.
Does it sound fishy? Well, the company had the endorsement of small-town mayors, police officers and a lieutenant colonel in the U.S. Army. Sean Spicer gave the company a shoutout on Cameo and soccer superstar Kylian Mbappé’s image was used to promote the scooters.
What seemed like a very real investment for Americans looking to secure financial stability quickly turned into a facade, then a nightmare when they tried to get their money back.
Read the full story here.
Family alleges ChatGPT was son’s ‘suicide coach’ before his death
Matt and Maria Raine searched through their 16-year-old son’s phone days after he died by suicide, looking for clues on what could have led to the tragedy.
Matt said he went to his son’s Snapchat messages and internet history, but it wasn’t until the Raine family opened ChatGPT that they found an answer.
Adam Raine initially used the chatbot to help him with homework, but it quickly became a space where he discussed issues with anxiety and talking with his family.
In a lawsuit filed by the Raines, they claim that “ChatGPT actively helped Adam explore suicide methods.” The roughly 40-page lawsuit names OpenAI, the company behind ChatGPT, as well as its CEO, Sam Altman, as defendants. The lawsuit is the first time parents have directly accused the company of wrongful death.
Read the full story here.
Economists worry what Trump’s attempt to fire Cook could lead to
In a largely unprecedented move, Donald Trump attempted to remove Federal Reserve governor Lisa Cook, causing a domino effect of lawsuit threats and experts warning what it could mean for U.S. households’ finances.
Trump cited a “criminal referral” from Federal Housing Finance Agency Director William Pulte that alleged discrepancies on Cook’s mortgage application documents. Cook has refused to step down, and on Tuesday, she said she was planning to file a lawsuit challenging Trump’s move.
But some economists and academics worry that if Trump can follow through with removing Cook, it could jeopardize the independence of the central bank. That, experts said, could erode investors’ trust in the soundness of the Fed’s decision and could lead to worsening inflation.
The dispute will likely end up in the Supreme Court, which recently issued a ruling that acknowledged the president has wide latitude to control federal agencies, but found his ability to make personnel decisions at the Federal Reserve may be more limited.
Read the full story here.
Read All About It
- Taylor Swift and Travis Kelce announced their engagement on Instagram with photos from the proposal and a shot of the large diamond ring.
- Uncle Herschel is returning to the Cracker Barrel chair after online outrage by conservatives, who accused the restaurant chain of going “woke” when it rolled out a new logo.
- YouTube will offer creators the ability to opt-out of recent enhancements after creators expressed concerns changes were being done without their permission or knowledge.
- A federal-state partnership that monitors for foodborne illnesses quietly scaled back its operations nearly two months ago.
- How much will your inflated pumpkin spice latte cost this fall? Starbucks says the same as last year.
Staff Pick: Remembering the acts of compassion during Hurricane Katrina
Reporter Curtis Bunn and I were not completely sure what a story on Hurricane Katrina’s 20-year anniversary would look like, what there is to say about one of the deadliest storms in U.S. history that hasn’t already been said. So he did what reporters do: He started talking to people who rode out and survived the storm.
As we talked about their experiences, the incredible thing that kept popping up to us was the way that good deeds and kindness pulled victims to the other side of an American catastrophe. Neighbors opened up their homes; businesses offered work to the broke and desperate; residents used the tools in their garages to rescue each other. The story we needed to tell became clear: Acts of humanity by complete strangers have outlasted the physical damage Hurricane Katrina inflicted on the Gulf Coast. — Maria Garcia, editorial director
NBC Select: Online Shopping, Simplified
Celebrate Labor Day in August with the best sales that have already begun. Plus, Amazon has discounts up to 30% off on Apple products including the AirPods 4, AirTag, iPad, Apple Watch and more.
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