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Trump sues JP Morgan and CEO for over US$5bn
United States President Donald Trump is suing JPMorgan Chase and its Chief Executive Officer Jamie Dimon and seeking at least US$5 billion (A$7.3 billion) in damages for allegedly dropping him as a customer for political reasons. The lawsuit, filed on 22 January in Miami-Dade County, Florida, alleges JPMorgan improperly closed bank accounts belonging to Trump, the Trump Organization, affiliated entities and members of his family following the 6 January 2021 Capitol riot. Trump wrote in a post on his Truth Social platform that the Wall Street Journal newspaper falsely reported he had offered Dimon the role of Federal Reserve Chairman. “This statement is totally untrue, there was never such an offer and, in fact, I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest, a protest that turned out to be correct for those doing the protesting — The Election was RIGGED!,” Trump wrote in this post. Trump claimed the bank’s actions were politically motivated and violated its own internal policies, according to media reports. JPMorgan allegedly notified Trump and his businesses in February 2021 that it would close their accounts with 60 days’ notice,
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Supreme Court doubts Trump bid to fire Fed governor
United States Supreme Court justices signalled scepticism on Wednesday over President Donald Trump’s unprecedented attempt to fire Federal Reserve Governor Lisa Cook, with concerns mounting over due process and the central bank’s long-cherished independence. During nearly two hours of oral arguments, the justices indicated they were unlikely to grant the Trump administration’s request to lift a lower court order blocking Cook’s immediate removal while her legal challenge continues. Since the Federal Reserve was created in 1913, no president has sought to remove a sitting Fed governor, a fact repeatedly underscored by both conservative and liberal members of the court.Uncharted legal territoryQuestions from the bench exposed the lack of legal precedent, including what constitutes adequate “cause” under federal law to remove a Fed official and what procedural safeguards are required to ensure fairness. Several conservative justices joined their liberal colleagues in pressing the administration’s lawyer, signalling unease about the broader implications for the Fed if the president’s arguments were accepted. Chief Justice John Roberts, along with Justices Brett Kavanaugh and Amy Coney Barrett, raised concerns about the abs
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Powell to attend Supreme Court hearing on Cook firing
Federal Reserve Chairman Jerome Powell plans to attend oral arguments on Wednesday at the United States Supreme Court in a case challenging President Donald Trump’s attempt to fire Fed Governor Lisa Cook, a person familiar told the Associated Press on Monday. Powell’s planned attendance is unusual for a sitting Fed chair. However, the case is widely viewed within the central bank as carrying potentially existential implications, as it centres on whether a president has the authority to remove a Federal Reserve governor in the manner attempted by Trump. The development comes as Powell himself is under criminal investigation by the U.S. Attorney’s Office in Washington, D.C., relating to a multi-billion-dollar renovation of the Federal Reserve’s headquarters and his testimony to Congress about that project. In an extraordinary public statement on 11 January, Powell disclosed the investigation and suggested it was politically motivated, linking it to the Fed’s resistance to pressure from the White House to cut interest rates more aggressively. “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following th
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Trump admin opens probe into Fed chair Jerome Powell
The United States Department of Justice has opened a criminal probe into Federal Reserve chair Jerome Powell as U.S. President Donald Trump’s administration escalates its attacks on the Fed’s independence. The probe follows repeated threats from Trump to fire Powell for declining to aggressively cut interest rates. Trump denied knowledge of the investigation today, saying: “I don’t know anything about it, but he’s certainly not very good at the Fed.” “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” said Powell in a video statement. “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation.” The investigation is examining whether Powell lied to Congress during testimony about the renovation of the Fed’s headquarters last June, Powell said. The Fed was served with grand jury subpoenas on Friday. Trump has favoured very low interest rates, telling the Wall Street Journal last month that rates should be cut t
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Explainer: The Supreme Court case against Trump's tariffs
Global trade has been disrupted by the United States’ tariff policies since April. Import duties on all countries are now at least 10%, with tariffs on some nations, like India, set much higher. However, many of these tariffs were imposed under laws that may not grant presidents the power to do so. After two lower courts ruled these tariffs were unlawful, the Supreme Court agreed to hear the case on a fast-tracked timeline. Supreme Court justices have seemed unconvinced that these tariffs were legally imposed — and if the court does strike down these policies, the U.S. could have to issue refunds to companies that have paid import duties. U.S. customs duties reached a monthly record of US$31.35 billion in October, more than four times the $7.3 billion collected one year before. Grounds for the suitThe case, brought by groups of small businesses, centres on whether the International Economic Emergency Powers Act (IEEPA) would give the president powers to impose tariffs indefinitely. IEEPA allows presidents to block international transactions and freeze assets after an emergency has been declared, and requires a major threat to American interests. It had never been used to impose tariffs before 2025, and powers to levy t

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Trump plans to raise defence spending by more than 50%
U.S. President Donald Trump has announced plans to drastically raise U.S. military spending to US$1.5 trillion in 2027. This would be more than 50% higher than the US$901 billion budget approved by Congress in September. In a post to Truth Social, Trump said the $1.5 trillion budget is especially needed in “these troubled and dangerous times”. “This will allow us to build the 'Dream Military' that we have long been entitled to and, more importantly, that will keep us SAFE and SECURE, regardless of foe,” he said. He said that the White House will “easily” be able to pass his proposed budget thanks to money being brought in by tariffs. Economists have warned that the gap between U.S. spending and earnings has reached unsustainable levels. These comments follow a separate Truth Social post from Trump, where he slammed defence companies for not producing weapons quickly enough. In the post, he said he will not allow dividends or stock buybacks for defence companies until these issues are fixed. Shares in major U.S defence markers Lockheed Martin, Northrop Grumman and Raytheon rose more than 5% in extended trading following Trump’s announcement. This also comes just days after the U.S. captured Venezuelan Pre
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US announces new sanctions on Iran and Venezuela
The United States has announced new sanctions on groups reportedly involved in weapons trade between Iran and Venezuela. This is the latest move from President Donald Trump in his increasing pressure campaign against Venezuelan President Nicolás Maduro. Those targeted in the new sanctions include a Venezuelan company, Empresa Aeronautica Nacional, and three Iran-based individuals, all of which are allegedly involved in the weapons industry and trade between the two nations. Trump has also threatened direct military action if Iran looks to rebuild its weapons program, as rumours continue that it is working on a new nuclear program. “Iran’s ongoing provision of conventional weapons to Caracas constitutes a threat to U.S. interests in the Western Hemisphere, including the Homeland, and the United States will use all available measures to prevent this trade,” the Treasury Department said in a statement about the new sanctions.
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Over 300k student loan new repayment plans rejected
More than 300,000 requests for a student loan new payment plan have been denied by the United States Department of Education. A court filing on 15 December revealed that in August alone, there were 327,955 borrower requests to be enrolled in an income-driven repayment plan (IDR), which were all denied, leaving borrowers locked into repayment plans with higher monthly instalments or a forbearance that is accruing interest. IDR plans put a cap on borrowers’ monthly bills, based on a share of their income, and eventually lead to debt cancellation after a period of 20 to 25 years. The Education Department cited “unforeseen ambiguity” as the reason for the IDR rejections in the filing. This comes less than a month after confirmation from the Trump administration that wage garnishing on student loans could begin as soon as January. The current outstanding student loan debt in the States exceeds US$1.6 trillion.
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Trump to garnish pay from student loan defaulters
The Trump administration is set to start taking pay from those with student loans in default from January. Over 5 million people with student loans are already in default, but the Education Department said that could be expected to grow to 10 million, while a total of over 42 million hold student loans in general; a total debt of approximately US$1.6 trillion. Now, a spokesperson from the Department has confirmed that wage garnishing will begin on those in default as soon as next month. This will see federal tax refunds, pay, Social Security retirement and disability benefits of those in default all open to being seized by the federal government to put towards their debt, for the first time in over five years, when the start of the COVID pandemic saw the practise stopped. The Education Department will be permitted to take up to 15% of a student loan holder’s income, after tax.