Hush money trial: Former Trump attorney and fixer Michael Cohen was due to face ross examination from Donald Trump’s attorneys today. He testified in the Trump hush money trial yesterday that Trump was involved in setting up the hush money payoff to porn star Stormy Daniels. Cohen testified that Trump made it plain that the payoff was to benefit his presidential election campaign and not to keep their sexual encounter secret from wife Melania. Cohen testified for six hours yesterday.
Ukraine: Secretary of State Antony Blinken made a surprise trip to Ukraine today and met with Ukrainian President Zelenskyy. Zelenskyy said Ukraine is in urgent need of more air defense systems. Blinken reassured him that U.S. military aid is starting to flow again after being delayed by far-right extremist Republicans in Congress. Russian troops have been making advances in northern Ukraine, taking territory the Ukrainians can no longer defend because they don’t have enough military supplies.
Red Lobster: CNN reported this morning that the Red Lobster chain of restaurants has abruptly closed at least 48 of its restaurants in the U.S. The chain has approximately 650 locations. The contents of the closed restaurants are being auctioned off by an online auction house. CNN reported that Red Lobster is considering filing for bankruptcy protection. The New York Post reported that 14 of the locations that have been closed are in New York and New Jersey. Red Lobster did not have any comment as of this morning.
Port of Baltimore: The controlled explosion to break apart a large section of the Francis Scott Key Bridge wreckage that was resting on the ship Dali that crashed into the bridge causing it to collapse was successful yesterday. Officials say they expect to be able to move the ship in a few days. They say that the main shipping channel into and out of the Port of Baltimore should be open by the end of the month.
Tariffs: The White House today announced higher tariffs on certain goods imported into the U.S. from China. The increased tariffs are being put on electric vehicles, solar cells, and some steel and aluminum products. The new tariffs will be applied to approximately $18 billion worth of imports from China annually. China has blasted the new tariffs as being vindictive and counterproductive. It remains to be seen whether China will retaliate by imposing new tariffs on U.S. products.
Wholesale prices: Wholesale prices as measured by the Producer Price Index rose 0.5% in April the U.S. Bureau of Labor Statistics reported today., For the 12 months ended in April, wholesale prices moved up 2.2%, the largest increase since the 2.3% seen for the 12 months that ended in April of last year. Nearly three-quarters of the April advance in the Producer Price Index can be traced to a 5.4% increase in gasoline prices.
