Category Archives: News

Worldwide news. News is information about current events. This may be provided through many different media: word of mouth, printing, postal systems, broadcasting, electronic communication, or through the testimony of observers and witnesses to events. News is sometimes called “hard news” to differentiate it from soft media

Ethiopia Ousts State Firm From Nile Dam Project

Ethiopia has ousted state-run Metals and Engineering Corporation (METEC) from a $4 billion dam project on the River Nile due to numerous delays in completing the project.

The Grand Renaissance Dam is the centerpiece of Ethiopia’s bid to become Africa’s biggest power exporter.

Prime Minister Abiy Ahmed said at the weekend that the government had cancelled the contract of METEC, which is run by Ethiopia’s military, and would award it to another company.

Italian firm Salini Impregilo remains the main contractor building the dam, while METEC was the contractor for the electromechanical and hydraulic steel structure divisions of the project.

The government has touted the 6,000-megawatt dam project, which is 60 percent finished, as a symbol of its economic reforms.

“It is a project that was supposed to be completed within five years, but seven or eight years later not a single turbine is operational,” Abiy said during a news conference in Addis Ababa on Saturday.

“Salini has even demanded compensation because of the delays. We decided to cancel a contract with METEC and offer companies with experience. Otherwise, it will take even longer,” he said.

Abiy has presided over a series of reforms since coming to power in April, releasing political prisoners, relaxing state control of the economy and dramatically improving relations with Ethiopia’s neighbor Eritrea.

The government had previously said the dam would be completed within two years, but recently Abiy said it may face a lengthy delay.

An official at METEC, who did not wish to be named, said the company first heard of the cancellation on Saturday.

“Even now our workers are on the site,” the official said.

Trade, Technology Rift may Have Economic and Political Impact on China

The trade rift between the U.S. and China is taking on new dimensions with Washington scrutinizing the flow of technology to Chinese industries. Analysts said China might be in for both economic and political problems if the U.S. cuts off the supply of technologies that are essential for the survival of major Chinese companies.

Such a move would affect the performance and industrial competitiveness of Chinese industry, said Scott Kennedy, Deputy Director of the Freeman Chair in China Studies at the Center for Strategic & International Studies. Beijing may be forced to overhaul its industrial policy to meet with the emerging situation.

“It will put a lot of pressure on China to increase domestic consumption and domestic investments to replace the loss of opportunities with the United States and that could put pressure on Xi Jinping,” Kennedy said, referring to the Chinese President.

Washington’s measures, like imposing heavy duties on a wide range of Chinese exports, is already having a serious impact on China’s fixed asset investments (FAI) in areas like infrastructure projects and manufacturing plants. The FAI grew six percent in the first half of the year, down from previous periods. 

Blocking tech flows

The Trump administration has suggested it is trying to block the rampant theft of American technology in China as part of efforts to level the playing field in which China enjoys a big surplus over the U.S. But others see it as an attempt to hurt the Made in China 2025 technology development plan.

Past U.S. administrations focused on dual-use technologies, which are those that have both civilian and military value. But the Trump administration has indicated a willingness to curb the outflow of all kinds of American technology to China because of its ability to quickly adapt them and compete with U.S. companies.

The year 2017 ended with a trade deficit of $375 billion for the U.S.

There are signs Washington is considering a dual track approach regarding China. One of them involves restraining China’s industrial policy including its technology development plan. “And, another goal where they see China as a strategic rival and limit technology flows to China, and isolate it, and move supply chains out of China,” Kennedy said.

“It is unclear, which of these two goals is the dominant position within the Trump administration now,” the CSIS scholar said.

Beijing’s fear

Beijing’s main fear is over its supply of crucial semi-conductor technology from U.S.-based Intel and Qualcomm. China’s massive electronic industry relies heavily on U.S. made semiconductors.

“China still buys a lot of semi-conductors from U.S.,” said Lourdes Casanova, director of the Emerging Markets Institute at Cornell University’s SC Johnson School of Management. However, she explained, “China is investing a lot of money to make its own semi-conductors and be less dependent on Intel.”

China’s traditional strength in manufacturing has been its low labor costs. But new technologies like artificial intelligence, robotics, 3D printing and the “internet of things,” are replacing the need for labor-intensive manufacturing. That has made technology a key part of China’s long-term economic strategy. 

“The issues of technology transfers, intellectual property theft, and China’s industrial upgrading strategy, Made in China 2025, are not going to go away. On the contrary, the U.S. is likely to pump up the pressure even further and may step up efforts to work with European countries to try to isolate China in these areas,” said an editorial in Caixing, China’s prominent business magazine. 

Bad timing

Chinese technology companies have been suffering in recent weeks for unrelated causes, like a major stock market slide. The problem is about timing; bad news coming at a time when Chinese technology companies are exposed to Washington’s pressures. Tencent, world’s eight biggest company by stock valuation, recently lost $45 billion in stock value after it failed to obtain Beijing’s approval for some of its gaming products.

Earlier, the U.S. administration hit out at Chinese telecommunications equipment maker ZTE imposing a hefty fine and restricting its access to the lucrative American market. The decision came after U.S. regulators found the Chinese firm was violating UN sanctions to sell products to North Korea. Though the move is not related to the U.S.-China trade rift, it served as a wake-up call for Chinese companies seeking to expand into the western market.

“China has always pushed for as much independence from the rest of the world as possible, and ZTE was a wake-up call that they are still dependent for basic technological goods,” said John Artman, editor-in-chief of a web-based technology magazine, Technode.

Vietnam Pays Respects to John McCain with Tributes, Flowers

People in Vietnam are paying their respects to U.S. Sen. John McCain who was held as prisoner of war in Vietnam and later was instrumental in bringing the wartime foes together.

McCain died of brain cancer Saturday in his home state of Arizona, which he had served over six terms in the U.S. Senate. 

People paid tribute to McCain at the U.S Embassy in Hanoi on Monday and also at the monument built where he parachuted from his Navy Skyhawk dive bomber in October 1967 and was taken prisoner of war. He was held more than five years at the infamous “Hanoi Hilton” prison.

McCain and former Sen. John Kerry played an important role in the bilateral normalization of relations in 1995.

McCain to be Honored in Arizona, Washington

Senator John McCain, who died Saturday after a yearlong battle with brain cancer, will be honored at ceremonies in Arizona and Washington.

McCain will first lie in state at the Arizona State Capitol, where a private ceremony will be held on Wednesday, which would have been McCain’s 82nd birthday. Members of the public will be able to pay their respects at the State Capitol. 

On Thursday, a private memorial service will take place at the North Phoenix Baptist Church. 

In Washington, D.C., McCain will lie in state at the United States Capitol on Friday. The public will be invited to pay their respects. 

McCain will become the 13th senator to lie in state in the Capitol Rotunda, an honor reserved for the nation’s “most eminent citizens,” according to the Architect of the Capitol.

A memorial service in Washington will be held at the Washington National Cathedral on Saturday. Former Presidents Barack Obama and George W. Bush are expected to speak at the service.

McCain’s office said a livestream will be available for the services at the National Phoenix Baptist Church and the National Cathedral.

McCain will be buried at the U.S. Naval Academy Cemetery in Annapolis, Maryland. His grave site will overlook the Severn River, and will be next his best friend from his Naval Academy days, Admiral Chuck Larson.

Remembrances, condolences pour in

The Vietnam War hero, Senator, and 2008 Republican presidential candidate was remembered for his courage, patriotism and service by fellow Americans and foreign dignitaries.

President Donald Trump tweeted Saturday, “My deepest sympathies and respect go out to the family of Senator John McCain. Our hearts and prayers are with you!”

His campaign later issued a statement offering condolences and “urging all Americans to take the opportunity to remember Senator McCain and his family in their prayers on this sad occasion.” The White House lowered the flag to half-staff in honor of McCain.

Former President Barack Obama and Michelle Obama issued a statement sending their “heartfelt condolences” to McCain’s wife, Cindy and their family.

Obama, who ran against the Republican senator from the western state of Arizona in the 2008 presidential election and defeated him, noted how despite their different generations, backgrounds and politics, “we saw this country as a place where anything is possible.”

Former President Bill Clinton and former Secretary of State Hillary Clinton, who served with McCain in the U.S. Senate, said in a statement that he “frequently put partisanship aside to do what he thought was best for the country and was never afraid to break the mold if it was the right thing to do.”

Former President George W. Bush called McCain a friend, he will “deeply miss.”

“Some lives are so vivid, it’s difficult to imagine them ended,” Bush said in a statement. “Some voices are so vibrant, it’s hard to think of them stilled.”

Bush’s father, former President George H.W. Bush, called McCain “a patriot of the highest order, a public servant of rarest courage.”

“Few sacrificed more for, or contributed more to, the welfare of his fellow citizens – and indeed freedom-loving peoples around the world,” the elder Bush said in a statement.

Former President Jimmy Carter called McCain “a man of honor, a true patriot in the best sense of the word.”

Senate Majority Leader Mitch McConnell said the Vietnam POW “showed us that boundless patriotism and self-sacrifice are not outdated concepts or clichés, but the building blocks of an extraordinary life.”

House Speaker Paul Ryan said the McCain’s death marks a “sad day for the United States,” which has lost a “decorated war hero and statesman.”

“John put principle before politics. He put country before self,” Ryan said.  “He was one of the most courageous men of the century.”

Democratic leader Nancy Pelosi said the “nation is in tears” and noted McCain’s “deep patriotism, outstanding bravery and undaunted spirit.”

“He never forgot the great duty he felt to care for our nation’s heroes, dedicating his spirit and energy to ensuring that no man or woman in uniform was left behind on the battlefield or once they returned home,” Pelosi said in a statement.

German Chancellor Angela Merkel called McCain “a tireless fighter for a strong trans-Atlantic alliance; his significance went well beyond his own country.” French President Emmanuel Macron called McCain “a true American hero.”

Afghan President Ashraf Ghani called the U.S. lawmaker a great friend of the South Asian country.

“We will remember his dedication and support towards rebuilding AFG,” Ghani tweeted.

Indian Prime Minister Narendra Modi also offered condolences.

“People of India join me in sincerely condoling the loss of a steadfast friend,” Modi tweeted. “His statesmanship, courage, conviction and understanding of global affairs will be missed.”

Canadian Prime Minister Justin Trudeau called McCain “an American patriot and hero whose sacrifices for his country, and lifetime of public service, were an inspiration to millions.”

 

 

 

 

Mexico Minister says in ‘Final Hours’ of Bilateral NAFTA Talks

Mexico’s Economy Minister Ildefonso Guajardo said on Sunday that bilateral negotiations with the United States about the North American Free Trade Agreement (NAFTA) were in the “final hours.”

Speaking as he arrived for talks at the U.S. Trade Representative’s office, Guajardo said the negotiators would need at least a week to work with Canada, the third country in the trilateral trade pact, pushing any possible final deal into at least September.

U.S. President Donald Trump said on Saturday that the United States could reach a “big Trade Agreement” with Mexico soon as incoming Mexican trade negotiators signaled possible solutions to energy rules and a contentious U.S. “sunset clause” demand.

 

 

The Success Story Behind ‘John’s Crazy Socks’

John Cronin has never been one to let disability hold him back. The 22-year-old from Long Island, N.Y., was born with Down syndrome, a genetic disorder that causes developmental and intellectual delays. Motivated by his family’s love and encouragement, Cronin teamed up with his father 18 months ago to open a business. But not just any business. John’s Crazy Socks sells, you guessed it, socks. And as Faiza Elmasry reports, it’s a business worth $4 million. Faith Lapidus narrates.

Captivity, Candor and Hard Votes: 9 Moments That Made McCain

John McCain lived most of his life in the public eye, surviving war, torture, scandal, political stardom and failure, the enmity of some colleagues and the election of President Donald Trump.

Even brain cancer didn’t seem to scare McCain so much as it sobered and saddened him.

“The world is a fine place and worth fighting for and I hate very much to leave it,” McCain wrote in his memoir, referencing a line from his favorite book, the Ernest Hemingway war novel For Whom the Bell Tolls. ″I hate to leave.”

A look at public moments that made McCain:

Prisoner of war, celebrity

McCain, became a public figure at age 31 when his bed-bound image was broadcast from North Vietnam in 1967. The North Vietnamese had figured out that he was the son and grandson of famous American military men — a “crown prince,” they called him. He was offered an early release, but refused. McCain’s captors beat him until he confessed, an episode that first led to shame — and then discovery. McCain has written that that’s when he learned to trust not just his legacy but his own judgment — and his resilience.

Less than a decade after his March 1973 release, McCain was elected to the House as a Republican from Arizona. In 1986, voters there sent him to the Senate.

The Keating Five

He called it “my asterisk” and the worst mistake of his life.

At issue was a pair of 1987 meetings between McCain, four other senators and regulators to get the government to back off a key campaign donor. Charles Keating Jr. wanted McCain and Democratic Sens. Dennis DeConcini of Arizona, Alan Cranston of California, John Glenn of Ohio and Don Riegle of Michigan to get government auditors to stop pressing Keating’s Lincoln Savings and Loan Association. All five denied improper conduct. McCain was cleared of all charges but found to have exercised “poor judgment.”

“His honor was being questioned and that’s nothing that he takes lightly,” said Mark Salter, McCain’s biographer and co-author of his new memoir, The Restless Wave.

The Senate

McCain became his party’s leading voice on matters of war, national security and veterans, and eventually became chairman of the Senate Armed Services Committee. He worked with a Democrat to rewrite the nation’s campaign finance laws. He voted for the Iraq War and supported the 2007 surge of forces there even as his own sons served or prepared to serve. But there was one thing that wasn’t as widely known about him: McCain, owner of a ranch in Arizona that is in the flight path of 500 species of migratory birds, became concerned about the environment.

“People associate John with defense and national security, as well they should. But he also had a great concern for and love of the environment,” said Sen. Susan Collins, the Maine Republican who traveled to the ends of the earth with McCain — to the Arctic Circle in 2004 and Antarctica two years later — on fact-finding missions related to climate change. Back on McCain’s Arizona ranch, the senator gave Collins an extensive nature tour of the property. “I particularly remember his love for the birds,” Collins said. “He loved the birds.”

Town halls, Straight Talk

McCain in the 2000 election did something new: He toured New Hampshire on a bus laden with doughnuts and reporters that stopped at “town hall” meetings where voters were invited to exchange views with the candidate. The bus was called the “Straight Talk Express,” and that’s what he promised to deliver at the town halls. The whole thing was messy, unscripted and often hilarious. And ultimately the events re-introduced McCain to voters as a candid and authentic, just a year after President Bill Clinton was acquitted of lying to Congress and obstruction.

In New Hampshire that year, McCain defeated George W. Bush in an 18-point blowout, only to be pushed out of the race in South Carolina. But the town halls remained a fond McCain memory.

“The town halls were festivals of politics,” Salter said. “They were so authentic and open and honest.”

‘No ma’am’

McCain, in 2008 making his second run for president, quickly intervened when a woman in Lakeville, Minnesota, stood at a town hall event and began to make disparaging remarks about Democratic presidential nominee and then-Sen. Barack Obama. “He’s an Arab,” she said, implying he was not an American.

“No ma’am,” McCain said, taking the microphone from her. “He’s a decent, family man, citizen that I just happen to have disagreements with on fundamental issues and that’s what this campaign is all about. He’s not.”

It was a defining moment for McCain as a leader, a reflection of his thinking that partisans should disagree without demonizing each other. But it reflected McCain’s reckoning with the fear pervading his party of Obama, who would go on to become the nation’s first black president.

Cancer

McCain last year was diagnosed with glioblastoma, the same aggressive cancer that had felled his friend, Sen. Edward Kennedy, on Aug. 25, 2009.

Friends and family say he understood the gravity of the diagnosis, but quickly turned to the speech he wanted to give on the Senate floor urging his colleagues to shed the partisanship that had produced gridlock. Face scarred and bruised from surgery, he pounded the lectern. Some of the sternest members of the Senate hugged him, tears in their eyes.

“Of all of the things that have happened in this man’s life, of all of the times that his life could have ended in the ways it could have ended, this (cancer) is by far one of the least threats to him and that’s kind of how he views it,” his son, Jack McCain, told the Arizona Republic in January.

Health care vote

Republicans, driven by Trump, were one vote away from advancing a repeal of Obama’s health care law. Then McCain, scarred from brain surgery, swooped into the Senate chamber and, facing Senate Majority Leader Mitch McConnell, dramatically held up his hand.

The thumb flicked down. Gasps could be heard throughout the staid chamber. McConnell stood motionless, arms crossed.

Trump’s campaign promise — and the premiere item on his agenda — was dead.

Trump

McCain tangled with Trump, who never served in the military, for years.

As a candidate, Trump in 2016 claimed the decorated McCain is only considered a war hero because he had been captured. “He’s not a war hero,” Trump said at an event in Iowa. “I like people who weren’t captured.” Shortly before Election Day in 2016, McCain said he’s rather cast his vote for another Republican, someone who’s “qualified to be president.” Trump fumed, without using McCain’s name, that the senator is the only reason the Affordable Care Act stands.

McCain responded: “I have faced tougher adversaries.”

Senator John McCain Remembered for Courage, Service, Patriotism

U.S. Senator John McCain is being remembered for his courage, patriotism and service to his country.

McCain died Saturday at age 81 after a battle with brain cancer.

President Donald Trump tweeted, “My deepest sympathies and respect go out to the family of Senator John McCain. Our hearts and prayers are with you!”

His campaign later issued a statement offering condolences and “urging all Americans to take the opportunity to remember Senator McCain and his family in their prayers on this sad occasion.”

The White House lowered the flag to half-staff in honor of McCain.

Leaders from around the world paid tribute to McCain . German Chancellor Angela Merkel called McCain “a tireless fighter for a strong trans-Atlantic alliance; his significance went well beyond his own country.” French President Emmanuel Macron called McCain “a true American hero.”

Vice President Mike Pence tweeted, “Karen and I are praying for Senator John McCain, Cindy and their family this weekend. May God bless them all during this difficult time.”

​Former presidents

Former President Barack Obama and Michelle Obama issued a statement sending their “heartfelt condolences” to McCain’s wife, Cindy and their family.

Obama, who ran against the Republican senator in the 2008 presidential election and won, noted how despite their different generations, backgrounds and politics, “we saw this country as a place where anything is possible.”

Former President Bill Clinton and former Democratic Senator Hillary Clinton, who served with McCain in the U.S. Senate, said in a statement that he “frequently put partisanship aside to do what he thought was best for the country and was never afraid to break the mold if it was the right thing to do.”

Former President George W. Bush called McCain a friend he will “deeply miss.”

“Some lives are so vivid, it’s difficult to imagine them ended,” Bush said in a statement. “Some voices are so vibrant, it’s hard to think of them stilled.”

As he planned for the end of his life, McCain had requested Obama and Bush deliver eulogies at his funeral.

McCain’s body will lie in state in the Capitol Rotunda in Washington as well in the capital of his home state, Phoenix.  A full dress funeral is planned at the Washington National Cathedral and his burial will be in Annapolis, Maryland, where he graduated from the U.S. Naval Academy.

Bush’s father, former President George H.W. Bush, called McCain “a patriot of the highest order, a public servant of rarest courage.”

“Few sacrificed more for, or contributed more to, the welfare of his fellow citizens — and indeed freedom-loving peoples around the world,” the elder Bush said in a statement.​

Former President Jimmy Carter called McCain “a man of honor, a true patriot in the best sense of the word.”

​Military career

The son of a U.S. admiral, McCain became a Navy aviator and flew bombing missions during the Vietnam War. Shot down and captured by the North Vietnamese in 1967, he endured more than five years of torture and depravation as a prisoner of war.

Senate Majority Leader Mitch McConnell said the Vietnam POW “showed us that boundless patriotism and self-sacrifice are not outdated concepts or cliches, but the building blocks of an extraordinary life.”

House Speaker Paul Ryan said the McCain’s death marks a “sad day for the United States,” which has lost a “decorated war hero and statesman.”

“John put principle before politics. He put country before self,” Ryan said. “He was one of the most courageous men of the century.”

Democratic leader Nancy Pelosi said the “nation is in tears” and noted McCain’s “deep patriotism, outstanding bravery and undaunted spirit.”

“He never forgot the great duty he felt to care for our nation’s heroes, dedicating his spirit and energy to ensuring that no man or woman in uniform was left behind on the battlefield or once they returned home,” Pelosi said in a statement.

Former Secretary of State John Kerry, who served with the senator in Congress and is a fellow Vietnam War veteran, noted their differing views of the war and recalled a trip back to Hanoi with McCain, where the two “found common ground.”

“If you ever needed to take the measure of John McCain, just count the days and years he spent in that tiny dank place and ask yourself whether you could make it there an hour,” Kerry said in a statement. “John always said ‘a fight not joined is a fight not enjoyed.’ He loved to debate and disagree. But one thing John always believed was that at some point, America’s got to come together.”

McCain’s death Saturday also drew condolences from foreign leaders, with Afghan President Ashraf Ghani calling the U.S. lawmaker a great friend of the South Asian country.

“We will remember his dedication and support towards rebuilding AFG,” Ghani tweeted.

Indian Prime Minister Narendra Modi also offered condolences.

“People of India join me in sincerely condoling the loss of a steadfast friend,” Modi tweeted. “His statesmanship, courage, conviction and understanding of global affairs will be missed.”

Canadian Prime Minister Justin Trudeau called McCain “an American patriot and hero whose sacrifices for his country, and lifetime of public service, were an inspiration to millions.”

​VOA’s White House correspondent Steve Herman contributed to this report.

Money and Loyalty: Inside the Dramatic Trump-Cohen Rift

For Michael Cohen and Donald Trump, it’s always been about money and loyalty.

Those were guiding principles for Cohen when he served as more than just a lawyer for Trump during the developer’s rise from celebrity to president-elect. Cohen brokered deals for the Trump Organization, profited handsomely from a side venture into New York City’s real estate and taxi industries and worked to make unflattering stories about Trump disappear.

Money and loyalty also drove Cohen to make guilty pleas this past week in a spinoff from the swirling investigations battering the Trump White House.

Feeling abandoned by Trump and in dire financial straits, the man who once famously declared that he would “take a bullet” for Trump now is pledging loyalty to his own family and actively seeking to cooperate with special counsel Robert Mueller’s investigation.

The unraveling of their relationship was laid bare Tuesday when Cohen pleaded guilty to eight criminal charges and said in federal court that he broke campaign finance laws as part of a cover-up operation that Trump had directed.

In the days after Cohen’s guilty plea, two close associates, the magazine boss who helped him squash bad stories and the top financial man at the president’s business, have been granted immunity for their cooperation. These moves could have a ripple effect on the legal fortunes of Cohen and, perhaps, Trump.

​A fixture in Trump’s orbit

Working alongside Trump and Trump’s three adult children — Don Jr., Ivanka, Eric — in Trump Tower, Cohen took on a number of roles for the developer, including emissary for projects in foreign capitals and enforcer of Trump’s will. At times a bully for a family-run business, Cohen was known for his hot temper as he strong-armed city workers, reluctant business partners and reporters.

He was there in the lobby of Trump Tower in June 2015 when his boss descended an escalator and changed history by declaring his candidacy for president. But Cohen’s place in Trump’s political life ended up being peripheral.

Cohen did become a reliable surrogate on cable TV — he created a viral moment by repeating “Says who?” when told Trump was down in the polls — and founded the candidate’s faith-based organization. But Cohen was never given a prominent spot in the campaign.

And despite telling confidants that he thought he had a shot at White House chief of staff after the election, Cohen was never given a West Wing job. He remained in New York when Trump moved to Washington.

Cohen found ways to profit from the arrangement, making millions from corporations by selling access to Trump, but felt adrift and isolated from Trump, according to two people familiar with his thinking who spoke on condition of anonymity because they were not authorized to discuss private conversations.

Federal agents arrive

But early one April morning, more than three dozen federal agents raided Cohen’s home, office and hotel room.

A chief focus for investigators was Cohen’s role in making payments during Trump’s campaign to women who claimed they had sex with Trump, and whether campaign finance laws were violated. In the fall of 2016, weeks before the election, Cohen had set up a limited liability company in Delaware to hide the deal he made to silence the pornographic film actress Stormy Daniels about an affair she said she had with Trump.

Worry grew within the White House about what had been seized. That April day, Trump berated the raid as “an attack on all we stand for.” But then, in a Fox & Friends interview, Trump began to dramatically play down his relationship with Cohen.

“I have nothing to do with his business,” Trump said, asserting that Cohen was just one of many lawyers and was responsible for “a tiny, tiny fraction” of Trump’s legal work.

Relationship frays

A dispute soon broke out between Cohen and Trump over who would pay the former fixer’s mounting legal bills. Holed up in a Park Avenue hotel after his apartment flooded, Cohen began to worry about his financial future, according to the two people.

By all appearances, Cohen’s lifestyle was lavish.

He bought a $6.7 million Manhattan apartment last fall, though the sale didn’t close until April and no one could move in until the summer. With bills piling up for his team of expensive lawyers, the suddenly unemployed Cohen began to tell confidants that he was worried about his job prospects and ability to support his family.

Meanwhile, the broadsides from the White House kept coming.

Trump and Cohen had long stopped speaking, but word would get back to the lawyer that the president was belittling him. The president’s attorney and frequent attack dog Rudy Giuliani went from calling Cohen “an honest, honorable lawyer” in May to deriding him as a “pathological liar” in July.

Cohen began wondering to friends whether loyalty with Trump had become a one-way street, the people said.

Cohen strikes back

Eager to hit back and attempt to regain some hold on the story, Cohen hired Lanny Davis, a former Bill Clinton attorney, to be his public relations lawyer. Davis began striking back at the White House and lobbed a clear warning shot at the president when he released a secret recording of a conversation in which Trump appears to have knowledge about hush-money payments to former Playboy model Karen McDougal, who also alleged an affair with the developer.

Cohen was embraced by the cable news networks as an irresistible foil to Trump. Some on the left styled him as a star of the resistance. Cohen’s camp made some effort to play into the role, reaching out to Watergate whistleblower John Dean and, after Cohen’s plea, establishing an online fundraising tool that seemed to predominantly receive backing from liberals.

Cohen, who could get about four years to five years in prison, is to be sentenced Dec. 12.

Davis has strongly telegraphed that Cohen is willing to cooperate with Mueller’s investigation. But a deal has yet to be struck and there are doubts about what Cohen can prove or whether the special counsel would want to rely on an untrustworthy witness.

Cohen has stayed out of sight and has remained emotional since his plea, according to the people close to him.

The attacks from Trump have continued.

“If anyone is looking for a good lawyer, I would strongly suggest that you don’t retain the services of Michael Cohen!” Trump tweeted Wednesday.

US Senator, War Hero John McCain Has Died

U.S. Senator John McCain died Saturday at age 81 after a battle with brain cancer that robbed America of a revered statesman, proud patriot, and self-sacrificing warrior.

His daughter, Meghan McCain, released a statement.

Shortly after McCain’s death was announced, President Donald Trump tweeted his condolences.

Best known for having survived as a prisoner of war in North Vietnam and winning the Republican presidential nomination in 2008, John Sidney McCain remained an ardent and unapologetic believer in American exceptionalism.

“We are blessed. We are living in the land of the free, the land where anything is possible,” McCain said in October, months after his cancer diagnosis, at the National Constitution Center, where he received the Liberty Medal. “We are blessed, and we have been a blessing to humanity in turn.”

In the same speech, he also warned of the perils he saw in the era of President Donald Trump.

“To refuse the obligations of international leadership and our duty to remain the last best hope of earth for the sake of some half-baked, spurious nationalism cooked up by people who would rather find scapegoats than solve problems, is as unpatriotic as an attachment to any other tired dogma of the past that Americans consigned to the ash heap of history,” the senator said.

“John McCain represented public service,” American University political historian Allan Lichtman said. “He was a genuine American hero, not a phony, hyped-up media hero.”

In Photos: John McCain

Military family

The son of a U.S. admiral, McCain became a Navy aviator and flew bombing missions during the Vietnam War. Shot down and captured by the North Vietnamese in 1967, he endured more than five years of torture and depravation as a prisoner of war.

Decades later, as a Republican senator, McCain would return to Vietnam and champion the restoration of ties between Washington and Hanoi and, as he told VOA, leave the past behind.

“Look, there are some individuals that mistreated me in prison, and I hope I never see them again,” he said. “But, that does not change my opinion that the Vietnamese people are wonderful and dear friends, and we need them and they need us.”

After the September 11, 2001 attacks, McCain decried torture tactics against terror suspects while backing the wars in Afghanistan and Iraq.

“John McCain’s weakness over the years was [that] he was perhaps too willing to seek a military solution to problems,” political historian Lichtman said. “Some of his critics even called him a war monger. But it [military intervention] was something he genuinely believed in, not something he cooked up for political purposes.”

Gracious in political battle

On Capitol Hill, McCain was known for a short temper and a sharp tongue.

“Get out of here you low-life scum,” McCain once growled at anti-war protesters who were disrupting a Senate committee hearing.

The senator also displayed graciousness in the heat of political battle. McCain ran twice for president as an independent-minded Republican, securing his party’s nomination in 2008. On the campaign trail, he defended his democratic opponent, Barack Obama.

“He’s an Arab,” one woman declared of Obama at a McCain town hall campaign event one month before the election.

McCain took the microphone from her and said, “No, ma’am. He is a decent family man, a citizen that I just happen to have disagreements with.”

Return to the Senate

McCain lost the presidential contest but returned to the Senate, where he continued to advocate robust U.S. engagement around the world and a strong U.S. military as chairman of the Senate Armed Service Committee.

He did not respond when then-candidate Trump questioned his war hero status.

“He is a war hero because he was captured,” Trump said on national television in July 2015. “I like people that were not captured, OK? I hate to tell you.”

McCain did, however, become a persistent critic of Trump’s governing style and policies, as well as hyper-partisanship in Washington, culminating with a decisive vote scuttling a Republican health care plan President Trump had championed. In December, he was the lone senator not to cast a vote on final passage of the Republican tax overhaul, returning Arizona to rest after cancer treatment.

Liked on both sides of aisle

McCain was revered by Democrats and Republicans alike.

“Courage and loyalty,” former vice president Joe Biden said in introductory remarks at the National Constitution Center. “I can think of no better description of the man we are honoring tonight, my friend John McCain.”

“John McCain, perhaps above all other politicians of recent years, was willing to reach across the aisle to try to do things that were good for the country, like immigration reform, like campaign finance reform,” Lichtman said.

Many will mourn his passing, but McCain remained upbeat until the end.

“I am the luckiest guy on earth. I have served America’s cause,” he said.

Russian Artist Builds Cameras out of Wood

A Russian artist is going back to the roots of photography, rejecting the digital trappings and the assembly-line convenience of the modern age, by designing and creating wooden cameras the way they were built a hundred years ago. Combining craftsmanship with the principles of old school photography, some consider his creations art forms in themselves. And as VOA’s Julie Taboh reports, his wooden cameras, and the unique photographs he takes with them, are attracting buyers from around the world.

WWII Shipwreck Found off Alaska, Sunk After Only Battle on US Soil

Scientists have used multibeam sonar and a remotely operated craft to locate the remains of the USS Abner Read, which was sunk nearly 75 years ago after hitting a Japanese mine off Alaska’s Aleutian Islands. The ship had been sent to look for Japanese submarines following the only World War II battle to be fought on North American soil. VOA’s Jill Craig has more.

US Blasts El Salvador for Cutting Ties with Taiwan in Favor of China

The United States calls El Salvador’s decision to ditch diplomatic ties with Taiwan in favor of China a “grave concern.” Washington warned that China’s economic inducements could come at a high price for its new friends. VOA’s Diplomatic Correspondent Cindy Saine reports from Washington.

Musk Says Investors Convinced Him Tesla Should Stay Public

Tesla Inc. CEO Elon Musk says investors have convinced him that he shouldn’t take the company private, so the firm will remain on the public stock markets.

The eccentric and sometimes erratic CEO said in a statement late Friday that he made the decision based on feedback from shareholders, including institutional investors, who said they have internal rules limiting how much they can sink into a private company.

Musk met with the electric car and solar panel company’s board on Thursday to tell them he wanted to stay public and the board agreed, according to the statement.

In an Aug. 7 post on Twitter, Musk wrote that he was considering taking the company private. He said it would avoid the short-term pressures of reporting quarterly results.

Autos, Energy Issues Holding up NAFTA Talks

The prospect of a quick deal between Mexico and the United States retreated Friday as disagreements over energy flared up and conflict over autos persisted in the renegotiation of the North American Free Trade Agreement (NAFTA).

Since talks resumed last month, U.S. and Mexican negotiators have focused on reaching common ground, but in the past few days differing views on energy policy between the outgoing and incoming Mexican administrations have put up a fresh hurdle.

Oil and gas issues

Mexican president-elect Andres Manuel Lopez Obrador’s camp has doubts about enshrining the 2013-14 opening of the oil and gas sector enacted by current president Enrique Pena Nieto in the new pact, three sources close to the talks said.

“The energy issue is holding everything up,” said one of them Friday, speaking on condition of anonymity.

Asked this week about the energy issue, Lopez Obrador’s designated trade negotiator, Jesus Seade, sought to downplay the matter, saying that while his team wanted to check the issue’s “consistency with the constitution,” it was not “substantive.”

Lopez Obrador, a leftist, opposed Pena Nieto’s energy reform, and the issue is divisive within his own camp.

Business-friendly aides back greater private investment in the oil and gas sector, while more nationalist allies are against it.

Elected July 1, Lopez Obrador takes office Dec. 1. Another sticking point at the talks has been new rules of origin for automobile manufacturing, which U.S. negotiators hope will bring more production to the region.

US budges little

U.S. President Donald Trump prompted the NAFTA revamp over a year ago, complaining the 24-year-old trade pact has benefited Mexico to the detriment of U.S. workers and manufacturing.

Trump has threatened to withdraw from if it is not reworked to the advantage of the United States.

Industry officials have said the U.S. team had barely moved from its demands last May of a 75 percent overall regional content threshold with 40-45 percent content from high-wage zones, effectively the United States and Canada, with the only substantial change a slightly longer phase-in time.

“It seems that the issues on autos are far from being resolved,” said the industry source.

Initial optimism over an imminent deal has gradually faded.

Mexico negotiators stay over

Mexico’s Economy Minister Ildefonso Guajardo, who Wednesday said a bilateral breakthrough could be just hours away, said he and his team would stay in Washington over the weekend to keep negotiating with U.S. officials.

Asked about issues between the ingoing and outgoing governments on the energy chapter, Guajardo said: “We are working as one team, a team called Mexico, and we have to make sure that everybody feels comfortable with this agreement.”

Speaking outside the offices of U.S. Trade Representative Robert Lighthizer, Guajardo commented on the difficulty of securing a final deal: “as you know … there are always last moment things that can come between you and your goals.”

Canada waiting 

Canada has sat out the latest round of talks waiting for the Mexican and U.S. teams to work out their issues.

Asked if talks had made headway on a U.S. “sunset” proposal that could terminate NAFTA after five years, Guajardo said it was an issue that would be dealt with once Canada came back.

Canada’s foreign minister Chrystia Freeland dodged questions on when she would return to talks when speaking at a steel manufacturing facility in Vancouver, but said she had been encouraged by optimistic reports from Canada’s NAFTA partners.

“As I’ve said, it really depends on how quickly the U.S. and Mexico are able to resolve those bilateral issues,” she said. “The U.S. and Mexico issues inside NAFTA are really complicated.”

US Envoy: EU Aid to Iran Sends ‘Wrong Message’

The top U.S. envoy on Iran criticized a European Union decision to give $20.7 million in aid to Tehran on Friday, saying it sent “the wrong message at the wrong time,” and he urged Brussels to help Washington end the Iranian threat to global stability.

“Foreign aid from European taxpayers perpetuates the regime’s ability to neglect the needs of its people and stifles meaningful policy changes,” Brian Hook, the U.S. special representative for Iran, said in a statement.

“The Iranian people face very real economic pressures caused by their government’s corruption, mismanagement, and deep investment in terrorism and foreign conflicts,” he added. “The United States and the European Union should be working together instead to find lasting solutions that truly support Iran’s people and end the regime’s threats to regional and global stability.”

The EU decision on Thursday to provide 18 million euros ($20.7 million) in aid to Iran was aimed at offsetting the impact of U.S. sanctions as European countries try to salvage the 2015 agreement that saw Tehran limit its nuclear ambitions.

President Donald Trump pulled the United States out of the nuclear deal in May and is reimposing sanctions on Tehran, even as other parties to the accord are trying to find ways to save the agreement.

The EU funding is part of a wider package of 50 million euros earmarked in the EU budget for Iran, which has threatened to stop complying with the nuclear accord if it fails to see the economic benefit of relief from sanctions.

The United States is pressing other countries to comply with its sanctions.

“More money in the hands of the ayatollah means more money to conduct assassinations in those very European countries,” Hook said in his statement.

U.S. national security adviser John Bolton told Reuters during a visit to Israel earlier this week that the return of U.S. sanctions was having a strong effect on Iran’s economy and popular opinion.

The U.S. sanctions dusted off this month targeted Iran’s car industry, trade in gold and other precious metals, and purchases of U.S. dollars crucial to international financing and investment and trade relations. Farther-reaching sanctions are to follow in November on Iran’s banking sector and oil exports.

US Commerce’s Ross Picks ZTE Monitor After Rejecting ‘Never Trump’ Lawyer

U.S. Commerce Secretary Wilbur Ross has appointed a former federal prosecutor to monitor China’s ZTE Corp — after people familiar with the matter said he rescinded an offer to a former U.S. official for signing a “Never Trump” letter before the 2016 presidential election.

A new monitor for ZTE is required as part of a June settlement that ended a ban on U.S. companies selling components to China’s No. 2 telecommunications equipment maker. The ban threatened ZTE’s survival and became a source of friction in trade talks between Washington and Beijing.

Roscoe Howard, a former U.S. attorney in Washington, will lead a compliance team designed to help ensure that ZTE does not illegally sell products with American parts to Iran and other sanctioned countries.

Howard, who got his law degree from the University of Virginia in 1977, is a partner in Barnes & Thornburg’s litigation department in Washington, and served as associate independent counsel during the Clinton and George H. W. Bush administrations.

Howard was not the first choice of Commerce Department officials.

Peter Lichtenbaum, a former assistant secretary for export administration at the Commerce Department, received a letter on Aug. 15 offering him the post, sources said.

Ross then learned that Lichtenbaum was among the dozens of former national security officials who signed a letter in August 2016 saying Trump was not qualified to be president and they would never vote for him, the sources said on condition of anonymity.

Last Friday, two days after making the offer, the department withdrew it, the sources said.

“This is the final decision. Period,” a Commerce Department spokesman said about Ross’ decision to rescind the offer to Lichtenbaum and choose Howard.

Trump, a former real estate magnate and reality television star, drew opposition from establishment Republicans who opposed his candidacy during the 2016 presidential campaign. His administration has been known to reject people who opposed him.

Violations by ZTE

ZTE, which relies on American-origin components for its smartphones and computer networking gear, pleaded guilty last year to violating U.S. sanctions by illegally shipping U.S. goods and technology to Iran.

The ban on ZTE was imposed in April after officials said the company made false statements about disciplining 35 employees tied to the wrongdoing.

As part of the 2017 guilty plea, ZTE paid nearly $900 million. To lift this year’s ban, it paid an additional $1 billion penalty, placed $400 million in escrow in case of future violations, and installed a new board and senior management.

Two monitors​

Under the latest agreement, the Commerce Department is selecting a monitor to oversee compliance for ZTE and its worldwide affiliates for 10 years. Howard will have a staff of at least six people funded by ZTE, including at least one expert in export controls, the Commerce spokesman said.

The government monitor has been designated as a “special compliance coordinator” to distinguish from another monitor for ZTE appointed by a U.S. judge in Texas when the company pleaded guilty last year.

That monitor, James Stanton, a lawyer who has handled personal injury cases among others, was picked by U.S. District Judge Ed Kinkeade, sources told Reuters last year. Kinkeade has control over that monitor.

A key reason the Commerce Department sought a second monitor, according to sources, was to have a qualified person police the company and report directly to the department and the company.

Trump Escalates Feud With Sessions

President Donald Trump escalated his long-running feud with Attorney General Jeff Sessions Friday, calling on him to probe a litany of recurring complaints against those investigating his administration and Democrats.

Responding to Sessions’ declaration that he would not be influenced by politics, Trump tweeted that Sessions must “look into all of the corruption on the “other side,”” later adding:  “Come on Jeff, you can do it, the country is waiting!”

The president’s pushback marked the second day of highly public smack down between Trump and his beleaguered attorney general.

Earlier this week, Trump, concerned by the legal downfall of two former advisers, accused Sessions of failing to take control of the Justice Department. Sessions punched back Thursday, saying that he and his department “will not be improperly influenced by political considerations.”

Trump’s anger with Sessions boiled over in an interview with Fox News in which the president also expressed frustration with the plea agreement his onetime legal “fixer” Michael Cohen cut with prosecutors, including implicating Trump in a crime that Cohen admitted. Trump said it might be better if “flipping” — cooperating with prosecutors in exchange for more favorable treatment— were illegal because people cooperating with the government “just make up lies” to get favorable treatment.

On Twitter Friday, Trump also complained about the five-year sentence given to a former government contractor convicted of mailing a classified U.S. report to a news organization.

Trump said “this is “small potatoes” compared to what Hillary Clinton did.” Prosecutors are calling that sentence handed down to 26-year-old Reality Winner the longest sentence imposed for a federal crime involving leaks to the media.

In the wide-ranging Fox interview, Trump also defended himself against talk of impeachment — “the market would crash … everybody would be very poor” — tried to distance himself from Cohen — “I would see him sometimes” — and said anew that he hadn’t known in advance about Cohen’s hush money payments to silence women alleging sexual relationships with the celebrity businessman.

Trump’s latest shots against law enforcement came as he appeared increasingly vulnerable to long-running investigations after this week’s one-two punch of Cohen’s plea deal and the conviction of Trump’s former campaign chair Paul Manafort.

Trump has spent more than a year publicly and privately venting over Sessions’ decision to recuse himself from the federal Russia-collusion investigation because he’d worked on Trump’s campaign. Trump, who blames that decision for the eventual appointment of special counsel Robert Mueller, told “Fox and Friends” host Ainsley Earhardt that Sessions “never took control of the Justice Department and it’s a sort of an incredible thing.”

“What kind of man is this?” Trump said.

“You know the only reason I gave him the job? Because I felt loyalty, he was an original supporter,” Trump said of Sessions, an Alabama Republican who was the first senator to endorse Trump’s bid.

Sessions has made clear to associates that he has no intention of leaving his job voluntarily despite Trump’s constant criticism. But his tone in his statement on Thursday made clear he is tired of the president’s attacks.

“I took control of the Department of Justice the day I was sworn in, which is why we have had unprecedented success at effectuating the President’s agenda.” Then he declared, that while he’s attorney general the actions of the department “will not be improperly influenced by political considerations. I demand the highest standards, and where they are not met, I take action.”

In New York, meanwhile, it was reported that federal prosecutors have granted immunity to David Pecker, the publisher of National Enquirer, which bought and killed the stories of two women. And people familiar with the situation told The Associated Press that the publication kept a safe containing documents on hush money payments and other damaging stories it killed as part of its cozy relationship with Trump leading up to 2016 election.

Allies, including Republican members of Congress have long advised Trump that firing Sessions — especially before the upcoming midterm elections — would be deeply damaging to the party.

But Sen. Lindsey Graham of South Carolina, who in March said firing Sessions would “blow up” the Judiciary Committee, has been shifting his tone.

“I think there will come a time, sooner rather than later, where it will be time to have a new face and a fresh voice at the Department of Justice,” he told reporters on Thursday. “Clearly, Attorney General Jeff Sessions doesn’t have the confidence of the president.”

Others stood by Sessions.

Republican Ben Sasse of Nebraska told Senate colleagues, “Everybody in this body knows that Jeff Sessions is doing his job honorably, and the attorney general of the United States should not be fired for acting honorably and for being faithful to the rule of law.” He said it would be really difficult to confirm a successor “if he is fired because he is executing his job rather that choosing to act as a partisan hack.”

People close to the president said they were not aware of any immediate plans to dismiss Sessions, at least before the November congressional elections.

Cohen’s claims that Trump orchestrated a campaign cover-up to buy the silence of two women who claimed he had affairs with them has shaken the White House and the president, who has expressed worry and frustration behind closed doors that a man intimately familiar with his political, personal and business dealings for more than a decade had turned on him.

His anger was palpable overnight as he bellowed to the world in an all-caps tweet at 1:10 a.m.: “NO COLLUSION – RIGGED WITCH HUNT!”

In his interview with “Fox & Friends,” which was taped at the White House on Wednesday and aired Thursday, Trump railed against Cohen for “flipping.” That arrangement “almost ought to be outlawed. It’s not fair,” Trump said, adding that it creates an incentive to “say bad things about somebody … just make up lies.”

That drew immediate rebukes from the legal community.

Neal Katyal, Supreme Court lawyer and former acting solicitor general, compared Trump’s comments in a tweet to “what one expects from a mobster, not the President of the United States.” He later said it was outrageous that Trump had “decided to condemn the entire practice of flipping nationwide, which is essential to law enforcement operations.”

 

Fed Watchers Listen for Rate Hints in Powell Speech Friday

Federal Reserve Chairman Jerome Powell will not lack for urgent topics to address when he gives the keynote speech Friday to an annual gathering of global central bankers in Jackson Hole, Wyoming.

Fed watchers will be listening for anything Powell has to say about financial turmoil in emerging markets, the economic threats posed by the growing trade war launched by President Donald Trump, and Trump’s criticism of the Fed’s recent interest rate hikes.

Investors will especially want to hear whether Powell addresses the central question of whether any of those developments might lead the Fed to alter its plan to raise interest rates two more times this year and to keep raising them next year as well.

If Powell sounds confident that the economy won’t be unduly hurt by the administration’s tariffs on imports and the retaliatory tariffs they have provoked or by a currency crisis in developing markets, Fed watchers will likely conclude that the central bank will maintain a course of gradual rate hikes to reflect a robust economy.

But if Powell strikes a message of concern, it could be read as a sign that the Fed is considering slowing its hikes. A slower pace of rate increases would be intended to encourage continued borrowing and spending by companies and individuals to drive economic growth.

​Political pressure

Amid the grandeur of the Grant Teton Mountains, Powell will be the lead-off speaker at the conference, which has been sponsored for more than three decades by the Federal Reserve Bank of Kansas City.

It will be Powell’s first chance to respond publicly to Trump’s recent criticism, which critics say amounted to an intrusion on the Fed’s longstanding independence from political influence. Two top Fed officials made clear Thursday that Trump’s criticism won’t affect their decisions on whether to continue raising rates. The Fed is widely expected to resume doing so at its next policy meeting late next month.

“Our job at the Fed is to make decisions on monetary policy and supervision without regard to political considerations, and I’m confident we’ll continue to do that,” Robert Kaplan, head of the Fed’s Dallas regional bank, said in an interview with CNBC. Kaplan said he foresees three to four more rate hikes over the next nine to 12 months.

Similarly, Esther George, head of the Kansas City Fed, said she expects the central bank to raise rates twice more this year, with more next year.

“Expressions of angst about higher interest rates are not unique to this administration,” she said in a separate interview with CNBC.

This week, Trump complained in an interview with Reuters that he was “not thrilled” with Powell’s Fed for raising rates. It marked the second time this summer that Trump had publicly criticized the policymaking of the Fed.

That broke a tradition that the White House should refrain from attacks on the Fed because such criticism can shake the confidence of financial markets and that the Fed is committed to keeping inflation under control without regard to political considerations.

Seven interest rate hikes

The Fed has raised its key policy rate seven times since late 2015 after seven years of keeping the rate at a record low near zero to help the economy recovery from the Great Recession. Five of those rate hikes, including two this year, have occurred with Trump in the White House. In June, the Fed boosted its projection for expected hikes this year from three to four.

The Fed’s policy rate stands in a range of 1.75 percent to 2 percent. The rate hikes are intended to prevent the economy from overheating and inflation from accelerating. But higher rates make borrowing costlier and can depress stock prices. Trump has complained that the Fed’s efforts are hampering his attempts to boost growth with his $1.5 trillion tax cut, deregulation and tougher enforcement of trade agreements.

Powell Signals More Hikes Ahead if US Economy Stays Strong

Federal Reserve Chairman Jerome Powell signaled Friday that he expects the Fed to continue gradually raising interest rates if the U.S. economic expansion remains strong.

Powell added that while annual inflation has risen to near the Fed’s 2 percent target rate, it doesn’t seem likely to accelerate above that point. That suggests that he doesn’t foresee a need for the Fed to step up its rate hikes. Late next month, the Fed is widely expected to resume raising rates.

Speaking to an annual conference of central bankers in Jackson Hole, Wyoming, Powell said the Fed recognizes that it needs to strike a careful balance between its mandates of maximizing employment and keeping price increases stable. He said a gradual approach is the best way for the Fed to navigate between the risks of raising rates too fast and “needlessly shortening the expansion” and moving too slowly and risking an overheated economy.

“My colleagues and I,” the Fed chairman said in his speech, “are carefully monitoring incoming data, and we are setting policy to do what monetary policy can do to support continued growth, a strong labor market, and inflation near 2 percent.”

Powell made no mention of the recent public criticism from President Donald Trump, who has said he’s unhappy with the Fed’s rate hikes. The president has complained that the Fed’s tightening of credit could threaten the continued strong growth he aims to achieve through the tax cuts enacted late last year, a pullback of regulations and a rewriting of trade deals to better serve the United States.

Many have seen Trump’s complaints about the Fed’s rate hikes as an intrusion on the central bank’s longstanding independence from political influence. On Thursday, two top Fed officials made clear Thursday that Trump’s criticism won’t affect their decisions on whether to continue raising rates.

Powell also made no mention in his speech of what many economists see as the most serious threat to the economy: The trade war that Trump has launched with America’s main trading partners — a conflict that risks depressing U.S. and global economic growth the longer it goes on.

The Fed chairman focused his remarks in part on the difficulty the Fed faces in setting interest-rate policies at a time when the economy seems to be undergoing changes that challenge long-standing beliefs of how low unemployment can fall before it ignites inflation pressures. He said there is also much uncertainty over the “neutral” rate of inflation —  the point at which the Fed’s policy rate is neither stimulating economic growth or holding it back.

The Fed’s economic projections, compiled from estimates of all Fed officials, estimates the current neutral rate at 2.9 percent. But Powell noted that there’s a wide difference of opinion about it.

After having kept its key policy rate near zero for seven years to help lift the economy out of the Great Recession, the Fed has raised rates seven times, most recently in March and June this year. Most Fed watchers foresee two more hikes this year — next month and then in December.

Powell said the Fed’s incremental approach to raising rates has so far succeeded.

“The economy is strong,” he said. “Inflation is near our 2 percent objective and most people who want a job are finding one. We are setting policy to do what monetary policy can do to support continued growth, a strong labor market and inflation near 2 percent.”