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As the Senate begins to discuss President Donald Trump and the Republican-led large-scale tax cut bill that barely passed the House of Representatives, the conflict surrounding the increase in the SALT deduction limit is emerging as the biggest variable.

According to a report on the 23rd by the congressional journal The Hill, some Republican lawmakers in the Senate are taking the position that the increase in the local tax deduction limit to $40,000 included in the tax cut bill passed by the House of Representatives needs to be changed. These lawmakers are demanding that the local tax deduction limit be lowered to $20,000 during the Senate debate.

The measure that limited the deduction limit for local taxes such as property taxes when filing federal income taxes to $10,000, introduced in 2017, is being criticized for placing a greater tax burden on residents of areas with high property tax burdens such as New York, New Jersey, and California.

Accordingly, Republican members of the House of Representatives, whose districts are heavily burdened with local taxes, have not backed down from their stance that they will vote against the tax cut bill promoted by the Republican leadership unless the local tax deduction limit is raised.

In the end, House Speaker Mike Johnson and Republican members of the House of Representatives from New York and New Jersey agreed to raise the local tax deduction limit from the current $10,000 to $40,000, which allowed the tax cut bill to pass by a one-vote margin in the House plenary session on the 22nd. However, there are demands that the local tax deduction limit, which was raised to $40,000 in the House, be lowered to $20,000 in the Senate. I

n particular, conservative members of the House of Representatives believe that the budget cut level in the House bill is insufficient and that revisions are inevitable. However, if the local tax deduction limit is lowered again in the Senate bill, it is expected that Republican members of the House of Representatives from New York and New Jersey will strongly oppose it.

If the tax cut bill processed in the House is revised in the Senate, the Senate bill must be re-reviewed in the House. The Republican leadership is concerned that if House Republicans who demand an increase in the local tax deduction limit vote against the Senate bill, it will be difficult to pass the bill. Although the Republican Party has a majority in the House, the gap in the number of seats between them and the Democratic Party is not large, so if the lawmakers who demand an increase in the local tax deduction limit do not vote in favor, the Republican Party’s tax cut bill will face great difficulties.

The Republican leadership is trying to find the optimal point to secure the support of as many lawmakers as possible, but it is uncertain what conclusion will be reached.

The Trump administration has ignited a political firestorm following the arrest of Newark Mayor Ras Baraka and the indictment of a sitting federal congressman during a tense confrontation at the Delaney Hall immigration detention centre in Newark, New Jersey.

On May 19, the U.S. Department of Justice filed a criminal complaint against Democratic Congresswoman Lamonica McIver, who represents New Jersey’s 10th District, accusing her of assaulting a federal law enforcement officer and obstructing justice during the incident. According to Acting U.S. Attorney Alina Harbaugh, McIver interfered with law enforcement activities during her visit to the facility on May 9.

The conflict erupted when Mayor Baraka attempted to enter the federal facility alongside three members of Congress, including McIver. Federal agents denied them entry, sparking a heated standoff. As tensions escalated, Baraka was arrested outside the facility on charges of illegal trespassing. The scene quickly devolved into chaos, with clashes between federal officers, protesters, and members of Congress.

Congresswoman McIver has strongly rejected the charges, calling them “purely political.” She insists her presence at the facility was part of a legitimate effort to inspect the conditions of detained immigrants and ensure their humane treatment. “We were there to uphold justice, not obstruct it,” McIver stated, accusing the Trump administration of provoking a confrontation for political gain.

Federal authorities, however, allege that McIver physically obstructed officers, including pushing agents in an attempt to force entry into the facility. President Trump weighed in on the matter, defending the actions of law enforcement and stating, “She was out of control. She pushed federal agents away. We will maintain law and order.”

Democratic leaders in the House of Representatives have sharply condemned the indictment, accusing the Trump administration of weaponizing the justice system. “This is a clear case of political retaliation,” said one senior Democratic official. “The charges are a blatant attempt to silence oversight and intimidate elected officials.”

In a partial reversal, federal prosecutors have since dropped the trespassing charges against Mayor Baraka. Acting U.S. Attorney Harvey described the dismissal as a “decision to move forward,” without elaborating on whether additional actions might follow.

Mayor Baraka, for his part, stood by his actions and reiterated his position that the Delaney Hall facility must comply with local laws and Newark city regulations. “We cannot allow federal operations to exist in our city in violation of our standards of human rights and dignity,” he said.

The incident highlights the increasingly fraught relationship between local officials and federal immigration enforcement under the Trump administration, raising broader questions about the limits of federal authority, local oversight, and the politicization of law enforcement.

South African President Cyril Ramaphosa found himself in an uncomfortable position during his summit with former U.S. President Donald Trump on May 21st. What was expected to be a formal diplomatic meeting in the Oval Office quickly turned into what South African media later described as a “multimedia ambush.”

Without prior notice, President Trump played a provocative video in front of the press. The footage, which Trump claimed showed evidence of the “mass killing of white farmers” in South Africa, featured a political rally led by Julius Malema, the controversial leader of the radical Economic Freedom Fighters (EFF). In the video, Malema is seen dancing and chanting “Kill the Boers, kill the farmers” before a large crowd — a chant many South Africans recognize as part of Malema’s political theatrics but one that has been widely condemned as inflammatory hate speech.

The chant, though highly controversial, has deep historical roots. It is often defended by some South Africans as symbolic resistance language dating back to the apartheid era. AfriForum, a lobby group representing the Afrikaner minority, once attempted to ban the phrase through legal channels, but the court dismissed the case, labelling it as political expression within a historical context.

While the video played, Ramaphosa attempted to explain. He clarified that Malema leads a minority opposition party and that his rhetoric does not reflect the official stance of the South African government. Ramaphosa emphasized South Africa’s constitutional commitment to a multi-party democracy and rejected Trump’s insinuation of state complicity in violence against white farmers. “This is just a claim by a minority party leader,” he told Trump, asserting that his government had no tolerance for incitement or hate.

Adding to the tension, Trump questioned why such incitement wouldn’t result in an arrest, to which Ramaphosa calmly replied, citing the protections of political speech under South African law. John Steenhuisen, the white leader of the Democratic Alliance (DA) and South Africa’s current agriculture minister, also stepped in, asserting that his party’s coalition with Ramaphosa’s was precisely to prevent extremist politicians like Malema from holding power.

The situation grew more awkward when Trump pointed to a scene in the video that he claimed showed the burial site of “1,000 white farmers.” Ramaphosa responded, “I’ve never seen that before,” and asked Trump directly, “Do you know where that is?” Local South African broadcaster eNCA later reported, citing AfriForum, that the video had been manipulated and misrepresented.

In a further escalation, Trump handed Ramaphosa a bundle of printed articles detailing alleged attacks on white farmers. The gesture, along with the video presentation, was widely seen in South Africa as a calculated provocation. Local media, including the prominent outlet Daily Maverick, characterized the incident as a “surprise attack,” with headlines such as ‘Trump ambushed Ramaphosa in his office with multimedia, but Ramaphosa remained calm.’

Despite the highly charged moment, Ramaphosa’s measured and composed response earned him praise back home. The incident, however, underscores the complex racial and political narratives surrounding land reform and violence in South Africa — and how they can be distorted and weaponized on the global stage.

On the 2nd, US President Donald Trump once again pressured Harvard University for not adhering to government policy, warning that the institution could lose its tax-exempt status. Trump made the statement through social media platform Truth Social, saying, “We will revoke Harvard’s tax exemption status,” and added, “They deserve it.” Under US tax laws, non-profit organizations, including educational, religious, and charitable institutions like Harvard, benefit from various tax exemptions.

Harvard University has conflicted with the government, protesting President Trump’s demands for policy changes on campus, particularly regarding the eradication of anti-Semitism. The university also opposes the government’s interference in personnel matters, arguing that such actions violate academic freedom. In retaliation, the Trump administration has threatened to cut significant funding, prompting Harvard to file a lawsuit against the government to prevent such actions.

Apple has chosen to expand its production in India and Vietnam rather than the United States despite tariff pressures from the U.S. government. Apple’s decision highlights the company’s strategy to diversify its supply chain in response to the ongoing U.S.-China trade dispute. While U.S. President Donald Trump has encouraged companies to bring manufacturing back to the U.S., Apple has opted for India and Vietnam due to their cost-effectiveness and labour availability. Apple reported strong financial results for the second quarter of its fiscal year on May 1, 2025, with sales of $95.36 billion and operating profits of $29.59 billion, surpassing market expectations. CEO Tim Cook noted that the company had managed to minimize the impact of tariffs by optimizing its inventory and supply chain, even amid rising tariff costs. However, Apple also warned that it expects an additional cost of approximately $900 million due to tariffs in the upcoming quarter. In response to tariff pressure, Apple has shifted much of its production to India and Vietnam, with most iPhones sold in the U.S. now being produced in India, and iPads, Macs, Apple Watches, and AirPods made in Vietnam. Despite these efforts, Apple continues to rely on China for most of its global supply chain. Apple’s decision to avoid large-scale manufacturing in the U.S. is influenced by high labour costs, the lack of skilled workers, and infrastructure challenges. Apple has also taken steps to localize some production in the U.S., such as sourcing chips from U.S. states and working with American companies for iPhone glass. However, due to the ongoing tariffs between India, Vietnam, and the U.S., Apple remains exposed to the potential risks of reciprocal tariffs. Following the earnings announcement, Apple’s stock rose 0.39% during regular trading but fell over 3% in after-hours trading, signalling investor concerns about future tariff impacts on the company’s profitability.

Bloomberg reported on May 4th that major U.S. technology companies, including Apple and Microsoft, have outperformed market expectations in their recent earnings, easing investor fears about a “worst-case scenario” related to President Donald Trump’s ongoing tariff policies.

Despite trade tensions and tariffs raising concerns about profitability, the January-to-March performance reports released by tech giants indicate resilience in core business sectors such as cloud computing, consumer electronics, software, and digital advertising. While some results — like Apple’s — fell short in certain areas, most of the big players offered strong forward-looking statements that reassured investors.

Notably, Microsoft exceeded its sales forecasts, driven by robust demand for its Azure cloud services. Azure’s revenue jumped 33% year-over-year, outpacing even bullish predictions. Similarly, Google and Amazon’s cloud businesses saw substantial growth, with increases of 28% and 17%, respectively.

Although Apple and Google did not issue formal forecasts, their performance helped calm market nerves. Amazon’s profit forecast was more conservative, but CEO Andy Jassy emphasized that customer demand remains solid. Meta, the parent company of Facebook and Instagram, expressed optimism about the digital advertising market and raised its capital expenditure outlook — a move that suggests confidence in ongoing growth, particularly in AI infrastructure.

The report also mentioned that concerns about slowing capital expenditures in AI computing are starting to fade. This shift is boosting expectations for companies like Nvidia, which dominates the AI chip market and is scheduled to report its earnings at the end of the month.

Market analysts echoed this cautiously optimistic tone. Mark Rusini, chief investment strategist at Janie Montgomery Scott, noted, “Many investors expected pessimistic earnings reports, but even if some of the results were somewhat weak, it was not a ‘worst-case scenario.’” He added that the reports helped sustain a generally positive market outlook, despite continuing uncertainty. Hannah Howard, a portfolio manager at Gabelli Fund, remarked, “Tech companies are showing profitability and growth, securing more investment room,” and emphasized that expectations were exceeded across the board.

However, Bloomberg cautioned that the full impact of the tariffs may not become clear until the next earnings season, when companies report results from April to June — the first full quarter under the new tariff conditions. As such, volatility may persist in the tech sector as trade tensions and policy uncertainties continue to loom over Wall Street.

Nvidia, the leading developer of artificial intelligence (AI) chips, is creating modified chips specifically for the Chinese market to sidestep increasingly strict U.S. export regulations, according to a report from The Information on May 3rd.

The company has reportedly informed key Chinese clients, including tech giants Alibaba, ByteDance (the parent company of TikTok), and Tencent, that it is redesigning certain chips to remain compliant with U.S. laws while still maintaining business ties with China. These efforts follow recent regulatory changes by the U.S. government that tightened restrictions on the export of advanced semiconductors to China, including Nvidia’s H20 chip — previously its most powerful AI chip allowed for export under the rules.

Originally designed as a scaled-down alternative to the high-performance H100 chip, the H20 was Nvidia’s workaround for earlier regulations. However, the Biden administration recently broadened its restrictions to include even the lower-powered H20, effectively cutting off that export route. As a result, Nvidia is now racing to develop a new AI chip that satisfies U.S. export controls while still being viable for Chinese companies.

During a visit to Beijing last month — shortly after the U.S. imposed the new restrictions — Nvidia CEO Jensen Huang reportedly met with customers and presented plans for the forthcoming chip. Sources say sample versions could be available as early as June. Nvidia is also said to be working on a China-specific version of its latest Blackwell chip, designed to meet both regulatory requirements and the needs of its Chinese clients.

The stakes are high: Nvidia estimated that the restrictions on H20 exports could result in a revenue loss of around $5.5 billion. Given that the company controls more than 90% of the advanced AI chip market, U.S. export controls are playing a significant role in shaping the global AI landscape — as Washington seeks to preserve its technological edge and national security interests by curbing China’s access to critical AI hardware.

Starting this summer, commuters in New York City can expect improved bus service on several key routes, including those in Queens between Flushing and Bayside. The Metropolitan Transportation Authority (MTA) announced on April 17 that service will be increased on 16 bus routes across four boroughs—Queens, Brooklyn, the Bronx, and Staten Island—beginning June 29. The MTA stated, “We expect this increase in service to significantly reduce commuting times and bus waiting times.”

In Queens, service will be expanded on several heavily used routes:

• • Q13 (Flushing–Fort Totten)
  • Q28 (Flushing–Bayside)
  • Q66 (Flushing–Long Island City)
  • Q69 (Long Island City–Astoria)
  • Q35 (Rockaway–Midwood)
  • Q43 (Jamaica–Floral Park)

Many of these lines are popular among Korean residents and other local communities.

Brooklyn routes with expanded service include B17, B26, B74, and B103. In the Bronx, service will increase on the Bx10, Bx17, Bx23, and the combined Bx28/38 routes. Staten Island will see improvements on the S46/96 and the S79 Select Bus Service.

The MTA also noted that express bus routes already began operating with increased service as of March 30. This includes eight routes overall—one in Brooklyn, two in the Bronx, four in Staten Island, and one in Queens (QM15: Lynnwood–Cross Bay Blvd–Woodhaven Blvd–Manhattan Midtown).

Queens Borough President Donovan Richards highlighted the importance of this move, noting, “In the case of Queens, more than 800,000 residents use MTA bus service every day to get to work, school, and home.” He also emphasized that Queens will soon see the launch of newly reorganized bus routes for the first time since the 1950s, further modernizing the borough’s transit infrastructure.

This service expansion is being supported by $8 million in funding from the “Outer Borough Transportation Improvement Account,” a fund established by the New York State Assembly in 2018 to enhance public transportation in the city’s outer boroughs.

On the 20th, Bloomberg News reported that several top U.S. executives, including Meta CEO Mark Zuckerberg and JP Morgan Chase CEO Jamie Dimon, sold significant amounts of their company stocks during the first quarter of this year—just before the New York Stock Exchange experienced a sharp downturn following President Donald Trump’s announcement of reciprocal tariffs earlier this month.

Citing analysis from insider trading firm Washington Services, Bloomberg noted that Mark Zuckerberg sold approximately 1.1 million shares of Meta stock through the Chan Zuckerberg Initiative (CZI), the philanthropic organization he co-founded with his wife, Priscilla Chan. The sales, executed in January and February when Meta’s stock was at an all-time high, totalled around $733 million (roughly 1.04 trillion Korean won). Since then, Meta’s stock has dropped by 32% from its February peak, as of the closing price on the 18th.

Similarly, Oracle CEO Safra Catz sold 3.8 million shares valued at $705 million (also about 1.04 trillion won) during the same quarter, at a time when Oracle’s stock was also trading near record highs. Oracle’s share price has since plunged 12% following Trump’s April 2 announcement on tariffs. Bloomberg estimates that Catz’s total assets—including both sold and remaining shares—are worth approximately $2.4 billion (3.4 trillion won).

JP Morgan Chase CEO Jamie Dimon was also among those offloading shares, having sold $234 million (about 330 billion won) worth of company stock in the first quarter. Bloomberg estimates Dimon’s net worth at $3 billion (roughly 4.3 trillion won).

Other notable executives include Stephen Cohen, CEO of defence tech firm Palantir Technologies, who sold $337 million (around 480 billion won) in company shares. In total, 3,867 insiders at publicly traded U.S. companies sold a combined $15.5 billion (22 trillion won) in stock during the first quarter of 2025.

While that figure represents a drop from the same period last year—when 4,702 insiders sold $28.1 billion in shares—it still underscores a trend that often raises red flags for investors. For instance, Amazon founder Jeff Bezos alone sold $8.5 billion (12 trillion won) worth of stock in the first quarter of the previous year.

Insider stock sales are often seen as potential warning signs, since executives are assumed to have deeper knowledge about their companies’ outlooks. The timing of these sales—especially ahead of significant market volatility—may further heighten investor concerns.

On April 9th, just 13 hours after the United States officially implemented reciprocal tariffs on dozens of trading partners, President Donald Trump abruptly announced a 90-day suspension of those tariffs for all countries except China. The decision came as part of a broader move to ease international trade tensions while doubling down on punitive measures against Beijing.

Trump declared that while the U.S. would raise tariffs on Chinese imports from 104% to a steep 125%, countries currently in negotiations with the U.S. over tariff and non-tariff barriers would be granted a temporary reprieve. For those nations—approximately 70, including South Korea—the reciprocal tariffs were reduced to a basic rate of 10%, effective immediately.

Despite the temporary easing, the administration emphasized that key tariffs, such as the 25% duties on steel and automobiles, would remain in place. Trump’s decision came shortly after China announced a new round of retaliatory measures, prompting him to escalate tariffs further. “I will immediately raise the tariff to 125%,” Trump posted on his social media platform Truth Social, directly responding to Beijing’s actions.

He added that more than 75 countries had opted not to retaliate and had entered negotiations with the U.S. As a result, these countries would benefit from the 90-day grace period and the reduced 10% tariff rate. “These will also be implemented immediately,” he wrote.

Just days earlier, on April 2nd, Trump had unveiled a sweeping policy to implement reciprocal tariffs of 10% or more on all U.S. trading partners, citing widespread use of tariffs and non-tariff barriers against American goods. On April 5th, the U.S. began enforcing a base 10% tariff across the board, followed by additional country-specific tariffs targeting 57 entities—including major economies like Korea, Japan, China, and the European Union—starting at 12:01 AM on April 9th.

However, as global markets reeled from fears of an escalating trade war, Trump reversed course within hours, suspending the more aggressive country-specific tariffs for all but China. The administration’s sharp pivot appeared influenced by China’s uncompromising stance. In addition to matching U.S. tariff hikes, China issued a travel advisory against the U.S., signalling a full-scale confrontation rather than retreat.

On April 8th, Trump had already raised tariffs on Chinese goods from 84% to 104%. His April 9th moves to raise them again by 21 percentage points to 125% reflects the growing strain in U.S.-China relations. While other nations have moved to de-escalate, China’s firm countermeasures have placed it on a collision course with Washington, shaping the next phase of the global trade standoff.