WASHINGTON (AP) — President Joe Biden is set to tour damage and be briefed on recovery efforts after devastating storms hit California in recent weeks, killing at least 20 people and causing destruction across 41 of the state's 58 counties.
The president, accompanied by FEMA Administrator Deanne Criswell, Gov. Gavin Newsom and other state and local officials, will visit Thursday the storm-damaged Capitola Pier in Santa Cruz County, where he will meet with business owners and affected residents.
Biden will also meet with first responders and deliver remarks on supporting the state's recovery at nearby Seacliff State Park.
“Over 500 FEMA and other federal personnel have already deployed to California to support response and recovery operations and are working side by side with the state to ensure all needs are indeed met on the ground,” White House press secretary Karine Jean-Pierre said Wednesday.
Biden has already approved a major disaster declaration for the state, freeing up additional federal resources for recovery efforts. Hours ahead of the visit, he raised the level of federal assistance available even higher.
From Dec. 26 to Jan. 17, the entire state of California averaged 11.47 inches of rain and snow, according to the National Weather Service’s Weather Prediction Center, with some reports of up to 15 feet of snow falling over the three-week period in the highest elevations of the Sierra Nevada.
California gets much of its rain and snow in the winter from a weather phenomenon known as “atmospheric rivers” — long, narrow bands of water vapor that form over the ocean and flow through the sky.
California has been hit by nine atmospheric rivers since late December. The storms have relented in recent days, although forecasters were calling for light rain toward the end of this week followed by a dry period.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring even as inflation stays elevated. The move comes amid a fraught time for the central bank, with hiring sluggish and yet inflation stuck above the Fed’s 2% target. Compounding its challenges, the central bank is navigating without much of the economic data it typically relies on from the government. The Fed has signaled it may reduce its key rate again in December but the data drought raises the uncertainty around its next moves. Fed Chair Jerome Powell told reporters that there were “strongly differing views” at the central bank's policy meeting about to proceed going forward.
U.S. and Chinese officials say a trade deal between the world’s two largest economies is drawing closer. The sides have reached an initial consensus for President Donald Trump and Chinese leader Xi Jinping to aim to finalize during their high-stakes meeting Thursday in South Korea. Any agreement would be a relief to international markets. Trump's treasury secretary says discussions with China yielded preliminary agreements to stop the precursor chemicals for fentanyl from coming into the United States. Scott Bessent also says Beijing would make “substantial” purchases of soybean and other agricultural products while putting off export controls on rare earth elements needed for advanced technologies.
A new poll finds most U.S. adults are worried about health care becoming more expensive.
The White House budget office says mass firings of federal workers have started in an attempt to exert more pressure on Democratic lawmakers as the government shutdown continues.
President Donald Trump says “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths needed for American industry. The Republican president suggested Friday he was looking at a “massive increase” of import taxes on Chinese products in response to Xi’s moves. Trump says one of the policies the U.S. is calculating is "a massive increase of Tariffs on Chinese products coming into the United States." A monthslong calm on Wall Street was shattered, with U.S. stocks falling on the news. The Chinese Embassy in Washington hasn't responded to an Associated Press request for comment.
Most members of the Federal Reserve’s interest-rate setting committee supported further reductions to its key interest rate this year, minutes from last month’s meeting showed.
From Wall Street trading floors to the Federal Reserve to economists sipping coffee in their home offices, the first Friday morning of the month typically brings a quiet hush around 8:30 a.m. eastern, as everyone awaits the Labor Department’s monthly jobs report.
The Supreme Court is allowing Lisa Cook to remain as a Federal Reserve governor for now.
Rep. John Moolenaar has requested an urgent briefing from the White House after Trump supported a deal giving Americans a majority stake in TikTok.
