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President Biden is expected to use his State of the Union address as a launching pad for a likely reelection announcement in the coming weeks, but a batch of new polls show he still has work to do to convince voters that he deserves a second term.

Biden is likely to use Tuesday’s prime-time speech to argue the economy and Americans’ day-to-day lives are better than when he took office. The president will then hit the road to tout his achievements as his plans to run for reelection appear to be full steam ahead.

But there are signs that even a productive past year that featured major investments in the economy and declining concerns about a recession may not be enough for Biden to excite even some in his own party about a 2024 bid. 

“I think this is an impossible speech to give because it’s a speech that requires him to speak both about the state of the union as it is and the direction he hopes to lead it, which is about playing the role of statesman. But it also is going to lay the groundwork for most likely his own run for office in 2024, which will call for him to be decidedly political and to cover all kinds of ground,” said William Howell, a political scientist at the University of Chicago Harris School of Public Policy. 

Biden and his team believe they have a strong case to make to the American public that they can contrast with the chaotic early weeks of the House GOP majority. The White House especially wants to focus on the economy, which has seen some unprecedented turn around in recent weeks.

Biden plans to point to recent economic data that has shown record-setting job growth and the cost of goods falling, which, taken together, have economists optimistic that the U.S. will avoid a recession, something that was a major concern just a few months ago.

But Biden is going into his speech on the heels of a Washington Post-ABC News poll that showed 62 percent of Americans think the president accomplished “not very much” or “little or nothing” in his first two years in office.

Four out of 10 of those polled indicated they are personally worse off financially since Biden became president, the most recorded in that survey in 37 years.

A Monmouth University poll released Monday found just 24 percent of Americans feel the country is headed in the right direction, down significantly from a high point of 41 percent in April 2021. 

“I think the core message is we have to make more progress, but people should feel optimism that, because of what we have seen and because of the progress we have made, that we know how to keep making progress going forward,” National Economic Council Director Brian Deese told reporters Monday when asked about Americans who may not be feeling the benefits of Biden’s economic agenda.

Another poll released Monday found that only 37 percent of Democrats want Biden to seek another term, which is down from 52 percent ahead of the midterm elections in November, according to an Associated Press-NORC Center for Public Affairs Research poll. 

Poll respondents cited his age as an issue, which has been a consistent concern for voters and some Democratic Party officials. Biden was the oldest president at the time he was sworn in, and he would be 82 at the start of a second term.

Then there is the Chinese surveillance balloon that traversed a swath of the U.S. last week, which posed an unexpected challenge for the president just days before his address to Congress.

The president has also been dogged by his handling of classified documents after sensitive materials from his time as vice president were found at his Delaware home and a Washington, D.C., office he used from 2017 to 2019.

Additionally, Biden is taking jabs for the one thing that the White House is confident it can take a victory lap on: the economy. New Hampshire Gov. Chris Sununu, a moderate Republican, on Sunday said that Biden will try to take credit for the economy in his State of the Union speech but argued the achievements of the administration are not impressive.

There are other accomplishments Biden may also pepper his big speech with. The president will likely point to the passage of a bill to fund semiconductor chip manufacturing domestically and of the Inflation Reduction Act, which funds green technology and caps health care costs. 

Biden also supported a bipartisan bill to curb gun violence, a measure to codify same-sex marriage and a bill to add benefits to protect veterans exposed to toxic burn pits. And lately, the president has been traveling to tout projects funded by the 2021 bipartisan infrastructure law.

Tuesday will give Biden a major opportunity to dispel concerns about his ability to lead the country and to educate the public on what he’s actually done while in office, both of which will be key to boost momentum going into an eventual campaign announcement.

“When you’re sitting in the White House and you’re a year out from national elections, you understand that there’s no way this speech will be covered as anything other than an opening bid and argument for reelection,” said Patrick Gaspard, president of the Center for American Progress.

The White House believes it can draw a contrast between its own record and that of the relatively young House GOP majority, which thus far has announced plans to investigate Biden’s son Hunter Biden as well as the president’s handling of classified documents and his finances.

White House officials have been quick to pounce on Republican proposals to enact a national sales tax, something even Speaker Kevin McCarthy (R-Calif.) doesn’t support, as well as talk of reforming or cutting Social Security and Medicare, two popular government programs that benefit millions of seniors, a key voting bloc. Live coverage: Biden set to deliver State of the Union Online calculator converts air pollution index into number of cigarettes you’ve smoked

After Tuesday’s speech, Biden will head to Wisconsin to discuss his economic plan and Florida to talk about protecting Social Security and Medicare. Other administration officials will scatter around the country to highlight the Biden agenda this week, as well.

Democratic officials said after the State of the Union is when discussions will likely intensify about staffing and infrastructure for a Biden reelection bid. But Tuesday will give the president a chance to make the case to Americans that they’re better off than they were when he took office, a message that would likely be the backbone of his 2024 pitch, even if it doesn’t seem to have resonated with the public just yet, according to the recent polls.

“I think Joe Biden has been one of the most underrated leaders I have ever seen in my life,” said Tom Perez, former Democratic National Committee chairman and co-chair of American Bridge. 

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Technology

Silicon Valley’s early return on Trump investment: Plunging valuations, delayed IPOs

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Silicon Valley's early return on Trump investment: Plunging valuations, delayed IPOs

The Nasdaq MarketSite in New York, June 9, 2023.

Michael Nagle | Bloomberg | Getty Images

Silicon Valley executives and financiers publicly opened their wallets in support of President Donald Trump’s 2024 presidential run. The early returns in 2025 aren’t great, to say the least.

Following Trump’s sweeping tariff plan announced Wednesday, the Nasdaq suffered steep consecutive daily drops to finish 10% lower for the week, the index’s worst performance since the beginning of the Covid pandemic in 2020.

The tech industry’s leading CEO’s rushed to contribute to Trump’s inauguration in January and paraded to Washington, D.C., for the event. Since then, it’s been a slog.

The market can always turn around, but economists and investors aren’t optimistic, and concerns are building of a potential recession. The seven most valuable U.S. tech companies lost a combined $1.8 trillion in market cap in two days.

Apple slid 14% for the week, its biggest drop in more than five years. Tesla, led by top Trump adviser Elon Musk, plunged 9.2% and is now down more than 40% for the year. Musk contributed close to $300 million to help propel Trump back to the White House.

Nvidia, Meta and Amazon all suffered double-digit drops for the week. For Amazon, a ninth straight weekly decline marks its longest such losing streak since 2008.

With Wall Street selling out of risky assets on concern that widespread tariff hikes will punish the U.S. and global economy, the fallout has drifted down to the IPO market. Online lender Klarna and ticketing marketplace StubHub delayed their IPOs due to market turbulence, just weeks after filing with the Securities and Exchange Commission, and fintech company Chime is also reportedly delaying its listing.

CoreWeave, a provider of artificial intelligence infrastructure, last week became the first venture-backed company to raise more than $1 billion in a U.S. IPO since 2021. But the company slashed its offering, and trading has been very volatile in its opening days on the market. The stock plunged 12% on Friday, leaving it 17% above its offer price but below the bottom of its initial range.

“You couldn’t create a worse market and macro environment to go public,” said Phil Haslett, co-founder of EquityZen, a platform for investing in private companies. “Way too much turbulence. All flights are grounded until further notice.”

CoreWeave investor Mark Klein of SuRo Capital previously told CNBC that the company could be the first in an “IPO parade.” Now he’s backtracking.

“It appears that the IPO parade has been temporarily halted,” Klein told CNBC by email on Friday. “The current tariff situation has prompted these companies to pause and assess its impact.”

Tech will see an 'economic armageddon' if these tariffs stay, says Wedbush's Dan Ives

‘Cave rapidly’

During last year’s presidential campaign, prominent venture capitalists like Marc Andreessen backed Trump, expecting that his administration would usher in a boom and eliminate some of the hurdles to startup growth set up by the Biden administration. Andreessen and his partner, Ben Horowitz, said in July that their financial support of the Trump campaign was due to what they called a better “little tech agenda.”

A spokesperson for Andreessen Horowitz declined to comment.

Some techies who supported Trump in the campaign have taken to social media to defend their positions.

Venture capitalist Keith Rabois, a managing director at Khosla Ventures, posted on X on Thursday that “Trump Derangement Syndrome has morphed into Tariff Derangement Syndrome.” He said tariffs aren’t inflationary, are effective at reducing fentanyl imports, and he expects that “most other countries will cave and cave rapidly.”

That was before China’s Finance Ministry said on Friday that it will impose a 34% tariff on all goods imported from the U.S. starting on April 10.

At Sequoia Capital, which is the biggest investor in Klarna, outspoken Trump supporter Shaun Maguire, wrote on X, “The first long-term thinking President of my lifetime,” and said in a separate post that, “The price of stocks says almost nothing about the long term health of an economy.”

However, Allianz Chief Economic Advisor Mohamed El-Erian warned on Friday that Trump’s extensive raft of import tariffs are putting the U.S. economy at risk of recession.

“You’ve had a major repricing of growth prospects, with a recession in the U.S. going up to 50% probability, you’ve seen an increase in inflation expectations, up to 3.5%,” he told CNBC’s Silvia Amaro on the sidelines of the Ambrosetti Forum in Cernobbio, Italy.

Former Microsoft CEOs Bill Gates, left, and Steve Ballmer, center, pose for photos with CEO Satya Nadella during an event celebrating the 50th Anniversary of Microsoft on April 4, 2025 in Redmond, Washington. 

Stephen Brashear | Getty Images

Meanwhile, executives at tech’s megacap companies were largely silent this week, and their public relations representatives declined to provide comments about their thinking.

Microsoft CEO Satya Nadella was in the awkward position on Friday of celebrating his company’s 50th anniversary at corporate headquarters in Redmond, Washington. Alongside Microsoft’s prior two CEOs, Bill Gates and Steve Ballmer, Nadella sat down with CNBC’s Andrew Ross Sorkin for a televised interview that was planned well before Trump’s tariff announcement.

When asked about the tariffs at the top of the interview, Nadella effectively dodged the question and avoided expressing his views about whether the new policies will hamper Microsoft’s business.

Ballmer, who was succeeded by Nadella in 2014, acknowledged to Sorkin that “disruption is very hard on people” and that, “as a Microsoft shareholder, this kind of thing is not good.” Ballmer and Gates are two of the 12 wealthiest people in the world thanks to their Microsoft fortunes.

C-suites may not be able to stay quiet for long, especially if the recent turmoil spills into next week.

Lise Buyer, who previously helped guide Google through its IPO and now works as an adviser to companies going public, said there’s no appetite for risk in the market under these conditions. But there is risk that staffers get jittery, and they’ll surely look to their leaders for some reassurance.

“Until markets settle out and we have the opportunity to access valuation levels, public company CEOs should work to calm potentially distressed employees,” Buyer said in an email. “And private company managements should refine plans to get by on dollars already in the treasury.”

— CNBC’s Hayden Field, Jordan Novet, Leslie Picker, Annie Palmer and Samantha Subin contributed to this report.

WATCH: Chime is reportedly delaying its IPO

Chime is reportedly delaying its IPO

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UK

Jaguar Land Rover to ‘pause’ US shipments over Donald Trump tariffs

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Jaguar Land Rover to 'pause' US shipments over Donald Trump tariffs

Jaguar Land Rover (JLR) has said it will “pause” shipments to the US as the British car firm works to “address the new trading terms” of Donald Trump’s tariffs.

The US president has introduced a 25% levy on all foreign cars imported into the country, which came into force on Thursday.

JLR, one of the country’s biggest carmakers, exported about 38,000 cars to the US in the third quarter of 2024 – almost equal to the amount sold to the UK and the EU combined.

Follow live updates: Trump’s baseline 10% tariff kicks in

In a statement on Saturday, a spokesperson for the company behind the Jaguar, Land Rover and Range Rover brands said: “The USA is an important market for JLR’s luxury brands.

“As we work to address the new trading terms with our business partners, we are taking some short-term actions including a shipment pause in April, as we develop our mid- to longer-term plans.”

The company released a statement last week before Mr Trump announced a “baseline” 10% tariff on goods from around the world, which kicked in on Saturday morning, on what he called “liberation day”.

More on Donald Trump

JLR reassured customers its business was “resilient” and “accustomed to changing market conditions”.

“Our priorities now are delivering for our clients around the world and addressing these new US trading terms,” the firm said.

Trading across the world has been hit by Mr Trump’s tariff announcement at the White House on Wednesday.

All but one stock on the FTSE 100 fell on Friday – with Rolls-Royce, banks and miners among those to suffer the sharpest losses.

Read more: A red wall on Wall Street – but Trump seems to believe it will work out

Cars are the top product exported from the UK to the US, with exports worth £8.3bn in the year to the end of September 2024, according to data from the Office for National Statistics.

For UK carmakers, the US is the second largest export market behind the European Union.

Industry groups have previously warned the tariffs will force firms to rethink where they trade, while a report by thinktank the Institute for Public Policy Research said more than 25,000 car manufacturing jobs in the UK could be at risk.

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UK

Two people die after caravan fire at holiday park in Lincolnshire

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Two people die after caravan fire at holiday park in Lincolnshire

Two people have died following a fire at a caravan site near Skegness, Lincolnshire Police have said.

In a statement, officers said they were called at 3.53am on Saturday to a report of a blaze at Golden Beach Holiday Park in the village of Ingoldmells.

Fire and rescue crews attended the scene, and two people were found to have died.

They were reported to be a 10-year-old girl and a 48-year-old man.

The force said the victims’ next of kin have been informed and will be supported by specially trained officers.

Officers are trying to establish the exact cause of the blaze.

“We are at the very early stages of our investigation and as such we are keeping an open mind,” the force said.

Two fire crews remain at the scene.

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