08272025 BUSINESS

Financial

By FAY SIMMONS Tribune Business Reporter

HEALTH and Wellness Minister

Dr Michael Darville said groundbreaking for the $267m specialty hospital will take place “very soon,” as the government finalizes loan arrangements and moves ahead with site preparations.

Speaking to reporters, Dr Darville confirmed that the government is in the final stages of completing a loan agreement with the Chinese Export-Import Bank (Eximbank), while procurement for land clearing is already underway.

“We signed the first agreement with the concession loan group with the embassy, and now we in the final stages of the documentation for signing with the Chinese Eximbank. Pleased to also report that we went out for procurement for the clearing of the land. That is going extremely well, and very soon, we will break ground and report to the Bahamian people about what the next steps would be,” said Dr Darville.

Chamber backs Exuma resort boom: ‘Get ready to grow’ local businesses told

By FAY SIMMONS

Tribune Business Reporter jsimmons@tribunemedia.net

THE Exuma Chamber of Commerce

is throwing its full support behind a wave of luxury resort developments on the island, with president Ehren Hanna urging local businesses to prepare for growth as more than 1,500 jobs and expanded economic opportunities are expected.

Mr Hanna said the Chamber is committed to connecting its members with resort partners and ensuring local entrepreneurs are positioned to benefit from the investment boom.

“The primary mission of the Exuma Chamber of Commerce is to support and champion the success of our local business community, and with each new development comes the chance to connect our members to business opportunities,” said Mr Hanna.

“Announcements like Yntegra’s $2 m investment in the community and local businesses, or Amancaya’s project moving ahead, or signs of progress with the Sandals Resort transformation are strong indications that Exuma is right on track. We are committed to partnering with businesses that need local goods and service providers and share our vision for progress.”

Mr Hanna pointed to several highprofile developments fuelling this optimism — including the $200m Rosewood Exuma resort on Sampson Cay, the $260m Amancaya resort planned for Children’s Bay and Williams Cay, the $175m Torch Cay resort, and Sandals

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

FINANCIAL blows have prevented business owners from investing in safety and surveillance equipment, according to one alarm system service provider.

Following three shooting incidents on Monday, all within an eight-hour window and in the vicinity of businesses, the country continues to see a spike in crime. Candace Weatherford, owner of Sure Alarms Systems LTD which installs, monitors and

“I also made a commitment that with the Opening of Parliament, I would update the Bahamian people about the parameters of the loan and what it means, and become very transparent of what the next steps would be.”

Prior to Parliament’s summer adjournment, Dr Darville defended the government’s plans for the specialty hospital and pledged to table the loan agreement once finalized

services alarms and cameras, said she just recently realised how many customers have given up their alarms and in turn have undermined their security. Mrs Weatherford points a finger at the COVID19 pandemic, stating safety and security comes with a price that many can no longer afford.

“Some of them are schools, like private schools, different places, they were hit so hard financially from the shutdown that they still haven't recuperated,” Mrs Weatherford said. “It's like it's not in the budget. It's disheartening. And here we are in 2025 and

I'm looking at 2022 at all the places that either had to close down or had to just give up certain things because they just couldn't afford them anymore. And it's disheartening that COVID is still affecting us to this date and time, and I can't blame it on anything else, because before COVID, it was booming.

“Before COVID, things were steady, they were good. And through COVID, we worked with a lot of our customers who were feeling the pinch, and we gave a lot of

Cat Island load shedding ended after two weeks, says BPL

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

BAHAMAS Power and Light Company announced yesterday that rotational load shedding on Cat Island has ended after more than two weeks.

Speaking in Parliament, former Prime Minister, Dr Hubert Minnis raised concerns about the agreement, particularly regarding the expected use of Chinese labour on the project. He questioned why labour negotiations remain unresolved and expressed frustration that foreign workers will be brought in at a time

‘Complete revamp’ of OSH standards promised by Labour Minister

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

THE Labour Minister has pledged to “completely revamp” Occupational Safety and Health (OSH) standards in The Bahamas adding that a public consultation will be held soon.

A report from the US on human rights, noted that the Ministry of Labour who holds the responsibility, “did not effectively enforce minimum wage, overtime, and OSH laws.”

“The government set occupational safety and health (OSH) standards appropriate to the main industries,” the report read.

“Some workers in construction, agriculture, informal tourist operators, engineering, and informal sectors endured hazardous conditions. Typically, persons who were unable to work because of hazardous conditions were protected from dismissal; however, there were no statutory provisions that guarantee paid leave.

“The Ministry of Labour was responsible for enforcing labor laws, including standards for minimum wage, work hours, and OSH.

Ministry inspectors infrequently conducted random site visits.

Inspectors levied fines to enforce OSH standards and to investigate employee concerns and complaints. Penalties for violations of OSH, wage, and work hour laws were commensurate with those for crimes such as negligence. The government did not effectively enforce minimum wage, overtime, and OSH laws. Penalties were rarely applied against violators.

The number of labor inspectors was not sufficient to enforce

compliance. Inspectors had the authority to make unannounced inspections and initiate sanctions. Employers generally cooperated with inspectors to implement safety standards.”

Labour Minister, Pia GloverRolle, however, said the ministry is working to bring OSH in The Bahamas to international standards.

“We continue to work to improve labour conditions and we are making great strides in that regard,” Ms Glover-Rolle said.

“In a few months, we will be introducing a slate of reforms that will modernize every major labour law, including the Employment Act, the Industrial Relations Act, the Public Service Act, and General Orders.

“We will completely revamp our Occupational Safety and Health standards, enhance the protections available for casual workers, align our labour laws with international standards, introduce more protections against workplace

Pedro Marcello, BPL’s Family Regional Island Manager, said the load shedding—which began on August 11 and lasted 16 days—has been discontinued. All four generation units are now on the island, with three fully available and two currently online.

The fourth unit is undergoing final mechanical repairs and is expected to be commissioned by the weekend, restoring the generation fleet to full capacity.

“This is a proud moment for both BPL and the residents of Cat Island,” said Mr Marcello.

“We committed to resolving this issue swiftly, and our teams delivered. The load shedding that began on August 11 is now behind us, and we look forward to having all units fully operational in the coming days.”

BPL’s CEO Toni Seymour highlighted the importance of stable electricity connections for Family Island residents and reaffirmed the utility’s commitment to providing quality service.

“As a native of Long Island, I fully understand how vital consistent electricity supply is to our Family Island communities,” said Ms Seymour

“We appreciate the patience shown by the residents of Cat Island and remain committed to delivering the quality of service they deserve.”

Last week, Ms Seymour announced that BPL will issue a 50 percent rebate on the base rate to residents in Eleuthera, Long Island, Cat Island, and Abaco in the next billing cycle, as compensation for repeated power outages experienced this summer.

She said residents on Cat Island had been experiencing four-hour load shedding intervals, but BPL teams were actively working to address the shortfall

Customers giving up alarms ‘undermines security’ - claim

SECURITY - from page B1

customers, like six months free monitoring, because they were valued customers. And some of them still never recuperated. They never opened their businesses back up, or things like that. The ones that did recuperate, they stayed with us and we all struggle through. [Hurricane]

Dorian was the straw that broke the camel’s back, but COVID started it all.”

Noting they are seeing a slight increase in the sale

Minister says govt nearing loan agreement with Chinese bank

HOSPITAL - from page B1

when many young Bahamians are seeking employment.

Dr Minnis also questioned whether the government will be responsible for paying Bahamian workers while Chinese workers are paid directly from the loan facility. Additionally, he warned the hospital could become a “white elephant” if left underutilized or if its operation diverts funding from other healthcare facilities.

In response, Dr Darville defended the project and reaffirmed the Davis administration’s commitment to improving healthcare access and delivery across the country.

“I assure you that this administration has no intentions of constructing a hospital and creating a white elephant,” said Dr Darville

“We’ve been guided by experts on what we need to do, and we are following our blueprint to ensure that it’s happened. Once again, the Bahamian people can rest assure that on conclusion these loan facilities, I will come to this Parliament with a communication to fully outline, in a transparent way, the entire steps and end product of the loan with the Chinese government.”

of surveillance equipment, Ms Weatherford said it does not beat pre-COVID numbers. Stephen Wilson, owner of Security Depot, however, said he has seen a vast increase in the sale of “solar camera systems and the systems itself” and other surveillance products. He said about 40 percent of those sales rest with business owners. When asked what equipment is best for businesses establishments he responded, “Cameras, especially cameras with motion sensors, and that

is app ready, meaning that you could download the app.”

“So what most people do is they would actually view the cameras before they get at home, so they would see if any activities at home are going on,” he added. “And then, with the motion sensor, it’ll alert you before you even go to it.”

Mrs Weatherford said while many persons are leaning towards cameras “because there’s no additional billing each month” she argued that alarms may

be more beneficial. She also noted that changes with BTC also impact services provided by Sure Alarms Systems Ltd.

“A lot of people are turning towards cameras nowadays, because there’s no additional billing each month,” she said. “They put in some cameras. They put it on their phone. But the thing is, a camera doesn’t help you until after the fact. You could say, I got robbed and shot. Let me go look at the video.’ Whereas an alarm, when you put an alarm in, when they break into your establishment, a siren goes off. Somebody’s hearing it. Neighbors are looking out of the window. It’s sending something to

New projects expected to generate over 1,500 jobs

EXUMA - from page B1

Emerald Bay’s $100m transformation into a Beaches resort.

He said these projects are expected to generate over 1,500 jobs and significantly increase demand for local goods and services.

“The luxury resorts with global and investment mean more direct jobs, more people returning home to Exuma, and more opportunities for Bahamian

entrepreneurs to grow their business and create employment and this combination builds stronger communities,” said Mr Hanna.

“So here’s my recommendation: Get ready to grow. Businesses in Exuma have a major part to play in the success of these resorts and the Exuma Chamber of Commerce will be a partner in this success”

Mr Hanna also noted that the wave of luxury resort developments is directly driving major infrastructure

Public consultation will soon be held

REVAMP - from page B1

harassment and abuse, and promote well-being through extended maternity leave, paternity leave, and mental health leave.

“These are just a few of the reforms that we are prioritizing. We will have a public consultation in the near future so the

public can be fully briefed and have their feedback included in the reform process. I invite all interested members of the public to participate as we accelerate progress on the largest labour reform exercise in many years. More details will be released in coming weeks.

Four new generation units on island is ‘proud moment’

SHEDDING - from page B1

through both repairs and new generation capacity.

“We have teams on the ground who are currently working to install a brandnew unit in the power station at Cat Island. So initially, we had a failure on one of the units. Cat Island Power Station has four engines installed- we had a failure on one of the

units, and about a week later we had a failure on a second unit, which has now reduced us to only two units available at the power station,” said Ms Seymour “So while we’re conducting repairs on one of the failed units, we’re also installing a brand-new unit to shore up generation on that island, and we expect to have those completed by mid-next month”

upgrades across Exuma — improvements he said will benefit the wider business community.

He highlighted ongoing investments in the airport, roads, and utilities as efforts that are modernizing the island and enhancing the ease of doing business. He also expressed hope that these large-scale projects will bring long-overdue support to Exuma’s medical infrastructure.

“These resorts are the main reason for millions

In May, Ms Glover-Rolle, speaking at the National Symposium on Occupational Safety called for “the need to modernise labour by “establishing robust Occupational Safety and Health regulations.”

“Through our discussions, we will explore critical elements including, secondary legislation that provides greater specificity and coverage; tailored stipulations for different categories of workers; the introduction of specific provisions such as OSH committees; and the

the central station that they can now send somebody out to help you, if you need help. Cameras can’t do any of that for you. They’re kind of a notification after the fact. You can look and see that guy’s got a mask on. Don’t even know who he is, nothing you can do about it.

“But you know what isn’t helping either with a lot of customers is the phone changes Batelco’s [BTC] making because they’re switching fiber, and they’re using substandard equipment, and the alarms can’t use it because it’s so ancient. And then, they’re taking away the landline. So then you have to go to IP monitoring. So you either

being invested in infrastructure to accommodate the expected increase in tourists. The expansion of Exuma International Airport (GGT) will open our doors to more international travel, more cargo capacity, and greater economic prosperity. This $65 m project will greatly improve operational efficiency, safety, and guest experience with a new 60,000 sq ft terminal building, refurbishing the runway, adding taxiways and lighting, and building a new air traffic control tower and fire station,” said Mr Hanna.

“Road paving projects are improving access between settlements,

establishment of a national policy framework on Occupational Safety and Health,” Ms Glover-Rolle said at the symposium.

“I am particularly pleased to note that this Symposium will also initiate a new gap analysis in support of ratifying ILO-standard maternity protections. As a working mother myself, I view the enhancement of provisions to support maternal welfare as both a personal commitment and a policy imperative. Strengthening maternity protection represents a crucial dimension of

have to buy an alarm that now does IP monitoring, which is great for the new customer, because that’s a one shot deal. But the old customer, if they don’t want to replace their entire alarm, has to buy a device that tricks it to thinking it’s using the internet instead of the phone. So they have that added expense on that device. So, a lot of customers are waiting. They’re got their alarm. It works locally, but it’s not calling anybody, because they’ve got to spend this money on the update. So that takes a bite out of your budget as well. Everything bites your budget. That’s your problem.”

making it easier to do business across the islands.

Planned investments in solar energy and upgraded water and sewerage systems will make doing business in Exuma more reliable and cost-efficient.

“We are hopeful that the presence of these major developments also brings support for medical emergencies as well as support for environmental protection which is of paramount concern to the local community. These improvements matter not just to the resorts, but also to every restaurant owner, boat captain, farmer, retailer, and vendor working to build something lasting here.”

our broader labour reform ambitions and directly advances the wellbeing of Bahamian families.

“We anticipate that this Symposium will produce a formal declaration regarding ILO Conventions 155, 183, and 187. This declaration will serve as both a milestone and a roadmap, guiding our continued efforts to ratify all Core Conventions of the ILO as outlined in our Decent Work Country Programme.”

WHAT SHOPPERS CAN DO TO LIMIT CHARGES ONCE THE US ENDS A TARIFF

EXEMPTION FOR GOODS UNDER $800

By MAE ANDERSON AP Business Writer

U.S. consumers have gotten used to shopping the world without paying customs duties on the international packages they receive from big e-commerce companies like Shein and Temu, specialty shops and businesses that sell goods through online marketplaces like Amazon, Etsy and eBay.

That era is about to end.

On Friday, the United States plans to eliminate a tariff exemption that allowed imports worth $800 or less to enter the country tax-free. With the sundowning of the "de minimis" exemption, such shipments will incur charges that range from 10% to 50% of their declared value or, for the next six months, a flat duty of $80 to $200 per parcel.

"Consumers are going to be shocked," Alison Layfield, vice president of product development at international shipping and logistics provider ePost Global. "They are going to end up, I think, (with) sticker shock, or somewhere along the way, they're going to see that extra cost."

Customers won't necessarily be on the hook for paying all of the import taxes on their orders, depending on where they shop, what they buy and how much of the cost retailers decide to foot themselves. But given the confusion foreign postal services, private shipping companies and merchants have expressed about the new duties, some delays and other hiccups may be inevitable.

Here are some factors to keep in mind when shopping online to avoid a surprise customs bill.

Where the product is from It seems simple, but it's not always easy to find the country of origin for items sold online. Be sure to click on the product description and keep expanding and looking because the information may not be included high up, ePost Global's Layfield said. Once you find it, look up the U.S. tariff rate for that country's goods to estimate what the import costs will be, or check if the seller lists tariff duties at checkout.

Who covers the delivery duty

Shoppers may or may not have to pay the charges to get their orders through customs and released for

delivery once they are in the U.S. At checkout or in the item description, look for the terms "delivered duty paid" or "delivered duty unpaid." The former means the vendor plans to pay the import tax and handle any related paperwork, though some may increase customer prices to recover the costs. If a website says the duty is unpaid, also known as "delivered at place," paying it will fall to the buyer.

How is the order getting handled

Another way to avoid import taxes is to check if the company you're buying from is fulfilling the order from a U.S. warehouse. Check for a "ships from" note in the product details to see where an order will be packaged and dispatched. EBay users, for

TRUMP FAMILY CRYPTO EMPIRE EXPANDS WITH

By ALAN SUDERMAN AP Business Writer

PRESIDENT Donald Trump's personal crypto ventures are expanding again, this time with plans for a digital asset treasury company that holds an alternative cryptocurrency.

Trump Media and Technology Group, which operates the Truth Social media platform, announced Tuesday that it was partnering with the cryptocurrency exchange Crypto.com to form a company that holds CRO, a token created by Crypto.com. A blank check company tied to Yorkville Advisors is another cofounder of the new firm, called Trump Media CRO Strategy.

Trump Media said it plans to introduce a "rewards system" on Truth Social that uses Crypto.com digital wallet infrastructure. CRO saw its price jump Tuesday morning by about 30% to 21 cents a token. It's still far off from its all-time high of nearly 97 cents a token that it hit in 2021.

Since taking office, the Trump administration has pushed for crypto-friendly regulations and laws, while the Trump family has aggressively sought to expand its crypto-related businesses.

example, can filter their searches for only products that ship from the U.S. Brands with overseas headquarters should make it clear if ordered items will be prepared and shipped from within the U.S. When U.S. Customs and Border Protection steps in Once a package arrives in the U.S., the first stop is a customs clearinghouse. There, a border agent reviews the digitized Harmonized System (HS) code on the customs declaration. The code is a numerical method used worldwide to classify traded products and determine duty rates.

If the package was shipped via the international postal system, which the U.S. Postal Service is a part of, and you owe customs fees or duties on it, you may need to pay them at the time of delivery or

Trump Media said it plans to purchase $105 million worth of CRO. Yorkville said the total expected funding for the company's treasury will be $1 billion worth of CRO, or about 19% of the token's market cap, plus $420 million in cash and equivalents and as a $5 billion line of credit.

The announcement is part of the hottest trend in crypto, in which a wide variety of companies – many with no obvious ties to the world of digital assets – have made buying and holding cryptocurrency a primary part of their business plan. The model is based on MicroStrategy, a tech firm that first started buying bitcoin in 2020 and has seen its stock price soar. "Companies of all sizes and sectors are strategically planning for the future by establishing digital asset treasuries anchored by assets that have created a comprehensive value proposition and are poised for even greater utility," Devin Nunes, the chairman and CEO of Trump Media, said in a statement.

That unprecedented dynamic has led to allegations of corruption from Democrats, though the president says he has entrusted the management of his business dealings to his sons.

In May, Trump rewarded top investors in his meme coin with a swanky dinner. Trump launched the coin just days before taking office. Fans of the president have also been able to buy crypto-themed Trump merchandise, including $100,000 watches and pricey sneakers.

Trump Media previously announced plans to hold a significant amount of bitcoin on its books as well as to create an exchange-traded fund tied to the prices of five popular cryptocurrencies.

World Liberty Financial, a cryptocurrency company launched by Trump and his sons last year, has received significant boosts from an investment fund in the United Arab Emirates and Justin Sun, a China-born crypto entrepreneur. The Securities and Exchange Commission has paused a lawsuit it filed against Sun in 2023 alleging his company engaged in market manipulation and paid celebrities for undisclosed promotions.

Notice JT_BAH: 01-31/08/2025

BRITISH-AMERICAN INSURANCE COMPANY LIMITED (IN JUDICIAL MANAGEMENT) (“BAICO”) EMPLOYEE PENSION PLAN

ATTENTION: CERTAIN FORMER MEMBERS OF THE BAICO EMPLOYEE PENSION PLAN

Pursuant to an Order issued by the Supreme Court of the Commonwealth of The Bahamas regarding the “Distribution of Pension Trust Assets to Pension Plan Members”, the Judicial Trustee (“JT”) of the BAICO Employee Pension Plan, is attempting to contact the following individuals (or their eligible beneficiaries):

ANTIGUA OFFICE OF BAICO

Benjamin, Newton Carryl, Michael Anthony Cochrane, D Edgecombe, Ginatin Graham, J Hanley, Glenda Patricia Harris, Evangeline Loretta Hill, M Jacobs, C James, Anderson Sunil Joseph, Sheila Audrey Morgan, Veronica Pierce-Walters, A Ralph-Perez, Trinidad Watkins, V DOMINICA OFFICE OF BAICO

Baptiste, Ann Browne, Hazeline M Darroux, Gertrude Darroux, May Fingal, Dion Frederick, Jermima Greer, Christopher Laville, Theresa Luke, Joseph Alexander Rolle, Cheryl Roudette, C Royer, Clement Samuels, Clive Timothy, Timon Jacob Valmond, Jacob GRENADA OFFICE OF BAICO

Andrew, Desmond Baptiste, Terrance Bowen, Lorain Patricia James, Catherine Dairis Lyons, Leon Mark, John Edward Neckles, Leroy Lawrence Simon, Josephine Geraldine Whiteman, Dennessin ST. KITTS OFFICE OF BAICO

Finch, Tishma Grant, E

ST. LUCIA OFFICE OF BAICO

Albert, Eugenia Ephraim, Olivia George, Antonia Jn. Pierre, Marina Joseph, Aaran Martelly, Ameline Neptune, Clearitha Nickles, Josian Popo, P Regis, Joseph Felix Wilfred, Peter

ST. VINCENT OFFICE OF BAICO

Arthur, Frederick Frances Edmund, L Frederick-Deroche, R King, Karon Morris, Jennifer Williams, Calbert Wilson, L Wynne, Valdine

If your name appears above, please contact the Judicial Trustee as soon as possible at info@trinityconsultingservice.com. This is an important step to facilitate the disbursement of pension funds to which you may be entitled under the BAICO Pension Trust.

August consumer confidence dips in US with jobs, tariffs and high prices driving most unease

By MATT OTT AP Business Writer

AMERICANS' view of the U.S. economy declined modestly in August as anxiety over a weakening job market grew for the eighth straight month.

The Conference Board said Tuesday that its consumer confidence index ticked down by 1.3 points to 97.4 in August, down from July's 98.7, but in the same narrow range of the past three months.

The small decline in confidence was in line with the forecasts of most of

the economists who were surveyed.

A measure of Americans' short-term expectations for their income, business conditions and the job market fell by 1.2 points to 74.8, remaining significantly below 80, the marker that can signal a recession ahead.

Consumers' assessments of their current economic situation also fell modestly, to 131.2 in August from 132.8 in July. While the unemployment and layoffs remain historically low, there has been noticeable deterioration in

the labor market this year and mounting evidence that people are having difficulty finding jobs.

U.S. employers added just 73,000 jobs in July, well short of the 115,000 analysts expected. Worse, revisions to the May and June figures shaved 258,000 jobs off previous estimates and the unemployment rate ticked up to 4.2% from 4.1%.

That report sent financial markets spiraling, spurring President Donald Trump to fire Erika McEntarfer, the head of Bureau of Labor Statistics, which tallies

A US TARIFF EXEMPTION FOR SMALL ORDERS ENDS FRIDAY. IT’S A BIG DEAL TO SOME SHOPPERS AND BUSINESSES

By MAE ANDERSON AP Business Writer

LOW-value imports are losing their duty-free status in the United States this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods and resetting global trade with tariffs.

An executive order signed last month eliminates a widely used customs exemption for international shipments worth $800 or less starting Friday, nearly two years earlier than the deadline set in the tax cuts and spending bill approved by Congress.

Although the president previously ended the "de minimis" rule for inexpensive items sent from China and Hong Kong, having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers.

Purchases that previously entered the U.S. without needing to clear customs will require vetting and be subject to their origin country's applicable tariff rate, which can range from 10% to 50%. For the next six months, carriers handling orders sent through the global mail network also can choose a flat duty of $80 to

$200 per package instead of the value-based rate. In response, the national postal services of more than a dozen countries said they would temporarily suspend sending some or most U.S.-bound packages due to confusion over processing and payment requirements. Japan and Switzerland on Monday joined Australia, Austria, Belgium, Finland, France, Germany, India, Italy, Norway, Spain, Sweden, Denmark, Thailand, the U.K. and New Zealand in saying they would pause shipments.

Exemption created in 1938 for $1 imports

The Trump administration says the exemption has become a loophole that foreign businesses exploit to evade tariffs and criminals use to get drugs, counterfeit products and other contraband into the U.S. Former President Joe Biden and members of Congress also discussed the issue.

Other countries have similar exemptions, but the threshold is usually lower.

For example, 150 euros ($175) is the value limit in the 20 European Union countries that use the euro as their official currency.

The U.K. allows foreign businesses to send parcels worth up to 135 pounds

($182) without incurring tariff charges.

In the U.S., the "de minimis" — Latin for lacking significance or importance — exemption started in 1938 as a way to save the federal government the time and expense of collecting duties on imported goods with a retail value of $1 or less.

U.S. lawmakers eventually increased the eligibility cutoff to $5 in 1990, to $200 in 1993 and to $800 in 2015, according to the Congressional Research Service.

Since then, the number of shipments claiming de minimis treatment has exploded. A total of 1.36 billion packages with a combined value of $64.6 billion reached the U.S. last year, compared to 134 million packages sent under the exemption in 2015, the U.S. Customs and Border Protection agency reported.

About 60% of the 2024 shipments came from China and Hong Kong, according to an analysis logistics firm Flexport prepared based on U.S. government data. Multiple countries and regions accounted for the remainder, including Canada, Mexico, the European Union, India and Vietnam.

Boutique owner anticipates higher costs for European apparel

Proponents of limiting the exemption argue that it has

the monthly employment numbers.

Another government report showed that U.S. employers posted 7.4 million job vacancies in June, down from 7.7 million in May. The number of people quitting their jobs — a sign of confidence in their prospects elsewhere — also fell.

More jobs data comes next week when the government releases its August job gains and June job openings reports.

The Conference Board's report said that references to high prices and inflation increased again and were

often mentioned in tandem with tariffs.

Other government data this month showed that while prices at the consumer level held fairly steady from June to July, U.S. wholesale inflation surged unexpectedly last month. Economists say that's a sign that Trump's sweeping taxes on imports are pushing costs up and that higher prices for consumers may be on the way.

The share of consumers expecting a recession over the next year rose in August to the highest level

since April, when Trump's tariff rollout began. The share of survey respondents who said they intended to buy a car in the near future rose, while those planning to purchase a home remained stable after July's decline. Those saying they planned to buy big-ticket items like appliances fell, but there were big variations among product categories. Respondents who said they planned to take a vacation soon, either inside of the U.S. or abroad, also declined.

served as a way for Chinafounded retail platforms like Temu and Shein to flood the U.S. with low-priced goods.

The National Council of Textile Organizations said the move would help close a "backdoor pipeline for cheap, subsidized, and often illegal, toxic and unethical imports." But some smaller American companies that rely on imported products and materials benefited from the exemption too.

Kristin Trainor is worried the end of de minimis will also mean the end of Diesel and Lulu's, her 3-year-old boutique in Avon, Connecticut. Over 70% of the women's clothes and accessories she stocks comes from small fashion houses in France, Italy and Spain. Trainor places small batch orders each week that fall under the $800 threshold.

Deal to restructure Puerto Rico power company debt crumbles as some bondholders walk away

By DÁNICA COTO Associated Press

A PLAN to restructure more than $9 billion in debt held by Puerto Rico's ailing power company hit a big snag this week after a group of bondholders terminated their deal with a federal control board overseeing the U.S. territory's finances. The deal would have allowed Puerto Rico's government to pay creditors $2.6 billion instead of the full $8.5 billion that some bondholders are demanding.

BlackRock Financial Management and other investment funds had agreed to the board's deal and its subsequent amendments two years ago. But they walked away after the Trump administration terminated all but one member of the federal control board overseeing debt negotiations. On Monday, bondholder groups that had

NOTICE

NOTICE is hereby given that MARTINE EXANTUS, of P.O. Box EL-29939, South Palmetto i e he a The Bahamas  is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization, as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of August 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that MELISA JULES, of Freeport, a Bahamas  is applying to the Minister responsible for Nationality and Citizenship, for Registration/Naturalization, as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of August 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

opposed the board's proposals filed a document noting that BlackRock and others were joining them in a deal that would become effective on Oct. 1. The enlarged group now holds or insures nearly 90% of outstanding bonds issued by Puerto Rico's power company, according to a court filing.

NOTICE

NOTICE is hereby given that EXATIL EXANTUS , of P.O. Box EL-29939, South Palmetto i e he a The Bahamas  is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization, as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of August 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau,

TEJO VAZQUEZ of Trinity Way, Stapledon Gardens, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of August, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

"Our business model is to provide casual chic and unique clothes at affordable prices," she said. "The added customs and duty charges that will go into effect on Aug. 29 will eliminate that affordability. "

Trainor said she was looking to replace her European vendors with ones based in the U.S. But her bestselling product categories, such as apparel made of Italian linen, come from other countries. She estimates a simple linen sundress that cost $30 wholesale at the beginning of the year will rise to $43 next month.

After a corporate career, Trainor opened the store to have more time with her 9-year-old son and her 91-year old father. Raising the boutique's prices to absorb part of the import charges would help offset higher shipping and logistics

Experts have said the dismissal of almost the entire board could lead to the appointment of new members who might be favorable to hedge funds seeking full repayment.

Earlier this year, the board's executive director said it was "impossible" for the U.S. territory to pay the $8.5 billion that some bondholders are seeking.

Puerto Rico has one of the highest power bills of any U.S. jurisdiction, and many worry that if a debtrestructuring deal is not reached with bondholders, they'll be hit with a massive rate hike to pay off the debt of the island's Electric Power Authority. A spokesperson for the board declined to comment.

costs, but Trainor worries her customers will balk at higher prices.

"I have not made any official announcements to my customers just yet, although they have started to ask if I will stay open as they understand the economic impacts that are occurring," she said.

"At this point, I am leaning more and more towards closing the boutique, sadly."

Trade agreement doesn't shield products from Mexico and Canada

Ken Huening started CoverSeal, his business making and selling protective covers for cars, motorcycles, grills and patio furniture, in 2020. The company is based in Los Gatos, California, and the covers are manufactured in Mexico and China. When a customer places an order, it ships from Mexico.

Some bondholders have said that litigation over the power company's debt should be suspended until a new board is appointed. Meanwhile, the board said in a brief filing that it prefers some processes be halted, but that it would defer to the judge overseeing the case. It wasn't immediately clear how quickly new board members would be appointed.

The board was created in 2016 under the Obama administration, a year after Puerto Rico's government declared it was unable to pay its more than $70 billion public debt load and later filed for the biggest municipal bankruptcy in U.S. history.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, DANA DANIELLE TUCKER of Queens Highway, Steventon, Exuma, The Bahamas, Mother of DELLA BAILEE SMITH a minor intend to change my child’s name to DELLA BAILEE TUCKER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Offcer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that SIDNEY JOSEPH , of West Street, Top Hill, New Providence, The Bahamas  is applying to the Minister responsible for Nationality and Citizenship, for Registration/Naturalization, as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of August 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Trump administration threatens some funding for 3 states for not enforcing trucker English rules

By JOSH FUNK AP Transportation Writer

CALIFORNIA, Wash-

ington and New Mexico could lose millions of dollars of federal funding if they continue failing to enforce English language requirements for truckers, Transportation Secretary Sean Duffy said Tuesday.

An investigation launched after a deadly Florida crash involving a foreign truck driver who made an illegal U-turn on Aug. 12 found what Duffy called significant failures in the way all three states are enforcing rules that took effect in June after one of President Donald Trump's executive orders. He said the department was also already reviewing how states were enforcing the rules before the crash.

Truckers are supposed to be disqualified if they can't demonstrate English proficiency and Duffy said the driver involved in the crash that killed three should not have ever been given a commercial driver's license because of his immigration status. But the crash has become increasingly political with the governors of California and Florida criticizing each other and Duffy highlighting the Trump administration's immigration concerns in interviews.

But Duffy said Tuesday that it is a safety issue — not a political one — because truckers need to understand road signs and be able to communicate with law enforcement

about what they are hauling if they are pulled over or what happened if there is an accident.

"This is about keeping people safe on the road. Your families, your kids, your spouses, your loved ones, your friends. We all use the roadway, and we need to make sure that those who are driving big rigs — semis — can understand the road signs, that they've been well trained," Duffy said.

Duffy says these states aren't enforcing the rules

The Transportation Department said California has conducted roughly 34,000 inspections that found at least one violation since the new language standards took effect

requiring truck drivers be able to recognize and read road signs and communicate with authorities in English. But only one inspection involved an English language rules violation that resulted in a driver being taken out of service. And 23 drivers with violations in other states were allowed to continue driving after inspections in California.

He cited similar statistics for the other states with Washington finding more than 6,000 violations of safety rules during inspections, but only pulling four drivers out of service for English language violations. New Mexico has not placed any drivers out of service since the rules took effect.

Duffy said the states will lose money from the Motor Carrier Safety Assistance Program if they don't comply with the rules within 30 days. Duffy said California could lose $33 million, Washington could lose $10.5 million and New Mexico could lose $7 million.

California Gov. Gavin Newsom's press office said on the social platform X that the Trump administration is just trying to deflect responsibility for the crash. Washington's governor declined to comment until after officials review Duffy's letter, and New Mexico officials did not immediately respond to requests for comment.

"This is rich. The Trump Administration approved

SCIENTISTS GIVE HARSH GRADES TO TRUMP ADMINISTRATION WORK AIMED AT UNDOING A KEY CLIMATE FINDING

By SETH BORENSTEIN and MICHAEL PHILLIS Associated Press

TWO key documents from the Trump administration aimed at revoking the long-standing finding that climate change is dangerous were filled with errors, bias and distortions, according to dozens of scientists surveyed by The Associated Press.

One of the reports argues that sea ice decline in the Arctic has been small, but uses data from the Antarctic to make the point. It uses a French-focused study on climate-related crop losses for a claim about the U.S. — a generalization the author said didn’t work because of significant differences in climate and agriculture. And after saying decades-old wildfire statistics aren’t reliable, the report reproduces them in a graphic anyway, making it appear fires were worse a century ago than they have been more recently.

Scientists noted those basic errors, but the most common critique from the vast majority of the 64 who answered AP’s questions was that the Environmental Protection Agency and the Department of Energy ignored, twisted or cherrypicked information to manufacture doubt about the severity and threat of climate change.

Jennifer Marlon, director of data science at the Yale Program on Climate Change Communication, was among those.

“The work and conclusions appear biased. The data and graphs use classic mis- and disinformation techniques,” she said. “It is almost a user’s guide on how to lie with figures.”

The Trump administration in July proposed revoking a 2009 government finding that climate change is a threat to public health and welfare, a concept known as the “endangerment” finding that is backed by mainstream science. Overturning it could pave the way for cutting a range of rules that limit pollution from cars, power plants and other sources.

One of the Trump administration reports, by the Department of Energy, suggests climate models used by scientists to predict warming have overreached, that long-term trends for

disasters generally don’t show much change and that climate has little impact on the economy. The DOE document also said there are advantages to a world with more carbon, like increased plant growth.

AP reached out to some 350 scientists by email — nearly all the lead authors of research cited in the Trump administration’s work, plus another 139 climate experts in science, health and economics who are prominent in the field.

Fifty-three of the 64 scientists who responded — including outside researchers not mentioned by the reports — gave the EPA and DOE documents a negative review. Seven praised them. The remaining four took no clear position.

In 15 cases, scientists whose work was cited said it was misused, misinterpreted or taken out of context.

When EPA was asked to respond to the scientists’ critiques, the agency said it had considered a variety of sources and information in assessing whether the predictions and assumptions baked into the 2009 finding that climate change is a public threat are “accurate and consistent.” The Energy Department said it was committed to “a more thoughtful and sciencebased conversation.”

White House spokesperson Taylor Rogers said the Trump administration “is producing Gold Standard Science research driven by verifiable data” and that the endangerment finding had long been misused to justify expensive regulations “that have jeopardized our economic and national security.”

The public has until Sept. 2 to comment on the Energy Department report and until Sept. 22 for the EPA’s proposal to revoke the endangerment finding. Then the Trump administration must consider that feedback before a final decision.

Overturning the finding could undermine environmental standards such as a rule that requires reducing emissions from some coalfired power plants by 90%, or one limiting methane

new car emissions be cut roughly in half by the 2032 model year. Environmental groups are already challenging the documents in court.

The EPA’s report arguing to overturn the endangerment finding relied heavily on the Energy Department’s work. That DOE report is what most scientists surveyed by the

the federal work permit for the man who killed 3 people — and now they're scrambling to shift blame after getting caught. Sean's nonsense announcement is as big a joke as the Trump Administration itself," Newsom's office said.

Florida crash killed three people

Three people were killed when truck driver Harjinder Singh made an illegal U-turn on a highway, according to Florida's Highway Patrol. He is being held without bond after being charged with three state counts of vehicular homicide and immigration violations.

A nearby minivan slammed into Singh's trailer as he made the turn on a highway about 50 miles (80 kilometers) north of West Palm Beach. Singh and his passenger were not injured.

Diamond R. Litty, the elected public defender in St. Lucie County, said her office was provisionally assigned to Singh's case during his initial appearance Saturday morning. A review of his finances will determine whether Litty's office remains on the case.

Litty said her office will focus on the criminal charges against Singh, who is presumed innocent, but they will also work with an immigration attorney to determine how Singh's

status affects the case. After more than three decades at her position, Litty said she can't recall a case that garnered more attention than this one.

"Unfortunately, Mr. Singh has been caught in the crosshairs of politics," Litty said. But the head of the Owner-Operator Independent Drivers Association trade group that represents small-business truck drivers praised Duffy's announcement.

"Basic English skills are critical for safely operating a commercial motor vehicle — reading road signs, following emergency instructions, and communicating with law enforcement are not optional. The fatal crash in Florida this month tragically illustrates what's at stake," the group's president, Todd Spencer, said. Federal officials say truck driver was in U.S. illegally

The Department of Homeland Security has said Singh, a native of India, was in the country illegally. So Duffy said he should not have been granted a commercial driver's licenses by Washington and California. He said New Mexico should have pulled Singh off the road for not speaking English after he was pulled over in July because he later failed a test given by DOT investigators after the Florida crash.

AP focused on. Together, the two Trump administration documents maintain that while climate change is real, its future effects are unclear and likely weaker than projected by many mainstream scientists. The administration also contends that U.S. cuts in greenhouse gas emissions, which largely come from burning fuels like oil and coal, would mean little globally. The U.S. is the world’s second-largest emitter behind China. Marlon, the Yale researcher, singled out the flawed wildfire data and said the proper thing for scientists to do is not to show such information. “The report instead plots this unreliable data,” she said.

A late push sends Wall Street near its records

By DAMIAN J. TROISE and ALEX VEIGA AP Business Writers

WALL Street capped a choppy day of trading Tuesday with slight gains for stocks, leaving the major indexes just below their recent all-time highs.

The S&P 500 closed 0.4% higher after wavering between small gains and losses for much of the day.

The benchmark index finished just 2.6 points below its record high set earlier this month and short of recouping all of its losses from the day before.

The Dow Jones Industrial Average also bounced back from an early slide, finishing with a 0.3% gain.

The Nasdaq composite added 0.4%.

The market's uneven start to the week comes after Wall Street notched big gains last week on hopes for interest rate cuts from the Federal Reserve.

Gains in technology, financial and industrial stocks helped outweigh losses in communication services and other sectors.

Chipmaking giant Nvidia rose 1.1% and JPMorgan Chase added 1.2%.

Boeing rose 3.5% for one of the biggest gains among S&P 500 companies after Korean Air announced a $50 billion deal with the company that includes buying more than 100 aircraft. Dish Network parent EchoStar surged 70.2% after AT&T said it will buy some of its wireless spectrum licenses in a $23 billion deal.

Treasury yields mostly fell in the bond market.

The yield on the 10-year Treasury fell to 4.26% from 4.28% late Monday. The broader market remained subdued following President Donald Trump's escalation of his fight with the Federal Reserve. On Monday, he said that he's removing

Federal Reserve Governor Lisa Cook. Cook's lawyer said she'll sue Trump's administration to try to prevent him from firing her.

It marks the latest escalation in his dispute with the central bank over its cautious interest rate policy.

The Fed has held rates steady since late 2024 over worries that Trump's unpredictable tariff policy will reignite inflation. Trump has also threatened to fire Fed Chair Jerome Powell, often taunting him with name-calling. Still, he is only one of 12 votes that decides interest rate policy.

"We will continue to monitor rising political pressure on the Fed but expect its decision-making to remain guided by its mandate in the near term," said Ulrike HoffmannBurchardi, chief investment officer for the Americas and global head of equities at UBS Global Wealth Management.

Wall Street is still betting that the Fed will trim its benchmark interest rate at its next meeting in September. Traders see an 87% chance that the central bank will cut the rate by a quarter of a percentage point, according to data from CME Group.

The two-year Treasury yield, which more closely tracks expectations for Fed action, slipped to to 3.68% from 3.73% late Friday.

The Federal Reserve spent much of the last several years fighting rising inflation by raising interest

rates. It managed to mostly tame inflation and avoided having those higher rates stall economic growth, thanks largely to strong consumer spending and a resilient job market.

The Fed started shifting its policy by cutting its benchmark interest rate late in 2024 as the rate of inflation neared its target of 2%.

It decided to hit the pause button heading into 2025 over concerns that Trump's unpredictable tariff policy could reignite inflation.

Lower interest rates make borrowing easier, helping

to spur more investment and spending, but that could also potentially fuel inflation.

The Fed and Wall Street will get another update on inflation Friday, when the U.S. releases the personal consumption expenditures index. Economists expect it show that inflation remained at about 2.6% in July, compared with a year ago. Businesses have been warning investors and consumers about higher costs and prices because of tariffs.

MARINE FORECAST

Embattled Fed Governor Lisa Cook’s lawyer says she’ll sue Trump to keep her job

By CHRISTOPHER RUGABER AP Economics Writer

FEDERAL Reserve

Gov. Lisa Cook will sue President Donald Trump's administration to try to prevent him from firing her, her lawyer said Tuesday. The announcement makes it more likely that a high-stakes legal battle will ensue that will probably end up at the Supreme Court, and could redefine the limits of the president's legal authority over the central bank. Increasingly at issue is the Fed's independence from day-to-day politics, which most economists consider a key factor in keeping long-term inflation and interest rates low.

"President Trump has no authority to remove Federal Reserve Governor Lisa Cook," said Abbe Lowell, Cook's lawyer and a longtime Washington figure who has represented prominent people from both major political parties. "His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action."

Trump, meanwhile, underscored in remarks at the White House that his goal is to seize more power over the Fed to get it to lower interest rates. He has previously said he would only appoint people to the Fed's board who will support lower borrowing costs.

"We'll have a majority very shortly, so that'll be good," Trump said, referring to the Fed's governing board. "Once we have a majority, housing will swing," he added, blaming slow housing sales on high mortgage rates.

Trump has criticized Fed Chair Jerome Powell for months because the Fed has left its key short-term interest rate unchanged at about 4.3% — relatively high compared with its level during the COVID-19 pandemic, when it was nearly zero. But now Trump has turned his attention to the broader Federal Reserve system. The committee that sets interest rates has 12 voting members, with seven coming from the board and

the other five drawn from the presidents of the 12 regional Fed banks.

The Fed exercises expansive power over the U.S. economy by adjusting a short-term interest rate that can influence broader borrowing costs for things like mortgages, auto loans and business loans.

Also Tuesday, the Fed itself weighed in for the first time on the firing, saying it would "abide by any court decision."

The Fed also defended its longtime independence from politics: "Congress, through the Federal Reserve Act, directs that governors serve in long, fixed terms and may be removed by the president only 'for cause,'" the

central bank said. "Long tenures and removal protections for governors serve as a vital safeguard, ensuring that monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people."

A spokesperson said the Fed has deferred any decision on Cook's working status and added that there is no official business before the board this week.

But the Fed's statement did not explicitly criticize Trump's decision to fire her.

If Trump succeeds in removing Cook from the Fed's board of governors, it would likely erode the Fed's political independence, which enables it to take unpopular steps like

CSX RAILROAD'S MERGER PROSPECTS DERAIL AS BNSF AND CPKC MAKE CLEAR THEY AREN'T INTERESTED IN A DEAL

By JOSH FUNK AP Transportation Writer

THE prospects for additional consolidation in the rail industry derailed this week when both of CSX's potential partners said they weren't interested in a deal.

Investors widely speculated that CSX would be an acquisition target once rumors of merger talks between Union Pacific and Norfolk Southern emerged over the summer, because of the challenge of competing against a nationwide railroad.

CSX's stock nearly hit a new 52-week high last week at $37.25 before falling to $32.31 Tuesday after it became clear that neither BNSF nor CPKC railroads is pursuing the Jacksonville, Florida-based railroad, one of the six remaining major freight railroads in North America.

The Union Pacific-Norfolk Southern deal still faces a lengthy review by the U.S. Surface Transportation Board that is likely to stretch on for at least two years. When Canadian Pacific acquired Kansas City Southern two years ago in the first major rail merger in more than two decades the board also spent two years reviewing that deal.

If the $85 billion megamerger of Union Pacific and Norfolk Southern does get approved that might change the calculus about whether a deal makes sense. But in the meantime, CSX and the other major freight railroads seem focused on finding ways to cooperate more to improve service without merging.

Just last week, CSX and BNSF announced an agreement to deliver some shipments seamlessly coastto-coast without handing them off. Last month, CPKC and CSX announced a similar agreement to streamline shipments between Mexico, Texas and the Southeast.

CPKC CEO Keith Creel said he thinks the industry should be more focused on agreements like that and efforts to improve service on each individual railroad.

"We believe that a transcontinental merger would trigger permanent restructuring of the industry and result in a disproportionately large railway whose size and scope would require others to take

action," Creel said. "This will likely result in an unnecessary wave of railway mergers that today is not the best way to support American businesses nor the public interest, and has the potential to create more issues than it solves."

Indeed, the STB adopted a high standard for rail mergers in 2001 after a series of prolonged disruptions and delayed shipments that followed

major deals in the 1990s. A merger between Union Pacific and Southern Pacific in 1996 led to an extended period of snarled traffic on U.S. rails. Three years later, Conrail was divvied up by Norfolk Southern and CSX, creating serious backups in the East.

On Monday, Warren Buffett, whose Berkshire Hathaway conglomerate owns BNSF, said to CNBC that he's not interested in

buying another railroad even though he's sitting on more than $344 billion in cash after several years without completing a major acquisition. Buffett and the man who will take over as Berkshire CEO in January, Greg Abel, did recently meet with CSX CEO Joe Hinrichs to discuss more ways to cooperate while making it clear that Berkshire won't be bidding on CSX.

FEDERAL Reserve Board of Governors member Lisa Cook listens during an open meeting of the Board of Governors at the Federal Reserve, June 25, 2025, in Washington.

raising interest rates. A less-independent Fed could leave Americans paying higher rates, because investors would demand a higher yield to own bonds to offset potentially greater inflation in the future, pushing up borrowing costs throughout the economy.

Who's on the board?

Trump appointed two members of the board, Christopher Waller and Michelle Bowman, in his first term and has named Steven Miran, a top White House economist, to replace Gov. Adriana Kugler, who stepped down unexpectedly Aug. 1. If Miran's nomination is approved by the Senate and Trump is able to replace Cook, he would have a 4-3 majority on the Fed's board.

For now, Miran would just be on the board until Kugler's term was set to end in January. Trump said Tuesday at a Cabinet meeting that he could instead nominate Miran to complete Cook's term, , which lasts until 2038, if he succeeds in firing her.

Legal experts say the Republican president's claim that he can fire Cook, who was appointed by Democratic President Joe Biden in 2022, is on shaky ground. But it's an unprecedented move that hasn't

played out in the courts before, and the Supreme Court this year has been much more willing to let the president remove agency officials than in the past.

"It's an illegal firing, but the president's going to argue, 'The Constitution lets me do it,'" said Lev Menand, a law professor at Columbia University and author of a book about the Fed. "And that argument's worked in a few other cases so far this year."

Menand said the Supreme Court construes the Constitution's meaning, and "it can make new constitutional law in this case."

Trump on Tuesday acknowledged there would likely be a court fight.

"You always have legal fights," he said. "She seems to have had an infraction, and you can't have an infraction," he added of Cook.

Allegations against Cook

Bill Pulte, a Trump appointee to the agency that regulates mortgage giants

Fannie Mae and Freddie Mac, alleged last week that Cook had claimed two primary residences -- in Ann Arbor, Michigan, and in Atlanta -- in 2021 to get better mortgage terms. Mortgage rates are often higher on second homes or those bought to rent.