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California sues Trump for sending National Guard to quell LA protests. California Gov. Gavin Newsom said his state is suing over President Trump’s order deploying the National Guard to shut down anti-ICE demonstrations in Los Angeles despite the objections of local leaders. The governor posted on X that the president had illegally federalized the National Guard, saying, “The order he signed doesn’t just apply to CA. It will allow him to go into ANY STATE and do the same thing.” The White House, meanwhile, called the lawsuit “baseless,” and the president also supported his border czar Tom Homan’s suggestion that Newsom should be arrested if he obstructed federal immigration enforcement. Yesterday, in an escalation of military presence, Trump also deployed Marines and additional National Guard troops to LA.
China’s exports to the US fell by the most since 2020 in May. The US and Chinese representatives meeting in London this week in hopes of achieving a trade war truce have a lot to talk about—and a lot at stake. Last month, Chinese exports to the US declined 34.5%, the steepest drop since February 2020 when Covid shut down China’s economy and snarled global supply chains. This dip occurred despite a temporary trade agreement reached May 12, which led to lower (but still elevated) tariffs for 90 days. In this week’s talks, which began yesterday and are expected to continue, China is hoping the US will back down on tariffs and access to tech, while the US wants China to allow more exports of rare earth minerals. After yesterday’s meetings, Trump said China is “not easy,” but that he’s “only getting good reports.”
A Wall Street dealmaker steps down from the top of his eponymous firm. Moelis & Co., an investment bank with a market value of ~$4.6 billion, is about to have a little bit less Moelis, as its founder Ken Moelis is leaving the CEO role, per the Wall Street Journal. He’s expected to stay on as executive chairman after handing the reins over to co-founder and current bank co-president Navid Mahmoodzadegan on Oct. 1. Moelis, who unlike Logan Roy has been planning his exit for years, said he intends to have the “smoothest transition ever in the history of Wall Street.”—AR
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