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Black Rock latest to leave Net Zero Alliance

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US House committee investigating 60 companies over ESG policies

Blackrock Inc. is the latest to announce it has left a United Nations-backed Net-Zero Banking Alliance (NZBA), among several within one month and not soon after Donald Trump was elected president. It did so as it and roughly 60 companies are being investigated by Congress for allegedly colluding as a ā€œwoke ESG cartelā€ to ā€œimpose radical environmental, social, and governance goals on American companies.ā€

Last month, Goldman Sachs was the first to withdraw from the alliance, followed by Wells Fargo, The Center SquareĀ reported. Citigroup, Bank of America, Morgan Stanley and JPMorganĀ next announced their departure.

According toĀ the “bank-led and UN-convened” alliance, global banks joined, pledging to align their lending, investment and capital markets activities with a net-zero greenhouse gas emissions target by 2050.

Major U.S. banks began leaving the alliance after President-elect Donald Trump vowed to increase domestic oil and natural gas production and pledged to go after ā€œwokeā€ companies.

They also announced their departure two years after 19 state attorneys general launched an investigation into them for alleged deceptive trade practices connected to ESG.

While the companies haven’t appeared to seem daunted by state investigations, Trump’s reelection appears to be a different matter.

ā€œBlackRock has hung in there as long as it could, but the pressure has become too great, and the reputational and legal risks too high, just before Trump takes office. It won’t be the last financial organization to quit a net zero initiative,ā€ Hortense Bioy, Morningstar Analytics director of sustainable investing research,Ā told Bloomberg News.

Texas Comptroller Glenn Hegar has expressed skepticism about companies claiming to withdraw from ESG commitments, noting there is often doublespeak in announcements, The Center SquareĀ reported. This includesĀ statementsĀ made by Goldman Sachs, JPMorgan and Blackrock.

Blackrock claims its ā€œparticipation in NZAMi didn’t impact the way we managed client portfolios. Therefore, our departure doesn’t change the way we develop products and solutions for clients or how we manage their portfolios. … Our commitment to helping our clients achieve their investment goals remains unwavering,ā€ Bloomberg reported.

Last month, the U.S. House Judiciary Committee announced it was investigating more than 60 US-based asset managers’ involvement in the alliance, including BlackRock, Inc., JP Morgan Asset Management, Rockefeller Asset Management, State Street Global Advisors, among others.

The committee also issued aĀ report, “Climate Control: Exposing the Decarbonization Collusion in Environmental, Social, and Governance (ESG) Investing,” saying it found ā€œdirect evidence of a ā€˜climate cartel’ consisting of left-wing activists and major financial institutions that collude to impose radical environmental, social, and governance goals on American companies.ā€

Under the Trump administration, the committee will continue to investigate if ā€œexisting civil and criminal penalties and current antitrust law enforcement efforts are sufficient to deter anticompetitive collusion to promote ESG-related goals in the investment industry.ā€ It also maintains that the companies ā€œmust answer for their involvement in prioritizing woke investments over their own fiduciary duties.ā€

The committee sent letters to dozens of entities in 12 states and the District of Columbia requesting them to provide information by Jan. 10. The majority are located in New York, Massachusetts and California.

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Trump confirms 35% tariff on Canada, warns more could come

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Quick Hit:

President Trump on Thursday confirmed a sweeping new 35% tariff on Canadian imports starting August 1, citing Canada’s failure to curb fentanyl trafficking and retaliatory trade actions.

Key Details:

  • In a letter to Canadian Prime Minister Mark Carney, Trump said the new 35% levy is in response to Canada’s ā€œfinancial retaliationā€ and its inability to stop fentanyl from reaching the U.S.
  • Trump emphasized that Canadian businesses that relocate manufacturing to the U.S. will be exempt and promised expedited approvals for such moves.
  • The administration has already notified 23 countries of impending tariffs following the expiration of a 90-day negotiation window under Trump’s ā€œLiberation Dayā€ trade policy.

Diving Deeper:

President Trump escalated his tariff strategy on Thursday, formally announcing a 35% duty on all Canadian imports effective August 1. The move follows what Trump described as a breakdown in trade cooperation and a failure by Canada to address its role in the U.S. fentanyl crisis.

ā€œIt is a Great Honor for me to send you this letter in that it demonstrates the strength and commitment of our Trading Relationship,ā€ Trump wrote to Prime Minister Mark Carney. He added that the tariff response comes after Canada “financially retaliated” against the U.S. rather than working to resolve the flow of fentanyl across the northern border.

Trump’sĀ letterĀ made clear the tariff will apply broadly, separate from any existing sector-specific levies, and included a warning that ā€œgoods transshipped to evade this higher Tariff will be subject to that higher Tariff.ā€ The president also hinted that further retaliation from Canada could push rates even higher.

However, Trump left the door open for possible revisions. ā€œIf Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter,ā€ he said, adding that tariffs ā€œmay be modified, upward or downward, depending on our relationship.ā€

Canadian companies that move operations to the U.S. would be exempt, Trump said, noting his administration ā€œwill do everything possible to get approvals quickly, professionally, and routinely — In other words, in a matter of weeks.ā€

The U.S. traded over $762 billion in goods with Canada in 2024, with a trade deficit of $63.3 billion, a figure Trump called a ā€œmajor threatā€ to both the economy and national security.

Speaking with NBC News on Thursday, Trump suggested evenĀ broaderĀ tariff hikes are coming, floating the idea of a 15% or 20% blanket rate on all imports. ā€œWe’re just going to say all of the remaining countries are going to pay,ā€ he told Meet the Press moderator Kristen Welker, adding that ā€œthe tariffs have been very well-receivedā€ and noting that the stock market had hit new highs that day.

The Canadian announcement is part of a broader global tariff rollout. In recent days, Trump has notified at least 23 countries of new levies and revealed a separate 50% tariff on copper imports.

ā€œNot everybody has to get a letter,ā€ Trump said when asked if other leaders would be formally notified. ā€œYou know that. We’re just setting our tariffs.ā€

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Trump slaps Brazil with tariffs over social media censorship

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From LifeSiteNews

By Dan Frieth

In his letter dated July 9, 2025, addressed to President Luiz InƔcio Lula da Silva, Trump ties new U.S. trade measures directly to Brazilian censorship.

U.S. President Donald Trump has launched a fierce rebuke of Brazil’s moves to silence American-run social media platforms, particularly Rumble and X.

In his letter dated July 9, 2025, addressed to President Luiz InƔcio Lula da Silva, Trump ties new U.S. trade measures directly to Brazilian censorship.

He calls attention to ā€œSECRET and UNLAWFUL Censorship Orders to U.S. Social Media platforms,ā€ pointing out that Brazil’s Supreme Court has been ā€œthreatening them with Millions of Dollars in Fines and Eviction from the Brazilian Social Media market.ā€

A formal letter dated July 9, 2025, from The White House addressed to His Excellency Luiz Inacio Lula da Silva, President of the Federative Republic of Brazil, discussing opposition to the trial of former President Jair Bolsonaro and announcing a 50% tariff on Brazilian products entering the United States due to alleged unfair trade practices and censorship issues, with a note on efforts to ease trade restrictions if Brazil changes certain policies.

A typed letter from Donald J. Trump, President of the United States of America, discussing tariffs related to Brazil, digital trade issues, and a Section 301 investigation, signed with his signature.

Trump warns that these actions are ā€œdue in part to Brazil’s insidious attacks on Free Elections, and the fundamental Free Speech Rights of Americans,ā€ and states: ā€œstarting on August 1, 2025, we will charge Brazil a Tariff of 50% on any and all Brazilian products sent into the United States, separate from all Sectoral Tariffs.ā€ He also adds that ā€œGoods transshipped to evade this 50% Tariff will be subject to that higher Tariff.ā€

Brazil’s crackdown has targeted Rumble after it refused to comply with orders to block the account of Allan dos Santos, a Brazilian streamer living in the United States.

On February 21, 2025,Ā Justice Alexandre de MoraesĀ ordered Rumble’sĀ suspensionĀ for non‑compliance, saying it failed ā€œto comply with court orders.ā€

Earlier, from August to October 2024, Moraes had similarly orderedĀ a nationwide block on X.

The court directed ISPs to suspend access and imposed fines after the platform refused to designate a legal representative and remove certain accounts.

Elon Musk responded: ā€œFree speech is the bedrock of democracy and an unelected pseudo‑judge in Brazil is destroying it for political purposes.ā€

By linking censorship actions, particularly those targeting Rumble and X, to U.S. trade policy, Trump’s letter asserts that Brazil’s judiciary has moved into the arena of foreign policy and economic consequences.

The tariffs, he makes clear, are meant, at least in part, as a response to Brazil’s suppression of American free speech.

Trump’s decision to impose tariffs on Brazil for censoring American platforms may also serve as a clear signal to the European Union, which is advancing similar regulatory efforts under the guise of ā€œdisinformationā€ and ā€œonline safety.ā€

With the EU’sĀ Digital Services ActĀ and proposedĀ ā€œhate speechā€ legislationĀ expanding government authority over content moderation, American companies face mounting pressure to comply with vague and sweeping takedown demands.

By framing censorship as a violation of U.S. free speech rights and linking it to trade consequences, Trump is effectively warning that any foreign attempt to suppress American voices or platforms could trigger similar economic retaliation.

Reprinted with permission fromĀ Reclaim The Net.

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