The Latest: Trump to meet with Asian leaders
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8:32 AM on Friday, October 24
By The Associated Press
President Donald Trump is going to Japan and South Korea next week to promote an epic financial windfall — at least $900 billion in investments for U.S. factories, a natural gas pipeline and other projects.
Japan and South Korea made those financial commitments in August to try to get Trump to ratchet down his planned tariff rates from 25% to 15%. But as the U.S. president is set to depart Friday night for Asia, the pledges are more of a loose end than money in the bank for American industry.
Japan pledged $550 billion in investments, but it wants the money to benefit its own companies, and its new prime minister, Sanae Takaichi, is operating in an untested coalition government.
South Korea offered $350 billion — but wants a swap line for U.S. dollars, funded through loan guarantees, or else the commitment could sink its own economy. Trump maintains that he will personally direct how the money is spent, enabling him to pick winners and losers.
The Latest:
The U.S. military has conducted its 10th strike on a suspected drug-running boat, killing six more people in the Caribbean, Defense Secretary Pete Hegseth said Friday.
Hegseth blamed Venezuela’s Tren de Aragua gang. In a 20-second black and white video of the strike posted to social media, a small boat can be seen apparently sitting motionless on the water when a long thin projectile descends on it, triggering an explosion.
Trump said Thursday he isn’t planning to ask Congress to issue a declaration of war against the cartels: “I think we’re just going to kill people that are bringing drugs into our country, OK? We’re going to kill them, you know? They’re going to be like, dead.”
▶ Read more about the U.S. military’s deadly strikes on South American boats
“The Ontario ad does not misrepresent President Reagan’s anti-tariff radio address in any respect whatsoever. It is a direct replay of his radio address, formatted for a one minute ad,” said Jason Kenney, who served in former Prime Minister Stephen Harper’s cabinet.
“Everything that Reagan said in his pro-free trade April, 1987 radio message is consistent with the ad. In fact, everything he ever said about trade, before and after becoming President, is consistent with his principled opposition to tariffs,” Kenney added in a social media post Friday.
Kenney also took aim at the Reagan foundation.
“They know perfectly well that the Ontario ad captures precisely President Reagan’s opposition to tariffs, and support for free trade. But it is obvious that the Foundation now has gormless leadership which is easily intimidated by a call from the White House, yet another sign of the hugely corrosive influence of Trump on the American conservative movement.”
Hillary Clinton’s Onward Together PAC is leveraging Trump’s demolition of the White House East Wing into a fundraising opportunity ahead of the 2026 midterm elections, selling hats and stickers with the message: “Not His House. Our House.”
“If you’re hopping mad about Trump destroying the White House, we’ve got a new hat or sticker for you,” the 2016 Democratic nominee against Trump posted Friday on Instagram. “Your purchase supports progressive groups working to build a fairer, more inclusive America for everyone — and win elections!”
Onward Together PAC says it has contributed nearly $1 million to more than 225 candidates since 2017, the majority of them women, and that 62% have won their races.
The hat sells for $35. The sticker sells for $8. The merchandise also features an image of the iconic North Portico of the White House, facing Pennsylvania Avenue.
That television ad that the provincial government of Ontario sponsored, showing President Reagan’s opposition to tariffs? It’s airing across the United States.
Ontario bought more than $275,000 of ad reservations for the spot to air in 198 of the nation’s 210 media markets this month, according to data from the nonpartisan media tracking firm AdImpact.
The vast majority of markets saw the ad once. It was broadcast most frequently in the New York market, with more than 530 airings, followed by Washington, D.C., at around 280. The only other markets with more than 100 airings were those around Harrisburg, Pennsylvania, and West Palm Beach, Florida.
Chicago, Los Angeles and Philadelphia rounded out the markets with at least 10 airings.
Video showed what appeared to be a U-Haul truck trying to back into the base in Alameda. The truck drove away and no Coast Guard personnel were hurt after the shots were fired at about 10 p.m. Thursday, the Coast Guard posted on X.
“Coast Guard personnel issued multiple verbal commands to stop the vehicle, the driver failed to comply and proceeded to put the vehicle in reverse,” the statement said. “When the vehicle’s actions posed a direct threat to the safety of Coast Guard and security personnel, law enforcement officers discharged several rounds of live fire.”
The Coast Guard said the FBI was investigating. The FBI and U-Haul did not immediately respond to emails seeking further information.
A crowd had gathered earlier Thursday to protest a planned surge of federal agents, which Trump called off after hearing from several billionaires and San Francisco’s mayor.
The former Justice Department special counsel says he’s ready to testify before Congress in an open hearing, responding to Republicans’ demands that he answer for investigations he led into Trump’s storage of classified documents and attempt to overturn the results of the 2020 election.
A letter to both the House and Senate committee overseeing the Justice Department from Smith’s attorneys says that “Mr. Smith steadfastly adhered to established legal standards and Department of Justice guidelines.”
Smith is essentially daring Republicans and the Justice Department to allow him to speak openly.
He has come under scrutiny from GOP lawmakers after the FBI revealed that his investigation analyzed phone records for a handful of lawmakers as part of the investigation into Trump’s attempt to overturn the presidential election.
In cutting off trade talks with Canada, Trump cited the Ronald Reagan Presidential Foundation and Institute’s claim that an ad sponsored by the province of Ontario misrepresented the 40th U.S. president’s remarks on tariffs.
The foundation in Simi Valley, Calif., is perhaps best known for maintaining the Ronald Reagan Presidential Library and Museum, which has the plane Reagan used as Air Force One on display and has hosted GOP presidential primary debates.
Its board includes longtime Republican Party stalwarts such as former Trump Transportation Secretary Elaine Chao, who resigned after the Jan. 6, 2021 insurrection at the Capitol, and former House Speaker Paul Ryan, whose free-market philosophy often clashes with Trump’s protectionist tendencies.
Another board member is Lachlan Murdoch, the son of Rupert who is executive chairman and CEO of Fox Corporation. The board is chaired by Fred Ryan, the former publisher and CEO of The Washington Post.
Many Hispanic voters were motivated by economic concerns in last year’s presidential election. A new AP-NORC poll shows that despite Trump’s promises of economic revitalization, they continue to feel higher financial stress than Americans more broadly.
“Now it’s like, OK, you’re in office. I’m still getting done dirty at the grocery store. I’m still spending an insane amount of money,” said Alejandro Ochoa, 30, a warehouse worker in Adelanto, California, who said she voted for Trump in 2024.
According to the survey, 65% of Hispanic adults say the cost of groceries is a “major” source of stress in their lives right now, compared to 54% of Americans overall. And 61% of Hispanic adults say this about the cost of housing, compared to 45% of Americans overall.
The new AP-NORC poll also finds that Hispanic adults are slightly less likely to approve of Trump’s handling of immigration and the economy than they were earlier in the year.
In March, 41% of Hispanic adults approved of the way Trump was handling his job as president, but now that has fallen to 27%.
The poll found particularly high levels of financial stress among Hispanic adults, compared to Americans overall, and Latino communities have also been a target of the president’s aggressive immigration tactics. Some see the two issues as linked. Trump’s attacks on immigration have affected low-wage and high-skilled workers alike, at a moment when the economy is already uncertain because of his erratic trade policies.
The October survey from The Associated Press-NORC Center for Public Affairs Research finds that 25% of Hispanic adults have a “somewhat” or “very” favorable view of Trump, down from 44% in an AP-NORC poll conducted just before Trump took office in January.
The percentage of Hispanic adults who say the country is going in the wrong direction has also increased slightly over the past few months, from 63% in March to 73% now.
The shift is a potential warning sign from a key constituency that helped secure his 2024 victory and could spell trouble for Republicans looking to cement support with this group in future elections.
Many Hispanic voters have been motivated by economic concerns, and the new AP-NORC poll shows that despite Trump’s promises of economic revitalization, they feel more financial stress than Americans overall.
Consumer prices increased 3% in September from a year earlier, the Labor Department said Friday, up from 2.9% in August, as the costs of some imported goods rose while rental prices cooled. It’s a smaller increase than many economists had forecast, and will likely encourage the Federal Reserve to cut its key interest rate when it meets next week.
Excluding the volatile food and energy categories, core prices also rose 3%, a decline from 3.1% in the previous month. Both figures are above the Federal Reserve’s 2% target.
The report on the consumer price index is being issued more than a week late because of the government shutdown, now in its fourth week. The Trump administration recalled some Labor Department employees to produce the figures because they are used to set the annual cost-of-living adjustment for roughly 70 million Social Security recipients.
▶ Read more about the latest U.S. inflation numbers
Agency officials said Friday that the benefits increase takes effect in January. The cost-of-living adjustment for retirees and disabled beneficiaries is financed by payroll taxes collected from workers and their employers. An annual salary cap, slated to increase to $184,500 in 2026, from $176,100 in 2025, limits what higher-income earners contribute.
Recipients received a 2.5% cost-of-living boost in 2025 and a 3.2% increase in their benefits in 2024, after a historically large 8.7% benefit increase in 2023, brought on by record 40-year-high inflation.
The president has more to say about his move to cut off trade talks with Canada, which were prompted by a provincial Ontario television ad that quoted President Ronald Reagan criticizing the use of tariffs.
“CANADA CHEATED AND GOT CAUGHT!!!They fraudulently took a big buy ad saying that Ronald Reagan did not like Tariffs, when actually he LOVED TARIFFS FOR OUR COUNTRY, AND ITS NATIONAL SECURITY,” Trump posted on his social media site Friday morning, echoing his comments from late Thursday night.
The Ronald Reagan Presidential Foundation and Institute posted Thursday that the ad used selective audio and video to misrepresent Reagan’s 1987 speech on “Free and Fair Trade. The ad was paid for by Canada’s most populous province, not the federal government, but Trump was undeterred.
In another post, Trump added: “THE UNITED STATES IS WEALTHY, POWERFUL, AND NATIONALLY SECURE AGAIN, ALL BECAUSE OF TARIFFS! THE MOST IMPORTANT CASE EVER IS IN THE UNITED STATES SUPREME COURT. GOD BLESS AMERICA!!!”
The deployment of National Guard troops on the streets of Washington faces challenges in two courts on Friday — one in the nation’s capital and another in West Virginia — while across the country a judge in Portland, Oregon, will consider whether to let Trump deploy troops there.
The hearings are the latest developments in a head-spinning array of lawsuits and overlapping rulings prompted by Trump’s push to send the military into Democratic-run cities over fierce resistance from mayors and governors. Deployment remains blocked in the Chicago area, where all sides are waiting to see if the U.S. Supreme Court intervenes to allow it.
▶ Here’s what to know about legal efforts to block or deploy the National Guard in various cities.
Trump said the television ad opposing U.S. tariffs misstated the facts and called it “egregious behavior” aimed at influencing U.S. court decisions.
The post on Trump’s social media site came after Canadian Prime Minister Mark Carney said he aims to double his country’s exports to countries outside the U.S. because of the threat posed by Trump’s tariffs.
Trump says he’s backing off a planned surge of federal agents into San Francisco after the CEOs of Nvidia and Salesforce urged him to give the city time. Salesforce CEO Marc Benioff had faced a backlash after saying federal troops should come.
He also heard from Mayor Daniel Lurie, who said the city is making progress in reducing crime, so Trump agreed to let San Francisco keep trying on its own for now.
— Friday 11 p.m. EDT — The president set to depart.
— Sunday morning local time — Trump will arrive in Malaysia. Then he’ll meet Malaysian Prime Minister Anwar Ibrahim and attend a working dinner for the leaders attending the Association of Southeast Asian Nations summits.
— Monday morning local time — Trump will fly to Tokyo.
— Tuesday morning local time — Trump meets with Japanese Prime Minister Sanae Takaichi.
— Wednesday — Trump will fly to Busan, South Korea for a meeting with Korean President Lee Jae Myung. He is then scheduled to deliver keynote remarks at the Asia-Pacific Economic Cooperation CEO luncheon and later participate in a working dinner with APEC leaders.
— Thursday morning local time — Trump will meet with Chinese leader Xi Jinping.
— Thursday evening — Trump will fly back to the United States.
