The Trump administration has triggered the process for submitting a bill to Congress that would implement the president’s new trade deal with Canada and Mexico.
The notification sent to House Speaker Nancy Pelosi riled Democrats. They say it will not speed up consideration of a bill to replace the North American Free Trade Agreement.
The procedural step undertaken Thursday must be made at least 30 days before the administration can submit its legislation to implement the United States-Mexico-Canada Agreement.
Vice President Mike Pence says Thursday’s action is “all about moving forward on an agreement that we know is a win.”
But Pelosi is describing the administration’s efforts as “not a positive step.” She says Thursday’s move “indicates a lack of knowledge” on how to pass a trade agreement.
Department of Energy aims for cleaner coal, oil
The Trump administration is committed to making fossil fuels cleaner rather than imposing “draconian” regulations on coal and oil, U.S. Energy Secretary Rick Perry said Thursday at an energy conference in Salt Lake City.
Perry previously said the administration wants to spend a half-billion dollars next year on fossil fuel research and development as demand plummets for coal and surges for natural gas.
“Instead of punishing fuels that produce emissions through regulation, we’re seeking to reduce those emissions by innovation,” Perry said at the conference.
Fossil fuel emissions have been cited by scientists as a major source of global warming.
Perry said the Trump administration has proven it can make energy cleaner, but he provided no details involving coal and other fossil fuels other than the closing of old, inefficient coal-burning power plants and exporting increasing volumes of natural gas, an alternative to coal.
Gap’s results short of forecast
Gap Inc. reported fiscal first-quarter results on Thursday that fell well short of analysts’ expectations, sending the company’s stock tumbling more than 10% in after-market trading.
The downbeat performance comes three months after the retailer said it was creating two independent publicly traded companies – low-priced juggernaut Old Navy and a yet-to-be named company that will hold the iconic Gap brand and Banana Republic, as well as the lesser known names Athleta, Intermix and Hill City.
The San Francisco-based company said the spin-off will enable each company to focus on flexibility and pare down costs.
The company reported fiscal first-quarter net income of $227 million, or 60 cents per share, up from $164 million, or 42 cents per share, in the year-ago period. Earnings, adjusted for non-recurring gains, were 24 cents per share.
“This quarter was extremely challenging, and we are not at all satisfied with our results,” said Art Peck, president and CEO of Gap in a statement.
The clothing chain posted revenue of $3.71 billion in the period, down from $3.78 billion in the year-ago period.