Despite Donald Trump's push to revive US manufacturing, companies like Zion Foodtrucks in Colorado face increased costs from steel and aluminum tariffs and higher fuel prices due to the Iran war, leading to decreased business and tougher competition from Mexican manufacturers.
Defense Secretary Pete Hegseth faced intense questioning from senators regarding the rising costs and lack of clear strategy for the Trump administration's war in Iran. Hegseth requested $67 billion in urgent funding, clashing with Democrats who criticized his leadership and the war's direction, citing troop deaths and unspent funds.
US Defense Secretary Pete Hegseth testified before the Senate, revealing the US-Israel war on Iran has cost $37.5bn and requesting $88bn in supplemental funding. Lawmakers expressed fury over rising costs, 17 American deaths, and the conflict's spiraling nature, questioning the administration's strategy and constitutional authority.
Russia's economy faces increasing strain from war financing, leading the Ministry of Finance to suspend bond sales due to high yields demanded by banks. Ukraine's drone attacks on Russian infrastructure, including e-commerce warehouses, further exacerbate economic pressure and challenge the perception of a peaceful life.
A new poll reveals President Trump's approval rating has hit a record low of 37% due to voter dissatisfaction with his handling of the Iran war and rising living costs. 59% disapprove of his job performance.
Defense Secretary Pete Hegseth defended President Trump's proposed $1.5 trillion military budget amid congressional scrutiny over the Iran war's escalating costs, now at $29 billion. Lawmakers questioned the strain on weapons stockpiles, while Hegseth acknowledged increased production to support ongoing operations and future needs.
Carmaker gives one of largest warnings yet of conflict’s impact on businesses while Trump tariffs also take tollToyota has reported a £3bn hit from costs from the war in Iran, as prices of parts and materials soared and sales dropped.The world’s biggest carmaker said profits declined in its financial year to March as it was “likely unable to absorb newly added impact from the Middle East”, in one of the largest warnings yet of the war’s impact on businesses. Continue reading...
Iranian Foreign Minister Seyed Abbas Araghchi accused the Pentagon of lying about defense spending in the ongoing US-Iran war, claiming the conflict has directly cost $100 billion for the United States — four times the Pentagon's official estimate of $25 billion. Araghchi said indirect costs for US taxpayers are FAR higher, with each American household facing a monthly bill of $500 and rising.
Iranian Foreign Minister Seyed Abbas Araghchi has accused the Pentagon of lying about the costs of the ongoing US-Iran war, claiming direct expenses have hit $100 billion, significantly higher than the $25 billion figure cited by US officials.
Defense Secretary Pete Hegseth will face the Senate Armed Services Committee on Thursday regarding the Iran war and the Trump administration's $1.5 trillion 2027 military budget proposal. The hearing follows a nearly six-hour House committee session where Hegseth faced sharp questioning over the war's $25 billion cost, the deaths of six U.S. soldiers in Kuwait, and his firing of top military officers including Gen. Randy George. Senators are also expected to probe troop levels in Europe after Trump threatened to reduce U.S. military presence in Germany amid a feud with Chancellor Friedrich Merz.
US Defence Secretary Pete Hegseth faced a nearly six-hour congressional hearing on the Iran war, where officials revealed operations have cost $25bn so far. Democrats accused the administration of lying to the public and waging an unauthorized 'war of choice', while the White House seeks a record $1.5tn defence budget increase. The hearing also addressed a deadly Minab strike that killed 168 people, including 110 children.
US Defense Secretary Pete Hegseth faced nearly six hours of questioning from the House Armed Services Committee in his first testimony under oath since the Iran war began. Democrats criticized the conflict as an expensive "war of choice" waged without Congressional approval, with the war costing $25bn so far. The White House has requested a record $1.5tn defense budget, while a ceasefire with Iran allows for peace talks. The hearing also addressed a deadly Minab strike that killed 168 people, including 110 children, which US investigators believe American forces may have unintentionally caused.
As key allies turn away and war costs soar, the US military campaign against Iran is spurring a growing consensus among Chinese observers and state media – that Washington’s unrivalled global dominance is crumbling. Communist Party mouthpiece People’s Daily issued a sharp critique on Thursday, warning that the United States’ shift from an “international rule-builder” to a “predatory hegemon” would ultimately undermine its prosperity and influence. “In the post-Cold War era, while the...
Swedish Military Intelligence (MUST) accuses Russia of manipulating economic data to hide the true state of its economy amid the Ukraine war. The intelligence service says official figures show falling GDP and weak industrial production but are presented to appear more resilient than reality. MUST estimates real inflation at around 15%, closer to Russia's key interest rate than the official 5.86%, and warns of an impending banking crisis. Despite this, the weak economy does not affect Russia's strategic objectives in Ukraine, as the decision to continue the war is political, not economic.
