U.S. court blocks Trump bid to oust fed’s cook

A U.S. appeals court rejected Donald Trump’s attempt to remove Federal Reserve Governor Lisa Cook.

Transcript

00:00A US Appeals Court has ruled that Federal Reserve Governor Lisa Cook can remain in her post,

00:05blocking an effort by President Donald Trump to remove her just ahead of a key interest rate

00:10meeting. The judges rejected Trump's claim that Cook should be suspended,

00:15while the courts decide whether he has the authority to dismiss her over alleged past

00:20mortgage fraud. The decision is a setback for the White House, which has been pressing the Fed

00:28to cut rates. But Trump did secure a win on the same day. The Senate confirmed his nominee Stephen

00:34Miran to the Fed Board, giving him a voice at this week's policy meeting. That meeting, set for

00:40Tuesday and Wednesday, is widely expected to deliver a rate cut in response to a cooling labor market.

00:47Cook, the first black woman on the Fed Board, was accused of mortgage fraud, an allegation she denies.

00:53Judges said she stays on the job for now, noting that she wasn't given a chance to respond to the

00:58allegations. Trump's legal team argued that presidents have brought power to remove Fed

01:03governors, but the court ruled Cook remains protected by law.

01:10South Korea's presidential office says tariff talks with the United States have stalled,

01:15despite progress on a broader trade deal in July. In a statement on Tuesday, the office says

01:20President Lee Jae-myung will not rush into an agreement that could burden Korean companies.

01:25It added that while Seoul wants a swift resolution, it cannot accept every American demand at the

01:33expense of national interests. At the center of the dispute is a proposed $350 billion investment

01:39fund, which both sides have yet to agree on key details. Meanwhile, South Korea's top trade envoy,

01:46Johan Koo, is currently in Washington for follow-up talks. He said negotiations remain intensive,

01:52but reaching a final agreement was proving difficult.