First to NBC News: Trump to highlight $1,000 ‘Trump Account’ investments for kids in GOP megabill
President Trump will host a White House roundtable today to highlight a provision in the massive Republican domestic policy bill that would seed $1,000 into investment accounts for all newborn American children.
The so-called “Trump Accounts” will be created for every U.S. citizen child born between Jan. 1, 2025 and Jan. 1, 2029, as part of a pilot program included in the bill that passed the House last month.
The government’s $1,000 investment will go into an index fund account that tracks the overall stock market, controlled and owned by the child’s guardians. Additional contributions of up to $5,000 annually are allowed, with the funds accessible beginning at age 18 for educational, home-buying or business-creation related expenses.
CEOs attending today’s roundtable in the White House’s State Dining Room include the heads of Uber, Dell and Goldman Sachs. They are expected to announce billions of dollars in collective investments into Trump accounts for the children of their employees, according to a White House spokesperson.
The event comes as the Trump administration has been working to muscle the president’s signature domestic policy legislation, which includes an extension of expiring tax cut and money for immigration enforcement, through the Senate before the Fourth of July, and amid attacks on its spending and cost from deficit hawks, including Elon Musk.
“I didn’t go out to craft a piece of legislation to please the richest man in the world,” House Speaker Mike Johnson, R-La., said in response to Musk’s criticisms in an interview with ABC News on Sunday. “What we’re trying to do is help hardworking families who are trying to make ends meet.”
Republicans have sought to highlight the bill’s most popular provisions, especially those seen as most helpful to working class Americans.
“The passage of the One Big Beautiful Bill will literally change the lives of working, middle class families across America by delivering the largest tax cuts in history, increasing the child tax credit, and by creating this incredible new ‘Trump Account’ program, which will put the lives of young Americans on the right financial path!” White House press secretary Karoline Leavitt said in a statement to NBC News.
U.S.-China trade talks begin in London
Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick have arrived to Lancaster House in London, the site of trade talks today with China’s Vice Premier He Lifeng.
Kevin Hassett, chair of the White House’s Council of Economic Advisers, said on CNBC this morning that the purpose of today’s talks in London will be a “strong handshake” and making sure that China is “serious” about allowing exports of rare earth minerals. Hassett said China was was “kind of releasing them, but it was going a lot slower than some companies believed was optimal.”
Hassett said once the rare earths minerals issue was resolved, both sides would go back to the negotiating table at another time on other issues.
China dominates global mining and production of rare earths minerals, which are used in everything from batteries to medical equipment, and from oil refining to defense technologies.
China’s exports to the U.S. clock their sharpest drop in more than 5 years — down over 34% in May
China’s exports growth missed expectations in May, dragged down by a sharp decline in shipments to the U.S., with analysts saying effects of the Beijing-Washington trade truce will be visible in June data.
Chinese exports to the U.S. plunged 34.5% from a year ago, marking the sharpest drop since February 2020, according to Wind Information, when the Covid-19 pandemic disrupted trade. Imports from the U.S. dropped over 18%, and China’s trade surplus with America shrank by 41.55% year on year to $18 billion.
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Travel ban begins after Trump signed proclamation last week
Trump’s travel ban goes into effect today after he signed a proclamation last week suspending entry to the U.S. for people from 12 countries and partially suspended travel for people from seven other countries.
Trump had painted his executive action as advancing national security interests, arguing in his proclamation that he determined which countries to target “after accounting for the foreign policy, national security, and counterterrorism objectives of the United States.”
“Very simply, we cannot have open migration from any country where we cannot safely and reliably vet and screen those who seek to enter the United States,” Trump said in a video posted by the White House last week.
In the same video, Trump pointed to the Boulder, Colorado, attack on hostage advocates earlier this month. The suspect is an Egyptian national, but travel to the U.S. from Egyptian nationals remains in place under the White House’s order.
Senior U.S. and China envoys to meet for showdown trade talks in London
Senior U.S. and Chinese officials will meet in London today in an effort to de-escalate the bitter trade dispute between the world’s two biggest economies that has roiled the global economy, with China’s restrictions on critical minerals high on the agenda.
The U.K. is providing a venue for the discussions but will not be involved in them directly and the exact time and location of the meeting remains unknown.
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Ex-DOJ prosecutor announces bid for Pennsylvania swing district
Ali Vitali
Former federal prosecutor Ryan Crosswell announced today he will run for Congress in a purple congressional district in Pennsylvania, making him one of the first U.S. officials who resigned during Trump’s second term to parlay his concerns into a bid for public office.
“Just several months ago I was a federal prosecutor,” Crosswell said on “Way Too Early,” where he announced his run. “I did resign because of the Eric Adams case, because the Trump administration asked my section to engage in what I believe was an abuse of power. So now I’ve been a public servant all my life, and I want to serve the people of Pennsylvania’s 7th District.”
Crosswell was referring to the Justice Department’s decision to drop corruption charges against New York Mayor Eric Adams earlier this year over the objections of several federal prosecutors. Adams pleaded not guilty to the charges and denied any wrongdoing.
The 7th Congressional District flipped from blue to red in 2024, with now-Rep. Ryan Mackenzie besting longtime Democratic Rep. Susan Wild by a slim margin, boosted by Trump’s coattails in the swing state. It’s a dynamic Crosswell hopes to activate in reverse in 2026.
Asked if he envisions himself as someone who’s going to Washington to “fight” or to find points of compromise, he said they’re “not always mutually exclusive.”
“I’m absolutely someone who’s put up a fight,” he said. “I loved my job as a federal prosecutor, it was an honor to stand up in court and represent the United States. But when I was asked to do something that I knew was wrong, I resigned and I fought back. I went public. I testified to Congress about it, at great personal risk. That said, there is time for compromise. I’ll work across the aisle anytime it’s necessary to pass legislation that benefits our vets, lowers the cost of health care, makes education more affordable.
“I’ll always be fighting for the people and if that requires compromise, that’s what I’ll do.”
‘Arrest me’: California’s governor unfazed by threats of arrest from Trump administration official
Jacob Soboroff and Nnamdi Egwuonwu
Reporting from Los Angeles
LOS ANGELES — California Gov. Gavin Newsom pushed back against threats of arrest by Trump administration officials, remaining defiant as he oversees clashes between law enforcement agents and protesters in response to immigration raids across Los Angeles while also managing an ongoing power struggle with the federal government.
Trump’s “border czar,” Tom Homan, warned Saturday that immigration operations and the presence of federal personnel would continue in the city despite criticism from Democratic leaders who’ve warned it could further escalate protests. He threatened arrest for anyone who obstructs the immigration enforcement effort, including Newsom and Los Angeles Mayor Karen Bass — though he acknowledged that neither yet had “crossed the line.”
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California Democrats push back on Trump’s decision to mobilize the National Guard
California Democrats pushed back after Trump deployed the National Guard to respond to anti-immigration raid protests in the Los Angeles area, with Gov. Gavin Newsom arguing that Trump is trying to “manufacture a crisis.”
“Trump is sending 2,000 National Guard troops into LA County — not to meet an unmet need, but to manufacture a crisis. He’s hoping for chaos so he can justify more crackdowns, more fear, more control,” Newsom said Sunday on X, where he also urged people to “stay peaceful.”
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Democrats make first major investment in Virginia governor’s race
The Democratic Governors Association is making its first investment in the Virginia governor’s race to boost former Rep. Abigail Spanberger’s campaign.
The DGA is directly transferring $5 million to Spanberger’s campaign, according to an announcement shared first with NBC News.
“Abigail delivered bipartisan results for veterans, seniors, and the middle class in Congress, and she’s running to strengthen public schools, lower the cost of health care and housing, and stand up for Virginia’s jobs and freedoms,” said Kansas Democratic Gov. Laura Kelly, who chairs the DGA.
“The ongoing economic uncertainty of rising prices and Republican attacks on Medicaid, public education, and the federal workforce only raise the stakes of this critical race, and we will continue working alongside Abigail to make history and win this November,” Kelly added.
Spanberger is the party’s expected nominee, and she is not facing any competition in the June 17 primary. She is expected to face Lt. Gov. Winsome Earle-Sears, who is also on a glide path to the GOP nomination.
The race to replace term-limited GOP Gov. Glenn Youngkin is one of two governor’s races this year, and it is expected to be competitive. President Donald Trump lost Virginia by 6 percentage points in November, but Youngkin won by 2 percent in 2021.