Washington, Aug 26 (AP) Financial markets worldwide have been rattled by President Donald Trump's announcement that he's firing Federal Reserve Governor Lisa Cook, an unprecedented move and sharp escalation in his effort to exert greater control over what has long been considered an institution independent from day-to-day politics.

But Cook said she's not leaving, and her lawyer said Tuesday that she'll sue to keep her job. “President Trump purported to fire me for cause' when no cause exists under the law, and he has no authority to do so,” Cook said in an emailed statement. “I will not resign.” Trump said in a letter posted on his Truth Social platform that he is removing Cook effective immediately because of allegations by one of his supporters that she committed mortgage fraud.

Trump wishes Swift and Kelce a 'lot of luck' Before asking Trump a serious question about visas for international students from China, a reporter said she just had to ask Trump about his reaction to the engagement of Swift and Kelce.

“I wish them a lot of luck. I think he's a great player, and he's a great guy, and I think she's a terrific person,” Trump said.

Back in 2024 after Swift endorsed Trump's presidential rival Kamala Harris, the then presidential candidate posted online, “I HATE TAYLOR SWIFT!” Trump says he's ready to go to court to try and carry out his ordered firing of Federal Reserve Governor Lisa Cook Cook responded to Trump saying he'd terminate her by preparing a court challenge against what she called the president's “illegal action.” Asked about that during his Cabinet meeting, Trump was dismissive, offering, “You always have legal fights.” “She seems to have had an infraction, and you can't have an infraction,” he added of Cook.

He said “we have some very good people” in mind to replace Cook if she's removed.

Rubio, who has many jobs, jokes that this Labor Day is the 'most meaningful' of his life And it isn't because Marco Rubio is secretary of state and working for Trump, as he joked at the Cabinet meeting.

“This is the most meaningful Labor Day of my life as someone with four jobs,” Rubio said. The room erupted in laughter.

In addition to his full-time job as America's chief diplomat, Rubio is also the interim national security adviser, acting administrator of the U.S. Agency for International Development and acting archivist of the National Archives and Records Administration.

Brazil's president slams 'insolence and insults' in an indirect swipe at Trump Brazil's President Luiz Inácio Lula da Silva made the remarks during a cabinet meeting in capital Brasilia on Tuesday, after the US leader enforced a 50 per cent tariff hike on Brazilian imported goods that came into effect earlier this month.

“We don't accept insolence and insults, or petulance from anyone,” Lula told his ministers, who, like Lula himself, were wearing “Brazil belongs to Brazilians” blue hats. “We are willing to sit at the table on equal terms. What we are not willing to do is be treated as if we were subordinates.” Trump has tied the tariff to the trial of Brazil's former president Jair Bolsonaro, who is charged with trying to overturn his 2022 election loss.

Trump, who was indicted in 2023 for his efforts to overturn the results of the 2020 US presidential election, appears to identify with Bolsonaro.

Trump calls for capital punishment for murder in nation's capital Trump said, “we're going to be seeking the death penalty” in Washington, D.C., if someone kills someone in the nation's capital.

D.C. and nearly two dozen states, about half of the country, have abolished the death penalty.

Trump said capital punishment is a “very strong preventative.” The Death Penalty Information Center says studies have found no “meaningful evidence” that using the death penalty deters crime.

Trump cools off on bill name he coined Trump branded his landmark tax law the “One Big, Beautiful Bill” -- but now he's not a big fan of the moniker.

“I'm not going to use the term 'great, big, beautiful,” Trump said during a Cabinet meeting Tuesday. “That was good for getting it approved. But it's not good for explaining to people what it's all about.” Some corners of the White House are easing off the “big, beautiful” name and instead opting for “Working Families Tax Cuts.” Trump boasts about COVID-19 vaccine effort in front of vax-sceptic Health chief As he was running down the list of accomplishments of his presidencies, Trump boasted about the success of Operation Warp Speed -- as his vaccine sceptic HHS leader sat near him.

Operation Warp Speed was an effort in Trump's first term that expedited the development and distribution of the COVID-19 vaccine. But Health and Human Services Secretary Robert F Kennedy Jr has effectively stopped development of the advancement of the mRNA vaccine, which were developed in response to the deadly 2020 pandemic.

“Operation Warp Speed, people say, is it one of the greatest achievements ever in politics, in the military?” Trump said during a Cabinet meeting Tuesday. “Because it was almost a military procedure.” The president added that “everybody,” including Russian President Vladimir Putin, said “Operation Warp Speed, what you did with that, nobody can believe it.” Trump again misleads on gas prices President Trump again is making false claims about the price of gasoline, saying Tuesday that gas prices are down to about USD 2.25 per gallon. That is nearly a full dollar lower than the actual average prices as calculated by the AAA auto club.

Gas prices averages about USD 3.18 per gallon as of Tuesday, up 3 cents from a month ago but down from USD 3.35 last year at this time, AAA said.

At a Cabinet meeting at the White House, Trump again claimed without evidence that gas prices at some stations are as low as USD 2, a fact AAA and other groups dispute.

“We are not seeing any stations reported to us below USD 2/gal this morning,'' said Patrick De Haan, head of petroleum analysis at gasbuddy.com.

Wholesale prices also are above USD 2 per gallon, and ”no stations sell gas at the wholesale price anyway,'' De Haan said on X.

Trump says Carolina furniture makers should teach their children and grandchildren because of promised tariffs The president says tariffs are coming on furniture imports to help revitalise the domestic industry in North Carolina and South Carolina.

He said the state has the “most talented woodworkers that you've ever seen” but that the business was “stolen from us by others, not only China.” Trump didn't say when he would impose the tariffs but he encouraged woodworkers in those states to start teaching their children and grandchildren the art of furniture-making.

“Some of those incredible artists that I knew as young people, they're older people now,” Trump said at the Cabinet meeting. “But they still have the talent and they have time left, but they're going to be teaching their sons and their daughters and their grandchildren and it's going to be a beautiful thing to see. It's going to happen like magic.” Trump: public jobs bad, private jobs good Trump said the nation has added over half a million private jobs since his inauguration.

“These are the jobs that make money, create a better life,” he said.

And while he says private company jobs are up, the number of public federal government jobs are decreasing. Trump bragged that he had laid off 84,000 federal workers.

Earlier in August, Trump fired the head of the agency that produces the monthly job figures after a report showed that hiring slowed in July and was weaker than previously expected.

Trump exaggerates about gas prices and domestic manufacturing production while praising his Cabinet members The president opened his Cabinet meeting overstating the case for how US manufacturing has improved during the first months of his second term.

He claimed gas prices are lower than they actually are at gas pumps. He lambasted one of his frequent environmental targets in windmills, and also talked about how domestic production for things like automobiles may soon improve because of his policies.

As Trump talked, Cabinet members silently listened. At one point, Trump acknowledged them.

“I hope this table gets the credit for what's happening, all of the credit,” he said. (AP) GRS GRS

Presidential removal power questioned as Federal Reserve Governor resists firing and announces lawsuit to block removal. The President announced the immediate removal of a Federal Reserve Governor citing alleged misconduct; the Governor refused to resign and will sue to block the termination, alleging the President lacks statutory authority to remove her for cause where no legal cause exists. The claim implicates the scope of presidential removal power over independently constituted monetary-policy officials, the availability of equitable relief to enjoin purportedly unlawful termination, and tensions between administrative independence and executive authority.