Mar 7, 2018

Carl Icahn denies knowing about steel tariffs before stock sale

Carl Icahn. Photo by Adam Jeffery via Getty Images.

Billionaire investor Carl Icahn is denying that he knew about President Trump's steel tariff plan before it was formally disclosed.

Why it matters: Icahn sold at least part of his stake in The Manitowoc Co., which relies heavily on steel, ahead of Trump's announcement last Thursday. The stock has since fallen more than 5%, but Icahn — who once served as an unpaid economic advisor to Trump — had declined comment until today.

Icahn's statement:

"Any suggestion that we had prior knowledge of the Trump administration’s announcement of new tariffs on steel imports is categorically untrue. We reduced our position in Manitowoc for legitimate investment reasons having nothing to do with that announcement.”

What we still don't know: If Icahn has sold more Manitowoc shares since his initial disclosure, and what those "legitimate investment reasons" were.

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Updated 1 hour ago - Politics & Policy

Top Senate Democrat says State Dept. is working on new Saudi arms deal

Secretary of State Mike Pompeo briefs reporters on May 20. Photo: Nicholas Kamm/pool/AFP via Getty Images

Senate Foreign Relations ranking member Bob Menendez (D-N.J.) wrote in a CNN op-ed on Wednesday that he learned that the State Department is currently working to sell thousands of additional precision-guided bombs to Saudi Arabia.

Why it matters: Democrats say that Steve Linick, the State Department inspector general who was ousted on Secretary of State Mike Pompeo's recommendation, was investigating the administration's previous effort to sell weapons to Saudi Arabia without congressional approval.

U.S. coronavirus death toll crosses 100,000

Data: Johns Hopkins University; Chart: Danielle Alberti/Axios

More than 100,000 Americans have died of the coronavirus, according to data from Johns Hopkins — a terrible milestone that puts the death toll far beyond some of the most tragic events in U.S. history.

By the numbers: The death toll from COVID-19 now stands at more than 34 times the number of people who died on 9/11.