Apr 26, 2019

Trump signs formal request for U.S. to oppose global Arms Trade Treaty

Photo: Win McNamee/Getty Images

President Trump signed a formal request for the Senate to discontinue the United States' ratification process for the global Arms Trade Treaty on Friday.

The big picture: Russia, North Korea and Syria are the only other countries that oppose this treaty, which "seeks to prevent illicit arms transfers that fuel destructive conflicts, making it harder to conduct weapon sales in violation of arms embargoes," per Washington Post reporter Missy Ryan.

What he's saying: "I am officially announcing today that the United States will be revoking the effect of America's signature from this badly misguided treatment. We're taking our signature back. The United Nations will soon receive a formal notice that America is rejecting this treaty," Trump said on Friday at the NRA's annual meeting in Indianapolis.

The backdrop: The U.S. had not previously ratified the treaty, which dates back to the George W. Bush administration.

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The big picture: COVID-19 has now killed at least 2,251 people and infected almost 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

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Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

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Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.