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President Donald Trump's former lawyer, Michael Cohen, is under federal investigation for tax fraud and possibly misrepresenting his finances, people familiar with the investigation told The Wall Street Journal.The reported investigation adds to the wide-ranging federal investigation Cohen is already facing in relation to his business affairs and work with Trump. According to the Journal, authorities are investigating whether Cohen underreported his income in federal tax returns, in which he reaped hundreds of thousands of dollars over the last five years.People familiar with the matter told the Journal that authorities are also investigating whether any bank employees were improperly permitted to offer Cohen loans when he didn't provide adequate documentation. Investigators are reportedly examining Cohen's relationship with Sterling National Bank, which financed Cohen's taxi medallion business, and looking closely at whether Cohen lied or misrepresented information on loan applications.Investigators are also looking into whether Cohen inflated his income "in loan applications and refinancing efforts," people familiar with the matter told the Journal.Cohen's former accountant, Jeffrey Getzel, has been subpoenaed as part of the investigation, the paper reports.Cohen has not been charged with a crime and the Journal said he previously denied wrongdoing. Lanny Davis, Cohen's attorney, declined to comment to the paper "out of respect for the ongoing investigation."CNN has not independently confirmed the Journal's report.Cohen is facing a wide-ranging federal investigation into his finances -- including potential bank fraud, campaign finance violations, and hush payments to women saying they had affairs with Trump, which the President has denied. Authorities raided Cohen's home, office and hotel room in April as part of the investigation.The former Trump "fixer" once said he would take a bullet for his boss, but in recent months, he's suggested that he's willing to cooperate with federal authorities.The-CNN-Wire 2050

President Donald Trump's personal lawyer used his Trump Organization email account to communicate details of a payment transfer to adult film star Stormy Daniels, who allegedly had an affair with the President before his time in office, Daniels' attorney confirmed to CNN Friday.Michael Avenatti provided an email to CNN in which Cohen confirmed the transfer to Daniels' former attorney, Keith Davidson. In the email, both Cohen's personal email account and trumporg.com email account were used. The deposit was confirmed to Cohen by a First Republic Bank employee.  579

President Donald Trump's tariffs were supposed to shrink America's trade deficit, but it has instead grown for five straight months and is on track to hit a record high before the end of the year.The monthly goods deficit grew by billion in October, according to a US Census report released Wednesday.The Census report is one of the first measures of trade released since Trump imposed his biggest round of tariffs in September on 0 billion of Chinese goods. It put a 10% tax on goods ranging from luggage to bikes and baseball gloves. Trump has threatened to increase the rate to 25% on January 1.The duties make it more expensive for US importers to buy those items, but Americans bought more goods from abroad in October than they did the month before. The figure may reflect stockpiling by American importers ahead of an additional hike in tariffs set to take effect in January, as well as strong consumer spending."There is some anecdotal evidence that US importers are likely pulling forward orders to get ahead of additional tariffs on Chinese goods, which could be one of the factors driving imports higher in recent months," said Pooja Sriram, an economist at Barclays.Last year's federal tax cuts have also put more money back into Americans' pockets, lifting demand for imports even if they're more expensive."We believe that domestic demand is likely to be sufficiently robust so as to keep imports elevated even after any additional tariffs," Sriram said.Additional data due out next week on trade of both goods and services is expected to show a 10-year high in the overall trade deficit, said Ian Shepherdson, chief economist at Pantheon Macroeconomics.That's the opposite of what Trump wants to achieve.The president has pledged to reduce America's trade deficit by pursuing new trade agreements with countries he argues are engaging in unfair trade policies, especially China. He's put tariffs on 0 billion of Chinese-made goods this year in an effort to make US-made products more attractive to consumers."It's been such a terrible one-way street with China," Trump told the Wall Street Journal in an interview Monday.Trump and Chinese President Xi Jinping are set to meet Saturday evening for a formal dinner on the sidelines of the G20 meeting in Argentina. It is their only scheduled meeting before the end of the year.White House economic adviser Larry Kudlow on Tuesday dangled the possibility?of a "breakthrough" at the dinner. But Trump escalated tensions earlier in the week, when he repeated a threat to put tariffs on the remaining Chinese goods if a deal can't be reached.The Trump administration argues that China is engaging in unfair trade practices, including intellectual property theft and forced technology transfers. But the Chinese say Trump's unilateral tariffs are bullying.American businesses and lawmakers on both sides of the aisle agree that the China trade issues should be addressed — but not everyone believes that tariffs are the right way. Some manufacturers and retailers say the duties could lead to job losses and higher prices for consumers."It would be hard to argue that (China) has behaved fairly in its trade practices," said Florida Democratic Rep. Stephanie Murphy this week at an S&P Global event in New York."But I think doing it in a multilateral way would have been a better approach," she said.Trump has also imposed tariffs on foreign steel and aluminum this year, in the interest of national security. US steel producers have welcomed the taxes, as they've seen prices for their own products go up. Steel Dynamics, an American producer, announced this week that they would be building a new steel mill in the southwest region of the country, creating 600 new jobs."Steel jobs are coming back to America, just like I predicted," Trump tweeted Wednesday.But American manufacturers that use steel, including automakers, have argued that the tariffs have made the cost of domestic production more expensive. 4055

Rep. John Lewis, who died last week after a three-decade career in Congress, will lie in state, Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell jointly announced on Thursday.The civil rights activist who stood alongside Martin Luther King Jr. in the 60s died last Friday following a six-month battle with pancreatic cancer.Due to the coronavirus pandemic, mourners are encouraged not to travel from outside the D.C. area to pay tribute to Lewis. Those who attend the viewing will be asked to follow social distancing guidelines.The public viewing line will begin next Monday at 6 p.m. ET and continue through 10 p.m. The viewing will continue from 8 a.m. to 10 p.m. on Tuesday.Lewis will be the 33rd person to lie in state in the Capitol rotunda.Prior to Lewis’ viewing, an invitation-only arrival ceremony will be held Monday at 1:30 p.m. ET. 868

Researchers at University of Michigan have developed a fake news detector to help fight against misinformation. The technology is "an algorithm-based system that identifies telltale linguistic cues in fake news stories." The team says the system is "comparable to and sometimes better than humans at correctly identifying fake news stories."According to their study, linguistic analysis tracks things like grammatical structure, word choice, punctuation and complexity. But there are challenges to making sure the system properly deciphers stories. Researchers say the difficulty in building a fake news detectors is not in developing the algorithm itself, "but in finding the right data with which to train that algorithm."The system is still in its beta stage. Details of the fake news detector system will be presented on August 24 at the International Conference on Computational Linguistics in Santa Fe. Read the full study here. 962