JPMorgan is wrong for “incorrectly and inappropriately DEBANKING me after the January protest, a protest that turned out to be correct for those doing the protesting,” Trump wrote on his Truth Social.

The split came after decades-long ties — and the bank gave him just 20 days to move hundreds of millions of dollars, Trump has said.

President Trump escalated his feud with JPMorgan Chase, threatening Saturday to sue the banking behemoth in the next two weeks for “debanking” him after the Jan. 6 Capitol riots. REUTERS

The threat comes as JPMorgan has emerged as one of the most vocal critics of the Trump Justice Department’s criminal probeinto Federal Reserve Chair Jerome Powell, with JPMorgan CEO Jamie Dimon warning that undermining the Fed’s independence could backfire by raising inflation expectations and interest rates.

At the same time, the White House has taken aim at banks’ profits, pushing a proposal to cap credit card interest rates at 10% for a year — a move JPMorgan executives have warned could restrict access to credit and hurt consumers.

Trump’s lawsuit threat revives a years-old grievance tied to his abrupt removal from JPMorgan after he left office in 2021, a move he has long described as politically motivated.

As The Post exclusively reported at the time, JPMorgan and Bank of America cut ties with Trump following the Jan. 6 Capitol riot after pressure from Biden’s banking regulators, who warned financial institutions that continuing to do business with controversial figures could expose them to heightened scrutiny under so-called “reputational risk” rules.

Sources familiar with the decision told The Post at the time that regulators at the Office of the Comptroller of the Currency, the FDIC and the Federal Reserve signaled that banking Trump could create compliance problems tied to appearances, even absent any criminal wrongdoing.

JPMorgan has said it does not close accounts for political reasons, but did not deny that reputational risk considerations played a role in decisions made during that period, as banks faced the threat of increased oversight, fines and regulatory action.

Trump has argued the move amounted to financial punishment. The Post has reached out to JPMorgan.

Trump also dismissed a Wall Street Journal report that he had offered JPMorgan CEO Jamie Dimon the job of Federal Reserve chair as “totally untrue.”

The Journal is owned by Dow Jones — a subsidiary of The Post’s corporate parent News Corp. A Journal spokesperson said “we stand by our reporting.”

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Trump said the probe would be wrapped up within 50 days, after which furniture imports would face duties at rates “yet to be determined.”

“This will bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union,” Trump posted on his Truth Social platform.

The tariff threat hammered stocks of companies heavily reliant on foreign manufacturing. Wayfair, RH and Williams-Sonoma all saw their shares plunge following Trump’s announcement.

President Trump announced Friday that his administration is investigating imported furniture for potential tariffs. Hi Alfan – stock.adobe.com

Wayfair, whose stock fell by more than 6% after the closing bell on Friday, imports much of its furniture inventory from overseas suppliers.

Shares of RH were also down more than 6% while Williams-Sonoma stock dropped more than 4% Friday evening.

However, not all furniture companies suffered. La-Z-Boy shares actually rose nearly 2.5% on the news since the company conducts most of its manufacturing operations within the United States.

The furniture industry investigation adds to Trump’s growing list of sectoral tariff targets.

Trump said the probe into imported furniture would wrap up within 50 days. Getty Images

He has already imposed steep duties on automobiles, steel and aluminum while floating similar measures for copper, pharmaceuticals and semiconductors.

Friday’s announcement left unclear whether furniture tariffs would stack on top of existing country-specific duty rates that Trump has negotiated through bilateral trade deals.

The Trump administration has spent months conducting trade negotiations with partners worldwide, seeking to rebalance what it views as unfair global commerce arrangements.

Recent framework agreements with the European Union and China have provided some market stability, though many longer-term trade disputes remain unresolved.

The timing of potential furniture tariffs comes as the industry faces significant headwinds.

Companies like Wayfair have endured more than a year of declining demand for big-ticket items, including couches and dining room sets.

The furniture sales slump stems partly from a sluggish housing market as prospective buyers wait for interest rates to decline before making major purchases.

Friday’s announcement left unclear whether furniture tariffs would stack on top of existing country-specific duty rates that Trump has negotiated through bilateral trade deals. Hassan – stock.adobe.com

Fewer new home sales translate directly into reduced furniture demand, since consumers typically buy new furnishings when they move into different residences.

Persistent inflation has also made consumers more selective about discretionary spending. Restaurants, clothing, travel and home decor have all experienced reduced sales as shoppers tighten their budgets.

Trump’s tariff strategy aims to encourage companies to relocate manufacturing operations back to the United States, particularly in states with strong furniture-making traditions.

North Carolina and other southeastern states historically served as major furniture production hubs before much of the industry migrated overseas in search of lower labor costs.

The investigation represents another step in Trump’s broader trade agenda focused on reducing America’s reliance on foreign manufacturing across multiple industries.

Previous tariff announcements have produced mixed results, with some companies announcing plans to reshore production while others have absorbed higher costs or passed them on to consumers.

The Post has sought comment from the American Home Furnishings Alliance.

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“Apple is behaving in a manner that makes it impossible for any AI company besides OpenAI to reach #1 in the App Store, which is an unequivocal antitrust violation. xAI will take immediate legal action,” Musk wrote in a post on his social media platform X Monday.

He added that X and his Grok AI chatbot are excluded from the App Store’s “Must Have” list when the apps rank as #1 in news and #5 overall, respectively – asking if Apple is “playing politics.”

Elon Musk threatened Apple with legal action as he accused its App Store of antitrust violations. Getty Images

Apple did not immediately respond to The Post’s request for comment.

In response to Musk’s accusations, Altman wrote in a post: “This is a remarkable claim given what I have heard alleged that Elon does to manipulate X to benefit himself and his own companies and harm his competitors and people he doesn’t like.”

The war of words quickly devolved into mudslinging over follower counts.

“You got 3M views on your bulls— post, you liar, far more than I’ve received on many of mine, despite me having 50 times your follower count!” Musk wrote late on Monday.

Altman said a “skill issue” or “bots” were to blame for Musk receiving fewer views on some of his posts. 

“Will you sign an affidavit that you have never directed changes to the X algorithm in a way that has hurt your competitors or helped your own companies?” Altman pressed, adding that he would “apologize if so.”

This is a remarkable claim given what I have heard alleged that Elon does to manipulate X to benefit himself and his own companies and harm his competitors and people he doesn’t like. https://t.co/HlgzO4c2iC

— Sam Altman (@sama) August 12, 2025

Musk posted about an hour later: “Scam Altman lies as easily as he breathes.”

Last year, Apple partnered with OpenAI to integrate ChatGPT into its iPhone, iPad, Mac laptop and desktop products. 

At the time, Musk warned that “if Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies. That is an unacceptable security violation.”

It’s just the latest in a yearslong feud between Musk and OpenAI, which the billionaire parted ways with in 2018 after co-founding the AI firm in 2015.

Elon Musk questioned why X and his Grok AI chatbot are excluded from the App Store’s “Must Have” list. Apple

In February 2024, Musk filed a lawsuit against OpenAI and Altman, accusing them of betraying the firm’s nonprofit mission by partnering with Microsoft.

He withdrew the suit in June but refiled it two months later.

Prior to the verbal sparring session, Musk had cheered Grok’s performance on the App Store – rising past Google as the fifth top free app.

OpenAI chief Sam Altman pressed Elon Musk to sign an affidavit in the pair’s latest verbal spat. AP

xAI released its latest chatbot version, Grok 4, last month, while OpenAI unveiled GPT-5 on Thursday.

Musk’s legal threats come soon after Robert Keele, who led the legal department at xAI, announced he left the company to spend time with his family – though he added there was “daylight between our worldviews” with Musk.

OpenAI and xAI did not immediately respond to The Post’s requests for comment.

Apple is currently facing a landmark lawsuit from the Department of Justice that alleges the company maintains an illegal monopoly over smartphones. 

And in June, Apple lost a plea to halt changes to its App Store from a ruling that the company could no longer charge a commission on payment links inside its apps.

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Washington and Beijing agreed to a trade framework in June that restored a fragile truce, but with many details still unclear, traders and investors on both sides of the Pacific are watching to see if it will unravel or lead to a lasting detente.

On Monday, President Donald Trump began notifying trade partners of sharply higher US tariffs from August 1, after he delayed all but 10% of his April duties on most countries to give them time to strike deals with the world’s largest economy.

President Donald Trump attends a bilateral meeting with China’s President Xi Jinping during the G20 leaders summit in Osaka, Japan, on June 29, 2019. REUTERS

China, initially singled out with tariffs exceeding 100%, has until August 12 to reach an agreement with the White House to keep Trump from reinstating additional import curbs imposed during tit-for-tat tariff exchanges in April and May.

“One conclusion is abundantly clear: dialogue and cooperation are the only correct path,” the official People’s Daily said in a commentary, referring to the exchanges in the current round of China-US trade tension.

The article was signed “Zhong Sheng”, or “Voice of China”, a term the paper uses to express views on foreign policy.

Reiterating Beijing’s view that Trump’s tariffs amount to “bullying”, the paper added, “Practice has proven that only by firmly upholding principled positions can one truly safeguard one’s legitimate rights and interests.”

The remarks set the stage for another round of tariff war should Trump stick to what the ruling Communist Party’s official daily said was “a so-called ‘final deadline.’”

Shipping containers are stacked at a port in Shanghai on June 9, 2025. AFP via Getty Images

An American flag flies in front of shipping containers stacked on a container ship (C) at the Port of Los Angeles on June 25, 2025 in Los Angeles, California. Getty Images

The average US tariff on Chinese exports now stands at 51.1%, while the average Chinese duty on US goods is 32.6%, with both sides covering all their trade, the Peterson Institute for International Economics said.

The paper also took a swipe at regional economies that are considering striking tariff reduction deals with the United States that cut China out of their supply chains.

Last week, Vietnam secured a tariff reduction to 20% from 46% with a deal for goods “transshipped” through it, typically originating from China, to be subjected to a levy of 40%.

“China firmly opposes any side striking a deal that sacrifices Chinese interests in exchange for tariff concessions,” the paper said.

“If such a situation arises, China will not accept it and will respond resolutely to protect its legitimate interests.”

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“We can’t compete with Mamdani opening city run supermarkets for free,” Catsimatidis told The Post on Wednesday, referring to the mayoral hopeful’s plans to open grocery stores owned and operated by the government in the five boroughs.

“Will Mamdani run the supermarkets with union help? When people start shoplifting, will he even have cops arrest them,” Catsimatidis pondered.

John Catsimatidis threatened to close or sell his Manhattan-based grocery chain Gristedes if Zohran Mamdani is elected the next mayor of New York City. Stefan Jeremiah for New York Post

The 76-year-old supermarket mogul also suggested that if corporate taxes are hiked in the Big Apple – another lofty ambition included in Mamdani’s campaign’s progressive agenda – that he would need to relocate his company’s headquarters.

“We’d probably move our corporate headquarters to New Jersey,” Catsimatidis said.

That move could include Catsimatidis’ Red Apple Group, the billionaire’s main conglomerate of real estate, energy and a slew of other industries.

The Gristedes supermarket chain, founded in 1888 when the first store opened in Manhattan, currently operates 17 stores in the Big Apple, according to its website.

“Will Mamdani run the supermarkets with union help? When people start shoplifting, will he even have cops arrest them,” Catsimatidis pondered. Robert Miller

Catsimatidis added in an interview with The Press that if Mamdani takes over City Hall he’d spend more time in Florida, which he described as the “promise land.” 

“I would spend far less than 183 days a year here, that’s for sure,” he told the publication. 

Catsimatidis isn’t the only wealthy businessman mapping out an escape plan from a concrete jungle led by Mamdani. 

Catsimatidis, 76, has run the mainstay supermarket for decades on top of his slew of other businesses. Robert Miller

Bill Ackman, a billionaire hedge-fund manager, even went so far as to suggest Mamdani could trigger an exodus from the city not seen since the coronavirus pandemic.

“If Mamdani becomes the mayor of New York. You’re going to see the flight of businesses from New York. Most of the businesses that operate in New York City in the financial sector are incredibly portable,” Ackman told The Free Press.

Ackman’s own firm, Pershing Square, was eyeing a move to Miami, he added.

A Tuesday poll indicated that Mamdani held a narrow lead over former New York Gov. Andrew Cuomo, who resigned in 2021 over a slew of sexual assault allegations he continues to deny. 

A spokesperson for Mamdani did not immediately respond to a request for comment.

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The incoming Trump administration and the Biden administration went back and forth on Saturday over the status of TikTok and whether a ban of the service would take place, after the video app said that it would be forced to “go dark” on Sunday when a federal law takes effect.

President-elect Donald J. Trump told NBC News that he would “most likely” find a way to give the company a 90-day extension once he takes office on Monday “because it’s appropriate.”

Earlier on Saturday, the White House press secretary called TikTok’s claim it would go dark “a stunt.” TikTok, in a statement late Friday, had called on the Biden administration to assure Apple, Google and other technology companies that they would not be punished for delivering TikTok’s services in the United States.

“We have laid out our position clearly and straightforwardly: actions to implement this law will fall to the next administration,” Karine Jean-Pierre, the White House press secretary, said in a statement.

Despite the back and forth, TikTok’s fate was still unclear.

The company’s statement was its latest attempt to pressure the administration to grant it a reprieve from a law, upheld by the Supreme Court on Friday, that would effectively ban its service starting Sunday.

The law says that app stores and major cloud computing providers cannot deliver TikTok to U.S. consumers unless the company is sold by its Chinese parent company, ByteDance, to a non-Chinese owner. Lawmakers introduced the measure last year over fears that TikTok’s Chinese ownership poses a threat to national security.

TikTok did not detail what would happen on Sunday, including whether it would voluntarily shut itself down or simply cease to function because it would lose access to services it needs to stay online. The app claims 170 million U.S. users.

The Biden administration had earlier signaled that federal officials would not immediately take action against Apple, Google and the other companies under the law.

President Biden signed the TikTok ban bill into law in April after it passed Congress with bipartisan support. Lawmakers said Beijing could pressure ByteDance to extract sensitive data on American users or influence TikTok content to serve the Chinese government’s interests.

TikTok has said the Chinese government has no role in the company and that it has spent billions of dollars to address U.S. security concerns. ByteDance has headquarters in Beijing and is subject to China’s control.

On Friday, the Supreme Court accepted the government’s national security rationale for the law, with the majority opinion pointing to “TikTok’s scale and susceptibility to foreign adversary control, together with the vast swaths of sensitive data the platform collects.”

Lisa Monaco, the deputy attorney general, said in a statement after the Supreme Court’s ruling that the process would play out “over time.” The White House press secretary, Karine Jean-Pierre, said that enforcing the law would fall to the incoming Trump administration, which takes office on Monday.

TikTok said that those comments were not enough to satisfy other companies that they would not run afoul of the law if they continued to distribute and maintain the app. Those companies could face penalties as high as $5,000 for each TikTok user who accesses the app inside the United States after the ban takes effect.

“The statements issued today by both the Biden White House and the Department of Justice have failed to provide the necessary clarity and assurance to the service providers that are integral to maintaining TikTok’s availability to over 170 million Americans,” the company said.

The loss of that user base would be significant, but not the biggest TikTok has suffered. In 2020, it was banned in India, where it had 200 million users. As in the United States, the authorities in India cited national security concerns for their decision against TikTok.

Mr. Trump, who takes office Monday, has previously indicated his support for TikTok and was considering an executive order to allow TikTok to continue operating in the United States.

But it’s unclear if an executive order by Mr. Trump could effectively halt a ban. Legal experts said he could direct the Justice Department not to enforce the law, or delay enforcement for a set period, but how such an executive order would fare if challenged in court is uncertain.

Mr. Trump could also find a buyer, which would allow him to extend the deadline by 90 days if a viable deal is on the table. But no clear buyers have emerged.

It was unclear what 90-day extension Mr. Trump was weighing when he spoke with NBC News on Saturday.

“We have to look at it carefully. It’s a very big situation,” he told NBC. If he does grant the app a 90-day extension, “I’ll probably announce it on Monday,” he added.

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