The Bulletin

• Purge of FBI agents sparks backlash: Donald Trump has been criticized by Democrats over alleged plans to "purge" FBI agents who worked on the federal investigation into the January 6 attack. Find out what critics are saying.

• SNAP benefits: Supplemental Nutrition Assistance Program benefits go out every month to millions of Americans in need of healthy foods. Here's a list of who will receive one.

• Health care premiums set to spike: Health care premiums are forecast to go up this year, a number of health care experts have told Newsweek.

• Florida home insurance update: Florida homeowners have received some positive news: regulators have approved a new insurer to enter the state's market, and a new partnership between two private companies could help policyholders save money. Find out more.

• California secession: California may soon get to vote on the notion of independence for the state after CalExit campaigner Marcus Ruiz Evans secured permission to start collecting signatures for a petition. Learn more.

• In the ongoing Russia-Ukraine war, Russia's military on Friday launched a missile strike on the Ukrainian city of Odesa. Catch the latest.

The rundown: Wall Street saw a reversal of fortunes Friday following the White House's confirmation that President Donald Trump will impose tariffs on several key U.S. trading partners starting Saturday. Know how it will impact you.

Why it matters: Trump will implement a 25 percent tariff on imports from Canada and Mexico, and 10 percent on goods from China, effective this Saturday, the White House said. It did not specify whether any exemptions would be made. The move could lead to rapid price increases for U.S. consumers. By Friday afternoon, the S&P 500 had fallen by 0.5 percent and the Nasdaq composite dropped by 0.4 percent after both had solid gains during morning trading. The Dow Jones Industrial Average did not fare any better, slipping by 0.7 percent. The market reaction underscores investor anxiety about the potential economic impact of the tariffs.

Read more in-depth coverage:
List of Items That Could Rise in Price If Trump's Tariffs Begin

TL/DR: The tariff plan's levies on products from key U.S. trading partners aim to address what the administration views as unfair trade practices.

What happens now? The tariff announcement comes at a time when the global economy is already facing challenges. Critics argue that such measures could harm U.S. businesses and consumers by increasing costs and disrupting supply chains.

Deeper reading Stock Market Plunges After White House Confirms Tariffs to Begin Saturday

The rundown: President Donald Trump granted the nation's top immigration enforcement agency, U.S. Immigration and Customs Enforcement (ICE), the authority to apprehend migrants suspected of being in the country illegally in or near schools. Here's everything we know about the situation.

Why it matters: Since the start of Trump's second term, hundreds of suspected illegal migrants have been arrested. Under the current administration, ICE has gained expanded powers in enforcement, including the right to conduct raids in places of worship, schools, and hospitals. Critics say immigration raids sow fear in vulnerable communities and that they violate protections against unreasonable searches and seizures. School boards around the country have taken precautions to reassure students, parents and families. ICE told Newsweek on January 25 that no immigration enforcement operation has been conducted at schools or bus stops.

Read more in-depth coverage:
Trump's Reliance on Military Planes for Deportations Is Costing Taxpayers

TL/DR: As tensions rise, the next steps for both ICE and immigrant communities could shape the landscape of U.S. immigration enforcement for years to come.

What happens now? As ICE begins to implement the new policies, communities across the country will be watching closely to see how the shift impacts local schools and neighborhoods—especially those that have long served as safe spaces for immigrant families.

Deeper reading Is ICE Targeting Schools? What We Know

The rundown: President Donald Trump has inherited a federal student loan system that looks considerably different from the one in place when he left office in early 2021. Find out how student loans could change now that Trump is back in office.

Why it matters: Former President Joe Biden's tenure in the White House focused heavily on reducing the education debt burden for Americans. But through wide-ranging executive orders, Trump has already sought to undo Biden-era policies by enacting changes to federal government functions. "A Trump administration likely will promote alternative approaches to the student debt crisis," conservative activist and commentator Samuel Fisher told Newsweek. Republicans have put forward several changes to student loan relief and forgiveness in its recent reconciliation bill.

Read more in-depth coverage:
Student Loan Interest to Increase Under Republican Plan: What to Know

TL/DR: The GOP has proposed a full repeal of Biden's SAVE plan, which Republicans say would pocket $127.3 billion for the federal government over 10 years.

What happens now? With Trump back in power, it remains to be seen what policies he will enact with regards to student loans, something that has not been at the top of his agenda throughout his election campaign and his first two weeks in office.

Deeper reading How Student Loans Could Change Under Donald Trump

The rundown: John Harold Rogers, a former U.S. Federal Reserve official, has been accused of conspiring to steal Fed trade secrets to help China by the U.S. Justice Department. Here's everything you need to know.

Why it matters: The charges Rogers faces add to a climate of suspicion over claims China is undertaking an espionage campaign targeting U.S. government financial policies. Rogers is accused of sharing confidential FRB information with his co-conspirators, who worked for Chinese intelligence posing as graduate students at an unnamed Chinese university. Rogers is accused of passing trade-secret information including deliberations about tariffs and sensitive market data by email or by printing it before traveling to China ahead of meeting with his co-conspirators.

Read more in-depth coverage:
Will RedNote Help Mend U.S-China Relations?

TL/DR: U.S. Attorney Edward R. Martin Jr. described the indictment "as a warning to all who seek to betray or exploit the United States."

What happens now? The FBI's Washington Field Office and the Federal Reserve Board Office of Inspector General are investigating the case. Rogers is charged with conspiracy to commit economic espionage which carries a maximum jail term of 15 years and a fine of up to $5 million.

Deeper reading Who Is John Harold Rogers? Ex-US Official Accused of Conspiring With China

The rundown: Chinese startup DeepSeek has sent shock waves through the artificial intelligence world and created a headache for the United States. Here's what's next for the AI race between the U.S. and China.

Why it matters: DeepSeek's AI assistant overtook Western rival ChatGPT on January 27 to become the top-rated free app on Apple's App Store in the U.S., delivering a trillion-dollar blow to U.S. tech firms on the stock market. The OpenAI rival sent a sobering message to both Washington and Silicon Valley, showcasing China's erosion of the U.S. lead in a critical tech battleground. The brutal selloff stemmed from concerns that DeepSeek, and thus China, had caught up with American firms at the forefront of generative AI—at a fraction of the cost.

Read more in-depth coverage:
DeepSeek's 'Surprising' AI Claims Show China 'Starting to Gain an Edge'

TL/DR: DeepSeek, a little-known company in Hangzhou, China, is the brainchild of Liang Wenfeng, a former hedge fund manager who transitioned to AI development in 2023.

What happens now? Fellow U.S.-based firms Microsoft, Meta, Amazon and Alphabet are expected to spend up to $300 billion on AI projects this year. On January 21, Donald Trump announced Stargate—a $500 billion investment in U.S. infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank.

Deeper reading How DeepSeek Has Blown Open AI Race Between US and China