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• The S&P 500 is at risk of plunging 44% to around a four-year low, Paul Dietrich said.
• The top strategist explained that selling stocks well before they crash can yield outsized returns.
• Dietrich predicted a mild US recession this year based on multiple warning signs and threats.

The stock market may be headed for a 44% crash — and getting out early could pay off, Paul Dietrich said.

B. Riley Wealth Management's chief investment strategist moved his clients out of stocks and into bonds in 2000, and from stocks to cash, bonds, and gold in 2007, he recalled in his April market commentary.

Dietrich's clients missed out on massive run-ups in stocks over the next year or so. But they also escaped staggering blows from the ensuing collapses of the dot-com and housing bubbles.

They wound up netting 7% before fees during the 2000-2002 recession, when the S&P crashed by 49% and the Nasdaq plunged by 78%. They lost about 6% gross of fees during the 2008-2009 recession, but that performance trounced the S&P's 57% decline during the same period.

"Despite the fun and excitement of participation in the current Mardi Gras-like stock market bubble completely untethered to any stock fundamentals, suppose an investor could miss most of a 49% or 57% decline in the S&P 500 index and then get back into the stock market when the leading economic indicators and long-term moving averages indicate the recession is over," Dietrich said.

He emphasized that the "wildly overvalued" S&P would have to drop by 8% to return to its 200-day moving average, and the index has retreated by an average of 36% in past recessions.

Thus, Dietrich said the benchmark could suffer a 44% rout to about 2,800 points — a level it last touched at the height of the pandemic in 2020.

Dietrich also laid out why he still expects a mild recession this year. He pointed to heady stock valuations, charts flashing red, a historic jump in the so-called Buffett Indicator, the risk that interest rates stay higher for longer, and gold prices hitting record highs as signs that the market and economy are headed for trouble.

The Wall Street veteran added that the recession has been delayed by vast amounts of government spending, consumers racking up debt to make purchases, and a historically tight labor market that's showing signs of cracking.

Dietrich's latest warnings warrant skepticism, as the stock market and economy have defied his and other doomsayers' bleak forecasts for years now.

Moreover, famed investors like Warren Buffett have warned against trying to time the market as it's virtually impossible, and steadily investing or "dollar-cost averaging" into an index fund is a far superior strategy.

Yet several of Wall Street's biggest players, including JPMorgan CEO Jamie Dimon, Goldman Sachs CEO David Solomon, and Citigroup CEO Jane Fraser, have all cautioned that markets aren't pricing in the risks posed by threats like inflation, recession, and geopolitical strife.

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• Sen. Tommy Tuberville of Alabama has long been opposed to Ukraine aid.
• He delivered a nearly 10-minute floor speech railing against it before the bill passed on Tuesday.
• But during the actual vote, the Alabama senator was nowhere to be found.

Ahead of a final Senate vote to send Ukraine aid to President Joe Biden's desk, Sen. Tommy Tuberville made one last stand against it.

The Alabama Republican delivered a more than nine minute floor speech denouncing further aid on Tuesday, describing Ukraine as a "black hole with no accountability" while accusing House Republican leaders of having "sold out Americans" by allowing a vote on the bill in the first place.

"The war in Ukraine is a stalemate. It has been for a while," said Tuberville. "We should be working with Ukraine and Russia to negotiate an end to this madness."

But when the Senate actually held a voted on the bill shortly after 9 pm on Tuesday, Tuberville was one of just three senators who did not cast votes.

It's not clear why Tuberville missed the vote, and his Senate office did not immediately respond to Business Insider's request for comment. He was present earlier on Tuesday to cast procedural votes against the bill.

Republican Sens. Rand Paul of Kentucky and Tim Scott of South Carolina also missed the final vote. Paul has long been an opponent of Ukraine aid, while Scott said in a statement on Tuesday that he supports the bill.

Sen. Katie Britt, Tuberville's Alabama colleague, voted for the bill on Tuesday after voting against a previous version of the aid package in February.

The more than $61 billion in Ukraine aid was wrapped up in a larger $95 billion package that included more than $14 billion for Israel, $9 billion in humanitarian aid, aid for Taiwan, and a bill to force a sale of TikTok. Tuberville said he supported the Israel aid.

The Alabama senator has long been an opponent of Ukraine aid. In May 2022, he was one of just 11 Republican senators to vote against a $40 billion aid package for the country.

He has incorrectly described Russia as a "communist" country, despite the country's history of capitalism since the collapse of the Soviet Union in 1991.

"He can't feed his people," Tuberville said in February 2022, referring to Russian President Vladimir Putin. "It's a communist country, so he can't feed his people, so they need more farmland."

He has also dismissed the idea of even loaning Ukraine the money, an idea championed by former President Donald Trump.

"I don't see Ukraine having anything unless they're gonna give us part of their country, and we don't want that," Tuberville told BI last month.

On Tuesday, 15 of Tuberville's Republican colleagues voted against the foreign aid bill, while three members of the Democratic caucus did the same.

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• Photos show how breaches of decorum have become more common in an increasingly polarized Congress.
• Marjorie Taylor Greene and Lauren Boebert heckled Joe Biden during the State of the Union.
• In 2023, Kevin McCarthy lost 14 votes for House speaker before winning. He was ousted months later.

Outbursts, scuffles, and statement outfits have become more common among members of Congress in an increasingly polarized political climate that's fueled an excess of election denialism, the House of Representatives struggling to elect a speaker twice in the same year, and legislative gridlock.

Divisions are rife within the parties, too. Most recently, some Republicans have called for Mike Johnson to be booted from his speaker job over the Ukraine aid package, arguing that he is betraying the GOP by working with Democrats.

Here are 15 photos that show how divided Congress has become in recent years.

Many Democratic women wore white to President Donald Trump's 2019 State of the Union address, creating a stark contrast in the House Chamber seating.

The white outfits were a nod to the women's suffrage movement and a message of "solidarity" with each other and women across the US, Florida Rep. Lois Frankel, the chairwoman of the Democratic Women's Working Group, wrote on X, formerly known as Twitter.

At least one Republican woman, Rep. Elise Stefanik, also wore white for the event. However, party lines were clearly visible in the State of the Union seating arrangements.

Rep. Dean Philips, a male congressman from Minnesota, also wore white to honor the cause.

Nancy Pelosi appeared to clap sarcastically during Trump's speech, sparking memes.

Pelosi extended her arms and clapped at Trump with a smirk on her face. It earned her the nickname of "Queen of Condescending Applause" by some, The Washington Post reported. 

Pelosi later told a group of reporters that the clap itself was not meant to be sarcastic and that she was applauding a comment Trump made about rejecting "the politics of revenge, resistance, and retribution, and embrace the boundless potential of cooperation, compromise, and the common good."

When Pelosi made a guest appearance on "RuPaul's Drag Race" in 2022, drag queen Raja Gemini praised what they called a "sarcastic, shady clap," describing it as a "masterclass." 

"It was completely unintentional," Pelosi said with a shrug and a laugh.

Female Democratic lawmakers wore white again to the 2020 State of the Union.

In 2020, the white outfits marked the 100th anniversary of the ratification of the 19th amendment, which gave women the right to vote.

At the end of Trump's 2020 address, Pelosi ripped up her copy of the speech.

Before his speech, Trump appeared to reject a handshake from Pelosi, who spearheaded his impeachment on charges of abuse of power and obstruction of Congress. (He was acquitted of the charges.)

She told reporters that she ripped up the speech because "it was the courteous thing to do considering the alternatives" and that the move was not planned. 

Pelosi's actions ultimately led Republican firebrand Rep. Matt Gaetz to file an ethics complaint for violating House decorum, The Hill reported. Trump also later shared a doctored video to millions of his followers of the incident that was edited to make it seem like she was ripping the speech up as the former president introduced one of the few remaining Tuskegee Airmen from World War II.

Rep. Marjorie Taylor Greene wore a "Trump won" face mask to take her oath of office after President Joe Biden won the 2020 election.

Greene has repeatedly posted to X about her belief that Trump won the 2020 election, one of several conspiracy theories that she has promoted.

In a video posted to X after the 2020 election, Greene told her followers that there could not be a peaceful transfer of power because Biden "did not win this election."

Two days before the January 6 insurrection, Greene promised at a Trump rally that she would refuse to "certify fraudulent electoral college votes" for the incoming president.

However, under oath in April 2022, Greene denied wanting Congress to vote against certifying Biden as the 2020 election winner.

During Biden's 2022 State of the Union address, Greene and Rep. Lauren Boebert interrupted the speech with frequent outbursts.

Greene and Boebert turned their backs and refused to applaud as Biden entered the House chamber.

During Biden's speech, both tried to start a "build the wall" chant while the president spoke about immigration. Boebert also accused Biden of being responsible for the deaths of US soldiers during the withdrawal from Afghanistan as he spoke about his late son Beau's battle with cancer following his deployment to Iraq, yelling, "You put them there, 13 of them!"

While their interruptions were widely condemned by Democrats and a few Republicans, the House of Representatives ultimately did not pass a resolution of disapproval the way it did when Republican Rep. Joe Wilson yelled "You lie!" at President Barack Obama during his first State of the Union address in 2009.

"I think they should just shut up," former House Speaker Nancy Pelosi later said in response to Boebert and Greene.

During a 2022 hearing, the House January 6 committee displayed a photo of Sen. Josh Hawley raising his fist towards rioters before they breached the Capitol.

The committee juxtaposed the image with security footage of Hawley fleeing from rioters as they forced their way into the Capitol. 

The Washington Post reported that Republican Sen. Mitt Romney yelled, "You have caused this!" at Hawley as senators sheltered in place during the insurrection.

Hawley previously told The Huffington Post that the photo did not show him "encouraging rioters."

"At the time that we were out there, folks were gathered peacefully to protest, and they have a right to do that," Hawley said. "They do not have a right to assault cops."

It took 15 rounds of voting in January 2023 to elect Republican Rep. Kevin McCarthy as the next speaker of the House, highlighting tensions within the Republican party.

Due to the GOP's slim majority in the House of Representatives, McCarthy needed the support of nearly all Republicans to reach the necessary 218 votes to become speaker.

A group of 20 Republicans, members of the far-right House Freedom Caucus, repeatedly withheld their support at the start of the 118th Congress, bringing the proceedings to a standstill.

The House cannot swear-in lawmakers, introduce any bills, or pass legislation until a speaker is elected.

Rep. Alexandria Ocasio-Cortez was photographed smiling in the background as Republican lawmakers argued during the second day of the proceedings.

After GOP Rep. Kat Cammack said that Democrats had been drinking during the speaker vote, Ocasio-Cortez responded in a post on X: "If only! If Dems took a shot every time McCarthy lost a Republican, we'd all be unconscious by now."

Photos from inside the House Chamber showed the growing frustration — and boredom — with the chaotic votes.

Members of Congress were spotted yawning, reading comics, and bringing their pets to the House floor as the votes dragged on. Rep. Katie Porter read "The Subtle Art of Not Giving a F*ck" by Mark Manson during the 14th speaker vote.

Porter told MSNBC that the book was actually the fourth book she had read that week, adding that she "read a book basically every day during those interminable, alphabetical votes, in which the Republicans struggled to find leadership."

Porter's now running in the election to fill Sen. Dianne Feinstein's seat in the Senate after Feinstein died in late September, ultimately leading Gov. Gavin Newsom to appoint Sen. Laphonza Butler to temporarily fill the position.

Rep. Mike Rogers appeared to lunge at Rep. Matt Gaetz, who opposed McCarthy's bid for speaker, during the 14th vote.

Rep. Richard Hudson held Rogers back.

Rogers later told The New York Post that at the time, he was "exasperated" that Gaetz was "treating McCarthy so badly," which ultimately led him to walk over to where Gaetz was sitting to talk.

As for the image, Rogers said he was actually about to walk away from Gaetz when Hudson yanked him away.

As Biden delivered the 2023 State of the Union address, Greene rose from her seat and gave a thumbs-down gesture.

Before the State of the Union in February, McCarthy told CNN that there would be no "childish games" at the speech.

"We're members of Congress. We have a code of ethics of how we should portray ourselves," McCarthy said. "And that's exactly what we'll do."

McCarthy then struggled to maintain control of his caucus as Republicans repeatedly interrupted and heckled the president during his speech. McCarthy was seen shushing Republicans such as Greene, who shouted "China spied on us" and "Liar."

The House voted to remove McCarthy as speaker in October, once again launching the chaotic process of electing a new speaker.

During the first vote on Tuesday, 20 House Republicans voted against Rep. Jim Jordan's bid for speaker. In the second vote on Wednesday, that number rose to 22.

During the first vote, Boebert was seated next to Rep. George Santos, who was photographed pointing and laughing. Santos was accused of stealing campaign donors' credit card information and paying his own campaign in a superseding indictment filed on October 10. He has denied wrongdoing.

Divisions within the Democratic party were visible during the 2024 State of the Union when Reps. Rashida Tlaib and Cori Bush held signs calling for a cease-fire in Israel and Gaza.

Tlaib and Bush held signs that read "Stop sending bombs" and wore traditional Palestinian scarves known as keffiyehs. Rep. Summer Lee, seated next to Tlaib, also wore a keffiyeh.

Israel's military actions targeting Hamas operatives and infrastructure in Gaza have had a devastating human toll. The issue remains divisive among Democrats, with some in the party's progressive wing raising the possibility of conditioning US aid to Israel and some voters casting "uncommitted" ballots in primaries to protest Biden's handling of the war.

Greene also heckled Biden's address as she had in the past, but this time, Biden responded.

Greene was heard repeatedly shouting, "Say her name," goading Biden to acknowledge a 22-year-old nursing student named Laken Riley who was killed in Georgia in February. A Venezuelan man who entered the US illegally was charged with kidnapping and murder in connection with her death.

Biden responded to Greene by holding up a pin with Riley's name.

"Laken Riley, an innocent young woman who was killed by an illegal. That's right," Biden said, though he mispronounced her name as "Lincoln."

Biden later told MSNBC that he regretted using the term "illegal" and should have said "undocumented" instead.

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• On Tuesday, the Senate passed a bill that could ban TikTok from US app stores.
• Biden's already said he'd sign it into law.
• Banning the app in the US could be disastrous to Biden's reelection chances.

The Senate passed a multifaceted foreign aid bill in a bipartisan landslide vote on Tuesday that, if President Joe Biden signs it into law, could ban TikTok from US app stores.

While Biden seems set to do just that — he said earlier in March that he'd sign the legislation — the move could easily backfire on his already-struggling 2024 reelection campaign.

Referred to by most as a "ban," the bill gives any company owned by a "foreign adversary" 270 days to either divest or sell to a US-based company before facing a hefty fine and potential legal action. TikTok is certainly now closer to getting banned in the US, but the nearly yearlong timeframe the bill — as well as the likelihood this will lead to a lengthy legal battle — means a ban would only occur post-election.

Pro-TikTok Americans and creators protested against an earlier version of the proposed ban for weeks in March, with some saying they worried their careers built on the app would be "deleted forever."

The app even took an unusual step to rally its users to speak out against the legislation:

"Stop a TikTok shutdown," the app said in a message to its users, linking them to their member of Congress' contact information. "Speak up now—before your government strips 170 million Americans of their Constitutional rights and free expression."

Members of Congress reportedly said before a House vote that TikTok's push backfired, making them more likely to vote in favor of banning it.

While Biden's been on board with the proposed TikTok ban for months, it's increasingly seeming like a political miscalculation with the November presidential election approaching.

A severe political misstep

For months, national polls have indicated that a rematch between Biden and Republican former President Donald Trump could be as close as the 2020 election, where five states won by Biden were decided by less than 85,000 votes. Many of those polls have shown that Trump appears to possess a slight advantage this go around.

With Biden already struggling to win over younger voters, openly backing the demise of one of the most popular social media apps in the world doesn't seem like the wisest move campaign-wise.

Trump, who tried and failed during his own presidency to ban the app, recently spoke out against the bill, noting that restricting it would likely benefit Facebook.

Trump's change of heart occurred soon after he met with Jeff Yass, a billionaire Republican donor and a prominent investor in TikTok's parent company.

While The New York Times reported in March that a "person close to the campaign" now expects Yass to make a pro-Trump donation, the former president's motives may be more than a way for his campaign to earn a quick buck. The closer the anti-TikTok bill gets to passing, the more easily he'll be able to convince young voters that Biden's behind the app shuttering, not him.

The former president tried doing just that on Monday, telling his followers on Truth Social, "Just so everyone knows, especially the young people, Crooked Joe Biden is responsible for banning TikTok."

In an election that could be extremely close, endorsing bills as decisive as the anti-TikTok one or gunning for Taylor Swift's endorsement — or lack thereof — could determine who wins control of the White House.

Just as Biden's slogan goes, that's "no malarkey."

Wednesday, April 24, 2024 — This story has been updated with news of the US Senate's passage of the bill that includes the TikTok ban.

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• Airlines must start providing passengers with automatic refunds when flights are delayed or canceled.
• New regulations announced Wednesday mean passengers can also get automatic refunds on delayed baggage.
• Previously, airlines set their own policies about when passengers were eligible for refunds.

Airlines are to be required to provide passengers with "prompt" automatic refunds when their flights are delayed or canceled under a new rule from the Department of Transportation, announced on Wednesday.

The regulations, which are being rolled out over the next six to 12 months, also entitle passengers to automatic refunds for delays to checked bags and for airlines' failure to provide paid-for extra services.

Under the DOT regulations, passengers can get a refund if their flight is canceled or significantly changed and they don't accept alternative transportation or travel credits offered. This includes domestic flights delayed by more than three hours and international flights delayed by more than six hours.

Significant changes that make passengers eligible for a refund include a change in the departure or arrival airport, an increase in the number of connections, and being downgraded to a lower traveling class. Passengers can also get a refund if they're switched to connections at different airports or flights on different planes that are less accessible for a person with a disability.

Previously, airlines set their own standards for which circumstances passengers could get a refund in, which could make it confusing for passengers trying to figure out whether they were eligible for a refund and how to apply, the DOT said in a press release.

It added that some airlines gave passengers a travel credit or voucher by default, meaning they couldn't use their refund to rebook on another airline "without navigating a cumbersome request process."

Passengers are also entitled to a refund of their checked bag fee if their bag is delayed and they file a mishandled baggage report. The DOT says that the policy covers bags that aren't delivered within 12 hours of a domestic flight arriving at the gate, or 15 to 30 hours for an international flight, depending on the length of the flight.

And if passengers pay extra for a service such as WiFi, seat selection, or in-flight entertainment and then don't receive this, they're entitled to a refund for the fee they paid.

"The new rule makes it easy for passengers to obtain refunds when airlines cancel or significantly change their flights, significantly delay their checked bags, or fail to provide the extra services they purchased," the DOT said in a press release.

As well as being automatic, the refunds must be "prompt," which it describes as within seven business days for credit card purchases and 20 calendar days for other payment methods.

The refunds must be in whatever payment method the passenger originally used, whether cash, credit card, or airline miles, rather than substituting vouchers or travel credits unless the passenger accepts alternative compensation.  

The DOT also noted that airlines must provide a full refund, including all government-imposed taxes and fees and airline-imposed fees.

Many passengers have previously spoken to Business Insider about their troubles getting compensation for delayed and canceled flights and lost luggage. In 2020, when flights were canceled due to waves of COVID lockdowns, the DOT got more than 102,000 complaints from airline customers in total. Nearly 90,000 were related to refunds.

Travel chaos spiked in the summer of 2022 as vacationers returned to the skies after the pandemic canceled their plans during the two prior years. Summer travel this year is also expected to be significantly disrupted, with Boeing delaying some plane deliveries.

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• Meta reports first-quarter earnings on Tuesday.
• The company recently released its latest AI chatbot, Llama 3.
• Meta's stock is up roughly 40% in 2024.

Meta will report first-quarter earnings on Wednesday after the closing bell.

The company has had a strong start to 2024, riding the wave of interest in artificial intelligence. JPMorgan says that even though AI dominates investor chatter, the buzz is shifting towards recognizing Meta's early wins in coding efficiencies and cost savings.

Meta's stock was up 40% year-to-date through Tuesday's close, handily outpacing the the S&P 500's 6% gain.

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• MrBeast is set to surpass T-Series as YouTube's top channel.
• This shift marks a return to creator-led content over corporate channels.
• Despite facing some scrutiny, MrBeast's success signifies the power of individual creators.

MrBeast was buying up billboards back in 2019 in support of his friend and fellow YouTuber Felix Kjellberg, better known as PewDiePie.

Kjellberg was in the midst of a battle for YouTube's number one spot because another channel — the Indian music label T-Series — was closing in.

Kjellberg had held the title since 2013, but T-Series was fast approaching, leading YouTubers all over the platform to urge people to subscribe to PewDiePie and keep YouTube a place for independent creators over corporations.

Now, for MrBeast, history is repeating itself, except this time, he is the one closing in on YouTube's biggest channel, T-Series, And it looks like he's soon going to win the top spot.

The victory would be big for MrBeast personally, but also for all the other creators who long for the old days of YouTube and have voiced concerns over the platform's direction for some time.

While it is thriving from a business standpoint, many long-standing creators are questioning their future on YouTube with the looming threat of more AI-generated content, as well as the platform's constant changes.

Amid an expected mass exodus from the platform, a win for independent creators could have a positive ripple effect.

YouTube going back to its roots

Donaldson said one of the reasons he wants to hold the top spot is in honor of Kjellberg.

Kjellberg lost the battle with T-Series back in 2019. The race to 100 million subscribers was eagerly viewed across the platform but was also peppered with controversy.

Some of Kjellberg's fans were accused of racism toward T-Series and its supporters, and Kjellberg himself was criticized for some of the lyrics in his diss track "bitch lasagna" containing offensive stereotypes of Indian people.

Overall, though, T-Series' victory was seen as a loss for all independent YouTubers, who considered it a move toward commercialization.

At the time of writing, T-Series has 264 million subscribers, while MrBeast, whose real name is Jimmy Donaldson, is close behind with 253 million.

"Naw, subscribe to me instead," Donaldson replied to a recent post by T-Series on X asking people to support the channel. It received 137,000 likes and 2.6 million views.

According to the social media analytics site SocialBlade, Donaldson is forecast to reach 275 million subscribers in the next 2 months, while T-Series will reach 268 million in the same period.

Donaldson is known for over-the-top stunts such as shredding Lamborghinis, giving away massive amounts of cash, and recreating the Netflix phenomenon "Squid Game." He's also become famous for his charity work, planting millions of trees, building wells, and paying for people to have cataract surgery.

Despite his huge success and earning around $700 million a year, Donaldson is a creator through and through and invests everything he makes back into his videos.

Gabe Gordon, an influencer marketing expert and the CEO of digital agency Reach Agency, told Business Insider the shift "marks a major change in YouTube's landscape."

In 2019, Donaldson wasn't even in the top 10 creators on YouTube, so he's come a long way in five years.

"It's a testament that not only is creator-based content the most popular, beating out music, but YouTube has fully returned to its roots as a creator-based and fueled platform," Gordon said.

Creators are on his side

Donaldson's career has not been free from criticism. Some branded him a "white savior" in response to his philanthropic efforts and accused him of exploiting poor people for views.

Donaldson posted his thoughts on X in response, suggesting people on social media are never happy. In one post, he said despite saying he wanted to use his money "to help people" and promising to give all his wealth away before he died, he was still branded as "bad."

The working environment he cultivates has also been scrutinized, such as how he calls his employees "friends of friends" rather than giving them official titles. (Donaldson hasn't responded directly about his work culture, but a spokesperson told Time that safety on set was "incredibly important and taken very seriously." They also said medics and "experienced professionals" were on set at all times.)

But overall, Donaldson's success is unmatched, with an upcoming Amazon Prime show, his Feastables and MrBeast Burger empire, and multiple enviable revenue streams for his videos.

Creators, in general, are also on his side.

Isla Moon, a YouTuber and OnlyFans creator, told BI that Donaldson is setting trends and standards for content, whether that's titles, thumbnails, or the way he runs his business.

He's been setting an example for other independent creators since the start of his career, Moon added, and catching up to T-Series "proves his formula works."

"This breakthrough will show independent creators that they can be more successful than large corporations," she said. "However, it requires years of work, a willingness to learn as you go, delegation, and teamwork."

Donaldson has invested a lot of time and money into staying relevant, said Katya Varbanova, the founder and CEO of Viral Marketing Stars.

He makes changes to his content when he thinks the time is right. For example, now he's in his mid-20s, he's started slowing his videos down with the goal of focusing more on storytelling and longer-form content.

What sets him apart even more is that he's made YouTube his main objective, Varbanova added.

Donaldson has been determined to become YouTube's No. 1 creator for some time. Over the past few years, he has "increased his team, his production value, and his ambitions in order to reach that goal," Varbanova said.

While some veteran creators are settling down and focusing on their families or going off-platform, Donaldson still puts everything he has into YouTube.

"MrBeast has made that choice, to make this his number one priority," Varbanova said.

"Once again, traditional media will be reminded of the power of individual creators."

BI has contacted Donaldson's reps for comment.

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• US solar companies accused Chinese firms in Southeast Asia of dumping cheap solar panels on the market.
• A glut of solar panels has cut prices in half in the past year to as low as 10 cents per watt.
• US solar companies want the Biden administration to impose steeper tariffs on imports.

The world is awash in solar panels after Chinese-owned firms flooded the market with cheap exports.

Now, seven US solar companies are fighting back against what they say is a dire threat to America's efforts to build up a manufacturing sector of its own.

Companies including Qcells, First Solar, and Swift Solar on Wednesday asked the Biden administration to slap tariffs on solar cells from four countries in Southeast Asia. The US solar companies allege that Chinese-owned firms operating in Cambodia, Malaysia, Thailand, and Vietnam are illegally undercutting the market.

The request follows an unprecedented wave of imports from the region last year. Those four countries combined accounted for about 80% of US solar panel imports during the second half of 2023, according to S&P data. There is now an 18-month supply of solar panels sitting in warehouses, and prices have been cut in half in the past year to as low as 10 cents per watt. In Germany, panels are so cheap that they're being used to line garden fences.

"In the past, we've been dependent on foreign oil from our adversaries," Tim Brightbill, a partner at Wiley Rein LLP representing the solar companies, told reporters. "We should not make the same mistake with respect to solar power. Solar was invented here. It was perfected here. There is no reason why America should be dependent on Chinese companies."

The petition by US solar companies comes at a critical time for President Joe Biden. On the campaign trail, he's touted how his policies to tackle the climate crisis are creating jobs. More than $111 billion worth of investment has been announced in renewable energy manufacturing projects alone, largely fueled by tax breaks in the Inflation Reduction Act.

But US solar makers say their businesses can't compete without stronger safeguards against China, which is outpacing US investment by hundreds of billions of dollars a year. CubicPV, a Massachusetts-based company, in February canceled plans for a new factory and cut its workforce in half, citing the surge in cheap imports from China.

Industry analysts estimate that China accounts for more than 80% of global solar production, with much of the rest occurring in Southeast Asia and funded by Chinese-headquartered firms.

US trade policy blocks solar panel imports directly from China. But the Commerce Department last year determined that five Chinese companies were shipping products through Southeast Asian countries to avoid steep taxes at the US border. Despite the findings, the Biden administration held off on imposing tariffs because they will be reinstated in June when a two-year waiver expires. That waiver was initially implemented to ensure the US could keep expanding solar power to meet climate goals while domestic manufacturers built up their operations.

But in recent weeks, administration officials, including Treasury Secretary Janet Yellen, have said the US is evaluating new strategies to counter China's dominance over green technology, including tariffs.

The petition by US solar companies — known as an anti-dumping and countervailing duty case — could lead to that. It kicks off a yearlong investigation by the US Commerce Department and International Trade Commission. The agencies will look at solar subsidies in Southeast Asian countries, as well as subsidies from the Chinese government. The probe will help determine whether solar panels were sold in the US at prices below the cost of production.

China, for its part, has dismissed the concerns. After Yellen met with Chinese Premier Li Qiang in April, his office told The New York Times: "The development of China's new energy industry will make an important contribution to the worldwide green and low-carbon transition."

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Ukrainian President Volodymyr Zelenskyy talked about what it will take to maintain Ukrainian independence, his soldiers’ morale, and the country’s next presidential election in an exclusive video interview with German media house Axel Springer.

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• BI just published an investigation into special education-focused schools owned by PE firms.
• Cost-cutting to maximize profits has some saying that quality has suffered.
• It's an important story you should read.

My colleague Meghan Morris just published an investigation into what happened to a chain of special education-focused private schools when a private equity firm took over.

As you might guess, it wasn't all good.

It's an important story because, unlike an investment in, say, a button factory or a call center, this company has a lot of power over some of our most vulnerable young people.

Meghan found that cost-cutting and other practices led some parents to believe their kids were getting a lesser education. For its part, the school chain said it'd made investments in staff and facilities under PE ownership.

The story comes as private equity firms also have been buying into hospitals and healthcare in recent years. There's some research that this has led to worse patient outcomes. And in March, the FTC announced it's investigating PE's potential detrimental effect on healthcare.

Meghan's story is something every parent — and every taxpayer — should know about. Go read it here.

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