The daily business briefing: July 1, 2021

Grand jury indicts Trump Organization and its CFO, Ford cuts production due to ongoing semiconductor chip shortage, and more

Trump hotel
(Image credit: Kevin Dietsch/Getty Images)

1. Grand jury indicts Trump Organization and its CFO

A New York grand jury has indicted the Trump Organization and its chief financial officer, Allen Weisselberg, on tax-related criminal charges, The Wall Street Journal reported Wednesday, citing people familiar with the matter. The charges, expected to be revealed in court Thursday, would mark the first against former President Donald Trump's company since prosecutors three years ago started looking into suspicions that Trump's business undervalued its properties to reduce its taxes. The allegations are not expected to implicate Trump, who has denied wrongdoing and called the investigations by the Manhattan prosecutor and the state attorney general, both Democrats, politically motivated. He said earlier this week the case involved "things that are standard practice throughout the U.S. business community, and in no way a crime."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.