The top photos of the day by AP's photojournalists

From front-page news to powerful moments you may have missed, this gallery showcases today’s top photos chosen by Associated Press photo editors.

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A brig with scarlet sails floats through Dvortsovy (Palace) drawbridge on the Neva River during a rehearsal for the Scarlet Sails festivities marking school graduation in St. Petersburg, Russia, early Saturday, June 28, 2025. (AP Photo/Dmitri Lovetsky)

Contestants prepare backstage during a bodybuilding competition to mark International Olympic Day at the Myanmar Convention Center in Yangon, Myanmar, Saturday, June 28, 2025. (AP Photo/Thein Zaw)

A Palestinian man carries a wounded child after an Israeli strike on a residential building in Gaza City, Friday, June 27, 2025. (AP Photo/Jehad Alshrafi)

Mourners try to touch the flag-draped coffins during the funeral ceremony of the Iranian armed forces generals, nuclear scientists and their family members who were killed in Israeli strikes, at Enqelab-e-Eslami (Islamic Revolution) square, in Tehran, Iran, Saturday, June 28, 2025. (AP Photo/Vahid Salemi)

Revelers wear pink hats during the annual Pride parade marking LGBTQ+ Pride month in Bogota, Colombia, Sunday, June 29, 2025. (AP Photo/Ivan Valencia )

Revelers participate in the Pride Parade, Sunday, June 29, 2025, in San Francisco. (AP Photo/Godofredo A. Vásquez)

The teams of Australia, Romania, Germany, the United States, China and Poland, from top, compete in the Women's Eight preliminary race on the first day of the 2025 World Rowing Cup at Rotsee in Lucerne, Switzerland, on Friday, June 27, 2025. (Philipp Schmidli/Keystone via AP)

US President Donald Trump's daughter Ivanka Trump, center, waves as she and her husband Jared Kushner, right, arrive in Venice, Italy, Thursday, June 26, 2025, ahead of Jeff Bezos' wedding. (AP Photo/Luigi Costantini)

Jeff Bezos, left, and Lauren Sanchez leave a hotel for their pre-wedding reception, in Venice, Italy, Thursday, June 26, 2025. (AP Photo/Luca Bruno)

A woman competes in the Miss Cholita Pacena beauty pageant, an annual contest aiming to recognize Aymara Indigenous women's fashion and beauty, as well as their command of the Indigenous lifestyle and language, in La Paz, Bolivia, Friday, June 27, 2025. (AP Photo/Juan Karita)

New York Mayor Eric Adams arrives at his campaign launch rally a City Hall, Thursday, June. 26, 2025, in New York. (AP Photo/Yuki Iwamura)

Rice paddy artwork showing baseball star Los Angeles Dodgers' Shohei Ohtani and his dog Decoy is seen in his hometown of Oshu, Iwate Prefecture, Japan, Saturday, June 28, 2025. (AP Photo/Gregorio Borgia)

Brazil's rider Diogo Moreira of the Italtrans Racing Team celebrates on the podium after winning the Moto2 race at the Grand Prix of the Netherlands at the TT Circuit in Assen, northern Netherlands, Sunday, June 29, 2025. (AP Photo/Peter Dejong)

A clown talks with soldiers before voting in primary elections held by the Unidos por Chile coalition to choose the ruling party's candidate for the upcoming presidential election, in Santiago, Chile, Sunday, June 29, 2025. (AP Photo/Esteban Felix)

Priests walks inside St. Peter's Basilica during an ordination Mass celebrated by Pope Leo XIV in at the Vatican as part of the Jubilee of Priests, Friday, June 27, 2025. (AP Photo/Alessandra Tarantino)

Riot police block anti-government protesters at the end of a rally pressing for an early election after nearly eight months of almost daily anti-corruption demonstrations that have shaken the populist government of President Aleksandar Vucic, in Belgrade, Serbia, Saturday, June 28, 2025. (AP Photo/Darko Vojinovic)

Gwen Walz, left, and Gov. Tim Walz exit the Basilica of St. Mary following funeral services for Mark and Melissa Hortman at the church in Minneapolis, Minn., on Saturday, June 28, 2025. (Alex Kormann/Star Tribune via AP, Pool)

Refugees arrive at the Tine transit camp in Chad's Wadi Fara province Saturday, May 3, 2025. (AP Photo/Caitlin Kelly)

President Donald Trump points to a reporter to answer questions, Friday, June 27, 2025, in the briefing room of the White House in Washington. (AP Photo/Jacquelyn Martin)

Relatives react as they mourn over the body of a loved one killed, along with others, in Israeli strikes on the Gaza Strip, at Al-Shifa Hospital in Gaza City, Saturday, June 28, 2025. (AP Photo/Jehad Alshrafi)

NEW YORK (AP) — Reviving a campaign pledge, President Donald Trump wants a one-year, 10% cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.

Trump was not clear in his social media post Friday night whether a cap might take effect through executive action or legislation, though one Republican senator said he had spoken with the president and would work on a bill with his “full support.” Trump said he hoped it would be in place Jan. 20, one year after he took office.

Strong opposition is certain from Wall Street in addition to the credit card companies, which donated heavily to his 2024 campaign and have supported Trump's second-term agenda. Banks are making the argument that such a plan would most hurt poor people, at a time of economic concern, by curtailing or eliminating credit lines, driving them to high-cost alternatives like payday loans or pawnshops.

“We will no longer let the American Public be ripped off by Credit Card Companies that are charging Interest Rates of 20 to 30%,” Trump wrote on his Truth Social platform.

Researchers who studied Trump’s campaign pledge after it was first announced found that Americans would save roughly $100 billion in interest a year if credit card rates were capped at 10%. The same researchers found that while the credit card industry would take a major hit, it would still be profitable, although credit card rewards and other perks might be scaled back.

About 195 million people in the United States had credit cards in 2024 and were assessed $160 billion in interest charges, the Consumer Financial Protection Bureau says. Americans are now carrying more credit card debt than ever, to the tune of about $1.23 trillion, according to figures from the New York Federal Reserve for the third quarter last year.

Further, Americans are paying, on average, between 19.65% and 21.5% in interest on credit cards according to the Federal Reserve and other industry tracking sources. That has come down in the past year as the central bank lowered benchmark rates, but is near the highs since federal regulators started tracking credit card rates in the mid-1990s. That’s significantly higher than a decade ago, when the average credit card interest rate was roughly 12%.

The Republican administration has proved particularly friendly until now to the credit card industry.

Capital One got little resistance from the White House when it finalized its purchase and merger with Discover Financial in early 2025, a deal that created the nation’s largest credit card company. The Consumer Financial Protection Bureau, which is largely tasked with going after credit card companies for alleged wrongdoing, has been largely nonfunctional since Trump took office.

In a joint statement, the banking industry was opposed to Trump's proposal.

“If enacted, this cap would only drive consumers toward less regulated, more costly alternatives," the American Bankers Association and allied groups said.

Bank lobbyists have long argued that lowering interest rates on their credit card products would require the banks to lend less to high-risk borrowers. When Congress enacted a cap on the fee that stores pay large banks when customers use a debit card, banks responded by removing all rewards and perks from those cards. Debit card rewards only recently have trickled back into consumers' hands. For example, United Airlines now has a debit card that gives miles with purchases.

The U.S. already places interest rate caps on some financial products and for some demographics. The Military Lending Act makes it illegal to charge active-duty service members more than 36% for any financial product. The national regulator for credit unions has capped interest rates on credit union credit cards at 18%.

Credit card companies earn three streams of revenue from their products: fees charged to merchants, fees charged to customers and the interest charged on balances. The argument from some researchers and left-leaning policymakers is that the banks earn enough revenue from merchants to keep them profitable if interest rates were capped.

"A 10% credit card interest cap would save Americans $100 billion a year without causing massive account closures, as banks claim. That’s because the few large banks that dominate the credit card market are making absolutely massive profits on customers at all income levels," said Brian Shearer, director of competition and regulatory policy at the Vanderbilt Policy Accelerator, who wrote the research on the industry's impact of Trump's proposal last year.

There are some historic examples that interest rate caps do cut off the less creditworthy to financial products because banks are not able to price risk correctly. Arkansas has a strictly enforced interest rate cap of 17% and evidence points to the poor and less creditworthy being cut out of consumer credit markets in the state. Shearer's research showed that an interest rate cap of 10% would likely result in banks lending less to those with credit scores below 600.

The White House did not respond to questions about how the president seeks to cap the rate or whether he has spoken with credit card companies about the idea.

Sen. Roger Marshall, R-Kan., who said he talked with Trump on Friday night, said the effort is meant to “lower costs for American families and to reign in greedy credit card companies who have been ripping off hardworking Americans for too long."

Legislation in both the House and the Senate would do what Trump is seeking.

Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., released a plan in February that would immediately cap interest rates at 10% for five years, hoping to use Trump’s campaign promise to build momentum for their measure.

Hours before Trump's post, Sanders said that the president, rather than working to cap interest rates, had taken steps to deregulate big banks that allowed them to charge much higher credit card fees.

Reps. Alexandria Ocasio-Cortez, D-N.Y., and Anna Paulina Luna, R-Fla., have proposed similar legislation. Ocasio-Cortez is a frequent political target of Trump, while Luna is a close ally of the president.

Seung Min Kim reported from West Palm Beach, Fla.

President Donald Trump arrives on Air Force One at Palm Beach International Airport, Friday, Jan. 9, 2025, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)

FILE - Visa and Mastercard credit cards are shown in Buffalo Grove, Ill., Feb. 8, 2024. (AP Photo/Nam Y. Huh, File)