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      Denver mayor says he will urge protests against Trump’s mass deportations

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      Denver’s Democratic mayor, Mike Johnston, has said he will encourage people to protest mass immigrant deportations planned by the president-elect Donald Trump in Colorado, as civic leaders in “sanctuary cities” begin to plan their response to the threat.In an interview with Denver’s channel 9, Johnston, 50, said he is willing to go to jail to stop any deportation efforts. Denver’s neighboring city of Aurora has been a focus of the debate over migration after three apartment complexes were allegedly taken over by the Venezuelan prison gang Tren de Aragua.In comments, Aurora city council member Danielle Jurinsky, a Republican, said she had spoken with Trump’s transition team about “Operation Aurora” and warned city leaders that “I hope that we are taking this seriously. This is coming.”Metropolitan areas, including Denver, New York and Los Angeles, have offered mixed responses to Trump’s promise to deport a vast number of immigrants who are in the US illegally. “Sanctuary city” laws typically forbid city employees and resources from being involved in federal immigration enforcement.On Friday, Tom Homan, Trump’s incoming “border czar”, vowed to send “twice as many” Immigration and Customs Enforcement (Ice) agents to Los Angeles to enact mass deportations. LA city council members have warned that Los Angeles will not be collaborating.In New York City, Mayor Eric Adams has said the city has always welcomed immigrants and that law-abiding immigrants and families will be protected, but said that the current immigrant crisis had cost the city billions of dollars, and the federal government had not assisted it in dealing with the influx, estimated at more than 200,000 people.“I’m not allowed to let them work [legally],” Adams said. “I’m not allowed to get them to participate in our tax system.”But Denver’s Johnston walked back comments that he had made earlier this week to Denverite about sending police officers to the county line to stop federal agencies from entering the city.“It’s like the Tiananmen Square moment with the rose and the gun, right? You’d have every one of those Highland moms who came out for the migrants. And you do not want to mess with them,” he said.In the subsequent interview, he said he regretted using the Tiananmen Square image, from 1989, of a man blocking a tank during pro-democracy protests.“Would I have taken it back if I could? Yes, I probably wouldn’t have used that image,” Johnston said. “That’s the image I hope we can avoid. What I was trying to say is this is an outcome I hope we can avoid in this country. I think none of us want that.”Johnston added that his willingness to go to jail over the issue was real.“I would if I believed that our residents are having their rights violated,” he said. “I think things are happening that are illegal or immoral or un-American in our city, I would certainly protest it, and I would expect other residents would do the same.”The mayor also said he would encourage people to protest and that he is not opposed to all deportations – a line that other sanctuary city mayors have also sought to draw – including deportations for violent criminals.“We think if you are a violent criminal that is committing serious crimes like murder or rape in Denver, you should be prosecuted to the full extent of the law and you should be deported,” he said. More

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      US refugee groups are staffing up as Trump’s return sows uncertainty

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      As a second Trump term looms, refugee and immigrant advocacy groups across the country are bracing for what’s to come. The president-elect has vowed to utilize the US military to conduct mass deportations of undocumented immigrants, and there’s no reason to believe he’ll do otherwise.During his first term from 2016 to 2020, Trump made several efforts to end asylum for immigrants and refugees fleeing their home countries, instituted a highly controversial “Muslim ban” and slashed the number of refugees allowed into the country to the lowest ever since Congress passed the Refugee Act in 1980. Back then, however, the Trump administration had some guardrails in judges who ruled against restrictive policies, as well as substantive legal challenges from organizations such as the ACLU, which prevented his administration from fully enacting all of his plans.For this upcoming presidency, Trump aims to be more successful. He will have a much more lenient and malleable landscape, as Republicans control both the House and the Senate, and there is a conservative majority in the supreme court. Tom Homan, whom Trump has selected as his “border czar”, has said that the public can expect “shock and awe” on Trump’s first day in office. Under the second Trump administration, the number of refugees entering the country could dwindle.As such, organizations are working to ensure that they will be able to protect and assist the individuals and families that their groups serve come January. Emily Laney, executive director of the Welcome Co-op, a non-profit in Atlanta, said that the organization came into existence during “the last time resettlement was facing uncertainty” during Trump’s first term in office. This time, they are continuing to build collective power by working together in hopes that they will be prepared for whatever comes.View image in fullscreenThe group, which helps refugees secure housing, is building its volunteer base and trying to encourage people to support families who are arriving and those already in the country. People can volunteer to help set up apartments for refugees, donating hygiene kits and advocating for immigrants and refugees.“My role as the executive director is to build the collaboration and make sure there’s as many opportunities to support newly arrived refugees with housing,” Laney said. “As long as refugees are coming, we are prepared to welcome them in Atlanta and we have the support.” This year, Welcome Co-op said, it has set up 725 apartments for more than 3,200 newcomers and provided clothing and shoes to more than 1,200 people.Since the 1970s, Georgia has “attracted tens of thousands of refugees and immigrants”, according to the UN Refugee Agency. Nearly 11% of Georgia’s population are immigrants and, under the Biden administration, the state settled the third-largest number of refugees. Still, both Biden’s and Trump’s administrations also deported large numbers of immigrants.Refugee Women’s Network (RWN), the only organization in Georgia that specifically serves refugee women, is preparing to aid as many women as possible, while retaining staff, no matter the change in administration, according to Sushma Barakoti, the group’s executive director. Currently, RWN is raising funds to sustain it through four years of the Trump administration.During Trump’s first administration, some refugee agencies were forced to undergo significant job cuts and, in some cases, totally shutter due to a lack of funding. Barakoti said that RWN was hoping that small grants and donations can make up enough funding so that the organization does not have to lay off staff in the event of dwindling numbers of refugees entering the country.She said that the organization had had an opportunity to frankly discuss the situation with supporters after the election.“We had over 200 people there,” she said. “We did talk about the uncertainty that the next administration brings to the refugee and immigrant programs. We almost reached our [fundraising] goal. But then we asked them to stay connected.“We need our supporters not only for donations, but also to take action to call their senators, their representatives, and advocate on behalf of the community that we serve to pressure the federal government. If the funding is going to be reduced, then we want them to also put pressure on their representatives and senators to pass bills.”Barakoti said that it was important for everyone, not just people who have direct connections to refugees, to understand what’s going on.“This is not just here in Atlanta. It’s going to affect all across the country where there’s so many needy families [who] are being resettled with refugees and immigrants,” she said. “I would like to ask people to be involved, be aware of what’s going on and be engaged through donations, through volunteering, through advocating, and be connected to these organizations so that they can be part of the movement.”Though nearby Tennessee does not take in the same number of refugees as Georgia, the state is home to one of the fastest-growing immigrant populations. Nashville, the state’s capital, partnered with US Citizenship and Immigration Services to create Pathway for New Americans, a program to help immigrants who aim to become US citizens.Still, Tennessee has regularly passed restrictive legislation targeted at new arrivals to the US, and independent non-profits and volunteer groups are the organizations that primarily help with resettlement. Their efforts, too, will probably have to change.Judith Clerjeune, of the Tennessee Immigrant and Refugee Rights Coalition (Tirrc), said that many of the people in the communities her organization assists view this moment as “challenging and frightening”.“Our goal right now is to be honest with people,” she said. “We don’t know exactly what is going to happen, but we do know the stated intentions of the upcoming administration. They have a published blueprint for what they want to do, and so we’re taking that very seriously and doing our due diligence to prepare and ensure that the community is not caught up.”Under the first Trump presidency, Clerjeune said, many things that happened were surprises. This time, they have a better idea of what to expect. Tirrc already has advocacy and provides immigrant and refugee resources, but under a second Trump administration those efforts will probably only increase in importance.The group is also providing materials and resources for local governments, students, immigrant families and others who may need access to critical services, like adequate translation resources, school enrollment, housing or workplace help or assistance with naturalization. They plan to provide “entry points” for state community partners and other supporters who want to take action.“We have a lot of folks who are interested in [how] they can help support community gaps or possibly be supported in working with families,” Clerjeune said. “And so we’re working with those communities to guide and direct people with entry points when you can support folks.” More

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      Kamala Harris had a whirlwind 107-day campaign. What’s next for her?

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      Whatever happened to Kamala Harris? For 107 days she was everywhere, filling TV screens and campaign rallies in her whirlwind bid for the White House. Then, with election defeat by Donald Trump, it all ended as abruptly as it began. The rest is silence.“The vice-president has taken time off to go spend time with her family,” White House press secretary Karine Jean-Pierre told reporters on Thursday, acknowledging that Harris is holidaying in Hawaii with husband Doug Emhoff. “She has worked very hard for the last four years, and her taking a couple of days to be with her family, good for her.”With Trump’s special brand of chaos already dominating the Washington agenda, Harris’s vice-presidency is clearly in a winding down. When she formally leaves office on 20 January, she will face her first spell as a private citizen since she was elected San Francisco’s district attorney in 2003.Speculation has already begun as to what might come next. While Harris, 60, has not announced any specific plans, supporters suggest that options include a move into the private sector, a return to California politics – or another presidential run in 2028.Bakari Sellers, a close ally of Harris and former representative from South Carolina, said: “She can do anything she wants to do. She’s more than capable. She’s given this country more than enough. She can go to the private sector and make money. She can go to a law school and teach.“She can be governor of California and pretty much clear the field. She can run for president again. Or she can just say to hell with it and go and spend time with Dougie. That decision hasn’t been made yet but her options are plentiful.”The last incumbent vice-president to lose an election was Al Gore in 2000. He went on to make an Oscar-winning documentary, An Inconvenient Truth, and win the Nobel peace prize for his efforts to combat the climate crisis.Election losers since then have included John Kerry, later a secretary of state, and John McCain and Mitt Romney, both of whom served in the Senate. Hillary Clinton wrote a book about her 2016 defeat entitled What Happened, while the 2020 election loser, Trump, bounced back to regain the White House earlier this month.Harris might be tempted by a spell in the private sector. Law firms and lobbying groups would welcome her legal background and political connections. Alternatively she could contribute to the policy debate by joining a thinktank or launching her own advocacy organisation.She could also write a book offering her perspective on her time in Joe Biden’s White House, including its internal tensions, and her hastily improvised campaign against Trump. Its level of candour would probably depend on whether she is planning a return to the political arena.California governor Gavin Newsom is term-limited in 2026, raising the prospect of Harris seeking to make more history by becoming the state’s first female governor. As a former California senator and attorney general, she enjoys high name recognition in the state and would have no problem attracting donors.Harris would be following in the footsteps of Richard Nixon, who lost the 1960 presidential election and ran for California governor two years later. But he lost that race, too. He told reporters: “You don’t have Nixon to kick around any more, because, gentlemen, this is my last news conference.” He roared back to win the presidency in 1968.View image in fullscreenHarris would, however, face competition from fellow Democrats in 2026. Lieutenant governor Eleni Kounalakis, a longtime Harris ally, has already announced her candidacy, potentially setting up a contentious primary contest.Bill Whalen, a political consultant and speechwriter who has worked for California governors Arnold Schwarzenegger and Pete Wilson, said: “There’s a gubernatorial race sitting there waiting for her if she wants it. If you look at the polls, there is no clear frontrunner. If she were to jump in, she would immediately push most Democrats out of the race and, given California’s politics, if it’s her versus a Republican in November, she would be a cinch to win it.”The governorship of California, the most populous state in the US, would offer a high-profile platform that could keep Harris in the national spotlight and potentially position her for a future presidential run. Like Newsom, Harris could style herself as a leader of the Democratic resistance to Trump.But focusing on a gubernatorial race could detract from Harris’s efforts to build national support and momentum for a potential 2028 presidential campaign. Whalen, a research fellow at the Hoover Institution at Stanford University in California, said: “The question is, does she want to be a governor or does she want to be a president? If she wants to be president, then governor is not the right path because she would have to run for that office in 2026 and pivot right around and run for president in 2027.”If Harris became governor, she might have to wait until 2032 for another White House bid. Whalen commented: “That’s a long time to wait in politics. If she wants to run for president again, then it’s pretty simple: she and Gavin Newsom and [Illinois governor] JB Pritzker and others have to figure out who is the tip of the spear of the so-called resistance. That would be the card for her to play.”Democrats are still shellshocked by Harris’s 312-to-226 defeat by Trump in the electoral college. But as of Thursday’s count, she was trailing Trump by only 1.7% in the national popular vote. She had a total of 74.3m votes, the third-highest popular vote total in history after Biden in 2020 and Trump in 2024.The idea of Harris making another bid for the White House in 2028 is already being floated. She retains access to the Democratic party’s most extensive donor network.A Morning Consult opinion poll this week found that 43% of Democrats and Democratic-leaning independents said they would vote for Harris if the party’s 2028 presidential primary were held today. She was well ahead of transportation secretary Pete Buttigieg at 9% and Newsom at 8%.But precedent is against her. Democrats have historically shown little appetite for re-nominating candidates who previously lost presidential elections, as Gore could testify. Moreover, following the defeats of both Clinton and Harris, the party will undoubtedly grapple with whether they want to put forward a woman for the third time. Democrats may also be inclined to move on from the Biden-Harris era and seek fresh faces.Chris Scott, who was coalitions director for Harris during the campaign, said: “I have no idea what she plans on doing next. I have definitely heard the reports, as have a lot of folks around her, of her potentially running for governor. It would be a great thing for California if that was what she decided to do and it also keeps her in the conversation.”Scott pointed to Harris’s strong advocacy for issues such as reproductive rights and economic opportunity. “There is a chance that she could run in 2028 again. Obviously a lot of things have to look different next time around. But a loss here does not negate that she has been an outstanding public servant for her entire career. It is my hope that we have not seen the last of her in politics.” More

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      Trump makes flurry of choices including labor secretary and CDC chief

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      In a flurry of announcements late Friday evening, Donald Trump released his picks for some of the most important agency and advisory roles in the country, further revealing his preference for Fox News personalities and those that are loyal to him.Treasury secretaryTrump named Scott Bessent to serve as his next treasury secretary. The role is one of the most powerful in Washington, with huge influence over America’s economy and financial markets.Bessent, a longtime hedge-fund investor who taught at Yale University for several years, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production. He told Bloomberg in August that he decided to join Trump’s campaign in part to attack the mounting US national debt.If confirmed by the Senate, he would be the nation’s first openly gay treasury secretary.Office of Management and BudgetTrump tapped Russ Vought to lead Office of Management and Budget, a powerful agency that helps decide the president’s policy priorities and how to pay for them.Vought, was OMB chief during Trump’s previous term in office, and would again play a major role in setting budget priorities.Since Trump left office, Vought has been deeply involved in Project 2025, the conservative blueprint for Trump’s second term.Trump praised Vought as a “cost-cutter” in a statement after nominating him for the OMB. “He did an excellent job serving in this role in my First Term – We cut four Regulations for every new Regulation, and it was a Great Success!” he wrote on Truth Social.Deputy assistant to the presidentTrump is also bringing back Sebastian Gorka, a former Breitbart writer and longtime rightwing Maga supporter with questionable credentials who was let go from the White House in 2017.Gorka served as deputy assistant to the president, advising Trump on national security. But his responsibilities were vague. He frequently appeared as a surrogate for Trump on cable news, where he appeared to enjoy stirring controversy during his months-long tenure.Trump named Gorka to serve as deputy assistant to the president and senior director for counterterrorism in his second administration.Labor secretaryIn a surprise choice as his nominee for labor secretary, Trump named Oregon Republican Lori Chavez-DeRemer, who narrowly lost her bid to re-election to the House of Representatives on 5 November.If confirmed by the Senate, Chavez-DeRemer would oversee the labor department’s workforce and its budget, and would put forth priorities that affect workers’ wages, health and safety, ability to unionize, and employer’s rights to fire employers, among other responsibilities.Chavez-DeRemer had strong backing from union members in her district. She was one of few House Republicans to endorse the “Protecting the Right to Organize” or Pro Act, which would have strengthened workers’ right to organize.Surgeon generalDr Janette Nesheiwat is Trump’s pick for surgeon general. Nesheiwat is a double board-certified medical doctor, a regular Fox News contributor and the author of Beyond the Stethoscope: Miracles in Medicine.Deputy national security adviserFormer state department official Alex Wong will serve as deputy national security adviser, Trump said on Friday. Wong served as deputy special representative for North Korea during Trump’s first administration.Food and Drug AdministrationTrump also said he would nominate Johns Hopkins surgeon and writer Marty Makary to lead the Food and Drug Administration (FDA), the world’s most influential drug regulator. The agency is responsible for approving new treatments and ensuring they are safe and effective. It has regulatory authority over human and veterinary drugs, biological medicines, medical devices and vaccines.It’s also responsible for maintaining safety standards for the food supply, tobacco, cosmetics, and products that emit radiation.In interviews promoting his latest book, Makary spoke against what he called “massive over-treatment” in the US that he called “an epidemic of inappropriate care”.Department of Housing and Urban DevelopmentTrump announced Scott Turner as his pick to lead the Department of Housing and Urban Development. Turner is a former NFL player and White House aide. He ran the White House Opportunity and Revitalization Council during Trump’s first term.Centers for Disease Control and PreventionTrump announced Dave Weldon, a former congressman and a medical doctor, as his choice for director of the Centers for Disease Control and Prevention, a sweeping agency with a $17.3bn budget used as a public health model around the world.Weldon served in the US House of Representatives representing Florida’s 15th district from 1995 to 2009. He did not seek re-election in 2008.The CDC director reports to the health secretary, a role for which Trump has selected Robert F Kennedy Jr. Unlike past appointments, the CDC director post will require Senate confirmation starting in 2025 due to a provision in the recent omnibus budget. More

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      Scott Bessent: billionaire hedge-fund manager who is ‘all in’ for Trump

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      Investor Scott Bessent has been nominated by Donald Trump to serve as treasury secretary. The billionaire hedge fund manager has spent his career in finance and the nomination for this post has been one of the most anticipated in recent days.Here are five things to know about the person who could have vast influence over economic, regulatory and international affairs.His finance careerBessent, 62, from South Carolina, has spent his career in finance, working for macro investment billionaire George Soros and noted short-seller Jim Chanos, as well as running his own hedge fund.As a money manager, he made a large bet on Trump winning after spotting what he called an anomaly in the market – that political and market analysts were too negative on what a Trump victory would mean.The market’s surge after Trump’s election victory, he wrote, signaled investor expectations of “higher growth, lower volatility and inflation, and a revitalized economy for all Americans”.He’s ‘all in’ for TrumpBessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for the Wall Street Journal.He has called for rolling back government subsidies, deregulating the economy and raising domestic energy production. Unlike many on Wall Street, Bessent has also defended the use of tariffs, which are Trump’s favorite economic tool.“I was all in for President Trump. I was one of the few Wall Street people backing him,” Bessent told Stone over the weekend.“Bessent has been on the side of less aggressive tariffs,” said Oxford Economics’ Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.He’s one of a fewBessent will take his investing knowledge down a rarefied career path that only a few other prominent Wall Street luminaries have followed: running the US Treasury.Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump’s first treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.Other examples of US treasury secretaries who have come from finance include Steven Mnuchin, who served under Trump in his first term, and had worked at Goldman Sachs. Henry Paulson, who served as Treasury secretary under George W Bush, was also a Goldman Sachs alumnus, where he had been chairman and CEO.A twisty race to the topBessent, along with John Paulson, had been an early favorite for the job earlier in the year according to a Reuters report at the time. He seemed to be in pole position a week after election day, on 12 November, when Paulson exited the race citing “complex financial obligations”.However, there were many twists in the race for the top position.On 13 November, banker Howard Lutnick, who was leading a transition team to vet personnel and draft policy, emerged as a top contender. Lutnick was reported to have directly lobbied for the Treasury post, even receiving the backing of Trump ally Elon Musk. However, Trump instead picked Lutnick, one of his biggest fundraisers, to lead his trade and tariff strategy as head of the commerce department.The pool of candidates then widened when Rowan, and former Federal Reserve governor Kevin Warsh were under consideration as well as Republican US senator Bill Hagerty, sources with knowledge of the transition process said at the time.The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump’s Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.In charge of the world’s largest economyAs treasury secretary, Bessent will essentially be the highest-ranking US economic official, responsible for maintaining the balance of the world’s largest economy, from collecting taxes and paying the nation’s bills to managing the $28.6tn treasury debt market and overseeing financial regulation, including handling and preventing market crises.The treasury boss also runs US financial sanctions policy, has influence over the IMF, the World Bank and other international financial institutions, and manages national security screenings of foreign investments in the United States.Bessent will face challenges, including safely managing federal deficits that are forecast to grow by nearly $8tn over a decade due to Trump’s plans to extend expiring tax cuts next year and add generous new breaks, including ending taxes on social security income.Without offsetting revenues, this new debt would add to an unsustainable fiscal trajectory already forecast to balloon US debt by $22tn through 2033.Managing debt increases this large without market indigestion will be a challenge, though Bessent has argued Trump’s agenda will unleash stronger economic growth that will grow revenue and shore up market confidence. 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      Trump’s picks of loyalists for financial posts ensures his economic agenda is unimpeded

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      Certain events happen during every presidential campaign. The parties crown their candidates. The candidates debate on live TV, with millions watching. Tens of millions heads to the polls. And at some point in this process, Jamie Dimon will be tipped as the next Treasury secretary.Sure enough, the veteran boss of JPMorgan Chase – Wall Street’s de facto ambassador to the world – was, indeed, linked with the role this time around as the Kamala Harris and Donald Trump campaigns mulled their options in the final stretch of the 2024 presidential election.But as the world came to terms with his victory, and Trump started to piece together his administration, the president-elect made clear in a social media post that Dimon “will not be invited” to join.The people who did get the invite underline why Dimon – one of the most prominent leaders in Corporate America, and head of America’s biggest bank – did not. Considering him for a post might be a time-honored tradition, but this is not business-as-usual.Trumpvalues reputation, establishment and star power. But not as much as he values getting his way.Howard Lutnick, a long-time friend and co-chair of his transition team, remarked during the campaign that Trump “picked unfortunately” last time around. Industrial giants and former military generals did not wholeheartedly embrace his agenda.Not this time.Trump has picked Lutnick, for starters – CEO of the financial services firm Cantor Fitzgerald – as his commerce secretary, tasked with delivering his policy on tariffs and trade.While Lutnick was reported to have directly lobbied to run the Treasury, that job went to the financier Scott Bessent, after days of jostling and speculation.With both appointments, Trump is said to have been wary of appointing a candidate who did not ardently believe in the tariffs and tax strategy at the center of his economic plan for the US.Economists have warned that the introduction of steep tariffs could reignite inflation. Budget experts have warned that Trump’s wider plans could add as much as $15tn to US debt over 10 years.The president-elect wants to keep such caution outside the tent – and has pulled together a band of staunch loyalists to drive through it.During Bessent’s campaign for the Treasury job, he loudly made the case for tariffs, dismissing economists’ warnings as “fundamentally incorrect” in a column for Fox News.Not long after a line was very publicly drawn under the talk of Dimon as Treasury secretary, the Wall Street titan appeared on stage at a summit in Lima, Peru. He wished Trump well, “but I just want to tell the president also: I haven’t had a boss in 25 years, and I’m not about ready to start”.The boss preparing to return to the White House in January has made up his mind. He does not seem prepared to hire anyone who might try to change it – on the economy, or any other key facet of his agenda.Presidential administrations are rarely a broad church. Trump appears to be building a narrow pew. More

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      Trump picks hedge-fund investor Scott Bessent for treasury secretary

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      Donald Trump nominated Scott Bessent, a longtime hedge-fund investor who taught at Yale University for several years, to be his treasury secretary, a statement from Trump confirmed on Friday. The job is one of the most powerful in Washington, with huge influence over America’s gigantic economy and financial markets.The move to select Bessent is the latest as the president-elect starts to pull together the administration for his second term in the White House. The process so far has been marked largely by a focus more on personal and political loyalty to Trump than expertise and experience.In economics, one of the main focuses and controversies of the treasury role will be to deal with Trump’s high-profile and oft-repeated promises to pursue a policy of aggressive new US tariffs in foreign trade – something that is widely feared by many other countries across the globe.Wall Street had been closely watching who Trump would pick for the treasury role, especially given his plans to remake global trade through tariffs.Bessent, 62, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for the Wall Street Journal.The stock market surge after Trump’s election victory, he wrote, signaled investor “expectations of higher growth, lower volatility and inflation, and a revitalized economy for all Americans”.Bessent follows other financial luminaries who have taken the job, including the former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump’s first treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House council of economic advisers.As the 79th treasury secretary, Bessent would essentially be the highest-ranking US economic official, responsible for maintaining the plumbing of the world’s largest economy, from collecting taxes and paying the nation’s bills to managing the $28.6tn Treasury debt market and overseeing financial regulation, including handling and preventing market crises.The treasury boss also runs US financial sanctions policy, oversees the US-led International Monetary Fund, the World Bank and other international financial institutions, and manages national security screenings of foreign investments in the US.Bessent would face challenges, including safely managing federal deficits that are forecast to grow by nearly $8tn over a decade due to Trump’s plans to extend expiring tax cuts next year and add generous new breaks, including ending taxes on social security income.Without offsetting revenues, this new debt would add to an unsustainable fiscal trajectory already forecast to balloon US debt by $22tn through 2033.
      Managing debt increases this large without market indigestion will be a challenge, though Bessent has argued Trump’s agenda would unleash stronger economic growth that would grow revenue and shore up market confidence.Bessent would also inherit the role carved out by Yellen to lead the G7 nations to provide tens of billions of dollars in economic support for Ukraine in its fight against Russia’s invasion and tighten sanctions on Moscow. But given Trump’s desire to end the war quickly and withdraw US financial support for Ukraine, it is unclear whether he would pursue this.Another area where Bessent will likely differ from Yellen is her focus on climate change, from her mandate that development banks expand lending for clean energy to incorporating climate risks into financial regulations and managing hundreds of billions of dollars in clean energy tax credits.Trump, a climate-change skeptic, has vowed to increase production of USfossil fuel energy and end the clean-energy subsidies in Joe Biden’s 2022 Inflation Reduction Act.Reuters contributed to this report More

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      Trump selects key Project 2025 figure Russ Vought to head budget office

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      Donald Trump has chosen Russ Vought, a key architect of Project 2025, the controversial conservative plan to overhaul the government, to be director of the US Office of Management and Budget, a powerful agency that helps decide the president’s policy priorities and how to pay for them.Vought, who was OMB chief during Trump’s first term, would play a major role in setting budget priorities and implementing Trump’s campaign promise to roll back government regulations.Since Trump left office, Vought has been deeply involved in Project 2025, a series of detailed policy proposals for Trump’s second term drawn up by hundreds of high-profile conservatives.Among other measures, Project 2025 calls for a broad expansion in presidential power by boosting the number of political appointees and increasing the president’s authority over the justice department. The project also proposes enforcing laws that make it illegal to mail abortion pills over state lines, criminalizing pornography and eliminating the Department of Education.The project’s authors, Vought included, have also advocated for the reclassification of parts of the federal workforce that would give Trump the authority to fire tens of thousands of government employees.During his election campaign, Trump repeatedly denied he had any links to Project 2025, even though many of its authors were former officials from his first administration. With Vought’s selection, the president-elect has now tapped several former aides with Project 2025 links for key administration roles.During the election campaign, Trump’s Democratic opponents made a concerted effort to raise public awareness of Project 2025 among voters, warning it was a blueprint for a hard-right political shift they said would occur under Trump.Their effort succeeded in making Americans widely aware of the project’s existence, and opinion polls showed voters broadly disapproved of the effort.The Trump campaign expressed increasing annoyance with the project, repeatedly emphasizing that its proposals were separate from the campaign’s official policy platform.Vought wrote a chapter for Project 2025 centered on the management of the president’s executive office. While many of the suggestions he laid out are highly technical, they are for the most part aimed at expanding the president’s authorities and lessening the power of career civil servants.“After months of lies to the American people, Donald Trump is taking off the mask: he’s plotting a Project 2025 cabinet to enact his dangerous vision starting on day one,” said Alex Floyd, a spokesperson for the Democratic National Committee.Trump spokesperson Karoline Leavitt said Trump never had anything to do with Project 2025, and that all his cabinet nominees and appointments were “whole-heartedly committed to President Trump’s agenda, not the agenda of outside groups”.Vought has helped craft several executive orders that could be implemented on day one of Trump’s term, according to two people involved in the project. They include an order instituting schedule F, which would re-categorize thousands of civil servants to enable Trump to fire them should he want to, said those people, who requested anonymity to discuss the project’s internal deliberations.Trump’s other nominees with Project 2025 ties include Brendan Carr, who wrote the project’s chapter on the Federal Communications Commission. Carr is now set to lead that agency.Carr has criticized the FCC’s decision not to finalize nearly $900m in broadband subsidies for Elon Musk’s SpaceX satellite internet unit Starlink, as well as the commerce department’s $42bn broadband infrastructure program and Joe Biden’s spectrum policy.Other Project 2025 contributors who have been named by Trump as officials in his new administration are Tom Homan, Trump’s “border czar”, John Ratcliffe, his incoming CIA director and Pete Hoekstra, Trump’s choice for ambassador to Canada.Stephen Miller, one of Trump’s incoming deputy chiefs of staff, founded a conservative legal and advocacy group known as America First Legal, which contributed to the project.At the OMB, Vought will work with Musk and Vivek Ramaswamy to carry out Trump’s campaign pledge to slash government spending and regulations.Musk and Ramaswamy have been tapped by Trump to co-lead a newly created Department of Government Efficiency, an entity Trump has indicated will operate outside the confines of government. More