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      PCE, a Key Inflation Measure, Sped Up in October

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      Inflation has been stubborn in recent months. Now, President-elect Donald J. Trump’s tariffs loom as a potential risk.The Federal Reserve’s preferred inflation measure sped up in October, a development that is likely to keep central bankers wary as they contemplate the path ahead for interest rates.The Personal Consumption Expenditures index climbed 2.3 percent from a year earlier, quicker than 2.1 percent in September.After stripping out volatile food and fuel costs to get a better sense of the underlying trend in prices, a “core” index climbed 2.8 percent from a year earlier. That was up from 2.7 percent previously.Looking at how much prices climbed over just the past month, the overall index rose 0.2 percent from September, and the core index increased 0.3 percent. Both changes were in line with their previous readings and with economist expectations. Policymakers sometimes look at monthly price changes to get an up-to-date sense of how inflation is evolving.The upshot from the report is that inflation is proving sticky after months of steady progress. Price increases remain much cooler than they were at their peak in 2022, which topped out at about 7 percent for the overall index. But they remain slightly faster than the 2 percent pace that the Fed targets.That is preventing officials from declaring victory over inflation, although policymakers still expect price increases to continue to cool toward their goal.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Selects Jamieson Greer as Trade Representative

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      President-elect Donald J. Trump on Tuesday picked Jamieson Greer, a lawyer and former Trump official, to serve as his top trade negotiator. The position will be crucial to Mr. Trump’s plans of issuing hefty tariffs on foreign products and rewriting the rules of trade in America’s favor.Mr. Greer is a partner in international trade at the law firm King & Spalding. During Mr. Trump’s first term, Mr. Greer served as chief of staff to Robert E. Lighthizer, the trade representative at the time. He was involved in the Trump administration’s trade negotiations with China, as well as the renegotiation of the North American Free Trade Agreement with Canada and Mexico.Before that, Mr. Greer served in the Air Force, where he was a lawyer who prosecuted and defended U.S. airmen in criminal investigations. He was deployed to Iraq.“Jamieson will focus the Office of the U.S. Trade Representative on reining in the Country’s massive Trade Deficit, defending American Manufacturing, Agriculture, and Services, and opening up Export Markets everywhere,” Mr. Trump said.The position of trade representative has historically been fairly low profile, but it has taken on greater importance under Mr. Trump. In his first term, the office helped wage a trade war against China, imposed substantial tariffs on its products and negotiated a series of trade deals.In his next term, Mr. Trump has promised to again make aggressive use of the government’s authority over trade. On Monday, he said he would impose tariffs on all products coming into the United States from Canada, Mexico and China on his first day in office.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump’s Tariff Threat Pits Canada Against Mexico

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      If President-elect Donald J. Trump’s threat of hefty tariffs on Canada and Mexico was intended as a divide-and-conquer strategy, early signs show that it might be working.After his missive on Monday, in which he said he planned to impose a 25 percent tariff on all imports from both of the United States’ neighbors, Ottawa and Mexico City followed starkly different approaches.Mexico took a tough stance, threatening to retaliate with its own tariffs on U.S. goods. Canada, instead, emphasized that it was much closer aligned to the United States than Mexico.The trade agreement between the three North American nations has been carefully maintained over the past three decades through a delicate balance between the United States and its two key allies.As Mr. Trump prepares to take office, his willingness to tear that up to pressure the two countries on migration could open the door to the United States-Mexico-Canada agreement being replaced by separate bilateral deals with the United States.Chrystia Freeland, Canada’s finance minister, has tried to show that Canada is aligned with Mr. Trump’s hawkish attitude toward China.Blair Gable/ReutersWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump’s Tariff Threat Roils Global Markets

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      The dollar gained and investors sold off stocks after the president-elect promised to levy new restrictions on the United States’ biggest trade partners. President-elect Donald Trump’s economic policy is already roiling global markets.Brendan McDermid/ReutersThe other Trump trade Investors and policymakers are getting a dose of Trumponomics déjà vu this morning.Global stocks are falling, and the dollar is climbing. The volatility comes after President-elect Donald Trump’s vow to impose tariffs on the United States’ biggest trading partners — Canada, China and Mexico — on Day 1 in office in an apparent effort to clamp down on the flow of cross-border drugs, like fentanyl, and migrants.The latest:Trump wants to impose 25 percent tariffs on Canada and Mexico “on ALL products coming into the United States,” he said on Truth Social. He also wants an “additional” 10 percent tariff on imports from China, which Trump blames for the fentanyl crisis, a charge that Beijing has repeatedly disputed.The Canadian dollar and Mexican peso fell sharply against the dollar. Europe, Japan and South Korea weren’t even mentioned in Trump’s announcement, but stocks have fallen there, too. That suggests rising fears that a new trade war could scramble global supply chains and dent profits.Automakers are some of the hardest hit stocks, with Volkswagen, Stellantis and Nissan, which run manufacturing operations in Mexico, all down.Today’s losses have reversed some of yesterday’s “Bessent bounce” rally. Investors were relieved after Trump picked Scott Bessent, the market-friendly hedge fund mogul, to run the Treasury Department.But the reverberations show that it’s Trump calling the shots. The president-elect has made no secret of his desire to use tariffs to further his America-first agenda, and he has yet to announce his pick to be U.S. Trade Representative. (Another tariff supporter, Robert Lighthizer, is in the running.)Trump’s latest threats may be just a negotiating tactic. That’s the belief of some Trump backers, including Bill Ackman, the billionaire financier. But they are a reminder of how Trump set off alarm bells across diplomatic channels and international markets during his first term often via social media posts. “Waking up to check the tweets for any policy announcements could become the norm,” Mohit Kumar, an economist at Jefferies, wrote in a note this morning.Prime Minister Justin Trudeau of Canada spoke to Trump about trade and border security after the president-elect’s announcement, The Times reported. China pushed back. “No one will win a trade war,” a spokesman for the Chinese Embassy in Washington said in a statement.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump’s Dramatic Tariff Plan, and a Cease-Fire Takes Shape in Lebanon

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      Listen to and follow “The Headlines”Apple Podcasts | Spotify | Amazon Music | YouTube | iHeartRadioSalman Masood and Jessica Metzger and On Today’s Episode:Trump Plans Tariffs on Mexico, Canada and China That Could Cripple Trade, by Ana Swanson, Matina Stevis-Gridneff and Simon RomeroJack Smith Seeks Dismissal of Two Federal Cases Against Trump, by Alan Feuer, Charlie Savage and Devlin BarrettTop Trump Aide Accused of Asking for Money to ‘Promote’ Potential Appointees, by Maggie Haberman and Jonathan SwanNetanyahu Signals Openness to Cease-Fire With Hezbollah, Officials Say, by Ronen Bergman, Patrick Kingsley and Jack NicasPakistan Deploys Army in Its Capital as Protesters and Police Clash, by Salman MasoodOzempic Could Crush the Junk Food Industry. But It Is Fighting Back, by Tomas WeberWho Needs Congress When You Have Cameo?, by Joseph BernsteinPresident-elect Donald J. Trump said that he would impose tariffs on all products coming into the United States from Canada, Mexico and China on his first day in office.Edmund D. Fountain for The New York TimesTune in, and tell us what you think at theheadlines@nytimes.com. For corrections, email nytnews@nytimes.com.For more audio journalism and storytelling, download the New York Times Audio app — available to Times news subscribers on iOS — and sign up for our weekly newsletter. More

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      Trump Plans Tariffs on Canada, China and Mexico That Could Cripple Trade

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      President-elect Donald J. Trump said on Monday that he would impose tariffs on all products coming into the United States from Canada, Mexico and China on his first day in office, a move that would scramble global supply chains and impose heavy costs on companies that rely on doing business with some of the world’s largest economies.In a post on Truth Social, Mr. Trump mentioned a caravan of migrants making its way to the United States from Mexico, and said he would use an executive order to levy a 25 percent tariff on goods from Canada and Mexico until drugs and migrants stopped coming over the border.“This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” the president-elect wrote.“Both Mexico and Canada have the absolute right and power to easily solve this long simmering problem,” he added. “We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price!”In a separate post, Mr. Trump also threatened an additional 10 percent tariff on all products from China, saying that the country was shipping illegal drugs to the United States.“Representatives of China told me that they would institute their maximum penalty, that of death, for any drug dealers caught doing this but, unfortunately, they never followed through,” he said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Crony Capitalism Is Coming to America

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      It’s late 2025, and Donald Trump has done what he said he would do: impose high tariffs — taxes on imports — on goods coming from abroad, with extremely high tariffs on imports from China. These tariffs have had exactly the effect many economists predicted, although Trump insisted otherwise: higher prices for American buyers.Let’s say you have a business that relies on imported parts — maybe from China, maybe from Mexico, maybe from somewhere else. What do you do?Well, U.S. trade law gives the executive branch broad discretion in tariff-setting, including the ability to grant exemptions in special cases. So you apply for one of those exemptions. Will your request be granted?In principle, the answer should depend on whether having to pay those tariffs imposes real hardship and threatens American jobs. In practice, you can safely guess that other criteria will play a role. How much money have you contributed to Republicans? When you hold business retreats, are they at Trump golf courses and resorts?I’m not engaging in idle speculation here. Trump imposed significant tariffs during his first term, and many businesses applied for exemptions. Who got them? A recently published statistical analysis found that companies with Republican ties, as measured by their 2016 campaign contributions, were significantly more likely (and those with Democratic ties less likely) to have their applications approved.But that was only a small-scale rehearsal for what could be coming. While we don’t have specifics yet, the tariff proposals Trump floated during the campaign were far wider in scope and, in the case of China, far higher than anything we saw the first time around; the potential for political favoritism will be an order of magnitude greater.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Steel Maker ThyssenKrupp to Slash 11,000 Jobs in Germany

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      The venerable steel producer, which has been struggling against high energy prices at home and growing competition from abroad, is the latest company in Europe to cut its work force.ThyssenKrupp, the largest steel maker in Germany, said Monday that it would eliminate up to 11,000 jobs by 2030, a decision that comes as the country struggled to overcome economic weakness that has hindered growth for nearly two years.The overhaul is aimed at returning ThyssenKrupp to profitability in the face of pressure from Asian competitors and high energy prices. Compounding the challenges, President-elect Donald J. Trump has threatened to impose tariffs on all goods imported to the United States. ThyssenKrupp was among those hurt by the tariffs Mr. Trump imposed on steel and aluminum during his first term in office.ThyssenKrupp said that it would reduce the amount of steel it produced each year down to no more than 10 U.S. tons, from the current level, 12.6 U.S. tons, which would allow it to eliminate 5,000 jobs. Another 6,000 jobs will be cut through the sale of business activities or turning to external providers, the company said without elaborating.“Urgent measures are required to improve ThyssenKrupp Steel’s own productivity and operating efficiency and to achieve a competitive cost level,” the company said in a statement.On Tuesday, ThyssenKrupp reduced the value of its steel division by 1 billion euros, or $1.04 billion, after posting a yearly net loss of €1.4 billion, or $1.2 billion. The company has been struggling for years to decarbonize its steel production, as the price of powering its existing coking plants has soared.Germany, Europe’s largest economy, has not had significant growth in the past two years. On Friday, the economy recorded 0.1 percent growth from July to September, but it was forecast to contract over the entire year. Economists do not expect to see a return to growth in 2025, unless the government can make significant changes quickly.Dozens of companies have announced plans over the past few months to reduce their work forces in Germany. On Friday, the auto supplier Bosch said it would cut 5,500 jobs beginning in 2027. Ford Motor said Wednesday it would eliminate 4,000 jobs in Europe, primarily in Germany.Workers at Volkswagen, Germany’s biggest automaker, are planning to begin staging warning strikes in the coming days, as they fight management plans to reduce their numbers and close up to three of the company’s 10 factories in Germany. In October, Volkswagen reported a 42 percent drop in quarterly profit and warned of an “urgent need” to cut costs amid growing competition from Chinese automakers. More