Presidential Election of 2024

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      Oil Companies Wanted Trump to Lower Costs. Tariffs Are Raising Them.

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      President Trump’s promise during last year’s election to make it far easier to drill for oil and gas thrilled energy executives who believed his policies would lower their costs and help them make a lot more money.Those hopes are now fading. Thanks to Mr. Trump’s tariffs, the oil and gas industry is contending with rising prices for essential materials like steel pipes used to line new wells.That has not yet translated into a meaningful change in U.S. drilling activity or production expectations, but companies have begun revising budgets to reflect higher materials costs. Decisions made today about which wells to drill will affect production many months from now.Oil refineries are separately bracing for a tariff on Canadian oil, which some of them need to produce gasoline, diesel and other fuels.At the same time, consumers have grown jittery about the economy and the price of oil has fallen about 10 percent since just before Mr. Trump took office, to around $70 a barrel. Oil companies tend to drill less when prices fall.The combination could complicate Mr. Trump’s stated desire to juice U.S. oil and natural gas production, which are already at or near record highs.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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      Tim Walz Will Not Run for Minnesota’s Senate Seat

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      Gov. Tim Walz of Minnesota, who rose from relative obscurity to become the Democratic nominee for vice president last year, will not run for his state’s open Senate seat in 2026 and will instead begin the process to seek a third term as governor, his spokesman said Wednesday.“Governor Walz is not running for the United States Senate,” said Teddy Tschann, Mr. Walz’s spokesman. “He loves his job as governor and he’s exploring the possibility of another term to continue his work to make Minnesota the best state in the country for kids.”By staying out of the contest to replace Senator Tina Smith, a Minnesota Democrat who is not seeking re-election in 2026, Mr. Walz effectively kicks off a primary contest for the Senate seat that could be competitive should Republicans field a well-financed candidate.It also positions Mr. Walz, who won national attention for his “Midwestern dad” persona and football-coach background when he and Vice President Kamala Harris ran against Donald J. Trump, to potentially enter the 2028 Democratic presidential primary. During an interview with a Dutch television station last week, Mr. Walz said he was “not ruling out” running for president.Focusing on re-election also allows Mr. Walz to avoid what would have been an awkward Senate primary contest against his lieutenant governor, Peggy Flanagan, who announced her campaign for the seat last week. Mr. Walz and Ms. Flanagan, who had been political allies for two decades, had a falling out over shared campaign finances when Mr. Walz returned to Minnesota from the presidential campaign trail.Several other Minnesota Democrats have said they are considering running for Ms. Smith’s Senate seat. They include Keith Ellison, the state’s attorney general, Representatives Angie Craig and Ilhan Omar, and Melissa Hortman, the Democratic leader in the Minnesota state house. Mr. Walz is not expected to endorse a candidate in the primary.On the Republican side, Royce White, a former professional basketball player who lost a 2024 Senate race to Senator Amy Klobuchar, has said he will run, along with Adam Schwarze, a former Navy SEAL. Michelle Tafoya, a former television sports broadcaster who has become a regular on the right-wing commentary circuit, has also said she is considering running for the seat.No one has yet entered the race for governor of Minnesota. Mr. Walz coasted to general election victories in 2018 and 2022, though the state has been much closer in two of the last three presidential elections. More

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      Dockworkers Vote to Accept New Labor Contract

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      Workers at East and Gulf Coast ports who went on strike briefly in October ratified a deal that includes a 62 percent raise over six years.Dockworkers on the East and Gulf Coasts voted in favor of a new contract on Tuesday, ending labor turbulence at ports that handle a large share of U.S. trade with the rest of the world.The dockworkers’ union, the International Longshoremen’s Association, said nearly 99 percent of its members had supported the contract, which raises wages 62 percent over six years and guarantees jobs when employers introduce technology that can move cargo autonomously.The deal was reached after a short strike in October, the first full-scale walkout since 1977, and the intervention of two U.S. presidents.Officials from the Biden administration pushed the United States Maritime Alliance, the group representing employers, to increase its wage offer, which ended the strike and brought the I.LA. back to the bargaining table. After his election victory, Donald J. Trump backed the union, saying he supported their fight against automation.“This is an incredible contract package,” Harold J. Daggett, the president of the I.L.A., said in a statement.Dockworkers have significant leverage in contract talks because they can shut down ports, throwing supply chains into chaos. But labor experts said Mr. Daggett had bolstered the union’s cause by calling a strike and by establishing strong ties with Mr. Trump.“The only way they would have gotten a deal like this was through striking, showing that they had the economic power and, it turns out, the political power,” said William Brucher, an assistant professor at the Rutgers School of Management and Labor Relations.All 41 members of the Maritime Alliance, a group that includes port operating companies and shipping lines, voted for the contract, which covers the roughly 25,000 longshoremen who move containers on the East and Gulf Coasts.Under the contact, hourly wages will rise to $63 in 2029, from the current $39. That is comparable to the pay for dockworkers on the West Coast, represented by the International Longshore and Warehouse Union, whose wages will rise to nearly $61 in 2027.With overtime and higher rates for working at night, longshoremen can earn well over $200,000 a year.The I.L.A. has long opposed the introduction of automated cranes and other machines.Like the old contract, the new one bars employers from deploying machinery that can operate at all times without a person directing its moves. The West Coast longshoremen’s union has allowed such technology — like driverless container-moving vehicles — at its ports for years.But the I.L.A.’s new contract does not stop employers from adding cranes that can at times perform tasks — like stacking containers — without direction from a human. And the new contract makes it easier for employers to introduce such cranes.Still, the union got a job guarantee that management would assign at least one worker for each additional crane. (Now, one union worker might remotely oversee and operate several cranes at once.) More

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      In Huntington Beach, Politics on a Plaque

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      MAGA references on a library plaque have divided the Southern California surf town and thrust it into the national spotlight.They call themselves the “MAGA-nificent 7.” They once posed for a picture inside City Hall wearing red caps with the slogan “Make Huntington Beach Great Again.”But the Huntington Beach City Council, in Southern California, had even more MAGA in store. The seven-member body, all of whom are Republicans, decided to turn a seemingly humdrum municipal task — commemorating the 50th anniversary of the city’s central public library — into a political statement, using their favorite acronym.The council-approved design of the plaque describes the library in this bold-letter fashion:Magical Alluring Galvanizing Adventurous“This is a historical moment,” said Councilwoman Gracey Van Der Mark, who came up with the idea for the plaque. “And if people do not think America is great and don’t want to make it great again, they’re in the wrong country — because millions of people risk their lives to come to this one country.”Gracey Van Der Mark, a member of the Huntington Beach City Council, voted with six other colleagues to approve the design of the library plaque.Jenna Schoenefeld for The New York TimesThe wording of the plaque has thrown Huntington Beach — an Orange County surf town with 192,000 residents that’s about 30 miles southeast of downtown Los Angeles — into the national spotlight. But the dispute is part of a yearslong battle over the city’s political and cultural identity.Huntington Beach has become one of the reddest cities in one of the bluest states in America. Both before and after voters in November ousted the last three remaining Democratic members of the Council, city leaders have pushed a series of Trump-style policies and tangled in court with state officials.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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      A Book Club for Bewildered Democrats

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      One thing is even more demoralizing than President Trump’s apparent lawbreaking and kowtowing to Vladimir Putin. It’s that weeks of outrages have not significantly dented Trump’s popularity.Trump’s favorability ratings ticked down slightly in recent days but remain higher now than when he was elected in November. So let’s acknowledge a painful truth: Now that American voters have actually seen Trump trample the Constitution, pardon violent insurrectionists and side with the Kremlin against our allies, after all this, if the election were held today, Trump might well win by an even wider margin than he did in November.Democrats have been ineffective so far at holding Trump accountable, and he will do much more damage in the coming years unless we liberals figure out how to regain the public trust.Maybe Trump’s overreach will catch up with him. But a Quinnipiac poll last month showed the lowest level of approval for Democrats (31 percent) since Quinnipiac began asking the question in 2008.Part of the problem, I think, is that many educated Democrats are insulated from the pain and frustration in the working class and too often come across as out of touch. Instead of listening to frustrated workers, elites too often have lectured them, patronized them or dismissed them as bigots.That sense of our obliviousness is amplified when Trump takes a sledgehammer to the system, and we are perceived as defenders of the status quo. This will be a challenge to navigate, and I don’t pretend to have all the answers.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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      One Month into the Trump Presidency

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      The president has moved swiftly to remake Washington. But for business leaders, that volatility has often been hard to navigate. In his first month back in office, President Trump has rapidly begun to remake Washington. But with that has come big questions about what’s next.Al Drago for The New York TimesThe good, bad and puzzlingCorporate leaders and investors expected a bit of volatility to accompany President Trump’s second term. In many ways, that’s exactly what has happened one month in, with the radical cutting of the federal government, threats of trade wars and more.But amid a flurry of unexpected announcements — talks over a possible Ukraine peace plan that exclude Kyiv, the retention of tough Biden-era deal guidelines and a potential Elon Musk-enabled stimulus plan, for starters — and a lack of clarity over where Trump stands on a host of issues, many executives are asking themselves: How do we navigate this?Trump has made good on some of his campaign promises. He has vowed to impose tariffs to bolster American manufacturing. He has waged war on diversity, equity and inclusion programs, and more and more companies have fallen into line.And most notably, he has unleashed subordinates and Musk to raze huge portions of the Washington bureaucracy, with some courts refusing to stand in the way. The latest on that: The I.R.S. fired 6,700 workers on the eve of tax-filing season; Trump claimed the power to dismiss administrative law judges at will; and he reportedly plans to take control of the U.S. Postal Service, according to The Washington Post.But there’s a lot that business leaders and others are trying to figure out:Where does Trump actually stand on tariffs? He has spoken of a potential wide-ranging trade deal with China, even as he threatens Europe with huge levies.Trump’s position on Ukraine is increasingly unclear, as he publicly embraces Russia and castigates Kyiv and Europe. Treasury Secretary Scott Bessent is said to have pressured President Volodymyr Zelensky of Ukraine to hand over billions’ worth of Ukrainian mineral resources, according to The Wall Street Journal, while Secretary of State Marco Rubio privately told European leaders that Washington wasn’t looking to disrupt the diplomatic status quo.The administration’s antitrust cops have kept in place Biden era merger rules, dampening hopes for a deal resurgence. And despite efforts by tech companies like Meta to forge closer ties to Trump, the Federal Trade Commission’s new chief is weighing a scrutiny of Big Tech over censorship concerns.Trump’s efforts to gain more control over independent agencies may reach further into the Fed, with Musk vaguely promising an audit of the central bank.The president’s floating of potentially inflationary taxpayer payouts, funded by Musk’s government cost-cutting (whose true extent appears to change frequently), is drawing lukewarm support from congressional Republicans.Trump’s legislative agenda is in limbo, with the president splitting Republican lawmakers over matters like the budget.For now, corporate America appears to be along for the ride. A new survey by the Conference Board found that C.E.O. confidence recently reached a three-year peak, reflecting “confident optimism.”Whether that will persist — Americans appear increasingly worried about rising inflation and the Musk cost-cutting — remains to be seen. Stay tuned.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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      Elon Musk Is Focused on DOGE. What About Tesla?

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      Mr. Musk, one of President Trump’s main advisers, has not outlined a plan to reverse falling sales at the electric car company of which he is chief executive.Elon Musk’s role as President Trump’s cost-cutting czar and his immersion in right-wing politics appears to be diverting his attention from Tesla at a perilous moment for the electric car company.Tesla’s car sales fell 1 percent last year even as the global market for electric vehicles grew 25 percent. Mr. Musk has not addressed that underperformance, and he has offered no concrete plan to revive sales. He has also provided no details about a more affordable model Tesla says it will start producing this year. In the past, Mr. Musk spent months or years promoting vehicles before they appeared in showrooms.And he has spent much of his time since the election in Washington and at Mr. Trump’s home in Florida — far from Austin, Texas, where Tesla has its corporate headquarters and a factory, or the San Francisco Bay Area, where it has a factory and engineering offices.In the past decade or so, Tesla went from a struggling start-up to upending the global auto industry. The company sold millions of electric cars and generated huge profits, forcing established automakers to invest billions of dollars to catch up. Tesla’s success has been reflected in its soaring stock price, which helped make Mr. Musk the world’s richest person.But now, he seems to have lost interest in the grinding business of developing, producing and selling cars, investors and analysts say. That could have serious ramifications for his company and the auto industry, which employs millions of people worldwide.Even before he joined the Trump administration as the head of the Department of Government Efficiency, Mr. Musk’s running multiple companies had led investors and corporate governance experts to wonder whether he was spread too thin. Besides Tesla, Mr. Musk controls and runs SpaceX, whose rockets carry astronauts and satellites for NASA and others; X, the social media site; and xAI, which is developing artificial intelligence. And he wants to colonize Mars.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 Says He Would Have Had a ‘Very Nasty Life’ if He’d Lost the Election

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      President Trump said Wednesday he would have had a “very nasty life” if he lost the presidential election, a surprisingly public acknowledgment that his legal challenges could have consumed his life and brought jail time.“If I lost, it would have been very bad,” Mr. Trump said at an investment summit in Miami Beach. “It was dangerous, actually very dangerous.”When Mr. Trump won in November, the Justice Department abandoned the two federal cases against him, and a judge in Manhattan issued an unconditional discharge in his hush money case.Mr. Trump gave voice to something that his advisers had long said he had in the back of his mind as he campaigned. But he did not publicly acknowledge throughout 2024 that he was campaigning for his freedom as much as for the White House itself.The president made the comments in response to a question about how he would spend a year if granted a sabbatical. Mr. Trump did not directly answer the question, saying he was honored to be president. But he said it took “a certain amount of courage” to run again because of the personal risks.Mr. Trump also said he disagreed with historians’ assessment that Andrew Jackson and Abraham Lincoln, who was assassinated, were the two most mistreated presidents.“Nobody was treated like me,” he said. “Nobody, and I will tell you, you learn a lot about yourself, but there’s nothing I’d rather do.”During the presidential campaign, Mr. Trump faced dozens of criminal charges across four different cases. Jack Smith, who served as a special counsel, charged him in two different cases, one related to the Jan. 6, 2021, attack on the Capitol and another related to his handling of classified government documents after he left the White House in 2021. The documents case had been dismissed by a Trump-appointed judge, but Mr. Smith’s team was appealing it.He also faced charges in Georgia over attempts to overturn his election loss in 2020, and he was found guilty on all counts in the hush-money case in New York, where he could have faced up to four years in prison.Maggie Haberman More