Trump, Donald J

Subterms

    More stories

    • 88 Shares149 Views

      in Elections

      Inflation Concerns Loom as Trumponomics Revs Up

      by

      Investors are bracing for the latest data as the president-elect’s economic agenda of cutting immigration and taxes, while raising tariffs takes shape.Progress on tamping down inflation has stalled in recent months. Will today’s data show more of the same?David Zalubowski/Associated PressTrump puts inflation on the agenda The inflation risk stalking the markets eased over the summer, but it never really went away. It’s front and center again as investors contend with a Trumponomics crackdown on immigration, a rising trade-war risk and a potential bonanza of tax cuts.An important inflation measure comes out at 10 a.m. Eastern: the Personal Consumption Expenditures index report. It’s the Fed’s preferred inflation gauge and one of the last big data releases of the year that the central bank will consider as it ponders when to lower borrowing costs further. (Next week’s jobs report is another.)Donald Trump’s latest trade threats show how uncertain the outlook could be. Since the president-elect this week vowed to impose tariffs on Canada, China and Mexico — the United States’ three biggest trade partners — analysts have been gaming out the potential impact. Economists fear that it could add bottlenecks and costs to supply chains and reignite inflation, and that it could scramble the Fed’s policy on interest rates.A worst-case scenario from Deutsche Bank economists: that core P.C.E. next year would jump by an additional 1.1 percentage points if the Trump tariffs were fully enacted. Is the tariff talk an opening salvo for trade negotiations, or a fait accompli? That uncertainty can be felt in the $28 trillion market for U.S. Treasury notes and bonds: Yields hit a four-month high this month, though they are down on Wednesday. Yields climb when prices fall, and have been especially sensitive to concerns that fiscal policy could fuel inflation.Here’s what to watch for in Wednesday’s P.C.E.:Core P.C.E., which excludes volatile food and food prices, is forecast to come in at 2.8 percent on an annualized basis. That would be 0.29 percent above September’s reading.Such a rise would represent a second straight month of inflation trending higher, putting the level further above the Fed’s 2 percent target. The report “should show another ‘bump in the road’ on the path to 2 percent inflation,” Veronica Clark, an economist at Citigroup, wrote in an investor note this week.The culprits are thought to be shelter inflation — especially house prices, with mortgage rates soaring — and used car prices, as well as higher portfolio management fees.Futures traders on Wednesday were pricing in roughly 60 percent odds of a Fed rate cut next month. But their calculations have been volatile in recent months, and a surprisingly hot number could cause a shift in thinking once again.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

    • 125 Shares179 Views

      in Elections

      Trump Picks Stanford Physician Dr. Jay Bhattacharya to Head N.I.H.

      by

      President-elect Donald J. Trump said on Tuesday evening that he had selected Dr. Jay Bhattacharya, a Stanford physician and economist whose authorship of an anti-lockdown treatise during the coronavirus pandemic made him a central figure in a bitter public health debate, to be the director of the National Institutes of Health.“Together, Jay and RFK Jr. will restore the NIH to a Gold Standard of Medical Research as they examine the underlying causes of, and solutions to, America’s biggest health challenges, including our Crisis of Chronic Illness and Disease,” Mr. Trump wrote on social media, referring to Robert F. Kennedy Jr., his choice to lead the N.I.H.’s parent agency, the Department of Health and Human Services.If confirmed by the Senate, Dr. Bhattacharya would lead the world’s premier medical research agency, with a $48 billion budget and 27 separate institutes and centers, each with its own research agenda, focusing on different diseases like cancer and heart disease.Dr. Bhattacharya is the latest in a series of Trump health picks who came to prominence during the coronavirus pandemic and who hold views on medicine and public health that are at times outside the mainstream. The president-elect’s health choices, experts agree, suggest a shake-up is coming to the nation’s public health and biomedical establishment.Dr. Bhattacharya is one of three lead authors of the Great Barrington Declaration, a manifesto issued in 2020 that contended that the virus should be allowed to spread among young healthy people who were “at minimal risk of death” and could thus develop natural immunity, while prevention efforts were targeted to older people and the vulnerable.Through a connection with a Stanford colleague, Dr. Scott Atlas, who was advising Mr. Trump during his first term, Dr. Bhattacharya presented his views to Alex M. Azar II, Mr. Trump’s health secretary. The condemnation from the public health establishment was swift. Dr. Bhattacharya and his fellow authors were promptly dismissed as cranks whose “fringe” policy prescriptions would lead to millions of unnecessary deaths.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

    • 88 Shares129 Views

      in Elections

      Trump Selects Jamieson Greer as Trade Representative

      by

      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

    • 113 Shares189 Views

      in Elections

      Trump Taps Kevin Hassett to Lead National Economic Council

      by

      President-elect Donald J. Trump selected Kevin Hassett on Tuesday to be the director of the White House National Economic Council, giving an adviser who served as his top economist during his first term a leading role in steering his economic agenda.As the director of the N.E.C., Mr. Hassett will work closely with the Treasury secretary to push forward Mr. Trump’s economic plans, focused on cutting taxes, increasing tariffs and expanding energy production. The role is one of the most expansive in the administration and will put Mr. Hassett at the center of the most pressing policy debates.“He will play an important role in helping American families recover from the Inflation that was unleashed by the Biden Administration,” Mr. Trump said in a statement. “Together, we will renew and improve our record Tax Cuts, and ensure that we have Fair Trade with Countries that have taken advantage of the United States in the past.”Mr. Trump has been rounding out his economic team, having last week picked Scott Bessent to run the Treasury Department and Howard Lutnick, the former chief executive of Cantor Fitzgerald, to lead the Commerce Department. Those positions, unlike the N.E.C. directorship, require Senate confirmation.Mr. Trump also selected Jamieson Greer, a lawyer and former Trump official, to lead the Office of the United States Trade Representative.Mr. Greer is a partner in international trade at the law firm King & Spalding. During Mr. Trump’s first term, he 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 NAFTA with Canada and Mexico.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

    • 113 Shares139 Views

      in Elections

      Trump Team Signs Transition Agreement but Shuns F.B.I. Clearances

      by

      President-elect Donald J. Trump’s team will have some formal briefings with outgoing staff members, but it has so far refused to allow the F.B.I. to do security clearances for transition members.President-elect Donald J. Trump’s team has signed a transition agreement with the White House that will allow them to begin formal briefings with outgoing staff members in agencies across the government, Mr. Trump’s chief of staff said on Tuesday evening.But Mr. Trump’s team has so far refused to sign an agreement with the Justice Department to allow the F.B.I. to do security clearances for transition members. Without that, Biden administration officials will be unable to share classified information with many of Mr. Trump’s transition aides.The Trump team is also refusing to sign an agreement with the General Services Administration that usually provides secure office space, government email accounts and other support. White House officials said that would make sharing information with Mr. Trump’s officials more difficult over the next two months.In recent decades, incoming presidents have signed agreements with their predecessors to smooth the transition of power. The goal is to ensure that the new administration is ready to take over on Jan. 20 and that its officials adhere to basic ethical standards.Susie Wiles, who will serve as Mr. Trump’s top staff member in the White House, said in a statement that the president-elect had directed that his team sign the traditional memorandum of understanding so that the process of information sharing between the outgoing and incoming administrations could begin.“This engagement allows our intended cabinet nominees to begin critical preparations, including the deployment of landing teams to every department and agency, and complete the orderly transition of power,” Ms. Wiles said in the 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

    • 75 Shares119 Views

      in Elections

      Trump’s Tariff Threat Roils Global Markets

      by

      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

    • 150 Shares119 Views

      in Elections

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

      by

      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

    • 150 Shares159 Views

      in Elections

      Top Trump Aide Accused of Asking for Money to ‘Promote’ Potential Appointees

      by

      President-elect Donald J. Trump’s legal team found evidence that a top adviser asked for retainer fees from potential appointees in order to promote them for jobs in the new administration, five people briefed on the matter said on Monday.Mr. Trump directed his team to carry out the review of the adviser, Boris Epshteyn, who coordinated the legal defenses in Mr. Trump’s criminal cases and is a powerful figure in the transition. Several people whom Mr. Trump trusts had alerted him that Mr. Epshteyn was seeking money from people looking for appointments, three of the people briefed on the matter said.David Warrington, who was effectively the Trump campaign’s general counsel, conducted the review in recent days, the results of which were described to The New York Times. The review claimed that Mr. Epshteyn had sought payment from two people, including Scott Bessent, whom Mr. Trump recently picked as his nominee for Treasury secretary.According to the review, Mr. Epshteyn met with Mr. Bessent in February, at a time when it was widely known that he was interested in the Treasury post, and proposed $30,000 to $40,000 a month to “promote” Mr. Bessent around Mar-a-Lago, Mr. Trump’s estate in Florida.Mr. Bessent declined. He also did not partake in another effort by Mr. Epshteyn, described in the report, to get him to invest in a three-on-three basketball league, but played along with him to avoid offending such a seemingly powerful figure in Mr. Trump’s world.Mr. Bessent then called Mr. Epshteyn on Nov. 14 to see whether he was criticizing Mr. Bessent to people around Mr. Trump, the review said. Mr. Epshteyn told Mr. Bessent that it was “too late” to hire him and that he was “Boris Epshteyn,” with an expletive between the two names. He then suggested the hiring was for consulting.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