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      The Markets Cheer Trump’s Treasury Pick, Scott Bessent

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      Investors seemed to signal their approval for Scott Bessent as a safe choice to implement the president-elect’s economic agenda.Stocks and bonds are gaining on Monday, as investors seem to cheer the pick of Scott Bessent to run the Treasury Department.Dominic Gwinn/Middle East Images/AFP via Getty ImagesA steady hand Stocks and bonds are rising on Monday, and the dollar is down. On the first trading day since Donald Trump chose the billionaire financier Scott Bessent as his pick for Treasury secretary, investors seem to be signaling they like the choice.The hedge fund mogul is seen as a steady hand to enact the president-elect’s economic vision — and, just as important, oversee the $28 trillion Treasuries market. “Investors prefer orthodoxy, predictability, and coherence from economic policy; there were fears that some of the candidates may not possess those attributes. Bessent does,” Paul Donovan, chief economist of UBS Global Wealth Management, wrote in a research note on Monday.The Key Square Group founder overcame serious opposition from some in Trump’s inner circle. Elon Musk derided Bessent as a “business-as-usual choice” and threw his weight behind Howard Lutnick, the C.E.O. of Cantor Fitzgerald. When Trump tapped Lutnick to lead the Commerce Department instead, Bessent was left to fight it out against the likes of Mark Rowan, the boss of Apollo Global Management, the private equity giant.Bessent won a “knife fight” to get the nod. On Wall Street, a document was circulated suggesting that his Key Square hedge fund had underperformed the booming markets. Bessent’s ascent is notable in that he doesn’t appear to have been on Trump’s radar during his first administration.His background as a former Democratic donor who worked with George Soros, a villain for the right, has also been scrutinized. (Interesting fact: Bessent furnished the progressive billionaire financier with key data that prompted Soros to make one of his most famous trades: shorting the British pound.) Some Trump backers, including Palmer Luckey, the defense tech entrepreneur, worried about Bessent’s commitment to the president-elect’s America-first agenda.Investors appear to have fewer qualms. Bessent gets high marks as a fiscal conservative and a champion of growth — at Key Square, he told clients that Trumponomics would usher in an “economic lollapalooza” — through deregulation and lower taxes.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 Cabinet: Inside the Many Ideologies of His Nominees

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      One faction of prospective nominees appears focused on revenge, another on calming markets and a third on relentlessly — perhaps hopelessly — cutting people and budgets.President-elect Donald J. Trump’s final flurry of cabinet picks and other appointments rounded out what his aides described as a unified, loyal, MAGA-driven administration. But scratch the surface and there are at least three distinct factions and a range of ideologies, barely suppressed to get through the rigors of the confirmation process.There is a revenge team, led by prospective nominees with instructions to rip apart the Justice Department, the intelligence agencies and the Defense Department, hunting down the so-called deep state and anyone who participated in the prosecutions of Mr. Trump.There is a calm-the-markets team, which Mr. Trump hopes will be led by Scott Bessent, the Wall Street billionaire who Mr. Trump chose for Treasury secretary. Mr. Bessent can recite the MAGA lines about deregulation and lower taxes but would likely try to make sure Mr. Trump’s most extreme solutions, like inflation-inducing tariffs on foreign goods, do not end the post-election stock market surge.And then there is a government shrinkage team, led by Elon Musk and Vivek Ramaswamy, whose goals are wildly ambitious, to put it mildly. They want to carve what Mr. Musk says will be “at least” $2 trillion from the annual federal budget, a figure that exceeds the annual cost of salaries for every federal employee. (For the record, the total federal budget in the 2024 fiscal year was $6.75 trillion.)How these missions will mesh and where they will collide is one of the biggest unknowns of the incoming administration.Diversity of ideology and opinion is usually seen as a strength, not a defect, of presidential cabinets. But if there is a surprise about Mr. Trump’s choices in recent days, it is the range of experiences and worldviews that in some cases lie just beneath a veneer of recently declared Make America Great Again loyalty — and loyalty to Mr. Trump himself. It is hard to imagine a few of his picks sitting comfortably at a Trump rally.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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      Los inmigrantes en todo EE. UU. se preparan para las medidas de Trump

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      La promesa del presidente electo de llevar a cabo deportaciones masivas ha empujado a los inmigrantes a buscar medidas de protección y asesoramiento.El presidente electo Donald Trump ha prometido reducir drásticamente la inmigración, tanto legal como ilegal, y aumentar las deportaciones desde el primer día.Los inmigrantes se apresuran a adelantarse a la ofensiva.Los residentes nacidos en el extranjero han estado saturando las líneas telefónicas de los abogados de inmigración. Están abarrotando las reuniones informativas organizadas por organizaciones sin fines de lucro. Y están tomando todas las medidas posibles para protegerse de las medidas radicales que Trump ha prometido emprender tras su toma de posesión el 20 de enero.“Gente que debería estar asustada está viniendo, y gente que está bien con una green card se está apresurando a venir”, dijo Inna Simakovsky, abogada de inmigración en Columbus, Ohio, quien añadió que su equipo se ha visto desbordado por las consultas. “Todo el mundo tiene miedo”, dijo.Las personas con tarjeta de residencia permanente, o green card, quieren convertirse en ciudadanos lo antes posible. Las personas que tienen un estatus legal precario o entraron ilegalmente en el país se apresuran a solicitar asilo, porque incluso si la petición es débil, tener un caso pendiente los protegería —con los protocolos actuales— de la deportación. Las personas que tienen una relación con algún ciudadano estadounidense están tramitando su matrimonio con rapidez, lo que les da derecho a solicitar la green card.En total, hay unos 13 millones de personas con residencia legal permanente. Y se calcula que había 11,3 millones de personas indocumentadas en 2022, la última cifra disponible.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 Is Running His Transition Team on Secret Money

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      Breaking with past practice, President-elect Donald J. Trump has not agreed to disclose the donors paying for his planning effort or to limit their contributions.President-elect Donald J. Trump is keeping secret the names of the donors who are funding his transition effort, a break from tradition that could make it impossible to see what interest groups, businesses or wealthy people are helping launch his second term.Mr. Trump has so far declined to sign an agreement with the Biden administration that imposes strict limits on that fund-raising in exchange for up to $7.2 million in federal funds earmarked for the transition. By dodging the agreement, Mr. Trump can raise unlimited amounts of money from unknown donors to pay for the staff, travel and office space involved in preparing to take over the government.Mr. Trump is the first president-elect to sidestep the restrictions, provoking alarm among ethics experts.Those seeking to curry favor with the incoming administration now have the opportunity to donate directly to the winning candidate without their names or potential conflicts ever entering the public sphere. And unlike with campaign contributions, foreign nationals are allowed to donate to the transition.“When the money isn’t disclosed, it’s not clear how much everybody is giving, who is giving it and what they are getting in return for their donations,” said Heath Brown, a professor of public policy at John Jay College of Criminal Justice who studies presidential transitions. “It’s an area where the vast majority of Americans would agree that they want to know who is paying that bill.”Mr. Trump’s transition team, led by Linda McMahon and Howard Lutnick, both of whom were nominated to cabinet positions last week, has repeatedly said it intends to sign the agreements with the Biden administration, known as memorandums of understanding.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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      Kim Kardashian exhibe productos de Tesla y desata teorías políticas

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      Sale de fiesta con Ivanka Trump y ha convertido productos de Tesla en accesorios de moda en las redes sociales. Pero asumir que se trata de declaraciones políticas podría ser incorrecto.¿Se ha vuelto Kim Kardashian parte del movimiento MAGA?Esa pregunta circuló por internet esta semana después de que Kardashian, la personalidad de la telerrealidad y preeminente influente de las redes sociales, publicara una serie de fotografías suyas en Instagram y X posando delante y dentro de un Tesla Cybercab.Llevaba tacones negros y medias de encaje sobre su característico conjunto moldeador de color nude, con un liguero y una chaqueta negra abultada. Un robot Optimus —que al parecer será capaz de hacer prácticamente cualquier cosa, ya sea manejar un Cybertruck o freír un huevo— iba sentado en el asiento del conductor.Había fotos de Kardashian de pie fuera del vehículo. Había fotos de ella sentada en el regazo del robot. Un representante de Kardashian, quien ha ocultado algunos contenidos patrocinados en el pasado, dijo que no se recibieron pagos a cambio de las publicaciones.El momento elegido para hacer estas publicaciones fue sin duda curioso. El director ejecutivo de Tesla, Elon Musk, ha ganado nueva prominencia como uno de los aliados más notables del presidente electo Donald Trump, e incluso Trump le ha pedido que se una a Vivek Ramaswamy para dirigir un nuevo “departamento de eficiencia gubernamental”.Esa conexión fue suficiente para que la gente empezara a especular sobre sus motivaciones, y algunos llegaron a conectar esos cargos con la aparente amistad de Kardashian con Ivanka Trump, la hija de Donald Trump, para reforzar la teoría de que había respaldado políticamente a Trump.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 recibe un curso intensivo sobre cómo funciona el mundo de Donald Trump

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      La persona más rica del mundo, no muy conocida por su humildad, está aprendiendo la despiadada política cortesana del círculo íntimo de Donald Trump, y su influencia final sigue siendo una incógnita.Durante los primeros 53 años de su vida, Elon Musk apenas pasó tiempo con Donald Trump. Luego, a partir de la noche del 5 de noviembre, básicamente no pasó tiempo sin él.Y así, Musk, más que cualquier otro actor clave en la transición presidencial, se encuentra en un entrenamiento intensivo para aprender la política cortesana del círculo íntimo de Trump. Para la persona más rica del mundo —no muy conocida por su humildad o su paciencia— es un reto de ingeniería social mucho más difícil y menos familiar que la fabricación pesada o la ciencia de cohetes.Abundan las dudas sobre si se graduará en 2028 con un título de cuatro años en Trumpismo: en este momento, en Washington y Silicon Valley, es como un juego de salón especular cuánto durará la relación Musk-Trump. La respuesta, como te dirán los asesores descartados del primer mandato de Trump, puede depender de la capacidad de Musk para aplacar al jefe y mantener un perfil relativamente bajo, pero también para apuñalar a un rival cuando llegue el momento.En resumen, cómo jugar a la política en el mundo de Trump.La mayoría de las personas que rodean actualmente a Trump en la transición son ayudantes curtidos en batallas anteriores o amigos personales desde hace décadas. Musk no es ni lo uno ni lo otro. Lo que aporta en cambio son sus 200 millones de seguidores en X y los aproximadamente 200 millones de dólares que gastó para ayudar a elegir a Trump. Ambas cosas han impresionado mucho al presidente electo. Trump, asombrado por la disposición de Musk a despedir al 80 por ciento del personal de X, ha dicho que el multimillonario de la tecnología ayudará a dirigir un Departamento de Eficiencia Gubernamental junto con Vivek Ramaswamy.Musk mostró a Trump y a legisladores republicanos la sala de control antes del lanzamiento de un cohete de SpaceX el martes, en el sur de Texas. Foto de consorcio de Brandon BellWe 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 Picks Rep. Lori Chavez-DeRemer for Labor Secretary

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      Lori Chavez-DeRemer, a first-term Republican representative from Oregon who narrowly lost her House seat this month, was chosen on Friday to serve as labor secretary in the coming Trump administration.“Lori has worked tirelessly with both business and labor to build America’s work force, and support the hardworking men and women of America,” President-elect Donald J. Trump said in a statement.A moderate from a swing district that includes parts of Portland, Ms. Chavez-DeRemer, 56, is not a major figure in American labor politics. But she was one of only a few House Republicans to support major pro-union legislation, and she split her district’s union endorsements with her Democratic opponent, Janelle Bynum, earning nods from ironworkers, firefighters and local Teamsters.When the House speaker, Mike Johnson, spoke at a Chavez-DeRemer rally in October, he said, “She’s got more labor union endorsements than any Republican I’ve ever seen in my life.”Labor leaders criticized Mr. Trump’s policies during his first term as president, and at one point in the race this year, he praised Elon Musk for a willingness to fire workers who go on strike. But Mr. Trump also proposed ending taxes on tips and overtime, and many rank-and-file union members embraced his pro-tariffs economic agenda.After Ms. Chavez-DeRemer’s defeat this month, the president of the Teamsters, Sean O’Brien, urged Mr. Trump to consider her for the labor secretary role, Politico reported. On Friday, Mr. O’Brien praised her selection, posting a photograph on X of himself standing with Mr. Trump and Ms. Chavez-DeRemer.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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      Dr Martin Makary Chosen to Head the FDA

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      President-elect Donald J. Trump announced on Friday that he would nominate Dr. Martin A. Makary, a Johns Hopkins University surgeon with a contrarian streak, to be commissioner of the Food and Drug Administration.In a post on social media, Mr. Trump said: “F.D.A. has lost the trust of Americans and lost sight of its primary goal as a regulator.” He said that Dr. Makary would work under Robert F. Kennedy Jr., the president-elect’s choice for the cabinet-level role as health secretary, to “properly evaluate harmful chemicals poisoning our nation’s food supply and drugs.”“I am confident that Dr. Makary, having dedicated his career to high-quality, lower-cost care will restore the F.D.A. to the gold standard of scientific research and cut the bureaucratic red tape at the agency to make sure Americans get the medical cures and treatments they deserve,” Mr. Trump said in a statement.Mr. Trump announced two other top health picks on Friday evening as well. He chose Dr. Dave Weldon, a physician and former congressman from Florida, to lead the Centers for Disease Control and Prevention.For years, Dr. Weldon championed the notion that thimerosal, a preservative once used widely in vaccines, caused an explosion of autism cases around the world. In 2007, he backed a bill proposing to take vaccine safety research out of the hands of the C.D.C. Health officials reject the idea that research shows any link between thimerosal and autism.Mr. Trump also put forward Dr. Janette Nesheiwat, a physician and Fox News contributor, to be surgeon general. She worked caring for patients after Hurricane Katrina, an announcement from Mr. Trump said, and on the front lines of the Covid pandemic in New York City. She also markets vitamin B and vitamin C dietary supplements.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