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    Inflation Is Rising. What Will That Mean for Trump’s Tariffs?

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    Consumer sentiment has turned south as high prices weigh on households. Could that crimp big pieces of the president’s economic agenda, including tariffs?Stubbornly high inflation is beginning to weigh on households, with sentiment souring fast, economists note.Brandon Bell/Getty ImagesRising prices hit a trade war President Trump isn’t backing off his tariff threats, despite the potential risk to the U.S. economy and financial markets.That puts additional focus on the latest Personal Consumption Expenditures report, the Fed’s favored inflation measure. It’s due for release at 8:30 a.m. Eastern.The question is whether lingering inflation also will have big implications for the Trump agenda, with some economists predicting that tariffs will raise inflation and lower growth, even if the target countries don’t retaliate. Friday’s report is expected to show only slight relief for consumers.Economists worry about a hot P.C.E. reading, which could push the central bank to keep borrowing costs higher well into the second half of the year, even as consumer confidence and the mood in the C-suites increasingly turn south and the economy shows signs of slowing.A recession is seen as unlikely, but there are other concerns. Recent data shows a growing affordability crunch with egg prices spiking (more on that below), home sales plummeting and jobless claims climbing. Watch next week’s jobs report for more, including which parts of the country could be hardest hit by Elon Musk-led cuts to the federal government. (Alaska is among them.)“With 3 million federal employees potentially worrying about their jobs and 6 million federal contractors worrying about their jobs, the risks are rising that households may begin to hold back purchases of cars, computers, washers, dryers, vacation travel plans, etc.,” Torsten Slok, Apollo’s chief economist, wrote in a research note on Thursday. Sentiment, he added, is “bad.”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 Donors Who Give at Least $1 Million or Raise $2 Million Get Inaugural Access

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      President-elect Donald J. Trump is raising money for his inauguration in increments as high as $2 million, according to materials from fund-raisers for the inauguration.A flier titled “Trump Vance Inaugural Committee Benefits” lists the perks of donating $1 million or raising $2 million for the event. Donors who reach that elite level receive as many as a half-dozen tickets to eight inaugural events from Jan. 17 to Jan. 20.After a divisive election, donors and corporations typically put big money into presidents’ inaugural committees as a way to support the president and also to curry favor with an administration that will be in power for four years. There are no limits on the donations that can be made to the Trump committee, which is structured as a political nonprofit for tax purposes, but gifts over $200 are disclosed to the Federal Election Commission.Highlights of the schedule of events for the elite donors and fund-raisers include a reception with cabinet picks and a dinner with Vice President-elect JD Vance and his wife, Usha Vance, on Jan. 18, and an “elegant and intimate dinner with President Donald J. Trump and Mrs. Melania Trump” on Jan. 19, described as “the pinnacle event.” Before the dissemination of this flier, Mrs. Trump had not confirmed her plans to attend the inaugural festivities, which include a Sunday morning interfaith service that the materials say she plans to attend with Mr. Trump.On Monday, Jan. 20, the big donors will receive six tickets each to attend the inauguration itself.Mr. Trump’s first inaugural committee, which was investigated by federal prosecutors for illegal foreign donations and resulted in a 12-year prison sentence for one donor, raised $107 million in 2016 and 2017. The current inaugural committee is being led by Steven Witkoff, a billionaire real estate mogul who has given nearly $2 million to Mr. Trump’s political causes over the past decade and who has been named a special envoy to the Middle East, and Kelly Loeffler, a former Republican senator from Georgia.Mr. Trump is continuing to raise money for his political efforts, too. On Dec. 19, he is expected to headline an event at his private Florida club, Mar-a-Lago, for a pro-Trump super PAC, MAGA Inc., where tickets cost $1 million a person, according to a copy of the invitation seen by The New York Times. More

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      Trump’s New Cologne: Eau de Musk

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      I was feeling sad that Melania may not care to come play first lady in the second Trump administration.She visited the East Wing only a couple of times during her husband’s first term, turning into the first lady of absenteeism, according to Katie Rogers, the author of “American Woman,” a history of modern first ladies. Her office there was so empty, her staff used it as a gift-wrapping station.Even so, I thought we might get a little comme il faut from “the Portrait,” as Ivanka nicknamed her stepmother — a small bow to protocol.But not likely. As some in the Trump orbit point out, it’s no accident that Barron is going to New York University, not a university here, like Georgetown or American.Melania will probably “move in” to the White House and drop by the capital, looking impervious and gorgeous. But in general, the Slovenian Sphinx is going to get even more sphinxy this time. She has made her disdain for D.C. clear. She skipped the ritual torch-passing of having tea in the Yellow Room of the White House with Jill Biden as the two presidents met. Jill had to settle for handing a note to Donald to take back to Melania in Palm Beach.The New York Post reported that Melania abhorred the Bidens because of the Mar-a-Lago documents raid in 2022, when she felt violated by F.B.I. agents with a search warrant snooping in the drawer with her fine washables.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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      Melania Trump Declines Jill Biden’s White House Invitation

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      Melania Trump, the former and incoming first lady, will not accompany President-elect Donald J. Trump to the White House on Wednesday, a person briefed on the plans said.Mrs. Trump had been invited by the current first lady, Jill Biden, for a traditional meeting between the incoming and outgoing presidential spouses as President Biden hosts Mr. Trump at the White House.But Mrs. Trump is declining the invitation, the person said, rebuffing a tradition that’s part of the transition of power.An aide to Mrs. Trump did not respond to a message about her plans.Mrs. Trump sometimes eschewed tradition in her first stint in the White House. She has not yet outlined how she plans to go about the role in the next administration.She has frequently been in New York as the president-elect’s youngest son, Barron, attends college there. In 2017, she didn’t move to Washington for several months while his school year was going on. More

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      5 Takeaways From Melania Trump’s Book: Abortion Rights, 2020 Election and More

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      Shining a little more light on her mysterious life, her memoir details her support for abortion rights, her doubts about the 2020 election and her explanation for that “I really don’t care” jacket.Melania Trump’s new memoir offers a few new glimpses into a life she has carefully walled off from the public, but readers hoping to understand one of the most mysterious first ladies in modern history will not make it past the gilded front gate.First ladies write memoirs because they want to be understood. (The hefty contract doesn’t hurt, either.) Hillary Clinton wrote about her husband’s affair with an intern and the poisonous political process that followed. Michelle Obama revealed that she was angrier with her husband’s critics — one in particular — than she had ever let on while he was in office. Laura Bush used her book to voice her support for gay marriage and abortion rights.It is almost as if they must survive the role before they can write about it.But in Mrs. Trump’s telling, her time as first lady was largely smooth sailing. Her book, an early copy of which was obtained by The New York Times before its release next week, does not reveal her to harbor differing views from her husband, beyond her support for abortion rights.In fact, her grievances — with the news media, with “the opposition” and with aides she believes failed her and her husband — sound a lot like her husband’s, only dressed up in couture.Here are five takeaways.The big revelation is that she supports abortion rights.Mrs. Trump made headlines this week when a reported excerpt from her book revealed that she supported abortion rights — a notable position given that her husband appointed three Supreme Court justices who helped overturn a constitutional right to the procedure.“A woman’s fundamental right of individual liberty, to her own life, grants her the authority to terminate her pregnancy if she wishes,” Mrs. Trump writes. “Restricting a woman’s right to choose whether to terminate an unwanted pregnancy is the same as denying her control over her own body.”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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      Melania Trump, Whose Husband Helped End Roe, Signals Support for Abortion Rights

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      Melania Trump, the former first lady, said in a video on Thursday that there was “no room for compromise” on a woman’s right to “individual freedom,” a day after a reported excerpt from her coming memoir said she supported abortion rights.Mrs. Trump’s comments landed as Mr. Trump and his party are trying to soften their opposition to abortion, a key issue threatening his support with women voters and attempt to return to the White House. They were released in a promotional video for a new memoir scheduled for release on Tuesday,, who opposes federal abortion rights and has taken credit for helping overturn Roe v. Wade. “Individual freedom is a fundamental principle that I safeguard,” she said in the video, which was posted to her account on X. “Without a doubt, there is no room for compromise when it comes to this essential right that all women possess from birth, individual freedom. What does my body, my choice really mean?”On Wednesday evening, the British news site The Guardian published excerpts from Mrs. Trump’s book, in which she appeared to go a step further than her words in the video: “A woman’s fundamental right of individual liberty, to her own life, grants her the authority to terminate her pregnancy if she wishes.”A spokeswoman for Skyhorse Publishing, the publisher of the book, did not respond to a request to confirm the book’s contents or supply an early copy.Mr. Trump, aware of the political pressure over his position on abortion rights, has gone from crowing over the downfall of Roe v. Wade, which had guaranteed a constitutional right to abortion, to pondering what limits on the procedure he would be willing to accept.Since the Supreme Court overturned Roe in 2022, Republicans have toyed with the idea of national abortion limits even as a number of state ballot measures to protect access to the procedure have succeeded.And Democrats have seized on the slate of new abortion restrictions in Republican-led states — and the harrowing stories from women who have died or faced life-threatening complications tied to restrictions on health care — as a winning issue ahead of November.So, in recent months, Mr. Trump has waffled on his views on access to the procedure. In a presidential debate against Vice President Kamala Harris last month, he declined to say whether he would support a national ban on abortion.On Wednesday, in an all-capital-letters post on social media, Mr. Trump said: “Everyone knows I would not support a federal abortion ban, under any circumstances, and would, in fact, veto it, because it is up to the states to decide based on the will of their voters (the will of the people!).”Mr. Trump went on to say he supported exceptions for abortion if a woman had been raped or a victim of incest, or if her life were in danger. More

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      Melania Trump reaparece en una serie de videos enigmáticos

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      En uno de ellos, publicado en línea el martes, la ex primera dama reflexiona con tono conspiranoico sobre el atentado contra la vida de su marido. Los videos pretenden promocionar unas nuevas memorias.[Estamos en WhatsApp. Empieza a seguirnos ahora]¿Qué está pasando con Melania?Esta pregunta constante se plantea ahora que la ex primera dama, quien ha permanecido casi totalmente oculta mientras su marido hacía campaña para la Casa Blanca, ha empezado a resurgir.Melania Trump publicará sus memorias el 8 de octubre. Llevan por título Melania. Ha estado publicando breves videos de sí misma hablando a la cámara, que su marido, el expresidente Donald Trump, ha estado publicando en sus propias redes sociales.Fiel al estilo de esfinge de Melania Trump, sus videos son algo enigmáticos.En uno de ellos, publicado el martes, aparece ante un sombrío telón de fondo, vestida de negro, para reflexionar sobre el atentado contra su marido. “El silencio que rodea el hecho se siente pesado”, dice mientras suena de fondo una melodía angustiosa que parece sacada de una película de Alan Pakula. “No puedo evitar preguntarme por qué las fuerzas del orden no detuvieron al tirador antes del discurso. Definitivamente hay algo más en esta historia, y tenemos que descubrir la verdad”.¿Se descubrirá la “verdad” en melaniatrump.com, el sitio al que ella enlaza? Hay que hacer un pedido anticipado para averiguarlo (250 dólares por la edición de coleccionista, que incluye un “coleccionable digital”).En otro video, publicado el domingo, Melania Trump narra mientras un texto blanco se arrastra sobre un fondo negro: “Cada vez es más evidente que existen importantes desafíos a la libertad de expresión, como demuestran los esfuerzos por silenciar a mi marido”.Los misteriosos videos sobre fuerzas misteriosas son lo más que el público ha oído de la misteriosa ex primera dama en mucho tiempo. No estuvo al lado de Trump en su reciente juicio en Manhattan (tal vez porque giraba en torno al dinero pagado a una estrella del porno). Apareció en dos actos de recaudación de fondos este año, en Mar-a-Lago y en la Torre Trump, ambos con republicanos homosexuales —hubo algunas fotos en The Daily Mail—, pero ha habido poco más allá de eso.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 Made $300,000 for Endorsing Bible, Financial Disclosure Shows

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      Donald J. Trump also listed $100 million in liabilities over judgments he owes in civil cases, and over $1 million in crypto holdings as he courts the industry for his campaign.Donald J. Trump’s latest financial disclosure lists more than $100 million in liabilities stemming from three civil lawsuits he lost in New York that required him to obtain bonds to pay the judgments — but also profits from licensing fees at Trump-branded properties in Dubai and Oman, as well as income that he made from his post-presidential books, including a Trump-endorsed Bible.The former president also holds more than $1 million in cryptocurrency as he courts the industry for financial support in his 2024 campaign. A related industry, NFT collectibles, is also a source of income.The disclosure, filed on Thursday and required annually for federal candidates and officeholders, often describes assets, investments, sources of income and liabilities in broad ranges, though some figures are provided in greater detail.The three new liabilities that appear on Mr. Trump’s form are all related to his legal troubles, including a line item of more than $50 million to cover his bond in a civil fraud case brought by the New York attorney general, Letitia James.The two judgments against him in the sexual abuse case involving E. Jean Carroll are listed as “litigation; stayed pending appeal; bonded.” The larger of the two is listed in the largest category for liabilities: $50 million or more. The actual judgment was for $83.3 million.The book “Letters to Trump,” a compendium of personal notes that various celebrities have written to Mr. Trump over many decades, with short blurbs about the people in question, brought in $4.5 million, according to the filing. (The book includes a letter from Willie Brown, the former mayor of San Francisco with whom Mr. Trump claims he was traveling when they experienced an emergency helicopter landing. Mr. Trump included that anecdote in the book, but Mr. Brown says it did not take place, and another Black politician from California, Nate Holden, says it was actually him on that helicopter ride.)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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      Spotted at the RNC: Melania Trump, and Many Faux Ear Bandages

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      As the Republican National Convention drew to a close, it painted a red, white and blue picture.On the final night of the Republican convention, just in time for her husband’s official nomination as his party’s presidential candidate, Melania Trump finally took her place by his side — sort of.She was the last Trump family member to make her entrance at Fiserv Forum in Milwaukee, stoking the will-she-or-won’t-she anticipation to the end, arriving well after Ivanka Trump and her husband, Jared Kushner, who have also been largely absent during the campaign; Don Jr. and his fiancée, Kimberly Guilfoyle; Eric Trump and his wife, Lara; and Tiffany Trump and her husband, Michael Boulos. (Barron Trump, Donald Trump’s son with Melania, did not appear, but assorted grandchildren did.)She walked in alone, in a red suit and towering red heels, hair down, bestowing queenly waves on an adoring crowd.Melania Trump enters on the red carpet at the final night of the Republican convention.Doug Mills/The New York TimesIf the suit struck a chord, that may be because it had been seen before. Mrs. Trump had worn the ensemble — from Dior, with a New Look silhouette — in 2017, when, as first lady, she visited Paris with her husband for the Bastille Day celebrations. For anyone who remembers that suit, seeing it again was like sliding down a wormhole to the recent past when the Trumps occupied the White House — a further reminder, like the virtual White House projected behind Mr. Trump as he made his speech, of the point of the whole shebang.Mrs. Trump was offering something of a preview of how she may again play her part. (Not to mention the fact that, despite Mr. Trump’s statements about manufacturing in America and buying American, she has never seemed all that interested in that idea.)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