Andrew Puzder’s replacement, Alexander Acosta, hails from an immigrant background (his parents came from Cuba), and he is a former U.S. attorney. But there is no reason to expect him to have any great compassion or concern for the little guy. Trump’s white working-class supporters are in for nothing but disappointment.
President Donald Trump swore in former Goldman Sachs banker and Hollywood financier, Steven Mnuchin, as Treasury secretary on Monday, putting him to work on tax reform, financial de-regulation, and economic diplomacy efforts. At a White House swearing-in ceremony, Trump said Mnuchin would be a “great champion” for U.S. citizens.
Following an election that was, in large part, an expression of Americans’ deep unhappiness with the economy, President Donald Trump’s promise to bring back job growth and a booming stock market appear to be somewhat at odds with the policies he’s putting in place during the first 20 days of his presidency.
Combining public bluster with behind-the-scenes diplomacy, China wrested a concession from the United States as the two presidents spoke for the first time this week, but Beijing may not be able to derive much comfort from the win on U.S. policy toward Taiwan. In getting Trump to change course on the “one China” policy, Beijing may have overplayed its hand.
In a letter to Goldman Sachs’ CEO Lloyd Blankfein, Democratic Senators Elizabeth Warren and Tammy Baldwin asked for details on “lobbying” activities in the bank related to review of the Dodd-Frank Act and the Obama-era fiduciary rule on financial advice.
“What Donald Trump wants to do is fire one of the most important financial cops and then say to the American people, you keep walking down this dark alley and, you know, what happens is what happens,” Warren said in a recent interview. The financial cop in question is Consumer Financial Protection Bureau director Richard Cordray.
Public opinion surveys consistently reveal that the great majority of us say that people on the lower rungs of the economic ladder — the poor and the failing middle class— are the ones Congress should focus on. But, then, regular people don’t run Congress — or Donald Trump’s White House.
U.S. stocks opened lower on Monday as investors sought fresh catalysts after a strong jobs report last week, while uncertainty over President Donald Trump’s policies continued to weigh. Investors are wary about Trump’s focus on isolationist policies including travel restrictions to the United States.
After a weekend of protests sparked by Trump’s immigration and refugee ban, on the heels of his spat the prior week with the Mexican president and confusing White House statements on import taxes, Wall Street is rethinking its assumptions about a Trump presidency and how good it will be for the economy.
The overwhelming majority of economists agree that prosperity requires countries to specialize in what they are good at producing, rather than trying to make and consume everything domestically. And the only way that specialization can work is if countries trade with one another and also allow a degree of capital and even labor mobility.
The U.S. Senate panel tasked with vetting Andrew Puzder to head the Labor Department has postponed its tentative plans to hold his confirmation hearing yet again, a move that some political strategists say could signal trouble for the fast-food executive.
Even though President Trump appears to reject some standard Republican orthodoxy, such as on trade, Trump’s decision to nominate Puzder to lead the labor department indicates that the Trump administration will put forth more of the same trickle-down nonsense. We know all too well the damage trickle-down causes.
Like so many previously held assumptions, the assumed alliance and cooperation between the United States and Mexico is being tested, if not toppled. Mexico’s President Enrique Peña Nieto is confronted with an unapologetic Trump ready to tear up the 23-year old NAFTA, deport millions of illegal Mexican immigrants, and build his wall.
Authoritarians love walls. That will be his scrawl across America. It will make an enemy of our neighbor, Mexico, but who cares? That may be his foreign policy in a nutshell. We’re living in Donald Trump’s reality now, and the “truth” is what Trump says it is.
The U.S. and Mexico are partners in a variety of cross-border cooperative agreements, but President Trump’s continued criticism of Mexico threatens to return U.S.-Mexico relations to the frosty state they were in the last century, when the relationship was so delicate that Nazi Germany made a play for an alliance with Mexico.
While the media spent the last week spilling digital ink over inauguration numbers, the new administration was diminishing women’s health and safety around the world, chipping away at health care for millions of Americans, and pouring money that could feed and insure children into a useless garbage heap along the border.
As the Kremlin tries to woo yet another incoming U.S. administration, Moscow expects to count on what it considers the “greed” of Big Oil to help it end the sanctions strangling its economy and to attract fresh investment in its energy industry. Perhaps this time around, the U.S. government and the Western oil industry will more accurately view Russia as a wolf in sheep’s clothing.
The cost of the so-called “bathroom bill,” which bars transgender people from using restrooms that match their gender identity, could run as high as $8.5 billion and result in a loss of 185,000 jobs in the first year alone, according to the Texas Association of Business, a conservative group that is the state’s leading employer organization.
Trump wants the measure to be part of a broader tax overhaul package that the U.S. Congress is contemplating. “Our country’s policy is to tax exports and let imports flow freely in, which is ridiculous. But by doing it that way we can do $10 billion a year and easily pay for the wall. Just through that mechanism alone,” Spicer told reporters
Auto industry officials expect Trump to urge Canada and Mexico to agree to new tougher “rules of origin” that would require a higher percentage of North American content to be considered tariff free. Under NAFTA, at least 62.5 percent of a passenger car or light truck’s net cost must originate in North America – defined as the United States, Canada, or Mexico – to avoid tariffs.
U.S. President Donald Trump could sign an executive order as early as Monday morning intended to renegotiate NAFTA. In addition to wanting to renegotiate the North American Free Trade Agreement, the new Republican president also intends to sign an executive order pulling out of the Trans-Pacific Partnership (TPP), NBC reported.
Never mind that Trump is really just that guy at the end of the bar who, with beer-lubricated certainty and megaphone volume, tells you how to solve humanity’s most intractable problems. And maybe as he’s speaking, as you’re under the spell of it, it sounds like wisdom. But the next morning, you sober up and see it for the hogwash it is.
Trump – now hours away from his inauguration – has vowed to make sweeping changes to U.S. trade policy, and economists see his protectionism as the biggest risk to U.S. growth. U.S. companies employ more than 600,000 people in Germany, the United States’ biggest European trading partner, and German firms employ roughly the same number in the U.S.
More than 6 million Americans are directly employed by majority foreign-owned firms, and over 12 million American jobs are linked to foreign investment. These jobs pay one-third more than the economy wide average, 40 percent are in manufacturing, and there has been significant growth in Rust Belt states.
In what was scheduled as the final news conference of his presidency, Obama said that after all he has witnessed, he is walking away with a sense of hopefulness about the country and where it is going. Obama told a room of reporters that, despite the worry felt by many of his fellow partisans about the incoming Trump administration, “we’re going to be OK.”