{"id":128295,"date":"2024-11-21T05:27:56","date_gmt":"2024-11-20T22:27:56","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=128295"},"modified":"2024-11-21T05:27:56","modified_gmt":"2024-11-20T22:27:56","slug":"trump-transition-live-updates-republicans-block-release-of-ethics-report-on-gaetz","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=128295","title":{"rendered":"Trump Transition Live Updates: Republicans Block Release of Ethics Report on Gaetz"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<p>The conflicting goals of President-elect Donald J. Trump\u2019s economic agenda have been playing out as he <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/11\/17\/us\/politics\/trump-treasury-candidates.html\" title=\"\">debates whom to choose as his Treasury secretary<\/a>, a job that will entail steering tax cuts through Congress, leading trade talks with China and overseeing the $30 trillion U.S. bond market. <\/p>\n<p>Budget experts have warned that his plans <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/10\/07\/us\/politics\/trump-economic-plans-debt-costs.html\" title=\"\">could add as much as $15 trillion<\/a> to the national debt while increasing inflation and slowing growth. But Mr. Trump is not in the market for a naysayer. After a first term in which some of his top economic aides tried to tame his protectionist impulses, Mr. Trump is seeking a Treasury secretary who will carry out his unconventional plans while still having the credibility to keep markets buoyant.<\/p>\n<div>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">That mix of qualities is not easy to find.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">\u201cI think Trump has a problem in that he wants two different things,\u201d said Lawrence H. Summers, who served as Treasury secretary in the Clinton administration. \u201cHe wants somebody who will be deeply loyal, and he wants someone who will be deeply reassuring to markets. Since markets are fearful of the tariff agenda, it\u2019s hard to square both things.\u201d<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">In recent days, Mr. Trump has been considering several candidates for the job, and their prospects have been rising and falling by the hour, according to people familiar with the deliberations.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">The current front-runners are Scott Bessent, the billionaire hedge fund manager, and Kevin Warsh, a former Federal Reserve governor. Marc Rowan, the chief executive of Apollo Global Management, is also in the running, while Howard Lutnick, Mr. Trump\u2019s transition co-chairman and the chief executive of Cantor Fitzgerald, appeared to fall out of favor for that post and <a class=\"css-yywogo\" href=\"#howard-lutnick-trump-commerce-secretary\" title=\"\">was tapped on Tuesday to serve as commerce secretary<\/a> instead.<\/p>\n<div data-testid=\"imageblock-wrapper\">\n<figure class=\"img-sz-medium css-d754w4 e1g7ppur0\" aria-label=\"media\" role=\"group\"><figcaption data-testid=\"photoviewer-children-caption\" class=\"css-gbc9ki ewdxa0s0\"><span class=\"css-jevhma e13ogyst0\">The current Treasury front-runners are, from left, Scott Bessent, a billionaire hedge fund manager; Kevin Warsh, a former Federal Reserve governor; and Marc Rowan, the chief executive of Apollo Global Management.<\/span><span class=\"css-14fe1uy e1z0qqy90\"><span class=\"css-1ly73wi e1tej78p0\">Credit&#8230;<\/span><span><span aria-hidden=\"false\">From left: Dominic Gwinn\/AFP via Getty Images; Brendan McDermid\/Reuters; Craig Hudson\/Bloomberg<\/span><\/span><\/span><\/figcaption><\/figure>\n<\/div>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">Mr. Trump has made unorthodox choices for some cabinet posts. But a Treasury secretary pick who is seen as unserious could rattle markets and impede his ability to deliver on his economic promises. For that reason, Mr. Trump needs a secretary who is respected in corporate America and can strike a balance between supporting tariffs while not seeming eager to start a trade war that could tank the global economy.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">\u201cInvestors are on edge regarding the Trump Treasury secretary pick and what it might signal about the balance of power within the administration on economic policy, the mix of market-friendly versus -unfriendly policies, and how less market-friendly trade and immigration policies plus deficits will be calibrated to mitigate adverse impacts,\u201d analysts at Evercore ISI wrote in a note to clients this week.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">Analysts at the research group Beacon Policy Advisors theorized on Tuesday that Mr. Trump had the stock market in mind as he considered his decision. They noted that one reason Mr. Trump had not selected Robert Lighthizer, his <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/10\/30\/us\/politics\/lighthizer-trump.html\" title=\"\">trusted former trade representative<\/a> and the architect of the tariffs in his first term, was that the president-elect was mindful of the effect that the choice would have on markets.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">\u201cUltimately, Trump will likely select a nominee who can sell his tariffs to the markets rather than mitigate them,\u201d they wrote in a report analyzing the stakes of the decision. \u201cWhen it comes to Trump, tariffs can be seen as an end goal in themselves.\u201d<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">Although the Treasury secretary does not direct trade policy or enact tariffs, the person in the role is generally the economic face of an administration whose goal is to instill confidence in the U.S. economy. The Treasury secretary is expected to explain America\u2019s economic policies to companies and investors around the world, helping to ensure that investment flows into the United States and investors continue to see its debt as a solid investment.<\/p>\n<div class=\"css-1dzyl5h\">\n<section data-testid=\"inline-interactive\" id=\"government-debt\" data-id=\"100000009833667\" data-source-id=\"100000009833667\" class=\"interactive-content interactive-size-scoop css-174j8de\">\n<div class=\"css-17ih8de interactive-body\" slug=\"government-debt\" data-sourceid=\"100000009833667\" id=\"embed-id-100000009833667\">\n<p>Federal debt as a share of G.D.P.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/datawrapper.dwcdn.net\/uCFOS\/1\/?plain=1\" width=\"100%\" height=\"400\" scrolling=\"no\" frameborder=\"0\" allowtransparency=\"true\"><\/iframe><\/div>\n<\/section>\n<\/div>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">The Treasury Department is at the core of the federal government and issues debt to fund the nation\u2019s operations and pay its bills, including paying Social Security and veterans\u2019 benefits. Although the American economy is the strongest in the world, the national debt is <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/07\/29\/us\/politics\/national-debt-35-trillion.html\" title=\"\">approaching $36 trillion<\/a>, and prices remain high after two years with record levels of inflation.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">\u201cWhoever becomes Treasury secretary will face a full plate and daunting challenges, including making the case for large tax cuts, which will cause a huge explosion in debt and deficits, dealing with the Fed \u2014 and perhaps combatively so \u2014 on behalf of the president,\u201d said Mark Sobel, a longtime former Treasury official.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">He added that Mr. Trump\u2019s Treasury secretary will also have to deal with \u201cjousting over the dollar and exchange rate policy with noisy White House and trade teams calling for devaluation.\u201d<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">Mr. Trump has often said that, for the sake of U.S. exports, <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/07\/16\/us\/politics\/trump-vance-us-dollar.html\" title=\"\">he would prefer to see the dollar weaken<\/a> because that would make American goods cheaper to buy overseas. But most economists expect his plans to impose tariffs on imports and cut taxes, among other actions, <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/11\/07\/business\/economy\/trump-tariffs-trade-what-to-know.html\" title=\"\">to have the opposite<\/a> effect.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">The day after the election, the dollar rose the most it had in years against a basket of other major currencies. And <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/11\/14\/business\/strong-dollar-trump.html\" title=\"\">it has continued to rise<\/a>, hitting a fresh high for the year last week.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">Mr. Trump\u2019s victory also has led to <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/11\/07\/business\/bond-market-trump.html\" title=\"\">unease among bond investors<\/a>, who worry about government largess and the resurgence of inflation under the president-elect. That has led to a rise in bond yields, which means investors expect to be paid more in interest in exchange for lending to the government.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">A booming stock market is another priority for Mr. Trump, who sees stock prices as a critical indicator for the health of the economy. However, during Mr. Trump\u2019s first term, each new round of tariffs that he imposed on Chinese imports sent stocks falling.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">That dynamic is likely to play out again, as Mr. Trump has called for blanket tariffs as high as 50 percent on imports and even higher tariffs on goods from certain countries.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">\u201cTariffs are going to increase costs on a lot of U.S. multinationals\u201d said Brad Setser, a senior fellow at the Council on Foreign Relations. \u201cThe conventional wisdom is that would make many in the market nervous.\u201d<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">Mr. Setser, who served as the deputy assistant secretary for international economic analysis at the Treasury Department from 2011 to 2015, said that the desire for a rising stock market and higher tariffs were \u201csomewhat in tension\u201d and that Mr. Trump\u2019s Treasury secretary will have to grapple with those crosscurrents.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">As Mr. Trump and his advisers have been considering that pick, a belief in the merits of tariffs has been a priority. Mr. Trump\u2019s first Treasury secretary, Steven T. Mnuchin, often argued against increasing tariffs on China and warned about the potential market implications.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">That has put the views of the current group of front-runners in focus.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">Mr. Warsh argued in a <a class=\"css-yywogo\" href=\"https:\/\/www.wsj.com\/articles\/SB10001424053111904007304576498110929470674\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">2011 Wall Street Journal essay<\/a> written with Jeb Bush, the former Florida governor who ran against Mr. Trump in 2016, that \u201cwe must find our voice to resist the rising tide of economic protectionism.\u201d<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">Mr. Bessent has suggested recently that Mr. Trump\u2019s tariff threats are a \u201cmaximalist\u201d negotiating strategy to secure better free trade deals, and he has expressed concern about flouting World Trade Organization rules. Those comments led some of Mr. Bessent\u2019s detractors to argue that he is not a true believer in tariffs or, as the increasingly influential billionaire Elon Musk recently said, is \u201ca business-as-usual choice.\u201d<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">\u201cBusiness-as-usual is driving America bankrupt, so we need change one way or another,\u201d Mr. Musk, who expressed support for Mr. Lutnick to get the job, <a class=\"css-yywogo\" href=\"https:\/\/x.com\/elonmusk\/status\/1857819784865362211?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1857819784865362211%7Ctwgr%5E443767d815922be3817e3e83aaa62be0032dd8e7%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2024-11-16%2Fmusk-throws-support-to-lutnick-over-bessent-in-treasury-race\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">wrote on social media on Saturday<\/a>.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">For Mr. Trump, the decision could come down to whom he most trusts to be loyal.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">Stephen Moore, a Heritage Foundation economist who advised Mr. Trump\u2019s first campaign, said that Mr. Trump benefits from aides who will try to steer him away from making mistakes but that he has learned to prioritize hiring people who believe in his policies. That is especially true, he said, when it comes to tariffs.<\/p>\n<p class=\"live-blog-post-content css-h61jh5 evys1bk0\">\u201cIf you\u2019re going to go in and work for Trump, you\u2019ve got to be on board with the agenda,\u201d Mr. Moore said.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2024\/11\/20\/us\/politics\/matt-gaetz-house-ethics-report.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The conflicting goals of President-elect Donald J. Trump\u2019s economic agenda have been playing out as he debates whom to choose as his Treasury secretary, a job that will entail steering &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=128295\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8629],"tags":[],"class_list":["post-128295","post","type-post","status-publish","format-standard","hentry","category-u-s","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/128295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128295"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/128295\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}