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WASHINGTON — President-elect Donald Trump’s consistent campaign pledge to impose sweeping tariffs on products imported into the U.S. is likely to face stiff challenges in court and potentially pushback from Congress. There are potential legal limits to Trump’s authority, even though he has said he would unilaterally impose the increases. But a broad array of tariffs on allies “could cross the line,” especially as the Supreme Court has taken a generally pro-business stance in recent years, he added. During the Biden administration, the Supreme Court embraced a theory called the “major questions doctrine.” Biden’s ambitious plan to wipe out billions of dollars in student debt was one of the proposals the Supreme Court faulted. The Supreme Court declined to take up the issue.

Persons: Donald Trump’s, Trump, he’s, Joe Biden, ”, Alan Morrison, “, ” Morrison, ‘, ” Trump, Ed Brzytwa, Brzytwa, Sen, Rand Paul, Rick Scott, ” Scott, Petros Mavroidis, ’, Jennifer Hillman, Hillman, Biden, Matt Priest, “ We’ll, ” Priest Organizations: WASHINGTON, China . Industry, George Washington University Law School, Chicago Economic Club, National Bureau of Economic Research, Federal Reserve Board, Consumer Technology Association, “ Consumers, CTA, Fox News, Sunday, Republicans, Columbia Law School, Georgetown Law Center, of International Trade, Trump, Appeals, Federal Circuit, Supreme, Federal Communications, Federal Energy Administration, Footwear Distributors, Retailers of America Locations: U.S, Congress, China, United States, Ky, Canada

WASHINGTON — As a candidate, Donald Trump promised to relieve consumers of high interest rates. Trump repeatedly said during the campaign that he would bring down interest rates without elaborating on how. He has suggested the president should have a say in determining rates set by the Federal Reserve and publicly berated the central bank and its chairman, Jerome Powell, for not lowering rates sooner. Trump has no direct control over the interest rates set by the Federal Reserve, which is determined by a committee that includes seven members appointed to 14-year terms along with five regional Reserve Bank presidents. “There aren’t a lot of policies that the president has at his disposal that can really lower rates,” said McLaughlin.

Persons: Donald Trump, Trump, Jerome Powell, ”, Kent Smetters, “, isn’t, Ralph McLaughlin, McLaughlin, Powell, Xi Jinping, ” Powell, he’s, ” Trump, reappoint Powell, Scott Bessent, Barron’s, Bessent Organizations: WASHINGTON, Federal Reserve, United, University of Pennsylvania Wharton School, Federal, Realtor.com, Reserve Bank, Fed’s, Governors, Twitter, Trump, Chicago Economic, Senate, Republicans, Fed Locations: United States, America, U.S, China

Fed Chair Jay Powell said Thursday that he would not resign if president-elect Donald Trump asked him to. Asked whether he would step down amid chatter that Trump's advisors had suggested he do so, Powell replied, "No." Trump himself nominated Powell as Federal Reserve chairman in 2017 in his first administration. Powell made the comments during his regularly scheduled remarks following the release of the Federal Open Market Committee's latest statement on interest rate policy. Representatives for Trump did not immediately respond to a request for comment.

Persons: Jay Powell, Donald Trump, Powell, Trump, readying, ” Trump, Scott Bessent, Kevin Warsh Organizations: Federal, Trump, Bloomberg, Chicago Economic, Reuters, CNN, NBC News, CNBC

Trump and the GOP have denied the tariffs would be inflationary, pointing to Trump’s success in imposing tariffs in his first term without reigniting inflation. Yet those tariffs, at $300 billion on selected Chinese goods, were much more targeted than the $3 trillion worth of blanket tariffs Trump is now expected to propose. And the inflationary environment is different now, too: During Trump’s first term, inflation only briefly ever climbed above 2%. It was Trump who appointed Powell to lead the Federal Reserve in his first term. But Trump has signaled a willingness this year to abandon the long-running principle of maintaining the Fed as an independent body.

Persons: Donald Trump’s, Trump’s, Trump, ’ Anna Kelly, David Seif, Jerome Powell, Powell, ” Trump, ” Seif, Seif Organizations: Federal, Wall, Federal Reserve, Nomura Holdings, Trump, GOP, Republican National Committee, Nomura, Fed, Bloomberg, Chicago Economic, Reuters Locations: China

☆ Powell says he would not resign as Fed chief if Trump asked for his resignation
▼ + stars: | 2024-11-07 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

President Donald Trump looks on as his nominee for the chairman of the Federal Reserve Jerome Powell takes to the podium during a press event in the Rose Garden at the White House, November 2, 2017 in Washington, DC. Federal Reserve Chairman Jerome Powell said Thursday that he will not step down if President-elect Donald Trump asks for his resignation. Trump appointed Powell in 2017, but repeatedly lashed out against the central bank chief during his first term as president, arguing Powell was not easing monetary policy quickly enough. Trump said in October interview that the president should be able to weigh in on interest rate decisions. As Covid-19 swept the nation in March 2020, Trump claimed the authority to remove Powell from office.

Persons: Donald Trump, Jerome Powell, Trump, Powell Organizations: Federal, White House, Bloomberg News, Chicago Economic Locations: Washington , DC

To lower housing costs, Trump has said he would allow homes to be built on federally protected land, something that could help increase the supply of homes in places like Nevada and Arizona. TaxesTrump has proposed a number of tax cuts, including a complete elimination of the federal income tax. Those cuts lowered the corporate tax rate to 21% from 35%, reduced individual income tax rates, and increased the standard deduction. That could create havoc for workers and consumers and reduce the amount of income taxes the federal government brings in. About 40% of Social Security recipients pay federal income taxes, typically because they have other sources of income that raise them above a certain threshold where they are required to pay income tax, according to the Social Security Administration.

Persons: Donald Trump, Trump, —, ” Trump, “, Decker, Matt Priest, ”, Priest, It’s, He’s, hasn’t, Immigration Trump, Jim Tobin, Trump’s Organizations: Trump, Chicago Economic, Companies, National Bureau of Economic Research, Footwear Distributors, Retailers, U.S, Federal Reserve, Immigration, Business, Pew Research Center, NBC News, National Association of Home Builders, NBC, University of New, University of Pennsylvania, Social Security, Social, Social Security Administration Locations: U.S, China, Nevada, Arizona, Alaska, Saudi Arabia, Russia, University of New Hampshire

☆ Biden administration unaware of Trump-Putin calls, but top adviser says it ‘would raise red flags’ if true
▼ + stars: | 2024-10-18 | by ( Betsy Klein | Kylie Atwood | ) edition.cnn.com time to read: +2 min

“I do not know if that’s true or not,” Biden national security adviser Jake Sullivan told reporters aboard Air Force One Thursday when asked about the calls. “Obviously,” Sullivan added, “That would raise red flags if it were true.”Asked by CNN whether the administration was trying to ascertain more details about those calls, the White House declined to provide specific information. Trump has denied having multiple calls with Putin, calling it “absolutely wrong” in an interview on Newsmax last week. Days later at the Chicago Economic Club, he declined to comment on whether the Putin calls had taken place, but said it would have been a “smart thing” if he had. The Harris campaign has seized on the reporting as it seeks to cast Trump as a friend to authoritarian figures.

Persons: Biden, Vladimir Putin, Donald Trump, Trump, Bob Woodward, “, ”, Jake Sullivan, ” Sullivan, Sullivan, Putin, Harris, Kamala Harris, Tim Walz Organizations: CNN, ” Biden, Air Force, Newsmax, Chicago Economic Club Locations: Minnesota

The economy has been a drag on Biden's poll numbers, but there are recent signs of improving consumer sentiment. “Though some forecasters thought a recession last year was inevitable, President Biden and I did not,” Yellen said Thursday at the Chicago Economic Club. Yellen also said Trump’s Tax Cuts and Jobs Act “prioritized tax cuts for corporations, disproportionately benefited top earners and did not fix the broken international tax system that encourages companies to shift jobs and profits overseas.”Political Cartoons View All 253 ImagesYellen said the tax cuts added $2 trillion to the national deficit “while doing little to spur investment." Her visit to Wisconsin comes a day after Biden himself was visiting the state to showcase the administration's infrastructure investments. A bipartisan agreement that would revive a variety of tax breaks for businesses and enhance the child tax credit, though not to pandemic-era levels, is moving through Congress.

Persons: Janet Yellen, Trump, Joe Biden, Donald Trump, Biden, ” Yellen, Biden’s, Yellen, I’m, “ Organizations: WASHINGTON, —, Biden, Chicago Economic, Fox News Locations: Illinois, Wisconsin, Milwaukee, Chicago

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