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We had no income tax, and all we had was tariffs.”That’s why some Wall Street titans are trying to push for Bessent. Kyle Bass, a billionaire hedge fund investor at Hayman Capital Management, said Lutnick doesn’t have the composition to lead the Treasury. “Scott Bessent is eminently more qualified than Howard Lutnick to run the U.S. Treasury,” Bass posted on X Wednesday. A full week after appearing to decide on nominating Bessent, Trump interviewed him again at Mar-a-Lago. A key Cabinet player, the Treasury secretary advises the president on economic and fiscal matters, including spending and taxes.

Persons: Donald Trump, Elon Musk, Trump, Howard Lutnick, Cantor Fitzgerald, Scott Bessent, ” Musk, —, Bessent, ”, Kyle Bass, Lutnick doesn’t, “ Scott Bessent, ” Bass, “ Scott, I’ve, Bass, Dan Loeb, Scott Lincicome, Lutnick, “, Cheney, Lutnick —, Dick Cheney’s, George W, Tennessee Sen, Bill Hagerty, Larry Kudlow, Kudlow, Steven Mnuchin, Mnuchin Organizations: CNN, Trump, “, Wall, Fox News, titans, Hayman Capital Management, Treasury, U.S . Treasury, Cato Institute, Federal Reserve, Peterson Institute for International Economics, National Economic Council, America, Policy Institute, Fox Business, Bessent, Mar, Republicans, Treasury Department Locations: America, United States

☆ From clothes to computers, 6 things expected to get more expensive if Trump's trade plans are enacted
▼ + stars: | 2024-11-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +10 min

If implemented, Americans could see prices rise across several product categories. AdvertisementBased on analyses from economists and trade experts, here are the goods that could become more expensive for Americans under Trump's tariff proposals. AdvertisementSome retailers have already announced preparations to increase prices should Trump's tariff plans go into effect. AdvertisementGold said it's unlikely Trump's tariffs would go into effect on day one or day two, and "it's tough to say right now at what point consumers would feel the impact." AdvertisementA report from centrist think tank ThirdWay said that Trump's tariff proposals analyzed eight common purchases that the US either heavily imports or is unable to produce domestically.

Persons: Donald Trump, Trump, —, Mary Lovely, Lovely, There's, Joe Biden, Jonathan Gold, it's, Karoline Leavitt, Tim Boyle, Gold, Philip Daniele, Daniele, Shinji Aoyama, Henrik Elm, Elm, Taylor Rogers Organizations: Trade, Service, Peterson Institute for International Economics, Trump, Consumers, National Retail Federation, Retailers, Bank of America, Columbia, Washington Post, Electronics, Consumer Technology Association, CTA, Honda, General Motors, Ford, Inter Ikea —, Ikea, Reuters, NPR, International Trade Commission, Republican National Committee Locations: China, Mexico, Europe

Price growth ticked higher in October as voters began casting ballots in a presidential election in which economic concerns played a big role. The consumer price index climbed to 2.6% last month since the same time last year, the Bureau of Labor Statistics reported Wednesday. Stock futures turned higher, while traders bid up the price of government bonds. All-important shelter costs rose 0.4% from September to October, accounting for over half the monthly gains, the BLS said. Over the past four years, consumer prices have cumulatively increased about 20%, with the costs of many other goods and services rising even faster.

Persons: That's, Joe Biden’s, ” Kathy Jones, Charles Schwab, ”, Donald Trump, Trump, Jerome Powell Organizations: of Labor Statistics, BLS, Charles, Charles Schwab Center, Financial Research, ” Voters, White House, Trump, Investors, Adobe, National Retail Federation, Peterson Institute for International Economics, Citi Locations: —

☆ How President-elect Trump can influence the U.S. economy
▼ + stars: | 2024-11-11 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +1 min

When President-elect Donald Trump returns to the White House in 2025, he will assume a key position within the U.S. economy. On the campaign trail, the former President promised to eliminate regulations that hold back key U.S. industries and extend tax cuts that expire after 2025. The President-elect has also promised to embark on a large deportation operation when he enters office. Analysts believe Trump's fiscal ideas could influence the trajectory of employment, inflation, and more in the U.S. -- particularly if the Republican party wins both chambers of Congress. Watch the video above to see how the U.S. economy may change under President-elect Trump.

Persons: Donald Trump, Marcus Noland, Trump Organizations: White House, Peterson Institute for International Economics, Republican Locations: U.S

☆ Europe could try to stop — or get around — damaging Trump tariffs
▼ + stars: | 2024-11-11 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +6 min

Critics of the proposed tariffs say the policy could lead to higher prices for U.S. consumers. That leaves Asia and Europe having to quickly consider ways to mitigate the future impact of export tariffs, and whether to retaliate or to try to negotiate a get-out deal. But economists also say that the EU could try to use the carrot instead of the stick with the U.S., suggesting there are three other ways Europe might try to stop, limit or avoid Trump's likely tariff policy altogether. German Chancellor Angela Merkel deliberates with U.S. President Donald Trump during the G-7 summit in Canada on June 9, 2018. Jesco Denzel | Bundesregierung | Getty ImagesWhether there Europe can reach consensus on how or whether to do a deal with Trump is debateable, however.

Persons: Caitlin Ochs, Reuters Donald Trump's, Europe scrabbling, Trump, Flach, Donald Trump, Jean, Claude Juncker, Andrew Kenningham, Didier Lebrun, Photonews, Mujtaba Rahman, Ursula von der, Von der, Joe Biden, Kenningham, Angela Merkel deliberates, Denzel, Carsten Brzeski, Emmanuel Macron, Angela Merkel, There's Organizations: Reuters, Trump, ING, Germany's, International Economics, Germany, U.S, EU, Capital Economics, European Union, Getty, Eurasia Group, Sustainable Steel, US Trade, Technology Council, Bundesregierung Locations: Upper Bay, New York, U.S, Europe, EU, China, Asia, Germany, Ukraine, Canada, France

☆ Mark Cuban says Trump's tariff proposals will ramp up prices
▼ + stars: | 2024-11-10 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

Mark Cuban has criticized Donald Trump's tariff proposals. AdvertisementMark Cuban is raising the alarm again on President-elect Donald Trump's tariff proposals. In a Threads post on Friday, Cuban said companies are already bracing for potential tariffs on Chinese imports by shoring up inventory. Cuban wrote that this will inevitably raise consumer prices due to the cost of storing inventory. Many economists say that Trump's tariffs will ultimately hurt consumers' wallets.

Persons: Mark Cuban, Donald Trump's, —, Cuban, Trump, Kamala Harris, Harris, Paul Krugman, Philip Daniele, Timothy Boyle, Oliver Zipse Organizations: Service, Cuban, Trump, Peterson Institute for International Economics, Federal, Taxation, Economic, Columbia, Washington Post, BMW Locations: Cuban, China, United States

☆ Steve Madden is getting out of China just days after Trump’s victory. But there’s a catch
▼ + stars: | 2024-11-08 | by ( David Goldman | ) edition.cnn.com time to read: +5 min

One US company, just two days after Trump’s reelection, says it isn’t wasting time getting out of China. Steve Madden, a $3 billion shoe company, announced Thursday that it would rapidly halve its Chinese production to avoid Trump’s tariffs. But here’s the catch: Steve Madden isn’t moving its production to the United States. ‘There for a reason’The retail industry has been crying foul over Trump’s tariffs for quite some time – apparel and shoe companies in particular. Trump’s tariffs could cost the typical middle-income US household more than $2,600 per year, according to research from Peterson Institute for International Economics.

Persons: Donald Trump, Steve Madden, Steve Madden’s, Edward Rosenfeld, “, ” Rosenfeld, Rosenfeld, Trump, Joe Biden, Madden, Laura Champine, ” Champine, it’s, Douglas Holtz, Eakin, Steven Mnuchin, Donald Trump’s, CNN’s Jake Tapper, ” Mnuchin, Mnuchin Organizations: CNN, Trump, Wall Street, National Retail Federation, Companies, Wall, American, Peterson Institute for International Economics Locations: United States, China, USA, Cambodia, Vietnam, Mexico, Brazil, America

☆ Trump's tariff plan: Why he's pushing for them, and how they might end up raising prices
▼ + stars: | 2024-11-07 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

President Trump has said he plans to install a blanket tariff of 10% to 20% on all imports, with additional tariffs of 60% to 100% on goods brought in from China. In the September Presidential debate, Trump characterized the plan as a way to extract money from rival nations. Economists, however, tend to agree that such a plan would would have the effect of raising prices on everyday goods. How tariffs workSimply put, a tariff is a tax on imports, though not one paid by the exporting country. Trump has floated the idea that a tariff policy could eventually replace U.S. federal income tax altogether, a convention that the nonpartisan Peterson Institute for International Economics called "literally impossible."

Persons: Donald Trump, Trump, Howard Gleckman Organizations: Republican, Palm Beach Convention, U.S ., Urban, Brookings Tax Policy Center, CNBC, Tax Foundation, Peterson Institute for International Locations: Palm Beach, West Palm Beach , Florida, China, U.S

☆ U.S.-China relations: 'No question' Trump will intensify tariffs, economist says
▼ + stars: | 2024-11-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S.-China relations: 'No question' Trump will intensify tariffs, economist saysAdam Posen, president of the Peterson Institute for International Economics, says the Trump administration is likely to "reinterpret" President Joe Biden's industrial policy without rolling it back.

Persons: Adam Posen, Trump, Joe Biden's Organizations: U.S, Peterson Institute for International Economics Locations: China

☆ Trump is about to make the Fed's job a lot harder
▼ + stars: | 2024-11-07 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Donald Trump's election victory is set to make the Federal Reserve's job more difficult. His tariff and immigration plans are expected to stoke inflation, complicating the Fed's policy decisions. Trump has also said he'd like a say in setting monetary policy, which would erode Fed independence. Donald Trump's election win brings his vision of hefty trade tariffs and a sweeping immigration crackdown closer to becoming reality. A study from the Peterson Institute of International Economics said interfering with the Fed's independence could cost the economy $300 billion and drive inflation higher.

Persons: Donald Trump's, Trump, —, it's, Glen Smith, Smith, Paul Krugman, Trump's, Jerome Powell, Powell Organizations: stoke, Service, Treasury, GDS Wealth Management, Fed, Fed Trump, Peterson Institute of International Economics, Pantheon Macroeconomics, Trump Locations: China

☆ Inflation haunted Harris. If Trump isn’t careful, it will cost him too
▼ + stars: | 2024-11-07 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —Donald Trump rode a powerful wave of discontent over the cost of living back to the White House. Trump reminded voters often that inflation wasn’t a problem when he was calling the shots. But if he’s not careful, Trump could have an inflation problem of his own. They point to study after study that shows Americans bore almost the entire cost of Trump’s tariffs on China. “When Trump uses tariffs as a negotiating tool, I’m fine with that,” Moore said during a phone interview in late October.

Persons: Donald Trump, Trump, he’s, ” Ryan Sweet, won’t, ” Sweet, “, Joe Biden, CNN’s Phil Mattingly, ” He’s, Trump’s, “ We’re, ” Daniel Alpert, CNN’s Allison Morrow, Stephen Moore, CNN he’s “, ” Moore Organizations: New, New York CNN, Voters, Oxford Economics, CNN, Trump, Federal, Peterson Institute for International Economics, Peterson Institute, National Retail Federation, Westwood Capital Locations: New York, Washington, Pennsylvania, China

☆ Trump victory deals latest severe blow to a struggling Germany
▼ + stars: | 2024-11-07 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Krisztian Bocsi | Bloomberg | Getty ImagesDonald Trump's election as U.S. President could mark yet another major blow for the struggling German economy. The print came after the German economy ministry in October said it was now expecting the country's economy will contract, rather than grow this year. Trump's victory could make matters worse. Reliance on exportsThe German economy is heavily reliant on exports — and Trump is set to slap tariffs and other restrictions on imports. The German statistics office Destatis last month said that the U.S.' importance as a trading partner for Germany has been growing.

Persons: Olaf Scholz, Germany's, Krisztian Bocsi, Donald Trump's, Moritz Schularick, Trump, Schularick, ifo, Morningstar DBRS, Lisandra Flach Organizations: Bloomberg, Getty, PMI, P Global, Hamburg Commercial Bank, Kiel Institute, Trump, Reliance, China, Beijing, Destatis, ifo Center, International Economics, European Union, EU Locations: Berlin, Germany, Federal Republic of Germany, Europe, U.S

☆ Here's what President-elect Trump's tariff plan may mean for your wallet
▼ + stars: | 2024-11-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Trump's plan would reduce average after-tax incomes by almost 3%, according to the tax think tank. "If we get tariffs, we will pass those tariff costs back to the consumer," Daniele said in September. A back-of-the-envelope calculation suggests a 10% across-the-board tariff would be roughly equivalent to a $320 billion tax on consumers, Cross said. "The administration could take tariff revenue and redistribute to households via tax cuts in some form or another," explained Pugliese of Wells Fargo. However, the typical U.S. household would still lose $2,600 a year from Trump's tariff plan, even after accounting for an extension of the 2017 tax cuts, according to an analysis by the Peterson Institute for International Economics.

Persons: Donald Trump, Scott Olson, Biden, Trump, There's, Mark Zandi, didn't, Mike Pugliese, Moody's, Philip Daniele, Daniele, Olivia Cross, Cross Organizations: Getty, NBC, Trump, CNBC, Tax, National Retail Federation, Wells, Wells Fargo Economics, U.S, AutoZone, Capital Economics, U.S ., Peterson Institute for International Economics Locations: Grand Rapids , Michigan, Mexico, Wells Fargo, U.S, North America

☆ You will pay for Donald Trump’s across-the-board tariffs if he’s reelected. Here’s proof
▼ + stars: | 2024-11-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

How much and how fast is hard to know, but you can bet your bottom dollar you’ll be needing more dollars to pay for everyday goods if Trump’s sweeping tariffs are put in place. “If we get tariffs, we will pass those tariff costs back to the consumer,” said Philip Daniele, CEO of AutoZone, on an earnings call in September. But several studies conclude that the cost of those tariffs were borne almost entirely by American consumers and businesses. The most generous interpretation of Trump’s tariff plan would be that he’s trying to force US businesses to move their overseas operations back on US soil, creating jobs. Even if tariffs could undo decades of globalization, it likely wouldn’t have the effect Trump is hoping for.

Persons: ”, Philip Daniele, AutoZone, Daniele, it’s, we’ve, he’s, Trump, Timothy Boyle, Boyle, we’re, It’s Organizations: New, New York CNN, US Treasury, Peterson Institute for International Economics, Columbia, Washington Post, Trump, Associated Press, AP, Trump -, Walmart, Target, aren’t Locations: New York, China, Beijing, United States

☆ As the election winds down, worries of 'bond vigilantes' and inflation hit markets
▼ + stars: | 2024-11-04 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

Specifically, he warned about traders taking the 10-year Treasury yield , a bond market benchmark, above 5% — a level it hasn't seen since mid-2007. To be sure, there are myriad reasons why the bond market has been in a state of tumult since mid-September, political considerations of a second Trump term being just one of them. "The bond market could easily nullify the impacts of another rate cut. That's because the bond market believes the Fed is cutting rates by too much, too soon, and is therefore raising long-term inflation expectations. It could carry "higher tariffs and mass deportations, which triggers stagflation in the US including a second inflation spike," the bank said.

Persons: Donald Trump, Chip Somodevilla, Kamala Harris, Ed Yardeni, Yardeni, Trump, Harris, Kumar, it's, Karen Dynan, Trump's, Peterson, Morgan Stanley Organizations: Fiserv, Republican National Convention, Treasury, Trump, Reserve, Bond, Yardeni Research, Sri, Kumar, Peterson Institute for International Economics, Federal Reserve, JPMorgan, Republicans Locations: Milwaukee , Wisconsin, United States

☆ The US economy is in for a double shock if Trump is elected president, Nobel economist Paul Krugman says
▼ + stars: | 2024-10-31 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Trump's policies could leave the US economy with two major challenges, Paul Krugman said. Krugman pointed to Trump's economic plan, which economists have described as inflationary. Trump's deportation plans could also hit the economy, given that immigration has boosted the job market. AdvertisementThe US could be in for twin shocks if Trump becomes president for a second time, Nobel economist Paul Krugman said. Trump's general economic plan is also widely thought to be more inflationary than Harris's.

Persons: Paul Krugman, Krugman, —, Trump, Harris Organizations: Service, Peterson Institute for International Economics, Financial Times, University of Chicago, American Immigration, New York Times Locations: York

President Harris would probably put more pressure on Israel to reach a cease-fire and open up talks with the Palestinians. Ukrainians worry that a President Trump would force a quick and dirty peace deal favorable to Russia. They hope a President Harris would continue to support them on the battlefield. Under President Harris, that would probably mean continuity with the Biden administration policies that have become much more restrictive over time. Migrants from all over the world pass through Mexico to get to the U.S. border, and the United States can’t control the flow of migrants without Mexico’s assistance.

Persons: Israel Patrick Kingsley, Harris, Trump, Benjamin Netanyahu, Ukraine Anton Troianovski, Volodymyr Zelensky, Vladimir V, Putin, Biden, China Keith Bradsher, NATO Steven Erlanger, United States doesn’t, “ I’m, Ana Swanson, Donald Trump, haven’t, South Africa John Eligon, Biden —, Harris —, Mexico Natalie Kitroeff, Somini Sengupta Organizations: Trump, U.S, Manufacturing, NATO, The Times, Global, United, Biden Locations: Jerusalem, Israel, Gaza, Iran, Russia, Ukraine, Moscow, United States, America, Europe, China, Beijing, Taiwan, Japan, South Korea, Philippines, India, —, Hungary, Italy, Germany, South Africa, Johannesburg, Africa, Zambia, Indian, Brazil, Ethiopia, BRICS, Mexico, Mexico City, U.S

☆ Harris wants to upgrade America’s economy. Trump wants to blow it up and start over
▼ + stars: | 2024-10-30 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

There’s nothing subtle about the Trump agenda. And there is a real fear that the Trump agenda could do more harm than good – especially on the inflation front. They point to study after study that finds Americans have borne almost the entire cost of Trump’s tariffs on Chinese products. And that estimate does not even include almost-definite retaliation from other nations who would respond to Trump tariffs with ones of their own. Harris has called for only partially extending the 2017 Trump tax cuts.

Persons: Kamala Harris, Donald Trump’s, Harris, Trump, Oprah, “ Trump, Joe Brusuelas, ”, That’s, Donald Trump, ” Trump, there’s, ” Kimberly Clausing, nonresident, Joe Biden, Trump’s, – Organizations: New, New York CNN, RSM, CNN, Trump, Federal, Wall Street Journal, Peterson Institute for International Economics, Biden, Federal Reserve, Peterson Institute, Social Security, NBC Locations: New York, China, Mexico

☆ How the cost of housing is expected to change under Trump or Harris
▼ + stars: | 2024-10-30 | by ( Allie Kelly | John L. Dorman | ) www.businessinsider.com time to read: +7 min

Detailed below is what Harris and Trump have proposed in order to address these worries. Vice President Kamala Harris and former President Donald Trump have both pledged to address high prices by boosting the supply of homes. Related storiesThe Democratic candidate also said she plans to expand the existing low-income housing tax credit, which incentivizes the rehabilitation or building of housing targeted at lower-income households. As president, Trump proposed major cuts to the federal Department of Housing and Urban Development's budget, including slashing housing assistance and community development aid. AdvertisementWhile in office in 2017, Trump proposed a budget for the 2018 fiscal year that would have significantly cut rural housing subsidies.

Persons: Harris, Trump, —, Kamala Harris, Donald Trump, Daryl Fairweather, Redfin, Fairweather, Jessica Lautz, multifamily Organizations: Service, Business, Democratic, Peterson Institute for International Economics, Builders, of Housing, Urban, National Association of Realtors, Democratic Party Locations: America

☆ Arizona is the epicenter of the debate over how Trump's mass deportation plan would hit the economy
▼ + stars: | 2024-10-30 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +12 min

Donald Trump proposed mass deportation to lower housing costs and boost job opportunities. AdvertisementThe mass deportation of people living in the US illegally has been one of the cornerstones of the Republican presidential ticket leading up to the November election. Many Democrats say mass deportations would hurt businesses and employment opportunities for all Americans, in addition to separating families and displacing millions of people. She told BI that a mass deportation would devastate the agriculture, construction, and hospitality industries. AdvertisementHow much a mass deportation would cost the governmentThe Trump campaign has talked little about how mass deportations could be implemented and on what scale.

Persons: Donald Trump, —, Trump, Kamala Harris, Biden, Harris, Douglas Nicholls, Nicholls, Regina Romero, Romero, " Romero, Duncan Braid, Braid, Davis, Chloe East, Taylor Rogers, Trump's, Rogers, hasn't, Marcus Noland Organizations: Service, Republican, Pew Research Center, Business, Pew Research, Trump, Immigration, Customs, American Compass, University of California, Brookings Institution, ICE, New York Times, American Immigration, Taxation, Economic, Manhattan Institute, FEMA, RNC, Peterson Institute for International Economics, American Immigration Council, Peterson Institute Locations: Los Angeles, Springfield, Aurora, Ohio, Colorado, Arizona, Yuma , Arizona, Mexico, Yuma, Tucson, Reading , Pennsylvania, US, Aurora , Colorado

☆ Biden says Elon Musk was an 'illegal worker' when he began U.S. career
▼ + stars: | 2024-10-26 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +4 min

President Joe Biden called out Tesla and SpaceX CEO Elon Musk, now a Republican megadonor and Trump campaign surrogate, for hypocrisy on immigration on Saturday, saying Musk launched his long career in the U.S. as an "illegal worker" before becoming the world's wealthiest man. The president made these remarks at a campaign event to support Democrats that took place in Pittsburgh, Pennsylvania, on Saturday. Labeling Musk as former President Donald Trump's wealthy new "ally," Biden said, "That wealthiest man in the world turned out to be an illegal worker here when he was here," referring to Musk. The Trump campaign did not immediately respond to CNBC's request for comment on Biden's remarks. Musk had arrived in the U.S. with the stated intention of attending grad school at Stanford in the mid-90s.

Persons: Joe Biden, Elon Musk, Musk, Donald Trump's, Biden, He's, Trump, Zip2, Tesla, Kamala Harris, it's, Brennan, —, Rebecca Picciotto Organizations: SpaceX, Republican, Trump, America PAC, Peterson Institute for International Economics, Washington Post, Stanford, Forbes, Twitter, Democratic, Brennan Center for Justice Locations: U.S, Pittsburgh , Pennsylvania, United States, Pennsylvania, Musk's

☆ 'Made in Mexico' trade controversy is provoking another kind of border war
▼ + stars: | 2024-10-25 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

Sparking controversy is language within the USMCA that covers how a product gains the "Made in Mexico" designation from U.S. Customs. There is bipartisan concern about Mexico serving as a trade "back door" for Chinese exports to evade tariffs. Trump threats not slowing trade boom Trump has said he wants to renegotiate the USMCA deal he struck with the North America partners in 2020. Chinese manufacturing in Mexico will be a likely part of the trade renegotiation. Threats of additional tariffs are not slowing down trade with Mexico.

Persons: Donald Trump, Zekelman, San Luis Potisi, Jordan Dewart, Biden, Trump, Mary Lovely, Anthony Solomon, Dewart Organizations: U.S . Customs, Zekelman Industries, Bloomberg, Getty, Peterson Institute for International Economics, Trump, North America, Companies, DHL, Uber, Moody's Analytics Locations: United States, Mexico, Canada, U.S, North America, Republic of Mexico, Beach, Calif, Chicago, San Luis, Luis Potisi, Redwood Mexico, China, Mexican, El Paso, Laredo , Texas, East Asia

☆ Why a second Trump presidency would hurt the global economy
▼ + stars: | 2024-10-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

For Chinese imports, Trump has proposed an even steeper 60% tariff. Many economists have warned that tariffs planned by Trump will hurt global economic growth and drive up inflation in the US, as well as abroad if other countries introduce higher levies on US imports in response. The International Monetary Fund (IMF) also sees a hit to global gross domestic product from increased tariffs around the world, according to its latest World Economic Outlook. Mario Tama/Getty ImagesA rise in protectionism around the world means open trade is already under threat and the ability of its champion, the World Trade Organization, to settle international trade disputes is severely constrained. “What we’d see in Trump 2 is far more radical than what we saw in Trump 1.”

Persons: Smoot, Donald Trump, Federal Reserve — Trump, Trump, ”, Evan Vucci, he’s, Maurice Obstfeld, Kristalina Georgieva, “, Mario Tama, ” Obstfeld, ” Petros Mavroidis, Scott Olson, Joe Biden, André Sapir, Bruegel, Jerome Powell, Powell, ” Trump, ” Edward Alden, ” Alden Organizations: London CNN, Federal Reserve, Bloomberg, Economic, of Chicago, Trump, Peterson Institute for International Economics, Republican, UBS, Monetary Fund, ABN AMRO, Peterson Institute, IMF, White, Port, World Trade Organization, CNN, Columbia Law School, US, European Union, EU, greenback, Foreign Relations, “ Locations: United States, Hawley, Washington, DC, China, Ukraine, Chicago, Japan, France, South Korea, Port of Los Angeles, Indiana, Portage , Indiana, Brussels, Trump

☆ Fact check: Kamala Harris town hall on CNN
▼ + stars: | 2024-10-23 | by ( Cnn Staff | ) edition.cnn.com time to read: +7 min

CNN —Vice President Kamala Harris joined CNN’s Anderson Cooper for a town hall in the critical swing state of Pennsylvania on Wednesday night, where she faced questions directly from persuadable and undecided voters less than two weeks before Americans head to the polls on Election Day. Former President Donald Trump was invited but declined to participate in a CNN town hall. Separate studies estimate that the impact of Trump’s proposed tariffs would also raise prices for families, but by a lower amount. From CNN’s Piper Hudspeth BlackburnHarris’ claim on Trump’s tax cutsVice President Kamala Harris slammed her opponent former President Donald Trump for putting in place policies that benefitted the wealthy during his first term. “Donald Trump, when he was president, gave tax cuts to the richest, to billionaires and big corporations,” she said at CNN’s town hall.

Persons: Kamala Harris, CNN’s Anderson Cooper, Donald Trump, Harris, Trump, He’s, Katie Lobosco Harris, “, Anderson, Mike Pence, Rather, Joe Biden, “ Joe Biden, Daniel Dale, Ella Nilsen Harris, Donald Trump’s, ”, Harris ’, Tim Walz, Piper Hudspeth Blackburn Harris ’, “ Donald Trump, Tami Luhby Organizations: CNN, Center for American Progress Action, CAP, Peterson Institute for International Economics, Center, Democratic, US, Protection, Army Corps of Engineers, CBS Locations: Pennsylvania, persuadable, Mexico, CNN’s

☆ US and G7 allies moving forward with $50 billion loan package to Ukraine, including $20 billion from the US backed by frozen Russian assets
▼ + stars: | 2024-10-23 | by ( Sam Fossum | ) edition.cnn.com time to read: +4 min

CNN —The US and Western allies are moving forward with a $50 billion loan package to Ukraine backed by the profits of frozen Russian assets, which includes a US contribution of $20 billion, the White House announced Wednesday. “Ukraine will receive the assistance it needs now, without burdening our taxpayers,” said White House deputy national security advisor for international economics Daleep Singh. The US will disperse at least half of its $20 billion loan by this December, according to Singh. European lawmakers on Tuesday approved a loan of up roughly $37.7 billion (35 billion euros) for Ukraine backed by the frozen Russian assets. Should a peace agreement be reached in the conflict, either the Russian assets will stay frozen and generate interest to repay the loans until they’re repaid, or Russia will pay for the damage it has caused.

Persons: Joe Biden, “, ” Biden, ”, Daleep Singh, Donald Trump, Singh, “ We’re, ” Singh, Japan —, Vladimir Putin, CNN’s Kayla Tausche, Arlette Saenz, Nikki Carvajal Organizations: CNN, White House, “, White, European Union, Ukraine Locations: Ukraine, United States, Kyiv, United Kingdom, Canada, Japan, France, Germany, Italy, Puglia, Europe, Russia

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