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CNN —President-elect Donald Trump announced Jamieson Greer as his pick to serve as the next US trade representative. Greer is no stranger to the role, having served as chief of staff to the trade representative during Trump’s first term, Robert Lighthizer. Trump has routinely referenced the passage of the USMCA trade agreement – which replaced the North American Free Trade Agreement, or NAFTA – as a political victory and a highlight of his presidency. The threat of tariffs could also be used as a negotiation tactic, as Trump has pledged to renegotiate the USMCA. In that role, he has covered cases on topics including trade policy and negotiations and trade agreement enforcement.
Persons: Donald Trump, Jamieson Greer, Greer, Trump’s, Robert Lighthizer, Trump, “ Jamieson, ” Trump, , General’s Organizations: CNN, North American Free Trade, U.S . Trade, reining, Manufacturing, Agriculture, Services, USMCA, American Workers, Senate, Trump, New York Times, King, US Air Force, General’s Corps Locations: China, Mexico, Canada, Iraq
New York CNN —Yet another fast food CEO is stepping down. Subway announced Tuesday that its CEO, John Chidsey, will retire at the end of 2024. Chidsey, the first chief executive outside of the chain’s founding family, joined Subway as CEO in 2019. The chain’s store count is also shrinking, closing 400 restaurants in the US last year and finishing 2023 with the lowest store count since 2005. Incoming interim CEO Walsh is currently the company’s president of Europe, Middle East and Africa and also served as global chief marketing officer.
Persons: John Chidsey, Carrie Walsh, Chidsey, Walsh, – CNN’s Jordan Valinsky Organizations: New, New York CNN, Subway, Starbucks Locations: New York, Wendy’s, Europe, Middle East, Africa
A view of the exterior of the China International Exhibition Center (Shunyi Hall), venue for the second China International Supply Chain Expo (CISCE), on November 26, 2024 in Beijing, China. American business leaders are in China this week for meetings with officials and a high-profile supply chain expo as trade threats from a second Donald Trump presidency mount. Among them is Apple CEO Tim Cook, who will be in attendance for the second annual 'China International Supply Chain Expo,' which kicked off Tuesday. Ahead of the expo, the CEO met with Chinese Premier Li Qiang alongside other top executives from global companies, the American Chamber of Commerce in China said in a social media post. Organized by the China International Exhibition Center Group, the second CISCE expo will focus on key supply chains, such as advanced manufacturing, green and digital technology as well as supply chain services.
Persons: Donald Trump, Tim Cook, We're, Cook, Premier Li Qiang Organizations: China International Exhibition, China, Chain, Apple, China International, Premier, American Chamber of Commerce, CNBC, Corning, Rio Tinto, Lenovo, China International Exhibition Center Locations: Beijing, China, American, Rio
Trump selects Jamieson Greer as U.S. trade representative
  + stars: | 2024-11-26 | by ( ) www.cnbc.com   time to read: +1 min
U.S. President-elect Donald Trump tapped attorney Jamieson Greer on Tuesday to serve as the U.S. Trade Representative, a pick that will play an important role in the Republican's agenda to remake the international trading environment through tariffs. Greer, an attorney who has practiced international trade law, served as chief of staff to the USTR Robert Lighthizer during the first Trump administration. Trump said Greer's efforts under Lighthizer helped reverse decades of "disastrous trade policies." His focus, if confirmed by the U.S. Senate, will be to rein in the trade deficit and open up "export markets everywhere," among other things, Trump said. Lutnick will have "direct responsibility" for the Office of the U.S. Trade Representative, he said last week.
Persons: Donald Trump, Jamieson Greer, Jamieson, Trump, Greer, Robert Lighthizer, Lighthizer, Howard Lutnick, Lutnick Organizations: U.S . Trade Representative, USMCA, American Workers, U.S . Senate Locations: China
Eli Lilly shares soared Tuesday on a one-two punch of good news. The second positive development for Eli Lilly comes from Amgen , which reported mid-stage trial results for its experimental obesity treatment known as MariTide. Big picture The prospect of across-the-board coverage of obesity drugs for Medicare and Medicaid enrollees would be a financial win for Eli Lilly, particularly on the Medicare front. For its part, Eli Lilly has said regulators could expand Zepbound's label to cover obstructive sleep apnea by year-end. An Eli Lilly & Co. Zepbound injection pen arranged in the Brooklyn borough of New York, US, on Thursday, March 28, 2024.
Persons: Eli Lilly, Jim Cramer, Biden, Lilly, didn't, Wegovy, Zepbound, Biden administration's, Donald Trump, Wells, Robert F, Kennedy Jr, Trump, Kennedy —, Kennedy, Novo, Leerink, Eli Lilly's tirzepatide, Piper Sandler, tirzepatide, Piper, Jim, Amgen's, retatrutide, Jim Cramer's, Shelby Knowles Organizations: Novo Nordisk, Medicaid, NBC News, White, Medicare, Centers, Services, STOP, Alliance, Wells Fargo, of Health, Human Services, Food and Drug Administration, Senate, Biden, Club, CNBC, Bloomberg, Getty Locations: New York, Texas, Amgen, Lilly, Brooklyn
White House Council of Economic Advisers Chairman Kevin Hassett addresses reporters during the daily briefing at the White House in Washington, U.S. February 22, 2018. President-elect Donald Trump picked Kevin Hassett to lead the National Economic Council, a role that puts him at the center of the administration's policy-making discussions from trade to taxes and deregulation. The move brings Trump closer to rounding out his economic team, with U.S. trade representative being the last of the key positions left. During Trump's first administration, Hassett served as the chairman of the Council of Economic Advisers for two years, supporting the Republican's corporate tax cuts and defending Trump's punitive tariffs. Hassett previously served as a scholar of fiscal policy at the conservative American Enterprise Institute think tank before Trump nominated him to the White House role in 2017.
Persons: Kevin Hassett, Donald Trump, Trump, Hassett, Trump's, Jared Kushner, Scott Bessent Organizations: White, Council, Economic, National Economic Council, Trump, U.S, of Economic Advisers, American Enterprise Institute, Group Locations: Washington , U.S, Mexico, Canada
BBY YTD mountain Best Buy YTD These were not the results we wanted from Best Buy, but they are the numbers we had expected. Best Buy stock below $80 would push the dividend yield up to just under 5% — a nice payout for our patience. We still believe in the stock because Best Buy should benefit once mortgages drop and housing turnover picks up. Best Buy Why we own : We believe Best Buy will prove to be a go-to destination for consumers looking to upgrade hardware, much of which was purchased during Covid, to new AI-powered devices. In the Best Buy app, the company also launched the "Best Buy Gift Finder," an AI-powered gifting guide to help consumers find new products.
Persons: Jim Cramer, it's, Donald Trump, Jim, Corie Barry, Barry, Matthew Bilunas, Jim Cramer's, David Paul Morris Organizations: Revenue, LSEG, Target, Walmart, Amazon, Costco, Enterprise, Black, Microsoft, Meta, Management, CNBC, Bloomberg, Getty Locations: Tuesday's, Union City , California
Some parents fear their kids will waste money, sink into debt, and never move out. The financial planner tells parents to foster independence in their kids even if it's uncomfortable. AdvertisementMark Berg, who founded Timothy Financial Counsel in 2000, says there are steps parents can take to avoid that fate. AdvertisementLimiting spending money also teaches kids about opportunity cost, reinforcing the idea that money is scarce and there are constraints on what they can afford. The veteran financial planner suggested parents be up front with their kids about how much they can contribute to their college funds.
Persons: Mark Berg, , Berg, they're, " Berg Organizations: Service
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Meanwhile, HSBC downgraded Morgan Stanley stock to a hold from buy Monday evening. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Donald Trump's, Jim, Stanley Black, Decker, Wells, Charlie Scharf's, Wells Fargo, Morgan Stanley, Jim Cramer's Organizations: CNBC, Nasdaq, Dow Jones, Trump, Wells, Reuters, Federal Reserve, HSBC, Morgan Locations: Canada, Mexico, China, U.S, Wells Fargo
AdvertisementDonald Trump's latest tariff threats have set alarm bells ringing on Wall Street. Analysts warned of a trade war, volatility, steeper inflation, and a flight to safety in markets. Analysts said the president-elect's latest threats could presage tariffs on other countries' exports and escalate into a full-scale trade war. "There has been a view among some investors that Trump's tariff talk was a negotiating tactic, a threat rather than a promise. Advertisement"The president-elect's scorched-earth approach has stoked fears of a trade war, with investors increasingly wary that Europe could be next in his crosshairs."
Persons: Donald Trump's, Donald Trump, There's, George Saravelos, Trump, Dan Coatsworth, AJ Bell, Matt Britzman, Hargreaves Lansdown, Nigel Green, Mark Haefele, Ruben Ferreira, FlowCommunity Organizations: Analysts, Deutsche Bank, Free, deVere, UBS Global Wealth Management Locations: Mexico, Canada, China, America, Europe
Jorge Duenes | REUTERSDETROIT – Shares of automakers General Motors and Stellantis fell Tuesday morning after President-elect Donald Trump threatened to put 25% tariffs on goods imported from Canada and Mexico into the U.S. UBS reports the automotive industry is responsible for 26% of imports from Mexico to the U.S., including vehicles and parts, and 12% from Canada. Nearly every major automaker operating in the U.S. has factories in Mexico, however GM and Stellantis produce highly profitable full-size pickup trucks there. Shares of Toyota Motor, Honda Motor and others with production in Mexico also were down at least 1%. Trump announced he intends to levy a 25% tariff on all U.S. imports from Canada and Mexico using an executive order when he is inaugurated on Jan. 20.
Persons: Jorge Duenes, Stellantis, Donald Trump, Trump Organizations: Toyota, REUTERS DETROIT –, General Motors, American Free Trade, UBS, GM, Barclays, Ford, Chrysler, Ford Motor, Toyota Motor, Honda Motor, North American Free Trade, American Automotive Policy Council Locations: U.S, Tijuana , Mexico, Canada, Mexico, United States
And it underscores frustrations with a tariff exclusion process launched during the first Trump administration that is often described as murky and messy. It’s not clear how or when those higher China tariffs will take effect – nor whether businesses will again have the opportunity to apply for exclusions. But what is clear is that the USTR’s tariff exclusion process during the first Trump administration raised significant concerns in Corporate America. The Trump transition did not provide details on what a tariff exclusion process will look like in the new administration. The researchers did not study tariff exclusions under the Biden administration.
Persons: Bobby Djavaheri, Djavaheri, ” Djavaheri, , Tom Madrecki, General Mills, Molson, Donald Trump, It’s, Trump, Brian Hughes, Vance, ” Hughes, USTR, , ” Relatedly, Jesus Salas, ” Salas, Salas, , “ It’s, Biden, Sam Michel, Michel, Veljko Fotak, hasn’t, ” Fotak, David French, ” Madrecki, “ We’re Organizations: New, New York CNN, Trump, United States Trade Representative, Consumer Brands Association, Molson Coors, Corporate America, Lawmakers, CNN, Commerce, Companies, Republican, Financial, Democratic, Lehigh University, SUNY Buffalo, Biden, National Retail Federation Locations: New York, China, Trump
The latest:Trump wants to impose 25 percent tariffs on Canada and Mexico “on ALL products coming into the United States,” he said on Truth Social. He also wants an “additional” 10 percent tariff on imports from China, which Trump blames for the fentanyl crisis, a charge that Beijing has repeatedly disputed. Europe, Japan and South Korea weren’t even mentioned in Trump’s announcement, but stocks have fallen there, too. That suggests rising fears that a new trade war could scramble global supply chains and dent profits. Automakers are some of the hardest hit stocks, with Volkswagen, Stellantis and Nissan, which run manufacturing operations in Mexico, all down.
Persons: Donald Trump’s, Trump, , South Korea weren’t, Scott Bessent, it’s Trump, Robert Lighthizer, Bill Ackman, ” Mohit Kumar Organizations: Trump, Investors, United States ’, , Truth, Canadian, Volkswagen, Nissan, Treasury Department, Trade Representative, Jefferies Locations: — Canada, China, Mexico, Canada, United States, Beijing, Europe, Japan, South Korea, America
The central business district skyline at Marina Bay waterfront on May 10, 2023 in Singapore. Asia-Pacific markets are set to open higher on Tuesday, tracking gains on Wall Street as U.S. benchmarks notched record highs following President-elect Donald Trump's choice for Treasury secretary. Australia's S&P/ASX 200 traded 0.14% higher in its first hour of trade, after hitting a new all-time closing high on Monday. Japan's Nikkei 225 futures pointed to a stronger open for the market, with the futures contract in Chicago at 38,875 and its counterpart in Osaka at 38,830 compared to the previous close of 38,780.14. Hong Kong's Hang Seng index futures were at 19,245, higher than the HSI's last close of 19,150.99.
Persons: Donald Trump's, Australia's Organizations: Japan's Nikkei Locations: Marina, Singapore . Asia, Pacific, Chicago, Osaka
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrade Tracker: Bill Baruch buys Goldman Sachs, Intercontinental Exchange & sell ChubbBill Baruch, founder and president Blue Line Capital, joins CNBC’s “Halftime Report” to explain why he's buying Intercontinental Exchange, Goldman Sachs, and selling Chubb.
Persons: Bill Baruch, Goldman Sachs, Chubb Bill Baruch, Chubb Organizations: Intercontinental Exchange, Blue Line
Trade Tracker: Stephanie Link buys Accenture
  + stars: | 2024-11-26 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrade Tracker: Stephanie Link buys AccentureStephanie Link, CIO at Hightower, joins CNBC's "Halftime Report" to detail her recent buy in Accenture.
Persons: Stephanie Link, Accenture Stephanie Link, Hightower Organizations: Accenture
The October personal consumption expenditures price index report has many investors wondering how it may impact the postelection market rally. "It definitely threatens the dynamic of the market broadening because it jeopardizes the speed at which the Fed drops interest rates," Lee told CNBC. "Right now, the markets are pricing out interest rates one by one. Bill Baruch, president of Blue Line Futures, sees opportunities in the currency and bond markets if core PCE rate reaches 3%. "This PCE report and the expectation for a December cut are going to create quite a bit of volatility in fixed income," Ethridge told CNBC.
Persons: Dow Jones, William Lee, Lee, Jimmy Lee, Victoria Greene, Greene, Bill Baruch, Baruch, Malcolm Ethridge, Ethridge, Goldman Sachs, Russell Organizations: Core PCE, Milken Institute, CNBC, Traders, Wealth Consulting, Nvidia, Meta, Microsoft, Wealth, Blue, Capital Area Planning, U.S . Bancorp Locations: financials
Hong Kong CNN —Hong Kong has become a center for money laundering and sanctions evasion under the tightening grip of Beijing, US lawmakers have warned, calling for a re-evaluation of America’s close business relationship with the Asian financial hub. “We must now question whether longstanding US policy towards Hong Kong, particularly towards its financial and banking sector, is appropriate,” they added. Rubio, a fierce critic of Beijing’s crackdown on Hong Kong, has sponsored legislation that sanctioned Chinese and Hong Kong officials for alleged human rights violations in the city. This has massive implications for US businesses with big exposure to Hong Kong,” Fish said. “Sadly, the idea of Hong Kong as autonomous from China is now a farce … US companies need to understand that their Hong Kong operations will likely fall under increased scrutiny.”
Persons: Janet Yellen, , , Donald Trump, Hong Kong, John Moolenaar, Raja Krishnamoorthi, Trump, Marco Rubio, Rubio, Scott Bessent, Isaac Stone Fish, Bessent –, ” Fish Organizations: Hong Kong CNN, CNN, US Treasury Department, Hong, European Union, Treasury Department, Republican Rep, White, US Locations: Hong Kong, Beijing, China, Washington, Hong, Russia, North Korea, People’s Republic of China, Iran, Ukraine, Russian, United Kingdom
President-elect Donald J. Trump’s threats to impose damaging tariffs on Canada, Mexico and China may ultimately be an opening wager to try to use the power of the American market to persuade other countries to stem a flow of drugs and migrants across U.S. borders. But even if the threat to impose vast tariffs on some of the world’s largest economies is a negotiating tactic, it is also a gambit that has immediate real-world consequences. Before Mr. Trump even sets foot in the Oval Office, his threat to put tariffs on America’s three largest trading partners on his first day in office was reverberating around the world, shocking international businesses, rocking diplomatic relationships and calling into question two big trade deals that Mr. Trump negotiated during his first term. Mr. Trump’s pronouncement late Monday that he would impose a 25 percent tariff on all goods from Canada and Mexico and a 10 percent tariff on products from China was immediately denounced by business groups, who said such a move would cause grave economic harm. Foreign officials rushed to reassure the incoming Trump administration that they had been working to stop drugs and migrants from coming into the United States — while warning that they were also ready to turn around and impose their own tariffs on American exports.
Persons: Donald J, Trump Organizations: Office, Trump, United Locations: Canada, Mexico, China, U.S, United States
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Investors didn't seem too bothered by President-elect Donald Trump 's new tariff threats Monday evening. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Donald Trump, Amgen, Eli Lilly, Lilly, Jim Cramer's, Trump, Jim, Bill Newlands, Roth MKM, Roth, Amit Mehta, Mehta, Trump's, Morgan Stanley, CNBC's Matthew J, Belvedere Organizations: CNBC, ., Nasdaq, Dow Jones, Dow, Novo Nordisk, Constellation Brands, Modelo, Corona, Justice Department, Anheuser, Busch InBev, Grupo, Google, Reuters, DOJ, Chrome, Economic, of Chicago, Labor Department, Jim Cramer's Charitable Locations: Mexico, China, United States, U.S
It’s official: A legal settlement that will rewrite the way many real estate agents are paid in the United States has received its final approval from a federal judge. Judge Stephen R. Bough of the Western District of Missouri on Tuesday approved an agreement between the National Association of Realtors and a group of home sellers who sued the real estate trade group over its longstanding rules on agents’ commissions, which they say forced them to pay excessive fees. It was the last step in an eight-month process that was set in motion when N.A.R., the nation’s largest trade association, agreed to the landmark deal on March 15. It was also largely a formality — Judge Bough gave preliminary approval to the agreement on April 23, and the rule changes detailed in the settlement took effect on Aug. 17, forcing agents across the country to begin adjusting how they do their jobs.
Persons: Stephen R, Bough Organizations: United States, Western, of, National Association of Realtors Locations: United, of Missouri
AdvertisementDuring his first term, Trump threatened tariffs while renegotiating trade with Mexico and Canada. Scott Bessent, Trump's pick for Treasury secretary, has called tariffs a "negotiating tool." In June of 2019, Trump threatened tariffs against Mexico if the country didn't alter its immigration system, which it eventually did. While financial analysts are taking Trump's threats seriously, some banking leaders seem to think that Trump's most recent tariff threat is a continuation of his prior negotiation tactic. Advertisement"This is President Trump's negotiating style: step one, punch in the face, step two, let's negotiate," Kieran Calder, the head of equity research for Asia at Union Bancaire Privée, said, according to Bloomberg.
Persons: Trump, Scott Bessent, Donald Trump, Robert Lawrence, Lawrence, Mark Blyth, Blyth, He's, he's, Trump's, Kieran Calder, Union Bancaire Privée, — Trump, Luis Costa Organizations: Biden, Peterson Institute for International Economics, European Union, American Free Trade, Brown University, White, Brookings Institute, NAFTA, Union Bancaire, Bloomberg, UBS, Citi Bank, Trump Locations: Mexico, Canada, Asia, China
Final Trade: JWN, IWM, GCO, AMGN
  + stars: | 2024-11-26 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trade: JWN, IWM, GCO, AMGNThe final trades of the day with CNBC’s Melissa Lee and the Fast Money traders.
Persons: CNBC’s Melissa Lee Organizations: Fast Money
Gavin Newsom plans to revive California's EV rebate if Trump ends the federal tax credit. Tesla sales in California, the US's largest EV market, have recently declined even as overall EV sales in the state have grown. Elon Musk, who has expressed support for ending the federal tax credit, said in an X post it was "insane" for the California proposal exclude Tesla. The federal electric vehicle tax credit, which was passed as part of the Biden administration's Inflation Reduction Act in 2022, provides a $7,500 tax credit to some EV buyers. The Tesla CEO said on an earnings call in July that ending the federal tax credit might actually benefit the company.
Persons: Gavin Newsom, Tesla, Elon Musk, Donald Trump, Newsom, Trump, He's, Musk, Graham Rapier, Organizations: Trump, California Gov, Trump Administration, Reduction Fund, Bloomberg News, Business, Car Dealers, EV, Hyundai, BMW, Biden, Department of Government Locations: California, Trump's
"We think tariffs across the board are a lose-lose game. Tariffs are worrisome when it comes to global trade and worrisome in terms of inflation," said Katz. Small caps hit an all-time high The Russell 2000 hit an all time high on Monday. "Take your 80/20 portfolio your risk adjusted portfolio you are seeing about a 7%-8% allocation to small caps, maybe 11%-12% to midcaps," Boneparth said. Now, you are getting a lift from small caps and mid caps as well."
Persons: Amgen David Katz, Katz, Rupesh, Donald Trump, Small, Russell, Doug Boneparth, Boneparth Organizations: PRO, Worldwide, Matrix, Oppenheimer, Walmart, Costco Locations: China, Mexico, Canada, U.S, megacap
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