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Dana White, martial-arts magnate and Trump cheerleader

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ANYONE UNFAMILIAR with combat sports, or the leading lights of Donald Trump’s “MAGA world”, may have been surprised to see a bald, stocky man on the podium after Donald Trump’s victory speech. Shouting the president-elect’s praises with the practised passion of a carnival barker was Dana White, the boss of the Ultimate Fighting Championship (UFC), the world’s largest mixed martial-arts (MMA) promotion. Mr White knows a thing or two about talking up pugilistic characters like Mr Trump.

To the Trump faithful, he was more familiar. Mr White spoke at the Republican National Convention (RNC) in 2016, when Mr Trump became the party’s nominee for the first time. He told the convention of the origins of their friendship: when Mr White took over the failing UFC in 2001, no venue would play host to the “bloodsport”. That is, until Mr Trump offered one of his casinos. Expressing a thought that has since become a mantra for Trump fans, Mr White told the crowd: “Nobody took us seriously, except Donald Trump.”

Mr White praised the qualities of “the Donald Trump that I know”: his “great business instincts”, that he is a “hard worker” and that he is a “loyal and supportive friend”. That these claims were all highly disputable even in 2016 was irrelevant. Like any good fight promoter—and Mr Trump himself—Mr White knows you shouldn’t worry too much about truth when creating a myth.

Mr White’s own origin story, recounted in many interviews and features, is harder to fact-check. The standard version is the tale of a hard-scrabble kid who grew up on the streets of Southie (as South Boston is affectionately known by locals) and in Las Vegas. A bit of a brawler, he got into amateur boxing and eventually co-ran a gym. There he taught boxing to local youths and boxing fitness to businessmen and housewives.

After an extortion attempt by an associate of Whitey Bulger, a notorious local gangster once played on screen by Johnny Depp, he returned from Boston to Las Vegas. He opened another gym and got into MMA, a multi-discipline combat sport so violent that it used to be banned in 36 American states. (John McCain, a senator, presidential candidate and boxing fan from Arizona, once called it “human cockfighting”.) Mr White convinced two childhood friends to buy the UFC for $2m and let him run it.

He cleaned up the sport, professionalising and popularising it. UFC now airs in more than 170 countries and is worth $11.3bn, according to Forbes, a business magazine. The authorised version of Mr White’s story paints its hero as a charming rogue with a foul mouth and a bit of a temper, whose rough edges and upbringing made him the businessman—and showman—he is today. His superpower, he says proudly, is that he’s “a savage”.

Others paint a darker picture. In her “unauthorised biography” of Mr White, his own mother contests the “boy-raising-himself-in-the-streets myth”. And she says his move to Las Vegas was motivated by a falling-out with his business partner, making no mention of a run-in with organised crime. She admits her son’s importance to the popularisation of MMA. But she says his meteoric rise made him “egotistical, self-centred, arrogant and cruel”—a ruthless “tyrant” who rules those around him “by intimidation”.

Some who have had disagreements with Mr White might concur. He has had bitter and protracted legal fights with several of his fighters over allegations of low pay and exploitative contracts. (Mr White denies that there is any problem with fighters’ pay.) And a video that emerged of Mr White slapping his wife in 2022—an incident he admitted to and apologised for—suggests that his brash persona is not always harmless pantomime.

His long friendship with Mr Trump is perhaps unsurprising. Mr Trump is a fight fan, whether it be UFC, boxing or wrestling. His love of strongmen, literal and figurative, is well-documented. The once-and-future president may even see a little of himself in the self-promoter’s unapologetic machismo. Mr White spoke at the RNC not only in 2016 but the next two as well.

The president-elect doubtless understands that his friendship with the fight promoter helps him with young male voters. Some 49% of 18- to 29-year-olds plumped for him, according to exit polls, up from 41% in 2020. At Mr Trump’s victory celebration Mr White shouted out the names of podcasters and YouTube stars who appeal to the sort of young men who follow UFC. One of them was Joe Rogan, a comedian and former UFC commentator who is now among the world’s most popular podcasters.

Now the fight is won, what purse will Mr White receive? A spokesman has said  he has “no personal political ambitions”, and speculation that he may have secured himself a cabinet position still seems far-fetched. But whatever happens, UFC’s fighting spirit seems likely to remain in favour in the Trump White House and its boss a potent influence.

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Economics

EC President von der Leyen

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The European Union is preparing further countermeasures against U.S. tariffs if negotiations fail, according to European Commission president Ursula von der Leyen.

U.S. President Donald Trump had imposed 20% tariffs on the bloc on Wednesday.

Von der Leyen’s comments come after retaliatory duties were announced by the bloc after the U.S. imposed tariffs on  last month in a bid to protect European workers and consumers. The EU at the time said it would introduce counter-tariffs on 26 billion euros ($28 billion) worth of U.S. goods.

Previously suspended duties — which were at least partially in place during Trump’s first term as president — are set to be re-introduced alongside a slew of additional duties on further goods.

Industrial-grade steel and aluminum, other steel and aluminum semi-finished and finished products, along with their derivative commercial products, such as machinery parts and knitting needles were set to be included. A range of other products such as bourbon, agricultural products, leather goods, home appliances and more were also on the EU’s list.

Following a postponement, these tariffs are expected to come into effect around the middle of April.

This is a developing story, please check back for updates.

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Economics

ADP jobs report March 2025:

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Attendees check in during a job fair at the YMCA Gerard Carter Center on March 27, 2025 in the Stapleton Heights neighborhood of the Staten Island borough in New York City. 

Michael M. Santiago | Getty Images

Private payroll gains were stronger than expected in March, countering fears that the labor market and economy are slowing, according to a report Wednesday from ADP.

Companies added 155,000 jobs for the month, a sharp increase from the upwardly revised 84,000 in February and better than the Dow Jones consensus forecast for 120,000, the payrolls processing firm said.

The upside surprise comes amid worries that President Donald Trump’s aggressive tariffs could deter firms from adding to headcount and in turn slow business and consumer activity. Trump is set to announce the next step in his trade policy Wednesday at 4 p.m.

Hiring was fairly broad based, with professional and business services adding 57,000 workers while financial activities grew by 38,000 as tax season heats up. Manufacturing contributed 21,000 and leisure and hospitality added 17,000.

Service providers were responsible for 132,000 of the positions. On the downside, trade, transportation and utilities saw a loss of 6,000 jobs and natural resources and mining declined by 3,000.

On the wage side, earnings rose by 4.6% year over year for those staying in their positions and 6.5% for job changers. The gap between the two matched a series low last hit in September, suggesting a lower level of mobility for workers wanting to switch jobs.

Still, the overall numbers indicate a solid labor market. Recent data from the Bureau of Labor Statistics indicates that the level of open positions is now almost even with available workers, reversing a trend in which openings outnumbered the unemployed by 2 to 1 a couple years ago.

The ADP report comes ahead of the more closely watched BLS measure of nonfarm payrolls. The BLS report, which unlike ADP includes government jobs, is expected to show payroll growth of 140,000 in March, down slightly from 151,000 in February. The two counts sometimes show substantial disparities due to different methodologies.

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Economics

Trump tariffs’ effect on consumer prices debated by economists

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The U.S. government is set to increase tariff rates on several categories of imported products. Some economists tracking these trade proposals say the higher tariff rates could lead to higher consumer prices.

One model constructed by the Federal Reserve Bank of Boston suggests that in an “extreme” scenario, heightened taxes on U.S. imports could result in a 1.4 percentage point to 2.2 percentage point increase to core inflation. This scenario assumes 60% tariff rates on Chinese imports and 10% tariff rates on imports from all other countries.

The researchers note that many other tariff proposals have surfaced since they published their findings in February 2025. 

Price increases could come across many categories, including new housing and automobiles, alongside consumer services such as nursing, public transportation and finance. 

“People might think, ‘Oh, tariffs can only affect the goods that I buy. It can’t affect the services,'” said Hillary Stein, an economist at the Boston Fed. “Those hospitals are buying inputs that might be, for example, … medical equipment that comes from abroad.” 

White House economists say tariffs will not meaningfully contribute to inflation. In a statement to CNBC, Stephen Miran, chair of the Council of Economic Advisers, said that “as the world’s largest source of consumer demand, the U.S. holds all the leverage, which means foreign suppliers will have to eat the economic burden or ‘incidence’ of the tariffs.” 

Assessing the impact of the administration’s full economic agenda has been a challenge for central bank leaders. The Federal Open Market Committee decided to leave its target for the federal funds rate unchanged at the meeting in March. 

The Fed targets its overnight borrowing rate at between 4.25% and 4.5%, with the effective federal funds rate at 4.33% on March 31, according to the New York Fed. The core personal consumption expenditures price index inflation rate rose to 2.8% in February, according to the Commerce Department. Forecasts of U.S. gross domestic product suggest that the economy will continue to grow at a 1.7% rate in 2025, albeit at a slower pace than what was forecast in January.  

Consumers in the U.S. and businesses around the world are bracing for impact. 
 
“There is a reason why companies went outside of the U.S.,” said Gregor Hirt, chief investment officer at Allianz Global Investors. “Most of the time it was because it was cheaper and more productive.” 

Watch the video above to learn how much inflation tariffs may cause.

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