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Economics

Checks and Balance newsletter: What is Trumpism, actually?

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This is the introduction to Checks and Balance, a weekly, subscriber-only newsletter bringing exclusive insight from our correspondents in America.

James Bennet, our Lexington columnist, considers the difficulty of defining Trumpism

“It’s not the Trump Party quite yet” was the headline on a Lexington column I wrote back in January. Well, it is now. Donald Trump has locked up the nomination. He has installed loyalists, including a daughter-in-law, atop the Republican National Committee, and Republican politicians who once resisted him, having capitulated, are flaunting his endorsement. Nikki Haley, former governor of South Carolina, ran a good campaign, but primary voters mostly rejected her message, which was basically that of the politician who defined the party from the 1980s into the Trump era, Ronald Reagan.

But I don’t think voters can be certain just what this new Republican Party stands for, because, as Mr Trump demonstrated in the past few days, he remains such an opportunistic and transactional politician. He suggested he favoured “cutting” entitlements, then insisted he would do no such thing, and he reversed a position he held as president: while in office he issued an executive order to ban TikTok, a social-media app, if its Chinese parent company, ByteDance, did not sell the app’s American operations. But this week he opposed a bipartisan bill in the House seeking the same outcome. The Economist endorsed the bill in this week’s issue.

Mr Trump explained that he wanted to combat a domestic adversary instead: “I don’t want Facebook, which cheated in the last Election, doing better,” he wrote on his own social-media platform, Truth Social, with his odd, or maybe Germanic, capitalisation. “They are a true Enemy of the People!” Later, he suggested another political rationale: a lot of young people love TikTok. A third possibility is that the former president is courting donations from a billionaire investor in TikTok; Mr Trump has denied discussing the app with him. 

Whatever his motive, or mix of motives, none speaks to protecting Americans’ data or countering China. Yet Mr Trump said he still considers TikTok a national-security threat. It is this slipperiness about ends and means that makes Trumpism, unlike Reaganism, so hard to define apart from the man himself. Mr Trump calls himself pro-life, and he was able to appoint enough justices to overturn Roe v Wade, but what will his position on abortion be in the end? I wonder if he knows. 

Despite having served a term Mr Trump still offers less a set of principles than a mush of private and public aspirations and interests. That is a squishy new foundation for the grand old party. The fact that House Republicans overwhelmingly ignored Mr Trump’s opposition and supported the ban suggests that, while they may bow to him as their political champion, they do not take him as seriously when it comes to policy. Let’s hope some can show similar sense when it comes to aid for Ukraine and other matters.

Economics

What would Robert Kennedy junior mean for American health?

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AS IN MOST marriages of convenience, Donald Trump and Robert F. Kennedy junior make unusual bedfellows. One enjoys junk food, hates exercise and loves oil. The other talks of clean food, getting America moving again and wants to eliminate oils of all sorts (from seed oil to Mr Trump’s beloved “liquid gold”). One has called the covid-19 vaccine a “miracle”, the other is a long-term vaccine sceptic. Yet on November 14th Mr Trump announced that Mr Kennedy was his pick for secretary of health and human services (HHS).

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Economics

UK economy ekes out 0.1% growth, below expectations

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Bank of England in the City of London on 6th November 2024 in London, United Kingdom. The City of London is a city, ceremonial county and local government district that contains the primary central business district CBD of London. The City of London is widely referred to simply as the City is also colloquially known as the Square Mile. (photo by Mike Kemp/In Pictures via Getty Images)

Mike Kemp | In Pictures | Getty Images

The U.K. economy expanded by 0.1% in the third quarter of the year, the Office for National Statistics said Friday.

That was below the expectations of economists polled by Reuters who forecast 0.2% gross domestic product growth on the previous three months of the year.

It comes after inflation in the U.K. fell sharply to 1.7% in September, dipping below the Bank of England’s 2% target for the first time since April 2021. The fall in inflation helped pave the way for the central bank to cut rates by 25 basis points on Nov. 7, bringing its key rate to 4.75%.

The Bank of England said last week it expects the Labour Government’s tax-raising budget to boost GDP by 0.75 percentage points in a year’s time. Policymakers also noted that the government’s fiscal plan had led to an increase in their inflation forecasts.

The outcome of the recent U.S. election has fostered much uncertainty about the global economic impact of another term from President-elect Donald Trump. While Trump’s proposed tariffs are expected to be widely inflationary and hit the European economy hard, some analysts have said such measures could provide opportunities for the British economy.

Bank of England Governor Andrew Bailey gave little away last week on the bank’s views of Trump’s tariff agenda, but he did reference risks around global fragmentation.

“Let’s wait and see where things get to. I’m not going to prejudge what might happen, what might not happen,” he told reporters during a press briefing.

This is a breaking news story. Please refresh for updates.

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Economics

Senate Republicans flex their independence

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MIKE JOHNSON, the speaker of the House of Representatives, became all but guaranteed to keep his job for another two years after receiving Donald Trump’s backing on November 13th. Yet Mr Trump conspicuously withheld an endorsement in another congressional leadership contest the same day, and Senate Republicans elected John Thune as their next majority leader. The South Dakotan now has the unenviable task of managing a busy legislative schedule while also trying to reconcile the demands of his own caucus, an unruly lower chamber and an emboldened and mercurial president.

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