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The risk of election violence in America is real

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THERE ARE countries in the world where machete-wielding teenagers intimidating voters are a routine part of elections. America is not normally among them. Yet on October 29th an 18-year-old man in Florida was arrested for doing exactly that. Caleb James Williams was, according to local police, part of a group of eight young men hanging out in the parking lot of an early-vote polling station in suburban Jacksonville, waving Donald Trump flags and chanting slogans. Mr Williams allegedly “brandished a machete in an aggressive, threatening posture over his head” at two women who were supporting Kamala Harris.

In late October two ballot boxes, one in Washington state and one in Oregon, were set alight. In Arizona, on October 24th, a 60-year-old man was arrested in connection with three incidents where a Democratic National Committee office was shot at, first with a BB gun, and then with real bullets. In Michigan, on November 2nd, a 55-year-old man was charged after allegedly accelerating his car at Harris campaign canvassers, while calling for them to be exterminated. And in July, one candidate, Donald Trump, was almost assassinated.

Many Americans fear it could get worse. Three-quarters of Americans say that they are worried about post-election violence, according to the AP/NORC poll. Some businesses in Washington, DC, have boarded up their windows, apparently for fear of riots. A few larger businesses are quietly preparing for potential disruption by cancelling meetings and suggesting employees work from home. Readying for potential unrest, some media organisations have even redeployed correspondents from warzones. A few media organisations are warning darkly of “civil war”. But how bad could it really get?

“I am not a panic peddler,” says Sheriff Tom Dart of Cook County, Illinois. “I am just sitting on data that is indisputable…saying that we’ve never had more people saying political violence is OK.” Mr Dart is among the most prominent of 200 law-enforcement officers who have been briefed by Robert Pape, an academic at the University of Chicago who studies political violence. Mr Pape has been surveying voters, both remotely and in person at rallies. Based on this evidence, he is frank: “We are going forward into a season of political violence.”

Underpinning this is data showing that significant minorities—a fifth of Americans—say they support the use of violence to either restore Donald Trump to the presidency or else to prevent him from taking it. That finding, Mr Pape argues, is roughly analogous to discovering there is a lot of dry wood in a forest. It does not necessarily mean that an enormous wildfire will break out. Nor does it tell you much about what sort of spark could set it off. But it means that you should be prepared.

What would violence look like if it happened? Much depends on the results. If Ms Harris appears to be winning in a close count, one possibility is protests at places where counts are being held (as happened in 2020), fuelled by conspiracy theories about fraud. Even if she won clearly, currently sporadic violent incidents against Democrats by amped-up or paranoid individuals could escalate. By contrast, if Mr Trump wins, the fear would be widespread protests in big cities, some of which could turn into violent rioting. Mr Pape stresses that his data suggest people on both sides of the political divide are supportive of violence.

The risk, however, is not evenly balanced. Another survey by the Public Religion Research Institute, a think-tank, suggests Republicans are over three times as likely as Democrats to believe that “true American patriots may have to resort to violence to save the country”. And incitement can turn support for violence into action. In the final weeks of the campaign, Mr Trump has come close to that. At one of his final rallies in Pennsylvania on November 3rd he appeared to make a joke about how he “wouldn’t mind” if somebody shot at the “fake news” journalists covering him, and suggested that “demonic” Democrats “are fighting so hard to steal this damn thing”.

One concern is that viral online posts claiming to offer proof of electoral fraud or irregularities will inspire people to take to the streets. A recent illustration of just how quickly “rage bait” can spin out of control came from the (false) claim that Haitians were eating dogs in Springfield, Ohio. That was then amplified by Mr Trump and his running-mate, J.D. Vance. It led to over 30 bomb threats against schools and government buildings. Already hundreds of posts have claimed to show evidence of election fraud, and many more are certain to follow on and after election day. False claims are also fanned by foreign adversaries: a viral video purporting to show Haitian immigrants illegally voting in Georgia turned out to be Russian election interference, America’s intelligence agencies said last week.

Yet there are reasons to be optimistic for a smoother ride than in 2020. Local officials are better prepared. In Michigan, poll workers have been given special phone numbers to contact law enforcement if they are threatened. In Philadelphia’s, ballot-counting  has been moved from the city centre location warehouse , where in 2020 Mr Trump’s supporters banged on the windows demanding to “stop the count” to a suburban warehouse, is now surrounded by barbed wire. “Do we think it’s possible there’s going to be protests at election warehouses? We’ve already seen that, so, yeah, we’re planning for that. Do we think that folks are going to get threatened? Yeah, we’re planning for that,” says Adrian Fontes, Arizona’s Democratic secretary of state. According to the Brennan Centre for Justice, a think-tank, 92% of local election officials across America have taken steps to improve election security and staff safety.

Will it be enough? Predictions of imminent civil war are clearly overblown. Even widespread violence seems unlikely. But irregularities and a few bad incidents are inevitable (and happen at every election). “The notion that all police departments are going to be up to speed on election law is wildly naive,” worries Mr Dart, the sheriff in Illinois. After all, America has almost 18,000 police departments. Small forces are not all trained in active-shooter response, best crowd-control practices or in riot equipment and weapons, says Brian Higgins, a former cop and now a crowd-control expert at John Jay College of Criminal Justice.

Overall, police seem prepared. And election officials have put measures in place, including live feeds of drop boxes, in an attempt to build trust in the process. Sending a signal that political violence will be severely punished would help. Unfortunately Mr Trump is conveying the opposite message to his supporters—by promising to pardon January 6th rioters if re-elected. As long as violence is not roundly condemned, it is impossible to rule out.

Economics

President Donald Trump says Fed Chair Powell should cut interest rates and ‘stop playing politics’

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U.S. Federal Reserve Chair Jerome Powell and U.S. President Donald Trump.

Craig Hudson | Evelyn Hockstein | Reuters

President Donald Trump on Friday called for Federal Reserve Chair Jerome Powell to cut interest rates, even as his tariff blitz roiled markets and raised fears of a rebound in inflation.

“This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always ‘late,’ but he could now change his image, and quickly,” Trump said in a post on Truth Social. “Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP, all within two months – A BIG WIN for America. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!”

Trump’s post comes as global equity markets are selling off sharply. The president’s new tariff policy, unveiled on Wednesday, has raised concerns about a global economic slowdown.

The new trade policies may also be a barrier that keep the Federal Reserve from cutting. The central bank has paused its rate cuts in recent meetings, in part because progress on reducing inflation appeared to have plateaued. The new tariffs could lead to a widespread rise in prices, at least temporarily, that further complicates the inflation picture.

On Friday, Powell told business journalists in Arlington, Va., that the Fed was “well positioned to wait for greater clarity” before making changes like rate cuts.

Market-based interest rates have already fallen sharply this week, with the 10-year U.S. Treasury yield now below 4%. Treasury yields often fall when investors are worried about a potential recession.

Movement in the Fed funds futures market implies that traders now expect at least four rate cuts of 0.25 percentage points from the central bank this year, according to the CME’s FedWatch tool. At a meeting last month, central bankers projected just two rate cuts.

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Economics

Jobs report March 2025:

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Job growth was stronger than expected in March, providing at least temporary reassurance that the labor market is stable, the Labor Department reported Friday.

Nonfarm payrolls increased 228,000 for the month, up from the revised 117,000 in February and better than the Dow Jones estimate for 140,000, according to the Bureau of Labor Statistics.

However, the unemployment rate moved up to 4.2%, higher than the 4.1% forecast as the labor force participation rate also increased.

Though the headline number beat estimates, the report comes against a highly uncertain backdrop after President Donald Trump’s tariff announcement this week that has intensified fears of a global trade war that could damage economic growth.

Stocks reacted little to the report, with futures tied to the Dow Jones Industrial Average off their lows still down by more than 900 points while Treasury yields held sharply negative.

“Today’s better than expected jobs report will help ease fears of an immediate softening in the US labor market,” said Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management. “However, this number has become a side dish with the market just focusing on the entrée: tariffs.”

Trump announced a flat duty of 10% against all trading partners along with a wide menu of so-called reciprocal tariffs that already have provoked retaliation from China and others. Wall Street has been in aggressively sell-off mode for the past two days, with stocks tumbling and investors flocking to the safety of fixed income.

Previous indicators showed the labor market holding up, but the tariff moves raise the possibility that companies will hold back on hiring as they assess just what the new trade landscape will look like.

The March numbers, though, pointed to a still-strong labor market, though the January and February counts saw substantial downward revisions. In addition to the cut of 34,000 from the initial count for February, January’s growth is now at just 111,000, down 14,000 from the previous estimate.

Average hourly earnings increased 0.3% on the month, in line with the forecast, while the annual rate of 3.8% was 0.1 percentage point below the estimate and the lowest level since July 2024. The average work week was unchanged at 34.2 hours.

For March, health care was the leading growth area, consistent with prior months. The industry added 54,000 jobs, almost exactly in line with its 12-month average. Other growth areas included social assistance and retail, which both added 24,000, while transportation and warehousing showed a 23,000 increase.

Federal government positions declined by just 4,000, despite the Elon Musk-led efforts, though the Department of Government Efficiency, to pare the federal workforce. However, the BLS noted that workers on severance or paid leave are counted as employed. A report Thursday from consultancy firm Challenger, Gray & Christmas indicated that DOGE-related layoffs have totaled more than 275,000 so far.

“While Friday’s jobs report showed that the economy is still adding jobs even with the tariff uncertainty and Federal job cuts, the data is backward looking and doesn’t say anything about how employers might fare over the coming months,” said Glen Smith, chief investment officer at GDS Wealth Management.

A broader unemployment indicator that includes those not looking for work as well as workers holding part-time jobs for economic reasons — the underemployed — edged lower to 7.9%.

The survey of households, which is used to determine the unemployment rate, was closely in line with the establishment payroll count, as it showed a gain of 201,000 workers.

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Economics

China to impose 34% retaliatory tariff on all goods imported from the U.S.

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Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019.

Aly Song | Reuters

China’s finance ministry on Friday said it will impose a 34% tariff on all goods imported from the U.S. starting on April 10, following duties imposed by U.S. President Donald Trump’s administration earlier this week.

“China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful and mutually beneficial manner,” the ministry said, according to a Google translation.

It further criticized Washington’s decision to impose 34% of additional reciprocal levies on China — bringing total U.S. tariffs against the country to 54% — as “inconsistent with international trade rules” and “seriously” undermining Chinese interests, as well as endangering “global economic development and the stability of the production and supply chain,” according to a Google-translated report from Chinese state news outlet Xinhua.

Separately, China also added 11 U.S. firms to the “unreliable entities list” that the Beijing administration says have violated market rules or contractual commitments. China’s ministry of commerce also added 16 U.S. entities to its export control list and said it would implement export controls on seven types of rare-earth related items, including samarium, gadolinium and terbium.

CNBC has reached out to the White House for comment.

Beijing, which also entertained a tenuous trade relationship with Washington under Trump’s first term, had warned that it would take “resolute counter-measures” to safeguard its own interests after the White House disclosed its latest sweeping tariffs on Wednesday.

Other U.S. trading partners had held off from announcing retaliatory tariffs amid hopes of further negotiations, with the European Union nevertheless voicing a readiness to respond.

The mutual U.S.-China levies are set to impact a trade relationship worth $582.4 billion in goods in 2024, according to the Office of the U.S. Trade Representative.

Analysts expect the U.S.’ protectionist trade policies to steer China toward other trading partners and see it implement further stimulus measures in an effort to galvanize the economy. China has been battling a property crisis and weak consumer and business sentiment since the end of the Covid-19 pandemic.

China’s retaliatory tariffs announced Friday exacerbated declines in global markets which had already been thrust into turmoil by fears of inflationary, recessionary and global economic growth risks following the White House’s tariffs.

Mohamed Aly El-Erian, chief economic advisor for Allianz SE. 

El-Erian says U.S. recession risks are now ‘uncomfortably high’

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