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Economics

What a second Trump presidency will bring

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2 weeks ago

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This is the introduction to The Economist this week, a free weekly newsletter that includes a note from our editor-in-chief, Zanny Minton Beddoes.

Zanny Minton Beddoes, our editor-in-chief, writes about this week’s cover package

The world has just witnessed a historic turn. Donald Trump’s election as America’s 47th president was not a fluke: his victory was decisive. By securing more than 70m votes, he has won the popular vote for the first time in three attempts. The Republican Party now runs the Senate and is likely, within days, to secure control of the House. Add that the Supreme Court will be firmly entrenched with MAGA values for a generation. All this constitutes a stunning comeback and provides a powerful mandate for Mr Trump; in our cover leader we call him the most consequential American president since Franklin D. Roosevelt.

Our weekly edition considers what a second Trump presidency means. If Mr Trump has wrecked the old order, what will take its place? Will the return of Trumponomics spark a global trade war? How will Mr Trump handle the conflicts in Ukraine and the Middle East? His sweeping victory could set the tone for fellow nationalist populists such as Marine Le Pen, who hopes to secure France’s presidency in 2027. Mr Trump was too easily dismissed as an aberration in his first term. Not now. He has defined a new political era, for America and the world.

Subscribers can now sign up to participate in our live digital event on Friday November 8th, where our editors will discuss the election’s aftermath and what comes next. I also recommend the US in brief, our daily newsletter devoted to the most important matters in American politics.

Wherever you live, Mr Trump’s presidency will affect you. Over the next four years, we will report on and analyse the effects of the second Trump presidency on policy, business, economics and more—in America and around the world.

I invite you to be a part of this. If you already subscribe to The Economist, thank you.

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Economics

Donald Trump chooses hedge fund executive Scott Bessent for Treasury Secretary

Published

11 hours ago

on

November 22, 2024

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Scott Bessent, founder and chief executive officer of Key Square Group LP, during an interview in Washington, DC, US, on Friday, June 7, 2024.

Stefani Reynolds | Bloomberg | Getty Images

President-elect Donald Trump has signaled his intention to nominate hedge fund executive Scott Bessent as his Treasury secretary, sources tell CNBC and NBC News.

The founder of Key Square Group had been considered a strong favorite for the position along with a few other close contenders.

As head of Treasury, Bessent, 62, will be both the U.S. fiscal watchdog as well as a key official to help Trump enact his ambitious economic agenda. Both a Wall Street heavyweight and advocate for many of the incoming president’s economic goals, he would come to office at a critical time as the U.S. wrestles with a growing economy alongside long-festering debt and deficit issues.

Like Trump, Bessent favors gradual tariffs and deregulation to push American business and control inflation. In addition, Bessent has advocated for a revival in manufacturing as well as energy independence.

The prospective nominee also has deep philanthropic ties through Yale University along with Rockefeller University and Classical American homes Preservation Trust.

One obstacle Bessent will have to overcome is his past affiliation with billionaire investor and global gadfly George Soros. Bessent served as chief investment officer for Soros’ fund.

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Economics

Trump might name Kevin Warsh as Treasury chief then Fed chair later, report says

Published

21 hours ago

on

November 22, 2024

By

Kevin Warsh

Jin Lee | Bloomberg | Getty Images

President-elect Donald Trump is considering naming Kevin Warsh as Treasury secretary then ultimately sending him off to serve as Federal Reserve chair, according to a Wall Street Journal report.

A former Fed governor himself, Warsh would move over to the central bank after current Chair Jerome Powell’s term expires in 2026, according to the Journal, which cited sources familiar with Trump’s thinking.

The speculation comes with Treasury being the last major Cabinet position for which Trump has yet to state his intention.

Various reports have put Warsh as one of the finalists with Apollo Global Management CEO Marc Rowan and hedge fund manager Scott Bessent. Among the potential scenarios would be one where Bessent would lead the National Economic Council initially then go over to Treasury after Warsh takes over at the Fed.

However, Trump is known for the propensity to change his mind, and the report noted that nothing has been finalized.

Read the full Wall Street Journal story here.

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Economics

Matt Gaetz withdraws from consideration as America’s attorney-general

Published

1 day ago

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November 21, 2024

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MATT GAETZ, Donald Trump’s choice for America’s attorney-general, spent November 20th meeting senators and telling reporters it had been “a great day of momentum”. The next day, however, Mr Gaetz withdrew his name from consideration, acknowledging that “my confirmation was unfairly becoming a distraction.” This was not self-effacement from a MAGA firebrand, but a reflection of reality: Mr Gaetz had little chance of being confirmed even by a Republican-controlled Senate. The Republican Party may belong to Mr Trump, but his power is not absolute.

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