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NoneBy JOSH BOAK WASHINGTON (AP) — Donald Trump loved to use tariffs on foreign goods during his first presidency. But their impact was barely noticeable in the overall economy, even if their aftershocks were clear in specific industries. The data show they never fully delivered on his promised factory jobs. Nor did they provoke the avalanche of inflation that critics feared. This time, though, his tariff threats might be different . The president-elect is talking about going much bigger — on a potential scale that creates more uncertainty about whether he’ll do what he says and what the consequences could be. “There’s going to be a lot more tariffs, I mean, he’s pretty clear,” said Michael Stumo, the CEO of Coalition for a Prosperous America, a group that has supported import taxes to help domestic manufacturing. The president-elect posted on social media Monday that on his first day in office he would impose 25% tariffs on all goods imported from Mexico and Canada until those countries satisfactorily stop illegal immigration and the flow of illegal drugs such as fentanyl into the United States. Those tariffs could essentially blow up the North American trade pact that Trump’s team negotiated during his initial term. Chinese imports would face additional tariffs of 10% until Beijing cracks down on the production of materials used in making fentanyl, Trump posted. Business groups were quick to warn about rapidly escalating inflation , while Mexican President Claudia Sheinbaum said she would counter the move with tariffs on U.S. products. House Democrats put together legislation to strip a president’s ability to unilaterally apply tariffs this drastic, warning that they would likely lead to higher prices for autos, shoes, housing and groceries. Sheinbaum said Wednesday that her administration is already working up a list of possible retaliatory tariffs “if the situation comes to that.” “The economy department is preparing it,” Sheinbaum said. “If there are tariffs, Mexico would increase tariffs, it is a technical task about what would also benefit Mexico,” she said, suggesting her country would impose targeted import duties on U.S. goods in sensitive areas. Related Articles House Democrats on Tuesday introduced a bill that would require congressional approval for a president to impose tariffs due to claims of a national emergency, a largely symbolic action given Republicans’ coming control of both the House and Senate. “This legislation would enable Congress to limit this sweeping emergency authority and put in place the necessary Congressional oversight before any president – Democrat or Republican – could indiscriminately raise costs on the American people through tariffs,” said Rep. Suzan DelBene, D-Wash. But for Trump, tariffs are now a tested tool that seems less politically controversial even if the mandate he received in November’s election largely involved restraining inflation. The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world’s second largest economy. Biden administration officials looked at removing Trump’s tariffs in order to bring down inflationary pressures, only to find they were unlikely to help significantly. Tariffs were “so new and unique that it freaked everybody out in 2017,” said Stumo, but they were ultimately somewhat modest. Trump imposed tariffs on solar panels and washing machines at the start of 2018, moves that might have pushed up prices in those sectors even though they also overlapped with plans to open washing machine plants in Tennessee and South Carolina. His administration also levied tariffs on steel and aluminum, including against allies. He then increased tariffs on China, leading to a trade conflict and a limited 2020 agreement that failed to produce the promised Chinese purchases of U.S. goods. Still, the dispute changed relations with China as more U.S. companies looked for alternative suppliers in other countries. Economic research also found the United States may have sacrificed some of its “soft power” as the Chinese population began to watch fewer American movies. The Federal Reserve kept inflation roughly on target, but factory construction spending never jumped in a way that suggested a lasting gain in manufacturing jobs. Separate economic research found the tariff war with China did nothing economically for the communities hurt by offshoring, but it did help Trump and Republicans in those communities politically. When Trump first became president in 2017, the federal government collected $34.6 billion in customs, duties and fees. That sum more than doubled under Trump to $70.8 billion in 2019, according to Office of Management and Budget records. While that sum might seem meaningful, it was relatively small compared to the overall economy. America’s gross domestic product is now $29.3 trillion, according to the Bureau of Economic Analysis. The total tariffs collected in the United States would equal less than 0.3% of GDP. The new tariffs being floated by Trump now are dramatically larger and there could be far more significant impacts. If Mexico, Canada, and China faced the additional tariffs proposed by Trump on all goods imported to the United States, that could be roughly equal to $266 billion in tax collections, a number that does not assume any disruptions in trade or retaliatory moves by other countries. The cost of those taxes would likely be borne by U.S. families, importers and domestic and foreign companies in the form of higher prices or lower profits. Former Biden administration officials said they worried that companies could piggyback on Trump’s tariffs — if they’re imposed — as a rationale to raise their prices, just as many companies after Russia’s invasion of Ukraine in 2022 boosted food and energy costs and gave several major companies the space to raise prices, according to their own earnings calls with investors. But what Trump didn’t really spell out is what might cause him to back down on tariffs and declare a victory. What he is creating instead with his tariff threats is a sense of uncertainty as companies and countries await the details to figure out what all of this could mean. “We know the key economic policy priorities of the incoming Trump administration, but we don’t know how or when they will be addressed,” said Greg Daco, chief U.S. economist at EY-Parthenon. AP writer Mark Stevenson contributed to this report from Mexico City.
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White House says at least 8 US telecom firms, dozens of nations impacted by China hacking campaignBy Eric Martin, Bloomberg News (TNS) WASHINGTON — As a candidate, Donald Trump disavowed the MAGA manifesto Project 2025 , calling its ideas “abysmal.” Now the president-elect has nominated or appointed to his incoming administration at least five people involved in the project. The plan became public more than a year ago as the presidential campaign was intensifying. The project was led by the conservative Heritage Foundation and included views of anti-immigrant, anti-reproductive rights, small-government conservatives, gifting Democrats with an easy bullseye for attacks on Trump’s “extreme” views, as Democratic nominee Kamala Harris called them. The plan proposes to eliminate climate-change rules, lessen worker protections, replace civil servants with Trump loyalists and dismantle at least parts of the Education, Commerce and Homeland Security departments, among other things. More: Latest Trump picks include wrestling’s Linda McMahon for education department Trump distanced himself from Project 2025 on the campaign trail, claiming to know nothing about it and saying he disagreed with some of its “absolutely ridiculous and abysmal” ideas. His own transition co-chair — and now Commerce Secretary-designate — Howard Lutnick told The Washington Post, “I won’t take a list from them. I won’t take a topic from them. I won’t touch them. They made themselves nuclear.” At least five people involved in Project 2025 have been tapped for jobs in the second Trump administration. Brendan Carr, author of the document’s chapter on the Federal Communications Commission, was nominated to lead the agency that regulates television and the Internet. Carr’s recommendations in Project 2025 include limiting protections for Big Tech companies that conservatives allege over-moderate content, particularly Meta Inc.’s Facebook and Alphabet Inc.’s Google. After his nomination, Carr pledged in a post on X to “dismantle the censorship cartel and restore free speech rights for everyday Americans.” Russ Vought, author of a core chapter arguing for cutting the size of the federal bureaucracy and strengthening the president’s control over it, has been nominated to lead the Office of Management and Budget, according to CBS News . In his chapter, Vought focuses on reducing the size of government and allowing empowered political appointees to overrule career bureaucrats. Vought also encourages the aggressive use of executive orders from the start of the administration — something that Trump spokesman Jason Miller said the president-elect plans to do. Tom Homan was tapped for a “border czar” role, and is listed as a contributor to the report. Project 2025 focuses on deporting millions of undocumented migrants, especially criminals. Trump says he plans to declare a national emergency, which would allow him to deploy the military to round up immigrants, guard detention camps and fly them out of the country. Homan, the public face of Trump’s zero-tolerance policies of his first term, has said that this time, he will brook no resistance in liberal cities. “If you’re not going to help us, get the hell out of the way,” he warned sanctuary cities. More: Pa. farm industry braces for raids, deportations under proposed Trump policy John Ratcliffe was nominated to lead the Central Intelligence Agency and is another named contributor to Project 2025. Ratcliffe, a former member of Congress and Trump’s director of national intelligence in his first term, has consistently warned about the need to protect the U.S. against Beijing’s aim to dominate economically, militarily and technologically, and criticized China’s largest companies as a front for the Communist Party. Project 2025 likewise warns extensively about the need to guard against the threat from China. Pete Hoekstra was nominated as the ambassador to Canada. A former member of the House intelligence committee, he was Trump’s envoy to the Netherlands in the first term and was criticized for hosting far-right politicians at an embassy party. Hoekstra is listed as a Project 2025 contributor, with the report noting his 1990s’ criticism of waste at the Department of Education, which Trump said he would dismantle. None of the nominees immediately responded to requests for comment. “President Trump never had anything to do with Project 2025,” said Karoline Leavitt, a Trump spokeswoman and his choice for press secretary. “All of President Trump’s Cabinet nominees and appointments are whole-heartedly committed to President Trump’s agenda, not the agenda of outside groups.” Eighteen of the 40 Project 2025 authors and editors come from the first Trump first administration. Those include Ken Cuccinelli, the former acting deputy head of Homeland Security; Christopher Miller, the former acting Defense secretary; and Peter Navarro, a top trade adviser. More on politics Judge delays sentencing Trump for his hush-money case conviction Trump chooses Pam Bondi for attorney general pick after Gaetz withdraws Incumbent Bob Casey concedes Pennsylvania Senate race to Dave McCormick Gaetz withdraws as Trump’s pick for attorney generalColumbia, a perennial football loser, wins Ivy League title for first time since 1961
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Published 4:48 pm Wednesday, December 4, 2024 By Data Skrive There are seven games featuring a ranked team on the Thursday college basketball schedule, including the Duke Blue Devils versus the South Carolina Gamecocks. Watch women’s college basketball, other live sports and more on Fubo. What is Fubo? Fubo is a streaming service that gives you access to your favorite live sports and shows on demand. Use our link to sign up. Catch tons of live women’s college basketball , plus original programming, with ESPN+ or the Disney Bundle.