
Trump Appoints New Labor Statistics Chief After Dissatisfied With Job Data
'Our economy is booming, and E.J. will ensure that the numbers released are honest and accurate,' Trump wrote on Truth Social.
However, the nominee needs to be confirmed by the Senate.
On Aug. 1, Trump ordered the firing of McEntarfer a few hours after the BLS released weaker-than-expected job growth for July and large downward revisions to figures for May and June. Trump accused her of manipulating data for political purposes.
Antoni, chief economist at the Heritage Foundation, is seen as a conservative economist and a critic of the BLS.
'There are better ways to collect, process, and disseminate data — that is the task for the next BLS commissioner, and only consistent delivery of accurate data in a timely manner will rebuild the trust that has been lost over the last several years,' Antoni posted on X last week.
However, the nomination has drawn criticism. 'E.J. Antoni is completely unqualified to be BLS Commissioner. He is an extreme partisan and does not have any relevant expertise,' said Jason Furman, an economics professor at Harvard University and former chairman of the White House Council of Economic Advisers.
Antoni would be a break from decades of nonpartisan technocrats, Furman said in a post on X.

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New Straits Times
an hour ago
- New Straits Times
Markets, Trump in delicate policy dance
UNITED States President Donald Trump has faced little opposition in his drive to rip up the global economic rule book, whether from his fellow Republicans, political opponents or institutional guard rails. The only exception has been "the market". But now even investors are holding their fire, enabling more risk to build up in the financial system. Wall Street's reaction to Trump's "Liberation Day" tariffs on April 2 was so ferocious that the president did something he had rarely done: he backed down. Trillions of dollars were wiped off the value of US stocks amid a 10 per cent nosedive from April 3-4. The only two-day selloffs since the 1930s that were bigger occurred during World War 2, "Black Monday" in 1987, the Global Financial Crisis in 2008, and the Covid-19 pandemic in 2020. The stock market bottomed out on April 7 after Trump paused most of his country-specific tariffs. Wall Street has not looked back since, with the S&P 500 rebounding 35 per cent to a new all-time high. This episode suggests that "the market" is one of the few true checks on Trump's apparent pursuit to re-shape the US — and indeed the world — economy. The only problem is that the president has continued to pursue unorthodox policies in recent months — including challenging the independence of the Federal Reserve (Fed), firing statisticians and slapping tariffs on countries for non-economic reasons — and investors have failed to tap the brakes. The so-called "Trump put" — the idea that the president won't let the markets fall too far — is essentially a funhouse mirror version of the famous "Fed put", the long-held belief that, in the event of a crisis, the central bank will step in to restore stability. Trump seemingly did just that in April, but it was to clean up a mess of his own making. And one could argue that it was actually investors who came to the economy's rescue by putting pressure on the president to reconsider policies considered ill-advised by most economists. Trump and markets are, therefore, now in a curious dance. Investors appear to believe that markets can ultimately stop Trump from pushing the envelope too far on tariffs or other policies. But as a result, investors are not over-reacting — or reacting at all — to the latest controversies around the Bureau of Labour Statistics firing, his attacks on Fed chair Jerome Powell, his pressure on Intel's chief executive officer to resign, or the outsized tariffs slapped on Brazil and India. This, in turn, has powered the markets to new record highs, emboldening Trump to push the envelope even further. So even though the market has the power to rein in the president's economic policy excesses, it's not using it. Why hasn't the market pushed back? As the cliche goes, equity investors are paid to be optimistic. It's in their interest to keep the train hurtling along provided there aren't any immediate obstacles to derail it. There are, of course, a few pretty large hurdles on the horizon for the US economy, including the highest tariffs since the 1930s and some of the biggest budget deficits since World War 2 outside of crisis periods. But until these or other issues present an immediate economic threat, markets can choose to ignore them. By under-reacting to Trump's unorthodox policies, markets may be not only delaying the day of reckoning but amplifying the potential impact. Why? Genuine economic and geopolitical paradigm shifts are underway, and investors are not pricing in the attendant risk. Nobody knows what the ultimate impact of these shifts will be, but we do know that with greater uncertainty comes greater downside risk. Yet equity volatility is currently the lowest it has been this year, and even in the bond market — not known for its optimism — volatility is the lowest in 3½ years, while US corporate bond spreads are the tightest since 1998. Ultimately, the market is unlikely to call Trump's bluff until something truly unexpected or extreme hits. In the meantime, investors can justify this nonchalance by saying that corporate earnings growth is solid, artificial intelligence enthusiasm is high, economic growth remains decent, unemployment is low and consumers are still spending.


The Sun
3 hours ago
- The Sun
EU-US trade deal reduces but does not eliminate global uncertainty
GENEVA: The United States-European Union trade agreement has reduced global economic uncertainty without eliminating it entirely according to European Central Bank President Christine Lagarde. She stated that the deal maintains effective US tariff rates on EU goods within a 12% to 16% range during her World Economic Forum panel discussion in Geneva. Lagarde noted these rates exceed previous ECB forecasts while expressing concern about unclear sector-specific tariff plans from the Trump administration. The ECB president highlighted particular uncertainty surrounding potential levies on pharmaceutical products and semiconductor imports. She projected eurozone economic activity would decelerate in the third quarter following a robust start to 2025. Lagarde observed that global growth has maintained relative stability thus far primarily due to tariff-induced economic distortions rather than organic market forces. Importers significantly increased their inventory levels during the first quarter anticipating impending tariff increases according to Lagarde's analysis. President Trump implemented substantial import tariffs worldwide aiming to strengthen US manufacturing capabilities and reduce the nation's massive trade deficit. Initial threats of 30% tariffs on EU imports were reduced to 15% through last month's Brussels-Washington negotiation. The agreement included EU efforts to secure exemptions for specific industrial sectors from the tariff framework. Recent weeks have seen President Trump suggesting additional targeted tariffs particularly affecting pharmaceutical exports which represent 20% of EU shipments to the United States. The trade deal emerged shortly after the ECB governing council maintained interest rates following consecutive reductions. This decision reflected cautious policymaking while assessing potential impacts from US tariff measures. The ECB's June macroeconomic projections revised 2025 inflation forecasts downward to 2% citing lower energy costs and euro appreciation. Simultaneously the institution slightly reduced its 2026 GDP growth forecast to 1.1% acknowledging evolving economic conditions. Lagarde confirmed that upcoming mid-September forecasts will incorporate comprehensive analysis of the trade deal's implications for euro area economic performance. – AFP


The Star
4 hours ago
- The Star
Trump says he will arrange Putin, Zelensky meeting after speaking with both
US President Donald Trump said on Monday that he was brokering a meeting between Ukraine's President Volodymyr Zelensky and their Russian counterpart, Vladimir Putin, to be followed by a trilateral meeting that would include the US leader. The declaration followed back-to-back meetings at the White House, including Trump's in-person meeting with the Ukrainian president, in which he also dangled the possibility of US troops supporting Ukraine. He also met jointly with Zelensky, European Commission President Ursula von der Leyen, German Chancellor Friedrich Merz and other top leaders from across the Atlantic. 'Everyone is very happy about the possibility of PEACE for Russia/Ukraine,' Trump said on social media. 'At the conclusion of the meetings, I called President Putin, and began the arrangements for a meeting, at a location to be determined, between President Putin and President Zelensky. After that meeting takes place, we will have a Trilat, which would be the two Presidents, plus myself.' Trump added that the larger group 'discussed Security Guarantees for Ukraine, which Guarantees would be provided by the various European Countries, with a coordination with the United States of America'. However, disagreement over the timing of a ceasefire remains to be overcome. Merz, for example, insisted in a social media post that one needs to be in place prior to any further talks. The Kremlin confirmed that Putin and Trump held a phone call on Monday, in which the US leader discussed the day's negotiations with Zelensky and the other leaders. Putin's assistant Yuri Ushakov said in a briefing that 'Vladimir Putin and Donald Trump expressed their support for continuing direct negotiations between the Russian and Ukrainian delegations in this regard. In particular, they discussed the idea that it would be worthwhile to explore the possibility of raising the level of representatives.' 'It is noteworthy that Vladimir Putin and Donald Trump agreed to continue to maintain close contact with each other on Ukrainian and other pressing issues on the international and bilateral agenda,' he said. Sitting with Trump earlier, Zelensky told reporters that he supported the US leader's personal involvement in ending the conflict. 'We support the idea of the United States, and on a personal level, President Trump to stop this war, to make diplomatic way of finishing this war,' he said. 'And we are ready for trilateral. As President said, this is good signal about [a] trilateral. I think this is very good.' Monday's flurry of meetings followed Trump's largely amicable summit with Russian President Vladimir Putin in Anchorage, Alaska, last week, in which the US leader has drawn criticism for backing away from his threat of 'severe consequences' for Moscow if Putin refused to agree to a ceasefire. In the three days since the high-profile visit to America, where Putin received a red carpet reception, Trump had seemed to drift more towards the Russian leader's position, prompting EU leaders to show their determination to back Zelensky by travelling to Washington to meet the US leader together with the Ukrainian president. Trump's latest stance on Russia's war against Ukraine includes a preference for a comprehensive peace deal that would appear to require Kyiv to make concessions – including the forfeiture of some Ukrainian territory, which Zelensky has previously said he is not prepared to give – instead of an immediate ceasefire. Trump said Sunday that Zelensky could end the war 'almost immediately, if he wants to' but that, for Ukraine, there was 'no getting back' Crimea and 'NO GOING INTO NATO'. Seven top European leaders arrived in Washington in an effort to push Trump into offering 'ironclad' US security guarantees to Ukraine in the event of an end to the three-year war. In addition to Von der Leyen and Merz, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni and Finnish President Alexander Stubb are included. UK Prime Minister Keir Starmer and Nato Secretary General Mark Rutte were also with the Zelensky delegation. In Brussels, the joint effort is seen as an attempt to counterbalance Trump's move towards Putin's position and to avoid a repeat of Zelensky's infamous Oval Office defenestration in February, when he was banished from the White House after clashing with Trump and Vice-President J.D. Vance. Trump appeared to endorse plans for Nato to buy weapons – Patriot Missile systems, in particular – that Ukraine needs to repel Russian forces, and hinted at the possibility of US troops being involved. Asked whether he would rule out the latter, Trump said: 'We'll let you know that maybe later today.' 'We're meeting with seven great leaders of great countries also, and we'll be talking about that,' he added. 'They'll all be involved ... when it comes to security there's going to be a lot of help. It's going to be good. They are first line of defence because they're there. They're Europe. But we're going to help them out also. We'll be involved.' In a briefing full of long diversions in which the president blamed former president Joe Biden for the war, Trump also spent much of his time assailing voting machines and mail-in election ballots. Those comments were in line with a social media post he issued shortly before the meeting with Zelensky, in which he teased an executive order ahead of next year's midterm polls targeting both long-time components of US elections. While the trilateral idea went down well with the European leaders supporting Zelensky, with Starmer and Stubb explicitly expressing approval, differences emerged over the need for a ceasefire. 'I can't imagine that the next meeting would take place without a ceasefire, so let's work on that, and let's try to put pressure on Russia,' Merz said during opening remarks. Trump said in response: 'In the six wars that I've settled, I haven't had a ceasefire. We just got into negotiations.' Merz repeated his call just a few minutes after Trump announced that he was organising the Zelensky-Putin meeting. Es ist ein gutes Treffen mit Präsident Trump, Präsident Selenskyj und unseren europäischen Partnern heute in Washington, aber die nächsten Schritte werden komplizierter. Wir müssen Druck auf Russland ausüben. Vor weiteren Gesprächen muss es einen Waffenstillstand geben. — Bundeskanzler Friedrich Merz (@bundeskanzler) August 18, 2025 Speaking ahead of the joint meeting in the White House on Monday, Macron sought to frame a ceasefire as something that Trump had previously pushed for. 'Your idea to ask for a truce, or at least to stop the killings ... is a necessity, and we all support this idea,' he said. The French president also pushed for a quadrilateral meeting involving EU leadership to follow any trilateral that might emerge, 'because when we speak about security guarantees, we speak about the whole security of the European continent'. - SOUTH CHINA MORNING POST