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The Hill
19 hours ago
- Business
- The Hill
High US debt will let bond market ‘run the country': GOP congressman
Rep. David Schweikert (R-Ariz.) said Wednesday that the growing U.S. national debt will make the government more vulnerable to being pressured by the bond market, allowing it to effectively 'run the country.' 'Look, we're on the cusp of deciding that the world debt markets will run the country. I mean, let's be brutally honest. I don't think the equity markets are as good a tell,' Schweikert, who sits on the House Ways and Means Committee, said during The Hill's 'Invest in America' event Wednesday. 'It's bond markets and debt markets,' he added. In recent weeks, some business leaders have expressed similar concerns, stating that the government's budget deficits and rising debt are issues that will rattle bond markets down the line. 'It's a big deal, you know it is a real problem, but one day … the bond markets are going to have a tough time. I don't know if it's six months or six years,' JPMorgan Chase CEO Jamie Dimon said during a Monday interview with Fox Business Network's 'Mornings with Maria.' 'The real focus should be growth, pro-business, proper deregulation, permitting reform, getting rid of blue tape, getting skills in schools, get that growth going — that's the best way,' Dimon said.. The bond market experienced a period of fluctuations since early April as President Trump rolled out his tariffs aimed at both allies and adversaries. Trump's 'Big, Beautiful Bill,' which passed the House last month, has also shaken the financial markets given the trillions of dollars it is expected to add to the debt. Bond traders have grown concerned about the pressure higher U.S. debt could put on interest rates, and Trump has cited bond market turmoil as a reason behind his April decision to ease many of his Liberation Day tariffs. The yield on the 30-year was north of 5.1 percent last week and was trading around 4.9 percent Wednesday. Schweikert said on Wednesday that demographics is the 'driver' of the country's debt. Trump's massive legislative package includes the extension of the president's 2017 tax cuts, although the legislation could add $2.4 trillion to the U.S.'s deficit over the next 10 years, the new estimate from the Congressional Budget Office (CBO) said. Schweikert, a fiscal hawk, voted for the legislation, but has said that he has concerns about the package. 'I'm intensely concerned that if the term premium on interest rates continues to either stay where it's at right this moment or expand, almost every bit of good we're doing with adding expensing, research and development expensing, many of these things will be consumed in the economy with higher interest rates,' the Arizona Republican said. 'There's this game of, well, 'I need to make people happy right now,'' Schweikert said on Wednesday. 'But the reality of it is, unless you're convincing the bond markets and the fact that how much borrowable money is in the world, when Germany's back in the debt markets, you see what's going on along and under the curve in Japan, China's actually still binging on debt. We seem to be avoidance of big-boy economics.'
New York Times
05-05-2025
- Automotive
- New York Times
Buy American? No Thanks, Europe Says, as Tariff Backlash Grows.
For motorcycle lovers in Sweden, Harley-Davidson is the hottest brand on the road. Jack Daniels whiskey beckons from the bar at British pubs. In France, Levis jeans are all about chic. But in the tumult of President Trump's trade war with Europe, many European consumers are starting to avoid U.S. products and services in what appears to be a decisive and potentially long-term shift away from buying American, according to a new assessment by the European Central Bank. In April, Mr. Trump imposed a 10 percent blanket tariff on America's trading partners, and threatened 'reciprocal tariffs' on many of those, including the European Union. Companies like Tesla and McDonald's are seeing customers in Europe put off by 'Made in America.' 'The newly imposed U.S. trade tariffs on European products are causing European consumers to think twice about what's in their shopping cart,' the E.C.B. wrote in a blog post about its research on consumer behavior. 'Consumers are very willing to actively move away from U.S. products and services.' Europeans had already begun testing grass-roots boycotts on American products, including Heinz ketchup and Lay's potato chips, shortly after Mr. Trump took office. His threats to take over Greenland, part of Denmark, energized Danes to organize no-buy campaigns on Facebook. Tesla owners in Sweden slapped 'shame' bumper stickers on their cars to distance themselves from Elon Musk, the Tesla chief executive who is one of Mr. Trump's top advisers. Want all of The Times? Subscribe.
Yahoo
03-05-2025
- Business
- Yahoo
Trump just said there's 'no inflation' in the US. But it's still higher than what the Fed wants.
Trump took to Truth Social Friday morning to again call on the Fed to cut rates. Trump claimed there's "no inflation," but prices are still rising. Consumer prices rose 2.4% year-over-year in March, per the latest inflation data. President Donald Trump says there's "no inflation," but the latest data shows the battle against rising prices is still going on, and they're rising faster than the Federal Reserve would like. In a post on Truth Social on Friday morning, the president pointed to inflation, gas prices, and mortgage rates all being down, and reiterated calls for the Fed to cut interest rates. "Gasoline just broke $1.98 a Gallon, lowest in years, groceries (and eggs!) down, energy down, mortgage rates down, employment strong, and much more good news, as Billions of Dollars pour in from Tariffs," Trump wrote, emphasizing that the economy was only in a "TRANSITION STAGE" after he rolled out his slate of tariffs last month. "Consumers have been waiting for years to see pricing come down. NO INFLATION, THE FED SHOULD LOWER ITS RATE!!!," he added. Trump's comments came shortly after the April jobs report, which showed that hiring was better than expected last month. His post nodded to cooling prices, but consumer prices have still been rising, and were up 2.4% year-over-year in March. That's above the Fed's 2% target. This embedded content is not available in your region. Inflation has been cooling steadily since 2022. However, the rate is still higher than it was during most of Trump's first term, when average annual compound inflation was about 1.8%. But what about other stats rattled off in Trump's post? The president said gas prices are $1.98 per gallon, but the latest weekly data from the US Energy Information Administration show they clocked in at around $3.13 per gallon. This embedded content is not available in your region. Mortgage rates, meanwhile, have in fact come down as Trump stated. The average 30-year fixed-rate mortgage was about 6.83% this week, compared to 7.08% a day after the inauguration. "The Trump administration's policies are delivering much-needed economic relief for everyday Americans while laying the groundwork for a long-term restoration of American Greatness. The data is clear: two March inflation reports showed no monthly price hikes, and Gross Domestic Investment shot up 22% as companies continue to make trillions in historic investment commitments to Make in America," Kush Desai, a White House spokesperson, told Business Insider. Trump's most recent call for lower rates is greatly toned down compared to his comments last month that Powell should be fired. Last month, Trump stated that he was looking at a way to boot Powell from his post before the end of his term in 2026. After markets balked at the prospect, Trump backed off, stating he had no intention of sacking the Fed chief. Most investors don't see the Fed cutting rates anytime soon, with inflation above target and the job market holding up well for now. According to the CME FedWatch tool, markets see a near-100% chance the Fed will leave rates unchanged at its policy meeting next week. Meanwhile, investors see a 40% chance central bankers will trim rates by 25 basis points at the June meeting, down from 60% a month ago. Read the original article on Business Insider Sign in to access your portfolio
Yahoo
02-05-2025
- Politics
- Yahoo
David Horowitz, intellectual godfather of the Trump administration
David Horowitz, who has died aged 86, was a former radical Leftist turned conservative firebrand who became widely seen as the intellectual godfather of the Trump administration. In 1988 he co-founded the California-based Center for the Study of Popular Culture, which changed its name in 2006 to the David Horowitz Freedom Center, a 'school for political warfare' set up to defend conservative values from 'attack by Leftist and Islamist enemies'. In decades of public speaking, Horowitz developed a pugilistic style which he claimed to have picked up from his former comrades on the Left. 'If you're nuanced and you speak in what I would call an intellectual manner, you get eaten alive,' he told an interviewer. 'It's a great handicap to be talking like accountants while the opposition are making moral indictments.' He advised conservatives to 'begin every confrontation by punching progressives in the mouth.' As a Right-wing polemicist, he spent much of his energy attacking universities, which he considered hotbeds of Leftist thought. He founded the group Students for Academic Freedom and named names in The Professors: The 101 Most Dangerous Academics in America, published to huge controversy in 2006. In 2016, at a time when the Democratic candidate Hillary Clinton was widely seen as a shoo-in for the presidency, Horowitz was commissioned to write a book about how the Right could mobilise to defeat the new president, to be published a few days before her inauguration. When Donald Trump surprised the world by winning, the book was quickly rejigged into Big Agenda: President Trump's Plan to Save America, although much of it still focused on attacking Hillary Clinton. 'The strategy,' Horowitz wrote, 'is to go for the jugular.' The book was on The New York Times non-fiction bestseller list for 11 weeks. Horowitz was seen as a mentor by leading members of Trump's administration, most notably Stephen Miller, a senior adviser for policy during Trump's first administration, now homeland security advisor and White House deputy chief of staff for policy. Horowitz first met Miller when he was a California high school student and stayed in touch with him when, as a student at Duke University, Miller started a chapter of Students for Academic Freedom, and helped Horowitz to coordinate an 'Islamo-Fascism Awareness Week' on college campuses. In a 2012 strategy paper he emailed to Miller, then communications director for Senator Jeff Sessions, another Horowitz ally, he argued that while Democrats 'are secular missionaries who want to 'change society,'' the Republican Party should remake itself in that radical image, using the same 'moral language,' but focused on fear instead of hope. 'Fear is a much stronger and more compelling emotion,' he wrote. In 2018, during the row that erupted after revelations that the government had established 'tender age' shelters in south Texas for babies and young children forcibly separated from their migrant parents at the southern border, a strategy seen as the brainchild of Miller and Sessions, whom Trump had appointed attorney general, Horowitz leapt to his protégé's defence, telling The Guardian in an expletive-laden phone interview: 'It's not a policy of family separation. It's the government's hands are tied by Obama and the Democrats, so if a kid gets in, everybody gets in. It's disgusting. It's an abusive exploitation of these kids. There's a f-----g lynching going on here, and there's a wolfpack that your newspaper is part of. It's gross.' In fact the policy of family separation had been announced explicitly by Sessions and although, following national and international criticism, Trump signed an executive order ending the policy, the practice continued for at least 18 months. Meanwhile, across the Pond, Horowitz attracted media attention for the support he gave to British Right-wing figures. On presidential election week in November 2016, Nigel Farage spoke at an event organised by Horowitz, and in 2018 when the far-Right activist Tommy Robinson was jailed for nine months after being found guilty of interfering with the trial of a sexual grooming gang, Horowitz told The Guardian that Robinson was 'a courageous Englishman who has risked his life to expose the rape epidemic of young girls conducted by Muslim gangs and covered up by your shameful government.' Somehow he ignored the fact that by interfering in the trial, Robinson made convictions less, rather than more likely. In 2020 Horowitz, to no one's great surprise, embraced Trump's claim that the presidential election of that year had been 'stolen' by the Democrats, labelling the debacle 'the greatest political crime' in American history. The intersecting paths connecting Trump acolytes to Horowitz might not, perhaps, have been as significant for Trump's policies as the president's own unpredictable leadership. But Horowitz's blistering rhetoric on immigration and other issues, which won him censure for extremist speech by the Southern Poverty Law Center, certainly influenced the public utterances of Trump proxies in the White House and elsewhere. One of two children, David Joel Horowitz was born on January 10 1939 in the Queens district of New York, to Phil and Blanche Horowitz, schoolteachers and members of the American Communist Party. Young David went on his first march in 1948, aged nine. After taking a bachelor's degree in English at Columbia University, followed by a master's degree in English at University of California, Berkeley, he spent several years in the 1960s in London where he worked for the Bertrand Russell Peace Foundation, reportedly studied under the Marxist sociologist Ralph Miliband (father of Ed and David) and befriended the Marxist writer Isaac Deutscher, whose biography he would publish in 1971. Returning to California in 1968, he became co-editor of the New Left magazine Ramparts, in which he sang the praises of the Black Panther Party, a Marxist-Leninist and black power organisation founded in 1966. Ramparts's international editor was Black Panther leader Eldridge Cleaver, who fled to Cuba in 1968 after leading an ambush of police officers in Oakland, California, and it was thanks in large part to the magazine that the Panthers came to embody the notion of revolution for white radicals. Horowitz helped raise money for the party and when the Panthers needed someone to manage their finances, he recommended a white friend named Betty Van Patter as a bookkeeper. In late 1974, however, Betty disappeared. Weeks later, her badly beaten body was found in San Francisco Bay. No one was ever charged with the killing, but Horowitz became convinced that the Panthers were responsible. The event precipitated a crisis in Horowitz's life that was both personal and political. He bought a sports car, had an affair, divorced his first wife Elissa after nearly two decades of marriage and barely escaped with his life when a train smashed up the car. And he started his pilgrimage to the political right. In partnership with his friend Peter Collier, he wrote several books about powerful American families, including well-reviewed portraits of the Kennedys, the Roosevelts and the Ford vehicle-making family. Their The Rockefellers: An American Dynasty (1976) was a finalist for the National Book Awards. By the early 1980s Horowitz was a mainstream conservative and in 1984 cast his first vote for the Republicans in the presidential election which returned Ronald Reagan to the White House. In 1985 he and Collier co-authored a Washington Post magazine article entitled 'Lefties for Reagan', in which they castigated the Left's 'anti-Americanism' and 'casual indulgence of Soviet totalitarianism'. In 1986 Horowitz published a memoir of his political conversion, Radical Son. Horowitz's other books included The Enemy Within: How a Totalitarian Movement Is Destroying America (2021), the enemies in question including Democrats Nancy Pelosi, then the House speaker, and the then vice-president Kamala Harris. Horowitz's marriages to Elissa Krauthamer, Sam Moorman and Shay Marlowe ended in divorce. In 1998, he married April Mullvain who survives him with a daughter and two sons from his first marriage. A daughter from his first marriage died in 2008. David Horowitz, born January 10 1939, died April 29 2025 Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
New Straits Times
29-04-2025
- Automotive
- New Straits Times
Trump to tout US investments from Nvidia, J&J, Hyundai, Toyota
WASHINGTON: Chief executive officers and senior executives from Nvidia, Johnson & Johnson, Hyundai Motor, Toyota Motor and SoftBank Group are among the more than two-dozen business leaders slated to visit the White House on Wednesday for an event highlighting US investments, officials told Reuters. President Donald Trump plans to promote a broad range of investments in the United States in defense, tech, healthcare and consumer products industries and investment funds marking his first 100 days in office at an "Investing in America" event, a White House official told Reuters. Trump is seeking to encourage US and foreign companies to expand manufacturing in the United States, while he has sparked a global trade war, imposing tariffs on a wide range of countries. Airlines, aerospace firms, automakers and retailers have expressed worries about the impact of tariffs on US manufacturing and sales. The White House touted investment commitments from Taiwan chipmaker TSMC, Apple, and Roche saying they "demonstrate resounding confidence in the US economy and dollar under this administration." Some major companies have said they want more details on trade and other government regulations before committing to new investments. Trump has said General Motors is considering a new US$60 billion investment in the United States. "I need clarity, and then I need consistency," GM CEO Mary Barra said at a Semafor forum last week. "To make those investments and to be good stewards of our owner's capital, I need to understand what the policy is." Trump has said he is considering granting automakers some relief from new auto tariffs. In January, he announced a private-sector investment of up to US$500 billion to fund infrastructure for artificial intelligence, aiming to outpace rival nations in the business-critical technology. That is expected to include ChatGPT's creator OpenAI, SoftBank and Oracle. Last month, South Korea's Hyundai announced a US$21 billion investment in the US at the White House, including a new US$5.8 billion Hyundai Steel plant in Louisiana that will produce over 2.7 million metric tons of steel annually, creating more than 1,400 jobs. Related Articles Cars Bikes Trucks Jan 13, 2025 @ 7:56pm Hyundai, Stellantis, Delta each donating US$1mil to Trump inaugural fund Corporate Mar 12, 2025 @ 1:43am TSMC pitched Intel foundry JV to Nvidia, AMD and Broadcom Corporate Apr 28, 2025 @ 1:54am China's Huawei develops new AI chip, seeking to match Nvidia, WSJ reports Corporate Mar 19, 2025 @ 8:17am Nvidia, Musk's xAI to join Microsoft, BlackRock and MGX to develop AI infrastructure
