Markets across the world are getting their first, expensive reminder that Donald Trump is back. But first, you should know:
- Trump’s choice to lead the White House budget office shows he’s serious about firing federal workers.
- Labor secretary pick Lori Chavez-DeRemer’s voting record will likely be front and center during her confirmation.
- Staffers on the Hill are quietly experimenting with AI but wary of a negative stigma.
New Trump Tariff Threat Roils Markets
Donald Trump roiled markets by vowing additional tariffs on China, Canada, and Mexico — his first specific threat to curb global trade flows since winning the election.
Trump said he’d impose additional 10% tariffs on goods from China and 25% tariffs on all products from Mexico and Canada in posts to his Truth Social network on Monday, saying he would sign an executive order to that effect on his first day in office.
Migrants and Drugs: Trump said the levies were necessary to clamp down on migrants and illegal drugs flowing across borders. He accused China of failing to follow through on promises to institute the death penalty for traffickers of fentanyl, writing “drugs are pouring into our Country, mostly through Mexico, at levels never seen before.”
It’s a sharp counter to expectations he might temper his trade policies during a second term, despite concerns from some business leaders about the impact. It came days after he tapped Scott Bessent to be the next Treasury secretary, a move that was seen as a promising sign for those seeking a more measured tariff stance. Read More
Editor’s Picks
Pro-Union Labor Chief Pick to Navigate Unusual Confirmation Path
US Rep. Lori Chavez-DeRemer (R-Ore.) has a fine line to walk as President-elect Donald Trump’s nominee to lead the Labor Department as scrutiny over her voting record will likely be front and center during her confirmation proceedings.
Lawmakers Weigh Experience of Trump’s Agriculture Secretary Pick
President-elect Donald Trump’s pick to lead the Agriculture Department, Brooke Rollins, will spend the coming months making herself and her priorities better known to Congress and the agriculture industry.
AI Catches on With Tech-Savvy Hill Aides to Speed Tedious Work
A growing crop of tech-savvy staffers is embracing AI, experimenting with a range of products, from chatbots to image generators to automated transcription and scheduling services.
US Steel Review Targeted by Republicans for Potential Probe
Republican lawmakers are calling on President
Trump Set to Pick Vance-Ally James Braid as Congress Liaison
President-elect
K Street to Court State Department Pick Rubio
Lobbyists and donors can nab face time with Trump Secretary of State pick Sen. Marco Rubio early next month, if they donate to his leadership political action committee, Kate Ackley reports.
Reclaim America PAC invited donors to a policy roundtable featuring Rubio as special guest, according to an invitation making the rounds on K Street.
The price of admission for the Dec. 9 event is $1,500 for PACs or $500 for individuals to attend.
Sheehy, McCormick, Moreno Backed: Reclaim America PAC had about $150,000 cash on hand as of Oct. 16 after making donations this cycle to the Trump 47 Committee ($105,000) and to the Senate GOP campaign arm, and Sens.-elect Tim Sheehy (R-Mont.), Dave McCormick (R-Pa.), and Bernie Moreno (R-Ohio), according to Federal Election Commission reports.
The PACs of Home Depot, Merck & Co., prison company Geo Group, and defense contractor General Dynamics donated to the leadership PAC, FEC reports show.
Budget Pick Shows Trump’s Serious About Firing Civil Servants
Trump’s budget director pick Russel Vought is poised to use his deep expertise on the inner workings of government to fire federal employees that disagree with his boss, Courtney Rozen reports.
Vought would have formal power through the federal budget process to implement Trump’s plans to reduce the federal workforce if he’s confirmed. Vought has argued the president has the authority to limit agency spending without congressional approval, a position that Democrats are expected to challenge.
- “Nobody knows more about how government works, or doesn’t work, than Russ Vought,” said Mick Mulvaney, Trump’s acting chief of staff during his first term, on Bloomberg TV. Mulvaney was running the Office of Management and Budget when Trump selected him for the job.
‘Aggressive': Vought told former Fox News host Tucker Carlson in an interview last week that Trump’s budget director should be as “aggressive” as possible to eliminate agency employees.
He’s one of the authors behind Project 2025, the 900-page Republican policy blueprint that Democrats demonized during the presidential campaign. Vought, in the section on OMB, recommended the next president shift control of “granular” policy decisions to political appointees, away from career staff at agencies across administrations. Read More
What Else We’re Reading
Trump’s Cybersecurity Faces Biden’s Legacy, Rising Threats Ahead
President-elect Donald Trump’s new administration will inherit a more complex cyber threat landscape than in its first term, raising questions about whether it will continue Biden-era security initiatives.
Biden Proposes Medicare, Medicaid Coverage of Obesity Drugs
The Biden administration is proposing a rule that would require Medicare and Medicaid to cover weight-loss drugs, potentially expanding access for millions of Americans with obesity and creating a huge new medical bill for President-elect Donald Trump.
Trump’s Medical ‘Contrarians’ Herald Era of Vaccine Scrutiny
Trump Likely to Tap Kash Patel for FBI or DOJ Post, Axios Says
President-elect
Booming Clean Energy Tax Credit Market Eyes Republican Reversals
Renewable energy credit buyers and sellers are diving into a burgeoning transfer market created by the Democrats’ 2022 tax-and-climate law, even as they eye a looming Republican-led surgical strike against the popular incentives.
Justices Seen Avoiding Chance to Strike New Blow to Agency Clout
The US Supreme Court isn’t likely to use a pair of newly granted cases involving a multi-billion-dollar fund as a way to reinvigorate the so-called non-delegation doctrine to curb the authority of federal agencies, administrative law experts said.
‘Drill, Baby, Drill’ Is Unlikely Under Trump, Exxon Says
Oil and gas producers in the US will not raise output significantly in the coming years despite calls from President-Elect
Hong Kong a ‘Global Leader’ in Financial Crime, US Lawmakers Say
Hong Kong has become a center for financial crime as Beijing tightened its grip on the city, US lawmakers said, highlighting the worsening ties between the former British colony and Washington.