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Yesterday β€” 22 December 2024Main stream

Trump names Biden admin critic Miran head of Council of Economic Advisers

22 December 2024 at 08:22

President-elect Trump tapped Stephen Miran, an economist who served in his first administration, as chairman of the Council of Economic Advisers.

Why it matters: This past summer, Miran co-authored a paper accusing the Biden administration of manipulating the economy ahead of the election.


Driving the news: Trump announced Miran's appointment in a Truth Social post Sunday morning.

  • "Steve will work with the rest of my Economic Team to deliver a Great Economic Boom that lifts up all Americans," Trump wrote.
  • The three-member CEA, whose chair must be confirmed by the Senate, advises the president on economic policy.

Zoom out: Miran, a fellow at the Manhattan Institute, was senior advisor for economic policy at the Treasury Department during Trump's first term.

The intrigue: Last July, Miran and Nouriel Roubini published a paper accusing the administration of manipulating debt markets and "usurping" a core function of the Federal Reserve to hold down long-term interest rates ahead of the election.

  • Treasury vehemently denied the allegation.

Miran has been critical of Fed chairman Jerome Powell as well, saying he was "wrong politically and economically" to recommend a major stimulus package in late 2020.

What they're saying: "I look forward to working to help implement the President's policy agenda to create a booming, noninflationary economy that brings prosperity to all Americans!" Miran posted on X.

"Not negotiable": Panama's president hits back at Trump over canal threat

22 December 2024 at 15:18

President-elect Trump demanded Panamanian authorities either lower fees for U.S. ships to transit the Panama Canal, or return its control to the United States.

Why it matters: The U.S. ceded one of the world's most crucial pieces of infrastructure in 1999, and China has become increasingly influential in its operations since.


Catch up quick: Trump, in a lengthy series of Saturday evening posts to Truth Social, said American naval and commercial ships were being treated in an "unfair and injudicious way."

  • Trump blasted past administrations for returning the canal to Panama's control, which he called a "token of cooperation."
  • "If the principles, both moral and legal, of this magnanimous gesture of giving are not followed, then we will demand that the Panama Canal be returned to us, in full, and without question," Trump said.

The other side: Panama's president, Jose RaΓΊl Mulino, posted a video on social media Sunday night rejecting Trump's demands.

  • "The sovereignty and independence of our country are not negotiable," Mulino said.
  • "Our canal has the mission to serve humanity and its commerce," Mulino added. "That is one of the greatest values that the Panamanians offer to the world."

The intrigue: Trump quoted Mulino's response on Truth Social and said "We'll see about that!"

  • He subsequently posted a picture of the American flag flying over the canal and the message "Welcome to the United States Canal!"

Context: Panama granted the U.S. the right to build the canal and control the land on either side in 1904.

  • In 1977 President Jimmy Carter signed a treaty that returned the canal to full Panamanian control by the end of 1999 in exchange for its permanent neutrality.
  • The canal has long been viewed as a tool of colonialism and colonial control. Panama sees the canal today as a key factor in its self -determination and national interest amid a changing global economy.

By the numbers: About 10,000 ships a year transit the canal, though in recent times severe drought has limited capacity and helped push transit rates higher.

  • The International Trade Administration estimates more than 70% of all ships transiting the canal are going to or from a U.S. port.
  • About 2.5% of all global maritime trade passes through the canal, per McKinsey.

Zoom out: China has invested heavily in operations in the Canal Zone in recent years, raising concerns about the zone's neutrality.

  • In 2021 the Center for Strategic and International Studies warned a "key decision point" was coming for U.S. interests in the region, given China's expansion.
  • The U.S. ambassador reportedly cautioned last year about the situation not escalating to where Panama has to choose between the U.S. and China.

What they're saying: Panamanian politicians blasted Trump's statement.

  • "This young Panamanian independent deputy will defend his country with his life if necessary," National Assembly member Manuel Alberto Samaniego Rodriguez posted on X, calling Trump's remarks "regrettable."

Trump, speaking Sunday at the Turning Point Action Conference in Phoenix, Arizona, called Panama's fees "ridiculous" and "highly unfair."

  • "The United States has a big and vested interest in the secure, efficient and reliable operation of the Panama Canal," he said.
  • It's falling into the wrong hands β€” it was not given for the benefit of others," Trump continued. "It was given with provisions, you have to treat us fairly and you are not treating us fairly."

Go deeper: Trump suggests he wants to buy Greenland

Editor's note: This story has been updated with comments by Panamanian Jose RaΓΊl Mulino and additional remarks by President-elect Trump and Jose RaΓΊl Mulino.

Russell Contreras contributed reporting.

Before yesterdayMain stream

How Trump's deportation policies impact the meatpacking industry

Many in the meatpacking industry were happy to see Donald Trump reelected β€” but are also fearful it won't be able to operate without the workers he may try to deport.

Why it matters: Meatpacking, more than almost any other industry in this country, relies on foreign-born labor, whether documented or not. It would face critical challenges if those workers disappeared due to mass deportations.


  • Yet meat-related interests overwhelmingly supported Trump financially in 2024, knowing the potential risks to their business.

The big picture: Meatpacking is dangerous and difficult to staff even in the best circumstances.

  • "If you ask anybody on the packing side of things, going back before COVID … no one's going to tell you there's a bigger challenge in the meat supply chain than labor," Ethan Lane, vice president of government affairs for the National Cattlemen's Beef Association, tells Axios.

Zoom in: One oft-cited estimate suggests that 30% to 50% of all laborers in the meatpacking industry are undocumented. Producers will dispute that, but no one disagrees the industry relies on migrant labor.

  • "This is a decision by the industry. It's a wink and a nod β€” this is how they can keep labor costs down," says Debbie Berkowitz, a fellow at the Kalmanovitz Initiative at Georgetown and former OSHA chief of staff.
  • Some, like the NC Pork Council, deny that their producers use undocumented labor. But they also concede labor shortages plague the industry, and point to a need for immigration reform to expand visas for laborers.
  • The pandemic further exposed how immigrant labor has been used to sustain the industry, with high-profile COVID outbreaks highlighting their vulnerability and the critical role they play.

Zoom out: Trump's team has said their deportation program would (first) target criminals (though an Axios review found that to be a relatively small number.)

  • The transition, asked about any plans for undocumented meatpacking workers, reiterated its intent to target "illegal criminals, drug dealers, and human traffickers" in a statement to Axios.

But those who work with undocumented laborers say the mere sight of deportations can have a domino effect.

  • "Many of the people in my book, they were or are undocumented, and even if they now have residency … they have family who are undocumented and they're scared," says Alice Driver, whose book "Life and Death of the American Worker" examines the lives of undocumented meatpacking workers.
  • Driver and others say the specter of deportations could be enough to tip the industry into crisis, as workers flee or stop showing up to work, even if plants aren't being raided.
  • If packing plants are short of labor, that raises another concern: the availability and price of meat.

All-time high prices

Zoom out: Prices for staple meats are already at or near 20-year highs, per the Bureau of Labor Statistics' Consumer Price Index data.

  • A pound of fresh, whole chicken that cost $1.36 in Feb. 2020 cost $2.08 last month (+53%), while a pound of 100% ground chuck rose from $4.03 to $5.61 (+39%).
  • That's despite most packing and slaughter jobs paying less than $20 an hour, on average, per government data. (The industry says wages are rising, however.)

Context: Trump's tariff plans also threaten to impact crucial export revenue.

  • Beef and pork businesses rely on revenue from exports of animal products that aren't part of the American diet but sell well overseas.
  • Roy Lee Lindsey, CEO of the NC Pork Council, tells Axios that export value makes up about a third of the price farmers get for hogs today.

Even knowing the threat to their business, the industry got behind Trump.

  • Donations to Trump from the livestock industry in the 2024 cycle were nearly double the donations to Kamala Harris, according to OpenSecrets.org data.
  • The donors were a broad mix, from large industry trade groups to individual ranches and farms.

Broken communities

Mass deportations also threaten to break up communities that have spent decades building tight-knit bonds through shared workplaces.

  • For example: A JBS meatpacking facility in Greeley, Colorado employs about 4% of the town.
  • "The problem within the industry is that most packing facilities …. build these types of plants in very conservative, rural communities. I don't know that we're going to have a lot of friends in Weld County," says Kim Cordova, president of UFCW Local 7, representing workers at the plant.

The bottom line: Everyone sees the problem coming, but no one knows what will actually happen.

  • "I can't imagine that the meatpacking industry is going to be behind this, behind what Trump does in a business sense," Driver says. "It's going to hit companies hard, it's going to hit consumers hard, because let's find out, who's going to take on that work?"

Trump insists Musk will put country before company

12 December 2024 at 06:47

President-elect Trump brushed aside concerns about conflicts of interest involving his adviser Elon Musk, insisting the world's richest man would put the country first.

Why it matters: Musk has Trump's ear on a broad range of government functions that directly impact his space, auto and social media businesses β€”and those of his competitors, too.


  • Musk and Vivek Ramaswamy will have wide latitude with their non-governmental Department of Government Efficiency, or DOGE, to propose sweeping changes in how the country does business.

Driving the news: Time magazine named Trump its 2024 "Person of the Year," and in a lengthy interview he addressed the potential for conflicts.

  • "I think that Elon puts the country long before his company," Trump said.
  • "I mean, he's in a lot of companies, but he really is, and I've seen it. He considers this to be his most important project, and he wanted to do it. And, you know, I think, I think he's one of the very few people that would have the credibility to do it, but he puts the country before, and I've seen it, before he puts his company."

Between the lines: Musk's wealth has skyrocketed in the last few weeks precisely because investors believe his companies will benefit from his "First Buddy" status.

The intrigue: A number of Musk confidants, like David Sacks and Jared Isaacman, have been tapped by Trump for key government roles.

  • Even if Musk does not have personal conflicts, it remains to be seen how he will interact with agencies and offices led by his friends.

Trump promises quick environmental permits for $1B investment

10 December 2024 at 12:08

President-elect Trump promised an expedited pathway to permits and project approvals for anyone investing $1 billion in the United States.

Why it matters: It's not clear who would be eligible, or for what kind of projects, nor how the federal government would do away with the usual labyrinth of regulatory hurdles.


Catch up quick: Trump, in a Truth Social post Tuesday, said anyone making a $1 billion investment "will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals."

  • Transition spokespeople did not immediately return requests for comment on who or what would be eligible.

By the numbers: The U.S. already receives more than $177 billion a year in new foreign direct investment, per Commerce Department data. That rate is declining, though.

The intrigue: Trump's specific mention of quick environmental approvals will put the spotlight on Lee Zeldin, the former New York congressman the president-elect picked to lead the EPA.

Luigi Mangione charged in PA for crimes unrelated to UnitedHealthcare CEO's death

9 December 2024 at 19:12

Luigi Mangione, 26, was arrested in Pennsylvania Monday and charged with five counts unrelated to the fatal shooting of UnitedHealthcare CEO Brian Thompson. Mangione is a person of interest in Thompson's death.

The big picture: Thompson's killing sparked a nationwide manhunt and triggered an outpouring of online vitriol toward the insurance industry.


  • Mangione appeared in the Blair County Courthouse, Penn., for a preliminary arraignment on gun charges on Monday night, authorities said. He was charged with one felony count of forgery and one of carrying a firearm without a license, according to a criminal complaint filed in the county.
  • He was also charged with three misdemeanor counts: tampering with records or identification, possessing instruments of a crime and false identification to law enforcement authorities.
  • Mangione has not been charged with any crime in New York, but is expected to face gun charges in the state, NYPD Chief of Detectives Joe Kenny said during a Monday press briefing.

Driving the news: Mangione was identified at a McDonald's in Altoona, Pennsylvania on Monday. He had fake IDs, a firearm and a device to muffle gunshots at the time of his arrest, New York City Police Commissioner Jessica Tisch said at the press briefing.

  • He was recognized by an employee at the fast food restaurant, who called local police, she said. Responding law enforcement officers questioned Mangione, who was "acting suspiciously."
  • The fraudulent New Jersey ID he carried was consistent with the one used to check into a New York City hostel before the shooting, Tisch said.

Officers also recovered a handwritten document that "speaks to both his motivations and mindset," Tisch said. That document was three pages long.

  • Kenny told reporters that in his agency's correspondence with Altoona police, he does not believe there are any specific threats to other people in the document, but it does appear he has "some ill will toward corporate America."

Mangione was born and raised in Maryland, and his last known address was in Honolulu, Hawaii, Kenny said. He is not believed to have any prior arrests.

  • Officials believe he attended college in Pennsylvania but provided no other details on his connection to the Keystone State.

Catch up quick: Thompson was shot in the back on Dec. 4 outside a midtown Manhattan hotel while in the city for a UnitedHealth Group investor meeting.

  • Police quickly said the shooting appeared to be targeted, as reports indicated the words "deny," "defend" and "depose" were written on shell casings found at the scene.
  • The shooter managed to flee the scene on a bike, quickly dump his bag and leave New York City by bus.

The big picture: Thompson's killing reopened a national debate about the health insurance industry and its behavior, with many people expressing a lack of sympathy for his death.

  • The scrutiny led to a separate backlash against Anthem Blue Cross Blue Shield over a plan to restrict coverage for surgical anesthesia β€” a plan quickly reversed following the online outcry.

Go deeper: Who is Luigi Mangione, person of interest in UnitedHealthcare CEO shooting

Editor's note: This a breaking news story. Please check back for updates.

Trump sticks by tariffs, won't guarantee inflation impacts

8 December 2024 at 07:49

President-elect Trump reiterated his promises to impose tariffs and increase oil production, even if it impacts consumers.

Why it matters: By sticking to his campaign pledges, Trump would all but assure a fresh spike in inflation, which was a deciding factor in the election.


The big picture: In a sitdown interview with NBC's "Meet the Press" that aired Sunday, Trump renewed his most important economic plans.

On tariffs, Trump stood by his promise for new levies on major trading partners, which he always insisted those other nations would pay.

  • "I don't believe" economists who say tariffs would cause consumer prices to rise, Trump told "Meet the Press" moderator Kristen Welker.
  • But pressed to guarantee that prices won't rise, Trump said "I can't guarantee anything. I can't guarantee tomorrow."
  • He also insisted the tariffs in his first administration didn't cost the consumer anything, despite research to the contrary; and that there was no inflation during his presidency, despite Fed data showing prices rose consistently throughout his term.
  • The National Retail Federation estimates that a 60% tariff on China could cost the average American household up to $624 a year. The Peterson Institute for International Economics estimated Trump's full tariff plan could cost a middle-income household $2,600 a year.

On energy, Trump reiterated a commitment to "drill baby drill," a familiar refrain from his first term referring to expanded domestic oil drilling.

  • The world currently faces a historic oil glut, and the U.S. is already the top producer in an oversupplied market.
  • Oil futures have slipped since Election Day amid the prospect of more drilling.

Yes, but: In a nod to stability, Trump said he won't (for now) try to fire Fed chair Jerome Powell.

  • "No, I don't think so. I don't see it," Trump said.
  • Powell previously said he wouldn't resign if Trump asked. Trump acknowledged that Sunday, but also said Powell would go if ordered.

Trump picks former Rep. Billy Long to head IRS

4 December 2024 at 15:20

President-elect Trump said he would nominate former Rep. Billy Long (R-Mo.) to be IRS commissioner.

Why it matters: Trump and congressional conservatives have long had the IRS in their crosshairs, opposing Biden administration efforts to ramp up the tax agency's funding and audit capability.


Catch up quick: Long, whose background is in real estate, spent 12 years in Congress representing Missouri before losing a 2022 Senate primary.

  • "He is the consummate 'people person,' well respected on both sides of the aisle," Trump said in a Truth Social post.
  • Long gained some notoriety in Congress for his skills as an auctioneer, once using the talent to drown out protesters during a hearing.

Zoom out: Long would replace the current commissioner, Danny Werfel, whose term runs through late 2027 and who had previously said he intended to stay.

Zoom in: The new administration is expected to pull back on the IRS's funding as part of a pivot away from enforcement.

Go deeper: Trump administration 2.0: Tracking his Cabinet, White House picks

Trump picks crypto advocate Paul Atkins for SEC chairman

4 December 2024 at 10:10

President-elect Trump on Wednesday said he would nominate former SEC commissioner Paul Atkins to be chairman of the regulator.

Why it matters: Atkins is a favorite of the crypto community, and his appointment signals an even deeper embrace by the coming administration.


Zoom in: Atkins served as a commissioner for the securities regulator from 2002 to 2008 under George W. Bush. (There are five commissioners, including the chair who heads the agency.)

  • He's referred to as a pro-business conservative and has advocated for lighter regulation.
  • A year after leaving the SEC as a commissioner, he founded a consultancy, Patomak Global Partners, described by Bloomberg as "one of the most prominent sounding boards for banks, trading firms, fintechs ... seeking guidance on how to influence and respond to Washington's edicts and investigations."

What they're saying: "Paul is a proven leader for common sense regulations," Trump said in a Truth Social post. "He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World."

The big picture: Atkins' nomination can be viewed as the second half of Trump's promise to the crypto industry for a friendlier Securities and Exchange Commission.

  • Current chair Gary Gensler, who Trump threatened to "fire" in July, will step down on Inauguration Day. Gensler has led an aggressive tenure at the SEC marked by controversial rulemaking and a combative enforcement approach to the crypto industry.

Editor's note: This report has been updated with additional background information on Atkins.

Gen Z's lofty salary goals underlie a shift to the political right

7 December 2024 at 08:43

Gen Z's lofty salary goal of nearly $600,000 a year underlies a generational shift to the political right.

Why it matters: Young voters were already moving away from a liberal worldview, but if these attitudes hold, the implications for the next few election cycles are profound.


Catch up quick: Financial services company Empower surveyed more than 2,200 Americans in September and the Gen Z respondents β€” born between 1997 and 2012 β€” said they would need to make more than $587,000 a year to be "financially successful."

  • That's roughly three times to six times what any other age group said they would need.
  • It's almost nine times the average U.S. salary, according to the Social Security Administration.

Zoom out: There are a number of factors at play that have a cumulative effect on Gen Z's financial attitudes.

  • Angst: "Many people feel they're coming up short β€” with half believing they're less financially successful compared to others around them," Rebecca Rickert, head of communications at Empower, tells Axios. "The majority think prosperity is harder to achieve for their generation, which factors into the magic number people attach to success."
  • Persistently high costs: "Sure, groceries, student loan payments, the cost of going out to restaurants and bars all matter β€” but 'feeling successful' when you have to have a roommate to afford rent undermines all capacity for consumption," David Bahnsen, whose California-based Bahnsen Group manages $6.5 billion in assets, tells Axios.
  • The influence of influencers: "These macro trends are exacerbated by social trends. Influencers portray false versions of reality that suggest wealth building being easy and hard work being outdated," says David Laut, CIO of Abound Financial in California. "It is widely known that comparison is the thief of joy, and this leads the next generation to feel discouraged, setting higher and higher bars as a prerequisite for happiness."
  • Mismatched expectations: "They're concerned about increased costs of living, hyper-aware that their money isn't going as far as it used to even few years ago. Our hypothesis is this is having a major impact on what they think it takes to be 'financially successful' in our current climate," Julia Peterson, director of consumer marketing at youth marketing agency Archrival, tells Axios.

Political shift

Those who study Gen Z most closely say it's a generation that has lived through an almost unbroken chain of financial crises and have grown up prioritizing cost above all else.

  • That tracks with a strong shift in young voters toward a "moderate" self-identification, according to youth research firm YPulse.
  • "Our data indicates economy is the impetus for the change, and concerns around the economy," MaryLeigh Bliss, chief content officer at YPulse, tells Axios.
  • "There was no question for us that the economy and how they were feeling financially in the months β€” and even weeks β€” before the election really were going to determine who they were voting for."

Zoom in: In times of financial stress, there's a tendency to think someone other than whoever's in charge might make things better.

  • "I suspect some young people have moved right because the party they perceive as in power when this financial tension is escalating has been the Democrats β€” that it is more of an anti-incumbency thing than anything else," Bahnsen said.
  • Surveys bear out this sense of wanting. A recent Harris Poll found that less than half of young adults "frequently" get to do things that make them happy, and the biggest barrier by far was financial.

Reality check: Despite having lofty salary goals, kickstarting their careers has proven difficult for Gen Z.

  • More than a third of people ages 18 to 24 had reported no wage or salary income in 2022, versus less than a quarter in 1990.

Yes, but: While Gen Z has outsized standards for success, they were also the survey group most likely to say they expect to achieve that success in their lifetimes.

  • It wasn't just the Empower survey. In a recent CBS News poll, 43% of people under 30 said the economy was getting better. No other age demographic was higher than 27%.
  • That tracks with longstanding findings that the generation is pessimistic about the right now but upbeat about the future.

What "debanking" is and why it would happen to a tech exec

1 December 2024 at 03:55

Investor Marc Andreessen set off a firestorm this past week when he said dozens of tech executives were quietly "debanked" during the Biden administration, highlighting an obscure but politically fraught practice.

Why it matters: Having your access to the banking system revoked is a significant but not necessarily unusual penalty β€” one that nonetheless has aggravated a conservative base prone to suspicion of government overreach.


Catch up quick: Andreessen appeared on Joe Rogan's podcast last Tuesday and said roughly 30 founders of crypto and other companies had been quietly debanked β€” an umbrella term usually denoting someone having their accounts closed, or ability to create new accounts blocked.

  • Andreessen called it "Operation Choke Point 2.0," and claimed it was a campaign against "their political enemies and then to their disfavored tech startups."

The original Operation Choke Point was an Obama-era program targeting the bank accounts of those engaged in consumer fraud, though it became a lightning rod for conservative outrage.

  • Andreessen claimed those debanked founders had no choice but to hold all their money in cash, or keep applying to different banks until they found one that would take their business.

Zoom out: Andreessen didn't provide evidence for his claim, and it's not clear what actually happened to whom, or when.

Zoom in: The idea of debanking isn't new or unusual.

  • Aside from Operation Choke Point, there are many other examples of banks not working with β€” or being encouraged not to work with β€” certain kinds of risky clients or businesses.
  • It has caused controversy in particular not just in the U.S. but also the UK and Australia.

The crypto industry, in particular, has long felt the government was using bank regulatory power to target it.

  • Earlier this month, Coinbase released a trove of documents it said pointed to a concerted effort by the administration to crack down on banks working with crypto companies.

The intrigue: In the waning days of the first Trump administration, the Office of the Comptroller of the Currency advanced a rule that would have prevented banks from denying access to broad classes of people.

The bottom line: It's not clear exactly who lost what services when or why. But the claim alone will likely sustain a controversy and possibly spur investigations after the second Trump presidency begins on Jan. 20.

Trump threatens 100% tariffs on BRICS nations over dollar

30 November 2024 at 10:46

President-elect Trump on Saturday threatened to impose 100% tariffs against emerging markets that try to shift away from the U.S. dollar in international trade.

Why it matters: The threat against the BRICS nations (primarily Brazil, Russia, India, China and South Africa) is the latest escalation in Trump's campaign to use the specter of tariffs to achieve policy goals.


Catch up quick: Trump, in a Truth Social post Saturday, demanded the BRICS countries fully support the dollar and not create their own competing currency.

  • If not, he said, "they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy."
  • As the Council on Foreign Relations noted earlier this year, a unified currency to supplant the dollar is a long-standing BRICS ambition, but internal divisions have stood in the way.

Between the lines: Trump campaigned on widespread tariffs, but has stepped up threats of new levies in recent days.

  • By tying the tariffs to certain behavior, some see Trump's social posts as an opening bid of sorts to prompt negotiations.
  • Earlier this week, Trump said he would impose new tariffs on Mexico over migration and drug flows, and within days he and Mexican President Claudia Sheinbaum were on the phone about the matter.

Trump plans new tariffs on Canada, Mexico and China

26 November 2024 at 04:10

President-elect Trump said he would impose additional tariffs on China, Mexico and Canada after taking office, tying them to the flow of migrants and drugs into the United States.

Why it matters: Trump's tariff threats have already ignited fears of inflation and a trade war. Now he's committing to implementing tariffs right away.


  • Trump's declarations on Truth Social will also be a wake up call for those in Washington and on Wall Street who thought his tariff talk was mostly bluster.

Zoom out: In a series of posts on Truth Social, Trump said the new tariffs were tied directly to stopping the flows of drugs and migrants.

  • A tariff of 25% on all goods coming from Canada and Mexico would take effect on Jan. 20, he said.
  • Imports from China would face a 10% tariff "above any additional Tariffs," he wrote. He previously spoke of a 60% tariff on Chinese goods.

Between the lines: By announcing the tariff plan almost two months in advance, all three governments will have time to respond β€” and potentially negotiate an alternative.

Zoom in: Trump spoke at length on the campaign trail about his plans to tariff imports from China and Mexico, but Canada was not a focus.

  • The U.S. imports more than $400 billion worth of goods from Canada a year, per government data.
  • Some Republican lawmakers had thought Canada would escape the tariff regime because of existing free-trade agreements.
  • Earlier this month, after Trump's election, Canada's finance minister said both sides had learned tariffs on each other didn't make sense.

What to watch: As of Tuesday morning, the news had a relatively mild market impact. The U.S. dollar rose 0.8% against the Canadian dollar and 1.2% against the Mexican peso. Yields on U.S. 10-year bonds rose slightly to 4.3%.

Editor's note: This story has been updated with additional details on the tariff announcement.

Boomers say it takes $100k a year to be financially successful, Gen Z says it takes $600k

22 November 2024 at 04:20
Data: Empower; Chart: Axios Visuals

The average American thinks a salary of just over $270,000 a year qualifies them as "financially successful," but there are huge disparities between generations, according to a new study.

Why it matters: In an environment where workers are increasingly resentful, the study by financial services company Empower finds younger workers expect double the salary of their older peers to be a success.


By the numbers: Boomers born before 1964 generally think they can be a success on salaries just under $100,000 a year, while those born between 1965 and 1996 are closer to $200,000.

  • But the youngest workers, the Gen Z cohort born between 1997 and 2012, think they have to earn almost $600,000 a year to really make it.
  • Even with those lofty targets, 71% of Gen Z respondents said they expected to achieve financial success in their lifetimes, more than any other age group.
  • "Americans believe success is about self-determination not a pre-determination β€” which is quite powerful," Rebecca Rickert, head of communications at Empower, told Axios via email.

Zoom out: It's another way of looking at how Americans think about where they are and where they want to be.

  • A 2023 financial happiness survey, also by Empower, found the more people already earned, the more they felt they need to make to be happy.

$6.24 million sale for a banana taped to a wall

20 November 2024 at 17:34

"Comedian," Italian artist Maurizio Cattelan's piece that features a single banana duct-taped to a wall, sold at auction Wednesday night for $6.24 million, auction house Sotheby's said.

Why it matters: The controversial work first sold in 2019 for $120,000, and Sotheby's had estimated Wednesday's sale at $1 million to $1.5 million.


Catch up quick: "Comedian" debuted at Art Basel Miami in 2019 and caused a stir over the nature of art and commentary.

  • The work is simply a banana from a grocery store, taped to a wall.
  • The gallery owner who exhibited the fruit called it a "symbol of global trade."
  • Cattelan later successfully defended a suit from another fruit-taping artist accusing him of copyright infringement.

By the numbers: The monthly average retail price for a pound of bananas was 57.4 cents nearly five years ago and now stands at 61.7 cents, according to the USDA.

  • That's an increase of 7.5%.
  • The price of a banana taped to a wall has now risen 5,100%.

Zoom in: Artnet reported that crypto entrepreneur Justin Sun was the buyer.

Musk throws his weight behind Lutnick for Treasury

16 November 2024 at 10:34

Elon Musk threw his weight behind Trump transition co-chair Howard Lutnick for Treasury secretary on Saturday, signaling a late move to influence a looming – and key – choice.

Why it matters: Musk has grown increasingly important in President-elect Trump's orbit, and Treasury secretary is one of the last major posts not yet filled.


  • While Musk is actively involved in Trump's Cabinet-making process, he has said relatively little publicly about individual candidates or positions, making his comments on Lutnick and another leading contender, Scott Bessent, stand out.

Zoom out: Investor Kyle Bass said on X that markets wanted fund manager Scott Bessent for Treasury secretary, and that Bessent was more qualified than Lutnick, the CEO of Wall Street firm Cantor Fitzgerald.

  • Musk responded to Bass that "Bessent is a business-as-usual choice, whereas (Lutnick) will actually enact change."
  • "Business-as-usual is driving America bankrupt, so we need change one way or another," Musk said. He called on others to weigh in as well.

Behind the scenes, Trump has reportedly moved closer to filling top economic roles after first naming major defense and national security positions.

The big picture: Bessent is considered more moderate on Trump's proposed tariffs than Lutnick, who has spoken out strongly in favor of them.

Go deeper: Ready, set, Trump admin

How the stock market could perform under a unified GOP government

14 November 2024 at 05:03
Data: WT Wealth Management; Chart: Axios Visuals

A unified government under GOP control may signal better returns for investors than a divided Congress would have, according to an analysis by WT Wealth Management.

Why it matters: With the GOP narrowly retaining control of the House, Republicans now have a clearer pathway to pursue the business-friendly agenda that President-elect Trump promised during the campaign.


By the numbers: Over about a century, the S&P 500 and its predecessors had roughly double the returns during period of unified GOP control, compared to periods with a Republican president and Democrats leading at least one house of Congress, per the WT Wealth Management data.

  • A unified GOP government averaged annual returns of 14.5%, while a divided government with a Republican president averaged returns of 7.3%.

Yes, but: Performance in the last unified GOP government, during Trump's first term in the White House, was more mixed.

  • In 2017, the S&P 500 rose about 19%, but in 2018 it fell about 6%.

The bottom line: As any savvy investor will tell you, past performance is no guarantee of future results.

Go deeper: What markets are signaling about the Trump economy

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