Why it matters: The post-election bump in consumer confidence in November now looks like a blip, at least by one measure.
Long-running economic pessimism lives on despite solid economic conditions — a sign the next administration might see consumer moods at odds with economic indicators.
What they're saying: "Compared to last month, consumers in December were substantially less optimistic about future business conditions and incomes," says Dana Peterson, chief economist at the Conference Board, the group that has measured consumer confidence for decades.
By the numbers: The Conference Board's consumer confidence index fell by 8.1 points this month, reversing the prior two months' gains and remaining at the somewhat depressed level that has prevailed in the past two years.
December's drop was overwhelmingly a result of more pessimism about income, business and labor market prospects in the months ahead.
A sub-index that measures consumer expectations fell almost 13 points last month alone, "just above the threshold of 80 that usually signals a recession ahead," the Conference Board said in a release.
The intrigue: It's more likely now than ever before that politics will skew measures of confidence. That is why Republicans' economic outlook surged after the election and Democrats' view soured, with little change in the actual economic backdrop.
The Conference Board does not report consumer confidence by political party. But the group said consumers mentioned politics more often this month as the key factor affecting how they view the economy.
Mentions of tariffs, the centerpiece of Trump's agenda, continued to rise. Roughly 45% of consumers expected tariffs to raise the cost of living, while 21% said it would create more jobs.
Between the lines: Worries about the inflationary fallout from potential tariffs has not translated into diminished buying plans for cars, the group said — among the items that could be most impacted by Trump's tariff plans.
Plus, the average inflation expectation in the year ahead in the survey was steady at 5%, the lowest since March 2020.
Inflation remains somewhat elevated, with little progress in recent months toward dropping further — the reason why the Federal Reserve does not expect to reduce interest rates in 2025 nearly as much as it did earlier this year.
With 28 full days left in office, President Bidenannounced Monday he is commuting the sentences for 37 of the 40 people on federal death row, converting their punishments to life without possibility of parole.
The big picture: Biden promised to abolish federal use of the death penalty when he campaigned for the White House in 2020.
What he's saying: "Make no mistake: I condemn these murderers, grieve for the victims of their despicable acts, and ache for all the families who have suffered unimaginable and irreparable loss," Biden said in a statement. "But guided by my conscience and my experience, ... I am more convinced than ever that we must stop the use of the death penalty at the federal level."
In a jabat President-elect Trump, Biden added: "In good conscience, I cannot stand back and let a new administration resume executions that I halted."
Zoom in: The move spares the lives of people convicted in killings, including the slayings of police and military officers, people on federal land and those involved in deadly bank robberies or drug deals, as well as the killings of guards or prisoners in federal facilities, AP reports.
Between the lines: Three federal inmates still face execution.
Dylann Roof, the white supremacist who carried out the 2015 racist slayings of nine Black members of Mother Emanuel AME Church in Charleston, S.C.
Dzhokhar Tsarnaev, who helped carry out the 2013 Boston Marathon bombing, which left three dead and scores injured.
Robert Bowers, who fatally shot 11 congregants at Pittsburgh's Tree of Life synagogue in 2018, the deadliest antisemitic attack in U.S. history.
Context: Biden in 2021 announced a moratorium on federal capital punishment to study the protocols used.
There were 13 federal executions during Trump's first term, more than under any president in modern history.
Biden faced recent pressure from advocacy groups urging him to act to make it more difficult for Trump to increase the use of capital punishment for federal inmates.
Data: NRF and Prosper Insights December Holiday Consumer Survey; Chart: Axios Visuals
Holiday shoppers aren't letting inflation ruin their gift giving with spending expected to reach record levels this year.
The big picture: Shoppers are projected to spend between $979.5 billion and $989 billion during the Christmas season, per an annual survey from the National Retail Federation and Prosper Insights & Analytics.
By the numbers: Retail sales from November and December are predicted to beat 2023 by between 2.5% and 3.5%, NRF projects.
Shoppers are budgeting a record of $902 each on average for gifts and seasonal items, like decorations and food.
Online shopping is a main contributor of overall retail sales growth and is expected to increase between 8% and 9%. That's about $295.1 billion to $297.9 billion, per NRF.
What we're buying: The top gifts shoppers have purchased include clothing and accessories, followed by toys, gift cards, books, video games and personal care or beauty items.
Zoom out: With more shoppers out and about, retailers are hiring more workers to keep up with demand.
Between 400,000 and 500,000 seasonal workers are expected to be hired this year, according to NRF. That's down slightly from 509,000 seasonal hires last year.
What they're saying: "The winter holidays are an important tradition to American families, and their capacity to spend will continue to be supported by a strong job market and wage growth," NRF President and CEO Matthew Shay said.
Why it matters: It is a first step toward possible measures, like tariffs, that might seek to squeeze China-made chips out of U.S. products. But with one month left in office, the fate of the investigation — and the ultimate remedies — rests with President-elect Trump.
The big picture: The investigation will largely focus on China's foundational semiconductors — key inputs in automobiles, medical devices and military defense systems. These are distinct from advanced AI chips, though those have also been targeted by Biden.
The probe will be conducted under Section 301 of the Trade Act, which the Biden administration previously used to impose steep tariffs on Chinese imports of electric vehicles, batteries and solar equipment.
Between the lines: This investigation will be in its early phase when Biden leaves office next month — like others under Section 301, the probe may take as long as a year to complete.
Senior administration officials say initiating the investigation now builds a record for the incoming Trump administration to pick up.
China doesn't stop pursuing its policies just because the U.S. is going through a transition, the officials said.
What they're saying: Commerce Secretary Gina Raimondo told reporters that Chinese manufacturers sell chips for ultra-low prices around the world, which makes it less appealing for other companies to compete.
"We've seen chips companies hesitate to invest in the U.S.," Raimondo told reporters, keeping America reliant on China for chips.
"We saw during COVID what happens when we need a chip and we can't have it — it fuels inflation, makes cars and washing machines more expensive and left our military supply chain vulnerable," Raimondo said.
What to watch: It's unclear what priority the investigation gets under Trump.
It would fall to Jamieson Greer, who Trump tapped to lead the Office of the U.S. Trade Representative, assuming he's confirmed.
Tariffs are a central part of the president-elect's economic agenda. He plans to impose import taxes on his first day in office via executive orders, not the Section 301 process.
The bottom line: The investigation is a parting shot from the Biden-era White House, which implemented a slew of measures aimed at curbing imports from China over the course of Biden's term.
U.S.-China economic relations will likely stay frosty under Trump.
Fearing political retribution and strained by new business challenges, media companies that once covered President-elect Trump with skepticism — and in many cases, disdain — are reconsidering their approach.
Why it matters: Trump's decisive victory in November has forced media executives to put their business interests ahead of their personal politics.
Case-in-point: Netflix co-CEO Ted Sarandos, a longtime Democrat whose wife served as the ambassador to the Bahamas during the Obama administration, met with Trump at Mar-a-Lago this past week.
"Morning Joe" co-hosts Joe Scarborough and Mika Brzezinski, who railed against Trump for years, met with Trump in an hour-plus meeting at Mar-a-Lago last month, infuriating their loyal audience. Scarborough said the reaction showed "a massive disconnect ... between social media and the real world."
State of play: Amid a record media trust deficit, outlets once critical of Trump are now making overtures to the former and future president, and the majority of American voters who voted for him.
TIME magazine not only named Trump "Person of the Year," but the magazine's CEO, Jessica Sibley, chanted "USA! USA!" alongside the president-elect as he rang the New York Stock Exchange opening bell.
A week after Trump's victory, two executives from TelevisaUnivision, the parent of the largest U.S.-based Spanish-language broadcaster, flew to Mar-a-Lago so the president-elect could personally thank them for election support, The Wall Street Journal reported.
L.A. Times owner Patrick Soon-Shiong vowed (on Fox News, no less) to balance out his editorial board with conservative voices. He also has discussed plans to add a digital "bias meter" for editorials and opinion columns.
Washington Post owner Jeff Bezos (who, like Soon-Shiong, overruled his staff to kill a Harris endorsement) said at The New York Times' DealBook Summit earlier this month that he's "actually very optimistic" about Trump's second term.
The big picture: Compare that to the resistance media era that started in 2016, with outlets like The Washington Post garnering tough-on-Trump reputations (and thousands of subscriptions).
This time around, national outlets — struggling to regain viewers and subscribers — are trying to signal they're no longer out for blood.
Between the lines: Another business consideration for news outlets reversing course is the legal risks associated with getting on Trump's bad side.
ABC's $15 million defamation settlement with Trump shocked some legal experts who say ABC could've easily won the case. ABC has declined to say why it settled. But media onlookers see the settlement as a possible effort to avoid further scrutiny and legal attacks from the president-elect.
The settlement comes amid a barrage of major lawsuits being lobbed at media companies by Trump. Those costly lawsuits sap outlets of time, legal resources and morale.
What we're watching: Tech titans facing historic regulatory scrutiny are also scrambling to be inside Trump's tent this time around.
Meta, Amazon and Open AI have each donated $1 million to Trump's inauguration. Meta CEO Mark Zuckerberg, TikTok CEO Shou Zi Chew, Apple CEO Tim Cook, Google CEO Sundar Pichai and Bezos have all met with Trump at Mar-a-Lago since the election.
TikTok faces a potential ban in the U.S., barring a Supreme Court intervention. Meta faces a historic government antitrust trial next year that seeks to unwind its acquisitions of WhatsApp and Instagram.
Google has been found guilty of one major antitrust investigation around its search business and is facing another antitrust case around its ads business. Both cases threaten to break up the company.
House Democrats are sending an early warning signal to Speaker Mike Johnson (R-La.) that he shouldn't count on them to rescue him again.
Why it matters: Johnson will have the barest of majorities next year — and he's staring down growing unrest within the Republican conference.
Rep. Thomas Massie (R-Ky.) has said he will vote against Johnson's reelection as speaker on Jan. 3, with several other Republicans saying they are undecided.
With a majority as narrow as 219-215, Johnson may only be able to afford to lose one vote.
State of play: Johnson last week abandoned a federal funding package he negotiated with Democrats and introduced a pared-down version with a debt limit extension demanded by President-elect Trump.
House Democrats bitterly accused Johnson of going back on his word and declared themselves a "hell no" on the revised version of the bill.
Johnson eventually succeeded in passing a version of the bill without a debt ceiling increase, but the damage was already done.
Driving the news: At a caucus meeting on Friday, House Minority Leader Hakeem Jeffries (D-N.Y.) signaled to his members that relations with Johnson had entered a new, significantly worsened phase.
He pointed to Johnson reversing on the funding deal and letting communications go dark at times during the week, according to three lawmakers and a fourth source present for his remarks.
House Democratic caucus chair Pete Aguilar (D-Calif.) said that he will not personally ask Democrats to bail out Johnson going forward as they did in May.
Jeffries said Sunday on MSNBC's "Inside with Jen Psaki" there is a "real risk" of Johnson failing to become speaker on Jan. 3, and that "there will be no Democrats available to save him."
What they're saying: More than half a dozen House Democrats who voted to bail out Johnson in May told Axios on Sunday that they agree with Jeffries that Johnson can no longer count on their votes.
"I will follow leadership," said Rep. Henry Cuellar (D-Texas), one of the party's most centrist members.
Rep. Tom Suozzi (D-N.Y.), another arch-centrist, told Axios of the speaker election: "I'm voting for Hakeem Jeffries."
"He is correct," Rep. Haley Stevens (D-Mich.) said of Jeffries' comments on MSNBC.
Zoom in: Johnson's reelection bid is currently backed by Trump and his conference unanimously renominated him for speaker last month, but even if he wins in January he will face the challenge of keeping his gavel.
House Republicans increased the threshold for introducing a "motion to vacate" — a measure to remove the speaker — but any nine lawmakers would still be able to force such a vote.
And Johnson is facing growing anger from both his right flank and the GOP's right-wing grassroots outside of Congress, who are demanding he do more to cut government spending.
Rep. Troy Nehls (R-Texas), who is undecided on voting for Johnson, told Axios last week the speaker will need to rely on Democratic votes to keep his job.
What we're hearing: "I have thought multiple times that I would help Johnson in a tough Speaker vote because he was true to his word even in hard times," said one swing-district House Democrat.
"That has absolutely changed now. Trust is all we have in these negotiations. I thought Johnson was truly different. He's no better than McCarthy. He's getting no help from me and I know many of my colleagues feel the same."
Rep. Becca Balint (D-Vt.), a progressive who voted against ousting Johnson in May, told Axios: "He has betrayed our trust and we will never trust him again to hold to any agreement."
The bottom line: "It's up to the Republicans to lead on governance now," said Stevens, noting that Democrats were voted fully out of power in November.
"If they need us they have to really make it worth our while, but [it] doesn't seem likely that they will," she added.
NASA's Parker Solar Probe will make history during a flight around the Sun on Christmas Eve.
Why it matters: "No human-made object has ever passed this close to a star, so Parker will truly be returning data from uncharted territory," said Nick Pinkine, Parker Solar Probe mission operations manager at the Johns Hopkins Applied Physics Laboratory (APL) in Maryland, in a statement.
The project aims to "answer longstanding questions about our universe," per a statement from Arik Posner, Parker Solar Probe program scientist at NASA Headquarters in Washington, D.C.
The probe aims to again "touch" the Sun when it flies up to about 430,000 mph at its closest approach "just 3.8 million miles" from the surface of the star at 6:53am on Tuesday ET, per NASA.
Scientists have been using Parker to study the heating of the solar corona and explore what accelerates the solar wind in the hope they can better predict dangerous space weather that can disrupt communications on Earth and also light up the skies with auroras.
What we're watching: During its closest approach mission operations will be out of contact with the spacecraft, which NASA notes can travel in temperatures up to 2,500 degrees Fahrenheit.
Parker is scheduled to transmit a beacon tone on Friday to confirm its health following the close flyby, according to the space agency.
President-elect Trump indicated he wants Greenland under U.S. control as he named PayPal co-founder Ken Howery as his pick for United States ambassador to Denmark on Sunday.
The big picture: Trump said during his first administration that he was looking into the U.S. buying Greenland andcanceled a state trip to Denmark after Danish officials said the autonomous territory that's part of its kingdom was not for sale.
He made his latest comments on Greenland after demanding earlier in the weekend that Panamanian authorities lower fees for U.S. ships to transit the Panama Canal or return its control to the United States.
Driving the news: "For purposes of National Security and Freedom throughout the World, the United States of America feels that the ownership and control of Greenland is an absolute necessity," Trump said in a post to Truth Social on Howery.
"Ken will do a wonderful job in representing the interests of the United States."
Representatives for both Trump and Denmark's Ministry of Foreign Affairs did not immediately respond to Axios request for comment in the evening.
Background: The U.S. has on several occasions since 1867 considered or attempted to buy Greenland — the world's largest island that's not a continent.
Greenland is part of the continent of North America, but it has close geopolitical ties to Europe and has received EU funding as it's classed as an overseas territory associated with the bloc via Denmark.
Russia has in recent years sought to claim territory up to Greenland's Exclusive Economic Zone.
Greenland's natural resources include gold, silver, copper and uranium and there's believed to be significant potential for oil in the waters off the territory.
Congress' long-simmering debate over the age of its members has resurfaced over revelations that Rep. Kay Granger (R-Texas) has been living in an independent living facility in Texas.
Why it matters: The retiring former House Appropriations Committee chair's absence from votes since July has led some of her colleagues to raise concerns.
The latest: Granger acknowledged in a Sunday statement to Axios that she has "been navigating some unforeseen health challenges over the past year."
"Since early September, my health challenges have progressed making frequent travel to Washington both difficult and unpredictable."
Granger's son Brandon told the Dallas Morning News that she has been "having some dementia issues late in the year."
Yes, but: Brandon Granger pushed back on a report from the Dallas Express – whose CEO Chris Putnam ran against Granger in 2020 – that his mother was living in a memory care facility.
Instead, he said, she resides in the independent living facility of Tradition Senior Living in Fort Worth, which advertises itself as a "luxury senior living community."
A source familiar with the matter told Axios that Granger moved into the independent senior living facility around July.
What they're saying: Rep. Ritchie Torres (D-N.Y.) told Axios in a statement that the public "is entitled to far greater transparency about the health of the elected officials who represent them."
"The incapacitation of an elected official is a material fact that should be disclosed to the public, rather than concealed by staff," he added.
Rep. Ro Khanna (D-Calif.) called for term limits in a post on X, saying Granger's absence "reveals the problem with a Congress that rewards seniority & relationships more than merit & ideas."
Rep. Thomas Massie (R-Ky.) said in a post on X responding to the Dallas Express report that he is "more concerned about the congressmen who have dementia and are still voting."
Zoom in: A House Republican, speaking on the condition of anonymity regarding Granger's absence, said it's "absolutely" worrying because her constituents "don't have a vote."
The lawmaker said there's not enough political will yet to address Congress' age issue, but "there should be."
What we're hearing: The first source told Axios that Granger would have made different preparations had she known she would be unable to vote towards the end of the session, citing the unforeseen progression of her illness.
Granger was also clear with leadership about her situation and said she would return to D.C. to vote if she was needed, the source said.
The source also argued that her resignation would have left the seat vacant until January and still created a representation issue.
Zoom out: Granger stepped down as the Appropriations Committee chair in April and will retire on Jan. 3 when her term expires.
Granger's status was highlighted by her missing a vote on Friday to avert a government shutdown, despite her past leadership of the panel that deals with government funding.
She was, however, present at the Capitol in November when her portrait was unveiled to honor her long-standing work as a member of the House Appropriations Committee.
Granger said in her statement on Sunday that, while in D.C. last month, she was able to hold "meetings on behalf of my constituents, express my gratitude to my staff, and oversee the closure of my Washington office."
Between the lines: While leadership may have been kept in the loop, several rank-and-file House members from both parties told Axios they were unaware of Granger's living situation until this weekend.
Rep. Tony Gonzales (R-Texas), a member of Granger's delegation, said Sunday on CBS News' "Face the Nation" that he was not aware of Granger's condition but acknowledged there was "no doubt a lot of us knew she was gaining in age like a lot of members do."
Many retailers are extending store hours in the final shopping days before Christmas, but most stores will close early on Christmas Eve.
The big picture: Time is running out to shop for last-minute gifts in-store and order them online for pickup or delivery.
Since Black Friday fell on the latest possible day this year — Nov. 29 — this is the shortest holiday season with 26 days between Black Friday and Christmas.
Store hours for Christmas Eve 2024
Here are Christmas Eve hours for major retailers, which can vary by location and by mall.
It's best to check store websites or apps to plan accordingly.
Curbside and in-store pickup hours also can vary from store hours.
President-elect Trump suggested Sunday that he might let TikTok stick around in the U.S., boasting his success on the app.
Why it matters: The popular short-form video app could be banned in the U.S. in less than a month — but Trump, who threatened to boot the app during his first term, has suggested he'd offer TikTok a lifeline.
TikTok is staring down a Jan. 19 ban. But before then, the Supreme Court will hear arguments over whether the bipartisan law that forced the app's sale by its parent company is constitutional.
Driving the news: "We did go on TikTok and we had a great response with billions of views," Trump said to cheers at AmericaFest, hosted by Turning Point USA and Turning Point Action. He added, "They brought me a chart ... and as I looked at it, I said, maybe we got to keep this sucker around for a little while."
Trump touted his success among young voters, who the campaign courted for months — in particular, they targeted young men with podcast appearances and macho man messaging.
He's previously said he has a "warm spot" in his "heart for TikTok."
Catch up quick: Trump joined the embattled app in June and has since amassed 14.7 million followers.
His TikTok-friendly tone is a sharp departure from his stance during his first White House tenure when he issued an executive order that would have banned U.S. companies from making transactions with Bytedance, the app's parent company.
His TikTok flip-flop was a surprise given his bullish approach to China.
Reality check: It's unclear how Trump would intervene to stop the TikTok time bomb created through federal law and signed by President Biden.
He'd likely receive pushback from members of his party who supported the legislation on Capitol Hill.
Trump also doesn't take office until Jan. 20 — and a president-elect can't enact policy via speech or social media post.
Republican members of Congress took to the Sunday shows to praise Trump lieutenant Elon Musk's involvement in last week's government funding saga, with one likening him to "our prime minister."
Why it matters: The tech billionaire's influence is being fueled by threats to fund electoral challenges against those who defy him, creating a powerful incentive for Republicans to go along with his demands.
Democrats have harshly criticized Musk for lambasting and ultimately helping to kill a bipartisan government funding deal they struck with House Speaker Mike Johnson (R-La.) last week.
What they're saying: "It's kind of interesting, we have a president, we have a vice president, we have a speaker. It feels like Elon Musk is our prime minister," Rep. Tony Gonzales (R-Texas) said in a CBS "Face the Nation" hit.
Gonzales said he spoke with Musk "a couple times this week," adding that "many of us" did so while acknowledging the Tesla CEO is "unelected."
Sen. Rand Paul (R-Ky.) said on Fox Business' "Sunday Morning Futures" that his idea to elect Musk as House speaker "might have been tongue-in-cheek," but, "I do appreciate his input."
"Thank god Elon Musk bought Twitter, because that's the only way we would even know what's in this bill," Sen. Bill Hagerty (R-Tenn.) said of Musk's efforts to kill the bipartisan bill on CNN's "State of the Union."
Yes, but: Hagerty pushed back on Democrats' assertions that Musk is pulling Trump's strings, saying Trump is "clearly the leader" of the Republican Party.
Musk's influence "doesn't bother me a bit," Haggerty said, adding he is "appreciative of the fact that President Trump has that type of talent available to advise him."
The other side: Sen. Chris Coons (D-Del.) said on "State of the Union" that he is "concerned" about what Musk's role "is going to mean."
Coons, like other Democrats, noted that the revised version of the spending bill excluded restrictions on outbound investment to China that were part of the original bill Musk harangued.
"Given that Tesla has a major new factory in Shanghai, that may actually benefit Elon Musk's business," Coons alleged.
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.
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 Raúl 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 — 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."
Editor's note: This story has been updated with comments by Panamanian Jose Raúl Mulino and additional remarks by President-elect Trump and Jose Raúl Mulino.
PHOENIX — Five hundred fans of Charlie Kirk — the 31-year-old founder and CEO of Turning Point USA, the MAGA-verse's biggest outside group — broke into applause Saturday as Kirk welcomed former Rep. Matt Gaetz (R-Fla.) to the stage for a taping of "The Charlie Kirk Show" podcast.
"I wish they were all members of the United States Senate," Gaetz joshed, a month after withdrawing as President-elect Trump's choice for attorney general, and with release expected imminently of a House Ethics Committee report on his conduct.
"I think they want you to be pope!" Kirk quipped.
"I'm a Baptist!" Gaetz replied.
Why it matters: Kirk is one of the biggest winners of November's election who wasn't on the ballot. He'll introduce Trump today as the climactic guest of Turning Point's annual AmericaFest. This year's victory-lap edition is a triumphalist, four-day MAGAstock that drew 21,000 Trump diehards, many in college, to the desert the weekend before Christmas.
Kirk, who caught snippets of college football playoff games backstage, is the boyish, often controversial leader of a MAGA army that will:
Bring grassroots pressure on Republican senators to confirm all Trump nominees. "Confirm the Mandate" is how Turning Point Action, Kirk's political arm, puts it.
Insist GOP lawmakers hew the Trump line. In a tectonic change for the right, Turning Point is happy to be as combative with Republicans as with Democrats.
Push Trumpers nationwide to act on Elon Musk's insistence, which Kirk repeated onstage, that everyday users of X "are the media now."
Between the lines: It's all backed by a vast network of friendly podcasts, dozens of which are taping here on elaborate sets that sometimes even include teleprompters. "Media Row" is actually two huge wings of the Phoenix Convention Center atrium.
Kirk is close to Trump, Vice President-elect Vance, Don Jr. and Tucker Carlson. During the election, Turning Point Action launched a high-risk, high-reward "Chase the Vote" turnout operation for Trump — and won big.
Kirk has become one of the most popular pitchmen for products aimed at "patriots": "Use promo code KIRK today." At the Gaetz taping, audience members had to show proof of membership in "Charlie Kirk Exclusive," the podcast's paid tier.
A cardboard cutout of Charlie Kirk at Turning Point USA's AmericaFest at the Phoenix Convention Center. Photo: Rebecca Noble/Getty Images
Turning Point USA has 1,000+ college chapters and 1,200 high school chapters — plus a presence at 3,500+ other colleges and high schools (not yet school-sanctioned, but in the process of trying to get recognized).
The big picture: This year's AmFest has "an air not only of celebration but muscle-flexing," The Wall Street Journal's Aaron Zitner writes.
"Trump's frequent appearances on podcasts, a medium suited to his freewheeling, off-the-cuff banter, wasn't only credited here with drawing young and minority voters to the GOP but with validating the power of new media platforms."
What's next: During an onstage parade of fire-and-brimstone pastors last night at AmFest's "Faith Night," Kirk warned attendees to arrive as early as 6:30 a.m. to get a seat for Trump's 10:30 a.m. speech. Kirk quipped: "I have a feeling the college kids are not gonna go to sleep tonight!"
In less than a month, TikTok could be banned in the U.S. — and the fate of a multibillion-dollar creator economy is at stake.
Why it matters: The global influencer industry is worth about $250 billion, Goldman Sachs estimates. TikTok is where the big money is, and where many influencers have built their largest and most loyal followings.
For many influencers, “this could be an extinction-level event,” says James Nord, founder and CEO of Fohr, an influencer marketing company.
Driving the news: The Supreme Court will hear arguments on Jan. 10 over whether the law to force a sale of TikTok from its parent company or face a ban is constitutional, Axios' Maria Curi notes.
TikTok is racing against the clock with a Jan. 19 ban looming.
Lawmakers have told Google and Apple to be ready to remove it from their U.S. app stores on Jan. 19.
People who have already downloaded TikTok can keep using it for some time, but it will no longer update, making the app buggy and eventually useless.
Zoom out: TikTok has a stunning 170 million users in the U.S., and just 32% of Americans support a ban, according to a Pew Research Center survey.
But lawmakers and experts have identified national security reasons to restrict the app as long as it holds its connection to China, including the spread of misinformation and espionage.
Zoom in: Some TikTok personalities are attempting to get ahead of the ban by asking followers to find them on Instagram or YouTube.
"I don't think there's longevity on this app in the United States," Chris Burkett, a lifestyle influencer with 1.3 million TikTok followers, said in a video urging people to follow him on Instagram.
"There's been so many false alarms ... Anyways, I very much do exist on another place ... so if you want to keep in touch," Audrey Peters, a fashion and beauty influencer with a million followers, said in a video.
But for many others and the brands they work with, business is humming along as usual. “Everything’s kind of going status quo. Contracts are still moving,” Nord says.
Just 1 in 3 beauty influencers said they were somewhat or very worried about a ban in an October Fohr survey. “It’s a product of them talking about this for so many years but it not happening,” says Nord.
In some contracts, brands and influencers are agreeing to work together on Instagram if TikTok goes away, but that’s an imperfect strategy.
Reality check: Many influencers’ Instagram or YouTube followings are orders of magnitude smaller than their TikTok audiences.
Many don’t even have large enough followings on those other platforms to get brand deals or make money from content.
Case in point: Fohr analyzed the TikTok and Instagram accounts of nearly 23,000 creators in its network.
39% of them had more followers on TikTok than on Instagram, and the average difference in number of followers was +182,000 on TikTok.
What's next: If TikTok is banned and eventually becomes obsolete, the influencers who relied on it for income likely won't get unemployment or other benefits.
“This could be unique in that I don’t know if there’s been a law since prohibition that will shut down so many small businesses overnight,” Nord says. “And as of now, the government is not offering any support.”
Sens. Raphael Warnock (D-Ga.) and James Lankford (R-Okla.) compared U.S. political polarization and fatigue to family dynamics in an interview with NBC's "Meet the Press."
The big picture: The commentsfrom the only two ordained ministers in the Senate come as the nation grapples with a divisive post-election ideological divide.
Case in point: Lawmakers grappled this week with gaining bipartisan support for a spending bill to avoid a government shutdown.
The full interview with NBC's Kristen Welker will air on a special edition of "Meet the Press" on Sunday morning.
Zoom in: Warnock saidbipartisan work "is as basic as the American covenant," according to a transcript provided to Axios.
He added that while there are differences of opinion, "the issue is our humanity and trying to build and strengthen the American family."
Asked how lawmakers can reach across the aisle, Lankford said he believes most people don't identify first with their parties but rather as human beings and neighbors. The question, he said, is how to get "people who disagree [to] sit down and figure it out? That's where we are."
He added, "Unfortunately, Washington, D.C. is a mirror to the country that the country doesn't really like."
Rather than trying to figure out how to be bipartisan, "we're supposed to figure out how to solve problems," Lankford said. "I think that's the emotion of the country, is they want it to be fixed, but they can't figure out how it's going to actually happen.
Engagement with political news and news generally is also down considerably compared to the previous presidential primary election cycle.
The bottom line: Warnock said he thinks what "we're dealing with is the fundamental assault on that basic understanding that we are the American family" and that "all families have a complicated story."
He added, "We have differences, but we sit together and we work it out."
James Lindsay, the founder and CEO of Rap Snacks, has carved out a unique niche in the consumer goods industry by merging his passion for snacking and hip-hop culture.
The big picture: A native of Philadelphia and an alumnus of Cheyney University, Lindsay's entrepreneurial path reflects roughly 30 years of dedication, creativity and guidance.
Starting with a $40,000 loan from friends and family, Lindsay has built a debt-free multimillion-dollar company fueled by the fastest-growing convenience store potato chip brand in the U.S.
Driving the news: In 2025, Rap Snacks will celebrate its 30th anniversary, continuing its legacy as a cultural staple in the era following hip-hop's monumental 50th anniversary.
What they're saying: "Hip-hop was on the rise then (1995), and I saw an opportunity to merge snacking with music," Lindsay told Axios.
"I wrote down the idea for Rap Snacks one night and called a manufacturer the next day. Despite knowing little about the snack industry, I developed the product, sold 800 cases in two months, and the rest is history."
Catch up quickly: While working as a sales rep for Johnson Products Company, Lindsay developed a love for consumer goods and learned about product distribution under George E. Johnson, the founder of Johnson Products, a mentor who significantly influenced his entrepreneurial journey.
"I didn't even know I was being mentored back then, but working with Mr. Johnson, I learned so much about business and persistence."
Then, Lindsay noticed that snack products in local corner stores didn't represent Black culture or resonate with urban youth.
"Mentors taught me about product distribution, packaging, and marketing—skills I didn't have when I started."
Zoom out: Rap Snacks has featured major artists like Cardi B and the Migos, but the original packaging had a generic mascot, "MC Potato," until Lindsay pitched Universal Music Group, offering to feature their artists on his bags.
"They loved the concept and even paid us to advertise their artists," he said. "Over time, we expanded partnerships to include artists. These collaborations made Rap Snacks a cultural phenomenon."
In 2010, he worked with Meek Mill to connect his brand with corporate America. They secured partnerships with companies, such as Puma, Monster Energy Drink, and Ciroc.
"That experience showed me the power of leveraging hip-hop culture to create value in the corporate world."
Zoom in: In 2017, Rap Snacks expanded into other food categories, including noodles, cereals, rice, candy, and even honey buns.
What's next: Lindsayowns several brands, including Mr. G Snacks and a better-for-you line called "Do the Right Thing," which offers vegetable-based snacks. He's also launching a new brand to compete with Takis.
"My goal is to have a presence in every store aisle," he said.
Lindsay says his climb to success proves that cultural representation and business savvy can reshape industries—and he hopes to inspire the next generation of entrepreneurs to dream just as boldly.
"We're setting an example for other brands to embrace diversity without fear that it won't sell," Lindsay said. "Our products not only resonate culturally but also deliver superior taste, ensuring repeat customers."
Asked what advice Lindsay would give aspiring entrepreneurs, he said, "love what you do," treat people with respect and don't rush.
"If you're only in it for the money, sustaining the energy needed to overcome challenges is hard," he said.
President Biden signed a three-month stopgap funding measure into law on Saturday after Congress acted at the last minute to avert a government funding lapse.
Why it matters: Both chambers of Congress passed the measure in a flurry of activity late Friday and into Saturday morning, capping a chaotic week on Capitol Hill that demonstrated President-elect Trump's influence over lawmakers.
The House and Senate hours earlier passed the measure by overwhelming margins.
The funding agreement runs through March 14 and also includes a one-year Farm Bill extension and over $100 billion in disaster relief for hurricane-ravaged areas.
What he's saying: "This agreement represents a compromise, which means neither side got everything it wanted," Biden said in a statement.
"But it rejects the accelerated pathway to a tax cut for billionaires that Republicans sought, and it ensures the government can continue to operate at full capacity."
"That's good news for the American people, especially as families gather to celebrate this holiday season," the president added.
The big picture: Trump blew up an initial bipartisan agreement earlier this week, demanding that Congress also raise the debt limit before the end of the year.
That led to a revised bill that would have suspended the debt limit for two years.
That measure failed spectacularly in the House on Thursday night, and the debt limit provision was nixed.
Data: NRF and Prosper Insights December Holiday Consumer Survey; Chart: Axios Visuals
If you're feeling behind on your Christmas shopping, you're not alone.
The big picture: A majority of holiday shoppers plan to finish buying gifts the week leading up to Christmas, an annual survey found.
"Whether shoppers have planned out their shopping list or are waiting until the last minute," many are still shopping in the days before Dec. 25 said Phil Rist, executive vice president of strategy at Prosper Insights & Analytics.
Yes, but: 58% of shoppers started checking off their gift lists in early November, according to the data from the National Retail Federation and Prosper Insights & Analytics.
Black Friday and Cyber Monday deals in late November drive many shoppers to get their gifts in early at discounted prices.
Even with the early start, 62% of shoppers didn't expect to start wrapping their holiday purchases until December.
Zoom in: As of early December, Americans had purchased half the gifts on their shopping lists on average, while only 10% were finished.
The near-majority of shoppers (49%) finish their shopping online. They're also going to department stores, discount stores and clothing and accessory stores.
Between the lines: Most shoppers opt for a head start on shopping to spread out their spending.
Each shopper is expected to spend an average of $902 across gifts, food, decorations and other seasonal items.
Avoiding crowds and the stress of last minute shopping are other top reasons people start holiday shopping early.
Super Saturday shopping
Super Saturday, the last Saturday before Christmas, falls on Dec. 21 this year and is one of the biggest shopping days of the season.
An estimated 157.2 million people plan to shop on the last Saturday before Christmas, according to the NRF survey.
That's up from 141.9 million Super Saturday shoppers last year and is the second-highest number after 2022's 158.5 million figure.
What they're saying: Katherine Cullen, NRF vice president of industry and consumer insights, noted Super Saturday is one of the last opportunities to buy the remaining items on peoples' shopping lists.
"With a shortened window between Thanksgiving and Christmas this year, consumers will be hitting stores and shopping online to get those final gifts and to take advantage of special promotions and deals," she added.
