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Steep price hikes could be on the way if President-elect Donald Trump follows through on his pledge to impose sweeping new tariffs on imports from Mexico, Canada and China. He threatened to implement the tariffs on the country’s top three trading partners on his first day back in office, including a 10% tariff on products from China. In a pair of social media posts, he explained the decision as a way to crack down on illegal immigration and drugs. “On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States,” he said. “It is time for them to pay a very big price!” Ultimately, consumers could end up absorbing the brunt of those costs. When tariffs are levied on imports, American companies have to pay taxes to the U.S. government on their purchases from other countries; the companies often pass on those extra costs to customers. “This is a bully effort to put everybody on notice,” said economist Chris Thornberg, founding partner of Beacon Economics in Los Angeles. “One of the reasons he uses tariffs is because it’s one of the few places that he actually has some leverage.” Though Thornberg noted it’s still a “giant remains-to-be seen” whether and how Trump’s proposed tariffs are implemented, consumer goods across the board could be dramatically affected. Here are a few top categories: Mexico was the U.S.’s top goods trading partner last year, surpassing China. Mexico is a major manufacturer of passenger vehicles, light vehicles, trucks, auto parts, supplies and electric-vehicle technologies. Eighty-eight percent of vehicles produced there are exported, with 76% headed for the U.S., the International Trade Administration says. Automakers with manufacturing operations in Mexico include General Motors, Ford, Tesla, Audi, BMW, Honda, Kia, Mercedes Benz, Nissan, Toyota and Volkswagen. “If we get tariffs, we will pass those tariff costs back to the consumer,” Phil Daniele, chief executive of AutoZone, said in the company’s most recent earnings call. “We’ll generally raise prices ahead of ... what the tariffs will be.” Last year, China accounted for 77% of toy imports — about 25 times greater than the total value of toy imports from Mexico, the next largest foreign source of supply, according to the National Retail Federation. U.S. producers account for less than 1% of the toy market. The federation recently released a study that found the tariffs Trump proposed during his campaign — a universal 10% to 20% tariff on imports from all foreign countries and an additional 60% to 100% tariff on imports specifically from China — would apply to a wide range of toys imported into the U.S., including dolls, games and tricycles. “Prices of toys would increase by 36% to 56%,” the study concluded. The National Retail Federation study also analyzed more than 500 items of clothing and found prices “would rise significantly” — as much as 20.6%. That would force consumers to pare spending on apparel. Low-income households would be hit especially hard, the group said, because they spend three times as much of their after-tax income on apparel compared with high-income households. “U.S. apparel manufacturers would benefit from the tariffs, but at a high cost to families,” the study said. “Even after accounting for domestic manufacturing gains and new tariff revenue, the result is a net $16 billion to $18 billion loss for the U.S. economy, with the burden carried by U.S. consumers.” Imported footwear products already face high U.S. duties, particularly those made in China. The Footwear Distributors and Retailers of America expressed concern that new tariffs would make it more difficult for consumers to afford shoes and other everyday essentials. Trump’s proposed tariffs would increase the costs of several imported fruits and vegetables, said Jerry Nickelsburg, faculty director of UCLA Anderson Forecast, an economic forecasting organization. The vast majority of U.S. produce imports come from Mexico and Canada, including avocados, cucumbers, potatoes and mushrooms. The U.S. spent $88 billion on agricultural imports from the two countries in fiscal year 2024. Big-ticket electronic products such as televisions, laptops, smartphones, dishwashers and washing machines — many of which are manufactured in Mexico and China, or made with parts imported from those countries — likely would become more expensive. The U.S. imported $76 billion worth of computers and other electronics from Mexico in 2023, and more than a quarter of U.S. imports from China consist of electronic equipment. Get local news delivered to your inbox!
The Sweden midfielder hailed Saturday’s 4-0 thrashing of the champions as the best game of his career. The 24-year-old delivered an outstanding performance as Spurs shattered the champions’ 52-game unbeaten home run, helping start the rout with a superb cross for James Maddison’s opening goal. Kulusevski said: “I believed (we would win) this because in the past years, we’ve come here and played really well. “So this is the game I look forward to most in the year and, once again, it happened – glory to God. “I’d say it’s the best result ever in my career. It’s a big night for the whole club, for the coach, for the players. “Because City have a lot of the ball sometimes, we can rest when we defend. There’s also so much space up there, we play one against one and then it’s always dangerous because we have a lot of quality. “It’s always great to play great teams because they always want to play football. When you play lower teams, sometimes it’s not. There’s not much football played because they are a lot of fouls, a lot of injuries and it’s slow going.” Maddison stole the show with two goals in quick succession in the first half while Pedro Porro and Brennan Johnson later got on the scoresheet. Kulu-chef-ski cooked 👨🍳 📊 — Tottenham Hotspur (@SpursOfficial) Yet Kulusevski’s performance was also eye-catching and the player himself believes there is plenty more to come from him. Asked if his form made him feel “unstoppable”, Kulusevski said: “I feel like that. I feel very good and I’m trying to keep this way. I’m very happy, I’m trying to improve. “I started the season good but there is over half of the season left and I hope I can do much better. “I think I have something that no other player has. With my engine, with my heart – I don’t get tired – I feel like I can do a lot still in my career.” Spurs have won more matches against Pep Guardiola's Man City than any other side 👀 — Premier League (@premierleague) Tottenham’s scintillating performance marked a spectacular return to form after their dismal loss to Ipswich in their previous Premier League outing. Kulusevski said: “We have to be much more consistent. It’s not a turning point. We just have to be better in other games. “This game suited us perfectly but we have a lot of improvement to make in the other games.”Pat Bryant caught a 40-yard touchdown on fourth down with four seconds remaining as No. 25 Illinois rallied for a dramatic 38-31 victory over Rutgers on Saturday afternoon in Piscataway, N.J. With Rutgers playing cover-zero defense, Bryant caught Luke Altmyer's sidearm toss on fourth-and-13 at the 22-yard line in the middle of the field and ran in from the right side for a 36-31 lead. Bryant's dramatic catch came after Illinois initially decided to attempt a go-ahead 57-yard field goal into the wind. Following a timeout, the Ilini went for it on fourth down. Altmeyer's two-point conversion attempt to Bryant was incomplete, but the visitors recorded a safety on the game's final play. Bryant finished with seven catches for a career-high 197 yards, and his score came after Rutgers took a 31-30 lead on a 13-yard rushing TD by Kyle Monangai with 1:08 left. Monangai gave the Scarlet Knights the lead after Illinois overcame a nine-point deficit on Aidan Laughery's 8-yard TD run with 13:48 remaining and Altmyer's 30-yard run with 3:07 left. Bryant's clutch catch gave Illinois (8-3, 5-3 Big Ten) eight wins for the second time in three seasons on a day when it committed 11 penalties. Altmyer finished 12-of-26 passing for 249 yards and threw two touchdowns. He also gained a team-high 74 yards on the ground as the Ilini totaled 182 rushing yards. Monangai finished with 122 yards on 28 carries and Kaliakmanis completed 19-of-37 passes for 175 yards, but Rutgers (6-5, 3-5) was unable to win a third straight Big Ten game for the first time. Kaliakmanis also rushed for 84 yards and two touchdowns on 13 carries. The Scarlet Knights saw their losing streak against ranked teams reach 41 games after taking a 17-9 halftime lead and a 24-15 advantage early in the fourth. --Field Level Media
fter her breakup with , has found a new way to empower herself and share her story. The , who had been in a high-profile relationship with the ' tight end, has not only distanced herself from her personal life in the spotlight but has journey from the to has been more than just another celebrity split story; The overwhelming breakup between Nicole and Kelce In a sneak peek of her appearance on the reality show Special Forces, an emotional moment shows reflecting on her breakup with Kelce. She described the experience as " ," showcasing how public scrutiny affected her personal life. "100% positive this was the only time I looked presentable the ENTIRE show. The way I was physically/mentally/emotionally drained I couldn't have cared less," she commented on how she felt during the filming. In addition to the media pressure, has spoken openly about the difficulties she faced as a "People can't criticize what they don't know about," she said, emphasizing her decision to keep her private life under control. Moving forward, the influencer has decided not to share details about her personal relationships and to keep any future romances confidential. This is her way of protecting herself from the pain of constant public scrutiny from the media and social media. The new professional side of Nicole Throughout her journey, has taken a stronger stance on her career and public image. In a recent update, she proudly shared that she is the new "LinkedIn profile to CEO (by the way, I shot these at the @tribetherepe headquarters)," she wrote, showing her transition from influencer to entrepreneur. She also shared a workout video where she responded to a negative comment about her physique, laughing off the criticism and reaffirming her commitment to her well-being: "I work out because it makes me feel great, and looking good is just a bonus." Through these initiatives, Kayla Nicole is showing that her story is much more than her past with She is building a legacy of empowerment, proving to the world that her life goes far beyond what the media chooses to portray.Commerce Bank cut its stake in shares of Vertiv Holdings Co ( NYSE:VRT – Free Report ) by 0.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,752 shares of the company’s stock after selling 133 shares during the period. Commerce Bank’s holdings in Vertiv were worth $2,065,000 at the end of the most recent quarter. Other institutional investors also recently made changes to their positions in the company. Prospera Private Wealth LLC acquired a new stake in Vertiv during the 3rd quarter worth approximately $160,000. PNC Financial Services Group Inc. lifted its holdings in shares of Vertiv by 10.2% during the third quarter. PNC Financial Services Group Inc. now owns 28,066 shares of the company’s stock worth $2,792,000 after buying an additional 2,604 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Vertiv in the third quarter valued at about $869,000. Banque Cantonale Vaudoise grew its stake in shares of Vertiv by 38.3% in the third quarter. Banque Cantonale Vaudoise now owns 29,503 shares of the company’s stock valued at $2,935,000 after acquiring an additional 8,168 shares in the last quarter. Finally, Wrapmanager Inc. bought a new position in Vertiv during the third quarter worth about $232,000. Institutional investors own 89.92% of the company’s stock. Insider Activity In related news, Director Jakki L. Haussler sold 15,347 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $137.38, for a total transaction of $2,108,370.86. Following the transaction, the director now directly owns 3,425 shares of the company’s stock, valued at approximately $470,526.50. This represents a 81.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website . Also, insider Karsten Winther sold 44,924 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $79.99, for a total value of $3,593,470.76. Following the completion of the sale, the insider now directly owns 10,542 shares of the company’s stock, valued at $843,254.58. This trade represents a 80.99 % decrease in their position. The disclosure for this sale can be found here . Insiders sold 91,185 shares of company stock worth $10,074,936 in the last quarter. 5.01% of the stock is owned by corporate insiders. Vertiv Stock Performance Vertiv ( NYSE:VRT – Get Free Report ) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.07. The firm had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $1.98 billion. Vertiv had a net margin of 7.72% and a return on equity of 55.33%. The company’s revenue for the quarter was up 19.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 earnings per share. On average, equities research analysts predict that Vertiv Holdings Co will post 2.69 earnings per share for the current year. Vertiv Increases Dividend The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Tuesday, December 3rd will be given a dividend of $0.0375 per share. This is an increase from Vertiv’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.15 annualized dividend and a dividend yield of 0.11%. Vertiv’s dividend payout ratio (DPR) is 6.67%. Wall Street Analysts Forecast Growth A number of brokerages have issued reports on VRT. TD Cowen increased their target price on shares of Vertiv from $115.00 to $141.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. JPMorgan Chase & Co. increased their price target on Vertiv from $124.00 to $132.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group upped their target price on Vertiv from $126.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Mizuho raised their price target on Vertiv from $125.00 to $145.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Finally, Citigroup upped their price objective on shares of Vertiv from $134.00 to $141.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $138.50. Get Our Latest Report on VRT Vertiv Profile ( Free Report ) Vertiv Holdings Co, together with its subsidiaries, designs, manufactures, and services critical digital infrastructure technologies and life cycle services for data centers, communication networks, and commercial and industrial environments in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Featured Articles Want to see what other hedge funds are holding VRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vertiv Holdings Co ( NYSE:VRT – Free Report ). Receive News & Ratings for Vertiv Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vertiv and related companies with MarketBeat.com's FREE daily email newsletter .
Chandigarh, Nov 23 (PTI) Former Punjab finance minister and BJP candidate Manpreet Singh Badal failed to wrest the Gidderbaha assembly segment which he represented four times in the past. The AAP won Gidderbaha, Dera Baba Nanak, and Chabbewal assembly segments while the Congress won the Barnala seat in the bypolls, the results of which were declared on Saturday. Badal lost his security deposit, stranded at the third spot with 12,227 votes (8.9 per cent of total polled votes) in Gidderbaha. AAP candidate Hardeep Singh Dimpy Dhillon won the Gidderbaha seat, defeating his nearest rival and Congress nominee Amrita Warring. In a fierce contest, Dhillon defeated Amrita by a margin of 21,969 votes. Dhillon secured 71,644 votes (52.16 per cent), while Amrita got 49,675 votes (36.17 per cent). Manpreet was seeking re-election, 12-years after he lost his stronghold. During his campaign, Manpreet invoked his uncle and five-time chief minister late Parkash Singh Badal and the work he did during his four stints as an MLA from the constituency. The Gidderbaha seat fell vacant after Raja Warring, who was Congress MLA, was elected to the Lok Sabha from the Ludhiana seat in the 2024 parliamentary elections. The Gidderbaha seat in Muktsar district was once considered the stronghold of Akalis. Former Punjab chief minister late Parkash Singh Badal represented the seat for five consecutive terms -- 1969, 1972, 1977, 1980, and 1985. Manpreet began his political journey from Gidderbaha in 1995 on a Shiromani Akali Dal ticket and represented the seat in 1995, 1997, 2002, and 2007. After parting ways with the SAD, Manpreet unsuccessfully contested from Gidderbaha in 2012 on the ticket of People's Party of Punjab, which he had floated. He was then defeated by Amrinder Singh Raja Warring. He then contested election from Bathinda Urban assembly segment, which he won in 2017 on a Congress ticket. He lost the seat in 2022 and in 2023 defected to the BJP. Raja Warring won the Gidderbaha seat in 2012, 2017 and 2022. (This story has not been edited by THE WEEK and is auto-generated from PTI)Chad Chronister, Donald Trump's pick to run the Drug Enforcement Administration, said Tuesday he was withdrawing his name from consideration, becoming the second person selected by the president-elect to bow out quickly after being nominated for a position. Chronister, the top law enforcement officer in Hillsborough County, Florida, said in a post on X that he was backing away from the opportunity, which he called “the honor of a lifetime.” “Over the past several days, as the gravity of this very important responsibility set in, I’ve concluded that I must respectfully withdraw from consideration,” Chronister wrote. He did not elaborate, and Trump's transition team did not immediately respond to a message seeking comment. Trump's pick of Chronister for the post drew backlash from conservatives, including for past comments he made that his sheriff’s office was not focused on enforcing federal immigration laws. RELATED STORY | Trump nominates South Dakota Gov. Kristi Noem to lead Homeland Security Chronister follows former Republican congressman Matt Gaetz , Trump's first pick to serve as attorney general, in withdrawing his name for a post in the administration. Gaetz withdrew following scrutiny over a federal sex trafficking investigation that cast doubt on his ability to be confirmed as the nation’s chief federal law enforcement officer. The DEA post requires Senate confirmation.
NoneThere are growing calls for two NFL head coaches to be fired on Sunday evening. Week 12 of the 2024 NFL regular season was perhaps the wildest one yet, at least in the early window. The Cowboys topped the Commanders in a thriller, the Bears lost to the Vikings in a heartbreaker, the Bucs blew out the Giants at Metlife Stadium and the Chiefs barely escaped the Panthers, among other games. All in all, it was a truly wild day. So far, we've had two NFL head coaches fired this season, in the Saints firing Dennis Allen and the Jets firing Robert Saleh. But should any more head coaches be fired this week? Luke Hales/Getty Images NFL fans are calling for two head coaches to be fired on Sunday evening - Giants head coach Brian Daboll and Patriots head coach Jerod Mayo. "Fire Brian Daboll" The Giants, days after cutting former first round pick Daniel Jones, lost to the Bucs, 30-7, on Sunday. Wide receiver Malik Nabers was calling out his head coach following the blowout loss. "It ain't the quarterback. Same outcome when we had DJ (Daniel Jones) at quarterback. It ain't the quarterback," Nabers, a first round pick, told reporters. #Giants WR Malik Nabers: "It ain't the quarterback. Same outcome when we had DJ (Daniel Jones) at quarterback. It ain't the quarterback." Reporters: "What is it? Is it the play-calling?" Nabers: "I don't know." (🎥 @charlottecrrll ) pic.twitter.com/LIVRnaWM8n NFL fans think that Daboll could be out. "I genuinely think Mara doesn't want to fire another head coach in Daboll. However, if this team looks like even more cheeks down the stretch, it's gonna be a hard sell to keep him next year and pick a QB," one fan wrote. "At this point, I have ZERO faith in Joe Schoen or Brian Daboll. At least if you fire both of them, you can turn the page, and a new regime will get to pick THEIR QB instead of inheriting a previous player," one fan added. "Keeping Daboll or Schoen after this year would be a joke. They both suck. They’ve lost this team entirely. Need to start completely over and get the core players to buy into something new. This isn’t it and never will be it," one fan added. Al Bello/Getty Images "Fire Jerod Mayo" The New England Patriots lost to the Miami Dolphins, 34-15, on Sunday afternoon. Head coach Jerod Mayo took a lot of heat for coaching "scared" against the Dolphins. "The sooner they fire Jerod Mayo the better off they’ll be," one fan wrote. "If Kraft is serious about winning he fires Mayo and does whatever it takes to hire Ben Johnson. Right now the Patriots are one of the worst coached teams in the league," one fan added. "Yall saying we gotta fire Mayo must be forgetting that this team was 2-10 after 12 game last year. Like yall gotta just accept that this roster is BAD and it’s not realistic to fill all the holes in one offseason. Definitely filled the most important one tho. #10 is that guy," one fan added. Icon Sportswire/Getty Images Which NFL head coaches should be fired moving forward?
CHARLOTTE, N.C. — Front Row Motorsports, one of two teams suing NASCAR in federal court, accused the stock car series Thursday of rejecting the planned purchase of a valuable charter unless the lawsuit was dropped. Front Row made the claim in a court filing and said it involved its proposed purchase of the charter from Stewart-Haas Racing. Front Row said the series would only approve it if Front Row and 23XI Racing dropped their court case. "Specifically, NASCAR informed us that it would not approve the (charter) transfer unless we agreed to drop our current antitrust lawsuit against them," Jerry Freeze, general manager of Front Row, said in an affidavit filed in the U.S. District Court of Western North Carolina. The two teams in September refused to sign NASCAR's "take-it-or-leave-it" final offer on a new revenue sharing agreement. All other 13 teams signed the deal. Front Row and 23XI balked and are now in court. 23XI co-owner Michael Jordan has said he took the fight to court on behalf of all teams competing in the top motorsports series in the United States. NASCAR has argued that the two teams simply do not like the terms of the final charter agreement and asked for the lawsuit be dismissed. Earlier this week, the suit was transferred to a different judge than the one who heard the first round of arguments and ruled against the two teams in their request for a temporary injunction to be recognized in 2025 as chartered teams as the case proceeds. The latest filing is heavily redacted as it lays out alleged retaliatory actions by NASCAR the teams say have caused irreparable harm. Both Front Row and 23XI want to expand from two full-time cars to three, and have agreements with SHR to purchase one charter each as SHR goes from four cars to one for 2025. The teams can still compete next season but would have to do so as "open" teams that don't have the same protections or financial gains that come from holding a charter. Freeze claimed in the affidavit that Front Row signed a purchase agreement with SHR in April and NASCAR President Steve Phelps told Freeze in September the deal had been approved. But when Front Row submitted the paperwork last month, NASCAR began asking for additional information. A Dec. 4 request from NASCAR was "primarily related to our ongoing lawsuit with NASCAR," Freeze said. "NASCAR informed us on December 5, 2024, that it objected to the transfer and would not approve it, in contrast to the previous oral approval for the transfer confirmed by Phelps before we filed the lawsuit," Freeze said. "NASCAR made it clear that the reason it was now changing course and objecting to the transfer is because NASCAR is insisting that we drop the lawsuit and antitrust claims against it as a condition of being approved." A second affidavit from Steve Lauletta, the president of 23XI Racing, claims NASCAR accused 23XI and Front Row of manufacturing "new circumstances" in a renewed motion for an injunction and of a "coordinated effort behind the scenes." "This is completely false," Lauletta said. Front Row is owned by businessman Bob Jenkins, while 23XI is owned by retired NBA Hall of Famer Jordan, three-time Daytona 500 winner Denny Hamlin and longtime Jordan adviser Curtis Polk. NASCAR had been operating with 36 chartered teams and four open spots since the charter agreement began in 2016. NASCAR now says it will move forward in 2025 with 32 chartered teams and eight open spots, with offers on charters for Front Row and 23XI rescinded and the SHR charters in limbo. The teams contend they must be chartered under some of their contractual agreements with current sponsors and drivers, and competing next year as open teams will cause significant losses. "23XI exists to compete at the highest level of stock car racing, striving to become the best team it can be. But that ambition can only be pursued within NASCAR, which has monopolized the market as the sole top-tier circuit for stock car racing," Lauletta said. "Our efforts to expand – purchasing more cars and increasing our presence on the track – are integral to achieving this goal. "It is not hypocritical to operate within the only system available while striving for excellence and contending for championships," he continued. "It is a necessity because NASCAR's monopoly leaves 23XI no alternative circuit, no different terms, and no other viable avenue to compete at this level." Get local news delivered to your inbox!
AP Business SummaryBrief at 9:42 a.m. ESTEnbridge Appoints New Director to its Board
South Korea lifts president's martial law decree after lawmakers reject military ruleOne of the interesting facts about Scott Morrison’s period as prime minister is that he managed to squander public approval twice. The second came via a long, protracted slide through most of the pandemic. But in fact his popularity had sunk as low – and much, much faster, at least in Newspoll – just a few months after his 2019 election victory. The main event involved was that summer’s bushfires. His trip to Hawaii is the symbol of that failure, but the actual problems were long and drawn-out. There was the slowness to act and the failure to meet with emergency leaders, the mangled handshakes, “I don’t hold a hose” and the sidestepping of the climate debate. Prime Minister Anthony Albanese and Opposition Leader Peter Dutton are neck and neck in opinion polls. Credit: Alex Ellinghausen The political ramifications of a natural disaster are the least important thing about it. I recount this because it’s always worth keeping in mind, in politics, how quickly things can change. Also: how dominant a crisis can be. Morrison’s disastrous summer, in fact, was only really rescued by the advent of another crisis – the early part of the pandemic, when his numbers soared – before that crisis, too, destroyed him. Recent weeks have seen at least two significant shifts, with another at least possible. For a long time, it seemed as though the Albanese government would get a rate cut – even two – before the election. As I wrote a few weeks back, this had the potential to act as tangible affirmation of its economic strategy , the other elements of which – wage growth, job creation – had been lining up nicely. Last week, Westpac joined NAB in predicting the next rate cut would come on May 20 – three days after the last possible date for the election. The government now has to hope voters’ moods improve without that rate cut. It’s possible. Essential poll last week found a small fall in people who say they’re struggling. There was a small but notable shift in one of the more interesting indicators: whether people believe the country is on the right track. It’s too early to spot a trend, and more people disagree than agree – but the “right direction” figure was (just) the highest it’s been since May 2023 . Illustration by Joe Benke Credit: The second change is the victory of Donald Trump. There are signs – like his retreat from the nomination of Matt Gaetz as attorney-general – that Trump’s term may be as bizarre as his first. One veteran observer suggested to me some time ago that a Trump victory may play into Albanese’s slow-and-steady approach: that in an era of messiness, boredom becomes appealing. At present, though, the opposite is the case. Last week, a Freshwater Strategy poll in the Australian Financial Review found 36 per cent of voters believed Albanese was best placed to deal with Trump – against 47 per cent who favoured Dutton. Finally, we should all hope this is a quiet season for natural disasters. Recent weeks have reminded us, this can’t be taken for granted. There have been bushfires in Queensland, the ABC reporting that amid the smoke last month Mount Isa was briefly “the most polluted city in the world”. There were evacuations in response to fires in Victoria (arson seems to have played a role in several of these). How bushfires might affect the political situation would depend, to a great extent, on the prime minister’s response. This close to a poll, major conclusions drawn would be about him personally. How Albanese handled the question of climate change would be significant. (That same Essential poll found only half of voters believe hotter summers are the result of climate change.) But what would also move into the spotlight would be the continuing climate change splits within the opposition. Here we come to another recent shift, one that is sharpening the political contest. At the beginning of this term, it seemed Peter Dutton wanted to oppose most things: he had not yet learnt the fine art of picking his battles. In recent months, he has avoided fights on some key issues: aged care, disabilities and social media. Even his apparently “bold” foray on nuclear energy, as I’ve argued before , is best understood in this context: wanting to avoid a battle, either within his party or with Labor, over whether climate change action is necessary. Yet Dutton has picked a very specific fight: he will oppose Labor’s bill to bring down international student numbers – even though he has long suggested that’s his aim too. As journalist Bernard Keane observed , this is a mirror of Donald Trump’s successful move to block an immigration bill to keep the problem alive. This is of a piece with Dutton’s earlier decisions to make Labor’s life difficult on immigration detention bills. Dutton has learnt to use the parliament to narrow the political contest to his preferred issues, with immigration top of the list. With that in mind, it will be interesting to see what happens when Labor finally announces its universal childcare policy. Labor is hoping for significant political credit. But what if Dutton simply says he agrees? Meanwhile, there are some fights the nation should be having but isn’t. Bill Shorten, farewelling parliament last week, pointed out “our system still taxes property preferentially and lightly – and income heavily”. Anthony Whealy, chair of the Centre for Public Integrity, pointed out that the government and opposition seem to have reached an agreement, funnily enough, on donations changes that don’t do enough about money in politics while also giving the major parties advantages over independents. As Albanese told Sky News, “we’ve already chosen our slogan as you know, ‘building Australia’s future’.” Dutton seems to have chosen his issues, too. Given how much has changed in the past few weeks, and how much might still change in the months before polling day, both men would be wise to keep their options open. Sean Kelly is author of The Game: A Portrait of Scott Morrison , a regular columnist and a former adviser to Julia Gillard and Kevin Rudd.
LA Galaxy wins record 6th MLS CupNEW YORK (AP) — U.S. stock indexes fell Thursday following some potentially discouraging data on the economy . The S&P 500 slipped 0.5% for its fourth loss in the last six days. It’s a pause for the index, which has been rallying toward one of its best years of the millennium . The Dow Jones Industrial Average lost 234 points, or 0.5%, and the Nasdaq composite sank 0.7% from its record set the day before. A report early in the morning said more U.S. workers applied for unemployment benefits last week than expected. A separate update, meanwhile, showed that inflation at the wholesale level, before it reaches U.S. consumers, was hotter last month than economists expected. Neither report points to imminent disaster, but they dilute one of the hopes that’s driven the S&P 500 to 57 all-time highs so far this year : Inflation is slowing enough to convince the Federal Reserve to keep cutting interest rates, while the economy is remaining solid enough to stay out of a recession. Of the two reports, the weaker update on the job market may be the bigger deal for the market, according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. A surge in egg prices may have been behind the worse-than-expected inflation numbers. “One week doesn’t negate what has been a relatively steady stream of solid labor market data, but the Fed is primed to be sensitive to any signs of a softening jobs picture,” he said. Traders are widely expecting the Fed will ease its main interest rate at its meeting next week. If they’re correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It’s hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target. Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation. A cut next week would have the Fed following other central banks, which lowered rates on Thursday. The European Central Bank cut rates by a quarter of a percentage point, as many investors expected, and the Swiss National Bank cut its policy rate by a steeper half of a percentage point. Following its decision, Switzerland’s central bank pointed to uncertainty about how U.S. President-elect Donald Trump’s victory will affect economic policies, as well as about where politics in Europe is heading. Trump has talked up tariffs and other policies that could upend global trade. He rang the bell marking the start of trading at the New York Stock Exchange on Thursday to chants of “USA.” On Wall Street, Adobe fell 13.7% and was one of the heaviest weights on the market despite reporting stronger profit for the latest quarter than analysts expected. The company gave forecasts for profit and revenue in its upcoming fiscal year that fell a bit shy of analysts’. Warner Bros. Discovery soared 15.4% after unveiling a new corporate structure that separates its streaming business and film studios from its traditional television business. CEO David Zaslav said the move “enhances our flexibility with potential future strategic opportunities,” raising speculation about a spinoff or sale. Kroger rose 3.2% after saying it would get back to buying back its own stock now that its attempt to merge with Albertsons is off . Kroger’s board approved a program to repurchase up to $7.5 billion of its stock, replacing an existing $1 billion authorization. All told, the S&P 500 fell 32.94 points to 6,051.25. The Dow Jones Industrial Average dropped 234.55 to 43,914.12, and the Nasdaq composite sank 132.05 to 19,902.84. In stock markets abroad, European indexes held relatively steady following the European Central Bank’s cut to rates. Asian markets were stronger. Indexes rose 1.2% in Hong Kong and 0.8% in Shanghai as leaders met in Beijing to set economic plans and targets for the coming year. South Korea’s Kospi rose 1.6% for its third straight gain of at least 1%, as it pulls back following last week’s political turmoil where its president briefly declared martial law. In the bond market, the 10-year U.S. Treasury yield rose to 4.33% from 4.27% late Wednesday. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
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