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Welcome to The Hill’s Business & Economy newsletter
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Business & Economy
Business & Economy
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The Big Story
Trump’s hunt for Treasury secretary nears end
President-elect Trump has been hunting for a nominee to head up the Treasury Department who will support tariffs while calming any potential jitters on Wall Street.
Sources familiar with the process told The Hill that a pick for Treasury is on track to be sorted out by this week.
Apollo Global Management co-founder Marc Rowan and Kevin Warsh, a former member of the Federal Reserve Board of Governors, have emerged as front-runners, as well as Key Square Group founder Scott Bessent.
“The single greatest choice that Trump could make in the Cabinet to affect his economic agenda is the Treasury secretary,” said a person with knowledge of discussions. “The Treasury secretary by statute has the greatest authority over tariffs and tariff policy in general.”
“The Trump folks know that this pick is key to his economic agenda.”
The post is Trump’s most important Cabinet pick left. Trump’s economic team will be tasked with imposing an aggressive tariff regime meant to shake up global trade while keeping financial markets calm amid the disruption.
The president-elect ran on the notion of turning the economy around, a campaign promise that resonated with voters tired of inflation. Trump also wants to extend the 2017 tax cuts set to expire next year.
But most notably, Trump has proposed a general tariff of 10 to 20 percent on all imported goods in order to pull investment into the U.S. and bolster domestic industry. That’s a significant escalation of his first-term trade policies.
The Hill’s Alex Gangitano has more here.
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.
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Essential Reads
Key business and economic news with implications this week and beyond:
Thanksgiving dinner costs dip for second year
Thanksgiving dinner costs dipped for a second year in a row, according to a survey published Wednesday, though they remain at elevated levels.
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Musk, Ramaswamy lay out plans for ‘mass’ federal layoffs, rule rollbacks under Trump
Tech entrepreneurs Elon Musk and Vivek Ramaswamy said Wednesday that their brand-new government efficiency panel will identify “thousands” of regulations for President-elect Trump to eliminate, which they argue will justify “mass head-count reductions” across government.
Full Story
Economists expect Trump to place huge tariffs on Chinese imports: Survey
Economists are expecting President-elect Trump to place tariffs of about 40 percent on Chinese imports, according to a survey from Reuters.
Full Story
Wrangling over whether to punt government funding to Trump heats up
The debate among Republicans over whether to punt government funding into the new year is heating up, as lawmakers race toward their next shutdown deadline.
Full Story
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The Ticker
Upcoming news themes and events we’re watching:
The Labor Departmentis set to release initial jobless claims data at 8:30 a.m. Thursday.
The Census Bureau is set to release existing home sales data Thursday at 10 a.m.
In Other News
Branch out with more stories from the day:
US charges billionaire Gautam Adani with defrauding investors, hiding plan to bribe Indian officials
NEW YORK (AP) — An Indian businessman who is one of the world’s richest people has been indicted in …
Full Story
Good to Know
Business and economic news we’ve flagged from other outlets:
The Onion’s Bid To Acquire InfoWars Has Gotten Messy (NYT)
Trump’s Commerce secretary pick is a crypto booster with ties to one of the industry’s most controversial players (CNN)
What Others are Reading
Top stories on The Hill right now:
Nate Silver says Biden should resign
Pollster Nate Silver said President Biden should resign in a post on the social platform X on Wednesday. Read more
House Ethics Committee keeps Gaetz report under wraps
The House Ethics Committee met Wednesday but did not release its report on former Rep. Matt Gaetz, resisting significant pressure to release its findings after President-elect Trump selected the controversial Florida Republican to be his attorney general. Read more
What People Think
Opinions related to business and economic issues submitted to The Hill:
The IRS refuses COVID claims, leaving small businesses in limbo
How the US is bankrolling Beijing’s ambitions
You’re all caught up. See you tomorrow!
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Jana Carter is a news writer and editor at Pax Press Agency. She's also a tech enthusiast, an avid reader, and an artist in her free time.
She loves to write about everything from sports to art to politics—and she always strives to make her writing fun, accessible, and informative.
