Foreign
Trump picks Scott Bessent, the ‘investor favorite,’ for Treasury secretary
President-elect Donald Trump announced Friday evening that investor Scott Bessent will be his nominee for Treasury secretary, picking a campaign trail partner and early frontrunner for the job after a long and contentious process.
Trump called him “one of the World’s foremost International Investors” in his announcement, adding that he is “a strong advocate of the America First agenda.”
Bessent beat out a series of other candidates from former Federal Reserve governor Kevin Warsh to Apollo Global Management (APO) CEO Marc Rowan to cap a drawn-out process that saw candidates’ chances seem to rise and fall by the day. (Disclosure: Yahoo Finance is owned by Apollo Global Management).
Assuming he is indeed nominated and then confirmed, Bessent will face the difficult challenge in the months ahead of simultaneously working to calm US and global markets while also being tasked with selling many of the president-elect’s economic plans.
The issue is that many of those ideas remain unpopular in business world corners — specifically renewed tariffs and, perhaps, increased deficit spending.
In a live Yahoo Finance video appearance earlier on Friday, Hoover Institution fellow Lanhee Chen offered that Trump’s nominee would need to be well-qualified, aligned with his economic agenda, and also serve as “a calming force to markets.”
Then Republican candidate Donald Trump listens as investor Scott Bessent speaks on the economy during a stop in Asheville, N.C. in August. (AP Photo/Matt Kelley)
A well-known nominee from the investing world
From the beginning of the process, Bessent was often viewed as the front-runner for the post, but saw his fortunes rise and fall. The former Soros Fund Management investing chief met with Trump multiple times in the weeks following the election after being a regular campaign trail partner of the president-elect.
The race was anything but drama-free, with betting markets have yo-yoing in recent days and Polymarket odds putting three different candidates as the favorite at various points.
Trump ended up settling on the figure who often appeared with him on the campaign trail, citing Bessent’s expertise before rally crowds, specifically the notion that stocks were on the rise because of the prospects of a Trump victory.
Trump described Bessent’s mission Friday as one to help “usher in a new Golden Era for the United States,” including the stopping of trade imbalances.
Bessent is currently the CEO of Key Square Capital Management and made a notably public case for the job since Trump’s victory.
At various points in recent weeks, Bessent was live on the set of Fox and Friends offering “any way I can help,” and appearing with Trump ally Steve Bannon to discuss his vision for the US economy.
He also published op-eds in the Wall Street Journal and on FoxNews.com to discuss issues close to the president-elect.
Bessent has also donated more than $3.1 million to Trump and other Republicans during the recent election season, according to government records.
Evercore ISI in a note to clients this week called Bessent “the investor favorite given his knowledge of macro and markets and his credibility with the bond market.”
A perch of relative stability in Trump’s orbit
During Trump’s first term, the Treasury secretary role was a rare area of relative stability and persistent influence throughout the term, with Steven Mnuchin holding the post for Trump’s entire term even as turnover at the White House and other Cabinet agencies was rampant.
Mnuchin, who was succeeded by current Treasury Secretary Janet Yellen, also found himself at the center of an array of issues, notably the negotiations that led to the 2017 Tax Cuts and Jobs Act.
Many provisions of that law expire at the end of 2025, leaving Bessent to likely assume a central role on the same issue.
Foreign
Trump plans mass deportations, end birthright citizenship
United States President-elect Donald Trump has announced plans to deport all immigrants in the United States illegally over his upcoming four-year term.
In an interview aired Sunday on NBC’s Meet the Press, Trump detailed his vision for a broad crackdown on illegal immigration, which he intends to classify as a national emergency upon taking office on January 20.
According to Reuters, the Department of Homeland Security estimates that as of January 2022, over 11 million people are in the US without legal status, a figure likely higher today.
Trump affirmed his intention to remove all unauthorized immigrants, stating, “I think you have to do it. It’s a very tough thing to do. You know, you have rules, regulations, laws.”
While emphasising enforcement, Trump signaled willingness to negotiate protections for “Dreamers,” immigrants brought to the US illegally as children.
During his first term, Trump attempted to dismantle the Deferred Action for Childhood Arrivals programme, which provides deportation relief to this group, but was blocked by the Supreme Court.
Trump also plans to issue an executive order to end birthright citizenship on his first day in office.
The policy, which grants citizenship to anyone born on US soil regardless of their parents’ immigration status, is rooted in the 14th Amendment of the Constitution and reinforced by an 1898 Supreme Court decision.
“We’ll maybe have to go back to the people,” he said.
Trump acknowledged potential legal challenges to his proposal and suggested that achieving this goal might require a constitutional amendment.
The implementation of these measures would demand substantial financial resources.
The American Immigration Council estimates the cost of deporting all unauthorized immigrants at $88 billion annually. Trump’s team, including incoming border czar Tom Homan, has called on Congress to provide significant funding increases to support immigration enforcement efforts.
Foreign
Macron, Trump, Zelensky Meet In Paris
President Emmanuel Macron on Saturday was hosting three-way talks with Ukrainian counterpart Volodymyr Zelensky and US President-elect Donald Trump in Paris, an AFP correspondent said.
Trump held talks with Macron inside the Elysee Palace ahead of the re-opening ceremony for Notre Dame cathedral, with Zelensky then arriving and immediately joining them.
The trio posed for a picture but made no further public comment before starting the talks.
AFP
Foreign
Ghana counts ballots after stiff presidential election
Ghana counted ballots on Saturday after a tight election with the ruling party’s Vice President Mahamudu Bawumia trying to shake off anger over economic woes and rebuff a challenge by opposition party candidate ex-president John Mahama.
Ghana’s struggling economy dominated the election, after the west Africa gold and cacao producer went through a debt default, high inflation and negotiations for a $3 billion IMF bailout.
Voters were choosing a successor to Bawumia’s boss, President Nana Akufo-Addo, who steps down after serving the maximum of two four-year terms. They will also elect the country’s new parliament.
Voting was mostly calm, but one person was shot dead and four people arrested at a polling station in Nyankpala in the country’s northern region, police and local media said.
After polls closed at 1700 GMT, election teams immediately began tallying ballots under the watch of agents from political parties before sending them to collation centres.
Preliminary results are expected early Sunday, with full presidential results scheduled by Tuesday.
“Everyone is complaining prices are high. So I want a change, I want a good president who will bring in changes,” Abdullah Mohammed, a student said after voting in Accra’s Nima district.
With a history of political stability, Ghana’s two main parties, the ruling New Patriotic Party (NPP) and National Democratic Congress (NDC), have alternated in power equally since the return to multi-party democracy in 1992.
Touting the slogan “Break the 8” — a reference to going past the usual two terms in power — the NPP hopes Bawumia can lead them to an unprecedented third term. But he struggled to break away from criticism of Akufo-Addo’s economic record.
“I think we have done a lot of work with our message to the people and the message has been well received,” Bawumia said after voting in his northern home Walewale.
A UK-educated economist and former central banker, he points to an economy turning a corner and the government’s continued plans for digitalisation to ease business, as well as free education and health programmes.
Economic frustrations
But though inflation slowed from more than 50 percent to around 23 percent, and other macro-economic indicators are stabilising, the economic pain was still a clear election issue.
Many Ghanaians still say they struggle with the cost of living, scarce jobs and a depreciated cedi currency.
Frustration over the economy has opened the way for a comeback challenge from Mahama, who was president from 2012 to 2017 but has since failed twice in presidential bids.
The NDC flag-bearer says he will “reset” Ghana and introduce a “24-hour economy”, extending industrial hours to create jobs, and also renegotiate parts of the IMF deal.
“Other elections have not been as obvious,” Mahama said voting in his northern hometown. “With this one, everybody can tell the direction because of the abysmal performance of the Akufo-Addo-Bawumia government.”
Some analysts gave him an edge because of voter dismay with NPP, but the former president faced criticism from those who remember financial woes and massive power cuts during his time in office.
Shoe saleswoman Esther Adobea said the economic situation hurt, but she was willing to give Bawumia a chance to make things better.
“I can see he can handle the country for us. Our economy is not good, but he can do better,” she said.
Both major candidates are from the north of the country — traditionally an NDC stronghold, but now more fragmented — making the region a key battleground.
While the economy was key, Ghana also faces an increasing risk of spillover in its northern regions from jihadist conflicts in Niger and Burkina Faso, where military juntas rule.
The spread of illegal gold mining also became an election issue. Akufo-Addo promised to stop illegal mining, but it has expanded, poisoning riverways and impacting cacao farmlands — a major source of export income.
AFP
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