NoneTrump's tariffs in his first term did little to alter the economy, but this time could be different WASHINGTON (AP) — Donald Trump loved to use tariffs during his first presidency. But their impact was barely noticeable in the overall economy, even if their aftershocks were clear in specific industries. The data show they never fully delivered on his promised factory jobs. Nor did they provoke the avalanche of inflation that critics feared. This time, though, his tariff threats might be different. The president-elect is talking about going much bigger — on a potential scale that creates more uncertainty about whether he’ll do what he says and what the consequences could be. His proposed tariffs against Canada and Mexico could blow up an existing trade deal. US consumer price increases accelerated last month with inflation pressures resilient WASHINGTON (AP) — Consumer price increases accelerated last month, the latest sign that inflation’s steady decline over the past two years has stalled. According to the Federal Reserve’s preferred inflation gauge, consumer prices rose 2.3% in October from a year earlier, the Commerce Department said Wednesday. That is up from just 2.1% in September, though it is still only modestly above the Fed’s 2% target. Trump fills out his economic team with two veterans of his first administration WEST PALM BEACH, Fla. (AP) — President-elect Donald Trump is turning to two officials with experience navigating not only Washington but the key issues of income taxes and tariffs as he fills out his economic team. Trump on Tuesday announced he has chosen international trade attorney Jamieson Greer to be his U.S. trade representative and Kevin Hassett as director of the White House National Economic Council. While Trump has in several cases nominated outsiders to key posts, these picks reflect a recognition that his reputation will likely hinge on restoring the public’s confidence in the economy. US economy grows at 2.8% pace in third quarter on consumer spending, unchanged from first estimate WASHINGTON (AP) — The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, the government said Wednesday, leaving unchanged its initial estimate of third-quarter growth. The Commerce Department reported that growth in U.S. gross domestic product — the economy’s output of goods and services — slowed from the April-July rate of 3%. But the GDP report still showed that the American economy — the world’s largest — is proving surprisingly durable. Growth has topped 2% for eight of the last nine quarters. Trump’s latest tariff plan aims at multiple countries. What does it mean for the US? WASHINGTON (AP) — President-elect Donald Trump has identified what he sees as an all-purpose fix for what ails America: Slap huge new tariffs on foreign goods entering the United States. On Monday, Trump sent shockwaves across the nation’s northern and southern borders, vowing sweeping new tariffs on Mexico, Canada, as well as China, as part of his effort to crack down on illegal immigration and drugs. Trump said he will impose a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China, as one of his first executive orders. The UK will consult on sales targets for automakers during the transition to electric vehicles LONDON (AP) — Britain’s new Labour government will launch a consultation on sales targets set for auto manufacturers during the transition to electric vehicles. That's in the wake of the decision by Stellantis, the owner of Vauxhall, to close its van factory in southern England at the potential cost of 1,100 jobs. Business Secretary Jonathan Reynolds told lawmakers Wednesday that the problems encountered by Stellantis in the transition to electric vehicles are not unique, adding that the government will do all it can to prevent the closure of the plant. Stellantis blamed its decision on the U.K.’s “stringent” zero-emission vehicle mandate that sets strict targets for manufacturers. After fast start, electric cars need a recharge as range limits, cost leave some drivers skeptical DETROIT (AP) — While sales of electric vehicles surge in China, the spread of more environmentally friendly vehicles is stumbling in the United States and Europe as carmakers and governments struggle to meet years-old promises about affordability and charging stations. And consumers worried more about price and practicality are holding back where first-adopter climate warriors once piled in. Range, charging infrastructure and higher prices are sore points among both electric car enthusiasts and skeptics in Europe and the U.S. China is the exception. Driven by government subsidies and mandates, vehicles with electric motors, including plug-in hybrids that combine electric and fossil fuel motors, topped 50% of sales in July. Stock market today: Wall Street wavers as Big Tech stocks fall Stocks wavered on Wall Street as losses for Big Tech companies offset gains elsewhere in the market. The S&P 500 was down 0.4% in afternoon trading on Wednesday, even though more stocks were rising than falling within the index. Losses for Nvidia and Microsoft helped pull the index lower. Dell sank after reporting revenue that fell shy of forecasts, and HP fell after giving a weaker-than-expected outlook. The Dow Jones Industrial Average slipped 0.3% from its record high a day earlier. The Nasdaq composite fell 0.7%. U.S. markets will be closed Thursday for Thanksgiving, and will reopen for a half day on Friday. Average rate on a 30-year mortgage in the US slips to 6.81% The average rate on a 30-year mortgage in the U.S. eased this week, though it remains near 7% after mostly rising in recent weeks. The rate slipped to 6.81% from 6.84% last week, mortgage buyer Freddie Mac said Wednesday. That’s still down from a year ago, when the rate averaged 7.22%. The average rate on a 30-year mortgage has been mostly rising since sliding to a two-year low of 6.08% in late September. Elevated mortgage rates and rising home prices have kept homeownership out of reach of many would-be homebuyers. U.S. home sales are on track for their worst year since 1995. Landmark fish and meat markets in London to close, ending 1,000 years of tradition LONDON (AP) — Two of London’s most famous markets — one selling fish, the other meat — are set to close in the coming years, bringing an end to traditions stretching back to medieval times. On Wednesday, The City of London Corporation, the governing body in the capital city’s historic hub, is set to present a bill to Parliament to bring an end to its responsibilities to operate the Billingsgate fish market and the Smithfield meat market, both of which have existed in some shape or form since the 11th century. That comes a day after the corporation decided not to relocate the markets to a new development just east of London in Dagenham.
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GREG COTE’S NFL WEEK 13 THANKSGIVING DAY PICKS BEARS (4-7) at LIONS (10-1) Line: DET by 10. Cote’s pick: DET, 34-16. TV: 12:30 p.m. ET Thursday, CBS. The traditional roasted bird will just about be going into the Cote oven Thursday when the opener of the NFL Thanksgiving tripleheader kicks off. This is proving not to be the season to expect Detroit to revert to its old self. Because Dan Campbell has a monster going on. The Lions as double-digit favorites? Last two times that has happened. this season, Jared Goff and the lads have put up 52 points ... not total, in each game. Bears QB Caleb Williams has been better under new O-coordinator Thomas Brown. That and the rival/division factor could see the Bears hanging around as your Turkey Day digs in. But Detroit has turned into a juggernaut to be feared not doubted. At home and with America watching, I’d expect the Lions, especially that offense, to be in full preen mode. GIANTS (2-9) at COWBOYS (4-7) Line: DAL by 3 1/2. Cote’s pick: DAL, 24-17. TV: 4:30 p.m. Thursday, Fox. Dallas will be putting its 0-5 home record on national display right around the time the Cotes (and many of you) are sitting down at the banquet table Thursday. Cowboys have owned this NFC East rivalry, winning seven straight games, 14 of the past 15, and the and the past seven in a row at Jerry’s House. Now it’s the duel of break-glass-in-case-of-emergency QBs in Cooper Rush vs. Tommy DeVito. And two head coaches under fire, with the seat under Brian Dabol even hotter. Dallas Micah Parsons had two sacks in the upset win at Washington, and now faces an NYG squad that majors in giving up sacks. We’re praying for you, DeVito. Well, OK, not really. Because we’re rooting for our pick. Giants are 0-5 covering as a dog of four points or less. Let’s keep it that way. DOLPHINS (5-6) at PACKERS (8-3) Line: GB by 3 1/2. Cote’s pick: MIA, 27-23. TV: 8:20 p.m. Thursday, NBC/Peacock. Feast digested, tryptophan kicking in, dessert looking good but too full to eat. While the rest of us are feeling this on Thanksgiving night, the Dolphins are taking the field at Lambeau Field, with temperatures expected in the low 20s, with wind gusts but (mercifully) only a small chance of rain meaning snow. Oy! Brutal weather. Teams last met in 2022 (Tua Tagovailoa threw three picks), and Miami last won in Green Bay in 2010. But Miami has won three in a row entering this to hoist its season toward playoff hope, with Tua playing great. Yes, Tua in this kind of weather has not been a pretty sight. In fact he is 0-7 in games where the temperature is 40 or below, most recently in the playoff loss in Kansas City last January. Still, the Dolphins’ solid run defense will force Jordan Love to try to win in the air in conditions he can’t love, either. Yeah, yeah, I get it. There is every reason in the world to think pragmatically here, to think safely, to pick the Pack on the Frozen Tundra. But I’m feeling saucy. Maybe it’s the holiday? Blame my friend Jim Beam? Tua said this week, “I love killing narratives.” This one is: Miami can’t beat good teams, and can’t win in the freezing cold. So that makes this a two-for-one narrative-killing holiday special. And early Black Friday sale! I say the Dolphins, with a ton to prove, will stay hot in the freezing cold. Upset! ©2024 Miami Herald. Visit at miamiherald.com . Distributed by Tribune Content Agency, LLC.
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