Archive for the ‘Donald Trump’ Category

Investor confidence and America’s status as the world’s economic leader are at risk under Trump – CNBC

During his final term as Federal Reserve chairman, Alan Greenspan noted an impediment stifling economies in the former Soviet Union: "legal chaos, rampant criminality, and widespread corruption" reminiscent of the American Wild West.

"Market economies," Greenspan concluded, "require a rule of law."

Suddenly, the words and actions of President Donald Trump are raising questions about that principle here. After attacking the judiciary over his travel ban earlier this year and firing the FBI director investigating his campaign, the president has warned Special Counsel Robert Mueller about his inquiry, ripped his own attorney general and mused about issuing pre-emptive pardons.

There's no sign of direct economic consequences yet, but as he strains the justice system at home and upends American commitments abroad, Trump poses two kinds of risks.

One is to investor confidence in the United States. So far, booming markets have shrugged off momentary sensations, such as the disclosure that his son and campaign chairman sought information to damage Hillary Clinton from a Russian lawyer and Russian spy.

"The right trade has been to ignore political developments," said Mohamed El-Erian, chief economist for Allianz. But El-Erian warns that "a major shock" could rattle that trade.

Whether Trump himself could administer that shock say, by firing Mueller and ending the Russia investigation altogether would depend on how the Republican-controlled Congress reacts. Lawmakers could accept those actions, or challenge a president of their party.

The other risk is to benefits America derives from its status as the world's economic leader. Trump has already unsettled leaders of other advanced economies by casting doubt on the nation's international commitments.

The steadiness of the American political system is what has kept the dollar the world's reserve currency throughout the post World War II era and kept the U.S. the most consistent safe haven for global investment. That, in turn, has assured American businesses ready access to capital, and the federal government an entree to inexpensive financing of budget deficits.

"Most international observers I've encountered are deeply concerned by Trump's lack of interest in or even disdain for the 70-year-old international system that the U.S. led in creating and then adapting," said Robert Zoellick, who served both Presidents Bush in roles including deputy White House chief of staff, deputy secretary of State, and U.S. trade representative before spending five years as president of the World Bank.

Nor are such concerns limited to observers abroad. Zoellick noted that the American president "has now assaulted courts, the intelligence agencies, and the Department of Justice," among others.

"Maybe the military is safe, at least with [Defense Secretary James] Mattis," he concluded. "The core question for America-watchers abroad, and I think for Americans, is how the American system and society cope with Trump."

An erosion of that asset would open opportunities for other economic powers to take advantage. One of them is China, which aims to fill the void created by Trump's abandonment of the Trans-Pacific Partnership.

It's not clear that any other nation has the ability or willingness to embrace America's traditional role as international problem-solver of last resort on challenges including security, public health or humanitarian relief. That, in turn, could impose costs on Americans by damaging the global economy.

One near-term test will be the president's willingness and ability to work with Congress to deliver an increase in the federal debt limit later this year. Failing to do so could imperil the unique credit-worthiness the U.S. enjoys.

Congressional Republicans have displayed a reluctance to take that step, and the White House lacks a clear strategy. Trump's own budget director has asserted that the administration can prioritize debt payments in a crisis.

"The impression abroad is that the U.S. is less dependable," El-Erian said. "What you're seeing is an erosion of the trust that underpins the multilateral system."

The threats Trump has signaled to traditional notions of the rule of law represent the other side of the same coin. As new evidence emerged over the weekend about the Trump campaign's interactions with representatives of Russia, the president asserted via Twitter to his "complete power to pardon."

"He sees 'loyalty' as a personal matter not to American institutions, rule of law, the Constitution, and traditions," Zoellick said. "The U.S. presidents I've known, or read about, viewed the presidency as larger than themselves. I don't believe Trump does."

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Investor confidence and America's status as the world's economic leader are at risk under Trump - CNBC

Donald Trump Pulls U.S. Out Of Paris Accord In Crushing Blow …

The United States will pull out of the Paris Agreement on combating climate change, President Donald Trump announced Thursday, a decision that makes good on one of his key campaign pledges but deals a devastating setback to international efforts to curb global warming.

Im fighting every day for the great people of this country, Trump said at a press conference in the White House Rose Garden. Therefore, in order to fulfill my solemn duty to protect America and its citizens, the United States will withdraw from the Paris climate accord.

Trump said he was willing to immediately work with Democratic leaders either to negotiate the U.S. back into Paris or devise a new pact.

If the obstructionists want to get together with me, lets make them not obstructionists, Trump said. Well sit down with the Democrats and all of the people who represent either the Paris accord or something thats much better than the Paris accord, and I think the people of the country will be thrilled.

Trumps announcement ends months of suspense characterized in recent weeks by a reality TV-style cliffhanger over what he would do, as some of his White House advisers urged him to keep the U.S. in the deal.

With his withdrawal decision, the U.S. joins Syria and Nicaragua as the only countries outside the agreement to combat climate change. Other countries, led by the European Union, China and India, pledged to forge ahead in the effort without the U.S. But the loss of the worlds second-largest emitter of greenhouse gases will have a traumatic effect on the fight against global warming.

The move is a particularly egregious repudiation of the international community because the Trump administration could have negotiated for lower emissions targets under the Paris Agreement, officials and the pacts advocates said. Because of that, the diplomatic fallout will likely be harsher than when President George W. Bush rejected the 1997 Kyoto climate agreement.

When that administration refused to implement the deal in 2001, other nations knew that the U.S. disapproved of giving developing countries a pass on emissions, and the reduction target was more aggressive. But the terms of the Paris Agreement were brokered to meet U.S. demands.

The reaction will be substantially worse because when we rejected Kyoto, other countries understood why, Susan Biniaz, the State Departments longtime former lawyer on climate change issues, told HuffPost Thursday. But in case of Paris, its inexplicable why we would be leaving. We negotiated it largely to U.S. specifications and to fix the Kyoto problems.

Jonathan Ernst / Reuters

The legally nonbinding deal, brokered in December 2015, was the first to include the U.S. and China. China surpassed the U.S. a decade ago as the top emitter of carbon pollution, and now produces roughly twice the American output. Still, Americans produce more carbon dioxide per person than any other country the figure is nearly double that of China, which has four times the population.

In a muted statement, former President Barack Obama said he hopesstates, cities, and businesses will step up and do even more to lead the way in the absence of the federal government.

Former Secretary of State and presidential candidate Hillary Clinton called the decision a historic mistake. Clinton said on Twitter: The world is moving forward together on climate change. Paris withdrawal leaves American workers & families behind.

Its unclear how much pulling out of the Paris Agreement will affect the overall carbon footprint of the U.S. Trump has stressed his goal of increasing U.S. fossil fuel production, but more than 30 states, two dozen cities and half of the Fortune 500 companies already have plans to slash emissions and switch to renewable energy. Those numbers are likely to increase as the price of solar and wind continues to fall.

Still, the symbolism of the U.S. leaving the historic deal, which underscores Trumps America First policy, islikely to cause economic and diplomatic ripples.

The United Nations estimates that the U.S. stands to lose jobs in the rapidly growing clean energy industry estimated to be worth $6 trillion by 2030 to Europe, India and China. Countries that tax emissions may put tariffs on American-made imports. And big companies that expect the U.S. to eventually regulate carbon are likely to see Trumps decision as only delaying the inevitable, while also sowing the sort of instability investors dont like.

Long the laggard in international climate dealings, the U.S. hobbled previous efforts in Kyoto and Copenhagen. Thats in part due to right-wing ideologues who stymied American environmental efforts by insisting that the scientific consensus on manmade global warming was a conspiracy.

In a major shift, the U.S. took a lead role in brokering the Paris Agreement. Leaving it is arguably the most isolationist move yet by the new administration, a step that threatens to weaken the nations bargaining power in other accords. A U.S. retreat also cedes ground to China, as that smog-choked emerging superpower becomes the new moral voice on global warming. Last month, President Xi Jinping announced a $900 billion fund to invest in infrastructure and clean energy projects abroad.

That funding could be critical to maintaining the emissions targets outlined in the Paris pact without the United States. The Obama administration pledged $3 billion to help poorer countries increase renewable energy capacity and adapt to rising sea levels and less-predictable droughts.But the country has only paid a third of that money to the U.N.-administered fund, and Trump is under pressure from his own administration to renege on future payments.

Under the Paris accord, billions of dollars that ought to be invested right here in America will be sent to the very country that have taken our factories and our jobs away from us, the president said, vowing to terminate future payments. Think of that.

For months, White House officials indicated in private that Trump planned to withdraw from the agreement, despite public pronouncements that he remained undecided and might backtrack on what had been a central campaign promise. For a presidency facing mounting questions about contacts by administration aides with Russian officials and racked by the failure to enact major legislation including health care reform exiting the Paris Agreement allows Trump to claim a key accomplishment for his agenda.

He can also point to support from the 22 Republican senators including Majority Leader Mitch McConnell (R-Ky.) who last week wrote him a letter urging him to leave the deal. But he now faces rebuke from many members of the business and environmental communities including major oil, gas and coal companies, as well as other corporate giants who have said the agreement offers an opportunity for global cooperation and consistent climate policies.

The Paris Agreement split the administration into two camps. Secretary of State Rex Tillerson, Energy Secretary Rick Perry, Defense Secretary James Mattis and adviser Ivanka Trump, the presidents eldest daughter, supported remaining in the deal. Environmental Protection Agency chief Scott Pruitt, Interior Secretary Ryan Zinke, chief strategist Steve Bannon and a handful of other, more radical voices urged Trump to withdraw.

Under the terms of the deal, the U.S. cannot officially withdraw until November 2019, though it could take up to four years to complete.But Thursdays announcement cements that the country has no plans to meet earlier targets for slashing greenhouse gas emissions.

That much was already clear. In March, Trump ordered the Environmental Protection Agency to review the Clean Power Plan a sweeping regulation of formulated by Obamas administration to limit emissions from the utility sector, by far the countrys biggest emitter. The policy was already stayed by the Supreme Court in February 2016 as a result of a lawsuit filed by the EPAs Pruitt when he served as Oklahomas attorney general.

Without the Clean Power Plan, the U.S. wont even come close to meeting its goals of reducing emissions by 26 percent to 28 percent below 2005 levels by 2025. Emissions were 12 percent lower as of 2015, according to data from the U.S. Energy Information Administration.

Alissa Scheller / HuffPost

The Paris Agreement is too costly for the United States, Adam Brandon, president of conservative advocacy group FreedomWorks, said in a statement. Americans havent seen real economic and wage growth for far too long, and this misguided treaty failed to strike anything close to a balance between preserving the environment and prosperity.

The president, notably, has virtually no science advisers on his staff.

Other opponents of the agreement said staying in the deal would provide legal ammunition to environmentalists opposed to the presidents domestic energy agenda.

Over the long term, this will safeguard the presidents domestic agenda and provide one fewer legal means to challenge withdrawing from the so-called Clean Power Plan, Myron Ebell, a vehement climate science denier who led Trumps EPA transition team, told HuffPost by phone ahead of Thursdays announcement. The environmental pressure groups will have to rely on other legal arguments.

Rolling back environmental rules is a cornerstone of Trumps effort to accelerate U.S. economic growth, particularly in rural regions. He positioned himself as a staunch advocate for fossil fuels, nixing climate-change funding from his proposed budget and scrapping rules that discourage pollution and boost zero-emissions energy such as solar and wind.

In a call after the speech, two administration officials said the president wants to get back to the table with world leaders in the coming weeks. But the White House failed to secure pledges from any country to agree to renegotiate terms for the U.S. to stay in the deal. The officials repeatedly refused to say whether the president understands the science behind human-induced climate change, which he has dismissed as a hoax invented by the Chinese.

Does the president believe in climate change? one hoarse-voiced reporter shouted as White House officials hung up the phone.Its really the only question, guys. Its either a yes or no at the heart of it.

Even as officials with firms including Exxon Mobil Corp. and Royal Dutch Shell pleaded with the president to stay in the deal, Trump with his decision embraced those who doubt that burning fossil fuels, factory farming and deforestation are the primary drivers of global warming.

Weve seen a resurgence of climate change denial and people within this administration who are standing up for what they believe to be the interests of the fossil fuel industry, Kathy Mulvey, a climate campaigner at the Union of Concerned Scientists, told HuffPost by phone this week. But considering whats on the agenda at the fossil fuel producers own meetings, it seems pretty clear a lot of investors think the U.S. sticking its head in the sand about climate change is bad for long-term interests.

Indeed, shareholders at Exxon Mobil which for decades bankrolled a Big Tobacco-style disinformation campaign to discredit climatologists findings approved a resolution to increase transparency about the risks posed by climate change.

What were seeing is Trump being true to what got him elected, which is playing to a particular segment of the population, former Rep. Bob Inglis (R-S.C.), executive director of the conservative environmental advocate RepublicEN, told HuffPost by phone.But coal mining jobs arent coming back, and manufacturing jobs are still likely to be automated, he said, regardless of environmental regulations.

Theyve been sold some snake oil. And the snake oil salesman has to have a fast getaway buggy to get out of town because once the people youve hoodwinked figure out youve hoodwinked them, they come after you.

This article has been updated with details from a press call with administration officials that occurred after Trumps announcement.

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Donald Trump Pulls U.S. Out Of Paris Accord In Crushing Blow ...

Donald Trump | Variety

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CNN is airing what it says is exclusive video from 2013 of Donald Trump attending dinner withAras Agalarov, Emin Agalarov, and music publicist Rob Goldstone. The Agalarovs and Goldstone are key

Erstwhile "pop star" Emin Agalarov finally has what he always had wanted: his moment in the international spotlight. But surely, he never imagined this would be the way his name jumped to the top

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President Donald Trump tweeted in response to an interview his son, Donald Trump Jr., gave to ardent Trump supporter Sean Hannity on Tuesday night. On the Fox News show Hannity, Trump Jr. addressed

TheKnight First Amendment Institute at Columbia University and seven Twitter users have sued President Trump and his administration to stop him from blocking users on Twitter. The lawsuit, filed in

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Donald Trump | Variety

Scaramucci: Trump still doesn’t accept intelligence conclusion on Russia – CNN

"He basically said to me, 'Hey you know, this is, maybe they did it, maybe they didn't do it,'" Scaramucci said of a recent conversation he'd had with the President about alleged Russian interference.

Prior to Trump's inauguration, the Office of the Director of National Intelligence released an unclassified report showing the CIA, FBI and National Security Agency all concluded the Russian government attempted to influence the election to hurt Hillary Clinton and help Trump.

Scaramucci suggested Trump does not yet accept the conclusion of the intelligence community and questioned the media's pursuit of the story, saying it tarnished Trump's victory in November.

"The mainstream media position on this, that they interfered in the election," Scaramucci said. "It actually in his mind, what are you guys suggesting? You're going to delegitimize his victory?"

Scaramucci said he intended to review the intelligence community's evidence once he had his security clearance and pledged to give Trump his personal thoughts on the conclusions. He said Trump would make up his own mind in time and that if Trump believed Russia was responsible for the 2016 efforts and a threat to future elections, he would act.

"A person that's going to be super, super tough on Russia is President Donald J. Trump," Scaramucci said.

"As the phony Russian Witch Hunt continues, two groups are laughing at this excuse for a lost election taking hold, Democrats and Russians!" he wrote.

In a separate interview earlier on CNN's "State of the Union," Democratic Sen. Al Franken appeared at a loss, responding, "What can you say? It's just bizarre."

"If I said some things about him when I was working from another candidate, Mr. Trump, Mr. President, I apologize for that," Scaramucci said.

He dismissed the scrutiny around his past comments as part of an unfair political purity test, and said it was totally untrue that he was suppressing his own beliefs to get closer to the power and prestige of the White House.

And now that he is in his new job, Scaramucci said it was time for things to change in the White House communications shop.

"There's obviously a communications problem," Scaramucci said.

For one thing, he said in his own opinion -- which he said was not the final decision -- the White House should agree to put press briefings on camera again. For another, he said he would address leaks to the press from within the White House on Monday.

He said he would tell the staff, "If we don't stop the leaks, I'm going to stop you."

Fresh on the job, Scaramucci found himself talking about one of the President's tweets.

Scaramucci said that despite the report and the tweets, Trump was not actually considering pardoning anyone, including himself.

"The President is thinking about pardoning nobody," Scaramucci said. "The President is not going to have to pardon anybody because the Russian thing is a nonsensical thing."

As for a bill that would increase sanctions on Russia and give Congress a check on the administration's authority to offer Russia sanctions relief, Scaramucci said it was still up in the air whether Trump would sign it, should it pass.

"You've got to ask President Trump that," Scaramucci said.

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Donald Trump Jr. adds DC-based attorney to legal team – ABC News

Donald Trump Jr.'s legal team is expanding its operation, bringing on D.C.-based attorney and longtime regulatory lawyer Karina Lynch, his team told ABC News.

Lynch also confirmed to ABC News that she is joining the team.

Donald Trump Jr. is one of the people connected to the Trump administration whom the Senate Judiciary Committee has said it wants to interview as part of its investigation into possible Russian involvement in the 2016 election.

Lynch had been at the law firm Williams and Jensen since 2000, and became a principal in 2005, according to the firm's website.

She "concentrates on legislative, regulatory, and oversight issues affecting various sectors of the health care industry and clients with an interest in education and tax policy," her bio says.

Before that, she spent five years on Capitol Hill, serving as counsel to the Senate Permanent Subcommittee on Investigations, Committee on Government Affairs, which was chaired by Sen. Susan Collins, R-Maine.

She had previously served as investigative counsel for Sen. Charles Grassley, R-Iowa.

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Donald Trump Jr. adds DC-based attorney to legal team - ABC News