The rising price of paying the national debt is a risk for Trump’s promises on growth and inflation
WASHINGTON (AP) — Donald Trump has big plans for the economy. He also has big debt problem that’ll be a hurdle to delivering on those plan. Trump has bold ambitions on tax cuts, tariffs and other programs. But high interest rates and the price of repaying the federal government’s existing debt could limit what he’s able to do. The federal debt stands at roughly $36 trillion, and the spike in inflation after the pandemic has pushed up the government’s borrowing costs such that debt service next year will easily exceed spending on national security.
‘Wicked’ and ‘Gladiator’ make gravity-defying theater debuts
NEW YORK (AP) — “Wicked” and “Gladiator II” have debuted in theaters with a combined $270 million in ticket sales. Their worldwide performance breathed fresh life into global box office results that have struggled lately. Together the films turned the moviegoing weekend into one of the busiest of the year. Jon M. Chu’s lavish big-budget musical “Wicked,” starring Ariana Grande and Cynthia Erivo, debuted with $114 million domestically and $164.2 million globally. Ridley Scott’s “Gladiator II” is a sequel to his 2000 best picture-winning original and launched with $55.5 million in ticket sales. “Moana 2” is being released Wednesday, so it looks like Hollywood might be looking at historic sales over the Thanksgiving holiday.
Trump’s Republican Party is increasingly winning union voters. It’s a shift seen in his labor pick
WASHINGTON (AP) — Working-class voters helped Republicans make steady election gains this year and expanded a coalition that increasingly includes rank-and-file union members. It’s a political shift spotlighting one of President-elect Donald Trump’s latest Cabinet picks: a GOP congresswoman, who has drawn labor support, to be his labor secretary. Oregon Rep. Lori Chavez-DeRemer narrowly lost her bid for a second term this month, despite strong backing from union members. They’re a key part of the Democratic base but are gravitating in the Trump era toward a Republican Party traditionally allied with business interests.
In South Korea, nations meet in final round to address global plastic crisis
Negotiators are gathering in South Korea in what’s billed as a final push to address the global crisis of plastic pollution. Monday’s meeting in Busan is the fifth time nations are convening to craft a legally binding plastic pollution treaty. On the periphery are representatives from the plastics industry, scientists and environmentalists seeking to shape how the world tackles the surging problem. The planet is “choking on plastic,” according to the United Nations. It’s polluting lakes, rivers, oceans and people’s bodies. Island nations are grappling with vast amounts of other countries’ plastic waste washing up on their shores. The world produces about 400 million tons of plastic waste every year.
What to know about the plastic pollution treaty talks in South Korea
A last round of negotiations on a legally binding treaty to address the global scourge of plastic pollution has opened in Busan, South Korea. National delegations still have a lot to hammer out before there is a treaty. Most contentious is whether there will be a limit on how much plastic companies are allowed to produce. Environmental groups and Indigenous leaders want a holistic approach. The plastics industry wants to focus on redesign, recycling and reuse. And the United Nations wants negotiators to reach an agreement in Busan. UN official Inger Andersen says it’s a historic opportunity to course-correct.
Australia withdraws a misinformation bill after critics compare it to censorship
CANBERRA, Australia (AP) — Australia’s government has withdrawn a bill that would give a media watchdog power to monitor digital platforms and require them to keep records about misinformation and disinformation on their networks. Communications Minister Michelle Rowland said Sunday that the government was unable to drum up the support needed to pass the legislation. The opposition spokesman, David Coleman, said the bill “betrayed our democracy” and amounted to “censorship laws in Australia.” The bill would have granted the Australian Communications and Media Authority power over digital platforms by approving an enforceable code of conduct or standards for social media companies if self-regulation fell short.
He’ll be the last meatpacker in the Meatpacking District. Here’s how NYC’s gritty ‘hood got chic
NEW YORK (AP) — The last meatpackers in New York’s Meatpacking District have agreed to end their leases early and make way for development on their city-owned lot. A third-generation meatpacker says he is ready to retire and he’ll be proud to be there when the building closes. The closure date has not been set, but will mark the end of over a century of industrial life in the Meatpacking District. Starting in the 1970s, a new nightlife scene emerged as bars and nightclubs moved in. Today it’s a hub for shopping, tourism, and recreation and only echoes of that grit remain.
Trump raced to pick many Cabinet posts. He took more time to settle on a treasury secretary
WASHINGTON (AP) — President-elect Donald Trump launched a blitz of picks for his Cabinet, but he took his time settling on billionaire investor Scott Bessent as his choice for treasury secretary. The Republican not only wanted someone who jibes with him, but an official who can execute his economic vision and look straight out of central casting while doing so. With his Yale University education and pedigree trading for Soros Fund Management before establishing his own funds, Bessent will be tasked with a delicate balancing act. Trump expects him to help reset the global trade order, enable trillions of dollars in tax cuts, ensure inflation stays in check, manage a ballooning national debt and still keep the financial markets confident.
Trump chooses Bessent to be treasury secretary, Vought as budget chief, Chavez-DeRemer for Labor
WASHINGTON (AP) — President-elect Donald Trump has chosen hedge fund manager Scott Bessent, an advocate for deficit reduction, to serve as his next treasury secretary. Bessent, 62, is founder of hedge fund Key Square Capital Management. He previously had worked on and off for Soros Fund Management since 1991. Trump also said he would nominate Russell Vought, 48, to lead the Office of Management and Budget, a position he held during Trump’s first term. And Trump chose Rep. Lori Chavez-DeRemer, an Oregon Republican, as his labor secretary, and Scott Turner, a former football player who worked in Trump’s first administration, as his housing secretary.
Afraid of losing the US-Canada trade pact, Mexico alters its laws and removes Chinese parts
MEXICO CITY (AP) — Mexico has been taking a bashing for allegedly serving as a conduit for Chinese parts and products into North America. Officials here are terrified that a re-elected Donald Trump or politically struggling Justin Trudeau could simply expel their country from the U.S.-Mexico-Canada free trade agreement. Mexico’s ruling Morena party is so afraid its has gone on a campaign to get companies to replace Chinese parts with locally made ones. And its legislators are consciously tweaking the wording of major laws to try to make them compatible with the trade pact’s language. Mexico hopes the rules of the trade pact would prevent the U.S. or Canada from simply walking away.
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