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    Banks Are Racking Up Wins Even Before Trump Is Back in White House

    Banks are on a winning streak, one that’s poised to intensify as President-elect Donald J. Trump takes office.Biden-appointed regulators at the Federal Reserve and other agencies presided over a relatively fruitless era of bank oversight. They tried to enact stricter rules for the nation’s biggest banks, hoping to create a stronger safety net for the financial system even if it cut into bank profits.But the rules were considered so onerous — including by some top Fed officials — that they died of their own ambitions.As proposals stalled, the foundation for existing bank oversight became increasingly shaky thanks to bank-friendly courts. During his first term, Mr. Trump appointed a slate of conservative judges who then slowly but significantly shifted the legal environment against strict federal oversight.The result? Big banks have been notching major victories that could allow them to avoid regulatory checks that were drawn up after the 2008 financial crisis, when weaknesses at the world’s largest lenders nearly toppled the global economy.And with Mr. Trump once again poised to run the White House, analysts predict that the regulations and supervisory practices that are supposed to prevent America’s biggest and most interconnected financial institutions from making risky bets could be further chipped away in the months ahead.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Trump Backers, Including Elon Musk, Clash With Far Right Over Immigrant Workers and H-1B Visas

    A fierce dispute erupted in the president-elect’s camp between immigration hard-liners and tech industry leaders including Elon Musk.Weeks before President-elect Donald J. Trump is to take office, a major rift has emerged among his supporters over immigration and the place of foreign workers in the U.S. labor market.The debate hinges on how much tolerance, if any, the incoming administration should have for skilled immigrants brought into the country on work visas.The schism pits immigration hard-liners against many of the president-elect’s most prominent backers from the technology industry — among them Elon Musk, the world’s richest man, who helped back Mr. Trump’s election efforts with more than a quarter of a billion dollars, and David Sacks, a venture capitalist picked to be czar for artificial intelligence and cryptocurrency policy.The tech industry has long relied on foreign skilled workers to help run its companies, a labor supply that critics say undercuts wages for American citizens.The dispute, which late Thursday exploded online into acrimony, finger-pointing and accusations of censorship, frames a policy quandary for Mr. Trump. The president-elect has in the past expressed a willingness to provide more work visas to skilled workers, but has also promised to close the border, deploy tariffs to create more jobs for American citizens and severely restrict immigration.Laura Loomer, a far-right activist and fervent Trump loyalist, helped set off the altercation earlier this week by criticizing Mr. Trump’s selection of Sriram Krishnan, an Indian American venture capitalist, to be an adviser on artificial intelligence policy. In a post, she said she was concerned that Mr. Krishnan, a naturalized U.S. citizen who was born in India, would have influence on the Trump administration’s immigration policies, and mentioned “third-world invaders.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Trump Selects Jamieson Greer as Trade Representative

    President-elect Donald J. Trump on Tuesday picked Jamieson Greer, a lawyer and former Trump official, to serve as his top trade negotiator. The position will be crucial to Mr. Trump’s plans of issuing hefty tariffs on foreign products and rewriting the rules of trade in America’s favor.Mr. Greer is a partner in international trade at the law firm King & Spalding. During Mr. Trump’s first term, Mr. Greer served as chief of staff to Robert E. Lighthizer, the trade representative at the time. He was involved in the Trump administration’s trade negotiations with China, as well as the renegotiation of the North American Free Trade Agreement with Canada and Mexico.Before that, Mr. Greer served in the Air Force, where he was a lawyer who prosecuted and defended U.S. airmen in criminal investigations. He was deployed to Iraq.“Jamieson will focus the Office of the U.S. Trade Representative on reining in the Country’s massive Trade Deficit, defending American Manufacturing, Agriculture, and Services, and opening up Export Markets everywhere,” Mr. Trump said.The position of trade representative has historically been fairly low profile, but it has taken on greater importance under Mr. Trump. In his first term, the office helped wage a trade war against China, imposed substantial tariffs on its products and negotiated a series of trade deals.In his next term, Mr. Trump has promised to again make aggressive use of the government’s authority over trade. On Monday, he said he would impose tariffs on all products coming into the United States from Canada, Mexico and China on his first day in office.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Can Wall Street Billionaires Deliver on Trump’s Blue-Collar Promise?

    The president-elect has named wealthy financiers for key economic positions, raising questions about how much they will follow through on promises to help the working class.When Donald J. Trump first ran for the White House in 2016, his closing campaign advertisement lamented the influence of Wall Street in Washington, flashing ominous images of big banks and the billionaire liberal philanthropist George Soros.Now, as president-elect, Mr. Trump has tapped two denizens of Wall Street to run his economic agenda. Scott Bessent, who invested money for Mr. Soros for more than a decade, is his pick for Treasury secretary, and Howard Lutnick, the chief executive of Cantor Fitzgerald, will be nominated to lead the Commerce Department. Mr. Trump’s choices to lead his economic team show the prominence of billionaire investors in setting an agenda that is supposed to fuel a “blue-collar boom” but that skeptics think will mostly benefit the rich.As Mr. Trump prepares to assume the presidency in January, business owners and investors are closely attuned to which of his economic promises he will ultimately follow through on. He has promised to slash tax rates, impose hefty tariffs on China and other countries, and deport millions of immigrants who work in American farms and businesses.The selections of Mr. Bessent and Mr. Lutnick cement a hold by Wall Street executives over the two most important economic posts in any administration. The picks are drawing blowback from Democrats and left-leaning groups, who assailed Mr. Trump for giving top jobs to rich donors and suggested that they would soon be working to create new tax breaks for the rich, not those who are struggling.“For all his talk of looking out for working-class Americans, President-elect Trump’s choice of a billionaire hedge fund manager to lead the Treasury Department shows he just wants to keep a rigged system that only works for big corporations and the very wealthy,” said Tony Carrk, the executive director of the government watchdog group Accountable.US.Yet the decision to tap Mr. Bessent and Mr. Lutnick is raising speculation that Mr. Trump could take a more market-friendly approach to many of his economic policies than some had feared because of his professed love of tariffs, which had the potential for igniting a global trade war.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Trump Picks Rep. Lori Chavez-DeRemer for Labor Secretary

    Lori Chavez-DeRemer, a first-term Republican representative from Oregon who narrowly lost her House seat this month, was chosen on Friday to serve as labor secretary in the coming Trump administration.“Lori has worked tirelessly with both business and labor to build America’s work force, and support the hardworking men and women of America,” President-elect Donald J. Trump said in a statement.A moderate from a swing district that includes parts of Portland, Ms. Chavez-DeRemer, 56, is not a major figure in American labor politics. But she was one of only a few House Republicans to support major pro-union legislation, and she split her district’s union endorsements with her Democratic opponent, Janelle Bynum, earning nods from ironworkers, firefighters and local Teamsters.When the House speaker, Mike Johnson, spoke at a Chavez-DeRemer rally in October, he said, “She’s got more labor union endorsements than any Republican I’ve ever seen in my life.”Labor leaders criticized Mr. Trump’s policies during his first term as president, and at one point in the race this year, he praised Elon Musk for a willingness to fire workers who go on strike. But Mr. Trump also proposed ending taxes on tips and overtime, and many rank-and-file union members embraced his pro-tariffs economic agenda.After Ms. Chavez-DeRemer’s defeat this month, the president of the Teamsters, Sean O’Brien, urged Mr. Trump to consider her for the labor secretary role, Politico reported. On Friday, Mr. O’Brien praised her selection, posting a photograph on X of himself standing with Mr. Trump and Ms. Chavez-DeRemer.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Is Trump More Flexible on China Than His Hawkish Cabinet Picks Suggest?

    President-elect Donald J. Trump is assembling a team of aides bent on confrontation with China. But he also has advisers who do business there, including Elon Musk.They are the new class of cold warriors, guns pointed at China.President-elect Donald J. Trump has chosen cabinet secretaries and a national security adviser who stress the need to confront China across the entire security and economic spectrum: military posture, trade, technology, espionage, human rights and Taiwan.Those choices could open a new era of conflict with a nuclear-armed nation that has the world’s largest standing army and second-largest economy, and where many top officials see the United States as a superpower in decline.Mr. Trump’s hawkish advisers so far include Marco Rubio, a Florida senator named as secretary of state; Michael Waltz, a Florida congressman tapped for national security adviser; and Pete Hegseth, a former Fox News television personality designated to be defense secretary. Cabinet secretaries must be confirmed by the Senate, although Mr. Trump has floated the idea of getting around that by using recess appointments.Those men are more explicitly hostile to China than their counterparts in the Biden administration, though President Biden has taken an aggressive tack with China and continued some of the policies from Mr. Trump’s first term. A consensus has solidified among Democrats and Republicans in Washington that China must be constrained because it is the nation most capable of upending American global dominance.Yet there are signs that Mr. Trump might consider a more moderate approach on trade, perhaps to avoid upsetting a roaring stock market nurtured by Mr. Biden.Mr. Trump with President Xi Jinping of China in Beijing in November 2017. Mr. Trump hosted Mr. Xi at Mar-a-Lago earlier that year, but their budding relationship eventually fell apart over a trade war that Mr. Trump started.Doug Mills/The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    After Flurry of Cabinet Picks, Trump Rethinks Candidates for Treasury Secretary

    President-elect Donald J. Trump is expected to invite the contenders for the role, including Kevin Warsh and Marc Rowan, to Mar-a-Lago this week.President-elect Donald J. Trump is eyeing a new candidate for Treasury Secretary amid internal debate over who should have the role: the former Federal Reserve governor Kevin Warsh.Mr. Trump is also considering the Wall Street billionaire Marc Rowan.Mr. Trump had been expected to pick either Howard Lutnick, the chief executive of the Wall Street firm Cantor Fitzgerald, or Scott Bessent, the founder of the investment firm Key Square Capital Management and a former money manager for George Soros. And he had been seen as likely to make the selection late last week.But he has been having second thoughts about the top two candidates, and has slowed down his selection process. He is expected to invite the contenders to interview with him this week at Mar-a-Lago.Mr. Lutnick, who has been running Mr. Trump’s transition operation, has gotten on Mr. Trump’s nerves lately. Mr. Trump has privately expressed frustration that Mr. Lutnick has been hanging around him too much and that he has been manipulating the transition process for his own ends. A person familiar with the process, who spoke on condition of anonymity, described the battle between Mr. Lutnick and Mr. Bessent as a knife fight, with Mr. Lutnick as the primary aggressor.Mr. Bessent is said to still be under consideration, and has also been raised by people in Mr. Trump’s economic circles as a possible contender to lead the White House’s National Economic Council. Elon Musk, a close adviser to the president-elect, on Sunday called Mr. Bessent a “business-as-usual” choice for Treasury secretary in a post on his social media platform, X, while throwing his support behind Mr. Lutnick.Mr. Trump and Mr. Lutnick met on Sunday, and it wasn’t immediately clear what came of the discussion, according to two people briefed on the matter, who spoke on condition of anonymity to discuss personnel matters. Mr. Bessent has also met with Mr. Trump. The other two — as well as any other new names that emerge — are likely to be asked to meet with Mr. Trump this week, according to one of the people briefed on the matter.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Biden and China: Administration Rethinks Relations

    #masthead-section-label, #masthead-bar-one { display: none }The Presidential InaugurationHighlightsPhotos From the DayBiden’s SpeechWho Attended?Biden’s Long RoadAdvertisementContinue reading the main storySupported byContinue reading the main storyBiden on ‘Short Leash’ as Administration Rethinks China RelationsThe Biden administration is under intense pressure to maintain former President Donald J. Trump’s curbs on China, even as it tries to develop a more comprehensive and effective strategy.President Biden faces an enormous challenge in trying to formulate a strategy to deal with China at a time when much of Washington treats any relations with Beijing as toxic.Credit…Doug Mills/The New York TimesFeb. 17, 2021, 2:22 p.m. ETWASHINGTON — Biden administration officials have tried to project a tough line on China in their first weeks in office, depicting the authoritarian government as an economic and security challenge to the United States that requires a far more strategic and calculated approach than that of the Trump administration.They have also tried to send a message: While the administration will be staffed by many familiar faces from the Obama administration, China policy will not revert to what it was a decade ago.These early efforts have not concealed the enormous challenge President Biden faces in trying to formulate a strategy to deal with China at a time when any relations with Beijing are treated as thoroughly toxic in Washington. Political adversaries, including Republican lawmakers, have already begun scrutinizing the statements of Mr. Biden’s advisers, ready to pounce on any effort to roll back President Donald J. Trump’s punishments, including tariffs and bans on exporting technology.Ted Cruz, the Republican senator from Texas, has placed a hold on the confirmation of Gina Raimondo, Mr. Biden’s nominee for commerce secretary, delaying a vote on her confirmation, for declining to explicitly commit to keeping the Chinese telecom company Huawei on a national security blacklist. Some Republican lawmakers have also criticized Linda Thomas-Greenfield, Mr. Biden’s pick for U.N. ambassador, for giving a speech at a Confucius Institute, an organization some have described as disseminating Chinese propaganda, and painting a rosy picture of China’s activities in Africa.Several Republicans, including Senator Charles E. Grassley of Iowa, also put out statements last week criticizing a move by the Biden administration to withdraw a rule proposed during the Trump administration that would require universities to disclose their financial ties to Confucius Institutes, organizations set up to teach Chinese language and culture in American schools.“The Biden administration is going to be on a very short leash with respect to doing anything that is perceived as giving China a break,” said Wendy Cutler, a vice president at the Asia Society Policy Institute and a former U.S. trade negotiator.Mr. Trump’s supporters credit him with taking a far more aggressive approach than his predecessors to policing China, including dusting off many rarely used policy tools. That includes placing major tariffs on Chinese goods, limiting Beijing’s access to sensitive American technology exports, imposing sanctions on Chinese officials and companies over human rights violations and securing economic concessions from China as part of a trade deal.But Mr. Trump’s critics, including many in the Biden administration, say his spate of executive orders and other actions were inconsistent and piecemeal, and often more symbolic than effective.Even as Mr. Trump issued harsh punishments on some fronts, he also extended a lifeline to the Chinese telecom company ZTE, delayed sanctions related to human rights violations in China’s Xinjiang region and publicly flattered President Xi Jinping of China as he sought his trade deal. Many of the executive actions Mr. Trump took against China were left incomplete, or were riddled with loopholes.And his policies may have worsened American competitiveness in some areas, according to a report published Wednesday by the consulting firm Rhodium Group and the U.S. Chamber of Commerce China Center. The report found steep costs from the kind of economic “decoupling” that Mr. Trump pursued, including a $190 billion annual loss in American economic output by 2025 if all U.S.-China trade was subject to the type of 25 percent tariff that Mr. Trump imposed on $250 billion of Chinese goods.Daniel Rosen, a founding partner at Rhodium Group, said the Biden administration needed to consider more than politics or ideology when forging China policy, including carefully weighing the cost of its approach to industry.“Obviously politics is king right here in this moment, with nobody in leadership or aspiring to leadership wanting to get outflanked on who is tough on China,” he said. “We’re not going to serve the American interests if we don’t consider commercial interests and national security interests at the same time.”The Biden administration has argued that by being more strategic in how it addresses China, it will ultimately be more effective than the Trump administration. It has laid out an ambitious task as it looks to not only crack down on China for what it sees as unfair trade practices but also develop a national strategy that helps build up America’s economic position to better counter Chinese competition.Speaking at the Atlantic Council in late January, Jake Sullivan, the national security adviser, said the United States first needed to “refurbish the fundamental foundations of our democracy” by dealing with issues like economic and racial inequity, as well as making investments in emerging technologies like artificial intelligence, quantum computing and clean energy.Mr. Biden has also emphasized the importance of working with allies and international institutions to impose a tougher global stance, so companies do not sidestep strict American rules by taking their operations offshore.Mr. Biden held his first call with Mr. Xi on Feb. 10, in which he talked about preserving a free and open Indo-Pacific and shared concerns about Beijing’s economic and human rights practices, according to a White House readout.In a town hall-style forum broadcast by CNN on Tuesday night, Mr. Biden, who knows Mr. Xi well from meetings during the Obama administration, said he had taken a tough line on human rights and other issues during their two-hour call.“There will be repercussions for China, and he knows that,” Mr. Biden said. “What I’m doing is making clear that we, in fact, are going to continue to reassert our role as spokespersons for human rights at the U.N. and other — other agencies that have an impact on their attitude.”Mr. Biden has begun staffing his cabinet with officials who have deep experience with China. Katherine Tai, the Biden administration’s nominee for trade representative, was in charge of litigating cases against China at the World Trade Organization during the Obama administration, and has promised to take a tough line on enforcing American trade rules.President Donald J. Trump criticizing the government of China in May at the White House. Mr. Trump’s supporters credit him with taking a far more aggressive approach than his predecessors to policing China.Credit…Erin Schaff/The New York TimesMr. Biden’s top foreign policy advisers have also espoused views critical of China’s practices, though many see potential for cooperation on issues like the coronavirus pandemic and climate change. That includes Secretary of State Antony J. Blinken, Mr. Sullivan and Kurt Campbell, the National Security Council’s “Asia czar.”Ms. Raimondo, the commerce secretary nominee, will also have purview over economic relations with China, particularly those related to technology. While she had harsh words for China during her confirmation hearing, her refusal to commit to keeping Huawei on a government blacklist drew criticism from Republican lawmakers like Mr. Cruz.Treasury Secretary Janet L. Yellen, who is expected to play a pivotal role in relations with China, took a hawkish tone at her confirmation hearing last month, vowing to use the “full array” of America’s tools to combat “illegal, unfair and abusive” practices. She has also criticized China’s practices of stealing intellectual property and subsidizing state-owned enterprises, but said she did not regard Mr. Trump’s tariffs as “the proper focus” of trade policy.The new administration has given few concrete details about how it will put its strategy into practice, including whether it will implement the many China-related executive orders Mr. Trump introduced, like new restrictions on investments in Chinese companies with ties to the military and bans on Chinese-owned apps, like TikTok, WeChat and Alipay. Instead, the administration has said it would carry out a comprehensive review of Mr. Trump’s tariffs, export controls and other restrictions before making decisions.Another uncertainty is how Mr. Biden and his team will handle Mr. Trump’s initial trade deal with China given that Beijing continues to fall short of its promise to buy hundreds of billions of dollars in American products. The administration may face the choice of using the deal’s enforcement mechanisms — which include consultations and more tariffs for Chinese products — or scrapping the agreement altogether.Scott Kennedy, a senior adviser in Chinese business and economics at the Center for Strategic and International Studies, said the Biden administration had clear foreign policy goals and a large toolbox of measures at its disposal, but had not yet “figured out how to merge strategy and tactics.”On American competitiveness with China, “there’s a much larger conversation that needs to be had,” Mr. Kennedy said. “Are they going to be willing to engage in that conversation and do that thorough analysis and come up with something new? Or are they going to be fearful of political backlash and pull their punches?”Mr. Biden’s plan to engage more closely with U.S. allies to put pressure on China may also be easier said than done.In an interview in January, shortly before he left office, Robert Lighthizer, Mr. Trump’s top trade official, pointed to a recent investment agreement the European Union signed with China, against the wishes of the Biden administration, as “the first piece of evidence” that such multilateral cooperation would be difficult.Chinese officials are already strengthening ties with U.S. allies like New Zealand and South Korea in an effort “to divide and conquer,” Ms. Cutler said.China has emerged from the early stages of the pandemic emboldened, with its factories and businesses outpacing those in the United States and Europe, where the coronavirus continues to hamper the economy. While Chinese leaders are seeking to reset relations with Washington after a tumultuous period under Mr. Trump, they have continued to make sometimes hard-edge statements.In an interview with CBS News on Feb. 7, Mr. Biden said the two countries “need not have a conflict. But there’s going to be extreme competition.”“I’m not going to do it the way Trump did,” Mr. Biden added. “We’re going to focus on international rules of the road.”Alan Rappeport More