Trump threatens higher tariffs on Chinese goods
President-elect Donald Trump has said he would use trade tariffs to bring back American manufacturing jobs lost to China. The New York Times dug into Trump’s trade promises in what the paper called “a cornerstone of his populist rise.” But cutting off or curtailing trade is unlikely to bring back most American manufacturing jobs, the New York Times reported. While the U.S. imports much more than it exports, China could also retaliate by imposing taxes on American automakers and farmers.
Bank stocks jump on possible repeal of Dodd-Frank
Bank stocks soared on Thursday to levels last seen during the height of the 2008 financial crisis, on expectations that President-elect Donald Trump will repeal many of the Dodd-Frank financial rules imposed after the the meltdown. Reuters reported shares of Well Fargo & Co. climbed 7.58 percent, Bank of America Corp. jumped 4.4 percent and JPMorgan Chase & Co. climbed 4.64 percent. The Dodd-Frank Financial Reform Act was signed into law in 2010. It is the most significant piece of financial regulation since the Great Depression. The act regulates all federal financial regulatory agencies and most aspects of the financial industry.
Trump offers first glimpse of health plan
Bloomberg reported President-elect Donald Trump has remained steadfast in his pledge to repeal the Affordable Care Act and to protect “human life from conception to natural death.” Trump posted a brief 310-word plan on his presidential transition website. The plan also would give states a bigger role in regulating health insurance and running their own Medicaid health-insurance programs for the poor, Bloomberg reported. The plan also “hinted” at eroding the coverage guarantees for those with pre-existing conditions under the ACA. The law has brought health care coverage to about 20 million people, Bloomberg reported. Under Trump’s proposal, some of those newly insured persons could be without insurance.