Elon Musk's initiative to reduce the federal workforce, part of Donald Trump's "department of government efficiency," could disrupt the labor market, as economists warn that cutting jobs from the 3 million civilian employees may hinder job creation. Musk and co-head Vivek Ramaswamy aim for $500 billion in savings through mass layoffs, raising concerns about the impact on job seekers and potential increases in contractor costs. Meanwhile, Trump has nominated Paul Atkins to lead the SEC, signaling a crackdown on Big Tech, as he reshapes his administration with loyalists and financial experts.
Consumers are increasingly pushing back against high prices, with major retailers like Target and Walmart responding by reducing prices. However, proposed tariffs from President-elect Trump could lead to new price hikes, as companies may find it easier to pass on costs to consumers than in previous years. Richmond Fed President Tom Barkin notes that while tariffs create inflationary pressure, the actual impact on prices will depend on various factors, including consumer and business responses.
President-elect Donald Trump has appointed Peter Navarro as Senior Counselor for Trade and Manufacturing, following Navarro's release from prison after serving time for contempt of Congress. Navarro, a key trade advisor during Trump's first term, will focus on advancing Trump's manufacturing and trade agendas, emphasizing "Buy American, Hire American." Trump praised Navarro as a victim of the "Deep State" and a strong advocate for protectionist policies.
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