Business Standard

Trump set to confront Mexico and China Trump nominates Jay Clayton to lead SEC

- BINYAMIN APPELBAUM Washington, 4 January BLOOMBERG

President-elect Donald J Trump on Tuesday named as his chief trade negotiator a Washington lawyer who has long advocated protection­ist policies, the latest sign that Trump intends to fulfill his campaign promise to get tough with China, Mexico and other trading partners.

Trump also renewed his episodic campaign to persuade American companies to expand domestic manufactur­ing, criticizin­g General Motors via Twitter on Tuesday morning for making in Mexico some of the Chevrolet Cruze hatchbacks it sells domestical­ly. Hours later, Trump claimed credit after Ford said it would expand vehicle production in Flat Rock, Mich.

The choice of Robert Lighthizer to be the United States' trade representa­tive nearly completes Trump's selection of top economic advisors and, taken together with the president-elect's running commentary on Twitter, underscore­s Trump's focus on making things in America. That is causing unease among some Republican­s who regard Trump's views on trade as dangerousl­y retrograde, even as they embrace the bulk of his economic agenda. Mainstream economists warn that protection­ist policies like import taxes could impose higher prices on consumers and slow economic growth.

But some Democrats are signaling a readiness to support Trump. Nine House Democrats held a news conference Tuesday with the AFL-CIO president, Richard Trumka, to urge renegotiat­ion of the North American Free Trade Agreement with Mexico and Canada.

"We wanted him to know that we'll work with him on doing that," Trumka President-elect Donald Trump said on Wednesday he intends to nominate Jay Clayton to run the Securities and Exchange Commission, potentiall­y positionin­g a top lawyer to banks and hedge funds to lead Wall Street’s main regulator, said a person with knowledge of the matter. Clayton, who met with Trump last month, has represente­d Goldman Sachs Group Inc and investment firms ranging from Och-Ziff Capital said. "I don't think he has enough Republican support to do it, and rewriting the rules of trade is a necessary first step in righting the economy for working people."

Trump and his top advisors on trade, including Lighthizer, share a view that the United States in recent decades prioritise­d the ideal of free trade over its own Management Group LLC to Oaktree Capital Group LLC, according to Sullivan & Cromwell’s website. Much of his legal work has involved mergers and acquisitio­ns, as well as representi­ng firms facing US investigat­ions. self-interest. They argue that other countries are underminin­g America's industrial base by subsidizin­g their own export industries while impeding American importers. They regard this unfair competitio­n as a key reason for the lackluster growth of the economy.

 ?? PHOTO: AP/PTI ?? Ford President and CEO Mark Fields announced on Tuesday that he has cancelled plans to build a $1.6-billion factory in Mexico and will invest $700 million in a Michigan plant to build new electric and autonomous vehicles.
PHOTO: AP/PTI Ford President and CEO Mark Fields announced on Tuesday that he has cancelled plans to build a $1.6-billion factory in Mexico and will invest $700 million in a Michigan plant to build new electric and autonomous vehicles.

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