Trump’s threat to impose tariffs on Mexico, Canada and China sends global markets into turmoil: Live updates

The attorney claimed that “ego” and a craving to get commissions on placed ads motivated large parts of the spending spree.

Nearly one month after he won the 2024 presidential election, President-elect Donald Trump and his team have reached a deal to formally begin the transition process while avoiding the use of any federal resources or taxpayer dollars.

Andrew Feinberg reports from West Palm Beach, Florida.

Keir Starmer has hit back at Donald Trump’s tariff threats with an apparent warning one million Americans working for British companies stand to be affected.

Kate Devlin and David Maddox report from London.

Ryan Routh penned the letter from a federal detention center in Miami and addressed it to a Politico reporter prior to the presidential election.

Rhian Lubin has the story.

The Trump-Vance Transition Team released the following statement after signing a memorandum of understanding with the outgoing Biden administration.

• The Transition will not utilize taxpayer funding for costs related to the transition, which is consistent with President Trump’s commitment to save taxpayers’ hard-earned money,
• The Transition will not use government buildings or technology provided by GSA and will operate as a self-sufficient organization. This organizational autonomy means a streamlined process that guarantees the Trump Administration is ready on Day 1.
• The Transition already has existing security and information protections built in, which means we will not require additional government and bureaucratic oversight.
• The Transition has an existing Ethics Plan for those involved, which will meet the requirements for personnel to seamlessly move into the Trump Administration. Pursuant to the Transition Enhancement Act, that Ethics Plan will be posted to the website of the General Services Administration website.
• The Transition landing teams will quickly integrate directly into federal agencies and departments with access to documents and policy sharing.
• Per the agreement, the Transition will disclose the landing team members to the Biden Administration.
• The agreement dictates that the Trump-Vance Transition will utilize private funding, again, providing cost savings to American taxpayers. Donors to the Transition will be disclosed to the public. Consistent with Transition policy already in place, the Transition will not accept foreign donations.

In conversation with former House speaker Kevin McCarthy this morning, CNBC host Joe Kernen sounded the alarm about Donald Trump’s economic proposals: “Don’t a lot of things have to go right for us not to reignite inflation?”

Half a million Cubans, Haitian, Nicaraguans and Venezuelans were welcomed by President Joe Biden using a legal tool known as humanitarian parole, granted for seven decades by Republican and Democratic administrations to people unable to use standard immigration routes because of time pressure or their government’s poor relations with the U.S.

President-elect Donald Trump appears certain to dismantle this legal tool, saying during his campaign that he would end the “outrageous abuse of parole.”

The Georgia populist, who is never short of a wild conspiracy theory, took to X on Monday to respond to a thinly-sourced post by conservative influencer Mario Nawfal on the Russia-Ukraine war.

Trump has announced that Canada and Mexico could soon see a 25 percent tariff added to all imported goods while China could face an additional 10 percent tariff – something Trump says is part of an effort to curtail “crime and drugs” coming into the U.S. and slow the number of illegal border crossings.

Though tariffs are designed to promote domestic production and purchasing by taxing imported goods, the increase in cost typically falls on consumers, not foreign governments.