Member Briefing January 21, 2025
Donald Trump Inaugurated as 47th President of the United States – Promises ‘Revolution of Common Sense”
Donald Trump was sworn in as the 47th president Monday, promising a “revolution of common sense” and taking charge as Republicans assume unified control of Washington and set out to reshape the country’s institutions. Trump, who overcame impeachments, criminal indictments and a pair of assassination attempts to win another term in the White House, will act swiftly after the ceremony, with executive orders already prepared for his signature to clamp down on border crossings, increase fossil fuel development and end diversity and inclusion programs across the federal government.
Declaring that government faces a “crisis of trust,” Trump said in his inaugural address that under his administration “our sovereignty will be reclaimed. Our safety will be restored. The scales of justice will be rebalanced.” The executive orders are the first step in what Trump will call “the complete restoration of America and the revolution of common sense.”
Trump Trade Memorandum Won’t Impose New Tariffs On Day One
President-elect Donald Trump is poised to sign a flurry of executive orders as soon as he’s sworn in, but imposing tariffs on U.S. trading partners won’t be one of the actions Monday. Trump is set to issue a broad trade memorandum Monday that directs federal agencies to study and assess unfair trade practices and currency policies with other nations, especially China, Canada and Mexico. However, the memo stopped short at slapping any new duties on the countries.
The Wall Street Journal first reported on Trump’s move to hold off on imposing tariffs on his first day in the White House. The president-elect’s plan on trade could be evolving from what he touted on the campaign trail. His camp has been discussing a schedule of graduated tariffs increasing by about 2% to 5% a month on trading partners, Bloomberg News reported last week.
Fed Drops Out Of Global Central Bank Green Push
A global effort by central banks to join the fight against climate change has hit a major hurdle with the U.S. Federal Reserve's decision to leave a club devoted to policing environmental risk in finance. The Fed said on Friday it would quit the Network for Greening the Financial System (NGFS) because it had "broadened in scope, covering a wider range of issues that are outside of the (Fed's) statutory mandate".
Launched in 2017, the global body of central banks and regulators has mostly produced reports, including climate scenarios that supervisors use when estimating the effects of climate change on the economy and financial sector. Without the Fed, the biggest and most influential of the 143 members of the Paris-based NGFS is the European Central Bank. Under President Christine Lagarde, it has incorporated climate change both in its monetary policy, via a short-lived tweak to its bond purchases, and in its work as supervisor of the 20-country euro zone's top banks. But the ECB's activist stance on climate has been criticised by some European politicians and even a central banker.
Global Headlines
Middle East
- Gazans Tell Of Shock As Thousands Return To Devastated Homes On Second Day Of Ceasefire – BBC
- Gaza Ceasefire: Photos Show Released Hostages Reunite With Families - Newsweek
- Trump's Middle East Envoy Is Considering A Visit To The Gaza Strip Amid Ceasefire Deal - NBC
- Gazans Begin Searching For People Under Rubble On Day Two Of Ceasefire - Reuters
- Geostrategic Games Behind The Hostage Deal - Forbes
- Yemen’s Houthis Signal They’ll Now Limit Their Attacks In The Red Sea Corridor To Israeli Ships - AP
- First Palestinian Prisoners And Israeli Hostages Freed As Gaza Ceasefire Takes Force - CNN
- Flow Of Aid To Gaza Could Take Time, Warns International Rescue Chief - Reuters
- Interactive Map- Israel’s Operation In Gaza – Institute For The Study Of War
- Map – Tracking Hamas’ Attack On Israel – Live Universal Awareness Map
Ukraine
- Ukraine Detains Two Generals Accused Of Negligence In Defending Against Russian Offensive – Reuters
- Inside an Elite Ukrainian Unit’s Mission to Capture a North Korean Soldier - WSJ
- North Korean Troops Thought Ukraine War Was an Exercise - Newsweek
- Russia’s 1950s BTR-50s Are Lightly Armed, Thinly Protected—And Increasingly Precious As Newer Vehicles Run Out - Forbes
- Russia Map Shows Critical Infrastructure Blasted by Ukraine This Week - Newsweek
- U.S. LNG Sales To Ukraine Transform Global Energy Picture - Forbes
- Interactive Map: Assessed Control Of Terrain In Ukraine – Institute For The Study Of War
- Map – Tracking Russia’s Invasion Of Ukraine – Live Universal Awareness Map
Other Headlines
- California Wildfire Updates: Extreme Winds Forecasted As Palisades Fire 59% Contained - Forbes
- Trump’s Gas Boom Pledge Is Good For Europe. If He Can Deliver. – Politico
- Colombian Drug Gang Violence Kills 60 People - BBC
- EU Industry Chief Warns Trump: Trade War Won’t Let Us Hit Defense Spending Target - Politico
- Brexit Puffin Protection Fishing Row Heads For Trade Court Showdown - BBC
- US B-1B Bombers Deployed to West Pacific Air Base - Newsweek
- International reaction to Trump's inauguration - Reuters
- China Signals It Is Open to a Deal Keeping TikTok in U.S. - WSJ
Policy and Politics
Trump’s Agenda Is About To Remake Everything From Immigration To Taxes To Education
President Donald Trump has promised to conduct the largest deportation operation in U.S. history, impose new tariffs on some of America’s closest allies, freeze climate-related regulations, remake federal health agencies and abandon legal protections for transgender students. Trump is signed executive orders throughout the day, including those about federal employees, diversity programs, birthright citizenship, gender identity and declaring a national energy emergency.
Trump has also tapped a slate of nominees more loyal than those recruited to his first administration and surrounded himself with staff that have had four years to study the hurdles of his previous White House — a combination some in the president’s orbit believe will move his agenda much faster this time. Here’s a look at nine issues that’ll dominate the Trump presidency — what the president is proposing, and what’s actually possible.
Big Wins Are Far Off As Republicans Take Control Of Washington.
Even as the GOP takes unified control of the House, Senate and White House on Monday, congressional leaders are facing doubts about just how quickly they will be able to deliver major wins for Donald Trump. Their legislative plans are highly unsettled, and the clock is ticking toward distracting fights over federal spending and the debt limit. And when it comes to the heart of Trump’s agenda — a sprawling party-line effort encompassing border, energy and tax policy — key strategic questions remain in flux.
Under the most ambitious timeline put forth by Speaker Mike Johnson, it will be Memorial Day before that bill lands on Trump’s desk. Deeply skeptical Senate Republicans are readying their own conflicting plans in case the House falters. Some smaller wins are at hand: Thanks to some Democratic cooperation in the Senate, Republicans expect to send a relatively small-bore immigration bill to Trump this week. The Senate will churn through confirmations of Trump’s Cabinet and other nominees. And both chambers are hoping to use Congressional Review Act powers to claw back key Biden administration rules, something GOP leaders hope will help calm antsy conservatives.
New York State Lawmakers Awaiting Governor Hochul’s Budget Proposal After State Of The State Address
Governor Hochul spent the weeks leading up to Tuesday’s speech outlining her so-called “affordability agenda.” Hochul presented some proposals that would support working- and middle-class families including a tax cut for joint filers earning under $320,000 as well as “inflation refund” checks for more than 8 million New Yorkers. Republican Assemblywoman Mary Beth Walsh of the 112th district says she wants to know how these programs will be funded before getting behind them. The Governor is expected to present her FY 2026 Budget on Wednesday.
“She’s talking about the inflation refund, the $300 or $500 checks that are going to go out to people. To me, that just sort of strikes me as gimmicky. And I think if you go to the grocery store or you pay your National Grid bill or whatever in a given month, that’s going to eat all of that up. I appreciate the effort that she’s trying to make I don’t know how she’s planning on paying for it. If you’re going to do a sweeping tax cut on the middle class, somebody’s got to pay for that,” said Walsh. Democratic state Assemblywoman Carrie Woerner represents the 113th district. She applauds Hochul’s focus on mental health. She says she would have liked to hear the governor focus on supporting healthcare infrastructure in the rural parts of her district.
Transition 2024
- Trump Inauguration Photos: Trump Sworn In – Forbes
- Upstaters Head To The 2nd Inauguration Of Donald Trump – NY State Of Politics
- Trump PardonsNearly All 1,500 January 6th Rioters - WSJ
- Meet The Billionaires Who Attended Trump’s Inauguration: Musk, Zuckerberg, Bezos And More - Forbes
- Trump Administration Sued Over DOGE As Soon As Swearing-In Over – The Hill
- Biden Issues Last-Minute Pardons to Fauci, Others Ahead of Trump Inauguration – WSJ
- Trump Tells NBC Fauci, Jan. 6 Committee Pardons ‘Disgraceful’ – The Hill
- Biden Pardons Five Members Of His Family, Including His Brothers - Reuters
- Acting Defense Secretary Sworn In As Hegseth Awaits Confirmation – The Hill
- Joe Biden Departs Washington As Ex-President - Politico
- Thousands Protest In Washington Against Trump As He Prepares For Inauguration - BBC
Health and Wellness
What Can’t GLP-1s Do? Study Maps Benefits While Warning Of Uncommon Risks
GLP-1 drugs like Ozempic have swept the world as effective therapies for far more than their original target of diabetes. Widely prescribed and wildly popular, particularly for the unprecedented weight loss they confer, they’ve shown promise in myriad organ systems. Widespread use of the drugs allows a broader and deeper look at what this class can do — both benefits and risks. A new observational study catalogs 42 ways GLP-1s may help and 19 ways they may harm health.
Compared to usual care, GLP-1RA use was associated with a reduced risk of substance use and psychotic disorders, seizures, neurocognitive disorders (including Alzheimer’s disease and dementia), coagulation disorders, cardiometabolic disorders, infectious illnesses and several respiratory conditions. There was an increased risk of gastrointestinal disorders, hypotension, syncope, arthritic disorders, nephrolithiasis, interstitial nephritis and drug-induced pancreatitis associated with GLP-1RA use compared to usual care. The results provide insights into the benefits and risks of GLP-1RAs and may be useful for informing clinical care and guiding research agendas.
Industry News
IMF Sees Steady Global Growth, But Warns That Trump Tariff Plans Cloud Outlook
The International Monetary Fund expects the world economy to grow a little faster and inflation to keep falling this year. The Washington-based lending agency expects the world economy to grow 3.3% this year and next, up from 3.2% in 2024. But in a blog post that accompanied the release of the IMF’s latest World Economic Outlook report, the fund’s chief economist, Pierre-Olivier Gourinchas, wrote that the policies Trump has promised to introduce “are likely to push inflation higher in the near term.’’
- The IMF expects U.S. growth to come in at 2.7% this year, a hefty half percentage point upgrade from the 2.2% it had forecast in October.
- The IMF expects the 20 countries that share the euro currency to collectively grow just 1% this year, up from 0.8% in 2024 but down from the 1.2% it was expecting in October.
- The Chinese economy, No. 2 in the world, is forecast to decelerate – from 4.8% last year to 4.6% in 2025 and 4.5% in 2026.
- The IMF forecasts came out a day after its sister agency, the World Bank, predicted global growth of 2.7% in 2025 and 2026, same as last year and 2023.
Boeing 777X Test Flights Restart
Boeing is conducting flight tests for its new 777 series commercial jets for the first time in five months, according to multiple reports. The tests were suspended last summer when structural defects were found on the four 777X aircraft being used to gain certification for the updated widebody aircraft. The Boeing 777X is a twin-engine, widebody aircraft that updates the current 777 series to offer greater flight range and higher seating capacity, with a wider span for its composite wing structures and folding wing tips to ensure the jets can service current airport facilities. Boeing has promoted the 777X as “the world’s largest and most efficient twin-engine jet”.
The new 777 was introduced more than a decade ago, with delivery first set for 2020. That date was postponed to 2022 due to certification requirements and delays in flight testing. The date was later set to 2024 and 2025, and when the pause was called last August Boeing rescheduled the date to 2026, which continues to be the target. The 777X is one of three new aircraft Boeing hopes to have pass airworthiness certification in 2025, along with the 737 MAX 7 and MAX 10. As it is centered in Everett, the 777 program was impacted by striking International Assn. of Machinist workers during September and October 2024.
Read more at American Machinist
The Battle for Recovery Supplies Is On in a Disaster-Strewn America
A battle for disaster recovery resources is poised to erupt across the U.S. The vast scale of Los Angeles’s wildfire damage is coming into view, while devastated cities on the other coast are just starting to rebuild after back-to-back hurricanes ravaged the Southeast last fall. Rarely have so many cities ruined by natural disasters attempted to rebuild around the same time. Hurricane reconstruction efforts are under way in North Carolina, Florida, Georgia, South Carolina, Virginia and Tennessee. Soon, Los Angeles County will be starting to rebuild.
Cities in rebuilding mode are now all vying for specialized construction labor, scarce building materials and custom home appliances. Competition for resources would likely slow the pace of recovery for all the cities, some home builders and developers said. Builders may not experience all these shortages immediately. Insurance negotiations, permitting approvals and other parts of the recovery process are likely to be a long slog. That can prevent rebuilding projects from breaking ground all at once, allowing local supply chains and labor forces to keep up.
Beaten Down Under Biden, Big Pharma Hopes for New Chapter Under Trump
After decades of wielding significant influence in Washington, the pharma lobby suffered a major blow when the Biden administration pushed through Medicare’s drug-price negotiation law. Now as Donald Trump takes office, the industry is cautiously optimistic that its fortunes might finally begin to shift—or at least not get any worse. At last week’s annual JPMorgan Healthcare Conference in San Francisco, industry executives pointed to Trump’s promises to cut taxes and to crack down on pharmacy-benefit managers as evidence that his policies might benefit the industry as a whole.
While Trump’s victory and his decision to name Robert F. Kennedy Jr. as his top health official initially unsettled executives and investors, many are now warming up to the new administration. No one is betting that Trump will suddenly fall in love with big pharma. During his first administration he repeatedly railed against the industry and tried to pass a rule linking some Medicare drug prices to international drug prices. But at this point an unpredictable leader, some argue, is better than a predictably unfriendly one.
The List Of World Leaders Not Attending Davos Speaks Volumes
It’s that time of year when the great and the good gather for the annual World Economic Forum in Davos, Switzerland. A slew of heads of state, politicians and business moguls are set to attend the four-day event in the Alpine resort — but what might be more telling is which leaders are sidestepping the forum. While Donald Trump, who is being inaugurated as U.S. president on Monday, is expected to address the forum via live video link on Thursday, a number of key leaders will be completely absent from the event.
These include Indian Prime Minister Narendra Modi and Chinese President Xi Jinping, as well as French President Emmanuel Macron, Italy’s leader Giorgia Meloni and British Prime Minister Keir Starmer. Of the Group of Seven (G7) industrialized nations — which includes the U.S., Europe’s biggest economies, Canada and Japan — the only head of state attending the summit in person is outgoing German Chancellor Olaf Scholz. There is often no official reason given for a lack of participation in WEF, but pressing domestic problems — ranging from slowing economic growth to political crises — are known to keep heads of government at home.
Why Tech Companies Like Amazon, Google And TSMC Are Flocking To Phoenix
Tech might not be the first thing that comes to mind when one pictures Phoenix. But its growth into an innovation hub has been quietly playing out over several decades. Arizona’s largest city has, for a variety of reasons, become the epicenter for semiconductor manufacturing, and testing self-driving cars and drones. “If we look at cities that really do end up becoming these, you know, important technology hubs, there are really four things that we usually see, and Phoenix really has all of them going,” said Anne Hoecker, global head of technology at Bain Global. “The first is a favorable business environment. The second really is that ecosystem of other companies. The next is really close proximity to a university that has a strong engineering program. And then finally it is that availability of talent.”
Technology companies have flocked to the city to capitalize on those perks. Taiwan Semiconductor Manufacturing Company, or TSMC, is among the biggest. TSMC makes the most advanced chips in the world, and has pledged to invest $65 billion in the greater Phoenix area. The chipmaker initially held discussions with the city of Phoenix in 2016, when it was looking to grow its advanced chip manufacturing beyond Taiwan. In order to secure the bid, the Greater Phoenix Economic Council spent three years conceptualizing a science and technology park to meet the needs of the company. The project, once complete, expects to bring in about 62,000 jobs surrounding and including TSMC.
Hearing On Nippon Steel's Lawsuit Over U.S. Steel Bid Set For Feb-March, Kyodo Says
The trial for Nippon Steel Corp.'s lawsuit seeking to nullify U.S. President Joe Biden's decision to block its $14.1 billion takeover of United States Steel Corp. is set to begin in early February, court documents obtained by Kyodo News showed Monday. The opening brief will be filed by the Nippon Steel side on Feb. 3, with both the plaintiffs and defendants scheduled to finish making their claims in the U.S. Court of Appeals for the District of Columbia Circuit by March 17, according to the documents.
Photo taken on Jan. 12, 2025, shows the building that houses the headquarters of Nippon Steel Corp. in Tokyo. The administrative lawsuit is expected to end before June 18, the date by which the U.S. government is asking Nippon Steel to abandon the takeover plan, as the court decision is usually made one to two months after the exchange of pleadings, according to legal experts. Nippon Steel also filed a separate civil suit against rival Cleveland-Cliffs Inc., its chief executive and United Steelworkers union leader David McCall earlier at the U.S. District Court for the Western District of Pennsylvania, saying they colluded to block its acquisition of U.S. Steel.
Stunning ‘Planet Parade’ Visible In Night Sky This Week — How To See It
Four planets are visible in the night sky immediately after sunset, with Venus and Saturn in the southwest, Jupiter high in the southeast and Mars in the east. The best time to look is about 45 minutes after sunset when you are, until around three hours later, when Venus and Saturn will set in the west. Venus and Saturn are in close conjunction this weekend. On Saturday, Jan. 18, they will get to within two degrees of each other. Venus—the second brightest object in the night sky after the moon—will shine 110 times brighter than Saturn.
It's not correct to call the gathering of planets an alignment. “Planets always appear along a line in the sky, so the ‘alignment’ isn’t special,” wrote Preston Dyches, Public engagement specialist at NASA, in a blog post. “These multi-planet viewing opportunities aren’t super rare, but they don’t happen every year, so it’s worth checking it out.” There are two other planets in the night sky, though neither is bright enough to be without a telescope. Neptune is just above Venus and Saturn, while Uranus is just above Jupiter.