Tariffs Become Trump’s Miracle Cure

David Axelrod is pushing for U. S. Ambassador to Japan Rahm Emanuel to become the new chair of the Democratic National Committee, The Hill reports. Said Axelrod: “He is the most skillful, political kind of infighter in the Democratic Party… He’s been a member of Congress, he’s been White House chief of staff, he’s been the mayor of Chicago.

House Minority Leader Hakeem Jeffries (D-NY) conceded to his members that Democrats are unlikely to win back the House and took responsibility for the outcome, Axios reports. According to one Democratic lawmaker in the room, “everyone shouted ‘no’ when he accepted total responsibility but he was steadfast and classy.” NBC News: Republicans win the House, as Trump’s party takes full control of Washington.

“Donald Trump’s election win is clouding the outlook for mortgage rates even before he gets back to the White House,” the AP reports. “The president-elect campaigned on a promise to make homeownership more affordable by lowering mortgage rates through policies aimed at knocking out inflation. But his proposed economic agenda could potentially set the stage for mortgage rates to move higher.”

“Billionaire hedge fund manager Scott Bessent was all but certain to be named Treasury secretary in President-elect Donald Trump’s new administration Tuesday morning, but his appointment now hangs in the balance as another contender is making a last-ditch effort to land the job,” Fox Business reports. “The contender – CEO of investment bank Cantor Fitzgerald and Trump’s transition co-chair Howard Lutnick – is said to be ‘campaigning hard’ behind the scenes to get the coveted role over Bessent, stalling any announcement.”

Wall Street Journal: “From Beijing’s perspective, it could have been worse. People who consult with senior Chinese officials say that for now at least, Beijing is relieved that several Republicans considered particular threats by the Communist Party, including former Secretary of State Mike Pompeo, aren’t in the mix.” Curiously, Trump had not yet formally announced his pick of Rubio.

Sen. Roger Wicker (R-MS), the top Republican on the Senate Armed Services Committee, told CNN he doesn’t have any concerns about Fox News host Pete Hegseth’s qualifications to run the Department of Defense. Said Wicker: “No, I don’t have concerns. I’m delighted at the prospect of working with.”