Trump Chooses Elon Musk and Vivek Ramaswamy to Lead a New Advisory Body Overseeing Government Efficiency
President-elect Donald Trump announced his selection of businessman Elon Musk and former presidential candidate Vivek Ramaswamy to lead a new advisory institution named the “Department of Government Efficiency.
” This non-governmental body will provide advice and guidance to the government without operating under its authority.
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Trump
In a statement, Trump explained that this move aims to enhance the effectiveness of the U.S. administration through the new entity’s collaboration with the White House and the Office of Management and Budget to carry out structural reforms and establish an unprecedented entrepreneurial approach in government.
In a comment on his “X” account, Musk remarked that the “Department of Government Efficiency” poses a “threat to bureaucracy,” emphasizing that the goal is not to undermine democracy but to improve government operational efficiency.
Samsung
Samsung Shares Hit a 4-Year Low Amid Concerns Over Trump’s Trade Policies
Its Electronics shares plunged to their lowest level in over four years, dropping by 4.53% to close at 50,600 South Korean won (USD 36.12) on Wednesday. This decline is attributed to growing concerns over potential global trade tensions due to President-elect Donald Trump’s policies, particularly regarding higher tariffs on Chinese imports.
This drop in Samsung’s stock reflects the increasing market anxiety over how U.S. trade policies might affect major tech companies, especially those heavily reliant on Asian markets.
Japan
Japanese Stocks Plunge Amid Fears of Accelerating Inflation and Potential Rate Hikes
Japanese stocks fell sharply at the close of trading on Wednesday,
driven by faster-than-expected growth in Japan’s Producer Price Index (PPI) for October,
raising concerns that the Bank of Japan might hike interest rates again.
According to data released this morning, the PPI increased by 3.4% in October,
surpassing forecasts that predicted a slowdown to 2.9% following a 3.1% rise in September.
This increase is due to the weakening yen, which has raised import costs for some goods.
As a result, the Nikkei 225 index fell by 2.79%, marking its worst daily performance in a week.
It is worth noting that the rise in the PPI might prompt the Bank of Japan to reconsider its monetary policy,
particularly regarding interest rates, to combat growing inflationary pressures.
Trump Chooses Elon Musk and Vivek Ramaswamy