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How major US stock indexes fared Wednesday, 11/27/2024A federal appeals court panel on Friday unanimously upheld a law that could lead to a ban on TikTok in a few short months, handing a resounding defeat to the popular social media platform as it fights for its survival in the U.S. The U.S. Court of Appeals for the District of Columbia Circuit denied TikTok's petition to overturn the law — which requires TikTok to break ties with its China-based parent company ByteDance or be banned by mid-January — and rebuffed the company's challenge of the statute, which it argued had ran afoul of the First Amendment. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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WASHINGTON — President Joe Biden on Tuesday took credit for building a strong economy out of the ruins of the COVID-19 pandemic — just in time for him to turn it over to President-elect Donald Trump , who is already threatening tariffs that would likely weaken it and bring back inflation. “The bottom line is, in four short years, we’ve come a long way ... from the crisis we inherited,” Biden said in a speech at the Brookings Institution think tank. “I’m not saying it was perfect, but it ends up at this moment the best economy, strongest economy in the world and, for all Americans, doing better.” The Democrat cited the jobs created under his administration, as well as clean energy and infrastructure projects begun all over the country, and said he hoped the man who both preceded him and will succeed him in the Oval Office does not undo them or follow through with his promised tariffs. “He seems determined to impose steep universal tariffs on all imported goods brought to this country, on the mistaken belief that foreign countries will bear the cost of those tariffs rather than the American consumer,” Biden said. “Who does he thinks pays for this? I believe this approach is a major mistake.” Trump, though, appears unlikely to heed that warning. Just after midnight Tuesday, he mockingly called Canadian Prime Minister Justin Trudeau the “Governor” of Canada, which he called a “State.” During Trudeau’s visit days earlier to the Republican’s South Florida country club home, Trump had reportedly told his guest that if he didn’t want tariffs imposed on Canada, his country should consider joining the U.S. as a new state. “I look forward to seeing the Governor again soon so that we may continue our in depth talks on Tariffs and Trade, the results of which will be truly spectacular for all!” Trump wrote on his Truth Social platform. For the three years before the pandemic was declared in 2020, Trump claimed — falsely — that he had brought about the best economy in American history. In fact, it was about the same or, by some measures, not quite as strong as the one built under his predecessor Barack Obama in his second presidential term. More jobs were created in Obama’s final three years than in Trump’s first three. Obama had come into office amid a deep recession caused by 2008’s global economic crisis but, by the time he left, was overseeing an economy with moderate but steady growth, negligible inflation and low unemployment. Similarly, Biden took office just past the nadir of the pandemic, with vaccine distribution just having started but thousands of Americans still dying per day. Just over half of the more than 20 million jobs lost early in the pandemic had come back, but unemployment still stood at over 6%. Four years later, all of the lost jobs have been recovered and 7 million more created. The high inflation that struck during the recovery is back down and near prepandemic levels, and unemployment is close to historic lows. Still, voters made it clear throughout the 2024 presidential election that they preferred their memories of Trump’s economy to what they saw as Biden’s economic realities. The president’s attempts to sell “Bidenomics” in the summer of 2023 flopped, and after Vice President Kamala Harris took his spot in the White House race, the Democratic campaign largely stopped trying to sell the public on Biden’s accomplishments. Many voters felt their wages had not kept up with the rising costs of groceries and housing. Though official measurements are complicated, they broadly show that this was true in 2021 and 2022 but not true for the latter two years of Biden’s presidency. Nonetheless, Trump, once again, will be handed a strong economy as he enters office. Early in his first term, he quickly began claiming that the economy he’d been criticizing as horrendous during his campaign was instead the best the country had seen in ages. It’s unclear whether and when Trump might start claiming that the current economy, which he similarly suggested was horrible in this year’s campaign, is instead terrific, all thanks to him. But what is clear is his intent to impose tariffs on foreign goods, on an even larger scale than he did the first time around. In his initial term, Trump imposed tariffs on steel and aluminum to help American makers of those metals, but set a wide range of tariffs on products from China, which in turn triggered retaliatory tariffs on American goods. That hurt both farmers and manufacturers, and caused business investment to fall for two straight quarters in 2019, a warning sign of an impending recession. Trump’s administration was scrambling to unwind the trade war ahead of the 2020 election when the pandemic began and sent the economy into free fall. This time, Trump is vowing tariffs against China again, as well as possibly imposing tariffs on Mexico and Canada — the two largest trading partners of the U.S. — in apparent violation of the trade agreement that he himself once signed. Don't let this be the end of the free press. The free press is under attack — and America's future hangs in the balance. As other newsrooms bow to political pressure, HuffPost is not backing down. Would you help us keep our news free for all? We can't do it without you. Can't afford to contribute? Support HuffPost by creating a free account and log in while you read. You've supported HuffPost before, and we'll be honest — we could use your help again . We view our mission to provide free, fair news as critically important in this crucial moment, and we can't do it without you. Whether you give once or many more times, we appreciate your contribution to keeping our journalism free for all. You've supported HuffPost before, and we'll be honest — we could use your help again . We view our mission to provide free, fair news as critically important in this crucial moment, and we can't do it without you. Whether you give just one more time or sign up again to contribute regularly, we appreciate you playing a part in keeping our journalism free for all. Already contributed? Log in to hide these messages. Biden’s top economic adviser, Jared Bernstein, said implementing across-the-board tariffs would certainly reverse the positive trends in the economy and bring inflation. “How quickly does that happen? Quite quickly,” he told reporters at the White House, adding that it would be a matter of months, not quarters. “The president’s speech today is the best advice I can give to any member of the incoming president’s economic team,” Bernstein said. Related From Our PartnerJimmy Carter had the longest post-presidency of anyone to hold the office, and one of the most active. Here is a look back at his life. 1924 — Jimmy Carter was born on Oct. 1 to Earl and Lillian Carter in the small town of Plains, Georgia. 1928 — Earl Carter bought a 350-acre farm 3 miles from Plains in the tiny community of Archery. The Carter family lived in a house on the farm without running water or electricity. 1941 — He graduated from Plains High School and enrolled at Georgia Southwestern College in Americus. 1942 — He transferred to Georgia Institute of Technology in Atlanta. 1943 — Carter’s boyhood dream of being in the Navy becomes a reality as he is appointed to the U.S. Naval Academy in Annapolis, Maryland. 1946 — He received his naval commission and on July 7 married Rosalynn Smith of Plains. They moved to Norfolk, Virginia. 1946-1952 — Carter’s three sons are born, Jack in 1947, Chip in 1950 and Jeff in 1952. 1962-66 — Carter is elected to the Georgia State Senate and serves two terms. 1953 — Carter’s father died and he cut his naval career short to save the family farm. Due to a limited income, Jimmy, Rosalynn and their three sons moved into Public Housing Apartment 9A in Plains. 1966 — He ran for governor, but lost. 1967 — Jimmy and Rosalynn Carter’s fourth child, Amy, is born. 1971 — He ran for governor again and won the election, becoming Georgia’s 76th governor on Jan. 12. 1974 — Carter announced his candidacy for president. 1976 — Carter was elected 39th president on Nov. 2, narrowly defeating incumbent Gerald Ford. 1978 — U.S. and the Peoples’ Republic of China establish full diplomatic relations. President Carter negotiates and mediates an accord between Egypt and Israel at Camp David. 1979 — The Department of Education is formed. Iranian radicals overrun the U.S. Embassy and seize American hostages. The Strategic Arms Limitations Treaty is signed. 1980 — On March 21, Carter announces that the U.S. will boycott the Olympic Games scheduled in Moscow. A rescue attempt to get American hostages out of Iran is unsuccessful. Carter was defeated in his bid for a second term as president by Ronald Reagan in November. 1981 — President Carter continues to negotiate the release of the American hostages in Iran. Minutes before his term as president is over, the hostages are released. 1982 — Carter became a distinguished professor at Emory University in Atlanta, and founded The Carter Center. The nonpartisan and nonprofit center addresses national and international issues of public policy. 1984 — Jimmy and Rosalynn Carter volunteer one week a year for Habitat for Humanity, a nonprofit organization that helps needy people in the United States and in other countries renovate and build homes, until 2020. He also taught Sunday school in the Maranatha Baptist Church of Plains from the mid-’80s until 2020. 2002 — Awarded the Nobel Peace Prize. 2015 — Carter announced in August he had been diagnosed with melanoma that spread to his brain. 2016 — He said in March that he no longer needed cancer treatment. 2024 — Carter dies at 100 years old. Sources: Cartercenter.org, Plains Historical Preservation Trust, The Associated Press; The Brookings Institution; U.S. Navy; WhiteHouse.gov, GallupNEW YORK (AP) — New York City Mayor Eric Adams appears open to switching parties to become a Republican, as he declined to rule out a future change in political allegiances during a pair of interviews Friday that came as he has increasing warmed to President-elect Donald Trump. The comments from Adams, the top Democrat in one of the country's most liberal cities, riled critics who have grown concerned over the mayor's increasing willingness to throw his support behind Trump and his hardline immigration policies. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.