2 haha
BUFFALO — The year started with a bang. In January, Gov. Kathy Hochul named UB the home of Empire AI, a new $400 million supercomputing center that will provide UB and partners with breathtakingly powerful resources to harness artificial intelligence for the betterment of society. An avalanche of advancements – all pointing towards UB’s leadership in AI, in New York State and nationwide – followed the governor’s announcement. With interest in AI surging globally, these advancements showcase and build upon UB’s impressive half-century of expertise in AI research and education. They also hint at a brighter future, where AI’s uncanny abilities merge with human ingenuity to tackle society’s greatest challenges. “Traditionally, colleges and universities are at the epicenter of life-changing research and ideas,” said Venu Govindaraju, vice president for research and economic development. “The University at Buffalo is pushing the boundaries of artificial intelligence and data science in fields that are critical to the state’s and nation’s future.” As 2024 comes to a close, here’s a look back at what has been a year of AI at UB. January UB researchers have been laying the groundwork for today’s boom in artificial intelligence for decades. This includes pioneering work creating the world’s first autonomous handwriting recognition system, which the U.S. Postal Service and Royal Mail adopted to save billions of dollars. Those innovations explain, in part, why Gov. Kathy Hochul chose UB to be the home of Empire AI, a consortium of public and private universities, and foundations, that will harness AI for the public good while driving economic development. “We want to make sure New York State is the capital of AI development ... but I need a home for this supercomputer that’ll power the innovation all over our state. And I’m proud to announce that the home will be right here at [UB],” Hochul said Jan. 26 at the Center for the Arts. Earlier in the month, during her State of the State address in Albany, the governor spotlighted UB student Holliday Sims for her work using AI to improve the child welfare system. February UB was chosen to join the federal government’s first-ever consortium dedicated to ensuring that AI systems are safe and trustworthy. Announced Feb. 8, the U.S. AI Safety Institute Consortium (AISIC) includes government agencies and top research universities, as well as Microsoft, Apple, Google, OpenAI and other tech companies. AISIC will create standards for AI usage that protect Americans’ privacy; advance equity and civil rights; and promote innovation and competition. Weeks later, UB was among 28 new members to join AI Alliance, an international coalition led by IBM and Meta that is dedicated to promoting open, safe and responsible AI. March On a beautiful spring day, engineering professor Chase Murray and students took to the skies at UB’s Structure for Outdoor Autonomy Research, one of the largest outdoor drone-testing labs among the nation’s colleges and universities. Murray uses AI and other technologies to optimize how autonomous vehicles work together – research that has implications in logistics, search-and-rescue, surveillance and more. Elsewhere, researchers in UB’s Institute for Artificial Intelligence and Data Science kept tabs on their AI system that aims to improve indoor farming and address food insecurity. And another research group began using AI to make algae fuel production more cost-effective. The projects illustrate UB’s commitment to sustainability and social justice. April April brought Senate Majority Leader Charles Schumer and Sethuraman Panchanathan, director of the National Science Foundation, to campus. The occasion? “Today, we’re here to celebrate something truly amazing: the opening of the new, $20 million, federally funded National AI Institute for Exceptional Education, and it’s going to be housed right here at UB,” said Schumer. Funded by the NSF and Department of Education, the institute will create AI systems that ensure children with speech and language disorders receive timely, effective assistance. The work, which addresses the nationwide shortage of speech-language pathologists, will help ensure that millions of children do not fall behind in their academic and socio-emotional development. May On May 31, UB hosted thought leaders from IBM, M&T Bank, Moog and other institutions for its ongoing chat series on AI and society. “Don’t be an AI user, be an AI value creator,” Dario Gil, IBM senior vice president and director of research, told attendees at the Center of Excellence in Bioinformatics and Life Sciences. The event included presentations from UB researchers using AI to make advancements in medicine, medical devices, climate change, materials science, pharmaceutical science and other fields. June An electricity grid that uses AI to identify and fix problems before they cause widespread power outages? It could become reality sooner than you think due to research published June 4 and co-led by Souma Chowdhury, who studies how to apply AI to complex systems. He is among more than 200 researchers at UB using AI to address societal challenges. Also in June, more than 300 scholars from the Association for the Advancement of Artificial Intelligence, one of the world’s most recognized scientific organizations dedicated to advancing AI research, gathered at UB for a multiday conference. The scholars represented more than a dozen fields – including machine learning, psychology, political science, the humanities and more. July On July 17, SUNY Chancellor John B. King Jr. and state lawmakers visited UB for a roundtable discussion on AI. The attendees learned about UB researchers using AI to identify “forever chemicals,” as well as spinoff companies working on technology to improve treatment for strokes and aneurysms. “We are pioneering AI discoveries that will drive progress in research and economic development, demonstrating UB’s commitment to leveraging technology for societal benefit,” Govindaraju said. August The start of the new semester brought record enrollment to UB’s Master of Science program focusing on AI. Launched in 2020 with five students, the number swelled to 73 students this fall, with an additional 50 expected next semester. The program’s growth “shows that we’re providing students with in-demand skills that they can use for the betterment of society,” said Kemper E. Lewis, dean of the School of Engineering and Applied Sciences. Graduates have taken jobs at Amazon Web Services, NVIDIA, Visa and other companies. September UB was awarded $10 million from the U.S. Department of Education to establish the Center for Early Literacy and Responsible AI. The center will create AI tools to ensure culturally and linguistically diverse learners in grades K-2, including those in Western New York, receive transformative early literacy instruction. “We believe that, with the right support, all students — regardless of their backgrounds — can succeed in literacy,” says project leader X. Christine Wang, a professor of learning and instruction in the Graduate School of Education. Later in the month, Rep. Tim Kennedy announced UB would receive $475,000 to equip its wind tunnel with equipment that allows it to leverage the power of AI, among other technologies. UB uses the facility to study and improve the nation’s response to hurricanes, wildfires and other extreme weather. October On Oct. 11, roughly nine months after it was announced, Empire AI went live. Gov. Kathy Hochul flipped the switch on a stack of powerful new computer servers at Center of Excellence in Bioinformatics and Life Sciences. The servers represent a fraction of the eventual power of Empire AI, which will be located at a new building on North Campus. On the same day, UB President Satish K. Tripathi delivered his annual State of the University address. “While today, only the private sector has the computing power needed to seriously advance AI research, Empire AI will put New York State at the epicenter of artificial intelligence innovation. This game-changing initiative will enable us to tap the full power of AI to solve complex issues facing our state, nation and world.” November From fake celebrity endorsements to manipulated videos of politicians, the 2024 election was rife with misleading information. Debunking much of this content was the DeepFake-o-Meter, a publicly available tool used by journalists, law enforcement and others. The tool was created by UB computer scientist Siwei Lyu and students. With AI being added to medical devices, the Food and Drug Administration wants to ensure these products meet public health standards. The agency called upon experts, including UB’s Peter Elkin, for insight at a public meeting. Elkin, professor and chair of the Department of Bioinformatics, said the FDA should allow these devices to learn and therefore improve. “AI-enabled devices are no longer just tools; now they are partners in care,” he said. Back on campus, UB hosted the latest in a series of “AI at UB” forums on Nov. 21. Organizers updated faculty and staff on how UB is implementing AI in its classrooms and labs. Presenters also discussed how AI can be a tool to foster collaboration and enhance learning outcomes. December In early December, UB officials detailed plans to create a new academic department focused on AI and its impact on society. The department aligns with the mission of UB and SUNY, both of which are committed to responsibly harnessing the power of AI for social good. Around the same time, UB computer scientist Nalini Ratha published a series of research papers focused on machine learning and encrypted data. One of the papers suggests a new technique for safeguarding personal medical data as it travels from third-party cloud service providers back to patients and their doctors. The work points to a future where medical diagnostics are quicker and more accurate, and patient medical records remain confidential.
Trump’s tariffs in his first term did little to alter the economy, but this time could be different
This writer is, well, a writer. She has a background and degrees in English and nursing but no formal political experiences. That being said, she was one of the people who said that Donald Trump was going to win this election, despite the polls and media fawning. It came down not to the poll data but an exercise in logic: Joe Biden was ousted from the campaign because he was going to lose, and what did Kamala Harris do differently than Joe Biden to move the campaign needle? The answer was nothing, and the campaign didn't act like one that was winning. The big giveaway was the Kamala campaign reaching out to reliably Democrat voter blocs while Donald Trump was making appearances in bluer areas, as this writer mentioned here. And now that the election is over, it's okay for the former Kamala campaign staffers to admit what this writer (and many others) knew all along: she was never going to win. BREAKING: Kamala Harris campaign aides are now saying that internal polling never actually had her ahead of Donald Trump. Least surprising revelation of this campaign cycle, frankly. "Plouffe said the campaign’s internal polling never had Harris ahead of Trump." WTAF! https://t.co/oJOBWWoQyX More from Huffpost: And she might not have had much chance of winning anyway, given the deficit she inherited from Biden when he dropped out of the race in July. 'We were hopeful. I don’t know how optimistic we were, but we thought, OK, this is tied, and if a couple things break our way [we could win],' David Plouffe, a senior adviser to the campaign, said Tuesday on the ' Pod Save America' podcast in a joint interview with fellow Harris campaign alums Jen O’Malley Dillon, Quentin Fulks and Stephanie Cutter. Plouffe said the campaign’s internal polling never had Harris ahead of Trump. 'We didn’t get the breaks we needed on Election Day,' he said. 'I think it surprised people, because there was these public polls that came out in late September, early October, showing us with leads that we never saw.' Internal polling was always negative. The True ET Analyzers never bought the idea that Kamala is 'brat' and that it was the summer of 'joy & vibe' pic.twitter.com/afFTZZGc6C The campaign wasn't 'brat' or 'joy', but it was a whole bunch of cringe. An open primary would've avoided a lot of issues but Dems wanted to play identity politics + were afraid that there won't be time to campaign/and a primary can also be nasty pic.twitter.com/sL8f33OW2f And Kamala wouldn't have been the nominee if they'd done a primary. I'm no MAGA guy, but the Media lied to us. I've long had healthy skepticism towards them, but after their behavior these past years, I will never trust them again. https://t.co/KvUDmIBP8k They don't deserve our trust. So either they were lying to the media, or the media was lying. https://t.co/JaJExEd1Mx Probably a little of both, frankly. Kamala Harris Campaign Aides Suggest Campaign Was Just Doomed "Plouffe said the campaign’s internal polling NEVER HAD HER AHEAD OF TRUMP." https://t.co/CEs7W5qU4u pic.twitter.com/E0buh6imHC That was soooo much cope. "Plouffe said the campaign’s internal polling NEVER HAD HER AHEAD OF TRUMP." You mean, internally, it looked something like - this? https://t.co/iGKub3d6iE pic.twitter.com/2dbmP92Es1 Oh look. Rasmussen was right.
PDP should admit defeat, vote-buying accusations false – APCAI Legal Mate Revolutionizing Legal Aid for Disabled Students & Military Veterans (AI119 YK2K Evolution - Henry Nanpei Academy Project) AI Legal Mate Revolutionizing Legal Aid for Disabled Students & Military Veterans (AI119 YK2K Evolution - Henry Nanpei Academy Project) www.ailegalmate.com WHAT TO KNOW ABOUT AI LEGAL MATE As previously reported , AI Legal Mate has filed its Gen AI 'Law and Health' technology utility patent updates, utilizing Artificial General Intelligence (AGI) and quantum computing. QM-Ware is designed exclusively for remote and physical users, and will continue to be under (nonpartisan) exploration delegations with organizations like the Veterans Recovery Network , The Gaygency , Fugees Lives Matte PAC , The Trump S.A.F.E. Act - Department of Government Efficiency 2025, SMART Recovery Network , and Harvard I-Labs. The AI Legal Mate launched a project to assist disabled Harvard students in civil rights actions concerning overly 'X'd up Harvard degrees, and military veterans at the Veterans Recovery Network seeking settlement claims through the PACT Act Relief programs. With quantum computing, AI Legal Mate works as an ultimate API conduit between a pro-bono law client and live attorneys and AI Law technicians to handle batches of similarly situated claimants within a shorter time than a well-staffed civil rights organization with a dozen or more attorneys. AI PATENT TECH NEWS AI119 Tech's propel development team has filed a second utility patent update application for their 'third generation' AI Law and Health technology, designed similar to military ISACs established in the late-90s. This technology uses quantum computer technology under Grover's algorithms for quantum-error corrections in human-driven transactions. The newer version of AI119's technology is capable of resolving tens of thousands of administrative complaint cases within a few days by integrating live attorneys with AI Law resources and SOC-2 applications to certify legal documents. AI Legal Mate's next generation plan is to complete its fifth-generation technology with innovative lab affiliates, including their "QM-ware" approach, which aims to integrate AI with assistive technology like earbuds, eye-ware, wrist-ware , head-ware , and body-ware to enable adaptive learning at 'meta-speed. ' This will empower users to receive treatment or training for mental health disabilities or professional skills through peer-to-peer transmission of Generative AI at meta-speeds . For more information about AI Legal Mate or AI119 Gen AI Law technology, visit www.ailegalmate.com . A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/003b80da-a76f-4c3a-a31b-d6e18633e78e A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eb54f06e-c40b-4edd-8083-473447a37d5f CONTACT: Contact: [email protected] (David De Livera)WILLIAMSBURG, Va. (AP) — Keller Boothby's 16 points helped William & Mary defeat Navy 82-76 on Sunday. Read this article for free: Already have an account? To continue reading, please subscribe: * WILLIAMSBURG, Va. (AP) — Keller Boothby's 16 points helped William & Mary defeat Navy 82-76 on Sunday. Read unlimited articles for free today: Already have an account? WILLIAMSBURG, Va. (AP) — Keller Boothby’s 16 points helped William & Mary defeat Navy 82-76 on Sunday. Boothby went 6 of 8 from the field (4 for 6 from 3-point range) for the Tribe (6-7). Gabe Dorsey scored 16 points and added three steals. Noah Collier went 7 of 9 from the field to finish with 14 points, while adding seven rebounds. Austin Benigni finished with 16 points for the Midshipmen (3-10). Jinwoo Kim added 15 points for Navy. Donovan Draper had 14 points and seven rebounds. The loss was the Midshipmen’s sixth in a row. Collier scored 10 points in the first half for William & Mary, who led 41-33 at the break. William & Mary took the lead for good with 3:03 left in the second half on a layup from Dorsey to make it a 73-71 game. ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar. Advertisement
PFTA stock touches 52-week low at $10.33 amid market shiftsWhen Jimmy Carter was elected in 1976, he did something no other Democrat has been able to accomplish since — win Texas. Part of his victory can be chalked up to where the state was politically at the time. “We should understand the 1976 election in Texas as part of a gradual transformation that occurred over several decades,” Mark Lawrence, the director of the LBJ Presidential Library, told The Texas Newsroom. It was President Dwight Eisenhower, a Republican, who won Texas in both presidential elections in the 1950s. But the next decade was a different story. In the 1960s it was three Democratic candidates — President John F. Kennedy, President Lyndon B. Johnson, and Hubert Humphrey — who won Texas’ popular vote. “But thereafter you see that the state really shifted pretty dramatically toward the Republicans,” Lawrence said. “The one exception was 1976 when Jimmy Carter won by a small margin.” Carter snagged Texas from Republican candidate Gerald Ford by just 4 points. Overall, Carter received 297 electoral votes to Ford’s 240. So, why was Carter the exception? Lawrence cited several elements that contributed to Carter’s victory here, including “Carter’s stature as a white Southerner.” “I think Texas voters, like voters across the South, were inclined to give him a close look, because he looked like them, sounded like them, came from the South — which was somewhat unusual in the history of the United States after the Civil War,” Lawrence said. From left, President Gerald Ford, Lady Bird Johnson and President Jimmy Carter at the LBJ Presidential Library on April 13, 2000. Natasha Altema McNeely, an associate professor of political science at University of Texas-Rio Grande Valley, said Carter was also able to win because he garnered the Black and Hispanic votes in states across the South. “His success in Texas is a more specific example of his success across the South,” McNeely said, adding that he also earned the vote of southern non-Hispanic voters and unions. But Carter’s presidency was as short-lived as his support from Texas voters. In his 1980 reelection bid, Carter lost to Republican Ronald Reagan by a landslide. Reagan beat Carter by 14 points in Texas. McNeely said the 1980 political environment created new difficulties for Carter. It was a controversial — and transitional — time in America. “With the candidacy of Ronald Reagan, you have Republicans really emphasizing religious beliefs ... smaller government, more effective government ... states rights,” McNeely said. In contrast, McNeely said Carter’s focus on human rights and social welfare “didn't quite appeal to many voters across the South, including Texas.” Another key moment McNeely said led to Carter’s defeat was the 1979 Iranian hostage crisis. That’s when, as the U.S. Department of State describes it, “Iranian students seized the embassy and detained more than 50 Americans, ranging from the Chargé d’Affaires to the most junior members of the staff, as hostages.” The Americans were held hostage for 444 days. Many sharply criticized Carter for how he handled the hostage negotiations, including his Republican opponent. While McNeely acknowledges Carter’s significant impact on American politics, she believes his greatest legacy — particularly in Texas — happened after he left the Oval Office. For 35 years, Carter partnered with Habitat for Humanity to build homes for people. In Texas, they built homes after Hurricanes Katrina and Rita. “He was here in Texas in 2014 in Dallas, helping to build houses and repair houses,” McNeely said. “So, I think that was one of the many lasting components of his legacy outside of his political career." Success! An email has been sent to with a link to confirm list signup. Error! There was an error processing your request.
Continental Tires is increasing the proportion of recycled materials in its tyres. More tyre plants have now been converted to use polyester fabric made from recycled polyethylene terephthalate (PET) bottles. This increases the recycled content of many tyre lines by an average of 3%, says the manufacturer. Depending on the tyre size, up to 15 PET bottles are used per tyre. Continental presented its own ContiRe.Tex technology for the first time at the end of 2021. The tech is based on PET bottles that would otherwise not be recycled. The bottles are spun into a polyester yarn without any intermediate chemical steps, and can... Irma VenterRising to a six-year peak, Ripple's XRP price has surged by more than 330% within the past thirty days. Despite the enormous gains, XRP has lately dropped, leaving investors wondering whether the holiday season spike will drive XRP's price above $5 or if it will return below $1.67. XRP Outlook for 2024: A Santa Rally or More Bloodbaths XRP has recently shown exceptional growth, with whales eagerly buying during a price drop. Between December 3 and December 8, whale addresses with 1 million to 10 million XRP coins raised their holdings by about 120 million XRP. This implies that these huge investors perceive tremendous upside potential. Furthermore, more on-chain activity is helping XRP; the XRP Ledger shows a 33-month high in active addresses. These steps suggest more acceptance, which would explain more price rises. But, XRP's Relative Strength Index (RSI) has dropped from overbought levels, suggesting that a period of consolidation is almost ready. XRP's potential to reach $5 is dependent on several variables, including continuing whale backing, increased use of the XRP Ledger, and a generally optimistic market climate. If XRP's advance develops traction, particularly if market sentiment improves or Ripple wins regulatory battles, the asset may break past its present resistance levels and approach $5. Crypto analysts believe that XRP's market capitalization might reach new all-time highs, positioning the currency for potential price objectives of $5. A Santa rally might spark additional bullish momentum as adoption and whale confidence grow. However, given XRP's recent fall and weaker short-term momentum signs, a drop to $1.67 is a viable option. The RSI at 46 implies a neutral market, while XRP's CMF at -0.01 shows weak selling pressure. The recent price spike may have exhausted the bullish momentum, leading to more corrections. If XRP fails to maintain its upward trend, it could fall to the $2.16 support level. A deeper fall could bring the price closer to $1.67, where strong support could limit additional losses. Such a slump would indicate that the rally has cooled, leading many traders to reconsider their positions. Given the uncertainty in the larger market and XRP's prior volatility, a drop to these levels is not out of the question. The Crypto with Better Upside Assurance: Rexas Finance (RXS) While the future of XRP is unknown, Rexas Finance provides a cryptocurrency project with more promising growth prospects. Rexas Finance tokenizes real-world assets (RWAs) on the blockchain. This breakthrough technology allows investors global access and liquidity by fractionalizing high-value assets, including real estate, art, and commodities. Its user-friendly platform and solutions help democratize investments by eliminating investor difficulties. The ecosystem offers a variety of features, including the no-code Rexas Token Builder, the QuickMint Bot for rapid token deployment on mobile apps like Telegram, and the Rexas Treasury for passive income via staking and yield farming. Rexas Finance covers a wide market scope, including the $121 trillion commodities, $379 trillion real estate, and $486 trillion worldwide financial markets. It tokenizes actual assets using blockchain technology, smart contracts, and artificial intelligence, enabling fractional ownership and more liquidity. Rexas Finance has already raised $26.7 million through its presale, and the project's token price has increased by more than 400%, from $0.03 to $0.15 in three months. The presale is presently in Stage 10, with RXS tokens priced at $0.50 each. Rexas Finance's rapid growth and positive market reaction set it for further explosive gains. In addition, Rexas Finance plans to list its RXS coin on at least three of the top ten platforms. Following the token's spectacular presale rise, experts predict that RXS could outperform its initial price objectives and hit double digits, providing investors with an appealing entry point. The ongoing $1 million giveaway also incentivizes users, with the top 20 winners receiving $50,000 in RXS tokens apiece. As Rexas Finance approaches its final presale phases, it is positioned to provide big returns to early investors, particularly given its future listings and robust ecosystem. The project's increasing community and recent advances place it among the most promising cryptos to buy this December. Conclusion While XRP's future remains unpredictable, with the potential to rise to $5 or fall back to $1.67, investors must pay close attention to the technical and on-chain measures that drive its price movement. Depending on market circumstances, the asset could consolidate or rally. Rexas Finance, on the other hand, provides a more secure avenue for investors because of its quickly expanding ecosystem and innovative tokenization of real-world assets. With outstanding presale performance, future exchange listings, and continuous development, Rexas Finance is a project to watch for big returns in 2024. Website: https://rexas.com Win $1 Million Giveaway: https://bit.ly/Rexas1M Whitepaper: https://rexas.com/rexas-whitepaper.pdf Twitter/X: https://x.com/rexasfinance Telegram: https://t.me/rexasfinance Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp _____________ Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
By JOSH BOAK WASHINGTON (AP) — Donald Trump loved to use tariffs on foreign goods during his first presidency. But their impact was barely noticeable in the overall economy, even if their aftershocks were clear in specific industries. The data show they never fully delivered on his promised factory jobs. Nor did they provoke the avalanche of inflation that critics feared. This time, though, his tariff threats might be different . The president-elect is talking about going much bigger — on a potential scale that creates more uncertainty about whether he’ll do what he says and what the consequences could be. “There’s going to be a lot more tariffs, I mean, he’s pretty clear,” said Michael Stumo, the CEO of Coalition for a Prosperous America, a group that has supported import taxes to help domestic manufacturing. The president-elect posted on social media Monday that on his first day in office he would impose 25% tariffs on all goods imported from Mexico and Canada until those countries satisfactorily stop illegal immigration and the flow of illegal drugs such as fentanyl into the United States. Those tariffs could essentially blow up the North American trade pact that Trump’s team negotiated during his initial term. Chinese imports would face additional tariffs of 10% until Beijing cracks down on the production of materials used in making fentanyl, Trump posted. Business groups were quick to warn about rapidly escalating inflation , while Mexican President Claudia Sheinbaum said she would counter the move with tariffs on U.S. products. House Democrats put together legislation to strip a president’s ability to unilaterally apply tariffs this drastic, warning that they would likely lead to higher prices for autos, shoes, housing and groceries. Sheinbaum said Wednesday that her administration is already working up a list of possible retaliatory tariffs “if the situation comes to that.” “The economy department is preparing it,” Sheinbaum said. “If there are tariffs, Mexico would increase tariffs, it is a technical task about what would also benefit Mexico,” she said, suggesting her country would impose targeted import duties on U.S. goods in sensitive areas. House Democrats on Tuesday introduced a bill that would require congressional approval for a president to impose tariffs due to claims of a national emergency, a largely symbolic action given Republicans’ coming control of both the House and Senate. “This legislation would enable Congress to limit this sweeping emergency authority and put in place the necessary Congressional oversight before any president – Democrat or Republican – could indiscriminately raise costs on the American people through tariffs,” said Rep. Suzan DelBene, D-Wash. But for Trump, tariffs are now a tested tool that seems less politically controversial even if the mandate he received in November’s election largely involved restraining inflation. The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world’s second largest economy. Biden administration officials looked at removing Trump’s tariffs in order to bring down inflationary pressures, only to find they were unlikely to help significantly. Tariffs were “so new and unique that it freaked everybody out in 2017,” said Stumo, but they were ultimately somewhat modest. Trump imposed tariffs on solar panels and washing machines at the start of 2018, moves that might have pushed up prices in those sectors even though they also overlapped with plans to open washing machine plants in Tennessee and South Carolina. His administration also levied tariffs on steel and aluminum, including against allies. He then increased tariffs on China, leading to a trade conflict and a limited 2020 agreement that failed to produce the promised Chinese purchases of U.S. goods. Still, the dispute changed relations with China as more U.S. companies looked for alternative suppliers in other countries. Economic research also found the United States may have sacrificed some of its “soft power” as the Chinese population began to watch fewer American movies. The Federal Reserve kept inflation roughly on target, but factory construction spending never jumped in a way that suggested a lasting gain in manufacturing jobs. Separate economic research found the tariff war with China did nothing economically for the communities hurt by offshoring, but it did help Trump and Republicans in those communities politically. When Trump first became president in 2017, the federal government collected $34.6 billion in customs, duties and fees. That sum more than doubled under Trump to $70.8 billion in 2019, according to Office of Management and Budget records. While that sum might seem meaningful, it was relatively small compared to the overall economy. America’s gross domestic product is now $29.3 trillion, according to the Bureau of Economic Analysis. The total tariffs collected in the United States would equal less than 0.3% of GDP. The new tariffs being floated by Trump now are dramatically larger and there could be far more significant impacts. If Mexico, Canada, and China faced the additional tariffs proposed by Trump on all goods imported to the United States, that could be roughly equal to $266 billion in tax collections, a number that does not assume any disruptions in trade or retaliatory moves by other countries. The cost of those taxes would likely be borne by U.S. families, importers and domestic and foreign companies in the form of higher prices or lower profits. Former Biden administration officials said they worried that companies could piggyback on Trump’s tariffs — if they’re imposed — as a rationale to raise their prices, just as many companies after Russia’s invasion of Ukraine in 2022 boosted food and energy costs and gave several major companies the space to raise prices, according to their own earnings calls with investors. But what Trump didn’t really spell out is what might cause him to back down on tariffs and declare a victory. What he is creating instead with his tariff threats is a sense of uncertainty as companies and countries await the details to figure out what all of this could mean. “We know the key economic policy priorities of the incoming Trump administration, but we don’t know how or when they will be addressed,” said Greg Daco, chief U.S. economist at EY-Parthenon. AP writer Mark Stevenson contributed to this report from Mexico City.
Securities and Exchange Commission Chair Gary Gensler, who was aggressive in his oversight of cryptocurrencies and other financial markets, will step down from his post on Jan. 20. Gensler pushed changes that he said protected investors, but the industry and many Republicans bristled at what they saw as overreach. President-elect Donald Trump had promised during his campaign that he would remove Gensler. But Gensler on Thursday announced that he would be stepping down from his post on the day that Trump is inaugurated. Bitcoin has jumped 40% since Trump’s victory. It hit new highs Thursday and was nearing $100,000. Bitcoin moved notably higher still after Gensler's resignation was announced. Gensler's stance on the rise of cryptocurrencies was captured during a speech he gave during the first year of his chairmanship in 2021 where he described the market as “the Wild West.” “This asset class is rife with fraud, scams, and abuse in certain applications,” he said in a speech at the Aspen Security Forum. “There’s a great deal of hype and spin about how crypto assets work. In many cases, investors aren’t able to get rigorous, balanced, and complete information.” Under Gensler, the SEC brought actions against players in the crypto industry for fraud , wash trading and other violations, including as recently as last month when the commission brought fraud charges against three companies purporting to be market makers, along with nine individuals for trying to manipulate various crypto markets. Yet access to cryptocurrencies became more widespread under Gensler. In January, the SEC approved exchange-traded funds that track the spot price of bitcoin. With such ETFs, investors could get easier access to bitcoin without the huge overlays required to buy it directly. Gensler, however, acknowledged the SEC had denied earlier, similar applications for such ETFs, including Grayscale Bitcoin Trust, among the first to eventually be approved by the SEC. “Circumstances, however, have changed,” Gensler said, pointing to a ruling by the U.S. Court of Appeals for the District of Columbia that said the SEC failed to adequately explain its reasoning in rejecting Grayscale’s proposal. Even there, Gensler made sure not to endorse the merits of bitcoin. He pointed to how ETFs that hold precious metals are tracking prices of things that have “consumer and industrial users, while in contrast bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing.” Gensler was tested early in his tenure with the rise of the meme stock phenomenon that shocked the financial system in early 2021. Earlier this year, the SEC under Gensler pushed Wall Street to speed up how long it takes for trades of stocks to settle, one of the areas where the commission’s staff recommended changes following the reckoning created by GameStop , one of the first meme stocks. In the depths of the COVID-19 pandemic, hordes of smaller-pocketed and novice investors suddenly piled into the stock of the struggling video-game retailer. During the height of the frenzy, several brokerages barred customers from buying GameStop after the clearinghouse that settles their trades demanded more cash to cover the increased risk created by its highly volatile price. In May 2024, new rules meant broker-dealers have to fully settle their trades within one business day of the trade date, down from the previous two. Critics of the SEC under Gensler have called many of the agency's proposals overly burdensome. The investment industry, for example, is pushing against a proposal to force some advisers and companies disclose more about their environmental, social and governance practices, otherwise known as ESG. Critics say the proposal is overly complex and increases the risk of investor confusion, while imposing unnecessary burdens and costs on funds. On Thursday, Gensler stood by the SEC's track record under his direction. “The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike," Gensler said in prepared remarks. “The staff comprises true public servants." Gensler previously served as Chair of the U.S. Commodity Futures Trading Commission, leading the Obama Administration’s reform of the $400 trillion swaps market. He also was senior advisor to U.S. Senator Paul Sarbanes in writing the Sarbanes-Oxley Act (2002) and was undersecretary of the Treasury for Domestic Finance and assistant secretary of the Treasury from 1997-2001.Bears vs. Vikings: Studs and duds from Chicago's OT lossJimmy Carter, the 39th U.S. president who led the nation from 1977 to 1981, has died at the age of 100. The Carter Center announced Sunday that his father died at his home in Plains, Georgia, surrounded by family. His death comes about a year after his wife of 77 years, Rosalynn, passed away. Despite receiving hospice care at the time, he attended the memorials for Rosalynn while sitting in a wheelchair, covered by a blanket. He was also wheeled outside on Oct. 1 to watch a military flyover in celebration of his 100th birthday. The Carter Center said in February 2023 that the former president and his family decided he would no longer seek medical treatment following several short hospital stays for an undisclosed illness. Carter became the longest-living president in 2019, surpassing George H.W. Bush, who died at age 94 in 2018. Carter also had a long post-presidency, living 43 years following his White House departure. RELATED STORY: Jimmy and Rosalynn Carter: A love story for the ages Before becoming president Carter began his adult life in the military, getting a degree at the U.S. Naval Academy, and rose to the rank of lieutenant. He then studied reactor technology and nuclear physics at Union College and served as senior officer of the pre-commissioning crew on a nuclear submarine. Following the death of his father, Carter returned to Georgia to tend to his family's farm and related businesses. During this time, he became a community leader by serving on local boards. He used this experience to elevate him to his first elected office in 1962 in the Georgia Senate. After losing his first gubernatorial election in 1966, he won his second bid in 1970, becoming the state’s 76th governor. As a relative unknown nationally, Carter used the nation’s sour sentiment toward politics to win the Democratic nomination. He then bested sitting president Gerald Ford in November 1976 to win the presidency. Carter battles high inflation, energy crisis With the public eager for a change following the Watergate era, Carter took a more hands-on approach to governing. This, however, meant he became the public face of a number of issues facing the U.S. in the late 1970s, most notably America’s energy crisis. He signed the Department of Energy Organization Act, creating the first new cabinet role in government in over a decade. Carter advocated for alternative energy sources and even installed solar panels on the White House roof. During this time, the public rebuked attempts to ration energy. Amid rising energy costs, inflation soared nearly 9% annually during Carter's presidency. This led to a recession before the 1980 election. Carter also encountered the Iran Hostage Crisis in the final year of his presidency when 52 American citizens were captured. An attempt to rescue the Americans failed in April 1980, resulting in the death of eight service members. With compounding crises, Carter lost in a landslide to Ronald Reagan in 1980 as he could only win six states. Carter’s impact after leaving the White House Carter returned to Georgia and opened the Carter Center, which is focused on national and international issues of public policy – namely conflict resolution. Carter and the Center have been involved in a number of international disputes, including in Syria, Israel, Mali and Sudan. The group has also worked to independently monitor elections and prevent elections from becoming violent. Carter and his wife were the most visible advocates for Habitat for Humanity. The organization that helps build and restore homes for low- and middle-income families has benefited from the Carters’ passion for the organization. Habitat for Humanity estimates Carter has worked alongside 104,000 volunteers in 14 countries to build 4,390 houses. “Like other Habitat volunteers, I have learned that our greatest blessings come when we are able to improve the lives of others, and this is especially true when those others are desperately poor or in need,” Carter said in a Q&A on the Habitat for Humanity website. Carter also continued teaching Sunday school at Maranatha Baptist Church in his hometown well into his 90s. Attendees would line up for hours, coming from all parts of the U.S., to attend Carter’s classes. Carter is survived by his four children.