International Development News
Development News Edition

Trump expected to name Philipson as top economic adviser -Politico


Trump expected to name Philipson as top economic adviser -Politico
President Donald Trump is expected to name Tomas Philipson, a former University of Chicago professor and health economics expert, as the next chairman of the Council of Economic Advisers to replace outgoing Kevin Hassett, Politico reported on Friday. Philipson already serves as a member of the three-person council and would replace Hassett as the chairman of the panel. His nomination would have to be confirmed by the U.S. Senate.

Trump said on Sunday that Hassett would be leaving the White House "shortly." Hassett later told CNBC that his departure from the post had been in the works for some time and was not linked to Trump's recent threat to impose tariffs on Mexico. If approved for the position, Philipson would take over at a critical time for the economy. Trump is threatening to impose tariffs on Mexico unless it takes action to curb migrant flows to the southern U.S. border, and he is engaged in a trade dispute with China that threatens U.S. economic growth.

New U.S. jobs figures on Friday showed job growth slowed sharply in May and wages rose less than expected, raising concerns that the loss of momentum in economic activity could be spreading to the labor markets. That could put pressure on the Federal Reserve to cut interest rates this year. (Reporting by David Alexander; Editing by Cynthia Osterman)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION/BLOG/INTERVIEW

How music can help expectant mothers during pregnancy

Music provides pleasant ambience for all but its more important for expectant mothers as besides ensuring pleasant environment for them it also directly and indirectly influences the unborn babies. There are various scientific findings to c...

EdTech: A technical approach to flexible and cost-effective education

Its hight time for the world to go for innovative approaches like e-learning over traditional learning methods that need physical infrastructure, long-term planning, and huge investment. ...

Our school campaigns are our strongest ally: Joaquin Antuna, founder of Peace and Cooperation

Joaquin Antuna is the founder of Peace and Cooperation, a Spanish NGO which was nominated as peace messenger by the United Nations in 1986. Antuna is of very firm opinion that in order to have an incisive impact on the community we live in,...

'No escape from telephones', this 1953 prediction actually comes true

In 1953, a telephone company chief predicted that therell be no escape from telephones in the future....

Videos

Latest News

Fitch affirms China's A+ rating with a stable outlook

Global credit rating agency Fitch Ratings affirmed Chinas long term foreign currency rating at A, saying it was supported by the nations robust external finances and its strong macroeconomic performance.Fitchs outlook on China is stable, th...

Increasing hurdles prompt UN to update standards for former combatants

Increasing hurdles which prevent former combatants from returning to a peaceful civilian life have prompted the UN to update its standard practices, in an effort to ensure they remain fit-for-purpose for years to come.In recent years, the p...

FOREX-Dollar, yen supported as caution prevails on mixed trade signals

The dollar and the safe-haven yen found support on Wednesday as a lack of clarity on U.S.-China trade talks kept investors cautious ahead of the release of minutes from the U.S. Federal Reserves last policy meeting.Moves were slight as jade...

US cities hit record highs in LGBT+ protections, research shows

A record number of U.S. cities earned perfect scores this year for LGBT legal protections, extending their laws and policies to include more gay and transgender people, a leading rights group said on Tuesday.This year 88 cities scored 100 p...

Give Feedback