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China commits to accelerating urban renewal and stabilizing the housing market by 2026
According to a report released Tuesday on the housing policy conference, China will intensify its efforts in 2026 to stabilize its property market and urban renewal at the beginning of its new Five-Year Plan. According to a readout by the official housing ministry outlet, the?conference?held on December 22-23 in Beijing mapped out the key housing development tasks during the Five-Year Plan and called the next year as a crucial starting point for implementation. The "vigorous implementation" of urban renewal will be a major focus, along with?efforts for stabilisation of the real estate market and to prevent and defuse risk and improve supply of affordable housing. China's once-key engine of growth has been on a steady decline since mid-2021 despite repeated government promises to boost the sector. Weak sales of homes and falling prices have affected consumer confidence, and the homeowners. Around 70% of household wealth is tied to real estate. The developers have also been impacted by a?lack of liquidity. China Vanke (000002.SZ), said in a filing on Monday that it had received approval to extend the grace for a 2 bn yuan bond repayment due on Dec 15. Officials said that policies on market stabilisation would be tailored according to local conditions in order to manage supply and reduce inventory. Renovation of urban villages is one measure, as well as supporting local governments to purchase existing homes for use in affordable housing. Officials said China will also push for a shift to selling new homes that are already finished so "buyers know what they're getting". The conference agreed to enhance the "project-whitelist" program, which is a government-backed initiative that allows local officials to nominate residential projects in limbo for bank financing. It also urged city governments not to limit their discretion when it comes to adjusting and optimizing property policies. Officials said that they would adhere to the market-oriented approach and the rule of law in order to control risk, including developers' debt, tightening oversight of pre-sale funds, and protecting homebuyers' rights. Officials said that they would provide housing assistance for low-income urban families facing difficulty, and adopt targeted measures to meet basic housing needs, such as young people. Reporting by Liangping Gao and Yukun Zhang; editing by Shri Navaratnam, Michael Perry and Michael Perry.
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Silver reaches new highs on demand for safe haven gold
Investors flocked to gold as a safe haven amid U.S.-Venezuela tense relations, and silver reached a new high. As of 0527 GMT spot gold was up by 0.8% to $4,479.18 an ounce after reaching a record high earlier in the day. U.S. Gold Futures for February Delivery jumped 1%, to $4,511.50. Tim Waterer is the chief market analyst of KCM Trade. He said that U.S.-Venezuelan tense relations are keeping gold in investors' minds as a hedge against uncertainty. Gold?has surged this past week as part a broader position shift as U.S. rates are expected to ease even further. Waterer stated that buyers continue to view precious metals as a way to diversify their portfolios and maintain value. He added, "I do not think we have reached the high watermark for gold or Silver yet." Last week, Donald Trump announced that all oil tankers subject to sanctions entering and leaving Venezuela would be "blocked". Markets priced in two rate reductions for next year, amid expectations of a more moderate policy stance. Bullion has increased by more than 70% in the past year. This is due to a powerful?mixture of geopolitical risk, central bank purchases, rate-cut betting, de-dollarisation, and renewed exchange traded fund inflows. As the year ends, a thinner liquidity condition could increase price swings, said Frank Walbaum. A?market analyst with Naga, Walbaum noted that gold may remain particularly sensitive to geopolitical headlines as well as changes in rate expectations. Spot'silver' was up 0.5% to $69.39, after reaching a record $69.98. Its year-to date gains have exceeded 141%, and it has outpaced gold due to supply deficits and industrial demand, as well as investment inflows. Michael Brown, senior strategist at Pepperstone said that some consolidation could be possible over the holiday period, as liquidity is thinned. He said, however, that the rally would resume once the volumes return. The $5,000 level is a natural target next year for gold and $75 for silver. The spot platinum price rose by 1.9%, to $2,165.67. This is the highest level in over 17 years. Palladium also rose by 1.9%, to $1,792.51, a new three-year record, tracking gold and silver. (Reporting from Sherin Elizabeth Varighese in Bengaluru and Arunima Kumar; editing by Rashmi Aich, Subhranshu Shu.)
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Oil prices steady as the market weighs Venezuela and Russia supply risks
The oil prices remained stable on Tuesday, after rising by more than 2% the previous session. The U.S. announced that it may sell the Venezuelan crude they seized. Meanwhile, Ukraine's attacks against Russian vessels and piers increased fears of supply disruption. Brent crude futures fell by 6 cents or 0.1% to $62.01 a barrel at 0440 GMT. U.S. West Texas Intermediate crude (WTI), which is a blend of West Texas and Texas Intermediate crudes, fell 9 cents or 0.16% to $57.92. Brent's daily performance was the best in two months, and WTI rose to its highest level since November 14. In a recent note, Priyanka?Sachdeva, a senior market analyst at brokerage Phillip Nova said that crude oil markets were grinding through the last weeks of 2025 - with prices largely subdued. This reflects a tug-of war between persistently bearish fundamentals, and intermittently bullish headlines. She said that while prices showed modest rebounds in geopolitical headlines through 2025, a broader narrative points to an imbalance of sluggish supply and sluggish demands. Overall, the trend is weaker as structural supply concerns overshadow short-term risk-off rallies. The markets are cautious, as traders balance geopolitical risk against the forecasts for ample supply by early 2026. This leaves prices vulnerable to any prolonged disruptions. Donald Trump, the U.S. president, said on Monday that the U.S. could keep or sell oil it has seized in recent weeks off the coasts of Venezuela. This is part of his campaign of pressure against Venezuela, including a "blockade", of oil tankers subject to sanctions, entering and exiting the country. Barclays stated in a Monday note that oil markets would likely be well-supplied in H1 26 even if Venezuelan exports fell to zero in the near future. Barclays, however, estimates that the global oil surplus in 2026 will be reduced to just 700,000 barrels a day. A prolonged disruption would also tighten up the market, reducing recent stock builds. Russia and Ukraine have been attacking each other's Black Sea facilities, which is a crucial export route for both countries. In the second attack in less than 24 hour, Russian forces attacked Ukraine's Black Sea Port of Odesa on Monday night and damaged port facilities and an entire ship. Authorities in the region of Krasnodar, Russia, said that a Ukrainian drone attack caused damage to?two vessels and two piers, as well as a fire, in a village. Ukraine has also targeted Russia’s maritime logistics. It is focusing on the shadow fleet of oil tankers, which are attempting to bypass sanctions against Russia during the almost four-year-old war. (Reporting from Anjana Anil, Bengaluru; Emily Chow, Singapore; Editing done by Sonali and Neil Fullick.)
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Latrobe Magnesium receives potential funding from an export agency for the second stage of its magnesium plant
Export Finance Australia has sent a non-binding support letter to Latrobe Magnesium, Australia. The letter could be used to fund the construction of a magnesium plant in Victoria. The U.S. will provide support for the development of stage 2 of the commercial magnesia extraction facility as part of a deal with Australia that aims to counter China's dominance of the minerals industry. Magnesium, which is used to produce steel and titanium in China, is the world’s largest producer. Construction of the 'plant, which will process up to 10,000 tons of magnesium each year, is estimated to cost approximately A$250,000,000 ($166.70 millions). Latrobe didn't specify any potential EFA support. As of 0349 GMT the shares of the 'Victoria based magnesium plant operator increased by up to 15% to A$0.023, their highest level since December 12. The benchmark index rose 1.1%. The company stated that the letter of support is not a financial commitment, and it must meet the due diligence criteria and eligibility criteria set by the export agency. The company?said that Australia's Export?Credit Agency, EFA, expressed an interest in partnering with the U.S. Export-Import Bank to finance the stage 2 project. The U.S. Export-Import Bank sent a 'Letter of interest' to Latrobe in October to explore financing for up to A$200,000,000 ($133.26,000,000) for the Stage?2 Plant. The U.S. will receive all magnesium produced by the stage 2 plant under an offtake contract. David Paterson, CEO of Latrobe, said: "The United States currently does not have a primary magnesium producer in its locality. LMG is well positioned to fill this gap within the next few years."
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Due to supply constraints, copper prices are nearing record highs.
The copper price ticked upwards on Tuesday. It hovered near the record levels reached in the previous session. This was after Antofagasta, a Chilean miner, and a Chinese smelter, agreed to a zero-processing fee for 2026 copper concentrate. This underscored supply constraints. As of 0332 GMT, the most active "copper" contract on Shanghai Futures Exchange rose 0.1% to 93,810 Yuan ($13325.28) per metric tonne. The benchmark copper price for the three-month period on the London Futures Exchange remained unchanged at $11,926.0 per ton. According to a Chinese market data provider, China's leading copper smelters plan to reduce production by more than 10% in 2026 to combat overcapacity, which has led to an increase in distorted processing fees for copper concentrates. After protracted negotiations, Chilean smelter Antofagasta has agreed to zero treatment charges and refining fees (TC/RCs). Miners pay TC/RCs traditionally to smelters in order to cover the costs of?converting copper concentrate into refined metal. Charges fall when the mine supply is tightened and smelters agree to accept less favorable terms in order to secure concentrate. Nickel, one of the SHFE's base metals, extended its gains for a 5th straight session. It reached a new high in more than 2 months, rising 3.6% to 122,750 Yuan per ton. The London benchmark nickel also rose, rising 0.5% to $16,350 per ton. This is its highest level since October 30. Nickel's rally has continued to gain support after the miner association of Indonesia, the largest nickel-producing country, announced last week that it will reduce mine production in 2026. Aluminium fell by 0.4% in Shanghai, while zinc and lead were up?0.20%. Tin was also up 0.1%. Aluminium, among other LME metals?nudged up 0.1%. Zinc was down by 0.1%. Lead added 0.1%. Tin gained 0.8%. Tuesday, December 23, DATA/EVENTS (GMT) Japan Chain Store Sales YY November 1330 US Durable Goods Oct 1330 US Gross Domestic Product Advance Q3 1415 US Industrial Production MM Nov The US Consumer Confidence Declined by 1500 Points The US Home Sales Units Oct. 2015: 1500
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Silver reaches new highs on demand for safe haven gold
Investors flew to gold as a safe haven amid tensions between the U.S. and Venezuela. Silver also reached a new high. As of 0329 GMT the spot gold price was up by 0.9% to $4,486.41 an ounce. It had earlier reached a record high of $4,497.55 per ounce. U.S. Gold Futures for February Delivery jumped 1.1% at $4,519.70. Tim Waterer is the chief market analyst for KCM Trade. He said that U.S.-Venezuelan tense relations are keeping gold in investors' minds as a hedge against uncertainty. Gold has risen this week, as part of a broader shift as U.S. rates are expected to ease. Waterer stated that buyers continue to view precious metals as a way to diversify their portfolios and maintain value. He added, "I do not think we have reached the high watermark for gold or Silver yet." Last week, U.S. president Donald Trump announced a "blockade", which would prevent?all oil tanks under sanctions? from entering and leaving Venezuela. Markets priced in two rate reductions for next year, amid expectations of a more moderate policy stance. Bullion has surged by more than 70% in the past year. This is due to a powerful?mixture of geopolitical risk, central bank purchases, rate-cut betting, de-dollarisation, and renewed exchange traded fund inflows. Frank Walbaum is a Naga analyst. He noted that the price of gold could be affected by geopolitical headlines as well as changes in expectations about rates. Spot silver rose 1% to $69.70, after reaching a record $69.98. The year-to date gains have exceeded 141%, and it has outpaced gold due to supply deficits, increased industrial demand, and investment inflows. Michael Brown, senior strategist at Pepperstone said that some consolidation could be possible over the holiday period, as liquidity thinned. He said, however, that the rally would resume once the volumes return. The $5,000 level is a natural target next year for gold and $75 for silver. The spot platinum price rose 1.2%, to $2,145.10 - its highest level in over 17 years - while the palladium price rose 3.4%, to $1,819.00 - a three year high, following gold and silver's strength. (Reporting from Sherin Elizabeth Varighese in Bengaluru and Arunima Kumar; editing by Rashmi Aich, Subhranshu Shu.)
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As mill maintenance and rising China port stock weigh, iron ore falls
The price of iron ore futures fell on Tuesday due to steel mills performing annual furnace maintenance, and a rise in?Chinese ports inventories. As of 0258 GMT, the most-traded contract for May iron ore?on China’s Dalian Commodity Exchange(DCE)?traded 0.64% lower at 775.5 Yuan ($110.30). The benchmark January Iron Ore at the Singapore Exchange fell by 0.49% to $104.25 per ton. The steel mills have annual blast furnace maintenance plans which are causing a decline in pig iron production. Port inventories are continuing to build up, showing a slight weakening of the fundamentals. SteelHome data shows that total iron ore stocks across Chinese ports increased by 1.19% week-on-week, to 145.5 million tonnes as of December 19. Steel producers reported mixed results. Japan's crude output of steel fell by 1.6% in November from the same month a year earlier, to 6.77 millions tons. India's production of steel grew 6.1% on an annual basis against a 5.9% increase that was revised upwards for October. The dollar index, which measures currency against six different units, fell to 98.18 at the start of trading on Tuesday. It is still on track to drop 9.5% for the year. This will be its biggest annual fall since 2017. Dollar-denominated investments are more affordable for holders of currencies other than the greenback. The DCE showed a?mixed picture of other steelmaking ingredients, with coking coke up 1.04% but coke down by 0.17%. Mysteel said that China's supply of coking coal continued to tighten as of December 22. This was due to strict safety inspections and slower production at the end-of-year. However, a softer downstream market capped price increases. The benchmarks for steel on the Shanghai Futures Exchange mostly rose. The Shanghai Futures Exchange saw a majority of steel benchmarks in the green.
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Stocks and precious metals are rising; the yen is on watch
Asia shares and precious metals rose on Tuesday, as investors continued to buy ahead of the upcoming holidays. A reading on U.S. Gross Domestic Product (GDP) is expected later that day. The fragile yen has found a floor as traders remain alert for any indications of Japanese intervention to stop the currency's decline, which?has? picked up speed in the wake of the well-telegraphed Bank of Japan rate hike last Friday. Investors will be able to catch up with a number of U.S. Economic releases that were delayed due to a record-breaking government shutdown in January. The key data for Tuesday will be the third-quarter figures of growth, which are expected to show that the U.S. has continued to grow strongly. The annualised growth is expected to be 3.3%. This is a slight drop from the previous quarter, due to a sharp decline in imports following a surge earlier in the year before the introduction of tariffs. David Doyle, the head of Macquarie Group's economics, said: "Growth is expected to slow in Q4 due to the prolonged government shutdown, and a potential further headwind coming from auto sales." The market was still optimistic ahead of the result. MSCI's broadest Asia-Pacific index outside Japan rose by 0.31% during early trading, while Tokyo Nikkei gained 0.1%. Nasdaq Futures gained 0.11% while S&P 500 futures were barely changed. Shares of Nvidia rose overnight after reports that the company had told Chinese clients they hoped to begin shipping "its second most powerful AI chip to China" before the Lunar New Year holidays in mid-February, next year. The U.S. Food and Drug Administration on Monday approved Novo Nordisk's weight-loss medication, giving the Danish company a competitive advantage in the race for a powerful oral medication to shed pounds. As we near the end of the year, investors are increasing their equity and commodity exposures. This is according to Jose Torres senior economist at Interactive Brokers. "Traders are currently taking their cues from the general feeling amongst participants, that there is little standing in the way of a Santa Claus rally manifesting." Spot gold and silver reached all-time-highs in precious metals. This was driven by the demand for safe-haven assets as geopolitical tensions escalated, with the U.S. attempting to seize more tankers transporting Venezuelan oil. After rising on Monday due to concerns about supply disruption, oil prices have dipped a little. Brent crude futures dipped 0.06% to $62.03 per barrel, while U.S. Crude fell 0.16% at $57.92 a barrel. INTERVENTION - TREASONS KEEP YEN IN CHECK The yen was the main focus on the foreign exchange markets as investors assessed the likelihood of an impending intervention by Japanese authorities to support the currency. Early trade saw the dollar at 156.57, up 0.3%. Satsuki Katayama, Japan's Finance Minister, told Bloomberg News on Monday in an interview that Japan has the freedom to deal with excessive movements in the yen. This was her strongest warning against the currency’s weakness. The BOJ increased rates on Friday at the end of its policy meeting for December. This was widely anticipated and Governor Kazuo ueda gave few hints about the future extent of rate increases. "Their message was so unimpressive... You hike, but it needs to be with conviction. "They didn't walk with conviction," said Alicia Garcia Herrero chief economist of Asia Pacific for Natixis. The yen had also been pinned to a near-record low against the euro and Swiss franc. The dollar is losing ground against other currencies. The euro rose 0.12% to $1.1772 while the pound sterling increased 0.16% at $1.3482.
What Trump 2.0 could suggest for trade, migrants, climate change and electric vehicles
Donald Trump's 2nd governmental term might have big implications for U.S. trade policy, environment modification, the war in Ukraine, electrical automobiles, Americans' taxes and unlawful migration.
While some of his project proposals would need congressional approval, here is a summary of the policies he has said he will pursue when he takes workplace in January:
MORE TARIFFS
Trump has actually drifted the idea of a 10% or more tariff on all items imported into the U.S., a relocation he states would eliminate the trade deficit. But critics say it would result in higher prices for American customers and worldwide financial instability.
He has likewise said he ought to have the authority to set greater tariffs on countries that have actually put tariffs on U.S. imports. He has threatened to impose a 200% tariff on some imported cars, stating he is determined in particular to keep vehicles from Mexico from coming into the nation.
However he has also suggested that allies such as the European Union might see higher responsibilities on their items. Trump has actually targeted China in particular. He proposes phasing out Chinese imports of products such as electronics, steel and pharmaceuticals over four years. He seeks to prohibit Chinese companies from owning U.S. real estate and facilities in the energy and tech sectors.
Trump has stated tariff is his preferred word and views them as revenue generators that would help fill government coffers.
MASS DEPORTATIONS
Trump has actually promised to renew his first-term policies targeting unlawful border crossings and to advance with sweeping new limitations.
He has actually vowed to limit access to asylum at the U.S.-Mexico border and to start the biggest deportation effort in American history, which would likely set off legal difficulties and opposition from Democrats in Congress.
He has stated he will utilize the National Guard, and, if essential, federal soldiers, to accomplish his objective, and he has not ruled out establishing internment camps to process individuals for deportation.
Trump has actually stated he would look for to end automated citizenship for kids born to immigrants, a relocation that would run against the long-running analysis of the U.S. Constitution's 14th Change.
He has likewise suggested he would withdraw protected legal status for some populations such as Haitians or Venezuelans.
Trump states he will reinstitute the so-called travel ban that limits entry into the United States of people from a. list of largely Muslim-dominant nations, which stimulated. several legal battles during his first term. Some of Trump's earliest visits reflected an urgency to. follow through on his immigration program. Trump has named a. border czar, Tom Homan, and will make Stephen Miller, the. architect of his migration strategies, a White House deputy chief. of personnel.
DRILLING AWAY
Trump has sworn to increase U.S. production of nonrenewable fuel sources. by relieving the allowing process for drilling on federal land. and would encourage new natural gas pipelines. He has actually said he. would reauthorize oil drilling in the Arctic National Wildlife. Sanctuary in Alaska. Trump has vowed to develop a National Energy Council to. coordinate policies to enhance U.S. energy production that will be. led by his choice for interior secretary, North Dakota Guv. Doug Burgum.
Whether the oil industry follows through and raises. production at a time when oil and gas rates are fairly low. stays to be seen.
Trump has actually stated he will once again pull the United States out of. the Paris Environment Accords, a structure for decreasing worldwide. greenhouse gas emissions, and would support increased nuclear. energy production. He would likewise roll back Democratic President Joe Biden's. electric-vehicle mandates and other policies aimed at minimizing. automobile emissions.
He has actually argued that the U.S. requires to be able to enhance energy. production to be competitive in developing synthetic. intelligence systems, which consume large quantities of power.
TAX RELIEF. In addition to his trade and energy programs, Trump has actually guaranteed to. slash federal guidelines that he says limit task creation. He. has actually vowed to keep in place a broad 2017 tax cut that he signed. while in workplace, and his economic group has actually gone over a further. round of individual and business tax cuts beyond those enacted. in his very first term.
Trump has promised to decrease the corporate tax rate from 21%. to 15% for business that make their items in the U.S.
. He has stated he would look for legislation to end the tax. of suggestions and overtime incomes to help waiters and other service. employees. He has actually vowed not to tax or cut Social Security. benefits.
Trump also has stated that as president he would pressure the. Federal Reserve to lower interest rates - however would stop brief. of requiring it.
A lot of, if not all, of his tax proposals would require. congressional action. Spending plan experts have actually cautioned that the bevy. of tax cuts would balloon the federal financial obligation.
DOING AWAY WITH DIVERSITY PROGRAMS
Trump has promised to need U.S. colleges and universities. to safeguard American custom and Western civilization and to. purge them of variety programs. He stated he would direct the. Justice Department to pursue civil liberties cases against schools. that engage in racial discrimination.
At K-12 schools, Trump would support programs permitting. parents to utilize public funds for private or religious. instruction.
Trump likewise wishes to eliminate the federal Department of. Education, and leave states in control of education.
NO FEDERAL ABORTION RESTRICTION
Trump appointed three justices to the U.S. Supreme Court who. became part of the bulk that got rid of Roe v. Wade's. constitutional protection for abortion. He likely would continue. to appoint federal judges who would maintain abortion limitations.
At the same time, he has said a federal abortion restriction is. unnecessary and that the problem must be resolved at the state. level. He has actually argued that a six-week restriction favored by some. Republicans is excessively extreme which any legislation should. include exceptions for rape, incest and the health of the. mom.
Trump has actually suggested he would not seek to limit access to the. abortion drug mifepristone after the U.S. Supreme Court rejected. a difficulty to the federal government's technique to regulating it.
He supports policies that advance in vitro. fertilization (IVF), contraception and prenatal care.
A PUSH TO END WARS. Trump has actually been vital of U.S. assistance for Ukraine in its war. with Russia, and has actually said he might end the war in 24 hr if. elected - although he has not stated how he would attain this.
He has suggested Ukraine may need to yield a few of its. territory if a peace deal is to be struck, a concept Ukraine has. consistently declined. Trump's choice for his nationwide security advisor, U.S. Representative Michael Waltz, was vital of the Biden. administration's decision in November to permit Ukraine to use. U.S.-provided rockets to strike within Russian territory.
Trump has likewise said that under his presidency the U.S. would. fundamentally rethink NATO's purpose and NATO's mission.
Trump called U.S. Senator Marco Rubio, a China hawk, as his. secretary of state, charged with performing his diplomacy. objectives. Trump has backed Israel in its fight against Hamas in Gaza but. has urged it to finish up its offensive. He can be anticipated to. continue the Biden administration's policy of equipping Israel. At. the same time, Trump is most likely to promote historical. normalization of relations in between Israel and Saudi Arabia, an. effort he made during his 2017-2021 presidency and which Biden. has likewise pursued.
Trump has stated if he ends up being president, he will stop the. suffering and destruction in Lebanon, however has actually not said how he. will achieve that.
He has recommended building an iron dome - an enormous. missile-defense guard comparable to Israel's - over the entire. continental United States.
Trump has actually likewise drifted sending out militaries into Mexico to. fight drug cartels and using the U.S. Navy to form a blockade. of that country to stop the smuggling of fentanyl and its. precursors. His shift team has been preparing lists of potential. high-ranking U.S. military officers to fire as part of a purge. of the Pentagon of those believed to be disloyal to Trump.
EXAMINING OPPONENTS, HELPING ALLIES. Trump has vowed at times to use federal police. companies to investigate his political foes, including election. officials, attorneys and party donors. Trump tapped former U.S. congressman Matt Gaetz as his attorney. basic. Gaetz has actually recommended he is supportive to Trump's. vengeance program.
Along that line, Trump has actually said he will think about designating. a special district attorney to probe Biden, though he has actually not specified. the grounds for such an investigation.
And he has actually stated he would think about firing a U.S. lawyer. who did not follow his directives - which would constitute a. break with the longstanding U.S. policy of an independent. federal law enforcement apparatus.
Trump has actually said he will consider pardoning all of those who. have been founded guilty of criminal activities in connection with the Jan. 6,. 2021, attack on the U.S. Capitol.
In addition to criminal investigations, he has actually suggested. utilizing the federal government's regulatory powers to punish those he. views as critics, such as television networks.
PURGING THE FEDERAL BUREAUCRACY
Trump would look for to annihilate what he terms the deep state. -- career federal employees he says are clandestinely pursuing. their own programs-- through an executive order that would. reclassify thousands of employees to allow them to be fired. That. would likely be challenged in court. He has stated he will establish an independent federal government effectiveness. panel headed by billionaire advocate Elon Musk and previous. governmental candidate Vivek Ramaswamy to root out waste in the. federal government. The federal government currently has watchdogs such as. the Workplace of Management and Budget, and investigators basic. at federal agencies.
Trump would crack down on federal whistleblowers, who are. generally shielded by law, and would set up an independent. body to monitor U.S. intelligence firms.
(source: Reuters)