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Venezuela's defaulted government bonds soar after US capture Maduro
Venezuela's defaulted government bonds surged Monday after the surprise capture of President Nicolas Maduro by?U.S. Capture of President Nicolas Maduro. Maduro was detained and removed to the U.S. after a military "raid" in Caracas on Saturday. This has fueled expectations that this will be one of largest and most complex sovereign debt restructurings ever. Analysts predict that the bond prices issued by Petroleos de Venezuela (PDVSA), the state oil company of Venezuela, will rise up to 8 cents per dollar or 20% in early European trading. JPMorgan analysts wrote in a client note that Venezuela and PDVSA bonds had roughly doubled their price over the course of 2025. However, they still expect a strong rebound -- up to 10 points -- when Monday's trading session begins. Venezuela's sovereign debts, which defaulted in 2017, had the best performance in the world in 2018. Their price nearly doubled as U.S. president Donald Trump increased military pressure against Maduro. Data from Tradeweb showed that Monday's move pushed Venezuela's bond 2031 to almost 40 cents per dollar. Most of the other bonds in the country were up between 35 and 38 cents, and PDVSA's debt was over 6 cents more at almost 30 cents. Venezuela's government and state oil company PDVSA have defaulted on bonds that had a face-value of $60 billion. Analysts estimate that the total external debt, which includes other PDVSA obligations as well as bilateral loans, arbitration awards and other PDVSA obligations is between $150 billion and $170 billion depending on how interest accrued and court judgements are counted. Reporting by Marc Jones, Karin Strohecker and Alison Williams.
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European stocks rise as defense shares lead after Venezuela shock
European stocks rose on Monday as investors bought up defense stocks following the U.S. military strikes against Venezuela. This sparked new 'geopolitical' concerns. The STOXX 600 pan-European index was 0.3% higher by 0810 GMT. As investors return from their New Year holidays, trading volumes should normalize. Defense?index grew by 2.7%, reaching its highest level in two months. The technology and basic resources also rose by 2.1% and 2% respectively. Investors continue to monitor the impact of the 'dramatic capture of Venezuelan president Nicolas?Maduro over the weekend by U.S. forces. Donald Trump announced on Saturday that he would temporarily place Venezuela under American control. Investors also focus on central banks and watch incoming data for clues as to how quickly rates could be cut. Glencore, Rio Tinto, and Anglo American all saw their profits rise on the back of higher copper costs. ASML shares, the world's largest?supplier? of computer chip-making equipment?, increased?3.9%. Analysts at brokerage Bernstein upgraded ASML's stock from "market perform" to "outperform", and raised the price target to 1,300 euros, from 800 euros. (Reporting and editing by Mrigank Dahaniwala in Bengaluru, with Medha Singh from Bengaluru)
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Local media reports that Indonesian mines can produce 25% of the proposed output for 2026 in Q1, while applications are being assessed.
According to a letter from the Indonesian mining ministry, miners can produce 25 percent of the output they plan for '2026 in the first three months while the government processes the annual production quotas, according to a report by a local media outlet, Bisnis.com, on Monday. To determine?how much production they can produce each year, all miners in Indonesia, which is rich in minerals, are required to submit a RKAB (annual production plan) to the government. Indonesia has reduced the validity of RKABs to one year, starting in 2026. The government has also ordered that miners reapply for the quotas issued for 2026 and 207. According to regulations published by the ministerial in October, during the approval process for the new quota, the miners can refer to the previously approved quota of 2026 until the end March 2026 when deciding how much they will produce. Nickel miner Vale Indonesia announced on Friday that they were suspending their mining activities because the RKAB was not yet approved. Yuliot Tanjung, deputy mining minister, said that approvals are "currently being consolidated" and the nickel output quota will be adjusted to match demand from domestic smelters. Mining Minister?Bahlil?Lahadalia said that the government would cut mining output quotas in order to boost prices. This includes coal prices which have been stagnant. (Reporting and editing by Fransiska Nanangoy, Bernadette Cristina Munthe)
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China's Iron Ore Starts New Year Higher on Strong Demand and Tight Supplies
China's Iron Ore Futures rose in the first trading session of the New Year on Monday. Strong?demand and supply constraints supported the rise. The May contract for iron ore on the Dalian Commodity Exchange gained 7.5 Yuan or 0.95% to 797 Yuan ($114.16). After the New Year's?holiday, Chinese markets resumed their trading. The benchmark iron ore contract for February on the Singapore Exchange rose 0.29% at $105.65 per ton by 0704 GMT. Steelmakers are restocking iron ore ahead of the Lunar New Year holiday, which is in February. Tight domestic supplies also support prices. According to a report from the?Shanghai Metals Market, several mines have limited production due to environmental measures. Mysteel, a consultancy, reported that stocks of five major carbon products held by Chinese?mills dropped 1.1% on a weekly basis to 3.81 millions tonnes between December 26 and 31. The DCE also saw a decline in other steelmaking ingredients, including coke and?coking?coal. The SHFE steel benchmarks were mixed. Rebar fell by 0.74%; hot-rolled coils dropped by 0.79%, and stainless steel was down 0.23%. Wire rod, meanwhile, gained 4.93%.
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Chinese, South Korean companies sign nine cooperation agreements
Chinese and South Korean firms signed nine agreements of cooperation,?authorities announced on Monday. This was during a visit to Beijing by South Korean 'President Xi Jinping with Chinese President Lee Jae Myung, their second encounter in only two months. Lee's first visit to China is his first since taking office in June. It comes at a time of escalating global tensions following the North Korean launch of ballistic missiles, and the U.S. strike on Venezuela. Analysts say that the unusually short time between Xi's and Lee's meeting shows 'China's keen desire to boost economic collaboration and tourism, as its relationship with Japan has sunk 'to its lowest point for years'. The South Korean Trade Ministry announced nine agreements on Monday, stating that?Alibaba International and South Korean retailer Shinsegae are among the companies who signed deals. Lee arrived in South Korea for his four-day visit on Sunday. He was accompanied by a delegation of over 200 business leaders, including Samsung Electronics Chairman 'Jay Y. Lee', SK Group Chairman Chey Tae-won and Hyundai Motor Group Executive Chairman Euisun Chung. Lee wants to promote peace on Korean Peninsula. However, his visit to Beijing coincides with the North Korean test firing hypersonic missiles, and Kim Jong Un's citing of Pyongyang needing to maintain a strong nuclear deterrent. Lee stated that South Korea and China should expand their economic cooperation on artificial intelligence and also in consumer products such as beauty, household goods, food, and cultural content like movies, music and games. Kang Hoon -sik, South Korean Chief of Staff to the President, said that Beijing is unlikely to lift their unofficial ban against Korean culture any time soon. China's state-run broadcaster CCTV reported that Lee's visit will include a discussion on supply chain investments, digital economies, and cultural exchanges. As China and Japan negotiate a diplomatic spat, South Korea's and Beijing’s relations have warmed. Beijing was "incensed" when Japanese Prime Minister Sanae Takayichi suggested, in November, that Tokyo could take military actions if Beijing attacked Taiwan. Taiwan rejects China's claim that the island is itss.
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Gold prices surge as demand for safe-havens increases due to the US arrest of Venezuela's president
Gold and other precious metals prices rose on Monday, following the capture of Venezuelan President Nicolas Maduro by the United States over the weekend, which exacerbated geopolitical tensions. Gold spot rose by 2.2% at 0742 GMT to $4,424.17 an ounce. This is a new weekly high. U.S. Gold Futures for Delivery in February rose 2.4% to $4434.20. Tim Waterer is the chief market analyst at KCM Trade. He said that kidnapping a foreign leader of state leads to a high degree of uncertainty. Gold and silver are seen as a good hedge against this. The U.S. captured Maduro on?Saturday in an attack that Washington's most controversial Latin American intervention since the?invasion of Panama 37 year ago. Vice President Delcy Rodriguez, who has been appointed interim leader, said that Maduro "remains" president. The 'bullion's' 64% gain last year was the biggest since 1979. This is due to geopolitical tensions combined with central bank purchases, interest rate reductions and inflows into ETFs. The record high was $4,549.71, which occurred on December 26, 2025. Anna Paulson, President of the Federal Reserve Bank of Philadelphia, said on Saturday further rate reductions could be a long way off following an active campaign of ease last year. Investors still expect at least two Fed rate reductions this year. Waterer said that investors will be looking at the non-farm payroll figures, due on Friday, to get more clues about potential Fed rate cuts. Non-yielding investments tend to perform well when interest rates are low and there is uncertainty in the geopolitical or economic arena. After hitting an all time high of $83.62 per ounce on December 29, spot silver rose 3.9% to $75.50. The metal finished the year with a record 147% increase. Silver's price soared?to new highs last year due to its designation as an important U.S. Mineral and supply constraints due to?increased industrial and investment demands. After reaching a record high of $2.478.50 per ounce on Monday, spot platinum increased 3.9% to reach $2,226.24 an ounce. Early Asia hours saw it rise more than 5% to a new high. Palladium climbed 1.6% to $1,664.40 per ounce.
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India's palm oil imports in December fell to an 8-month low due to weak demand
Five dealers report that India's palm oils imports dropped to an 8-month low in the month of December. This was due to a weaker winter season and refiners increasing their purchases of competing oils like soyoil or sunflower oil. Reduced palm oil imports by?India, which is the world's biggest buyer of vegetable oil, could increase inventories in top producing countries Indonesia and Malaysia. This would weigh on benchmark Malaysian Palm Oil Futures while supporting U.S. Soyoil Futures. According to dealers, palm oil imports dropped 20% in December, to 507,000 tons, the lowest level since April 2025. Dealer estimates show that soyoil exports jumped 37%, to 508,000 tonnes, while sunflower oil imports more-than-doubled, to 350,000 tons. Estimates show that India's total edible oil imports rose by 19% in December compared to the previous month, reaching a new three-month record of 1,37 million?tons. This was due to an increase in soyoil imports and sunflower oil. They said that the import numbers exclude duty-free shipments?that arrived via land border from Nepal. The Solvent Extractors' Association of India said that India imported approximately 632,000 tonnes of palm oil per month in the marketing year ending October 2025. It plans to publish its December data by mid-January. The demand for palm oil has remained low due to the winter season and increased availability of domestic edible oil such as cottonseed, groundnut, and soya oil. India's palm?imports are usually moderated during winter, when the tropical oil becomes solidified at lower temperatures. This limits its use in the northern parts of the country. India imports a lot of palm oil, mainly from Indonesia and Malaysia. It also imports sunflower oil and soyoil from Argentina, Brazil and Ukraine. Sandeep Bajoria is the chief executive officer of Sunvin Group. A vegetable oil brokerage firm and consultancy.
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Trump's Venezuela gamble tests investors' appetite for geopolitical risks
Investors warn that the geopolitical risk may be underestimated by markets after Donald Trump threatened to take further action in America. After President Trump announced that the U.S. will take over the oil-producing nation, investors held their nerve, despite oil prices falling modestly. Gold prices rose, however, due to safe-haven flows. Trump's threats towards Colombia and Mexico, while Washington hasn't made such an aggressive intervention in Latin America since 1989 when it invaded Panama, highlighted the aggressive change in U.S. policies and brought geopolitical risks to the forefront for financial markets in the beginning of the year. Vishnu Varathan is the head of Asia Ex-Japan macro research at Mizuho Securities, Singapore. The question is: Is the stability of LatAm as a whole at risk? It's then a completely different proposition, isn't? The flow-through effect and all could even be greater." Analysts and investors stated that the calm market response to Maduro’s capture was because Venezuela's oil output relative to global production is small, and it would take many years of investment to catch up. The impact of the military action on the sentiment will be far-reaching, but it could also unlock Venezuela's vast reserves of oil and boost risk assets in the long-term. Trump said that American oil companies were ready to take on the difficult task of entering Venezuela to invest in order to restore production. Tai Hui is the chief market strategist at J.P. Morgan Asset Management for Asia-Pacific. He said that this event should have broader geopolitical ramifications. However, he believes that financial markets do not price such risks very accurately. First test of the Markets in 2026 The U.S. stock market and the global markets have made a rapid start to 2019 after finishing 2025 at record highs. They had notched double-digit increases in a turbulent year marked by tariff wars and central bank policy, as well as simmering geopolitical conflicts. As a result of Trump's willingness to use U.S. force in support of his policy agenda, the immediate impact will be felt in the?defence sector. Analysts say that the increased uncertainty surrounding U.S. policy will also weigh on the dollar's safe-haven status. The U.S. Dollar firmed up a little on Monday, but it is coming off of its worst year in 2017. It will drop?over 9 percent against major currencies by 2025. Investors are also concerned about the implications of Trump's actions on Venezuela for China's stance towards Taiwan, and if Washington will be more aggressive in its efforts to change regimes in Iran. Li Fang-kuo is the chairman of Taiwan's Uni-President Stock Investment Advisory Unit. He said that investors do not have to worry about China?attacking Taiwan. "Yes, China conducted military exercises around Taiwan. But we haven't seen anything like the months-long escalation that we witnessed from the U.S. against Venezuela." Some analysts claim that investors are becoming accustomed to Trump's foreign policy and military strategies. Charu Chanana is the chief investment strategist for Saxo. He said that the U.S. actions in Venezuela are more of a geopolitical shock than an oil scare at this time. Investors tend to return to rates, earnings and positioning unless the action threatens the supply chain. "We are in a regime that is dominated by geopolitics, and this is not surprising." (Reporting from Ankur Banerjee in Singapore, Rae Wee in Taipei and Gregor Stuart Hunter; Additional reporting from Faith Hung)
Trump's cabinet: who's been picked, who's in the running?
Presidentelect Donald Trump has actually made a flurry of picks for his cabinet and other highranking administration positions following his election success.
Here are the announced choices and top contenders for some of the crucial posts overseeing defense, intelligence, health, diplomacy, trade, migration and economic policymaking.
MARCO RUBIO, secretary of state Trump tapped U.S. Senator Marco Rubio to be his secretary of state, putting the Florida-born political leader on track to be the initially Latino to function as the United States' top diplomat.
Rubio, 53, was perhaps the most hawkish option on Trump's. list for secretary of state. The senator has in past years. advocated for a muscular diplomacy with regard to U.S. geopolitical foes, including China, Iran and Cuba.
Over the last several years he has actually softened a few of his. positions to align more closely with Trump's views. The. president-elect accuses past U.S. presidents of leading the U.S. into expensive and futile wars and has actually promoted a less. interventionist foreign policy.
MATT GAETZ, chief law officer. Trump selected Matt Gaetz as his candidate for attorney general. Gaetz, a congressman from Florida, resigned from the U.S. Home. of Agents after his nomination.
Trump's inner circle has explained the chief law officer as. the most important member of the administration after Trump. himself, key to his plans to perform mass deportations, pardon. Jan. 6 rioters, and look for retribution versus those who. prosecuted him over the past four years.
At the time of his choice, Gaetz, 42, was dealing with an. internal House of Representatives query over possible sex. criminal offenses, which he rejects.
PETE HEGSETH, defense secretary. Trump selected Fox News analyst Pete Hegseth as his secretary. of defense. Hegseth, 44, is a veteran who has expressed contempt. for the so-called woke policies of Pentagon leaders, consisting of. its top military officer.
If validated by the Senate, Hegseth could make good on. Trump's campaign promises to rid the U.S. armed force of generals. whom he implicates of pursuing progressive policies on diversity in. the ranks that conservatives have rallied against.
It might likewise establish a collision course in between Hegseth and. the chair of the Joint Chiefs of Staff, Air Force General C.Q. Brown, whom Hegseth implicated of pursuing the radical positions. of left-wing political leaders.
TULSI GABBARD, director of nationwide intelligence. Trump called Tulsi Gabbard, a previous Democratic representative. and critic of the Biden administration, as his director of. national intelligence.
Gabbard, 43, left the Democratic Celebration in 2022 to become an. independent, then signed up with the Republican politician Celebration, and has little bit. direct experience with intelligence work. If validated, she. would end up being the leading authorities in the U.S. intelligence neighborhood. after Trump begins his 2nd term in January.
ROBERT F. KENNEDY, JR., health and human services secretary. Trump picked Robert F. Kennedy Jr., an environmental activist who. has spread out false information about the threats of vaccines, to lead. the United States' top health firm.
Kennedy, 70, has suggested he would gut the 18,000-employee. Fda, which makes sure the security of food,. drugs and medical devices, and replace hundreds of employees at. the National Institutes of Health. Kennedy ran for president in this year's election, first as a. Democrat and then as an independent, before leaving in. August in exchange for a function in Trump's administration.
The Department of Health and Human being Services manages the. Food and Drug Administration, the Centers for Disease Control. and Prevention, the National Institutes of Health and the. huge Medicare and Medicaid Providers programs, which provide. health coverage for the poor, those aged 65 and older, and the. handicapped.
KRISTI NOEM, homeland security secretary. South Dakota Guv Kristi Noem has been picked to serve as. the next homeland security secretary, Trump stated.
Noem, 52, as soon as viewed as a possible running mate for Trump, is. currently serving her 2nd four-year term as South Dakota's. governor. She rose to nationwide prominence after declining to. impose a statewide mask required during the COVID-19 pandemic.
The Department of Homeland Security is responsible for. everything from border protection and migration to disaster. reaction and the U.S. Trick Service.
TOM HOMAN, 'border czar'. Trump stated Tom Homan, the acting director of Migration and. Customs Enforcement throughout Trump's very first administration, will be. in charge of the nation's borders.
Trump made cracking down on people in the country illegally. a central aspect of his campaign, promising mass deportations.
Homan, 62, stated he would focus on deporting immigrants. unlawfully in the U.S. who posed safety and security risks as. well as those operating at job websites.
HOWARD LUTNICK, commerce secretary
The co-chair of Trump's transition effort and the longtime. chief executive of financial services firm Cantor Fitzgerald,. Howard Lutnick has been chosen to head the Commerce Department,. the agency that has actually ended up being the U.S. weapon of choice versus. China's tech sector.
A bombastic New Yorker like Trump, Lutnick, 63, has. consistently praised the president-elect's financial policies,. including his use of tariffs.
He has at times offered fancy, unvarnished opinions about. what policies will be enacted in Trump's 2nd term. Some Trump. allies grumbled privately that he frequently presented himself. as speaking on behalf of the project.
ELON MUSK AND VIVEK RAMASWAMY, heads of Department of. Government Performance. Trump named tech billionaire Elon Musk and former Republican. presidential prospect Vivek Ramaswamy to lead a recently created. Department of Government Efficiency, gratifying two of his. well-known fans from the private sector.
Trump said Musk, 53, and Ramaswamy, 39, will lower. government bureaucracy, slash excess policies, cut waste and. restructure federal firms. Trump said the new department. would generate external knowledge and deal with the White House. and the Office of Management and Spending plan.
LEE ZELDIN, EPA administrator. Trump revealed he had selected Lee Zeldin, a previous. congressman from New York state, as administrator of the. Environmental Protection Agency.
Zeldin, 44, a staunch Trump ally, served in Congress from. 2015 to 2023. In 2022, he lost the New York governor's race to. Democratic incumbent Kathy Hochul. Trump has actually assured to revamp U.S. energy policy, with the objective. of making the most of the nation's already record-high oil and gas. production by rolling back guidelines and speeding up. allowing.
MIKE WALTZ, nationwide security consultant. Trump stated he had actually picked Mike Waltz, a Republican U.S. agent, to be nationwide security advisor. Waltz, 50, is a. retired Army Green Beret who has actually been a leading critic of China.
Waltz, a Trump patriot who likewise served in the National. Guard as a colonel, has actually slammed Chinese activity in the. Asia-Pacific and has voiced the need for the U.S. to be all set. for a prospective conflict in the area.
The nationwide security consultant is a powerful role that does. not need Senate confirmation. Waltz will be responsible for. rundown Trump on essential national security issues and coordinating. with different agencies.
While slamming the Biden administration for a devastating. withdrawal from Afghanistan in 2021, Waltz has openly praised. Trump's diplomacy views.
SUSIE WILES, chief of personnel. Trump revealed that Susie Wiles, one of his 2 campaign. supervisors, will be his White Home chief of staff. While the specifics of her political views are somewhat uncertain,. Wiles, 67, is credited with running a successful and effective. project. Advocates hope she will instill a sense of order and. discipline that was frequently doing not have during Trump's very first four-year. term, when he cycled through a variety of chiefs of personnel.
ELISE STEFANIK, UN ambassador. Trump revealed that Elise Stefanik, a Republican congresswoman. and staunch Trump advocate, would be his ambassador to the. United Nations.
Stefanik, 40, a U.S. representative from New york city state and. Home Republican conference chair, took a management position in. your house of Representatives in 2021 when she was chosen to. replace then-Representative Liz Cheney, who was ousted for. slamming Trump's incorrect claims of election fraud. Stefanik will come to the U.N. after bold promises by Trump to. end the Russia-Ukraine war and Israel's war in Gaza.
DOUG BURGUM, interior secretary and 'energy czar'. Trump has actually chosen North Dakota Governor Doug Burgum to be. interior secretary.
Burgum, 68, a rich former software application company executive,. has actually portrayed himself as a traditional, business-minded. conservative. He ran against Trump for the Republican politician. governmental election before quitting and becoming a faithful. Trump supporter.
The Interior Department manages public lands and minerals,. national parks and wildlife refuges. The department likewise carries. out the U.S. federal government's trust responsibility to Native. Americans. In the energy czar role, he is expected to coordinate. with a number of agencies to boost oil and gas output.
JOHN RATCLIFFE, CIA director. Trump said he had chosen John Ratcliffe, who was director of. nationwide intelligence at the end of Trump's very first term, to serve. as director of the Central Intelligence Company in his second. administration. A former congressman and prosecutor, Ratcliffe, 59, is viewed as a. hardcore Trump follower who could likely win Senate. confirmation.
Still, during his time as director of national intelligence,. Ratcliffe frequently contradicted the assessments of profession civil. servants, drawing criticism from Democrats who stated he. politicized the role.
LINDA McMAHON, education secretary. Trump tapped Linda McMahon, a co-chair of his shift effort. and the co-founder of the professional battling franchise WWE,. to be his education secretary.
In this function, McMahon, 76, who acted as the chief of the. Small Company Administration throughout Trump's first term, will. supervise a department that Trump has promised to remove.
A former member of the Connecticut State Board of Education,. McMahon has been crucial of DEI programs, which are indicated to. increase variety in work environments, universities and other. institutions.
KEVIN WARSH, potential treasury secretary
Trump is thinking about Kevin Warsh, 54, a former financial investment. lender who served on the Federal Reserve Board, for treasury. secretary, according to news reports. He is viewed as a fiscal. hawk and proponent of greater savings rates.
MARC ROWAN, potential treasury secretary
Trump is thinking about Marc Rowan, 62, who co-founded Apollo. Global Management and ended up being the company's CEO in 2021, for. treasury secretary, according to report.
COSTS HAGERTY, possible treasury secretary
Republican U.S. Senator Expense Hagerty of Tennessee is likewise in. the running for treasury secretary, according to the Wall Street. Journal. Trump met the 65-year-old at Mar-a-Lago last week.
SCOTT BESSENT, possible treasury secretary. Scott Bessent, a crucial financial consultant to Trump, is seen as a. prospect for treasury secretary. A longtime hedge fund financier. who taught at Yale University for several years, Bessent has actually a. warm relationship with the president-elect.
While Bessent has actually long favored the laissez-faire policies. that were popular in the pre-Trump Republican Celebration, he has also. spoken highly of Trump's usage of tariffs as a working out tool. He has applauded the president-elect's economic viewpoint, which. rests on an apprehension of both policies and international. trade.
ROBERT LIGHTHIZER, possible trade czar or treasury. secretary
A patriot who functioned as Trump's U.S. trade agent. for basically the then-president's whole term, Lighthizer. will likely be invited back.
Though Bessent likely has actually a better contended ending up being treasury. secretary, Lighthizer has an outside opportunity, and he may be. able to repeat his old role if he's interested.
The Wall Street Journal has reported Trump wanted Lighthizer. as his trade czar. Like Trump, Lighthizer, 77, is a trade doubter and a firm. follower in tariffs. He was one of the leading figures in. Trump's trade war with China and the renegotiation of the North. American Free Trade Agreement, or NAFTA, with Mexico and Canada. during Trump's very first term.
KASH PATEL, potential candidate for nationwide security posts. or FBI director
A previous Republican politician Home staffer who served in various. high-ranking personnel roles in the defense and intelligence. neighborhoods throughout Trump's first term, Kash Patel regularly. appeared on the project path to rally support for Trump in his. newest governmental bid.
Any position requiring Senate verification might be a. challenge, nevertheless.
Patel, 44, has actually leaned into debate throughout his. profession. In an interview with Trump ally Steve Bannon in 2015,. he guaranteed to follow politicians and reporters. perceived to be enemies of Trump.
Throughout Trump's very first term, Patel, viewed as the supreme Trump. patriot, drew bitterness from some more experienced nationwide. security authorities, who saw him as unstable and too excited to. please the then-president.
(source: Reuters)