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Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt

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Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt

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PoliticsDonald Trump

Trump’s ‘America First’ foreign policy likely to be helmed by Marco Rubio and Michael Waltz, two China hawks from Florida

By
Adam Plowright
Adam Plowright
and
AFP
AFP
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By
Adam Plowright
Adam Plowright
and
AFP
AFP
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November 12, 2024, 8:13 AM ET
Then-Republican presidential nominee, former U.S. President Donald Trump watches as Sen. Marco Rubio (R-FL) speaks during a campaign rally at the J.S. Dorton Arena on Nov. 4, 2024 in Raleigh, N.C.
Then-Republican presidential nominee, former U.S. President Donald Trump watches as Sen. Marco Rubio (R-FL) speaks during a campaign rally at the J.S. Dorton Arena on Nov. 4, 2024 in Raleigh, N.C. Chip Somodevilla—Getty Images

US President-elect Donald Trump announced new members of his incoming administration on Monday, and was expected to pick Senator Marco Rubio as secretary of state.

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Both Rubio and Congressman Michael Waltz, who has been lined up for the powerful National Security Advisor role, have notably hawkish views on China, which they see as a threat and challenge to US economic and military might.

The two appointees, both from Florida, would be key architects of Trump’s “America First” foreign policy, with the incoming president having promised to end the wars raging in Ukraine and the Middle East, and avoid any more US military entanglements.

The 78-year-old Republican tycoon has vowed his second stint in power will result in a radical shake-up of the federal government.

Trump announced immigration official Tom Homan as the country’s “border czar” on Monday, tasking him with fulfilling his key domestic promise of mass deportations of undocumented migrants.

US media also reported that Stephen Miller, the author of Trump’s so-called “Muslim ban” immigration policy during his first term, was set to be his deputy chief of staff with a broad portfolio.

New York congresswoman Elise Stefanik, a hardline defender of Israel, got the nod for UN ambassador, Trump’s transition team said in a statement.

In a further announcement, Trump’s team said Lee Zeldin, an early political ally, would be proposed as Environmental Protection Agency (EPA) chief with a mandate to slash climate and pollution regulations that are considered red tape by businesses.

Turnaround

Top nominations, including for Stefanik, Zeldin as well as the secretary of state, would need approval by the Senate, but Trump is hoping to bypass oversight from the upper chamber by making appointments while it is in recess.

He has turned the issue into a loyalty test, insisting Saturday that any Republican seeking to be the leader of the Senate “must agree” to recess appointments.

The three senators jockeying for the post immediately issued statements saying they supported the move, or were at least open to the idea.

Trump is known to demand total personal loyalty from his aides and cabinet picks, with those chosen all having defended him and supported his unfounded claims of election fraud after his defeat to outgoing President Joe Biden in 2020.

The likely nomination of Rubio, which was reported by US outlets The New York Times, The Washington Post and Politico, would cap a remarkable turnaround in relations between the two men.

In 2016, when they were competing for the Republican presidential nomination, Rubio called Trump a “con artist” and the “most vulgar person to ever aspire to the presidency.”

Rubio, who is of Cuban heritage, first made his name in foreign policy as a vociferous opponent of Cuba and its leftist allies in Latin America, particularly Venezuela.

He has since become one of the most outspoken senators against Beijing, seeking to make it more difficult for Chinese firms to operate in the United States and leading congressional efforts to punish China on human rights grounds over its treatment of the Uyghur minority.

Asked Tuesday about the reported picks of Waltz and Rubio, Beijing said it would not comment on “personnel appointments.”

“China’s stance toward the US is consistent and clear,” foreign ministry spokesman Lin Jian told a regular briefing.

Rubio has also advocated for increased US sanctions on Iran over its nuclear infrastructure.

“Border czar” Homan, who served as acting director of Immigration and Customs Enforcement (ICE) under Trump during his first term, is a long-time defender of the so-called “Make America Great Again” agenda.

“I’ve known Tom (Homan) for a long time, and there is nobody better at policing and controlling our Borders,” Trump said on Truth Social, adding that Homan would be in charge of “all Deportation of Illegal Aliens back to their Country of Origin.”

Trump has pledged to launch the largest deportation operation of undocumented migrants in US history.

Deregulation

Trump will be inaugurated in January, and had previously made one cabinet-level appointment, naming his campaign manager Susie Wiles as his White House chief of staff, a position that does not require Senate confirmation.

The Republicans are set to hold a solid majority in the upper chamber and are creeping towards a majority in the House of Representatives, which would give Trump a free hand to implement his agenda.

His choice for the environmental department head gives a clear hint about his intentions.

Trump said Zeldin would be tasked with making “fair and swift deregulatory decisions,” with the tycoon promising to shred rules on safety and pollution that he believes hold back businesses.

“We will restore US energy dominance, revitalize our auto industry to bring back American jobs, and make the US the global leader of AI. We will do so while protecting access to clean air and water,” Zeldin wrote on X.

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