Wealth Firm Cresset Taps Private Credit to Weather Market Swings
The Chicago-based company, which manages more than $65 billion on behalf of clients, has increased its allocation to private credit to as much as 20% in one of its strategies, said Chief Investment Officer Jack Ablin. Cresset wasn't involved in that market at all prior to 2022 because the risk was too high relative to returns, he said.
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New York Post
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- New York Post
Trump's tariff plan seems to be working — proving all the naysayers wrong
For all the 'sky-is-falling' cries over President Donald Trump's tariffs, it looks like his strategy may be working — just as his Aug. 1 deadline nears. In the past week, the Trump folks struck deals with Japan, Indonesia and the Philippines — and may be on the verge of a deal with Europe: On Friday, the prez cited a 50-50 chance of reaching an agreement with the European Union. These developments — on top of previous deals with Vietnam, the United Kingdom and a framework on rare-earth exports and tech restrictions with China — go a long way toward standing up Trump's vision for the international economy, with better terms for America. And at least so far, no catastrophic fallout. Heck, the nation looks poised to benefit enormously on several fronts. Trump's deals in Asia, for starters, reopen US access to cheap markets, sidestepping China, our greatest economic and military rival. Indonesia and the Philippines will pay 19% tariffs on their exports to the United States and levy 0% tariffs on more than 99% of US goods. Japan will see 15% tariffs and invest more than half a trillion dollars into the US economy. Washington will also slap fewer restrictions on Indonesian, Filipino and Japanese goods, everything from cars and clothes to electronics and rubber. And now EU officials are signaling their support for a deal that would mirror the one Trump made with Japan — reciprocal tariffs of 15%. Notably, the EU includes 27 countries in a shared common market, representing the largest singular trading bloc for the United States. The EU deal would clearly benefit US consumers looking to buy, say, French wines or German cars, and also US producers seeking wider access to the European markets. Keep up with today's most important news Stay up on the very latest with Evening Update. Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters Meanwhile, the resolution of trade issues with so many countries will calm markets and bring confidence and stability to the business community. As for the predicted inflation, it's nowhere to be seen: June's consumer price index came in at a reasonable 2.7%. Recall it hit 9% under Joe Biden. That's partially because corporations, unsure of whether high tariffs will remain permanent and nervous about hiking prices, have absorbed most of the tariffs' costs, at least for now. More good news: The tariffs brought in $64 billion in revenue for the government in just the first three months since Trump's April 2 'Liberation Day' announcement. He's suggested issuing 'rebates' based on that haul, but far better to use the new revenue to pay down the runaway national debt. Yes, there's plenty more to do: Team Trump needs to finalize agreements with Canada, India and Mexico, along with the EU, and numerous smaller countries, before the president's across-the-board reciprocal tariffs hit Aug. 1. So considerable uncertainty remains. But clearly the signs are good, at least so far — despite all the doomy predictions.
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Brazil Investors Warn of Political Impact of Tariffs in Election
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Yahoo
37 minutes ago
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It's great to be here, I love standing on the soil of Scotland, Trump says
Donald Trump has said he 'loves standing on the soil of Scotland' after landing in the country on Friday evening, according to the Scottish Secretary. Ian Murray told the PA news agency what the US President's first words were after disembarking from Air Force One in Prestwick. The UK Government minister was the first person to greet the president in Scotland as he begins his visit to the country. Speaking after meeting the American leader, Mr Murray told PA: 'The president came off the flight, and I said, 'Mr president, welcome to Scotland – the home country of your dear mother', and he said, 'It's great to be here, I always love standing on the soil of Scotland'. 'I said, 'I hope you're looking forward to a bit of downtime with some golf this weekend', and he said, 'Yes'. And I said, 'Well, we've whipped up a bit of a wind for you to make it a bit more competitive', and he went, 'I'm looking forward to it'.' Mr Murray said Mr Trump was given a warm reception as he got off his presidential plane. Hundreds gathered on the Mound overlooking Prestwick Airport for the president's arrival. A Trump flag was flown while a few spectators wore 'Make America Great Again' hats, although many of those attending were locals and aviation enthusiasts, including some who had travelled from England. Mr Murray said: 'Spotters hills, as it's called, where all the plane spotters come to Prestwick, was absolutely full. 'You could see that from the tarmac and as Air Force One came in, people were snapping away on their photographs. 'To see all that happening is quite a spectacle in itself. 'It's really good to have that kind of focus on Scotland.' Mr Trump will meet Prime Minister Sir Keir Starmer during his trip to discuss the UK-US trade deal as Britain hopes to be spared from the president's tariff regime. The Scottish Secretary said: 'Really, the purpose of this weekend, the purpose of greeting the president off the plane, the purpose of the Prime Minister's relationship with the president is to build that close relationship, to make sure that that old alliance is nurtured, and to do that for the benefit of the national interest, which is about jobs and growth here in the UK, and particularly Scotland.' Mr Trump will meet Scottish First Minister John Swinney during his trip as he opens a new golf course in Aberdeenshire. Before flying to Prestwick, Mr Trump said in Washington that he was 'looking forward' to meeting Mr Swinney, describing him as a 'good man' – the same phrase he used for the Prime Minister after landing in Scotland. Asked about the president's relationship with the UK, Mr Murray said: 'The Prime Minister has taken a very pragmatic approach to the relationship with the president of the United States, because it's in our national interest to do so, whether it be on defence, security, trade, cultural, historic ties. 'It's a historic alliance, and that alliance has to be nurtured and continue through to the future, because it's quite clear that our relationship with United States is good for jobs and growth here in Scotland and across the UK. 'The Prime Minister knows that, and knows that working very closely with the US is in our national interest.' Asked about protests, which are expected across the country, Mr Murray said people had a right to demonstrate, adding: 'Freedom of speech, freedom of assembly and freedom to protest is a key cornerstone of both countries, America and the UK, and the right to be able to protest if they so wish to so.'
