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Donald Trump plans on his first day in office to tell Pacific Rim signatories to the Trans-Pacific Partnership that the US will pull out of the trade deal, a signature policy of Barack Obama. In a video outlining steps he would take on January 20, the US president-elect said he would walk away from the 12-nation deal that took years to negotiate. Critics have argued the withdrawal would pave the way for China to increase its influence in the Asia-Pacific region. Here is a comprehensive look at what Mr Trump plans in his first 100 days and what he does — and does not — need Congress to approve.
Kansas secretary of state Kris Kobach inadvertently revealed details of his controversial proposals for US immigration policy when he met Mr Trump in New Jersey this week. Posing for a photo outside the president-elect’s namesake golf club, the front page of his “Department of Homeland Security: Kobach Strategic Plan for the First 365 Days” was on full display.
There was also further debate regarding Mr Trump’s potential conflicts of interest, with the Washington Post compiling a running list. (FT, NYT, WaPo, Quartz)
In the news
EU bank crackdown Brussels is proposing to tighten its grip over overseas banks operating in the EU in a tit-for-tat step against the US that will raise costs for big foreign lenders and potentially hurt the City of London after Brexit. The provisions mirror controversial US “intermediate holding company” rules that ringfence foreign bank capital. When these were announced in 2014, the EU complained to Washington of “protectionism” and threatened to retaliate. If adopted into EU law, they would force US investment banks such as Goldman Sachs and JPMorgan to have additional capital and liquidity in the EU. (FT)
Canada quashes hopes for speedy UK trade deal Bill Morneau, Canada’s finance minister has dashed hopes of rekindling a close trading pact among the countries of the Commonwealth including Britain once the process of Brexit has been completed. He told the FT that Canada would want to strike a trade deal with Britain, but made clear that the Nafta relationship with the US was the top priority. “We’re not talking as much about Brexit as you are in the UK,” he said. (FT)
Trump plans to shrink Washington bureaucracy The president-elect is drawing up plans to take on the government bureaucracy by eroding job protections and grinding down benefits that federal workers have received for a generation. Hiring freezes, an end to automatic raises, a green light to fire poor performers, a ban on union business on the government’s dime and less generous pensions — these are the contours of the blueprint emerging under Republican control of Washington in January. (WaPo)
Myanmar resumes its war on Rohingya minority After violence unleashed in 2012 by Buddhist extremists in Myanmar drove tens of thousands of Rohingya Muslims from their homes, many risked their lives to escape in smugglers’ boats. Now, a counterinsurgency operation by Myanmar’s military is again forcing thousands of Rohingya to abandon their villages. (BBC, NYT)
Goldman Sachs European co-head quits Michael Sherwood is quitting the investment bank after a three-decade career in which he became one of the industry’s highest earners but was embroiled in a recent spat over BHS, the failed UK retailer. Mr Sherwood had been seen as a potential successor to Lloyd Blankfein at the top of the bank. (FT)
It’s a big day for
Britain’s ‘Brexit’ minister David Davis has headed to Brussels and Strasbourg for his first official meetings on the continent since taking up the ‘Brexit’ portfolio after the UK’s June referendum. The tough-talking former business executive met with the EU’s chief Brexit negotiator in Brussels, Michel Barnier, on Monday, before heading to Strasbourg on Tuesday for talks with Guy Verhofstadt, the European Parliament’s lead Brexit negotiator. (Euractiv)
Keep up with the important business, economic and political stories in the coming days with the FT’s WeekAhead.
Food for thought
Le Pen looms over Trumpian world Gideon Rachman on what far-right French leader Marine Le Pen means in a post-Trump world. (FT)
Brazil braced for trial of the century In what has already been a tumultuous year marked by the impeachment of former President Dilma Rousseff, Brazilians are bracing themselves for the start of corruption hearings against her predecessor and mentor, the once wildly popular Mr Lula da Silva. (FT)
‘Something has started to go wildly wrong’ The aftermath of the US election has brought criticism of some of the biggest internet companies — in particular Facebook — and an admission that change is needed. And a new survey shows that most teens do not know when news is fake. (FT, WSJ)
Memory, the master magician Our minds are capable of tricking us into remembering falsehoods as truths and vice versa, writes Anjana Ahuja. We know this mostly thanks to Elizabeth Loftus, professor of law and cognitive science at the University of California, Irvine, who became embroiled in the “memory wars” of the 1990s when she began questioning the veracity of the recovered memories of abuse survivors. (FT)
Uneasy quiet falls over Vietnam’s Samsung town The sudden halt of Galaxy Note 7 production has hit Samsung’s Vietnam plant, where, as the country’s largest foreign company, it employs 110,000 people. (NAR)
Video of the day
Europe stocks pick up baton from US The FT’s Katie Martin has the latest on markets, including European stocks picking up the baton from the previous session in the US, where all of the country’s major indices hit record highs. (FT)