- Former Fed Chairman Yellen to be Biden’s Treasury Secretary
- UK and Canada agree to post-Brexit trade terms
- Trump admitted the defeat, clearing up the way for Biden
Former Fed Chairman Janet Yellen to be Biden’s Treasury Secretary
Joe Biden, who was elected the 46th President of the USA, started to announce the first names of his cabinet members. According to the American press, Janet Yellen, the former head of the US Federal Reserve, could acquire the role of treasury minister in the new cabinet.
If this appointment happens, Yellen will be the first woman to take this position in the ministry’s 231-year history.
Yellen, an experienced economist and an expert on the employment market, became the first woman president of the Fed in 2014.
If her role is approved, Yellen will manage the US economy to recover after the results of the pandemic. The first problem Yellen faces will be to prevent the closure of public institutions and to reduce the prolonged unemployment queues.
Investors seemed satisfied with the choice of Yellen. With the Yellen news, the S&P 500 index increased by almost 1%. Technology shares doubled in value during the Fed presidency, when Yellen took the first interest rate hike in 11 years.
If Yellen at the age of 74, takes the office, her priority will be shifting to tackling economic inequality and climate change, not tax cuts and loose fiscal rules, unlike the Trump administration. In her speech in 2014, the former Fed Chairman said that rising economic inequality is a threat to the values that lie at the heart of the USA.
UK and Canada Agree to Post-Brexit Trade Terms
Britain and Canada reached an agreement for the UK to continue their trade with Canada on the same principles after the transition process with the European Union is completed.
It was noted that the deal was achieved at a video meeting attended by British Prime Minister Boris Johnson, Canadian Prime Minister Justin Trudeau, British Foreign Minister Liz Truss and Canadian counterpart Mary Ng.
In the statement made on the official website of the British Ministry of Commerce, it was stated that the UK and Canada will negotiate for a new free trade agreement in 2021. This agreement is aimed to include areas such as digital trade, environment and strengthening women’s participation in the economy.
In the statement, it was stated that the consensus between the parties that the mutual trade should continue within the framework of the rules, provided that the trade volume of approximately 20 billion pounds was maintained.
Commenting on the topic, British Prime Minister Boris Johnson said, “This is really an exceptional agreement with one of our closest allies that secures our transatlantic business. British companies export many different products to Canada, from electric vehicles to champagne. This agreement will ensure that trade will grow stronger and more powerful. “
Trump Admitted the Defeat, Clearing up The Way for Biden
US President Donald Trump, whose applications to the election results were objected one by one, began to accept the defeat. Trump instructed yesterday to collaborate with the transition team of Democrats’ candidate and election winner Joe Biden at the meeting with his team.
With the election results coming from Michigan, it is estimated that the President of the USA took this step with the call of many Republican senators and business people to Trump to “hand over the task now”.
Making a statement on Twitter, Trump said that Biden had instructed an officer named Emily Murphy who did not give the documents that had to be signed to initiate the transition process. Saying that Murphy is a loyal employee to his country, Trump said, “I instructed him to start the first protocols for the transition process and told my own team to cooperate in the transition process.”
It was also stated that 6.3 million dollars will be transferred to Biden’s team for the transition process.
Joe Biden, the soon to be president of the USA, welcomed the Donald Trump administration’s approval of his team’s access to resources and services in federal agencies for the transition process.
In the statement made by Biden’s transition team, it was stated that the General Services Administration (GSA), which is responsible for organization and presidential transition between federal institutions, will provide the Biden-Harris administration with the necessary resources and support for a smooth and peaceful transition.
In the statement, which pointed out that the transition process in federal institutions will officially begin in line with this decision, it was stated that:
“Today, this decision is a necessary step to start the struggle with the difficulties faced by our country, including taking the epidemic under control and getting our economy back on track.”