News Briefs

Greg Ip of the Wall Street Journal writes that recently-passed tax cuts are likely to widen the U.S. trade deficit. Ip points out that the corporate and individual cuts are expected to provide a short-term boost to spending, which should translate into higher demand for imported goods, widening the deficit. WSJ

According to Nick Timiraos of the Wall Street Journal, President Trump’s nomination for the vice chair of the Federal Reserve indicates a continuation of the status quo for interest rate hikes. Timiraos contends that Richard Clarida, Trump’s nomination for vice chair, is likely to support gradual interest rate hikes over the near term. WSJ