November 11, 2016 / 12:51 PM / 3 years ago

Friday Morning Briefing: Things are going to slide in all directions…

U.S. President Barack Obama meets with President-elect Donald Trump in the Oval Office of the White House in Washington November 10, 2016. REUTERS/Kevin Lamarque

The unraveling of the coalition that was supposed to carry Hillary Clinton to the White House had much to do with her inability to get traditional white Democrats to turn out. And many who did ended up voting for Donald Trump. Clinton beat Trump among black and Hispanic voters, albeit by a slimmer margin than Obama did in 2008 and 2012. But her effort to forge a winning coalition by leveraging that strength in diverse, urban areas was upended by Trump’s strength among whites. Meanwhile, Trump still managed to hold roughly the same level of minority support that Romney got in 2012.

Those who live by executive orders, die by executive orders. In his most notable foreign policy achievements, such as Iran and Cuba, President Barack Obama used executive authority that offered a convenient legal path around a Republican-controlled Congress committed to blocking his agenda. Come Jan. 20, Trump could reverse those achievements with the stroke of his pen.

The Consumer Financial Protection Bureau, already in legal limbo after an October court decision, could find its powers scaled back by Trump and Congress. That may mean the end of many of the agency's rule-making actions that have enraged critics, including a proposal to stop companies from blocking customers from class action lawsuits and another one to limit payday lending.

Around the country

Not all professionals

Tala Rahal, 14, left, and Ariana Echols, 14, right, both from Lowell High School, protest of the election of Donald Trump in San Francisco, Nov. 10, 2016. REUTERS/Elijah Nouvelage

Tala Rahal, 14, left, and Ariana Echols, 14, right, both from Lowell High School, protest of the election of Donald Trump in San Francisco, Nov. 10, 2016. REUTERS/Elijah Nouvelage

Donald Trump has offered two views of the protests that have followed his election:

Tweet ID: "796900183955095552"
Tweet ID: "797034721075228672"
President Barack Obama and President-elect Donald Trump met for the first time, setting aside, publicly at least, the deep rancor that dominated the long campaign season to discuss the transition to the new administration. During the campaign, Obama repeatedly called Trump unfit to be president. And Trump called Obama's tenure a "disaster." He also spent eight years accusing Obama of lying about where he was born. Officials in New York and Los Angeles said they hoped Trump would not follow through on a campaign promise to withhold federal funds from "sanctuary cities" that shield people who are in the country illegally. The nation's two largest cities have sharply limited their cooperation with U.S. immigration authorities seeking to deport undocumented immigrants.

Around the world

Syrian President Bashar al-Assad and his allies hope to benefit from Trump’s win, believing it has saved them from the risks of an interventionist Clinton administration. Trump's win may have already shifted the course of the Russian-backed military campaign in Aleppo. A senior pro-Assad official told Reuters that plans to capture the rebel-held east by January were shaped around an assumption Clinton would win. The election of climate change skeptic Donald Trump as president is likely to end the U.S. leadership role in the international fight against global warming and may lead to the emergence of a new and unlikely champion: China. Japanese Prime Minister Shinzo Abe is hoping that Trump's victory will yield support for a push back against China's growing influence in Asia. Trump campaigned on promises to make Japan pay more for the upkeep of U.S. forces in Japan.

Around Wall Street

Tax reform is shaping up as among the most fruitful areas for cooperation between Trump and his fellow Republicans. Both of their plans would slash tax rates on businesses, simplify and cut individual taxes, and let companies bring overseas profits into the country at a low tax rate. All of which raises prospects for a sweeping deal on taxes. Among the big winners would be giant multinational companies like Apple, Pfizer and Microsoft. From construction companies in Spain to copper traders in London's financial district, Trump's victory is being felt around the world as investors bet on a lasting rise in global inflation. If Trump delivers on his pledge to give the U.S. economy a growth and inflationary shot in the arm from a multi-trillion-dollar package of tax cuts and infrastructure spending, the impact will likely be felt far beyond American border. A potential influx of foreign cash and improved stock valuations in the biotech industry could boost deal making under the Trump administration.

Today's reason to live

Thanks for the songs, Mr. Cohen

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