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The Trump and Biden teams insist they're working hand in glove on foreign crises

News

The Trump and Biden teams insist they're working hand in glove on foreign crises
News

News

The Trump and Biden teams insist they're working hand in glove on foreign crises

2024-12-12 02:41 Last Updated At:02:51

WASHINGTON (AP) — Donald Trump doesn't think much of Joe Biden's foreign policy record. The Republican president-elect frequently casts the outgoing Democratic president as a feckless leader who shredded American credibility around the world during his four-year term.

But a funny thing happened on Trump's way back to the White House: The Biden and Trump national security teams have come to an understanding that they have no choice but to work together as conflicts in Gaza, Syria and Ukraine have left a significant swath of the world on a knife's edge.

It's not clear how much common ground those teams have found as they navigate crises that threaten to cause more global upheaval as Trump prepares to settle back into the White House on Jan. 20, 2025.

“There is a deep conviction on the part of the incoming national security team that we are dealing with ... and on our part, directed from President Biden, that it is our job, on behalf of the American people, to make sure this is a smooth transition,” Biden's national security adviser Jake Sullivan said during a weekend appearance at a forum in California. “And we are committed to discharging that duty as relentlessly and faithfully as we possibly can.”

To be certain, Trump and his allies haven't let up on their criticism of Biden, putting the blame squarely on the shoulders of Biden and Democrats for the series of crises around the globe.

The president-elect says Biden is responsible for the wars in Gaza and Ukraine, arguing that policies under his watch led to Hamas and Russia becoming emboldened. And shortly before Syria's Bashar al-Assad's government collapsed last week, Trump blamed Biden's old boss, former President Barack Obama, for failing to enforce his own “red line” in 2013 after Assad deployed chemical weapons that killed hundreds of civilians, and laying the groundwork for Islamic militants to establish a beachhead in the country.

But amid the hectoring of Biden, Trump team officials acknowledge that the Biden White House has worked diligently to keep Trump's circle apprised and help ensure there is a smooth handoff on national security matters.

“For our adversaries out there that think this is a time of opportunity that they can play one administration off the other, they’re wrong, and we are — we are hand in glove," Mike Waltz, Trump's pick for national security adviser, said in a Fox News interview last month. “We are one team with the United States in this transition.”

While Trump rarely has a good word for the Democratic administration, there's an appreciation in Trump world of how the Biden White House has gone about sharing critical national security information, according to a Trump transition official who was not authorized to comment publicly.

The coordination is precisely how lawmakers intended for incoming and outgoing administrations to conduct themselves during a handover when they bolstered federal support for transitions. It's already the most substantive handoff process since 2009, aides to Biden and Trump acknowledged, surpassing Trump's chaotic first takeover in 2017 and his wide refusal to cooperate with the incoming Biden team in 2021.

Trump's pick to serve as special envoy to the Middle East, Florida real estate developer Steve Witkoff, consulted with Biden administration officials as he recently traveled to Mideast to meet with Israeli Prime Minister Benjamin Netanyahu and Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani, according to a U.S. official who was not authorized to comment publicly about the sensitive talks and spoke on condition of anonymity.

Sullivan, who was to travel to Israel on Wednesday for talks with Netanyahu, has in turn kept Waltz in the loop about the Biden administration's efforts at getting a ceasefire and hostage deal in Gaza before Trump's inauguration.

Biden administration officials say that the two national security teams have also closely coordinated on Ukraine and Syria, though they have provided scant detail on what that coordination has looked like.

“Let me put it this way: Nothing that we’re doing and nothing that we’re saying are coming as a surprise to the incoming team,” White House national security spokesman John Kirby said. "They will decide for themselves what policies they might want to keep in place, what approaches they might want to continue and which ones they won’t."

Trump made clear during his campaign that he would move to end the war in Ukraine quickly once he came to office. He called on Russian leader Vladimir Putin earlier this week to act to reach an immediate ceasefire with Ukraine.

But the Biden White House has begun gently — and publicly — making the case for how continued support for Ukraine lines up with Trump's priorities.

On Saturday, Sullivan pointed to comments made by Trump on social media to buttress the case that Biden’s push for continued support of Ukraine falls in line with the incoming president’s thinking.

Trump earlier that day had noted that Assad’s rule was collapsing because Russia “lost all interest in Syria because of Ukraine, where close to 600,000 Russian soldiers lay wounded or dead, in a war that should never have started, and could go on forever.”

“Russia and Iran are in a weakened state right now, one because of Ukraine and a bad economy, the other because of Israel and its fighting success,” Trump said in the posting on Truth Social.

Sullivan underscored that Biden and Trump are in agreement that there should be no American boots on the ground in Syria and that the war in Ukraine was a major factor in Assad’s fall.

“I was a little bit struck by it — earlier in the post, he said part of the reason this is happening is because of Russia’s war against Ukraine,” Sullivan said of Trump. “And I think he even referenced the sheer scale of the casualties that Russia has suffered in Ukraine, and for that reason, they’re not in a position to defend their client, Assad. And on that point, we’re in vigorous agreement.”

FILE - Rep. Michael Waltz, R-Fla., speaks outside the hush money criminal case of former president Donald Trump in New York, May 16, 2024. (AP Photo/Ted Shaffrey, File)

FILE - Rep. Michael Waltz, R-Fla., speaks outside the hush money criminal case of former president Donald Trump in New York, May 16, 2024. (AP Photo/Ted Shaffrey, File)

A giant picture of Syrian President Bashar Assad lies on the ground as a Syrian opposition fighter stands nearby, inside the Presidential Palace in Damascus, Syria, Sunday, Dec. 8, 2024. (AP Photo/Omar Sanadiki)

A giant picture of Syrian President Bashar Assad lies on the ground as a Syrian opposition fighter stands nearby, inside the Presidential Palace in Damascus, Syria, Sunday, Dec. 8, 2024. (AP Photo/Omar Sanadiki)

President Joe Biden speaks about the sudden collapse of the Syrian government under Bashar Assad from the Roosevelt Room at the White House in Washington, Sunday, Dec. 8, 2024. (AP Photo/Manuel Balce Ceneta)

President Joe Biden speaks about the sudden collapse of the Syrian government under Bashar Assad from the Roosevelt Room at the White House in Washington, Sunday, Dec. 8, 2024. (AP Photo/Manuel Balce Ceneta)

President-elect Donald Trump shakes hands with Ukraine's President Volodymyr Zelenskyy in Notre Dame Cathedral as France's iconic cathedral is formally reopening its doors for the first time since a devastating fire nearly destroyed the 861-year-old landmark in 2019, Saturday Dec.7, 2024 in Paris ( Ludovic Marin, Pool via AP)

President-elect Donald Trump shakes hands with Ukraine's President Volodymyr Zelenskyy in Notre Dame Cathedral as France's iconic cathedral is formally reopening its doors for the first time since a devastating fire nearly destroyed the 861-year-old landmark in 2019, Saturday Dec.7, 2024 in Paris ( Ludovic Marin, Pool via AP)

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Stock market today: Wall Street gets back to climbing

2024-12-12 02:39 Last Updated At:02:40

NEW YORK (AP) — U.S. stock indexes are rising Wednesday after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve.

The S&P 500 gained 1% and is on track to break its first two-day losing streak in nearly a month. The Dow Jones Industrial Average rose 57 points, or 0.1%, as of 1:32 p.m. Eastern time, and the Nasdaq composite climbed 1.8% and was heading for a record.

Treasury yields held relatively steady in the bond market as expectations built that Wednesday’s inflation data will allow the Fed to deliver another cut to interest rates at its meeting next week.

Traders are betting on a 95% probability of that, according to data from CME Group, up from 89% a day before. If they’re correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It’s hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target.

Lower rates would give a boost to the economy, but they could also provide more fuel for inflation.

Wednesday’s report said U.S. consumers paid prices in November that were 2.7% higher than a year earlier. That’s a slight acceleration from October’s inflation rate of 2.6%, but it was exactly what economists were expecting. Another report on inflation at the wholesale level will arrive on Thursday.

“The data have given the Fed the ‘all clear’ for next week, and today’s inflation data keep a January cut in active discussion,” according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management.

Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times this year, with the latest coming last week.

On Wall Street, Stitch Fix jumped 48% after the company that sends clothes to your door reported a smaller loss for the latest quarter than analysts expected. It also gave financial forecasts for the current quarter that were better than expected, including for revenue.

Albertsons edged down by 0.8% after filing a lawsuit against Kroger, saying it didn’t do enough for their proposed $24.6 billion merger agreement to win regulatory clearance. Albertsons said it’s seeking billions of dollars in damages from Kroger, whose stock rose 1.6%.

A day earlier, judges in separate cases in Oregon and Washington nixed the supermarket giants’ merger. The grocers contended a combination could have helped them compete with big retailers like Walmart, Costco and Amazon, but critics said it would hurt competition.

After terminating the merger agreement Albertsons said it plans to boost its dividend 25% and increased the size of its program to buy back its own stock.

Mondelez, the company behind Oreo and other food brands, climbed 2.5% after announcing a plan to send cash to shareholders by buying back up to $9 billion of its own stock. The program replaces a prior $6 billion plan, which had about $2.8 billion of capacity remaining and would have otherwise expired at the end of next year.

On the losing end of Wall Street, Macy’s fell 2.8% after cutting some of its financial forecasts for the full year of 2024, including for how much profit it expects to make off each $1 of revenue.

Dave & Buster’s Entertainment sank 16.3% after reporting a worse loss for the latest quarter than expected. It also said CEO Chris Morris has resigned, and the board has been working with an executive-search firm for the last few months to find its next permanent leader.

In the bond market, the yield on the 10-year Treasury rose to 4.25% from 4.23% late Tuesday. The two-year Treasury yield, which more closely tracks expectations for the Fed, held steady at 4.14%.

In stock markets abroad, indexes rose across much of Europe and Asia.

Hong Kong’s Hang Seng was an outlier and slipped 0.8% as Chinese leaders convened an annual planning meeting in Beijing that is expected to set economic policies and growth targets for the coming year.

South Korea’s Kospi rose 1%, up for a second straight day as it climbs back following last week’s political turmoil where its president briefly declared martial law.

AP Writers Matt Ott and Zimo Zhong contributed.

People gather in front of the New York Stock Exchange in New York's Financial District on Tuesday, Dec. 10, 2024. (AP Photo/Peter Morgan)

People gather in front of the New York Stock Exchange in New York's Financial District on Tuesday, Dec. 10, 2024. (AP Photo/Peter Morgan)

A banner for Alaska Air Group hangs on the front of the New York Stock Exchange in New York's Financial District on Tuesday, Dec. 10, 2024. (AP Photo/Peter Morgan, File)

A banner for Alaska Air Group hangs on the front of the New York Stock Exchange in New York's Financial District on Tuesday, Dec. 10, 2024. (AP Photo/Peter Morgan, File)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Dec. 11, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Dec. 11, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Dec. 11, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Dec. 11, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Dec. 11, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Dec. 11, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Dec. 11, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Dec. 11, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person gestures in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Dec. 11, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person gestures in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Dec. 11, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

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