• 2 days ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Donald Trump’s solution to collecting revenue from foreign sources.

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00:00I'm Conway Gittins in New York City. Here's what we're watching on the street today.
00:03Wall Street is off to a banner start on Wednesday after another market-friendly
00:08inflation report. While headline inflation rose 0.4% in December, a
00:12measure within the CPI which excludes food and energy rose just 0.2%. The so
00:19called core rate had been higher for four months straight. That core rate was
00:23up 3.2% from a year ago, which also showed a cooling off in inflation.
00:28Investors hope the numbers will mean the Federal Reserve will be more
00:32inclined to lower interest rates than policymakers indicated in December. In
00:38other business headlines, President-elect Donald Trump wants to create a new
00:43department called the External Revenue Service. The sole purpose of this entity
00:48would be the collection of tariffs. This job, by the way, already belongs to U.S.
00:53Customs and Border Protection. Trump laid the groundwork for his expansive tariff
00:58collection plan in a post on Truth Social, quote, for far too long we have
01:03relied on taxing our great people using the Internal Revenue Service, IRS, through
01:09soft and pathetically weak trade agreements, the American economy has
01:13delivered growth and prosperity to the world while taxing ourselves. It is time
01:18for that to change. Trump went on to say the tariffs will be a way to, quote, begin
01:24charging those that make money off of us with trade and they will start paying
01:28finally their fair share. He has proposed wide-sweeping tariffs on all
01:33goods imported into the U.S., including 10% tariffs on China and 25% tariffs on
01:39Canada and Mexico. There had been recent ideas floated in the media that the
01:44tariff imposition could be gradual. This post throws those ideas into doubt. He
01:50says the, quote, External Revenue Service will be born on the day of his
01:55inauguration. That'll do it for your daily briefing from New York City. I'm
01:59Conway Gittins with The Street.

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