Meet Trump’s hawkish foreign policy team

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Donald Trump is nearing the top picks for his foreign policy team, with Florida Congressman Mike Waltz in line to be national security adviser and Florida Sen. Marco Rubio likely to be nominated for secretary of state, according to people familiar with the matter.

Rubio, an Iran-China hawk who serves on the Senate Foreign Relations Committee, would become one of the most prominent members of Trump’s foreign policy team if confirmed by the Senate next year. Rubio, a Cuban-American, would also be the first Latino to serve as Washington’s top diplomat.

Trump has promised a major shift in US foreign policy when he takes over from President Joe Biden after campaigning on a unilateralist and non-interventionist platform to end the wars in Ukraine and the Middle East.

Trump sparred with Rubio in the 2016 Republican primary, calling him “little Marco,” but later considered the Florida senator a potential 2024 contender.

Both Rubio and Waltz have been skeptical of US aid to Ukraine. Although Rubio initially supported Kiev, he said last week that the fighting had reached a “stalemate”, while Waltz has called on America’s Nato allies to spend more on defence. Read more about the latest appointments for Trump’s incoming administration.

Here’s what else we’re keeping an eye on today:

• Trump silent money verdict: The judge overseeing the case against Donald Trump must decide whether the Supreme Court’s immunity ruling will necessitate throwing out all or part of the historic conviction against the president-elect.

• Monetary policy: Federal Reserve Governor Chris Waller, Federal Reserve Bank of Richmond President Tom Barkin, Philadelphia Fed President Patrick Harker and Federal Reserve Bank of Minneapolis President Neel Kashkari appear at public events.

• Results: Home Depot, Tyson Foods, Shopify, Flutter and Occidental Petroleum report earnings.

• Germany: Olaf Scholz’s Social Democrats and the opposition Christian Democrats have agreed on February 23 as the date for Germany’s snap election.

• The Booker Prize: One of the world’s most prestigious awards for English-language fiction writers is announced. Read reviews of the shortlisted titles and share your own views in this poll.

Five more top stories

1. China has offered the public the first look at its latest stealth fighter, as Beijing modernizes its military to compete with Washington for air superiority amid growing tensions in the region. The J-35A stealth fighter was unveiled at the opening of the China International Aviation & Aerospace Exhibition. Read more about China’s rival to the US’s F-35 fighter jet.

2. Wall Street bonuses are on track to rise as much as 35 percent this year, according to payroll consultant Johnson Associates. The activity level for corporate deals, share sales and debt transactions has gradually recovered in 2024 after two fallow years. Here are the investment bankers most likely to make the biggest gains.

3. An agreement has been reached to launch multi-billion dollar CO2 markets governed by UN emissions regulations at the climate summit COP29. The symbolic breakthrough came as US President Joe Biden’s top climate adviser admitted action to limit global warming “may be put on the back burner” after Donald Trump’s return to the White House.

4. Amazon is ready to roll out its latest artificial intelligence chips as the Big Tech group seeks to reduce its dependence on market leader Nvidia. Annapurna Labs, an Austin-based chip start-up that Amazon bought in early 2015 for $350 million, is leading the effort to build the company’s own data center chips.

5. Argentinian fintech Ualá has raised $300 million in one of the largest fundraising rounds for a start-up in Latin America in recent years. The fundraising brings Ualá, which was launched in 2017 and now has 8 million. customers and banking licenses in Argentina, Mexico and Colombia, at a valuation of $2.75 billion. Here’s more about the fundraiser’s backers.

Today’s big read

Elon Musk, the world’s richest man, has a unique opportunity to reshape the federal government after being promised a broad mandate by Donald Trump to lead a new Department of Government Efficiency. He intends to install longtime deputies, engineering experts, financial backers and ideological partners. Who’s on Musk’s A-Team?

We also read and listen to. . .

• Market Insights: Big changes are coming for the dollar and emerging markets, argues Robin Brooks, a senior fellow at the Brookings Institution and a former chief economist at the Institute of International Finance.

• European populism: For all the themes that unite the Trump administration with Europe’s populist and nationalist forces, the alliance may turn out to be quite fragile, writes Gideon Rachman.

• Self-driving cars: The better an automated system performs, the more complacent – ​​and dangerous – we become, writes Sarah O’Connor.

• Tech Tonic : In the first episode of the podcast’s new season, the FT’s James Kynge reports on Arizona’s efforts to revive the US chip manufacturing industry. Listen here.

Today’s chart

Methane is responsible for an estimated 30 percent of global warming since the Industrial Revolution. Some methane comes from natural sources, such as volcanic gas. But the majority of emissions are caused by human activity. A Financial Times analysis has found that oil and gas companies regularly cover up leaks of the deadly greenhouse gas, despite it being one of the easiest climate solutions available.

Take a break from the news

Lululemon’s “little black stretchy pants” turned the athleisure brand into a status symbol for matcha-drinking, yoga-practicing, high-disposable-income women of a certain socio-economic tribe. Can Lulu now win men over?