We interrupt our regularly scheduled review of markets and economics to consider President Trump’s latest comments on US libel laws. His remarks on Wednesday suggest that the White House will lead a new effort to revise long-standing legal standards that are directly related to the Constitution’s First Amendment rights and freedom of the press – the bedrock of US democracy. The administration doesn’t have the power to rewrite libel laws and it’s doubtful that the Supreme Court will be swayed to revisit the subject. That leaves the possibility of a constitutional amendment to effect any revision, but that’s even more unlikely, if only because introducing legislation through this channel is a long and winding road.
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Trump may be preparing to withdraw from Nafta trade pact: Bloomberg
New York City sues big oil over climate change: AP
IRS under pressure to reduce withholding taxes ahead of election: Politico
Trump says US libel laws are a “sham” and vows to “take a strong look”: CNBC
US import prices barely budged in Dec: Dow Jones
Businesses trim year-ahead inflation expectations to 2.0%: Atlanta Fed
Policy change for bond buying by central banks worries investors: NY Times
South Korea plans to ban cryptocurrency trading: Reuters
US wholesale inventories rebounded sharply in December: RTT