Good morning. Trump picks his US trade representative. A cease-fire between Israel and Hezbollah begins. And American shoppers are feeling the pinch this holiday season. Listen to the day’s top stories.

Kevin Hassett. Photographer: Al Drago/Bloomberg

Donald Trump named more picks for his top team. His plans to ramp up trade tariffs gained more momentum as he selected Jamieson Greer—a man who described China as a “generational challenge” to the US—as his trade representative. Kevin Hassett was picked to direct the National Economic Council, which advises the president on policy. Investor John Phelan was named secretary of the Navy, and Jay Bhattacharya will head the US National Institutes of Health.

It all adds to the unease in global halls of power over the president-elect’s trade policies. Amid the fallout from his social media post threatening new tariffs until fentanyl and undocumented migrants stop flowing over US borders, Canada pointed the finger at Mexico as the main culprit. And China looks to tooling up for a brutal price war, with electric vehicle maker BYD asking suppliers to accept price cuts. But Goldman Sachs raised the alarm about the impact on ordinary Americans.

Israel’s 60-day cease-fire with Hezbollah began with no early violations and some celebrations in Lebanon’s heavily-bombed capital, Beirut. The US hopes it calms the Middle East and paves the way toward fresh peace initiatives for the Gaza Strip, where conflict between Israel and Hamas continues to rage. Here’s our explainer on how the violence is shaping the region. 

Apple is missing out on the rebound in global smartphone sales. The iPhone maker barely managed to grow its sales at all this year, according to a study by market tracker IDC, underscoring the speed with which Android-based rivals are gaining ground in China and emerging markets. Part of the problem is its slower pace of innovation.

Remember that day in July when computers around the world all crashed? A flawed update by cybersecurity company CrowdStrike was to blame. It published earnings last night and—perhaps unsurprisingly—the forecasts weren’t so good. Here’s a reminder of the havoc.

Deep Dive: TGI Black Friday

Shoppers at a Target store in Clifton, New Jersey. Photographer: Victor J. Blue/Bloomberg

Driving six hours for a used rowing machine. Slashing Christmas budgets by 80%. Starting gift shopping in March. Welcome to the 2024 holidays where inflation-weary shoppers are going to extreme lengths to find a deal.

• Holiday sales will rise between 2.5% and 3.5% this year, compared with 3.9% last year, the National Retail Federation estimates. The shorter shopping period, thanks to an unusually late Thanksgiving, isn’t helping.
• Kohl’s, Best Buy, Target and Dick’s are just some of the big names to have voiced caution about the tough season ahead.
• It’s not just gifts. Turkey prices are dropping—even as supplies fall—signaling disappointing demand as consumers continue to fret over the cost of food. Butterball’s boss reckons it’s all about the sides.

The Big Take

Opinion

Joe Biden and Kamala Harris after his farewell convention speech on Aug. 19. Photographer: Robyn Beck/AFP

Joe Biden’s handoff to Kamala Harris is an ugly lesson in how not to handle succession, Adrian Wooldridge writes. It’s one worth telling to any corporate leader showing signs of staying on past their sell-by-date.

Before You Go

Bernard Arnault. Photographer: Benjamin Girette/Bloomberg

France’s richest man takes the stand tomorrow to testify about an extortion attempt involving a former bodyguard and a paparazzo who demanded €300,000 in exchange for photos of him with a woman who, ahem, wasn’t his wife. And they aren’t even the ones on trial. It’s an unwelcome spotlight, at an awkward time, for luxury boss Bernard Arnault.

Speaking of wealth, Americans are expected to inherit almost $73 trillion over the next quarter century. Are you one of them? Let us know how an inheritance has changed your life.

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