Your guide to what the 2024 US election means for Washington and the world
The dollar fell on Monday following reports that president-elect Donald Trump’s administration is considering watering down a campaign pledge to apply sweeping tariffs on imported goods.
The US dollar index, which tracks the currency against a basket of six peers, fell 1 per cent in morning trade after The Washington Post reported that potential tariffs may be confined to critical imports.
In November, Trump had promised blanket 10 or 20 per cent duties on all trading partners.
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Chris Turner, global head of markets at ING, said the reports had sparked a “relief rally” in the euro against the dollar, with hopes that the region’s automakers could be spared. The tariffs might also “be less inflationary than first expected”, he added.
Shares in European carmakers, which have been hit in recent months by fears they would be targeted by the Trump administration, rallied. The Stoxx Europe 600 Automobiles & Parts index climbed 3.7 per cent, with BMW up nearly 6 per cent.
The euro was up 1.1 per cent against the dollar at $1.042, on track for its best day in more than a year. The single currency had been pushed to a two-year low by trade war worries. The pound, which was the best-performing G10 currency against the dollar last year, rose 1 per cent to $1.254.
Monday’s reports were “triggering some relief among investors that the initial tariffs won’t be as bad as feared”, sparking a “sharp reversal of recent US dollar gains,” said Lee Hardman, senior currency analyst at MUFG. More focused tariffs would help “to dampen [their] disruptive impact,” he added.
US government bonds, which have sold off in recent months as investors girded for higher inflation driven by broad tariffs, regained a little ground. The yield on the two-year US government bond, which moves with rate expectations, was down 0.02 percentage points at 4.26 per cent, as the price of the debt rose.
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The dollar sell-off comes after a strong rally for the world’s de facto reserve currency that began in early October, as the market began to price in a greater prospect of a Trump election win. “The market had correctly anticipated a Trump victory,” said Jane Foley, senior FX strategist at Rabobank.
Analysts and economists expect Trump’s pro-growth, potentially inflationary policies, to limit the number of times that the US Federal Reserve will cut interest rates next year, boosting demand for the dollar relative to other major currencies. This was compounded by investor bets that the negative growth impact for the Eurozone would prompt the European Central Bank to cut rates more aggressively.
In mid-December, the Fed published economic forecasts that suggest interest rates will fall in 2025 by less than previously hoped. Last week, a top Fed official warned about the threat of resurgent US inflation after Trump takes power.
Investors expect the US central bank to cut rates at least once this year, with a 70 per cent chance of a second quarter-point cut. That probability increased slightly on Monday.
Expectations of interest-rate cuts by the European Central Bank were slightly pared back, with just under four quarter-point cuts priced in this year.
A Waymo robotaxi drives in San Francisco’s North Beach neighborhood this week.
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Police in San Mateo, Calif., posted Monday on social media that they had apprehended a pair of teenagers from a Waymo driverless robotaxi after the company alerted authorities to suspected criminal activity. It’s the latest incident involving video surveillance of passengers and others by autonomous vehicles — raising questions about the limits of privacy in such vehicles.
The Facebook post by the San Mateo County Police said: “Parents do you know where your teens are? @waymo does!”
The 15-year-olds were allegedly drinking alcohol and shooting toy guns from the car, according to the police. They said Waymo’s systems detected behavior that then triggered a safety response, after which the company disabled the vehicle and contacted police.
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Waymo’s cars, equipped with an array of cameras, microphones and other sensors to monitor passengers and other nearby vehicles, are becoming more common in cities across the United States. Experts say the detention of the two teens in San Mateo highlights a potential — but not inevitable — trade-off between privacy and convenience. It also questions the extent to which companies similar to Waymo are required to hand over private data, including audio and video of passengers, in situations where a crime is suspected.
NPR reached out to Waymo, which is owned by Alphabet, the parent company of Google, for comment on the details of the San Mateo incident and how the company responded, but did not hear back.But on its website, the company says that as many as 29 cameras in its autonomous cars provide an all-around view and “are designed with high dynamic range and thermal stability, to see in both daylight and low-light conditions, and tackle more complex environments.”
“There already exist laws that govern duty to report or even duty to protect” for carriers such as Waymo, according to Alessandro Acquisti, a professor of information technology at the MIT Sloan School of Management. “The privacy problems arise when and if driverless carrier companies used such laws or ethical obligations as a pretext for blanket, indiscriminate accumulation of identifiable data for unspecified future purposes.”
That includes not just monitoring people inside the cars, but outside too. Take, for example, a hit-and-run investigation last year in Los Angeles. Media reported that the police inquiry was aided by video captured by a Waymo taxi that had a clear view of the crime. Critics suggested at the time that authorities were using the company’s vehicles as a mobile surveillance platform. And during 2025 protests in Los Angeles against Immigration and Customs Enforcement crackdowns, demonstrators vandalized Waymos, apparently angry that video recorded by the vehicles could be used by police, although there is no evidence that happened.
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In a transparency report, Google says it received nearly 290,000 requests from governments worldwide in the first six months of 2025 for disclosure of user information across all its platforms, including Waymo. The company says that in more than 80% of the requests in those six months, some information was disclosed. “Google carefully reviews each request to make sure it satisfies applicable laws. If a request asks for too much information, we try to narrow it, and in some cases we object to producing any information at all,” the company says.
In an email to NPR, San Mateo Police Department spokesperson Jeanine Luna said that detaining the teens in the Waymo on Monday was “wholly appropriate” under the circumstances. “We received the call of a ‘firearm’ being shot from a moving vehicle,” she said. “Furthermore, the occupants were described as being possibly ‘intoxicated.’” she said.
“Being that the vehicle was disabled (the occupants had every right to exit the vehicle before police arrival, but they did not), a high-risk traffic stop was conducted to ensure the safety of all involved,” Luna added. “They were not arrested and were released to their parents, however, potential charges are still pending dependent on what the video from inside the vehicle shows.”
Autonomous taxis represent an ethical gray area
Robotaxis began to roll out across the U.S. in December 2018, when Waymo launched in Phoenix. These services have been used for less than a decade — so the norms surrounding them aren’t settled, experts agree.
The Facebook post may make Waymo passengers wonder what triggers a police intervention, says Irina Raicu, director of the Internet Ethics program at Santa Clara University. She has used Waymo’s driverless taxis and says ethically, the privacy issues surrounding them sit in a gray area. “There’s something about being in a car without another person that makes you think it’s private.”
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“With all these recording devices, we don’t see them, [and] they’re not these obvious things being stuck in our faces,” Raicu adds.
That brings up a key issue: informed consent, Acquisti says.
“It is not clear the extent to which passengers … are reminded that when they step into the car, that they are being monitored, and most likely they are not told in its entirety how the data will be used,” he says.
Bruce Schneier, a cybersecurity and privacy expert and professor at the Munk School at the University of Toronto, believes that Waymo does have a compelling interest in protecting its vehicles. He compares monitoring a robotaxi via cameras to a human taxi driver keeping an eye on passengers in the rearview mirror.
“Maybe the driverless car comes back … and it has all of its cushions slashed, and it’s like, ‘Who the hell did that? Let’s go and look at the tape,’” Schneier suggests. “You can’t have sex in the back of a taxi, right? Someone would say, ‘Stop it.’”
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He concludes that some supervision makes sense. In an Uber rideshare, he notes, “most of the time there’s a camera recording the back seat.” (Uber says on its website that it allows drivers to install such cameras for the purpose of “fulfilling transportation services.”)
Waymo robotaxis, while a fairly common sight in the San Francisco Bay Area, are still a novelty in much of the country. And many people are hesitant to ride in one, according to a Pew Research Center poll published this month. The survey found that only 5% of Americans had ever ridden in a driverless car. Meanwhile, 71% of those polled said they would feel uncomfortable in one, with only 7% saying they would be “extremely or very comfortable” riding in one.
For that reason, experts who spoke with NPR said they were optimistic that it’s not too late to shift gears on privacy norms and policies surrounding these vehicles.
Acquisti doesn’t see why privacy measures can’t be built into driverless vehicles.
“I would immediately challenge the notion that people have to be monitored,” he says, noting that privacy-preserving technologies exist and can be installed.
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“Driverless cars are coming, but they don’t have to come in this particular incarnation,” Raicu says. “They’re still being designed and redesigned. It’s early days.”
Donald Trump has terminated the remaining members of the independent, federal commission that assists election administration officials nationwide just a few months before the midterm elections, multiple outlets reported Thursday.
The remaining three commissioners of the four-member bipartisan commission were forced out on Thursday in different ways. The one Republican appointee resigned and the other two, Democratic appointees were notified of their terminations via email from the White House presidential personnel office.
“On behalf of President Donald J Trump, I am writing to inform you that your position as Commissioner of the Election Assistance Commission is terminated, effective immediately. Thank you for your service,” the email, seen by Reuters, said.
The White House did not immediately respond to a request for comment.
The Election Assistance Commission serves as a “national clearinghouse of information on election administration”, accredits testing laboratories and certifies voting systems, and maintains the national mail-voter registration form developed by the National Voter Registration Act of 1993, according to the commission’s website. The terminations follow Trump and top administration officials’ advocacy to change vote-by-mail requirements and investigations into the 2020 election outcome, which Trump lost to Democrat Joe Biden.
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“It is irresponsible and dangerous that this Administration remains dead set on causing chaos for our election officials across this country,” Arizona secretary of state Adrian Fontes said in a Thursday statement. “This move undermines the integrity of nonpartisan election administration.”
The 2002 law that established the commission, the Help America Vote Act, states the president can appoint replacements to the commission.
It is unclear how Trump will move ahead with the commission.
Former U.S. Olympian David Hearn (left) walks with his attorney Norman Eisen to speak to reporters and protesters gathered after his arraignment at the Superior Court of the District of Columbia in Washington, D.C. on Thursday.
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Former U.S. Olympic canoeist David Hearn pleaded not guilty to damaging the Lincoln Memorial Reflecting Pool in D.C. Superior Court Thursday morning.
Federal prosecutors charged Hearn with a single count of destruction of property causing more than $1,000 in damage to the pool.
Hearn has previously claimed, which his attorneys repeated during a short press conference outside the court, that he simply touched the water in the pool out of curiosity.
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The Trump administration had just completed a $14 million renovation of the pool.
But shortly after the work finished, peeling paint and algae gathered in the water. The remodel has been largely criticized as a massive failure and waste of taxpayer dollars.
Superior Court Judge Carmen McLean released Hearn on his own recognizance. His next hearing is scheduled for Aug. 5.
Norm Eisen, one of Hearn’s attorneys, spoke to reporters outside of court following the hearing. He said the administration is using Hearn as a “scapegoat … for their own failures.”
“It is not a crime to touch the reflecting pool, to touch water in the United States of America,” he said.
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Prosecutors say there is a host of evidence against Hearn.
