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27 March 2024
Trump winded by financial blows
By Victoria Cooper, Research Editor
Concerns about Trump’s ability to bear the costs of a long presidential campaign cannot be overstated. The financial blows are plentiful: the former president paid the US$91.6 million bond owed in the E. Jean Carroll defamation verdict earlier this month, will soon front the penalties of a New York civil fraud suit, has tried and failed to receive a bond from over 30 companies through March, and is continuing to finance an additional three criminal trials which cost his political action committee US$50 million last year.
In news from a New York appellate court on Monday, the former president has less than 10 days to produce a US$175 million bond — a nearly US$300 million reduction from the initial amount — owed in a New York state lawsuit finding him liable for business fraud. Trump appeared confident he would pay the amount in cash and on time, but intends to appeal the ruling.
The reduced bond amount and opportunity to appeal had offered Trump some breathing room. But it did not last long. Also on Monday, Manhattan Justice Juan Merchan delivered the news of a date for the first-ever criminal trial of a former US president. On 15 April Trump will be tried on 34 felony counts of alleged falsification of business records where a conviction could result in further fines.
In these trying times, it is not Trump’s political viability, at least with Republicans, on the line. His support among Republican primary voters, elected lawmakers and the Republican National Convention has never been in doubt. It is more personal than that. By failing to pay his legal dues, Trump risks losing control over his “babies” (as he referred to them on Truth Social) — his bank accounts and several of his real estate assets, including his Wall Street office building, golf course and Trump Tower penthouse.
But with over 200 days to go until election day, the more immediate question is really whether Trump can outlast the financial – not the political – blows of his legal woes.
NEWS WRAP
Collision tragedy in Baltimore
- Baltimore bridge collapse | A cargo ship collision caused the collapse of the Francis Scott Key Bridge in Baltimore. Six missing people, maintenance crew working on the bridge, are presumed to have died in the accident, with President Biden vowing to move “heaven and earth” to get the port working and the bridge rebuilt. The Port of Baltimore serviced US$80 billion of
foreign cargo in 2023 with 30,000 vehicles crossing the bridge every day. READ MORE HERE
- Assange’s appeal receives a lifeline | A high court in London has allowed the United States more time to provide assurances to Julian Assange, before ruling on the extradition appeal of the WikiLeaks founder. The court seeks assurances that Assange will not be disadvantaged by his nationality and will not be subject to the death penalty if extradited to the United States, before deciding on his case. READ MORE HERE
- Battle for blame in Moscow | The United States had warned Moscow of the potential for a terror attack days before at least 133 people were killed in the attack on Crocus City Hall. Russia’s president said the US warnings were “provocative” and accused Ukraine of preparing a “window” to help the gunmen escape. READ MORE HERE
- US votes for Gaza ceasefire | After five months of vetoes, the United States has allowed a resolution calling for an immediate ceasefire in Gaza to pass the UN Security Council. Israeli Prime Minister Benjamin Netanyahu has criticised the United States for endangering Israeli hostages in its vote abstention and intends to cancel a high-level Israeli delegation to Washington. READ MORE HERE
- SCOTUS hears mifepristone case | The US Supreme Court appeared unlikely to broadly restrict access to medication abortion after hearing oral arguments on Tuesday. The lawsuit filed by doctors objecting to the US Federal Drug Administration’s regulation on the drug mifepristone, used in two-thirds of all US abortions, is the biggest abortion-related case since Roe v. Wade was overturned in 2022. READ MORE HERE
"This is going to take some time. And the people of Baltimore can count on us, though, to stick with them at every step of the way until the port is reopened and the bridge is rebuilt."
Remarks by President Biden on the collapse of the Francis Scott Key Bridge | 26 March 2024.
IN CASE YOU MISSED IT
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Guest contributor Masashi Murano writes on the development of Japan’s counterstrike capabilities as part of the USSC’s trilateral security study project, Assessing the implementation of Abe’s National Security Strategy. READ MORE HERE
COMMENTARY | Presidential care
In the 2024 presidential election, neither presidential nominees Joe Biden nor Donald Trump can afford to lose voters from four years ago and the man with the least number of undecided, apathetic or alienated voters will win. Non-Resident Senior Fellow Bruce Wolpe writes about the stakes for Biden and Trump in The Monthly. READ MORE HERE
COMMENTARY | Anti-AUKUS coalition is splintered and confused about the progress of submarines and industrial base
“Following much of the commentary on the one-year anniversary of the ‘optimal pathway’ over the past few weeks, one could be easily led to believe that the AUKUS submarine deal is dead in the water.” In The Australian, Director of Foreign Policy and Defence Professor Peter Dean settles the score on AUKUS progress. READ MORE HERE
EXPLAINER | Trump’s VP shortlist: What Australians should know Numerous Republicans are angling to be Trump’s vice-presidential running mate – the advisor and confidant to the potential next president. Research Associates Ava Kalinauskas and Samuel Garrett summarise what Australians should know about the views of the various possible candidates for Trump's VP. READ MORE HERE
BY THE NUMBERS
While Trump sells Bibles online, only 4 per cent say he is “very” religious
By Victoria Cooper, Research Editor
Following the launch of his limited-edition gold ‘Never Surrender High-Top Sneaker’ in February, former president Donald Trump is now selling Bibles for US$59.99 on GodBlessTheUSABible.com. Launching the new merchandise via a video on Truth Social, the presumptive Republican presidential candidate said “religion and Christianity are the biggest things missing from this country.” It appears a majority of American adults agree.
According to recent survey data from the Pew Research Center, 57 per cent of American adults have a positive view of religion in American life; and almost half of those who say religion is losing influence think that its lost influence is a bad thing. In fact, nearly half (49 per cent) of American adults say the Bible should have a great deal or some influence on US laws.
For Donald Trump’s presidential campaign, launching a line of God Bless the USA Bibles could be a signal to critical voter bases, including white evangelical Protestants. Seventy per cent of this group also say it is important that the president has religious beliefs that are the same as their own, yet only 48 per cent of this group say Donald Trump is very or somewhat religious. It is doubtful whether this will make a difference to their loyalty though, with 86 per cent having unfavourable views of Biden, according to the same survey.
The survey shows over two-thirds of Americans think Donald Trump is not too or not at all religious, will these Bibles be enough to change that? God knows.
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University of Sydney NSW 2006
