President-elect Donald Trump has selected businessman John Phelan as his nominee to lead the Navy, according to a statement released on Tuesday night. “It is my great honor to announce John Phelan as our next United States Secretary of the Navy!

President-elect Donald Trump announced Tuesday that he will nominate an art collecting Republican megadonor who works in finance and has no military experience to run the Navy. “It is my great honor to announce John Phelan as our next United States Secretary of the Navy!

Phelan is the first service secretary pick announced by the president-elect for his second term in the White House.

By Joao Manuel Vicente Mauricio, Ankika Biswas and Pranav Kashyap (Reuters) -European stocks fell across the board, led by automakers, as Donald Trump's tariff threat on the United States' largest trading partners prompted worries about another global trade war.

Donald Trump promised steep import tariffs that would be particularly painful for carmakers manufacturing in countries such as Mexico and Canada for the U.S. market.

The euro gained on Tuesday after Europe escaped the latest round of Donald Trump’s trade tariff threats and as investors positioned for what historically has been the strongest month for the currency.