FirstFT: Trump indicted for attempting to block 2020 election result

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Donald Trump is facing his most serious criminal challenge yet after federal prosecutors charged the former president with attempting to overturn the outcome of the 2020 election.

The 45-page indictment issued yesterday by prosecutor Jack Smith builds on the work of the bipartisan congressional committee that investigated the events leading up to the January 6 2021 Capitol riot.

It also includes new evidence such as a contemporaneous set of notes taken by then vice-president Mike Pence from a meeting on January 4, during which Trump allegedly made claims of election fraud.

The indictment accuses six co-conspirators of working with Trump to overturn the results of the 2020 polls. The unnamed individuals include attorneys, a DoJ official and a political consultant.

Trump, who is already facing a federal criminal trial related to the handling of classified documents and state charges for falsifying business records, will appear in a Washington DC court tomorrow. The trial is expected to start next year, during campaigning for the 2024 presidential election.

Trump likened the latest charges to the persecution of political figures in Nazi Germany in the 1930s or in the Soviet Union and said they were another “pathetic attempt” by the Biden administration to “interfere” in the outcome of the 2024 election.

The evidence of previous criminal proceedings suggest the latest charges could help rather than hinder Trump’s re-election chances. Trump, who is favourite to secure the Republican party nomination for president, has put his legal battles at the heart of his campaign and has used each new case as an opportunity to raise further funds.

Figures released this week showed Trump’s campaign committee and his Save America political action committee raised $50mn in the first six months of the year but spent $57mn, including more than $20mn on legal consulting and expenses.

Here’s what I’m keeping tabs on today:

Antitrust: The Federal Trade Commission will begin in-house proceedings with an evidentiary hearing before an administrative judge related to its complaint against the proposed merger of Microsoft and Activision Blizzard.
Results: Carlyle, Taco Bell parent Yum Brands, Kraft Heinz, CVS Health DoorDash, Etsy, Zillow, Robinhood, PayPal and Shopify are among the companies reporting earnings today.
Economic data: The ADP national employment survey is published and is expected to show that private sector job growth in the US dropped in July.
Pope Francis in Portugal: A six-day visit by the leader of the Catholic church to Portugal begins in Lisbon to mark World Youth Day.

Five more top stories

1. A decision by Fitch to downgrade the US’s credit rating from triple A to double A plus has triggered equity market falls in Asia and Europe. Futures trading suggests shares will also decline at the open of trading in New York. Read more on the investor reaction to Fitch’s decision.

2. The White House will ask Congress to fund arms for Taiwan as part of a supplemental budget request for Ukraine, in an effort to speed up the supply of weapons to the country amid the rising threat from China. Read more on what the request, if passed, would mean for Taiwan.

3. The US House of Representatives China committee yesterday accused BlackRock and MSCI of profiting from investments that help the Chinese military and undermine American values and security. Read more on what the lawmakers said.

4. Staffing shortages at air traffic control, which have delayed passengers in Europe and forced US airlines to cut flights this summer, have sparked an industry blame-game on both sides of the Atlantic. Read more on the impact the shortages of air traffic controllers is having.

5. Uber yesterday reported its first operating profit, marking a turning point for the chronically lossmaking company after years of heavy spending in a controversial dash for growth. The ride-hailing company had recorded $31.5bn in operating losses since 2014, the first year for which it disclosed details of its finances. Read more on the landmark results.

The Big Read

Andrés Manuel López Obrador © FT montage/Shutterstock/Getty Images/EPA

The influence of Mexico’s military has grown dramatically under populist president Andrés Manuel López Obrador. To realise his vision of stamping out corruption and run services efficiently, López Obrador has brought in the army and navy to run airports, ports and the national customs agency. He even has plans for a military-run passenger airline. But as the militarisation of Mexico’s economy grows, critics ask whether the outgoing president is creating a monster that he and his successors will not be able to control. Read more of today’s fascinating Big Read.

We’re also reading . . .

Chart of the day

Turkish equities have posted blistering gains this summer as an economic policy overhaul and fears about a fresh flare-up in inflation draw local savers and foreign investors into the market.

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