‘Trump’s worst hour’: President in trouble as close allies fall foul of law
The White House was thrown into disarray overnight as Donald Trump's former lawyer directly implicated the President in a crime involving hush money to pay off women.
Trump’s former lawyer Michael Cohen admitted to breaking US campaign finance laws after paying off the President’s alleged mistresses, while ex-campaign manager Paul Manafort was also found guilty of tax fraud yesterday.
Cohen said that he had done so at the direction of "the candidate" for "the principal purpose of influencing [the] election", directly implicating Trump in the transfer of the "hush money".
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Minutes before Cohen’s plea, former Trump campaign manager Paul Manafort was convicted on eight charges of bank and tax fraud.
Norman Eisen, a former special counsel to President Barack Obama for ethics and government reform, tweeted: "This is the worst hour of Trump’s entire presidency – no, make that entire life."
Manafort's conviction, which is the first issued by special counsel Robert Mueller's team, comes as part of a wider investigation into possible conspiracy and Russian involvement in the outcome of the US election.
Investors are assessing the financial impact of the current legal drama brewing in the US, with volatility threatening the strength of the dollar.
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European stocks are expected to open lower this morning, following Trump’s comment yesterday that he was "not thrilled" with the Federal Reserve, which he demanded should be doing more to help boost the economy.
Trade disputes between Washington, D.C. and Beijing have also dampened the dollar, although a new round of US-China talks are underway today.
Gold also hit a one-week high yesterday in the wake of Trump’s comments and international tariff fears.