Trump Advisers Look to Shift US Foreign Aid to Wall Street Ally

President Donald Trump’s advisers have discussed shifting billions in funding from USAID to a government-run agency due to be headed up by the dealmaker son of Apollo Global Management co-founder Leon Black, part of an overhaul of how the US wields economic power internationally.

The new approach would see reduced humanitarian assistance and a greater role for private equity groups, hedge funds and other investors in projecting economic might as the US competes for influence and strategic projects overseas with China. It comes as billionaire Elon Musk has been pushing – with Trump’s blessing – to shut down the $43 billion US Agency for International Development, long a centerpiece of aid efforts.