Business
Trump considers 10% tariff on China from February
US President Donald Trump has said he is considering imposing a 10% tariff on imports of Chinese-made goods as soon as 1 February.
Trump said discussions with his administration were “based on the fact that they’re sending fentanyl to Mexico and Canada”.
He called China an “abuser”. China responded saying trade wars have “no winners”.
Despite the aggressive talk, the 10% tariff would be much less than the 60% tariff Trump mentioned on the campaign trail.
Trump’s comments followed his threats to levy import taxes of 25% on Mexico and Canada, accusing them of allowing undocumented migrants and drugs to come into the US.
In a press conference in Washington on Tuesday, Trump also vowed to hit the European Union with tariffs.
He said the EU “treat us very, very badly”.
“So they’re going to be in for tariffs. It’s the only way you’re going to get back. It’s the only way you’re going to get fairness.”
China’s foreign ministry spokeswoman Mao Ning responded to Trump’s threats by promising to “safeguard its national interests”.
“We have always believed that trade wars and tariff wars have no winners,” she added.
Shortly after he was sworn in on Monday, the new president also instructed federal agencies to conduct a review of existing trade deals and identify unfair practices by US trading partners.
Meanwhile, a top Chinese official spoke out against protectionism at the World Economic Forum in Davos.
China’s Vice Premier, Ding Xuexiang, called for a “win-win” solution to trade disputes without mentioning the US.
The Canadian Prime Minister Justin Trudeau has promised to fight back.
“If the [US] president does choose to proceed with tariffs, Canada will respond – and everything is on the table,” Trudeau said.
Ottawa is preparing counter-tariffs in response to the threat, reportedly worth billions of dollars.
Canada, China and Mexico are the top US trading partners.
Tariffs are an important part of Trump’s economic plans. The president believes they can boost growth, protect jobs and raise tax revenue.
But many economists say such measures could lead to higher prices for Americans and harm companies hit by foreign retaliation.
Business
An industrial Chinatown near the US southern border readies its options should Trump tariffs come
The huge industrial park sprawls across the rural landscape with row upon row of warehouse-sized manufacturing units. Logos and signs plastered with red and gold — lucky colors in Chinese tradition — brighten the otherwise gray exteriors while aromas of Peking duck come from an on-site canteen.
But this development is thousands of miles from Beijing or Shanghai — and just a few hours’ drive from the Texas border, in northern Mexico.
President Donald Trump’s meme coin may be a textbook cash grab — not unlike his $60 made-in-China Bibles and his $400 gold sneakers — but it’s not the kind of venture that can catapult his wealth into the stratosphere.
Some news outlets reported an absolute melt-up in Trump’s net worth over the weekend, and those figures have run wild on social media. Respectfully, though, you have to squint really hard and swallow a giant red crypto pill to conclude that the president’s net worth suddenly shot up 800% on the back of a digital asset that is functionally useless (more on that in a moment).
He’s still a billionaire, to be sure, but a single-digit one — hundreds of billions of dollars away from the levels of the wannabe tech oligarchs who surrounded him at Monday’s inauguration.
Today’s chief executives are the last generation to manage all-human workforces as companies increasingly adopt artificial intelligence, Salesforce CEO Marc Benioff said Thursday.
“From this point forward… we will be managing not only human workers but also digital workers,” he said on a panel at the annual meeting of the World Economic Forum in Davos, Switzerland.
Benioff provided a recent example from his own business.
He said Salesforce’s software had been used to help run the annual conference in Davos for more than a decade. But this year, for the first time, the San Francisco-based tech giant incorporated an “AI agent” into its app for Davos attendees to help them decide which panels to attend.
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