Apple’s Quarterly Revenue Surpasses Wall Street Projections Amid Trump’s Trade Policy

Apple’s financial results for the second quarter exceeded Wall Street predictions on Thursday.

The tech leader announced a revenue of $95.4 billion, marking an increase of over 4% compared to last year, with earnings surpassing $1.65 per share, up more than 7%. Analysts had anticipated a revenue of $94.5 billion and a profit of $1.62. The company’s market value stands at $3.2 trillion, consistently surpassing Wall Street forecasts for the last four quarters.

Investors remain focused on Apple’s impending financial disclosures. The tech giant has worked diligently to ease the concerns of anxious analysts following Donald Trump’s extensive tariffs that could disrupt the supply chain for appliances. Since the start of the year, Apple’s stock has decreased by 16%.

During a call with investors on Thursday, CEO Tim Cook indicated that he expects tariffs to escalate expenses by $900 million for the quarter ending in June, provided global tariff rates remain unchanged. Cook declined to make further predictions about the future, stating, “We don’t know what will happen with tariffs… it’s very challenging to predict post-June.”

In after-hours trading, the company’s shares dropped more than 4%, despite last year’s growth, due to tariff impacts and revenues that fell short of Wall Street’s expectations, particularly in its services sector, which includes iCloud subscriptions and various licensing revenues. Sales in China also did not meet estimates.

Nevertheless, the company remains optimistic, stating that it reported “strong post-quarter results” and is “actively engaged in the tariff discussion.”


iPhone manufacturers are heavily reliant on production in China for their mobile phones, tablets, and laptops. Following Trump’s implementation of tariffs that reached over approximately 245%, the president indicated he would allow an exception for household appliances.

During this period, Cook communicated with a senior White House official, as reported by the Washington Post. After these discussions, Trump declared an exemption for appliances. Following this announcement, Apple’s shares increased by 7% in subsequent days.

However, the duration of this exemption remains uncertain. U.S. Secretary of Commerce Howard Lutnick described it as “temporary”, and Trump later stated on social media that there would be no “exceptions”.

The president has consistently expressed a desire to see increased manufacturing in the United States. In February, he and Cook met to discuss investments in U.S. manufacturing. “He’s about to start a building,” Trump remarked after their meeting. “A very significant number – you have to tell him. I believe they’ll announce it soon.”

JPMorgan predicts that relocating production to the U.S. will lead to a substantial increase in prices. In this week’s memo, they noted, “Assuming a 20% tariff on China, we could witness a 30% price hike in the short term.” JPMorgan and other analysts assert that Apple may continue to shift more manufacturing to India, where tariffs are only 10%.

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Earlier this month, Apple transported around $2 billion worth of iPhones from India to the U.S. to boost its inventory in anticipation of rising prices due to Trump’s tariffs and panic buying by concerned consumers. Investors are increasingly worried about a drop in iPhone sales in China, the largest smartphone market globally. In its latest revenue report in January, Apple disclosed that iPhone sales in China fell by 11.1% in the first quarter, missing Wall Street revenue expectations.

Cook mentioned during a call with investors that while China remains the primary manufacturing hub for the company, India is expected to produce more iPhones along with Vietnam in the June quarter. “The tariffs currently imposed on Apple are contingent upon the origin of the product,” he noted, emphasizing that tariffs in India and Vietnam are less than those in China.

In the immediate term, analysts suggest that tariff-related disruptions could work in Apple’s favor as consumers rush to buy more products fearing price hikes. Dipanjangchatterjee, principal analyst at Forester, stated: [consumers] absorb these price increases as they seek out Apple products.

Source: www.theguardian.com

The Dubai Conference to Address Trump’s Controversies

Addressing a bustling auditorium in Dubai, the founder of the Trump family’s cryptocurrency venture made an impactful announcement on Thursday. The Abu Dhabi-supported fund disclosed plans to utilize Trump company’s digital coins for $2 billion in business dealings.

This agreement marks a significant investment from foreign governments into President Trump’s private enterprise, aiming to generate substantial income for the Trump family. It also serves as a striking example of the ethical dilemmas surrounding Trump’s crypto business, blurring the lines between governmental and business interests.

Zach Witkoff, founder of World Liberty Financial, the Trump’s crypto firm, announced that the innovative Stablecoin created by the company will facilitate a transaction involving the globe’s largest crypto exchange, the state-backed Emirati investment firm MGX, and Binance.

Almost every aspect of Witkoff’s announcement, presented during a conference committee alongside Trump’s second son, Erdest, highlighted an inherent conflict of interest.

As MGX engages with World Freedom’s USD1 Stablecoin, Trump’s family business leads the way in collaboration with foreign government-backed ventures. This agreement establishes a formal connection between World Freedom and Binance, a platform under US scrutiny since 2023 due to previous money laundering violations.

The glamorous announcement served as a beacon for crypto investors worldwide, showcasing the potential for partnership with a firm associated with President Trump, who is recognized as a leading advocate for global Liberty.

“We appreciate MGX and Binance for their confidence in us,” stated Witkoff, whose family has ties to a Middle Eastern White House envoy. “This is just the beginning.”

Witkoff and Eric Trump participated in a panel at Token2049, a prominent crypto conference occurring in the UAE. This event is part of Witkoff’s ongoing international tour, having visited Pakistan the previous month to engage with the Prime Minister and other officials. Eric Trump has been in Dubai for a week, revealing plans to promote Trump-branded hotels and towers.

In two weeks, the president will embark on a state visit to Saudi Arabia, Qatar, and the UAE.

The panel featuring Witkoff and Eric Trump was the highlight of the Dubai conference. The venue, a luxurious resort along the Persian Gulf, was packed with crypto investors from around the globe.

“This country is incredible,” Witkoff remarked from the stage. “Today, it stands as one of the most, if not the most, innovative nations on the planet.”

Representatives from Binance, MGX, and World Liberty did not respond to requests for comments.

President Trump, who previously expressed skepticism towards cryptocurrencies, embraced digital currencies during his campaign as the industry invested tens of millions into the 2024 election. Last September, he and his sons introduced the concept of World Freedom as a new internet banking platform facilitating borrowing and lending using cryptocurrencies.

Since then, World Liberty has sold $550 million worth of the new cryptocurrency, known as $WLFI, allocating significant revenue to business entities linked to the Trump family. Moreover, the company launched Stablecoin in March, designed to maintain a consistent dollar value, making it favorable for large transactions.

The transactions conducted by the company have created an unprecedented conflict of interest in modern American history. Some investors purchasing $WLFI coins are foreigners prohibited from supporting the president through campaign contributions or donations. Furthermore, many corporate partners have strong incentives to seek favors from the federal government as they plan to expand within the US market.

The panelist lineup at the Dubai event underscores the ambiguity surrounding the Trump family’s business interests relative to US policy and regulations.

Joining Witkoff and Eric Trump on stage was Justin Sun, one of the leading Liberty investors and a Chinese-born billionaire behind the crypto platform Tron. Sun acquired $75 million in $WLFI coins following the election.

Approximately a year ago, the Securities and Exchange Commission filed a lawsuit against Sun, alleging he manipulated Tron cryptocurrency prices. When Trump assumed office, the SEC requested federal judges to pause the lawsuit while negotiating a settlement.

“I’ve come to value your support,” Justin remarked. “Tron is remarkable technology, and we are fortunate to partner with you.”

Witkoff soon made a significant announcement during the panel.

In March, Binance revealed that MGX, an investment fund backed by the Abu Dhabi government, would utilize Stablecoins for a $2 billion investment in exchange, although the specific Stablecoin to be employed was not disclosed.

Witkoff confirmed that the chosen coin for the transaction is World Liberty USD1.

“Wow,” Sun responded.

The leaders of MGX and Binance maintain significant stakes with US officials.

MGX is headed by Sheikh Tanoon bin Zayed Al Nahyan of the Emirati Royal Family, who also serves as the national security adviser. In March, Sheikh Tanoon visited the United States for discussions with President Trump and various Cabinet members and advisors.

In 2023, Binance acknowledged guilt regarding violations of US money laundering laws, enabling criminals to conduct trades on its platform. As part of a settlement with the Department of Justice and other federal agencies, the company fell under the supervision of the Department of Treasury to ensure legal compliance.

In recent months, Binance’s founder, Changpeng Zhao, has pleaded guilty to money laundering offenses and sought clemency from the Trump administration after spending four months incarcerated.

The role of USD1 in the Binance-MGX deal significantly underpins the World’s Freedom.

Stablecoin issuers like World Liberty generate income by accepting deposits from investors, issuing Stablecoins in return, and investing those deposits to produce yields.

While the precise nature of the arrangement between MGX and Binance remains unclear, it appears World Liberty currently holds $2 billion in deposits. This alone could yield tens of millions in annual income for the Trump family and their World Liberty associates.

Ultimately, Witkoff expressed optimism from the Dubai stage, anticipating that the World’s Liberty Stablecoin would escalate further, reaching “billions in market capitalization.”

One day, he envisioned that visitors to the UAE might utilize USD1 coins for payments at Abu Dhabi’s Four Seasons.

At that moment, Eric Trump interjected.

“I’m not stepping into the Four Seasons with USD1,” he remarked. “You’ll find me at the Trump International Hotel and Tower.”

Source: www.nytimes.com

Days After Trump’s Commitment to Underwater Mining, Tensions Mount Between Both Sides

Shortly after President Trump issued an executive order to expedite submarine mining efforts, the US government received its first permission application. This initiative is championed by notable supporters within the metal industry.

On Tuesday, CEO Gerald Baron was present in Washington for a controversial hearing before the House Committee on Natural Resources. He likened the beginning of this process to a “starting gun” signaling a race to extract minerals like cobalt and nickel from nodules situated 2.5 miles deep on the ocean floor.

Debate erupted among committee members from both parties regarding the environmental implications of this mining practice. The Trump administration indicated it would contemplate permits for mining activities within US jurisdiction and international waters.

Other nations have accused the US of attempting to bypass international law, arguing that the waters designated for submarine mining should come under the governance of an independent international authority.

To date, no commercial submarine mining has been conducted.

California leader Jared Huffman, a ranking Democrat on the committee, criticized both the Metals Company and Trump for advancing undersea mining in “reckless cowboy fashion.” Democrats raised concerns over the financial viability of mining cobalt and nickel, citing major electric vehicle manufacturers’ shift towards alternative battery materials.

“The financial model of the industry is based on overly optimistic assumptions and does not reflect the realities and volatility of the global mineral market,” remarked Oregon Democrat Maxine E. Dexter.

The Metals Company attempted to reassure the committee, arguing that the potential harm to the seabed would outweigh the limited job creation and that accessing these minerals could reduce dependence on Chinese sources. They stated that a decade of extensive environmental studies supports their position.

Trump’s order follows years of delays by international authorities in establishing a regulatory framework for submarine mining. The authorities, established under United Nations auspices decades ago, are likely to miss another deadline this year for finalizing these regulations.

Baron informed the committee that it took him 14 years to draft the mining code, describing it as a “deliberate strategy” to slow undersea mining.

He further claimed that a polymetallic nodule extracted by his company is now on President Trump’s desk in the Oval Office.

According to the US Geological Survey, it is estimated that nodules within the Clarion Clipperton Zone in the Eastern Pacific contain more nickel, cobalt, and manganese than all terrestrial reserves combined. This proposed mining zone spans half the size of the US between Mexico and Hawaii.

Committee Chair Paul Gosar, a Republican from Arizona, insisted that subsea mining is essential for liberating the US from China’s “supply chain control.”

China has recently placed export restrictions on several rare earth elements, raising concerns that American companies may face shortages in producing advanced electronic devices.

The House Committee also considered a study discussing the impact of submarine mining on the seafloor conducted by Thomas Peacock, a mechanical engineering professor at the Massachusetts Institute of Technology, partially funded by metal companies.

Dr. Peacock indicated that there may be countless undiscovered species in the Clarion Clipperton Zone, suggesting that certain areas should be off-limits for mining. However, he noted that the anticipated environmental impacts of nodule mining might not be as severe as speculated.

He specifically minimized the risk of mining causing plumes of sand and debris that could harm seabed life, comparing the fragments to “grains of sand in a fishbowl.”

In attendance with Mr. Baron was the CEO of Impossible Metals, a future deep-sea mining company. Unlike other companies that use vacuum-like extraction technologies along the ocean floor, Impossible Metals claims to have developed machines that can collect nodules selectively without disturbing the seabed.

“Our underwater robots hover to gather mineral-rich nodules from the seabed through AI-guided selective harvesting,” explained Oliver Gunasekara, CEO of Impossible Metals. “We avoid all visible marine life and leave 60% untouched.”

The company has reapplied for permission to conduct operations in US Samoa. Gunasekara noted that their previous applications were rejected during the Biden administration, but with new leadership in both American Samoa and Washington, he is optimistic about gaining approval.

Source: www.nytimes.com

GM Revokes Profit Forecasts as Trump’s Tariffs Decrease

On Tuesday, the automaker announced that General Motors has revised its profit growth forecasts for the year, citing uncertainties stemming from President Trump’s trade policies.

This month, the Trump administration declared a 25% tariff on imported vehicles and plans to impose the same duty on imported parts starting Saturday. Typically, about half of GM’s sales in the U.S. come from vehicles manufactured overseas, primarily in Canada and Mexico.

During a conference call with reporters, Paul Jacobson, the company’s CFO, stated, “We prefer not to discuss figures that are mere speculation regarding the administration’s actions.”

He further emphasized that GM perceives the potential impact of Trump’s tariffs as “material,” indicating a significant influence on the company’s revenue this year.

GM reported a profit of $2.8 billion for the first quarter on Tuesday, reflecting a 7% decrease compared to the prior year. The profits were primarily driven by a 14% drop in earnings before North American interest and taxes, while the international business reported modest gains.

Previously, the company had forecasted net profits of $11.2 billion to $12.5 billion for 2025, which would effectively double last year’s net profit of $6 billion.

“We cannot rely on earlier projections,” Jacobson remarked.

Along with the 25% tariff on imported cars, the Trump administration has elevated tariffs on imported steel and aluminum, raising the costs of metals crucial for car manufacturing. Additionally, tariffs on China have increased significantly, with several other countries also facing higher duties, which have temporarily decreased to 10% for a 90-day period.

Jacobson described GM’s discussions with the Trump administration regarding tariffs as “productive,” though he declined to provide further details, stating, “I don’t want to appear as negotiating in public.” He expressed hope for greater clarity on the tariff situation within the automotive sector.

Jacobson noted that the tariffs only became effective on April 3, thus having a negligible effect on the company’s financial results for the first quarter. “We have a solid foundation for our operations,” he reported.

GM has previously stated plans to ramp up production of pickup trucks at its facility located near Fort Wayne, Indiana.

Source: www.nytimes.com

European Pharma Industry Struggles Amid Trump’s Tariff Threats

For decades, insulin, cardiac treatments, and antibiotics have crossed numerous borders without restrictions. Customs duty exemptions have helped make medications affordable. However, this could soon change.

President Trump has been voicing plans for high tariffs on pharmaceuticals as part of a strategy to revamp the global trading landscape and stimulate domestic manufacturing. This month, he mentioned drug tariffs could be expected “in the near future.”

If implemented, this decision could lead to significant and unpredictable repercussions for medicines produced in the European Union.

Pharmaceuticals and chemicals are the top export to the US. This includes various profitable products such as popular weight-loss drugs, cancer therapies, cardiovascular treatments, and flu vaccines.

“These are vital items that ensure lives,” remarked Léa Auffret, head of international affairs at Beuc, a European consumer organization. “It’s alarming to potentially involve them in a trade conflict.”

European firms may respond to Trump’s tariffs in several ways. Some pharmaceutical companies, eager to avoid tariffs, have already announced plans to boost production in the US, aligning with Trump’s vision. Others might consider shifting their production there later.

Alternatively, some firms may choose to remain but increase prices to offset the tariffs, consequently raising patient costs. Rising prices could impact both European and American patients. Certain companies have begun arguing that Europe must create more business-friendly terms by easing regulations that keep drug prices low.

There might also be a middle ground where companies adjust their financial interests to the US for accounting reasons to dodge import fees.

Auffret’s organization has cautioned European officials against retaliating with tariffs on American medicines in response.

Navigating the pharmaceutical sector is intricate. Insurance contracts and government regulations can complicate abrupt pricing adjustments for branded drugs, making long-term commitments challenging. Consequently, no one can predict outcomes with confidence.

“We haven’t encountered tariffs on medicines for quite some time,” noted Brad W. Sesser, an economist with the Council on Foreign Relations, who has researched the tax regulations encouraging overseas production.

Even if Trump postpones the so-called “mutual” tariffs for a full 10% rate during the transition, he has indicated that specific industry tariffs are forthcoming, revealing that computer chips and pharmaceuticals are next in line. Recently, the US initiated an investigation into both sectors, marking the initial step toward imposing tariffs.

Many industry analysts predict that new tariffs could reach 25%, similar to those already imposed on steel, aluminum, and automobiles.

Potential tariffs are particularly concerning for the pharmaceutical industry in Europe, especially in Ireland, where pharmaceuticals account for 80% of exports to the US.

Many pharmaceutical firms relocated to Ireland due to its low corporate tax rates. However, they also benefit from a robust workforce skilled in pharmaceutical development.

The sector has grown swiftly in recent years, with over 90 pharmaceutical companies currently operating there, as reported by the Foreign Direct Investment Agency. Many major US drug manufacturers also have a significant presence in the country. Last year, the Irish pharmaceutical sector exported 58 billion euros, or about $66 billion, worth of drugs and chemicals to the US.

“The Irish population is intelligent,” Trump remarked during a March visit from Irish Prime Minister Micheal Martin to the White House. “You trained at our pharmaceutical companies and other firms,” he continued, referencing “this beautiful island of 5 million people, where the entire US pharmaceutical industry keeps an eye.”

Currently, tariffs could diminish the manufacturing advantages in Ireland, aligning with Trump’s intentions.

“In the US, we no longer produce our own medications,” Trump stated from the Oval Office last week. “Pharmaceutical companies are based in Ireland,” he added.

Companies are already expanding their operations. Firms are hurrying to export medications from Ireland to the US before potential barriers arise, as statistics indicate.

Ireland stands out as the only unaffected nation, while Germany, Belgium, Denmark, and Slovenia serve as key exporters.

“This poses a significant issue for Europe,” observed Penny Nurse, who directed the competitiveness program at the German Marshall Fund think tank and has extensive experience in European public policy and corporate relations.

European leaders are reaching out to both American officials and industry members. Following his visit with the Irish Prime Minister, the Irish Foreign Minister also traveled to Washington to confer with the Secretary of Commerce.

Ursula von der Leyen, president of the European Commission, convened in Brussels with the European Pharmaceutical Industry Association, the lobbying group representing Europe’s largest pharmaceutical firms.

The industry is seizing opportunities to advocate for reduced regulatory burdens.

European pharmaceutical lobbyists conveyed to von der Leyen that companies might relocate production or investment to the US in response to Trump’s tariffs, particularly if they encounter expedited approvals and improved access to capital.

At least 18 members of this group, including Bayer, Pfizer, and Merck, plan to invest nearly 165 billion euros in the European Union over the next five years, with half of that potentially relocating to the United States. However, this forecast may not encompass all potential shifts.

“Pharmaceutical companies require more favorable conditions to produce in Europe,” stated Dorothy Blackman, head of Pharma Germany, the country’s largest pharmaceutical association.

Such warnings appear to carry weight as companies begin to strategize increased spending in the US. Recently, Roche announced a $50 billion investment plan, marking the latest in a series of similar announcements.

In a recent commentary, the CEOs of Novartis and Sanofi suggested that reduced regulations alone won’t suffice to prevent the current downturn. They asserted that “European price control and austerity measures will diminish market appeal,” and urged the bloc to pave the way for higher pricing.

Executives in the industry are also cautioning that tariffs could disrupt supply chains, impair patient access, and weaken research and development efforts.

“There’s a reason” drug tariffs remain at zero, stated Joaquin Duatto, CEO of Johnson & Johnson. During a recent earnings call, he added, “Tariffs create disruption in the supply chain and lead to shortages.”

Von der Leyen emphasized similar worries, noting that tariffs on the pharmaceutical sector could impact “globally interconnected supply chains and the availability of medications for both European and American patients.”

Pharmaceutical tariffs also threaten the European Union with another risk.

Many generics are typically manufactured in Asia, where efforts are underway to bolster the production of essential but less profitable medications.

Yet, if US tariffs prompt Chinese and Indian generic manufacturers to seek non-US markets, this could inundate Europe with cheaper drugs.

This influx might complicate the EU’s efforts to establish a domestic base for generics, even as it entices the US to produce well-known brand-name medications.

“We anticipate this may result in increased investment in the US,” indicated Diederik Stadig, a sector economist at ING. “The European Commission must act urgently.”

Source: www.nytimes.com

In March, Apple Airlifted iPhones worth $2 billion from India amid Trump’s looming tariffs

Indian suppliers Foxconn and Tata, key partners of Apple, shipped approximately $2 billion worth of iPhones to the US in March. Apple took this step to avoid impending tariffs imposed by former US president Donald Trump.

To counter the potential increase in costs due to tariffs, Apple ramped up production in India and chartered a 600-tonne freight to airlift iPhones to the US. This operation involved using at least six cargo jets, described by a source as a strategy to “beat the tariffs.”

In April, the US administration enforced a 26% duty on imports from India, but later suspended most obligations for three months, except for those concerning China.

According to commercial customs data, Foxconn, Apple’s leading Indian supplier, exported $13.1 billion worth of smartphones in March, including various iPhone models. Their total cargo shipped from India to the US amounted to $5.3 billion this year.

Tata Electronics, another Apple supplier, exported $612 million worth of smartphones in March, a significant increase compared to the previous month. This included iPhone 15 and 16 models. Apple, Foxconn, and Tata have not responded to requests for comment.

Customs data revealed that all Foxconn shipments in March were air freighted from Chennai, India, and landed in various US locations, with Chicago being the primary destination.

Following the Chennai flight, Trump exempted smartphones and other electronic devices, mainly from China, from tariffs. However, these exemptions were expected to be temporary.

To streamline shipments, Apple reduced the customs clearance time at Chennai airport from 30 to 6 hours, benefiting Indian airport authorities.

Source: www.theguardian.com

The Unintended Environmental Impact of Trump’s Policies on Online Shopping Emissions

Fashion giants like Shein and Temu have seen significant growth in the US due to tariff exemptions that kept prices low for packages shipped from China.

President Trump has ordered the closure of these loopholes starting with packages from China-Hong Kong, potentially impacting airline emissions related to the fashion industry.

Last year, 1.36 billion packages entered the US through this loophole, mostly from China. This exemption allows items under $800 to enter without customs duty, leading to a rise in emissions from shipping packages by air.

Flying packages across the ocean is 68x more carbon-intensive than marine cargo transport, according to Climate Action Accelerator.

In many countries, freight below a certain value is exempt from taxes. The US set the minimum exemption at $800, allowing foreign e-commerce platforms to compete with domestic retailers like Amazon.

This exemption helped Shein establish a niche in the US market with affordable apparel. However, President Biden announced a crackdown on these imports citing various concerns.

The number of shipments to the US has increased significantly, leading to environmental concerns and the need for stricter regulations.

President Trump took steps to end the De Minimis exemption, aiming to impose taxes on packages from Hong Kong and mainland China.

New rules will phase out exemptions over the next few weeks, with steep taxation coming into effect on June 1st. This move is expected to impact air ticket emissions significantly.

The increase in air freight usage has led to a rise in greenhouse gas emissions. Efforts to reduce emissions in this sector are minimal, posing a challenge for sustainability initiatives.

Shein and Temu did not respond to requests for comment regarding the new regulations.

Trump’s actions to close the loophole in February resulted in declining sales for Shein and Temu, indicating potential shifts in e-commerce practices.

Companies might opt for larger cargo shipments using marine transport to avoid high tariffs and reduce emissions, a change that could impact the industry significantly.

The increase in Antarctic tourism has brought economic benefits to Ushuaia in Argentina but has also raised concerns about environmental impact.

Source: www.nytimes.com

Trump’s plan to reduce drug costs by leveraging Medicare and importing pharmaceuticals

President Trump signed an executive order on Tuesday outlining a series of actions aimed at lowering drug prices, including helping to import drugs from Canada.

The policy was more modest than the drug price reduction proposal Trump offered in his first term.

One of his new directives could potentially raise drug prices, as it calls for changes to the Medicare negotiation programs that could increase government costs.

Such changes may lead to delays in drug qualification for Medicare price cuts, ultimately impacting the cost.

Depending on its structure, the directive could potentially increase Medicare drug spending by billions of dollars compared to current spending under the law. The negotiation program was approved by a Democratic-controlled Congress and supported by former President Joseph R. Biden.

The executive order emphasizes that changes to the Medicare price negotiation program should be accompanied by other reforms to prevent an increase in overall costs for Medicare beneficiaries.

While some directives in the executive order may save money for patients and government programs, the proposals for Medicare negotiations are likely to increase costs without significant savings.

The order also includes provisions to lower co-payments for certain medical treatments and provide discounted insulin and epinephrine injections to low-income individuals.

This executive order marks a significant move by the Trump administration regarding drug pricing.

Following Trump’s decision to consider imposing tariffs on imported drugs, which manufacturers might pass on to consumers, there is concern that this could lead to increased costs and potentially worsen drug shortages.

Some directives in the executive order, such as changes to the Medicare negotiation program, require Congressional approval and have faced opposition from the pharmaceutical industry.

Trump has long expressed dissatisfaction with the high drug prices in the US compared to other countries. While the executive order includes measures to address some pricing issues, it lacks a report on the pricing policies of preferred countries, which could have helped align US drug prices with those of other nations.

These are some of the key aspects of Trump’s executive order concerning drug pricing.

The order instructs Health Secretary Robert F. Kennedy Jr. to collaborate with Congress on addressing disparities in how certain drugs are treated in Medicare negotiation programs.

It highlights that under current law, different types of drugs have varying eligibility periods for price reductions, with some drugs having longer wait times before price cuts can be applied.

Drugmakers have criticized the existing “pill penalty” in the Medicare program, which they claim hinders innovation and access to new treatments. Legislative efforts are being made to address these differences in treatment of various drug types.

The executive order does not specify the exact timeline for exempting different drug types from Medicare price reductions.

Pharmaceutical industry representatives have expressed willingness to work with the administration and Congress to develop solutions that reduce costs and enhance access to medications for the public.

The negotiations on drug prices overseen by Biden officials are set to result in price reductions taking effect in 2026, while the Trump administration will oversee negotiations for certain drugs in upcoming years.

The White House released a fact sheet on Tuesday stating that the Biden administration aims to generate more savings through its Medicare negotiation program compared to previous years. However, this could be challenging if Congress limits the duration during which Medicare can access lower prices.

The executive order directs the FDA to streamline the process for importing low-cost drugs from Canada, building on previous efforts initiated during Trump’s first term.

While importing drugs from Canada may offer cost savings, the potential imposition of tariffs by Trump on imported drugs could offset these benefits.

The order calls for regulations to ensure consistency in the fees charged by medical practices for administering drugs to patients across different healthcare settings.

Currently, many hospital-owned medical practices bill Medicare higher fees than independent practices for the same services, impacting Medicare beneficiaries who are responsible for a portion of the costs.

Efforts to standardize these payments have faced opposition from hospitals seeking higher payments. Legislation during the Obama administration addressed some of these discrepancies in payment rates.

Trump has instructed the FDA to expedite the approval process for generic and biosimilar drugs, aiming to increase access to lower-cost alternatives to brand-name drugs.

While there is hope for cost savings through the approval of biosimilars, patient adoption has been slower than anticipated, impacting the overall savings potential.

Trump has reinstated a previous order to provide discounted insulin and epinephrine injections to certain low-income individuals through Community Health Clinics.

While initially proposed in 2020, the implementation of this initiative was halted by the Biden administration citing administrative burdens.

Source: www.nytimes.com

The impact of Trump’s tariffs on iPhone prices and available affordable alternatives

Amid a tariff frenzy that caused panic among consumers eyeing iPhones, President Trump announced tariff exemptions for electronic devices like smartphones and computers on Friday. This brought relief as there were concerns about the possibility of a $2,000 iPhone.

However, just two days later, the Trump administration hinted that smartphones and computers might face new tariffs targeting semiconductors or chips, potentially leading to a more expensive iPhone. Talk about a rollercoaster!

Despite the uncertainty over iPhone prices due to tariffs, there are still cheaper alternatives available, such as purchasing previous models.

The key lesson here is that to save money in the high-tech world, it’s best to use your devices for as long as possible.

“Buy the best and hold on,” advised Ramit Sethi, a personal finance expert. “Keeping an item for longer reduces the overall cost of ownership.”

The future costs of high-tech hardware remain uncertain. Nintendo recently postponed plans to launch the $450 Nintendo Switch 2 due to tariff uncertainty. Additionally, prices for accessories like phone chargers are increasing on platforms like Amazon.

To navigate future technology purchases effectively, consider holding onto your devices for longer periods to maximize their value.

Replacing your tech frequently can add up in costs. Calculating the true cost of ownership can help you make informed decisions when purchasing new devices.

By holding onto your devices and using them for a longer period, you can significantly reduce the total cost of ownership over time.

This principle applies not just to smartphones but also to computers and tablets. The longer you keep your devices, the more value you can extract from them.

High-tech products are designed to be long-term investments. Many devices today are built to last for several years, yet consumers tend to upgrade frequently, similar to how people buy new cars more often than necessary.

Developing the habit of replacing your device’s battery periodically can help extend its lifespan and save you money in the long run.

As manufacturers improve repairability, replacing components like batteries becomes more accessible and cost-effective.

In times of uncertainty regarding tariffs and rising prices, opting for refurbished or second-hand phones can provide a cost-effective alternative to buying new models.

Even in the face of potential price increases due to tariffs, there are plenty of affordable options available in the market, similar to buying used cars instead of brand new ones.

By exploring refurbished options and older models, you can find cost-effective solutions to high-tech purchases.

Rather than worrying about the hypothetical $2,000 iPhone, focus on more pressing financial matters like building an Emergency Savings Fund.

In challenging economic times, it’s essential to prioritize your financial stability over luxury purchases like the latest smartphones. Focus on what truly matters to secure your financial well-being.

Source: www.nytimes.com

Trump’s latest method of eliminating regulations: My word is law

This week, President Trump oversaw 10 federal agencies, including the Environmental Protection Agency, the Energy Agency and the Nuclear Regulation Authority. Implement a new procedure Discarding a wide array of years of energy and environmental regulations.

He told the agency that oversees everything from gas pipelines to power plants and oversees everything that inserts “sunset” provisions, which automatically expire by October 2026. If an agency wanted to maintain the rules, it could only extend it for up to five years at a time.

Experts say the directive faces major legal hurdles. But it was one of three executive orders from Trump on Wednesday, and he declared that he was pursuing new shortcuts to weaken or eliminate restrictions.

in Another orderhe directed a rollback of federal regulations that restrict the water flow of shower heads with a very unusual legal justification.

“No notices and comments are required as I’m ordering it to be abolished,” Trump’s order said.

Legal experts called the sentence a surprising, violating decades of federal law. 1946 Management Procedures Federal agencies require that they go through a lengthy “notice and comment” process when issuing, amending or repealing key rules, and in general, agencies that do not follow these procedures often find actions blocked by the court.

“In that respect, this is all completely illegal,” said Jody Freeman, director of the Harvard Law School Environment and Energy Law Program. A former White House official under President Barack Obama. “They don’t care if the real lawyers have left the building, they want to hug all of these cases and see if the court bites or not.”

The regulatory process has often been criticized as troubling and time-consuming, and the idea of ​​periodically expiring all government regulations has been promoted in conservative circles for many years. It is known as Zero-based regulatory budgets, A twist on a zero-based financial budget. This is a system in which budgets are built from scratch each year, instead of taking over historic spending amounts.

The idea may have received recent boost from Elon Musk, the billionaire adviser to Trump. “Essentially, regulations should have no default,” Musk said. Public Call His social media site X in February. “The default is gone, not the default. And if it turns out that the restrictions have missed the mark, you can always add it again.”

“We have to clean up the wholesale prostitution of regulations and we have to keep government away from the backs of everyday Americans so that people can get things done,” Musk added.

It is unclear how much the order of the sunset will affect it. Legal experts said the executive order “does not apply to a regulatory permit system that allows regulations approved by the law.”

“We’re excited to see the importance of our efforts to help people change,” said Michael Gerrard, director of the Sabin Climate Change Law Center at Columbia University. “Most environmental laws appear to fall into that category.”

“The president is right to assure that he doesn’t see Americans mentioning that they are unconstitutional or that they are restraining American energy and competitiveness that is inconsistent with federal law,” White House spokeswoman Taylor Rogers said in a statement.

In another order called “title”Instructing the abolition of illegal regulationsTrump gave 60 days to ministers 60 days to identify federal rules they deemed illegal and to plan to abolish them. The order said that agency managers can bypass the notification and comment process by taking advantage of the exceptions that experts say are usually booked for emergencies.

However, legal experts said the laws written by Congress, which govern the way federal agencies remove regulations, are extremely strict.

Typically, if a federal agency, such as the EPA, issues or changes regulations, it will first publish the proposed rules and make the time to comment. Agency officials then read and respond to the comments, providing detailed evidence in support of the changes they want to make, indicating that they have addressed public concerns. The agency then publishes the final rules.

“The Management Procedure Act is a boring, sounding law that no one cares about, but we treat it as a basis in our legal profession,” Freeman said. “It tells the federal government that it needs to purposefully do things, take public opinions and rationally adhere to their actions. It’s a promise that the government is not arbitrary.”

There is Specific conditions If the agent can bypass certain steps. For example, if emergency regulations regarding plane safety need to be issued.

However, the Trump administration appears to be using this so-called legitimate cause exception to push for revoking much broader federal rules.

In the past, courts have had little patience when federal agencies tried to circumvent the regulatory process. During Trump’s first term, officials sometimes announced that they had taken important measures and that they had wiped the restrictions out just to be reversed by the court. According to a database held by New York University, the administration lost 76% of cases where environmental policy was challenged, losing a much higher loss rate than previous administrations. Research Institute for Policy Integrity.

This time, Trump administration officials may want the court to be more sympathetic. With three Supreme Court judges appointed by Trump, the court now has a conservative vast majority who have expressed deep skepticism about environmental regulations.

In some cases, administration actions may be legally defensible. For example, when moving to abolish shower water flow restrictions, Trump called for a redefine “shower heads.” In that case, the White House can try to argue that it is abolishing what is called interpretive rules rather than a major regulation, and does not need to go through the same legal process. But experts said that just because Trump said that, the agency couldn’t argue that it was allowed to skip those steps.

“No notifications and comments may be necessary,” said Jonathan Adler, a conservative legal scholar at Case Western Reserve University. “Not because Trump orders it to be abolished, but because there’s a question of whether the only thing that’s been abolished is a definition, then whether it’s an interpretive rule.”

Some say Trump’s plan, which allows regulations to expire every five years, could make it difficult for businesses to plan for the future.

For example, the Federal Energy Regulation Commission has everything from power lines to utility accounting, said Aripescoe, director of Harvard Law School’s Electrical Law Initiative. In theory, new orders should expire regularly.

“The first section of that order talks about how businesses are sure they need,” says Lisa Heinzerling, a law professor at Georgetown University. “But the whole order is a recipe for eternal uncertainty.”

Source: www.nytimes.com

Apple is Dodging Trump’s Tariffs by Shipping iPhones from India to the US, Company Reveals

Apple is reportedly launching ferry iPhone cargo flights from its manufacturing plants in India to the US in order to counter Donald Trump’s tariffs.

Since March, the tech giant has transported 600 tonnes of iPhones, equivalent to 1.5 million mobile phones, from India after ramping up production at its local factories, as reported by Reuters.

Following President Trump’s call for a 90-day suspension and the pending 26% threatened tariffs on Indian imports, Apple faces the pressure of escalating tariffs on goods from China, where most iPhones are assembled, to a rate of 125%.

A source familiar with Apple’s strategy revealed to Reuters that the company’s objective is to evade tariffs. While India incurs import taxes based on Trump’s actions, it imposes a 10% tax rate.

Analysts caution that iPhone prices could soar after the US imposes hefty tariffs on Chinese imports, with estimates suggesting that the iPhone 16 Pro Max with 256GB storage could see a price increase from $1,199 (£925) to over $2,000.

Reports indicate that Apple aimed for a 20% production boost at its iPhone facility in India, achieved by scaling up the workforce and extending operations at Foxconn’s largest factory in Chennai over the weekends.

The Chennai factory, which churned out 20 million iPhones last year, including the latest models, is part of Apple’s trio of manufacturing plants in India operated by Foxconn and Tata.

This week, the Wall Street Journal reported that Apple planned a temporary surge in iPhone shipments from India to the US to navigate through a “short-term suspension,” while also trying to secure a tariff waiver in China. If all iPhones made in India are redirected to the US, they would meet about half of the US demand this year, according to US Bank analyst Wamsi Mohan.

Experts caution that relocating iPhone production to the US is financially impractical due to factors like labor costs, with analysts at Wedbush Securities indicating a price tag of $3,500 for a domestically manufactured iPhone.

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In a note to investors this week, WedBush analyst Dan Ives stated, “If consumers want a $3,500 iPhone, they need to make them in New Jersey, Texas, or another state.”

Apple has been reached for comment.

Source: www.theguardian.com

How Trump’s tariffs are hindering phone repair in the US

The tariffs implemented in the US overnight on Wednesday are expected to raise the prices of new smartphones. However, opting to repair an old or damaged device to save money may not necessarily result in a lower bill.

“Unfortunately, I anticipate having to increase my prices for parts,” explained Elizabeth Chamberlain, sustainability director at IFIXIT, a device repair company. “While we are actively seeking domestically-sourced parts, even with higher prices, repairs are still more cost-effective than purchasing new devices.”

Donald Trump’s tariffs could impact smartphone repair costs due to the global supply chain for device components. Many parts for popular Apple and Samsung mobile phones are manufactured outside the US. iPhones are primarily made in China, and companies exporting to the US face over 100% customs duties. India, where Apple and Google also have production facilities, is subject to a 26% tariff. Samsung’s supply chain is mainly in South Korea and could see a 25% tariff if agreements are not reached with the Trump administration.


The tariffs could drive up the demand for phone repairs as individual parts remain more affordable than buying new devices, even with higher prices. Customs duties could add nearly $300 to the price of the latest iPhone.

“It’s too early to determine if the tariff news is leading to increased repair demand, but it makes more sense than ever to repair what we have,” Chamberlain noted. “I believe tariffs could also stimulate demand for renovations and local parts sourcing in the repair industry.”

Increase in Parts Prices

Both large and small repair shops are bracing for higher prices for imported parts. A Brooklyn shop manager, who preferred not to be named, revealed that a national repair chain location is anticipating a 20% price hike for many necessary repair parts.

Dan Fernando, owner of Tecquecia, an independent repair shop in Philadelphia, has already seen fluctuations in prices for components like specific hard drives used for computer repairs. Fernando sources parts from a supplier called MobilesEntrix, which imports parts to the US.

“For phone screen replacements, we charge a $50 flat fee plus the screen cost,” Fernando explained. “Customers may now expect to pay between $80 and $90 for a screen replacement, with the new tariffs potentially resulting in a 50% increase.”

Fernando is also exploring cheaper repair options, stating, “Some people buy parts from eBay or Amazon which I don’t use due to quality concerns.”

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The Attraction of Second-Hand Devices

With the rising costs of new devices and repairs, the second-hand device market, such as Swappa, offers a viable alternative for consumers. Swappa’s top-selling devices currently include the iPhone 13 and 14, according to Ben Edwards, the site’s founder.

“If tariffs persist and drive up new device prices further, I believe many buyers will turn to Swappa and similar platforms,” Edwards predicted. “The latest generation may not offer enough technical advantages to justify the increased costs.”

However, the prices of refurbished devices on Swappa could also rise as sellers adjust to the higher costs of new devices. Edwards explained that market dynamics determine prices on Swappa, with individual sellers setting their own prices.

“Ultimately, demand dictates prices,” Edwards highlighted. “In the Swappa marketplace, sellers have the freedom to set prices based on supply and demand.”

For consumers in the market for second-hand devices, Edwards advised, “Don’t wait.”

Source: www.theguardian.com

Five key points from Trump’s strategy to revive the coal industry

The hard hat is back. So is coal that is “beautiful and beautiful.”

President Trump signed four executive orders on Tuesday to sought to bolster the country’s declining coal industry, including lifting mining restrictions and burning the dirtiest fossil fuels.

In addition to exempting air pollution restrictions and other coal regulations imposed by the Biden administration, Trump has directed the Justice Department to chase states like California, which aimed to tackle climate change by reducing the use of fossil fuels.

“I call it beautiful and clean coal. I tell people not to use the word ‘beautiful, clean’,” Trump said in the east room of the White House, surrounded by dozens of men wearing mainly stiff hats. “We are completely ending Joe Biden’s war on beautiful, clean coal.”

Here are five takeaways from Trump’s orders.

Trump has always loved coal miners as a masculine symbol.

At a White House ceremony on Tuesday, he repeatedly mentioned the Burley men who surrounded him, joking about whether the stage could handle their collective weight. He recalled that during the 2016 campaign against Hillary Clinton she was talking about Job Letrain for miners. “She was going to put them in the tech industry where you make little phones and things,” he said gestured at the hives and laughed.

Coal itself is a strong fossil fuel, he said. “A pound of pounds, coal is the single energy of the most reliable, durable, safe and powerful energy,” Trump said.

“It’s almost impossible to destroy,” he said. “You can drop a bomb on it and it will be there for you to use the next day.”

Coal releases more carbon dioxide when burned than any other fossil fuel, making it a major contributor to climate change. More mining and burning of coal adds to pollution that dangerously heats the planet, leading to more frequent and deadly heat waves, droughts, floods, sea level rise and faster melting of Greenland’s ice sheets, Trump said he hopes to win the US.

Scientists say that to avoid the most devastating effects of climate change, major economies like the United States must cut their emissions sharply, rather than increasing them.

Coal burning also releases other contaminants, including mercury and sulfur dioxide, which are associated with heart disease, respiratory problems and early death. Mining activities and coal ash from generated power plants pose environmental hazards.

No coal results were mentioned on Tuesday.

Regulations limiting the amount of contamination from coal-fired power plants have led to these plants operating more expensively and reduced industry profitability. But, as Trump said, “radical green” policy wasn’t the biggest reason for the decline in coal power over the past two decades. It was cheap natural gas by fracking.

In the mid-2000s, American excavators completed a method to unlock the enormous reserves of low-cost natural gas from Shalelock. The utility quickly realized that coal could be replaced with cheaper gas.

According to 2019 Survey At the RAND Journal of Economics, the energy market and low prices of natural gas account for almost all of the decline in coal plants’ profitability between 2005 and 2015, and as a result, retirements of hundreds of coal-fired power plants. “Environmental regulations had little impact on these outcomes,” the study found.

Trump says he wants to “drill, babe, drill” and lower gas prices.

“Did you notice that many law firms are signing up for Trump?” the president asked the crowd at a coal event Tuesday.

He was referring to the multi-million-dollar pro bono legal services some major law firms offered to the Trump administration after the president threatened to target him with executive orders.

One company covered by the executive order – Paul, Weiss – has promised concessions, including $40 million in pro bono work for a Trump-friendly cause, cutting deals with the White House. Three other companies – Milbank. Skadden, Arps;Wilky Far & Gallagher – Actively agreed to his deal with the White House.

On Tuesday, Trump indicated that these free legal services would be directed. It fights climate policy and supports the coal industry.

“We’ll use some of those companies to work with you on your leases and other things,” Trump told coal leaders.

Tuesday was a good day for the coal industry. Shares of mining company Peabody Energy rose 9%. Alliance Resource Partners led by billionaire coal tycoon Joseph W. Craft III, who led Trump’s fundraising during the presidential election, have risen nearly 5%.

But many experts are skeptical that Trump can do much to turn the coal outlook up. “Given the limitations on the use of emergency authorities and the symbolic nature of the order, we believe that Trump’s coal executive order is unlikely to have a significant impact on electricity and carbon markets,” wrote an analyst at Capstone, a research firm. They called the coal stock bumps on Tuesday a “overreaction.”

The average US coal plant is more than 50 years old, and it is often cheaper for utilities to generate electricity using a mix of gas, wind, solar and batteries. Analysts say these fundamentals are difficult to change.

Source: www.nytimes.com

Trump’s nominee states at Senate hearing that nuclear tests are not recommended.

Brandon Williams, who was chosen by President Trump to oversee the country’s nuclear weapons, stated on Tuesday that he does not recommend resuming explosive testing of deadly weapons.

This statement was made during his Confirmation hearing before the Senate Armed Services Committee, taking many by surprise. While other advisers suggested that the president resume test explosions for national security reasons, the last test in the U.S. occurred in 1992.

Appointed by Trump in January, Williams, a former naval officer from upstate New York, is set to oversee the National Nuclear Security Agency, a semi-autonomous agency within the energy sector responsible for managing the nation’s nuclear weapons complex.

Despite calls from Trump’s allies for a return to testing, one notable figure, former national security advisor Robert C. O’Brien, urged in a magazine article last summer that a new term for Trump would see the resumption of testing to maintain the U.S.’ advantages over China and Russia in nuclear capabilities.

At his confirmation hearing on Tuesday, Williams faced opposition against the resumption of explosive testing, particularly from Senator Jackie Rosen, a Democrat from Nevada, who highlighted the state’s history of nuclear tests during the Cold War.

Describing Nevada as “ground zero” for such testing, Rosen emphasized the harmful impact on the population and environment and vehemently opposed a return to these practices.

Williams responded to questions about advising Trump on explosive nuclear tests, stating his reliance on scientific information and expertise from the NNSA lab’s data and modeling rather than testing.

Concerns about the potential environmental and health impacts of testing in Nevada were also raised, to which Williams acknowledged the importance of considering such factors in decision-making.

With a background in naval service, Williams has been nominated to head the National Nuclear Security Agency and represents New York’s 22nd Congressional District.

In a letter to Williams, Senator Elizabeth Warren expressed concerns about his qualifications in the nuclear field and lack of relevant experience.

During the hearing, Williams stressed the importance of retaining skilled labor at the NNSA, following previous administration changes and workforce challenges.

Praising the agency’s staff, Williams assured senators that he speaks on their behalf and values their expertise.

The Senate Committee is currently evaluating Williams’ nomination, with expectations for approval and confirmation by the full Senate.

Source: www.nytimes.com

Trump’s tariffs leading to decrease in automobile imports and factory closures

President Trump’s 25% tariff on imported vehicles, which came into effect last week, has already sent tremors through the automotive industry, urging businesses to halt ship cars to the US, shutting down factories in Canada and Mexico, and firing workers in Michigan and other states.

The UK-based Jaguar Land Rover said it will temporarily suspend luxury car exports to the US. Stellantis Idled Factory in Canada and Mexico fired 900 US workers who built Chrysler and Jeep vehicles and supply engines and other parts to those factories.

Volkswagen’s luxury division, Audi, has also suspended exports of cars from Europe to the US, telling dealers to sell whatever they still have on their lot.

If other car manufacturers move in the same way, the economic impact will be severe, leading to rising car prices and widespread layoffs. Auto tariffs are one of the first of several industry-specific collections Trump has in his vision, and can provide early clues as to how companies will respond to his trade policies, such as whether to raise US prices or increase manufacturing prices. The president also said he would like to tax the imports of medicines and computer chips.

Applying new tariffs on imported vehicles could increase costs to consumers by thousands of dollars and significantly reduce the demand for those vehicles. For some Jaguar Land Rover or Audi models, customs duties can be over $20,000 per car.

While many of the initial effects of tariffs were destructive, in at least one case, Trump’s obligations had the intentional impact of increasing production in the United States. Last week, General Motors said it would increase production of light trucks at its Fort Wayne, Indiana plant.

The long-term impact of the 25% tariff is unknown. Many automakers are still trying to find ways to avoid rising prices because consumers can’t afford a new car. Investors are pessimistic. Stocks of Ford Motor, GM and Tesla have declined in trading over the past few days.

“Everyone in the automotive supply chain is focused on what they can do to minimize the impact of tariffs on their balance sheets and prices,” said Kevin Roberts, director of Economic and Market Information at Cargurus, an online shopping site.

However, automakers have never had to sign such high tariff levys with such little notice. Analysts and dealers also had little insight into what the president would do next.

Source: www.nytimes.com

China and tariffs thwart Trump’s Tiktok negotiations

Last Wednesday, the Trump administration believed there was a plan to save Tiktok.

With the Chinese owner of Tiktok and some of its US investors Officials in Washington said they were working together on a new ownership structure for the popular video app, and the four of them said they were familiar with the situation. The structure said it would help Tiktok meet the conditions of federal law that require apps to find new owners in order to address national security concerns or face a US ban.

Under the plan, new investors will own 50% of the new American Tiktok companies, while Chinese owners will hold less than 20%, the restrictions specified by the law are two. Byte Dance told the White House that Beijing is happy with the general structure, the two people said.

By Thursday morning, a summary of the draft executive order from Trump had been circulating, according to a copy viewed by The New York Times.

The plan then hit the wall. Baitedan, called the White House in the news: Now that President Trump has announced many tariffs on China’s imports, Beijing has not let Tiktok deals go ahead, the two said.

In response, Trump bought more time. On Friday, he suspended federal law enforcement and extended the deadline for the Tiktok contract to mid-June.

“The report says they made the transaction for Tiktok, not for a deal, but for a fairly close Tiktok. China then changed the transaction due to tariffs,” Trump told reporters Sunday to Air Force 1.

The outage highlights how video apps are plagued by the geopolitical struggle between the US and China over trade and technology advantages. It also reveals China’s power over Tiktok’s future in the US, raising questions about whether Tiktok’s deal will end.

“The parties are so proud to negotiate that we are stuck between two huge economies that are stabbing each other’s heads,” said Ampam Chander, a professor of law and technology who targeted Tiktok, a professor of law and technology at Georgetown University. “Tictok was a mouse that got caught up in his feet between these two elephants.”

The Chinese embassies in Washington, Tiktok and Baitedan did not respond to requests for comment. The White House introduced the Times to Trump’s post on true social that announced an extension of his for debate over the app.

The administration and ordinances were struggling the structure that allowed Tiktok’s biggest US investors, including the Atlantic General and the Susquehanna International Group, while government officials brought in new funds to dilute Chinese ownership of the app.

The interim terms of the transaction said new investors will own 50% of the new American Tiktok group. Current investors own 30% and Chinese owners It’s under 20%, two people on the issue said. Private equity giants like Blackstone and Silver Lake were acquiring stakes in new entities along with venture capital firm Andreessen Horowitz.

The proposal is described in a long, detailed document aimed at investors, said three people with knowledge of the issue.

The two involved in the deal said there was more work to do. Certain potential new investors considered any transaction conditional and were subject to due diligence associated with large-scale transactions, they said.

China has always been a wild card to some extent. Before the president’s announcement on tariffs last week, Baitedan believed that Beijing was happy that he was together in Washington, and the two people are familiar with the issue. However, even before the tariff announcement, there was no guarantee that Beijing would provide informal blessings or formal approval.

Discussions about Tiktok can become even more complicated as the trade war between the two countries escalates. China launched retaliatory tariffs after Trump’s announcement, urging the president on Monday to warn the country on an additional 50% tariff if it persists.

Trump has repeatedly proposed considering lowering China’s tariffs in exchange for approval of the Tiktok deal.

Using tariffs for negotiations is “like a truly amazing effort to force foreign companies to sell,” Chander said.

However, the trade war could still be ongoing in June, he said.

Tiktok is part of it and keeps it unsold for most of the year.

On Friday, ByteDance confirmed for the first time that he was involved in negotiations with the US government regarding the future of the app, but ultimately there was no decision in the hands of other parties.

“There are important issues that need to be resolved,” a bytedance spokesman told reporters in an email. “The contract is subject to approval under Chinese law.”

Maggie Haberman contributed to the report from Washington.

Source: www.nytimes.com

The implications of Trump’s tariffs on the economy

President Trump’s announcement this week about eliminating tariffs has caused concern for some major tech companies. Apple, Dell, Oracle, and Hewlett-Packard have seen a decline in stocks due to their reliance on hardware and global supply chains affected by tariffs. Surprisingly, the company that owns Facebook, Instagram, and WhatsApp also experienced a drop in stock prices, despite not being directly related to hardware.

Shares in Meta fell by 9% on Thursday, from $52 to $531.62, showing vulnerability to trade behaviors similar to other tech companies. The reasons behind Meta’s decline may be more complex, but it is evident that social networking and metaverse companies are equally susceptible to trade policies as their Silicon Valley counterparts.

Meta’s main business revolves around digital advertising, generating billions in revenue by selling ads on Facebook and Instagram. While large brands invest in brand recognition campaigns, the majority of Meta’s advertisers are small businesses engaged in direct response advertising.

The impact of tariffs on Meta’s advertising business is significant, as many advertisers come from different parts of the world. Trump’s tariffs make selling products to US customers costly, potentially reducing overall purchases and leading to a decline in advertising spending on Facebook and Instagram.

Meta’s complex factors, such as revenue from Chinese companies and dependence on e-commerce transactions, make it more susceptible to trade impacts. Chinese businesses affected by tariffs may reduce their ad spending on Facebook and Instagram, impacting Meta’s revenue.

The elimination of the “de Minimis exemption” further complicates the situation for Chinese e-commerce companies like Temu and Shein, potentially leading to a drop in advertising on Meta’s platforms.

The impact of tariffs on Meta’s revenue from Chinese advertisers could be substantial if these businesses reduce their ad spending on Facebook and Instagram. Meta’s exposure to fluctuations in Chinese spending poses a significant risk to its advertising revenue.

While Meta may have a diversified advertiser base, the overall impact of tariffs on Chinese ad buyers could affect its revenue streams beyond just specific companies like Temu and Shein.

Meta’s response to these challenges and the potential impact on its revenue remains to be seen. Other ecommerce and advertising tech companies like Shopify, Google, and Amazon could also face obstacles in global trade.

Investors will be closely watching Meta’s quarterly revenue report later this month to gauge the company’s resilience amidst trade uncertainties.

Source: www.nytimes.com

The potential impact of Trump’s tariffs on the US battery boom

President Trump’s recent tariffs may impact the use of grid batteries in the US energy sector. These batteries are crucial for storing excess wind and solar energy to enhance the electric grid’s reliability. Grid batteries have seen significant growth in states like Texas and Arizona over the past five years, being used to store solar power and reduce reliance on natural gas.

Despite their importance, the majority of US lithium-ion batteries are imported, with a large portion coming from China. With the new tariffs imposed by Trump, grid batteries will face significant taxes when imported from China, potentially hindering their deployment and impacting grid reliability.

Jason Burwen, vice president of policy and strategy at battery developer Gridstor, expressed concerns about the implications of these tariffs on the energy storage deployment, labeling it as detrimental to both business and grid reliability.

The grid battery capacity in the US was projected to reach a record 18,200 megawatts this year, according to the US Energy Information Agency. This growth in battery capacity, along with wind and solar power, was expected to contribute significantly to the grid expansion.

Grid batteries have been instrumental in addressing the intermittency of renewable energy sources like wind and solar power. States like California and Texas have seen an increase in battery installations to mitigate the risk of blackouts during peak demand periods.

Besides supporting renewable energy integration, grid batteries also help stabilize power flow, manage disruptions, and alleviate congestion on transmission lines. The decreasing cost of lithium-ion technology has fueled the installation of grid batteries, paralleling the EV battery trend.

Antoine Vagneur-Jones, head of trade and supply chain at Bloombergnef, highlighted the reliance on Chinese imports for batteries in the US clean energy sector. He warned that the tariffs imposed could have a more significant impact on batteries than other technologies.

The US has taken steps to develop a domestic battery supply chain, but the future remains uncertain due to potential policy changes. While investments have been made in new battery plants under the Biden administration, clean energy policies are facing challenges from Congressional President Trump and Republicans.

Vagneur-Jones noted the complexity of assessing the impact of tariffs on the energy mix, particularly in the competition between batteries and natural gas plants to support renewable energy fluctuations.

Utility companies may find it challenging to increase their reliance on gas due to global supply chain constraints and tariffs affecting the oil and gas industry. While tariffs may benefit fossil fuels, they could hinder clean energy progress, ultimately impacting energy solutions for all.

Source: www.nytimes.com

Taiwan remains cautious as Trump’s tariffs exclude tips

Taiwan, the heart of the global supply chain for computer chips, woke up to news on Thursday that President Trump had placed a new 32% tariff on the island’s exports to the US. Excluding semiconductors.

The decision not to impose tariffs on the chip sector does not mean they will not come to Taiwan or anywhere else, including South Korea, another major source of tipping.

Taiwanese companies have spent billions of dollars over decades building networks of factories that carry out the complex processes of etching small circuits into silicon.

These chips, and the wide range of electronic devices that include them, are Taiwan’s major exports. And they are increasingly becoming the focus of Taiwan-US geopolitical ties, and have undergone significant changes in trading since Trump took office.

Trump has previously said that Taiwan has gained unfair control in building semiconductors and threatened to impose tariffs on the sector. He also denounces Taiwan, which relies on the US for political support for China’s claim that Taiwan is part of its territory and is too little to its own secure.

Taiwanese officials and businesses are rushing to ease the blow of Washington’s tariff threat. Last month, President Lai Qingte said that Taiwan is interested in purchasing natural gas from its long-term projects in Alaska.

A few weeks ago, the Taiwanese semiconductor manufacturer, the world’s largest chip maker, said it would spend $100 billion in the US to expand its operations in Arizona. TSMC announced plans for the factory during Trump’s first term and received great financial support under former President Joseph R. Biden.

When he announced the tariffs in Taiwan on Wednesday, Trump praised TSMC for his investment in the US. He and his aides hope that South Korean giants Samsung and SK Hynix and other chip companies that have pledged to invest in US businesses during the Biden administration, like Taiwan’s global wafer, will pledge to spend more.

Semiconductors are a complex target for tariffs as the supply chain for creating them is global and highly specialized. Most advanced chips are manufactured in Taiwan, but many are sent to other countries, such as Malaysia, for testing. Second, you can place the chips on an iPhone or artificial intelligence server in Mexico or China before these devices are sold to people all over the world.

“In reality, very few semiconductors are imported directly to the US. Most are incorporated into the final product,” said Jimmy Goodrich, senior advisor to technical analysis at RAND Corporation.

“It’s much more difficult than saying, “I’m going to slap the tariffs on steel,” added Martin Cholzenpa, a senior fellow at the Peterson Institute for International Economics. ”

Even the chips made by TSMC at its Arizona factory must leave the US to be packaged in other devices before they fall into the hands of American consumers.

“The chips currently made in Arizona will need to leave the US for a while before they can go back,” Ho said. “That’s just a fact of the global chip supply chain now.”

Trump announced 32% tariffs on Taiwanese goods exported to the US on Wednesday, with Taiwan sending nearly a quarter of its exports directly. In addition to non-taxable chips, Taiwan mainly exports electronic devices and components. Taiwan’s US Chamber of Commerce has said that Taiwan plays an integral role in the US economy, urging officials in Washington and Taipei to strengthen relations.

On Thursday, the Taiwanese government accused the tariffs of being unreasonable and unfair to Taiwan. The government will serve as a strong protest against US trade representative Lee Hui-Chy. The Taiwanese Cabinet said in a statement.

Taiwan’s exports to the US have been increasing in recent years, reflecting an increase in demand for Taiwan’s advanced technologies, including electronics and semiconductors, the statement said. President Lai said the Taiwanese government is concerned about the global impact of tariffs.

The Taiwanese government was “too optimistic about its relationship with Trump,” said Jason Huss, a senior fellow at the Hudson Institute and a former member of the Taiwan Congress for the opposition Nationalist Party. “I thought Trump was a bit naive to think it was good for them, especially after the TSMC announcement.”

Chris Buckley I contributed a report from Taipei, Taiwan.

Source: www.nytimes.com

Apple’s global supply chain undergoes strain with Trump’s new tariffs

In 2018, when President Trump initially implemented tariffs on China, Apple shifted production of iPads and Airpods to India and Vietnam from China. However, with Trump’s return to the White House, this strategy may have backfired for the tech giant.

Trump recently announced tariffs of 46% on Vietnam and 26% on India, which could significantly impact Apple’s business. This is in addition to the existing 20% tariffs on products imported from China, which is where around 90% of iPhones are manufactured.

The proposed tariffs could increase Apple’s costs by $8.5 billion annually, affecting the company’s profits and potentially leading to a 7% decrease in earnings next year.

Apple’s shares dropped 5.7% after Trump’s tariff announcements, signaling concerns for the company’s financial outlook.

Other high-tech companies like Google and Microsoft may also be impacted by these tariffs, affecting businesses beyond Apple. Trump’s broader trade strategy includes imposing tariffs on all countries that tax US exports, further complicating the global trade landscape.

Despite previous efforts by Apple’s CEO Tim Cook to forge a relationship with Trump and avoid tariffs on Apple products, the company now faces significant challenges due to the new tax policies.

After Trump took office, Apple made promises to invest in the United States, but the new tariffs could impact these plans. The company has diversified production beyond China, with moves to India and Vietnam.

Apple’s efforts to expand production in India and Vietnam may face challenges, especially with the recent tariff implications. Despite previous success in avoiding tariffs on certain products, Apple now faces a more complex trade environment.

Apple’s shift in manufacturing to India and Vietnam was aimed at diversifying production and tapping into new markets. However, challenges like skilled labor and supply chain issues have hindered these efforts.

Despite the hurdles faced in US manufacturing, Apple continues to explore opportunities in different countries. The tech giant remains focused on innovation and growth, navigating the ever-changing global trade landscape.

Source: www.nytimes.com

Car sales surge in anticipation of Trump’s tariffs

The auto industry flocked to dealers last month to lock deals before Trump’s car fares increased by thousands of dollars, witnessing a different kind of March madness, several automakers said.

“This past weekend was the best weekend I’ve seen in a very long time,” Randy Parker, CEO of Hyundai Motor North America, told reporters Tuesday. The company reported a 13% increase in sales in March on Monday compared to the previous year.

Ford Motor said on Monday that sales at dealers rose 19% in March. However, the company said Ford’s sales throughout the quarter reduced 1% to around 500,000 vehicles as sales to fleet customers fell.

General Motors did not provide another figure in March, but reported first quarter sales rose 17% from the previous year to 693,000 vehicles.

Last week, Trump said Thursday he would impose a 25% tariff on imported vehicles. Customs duties will be extended to imported auto parts on May 3rd. Many cars made in US factories contain parts made overseas, frequently exceeding 50% of the vehicle’s value. Analysts estimate that automakers will have to raise prices on some models by more than $10,000 to compensate for new taxes.

GM, Ford and Hyundai reported increased sales of electric vehicles and hybrids. GM said that the electric version of the Equinox Sport Utility Vehicle has become widely available, almost doubled for vehicles with only batteries to 32,000 units. The starting price is around $35,000, and the Equinox is one of the most affordable electric vehicles available in the US.

Ford said sales of hybrid vehicles increased by 33%, while sales of electric vehicles like the Mustang Mach-E rose by 12%. Sales of cars with internal combustion engines fell 5% during the quarter.

Hyundai said sales of the hybrid skyrocketed 68%, while sales of pure electric vehicles rose 3%.

Parker of Hyundai said he could not estimate the impact it would have on its involvement in the company’s price. Hyundai and its sister company Kia have factories in Georgia and Alabama, but import a considerable number of vehicles from South Korea.

“We haven’t made a solid decision yet,” Parker said. But he added, “Don’t wait for tomorrow to buy what you can buy today.”

Source: www.nytimes.com

Trump’s aid cuts will impact millions of women’s access to birth control

The US has ended financial support for family planning programs in developing countries, separating nearly 50 million women from access to birth control.

This policy change has attracted little attention in the wholesale demolition of US foreign aid, but it has great significance, including mother deaths and an overall increase in poverty. It derails the efforts that have in recent years brought long-acting birth control pills to some of the world’s poorest and most isolated regions.

The US contributed to family planning programs in 31 developing countries last year, providing about $600 million in 2023, according to the health research institute KFF.

According to an analysis by the sexual health research institute, the US funding provides birth control pills and medical services to deliver them to more than 47 million women and couples, reaching over 47 million women and couples. Without this annual contribution, 34,000 women could die from preventable mother deaths each year, Guttmacher’s calculation concluded.

“The magnitude of the impact is daunting,” said Mariva, who leads the coordination team for the Ouagadougou Partnership, an initiative to accelerate access to investment and family planning in nine West African countries.

The funding ended as part of the Trump administration’s breakdown of the US International Development Agency. The State Department, whose USAID skeletal remains were absorbed on Friday, did not reply to a request for comment on its decision to cease funding for family planning. Secretary of State Marco Rubio explains that he wasted the fired aid project and is not in line with America’s strategic interests.

Supporting family planning in the world’s poorest and most populous countries has been a consistent policy priority for both Democrats and Republican administrations for decades, considered a breakwater against political instability. It also reduced the number of women seeking abortions.

Among the countries that will be heavily affected by the decision are Afghanistan, Ethiopia, Bangladesh, Yemen and the Democratic Republic of the Congo.

Funds to support the International Family Planning Program have been allocated by Congress and have been extended to the latest expenditure bill, which the government is operating until September. Moves by the State Department to cut these and other aid programs are now the subject of multiple lawsuits before federal courts.

The Trump administration has also fired US funding for UNFPA, the UN’s sexual reproductive health organization, the world’s largest procurement of birth control pills. The United States was the organization’s largest donor.

The US was not the sole supplier of birth control in any country, but the sudden termination of US fundraising has created disruption to the system and has already run out of products in clinics.

The estimated $27 million worth of family planning products already raised by USAID are stuck at various points in boats, ports and warehouses. Programs and employees have no programs or employees left to take them down or hand them over to the government. One plan proposed by Washington’s new USAID leadership is for the rest of the employees to destroy them.

Supply chain management is a major focus for USAID in all areas of health, with the US paying for transporting contraceptive products such as hormone implants, for example, from Thai manufacturers to ports in Mombasa, Kenya.

“It will be extremely difficult to put your work back on,” said Dr. Natalia Kanem, executive director of UNFPA.

The US has also paid for data and information systems that help the government track what is in stock and what needs to be ordered. None of these systems have been working since the Trump administration sent halt work orders to all programs that received the USAID grant.

Bellington Wwalika, a professor of obstetrics and gynecology at the University of Zambia, said contraceptives have already begun running in some parts of the country, with the US supplying a quarter of the national family planning budget.

“Wealthy people can buy the products they want. It is the poor who have to think, ‘What should I get between food and birth control?'” he said.

Even before the US retracted its family planning program, the survey found that globally, 1 billion women of reproductive age wanted to avoid pregnancy, but modern methods of birth control were inaccessible.

At the same time, there have been great progress. Demand for contraception is steadily increasing in Africa, a region of the world with lowest coverage, in long-acting ways that provide women with greater privacy and safe protection. Supply has been improved with better infrastructure and helped deliver products to rural areas. And the “Demand Creation” project, which is the main funder in the US, used ads and social media to inform people of the various options available and the benefits of pregnancy intervals or delays. The rise in education levels among women has also increased demand.

Two weeks ago, Thermasibanda, a 27-year-old engineering graduate who lives in a low-income community on the edge of Zimbabwe’s capital, Harare, received a hormone implant that prevents pregnancy for five years.

Shibanda has a two-year-old son and says he can’t afford more children. She can’t find a job in Zimbabwe’s broken economy and her husband can’t. They follow the $150 presence he earns from the vegetable stand every month. She relied on “hope, faith and natural methods” to prevent another pregnancy from happening after her son was born, Shibanda said, hoping for something more reliable, but that was simply impossible on her family’s budget – until a free clinic came to her neighborhood.

With USAID funding, the Zimbabwean organization that provided implants last year has been able to purchase six robust Toyota vehicles and camping equipment so that outreach teams can travel to the country’s most remote parts and provide vascular removal and IUD at pop-up clinics. Since Trump’s executive order, they have had to stop using all of that equipment.

International nonprofit MSI reproductive options intervened with temporary funds to ensure that they could continue to provide free care to women they could reach, such as Shibanda.

Shibanda said her priorities are to provide her son with the best possible education and that there are no more children as tuition costs. However, many African women have no way of making this choice. In Uganda, the national fertility rate is 4.5 children per woman, but it is not uncommon to meet women in rural areas with limited education with eight or 10 children, said Dr Justin Bukenya, lecturer in community health and behavioral sciences at Makerele University in Kampala. These women become pregnant for the first time as teenagers, with little space between pregnancy.

“By the time they were 30, they were able to get their 10th pregnancy. These are the women affected,” she said. “We’re missing the opportunity to make progress with them. The United States was doing a very strong job of creating the demands of birth control with these women here and mobilizing young men and women to go to family planning.”

Some women who rely on free or low-cost services through the public health system may now seek to buy birth control pills in the private market. However, the prices of tablets, IUDs and other devices are likely to rise significantly without guaranteed to buy large quantities from the US.

“As a result, women who relied on free or affordable options through the public health system could now be forced to rely on private sector sources.

The next biggest donor to post-US family planning is the Netherlands, which provided about 17% of donor government funding in 2023, and the UK provided 13%. The two countries recently announced plans to cut their aid budget by more than a third.

BA said the focus of the West African countries she works for is to mobilize domestic resources and come up with ways for governments to try and relocate money to cover what the US supplies. Charities such as the Gates Foundation and financial institutions, including the World Bank, which are already important contributors to family planning, could provide additional funding to try to move products into the country.

“We were very optimistic. Even with all the political instability in our area, we’ve been using modern methods to add millions of women over the last few years,” BA said. “And now, it’s all, US support, policy, it’s all gone completely. The gap is too big to fill.”

Source: www.nytimes.com

Experts warn that cuts in Trump’s science funding may negatively impact the economy

President Trump’s tariffs can increase prices, and efforts to reduce the federal workforce may lead to higher unemployment. Many economists are concerned about administration policies that will cut federal support for scientific research.

The Trump administration has recently canceled or frozen billions of dollars in federal grants for researchers, resulting in significant cuts to funding for academic medical centers and other institutions. It has also attempted to dismiss hundreds of workers at the National Science Foundation and has revoked visas for numerous foreign-born students.

These policies could jeopardize the US’s competitiveness in emerging fields like artificial intelligence, affecting the nation’s health and productivity in the long run.

“Universities play a crucial role in innovation,” says Sabrina Howell, a professor at New York University. “These policies are detrimental to our ability to innovate and grow.”

Scientists warn that the US risks losing its position as a leading research hub and a top destination for scientific talent globally.

Laboratories across the country are already laying off workers and halting projects, potentially affecting ongoing clinical trials. Top universities like Harvard and the University of Pennsylvania have announced employment freezes. Other countries are actively recruiting American scientists, offering a more welcoming environment.

Economists argue that taxpayer-funded research is crucial for early-stage studies that may not attract private investors. Research has shown that every dollar invested in research and development yields about $5 in economic returns, including intangible benefits like increased longevity and leisure time.

“Research is a high-return activity that benefits society in many ways,” said economist Benjamin F. Jones from Northwestern University. “We need to invest more in research to stay competitive.”

Hudson Freeze’s groundbreaking research in microorganisms in the 1960s led to important discoveries in DNA replication and genetic sciences. His work showcases the vital role of government funding in scientific research.

Dr. Freeze’s discoveries underscore the importance of government support for scientific breakthroughs. While private investors may overlook research on rare disorders, government funding has led to significant advancements in medical science.

The US research and development system, established during World War II, has been instrumental in driving economic growth and innovation. Federal investments in research have led to key technologies like the Internet and modern medicine.

Immigration plays a crucial role in driving scientific and technological advancements in the US. Despite accounting for a small percentage of the population, immigrants have contributed significantly to innovation, patents, and entrepreneurial ventures.

Changes in immigration policy and the perception of the US as unwelcoming could deter foreign students and scientists from choosing the US for education and research. Research has shown that restrictions on immigration during the Trump administration led to a decline in Chinese students studying in the US.

“International students and scientists are responsive to the environment in the US,” said economist Britta Glennon from the University of Pennsylvania. “A welcoming atmosphere is crucial for attracting global talent.”

Source: www.nytimes.com

Car manufacturers faced with costly decisions due to Trump’s tariffs

President Trump’s new 25% tariffs on imported cars and parts have prompted automakers to consider various responses that come with financial implications, ultimately leading to higher car prices as analysts suggest.

Manufacturers may opt to shift production from countries like Mexico to the US, increase production of existing models made in the US, or cease sales of less profitable imported models. Regardless of the decision, consumers should expect to pay more for both new and used cars, with estimates indicating potential price hikes ranging from $3,000 to over $10,000 depending on the model.

In addition, potential additional tariffs announced by Trump could further impact car prices if implemented, especially in the midst of escalating trade conflicts.

The long-term effects of Trump’s tariffs on the automotive industry are expected to be disruptive and costly for American consumers, as noted by Michael Cusumano, a professor at MIT Sloan Management School.

Trump’s tariff threats, stated as permanent, have rattled automotive executives who hoped for negotiation leverage, leading to challenges in reshaping manufacturing and supply chains to comply with the imposed tariffs.

While Trump envisions tariffs as a strategy to revive American automobile manufacturing, the process of relocating production to the US involves substantial costs and complexities for automakers, potentially impacting prices for consumers.

The uncertainty surrounding tariffs has raised concerns among automakers about making long-term investment decisions, as the potential for policy changes under a new administration looms and could reverse current tariff implications.

While tariffs may incentivize choosing US-based production sites, consumer costs may rise as automakers prioritize compliance over manufacturing efficiency.

Major investment decisions impacted by tariffs could have substantial financial repercussions for companies, with potential risks if tariffs are subject to policy changes in the future.

Automakers may be cautious in passing on tariff costs entirely to consumers, as excessive price hikes could lead to reduced sales and revenue, potentially contributing to economic downturns.

In response to tariffs, some automakers have already raised prices, highlighting potential price increases for various car models as a result of imposed tariffs.

As the industry grapples with tariff impacts, automakers may explore strategies such as suspending sales of less profitable models and focusing on domestically produced vehicles to navigate the evolving landscape of trade policies.

Despite efforts to minimize tariff effects, most automakers rely on foreign-made parts, causing tariffs to impact overall vehicle costs and potentially leading to price adjustments across different car models.

As automakers navigate the challenges posed by tariffs, market dynamics and consumer responses could shape future decisions regarding production and pricing strategies in response to evolving trade policies.

Source: www.nytimes.com

Stablecoin introduced by Trump’s Crypto Venture

World Liberty Financial, a cryptocurrency company launched by Donald J. Trump and his sons, announced Tuesday that it plans to deepen the president’s financial ties with crypto as his administration eases industry enforcement.

Stablecoin is known as the company USD1 I wrote it Social media posts do not reveal when it will be sold. A common form of cryptocurrency, Stablecoins is designed to maintain a constant value of $1, and is useful for many types of crypto transactions.

“There are no games, there are no gimmicks, there are just real stability,” says World Liberty Financial Posted With an X account.

Stablecoin is the fourth digital currency sold to the public last year by Trump and his business partners. World Liberty already offers a cryptocurrency called WLFI. This month, the world’s freedom announcement Of these digital coins, they sold $550 million. Business entities associated with Trump have received a 75% reduction in sales.

A few days before taking office, Trump began selling so-called memo coins. This is a kind of digital currency based on online jokes and celebrity mascots. Melania Trump put his memo coins to the market the same weekend.

Trump has aggressively entered the crypto market as his administration eases enforcement and rolls back regulations. According to government ethics experts, his efforts to benefit from industry oversee the vast amount of conflicts of interest that is virtually unprecedented in American history.

World Liberty’s Stablecoin adds to the nasty knot of business conflict. Congress is considering legislation that regulates the ridiculous idiots that could reach Trump’s desk by the end of the year. Trump gave a speech at this month’s crypto conference. Called Regarding Stablecoins’ “simple common sense rules,” he says, “we will expand control of the US dollar.”

Stubcoins are usually supported by assets stored by the coin issuer. Every time a user redeems a Stablecoin, they can go to the issuer and exchange digital coins for cash equivalents.

In an announcement Tuesday, World Liberty said it will use short-term US Treasury, dollar deposits and other cash equivalents to back up stubcoins.

“We provide digital dollar stability that allows sovereign investors and key institutions to confidently integrate into a seamless, secure cross-border trading strategy,” said Zach Whitkoff, one of the founders of World Liberty and the son of Steve Wickoff, Trump’s Envoy to the Middle East.

Trump, a former crypto skeptic, last year embraced digital currency on the campaign trail and committed to transforming the United States into the “crypto capital of the planet.” The industry has spent tens of millions of dollars funding Congressional candidates who supported Trump and spoke favorably about the code.

In September, Trump began World Freedom with his sons, starting Steve and Zach Witkoff. They entrusted two little-known entrepreneurs with virtually no track record in the industry, Chase Hero and Zach Falkman, to run the business day by day.

World Liberty initially promised to create a cryptographic platform that allows users to borrow and lend digital currency. However, so far, the company has not launched any products other than WLFI and Stablecoin.

The company has set out on something like a purchase, bringing together a stockpile of etheric cryptocurrency and lesser-known coins like SUI and Link.

In a recent panel, Hero I said That world’s freedom was creating a “strategic reserve” of tokens. He did not explain the ultimate purpose of stockpiling.

The idea had a clear echo of the creation of a US stockpile of Bitcoin, one of Trump’s initiatives at the White House.

Source: www.nytimes.com

Trump’s encouragement prompts AI companies to push for reduced regulations

Technology leaders in the artificial intelligence sector have been pushing for regulations for over two years. They have expressed concerns about the potential risks of generative AI and its impact on national security, elections, and jobs.

Openai CEO Sam Altman testified before Congress in May 2023 that AI is “very wrong.”

However, following Trump’s election, these technology leaders have shifted their stance and are now focused on advancing their products without government interference.

Recently, companies like Meta, Google, and Openai have urged the Trump administration to block state AI laws and allow the use of copyrighted material to train AI models. They have also sought incentives such as tax cuts and grants to support their AI development.

This change in approach was influenced by Trump declaring AI as a strategic asset for the country.

Laura Karoli, a senior fellow at the Wadwani AI Center, noted that concerns about safety and responsible AI have diminished due to the encouragement from the Trump administration.

AI policy experts are concerned about the potential negative consequences of unchecked AI growth, including the spread of disinformation and discrimination in various sectors.

Tech leaders took a different stance in September 2023, supporting AI regulations proposed by Senator Chuck Schumer. Afterward, the Biden administration collaborated with major AI companies to enhance safety standards and security.

(The New York Times sued Openai and Microsoft over copyright infringement claims related to AI content. Openai and Microsoft denied the allegations.)

Following Trump’s election victory, tech companies intensified lobbying efforts. Google, Meta, and Microsoft donated to Trump’s inauguration, and leaders like Mark Zuckerberg and Elon Musk engaged with the president.

Trump embraced AI advancements, welcoming investments from companies like Openai, Oracle, and SoftBank. The administration emphasized the importance of AI leadership for the country.

Vice President JD Vance advocated for optimistic AI policies at various summits, highlighting the need for US leadership in AI.

Tech companies are responding to the President’s executive orders on AI, submitting comments and proposals for future AI policies within 180 days.

Openai and other companies are advocating for the use of copyrighted materials in AI training, arguing for legal access to such content.

Companies like Meta, Google, and Microsoft support the legal use of copyrighted data for AI development. Some are pushing for open-source AI to accelerate technological progress.

Venture capital firm Andreessen Horowitz is advocating for open-source models in AI development.

Andreessen Horowitz and other tech firms are engaged in debates over AI regulations, emphasizing the need for safety and consumer protection measures.

Civil rights groups are calling for audits to prevent discrimination in AI applications, while artists and publishers demand transparency in the use of copyrighted materials.

Source: www.nytimes.com

France Claims US Refuses Entry to French Scientists Due to Disagreement Over Trump’s Policies

According to the French government, the opinion he expressed about the Trump administration’s policies on academic research prevented French scientists from entering the United States this month.

French Minister of Higher Education and Research, Philip Baptist explained that the move is worried.

“Freedom of opinion, free research and academic freedom are values ​​that we continue to proudly support,” Baptist said in a statement. “I defend the possibility that all French researchers can be faithful to them in compliance with the law, wherever they are in the world.”

Baptist did not identify the scientist whose backs were turned away, but said the academic works at the publicly funded National Science Research Center in France, where he was traveling to a conference near Houston when border officials stopped him.

US authorities refused to enter the scientist and later deported him as his phone included exchanging messages with colleagues and friends.

It was not immediately clear why border authorities forced the scientists to stop, why they looked up the contents of his phone, or why they found the conversation undesirable.

Customs officials are permitted to search for mobile phones, computers, cameras or other electronic devices from travelers across the border. According to US Customs and Border Protectionthough agents say such cases are rare. In 2024, less than 0.01% of international travelers who arrived searched for electronics, according to the agency.

Baptist’s office declined to provide further details regarding the incident. A spokesman for the US Embassy in Paris also declined to comment.

A spokesperson for the National Center for Science and Research said the scientists who were turned away did not want to talk to the media and declined to comment further.

Agence France-Presse News Agency Reported previously The scientist refused to enter the United States.

Minister Baptist has been particularly vocal over the past few weeks by denounceing the threat to academic freedom in the United States. There, the Trump administration’s funding cuts and layoffs target higher education, scientific research and the federal government’s own scientific workforce.

Baptist urges French universities and research institutions to welcome researchers looking to leave the United States.

“Europe must be there to protect research and welcome talent that can contribute to its success,” Baptist said. I wrote it on social media After meeting with his European counterparts in Warsaw on Wednesday, he dealt with the “threat to free research in the United States.”

Jennifer Jones, director of the Center for Science and Democracy at the American advocacy group, the Union of Concern Scientists, said he was worried that incidents involving French scientists would have a calm effect on cross-border research cooperation.

“My fear is that these are more and more early cases,” Dr. Jones said. “I’ve heard from my network that people are very concerned about all sorts of international travel in either direction.”

“It should be worrying for all of us,” she added. When scientists restrict movement to conferences and other events designed to advance research, she said “it’s the masses that suffer.”

Segoren le stradic Reports of contributions.

Source: www.nytimes.com

Tesla warns US government that Trump’s trade war could have negative impact on EV companies

Tesla, led by Elon Musk, is cautioning about the potential repercussions of Donald Trump’s trade war. They warned that retaliatory tariffs could harm not only electric car makers but also other American automakers.

In a letter to US trade representative Jamieson Greer, Tesla emphasized the importance of considering the broader impacts of trade actions on American businesses. They stressed the need for fair trade practices that do not inadvertently harm US companies.

Tesla urged the US Trade Representative (USTR) office to carefully evaluate the downstream effects of proposed actions to address unfair trade practices. They highlighted the disproportionate impact that US exporters often face when other countries respond to trade actions taken by the US.

The company, which has been a supporter of Trump, expressed concerns about potential tariffs on electric vehicles and parts imported to targeted countries. They cited past instances where trade disputes led to increased tariffs on vehicles and parts manufactured globally.

As Tesla continues to navigate the challenges of trade policies, they emphasized the importance of considering implementation timelines and taking a step-by-step approach to allow US companies to prepare and adapt accordingly.

Meanwhile, German automaker BMW reported a decline in net profit due to trade tariffs. They highlighted the impact of US trade actions on their business performance and reiterated the challenges posed by a competitive global environment.

BMW’s forecast takes into account various tariffs, including those on steel and aluminum. The company faces challenges in China, where local EV manufacturers are gaining market share, leading to a decline in BMW and Mini sales.

Despite these obstacles, BMW remains committed to navigating the complexities of trade and geopolitical developments to maintain business resilience and performance.

Source: www.theguardian.com

Plans for Increased Surveillance by ICE Contractors During Trump’s Immigration Crackdown | Technology

GEO Group, the largest single private contractor for U.S. Immigration Customs Enforcement (ICE), has expanded its surveillance operations to monitor hundreds of thousands or potentially millions of migrants.

Geo Group, a private prison company and parent company of Bi Inc, has been working with ICE for nearly two decades to oversee the agency’s electronic surveillance program. Currently, they are tracking approximately 186,000 immigrants using various devices like ankle monitors, smartwatches, and facial recognition apps, as reported by Public Ice Data. With the increasing demand from the administration of Donald Trump, which has promised significant deportations, company executives anticipate that this number will surpass the previous peak of 370,000 to 450,000 immigrants within the next year. This statement was made during the company’s fourth-quarter revenue call on Thursday morning.

“About two years ago, ISAP contract utilization peaked at around 370,000,” mentioned George Zorry, executive chair of GEO Group, during a revenue call discussing the ICE and GEO contract. “If the contract exceeds its previous peak usage, achieving revenues of $250 million is possible.”

The company is ramping up the production of additional GPS units in preparation for expanded ICE contracts. Executives suggest they can monitor “hundreds of thousands” of individuals and are positioning themselves to monitor even more, potentially reaching into the millions. Zoley mentioned that GEO Group and its competitor, Core Civic, will engage in conversations with ICE to expand current contracts and electronic monitoring for detention facilities.

“It’s a dynamic situation, rapidly evolving,” he stated. “We’ve shifted from initial proposals to detailed pricing and operational discussions. The procurement process is moving at an unprecedented pace. I’ve never seen anything like it.”

Established in 2004 as an alternative to detention, the company’s extensive electronic surveillance program has been entrusted to Bi Inc, a subsidiary of Geo Group. Many individuals wearing ankle monitors raised concerns about overheating, discomfort, or tightness. The company has introduced SmartLink, a Smart Watch location tracker, and a smartphone app as less intrusive monitoring methods. However, during the revenue call on Thursday, executives expressed a desire to return to relying primarily on ankle monitors.

“Our top priority is ankle monitors for high-security monitoring,” Zoley emphasized.

While the company has not received indication from ICE about reissuing a new agreement for their electronic monitoring program, the executive team is focusing on expanding the number of individuals tracked through existing programs. Geo Group plans to invest $16 million to increase federal ISAP use and build up Ankle Monitor inventory to cater to hundreds of thousands and potentially millions of participants.

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Company officials believe that under the Laken Riley Act, immigrants charged with violent crimes or thefts must be monitored “indefinitely” under the ISAP program due to the risk they pose. Executives intend to expand the surveillance program to monitor an estimated 7-8 million individuals with non-decisive immigration statuses who entered the US through unauthorized routes. They are also preparing to monitor an estimated 95-100 million people in the United States.

“Given our population size, we view this as an opportunity to enhance detention capacity… The Laken Riley Act mandates a significant increase in electronic monitoring services to combat human trafficking involving individuals with non-decisive immigration statuses and ensure compliance with immigration court requirements,” Zoley stated.

Source: www.theguardian.com

Trump’s layoff negatively impacts safety program for firefighters

WASHINGTON – Patrick Montague, a federal firefighter investigator, was unexpectedly fired by the Trump administration on Saturday night, along with thousands of other Department of Health and Human Services employees. Patrick, 46, from Kentucky, had 26 years of experience in firefighting and prevention programs, as well as academic training and technical expertise. Despite receiving repeated praise from his supervisors, he was let go before completing his two-year probationary period due to his alleged inadequate performance.

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Montague was part of a program aimed at reducing firefighters’ risks while on duty. Three out of the five members of his program were fired in a similar manner. The sudden layoffs were attributed to billionaire Elon Musk’s influence on cutting federal programs and reducing government workforce.

The termination of these employees, including Montague, has raised concerns about the impact on important public safety programs, such as the Fatal Firefighter Survey and Prevention Program. These programs were created to enhance the safety and well-being of firefighters across the country.

Edward Kelly, general president of the International Association of Firefighters, emphasized the importance of investing in firefighter safety programs and expressed hope that the Trump administration would prioritize such initiatives.

In addition to the firefighter safety programs, layoffs within the National Institute of Occupational Safety and Health have also affected workers responsible for maintaining the national firefighters’ cancer registry. The registry, established by a law signed by Trump in July 2018, tracks and fights cancer deaths among firefighters.

The disconnect between Trump’s public praise for firefighters and the sudden layoffs of those working on critical firefighter safety programs has left many scratching their heads. Union officials and advocates for fire safety are puzzled by the contradictory actions taken by the administration.

Despite the termination notices citing performance issues, many affected employees, like Patrick Montague, believe that their performance was satisfactory and are baffled by the decision to let them go.

Source: www.nbcnews.com

China to release US tariff and Google survey findings in line with Trump’s tax policies

Salvo was fired by Donald Trump at the start of his trade war, imposing tariffs on China on Tuesday, prompting immediate retaliation from Beijing due to concerns about the global economic impact.

10% tariffs have been implemented currently, prompting China to release an anti-trade survey on Google swiftly. The Ministry of Finance has announced tariffs of 10% on items such as coal, liquefied natural gas, crude oil, agricultural equipment, large distributed vehicles, and pickup trucks from the United States.

The Chinese Ministry of Commerce and Customs Bureau took actions on Tuesday to protect national security interests by imposing export controls on important minerals such as tungsten, terrillium, lutenium, molybdenum, and rutenium-related items.

Furthermore, the Ministry of Commerce indicated that US PvH Group and Illumina would be added to the list of unreliable entities, subjecting them to restrictions or penalties without specifying the accusations against the companies.

In response to tightened US exports of high-tech products to China, Beijing is considering adding Intel to a list of companies under investigation for antitrust law violations. Financial Times reported this on Tuesday.

Despite Google services being blocked in China, the company continues to earn revenue from Chinese companies advertising overseas and using Android operating systems.

The Chinese Ministry of Finance stated that the unilateral imposition of tariffs by the United States violates World Trade Organization rules and could harm economic and trade cooperation between the two countries.

After initially threatening economic disputes with Canada and Mexico, President Trump decided to postpone tariffs following discussions with their leaders.

The US has removed exemptions for Chinese exports, imposing tariffs on most goods. Some Chinese retailers, like SHEIN and TEMU, relied on exemptions to sell affordable products in the US.

Trump agreed to impose a 25% tariff on Mexico after speaking with President Claudia Sheinbaum.

Discussions with Canadian Prime Minister Justin Trudeau led Trump to delay 25% tariffs on Canada. Trudeau announced a $1.3 billion border security plan in response to the decision.

The White House announced a meeting between Trump and Chinese President Xi Jinping later in the week to address escalating trade tensions.

Economists warn that Trump’s tariff plan could raise prices for millions of Americans.

Trump believes tariffs will strengthen the US financially and lead to beneficial trade agreements with other countries.

The global financial markets reacted cautiously to Trump’s tariff actions, with mixed results.

Various stock indexes fluctuated following the tariff announcements, with currencies like the Canadian dollar experiencing volatility.

The Chinese market was closed for the Lunar New Year holiday and is set to reopen on Wednesday.

Additional reports by Graeme Wearden

Source: www.theguardian.com

Employees claim Trump’s Day policy is already jeopardizing the limited representation of women and minorities in STEM.

President Donald Trump’s recent order has classified diversity, fairness, and inclusion programs as “discriminatory,” causing concern among women working in federal government-related roles. They believe his directive is aimed at promoting a specific agenda rather than fostering a diverse workforce.

Women in the fields of science, technology, engineering, and mathematics (STEM) who are employed by the federal government are worried about their future prospects. They fear potential restrictions on STEM career opportunities and feel unwelcome under the current administration.

One female Hispanic STEM worker in a federal organization expressed her concerns anonymously, highlighting the lack of diversity in STEM-related roles and the potential impact of the administration’s policies.

The Trump administration has not yet responded to requests for comments on the issue. However, previous statements from the White House press director emphasized the administration’s focus on merit-based hiring.

The STEM field has long faced criticism for its lack of diversity, with women being underrepresented in these roles. Data from the National Science Engineering Statistics Center shows that women account for more than half of the US population but only one-third of STEM jobs in 2021.

Minority groups, including black and Hispanic workers, also face challenges in advancing their STEM careers. Research from the USDA Forest Bureau in 2023 revealed disparities in the progress and retention of non-white women and men in STEM roles.

“Scientific perfection requires diversity. So it’s important for science.”

A colored federal worker said in the STEM field.

Many federal employees, particularly those from minority backgrounds, believe that diversity is essential for scientific progress. They stress the importance of including diverse perspectives in research teams to improve outcomes.

A biologist working in the federal government shared her experience of benefiting from diversity recruitment programs early in her career. She emphasized the importance of providing opportunities for underrepresented groups to access STEM positions.

The potential sunset of diversity, fairness, and inclusion programs could hinder the recruitment and retention of women and minorities in STEM roles. These programs have historically provided support and guidance to these groups in navigating workplace dynamics and fostering a sense of belonging.

“Having support groups and programs tailored to women and minorities in STEM fields is crucial for creating an inclusive and productive work environment,” one Hispanic federal worker stated.

Source: www.nbcnews.com

Big Tech Companies Dispute President Trump’s $500 Billion AI Investment Announcement, Involving Elon Musk

Major technology giants criticized their competitors following Donald Trump’s announcement of significant investments in AI the day before.

President Trump revealed Stargate, a $500 billion initiative funded by OpenAI, Oracle, and SoftBank. The announcement featured leaders from both companies: Sam Altman, Larry Ellison, and Masayoshi Son, with Son as the project chairman. A representative from Abu Dhabi’s state-run AI fund MGX, another major investor, was notably absent.

The partnership aims to establish data centers and computing infrastructure crucial for AI development. While the initial investment amount is substantial, estimates suggest that developing AI will require as much funding.

Notably missing from the event was Elon Musk, CEO of Tesla, SpaceX, and xAI, who is also the wealthiest person globally. Despite Musk’s close ties to Trump and rumored office in the White House, he dismissed Stargate as a financial sham the following night.

When OpenAI announced on X (Musk’s social network) that they would immediately deploy $100 billion, Musk countered, stating that they lacked the funds and criticizing SoftBank’s funding of less than $10 billion. Musk, with a net worth of about $430 billion, tweets prolifically on a variety of subjects.

President Trump has yet to respond to Musk’s comments, focusing instead on Melania’s anniversary on his social network, Truth Social.

Musk continued his criticism on Twitter, sharing a leaked image of a research tool supposedly used to calculate Stargate’s $500 billion cost. He spent much of Wednesday afternoon attacking the project.

Sam Altman initially praised Musk’s work but later questioned his motives for criticizing SoftBank. Satya Nadella, CEO of Microsoft, responded diplomatically when asked about the situation, emphasizing Microsoft’s plans to invest in Azure.

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The tension between Musk and Altman dates back to their history at OpenAI, where Musk eventually parted ways with Altman. The heads of Oracle and SoftBank involved in Stargate have not yet spoken on the matter.

Source: www.theguardian.com

Meta announces end of DEI program just days before Trump’s inauguration | US News

Effective immediately, the company will be discontinuing its diversity, equity, and inclusion (DEI) program as of Friday, following Meta’s announcement that fact-checking would be eliminated by Mark Zuckerberg.

An internal memo from Meta acknowledged the changing legal and policy landscape surrounding DEI efforts in the United States, referencing recent Supreme Court decisions and the concept of DEI. It also highlighted the “reprehensible” views held by some individuals. Axios and Business Insider initially reported on the memo. Mehta confirmed the termination of DEI practices but did not provide further comment on how this decision aligns with the company’s overarching goals.

Janelle Gale, vice president of human resources, mentioned in the memo the discontinuation of various programs targeting underrepresented groups, such as the Diverse Slate Approach and Representation Goals, which are currently facing challenges. These programs were utilized to promote diverse employment practices.

Despite Meta’s efforts to increase diversity in the workforce, the company will no longer implement certain diversity employment practices, as stated in a new announcement.

Furthermore, the company will be ending its equity and inclusion training program and permanently disbanding its DEI-focused team.

The decision to terminate diversity efforts contradicts Meta’s AI-powered Instagram and Facebook profiles, which highlighted the need for a more representative team.

The termination of DEI initiatives follows Meta’s alignment with Donald Trump and the addition of Trump ally Dana White to the company’s board of directors. Meta joins a list of companies, including McDonald’s, Walmart, Ford, and Lowe’s, that have voluntarily halted their diversity initiatives or have been targeted by far-right groups.

Source: www.theguardian.com

Tech giants Google and Microsoft donate $1 million each to President Trump’s inaugural fund

Google and Microsoft each contributed $1 million to President Donald Trump’s Inaugural Fund, along with companies like Amazon, Meta, OpenAI, and Uber.

“Google is supporting the 2025 Inauguration with a live stream on YouTube and a direct link to the homepage. We are also donating to the inaugural committee,” said Google Government Affairs & Public Policy global head Karan Bhatia in a statement to the Guardian on Thursday.

Google made the donation on Monday, as reported by CNBC. Google spokesperson Jose Castaneda mentioned that the company had previously donated to the Inauguration Fund and hosted a livestream of the inauguration.

Microsoft confirmed its $1 million donation to President Trump’s inaugural fund in a statement to Bloomberg on Thursday. The company had also donated to Trump’s 2017 inauguration and Joe Biden’s 2021 inauguration.

Many other major companies made significant donations to President Trump’s inaugural fund last month, including Toyota, Uber, Amazon, Meta, and OpenAI.

These donations helped raise funds for President Trump’s inaugural committee, which received a $170 million donation. This appears to be an attempt by tech giants to gain favor with President Trump for his second term in office.

President Trump’s relationship with big tech companies has been contentious, but as his inauguration approaches, there seems to be a shift in tone from both parties.

Google CEO Sundar Pichai criticized the January 6 riot and praised President Trump’s victory. President Trump also noted a change in attitude towards him from various tech companies.

Mark Zuckerberg of Meta Inc. announced changes in the company’s approach to fact-checking and censorship, aiming to reduce censorship and recommend more political content across their platforms.

Experts believe that contributing to Trump’s inauguration is a way for tech companies to gain support from the new administration and avoid being targeted by President Trump in the future.

Source: www.theguardian.com

Uber and its CEO contribute $1 million each to President Trump’s inaugural fund

Uber and its CEO have donated $1 million to Donald Trump’s inaugural fund, joining a growing list of technology companies and executives seeking to build good relations with the incoming administration.

This donation was announced by a spokesperson for Uber Technologies. The Wall Street Journal reported that on Tuesday, Uber and its CEO Dara Khosrowshahi each donated $1 million to Trump’s fund. Uber did not immediately respond to a request for comment from the Guardian.

Uber had previously donated $1 million to President Biden’s 2021 inauguration, but Khosrowshahi did not donate to that event, according to the Wall Street Journal. The $1 million donation to Trump’s fund is said to be Khosrowshahi’s largest contribution to a political candidate or presidential inaugural fund.

The donations from Uber and Khosrowshahi add to a growing list of tech companies and executives who have pledged to donate $1 million to the president-elect’s inaugural fund.

Mehta, CEO of OpenAI, confirmed last week that he had donated $1 million to the foundation. CEO Sam Altman of OpenAI also planned to make a $1 million personal donation to the foundation. Amazon is also preparing to donate $1 million to Trump’s fund.

Unlike companies and executives like Mark Zuckerberg, Mehta, and Jeff Bezos, Uber and Khosrowshahi do not have a historically strained relationship with President Trump, making their donations especially significant.

Notably, Tony West, Uber’s chief legal officer, is the brother-in-law of Vice President and former Democratic candidate Kamala Harris. Mr. West took time off to volunteer with Mr. Harris’ presidential campaign before returning to his role at Uber.

Donations to inaugural committees are common among large companies looking to establish better relations with the new administration.

According to Amazon, the company donated $57,746 to President Trump’s first inaugural fund in 2017. Open Secrets reported that other companies such as Google and Microsoft also made donations. Mehta confirmed to the Guardian that he did not donate in 2017.

Recent donations from tech companies and executives come amidst reports of perks being offered to top donors to the president-elect’s inaugural fund. Since Trump’s election win, he has dined with several technology company executives.

In the past month, Trump has dined with Meta CEO Mark Zuckerberg at his Mar-a-Lago mansion. Apple CEO Tim Cook; as well as Google’s Sundar Pichai and Sergey Brin; are among those who have had dinners with Trump. Amazon founder Jeff Bezos is scheduled to have dinner with Trump this week.

Source: www.theguardian.com

Podcast Picks of the Week: Everything You Need to Know About Donald Trump’s New Top Team

This week’s picks

Legacy: Charles Dickens
Wondery, weekly episodes

This week, we recommend listening to the fascinating stories of Charles Dickens, the Godfather of Christmas. Afua Hirsch’s latest podcast subject and Peter Frankopan’s biographical series shed light on both the successes and struggles of this Victorian novelist. Despite his literary achievements and social impact, Dickens faced financial difficulties, rumored scandals, and publisher disputes. Holly Richardson

Dateline: Deadly Mirage
2 episodes per week, widely available

Discover the chilling tale of how a supposed “happiest place” in California turned into a crime scene. With thorough investigative reporting, Dateline uncovers the shocking events leading up to the tragic murders in this gripping six-part series. Hannah Verdier

Afua Hirsch, one half of the Legacy Podcast. Photo: Cheese Scientist/Alamy

promenade
Wide range of weekly episodes available

Step into the world of short, evocative audio pieces with Promenade. Explore diverse narratives, from encounters with Paul McCartney’s barber to intimate reflections by Louise O’Neill, in this third season of captivating storytelling. HV

Watch Dogs: The Truth
Audible, all episodes now available

Immerse yourself in a thrilling audio drama featuring AI, government surveillance, and audience interaction. Join the stellar cast, including Russell Tovey and Freema Agyemang, as you navigate a world of fake news and civil liberties at stake. HV

President Trump’s conditions
Wide range of weekly episodes available

Stay informed about the latest political developments with this NPR podcast, delving into the intricacies of power dynamics and pressing issues in the new administration. From abortion rights to campaign strategies, get a comprehensive look at the issues shaping our world today. HV

There’s a podcast for that

Pod Poetry…George Mpanga, better known as Poet George. Photo: Suki Dhanda/Observer

Rachel Aroesti select the top five experimental podcastsfrom personal poetry to unconventional interview formats.

internal organs
Explore a unique audio zine format with “Offal,” a podcast that challenges traditional podcast delivery. Dive into a mix of eerie apocalypse dramas, cultural satire, and haunting soundscapes created by feeding AI scripts. Expect a captivating blend of horror, sketch comedy, and immersive storytelling.

Have you listened to George’s podcast?
Immerse yourself in the enchanting world of poetry with George the Poet’s thought-provoking series. Through rhyming couplets and evocative soundscapes, George delves into profound topics like black trauma in pop culture and personal reflections on identity and ambition. HV

11th
Experience a dynamic podcast series that surprises you with each new episode. From anthologies to unique audio experiences, “11th” offers a diverse range of content, including personal stories, audio dramas, and intriguing explorations that keep listeners engaged.

everything is alive
Delve into the world of inanimate objects with “Everything is Alive,” a heartwarming and humorous podcast that brings everyday items to life. Through quirky interviews and imaginative storytelling, this podcast offers a fresh perspective on the world around us.

80,000 steps
Embark on a unique listening experience with “80,000 Steps,” an immersive podcast that can only be accessed through a specialized pedometer app. This series unfolds compelling immigrant and refugee narratives against the backdrop of a walking journey, inspired by personal stories of resilience and exploration.

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More about this…

Challengers is one of the films that the podcast Ordinary Unhappiness studies using psychoanalytic theory. Photo: Metro-Goldwyn-Mayer Photo

Explore thought-provoking podcasts that delve into psychoanalytic studies, lost music, cultural influences, and personal stories. Ammar Kalia presents the top picks to stimulate your mind and spark new insights.

name drop
Dive into the impact of names with engaging storytelling that highlights the significance of personal names and their societal implications. Discover the power and complexities behind names in a captivating series that explores identity and self-expression.

Have you heard of this?
Uncover hidden music gems and untold stories in the vast landscape of the music industry. Delve into the rich history of music with immersive storytelling and investigative journalism that reveals overlooked artists and musical legacies.

complete english
Reimagine British cuisine and its sociocultural significance with Chef Louis Bassett’s illuminating podcast. Explore the evolution of British culinary traditions, from historical influences to contemporary food trends, in a series that invites you to savor the complexities of British gastronomy.

What on earth is my job?
Embark on a journey through diverse career experiences with candid narratives of everyday work life. From quirky job roles to personal anecdotes, this podcast offers a light-hearted look at the joys and challenges of different professions.

ordinary misfortune
Explore the depths of pop culture and politics through a psychoanalytic lens with “Ordinary Unhappiness.” Delve into the subconscious influences that shape media consumption and societal trends in this compelling podcast that analyzes cultural phenomena with depth and insight.

Why not try it…

  • intersectionExperience the intersection of men’s and women’s soccer in a captivating podcast by former England captain Steph Houghton and Arsenal hero Ian Wright.

  • best idea everUncover the fascinating stories behind game-changing innovations, from Happy Meals to Jacuzzis, in this intriguing podcast series.

Source: www.theguardian.com

Meme coin boom following President Trump’s election waves the flag of pure gambling in cryptocurrency markets

The attention economy can be likened to a phenomenon involving a social media-created celebrity named “hawk tua girl” Hayley Welch. She played a pivotal role in the launch of a cryptocurrency asset named Hawk Memecoin, which quickly gained enormous traction before facing backlash.

Initially valued at $490 million (£385 million) on December 4, the Hawk Memecoin has now exceeded its market capitalization and is valued at $17 million. Welch, a Tennessee native, rose to fame after responding to provocative interview questions but faced criticism for allegedly deceiving her social media followers.

Critics like cryptocurrency commentator Steven Findeisen, also known as Coffeezilla, labeled Hawk’s launch as a “rug pull,” which involves hyping a crypto project for short-term gains and then abandoning it. Despite the controversy, Hawk Memecoin is still being traded, with Welch stating that her team has not sold any tokens.

The rise of meme coins like Hawk reflects the growing trend within the cryptocurrency market, with meme coins collectively valued at $118 billion compared to $20 billion at the start of the year. These coins flood the market, with platforms issuing thousands of tokens daily.

Experts argue that meme coins lack fundamental value and are merely tied to digital trends. Memecoins blend the essence of memes and cryptocurrencies, leveraging social media attention to drive speculation and investment.

Meme coin trading often revolves around internet trends and influencer endorsements, creating a speculative environment with unpredictable outcomes. Participants acknowledge the speculative nature of memecoins, likening their trading to gambling but with the potential for significant returns.




Bitcoin’s value surpassed $100,000 for the first time a month after President Trump’s victory. Photo: Kevin Wurm/Reuters

Source: www.theguardian.com

Bitcoin price surpasses $100,000 as Cryptocurrency interest surges following Trump’s win

Bitcoin has surpassed $100,000 for the first time, reaching a new high amid a euphoric surge triggered by President Donald Trump’s election win.

The largest and most valuable cryptocurrency in the world, known for its market volatility, has been on the rise in recent weeks due to expectations of a new era of deregulation and supportive policies under the incoming administration.

On Wednesday, it hit a record high of $103,619, marking a 45% increase since Election Day. Other cryptocurrencies are also experiencing similar gains.

bitcoin graphics

“We are witnessing a paradigm shift. After four years of political purgatory, Bitcoin and the entire digital asset ecosystem are about to enter the financial mainstream,” said Mike Novogratz, founder and CEO of Galaxy Digital, a US cryptocurrency company.

“This momentum is driven by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path,” he added.

President Trump has nominated crypto lobbyist Paul Atkins to lead the Securities and Exchange Commission (SEC), signaling a more favorable stance towards cryptocurrencies.

“Congratulations Bitcoiners!!! $100,000!!! You’re welcome!!! Together we will make America great again!” President Trump tweeted on his social media platform, Truth Social.

Reaching a six-digit price is a significant milestone for Bitcoin, which was created in 2008 and remains shrouded in mystery surrounding its creator Satoshi Nakamoto.

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Supporters see Bitcoin and the broader crypto space as the future of finance, although its volatile valuation and slow adoption for everyday transactions raise concerns.

“Bitcoin surpassing $100,000 signifies changing trends in finance, technology, and geopolitics,” said crypto analyst Justin Danesan based in Hong Kong.

“People who were once considered fantasy now exist in reality,” he added.

Trump, who once called Bitcoin a “scam,” has shifted his stance to a more supportive position, touting it as a symbol of free trade and innovation.

Atkins, the former SEC commissioner and crypto advocate, is seen as bringing a fresh perspective to digital asset regulation in the US.

“Atkins’ familiarity with the digital asset ecosystem can lead to new opportunities for US cryptocurrency innovation,” said Kristin Smith, CEO of the Blockchain Association.

Cryptocurrency stocks are on the rise alongside Bitcoin prices, with companies like MicroStrategy heavily investing in Bitcoin.

Trump has also announced his own virtual currency venture, World Liberty Financial, showing growing support for cryptocurrencies.

Source: www.theguardian.com

Is the End Near for X? Musk and Trump’s Complex Relationship Sparks Growing Rivalry and Challenges for the Platform

Was it the week that X died? The platform, previously seen as an ideal marketplace for information exchange, has suffered its biggest breach to date.

Bluesky, the latest competitor to X, has amassed 16 million users. 1 million in 24 hours last week. Hundreds of thousands of people have quit Twitter since Donald Trump won the election on November 6th.

The impetus was Elon Musk, owner of Company X and the world's richest man, to transform the social media site and use it as a megaphone to push Trump into the White House.

The incoming US president said Musk will become head of the new Department of Government Efficiency. The acronym Doge, a play on the dog internet meme and the virtual currency Dogecoin, began as a joke by Dogecoin's creators and skyrocketed in value after Mr. Musk. In 2021, he named it “The People's Code.”

Although Musk now sits at the center of the U.S. government, his actions do not require Senate approval and he can continue to work in the private sector. He is allowed to keep X and its 204 million followers, as well as head electric car company Tesla and rocket company SpaceX. For the first time in history, big tech billionaires are directly shaping democracy, not just indirectly through the media.

“I don't know of any precedent for this approach,” said Rob Engdahl, president of technology analyst firm Engdahl, who has worked with companies such as Microsoft, Sony, and Dell.

Bluesky celebrates reaching 16 million users. Photo: Tamamario/Getty Images

As recently as 2022, Mr. Musk tweeted “For Twitter to be worthy of the public's trust, it must be politically neutral. That effectively means upsetting the far right and far left equally,” he tweeted. that “Mr. Trump will be 82 years old at the end of his term, far too old to be the CEO of anything, let alone the United States.”

A few months later, when Mr. Musk bought Twitter for $44 billion, he fired content moderators and charged for account verification. This meant that people could buy influence. Twitter rebranded to X, shed millions of users and reinstated Trump's account, which had been suspended after the January 2021 White House riot.

The proliferation of alt-right criticism, hate speech, and bots on X, as well as Mr. Musk's own clash with the British government during the August riots, has increased anxiety among X users. of guardian and observer announced last week that it could no longer maintain a presence on the site and would no longer post. Author Stephen King left, saying it had become “too harmful.” Oscar winners Barbra Streisand and Jamie Lee Curtis left the stage.

“X has effectively become Truth Social Premium,” said Mark Carrigan, author of “X.” academic social mediareferring to President Trump's far-right social media platforms. And the buzz in the tech world is that President Trump's “Truth Social” could be folded into “X.”

If this happens, whose interests will take priority? Will Mr. Musk suppress or encourage criticism of the authoritarian governments he does business with? Who is the puppet or paymaster in Donald and Elon's media show?

“If that happens, a political super app masquerading as social media could become the ultimate amplification machine for President Trump's ideas,” said James Kirkham of Iconic, who advises brands like Uber and EA Sports on digital strategy. It will happen,” he says. “Forget about Facebook and Fox News. The real heart of the Republican digital strategy may be X.”

“I'm hopeful that X and Truth Social will merge,” Engdahl said. “But given how overvalued Truth Social is right now, this could be one of those efforts between Musk and Trump.”

The bromance between the world's two biggest egos is mutually beneficial, as long as the two transactional, power-hungry, impulsive people get along. President Trump is hawkish on China, one of Tesla's most profitable markets. Mr. Trump essentially campaigned against electric vehicle manufacturing. Trump is a protectionist. Mr. Musk opposes tariffs. When it comes to climate change, they are against it.

Jonathan Monten, professor of political science at UCL, is skeptical about the sustainability of the relationship. “What Mr. Musk used against Mr. Trump was private money, both to provide a platform to, or to use, a more favorable pro-Trump agenda.” .

“It's unclear what continuing purpose or use Mr. Musk actually has. Yes, this is some kind of celebrity story, but that's the Trump brand. I've got one story, and tomorrow I'll tell another celebrity's story.'' The early 2010s connected and informed activists, artists, lawyers, academics, policymakers, journalists, and experts of all kinds. Share, exchange ideas and track events in real time.

Elon Musk speaks next to Donald Trump at a rally in Butler, Pennsylvania on October 5th. Photo: Carlos Barria/Reuters

While it's easy to paint Mr. Musk as a bogeyman, some argue that it was the emergence of TikTok and algorithmic timelines that fundamentally disrupted Twitter. As social media optimizes for scale and profit at the expense of user experience, algorithms will prioritize the “best” content – content that screams loudest or is most specifically tailored to users. It has become. Curated accounts and “latest” content to follow have been pushed to the side.

“I think Mr. Musk has done some harmful things, and I think part of that is the logic of evolving social media platforms,” ​​Carrigan said. “The impact of the ad-based model encourages certain ways of organizing platforms, with negative consequences.”

Bluesky, which was the most popular app in the app store on Friday, has become an option for X refugees, but its 16 million users pale in comparison to Meta's Threads. reported With 275 million monthly active users, X Approximately 317 million..


Defender of “fediverse” is a single account for any social media network, just as a Gmail account allows you to send email to any email address or call users on other networks from your mobile phone number. argues that there must be.

Platforms have power when it comes to blocking social networks so users can't leave. Instead, new social networks, including Bluesky, are built on “ecosystems” that enable interconnection.

No one knows what will happen to X, with predictions ranging from collapse to turning into an anti-Trump platform if Musk and the president get into a spat, or even becoming a training ground for Musk's xAI venture. be. AI could engulf social media, with xAI valued at $40 billion, roughly the price Musk paid for Twitter.

Source: www.theguardian.com