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JPMorgan Chase has warned that President Trump's cumulative tariff hikes, totaling about 22%, represent the largest U.S. tax increase since 1968. The bank has raised the global recession risk to 60%, citing potential retaliation, supply chain disruptions, and long-term growth impacts from sustained trade policies.
Elon Musk's xAI has acquired the social media platform X, formerly known as Twitter, in a $45 billion all-stock deal, which includes $12 billion in debt. The combined entity is valued at $80 billion, with xAI recently raising $6 billion at a $40 billion valuation. Musk emphasized the integration of data, models, and talent between the two companies as they aim to enhance their competitive edge in the AI sector.
Senate Republicans are advocating for congressional approval of spending cuts proposed by Elon Musk's Department of Government Efficiency (DOGE) following a Supreme Court ruling limiting unilateral actions by the White House. Musk's initiatives have faced public backlash, leading to disruptions at town hall meetings, while some lawmakers express concerns over the potential for extensive cleanup after significant changes are made. Despite the controversy, Republican leaders are pushing for a legislative process to formalize these cuts, with Musk reportedly supportive of the idea.
The U.S. House of Representatives is poised to vote on a defense bill that allocates over $3 billion to assist telecom companies in removing Chinese-made equipment from American networks, specifically targeting Huawei and ZTE due to security concerns. The comprehensive 1,800-page bill also mandates a report on China's attempts to circumvent U.S. national security regulations and includes an intelligence assessment of China's biotechnology capabilities.
Jochen Sengpiehl, Volkswagen's China chief marketing officer, has been deported to Germany after being detained for approximately 10 days. He reportedly tested positive for drugs following a holiday abroad. The company is conducting an internal review as it faces declining demand in the Chinese market, with deliveries down 15% in the third quarter.
Sandra Maler
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
JPMorgan warns Trump's tariffs could trigger global recession risks
00:30 04.04.2025
xAI acquires social media platform X in 45 billion dollar deal
22:58 28.03.2025
senate republicans seek to codify spending cuts proposed by elon musk
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03:23 06.03.2025
US House to Vote on 3 Billion for Removing Chinese Telecom Equipment
01:07 08.12.2024
Volkswagen executive Jochen Sengpiehl deported from China after drug test incident
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