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During his first Cabinet meeting of a second term, President Trump announced a 25% tariff on imports from Canada, Mexico, and the EU, claiming the bloc was designed to disadvantage the US. He also dismissed Ukraine's NATO aspirations, stating they could "forget about" joining the alliance amid ongoing conflict with Russia.Elon Musk, attending the meeting, emphasized the importance of the Department of Government Efficiency (DOGE) in addressing the US deficit, warning that without it, "America will go bankrupt." Musk defended his controversial management practices, including requiring government workers to justify their work weekly.
President Trump endorsed Elon Musk's efforts with the Department of Government Efficiency (DOGE) to reduce federal spending and workforce during his first Cabinet meeting. Musk, tasked with overseeing DOGE's initiatives, emphasized the goal of identifying wasteful spending, despite some confusion among federal employees regarding his recent email directive. Trump also discussed plans for selling citizenship "gold cards" and highlighted an upcoming visit from Ukrainian President Zelenskyy to sign a critical minerals deal.
President Zelenskyy of Ukraine is set to meet Donald Trump in Washington, following reports of a minerals deal crucial for Ukraine's relations with the former president. This comes after Zelenskyy's initial rejection of a proposal due to security concerns, leading to Trump's harsh criticism of him. The situation underscores America's pivotal role in any peace initiatives involving Trump and Russian leader Vladimir Putin.
President Donald Trump indicated that Ukraine's President Volodymyr Zelensky might visit Washington soon as the two nations approach a rare earths minerals deal, with a draft agreement focusing on a reconstruction fund for Ukraine. Trump also expressed openness to an economic partnership with Russia, emphasizing the importance of ending the war in Ukraine and highlighting the potential benefits of collaboration on rare earth resources for global peace.
The AUD/USD reached a nine-week high at 0.6351, driven by easing US tariff pressures, optimism for a ceasefire in Ukraine, and weaker US economic data that bolstered expectations for Fed rate cuts. As the RBA prepares for its meeting, a 25 basis point rate cut to 3.85% is anticipated, marking the first reduction since November 2020, with further cuts expected later in the year. The currency pair faces resistance around 0.6350/0.6370, with potential for a rally towards 0.6560 if it breaks through.
Elon Musk's significant investment in Donald Trump's campaign has positioned him as a key player in the new administration, influencing foreign policy with his corporate interests and personal ambitions. His role includes advising on international relations, notably with Ukraine and Iran, while promoting a conservative agenda that aligns with Trump's. Musk's actions, such as leveraging Starlink in global conflicts and pushing for regulatory changes, reflect his desire to intertwine his business ventures with U.S. foreign policy.
Sergio Ermotti, CEO of UBS, emphasized the indirect influence of the new US administration on banks through their customers, urging Europe to learn from the US in reinventing itself during crises. Speaking at the World Economic Forum, he expressed skepticism about cryptocurrency, labeling it "the new gold" while cautioning against the emergence of parallel financial systems.
Sergio Ermotti, CEO of UBS, stated that the new US administration will indirectly affect the bank, primarily impacting its customers. Speaking at the World Economic Forum, he urged Europe to learn from the US on leveraging crises for reinvention, while expressing caution about cryptocurrency, calling it "the new gold."
Ukraine has faced 1,200 Russian attacks on energy facilities since 2022, with significant damage reported in six regions. Polish PM Tusk urges Europe to bolster defense in light of Trump's presidency, while Russia sees a fleeting chance for negotiations. Meanwhile, Hungary's Orban criticizes Ukraine's gas transit decisions, warning of potential repercussions.
The pro-Russian hacker group "Noname057 (16)" has launched DDoS attacks on Swiss banks and municipalities, including Zürcher Kantonalbank and Banque Cantonale Vaudoise, claiming to test the robustness of Switzerland's Internet infrastructure. These attacks aim to overload websites, rendering them inaccessible, and are part of a broader strategy to gain media attention and promote their ideology. The group previously targeted federal websites during significant events, criticizing the World Economic Forum as outdated and lacking relevance.
Volodymyr Zelenskyy
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