Donald Trump has criticized the substantial financial support the US provides to Canada and Mexico, amounting to USD 100 billion and USD 300 billion annually, respectively. He has threatened to impose significant tariffs on both countries unless they curb illegal immigration into the US, suggesting that if the US is subsidizing them, they should consider becoming states. Trump emphasized the need for a fair and level playing field in international relations.
Finance Minister Rachel Reeves is set to meet with her euro zone counterparts for the first time on Monday. She will emphasize that reducing trade barriers between Britain and the European Union could enhance growth prospects for both parties.
Yoshihiko Noda, leader of Japan's largest opposition party, urged the Bank of Japan to raise interest rates and continue phasing out its controversial stimulus program. He argued that the program has contributed to undesirable declines in the yen's value.
Germany faces a leadership crisis as Chancellor Olaf Scholz's government struggles with indecision on Ukraine and a faltering economy, leading to a rise in far-right sentiments. Meanwhile, Eastern Europe, particularly Poland, thrives with a sense of urgency and entrepreneurial spirit, contrasting sharply with Berlin's gloom. The future of transatlantic relations under a potential Trump administration raises concerns about NATO's stability and Europe's economic ties with the U.S.
South Korean companies are reconsidering their $54 billion investment in electric vehicle battery plants in the U.S. due to concerns over potential changes to EV tax credits by President-elect Donald Trump. Some firms have paused construction, fearing reduced demand for EVs, while Posco Future M has delayed its Quebec plant's completion citing "local conditions."
President-elect Donald Trump indicated that Ukraine may receive reduced military aid from the U.S. once he takes office, questioning why Europe contributes less despite the ongoing conflict. He emphasized the need for NATO allies to share the financial burden and called for an immediate ceasefire and negotiations to end the war. Trump also noted his strong ties with Vladimir Putin and expressed confidence in brokering peace, while commenting on Russia's diminishing interest in Syria following the conflict in Ukraine.
Guyana and Suriname have selected China Road & Bridge Corp. to construct a $236 million bridge over the Corentyne River, linking the two nations. Each country will cover 50% of the project's cost, and they have requested financing from the Chinese government.
Donald Trump has stated he has no intention of replacing Jerome Powell as Federal Reserve Chair upon his return to the White House, expressing, “I don’t see it.” Powell has asserted his commitment to the Fed's independence, indicating he would not resign if asked by Trump, who has previously claimed a right to influence monetary policy without direct authority over it.
Trump expressed strong support for tariffs, claiming they benefit the U.S. economy and asserting that they do not cost Americans anything. He dismissed concerns about higher consumer prices, stating that tariffs are a powerful tool for economic and diplomatic purposes, and criticized the U.S. for subsidizing countries like Canada and Mexico. Despite previous tariffs costing Americans billions, Trump maintained that they made the country richer and suggested he didn't fully utilize tariffs during his presidency due to the pandemic.
External Affairs Minister S. Jaishankar defended India's oil purchases from Russia during the Doha Forum, emphasizing that these decisions are based on pragmatism rather than opportunism. He questioned critics by asking if they could offer a better deal, while also advocating for negotiations to resolve the ongoing Russia-Ukraine conflict. Jaishankar highlighted India's diplomatic efforts to engage both President Putin and President Zelenskyy in dialogue to foster potential resolutions.
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