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The Biden administration on Friday maintained that it will not actively enforce a federal law set to ban the Chinese-owned social media app TikTok, instead punting any action to the incoming Trump administration.

The Supreme Court issued a ruling earlier in the day upholding the looming ban, which is set to go into effect on Sunday.

‘The Administration, like the rest of the country, has awaited the decision just made by the U.S. Supreme Court on the TikTok matter. President Biden’s position on TikTok has been clear for months, including since Congress sent a bill in overwhelming, bipartisan fashion to the President’s desk: TikTok should remain available to Americans, but simply under American ownership or other ownership that addresses the national security concerns identified by Congress in developing this law,’ White House Press Secretary Karine Jean-Pierre said in a statement shortly after the decision was handed down. 

She added: ‘Given the sheer fact of timing, this Administration recognizes that actions to implement the law simply must fall to the next Administration, which takes office on Monday.’

A U.S. official told the Associated Press on Thursday that Biden would not enforce the ban that is set to take effect the day before he is to leave office. Such a move inadvertently leaves the social media app’s fate in the hands of President-elect Donald Trump and his incoming administration. 

‘There is no doubt that, for more than 170 million Americans, TikTok offers a distinctive and expansive outlet for expression, means of engagement, and source of community,’ the Supreme Court wrote in its unsigned Friday ruling. ‘But Congress has determined that divestiture is necessary to address its well-supported national security concerns regarding TikTok’s data collection practices and relationship with a foreign adversary.’

The court continued: ‘For the foregoing reasons, we conclude that the challenged provisions do not violate petitioners’ First Amendment rights. The judgment of the United States Court of Appeals for the District of Columbia Circuit is affirmed.’

Just last year, Congress required that TikTok’s China-based parent company ByteDance divest the company by Jan. 19. The law was subsequently signed by Biden.

When the law was passed, Congress specifically noted concerns over the app’s Chinese ownership, which members said meant the app had the potential to be weaponized or used to amass vast amounts of user data, including from the roughly 170 million Americans who use TikTok.

During oral arguments, Biden administration lawyers argued that the app’s Chinese ownership posed a ‘grave’ national security risk to American users. TikTok’s lawyers, on the other hand, argued that such a ban restricted free speech protections under the First Amendment.

First Amendment challenges must be analyzed under strict scrutiny, which places a higher burden of proof on the government when attempting to justify the constitutionality of a law. In this case, the First Amendment protections in question must be crafted to serve a compelling government interest, narrowly tailored to achieve that interest.

Fox News Digital’s Breanne Deppisch contributed to this report. 

This post appeared first on FOX NEWS

The trouble with bonds is best portrayed by this long-term chart. Bonds were in a rising trend for about forty years, but the trend line was broken in 2022. This breakdown and subsequent price activity implies that bonds are going to be in a long-term falling trend for years to come. Note that the monthly PMO (Price Momentum Oscillator) is deeply below the zero line, a level that hasn’t been reached for forty years. And except for a brief dip in 2018, it hasn’t been below the zero line for forty years. Let’s go to the next chart for a closer look at what has happened after the 2022 breakdown.

After the rising trend line was broken in 2022, the first significant formation was a bullish falling wedge (green lines), a formation that we normally expect will resolve to the upside, which it did. After the falling wedge breakout, a bearish rising wedge eventually formed (purple lines), bearish because they normally resolve to the downside. It broke down in November. Now we can see horizontal support at about 108. The monthly PMO has topped below the zero line, which expresses pure weakness, so our outlook is bearish at this time.

Conclusion: Our long-term outlook for bonds is bearish. With bonds having broken a long-term rising trend line, we have to assume that they will trend downward for many years to come. We should expect occasional months-long rallies, but it is most likely that they will fail.

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American Express will pay a total of about $230 million to resolve federal wire fraud investigations, and to settle civil allegations of deceptive marketing, the company said Thursday.

The tally includes more than $138 million as part of a non-prosecution agreement with the U.S. Attorney’s Office in Brooklyn, New York, related to allegations that American Express gave customers “inaccurate tax advice” for two wire products.

Separately, the banking giant will pay $108.7 million to resolve civil claims by the Department of Justice’s Civil Division that it deceptively marketed credit cards to small businesses, among other allegations.

Amex said it has also reached an “agreement in principle with the Staff of the Board of Governors of the Federal Reserve System,” which it expects to finalize in the coming weeks.

“Pursuant to the agreements and after crediting, American Express will pay approximately $230 million in total to resolve these matters,” Amex said.

The big settlement follows recent agreements by other large companies, including Mastercard and Block, to settle claims from prosecutors or regulators.

“American Express misled their customers by touting tax breaks that simply didn’t exist,” said Harry Chavis, special agent in charge for the IRS’s New York criminal investigation division in New York, in a statement.

Chavis said, “This deceitful marketing campaign … involved hundreds of employees defrauding their customers and the government.”

Prosecutors said in a press release that Amex — in 2018 and 2019 — launched the wire products Payroll Rewards and Premium Wire, which were “marketed as a means to generate tax savings.”

Customers, which primarily included small- and mid-sized businesses, were told that the fees from the wire payments were tax-deductible as a business expense and that the customers otherwise would have paid taxes on the fees, prosecutors said.

Customers also were told that “Membership Reward” points, received in exchange for the transactions, were earned tax-free, and therefore outweighed the true cost of the fees.

But that pitch “relied on incorrect tax advice, namely, that the wiring fee was deductible in its entirety as a business expense,” prosecutors said.

“Incurring a wiring fee—far in excess of that offered by competitors in the marketplace—for the purpose of generating a personal benefit is not an ‘ordinary’ and ‘necessary’ business expense,” as is required, they said.

An internal investigation into those marketing practices in early 2021 led to about 200 employees being fired, prosecutors said. By November of that year, the two products were discontinued entirely.

The separate civil settlement announced Thursday centered on allegations that AmEx “deceptively marketed credit cards” through “an affiliated entity that initiated sales calls to small businesses.”

The practices, which took place from 2014 through 2017, included “misrepresenting the card rewards or fees” and “whether credit checks would be done without a customer’s consent,” the DOJ said.

The practices also allegedly included “submitting falsified financial information for prospective customers, such as overstating a business’s income.” 

Amex also allegedly tried to “deceive its federally insured financial institution” to let small-business customers acquire credit cards without the legally required employer identification numbers — known as EINs.

“The United States alleged that American Express employees used ‘dummy’ EINs such as ’123456788′ in opening small business credit cards in 2015 and the first half of 2016,” the DOJ said.

Amex’s settlement agreement with the DOJ’s Civil Division does not include an admission of liability or wrongdoing by the company, which denied the allegations about the EINs and deceptive credit card sales practices.

“When financial companies engage in deceptive sales tactics or falsify information to cover up a failure to follow applicable regulations, they threaten the integrity of our financial system,” principal deputy assistant Attorney General Brian Boynton, head of the Civil Division, said in a statement.

“Today’s settlement makes clear that the department will hold accountable those who violate the trust placed in them to follow the rules governing our financial institutions and to be truthful about their business practices,” Boynton said.

This post appeared first on NBC NEWS

Round two of the Cleveland Cavaliers against the Oklahoma City Thunder went to the Thunder.

It was an early knockout – the Thunder pummeled the Cavaliers with haymakers and body blows. Dunks and 3-pointers were standard fare for Oklahoma City’s offense in a 134-114 victory against the Cavaliers.

Thunder star Shai Gilgeous-Alexander scored 15 of his game-high 40 points in the first quarter as the Thunder constructed a 26-point lead in the first half and cruised to an easy win in a matchup of the two best teams in the NBA.

Had this been a fight, the referee would’ve stopped the contest when the Thunder grabbed a 115-73 lead in the third quarter.

Oklahoma City extended its home winning streak to 10 games and ended Cleveland’s six-game road winning streak. It was also Cleveland’s first loss in 12 games this season against a team from the West.

The OKC victory came eight days after the Cavs beat the Thunder 129-122 in Cleveland. That contest lived up to the hype; the rematch did not.

Cavaliers vs. Thunder highlights

How many points did Shai Gilgeous-Alexander score vs. Cavaliers?

Gilgeous-Alexander put another glowing stamp on his MVP candidacy, scoring a game-high 40 points on 17-for-26 shooting. He also had eight assists and two steals and reached 32 points with 8:09 left in the third quarter.

It was his fifth 40-point performance of the season, and he did not play in the fourth quarter. He had 15 points in the first quarter, 11 in the second and 14 in the third.

The MVP runner-up last season, Gilgeous-Alexander has made a strong push to win the award this season. Entering the game, he was at 31.4 points, 6.0 assists, 5.5 rebounds, 2.0 steals and 1.1 blocks per game while shooting 52.8% from the field, 35.6% on 3-pointers and 89.5% on free throws.

How did the Thunder beat the Cavaliers?

This game was decided by an impressive Thunder first half. They put up 75 points in the opening two quarters, including 43 in the second quarter.

The Thunder shot 60.9% from the field, 57.9% on 3s (11-for-19) and 100% on eight free throw attempts. Besides Gilgeous-Alexander’s 26 points in the first half, Lu Dort scored 13 points and Jalen Williams had 10 points for Oklahoma City, which boasts the No. 1 defense and No. 6 offense. Dort finished with 22 points and Williams 19.

The Thunder are on pace for an NBA single-season record for point differential at plus-12.8 points per game, surpassing the mark of plus-12.28 established by the 1971-72 Los Angeles Lakers.

Who was the Cavaliers’ leading scorer?

Darius Garland led the Cavs with 20 points on 7-for-10 shooting. He also had nine assists.

How many points did Donovan Mitchell score vs. the Thunder?

Cavs star Donovan Mitchell had just eight points on 3-for-15 shooting – and he had just 11 points on 3-for-16 shooting in the Jan. 8 game. OKC’s defense has been stellar against Mitchell.

Did Isaiah Hartenstein play vs. the Cavaliers?

Thunder center Isaiah Hartenstein missed the game with a strained left calf muscle, an injury he sustained Tuesday in Oklahoma City’s victory against Philadelphia. He is expected to miss at least a week. The Thunder signed Hartenstein in free agency in the summer, and he has been productive (11.8 points, 12.2 rebounds and 4.1 assists per game), especially since they have been without starting center Chet Holmgren (pelvic fracture) for the past two months.

Where are the Cavaliers in the standings?

The Cavs remain in first place in the Eastern Conference at 34-6. They have a six-game lead over second-place Boston and eight-game lead over third-place New York.

According to tankathon.com, the Cavaliers have the 10th-toughest remaining schedule.

Where are the Thunder in the standings?

The Thunder are in first place in the Western Conference at 34-6, and they have a 6½-game lead over second-place Houston and 8½-game lead over third-place Memphis.

According to tankathon.com, the Thunder have the 25th-toughest remaining schedule.

Will Thunder and Cavaliers meet in the NBA Finals?

It’s a strong possibility though take into consideration that neither team has been beyond the second round with this group of players.

The Cavaliers likely will have to beat defending champion Boston in a series, and the West has several teams capable of making a deep run. The Thunder could end up playing Minnesota in the first round, and the Timberwolves were a conference finalist last season.

It won’t be easy, but Cavaliers-Thunder is an enticing Finals matchup.

Will Cavaliers or Thunder be active at the NBA trade deadline?

For the most part, both teams are content with what they have and a blockbuster move isn’t expected for either. Adding around the edges before the Feb. 6 trade deadline is more likely.

With that said, it’s worth monitoring the Thunder’s interest in Brooklyn’s Cam Johnson, who is sought by multiple teams. The Nets are holding out for the best offer, and they are also content to keep Johnson for the remainder of the season.

What major awards will Thunder, Cavaliers win?

In USA TODAY Sports’ NBA midseason awards selections, Oklahoma City guard Shai Gilgeous-Alexander is the MVP, Cavs guard Darius Garland is the Clutch Player of the Year, Cavs coach Kenny Atkinson is the Coach of the Year and Thunder vice president and general manager Sam Presti is the Executive of the Year.

This post appeared first on USA TODAY

DETROIT – Maybe this is reallythe time.

Just like last year, the Detroit Lions are in the mix as a leading contender to claim a Super Bowl berth. The fever is back at peak levels. Restaurants are again offering Lions specials. Lions-inspired ice sculptures are the rage again. A Lions-themed drone light show is back by popular demand. Tickets on the resale market for the NFC divisional playoff matchup against the Washington Commanders at Ford Field on Saturday night have soared through the roof.

Amon-Ra St. Brown, the All-Pro receiver, has dyed his hair Honolulu Blue again.

It’s no wonder that Dan Campbell, Lions coach, tone-setter and cult figure, acknowledged, “We feel the love.”

Yeah, civic pride is flowing. Even law enforcement can’t resist. The Detroit Police Department and Oakland County Sheriff’s Office are allowing officers to wear Lions beanies and baseball caps with their uniforms.

NFL STATS CENTRAL: The latest NFL scores, schedules, odds, stats and more.

What a special time, again, for the long-suffering fan base.

Does it matter how it ended last year? Perhaps only to a degree.

The last time the Lions were in a playoff game, they were that close to seizing the first Super Bowl berth in the franchise’s history. But they blew a 17-point lead at San Francisco and wound up on the wrong end of the biggest comeback – or collapse, if you will – in NFC championship game history.

Sorry, Detroit. For all of the excitement of the last playoff run it culminated with Jan. 28, 2024 becoming a day of infamy in your sports history. Kind of like Lucy snatching away the football as Charlie Brown whiffed on the kick.

Sure, there’s no need to dwell on that heartbreak from the past. And the resilient Lions have certainly bounced back strong. They won a Lions-record 15 games and earned the No. 1 seed in the NFC playoffs for the first time in franchise history.

Ford Field, the domed downtown stadium, will be so raucous for yet another primetime showcase (8 p.m. ET, Fox).

Still, even with so much in front of them – and the fever in full force again – there’s a reason for the Lions not to forget the past.

“Yeah, I’ll tell you this: I don’t think anybody in that room, myself included, has forgotten that feeling of flying back on that airplane from San Francisco,” Ben Johnson, the Lions offensive coordinator, said this week.

It was a somber, cross-country flight that didn’t arrive in Detroit until 7 a.m. on Monday.

“Tough flight,” Sam LaPorta, the star tight end, told USA TODAY Sports. “Long. I was trying to sleep, but of course, a thousand things were running through my brain.”

Campbell’s postgame message to his team, which he shared with the media, is also worth mentioning about now. He told the team that it might have been their only shot at getting to the Super Bowl.

“Do I think that? No,” Campbell said after the setback. ‘Do I believe that? No. But I know how hard it is to get here. I’m well-aware, and it’s going to be twice as hard to get back to this point next year. That’s the reality.”

Well, next year is here. It sure hasn’t been easy, yet the Lions are one victory from reaching the NFC title game again. And this time, having clinched home-field advantage throughout the playoffs, the Lions wouldn’t have to get on any airplane. And you know what could come after that.

Campbell’s point that night at Levi’s Stadium, though, still resonates. While processing the anguish of a colossal meltdown, it provided the perfect context in setting a course for turning the page.

And it’s worth noting that the 49ers didn’t even make the playoffs this season, which illuminated Campbell’s point about the difficulty of repeating a deep playoff run as each NFL season takes on its own set of twists and challenges.

Dan Skipper, the veteran offensive tackle, still recalls his coach’s message.

“That’s real. There’s a lot of guys who play for a long time who never get this far, never get back,” Skipper told USA TODAY Sports. “So, to get an opportunity to get back to the playoffs, that’s a big deal in itself. Obviously, our first playoff game being Saturday night, it’s a big deal. We go out and win it, and we can worry about the following week, the following week. Right now, it’s win this one in front of us. That’s something we’ve homed in on this year. See the big picture, but the focus is right here.”

Getting back to the playoffs – and in a better position as the top seed, which came with a bye week – took another layer of the grit that Campbell has trumpeted since he arrived in 2021 and aligned with general manager Brad Holmes.

The Lions still possess the NFL’s most prolific offense, which fueled their league-high 564 points (33.2 per game). Yet the resolve of the defense, coordinated by rising star Aaron Glenn, in the face of significant injury losses has been one of the league’s most riveting storylines this season. Detroit has an NFL-high 16 players on injured reserve, including key defensive linemen Aidan Hutchinson, Alim McNeill, Marcus Davenport and Kyle Peko, and star cornerback Carlton Davis.

And they’re still here. Talk about resilience.

Apparently, the Lions didn’t leave their heart in San Francisco. Now the pain of that last playoff setback is something to draw on.

A redeeming lesson?

“I don’t know if there’s anything redeeming other than…they made plays and we also did not make plays,” Campbell said, when asked about it – again – this week. “I just think there’s something about being in that moment, in that space, going through it with the core group of guys that you have. So, I think more than anything it’s the experience of it.”

An experience they surely don’t want to repeat. It’s about the urgency.

“You have to finish the game,” Skipper said. “You have to play a whole game. Develop that killer instinct. That matters.”

Especially if this is really the Lions’ time.

Follow USA TODAY Sports’ Jarrett Bell on X @JarrettBell.

This post appeared first on USA TODAY

The Supreme Court on Friday upheld a federal law that would ban the Chinese-owned social media platform TikTok just two days before the bipartisan divestiture law is slated to take effect.

‘There is no doubt that, for more than 170 million Americans, TikTok offers a distinctive and expansive outlet for expression, means of engagement, and source of community,’ the court wrote in the unsigned ruling. ‘But Congress has determined that divestiture is necessary to address its well-supported national security concerns regarding TikTok’s data collection practices and relationship with a foreign adversary. 

‘For the foregoing reasons, we conclude that the challenged provisions do not violate petitioners’ First Amendment rights. The judgment of the United States Court of Appeals for the District of Columbia Circuit is affirmed.’

There were no noted dissents.

At issue was the Protecting Americans from Foreign Adversary Controlled Applications Act, a law passed by Congress last April with wide bipartisan support. The law gave TikTok nine months to either divest from its Chinese parent company, ByteDance, or be removed from U.S.-based app stores and hosting services. 

In passing the law, Congress cited concerns over the app’s Chinese ownership, which members said meant the app had the potential to be weaponized or used to amass vast amounts of user data, including from the roughly 170 million Americans who use TikTok.

TikTok, ByteDance and several users of the app swiftly sued to block the ban in May, arguing the legislation would suppress free speech for the millions of Americans who use the platform. After a lower court upheld the ban, the Supreme Court agreed to hear TikTok’s emergency request to either block or pause implementation of the law under a fast-track timeline just nine days before the ban was slated to go into effect.

During oral arguments, lawyers for the Biden administration reiterated the argument that TikTok’s Chinese ownership poses a ‘grave’ national security risk for American users. 

U.S. Solicitor General Elizabeth Prelogar cited risks that China could weaponize the app, including by manipulating its algorithm to prioritize certain content or by ordering parent company ByteDance to turn over vast amounts of user data compiled by TikTok on U.S. users.

TikTok’s lawyers, meanwhile, sought to frame the case primarily as a restriction on free speech protections under the First Amendment, which the company has argued applies to TikTok’s U.S.-based incorporation.

Noel Francisco, TikTok’s lawyer, argued that the U.S. government has ‘no valid interest in preventing foreign propaganda,’ and reiterated TikTok’s position that the platform and its owners should be entitled to the highest level of free speech protections under the U.S. Constitution. 

Francisco also argued TikTok cannot divest from its Chinese parent company, citing portions of its source code and intellectual property that are housed in China.  

First Amendment protections must be considered under strict scrutiny, which requires the government to sustain a higher burden of proof in justifying a law’s constitutionality. 

More specifically, laws that deal with First Amendment protections must be crafted to serve a compelling government interest, narrowly tailored to achieve that interest.

It’s a difficult legal test to satisfy in court. But the U.S. Court of Appeals for the District of Columbia Circuit used it last month in considering the divestiture law, and still voted to uphold it— outlining a way that the Supreme Court could have theoretically considered the case under strict scrutiny and still opted to uphold the law.

During oral arguments at the Supreme Court, several justices appeared skeptical of the company’s core argument, which is that the law is a restriction of speech.

‘Exactly what is TikTok’s speech here?’ Justice Clarence Thomas asked in the first moments of oral arguments in an early sign of the court’s apparent doubt that the law is in fact a First Amendment violation. 

The Supreme Court and its 6-3 conservative majority have been historically deferential to Congress on matters of national security.

The divestiture law in question passed Congress last year under the guidance of top Justice Department officials, who worked directly with House lawmakers to write the bill and help it withstand possible legal challenges.

But it also comes at a time when President-elect Trump has signaled apparent support for the app in recent months.

In December, Trump hosted TikTok CEO Shou Zi Chew at his Mar-a-Lago resort, and later told reporters that his incoming administration will ‘take a look at TikTok’ and the divestiture case. 

Attorneys for the president-elect also filed a brief with the Supreme Court last month, asking justices to delay any decision in the case until after Trump’s inauguration on Jan. 20.

The brief did not signal how Trump might act, but cited his request for the court to pause the ban from taking effect until Trump’s inauguration. 

Fox News’ Bill Mears and Shannon Bream contributed to this report.

This post appeared first on FOX NEWS

House Democrats are trying to block President-elect Donald Trump from implementing his wide-ranging tariff plans just days before he is set to take office.

A new bill led by Reps. Suzan DelBene, D-Wash., and Don Beyer, D-Va., and backed by 11 other Democrats, would block Trump from using presidential emergency powers to roll out higher import taxes.

During his campaign, Trump promised to levy a 60% tariff on goods from China and as much as 20% on other countries the U.S. trades with.

He most recently pledged on Truth Social to create an ‘External Revenue Service’ to ‘collect our Tariffs, Duties, and all Revenue that come from Foreign sources.’

Trump and his allies have argued that the plan would bolster American manufacturing while making it more difficult for adversaries like China to ‘export their way out of their current economic malaise,’ as Treasury Secretary nominee Scott Bessent told senators this week.

In theory, the commander in chief is able to bypass Congress to impose sweeping tariffs by declaring an emergency under the International Emergency Economic Powers Act.

However, Democrats argue the cost of the tariffs would just be passed on to American consumers.

‘The American people have clearly and consistently said that the high cost of living is one of their top concerns,’ DelBene said in a statement. ‘Not only would widespread tariffs drive up costs at home and likely send our economy into recession, but they would likely lead to significant retaliation, hurting American workers, farmers, and businesses.’

Beyer said, ‘Trump’s tariff proposals would misuse emergency authorities to raise prices on the American people, which is unacceptable.’

However, not all Democrats have rejected the plan.

Rep. Jared Golden, D-Maine, a moderate Democrat known to often break from his own party, introduced his own bill this week to impose a universal 10% tariff on all imports.

The 10% level would be reassessed each year, with room for a 5% increase or decrease depending on current U.S. economic conditions.

He argued in a statement to the Maine Morning Star, ‘The universal tariff — along with other policies to support domestic energy production, unions and manufacturing — is designed to reorient our economy from one focused on cheap goods and consumption to one centered on production and innovation.’

Fox News Digital reached out to the Trump transition team for comment on both bills.

This post appeared first on FOX NEWS

President-elect Trump confirmed Friday that he spoke with Chinese President Xi Jinping days before Trump will be inaugurated into office.

‘I just spoke to Chairman Xi Jinping of China. The call was a very good one for both China and the U.S.A.,’ Trump posted on Truth Social.

‘It is my expectation that we will solve many problems together, and starting immediately. We discussed balancing Trade, Fentanyl, TikTok, and many other subjects. President Xi and I will do everything possible to make the World more peaceful and safe!’

China’s state news agency Xinhua had first reported the call, which comes three days before Inauguration Day.

Trump had extended an invitation to Xi to attend the inauguration ceremony on Monday. Incoming White House press secretary Karoline Leavitt told Fox News Digital last month Trump hopes to create ‘an open dialogue with leaders of countries that are not just our allies but our adversaries and our competitors, too.’

Xi declined to attend, but he is sending one of his top representatives, Vice President Han Zheng, to Washington, D.C. in his stead. 

China’s foreign ministry made the announcement Friday morning before the two leaders spoke, the South China Morning Post reported.

‘We stand ready to work with the new US government to enhance dialogue and communication, properly manage differences, expand mutually beneficial cooperation, jointly pursue a stable, healthy and sustainable China-US relationship, and find the right way for the two countries to get along,’ the ministry said.

On the campaign trail, Trump threatened to slap steep tariffs on Chinese-made products, renewing fears of a trade war once he assumes office. Now questions abound whether Trump will keep that promise amid deteriorating U.S. relations with Beijing. 

China has been threatening U.S. allies like the Philippines, Japan and Taiwan in the South China Sea. They’ve been accused of sending Chinese nationals to spy on U.S. military bases and sent what was believed to be a surveillance balloon across the U.S.

While Trump ushered in an era of steep trade competition and increased support for Taiwan in his first term, President Biden did not necessarily warm the relationship. 

Trump increased duties by at least 10% during his first term on over $300 billion worth of goods. Biden did not lift those tariffs. 

That was on top of export controls on a variety of items that started under Trump and furthered under Biden.

If Trump successfully raises tariffs to 60%, it could reduce China’s exports by $200 billion and cause a one percentage point drag on GDP, said Zhu Baoliang, a former chief economist at China’s economic planning agency, at a Citigroup conference. 

Last year, China exported about $500 billion worth of goods to the U.S., about 15% of all of its exports. 

Officials with the Trump transition team have reportedly been in talks with the Chinese government ahead of Trump’s inauguration. Trump said earlier this month that he thought he and Xi would ‘probably get along very well.’ 

Xi had called Trump in November to congratulate him on his election win and had warned the U.S. would ‘gain from cooperation and lose from confrontation’ with China.

Fox News Digital’s Morgan Phillips contributed to this report.

This post appeared first on FOX NEWS

Tesla and SpaceX CEO Elon Musk is slated to speak at President-elect Donald Trump’s pre-inauguration rally on Sunday, according to a new report. 

Musk, who is poised to lead the newly created Department of Government Efficiency (DOGE) once Trump takes office, will provide remarks during Trump’s ‘Make America Great Again Victory Rally’ at the Capitol One Arena in Washington, D.C., NBC News reports. 

Other speakers on the agenda for the event include Vice President-elect JD Vance, conservative media personality Megyn Kelly, as well as members of Trump’s immediate family. 

The Trump transition team did not immediately respond to a request for comment from Fox News Digital. 

Musk, who donated millions of dollars to Trump’s presidential campaign, has cozied up to Trump and spoken at official events with the incoming president. For example, Musk delivered remarks at a Trump campaign rally in October at Madison Square Garden in New York City. 

Musk is also expected to influence the incoming administration and is spearheading efforts with tech entrepreneur Vivek Ramaswamy to slash government spending under DOGE. 

DOGE, which is not a federal government agency, aims to eliminate government spending, waste and streamline efficiency and operations. 

It is seeking to cut $2 trillion from the federal government budget through efforts to slash spending, government programs and the federal workforce.

However, Musk recently said eliminating $2 trillion from the federal budget might be too ambitious, and that it was more realistic to cut $1 trillion.

‘I think we’ll try for $2 trillion. I think that’s like the best-case outcome,’ Musk said during tech trade show CES this month in Las Vegas. ‘But I do think that you kind of have to have some overage. I think if we try for $2 trillion, we’ve got a good shot at getting $1 [trillion].’

This post appeared first on FOX NEWS
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As an entrepreneur, I am so thankful that this country has once again embraced that growth and success are the core drivers of our culture in America. 

You can see the excitement from leaders everywhere about the direction of the country. When even Amazon’s Jeff Bezos and Meta’s Mark Zuckerberg are embracing President-elect Donald Trump, you know that the distractions from the past four years are in the rearview mirror. The inauguration on Monday for Trump will be filled with enthusiasm about our future.

We win as a society through progress and innovation. The ones who lead us through that should be respected and admired, certainly not hated for their success. This culture of hate and divisiveness for those who are successful is no longer trendy.

America is the role model for every other country in the world and capitalism is the reason we have dominated for well over 200 years. While many like to criticize America, everyone wants to live here, and almost all of our domestic critics would never live anywhere else. Finally, there is momentum to not allow the critics to rule the day and for our country to focus on the core values that placed us as the leader on the world stage.

We are returning to the roots that have made this the best country in the world.

As a country, I fully believe we need to take care of those who are not as well off. There should be a healthy debate on how to ensure that. Taking care of those less fortunate is a duty that we all must share in.

The problem is that these challenges have been the focus of every discussion. It has resulted in an exhausted populace–both Republicans and Democrats are tired of every incident being monitored by the politically correct police. 

It is impossible to have a real discussion on important issues or to perform at your best when you are handcuffed by the possibility you have unintentionally done or said something that could ruin your career.  Our culture has allowed this to happen and, finally, almost everyone is in agreement that it needs to stop.

All social movements result in great change and propel us forward as a society. But movements can go too far and it creates collateral damage.

The current collateral damage is that speaking freely from the heart is monitored so closely that any imperfection results in cancellation. The result? ALL the greatness of innovation and business success that creates jobs, advancement and growth is persecuted as greed.

The hero worship of Luigi Mangione, the suspect accused of murdering UnitedHealthcare CEO Brian Thompson on Dec. 4 in Manhattan, is just the latest example of a country gone too far, and the horrible L.A. fires are an example of priorities focused on everything but preserving human lives.

It is clear though that the November presidential election and the ongoing support for Donald Trump is proof that the pendulum is finally swinging back. 

We are returning to the roots that have made this the best country in the world. I can once again wake up every day excited by the future, rather than having to apologize for everyone’s past and my success.

Welcome back, America.

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