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    Trump’s Tariff Threat Roils Global Markets

    The dollar gained and investors sold off stocks after the president-elect promised to levy new restrictions on the United States’ biggest trade partners. President-elect Donald Trump’s economic policy is already roiling global markets.Brendan McDermid/ReutersThe other Trump trade Investors and policymakers are getting a dose of Trumponomics déjà vu this morning.Global stocks are falling, and the dollar is climbing. The volatility comes after President-elect Donald Trump’s vow to impose tariffs on the United States’ biggest trading partners — Canada, China and Mexico — on Day 1 in office in an apparent effort to clamp down on the flow of cross-border drugs, like fentanyl, and migrants.The latest:Trump wants to impose 25 percent tariffs on Canada and Mexico “on ALL products coming into the United States,” he said on Truth Social. He also wants an “additional” 10 percent tariff on imports from China, which Trump blames for the fentanyl crisis, a charge that Beijing has repeatedly disputed.The Canadian dollar and Mexican peso fell sharply against the dollar. Europe, Japan and South Korea weren’t even mentioned in Trump’s announcement, but stocks have fallen there, too. That suggests rising fears that a new trade war could scramble global supply chains and dent profits.Automakers are some of the hardest hit stocks, with Volkswagen, Stellantis and Nissan, which run manufacturing operations in Mexico, all down.Today’s losses have reversed some of yesterday’s “Bessent bounce” rally. Investors were relieved after Trump picked Scott Bessent, the market-friendly hedge fund mogul, to run the Treasury Department.But the reverberations show that it’s Trump calling the shots. The president-elect has made no secret of his desire to use tariffs to further his America-first agenda, and he has yet to announce his pick to be U.S. Trade Representative. (Another tariff supporter, Robert Lighthizer, is in the running.)Trump’s latest threats may be just a negotiating tactic. That’s the belief of some Trump backers, including Bill Ackman, the billionaire financier. But they are a reminder of how Trump set off alarm bells across diplomatic channels and international markets during his first term often via social media posts. “Waking up to check the tweets for any policy announcements could become the norm,” Mohit Kumar, an economist at Jefferies, wrote in a note this morning.Prime Minister Justin Trudeau of Canada spoke to Trump about trade and border security after the president-elect’s announcement, The Times reported. China pushed back. “No one will win a trade war,” a spokesman for the Chinese Embassy in Washington said in a statement.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Trump’s Dramatic Tariff Plan, and a Cease-Fire Takes Shape in Lebanon

    Listen to and follow “The Headlines”Apple Podcasts | Spotify | Amazon Music | YouTube | iHeartRadioSalman Masood and Jessica Metzger and On Today’s Episode:Trump Plans Tariffs on Mexico, Canada and China That Could Cripple Trade, by Ana Swanson, Matina Stevis-Gridneff and Simon RomeroJack Smith Seeks Dismissal of Two Federal Cases Against Trump, by Alan Feuer, Charlie Savage and Devlin BarrettTop Trump Aide Accused of Asking for Money to ‘Promote’ Potential Appointees, by Maggie Haberman and Jonathan SwanNetanyahu Signals Openness to Cease-Fire With Hezbollah, Officials Say, by Ronen Bergman, Patrick Kingsley and Jack NicasPakistan Deploys Army in Its Capital as Protesters and Police Clash, by Salman MasoodOzempic Could Crush the Junk Food Industry. But It Is Fighting Back, by Tomas WeberWho Needs Congress When You Have Cameo?, by Joseph BernsteinPresident-elect Donald J. Trump said that he would impose tariffs on all products coming into the United States from Canada, Mexico and China on his first day in office.Edmund D. Fountain for The New York TimesTune in, and tell us what you think at theheadlines@nytimes.com. For corrections, email nytnews@nytimes.com.For more audio journalism and storytelling, download the New York Times Audio app — available to Times news subscribers on iOS — and sign up for our weekly newsletter. More

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    Trump Plans Tariffs on Canada, China and Mexico That Could Cripple Trade

    President-elect Donald J. Trump said on Monday that he would impose tariffs on all products coming into the United States from Canada, Mexico and China on his first day in office, a move that would scramble global supply chains and impose heavy costs on companies that rely on doing business with some of the world’s largest economies.In a post on Truth Social, Mr. Trump mentioned a caravan of migrants making its way to the United States from Mexico, and said he would use an executive order to levy a 25 percent tariff on goods from Canada and Mexico until drugs and migrants stopped coming over the border.“This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” the president-elect wrote.“Both Mexico and Canada have the absolute right and power to easily solve this long simmering problem,” he added. “We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price!”In a separate post, Mr. Trump also threatened an additional 10 percent tariff on all products from China, saying that the country was shipping illegal drugs to the United States.“Representatives of China told me that they would institute their maximum penalty, that of death, for any drug dealers caught doing this but, unfortunately, they never followed through,” he said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    COP29 Climate Talks Get a Deal on Money, but Only After a Fight

    The financing plan, which calls for $300 billion per year in support for developing nations, was immediately assailed as inadequate by a string of delegates.Negotiators at this year’s United Nations climate summit struck an agreement early on Sunday in Baku, Azerbaijan, to triple the flow of money to help developing countries adopt cleaner energy and cope with the effects of climate change. Under the deal, wealthy nations pledged to reach $300 billion per year in support by 2035, up from a current target of $100 billion.Independent experts, however, have placed the needs of developing countries much higher, at $1.3 trillion per year. That is the amount they say must be invested in the energy transitions of lower-income countries, in addition to what those countries already spend, to keep the planet’s average temperature rise under 1.5 degrees Celsius. Beyond that threshold, scientists say, global warming will become more dangerous and harder to reverse.The deal struck at the annual U.N.-sponsored climate talks calls on private companies and international lenders like the World Bank to cover the hundreds of billions in the shortfall. That was seen by some as a kind of escape clause for rich countries.As soon as the Azerbaijani hosts banged the gavel and declared the deal done, Chandni Raina, the representative from India, the world’s most populous country, tore into them, saying the process had been “stage managed.”“It is a paltry sum,” Ms. Raina said. “I am sorry to say that we cannot accept it. We seek a much higher ambition from developed countries.” She called the agreement “nothing more than an optical illusion.”Speakers from one developing country after another, from Bolivia to Nigeria to Fiji, echoed Ms. Raina’s remarks and assailed the document in furious statements.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Keir Starmer played the China card in Rio – and sent a message to a hawkish Donald Trump | Simon Tisdall

    Both were lawyers before they became politicians, but that’s where the similarities between Keir Starmer and Richard Nixon end. The former US president resigned in disgrace at the height of the Watergate corruption scandal exactly 50 years ago. Britain’s prime minister may have been unwise to accept free tickets from Arsenal FC – but he’s not in Nixon’s league.Except, perhaps, was there just a touch of Tricky Dicky about Starmer’s meeting with China’s president, Xi Jinping, at last week’s G20 summit in Rio de Janeiro? Watergate aside, Nixon is famous for his groundbreaking 1972 visit to Beijing, which opened the way to normalised relations between the US and Red China.Nixon’s surprise démarche had another purpose: to show the Soviet Union, America’s cold war adversary, that the US and China could act in alliance against Moscow, which broke with Beijing in 1961. Nixon’s move, known as “playing the China card”, had significant geopolitical consequences. Starmer, dealt a weaker hand, had no aces up his sleeve.All the same, the prime minister’s eagerness to reset what, under previous governments, became a very rocky relationship was striking. Starmer said he sought “consistent, durable, respectful, predictable” ties. “A strong relationship is important for both of our countries and for the broader international community,” he said.It was a pointed statement. Doubtless Starmer was thinking primarily about boosting UK trade, investment and growth. But were his words also designed, Nixon-style, to send a message to a third party – namely, Donald Trump?skip past newsletter promotionafter newsletter promotionThe US president-elect is a vociferous foe of China, which he believes threatens American global hegemony. He plans to impose sweeping, punitive tariffs on Chinese imports, re-igniting the trade war he began in his first term. Conservative backers, such as commentator Ionut Popescu, egg him on. Containment of China must be “the driving principle of US foreign policy in the new cold war”, Popescu wrote.Leading China hawks are being offered senior positions in the new administration, which takes office on 20 January. They include Marco Rubio as secretary of state. As a senator, Rubio railed against human rights abuses in Xinjiang and the suppression of Hong Kong’s democracy – dramatised by last week’s jailings of activists and the show trial of British media entrepreneur Jimmy Lai. Rubio reviles “the wealth and corrupt activities of the leadership of the Chinese Communist party”.Trump’s choice of Pete Hegseth, a rightwing TV personality, as defence secretary, and Michael Waltz, a fierce defender of Taiwan’s independence, as national security adviser, reinforces a strong anti-China bias. These men constitute what the New York Times calls “a new class of cold warrior, guns pointed at China”. And, like Trump, they will be unimpressed by Starmer’s cosying up to Xi.Starmer surely knows that, which makes his repositioning all the more interesting. Many in Britain, Labour and Tories, share American concerns. A House of Commons Library briefing in July traced a “sharp deterioration” in China ties in recent years, pointing in particular to Beijing’s “expansive” foreign policy and cyber-attacks and espionage in the UK. It noted Britain formally deems China a “systemic competitor” and “the greatest state-based threat to the UK’s economic security”.Speaking in Rio, Xi was adamant that his stance on Taiwan, democracy and other core issues would not change. But he also offered reassurance with a smiley face, stressing that he sought “stable, healthy and sustainable” relations with the west – words that, like Starmer’s, may have been partly aimed at Trump.Very deep differences remain. But Chinese and UK geostrategic interests may actually be converging in the face of Trump’s prospectively disruptive, costly, dangerous return. Climate change and post-pandemic health are two key areas of cooperation. Ongoing confrontation between the world’s top two economic and military powers would not be to Britain’s advantage. If Trump, the disquieting American, cannot be befriended and influenced, perhaps Xi can?Other countries are making similar calculations. Germany, with its huge Chinese exports, wants to keep things friendly. The EU prefers “de-risking” to open, Trump-like ruptures, though it is divided and inconsistent. Hungary and Greece hold China close, Lithuania feuds. Europe as a whole would suffer greatly in any US-initiated global tariff war.Emmanuel Macron was another leader making nice with Xi in Rio. France’s president raised China’s support for Russia’s war in Ukraine, then claimed, mysteriously, to have achieved a “convergence of views”. Distancing himself from Trump, Macron said France would continue to promote European strategic autonomy, “precisely to be able to talk with China in complete independence”.Not to be left out, Anthony Albanese, Australia’s prime minister, set aside thorny bilateral disputes and, like Starmer, shook hands with Xi on a new start. Australia, too, valued steady “calibrated” ties. Trade was flourishing again, Albanese said. “Dialogue is critical, and we’ve made encouraging progress.” Jolly Xi hugged him right back (figuratively speaking).All this must be music to Xi’s ears. He has long dreamed of China supplanting the US as the 21st century’s foremost superpower. Beset by economic problems and a “wolf warrior diplomacy” backlash, he has launched a foreign charm offensive. Last month, he patched up a festering Himalayan border dispute with India, an old rival wooed by the US.Trump’s victory was initially assessed as bad news for China. It may be the exact opposite. He’s unpredictable. His views change. But if “America first” means putting everyone else last, if Trump’s isolationism, aggressive nationalism and trade war threats end up screwing America’s allies, then those allies, including Starmer, may ultimately swallow their misgivings and look elsewhere for reliable friends – if only to achieve some balance. If Xi’s dream of dominance comes true, he will know who to thank. Donald Trump: Making China Great Again. More

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    China’s Hacking Reached Deep Into U.S. Telecoms

    The chairman of the Senate Intelligence Committee said hackers listened to phone calls and read texts by exploiting aging equipment and seams in the networks that connect systems.China’s recent breach of the innermost workings of the U.S. telecommunications system reached far deeper than the Biden administration has described, the chairman of the Senate Intelligence Committee said on Thursday, with hackers able to listen in on telephone conversations and read text messages.“The barn door is still wide open, or mostly open,” the Democratic chairman, Senator Mark Warner of Virginia, a former telecommunications executive, said in an interview on Thursday.Mr. Warner said he had been stunned by the scope and depth of the breach, which was engineered over the past year by a group linked to Chinese intelligence that has been named Salt Typhoon by Microsoft, whose cybersecurity team discovered the hack in the summer. Government officials have been struggling to understand what China obtained and how it might have been able to monitor conversations held by a number of well-connected Americans, including President-elect Donald J. Trump and Vice President-elect JD Vance.At first, the F.B.I. and other investigators believed that China’s hackers used stolen passwords to focus mostly on the system that taps telephone conversations and texts under court orders. It is administered by a number of the nation’s telecommunications firms, including the three largest — Verizon, AT&T and T-Mobile. But in recent days, investigators have discovered how deeply China’s hackers had moved throughout the country by exploiting aging equipment and seams in the networks connecting disparate systems.U.S. officials said that since the hack was exposed, the Chinese intruders had seemingly disappeared, suspending their intrusion so their full activity could not be discovered. But Mr. Warner said it would be wrong to conclude that the Chinese had been ousted from the nation’s telecommunications system, or that investigators even understood how deeply they were embedded.“We’ve not found everywhere they are,” Mr. Warner said.The committee has received briefings from the government on the hack, and Mr. Warner has had conversations with telecommunications executives.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Dozens of Hong Kong Pro-Democracy Leaders Sentenced in Mass Trial

    The 45 defendants, including Joshua Wong, were at the forefront of the opposition movement crushed by Beijing. Many have already been in jail for years.A Hong Kong court on Tuesday sentenced 45 former politicians and activists in a mass trial that has decimated the city’s once vibrant pro-democracy opposition and served as a warning that resistance to Beijing can be costly.The landmark trial is the most forceful use of a national security law Beijing imposed on Hong Kong in 2020 in response to months of large protests against Chinese rule. The prosecution of the activists, the vanguard of Hong Kong’s opposition, has delivered what experts described as a knockout blow to hopes for democracy in the city.Their offense, according to the authorities: holding or taking part in an unofficial primary election.In one fell swoop in 2021, the authorities arrested Benny Tai, 60, a legal scholar and opposition strategist; Joshua Wong, 28, a prominent pro-democracy activist; and dozens of others, including veteran former lawmakers and younger politicians who called for self-determination for Hong Kong. Mr. Tai was sentenced on Tuesday to 10 years in prison. Several opposition politicians and activists, including Au Nok Hin, Andrew Chiu and Ben Chung, were handed terms of around six and seven years each. Mr. Wong was given a sentence of about four years and eight months.The trial made clear that any form of dissent or criticism, however moderate, carried significant risk, analysts said. “If you are being critical of the authorities both in Hong Kong and in China, then it’s open season,” Steve Tsang, a Hong Kong-born political scientist and director of the SOAS China Institute in London, said in an interview.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Biden heads for last meeting with Xi Jinping before Trump takes office

    Joe Biden will meet with Xi Jinping Saturday afternoon in what is expected to be the last time the two leaders meet before Donald Trump assumes the US presidency in January.The two leaders are attending the annual Asia-Pacific Economic Cooperation (Apec) summit in Peru and are expected to have a meeting on the sidelines of the summit.The White House said that Biden will communicate that the two countries need to maintain “stability, clarity and predictability through this transition”.“Transitions are uniquely consequential moments in geopolitics. They’re a time when competitors and adversaries can see possible opportunity,” Jake Sullivan, the national security adviser, said earlier this week.Biden is expected to talk with the Chinese president about increasing Chinese efforts to halt North Korea’s escalating role in the conflict between Russia and Ukraine. In recent weeks, the Pentagon and Nato confirmed that about 10,000 North Korean troops were sent to help Russia’s offense in Ukraine.Biden met on Friday with Yoon Suk Yeol, the South Korean president, and Shigeru Ishiba, the Japanese prime minister, and affirmed the alliance among the three countries. The three leaders agreed that “it should not be in Beijing’s interest to have this kind of destabilizing cooperation take place in the region”, a senior administration official said in a briefing on background.Trump’s imminent return to the White House casts a dark shadow over the conversation as it remains unclear what his second term will mean for the relationship between the US and China.On the campaign trail, Trump touted a hawkish approach to China, promising to increase tariffs to 60% on Chinese imports, which could be as much as $500bn worth of goods. Trump has also promised to end Russia’s war in Ukraine “in 24 hours”, which some fear means decreasing the flow of military aid to Ukraine or pushing the country to lose territory to Russia. A general backing away from the conflict could give room for China to step up as an intermediary, increasing its presence on the global stage.Among Trump’s blitz of cabinet nominee announcements was the appointments of Florida senator Marco Rubio as secretary of state and Republican representative Mike Waltz as national security adviser, both of whom have have voiced hawkish views on China.Xi congratulated Trump on his election win earlier this month, saying that their two countries must “get along with each other in the new era”, in a statement.“A stable, healthy and sustainable China-US relationship is in the common interest of both countries and is in line with the expectations of the international community,” Xi said.But in prepared remarks at Apec earlier in the week, Xi took on a more foreboding tone, saying that the world has “entered a new period of turbulence and transformation” and proffered vague warnings of “spreading unilateralism and protectionism”.Adding more uncertainty to the relationship between the two countries, US officials have been on edge in recent weeks about an FBI investigation showing that the Chinese government tried to hack into US telecommunications networks to try to steal the information of American government workers and politicians. Officials said last month that operations linked to China targeted the phone of Trump and running mate JD Vance, along with staff of Kamala Harris. More