Business News

Trump is holding off on tariffs but betting Day 1 moves can cut energy prices and tame inflation

WASHINGTON (AP) — Donald Trump is holding off on tariffs during his first day and placing a big bet that his executive actions can cut energy prices and tame inflation. But it’s unclear whether his orders will be enough to move the U.S. economy as he promised. Executive orders coming Monday are meant to ease the regulatory burdens on oil and natural gas production. He also intends to declare a national energy emergency in hopes of jumpstarting more electricity production to build out technologies such as artificial intelligence that rely on data centers using massive amounts of energy. All those details are according to an incoming White House official who insisted on anonymity while outlining Trump’s plans.

Trump, a populist president, is flanked by tech billionaires at his inauguration

NEW YORK (AP) — Some of the most exclusive seats at President Donald Trump’s inauguration were reserved for powerful tech CEOs who also are among the world’s richest men. That’s a shift from tradition, especially for a president who has characterized himself as a champion of the working class. Seats so close to the president are usually reserved for the president’s family, past presidents and other honored guests. In one image, Meta CEO Mark Zuckerberg and his wife, Priscilla Chan, stand beside Amazon CEO Jeff Bezos and his fiancee, Lauren Sánchez, along with Google CEO Sundar Pichai and Elon Musk, the SpaceX and Tesla owner who is a close Trump adviser. Also at the Capitol were Apple CEO Tim Cook and TikTok CEO Shou Zi Chew.

From backing a ban to being hailed as a savior: Inside Trump’s TikTok shift

NEW YORK (AP) — During his first term as president, Donald Trump led the effort to ban TikTok, the hugely popular video-sharing site he said posed threats to U.S. national security. But on the eve of his return to the White House, the president-elect is being hailed as the app’s savior. The developments over the weekend served as a reminder of how dramatically debates over technology, social media and national security have changed since Trump was last in the White House. It also signaled how closely Trump is following those shifts after waging a successful campaign in which he made inroads with voters in part by harnessing the appeal of some social media platforms.

Billionaires’ wealth soared in 2024, anti-poverty group says as the elites prepare for another Davos

DAVOS, Switzerland (AP) — Billionaire’s wealth has grown faster last year, and now the world can expect at least five trillionaires within a decade, even as the number of people in poverty has barely budged since 1990. The anti-poverty group Oxfam International’s latest report on global inequality is calling for caps on CEO pay, better salaries for workers, and echoes former President Joe Biden’s call for higher taxes on the wealthiest to get them to pay their fair share. Oxfam’s report was released Monday. The annual meeting of elites held by the World Economic Forum think tank in Davos, Switzerland, opened on Monday but Tuesday is the first big day of meetings and speeches.

Stock market today: Asian shares gain and bitcoin hits a record high ahead of U.S. inauguration

BANGKOK (AP) — World shares are higher ahead of the inauguration of U.S. President-elect Donald Trump, while bitcoin surged to a record high. The price of bitcoin surged as high as $109,134 early Monday. Cryptocurrencies have gained substantially since Trump was elected, as investors wagered on his favor for such assets. Hong Kong’s benchmark initially jumped more than 2% after China’s central bank kept its key lending rates unchanged. U.S. markets will be closed Monday for a holiday. On Friday, the S&P 500 rose 1% and the Dow industrials climbed 0.8%. The Nasdaq composite gained 1.5%. Big Tech helped to lift the market on hopes the Federal Reserve may cut interest rates later this year.

Bitcoin soars past $109,000 ahead of possible early action on crypto by Trump

WASHINGTON (AP) — The price of bitcoin has surged to over $109,000 just hours ahead of President-elect Donald Trump’s inauguration, as a pumped up cryptocurrency industry expects early action by him soon after he takes office. Trump vowed on the campaign trail to take steps in early in his second presidency to make the U.S. the “crypto capital” of the world. His promises include creating a U.S. crypto stockpile, enacting industry-friendly regulation and even appointing a crypto “czar” for his administration. The crypto industry is celebrating Trump’s inauguration with a first-ever “Crypto Ball.” The highly volatile nature of cryptocurrencies, and their use by criminals, scammers and rogue nations, has attracted plenty of critics.

TikTok restores service for US users based on Trump’s promised executive order

TikTok says it’s restoring service to users in the United States just hours after the popular video-sharing platform went dark in response to a federal ban. The announcement on X came after President-elect Donald Trump said on Sunday that he planned to pause the ban by executive order on his first day in office. Trump says the order would give TikTok’s China-based parent company more time to find an approved buyer. Millions of U.S. TikTok users were unable to access the TikTok app and platform starting late Saturday. But by Sunday afternoon, a message greeted those who signed on thanking them — and the president-elect — for their support.

Trump’s inauguration will usher in a crypto-friendly administration, and with it, new state policies

HARRISBURG, Pa. (AP) — The bitcoin-friendly administration of President-elect Donald Trump and an expanding lobbying effort in statehouses could bring a cryptocurrency policy blitz in 2025. Together, they could push states to become more crypto-friendly and more public pension funds and treasuries to buy cryptocurrency. Proponents of the uniquely volatile commodity argue that it’s a valuable hedge against inflation, similar to gold. But the risks are significant. Critics say a crypto investment is highly speculative with so much unknown about projecting its future returns and warn that investors should be prepared to lose their cash. 2024 was a landmark year for crypto, with bitcoin surpassing $100,000. On Monday, it jumped past $109,000.

Trump orders reflect his promises to roll back transgender protections and end DEI programs

President Donald Trump’s first tasks as he takes office include signing executive orders to roll back protections for transgender people and end federal government diversity, equity and inclusion programs. He promised to do both — and go even farther — during his campaign. In inauguration speech, Trump described the orders as a move to end efforts to “socially engineer race and gender into every aspect of public and private life.” The order on gender says the federal government will recognize only two sexes, including on documents such as passports and visas. It could also mean removing transgender women from places like women’s prisons. The other one would tell federal agencies to end DEI programs.

What Melania Trump wore to the inauguration — including the hat

As the world watches for the transition of power on Inauguration Day, the fashion industry eyes the ensembles of the first ladies. First lady Melania Trump sported a navy coat and skirt from designer Adam Lippes that she paired with a navy hat from milliner Eric Javits. Back in 2017, Melania Trump’s arrival sparked debate with some designers refusing to dress the incoming first lady. Javits said dressing the first lady with his navy hat was the greatest honor of his career. First lady Jill Biden chose a monochromatic purple look from Ralph Lauren for the ceremony.