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IMF chief Kristalina Georgieva dismisses impact of Trump trade war: ‘Trade is like water, you put in an obstacle, it goes around it’

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The escalating trade clash between the U.S. and China has investors on edge, fearing it could mark the beginning of the end for global cooperation as we know it. On Friday, President Donald Trump called China’s new export controls “extraordinarily aggressive” and “hostile”; he threatened a retaliatory 100% tariff. (He later sought to deescalate the situation, calming U.S. markets.)

For Kristalina Georgieva, head of the International Monetary Fund, it’s just another day in the office. Speaking at Fortune’s Most Powerful Women 2025 summit in Washington, D.C., she downplayed any fears of a trade war.

“Frankly, this thing that trade is dead is completely overstated,” Georgieva told Fortune’s Diane Brady. “Trade is like water. You put [up an] obstacle, it goes around it.”

And while Georgieva recognizes the world is becoming “foggier” and full of uncertainty, one of the biggest challenges comes from getting buy-in that cooperation is better than division: “We are in this one big boat. It is a rough sea. We better row together.”

Luckily, many countries already subscribe to this philosophy. She pointed out that following the onset of U.S. tariffs earlier this year, 188 out of the IMF’s 191 member states did not choose to retaliate. Instead, they’ve turned to regional partners for trade. Southeast Asia and the Gulf region are two examples she cited.

Even China has benefited from diversifying its trade portfolio: overall exports rose 8.3% in September—the highest total this year—thanks to strong trade growth with the European Union. Chinese shipments to the U.S. fell 27% in September, marking half a year of double-digit trade declines, according to data released by the General Administration of Customs. 

But for business leaders, there’s a growing opportunity to be a grounding voice as long as they are willing to “buckle up,” Georgieva added.

“Good news for the world. The private sector is more agile, more adaptable,” she said. “Over the last years, we have seen in many countries where there was [a] big state presence in the economy—including because of IMF urging them to pull back—more private sector initiative. And in this time of strong winds, [business leaders] are an anchor of stability because you adapt, you just keep doing it.”

For female business leaders, in particular, she reiterated the need to always be thinking about worst case scenarios—and be ready to adapt to them.

“Think of the unthinkable so you’re ready when the unthinkable comes,” Georgieva said. “Because we know from COVID, we know from the war in Europe, it will come, and we women are so strong and resilient, and we can face it.”

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Trump turns on CBS, Kushner pulls out and Paramount’s hostile bid for Warner Bros. shows signs of collapse

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Paramount’s hostile bid for Warner Bros. showed signs of unraveling just moments after President Donald Trump aired fresh grievances about the flagship newsmagazine 60 Minutes. Just hours after Trump’s latest lashed out at CBS News, accusing the Paramount-owned network of treating him “far worse” since its new ownership took over earlier this year, Jared Kushner pulled his Affinity Partners private equity firm out of the Warner bid, as reports swirled that the Looney Tunes studio planned to reject the star-topped mountain. 

“For those people that think I am close with the new owners of CBS, please understand that 60 Minutes has treated me far worse since the so-called ‘takeover,’ than they have ever treated me before,” Trump said. “If they are friends, I’d hate to see my enemies!”

Paramount had entered the bidding for Warner, with its $77.9 billion offer for all of Warner Bros. Discovery coming one working day after Netflix’s $72 billion offer for the studio and HBO Max, as a seeming friend of the White House.

CEO David Ellison has repeatedly highlighted his ties to Trump, with his father Larry a longtime Trump donor (and second-richest man alive). CBS News, under Ellison, recently installed Bari Weiss, owner of independent news organization The Free Press and a prominent critic of progressive media culture, in a senior editorial role, a move widely read in Hollywood and Washington as gestures toward an anti-“woke” White House. Kushner’s participation, as son-in-law to the President, reinforced that impression. His roughly $200 million equity commitment via his firm functioned, some analysts said, as a political signal as much as a financing tool.

Trump’s outburst disrupted that calculus. By openly distancing himself from Paramount and criticizing its flagship news division, the president stripped the bid of its most implicit advantage: the perception of regulatory goodwill. Almost immediately after Trump’s post circulated, Affinity announced it was exiting the deal, citing a shift in “investment dynamics” amid competition from Netflix. Now, reports indicate that Warner Bros. plans to reject Paramount’s hostile bid over financing concerns. 

Trump’s public remarks have continuously scrambled assumptions about his supposed friendships, or loyalties. He confirmed to reporters at the Kennedy Center, the weekend after Netflix’s bid, that he had met with Co-CEO Ted Sarandos, who he called a “fantastic man.” Later, he said that neither Paramount nor Netflix were “great friends” of his. As the corporate takeover saga unfolds, who will be revealed next as friend or enemy?

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Kushner’s Affinity withdraws from Warner Bros. takeover battle

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Jared Kushner’s Affinity Partners is exiting from the takeover battle for Warner Bros. Discovery Inc. 

The private equity firm this month emerged as a participant in Paramount Skydance Corp.’s hostile bid for Warner Bros., which valued the media and entertainment company at $108.4 billion including debt. Paramount is seeking to scupper Netflix Inc.’s agreed $82.7 billion deal for Warner Bros.

Affinity was helping to finance Paramount’s move. It now believes the dynamics ​of an investment have changed since it became involved in the process in October, a representative for the firm said.

“With ​two ​strong competitors ​vying to secure ​the future ​of this ​unique American ​asset, ​Affinity ​has ​decided no longer to pursue ​the opportunity,” the firm said. “We ​continue to ​believe ​there is a strong strategic rationale for Paramount’s offer.”

Warner Bros. is planning to reject Paramount’s offer due to concerns about financing and other terms, people familiar with the matter said Tuesday. Affinity’s investment in the bid is about $200 million in equity, Bloomberg News has reported. 

The battle for Warner Bros. stands to reshape the entertainment industry regardless of which bidder emerges victorious. With the company’s films and TV shows, Netflix would wield tremendous new power over the content offered to online audiences. Paramount, meanwhile, aims to marry two legacy Hollywood studios to counter the influence of Netflix, Walt Disney Co. and Amazon.com Inc.

Both bids raise significant antitrust concerns — something underscored by multibillion-dollar breakup fees the parties have offered. Netflix and Paramount have each been laying the groundwork to win over the White House, with US President Donald Trump having indicated he will weigh in on the approval process for a sale of Warner Bros. Kushner is Trump’s son-in-law.

Paramount’s offer is being bankrolled by a list of influential Middle Eastern investors, including Saudi Arabia’s Public Investment Fund and the Qatar Investment Authority, as well as a little-known group from Abu Dhabi called L’imad Holding Co. Kushner has strong ties to the Middle East. He founded Affinity in 2021 with funding from sovereign wealth funds from the region. 

This week, Bloomberg News reported that Affinity dropped plans for a hotel in Serbia after tensions around the project culminated in the indictment of a government official who helped clear a path for its development.

This story was originally featured on Fortune.com



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As millions of Gen Zers face unemployment, McDonald’s CEO dishes out some tough love career advice for navigating the market: ‘You’ve got to make things happen for yourself’

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Instead, the 57-year-old executive is offering some blunt advice for aspiring young professionals: whether the market is hot or cold, no one is going to give you a handout. Your career is yours to build, and the onus is on you to make it happen.

“Remember, nobody cares about your career as much as you do,” Kempczinski said in a recent Instagram video. “You’ve got to own it, you’ve got to make things happen for yourself.”

At a time when many young workers are grasping at their networks for a leg up, the risks of falling behind are real: millions of young people are now classified as NEET—not in employment, education, or training. Against that backdrop, Kempczinski warned there’s no guarantee anyone will always have your back—or ensure you reach your career goals. 

Kempczinski knows firsthand that careers rarely unfold as planned. He once dreamed of becoming a professional soccer player, not a CEO. When it became clear early on that his athletic capability wasn’t up to star-level, he took his future into his own hands: turning lessons learned from washing dishes at 16 at First Watch into a three-decade-long career across companies like Procter & Gamble and PepsiCo before he was tapped to lead McDonald’s in 2019.

Keeping an open mind could be a career changer

Instead of expecting stability, one of the biggest paths to long-term success is embracing the chaos with curiosity—and a willingness to say yes when opportunities arise, according to Kempczinski.

“ To be a yes person is way better than to be a no person,” he told LinkedIn CEO Ryan Roslansky. “So as those career twists and turns happen, the more that you’re seen as someone who’s willing to say yes and to go do something, it just means you’re gonna get that next call.”

For Loreal’s Chief Human Resource Officer Stephanie Kramer, saying yes to things—even if they were unglamorous and “junior” looking, like grabbing coffee—was pivotal to her success.

“At the beginning of my career, I often credit it with the ability to say yes to the very, very little things,” Kramer recently told Fortune. “Who’s going to make the copies and going to get the coffee? Me. Who is going to be there early to set up the meeting? Me. Who is going to go watch which door consumers go in to determine what the best bay or window is for Saks Fifth Avenue that we want to have? Me.”

And the benefits of keeping an open mind early on may be more relevant now than ever, as opportunities have become slimmer for recent graduates. 

In the U.K., more than 1.2 million applications were submitted for just under 17,000 open graduate roles in 2023 and 2024, according to the Institute of Student Employers. And back stateside, lawmakers have warned that joblessness among recent graduates could hit 25% in the next two to three years as AI reshapes entry-level work.

Fortune reached out to Kempczinski for further comment.

The endless pursuit of knowledge—no matter what life throws at you

The emphasis on staying curious—even when plans change—is a theme echoed by other top executives.

Bank of America CEO Brian Moynihan has long credited asking questions and continuously learning as central to both the bank’s success and his own decade-plus tenure at the helm of a Fortune 500 company.

“You lose your curiosity, and you are on your way out of this company,” Moynihan told Fortune in 2017.

He echoed that message just last week, saying his top leadership advice remains simple: “You have to keep learning, you have to be curious, you have to read a lot,” he told The Master Investor podcast.

That mindset has also shaped the unconventional career path of Life360 CEO Lauren Antonoff. 

She once planned to become a civil rights lawyer, but an unexpected curiosity sparked by her first MacBook in college pulled her toward technology. She ultimately climbed the corporate ladder in tech—even without finishing her degree.

“I’m a big believer in finding your way in the world,” Antonoff recently told Fortune. “That’s not just about getting a job; if you don’t have a job, start something. If you don’t have a job, go volunteer someplace. In my experience, being active and working on problems that you’re interested in—one thing leads to another.”

This idea that careers aren’t built by waiting for someone to tell you what to do is exactly the message Kempczinski wanted to send to Gen Z. Staying curious and being willing to step through doors before you know exactly where they lead is often the key to long-term success.





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