Connect with us

Business

Trump may have skipped APEC—but Xi’s using it to sell China as globalization’s last defender

Published

on



Chinese leader Xi Jinping told Asia-Pacific leaders on Friday that his country would help to defend global free trade at an annual economic regional forum snubbed by U.S. President Donald Trump.

Xi took center stage at the Asia-Pacific Economic Cooperation summit that began Friday in the South Korean city of Gyeongju, as Trump left the country a day earlier after reaching deals with Xi meant to ease their escalating trade war.

This year’s two-day APEC summit has been heavily overshadowed by the Trump-Xi meeting that was arranged on the sidelines.

Trump described his Thursday meeting with Xi as a roaring success, saying he would cut tariffs on China, while Beijing had agreed to allow the export of rare earth elements and start buying American soybeans. Their deals were a relief to a world economy rattled by trade tensions between the world’s two largest economies.

Trump’s decision to skip APEC fits with his well-known disdain for big, multi-nation forums that have been traditionally used to address global problems. But his blunt dismissal of APEC risks worsening America’s reputation at a forum that represents nearly 40% of the world’s population and more than half of global goods trade.

Xi defends multilateralism

“The more turbulent the times, the more we must work together,” Xi said during APEC’s opening session. “The world is undergoing a period of rapid change, with the international situation becoming increasingly complex and volatile.”

Xi called for maintaining supply chain stability, in a riposte to U.S. efforts to decouple its supply chains from China. He also expressed hopes to work with other countries to expand cooperation in green industries and clean energy.

In written remarks sent to a CEO summit held in conjunction with APEC, Xi said China was open for investment and would uphold the multilateral trading system.

“Facts have proven that whoever gains a foothold in the Chinese market will be able to seize the critical opportunity in increasingly fierce international competition,” Xi wrote. “Investing in China is investing in the future.”

U.S. Secretary of the Treasury Scott Bessent, who attended the summit on Trump’s behalf, said a U.S. move to rebalance its trade relationships would ensure that “each country operates on fair and reciprocal terms.” He added that the U.S. is “investing with its trading partners to build resilient production networks that reduce dependence on vulnerable sectors.”

Xi met other leaders on the sidelines

It’s Xi’s first visit to South Korea in 11 years.

On the sidelines of the summit, Xi had bilateral meetings with new Japanese Prime Minister Sanae Takaichi, Canadian Prime Minister Mark Carney and Thai Prime Minister Anutin Charnvirakul on Friday.

In his meeting with Takaichi, Xi said he hopes the two countries would commit to building a constructive and stable relationship “fit for the new era.” Takaichi expressed hopes to ease what she called “a variety of” challenges facing the two countries. She said she also hopes to deepen her personal relationship with Xi.

On Saturday, Xi is to meet South Korean President Lee Jae Myung for another one-on-one meeting expected to touch on North Korea’s nuclear program.

APEC faces challenges

Established in 1989 during a period of increased globalization, APEC champions free and open trade and investment to accelerate regional economic integration. But the APEC region now faces challenges like strategic competitions between the U.S. and China, supply chain vulnerabilities, aging populations and the impact of AI on jobs. The U.S. strategy has been shifted to economic competitions with China rather than cooperation, with Trump’s tariff hikes and “America first” agenda shaking markets and threatening decades of globalization and multinationalism.

Leaders and other representatives from 21 Asia-Pacific Rim economies are attending the APEC meeting to discuss how to promote economic cooperation and tackle shared challenges. Opening the summit as chair, Lee called for greater cooperation and solidarity.

“It’s obvious that we can’t always stand on the same side, as our national interests are at stake. But we can join together for the ultimate goal of shared prosperity,” Lee said. “I hope we will have candid and constructive discussions on how we can achieve APEC’s vision in the face of the new challenge of a rapidly changing international economic environment.”

Carney reiterated his government’s plan to double its non-U.S. exports in the next decade, as he said that “our world is undergoing one of the most profound shifts since the fall of the Berlin Wall.”

Despite Trump’s optimism after a 100-minute meeting with Xi, there continues to be the potential for major tensions between the countries, with both seeking dominant places in manufacturing and developing emerging technologies such as artificial intelligence.

“It is certainly a contribution to bring the leaders of the two largest economies together for a meeting where they agreed to withdraw their most extreme tariff and export control threats. As a result, worst-case outcomes for global trade were averted,” said Leif-Eric Easley, professor of international studies at Ewha Womans University in Seoul.

“However, APEC is meant to be more than a venue for a trade war truce,” Easley said. “Greater multilateral efforts are needed to address the region’s most pressing economic challenges, including resisting costly and destabilizing protectionism, harmonizing regulations for sustainable trade, and coordinating standards for digital innovation.”

Host South Korea pushes for joint statement

South Korean officials said they’ve been communicating with other countries to prod all 21 members to adopt a joint statement at the end of the summit so as not to repeat the failure to issue one in 2018 in Papua New Guinea due to U.S.-China discord over trade.

South Korean Foreign Minister Cho Hyun said last week that issuing a joint statement strongly endorsing free trade would be unlikely because of differing positions among APEC members. He instead anticipated a broader declaration emphasizing peace and prosperity in the region.

As the host nation, South Korea placed a priority on discussing AI cooperation and demographic challenges during the summit.

___

Wu reported from Taipei, Taiwan. Associated Press writer Mari Yamaguchi in Tokyo contributed to this report.



Source link

Continue Reading

Business

Despite AI bubble fears, Warren Buffett’s Berkshire Hathaway buys shares of hyperscaler Alphabet

Published

on



Wall Street has been consumed for months with fears that the artificial intelligence boom is actually a bubble about to pop, but that didn’t stop Berkshire Hathaway from buying shares of a top AI hyperscaler.

Warren Buffett’s conglomerate revealed in a regulatory filing late Friday that it purchased 17.8 million shares of Google parent Alphabet during the third quarter. The stock jumped 4% in after-hours trading yesterday.

It was the biggest stock addition last quarter and was worth about $4.3 billion at the end of September. Berkshire also bought shares of Chubb, Domino’s Pizza, Sirius XM and Lennar.

Meanwhile, Berkshire maintained its position in Amazon, another AI hyperscaler, in the third quarter.

The addition of Alphabet comes amid a massive rally. Even after the most recent AI-fueled stock market selloff, Alphabet shares are still up 46% this year.

To be sure, Alphabet has been on Berkshire’s radar in the past. In 2019, Buffett’s right-hand man at the time, the late Charlie Munger, admitted that he felt “like a horse’s ass for not identifying Google better. I think Warren feels the same way.”

Back then, Google’s dominance in search piqued Berkshire’s interest. But today, the company is among the tech giants leading the charge into AI.

Alphabet, Amazon, Meta Platforms and Microsoft alone are spending hundreds of billions of dollars a year with no signs of a slowdown.

Morgan Stanley has estimated AI hyperscalers plan to spend about $3 trillion on data centers and other infrastructure through 2028.

The relentless capital expenditures, much of which is coming via debt, have made Wall Street nervous about whether AI companies will be able to translate all those outlays into sustainable revenue and profits.

With Buffett due to step down as Berkshire’s CEO by year’s end, it’s not immediately clear whether he, successor Greg Abel, or another top executive made the call to buy Alphabet stock.

And investors may not hear directly from the “Oracle of Omaha” on the matter. In a letter published Monday, Buffett said he’ll be “going quiet,” and will no longer write Berkshire’s annual report, nor talk “endlessly” at the annual meeting.

Leading up to Buffett’s departure, Berkshire has been taking a cautious stance on the stock market as well as company acquisitions, sending its cash pile to record highs.

Buffett’s closely followed stock portfolio continued to shrink overall, as last quarter marked three straight years of net selling. The most recent round of selling included more shares of Apple, which Berkshire has been steadily offloading for more than a year.



Source link

Continue Reading

Business

Trump, who mocked Biden’s use of autopen, caught posting identical signatures on pardons

Published

on



The Justice Department posted pardons online bearing identical copies of President Donald Trump’s signature before quietly correcting them this week after what the agency called a “technical error.”

The replacements came after online commenters seized on striking similarities in the president’s signature across a series of pardons dated Nov. 7, including those granted to former New York Mets player Darryl Strawberry, former Tennessee House speaker Glen Casada and former New York police sergeant Michael McMahon. In fact, the signatures on several pardons initially uploaded to the Justice Department’s website were identical, two forensic document experts confirmed to The Associated Press.

Within hours of the online speculation, the administration replaced copies of the pardons with new ones that did not feature identical signatures. It insisted Trump, who mercilessly mocked his predecessor’s use of an autopen, had originally signed all the Nov. 7 pardons himself and blamed “technical” and staffing issues for the error, which has no bearing on the validity of the clemency actions.

The questions about Trump’s signature come amid a new flurry of clemency and weeks after the president claimed to not even know Changpeng Zhao, a crypto billionaire he pardoned last month. He said in an interview with 60 Minutes that the case had been “a Biden witch hunt.”

“A basic axiom of handwriting identification science is that no two signatures are going to bear the exact same design features in every aspect,” said Tom Vastrick, a Florida-based handwriting expert who is president of the American Society of Questioned Document Examiners.

“It’s very straightforward,” said Vastrick, who compared the apparently identical images, now only visible through the online Internet Archive, with the replacements at AP’s request.

Chad Gilmartin, a Justice Department spokesperson, said the “website was updated after a technical error where one of the signatures President Trump personally signed was mistakenly uploaded multiple times due to staffing issues caused by the Democrat shutdown.”

“There is no story here other than the fact that President Trump signed seven pardons by hand and DOJ posted those same seven pardons with seven unique signatures to our website,” Gilmartin said in a statement to AP, referring to the latest wave of clemency Trump has granted in recent weeks.

White House spokesperson Abigail Jackson wrote in an email that Trump “signed each one of these pardons by hand as he does with all pardons.”

“The media should spend their time investigating Joe Biden’s countless auto penned pardons, not covering a non-story,” she wrote.

Trump has been an outspoken critic of Biden’s use of the autopen to conduct executive business, going as far as to display a picture of one such device in place of a portrait of his predecessor in a new “Presidential Walk of Fame” he created along the West Wing colonnade. His Republican allies in Congress last month released a blistering critique of Biden’s alleged “diminished faculties” and mental state during his term that ranked the Democrat’s use of the autopen among “the greatest scandals in U.S. history.”

The Republicans said their findings cast doubt on all of Biden’s actions in office and sent a letter to Attorney General Pam Bondi urging a full investigation.

“Senior White House officials did not know who operated the autopen and its use was not sufficiently controlled or documented to prevent abuse,” the House Oversight Committee found. “The Committee deems void all executive actions signed by the autopen without proper, corresponding, contemporaneous, written approval traceable to the president’s own consent.”

On Friday, Republicans who control the committee released a statement that characterized Trump’s potential use of an electronic signature as legitimate, which it distinguished from Biden’s.

But Rep. Dave Min, a California Democrat on the House Oversight Committee, seized on the apparent similarities in the initial version of the pardons and called for an investigation of the matter, deploying the Republican arguments against Biden in a statement to AP that “we need to better understand who is actually in charge of the White House, because Trump seems to be slipping.”

Regardless, legal experts say the use of an autopen has no bearing on the validity of the pardons.

“The key to pardon validity is whether the president intended to grant the pardon,” said Frank Bowman, a legal historian and professor emeritus at the University of Missouri School of Law who is writing a book on pardons. “Any re-signing is an obvious, and rather silly, effort to avoid comparison to Biden.”

Much of Trump’s mercy has gone to political allies, campaign donors and fraudsters who claimed they were victims of a “weaponized” Justice Department. Trump has largely cast aside a process that historically has been overseen by nonpolitical personnel at the Justice Department.

Casada, a disgraced former Republican speaker of the Tennessee House, was sentenced in September to three years in prison. He was convicted of working with a former legislative aide to win taxpayer-funded mail business from state lawmakers who previously drove Casada from office amid a sexting scandal.

Strawberry was convicted in the 1990s of tax evasion and drug charges. Trump cited the 1983 National League Rookie of the Year’s post-career embrace of his Christian faith and longtime sobriety when pardoning him.

McMahon, a former New York City police sergeant, was sentenced this spring to 18 months in prison for his role in what a federal judge called “a campaign of transnational repression.” He was convicted of acting as a foreign agent for China after he tried to scare an ex-official into going back to his homeland.

McMahon’s defense attorney, Lawrence Lustberg, said he was not aware the pardon documents had been replaced until he was contacted Friday by an AP reporter.

“It is and has always been our understanding that President Trump granted Mr. McMahon his pardon,” Lustberg wrote in an email.

___

Mustian reported from Natchitoches, Louisiana. AP reporter Eric Tucker contributed reporting from Washington.



Source link

Continue Reading

Business

Trump finally breaks with MAGA stalwart Marjorie Taylor Greene after flood of vicious criticism, labeling her ‘wacky’

Published

on



President Donald Trump has publicly called it quits with one of his most stalwart MAGA-world supporters, calling Georgia Rep. Marjorie Taylor Greene “’Wacky’ Marjorie” and saying he would endorse a challenger against her in next year’s midterms “if the right person runs.”

The dismissal of Greene — once the epitome of “Make America Great Again,” sporting the signature red cap for President Joe Biden’s 2024 State of the Union address and acting as a go-between for Trump and other Capitol Hill Republicans — appeared to be the final break in a dispute simmering for months, as Greene has seemingly moderated her political profile. The three-term U.S. House member has increasingly dissented from Republican leaders, attacking them during the just-ended federal government shutdown and saying they need a plan to help people who are losing subsidies to afford health insurance policies.

Accusing the Georgia Republican of going “Far Left,” Trump wrote that all he had witnessed from Greene in recent months is “COMPLAIN, COMPLAIN, COMPLAIN!” adding, of Greene’s purported irritation that he doesn’t return her phone calls, “I can’t take a ranting Lunatic’s call every day.”

In a response on X, Greene wrote Friday that Trump had “attacked me and lied about me.” She added a screenshot of a text she said she had sent the president earlier in the day about releasing the Jeffrey Epstein files, which she said “is what sent him over the edge.”

Greene called it “astonishing really how hard he’s fighting to stop the Epstein files from coming out that he actually goes to this level,” referencing next week’s U.S. House vote over releasing the Epstein files.

Writing that she had supported Trump “with too much of my precious time, too much of my own money, and fought harder for him even when almost all other Republicans turned their back and denounced him,” Greene added, “I don’t worship or serve Donald Trump.”

Trump’s post seemingly tied a bow of finality to fissures that widened following this month’s off-cycle elections, in which voters in the New Jersey and Virginia governor races flocked to Democrats in large part over concerns about the cost of living.

Last week, Greene told NBC News that “watching the foreign leaders come to the White House through a revolving door is not helping Americans,” saying that Trump needs to focus on high prices at home rather than his recent emphasis on foreign affairs. Trump responded by saying that Greene had “lost her way.”

Asked about Greene’s comments earlier Friday as he flew from Washington to Florida, Trump reiterated that he felt “something happened to her over the last month or two,” saying that, if he hadn’t gone to China to meet leader Xi Jinping, there would have been negative ramifications for jobs in Georgia and elsewhere because China would have kept its curbs on magnet exports.

Saying that people have been calling him, wanting to challenge Greene, Trump added, “She’s lost a wonderful conservative reputation.”

Greene’s discontent dates back at least to May, when she announced she wouldn’t run for the Senate against Democratic incumbent Jon Ossoff, while attacking GOP donors and consultants who feared she couldn’t win. In June, she publicly sided with Tucker Carlson after Trump called the commentator “kooky” in a schism that emerged between MAGA and national security hardliners over possible U.S. efforts at regime change in Iran.

That only intensified in July, when Greene said she wouldn’t run for governor. Then, she attacked a political “good ole boy” system, alleging it was endangering Republican control of the state. Greene embarked on a charm offensive in recent weeks, with interviews and appearances in media aimed at people who aren’t hardcore Trump supporters. Asked on comedian Tim Dillon’s podcast if she wanted to run for president in 2028, Greene said in October, “I hate politics so much” and just wanted “to fix problems” — but didn’t give a definitive answer.

That climaxed with an appearance on Bill Maher’s HBO show “Real Time,” followed days later by a Nov. 4 appearance on ABC’s “The View.” Some observers began pronouncing Greene as reasonable as she trashed Republican House Speaker Mike Johnson of Louisiana for not calling Republicans back to Washington and coming up with a health care plan.

“I feel like I’m sitting next to a completely different Marjorie Taylor Greene,” said “The View” co-host Sunny Hostin.

“Maybe you should become a Democrat, Marjorie,” said co-host Joy Behar.

“I’m not a Democrat,” Greene replied. “I think both parties have failed.”

___

Jeff Amy contributed reporting from Atlanta.



Source link

Continue Reading

Trending

Copyright © Miami Select.