<h2 class="wp-block-heading" id="h-topline">Topline</h2>



Stocks roared back to life Wednesday afternoon after President Donald Trump announced a 90-day delay on the most significant of his tariffs, just hours after the levies went into effect, sparking extensive&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/04/08/stocks-slide-again-as-tariff-losses-worsen-in-another-dow-down-8000-points-from-peak/">carnage</a>&nbsp;across financial markets.



<h2 class="wp-block-heading">Key Facts</h2>



The S&amp;P 500, which follows 500 of the largest public American companies across industries, jumped almost 10% on the day, while the tech-concentrated Nasdaq soared 12% and the blue chip Dow Jones Industrial Average shot up 8%, or about 3,000 points.



Wednesday was a historically great day for stocks, as it marked the best percentage gain for the Dow since March 24, 2020, the S&amp;P since Oct. 28, 2008 and for the Nasdaq since Jan. 3, 2001, according to FactSet data.



It was by far the largest point gain for all three indexes in their five-decade-plus histories.



Trump said Wednesday afternoon he signed a 90-day pause on implementing the more than 10% tariffs on 75-plus countries, sending stocks badly battered by this trade policy soaring.



“BE COOL! Everything is going to work out well,” Trump posted to his Truth Social site shortly after market open, adding “THIS IS A GREAT TIME TO BUY!”



Trump had shown no sign he’d reverse course on the tariffs, encouraging companies to simply move all operations to the U.S. in a morning social media&nbsp;<a href="https://truthsocial.com/@realDonaldTrump/posts/114307832213562859" rel="noreferrer noopener" target="_blank">post</a>, and China dug in further in its resistance to Trump’s more than 100% tariffs on Chinese imports, slapping an&nbsp;<a href="https://www.bloomberg.com/news/articles/2025-04-09/china-raises-tariffs-on-us-goods-to-84-as-trade-rift-escalates" rel="noreferrer noopener" target="_blank">84%</a>&nbsp;levy on U.S. imports to the Asian country.



<h2 class="wp-block-heading">What Stocks Surged The Most In The Tariff Pause Rebound?</h2>



Nearly every stock surged on the tariff relief, as 484 of the S&amp;P’s 500 constituents were in the green, according to FactSet data. Companies considered most vulnerable in a recession benefited the most, as the S&amp;P’s information technology and consumer discretionary sectors jumped 11% and 12%, respectively. The most notable risers included tech giants, as shares of Amazon, Apple, Nvidia, Mera and Tesla all enjoyed more than 10% gains Wednesday. Delta Airlines, Expedia and United Airlines all ranked among the top 30 biggest gainers in the rally as the travel industry received a jolt.



<h2 class="wp-block-heading">Contra</h2>



Tariffs have still wreaked havoc on equity valuations. The Dow is down 10%, or more than 4,000 points, from its December peak, the Nasdaq has lost 15% from its December high and the S&amp;P has fallen 11% from its February high.



<h2 class="wp-block-heading">Chief Critic</h2>



“The tariff clouds parted for the first time today, but it’s too soon to know how sunny the skies will be tomorrow—or 90 days from now,” Daniel Skelly, Morgan Stanley Wealth Management’s head of market research and strategy, wrote in emailed comments.



<h2 class="wp-block-heading">What’s Happening In The Bond Market?</h2>



After strengthening immediately after Trump’s announcement last week as investors fled stocks for assets perceived to be safer, U.S. government bonds joined in on the selloff. Yields for the benchmark 10-year U.S. Treasury note shot up 40 basis points from Monday to Wednesday afternoon, at 4.4%, reversing the initially lower yields<a href="https://www.reuters.com/markets/rates-bonds/us-10-year-yield-wont-dance-bessents-tune-mcgeever-2025-04-08/" rel="noreferrer noopener" target="_blank">&nbsp;celebrated</a>&nbsp;by Trump and Treasury Secretary Scott Bessent as a sign of cheaper borrowing costs to come. It was a “perfect storm of bad news” for U.S. bonds, remarked Lawrence Gillum, LPL Financial’s chief fixed income strategist. “Sticky inflation, a patient Fed, potential foreign buyer boycotts, hedge fund deleveraging, rebalancing out of bonds into cash, and an illiquid Treasury market are all reasons why Treasury yields continue to move higher,” Gillum explained. Higher yields mean less valuable bonds, as fixed income investors demand higher annual payouts to hold onto federal government debt. Yields were little changed amid the equity rally.



<h2 class="wp-block-heading">Jpmorgan Boss Jamie Dimon Warned Of Recession</h2>



A<a href="https://www.forbes.com/sites/dereksaul/2025/04/09/forbes-recession-tracker-recession-odds-spike-as-trumps-tariff-liberation-day-approaches/">&nbsp;recession</a>&nbsp;is the most “likely outcome” for the U.S., JPMorgan Chase CEO Jamie Dimon said in a Wednesday interview with Fox Business’ “Mornings With Maria.” “Markets aren&#8217;t always right, but sometimes they&#8217;re right,” Dimon remarked about the pain seen across asset classes in recent days. “And I think this time they&#8217;re right because they&#8217;re pricing uncertainty at the macro level, uncertainty at the micro level, at the actual company level, and then how it affects consumer sentiment,” Dimon continued. In that interview, Dimon encouraged the Trump administration to lean into strengthening trade with allies in Europe and Asia: “I think the goal of this trade stuff should be to make Europe and our trading partners, Japan, Korea, Philippines, stronger, not weaker. Bring them closer.”

President Trump Signs New Executive Orders At The White House

Stocks Shoot To One Of Biggest Gains Ever As Trump Announces 90-Day Tariff Pause

<h2 class="wp-block-heading" id="h-topline">Topline</h2>



Ukrainian President Volodymyr Zelenskyy said in a statement posted on social media he and Ukraine are still committed to working with President Donald Trump and “it is time to make things right,” one day after Trump announced a pause on military aid to Ukraine after Zelenskyy’s contentious visit to the White House.



<h2 class="wp-block-heading" id="h-key-facts">Key Facts</h2>



Zelenskyy said in the X&nbsp;<a href="https://x.com/ZelenskyyUa/status/1896948147085049916" rel="noreferrer noopener" target="_blank">statement</a>&nbsp;Ukraine does not want “an endless war” and is ready to “come to the negotiating table as soon as possible to bring lasting peace closer.”



Zelenskyy’s statement was posted just before 11 a.m. EST Tuesday, less than one day after Trump&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2025/03/04/trump-freezes-ukraine-aid-after-confrontation-with-zelenskyy/">ordered a pause</a>&nbsp;on all military aid for Ukraine amid its ongoing war with Russia until he felt Ukraine’s leaders “demonstrate a good-faith commitment to peace,”&nbsp;<a href="https://www.bloomberg.com/news/articles/2025-03-03/trump-pauses-military-aid-to-ukraine-after-clash-with-zelenskiy?srnd=homepage-americas" rel="noreferrer noopener" target="_blank">Bloomberg</a>&nbsp;reported.



The pause in aid came days after Zelenskyy, Trump and Vice President JD Vance had a&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2025/02/28/trump-zelenskyy-vance-face-off-in-oval-office-shouting-match-heres-everything-they-said/">heated exchange</a>&nbsp;in the Oval Office in which American leadership criticized Zelenskyy for a lack of gratitude and Trump threatened he was “gambling with World War III.”



<h2 class="wp-block-heading" id="h-crucial-quote">Crucial Quote</h2>



“Our meeting in Washington, at the White House on Friday, did not go the way it was supposed to be,” Zelenskyy said in the statement. “It is regrettable that it happened this way. It is time to make things right. We would like future cooperation and communication to be constructive.”



<h2 class="wp-block-heading" id="h-big-number">Big Number</h2>



$66.5 billion. That’s about how much&nbsp;<a href="https://www.state.gov/bureau-of-political-military-affairs/releases/2025/01/u-s-security-cooperation-with-ukraine#:~:text=To%20date%2C%20we%20have%20provided,invasion%20of%20Ukraine%20in%202014." rel="noreferrer noopener" target="_blank">U.S. aid</a>&nbsp;and military assistance has been sent to Ukraine since its war with Russia began in February 2022.



<h2 class="wp-block-heading" id="h-key-background">Key Background</h2>



Russia invaded Ukraine more than three years ago and the countries have been warring since, with the U.S. and European countries largely backing Ukraine against President Vladimir Putin’s Russia. But Trump was critical of former President Joe Biden’s support of Ukraine, and regularly said throughout his presidential campaign the war would not have begun had he been president at the time Russia invaded Ukraine. Trump&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2025/02/28/trump-threatens-zelensky-during-tense-live-meeting-make-a-deal-or-were-out/">met with Zelenskyy</a>&nbsp;last week in the White House for the signing of a minerals deal that would see Ukraine put some proceeds from its state-owned mineral resources to a jointly owned fund with the U.S. as a way to pay the U.S. back for its support during the war, but the meeting devolved into a shouting match in which Trump&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2025/02/28/trump-zelenskyy-vance-face-off-in-oval-office-shouting-match-heres-everything-they-said/">told</a>&nbsp;Zelenskyy he and Ukraine “don’t have the cards” to beat Russia without U.S. support. Zelenskyy left the White House without signing the deal, and the meeting drew criticism from Democrats who&nbsp;<a href="https://x.com/atrupar/status/1895593439854547343" rel="noreferrer noopener" target="_blank">said</a>&nbsp;Trump’s behavior made the U.S. look weak.



<h2 class="wp-block-heading" id="h-tangent">Tangent</h2>



After the meeting between Zelenskyy and Trump, European leaders announced increased efforts to support Ukraine and end the war with Russia. U.K. Prime Minister Keir Starmer said the U.K., France and other countries were committed to keeping aid flowing to Ukraine, finding a path to lasting peace and developing a “coalition of the willing” to defend Ukraine, the&nbsp;<a href="https://www.bbc.com/news/articles/c9vygkzkkrvo" rel="noreferrer noopener" target="_blank">BBC</a>&nbsp;reported. Starmer also&nbsp;<a href="https://apnews.com/article/ukraine-britain-zelenskyy-europe-starmer-trump-russia-b980170ead74a1a7914c565f14ee6cc9" rel="noreferrer noopener" target="_blank">pledged</a>&nbsp;$2 billion to Ukraine to fund defense missiles.



<h2 class="wp-block-heading" id="h-what-to-watch-for">What To Watch For</h2>



Trump’s response to Zelenskyy’s statement.



<h2 class="wp-block-heading" id="h-further-reading">Further Reading</h2>



<a href="https://www.forbes.com/sites/mollybohannon/2025/03/04/trump-freezes-ukraine-aid-after-confrontation-with-zelenskyy/">Trump Freezes Ukraine Aid After Confrontation With Zelenskyy</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/mollybohannon/2025/02/28/trump-zelenskyy-vance-face-off-in-oval-office-shouting-match-heres-everything-they-said/">Trump, Zelenskyy, Vance Face Off In Oval Office Shouting Match—Here’s Everything They Said</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/tylerroush/2025/02/28/trump-threatens-zelensky-during-tense-live-meeting-make-a-deal-or-were-out/">Trump-Zelenskyy Talks End Early After Trump Threatens Him In Tense Live Meeting: ‘Make A Deal Or We’re Out’</a>&nbsp;(Forbes)

President Trump Hosts Ukrainian President Zelensky At The White House

Zelenskyy Wants To ‘Make Things Right’ As U.S. Cuts Off Assistance

<h2 class="wp-block-heading" id="h-topline">Topline</h2>



The Centers for Disease Control and Prevention received guidance to immediately stop working with the World Health Organization following President Donald Trump’s decision to withdraw from the United Nations agency—though the immediate stop to work surprised CDC staff, the&nbsp;<a href="https://apnews.com/article/cdc-who-trump-548cf18b1c409c7d22e17311ccdfe1f6" rel="noreferrer noopener" target="_blank">Associated Press</a>&nbsp;and The Washington Post&nbsp;<a href="https://www.washingtonpost.com/politics/2025/01/27/trump-presidency-news/#link-PNY2UHHRDFBXFBRQW5IXX3ZW44" rel="noreferrer noopener" target="_blank">reported</a>.



<h2 class="wp-block-heading" id="h-key-facts">Key Facts</h2>



Deputy Director for Global Health for the CDC John Nkengasong sent a memo to senior agency leaders Sunday advising them that agency staff who work with WHO should stop their collaborations and “await further guidance,” the&nbsp;<a href="https://apnews.com/article/cdc-who-trump-548cf18b1c409c7d22e17311ccdfe1f6" rel="noreferrer noopener" target="_blank">Associated Press</a>&nbsp;reported Monday.



The Washington Post&nbsp;<a href="https://www.washingtonpost.com/politics/2025/01/27/trump-presidency-news/#link-PNY2UHHRDFBXFBRQW5IXX3ZW44" rel="noreferrer noopener" target="_blank">reported</a>&nbsp;the memo said the direction applied to “all CDC staff engaging with WHO through technical working groups, coordinating centers, advisory boards, cooperative agreements or other means” whether virtually or in person and prevents CDC staff from going to WHO offices.



On his first day back in office, Trump signed an&nbsp;<a href="https://www.whitehouse.gov/presidential-actions/2025/01/withdrawing-the-united-states-from-the-worldhealth-organization/" rel="noreferrer noopener" target="_blank">executive order</a>&nbsp;that began the process of withdrawing from WHO, citing “the organization’s mishandling of the COVID-19 pandemic” and that it demands “unfairly onerous payments” from the U.S.



It is legal from Trump to withdraw the U.S. from WHO, but the U.S. must give “a one-year notice” and meet its financial obligations to the agency for that fiscal year, according to a&nbsp;<a href="https://maint.loc.gov/law/help/statutes-at-large/80th-congress/session-2/c80s2ch469.pdf" rel="noreferrer noopener" target="_blank">joint resolution</a>&nbsp;from 1948, and there is&nbsp;<a href="https://www.washingtonpost.com/health/2025/01/21/trump-withdrawal-world-health-organization/#A5TWCZYCWRDLVD7QKHYMTW76UU-4" rel="noreferrer noopener" target="_blank">debate</a>&nbsp;around whether it requires congressional approval, as well.



<h2 class="wp-block-heading" id="h-crucial-quote">Crucial Quote</h2>



Trump’s order directed the secretary of state and director of the Office of Management and Budget to pause the future transfer of funds and support to WHO and “recall and reassign” personnel working with WHO, but Dr. Jeffrey Klausner, a University of Southern California public health expert who works with WHO,&nbsp;<a href="https://apnews.com/article/cdc-who-trump-548cf18b1c409c7d22e17311ccdfe1f6" rel="noreferrer noopener" target="_blank">told the AP</a>&nbsp;“people thought there would be a slow withdrawal,” adding: “This has really caught everyone with their pants down.”



<h2 class="wp-block-heading" id="h-key-background">Key Background</h2>



This is not the first time Trump tried to withdraw from WHO. In July 2020, he took steps to leave in the midst of the COVID-19 pandemic,&nbsp;<a href="https://edition.cnn.com/2020/05/29/politics/donald-trump-world-health-organization/index.html" rel="noreferrer noopener" target="_blank">saying</a>&nbsp;at the time the organization “failed to make the requested and greatly needed reforms” and that the U.S. would redirect “funds to other worldwide and deserving, urgent global public health needs,” CNN reported. The decision was met with criticism from Democrats and then-presidential candidate Joe Biden said he would reverse the decision if elected, which his&nbsp;<a href="https://apnews.com/article/us-who-support-006ed181e016afa55d4cea30af236227" rel="noreferrer noopener" target="_blank">administration did</a>. The WHO is a United Nations agency that works on global efforts to expand health coverage and improve global health. Any country in the United Nations is able to join WHO by accepting its&nbsp;<a href="https://www.who.int/about/governance/constitution" rel="noreferrer noopener" target="_blank">Constitution</a>.



<h2 class="wp-block-heading" id="h-contra">Contra</h2>



At a rally in Las Vegas on Saturday, Trump hinted that he would consider rejoining WHO, saying “maybe we would consider doing it again … maybe we would have to clean it up a bit,”&nbsp;<a href="https://www.politico.eu/article/trump-floats-reversing-decision-to-leave-who/" rel="noreferrer noopener" target="_blank">Politico</a>&nbsp;reported.



<h2 class="wp-block-heading" id="h-tangent">Tangent</h2>



The executive order starting the process to withdraw from WHO was one of many Trump signed on his first day back in office. He&nbsp;<a href="https://www.forbes.com/sites/saradorn/2025/01/21/trumps-executive-orders-here-are-all-his-big-day-one-actions-on-immigration-energy-tiktok-and-more/">also signed</a>&nbsp;executive orders ordering mass deportations of anyone in the U.S. illegally, creating the Department of Government Efficiency, eliminating governmental programs on diversity, equity and inclusion, and more.



<h2 class="wp-block-heading" id="h-further-reading">Further Reading</h2>



<a href="https://apnews.com/article/cdc-who-trump-548cf18b1c409c7d22e17311ccdfe1f6" rel="noreferrer noopener" target="_blank">CDC ordered to stop working with WHO immediately, upending expectations of an extended withdrawal</a>&nbsp;(Associated Press)



<a href="https://www.forbes.com/sites/saradorn/2025/01/21/trumps-executive-orders-here-are-all-his-big-day-one-actions-on-immigration-energy-tiktok-and-more/">Trump’s Executive Orders: Here Are All His Big Day-One Actions On Immigration, Energy, TikTok And More</a>&nbsp;(Forbes)



<a href="https://www.politico.eu/article/trump-floats-reversing-decision-to-leave-who/" rel="noreferrer noopener" target="_blank">Trump floats reversing decision to leave WHO</a>&nbsp;(Politico)

U.S. President Trump Seeks U.S. Withdrawal From World Health Organization

CDC Ordered To Stop Working With WHO Immediately

Following the presidential inauguration of newly-elected Donald Trump in the United States yesterday, SARB Governor Lesetja Kganyago told media in Davos today that the measures that Trump plans to take could lead to the “fragmentation of the global economy”.



“[This] could spur other countries to think that they can justify taking protectionist measures and these measures are negative for global trade. Global trade is the lifeblood of the global economy,” Kganyago told Bloomberg.



Kganyago’s observations comes on the heels of a statement by Trump, before being sworn into office, that he would enact threatened tariffs of as much as 25% on Mexico and Canada by February.



Mexico and Canada are two of America’s top three trade partners, with the U.S. reportedly importing $475 billion worth of goods from Mexico and $418 billion from Canada in 2024.



According to Reuters, when asked by reporters at the White House whether he would impose a universal tariff on all imports into the U.S., Trump reportedly said: &#8220;We may. But we&#8217;re not ready for that yet.&#8221;



The rand in South Africa gained early on Monday as markets awaited Trump&#8217;s inauguration and policy announcements ahead of a week packed with domestic data releases.



Kganyago said that if the measures taken are inflationary, it could slow down the disinflation process that the central banks had so steadfastly worked on since the great inflation of 2022.



“And the risk is then that the accommodation, or should I say, the reduction in the restrictiveness of monetary policy that we had seen over the past year, could then be brought to an abrupt halt,” he added.

Opening Day Of World Economic Forum (WEF) 2025

South African Reserve Bank Governor Warns In Davos That Trump’s Policies May Fragment Global Economy

<h2 class="wp-block-heading" id="h-topline">Topline</h2>



TikTok said Sunday it was “restoring service” to U.S. users, about 14 hours after it abruptly shut itself down minutes before a nationwide ban took effect—a move prompted by President-elect Donald Trump’s promise to halt the ban when he takes office Monday by extending a deadline for China-based ByteDance to sell the app.



<h2 class="wp-block-heading">Timeline</h2>



1:50 p.m. EST, January 19TikTok is now back online for many American users, sending a popup message that states: “Welcome back!” adding, “As a result of President Trump’s efforts, TikTok is back in the U.S.”—though it still does not appear to be available on Apple’s App Store.



1 p.m. EST, January 19Sen. Tom Cotton, R-Ark., who chairs the Senate Select Committee on Intelligence, warned that “any company that hosts, distributes, services or otherwise facilitates communist-controlled TikTok could face hundreds of billions of dollars of ruinous liability” in <a href="https://x.com/SenTomCotton/status/1881038993875140640" target="_blank" rel="noreferrer noopener">a tweet</a> responding to the company’s announcement that it’s restoring the app.



1 p.m. EST, January 19Some TikTok users reported the app has started working again.



12:30 p.m. EST, January 19TikTok <a href="https://x.com/TikTokPolicy/status/1881030712188346459" target="_blank" rel="noreferrer noopener">tweeted</a> it “is in the process of restoring service” and thanked Trump for “providing the necessary clarity and assurance to our service providers that they will face no penalties,” adding the company “will work with President Trump on a long-term solution that keeps TikTok in the United States.”



11:55 a.m. EST, January 19TikTok now greets users with a popup saying it is “working to restore our service in the U.S. as soon as possible”—but the message no longer praises Trump for promising to “work with” the platform, after <a href="https://x.com/mikeisaac/status/1880826325189156936" target="_blank" rel="noreferrer noopener">drawing some criticism</a>.



10:00 a.m. EST, January 19Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/113855616848696050" target="_blank" rel="noreferrer noopener">announced</a> he will sign an executive order Monday delaying the TikTok ban and called for the platform to be taken over by a joint venture with U.S. and current owners, also urging companies to prevent TikTok from “going dark” and vowing “no liability” for any tech firms that act before Monday (the law gives Trump the power to extend the ban for up to 90 days if ByteDance is making progress toward a sale).



7:03 a.m. EST, January 19Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/113854921940858148" target="_blank" rel="noreferrer noopener">posted</a> to Truth Social: “SAVE TIKTOK.”



12:00 a.m. EST, January 19A nationwide ban on TikTok took effect, formally barring internet service providers and app stores from offering the ultra-popular social media platform.



11:00 p.m. EST, January 18TikTok shut itself down in the United States at some point before 11 p.m. EST, greeting American users with a message that said “you can’t use TikTok for now” due to a “law banning TikTok” set to take effect Sunday—but the platform noted Trump “has indicated that he will work with us on a solution to reinstate TikTok once he takes office.” (Read <a href="https://www.forbes.com/sites/tylerroush/2025/01/18/tiktok-shuts-down-in-us-before-ban-takes-effect-heres-what-to-know/">more here</a>.)



12:30 p.m. EST, January 18Trump <a href="https://www.forbes.com/sites/tylerroush/2025/01/18/trump-says-hell-most-likely-delay-tiktok-ban-for-90-days/">signaled</a> he would “most likely” issue a 90-day extension on the TikTok ban, saying an announcement would “probably” come Monday, though he did not definitively say whether he would do so.



January 17TikTok said in a <a href="https://newsroom.tiktok.com/en-us/tiktokjan-17" target="_blank" rel="noreferrer noopener">statement</a> its service will “be forced to go dark” on Jan. 19 unless the Biden administration—which <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2025/01/17/statement-by-white-house-press-secretary-karine-jean-pierre-regarding-tiktok/" target="_blank" rel="noreferrer noopener">said</a> earlier on Friday TikTok “should remain available to Americans” if “under American ownership”—guarantees Apple, Google and other service providers won’t be punished by supporting the app.



January 17The Supreme Court ruled the law does not violate the First Amendment rights of the app and its users, upholding the federal government’s national security argument and leaving TikTok open to a ban on Jan. 19 unless it is sold to an American company.



January 16The Biden administration does not plan to intervene against the law forcing TikTok’s ban or sale by Jan. 19, <a href="https://www.cnn.com/2025/01/16/politics/biden-administration-tiktok-ban/index.html" target="_blank" rel="noreferrer noopener">according to</a> <a href="https://abcnews.go.com/Politics/biden-administration-leave-trump-implement-tiktok-ban/story?id=117753133&amp;cid=social_twitter_abcn" target="_blank" rel="noreferrer noopener">multiple</a> <a href="https://www.bloomberg.com/news/articles/2025-01-16/tiktok-poised-for-reprieve-as-trump-team-pledges-extension?srnd=homepage-asia" target="_blank" rel="noreferrer noopener">outlets</a>, one day after <a href="https://www.nbcnews.com/politics/joe-biden/biden-administration-keep-tiktok-available-us-rcna187902" target="_blank" rel="noreferrer noopener">NBC News</a> reported Biden’s team was “exploring options” on how it can avoid the app being shut down—though <a href="https://abcnews.go.com/Politics/biden-administration-leave-trump-implement-tiktok-ban/story?id=117753133&amp;cid=social_twitter_abcn" target="_blank" rel="noreferrer noopener">ABC reports</a> Biden also won’t take action to enforce the ban against app stores or internet providers.



January 16Schumer <a href="https://www.democrats.senate.gov/news/press-releases/leader-schumer-floor-remarks-urging-an-extension-of-the-tiktok-ban_to-allow-time-for-a-workable-solution--to-protect-americans-livelihoods-and-protect-against-ccp-surveillance" target="_blank" rel="noreferrer noopener">said</a> it is “clear that more time is needed to find an American buyer,” noting Senate Democrats’ failed attempt to <a href="https://x.com/SenateDems/status/1879965995759980830" target="_blank" rel="noreferrer noopener">pass a bill</a> extending the Jan. 19 deadline and urging lawmakers for a solution that keeps TikTok in the U.S. while also protecting Americans’ data privacy (the law banning TikTok unless ByteDance sells the app passed on a bipartisan basis last year).



January 15TikTok CEO Shou Zi Chew is <a href="https://www.forbes.com/sites/siladityaray/2025/01/16/tiktok-ceo-will-reportedly-attend-trumps-inauguration-as-ban-threat-looms/">expected to attend</a> Trump’s inauguration, according to The New York Times.



January 14ByteDance <a href="https://www.forbes.com/sites/dereksaul/2025/01/14/heres-how-much-elon-musk-could-buy-tiktok-for-as-china-reportedly-eyes-deal/">would likely expect</a> $40 billion to $50 billion for the platform’s U.S. operations, Wedbush analyst Dan Ives estimated (other analysts have offered <a href="https://www.forbes.com/sites/phoebeliu/2025/01/15/how-much-billions-tiktok-really-worth-possible-ban/">a range of figures</a> for how much TikTok is worth, depending on whether the deal includes TikTok’s powerful content algorithm).



January 13Chinese government officials have considered selling TikTok’s U.S. operations to Trump-allied billionaire Elon Musk if the Supreme Court does not stop the ban from going through on Jan. 19, reported <a href="https://www.bloomberg.com/news/articles/2025-01-14/china-discusses-sale-of-tiktok-us-to-musk-as-one-possible-option" target="_blank" rel="noreferrer noopener">Bloomberg</a>, citing unnamed people familiar with the matter—though the people noted the deliberations are preliminary and officials prefer to keep TikTok under the ownership of China-based ByteDance (ByteDance told Forbes it “can&#8217;t be expected to comment on pure fiction” when asked about the Bloomberg report).



January 10The Supreme Court heard oral arguments over the law requiring TikTok to be sold to a U.S. company or face a ban, with justices appearing “inclined” to uphold the law after appearing satisfied with its focus on the controversial Chinese ownership of the app’s parent company, according to <a href="https://www.nytimes.com/live/2025/01/10/us/tiktok-ban-supreme-court/supreme-court-tiktok-ban-law?smid=url-share" target="_blank" rel="noreferrer noopener">The New York Times</a>.



January 9Billionaire <a href="https://www.prnewswire.com/news-releases/ahead-of-january-19-deadline-project-liberty-announces-a-formal-offer-to-acquire-tiktok-us-302346575.html" target="_blank" rel="noreferrer noopener">Frank McCourt</a>’s Project Liberty announced a proposal to buy TikTok’s U.S. operations—but not its algorithm—by migrating American users to a locally run digital infrastructure, a deal McCourt <a href="https://www.forbes.com/sites/phoebeliu/2025/01/15/how-much-billions-tiktok-really-worth-possible-ban/">has suggested</a> could be worth $20 billion, with interest from other investors like “Shark Tank” star Kevin O’Leary (it’s unclear whether ByteDance is considering the offer).



January 6O’Leary, part of <a href="https://www.thepeoplesbid.com/about" target="_blank" rel="noreferrer noopener">The People&#8217;s Bid for TikTok</a>, told Fox News’ Martha MacCallum he <a href="https://www.thewrap.com/kevin-oleary-buy-tiktok-shark-tank/" target="_blank" rel="noreferrer noopener">planned to buy</a> the app and that he would need Trump’s help to do so.



January 3The Justice Department asked the Supreme Court to uphold the law forcing the ban or sale of TikTok despite Trump’s <a href="https://www.forbes.com/sites/alisondurkee/2025/01/03/can-trump-stop-tiktok-ban-heres-what-he-can-and-cant-do-if-supreme-court-upholds-law/">support of the app</a>, arguing TikTok has not shown enough to reason to justify a pause of the law’s date of taking effect and that Trump has not presented a viable argument for a pause.



December 27, 2024Trump opposed the potential ban of TikTok in a <a href="https://www.supremecourt.gov/DocketPDF/24/24-656/336151/20241227163400981_2024-12-27%20-%20TikTok%20v.%20Garland%20-%20Amicus%20Brief%20of%20President%20Donald%20J.%20Trump.pdf" target="_blank" rel="noreferrer noopener">court filing</a>, arguing if the Supreme Court intervenes, he could secure a “political resolution” after his Jan. 20 inauguration that would keep the app in the U.S.



December 18, 2024The Supreme Court announced it will review TikTok’s challenge against the federal law that could potentially ban the app, <a href="https://www.forbes.com/sites/alisondurkee/2024/12/18/supreme-court-will-decide-tiktok-bans-fate-as-justices-take-up-case/">scheduling oral arguments</a> for Jan. 10—just days before the law is set to become effective.



December 16, 2024TikTok requested an injunction from the Supreme Court that would <a href="https://www.forbes.com/sites/alisondurkee/2024/12/16/tiktok-asks-supreme-court-to-stop-federal-ban/">block the ban</a> against it until the conservative majority court rules on TikTok’s legality or dismisses the case, saying the pause would “create breathing room for this Court to conduct an orderly review &#8230; before this vital channel for Americans to communicate with their fellow citizens and the world is closed.”



December 16, 2024Chew met with Trump at his Mar-a-Lago estate, according to <a href="https://x.com/kaitlancollins/status/1868761606542524712" target="_blank" rel="noreferrer noopener">CNN</a>, and argued an injunction from the Supreme Court, which was ultimately not granted, would give Trump’s <a href="https://www.washingtonpost.com/business/2024/11/12/trump-tiktok-ban-sale/" target="_blank" rel="noreferrer noopener">TikTok-friendly administration</a> time to comment on the matter.



December 6, 2024The U.S. Court of Appeals for the D.C. Circuit <a href="https://www.forbes.com/sites/alisondurkee/2024/12/06/tiktok-ban-upheld-in-court/">denied TikTok’s petition</a> to review the law against TikTok after the court’s three-judge panel said national security concerns outweigh TikTok’s First Amendment rights, later declining TikTok’s request to halt its ruling upholding the law.



May 14, 2024Eight TikTok users sued the federal government, accusing them of First Amendment violations and calling the ban “<a href="https://www.forbes.com/sites/mollybohannon/2024/05/14/tiktok-users-sue-federal-government-over-potential-ban/">unconstitutionally overbroad</a>.”



May 7, 2024TikTok <a href="https://www.forbes.com/sites/alexandralevine/2024/05/07/tiktok-fights-back-heres-what-you-need-to-know-about-its-suit-against-the-us-government/">filed suit</a> against the federal government, challenging the constitutionality of the ban and arguing the app and its American users were having their First Amendment rights violated.



April 24, 2024President Joe Biden signed the bill requiring TikTok to be sold or banned, provoking a response from the platform, which claimed in a <a href="https://x.com/TikTokPolicy/status/1783149300471525637" target="_blank" rel="noreferrer noopener">statement</a> it “invested billions of dollars to keep U.S. data safe and our platform free from outside influence and manipulation.”



April 23, 2024The Senate <a href="https://www.forbes.com/sites/saradorn/2024/04/23/potential-tiktok-ban-clears-key-senate-vote-part-of-israel-ukraine-taiwan-aid-package/">voted 80-19</a> to pass the bill, which Sen. Maria Cantwell, D-Wash., said was done to “prevent foreign adversaries from conducting espionage, surveillance, maligned operations, harming vulnerable Americans, our servicemen and women, and our U.S. government personnel.”



April 20, 2024The House in an overwhelming <a href="https://www.forbes.com/sites/tylerroush/2024/04/20/house-approves-nationwide-tiktok-ban-heres-what-to-know/">360-58</a> vote passed the legislation against TikTok, with Minority Leader Hakeem Jeffries, D-N.Y., saying in a <a href="https://x.com/nicholaswu12/status/1767910828861174000" target="_blank" rel="noreferrer noopener">statement</a> the legislation was “designed to address legitimate national security and privacy concerns.”

Wildly Popular Social Media App TikTok Unavailable For U.S. Users

TikTok Ban Live Updates: TikTok Back Online For Many Users—As Trump Promises To Delay US Ban

<h2 class="wp-block-heading" id="h-topline">Topline</h2>



The price of Bitcoin breached $82,000 for the first time ever early on Monday, continuing its post-election bull run as President-elect Donald Trump has promised to bolster the industry while several pro-crypto candidates won down-ballot races.



<h2 class="wp-block-heading" id="h-key-facts">Key Facts</h2>



The world’s most valuable cryptocurrency hit an all-time high of $82,197 in early Monday trading, up more than 19.5% compared to last week.



Bitcoin breached the $80,000 mark for the first time on Sunday after a big weekend rally—breaking the election night high of $75,000.



The price of Ether—the second most valuable crypto token—has risen by an even biggest 28.7% over the past week to $3,165.



Other popular crypto tokens including Dogecoin, Solana’s SOL and Binance’s BNB have also surged in value in the past week—with volatile and popular meme coin DOGE’s price rising by 83%.



The crypto price boom has led to surge in the share price of related stocks like Coinbase—whose price has surged 50% in the past five days and is up another 15.6% in pre-market trading early on Monday to $312.92.



Trump is expected to usher in a new wave of crypto-friendly policies with ease after Republicans flipped control of the Senate Tuesday and are on the brink of maintaining their majority in the House.



<h2 class="wp-block-heading" id="h-how-high-could-bitcoin-prices-by-the-end-of-this-year">How High Could Bitcoin Prices By The End Of This Year?</h2>



While&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2024/11/04/heres-where-analysts-expect-bitcoin-prices-will-head-under-harris-and-trump/">estimates have varied</a>&nbsp;slightly, most analysts agreed a Trump win would lead to a boom in cryptocurrency prices. Bernstein analysts led by Gautam Chhugani said Bitcoin can rise to $80,000 to $90,000 over the next two months if the “pro-crypto candidate” Trump won. Last month, Standard Chartered analyst Geoff Kendrick wrote he expects Bitcoin to hit $125,000 by the end of the year in the event of a Trump win.



<h2 class="wp-block-heading" id="h-key-background">Key Background</h2>



Trump has embraced the crypto industry as a counter to the Securities and Exchange Commission’s stricter regulatory approach under President Joe Biden, vowing to make the U.S. the “crypto capital of the planet.” Trump’s pro-crypto stance marks a reverse course from his previous skepticism of the industry, which&nbsp;<a href="https://www.bbc.com/news/business-57392734" rel="noreferrer noopener" target="_blank">he called</a>&nbsp;a “scam” and a disaster waiting to happen in 2021. Trump has vowed “to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” he told an audience at a bitcoin conference in Nashville in July, and he has repeatedly promised to “fire” SEC Chairman Gary Gensler, who has taken more than 100 regulatory actions against crypto during his tenure, according to&nbsp;<a href="https://www.cnbc.com/2024/11/06/trump-claims-presidential-win-here-is-what-he-promised-the-crypto-industry-ahead-of-the-election.html" rel="noreferrer noopener" target="_blank">CNBC</a>. Trump earned endorsements from crypto leaders, including billionaires Marc Andreessen, Cameron Winklevoss and Tyler Winklevoss, while Vice President-elect, Sen. JD Vance, R-Ohio, is a longtime bitcoin investor. Trump and his campaign have also personally invested in digital currency—Trump’s joint fundraising committee began accepting donations via Coinbase in May, and he debuted his own family&nbsp;<a href="https://www.forbes.com/sites/saradorn/2024/09/16/trump-used-to-think-crypto-was-a-scam---now-hes-launching-his-own-crypto-platform-run-by-his-sons/">cryptocurrency platform</a>, World Liberty Financial, in September.



<h2 class="wp-block-heading" id="h-news-peg">News Peg</h2>



The crypto industry was the largest corporate donor in the 2024 election cycle, according to a report by the progressive consumer advocacy group,&nbsp;<a href="https://www.citizen.org/article/big-crypto-big-spending-2024/" rel="noreferrer noopener" target="_blank">Public Citizen</a>, which found donations from the industry accounted for 44% of all corporate money contributed as of August. The vast majority of the money was funneled through the super PAC Fairshake and two affiliated super PACs, Defend American Jobs, which backs Republicans, and the pro-Democrat Protect Progress. The groups—financed primarily by crypto companies Coinbase and Ripple—spent a combined $135 million supporting industry-friendly candidates in federal races, according to&nbsp;<a href="https://www.nytimes.com/2024/11/06/technology/crypto-industry-spending-election.html" rel="noreferrer noopener" target="_blank">The New York Times.</a>&nbsp;The investment appears to have paid off: as of Sunday, 268 pro-crypto candidates had been elected to the House and 19 in the Senate, according to the non-profit,&nbsp;<a href="https://www.standwithcrypto.org/races" rel="noreferrer noopener" target="_blank">Stand With Crypto</a>, compared to 122 newly elected House members and 12 senators it deems “anti-crypto.”



<h2 class="wp-block-heading" id="h-tangent">Tangent</h2>



Aside from Trump, one of the biggest wins for the crypto industry came in the Ohio Senate race, where blockchain entrepreneur and GOP candidate Bernie Moreno defeated incumbent Sen. Sherrod Brown. Brown served as the chair of the Senate Banking Committee and was a vocal opponent of efforts to loosen cryptocurrencies-related regulations. Coinbase CEO and co-founder Brian Armstrong reacted to the result of the Ohio Senate race by&nbsp;<a href="https://x.com/brian_armstrong/status/1854029871040835614" rel="noreferrer noopener" target="_blank">tweeting</a>, “Being anti-crypto is simply bad politics.”



<h2 class="wp-block-heading" id="h-further-reading">Further Reading</h2>



<a href="https://www.forbes.com/sites/dereksaul/2024/11/04/heres-where-analysts-expect-bitcoin-prices-will-head-under-harris-and-trump/">Here’s Where Analysts Expect Bitcoin Prices Will Head Under Harris And Trump</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/saradorn/2024/09/16/trump-used-to-think-crypto-was-a-scam---now-hes-launching-his-own-crypto-platform-run-by-his-sons/">Trump Used To Think Crypto Was A &#8216;Scam&#8217; — Now He&#8217;s Launching His Own Crypto Platform Run By His Sons</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/saradorn/2024/05/21/trump-campaign-now-accepts-crypto-donations/">Trump Campaign Now Accepts Crypto Donations</a> (Forbes)<a href="https://www.forbes.com/sites/saradorn/"></a>

Key Speakers At The Bitcoin 2024 Conference

Bitcoin Crosses $82,000 For The First Time—Boosted By Trump’s Win

TOPLINE Dozens of Facebook employees staged a virtual walkout on Monday, in an escalation of protests against CEO Mark Zuckerberg’s failure to act on President Trump’s “When the looting starts, the shooting starts” post.



KEY FACTS



<ul class="wp-block-list"><li>Staff members flocked to rival platform Twitter for a second day, to denounce Zuckerberg’s “do-nothing” approach to Trump’s post that threatened violence toward George Floyd protesters.</li></ul>



<ul class="wp-block-list"><li>One employee, Owen Anderson, announced in a&nbsp;<a rel="noreferrer noopener" href="https://twitter.com/OwenResistor/status/1267568422327447552?s=20" target="_blank">tweet</a>&nbsp;that he had quit the company.</li></ul>



<ul class="wp-block-list"><li>“To be clear, this was in the works for a while.&nbsp;But after last week, I am happy to no longer support policies and values I vehemently disagree with,” he wrote.</li></ul>



<ul class="wp-block-list"><li>Employees have also been circulating messages internally, with one staffer writing on a staff message board: “The hateful rhetoric advocating violence against black demonstrators by the U.S. President does not warrant defense under the guise of freedom of expression,” the&nbsp;New York Times&nbsp;<a rel="noreferrer noopener" href="https://www.nytimes.com/2020/06/01/technology/facebook-employee-protest-trump.html" target="_blank">reported</a>. Others urged Zuckerberg to take down Trump’s post.</li></ul>



<ul class="wp-block-list"><li>Facebook spokesman Andy Stone said employees will not have the protest days taken out of their vacation allowance, Reuters&nbsp;<a rel="noreferrer noopener" href="https://uk.reuters.com/article/us-facebook-trump-employee-criticism/facebook-staffers-walk-out-saying-trumps-posts-should-be-reined-in-idUKKBN2382D0" target="_blank">reported</a>.</li></ul>



<ul class="wp-block-list"><li>The walkout, staged virtually as all Facebook employees are working remotely in the pandemic,was triggered by Facebook&#8217;s refusal to take action over Trump&#8217;s inflammatory posts, while Twitter took the unprecedented step of flagging his comment for “glorifying violence.”</li></ul>



<ul class="wp-block-list"><li>Zuckerberg has reportedly pushed the company’s weekly employee Q &amp; A session from Friday to Tuesday.</li></ul>



CRUCIAL COMMENT



In a joint statement, a number of the virtual demonstrators tweeted: “Facebook’s recent decision to not act on posts that incite violence ignores other options to keep our community safe. We implore the Facebook leadership to #TakeAction.”



<figure class="wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter"><div class="wp-block-embed__wrapper">
https://twitter.com/dan_abramov/status/1267544361929256966?s=20
</div></figure>



TANGENT



Online therapy company Talkspace has cut ties with Facebook over the issue. CEO Oren Frank&nbsp;<a href="https://twitter.com/orenfrank/status/1267504648275005440?s=20" target="_blank" rel="noreferrer noopener">tweeted</a>&nbsp;on Monday: “We at Talkspace discontinued our partnership discussions with Facebook today. We will not support a platform that incites violence, racism, and lies. #BlackLivesMatter.”



NEWS PEG



President Trump has driven a wedge between Facebook staff and the social network&#8217;s founder. Facebook&#8217;s no-leak culture, and the largely united front between management and staff had largely weathered previous storms in its march to &#8220;connect the world.” That accord was shattered in a flood of tweets condemning Zuckerberg&#8217;s decision to keep Trump&#8217;s post on the site. Before the walkout, several senior employees blasted Zuckerberg’s defence of keeping the post on the site. Design manager Jason Stirman tweeted on Monday: “I‘m a FB employee that completely disagrees with Mark’s decision to do nothing about Trump’s recent posts, which clearly incite violence. I’m not alone inside of FB. There isn’t a neutral position on racism.”



In a post on Monday, Zuckerberg said Trump’s post and use of the historically racially charged phrase did not breach Facebook policies. “Our position is that we should enable as much expression as possible unless it will cause imminent risk of specific harms or dangers spelled out in clear policies,” he&nbsp;<a href="https://www.facebook.com/zuck/posts/10111961824369871" target="_blank" rel="noreferrer noopener">said</a>.



KEY BACKGROUND



The death of George Floyd after white policeman Derek Chauvin knelt on his neck for nearly nine minutes last Monday sparked outrage across the U.S. and subsequent protests in more than 75 cities. <a href="https://www.forbes.com/sites/isabeltogoh/2020/06/01/corporate-donations-tracker-here-are-the-companies-giving-millions-to-anti-racism-efforts/#701eab0037dc">Companies</a>, facing public pressure to speak out, have released statements pledging support to the black community, including Amazon, Netflix, Twitter and Peloton. On Monday, Zuckerberg<a href="https://www.forbes.com/sites/isabeltogoh/2020/06/01/facebook-pledges-10-million-to-racial-justice-campaigns/#2c2f71374250"> announced</a> Facebook is donating $10 million to groups campaigning for racial justice.



&#8211;<a href="https://www.forbes.com/sites/isabeltogoh/">Isabel Togoh</a>, Forbes Staff, <a href="https://www.forbes.com/business">Business</a>

gettyimages-1176382466-594×594

Facebook Employees Stage Virtual Revolt Against Zuckerberg’s Inaction On Trump’s ‘Shooting’ Post

President Donald Trump’s <a href="https://www.forbes.com/sites/mattperez/2020/04/14/president-trump-putting-a-hold-on-funding-to-the-world-health-organization/#fb6a30f63ee6">announcement</a> that the U.S.—the largest sponsor of the World Health Organization—will halt payments to the body in the midst of a pandemic because of its “mismanagement” of the coronavirus crisis has been slammed by the U.N., global leaders and Bill Gates as “dangerous”. 



<h2 class="wp-block-heading">KEY FACTS</h2>



<ul class="wp-block-list"><li>Trump <a href="https://www.forbes.com/sites/mattperez/2020/04/14/president-trump-putting-a-hold-on-funding-to-the-world-health-organization/#4964eb3d63ee">announced</a> he would hold payments in the midst of the coronavirus crisis, while a “review” is carried out to assess what he said was the WHO “severely mismanaging and covering up the spread of the coronavirus.”</li></ul>



<ul class="wp-block-list"><li>In response, U.N. Secretary-General Antonio Guterres said in a <a rel="noreferrer noopener" href="https://www.un.org/sg/en/content/sg/statement/2020-04-14/statement-the-secretary-general-the-world-health-organization" target="_blank">statement</a> that now is “not the time to reduce the resources for the operations of the World Health Organization or any other humanitarian organization in the fight against the virus.&#8221;</li></ul>



<ul class="wp-block-list"><li>Microsoft founder Bill Gates, whose philanthropic Gates Foundation is one of the WHO’s <a rel="noreferrer noopener" href="https://www.who.int/westernpacific/about/partnerships/donors" target="_blank">biggest</a> voluntary donors, <a rel="noreferrer noopener" href="https://twitter.com/BillGates/status/1250292126643941376?s=20" target="_blank">criticised</a> the move as being “as dangerous as its sounds…the world needs WHO now more than ever.”</li></ul>



<ul class="wp-block-list"><li>House speaker Nancy Pelosi blamed Trump “<a rel="noreferrer noopener" href="https://www.speaker.gov/newsroom/41420-0" target="_blank">ignoring warnings</a>” about the pandemic for causing “unnecessary deaths.”</li></ul>



<ul class="wp-block-list"><li>She tweeted: “Now more than ever, we need the truth. And the truth is that Donald Trump dismantled the infrastructure handed to him which was meant to plan for and overcome a pandemic, resulting in unnecessary deaths and economic disaster.”</li></ul>



<ul class="wp-block-list"><li>World leaders have urged Trump to rethink the decision, with China calling for the U.S. to fulfill its obligations, Germany and New Zealand calling for unity, while Australia’s Prime Minister Scott Morrison said the WHO was not immune from criticism.</li></ul>



<figure class="wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Halting funding for the World Health Organization during a world health crisis is as dangerous as it sounds. Their work is slowing the spread of COVID-19 and if that work is stopped no other organization can replace them. The world needs <a href="https://twitter.com/WHO?ref_src=twsrc%5Etfw">@WHO</a> now more than ever.&mdash; Bill Gates (@BillGates) <a href="https://twitter.com/BillGates/status/1250292126643941376?ref_src=twsrc%5Etfw">April 15, 2020</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Additional info: Trump’s decision comes as nearly 2 million people to date have contracted the coronavirus, 600,000 of them in the U.S., while 126,000 people have died.



Crucial comment: Guterres added: &#8220;Now is the time for unity and for the international community to work together in solidarity to stop this virus and its shattering consequences.&#8221;&nbsp;



The Geneva-headquartered body is the part of the U.N. in charge of global public health and has coordinated the global response to the COVID-19 pandemic.&nbsp;



Big number: $400 million. That’s how much the U.S. contributed to the WHO budget in 2018-2019, the BBC <a href="https://www.bbc.co.uk/news/world-us-canada-52289056" target="_blank" rel="noreferrer noopener">reports</a>. The U.S. makes up about 15% of payments to the WHO and is the <a href="https://www.forbes.com/sites/niallmccarthy/2020/04/08/which-countries-are-the-biggest-financial-contributors-to-the-world-health-organization-infographic/#57d07d0f494c">largest</a> financial contributor. The WHO is funded through membership payments from its 194 member states, as well as voluntary contributions.



Key background: Trump has threatened to pull out from funding the WHO in recent weeks, despite the U.S. becoming the centre of the global pandemic with the most cases and deaths. Trump accuses the body of being China-centric, declaring a pandemic late, and “opposing travel restrictions to China,” he said on Tuesday. But the WHO has also suggested that the U.S. largely failed to acknowledge the severity of the disease and its potential. The tension between the U.S. and the WHO is just one example of the struggle to implement a global response to the pandemic as individual states grapple with it in their own, unique and sometimes contradictory ways.



Tangent: Donald Trump is not the first U.S. President to defund a U.N. body but this tactic of withholding funds, or withdrawal, has become a hallmark of his administration. The U.S. will cease to be a member of the Paris Climate Agreement this year after Trump formally pulled the U.S. out in 2019, and he has also pulled out of the Iran Nuclear Deal and the UN Human Rights Council, among other agreements.



&#8211;<a href="https://www.forbes.com/sites/isabeltogoh/">Isabel Togoh</a>, Forbes Staff, <a href="https://www.forbes.com/business">Business</a>

gettyimages-1218858840-594×594-1

‘Dangerous As It Sounds’: Bill Gates, World Leaders And U.N. Condemn Trump’s Decision To Halt WHO Funding

Topline:&nbsp;U.S. Treasury Secretary Steven Mnuchin, who is leading the Trump administration’s economic response to the coronavirus, said on Wednesday that a large stimulus package is unlikely to get rolled out this week, though he confirmed that the government was taking steps to help small businesses and workers, as well as provide federal aid to industries hard hit by the outbreak.



<ul class="wp-block-list"><li>“The president very much wants to consider a stimulus bill, whether it is through a payroll tax or otherwise,” Mnuchin said during a House Appropriations subcommittee hearing on Wednesday. “We realize that may not get done this week, so we want to get done what we can do this week and we will come back.”</li><li>With Congress set to go into week-long recess on Thursday, lawmakers are scrambling to implement some measures of economic relief—since a larger stimulus package will likely require more time to win bipartisan support.</li><li>The Treasury Secretary, who has been meeting with top industry officials and lawmakers to coordinate a response, said that the government’s first priority is helping small businesses and employees to mitigate the economic pain inflicted by the coronavirus.</li><li>Mnuchin also confirmed an&nbsp;<a href="https://www.wsj.com/articles/u-s-treasury-likely-to-push-back-april-15-tax-filing-deadline-sources-11583897351?mod=hp_lead_pos6&amp;mod=article_inline" target="_blank" rel="noreferrer noopener">earlier report</a>&nbsp;that the administration will push back the April 15 tax filing deadline, which could add some $200 billion of liquidity to the economy—extending the deadline would effectively act as a short-term loan to consumers and businesses.</li><li>“For small- and medium-size businesses, we think it’s appropriate for the government to pick up the costs,” he&nbsp;<a href="https://www.wsj.com/articles/mnuchin-urges-congress-to-pass-stimulus-to-counter-coronavirus-impact-11583941954" target="_blank" rel="noreferrer noopener">said</a>, while also adding that the situation is “a little bit like a hurricane… we need to cover these outside-of-normal expenses.”</li><li>The administration is also considering&nbsp;<a href="https://www.wsj.com/articles/mnuchin-urges-congress-to-pass-stimulus-to-counter-coronavirus-impact-11583941954" target="_blank" rel="noreferrer noopener">loan guarantees</a>&nbsp;to different industries affected by the outbreak, including airlines, hotels, and cruise operators—as well as relief for U.S. shale companies hit hard by the ongoing oil price war between Saudi Arabia and Russia, though Mnuchin insisted that “these are not bailouts.”</li><li>Meanwhile, House Democrats plan to introduce a bill today on paid sick leave, unemployment insurance, food stamps and free coronavirus testing—with plans to vote on the legislation Thursday, before Congress goes into recess, the&nbsp;Wall Street Journal&nbsp;<a href="https://www.wsj.com/articles/house-democrats-to-unveil-coronavirus-response-measures-11583930749?mod=article_inline&amp;mod=article_inline" target="_blank" rel="noreferrer noopener">reports</a>.</li></ul>



Crucial quote:&nbsp;“As I’ve said before, this is not a multi-year issue,” Mnuchin&nbsp;<a href="https://www.cnbc.com/video/2020/03/10/mnuchin-says-theres-bipartisan-interest-in-spending-deal.html" target="_blank" rel="noreferrer noopener">told reporters</a>&nbsp;on Wednesday. “This is an issue that certain industries are going to be significantly impacted by and the President is very committed to make sure that we have the economic response appropriate for this economy.”



Key background:&nbsp;Nervous investors have anxiously been awaiting further details on the administration’s economic response to the fallout from the coronavirus since Trump promised “major” stimulus measures earlier this week. The stock market has seen&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2020/03/11/another-wild-day-on-wall-street-stocks-fall-as-investors-await-economic-response-to-coronavirus/#137e54a916d1">wild trading and volatility</a>&nbsp;in recent sessions, as coronavirus starts to have a bigger impact on U.S. businesses and economic activity. On Monday, stocks underwent a&nbsp;<a href="https://www.forbes.com/sites/sarahhansen/2020/03/09/stock-market-bloodbath-sp-dow-nasdaq-all-down-more-than-7-in-worst-drop-since-2008/#2b76a4d23041">historic sell-off</a>—where the Dow and S&amp;P fell almost 8% in their worst day since 2008. Both indexes&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2020/03/10/stocks-rally-dow-gains-more-than-1100-points-after-trump-promises-economic-response-to-coronavirus-fallout/">rose almost 5%</a>&nbsp;on Tuesday amid news of potential economic stimulus from the Trump administration, but&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2020/03/11/another-wild-day-on-wall-street-stocks-fall-as-investors-await-economic-response-to-coronavirus/#137e54a916d1">fell again on Wednesday</a>&nbsp;following a lack of specific details and unclear timeline for the government’s response. Stocks accelerated their losses later in the day after the WHO finally declared coronavirus a&nbsp;<a href="https://www.forbes.com/sites/rachelsandler/2020/03/11/world-health-organization-declares-coronavirus-a-global-pandemic/">global “pandemic.”</a>&nbsp;The Dow has now officially entered bear market territory, down 20% off its record highs, after falling almost 1,600 points—or 5.8%—on Wednesday. The S&amp;P 500 and Nasdaq both lost 5.2% and 4.9%, respectively.



Tangent:&nbsp;“We expect to pass bipartisan legislation very quickly—that&#8217;s the President’s number one priority,” Mnuchin&nbsp;<a href="https://www.cnbc.com/video/2020/03/10/mnuchin-says-theres-bipartisan-interest-in-spending-deal.html" target="_blank" rel="noreferrer noopener">said</a>&nbsp;on Wednesday. “He [Trump] is also focused on a larger stimulus package, looking at a payroll tax cut and other alternatives as well.” The Treasury Secretary also mentioned that he had a “productive meeting” with House Speaker Nancy Pelosi, as the two continue with ongoing “discussions about various different policies” to respond to the coronavirus.



What to watch for: Trump will be making a statement later today, after meeting with top industry executives. 



&#8211;<a href="https://www.forbes.com/sites/sergeiklebnikov/">Sergei Klebnikov</a>, Forbes Staff, <a href="https://www.forbes.com/markets">Markets</a>

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Here’s Everything We Know About The Trump Administration’s Economic Response To Coronavirus

When Donald Trump opened Trump Tower in 1983, it marked a seminal moment in American retail, as six stories of glitzy shops like Harry Winston and Cartier beckoned luxury buyers who strode past a live pianist and a 60-foot indoor waterfall. 



“We got the highest rents ever, anywhere,” says former Trump Organization executive Barbara Res, standing in the pink atrium four decades after she helped build it. 



Times have changed. Gazing around, almost all the tenants are now gone. The hollowing-out began years ago, but it has only gotten worse since Trump entered politics. Nike abandoned its attached flagship store earlier this year, and Ivanka Trump’s accessories business closed up shop as well. 



What’s left is basically nothing but Gucci, Starbucks and The Donald, wall-to-wall. Trump Bar sits atop Trump Grille, next to Trump Café, the Trump Store and Trump’s Ice Cream. It is unlikely Trump pays himself rent for any of them. “Things are all different now,” Res says.



That difference includes profits. Net operating income dropped 27% between 2014, the year before Trump announced his run for president, and 2017, his first year in the White House. 



When the real estate mogul descended the escalator to launch his campaign, in this very building, no one could have predicted the chain of events that would lead to this point. Even among those who gave his moon-shot presidential bid a chance of success, the assumption was that Trump would dump his assets before taking office. 



By refusing to divest, Trump raised an unprecedented question: How would the most divisive presidency in modern American history affect a company built on the president’s persona? Forbes has been working to answer that question since the moment Trump got elected, interviewing nearly 200 colleagues, partners and industry observers. 



While the experiment continues to unfold, in real time, the early results are in. Much as he’s trying—and he’s definitely trying—Donald Trump is not getting richer off the presidency. Just the opposite. His net worth, by our calculation, has dropped from $4.5 billion in 2015 to $3.1 billion the last two years, knocking the president 138 spots lower on the Forbes 400.



Three factors are at play. Much of that decline is due to deeper reporting, which revealed, for example, that the president had been lying about the size of his penthouse. Some of it is due to larger market forces. Trump owns commercial space at a time when e-commerce is decimating brick-and-mortar retail, shaving more than $100 million off his fortune—and no amount of bully-pulpit Amazon-bashing will change that. 



But the third factor comes from how Trump the president affects Trump the brand. Those familiar with him saw his 2016 run as a surreal marketing strategy, and Trump has said as much, telling Fortune way back in 2000, “It’s very possible that I could be the first presidential candidate to run and make money on it.” 



Since his unexpected ascent to the White House, Trump has tried to leverage the trappings of the presidency to benefit his commercial projects, from visits to his golf courses to hosting summits at Mar-a-Lago to launching a new hotel-licensing business aimed at his voters. (The Trump Organization denies the licensing business has to do with politics.)



“My father made a tremendous sacrifice when he left a company that he spent his entire life building to go into politics,” counters Eric Trump, who now comanages the Trump Organization on behalf of the president, in a statement to Forbes. 



“Everything he does is for the good of the American people—he has zero involvement in the Trump Organization and quite frankly to suggest otherwise is outrageous.” (Eric Trump himself, however, told Forbes shortly after the inauguration that he would provide the president bottom-line updates “probably quarterly.”)



Either way, Trump’s mixture of politics and business has proved to be a net loser for him so far. In further polarizing the country, he has also further polarized his business—to the tune of an estimated $200 million hit against his net worth. Understanding how that has happened offers a fresh window into the state of Trump Inc.—and Trump’s America.



In May 2016, a dozen or so golf course appraisers settled in at Trump National Doral, the president’s 643-room Miami mega-resort, for a few days of seminars and golf. At the time, Trump was steamrolling through the Republican primaries while bashing Mexicans, Muslims and even the pope. So it was no surprise when, inside his resort, the conversation turned to how the tumult was affecting Trump’s golf businesses.



A top Doral executive, of all people, was willing to provide an answer. According to three witnesses, he told the room of appraisers that business at the resort—whose revenues were as big as Trump’s ten other U.S. golf courses combined—was suffering because of the campaign. 



Historically, Doral had drawn much of its clientele from the Northeast, where Trump was and is especially unpopular. “At the time there was a lot of talk about comments that Trump had made,” says Jeff Dugas, who attended the event. “Nobody was extremely surprised.”



Big names like Nascar and the PGA Tour also pulled business from the club. After Trump won the election, Doral lost 100,000 booked room nights, according to someone who knows the resort’s business. While revenues for the Miami luxury hotel market jumped 4% overall in 2017 according to the data analytics firm STR, Doral’s revenues fell by an estimated 16%. 



And that was before a deranged gunman wandered into the lobby earlier this year, draped an American flag over the front desk and began shooting at the chandeliers before he was apprehended by ­police.



Overall, revenue at the president’s U.S. golf properties fell by an estimated 9% in 2017. It goes beyond politics—guests now endure metal detectors and bomb-sniffing dogs. “It’s not a country club experience,” a source familiar with Trump’s golf business says. “It was captivating at first, but it has become tiresome.” Not even the chance to rub shoulders with a sitting president can overcome this problem: Revenues appear to be down at the three courses Trump visits most often.



A similar scenario has played out in Trump’s traditional wheelhouse: luxury residential real estate. The president still holds roughly 500 condos, co-ops and mansions, all with their own complications, in terms of both hassles and branding. He has 37 units worth an estimated $215 million in midtown Manhattan. 



Prices for condos in Trump Tower have fallen every year since 2015, when Trump declared his candidacy, and are an estimated 33% below their highs. Similar trends are playing out a few blocks away at Trump Parc East, where prices are down 23%, and at Trump Park Avenue, where they have dropped 19%.



In Chicago, values of Trump condos have crept downward, the opposite direction of the overall market. “People bought into the building based on the brand being synonymous with luxury,” says Cyndy Salgado, a real estate broker who once worked for the Trump Organization, selling condos in the Chicago tower. 



“Now many people feel that the brand represents divisiveness, embarrassment and questionable morals.” All told, the shift in perception has erased an estimated $50 million from the value of his residential units in Chicago and New York.



On the Caribbean island of St. Martin, Mario Molinari, a real estate agent, recalls trying to show a Chinese billionaire a villa a few months ago. The seller, he says, was Donald Trump, who was offering 11 bedrooms, an outdoor bar and a private tennis court for $16.9 million. 



But when they got to the gate, the president’s property manager told them they needed background checks to go inside, which typically take a couple of days to process. “It’s too small for me,” the billionaire responded, miffed. More than a year after the place went on the market, Trump still hasn’t sold it.



Such weakness seems to have infected the Trump brand across the board. After multiple bankruptcies, Trump adroitly turned his business toward real estate management and licensing, slapping his name on other people’s buildings, ties, steaks and even a urine test—allowing him to make money while others take all the financial risk. 



But partners at three Trump-branded hotels (Toronto, Panama, New York City’s SoHo) have taken the president’s name off their projects, which helps explain why politics has dragged that segment of the Trump hotel empire down about $30 million, by Forbes’ estimates. Meanwhile, many of his licensing customers, including Macy’s and the mattress-maker Serta, fled in the early days of his abrasive campaign—and the president’s company doesn’t seem to have landed a single new deal since. 



In 2015, Forbes valued Trump’s product-licensing operation at $23 million. It’s now down to a mere $3 million. “He’s so polarizing that people are afraid to do business with him,” says Jeff Lotman, who runs the licensing company Global Icons. “He has significantly tarnished the brand.”



Headaches in the luxury market could, in theory, be offset by Trump’s newfound popularity with the larger, less affluent MAGA set. Four months after their father took office, Eric and Donald Trump Jr. announced a new business venture to bring lower-priced Trump brands to hotels in Middle America. 



Filings released months later indicate that the majority owner of this venture is none other than the president himself, with a 77% stake, positioning Trump to profit from his political stardom. 



But not much has come of it. The Trumps signed deals to brand four hotels in Mississippi, but those agreements generated only $27,000 last year. They told reporters there were as many as 35 other deals in the works—none of them have panned out so far. 



Trump’s business has some bright spots. A few blocks from the White House, at the Trump International Hotel, Trump fans hobnob with cable news stars and Cabinet secretaries. The place turned a $2 million profit in the first four months of 2017, far exceeding the Trump Organization’s expectations. A chunk of that money comes from various GOP organizations, which have pumped more than $1.3 million into the hotel since it opened in fall 2016, according to Federal Election Commission data. 



Despite what seems a violation of the Constitution’s emoluments clause, designed to keep presidents free from foreign financial interest, the governments of other nations are welcome too. Everyone from Kuwaiti officials to the prime minister of Malaysia has reportedly spent money there. And lobbyists working for Saudi Arabia disclosed that they ran up a $270,000 tab in just six months.



In terms of condo sales, Trump sold one in New York to a woman named Angela Chen, just a month after he took office. Chen paid $15.9 million, $1.8 million more than her downstairs neighbor shelled out for a similar apartment a year earlier. 



The deal sparked conflict-of-interest concerns because Chen is apparently the head of a business called Global Alliance Associates, which claims to use its network with the “highest levels of government officials” to help companies expand into China.



Presidential provenance is also proving lucrative. After Trump made Mar-a-Lago world famous, the club is said to have doubled its initiation fee to $200,000. Fallout from the president’s response to the deadly white-supremacist rally in Charlottesville reportedly prompted roughly 20 organizations to yank events from the club, likely costing Trump over $1 million in revenue. Nevertheless, Forbes estimates, Mar-a-Lago is now worth $160 million—$10 million more than it was before it became the winter White House.



The same goes for the president’s penthouse in Trump Tower. Although declining prices in the building have likely hurt its value, the 11,000-square-foot apartment became a historic landmark the moment Trump won the presidency. Forbes figures the election could have added $10 million to any potential deal.



This phenomenon also extends to the value of Trump’s Boeing 757, which became a backdrop for his campaign rallies. Some plane brokers think it could be worth double the roughly $20 million it would fetch if anyone else owned it (Forbes estimates a more conservative $6 million presidential premium). Eric Roth, who customized the interior of the plane for Trump, says, “What’s a baseball worth? About $3. What about if Babe Ruth signed it? It’s not $3 anymore.”



Some of the presidential profiteering appears more direct: On the day he assumed office, Trump took the unusual step of immediately launching his reelection campaign. 



Donor money kept flowing, and Trump’s companies have kept charging rent to the campaign. The result: America’s first billionaire president has turned more than $900,000 of donations into revenue for himself, without putting up a dime.



As long as he’s president—and refuses to divest his business holdings—Donald Trump will be able to boost his fortune in ways no other businessman can. Three days before Christmas last year, Trump sat in the Oval Office to sign the most significant tax reform legislation in decades. “This is something I’m very proud of,” he said, clutching a black marker. “Great for our country, great for the American people.”



Great as well for Donald Trump. The president famously refused to release his tax returns, but the new bill clearly benefits him. A Forbes analysis shows that Trump could save about 10% on business income. Based on Trump’s 2005 tax return, which leaked shortly after the real estate mogul took office, that could mean as much as $11 million annually. 



Other policies, which went into effect with far less fanfare, may also bolster his fortune. Take tariffs. Higher steel and aluminum prices make it more expensive for developers to build. For someone like Trump, who owns buildings but hasn’t done much construction recently, that ­raises the barrier to entry for competitors. 



His immigration policies, which appear to be raising the cost of construction labor, could have a similar effect. Those two factors are “very favorable to a guy who owns hard assets,” says Dave Rodgers, a real estate analyst at financial firm Baird. 



And while Trump promised not to do any new foreign deals while in office, cutting off a source of growth, opportunities will be waiting once his presidency ends. In the former Soviet republics of Georgia and Kazakhstan, Trump’s ex-business partners felt empowered to move ahead with potential projects, making it clear they are prepared to pay him down the road. 



“The tower will be ready for the Trump mark,” the president’s former partner in Georgia told Forbes last year, “if the Trump mark is ready to come back to the tower.” And Trump has not forgotten about his business: He asked about the Georgia project in a meeting with the country’s prime minister last year, according to the partners. 



For now, though, Trump’s presidency remains a net loser for him, which seems ironic. In not divesting, he set himself up so that his actions, and those of people who engage with his businesses, present perpetual conflicts of interest—or the appearance of them. 



Meanwhile, if he’d liquidated, paid capital gains tax on his entire fortune and created a blind trust to invest it all in the booming stock market, Trump would be $500 million richer than he is today—without the headaches.

How Trump Is Trying—And Failing—To Get Rich Off His Presidency

South Africa’s land expropriation without compensation intentions have caught the attention of United States President Donald Trump.

Trump tweeted on Thursday morning.
<blockquote class="twitter-tweet" data-lang="en">
I have asked Secretary of State <a href="https://twitter.com/SecPompeo?ref_src=twsrc%5Etfw">@SecPompeo</a> to closely study the South Africa land and farm seizures and expropriations and the large scale killing of farmers. “South African Government is now seizing land from white farmers.” <a href="https://twitter.com/TuckerCarlson?ref_src=twsrc%5Etfw">@TuckerCarlson</a> <a href="https://twitter.com/FoxNews?ref_src=twsrc%5Etfw">@FoxNews</a>
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1032454567152246785?ref_src=twsrc%5Etfw">August 23, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
A News report by Fox News stated that South Africa has began seizing land &#8220;from it&#8217;s own citizens because they are the wrong skin color&#8221;.
<iframe loading="lazy" src="https://www.youtube.com/embed/EThwj4NtnvU" width="651" height="366" frameborder="0" allowfullscreen="allowfullscreen"></iframe>
This follows after SA’s President Cyril Ramaphosa had a Q&amp;A on land expropriation in Parliament on Wednesday, and just over a month after land hearings began around the country.
Trump’s comments sent the rand 1.87% lower to the dollar to 14.42 as fears spooked investors that sanctions could be imposed on South Africa.
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