For bears of both the market and polar kind, a planet without an ice cap is a tragedy. The Arctic is warming four times faster than the world at large, causing ice to shrink by an area the size of Austria each year. Since the 1980s the volume of ice has fallen by 70% or more. The Arctic’s first ice-free day may occur before 2030. More
China is emphasizing its willingness to negotiate as increased tariffs on exports to the United States may soon become a reality.
China’s Ministry of Commerce has always maintained communication with “relevant” U.S. authorities on economy and trade, ministry spokesperson He Yadong said in response on Thursday.
“The Chinese side hopes that under the strategic guidance of the two heads of state, both sides will … properly manage differences,” He told reporters, according to a CNBC translation of the Mandarin.
U.S. President Donald Trump meets China’s President Xi Jinping at the start of their bilateral meeting at the G20 summit in Osaka, Japan, on June 29, 2019.
Kevin Lemarque | Reuters
BEIJING — China is emphasizing its willingness to negotiate as increased tariffs on exports to the United States may soon become a reality.
U.S. President Donald Trump said this week he may increase duties on Chinese goods by 10% as soon as Feb. 1. The White House on Monday also announced plans to investigate China over actions harmful to U.S. commerce.
China’s Ministry of Commerce has always maintained communication with “relevant” U.S. authorities on economy and trade, ministry spokesperson He Yadong said in response on Thursday.
“The Chinese side hopes that under the strategic guidance of the two heads of state, both sides will … strengthen dialogue and communication, properly manage differences, expand mutually beneficial cooperation and promote the stable and healthy development of China-U.S. economic and trade relations,” He added during a weekly press conference. That’s according to a CNBC translation of his Mandarin-language remarks.
Trump said last week that he spoke with Chinese President Xi Jinping over the phone about TikTok and trade. The Chinese side’s readout did not mention the social media app, but said Xi called for cooperation and cast the two countries’ economic ties as mutually beneficial.
“Tariffs are not conducive to China or the U.S., or the entire world,” commerce spokesperson He said.
“China is willing to work with the U.S. to push bilateral economic and trade relations in a stable, healthy and sustainable direction,” He said, noting that was on the basis of “mutual respect, peaceful coexistence and win-win cooperation.”
The comments echoed those of China’s Foreign Ministry spokesperson Mao Ning on Tuesday.
“We stand ready to maintain communication with the U.S., properly handle differences, expand mutually beneficial cooperation and pursue a steady, sound and sustainable development of China-U.S. relationship,” Mao said when asked about negotiations over tariffs.
“China will also firmly defend its own interests,” she said. That’s according to an official English-language transcript.
Even if 10% tariffs are imposed on China, that’s far lower than the original 60% that Trump had floated during his campaign.
Hours after his inauguration on Monday, Trump reiterated plans for 25% tariffs on Mexico and Canada, without specifying a figure for China. He said only that increased duties might be used to force Beijing-based ByteDance to sell social media app TikTok, whose future availability in the U.S. is now in question.
When asked about TikTok on Thursday, Chinese commerce spokesperson He said China “hopes the U.S. side will listen more to the voices of businesses and the public,” and “do more things that are conducive to economic and trade cooperation between China and the United States and the well-being of the people.” More
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The CEOs of Coinbase, Binance and Circle told CNBC they see a clearer path toward getting concrete laws for the crypto industry.
Coinbase’s Brian Armstrong said that he sees crypto entering the “dawn of a new day” with a Trump-led U.S. administration.
The U.S. Securities and Exchange Commission launched a “crypto task force” aimed at “developing a comprehensive and clear regulatory framework for crypto assets.”
FRANCE – 2025/01/20: In this photo illustration, Trump Meme , Trump the Crypto president, is seen displayed on a smartphone screen. (Photo Illustration by Romain Doucelin/SOPA Images/LightRocket via Getty Images)
Romain Doucelin | Getty Images
Cryptocurrency firm bosses are optimistic about the changes of comprehensive federal rules for the industry passing this year now that Donald Trump, who is a backer of bitcoin, returned to the White House.
The CEOs of Coinbase, Binance and Circle told CNBC they now see a clearer path toward securing some concrete rules on digital assets — unlike the previous U.S. administration, which took aggressive enforcement action against several major crypto companies.
Coinbase’s Brian Armstrong said that he sees crypto entering the “dawn of a new day” with a Trump-led U.S. administration.
“You have to remember: the last four years, we really felt like we were being attacked by this administration,” Armstrong told CNBC in a TV interview at the World Economic Forum’s annual event in Davos, Switzerland.
“They tried to weaponize the lack of clarity in the rules to really push back, even on the good actors,” Armstrong added. “There were some bad actors too, to be fair — but they even really tried to go after the good actors, I think, like us.”
Coinbase is the biggest crypto trading platform in the U.S. The firm often touts itself as a regulated alternative to offshore exchanges, like Binance.
Regulatory clarity to boost sector
On Tuesday, the U.S. Securities and Exchange Commission announced the launch of a “crypto task force” aimed at “developing a comprehensive and clear regulatory framework for crypto assets.”
The SEC panel will be tasked with developing a clear set of rules for the crypto sector, while also addressing issues regarding registration of coins, according to a statement from the agency.
Coinbase’s Armstrong said the current main priority for crypto as an industry is working to get legislation passed in the U.S. to offer clarity.
“The industry is just ready for this new change,” he told CNBC. “They’re ready for clear rules. And that’s our big push.”
Richard Teng, CEO of Binance, highlighted token issuance, trading and asset management as some of the key things he’s expecting to see progress on in terms of crypto-specific legislation in the U.S.
Teng said he sees “much clearer regulation” happening in the U.S. this year — and that this would be supportive for bitcoin and other digital assets.
“If you look at past cycles, this year will be a year that we see a new all-time high for the crypto industry,” Teng said in a CNBC-hosted fireside discussion in Davos, Switzerland.
Bitcoin, the world’s largest cryptocurrency, passed the $100,000 price milestone for the first time last year, as traders grew optimistic about the crypto industry’s prospects under a Trump administration.
As of Wednesday, the token was trading at a price of about $104,000, according to CoinGecko data.
U.S. strategic bitcoin reserve
Binance’s Teng is also expecting the U.S. to establish a strategic bitcoin reserve — something Trump suggested he’d do during his campaign.
Jeremy Allaire, CEO of Circle, said he believes “it would be prudent for central banks to hold some reserves in something like bitcoin,” adding this could cause a return to commodity-backed money.
“If we look back when we decoupled from non-sovereign commodity money, we really saw around the world incredible abuses through fiat and that goes on,” Allaire said. “The vast majority of governments in the world are significantly in debt.”
“It’s taken kind of open heart surgery, shock therapy, in a place like Argentina to get out of this vicious cycle. And I respect that this is a important topic for the U.S. government now,” he added.
Trump has previously suggested that a U.S. national bitcoin reserve could be underpinned by crypto assets seized from criminal operations, such as hackers and fraud rings.
Stablecoin laws expected
Along with a pro-crypto president, the U.S. now also has senators and representatives who are supportive of the technology and want to put regulation in place — something that’s “absolutely appropriate,” Allaire stressed.
Allaire noted there are already “American champions” in the crypto space such as Circle, Coinbase and blockchain platform Solana. “I think under this new administration, we’ll see very likely rapid progress in rule making and policy making to advance this industry,” he said.
Circle’s CEO sees the U.S. advancing legislation particularly around so-called stablecoins — digital tokens designed to be pegged to real-world assets like the dollar — given that there’s already bipartisan support in Congress for such tokens. Circle is behind USDC, which is one of the largest stablecoins.
The Clarity for Payment Stablecoins Act, a bill that seeks to establish a regulatory regime to license issuers of stablecoins, was working its way through Congress before last year’s election. It has yet to pass a House vote. More
A record share of U.S. companies in China are accelerating plans to relocate manufacturing or sourcing, according to the American Chamber of Commerce in China.
The increase — to 30% of respondents having considered or started such diversification in 2024 — surpassed the prior high of 24% in 2022, according to annual surveys from the American Chamber of Commerce in China.
The latest AmCham China survey covered 368 members from Oct. 21 to Nov. 15. Trump was re-elected U.S. president on Nov. 5.
Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019.
Aly Song | Reuters
BEIJING — A record share of U.S. companies in China are accelerating their plans to relocate manufacturing or sourcing, according to a business survey released Thursday.
About 30% of the respondents considered or started such diversification in 2024, surpassing the prior high of 24% in 2022, according to annual surveys from the American Chamber of Commerce in China.
That also exceeded the 23% share reported for 2017, when U.S. President Donald Trump began his first term and started raising tariffs on Chinese goods.
In addition to U.S.-China tensions, “one of the major impacts that we’ve seen in the last five years was Covid and how China closed itself off from the world because of Covid,” Michael Hart, Beijing-based president of AmCham China, told reporters Thursday.
“That’s been one of the largest triggers as people realized they needed to diversify their supply chains,” he said. “I don’t see that trend slowing down.”
China restricted international travel and locked down parts of the country during the Covid-19 pandemic in an attempt to restrict the spread of the disease.
While India and Southeast Asian countries remained the most popular destination for relocating production, the survey showed 18% of the respondents considered relocating to the U.S. in 2024, up from 16% the prior year.
The majority of U.S. companies did not plan to diversify. Just over two-thirds, or 67%, of respondents said they were not considering relocating manufacturing, a 10 percentage point drop from 2023, the survey showed.
The latest AmCham China survey covered 368 members from Oct. 21 to Nov. 15. Trump was re-elected U.S. president on Nov. 5.
Trump this week affirmed plans to raise tariffs on Chinese goods by 10%, and said the duties could come as soon as Feb. 1. That follows an increasingly tough U.S. stance on China. The Biden administration had emphasized the U.S. is in competition with China and issued sweeping restrictions on the ability of Chinese companies to access high-end U.S. tech.
More than 60% of the respondents said U.S.-China tensions were the biggest challenge for doing business in China in the year ahead. Competition from local state-owned companies or privately owned Chinese companies was the second-biggest challenge for U.S. businesses operating in China, according to the survey.
Slower economic growth
Adding to geopolitical pressures, growth in the world’s second-largest economy has slowed, with muted consumer spending since the pandemic. Chinese authorities in late September started ramping up efforts to stimulate growth and halt the real estate slump.
For a third-straight year, more than half of AmCham China respondents said they did not make a profit in the country, adding that the region had become less competitive in terms of margins versus other global markets.
The proportion of companies no longer listing China as a preferred investment destination climbed to 21%, doubling from pre-pandemic levels, the survey said.
Looking ahead, however, tech, industrial and consumer businesses said they viewed growth in domestic consumption as the top business opportunity for 2025, the survey said. Services firms said their top opportunity was Chinese companies looking to expand overseas.
Hart noted that many members are still optimistic on Chinese consumers as a “sizeable, important market.” More
Stellantis Chairman John Elkann detailed several upcoming plans for U.S. investments when meeting with President Donald Trump during a dayslong trip before his Monday inauguration.
The plans included confirmations of investments in plants in Ohio, Illinois, Indiana and Michigan.
Stellantis Chairman John Elkann speaks during the presentation of the new Fiat Panda as Fiat celebrates the 125th anniversary of its brand in Turin, Italy, July 11, 2024.
Massimo Pinca | Reuters
DETROIT — Stellantis Chairman John Elkann detailed several upcoming plans the trans-Atlantic automaker has for U.S. investments when meeting with President Donald Trump during a dayslong trip to Washington, D.C., before Trump’s Monday inauguration.
The plans, as outlined in an internal message Wednesday to U.S. employees, included creating 1,500 jobs and reopening a plant in Illinois to build a new midsize pickup truck in 2027; building a new version of the Dodge Durango SUV that was being considered for Mexico at a Detroit plant instead; and adding more support for plants in Toledo, Ohio, and Kokomo, Indiana.
“John told the President that building on our proud, more than 100-year history in the U.S., we plan to continue that legacy by further strengthening our U.S. manufacturing footprint and providing stability for our great American workforce,” Antonio Filosa, head of Stellantis’ North American operations, said in the message.
Leaders from each of the “Big Three” automakers in Detroit have now separately spoken or met with Trump. They also were among the companies to each donate $1 million to Trump’s inauguration.
General Motors on Wednesday confirmed CEO Mary Barra also spoke with Trump prior to the inauguration about the U.S. automotive industry and economy. The company characterized it as a great, “friendly and productive” conversation.
Flanked by Blackstone CEO Stephen Schwarzman (L) and General Motors CEO Mary Barra (R), U.S. President Donald Trump holds a strategy and policy forum with chief executives of major U.S. companies at the White House in Washington February 3, 2017.
Kevin Lamarque | Reuters
Ford Motor Chair Bill Ford earlier this month said he had a lengthy phone call with the then-president-elect.
“We had a long, long, conversation,” Ford said Jan. 9 during an event for the Detroit Auto Show. “He called me out of the blue and we had a terrific conversation. And he understands the importance of our industry and Ford in the industry. He wants to be helpful. I think once he gets his staff together, we’ll probably be able to go a little bit deeper.”
Some of the Stellantis’ announcements, such as building the midsize pickup truck in Illinois, were previously expected under a contract with the United Auto Workers union. However, they had come into question under strategic decisions made by former Stellantis CEO Carlos Tavares.
UAW President Shawn Fain, who had been campaigning for Tavares’ firing, hailed the announced plans. The union had previously filed grievances and held anti-Stellantis rallies over job cuts and potential changes to the company’s production plans.
“This victory is a testament to the power of workers standing together and holding a billion-dollar corporation accountable. We’ve shown that we will do what it takes to protect the good union jobs that are the lifeblood of places like Belvidere, Detroit, Kokomo, and beyond,” Fain said in a statement Wednesday.
The New York Stock Exchange welcomes The Jeep Brand (NYSE: STLA) to the podium, on May 31, 2024. To honor the occasion, Antonio Filosa, Chief Executive Officer, joined by Lynn Martin, President, NYSE Group rings The Opening Bell®.
Elkann, scion of Italy’s Agnelli family who founded Fiat, is overseeing the automaker amid a search for a new CEO following Tavares’ abrupt December departure amid declining profits, slumping market share and disagreements with the company’s board.
Plans for Stellantis’ Jeep complex in Ohio include “additional technologies and strong product actions for Jeep Wrangler and Jeep Gladiator” and “more components critical” to supporting facilities.
Stellantis’ investments for Indiana include production of a new four-cylinder engine, according to the memo.
“Our plans, focused on increasing market share and growing sales volume, entail a multibillion-dollar investment in our people, great products, and innovative technology, all here in the U.S.,” Filosa said.
Reuters on Tuesday reported Elkann met with Trump and several top administration officials before Trump’s inauguration, which Elkann was invited to but did not attend.
Elkann, who also serves as chairman of Ferrari, flew back to Italy prior to the inauguration to meet seven-time world champion Lewis Hamilton as the new Ferrari Formula One driver, Reuters reported.
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CNN is planning to lay off hundreds of employees this week.
NBC News is also planning layoffs this week, although the scale will be much smaller than those at CNN.
Newsrooms around the U.S. are reorganizing around digital audiences as fewer people watch cable and broadcast news.
The stage is set for the first 2024 presidential debate between U.S. President Joe Biden and former U.S. President Donald Trump, in Atlanta on June 26, 2024.
John Nowak | CNN | Via Reuters
Warner Bros. Discovery’s CNN plans to lay off hundreds of employees Thursday as it refocuses the business around a global digital audience, according to people familiar with the matter.
The layoffs come as CNN is rearranging its linear TV lineup and building out digital subscription products. The cuts will help CNN lower production costs and consolidate teams, said the people, who spoke on the condition of anonymity to discuss nonpublic changes.
Certain shows that are produced in New York or Washington may move to Atlanta, where production can be done more cheaply, said the people.
For the most part, the job cuts won’t affect CNN’s most recognizable names, who are under contract, said the people. CNN has about 3,500 employees worldwide.
During a town hall meeting earlier this month, CNN CEO Mark Thompson said the media company has received an investment of “more than $70 million” from Warner Bros. Discovery to help fund the company’s digital operations. Part of that investment will go toward hiring employees in areas where CNN sees potential growth avenues, such as data scientists and product development.
In October, CNN launched a digital paywall, charging heavier users of the site $3.99 per month.
NBC News is also planning cuts later this week, according to people familiar with the matter. While the exact number couldn’t be determined, the job losses will be well under 50, two of the people said.
Spokespeople for NBC News and CNN declined to comment.
Both news organizations waited until after the U.S. presidential inauguration to make the cuts. The news media landscape is in transition as fewer people watch linear TV and more consume their news on streaming services and through social media.
Disclosure: NBCUniversal is the parent company of CNBC and NBC News. More
Family offices are paying top dollar to compete with Wall Street, not only for C-suite roles but also for administrative positions.
Executive assistants can command base salaries of as much as $190,000 at family offices with billions in assets.
These well-paid assistants are expected to go above and beyond for these ultra-rich employers.
Martin-dm | E+ | Getty Images
Good help is hard to find. Family offices, the private investment firms of the ultra-wealthy, are increasingly willing to pay extra for it.
The talent war between family offices and Wall Street has driven up salaries not only for top investment roles but also for administrative staff. While compensation depends on the size and scope of the family office, executive assistants now often command base salaries exceeding $140,000, according to three recruiters who spoke to CNBC. This is well above the industry average of $81,500 for a senior executive assistant post, according to staffing firm Robert Half.
There are about 8,000 single-family offices worldwide, with nearly 3,200 in North America, according to a survey by Deloitte Private. Family office administration roles can come with sweeping responsibilities well beyond typical duties, such as compiling expense reports and managing correspondence. Mandates to organize travel for the entire family or coordinate household staff at multiple personal residences, for example, are frequently fair game.
“You will have to do anything for this person, and you don’t know what that will be,” said Jonathan Hova, recruiter and senior vice president at Career Group. “If a pipe bursts in Southampton in January, that’s where you’re going.”
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The median base salary for executive assistants at family offices is $100,048, according to a survey of 436 family offices and family investment firms by Botoff Consulting.
The larger the family office the more executive assistants can expect to be paid. At family offices with at least $2.5 billion in assets under management, that median pay is about 35% higher, the survey found.
That’s before annual bonuses, which typically range from 10% to 20% of the base salary, according to Botoff.
The top 10% of administrative assistants at family offices regardless of size make $188,800 with a 20% bonus, according to the survey. Among the largest family offices, which are more likely to use long-term incentive plans, the top 10% of assistants can see all-in compensation of up to $240,000.
“Certainly for some families there is going to be some sticker shock,” said Trish Botoff, founder and managing principal of Botoff Consulting. “But I think they also find that when they can control services that are being provided, how it’s being done, who it’s being done by, they’re much happier with the results they get.”
Executive assistants to family offices are often required to travel with the executives they support, both on personal and professional trips.
Recruiter Dawn Faktor Pincus is looking to hire an executive assistant who will travel with the family office principal at least once a month, including on holidays. She estimated the total compensation for the role would top $200,000 between a $170,000 base salary, travel pay and sign-on and yearly bonuses.
The travel and time commitment are just part of why the role pays so much, said Faktor Pincus, a senior recruiter at Howard-Sloan Search. These ultra-rich employers are often picky, desiring candidates with top-tier or Ivy League degrees or previous experience working with high-net-worth individuals, which comes at a premium, she said. For one family office seeking an executive assistant with a creative background, she placed a graduate of a prestigious university who was an aspiring novelist.
“It’s a small pool,” Faktor Pincus said.
Most of these family offices seek at least five years of related experience, with some requiring at least eight to 10 years due to the complexity of the role, according to recruiter Fira Yagyaev of Larson Maddox.
“They are really in the weeds of what the family experiences day to day so it is probably one of the most crucial hires,” said Yagyaev, head of wealth management, trust and family office services at the recruiting agency.
At the same time, these accomplished assistants are expected to take on any task, big or small, without complaint. Hova said executive assistants can expect at least 10% of their work to verge on personal assistant duties.
“It is always a service role,” he said.
Plus, the work comes with thorny personalities, said Faktor Pincus.
“A lot of times the ultra-high-net-worth individuals could be difficult,” she said. “People don’t become as successful as they are by being so nice and sweet.” More
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JPMorgan CEO Jamie Dimon told CNBC on Wednesday that the looming tariffs that President Donald Trump is expected to slap on U.S. trading partners could be viewed positively.
“If it’s a little inflationary but it’s good for national security, so be it. I mean, get over it,” Dimon said during an interview at the World Economic Forum in Davos, Switzerland.
JPMorgan Chase CEO Jamie Dimon said Wednesday that the looming tariffs that President Donald Trump is expected to slap on U.S. trading partners could be viewed positively.
Despite fears that the duties could spark a global trade war and reignite inflation domestically, the head of the largest U.S. bank by assets said they could protect American interests and bring trading partners back to the table for better deals for the country, if used correctly.
“If it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it,” Dimon told CNBC’s Andrew Ross Sorkin during an interview at the World Economic Forum in Davos, Switzerland. “National security trumps a little bit more inflation.”
Since taking office, Trump has been saber-rattling on tariffs, threatening Monday to impose levies on Mexico and Canada, then expanding the scope Tuesday to China and the European Union. The president told reporters that the EU is treating the U.S. “very, very badly” due to its large annual trade surplus. The U.S. last year ran a $214 billion deficit with the EU through November 2024.
Among the considerations are a 10% tariff on China and 25% on Canada and Mexico as the U.S. looks forward to a review on the tri-party agreement Trump negotiated during his first term. The U.S.-Mexico-Canada Agreement is up for review in July 2026.
Dimon did not get into the details of Trump’s plans, but said it depends on how the duties are implemented. Trump has indicated the tariffs could take effect Feb. 1.
“I look at tariffs, they’re an economic tool, That’s it,” Dimon said. “They’re an economic weapon, depending on how you use it, why you use it, stuff like that. Tariffs are inflationary and not inflationary.”
Trump leveled broad-based tariffs during his first term, during which inflation ran below 2.5% each year. Despite the looming tariff threat, the U.S. dollar has drifted lower this week.
“Tariffs can change the dollar, but the most important thing is growth,” Dimon said.
Dimon wasn’t the only big Wall Street CEO to speak of tariffs in a positive light.
Goldman Sachs CEO David Solomon, also speaking to CNBC from Davos, said business leaders have been preparing for shifts in policy, including on trade issues.
“I think it turns into a rebalancing of certain trade agreements over time. I think that rebalancing can be constructive for U.S. growth if it’s handled right,” Solomon said. “The question is, how quickly, how thoughtfully. Some of this is negotiating tactics for things over than simply trade.”
“Used appropriately, it can be constructive,” he added. “This is going to unfold over the course of the year, and we have to watch it closely.” More
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