The Senate has confirmed Marco Rubio as secretary of state, marking President Donald Trump's first Cabinet appointment on Inauguration Day, reports AP. On Monday, the Senate unanimously approved Rubio’s nomination with a decisive 99-0 vote. A Republican senator from Florida, Rubio is considered one of Trump’s least contentious choices. Another nominee, John Ratcliffe, for CIA director, is expected to face a swift vote as early as Tuesday, while votes on other nominees, including Pete Hegseth for defense secretary, may occur later in the week. Trump pauses US TikTok ban with executive order “Marco Rubio is a very intelligent man with a remarkable understanding of American foreign policy,” said Sen. Chuck Grassley of Iowa, the Senate’s senior Republican, as proceedings began. It is traditional for the Senate to convene shortly after a presidential inauguration to confirm key national security appointments. During Trump’s first term, defense and homeland security secretaries were confirmed on day one, and President Joe Biden’s director of national intelligence was similarly confirmed on his inauguration day. With Trump returning to the White House and Republicans holding a congressional majority, his Cabinet nominees are progressing despite initial bipartisan skepticism. Trump suspends US foreign aid for 90 days After his confirmation, Rubio expressed gratitude and readiness. “It’s an important job in an important time, and I’m honoured by it,” he said, surrounded by colleagues in the Senate chamber. Senate Majority Leader John Thune announced plans to expedite votes on Trump’s Cabinet picks, stating that voting would begin “imminently.” Democrats, while opposing some of Trump’s more controversial nominees, have opted to support qualified candidates like Rubio. Senate Democratic Leader Chuck Schumer remarked that Democrats would not “rubber-stamp” unqualified nominees but would support those deserving of serious consideration, citing Rubio as one such example. Rubio’s nomination was unanimously advanced by the Senate Foreign Relations Committee late Monday, while other committees approved nominees like Hegseth, Ratcliffe, Kristi Noem for homeland security secretary, and Russell Vought for director of the Office of Management and Budget, though some faced opposition. Rubio, a seasoned senator and former Trump rival in the 2016 presidential race, has cultivated a closer relationship with Trump in recent years. As secretary of state, he becomes the first Latino to hold the position, taking over from outgoing Secretary Antony Blinken. Born in Miami to Cuban immigrants, Rubio has a strong background in foreign affairs, particularly in South America, and is known for his firm stance on China. During his confirmation hearing, Rubio highlighted concerns over the U.S.’s “unbalanced relationship” with China. While aligned with Trump’s anti-globalist rhetoric, Rubio also recognises the importance of U.S. engagement on the global stage, earning him bipartisan support. Asian shares show mixed performance following Trump inauguration The Senate’s 53-47 split, which is temporarily reduced due to recent resignations, necessitates near-unanimous Republican support to advance nominees. Procedural delays are expected with some, including Hegseth, potentially extending votes into later in the week.

On Monday, US President Donald Trump issued an executive order extending TikTok’s operations for 75 days, a move that offers a reprieve for its users despite ongoing concerns about national security, reports AP. ByteDance, TikTok’s China-based parent company, was required to secure a U.S. buyer or face a ban by Jan. 19. Trump’s order potentially provides additional time for ByteDance to arrange a sale. Content creators respond to TikTok's uncertain future in the US “I guess I have a warm spot for TikTok,” Trump remarked. TikTok CEO Shou Zi Chew attended Trump’s inauguration earlier in the day, seated alongside prominent U.S. tech leaders. Since joining the platform last year, Trump has gained nearly 15 million followers and credited TikTok for helping him connect with younger voters. However, its 170 million U.S. users faced a 12-hour outage between Saturday night and Sunday morning. The platform went offline shortly before a ban—approved by Congress and upheld by the U.S. Supreme Court—was set to take effect Sunday. Following Trump’s announcement on Monday to temporarily halt the ban, TikTok restored access for existing users. However, Google and Apple have yet to reinstate the app in their stores. The executive order raises questions about Trump’s strategy to address the regulatory, legal, financial, and geopolitical issues surrounding TikTok. Origins of the TikTok Ban TikTok, known for its short-form video content and advanced recommendation algorithm, has long faced scrutiny over its potential use by Beijing for spying or propaganda. This concern predates Trump’s first term. In 2020, Trump issued executive orders targeting ByteDance and WeChat, another Chinese-owned app. While courts blocked those efforts, Congress passed a law last year mandating TikTok’s sale to a U.S. buyer or a ban. The law, effective Sunday, allows fines of up to $5,000 per U.S. TikTok user for mobile app stores, such as Apple and Google, and hosting services like Oracle that continue distributing the app. On Sunday, Trump urged U.S. service providers to keep TikTok operational while he prepared an executive order pausing the ban. “The order will also ensure no liability for companies that kept TikTok online before it was signed,” Trump wrote on Truth Social. Could the Law Allow a Delay? The law includes provisions for a 90-day extension if progress toward a sale is evident before the ban’s effective date. However, Sarah Kreps, director of Cornell University’s Tech Policy Institute, questions whether this extension can apply retroactively. “Executive orders can’t override existing laws,” Kreps explained. “It’s unclear if the president has the authority to extend a law already in effect.” Alan Rozenshtein, a law professor at the University of Minnesota, notes that the president may have discretion to interpret what constitutes a “qualified divestiture” under the law, potentially allowing Trump to decide when ByteDance meets the requirements. TikTok goes dark in the US Could ByteDance Sell TikTok? Despite ByteDance’s reluctance to sell, Beijing hinted at a softer stance on Monday, potentially allowing TikTok’s separation from its Chinese parent company. Chinese Vice President met with U.S. Vice President JD Vance and Elon Musk on Sunday. Chinese Foreign Ministry spokesperson Mao Ning stressed that business decisions should follow market principles and adhere to Chinese regulations. Previously, Beijing resisted selling TikTok, portraying the app as a symbol of resistance against U.S. pressure. However, Chinese President Xi Jinping and Trump discussed TikTok during a call on Friday, though specifics were not disclosed. Trump has proposed a U.S. government-brokered deal for 50% control of TikTok, estimating its value at $500 billion. “It’s worthless without a U.S. buyer,” Trump stated. Enforcement Challenges The Justice Department typically enforces federal laws, but Trump’s executive order directs the attorney general to hold off enforcing the TikTok ban for 75 days to reassess the situation. This delay might face legal challenges but offers TikTok more time. Trump’s actions could conflict with lawmakers who supported the ban. House Speaker Mike Johnson reiterated the need for ByteDance’s full divestiture, saying, “I think we will enforce the law.” Kreps noted the issue could raise questions about separation of powers and checks and balances, as enforcement is not solely under the executive branch’s purview. Potential Legal Hurdles Senator Tom Cotton of Arkansas highlighted several entities that could pursue enforcement of the ban, including state attorneys general and private organisations. TikTok users grapple with uncertainty, hope and frustration as ban approaches Gus Hurwitz, a legal expert, remarked that tech companies often weigh the risk of civil penalties against their business interests. Compliance decisions could become particularly complex if shareholder lawsuits arise. Companies Respond Questions remain about the actions of companies supporting TikTok’s servers, such as Oracle and Akamai Technologies, as well as the decisions by Apple and Google to remove the app from their stores. Oracle, which holds a 12.5% stake in TikTok Global, has not commented. Apple and Google have cited compliance with U.S. laws for pausing downloads.

US President Donald Trump issued an executive order on Monday temporarily halting all U.S. foreign assistance programs for 90 days while conducting reviews to assess their alignment with his administration's policy objectives, reports AP. The immediate impact of the order on funding was unclear, as many programs have already been allocated funding by Congress, which is either obligated or already spent. Asian shares show mixed performance following Trump inauguration In the order, one of several signed on his first day back in office, Trump criticised the “foreign aid industry and bureaucracy,” claiming they often contradict American interests and values. He further stated that such programs “destabilise world peace by promoting ideas in foreign countries that conflict with harmonious and stable internal and international relations.” Trump declared that no U.S. foreign assistance would be disbursed unless it was fully aligned with the President's foreign policy objectives. During his confirmation hearing last week before the Senate Foreign Relations Committee, Secretary of State Marco Rubio emphasised the importance of justifying all expenditures and programs with three key questions: “Does it make America safer? Does it make America stronger? Does it make America more prosperous?” The order grants Rubio or his designee, in coordination with the Office of Management and Budget, the authority to evaluate foreign assistance programs. The State Department and the U.S. Agency for International Development remain the primary agencies overseeing such aid. Trump has consistently criticised foreign aid, despite it typically accounting for about 1% of the federal budget, except in exceptional cases such as the extensive military aid provided to Ukraine. He has specifically voiced concerns about the volume of assistance sent to Ukraine to support its defense against Russia's invasion. Trump pardons 1,500 Jan 6 defendants including violent rioters The most recent official report on foreign aid under the Biden administration, from mid-December 2023, indicated that $68 billion had been allocated for programs abroad, including disaster relief, health, and pro-democracy initiatives in 204 countries and regions. Major recipients of U.S. aid, such as Israel ($3.3 billion annually), Egypt ($1.5 billion annually), and Jordan ($1.7 billion annually), are unlikely to face significant cuts due to long-standing agreements, some governed by treaties. Republican administrations, including Trump’s, have traditionally targeted funding to U.N. agencies for reductions or cuts. During Trump’s first term, payments to various U.N. agencies, such as the U.N. Population Fund, and funding to the Palestinian Authority were suspended. Additionally, the U.S. had already exited the U.N. Human Rights Council under Trump’s leadership, ceasing related financial obligations. A bill signed by former President Joe Biden in March barred U.S. funding for the U.N. agency for Palestinian refugees (UNRWA).

President Joe Biden will not implement a TikTok ban scheduled to take effect just before he leaves office, according to a U.S. official. Instead, the app's future now depends on President-elect Donald Trump. Congress passed a law last year, signed by Biden, requiring TikTok's Chinese parent company, ByteDance, to divest its U.S. operations by Jan. 19, a day before the presidential inauguration. However, the outgoing administration has decided to defer enforcing the law and any associated ban to Trump. Anonymously discussing the Biden administration’s perspective, the official revealed that Trump, who once advocated banning TikTok, has since promised to keep it operational in the U.S. However, his transition team has not clarified their approach to achieving this. TikTok CEO Shou Zi Chew is expected to attend Trump’s inauguration, potentially signaling the incoming administration’s intent to prevent the app’s shutdown. National security adviser-designate Mike Waltz told Fox & Friends on Thursday that the federal law permits an extension of the divestment deadline if viable negotiations are underway. The debate over TikTok has bridged party lines. Senate Democratic Leader Chuck Schumer stated he discussed the issue with Biden, advocating for more time to secure an American buyer and protect the livelihoods of influencers reliant on the platform. However, Republican Senator Tom Cotton blocked a legislative effort to extend the deadline, arguing TikTok has had sufficient time to comply. “Tiktok is a Chinese Communist spyware app that exploits children, harvests data, and spreads propaganda,” Cotton remarked. Meanwhile, TikTok’s legal challenge to the divestment law was recently heard by the Supreme Court, where justices appeared inclined to uphold the statute. The law cites national security concerns as grounds for ByteDance’s divestiture or TikTok’s ban in the U.S. “If the court upholds the law, President Trump is clear: TikTok is a valuable platform, but he will prioritize protecting Americans’ data,” Waltz said. He suggested the administration would work toward a deal to keep the app functional. In another development, Pam Bondi, Trump’s nominee for attorney general, avoided committing to upholding a TikTok ban during her Senate hearing. Trump has shifted his stance on TikTok since his initial attempts to ban it during his first term, now praising its role in engaging younger voters during his campaign. He has even credited the platform for boosting his appeal to younger demographics, particularly male voters, and pledged to safeguard TikTok during his campaign.        

Trump’s pick for national security adviser, Florida Rep. Mike Waltz, said in an interview on Wednesday that the president-elect is exploring options to “preserve” TikTok. Waltz made the comment when Fox News anchor Bret Baier asked him about a report from The Washington Post that said Trump was considering an executive order to suspend enforcement of a federal law that could ban the popular platform nationwide by Sunday. Last week, the Supreme Court heard oral arguments in a legal challenge to the statute brought by TikTok, its China-based parent company ByteDance, and users of the app. The Justices seemed likely to uphold the law, which requires ByteDance to divest TikTok on national security grounds or face a ban in one of its biggest markets. “If the Supreme Court comes out with a ruling in favor of the law, President Trump has been very clear: Number one, TikTok is a great platform that many Americans use and has been great for his campaign and getting his message out. But number two, he’s going to protect their data,” Waltz said. US TikTok users flock to Chinese app Xiaohongshu as TikTok ban looming “He’s a deal maker. I don’t want to get ahead of our executive orders, but we’re going to create this space to put that deal in place," he added. Separately on Wednesday, Pam Bondi, Trump’s pick for attorney general, dodged a question during a Senate hearing on whether she’d uphold a TikTok ban. Trump has reversed his position on the popular app, having tried to ban it during his first term in office over national security concerns. He joined TikTok during his 2024 presidential campaign and his team used it to connect with younger voters, especially male voters, by pushing content that was often macho and aimed at going viral. He pledged to “save TikTok” during the campaign and has credited the platform with helping him win more youth votes.

Japan and the Philippines intend to emphasise to President-elect Donald Trump the critical importance of continued U.S. involvement in upholding the rule of law in Asia, particularly amid escalating security concerns, Japan's Foreign Minister said on Wednesday, reports AP. Under President Joe Biden, the U.S., Japan, and the Philippines have been fostering a strategic alliance to address China's increasingly assertive actions in the contested South China Sea and East China Sea. However, Trump's "America First" policy has raised doubts about the future extent of U.S. engagement in the region. Blinken heads to Asia, Europe on last expected trip as top US diplomat Japanese Foreign Minister Takeshi Iwaya, speaking at a news conference alongside his Philippine counterpart Enrique Manalo in Manila, stated, "We will communicate to the next U.S. administration that constructive U.S. engagement in this region is not only crucial for us but also beneficial for the U.S. itself." Iwaya confirmed his plans to attend Trump’s inauguration on January 20 as Japan remains a close treaty ally of the U.S., alongside the Philippines. Musk hiring cheaper tech servants from Asia: Alleges Bernie Sanders "Given the increasingly severe strategic environment in the region, Japan prioritises both bilateral cooperation with the Philippines and strengthening trilateral collaboration with the United States," Iwaya noted. Rising tensions between Chinese and Philippine coast guards in the heavily trafficked South China Sea have heightened fears of a larger conflict, potentially drawing in the U.S. The U.S. has reiterated its commitment to defend Philippine forces under their mutual defence treaty if they face armed attacks in the region. "The South China Sea issue is a legitimate international concern as it directly impacts regional peace and stability," Iwaya remarked. He added that Japan firmly opposes any unilateral attempts to alter the status quo through force and urged for a de-escalation of tensions. Jonathan Malaya, assistant director-general of the Philippine National Security Council, cautioned that China’s actions are becoming increasingly provocative, stating, "China is pushing us to the wall," and noting that "all options are on the table," including new international legal challenges. Zelenskyy, Macron discuss Western troop deployment in Ukraine The Philippine coast guard reported that a large Chinese coast guard vessel recently patrolled the contested Scarborough Shoal and approached the northwestern Philippine coast, coming within 77 nautical miles (143 kilometres). Meanwhile, a Chinese official in Beijing reiterated that the South China Sea falls under China’s established sovereignty, asserting that their coast guard’s activities are lawful and justified. China has consistently accused the Philippines, Vietnam, and Malaysia of encroaching on what it considers its territorial waters. Philippine Foreign Minister Manalo said the latest developments would be discussed during a scheduled meeting on Thursday in Xiamen between Chinese and Philippine diplomats. The two nations have engaged in ongoing talks through the Bilateral Consultation Mechanism, aiming to manage disputes and prevent them from escalating into armed conflict.

The administrator of the Panama Canal said Friday that the vital waterway will remain in Panamanian hands and open to commerce from all countries, rejecting claims by President-elect Donald Trump that the United States should take it over. In an interview with The Associated Press, Ricaurte Vásquez denied Trump’s claims that China was controlling the canal’s operations, and said making exceptions to current rules concerning its operation would lead to “chaos.” He said Chinese companies operating in the ports on either end of the canal were part of a Hong Kong consortium that won a bidding process in 1997. He added that US and Taiwanese companies are operating other ports along the canal as well. Trump has gone so far as to suggest the US should take back control of the canal and he would not rule out using military might to do so. “It might be that you’ll have to do something,” Trump said Tuesday. “The Panama Canal is vital to our country.” Trump has characterized the fees for transiting the canal that connects the Atlantic and Pacific Oceans as “ridiculous.” Panama prepares to evacuate first island in face of rising sea levels Panama President José Raúl Mulino has said unequivocally that the canal will remain in Panamanian hands. Responding to the suggestion that the US could try to retake control of the canal, Vásquez said there was “no foundation for that sort of hope. That is the only thing I can say.” Vásquez stressed that the Panama Canal was open to the commerce of all countries. The canal can’t give special treatment to US-flagged ships because of a neutrality treaty, Vásquez added. “The most sensible and efficient way to do this is to maintain the established rules.” Requests for exceptions are routinely rejected, because the process is clear and there mustn’t be arbitrary variations, he said. The only exception in the neutrality treaty is for American warships, which receive expedited passage. Some 70% of the sea traffic that crosses the Panama Canal leaves or goes to US ports. The United States built the canal in the early 1900s as it looked for ways to facilitate the transit of commercial and military vessels between its coasts. Washington relinquished control of the waterway to Panama on Dec. 31, 1999, under a treaty signed in 1977 by President Jimmy Carter. Last month, Trump told supporters “We’re being ripped off at the Panama Canal.” He claimed that the US “foolishly gave it away.” Regarding the fees for using the canal, Vasquez said a planned series of increases had concluded with one this month. Any additional increases would be considered in the first half of the year to give clients certainty in their planning and would go through a public comment process, he said. Panama inaugurates third bridge over Panama Canal “There’s no discrimination in the fees,” he said. “The price rules are uniform for absolutely all those who transit the canal and clearly defined.” The canal depends on reservoirs to operate its locks and was heavily affected by drought during the past two years that forced it to substantially reduce the number of daily slots for crossing ships. With fewer ships using the canal each day, administrators increased the fees that are charged all shippers for reserving a slot. The canal bisects Panama, running 51 miles end to end. It allows ships to avoid the longer and costlier trip around Cape Horn at the tip of South America. “It is an enormous responsibility,” Vásquez said of Panama’s control of the canal. “Take the case of COVID, when it arrived, the canal took the necessary measures to protect the labor force, but while keeping the canal open, because the international commitment is to keep it open.”

President-elect Donald Trump was sentenced Friday in his hush money case, but the judge declined to impose any punishment, an outcome that cements his conviction while freeing him to return to the White House unencumbered by the threat of a jail term or a fine. The punishment-free judgement marks a quiet end to an extraordinary case that for the first time put a former president and major presidential candidate in a courtroom as a criminal defendant. The case was the only one of four criminal indictments that has gone to trial and possibly the only one that ever will. Manhattan Judge Juan M Merchan could have sentenced the 78-year-old Republican to up to four years in prison. Instead, he chose a sentence that sidestepped thorny constitutional issues by effectively ending the case but assured that Trump will become the first person convicted of a felony to assume the presidency. Unlike his trial last year, when Trump brought allies to the courthouse and addressed waiting reporters outside the courthouse, the former president did not appear in person Friday, instead making a brief virtual appearance from his home in Palm Beach, Florida. Trump, wearing a dark suit and seated next to one of his lawyers with an American flag in the background, appeared on a video screen as he again insisted he did not commit a crime. “It’s been a political witch hunt. It was done to damage my reputation so that I would lose the election, and obviously, that didn’t work,” Trump said. Trump called the case “a weaponization of government” and “an embarrassment to New York.” Trump’s sentence of an unconditional discharge caps a norm-smashing case that saw the former and future president charged with 34 felonies, put on trial for almost two months and convicted by a jury on every count. Yet, the legal detour — and sordid details aired in court of a plot to bury affair allegations — didn’t hurt him with voters, who elected him to a second term. Merchan said that like when facing any other defendant, he must consider any aggravating factors before imposing a sentence, but the legal protection that Trump will have as president “is a factor that overrides all others.” US SC rejects Trump’s bid to delay sentencing in his hush money case “Despite the extraordinary breadth of those legal protections, one power they do not provide is that they do not erase a jury verdict," Merchan said. Trump, briefly addressing the court by video, said his criminal trial and conviction have “been a very terrible experience” and insisted he committed no crime. Before Friday's hearing, Merchan had indicated he planned the no-penalty sentence, called an unconditional discharge, which meant no jail time, no probation and no fines would be imposed. Prosecutors said Friday that they supported a no-penalty sentence, but they chided Trump's attacks on the legal system throughout and after the case. “The once and future President of the United States has engaged in a coordinated campaign to undermine its legitimacy,” prosecutor Joshua Steinglass said. Rather than show remorse, Trump has “bred disdain” for the jury verdict and the criminal justice system, Steinglass said, and his calls for retaliation against those involved in the case, including calling for the judge to be disbarred, "has caused enduring damage to public perception of the criminal justice system and has put officers of the court in harm’s way.” As he appeared from his Mar-a-Lago home, the former president was seated with his lawyer Todd Blanche, whom he’s tapped to serve as the second-highest ranking Justice Department official in his incoming administration. Trump's electric vehicle policies create uncertainty for automakers “The American voters got a chance to see and decide for themselves whether this was the kind of case that should’ve been brought. And they decided," Blanche said. “And that’s why in 10 days President Trump is going to assume the office of the president of the United States.” Before the hearing, a handful of Trump supporters and critics gathered outside. One group held a banner that read, “Trump is guilty.” The other held one that said, “Stop partisan conspiracy” and “Stop political witch hunt.” The hush money case accused Trump of fudging his business' records to veil a $130,000 payoff to porn actor Stormy Daniels. She was paid, late in Trump’s 2016 campaign, not to tell the public about a sexual encounter she maintains the two had a decade earlier. He says nothing sexual happened between them, and he contends that his political adversaries spun up a bogus prosecution to try to damage him. “I never falsified business records. It is a fake, made up charge,” the Republican president-elect wrote on his Truth Social platform last week. Manhattan District Attorney Alvin Bragg, whose office brought the charges, is a Democrat. Bragg's office said in a court filing Monday that Trump committed “serious offenses that caused extensive harm to the sanctity of the electoral process and to the integrity of New York’s financial marketplace.” While the specific charges were about checks and ledgers, the underlying accusations were seamy and deeply entangled with Trump’s political rise. Prosecutors said Daniels was paid off — through Trump's personal attorney at the time, Michael Cohen — as part of a wider effort to keep voters from hearing about Trump's alleged extramarital escapades. Trump tries again to get Friday's hush money sentencing called off Trump denies the alleged encounters occurred. His lawyers said he wanted to squelch the stories to protect his family, not his campaign. And while prosecutors said Cohen's reimbursements for paying Daniels were deceptively logged as legal expenses, Trump says that's simply what they were. “There was nothing else it could have been called,” he wrote on Truth Social last week, adding, “I was hiding nothing.” Trump's lawyers tried unsuccessfully to forestall a trial. Since his May conviction on 34 counts of falsifying business records, they have pulled virtually every legal lever within reach to try to get the conviction overturned, the case dismissed or at least the sentencing postponed. The Trump attorneys have leaned heavily into assertions of presidential immunity from prosecution, and they got a boost in July from a Supreme Court decision that affords former commanders-in-chief considerable immunity. Trump was a private citizen and presidential candidate when Daniels was paid in 2016. He was president when the reimbursements to Cohen were made and recorded the following year. Merchan, a Democrat, repeatedly postponed the sentencing, initially set for July. But last week, he set Friday's date, citing a need for “finality.” He wrote that he strove to balance Trump's need to govern, the Supreme Court's immunity ruling, the respect due a jury verdict and the public’s expectation that "no one is above the law.” Trump's inaugural committee raised a record $170m in donations Trump's lawyers then launched a flurry of last-minute efforts to block the sentencing. Their last hope vanished Thursday night with a 5-4 Supreme Court ruling that declined to delay the sentencing. Meanwhile, the other criminal cases that once loomed over Trump have ended or stalled ahead of trial. After Trump's election, special counsel Jack Smith closed out the federal prosecutions over Trump’s handling of classified documents and his efforts to overturn his 2020 election loss to Democrat Joe Biden. A state-level Georgia election interference case is locked in uncertainty after prosecutorFaniWillis was removed from it.

While electric vehicle demand is expected to continue growing this year, the forecast is clouded by uncertainty surrounding potential policy changes and tariffs, reports AP. S&P Global Mobility predicts global sales of 15.1 million battery electric vehicles in 2025, reflecting a 30% increase. These vehicles are expected to capture 16.7% of the light vehicle market. Automakers Renault, Nissan make cross-shareholdings equal Tesla, China's BYD, and other manufacturers face significant uncertainties in 2025. Under Donald Trump's presidency, major policy changes related to taxes and incentives for both electric vehicle producers and consumers could occur. The possibility of tariffs on imports and retaliatory tariffs globally could further complicate production and sales for electric vehicles. “There's just a lot of uncertainty in the air,” said Stephanie Brinley, associate director of auto intelligence at S&P Global Mobility. “It’s not an environment where you want to necessarily go gangbusters.” In the U.S., consumers can currently claim a federal tax credit of up to $7,500 for certain new electric vehicles. Car manufacturers have also benefited from federal support for electric vehicle production and infrastructure. However, all of this may be at risk under President Trump. Automakers face a threat to EV sales: Slow charging times Trump has criticised the federal tax credit for electric vehicles during his presidential campaign, calling it part of a “green new scam” that would harm the auto industry. Nonetheless, the incoming administration is expected to push for wider deregulation of industries, which may benefit carmakers. Despite benefits for consumers and manufacturers, some large electric vehicle makers faced mixed results in 2024. Tesla saw a 1.1% drop in sales, marking its first annual sales decline in more than twelve years. Meanwhile, Rivian's deliveries rose by 2.9%. Tariffs also pose a threat to the industry. As production occurs globally, parts are imported and exported throughout the process. Trump has threatened to tax imports from Mexico, Canada, China, and other countries, potentially triggering retaliatory tariffs. China is the largest market for electric vehicles, followed by the U.S. Within the U.S., Tesla holds a dominant 50% market share. Automakers, like many industries, are adopting a wait-and-see approach to determine whether Trump will follow through on his threat to rescind tax credits and impose tariffs. The broader auto industry is proceeding cautiously. S&P Global Mobility forecasts a 1.6% decline in light vehicle production in 2024, followed by a further 0.4% drop in 2025. Administration ends antitrust probe of 4 automakers, Calif. This is attributed to automakers aligning production with demand. Overall, light vehicle sales are expected to increase by 1.7% in 2025. The ongoing shift to electric vehicles also contributes to more measured production. Companies such as Ford and General Motors are reallocating production capacity towards electric vehicles, sometimes at the expense of expanding overall capacity.

President-elect Donald Trump has raised more than $170 million for his upcoming inauguration, a record amount as tech executives and big donors have eagerly written large checks to help bankroll the ceremony. The private donations collected thus far were confirmed by a person with firsthand knowledge of the fundraising who was not authorized to speak publicly. The person said Trump's inaugural committee is expected to raise more than $200 million by the end of the effort. Trump's inaugural committee did not immediately respond to a message seeking comment Wednesday. The committee has not yet detailed how it plans to spend the donations. The private donations are typically used to help pay for events surrounding the inauguration, such as costs related to the oath of office ceremony itself, along with a parade and glitzy inaugural balls. Money leftover from the inaugural committee is expected to be used toward a future Trump presidential library, according to the person. EU not to tolerate attacks within borders, France says amid Trump’s Greenland claim The whopping amount raised thus far by Trump's presidential inaugural committee is more than double the amount President Joe Biden raised four years ago when he brought in nearly $62 million for his inauguration, according to Federal Election Commission records. Donations to Trump's first inauguration in 2016 also set a record when he brought in nearly $107 million. After the former president's victory in November, along with Republicans winning control of both chambers of Congress, major donors, including tech companies, have been writing big checks as they've sought to improve their relationship with the incoming president. Amazon and Meta, the parent company of Facebook and Instagram, said last month they were each planning to donate $1 million to Trump's inaugural fund. OpenAI CEO Sam Altman also said he was planning to make a $1 million personal donation. The New York Times first reported on Wednesday the fundraising sum for this month’s inauguration.