Crypto News: Speak softly

Good morning. Donald Trump takes a softer tone on tariffs, less so on the Federal Reserve. JPMorgan's chief executive caps off a good year with a pay bump. And forget factories, we want Buc-ee's. Listen to the day's top stories.

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Will he or won't he? Donald Trump told Fox News he'd "prefer not" to have to impose tariffs on China, his latest dovish remark toward the world's second-biggest economy. He's threatened to put 10% tariffs on the country as soon as Feb. 1 for its role in the global fentanyl trade.

Trump and China Are Off to a Good Start. Will It Last?

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The Federal Reserve should cut interest rates to ease price pressures on Americans, Trump said. The president said he planned to talk with Fed governor Jerome Powell "at the right time," adding that he knows interest rates "much better" than the guy he appointed during his first term.

On today's agenda, Trump is headed to Asheville, North Carolina, and then Los Angeles, which is still battling wildfires. California Governor Gavin Newsom will have a delicate balancing act as he needs the president to keep billions of dollars in disaster aid even as Trump's executive orders plainly take aim at issues close to the state's progressive ideals.

Jamie Dimon. Photographer: Al Drago/Bloomberg

Well-compensated: JPMorgan lifted CEO Jamie Dimon's pay to $39 million for 2024, a year in which the biggest US bank beat its own record for the highest annual profit in the history of American banking. And Disney boosted Bob Iger's total pay by 30%, earning him a cool $41.1 million in the year that ended in September.

Checking in on the corporate world: Boeing suffered another quarter of fresh charges and losses, highlighting the long road ahead for CEO Kelly Ortberg. And Tesla will release a software update to about 1.2 million cars in China—around half the fleet it's sold in the country—to fix issues with the vehicles' power steering and rear-view cameras.

Deep Dive: Stock Trading

Here's a surprising new fact about the world's largest and most-liquid public stock market: Most of the activity on it isn't public anymore.

For the first time on record, the majority of all trading in US stocks is now consistently occurring outside the country's exchanges, according to data compiled by Bloomberg.
This off-exchange activity—which happens internally at major firms or in alternative platforms known as dark pools—is on course to account for a record 51.8% of traded volume in January. That may eventually have implications for how the market functions.

The Big Take

Photographer: Matthew Busch/Bloomberg

Donald Trump isn't happy with the progress on the next Air Force One. Silicon Valley wants a rethink of Pentagon war strategy. Add in Elon Musk, and where does that leave Boeing?

Is Work From Home Over? Wall Street Says Yes

Opinion

Digger Girl. Photographer: Guy Dixon

Scotland's "Digger Girl" shows why TikTok needs to stay alive, Marc Champion writes. The app has given her a business—made more valuable with the presence of an American audience—and helped generate US interest in the world outside.

More Opinions

Jonathan Levin

Trump's Game of Chicken With Canada and Mexico Is a Distraction

John Authers

Will the Dog That Barked in the Nighttime Also Bite?

Before You Go

Photographer: Brandon Bell/Getty Images

Forget factories. Small US towns want Buc-ee's gas stations. The 43-year-old Texas-based chain is expanding rapidly across the southern US, where its "world's cleanest restrooms," wall of beef jerky, and soda fountains with more than 90 selections are much in demand. So are the well-paying jobs that come along with it.

A Couple More