Crypto News: Trump targets China

Good morning. Donald Trump is coming for China again. MrBeast joins the race to buy TikTok's US operations. And Elon Musk admits to getting a little gaming help. Listen to the day's top stories.

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President Donald Trump said he's considering a 10% tariff on all Chinese imports— probably as soon as Feb. 1—in response to the flow of fentanyl from the country to Mexico and Canada. Chinese stocks halted a four-day rally after the warning. As one market analyst in Singapore noted: "It only gets tougher from here." Trump also repeated threats of hefty levies on Canada and Mexico, which bumped up the price of oil, as well as the European Union.

Former IMF Official Discusses China, US, Tariffs

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More on Trump Day 3: Immigration agents will be allowed to raid churches and schools, sites that were previously protected. The rollback eliminates safeguards meant to ensure immigrants could access essential services without fear of arrest. Read here how sanctuary cities are preparing for a Trump showdown and click here for how executive orders work.

The president's first trip since returning to the White House will take him to Asheville, North Carolina, and to the Los Angeles area, visiting communities where he has loudly criticized the federal response to recent natural disasters.

Squid Game 2. Source: Netflix

Streaming wins. Netflix posted a record gain of 18.9 million new subscribers in the fourth quarter, buoyed by its first major live sports events and Squid Game 2. Its global base? More than 300 million. Wall Street analysts are optimistic about the company's next batch of offerings that include major names in entertainment, advertising, and more sports.

YouTube star MrBeast joined a group of investors led by tech entrepreneur Jesse Tinsley vying to buy TikTok's US business. The internet's most-followed and highest-earning content creator—real name Jimmy Donaldson—and his pals tapped Brad Bondi, the brother of Trump's pick to run the Justice Department, for legal advice on the bid. Meanwhile, Trump said he'd be open to Elon Musk or Oracle Chairman Larry Ellison buying social video app if they team up with the government.

Deep Dive: The Fugitive Banker

Ilan Shor. Photographer: Maksim Blinov/SPTNK

A fugitive banker accused of orchestrating a $1 billion fraud appears to be helping Russian lenders and businesses.

Ilan Shor has established intermediary companies, including with banned entities, to facilitate international transactions, which is attractive to Russian firms facing disruption due to US restrictions.
The Israeli-born businessman fled Moldova, a former Soviet state sandwiched between Ukraine and Romania, to avoid punishment in 2019 and last year said he'd received a Russian passport. He has been in Russia since early 2024, according to Moldovan police.
Check out this breakdown of the latest round of sanctions imposed by Joe Biden.

The Big Take

Americans Flocked to RedNote as the TikTok Ban Loomed. Will the Party Last?

US TikTok users have been flooding the Chinese social media app RedNote. Now the question is whether they will stay for good.

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Opinion

The Trump-branded meme coin is a disaster in waiting, Lionel Laurent writes. The sale, described by some as a naked cash-grab, is raising concerns about the sustainability of the digital-asset rally.

More Opinions:

Bill Dudley

Trump's Economics Are Anybody's Guess. Here's Mine.

Hal Brands

TikTok Saga Shows Americans Can't Be Bothered to Take On China

Before You Go

Diablo IV, Loot Reborn. Source: Blizzard/Bloomberg

Billionaire gamer Elon Musk admitted he had some help climbing to the top levels of play in the Diablo IV and Path of Exile 2 video games. Asked by a YouTuber if he ever "level-boosted," a frowned upon practice where third parties grind their way through games on behalf of clients, Musk said "100%."