Crypto News: Xi keeps calm

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President Xi Jinping gave his top lieutenants clear instructions after Donald Trump unveiled a sweeping blueprint to decouple the world's biggest economies: Keep calm and carry on.

The Chinese leader urged Communist Party officials to "respond with composure" to global challenges in comments published today that made a veiled reference to the trade war. Days earlier, the US released its "America First Investment Policy," which suggested Trump's plans were far bigger than just tariffs.

Branding Beijing a foreign adversary alongside Russia, Iran and North Korea, the White House memo advocated stripping investment from China in "crown-jewel" sectors such as tech and energy, and renewed scrutiny over Chinese listings in the US.

Officials are also mapping out plans to ramp up Joe Biden's chip curbs, and pressure Mexico to impose tariffs on China.

Taken together, they show the US president striking a harder line on Beijing than in his first term, unleashing a broader range of salvos that includes leveraging financial markets. That's bad news for Chinese tech stocks, enjoying a rebound after DeepSeek's AI surprise and the recent rehabilitation of Alibaba's Jack Ma.

Whether Trump is just squeezing Beijing to build a better position to negotiate a possible deal is unclear. Xi has avoided a call with his US counterpart, and responded to initial tariffs with modest measures, perhaps waiting for formal talks to begin — likely in April — before taking bolder action.

With Xi able to rule for life, and Trump limited to a four-year term, the Chinese leader's strategy might well be to do as little as possible and quietly observe events unfolding as Washington upends global trade, alienating American allies in the process. — Jenni Marsh

Xi and Trump in Beijing in November 2017. Photographer: Getty Images

Global Must Reads

Ukraine agreed with the US to jointly develop the nation's natural resources as part of a deal that could ease tensions with Trump and advance his goal of a ceasefire with Russia, sources say. French Finance Minister Eric Lombard told Bloomberg TV he expects the US to provide backup for European troops to help maintain peace once a truce is agreed.

Prime Minister Keir Starmer's commitment to raising British defense spending to 2.5% of gross domestic product by 2027 and to 3% over the next decade is the latest fallout from the shockwave of Trump's apparent refusal to guarantee security in Europe. This comes at a crunch diplomatic moment for Starmer, who is due for talks at the White House tomorrow.

WATCH: The UK will boost defense spending, Starmer says.

Contractors owed hundreds of millions of dollars by USAID say they may have to shut down and risk lawsuits across the developing world, with one large firm even saying US banks won't lend it more money over concerns the government won't honor commitments, according to court filings in one of several cases intended to undo the 90-day freeze on US foreign-aid funding. Starmer's defense-spending plans meanwhile will reduce British aid, exacerbating the impact of Washington's decision.

After facing repeated questions from reporters about who is running the Department of Government Efficiency, the White House said the person in charge of the federal cost-cutting initiative associated with Elon Musk is a little-known official named Amy Gleason. Meanwhile, Musk's net worth fell by $22 billion yesterday — his fourth-biggest one-day loss — as stock markets faltered due to worries about trade disputes and the outlook for the Trump administration's budget-cutting drive.

Britain will suspend most financial aid to Rwanda over its support for rebels seizing territory in neighboring Democratic Republic of Congo and will coordinate with partners on potential sanctions. Kigali is facing mounting international condemnation for backing the M23 group that has seized vast swathes of mineral-rich territory in eastern Congo, an allegation President Paul Kagame's government has repeatedly denied.

M23 fighters in Bukavu, eastern Congo, on Feb. 20. Photographer: Luis Tato/AFP/Getty Images

Trump is starting a "gold card" program to offer residency and a path to citizenship to investors who pay $5 million, a new avenue for legal immigration even as he carries out a sweeping crackdown on undocumented migrants.

A summit will soon be held with real-estate developers and planners from the region to discuss the administration's controversial plan for Gaza, according to US special envoy to the Middle East, Steve Witkoff.

The world's oldest guerrilla movement is close to gaining control of a cocaine industry heartland in eastern Colombia through a surprise offensive that started just five weeks ago.

China's no. 4 official unveiled stronger language toward Taiwan that signaled an increased effort ahead to intimidate the self-ruled democracy, as Beijing announced military exercises near the island.

Stephanie Flanders speaks with Joshua Green and Laura Davison about the likelihood of a shutdown, its consequences for the government and for Americans.

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Chart of the Day

The Group of 20 finance ministers and central bankers who've steered the global economy through a quarter century of market meltdowns, recessions, wars and the pandemic started a meeting in South Africa today facing new headwinds to their goal of broader prosperity. With the imminent threat of trade wars, Trump's Washington is now the biggest source of disruption and discord.

And Finally

Car aficionado Tae Helton, who lives near Tesla's flagship California factory, drives one of its vehicles and almost purchased a second last year. After Musk made gestures resembling a Nazi salute at an inauguration event for Trump last month, he wants nothing to do with the brand. He's not alone — the EV maker's sales fell 45% across Europe in January, and particular signs of strain in places where Musk is inserting himself into politics in ways that run counter to Tesla's stated mission and values.