AFP USA

As Donald Trump prepares to assume power for a second term Monday, avowed admirer Javier Milei of Argentina has his sights set on becoming the US president’s man in Latin America.But while the duo have much in common, analysts do not clearly see what Milei stands to gain politically from a close friendship with his ideological idol.Self-declared “anarcho-capitalist” Milei was the first foreign leader to visit Trump at his Mar-a-Lago Florida estate after the Republican’s November US election victory.The pair share right-wing ideologies, and some personality traits. They are both showmen known to be abrasive towards their detractors, dismissive of “wokeism,” and supportive of cost-cutting and deregulation. Both also have the backing of Tesla, X and SpaceX boss Elon Musk, who has taken note of Milei’s chainsaw-wielding approach to budget-slashing ahead of taking on his own new role as the head of Trump’s “Department of Government Efficiency”.”It is clear that there will be a very strong political affinity: Argentina will be closely aligned with the priorities of the United States, both at a global and regional level,” Ariel Gonzalez Levaggi of the Argentine Council for International Relations told AFP. “Milei has consolidated himself as one of Trump’s most important foreign allies,” added Benjamin Gedan, Latin American head of the Washington-based Wilson Center think tank.The incoming US leader will need an ally in the region as he ramps up pressure on ideological foes Cuba, Nicaragua and Venezuela, while also sparring with Mexico over immigration and with Panama over control of the Panama Canal.But even if he can be of use to Trump in a region where the US leader has few rightwing allies, what does Milei stand to benefit?- In search of funds -The Argentine leader is seeking funds from the International Monetary Fund (IMF), to which his country is already repaying a record $44 billion loan issued with Trump’s support during his first term in office.However, Trump has appointed a Milei critic — former Inter-American Development Bank (IDB) head Mauricio Claver-Carone — as his special envoy to Latin America.Claver-Carone has already said that any talk of a new loan for Argentina was nothing but “an illusion,” a “waste of time.””Perhaps some additional disbursements could be released” from the existing loan, said Gonzalez Levaggi. “But a new deal, a new loan? Unlikely,” even as Argentina’s sky-high inflation has nosedived during Milei’s first year in office.Another difference between the two leaders is on trade.Trump seeks to protect US domestic industry through import tariffs, while Milei is an ardent free market advocate.”In this context, Milei could be left disappointed if Trump imposes new tariffs on the whole world, including on Argentine exports,” said Claudio Loser, a former IMF Western Hemisphere chief. Argentina is a major exporter of beef, wine, dairy and grains.- China’s regional role -Jorge Arguello, who was Argentina’s ambassador to Washington under US presidents Barack Obama, Trump and Joe Biden, says he “never saw a particular interest in Argentina, nor Latin America” in that office.It is only when there is a presence “of external actors like China or Russia that alarms go off” in Washington, he added.China is Argentina’s second-biggest trading partner after Brazil, and Beijing last year extended a currency swap worth billions of dollars that brought much-needed relief for Argentina’s depleted foreign reserves.Despite once vowing he would never make deals with communists, the usually incendiary Milei showed his pragmatic side when he cordially met with Chinese counterpart Xi Jinping at the G20 summit in Rio de Janeiro last November.The reality is that China has a capacity for investment in Latin American infrastructure “that the US cannot offer,” said Alejandro Frenkel, an international relations expert at San Martin University in Buenos Aires.And Milei’s hopes for a free trade agreement with the United States may have to wait for the departure of Trump and his “America First” agenda, the analysts say.

US President Joe Biden announced Wednesday a “full and complete” ceasefire between Israel and Hamas in the first part of their peace accord, and said he had acted as “one team” with incoming leader Donald Trump.Speaking at the White House just days before he leaves office, a visibly relieved Biden said the negotiations to halt the Gaza conflict had been some of the “toughest” of his career.”I’m deeply satisfied this day has come, finally come,” Biden said in a televised statement.A number of Americans would be among the hostages who would be released by Palestinian militants in Gaza, he added.The first phase of the deal would last six weeks and include a “full and complete ceasefire, withdrawal of Israeli forces from all the populated areas of Gaza and the release of a number of hostages held by Hamas,” Biden said.The as yet unfinalized second phase would bring a “permanent end to the war,” the 82-year-old Democrat said, adding he was “confident” the deal would hold.Biden’s administration has been criticized for its channeling of military aid to Israel during its offensive in Gaza, which was sparked by Hamas’s deadly October 7, 2023 attack on Israel.But he said pressure on Hamas and its Iranian backers had helped push through a truce, adding that the deal now agreed was the “exact” same as one he had proposed in May.Biden, flanked by Vice President Kamala Harris and Secretary of State Antony Blinken, meanwhile said his administration had been working as “one team” with Trump’s ahead of the Republican starting his second term as president on January 20.”In these past few days, we’ve been speaking as one team,” said Biden, noting that most of the implementation of the deal would be under a Trump White House.”I told my team to coordinate close with the incoming team to make sure we’re all speaking with the same voice — because that’s what American presidents do.”Trump earlier claimed credit for the “epic” deal, in posts on social media. His Mideast envoy was involved in the talks and consulted with the White House.Asked by a reporter whether he or Trump was mainly responsible for the deal, Biden replied: “Is that a joke?”

The US Supreme Court grappled with a challenge on Wednesday to a Texas law requiring pornographic websites to verify visitors’ ages, part of a growing effort to limit access by minors to online sexual content.Texas is one of nearly 20 US states to institute such a requirement, which critics argue violates First Amendment free speech rights.The Texas law was passed in 2023 by the state’s Republican-majority legislature but initially blocked after a challenge by an adult entertainment industry trade association.A federal district court sided with the trade group, the Free Speech Coalition, saying it restricted access by adults to constitutionally protected content.But a conservative-dominated appeals court upheld the age verification requirement, prompting the pornography trade group to take its case to the Supreme Court, where conservatives have a 6-3 supermajority.Justice Clarence Thomas opened two hours of oral arguments by asking Derek Shaffer, a lawyer representing the Free Speech Coalition, whether age verification systems can “ever be found constitutional.””We’re talking about hundreds of millions of members to certain sites. Billions of visits,” Thomas said. “How much of a burden is permissible on adults’ First Amendment rights?”Shaffer said “properly tailored” age verification could be permissible but the Texas law, which relies on government-issued ID, lacks privacy protections and is “overly burdensome.”Its goal could be accomplished using content filtering programs, he said.Justice Amy Coney Barrett, the mother of seven children, took issue with Shaffer’s advocacy of content filtering.”Kids can get online porn through gaming systems, tablets, phones, computers,” Barrett said. “Let me just say that content filtering for all those different devices — I can say from personal experience — is difficult to keep up with.””And I think that the explosion of addiction to online porn has shown that content filtering isn’t working,” she said.Barrett also asked Shaffer to explain why requesting age verification online is different than doing so in a “brick and mortar setting.””If you go to a movie theater that displays pornographic movies you have to show age verification,” Barrett said. “So explain to me why this is so uniquely burdensome here when it’s not been in the real world context.”Shaffer said it’s different because the internet leaves a “permanent record.”Data “is being collected. It is a target for hackers. It is something that is different than just flashing an ID in physical space,” he said.- ‘Chilling’ -The lawyer for the Free Speech Coalition — which includes the popular website PornHub that has blocked all access in some states with age verification — also said he believed the intent behind the Texas law went beyond just restricting the access of minors to online pornography.”I think that their interest is a broader, anti-porn interest in preventing willing adults from accessing this content,” Shaffer said.”They want to make it more difficult. They want to make it costlier. They want to make it chilling.”He said the law would not accomplish its aims.”Smartphones can access foreign websites. You can use VPNs… to make it seem like you’re not in Texas,” he said.”You can go through search engines. You can go through social media. You can access the same content in the ways that kids are likeliest to do.”Texas Solicitor General Aaron Nielson said the case was the “digital version” of laws restricting minors from purchasing age-restricted products in brick and mortar stores.”A store can only avoid liability by making a quote ‘reasonable bona fide attempt’ to ascertain the true age of customers,” Nielson said.”We’ve tried content filtering for decades and the problem has only gotten worse,” he said, while age verification has become “simple, safe and common.””Biometric scanning is okay,” Nielson said. “There’s no ID or anything like that. It’s just a face scan. There’s all sorts of things you can do that have no identifying information.”France recently mandated age verification on some porn sites, but with a requirement that platforms offer at least one “double blind” option for users to prove their age without revealing their identity.The Supreme Court is expected to rule on the case before the end its term this summer.

Fire-wrecked Los Angeles waited nervously on Wednesday for dangerous winds to drop and give a much-needed break to weary firefighters still struggling to snuff out deadly blazes.More than a week after fires fanned by hurricane-force gusts began a destructive march that has left two dozen people dead and large areas of the city in ruins, forecasters said the end may be in sight.There will be “a big improvement for tonight and tomorrow, though there’ll still be some lingering areas of concern,” Ryan Kittell of the National Weather Service told AFP.Part of Los Angeles County and much of neighboring Ventura County remained in a “Particularly Dangerous Situation,” a designation that was in effect before last week’s deadly blazes.The Eaton Fire and the Palisades fire, which together have scorched more than 40,000 acres (16,000 hectares) were still smoldering Wednesday.Battalions of firefighters from across the United States, as well as from Mexico, were working to tamp down hotspots that could still flare, Los Angeles City fire chief Kristin Crowley told reporters.”Infrared flights last night indicated there are still numerous hot spots burning within the fire footprint, and very close attention was paid to address any flare ups swiftly as to prevent any fire spread outside of the perimeter,” she said.With tens of thousands of people still displaced by the fires, life was far from normal in America’s second biggest city.But children whose schools were damaged or still affected by evacuation orders were welcomed into other institutions.Stay-at-home mom Caroline Nick took Emery, 11, and Andrew, 7, to Nora Stery Elementary on Wednesday after their own school was lost to the blaze.Nick, whose home was destroyed in the Palisades fire, said the children needed whatever semblance of normality they could get.”They don’t need to be listening to the adult conversations that my husband and I are having to have. It’s not good for them,” she told AFP.”They need to be here doing this: drawing and coloring, playing and running and laughing.”The confirmed death toll from the fires stood at 24, down from 25 after the Los Angeles County Coroner said one apparent body was not human.But the number of fatalities could still rise, with hundreds of buildings still to be searched.More than 12,000 structures have been razed, including multi-million dollar homes in the Pacific Palisades neighborhood.Estimates of the eventual cost of the tragedy have now risen to as high as $275 billion, a figure that would make it one of the most expensive in US history.Federal authorities have launched a probe into the causes of the fires, as theories swirl over who was responsible.”We know everyone wants answers, and the community deserves answers,” said Jose Medina of the federal Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), which is taking the lead.”ATF will give you those answers, but it will be once we complete a thorough investigation.”California Governor Gavin Newsom on Tuesday ordered debris removal teams to be on standby, as emergency managers look ahead to possible winter rainstorms that could provoke mudslides.But some Palisades locals are not waiting, working to remove scorched debris from roads and sidewalks themselves.Contractor Chuck Hart and his crew were at a construction site in the neighborhood when the fire broke out.After they saved his mother’s house from encroaching flames, Hart said they began making rounds to clean debris from the streets.”We just rock-and-rolled,” he said. “We’ve just been doing that non-stop ever since.””We’re going to do everything we can to get this place back up and running as quickly as possible.”

US President Joe Biden warned Wednesday that the “soul of America” is still at stake, as he prepared to deliver his farewell address to the nation before the return to power of Donald Trump.The 82-year-old Democrat will make a primetime speech from the Oval Office of the White House in which he is expected to tout the legacy of his single four-year term.In a letter previewing his remarks — due to be made at 8:00 pm US Eastern time (0100 GMT Thursday) — Biden took an implicit swipe at Republican Trump.”I ran for president because I believed that the soul of America was at stake. The very nature of who we are was at stake. And, that’s still the case,” Biden said in the letter.”History is in your hands. The power is in your hands. The idea of America lies in your hands. We just have to keep the faith and remember who we are,” he said.Biden said the United States was stronger than four years ago, when it “stood in a winter of peril” after Trump’s chaotic first term, the Covid pandemic and what he called “the worst attack on our democracy since the Civil War.”Biden was sworn in just days after the January 6, 2021, attack on the US Capitol by Trump supporters trying to overturn his election loss.He did not mention Trump by name — but his words clearly echoed previous speeches in which he said that he decided to run in the 2020 election because America’s “soul” was at risk from Trump and his supporters, and that Trump was a threat to democracy.- ‘Privilege of my life’ -The US president said he had asked the White House to also release a long list of what he termed his administration’s achievements, covering issues ranging from the economy to healthcare and climate change.He said the United States had the “strongest economy in the world” and was bringing down inflation — even if public anger over the cost of living was a major factor in the Democrats’ election loss.”I have given my heart and my soul to our nation,” said Biden, adding that it had been the “privilege of my life to serve this nation for over 50 years.”The outgoing president has spent much of his final days in power trying to burnish his legacy.Those efforts got a boost on Wednesday when Israel and Hamas agreed to a ceasefire and hostage release deal, for which Biden says he has been pushing for nearly a year and a half.Trump, whose Middle East advisor was involved in the talks, also claimed credit for the “epic” accord.Biden’s legacy was, however, damaged by his decision to run for a second term despite his age.The Democrat was forced to drop out of the race last June after a disastrous debate against Trump, 78, who went on to win a commanding victory over Biden’s vice president, Kamala Harris.In a farewell interview in the Washington Post published Wednesday, outgoing First Lady Jill Biden took a dig at the Democratic Party for pressing Biden to drop out.”Let’s just say I was disappointed with how it unfolded,” she said.

Marco Rubio, Donald Trump’s nominee for secretary of state, said Wednesday that a “dangerous” China cheated its way to superpower status as he vowed to ramp up support to deter an invasion of Taiwan.Rubio laid out his worldview to fellow senators at a confirmation hearing that took place just as Israel and Hamas agreed to a ceasefire in their 15-month war, a long-sought goal of President Joe Biden’s outgoing administration.Rubio, who is expected to secure confirmation easily, described China as “the most potent and dangerous near-peer adversary this nation has ever faced” and warned of drastic impacts if the United States does not act.”If we stay on the road we’re on right now, in less than 10 years virtually everything that matters to us in life will depend on whether China will allow us to have it or not — everything from the blood pressure medicine we take to what movies we get to watch,” Rubio said.He vowed to ramp up defenses of Taiwan, the self-governing democratic island claimed by Beijing, to prevent a “cataclysmic military intervention.””We need to wrap our head around the fact that unless something dramatic changes, like an equilibrium (between China and Taiwan), where they conclude that the costs of intervening in Taiwan are too high, we’re going to have to deal with this before the end of this decade,” Rubio said.- No ‘primary’ role in NATO? -Trump had raised questions during his campaign over Taiwan by insisting it does not pay enough for its own defense — similar criticism he has made of NATO allies.Rubio distanced himself from talk of exiting NATO but said the United States needed to ask whether to retain “the primary defense role” in the alliance or be a “backstop to aggression,” with Europeans taking more responsibility.A staunch backer of Ukraine after its invasion by Russia nearly three years ago, Rubio has allied with Trump in promising “bold diplomacy” that would require concessions on both sides.”This war has to end, and I think it should be the official policy of the United States that we want to see it end,” Rubio said, a shift from Biden’s approach of supporting Ukraine through victory.Rubio also backed the diplomacy that reached the Gaza ceasefire but made clear that he will staunchly back Israel, after Biden’s occasional criticism of the toll to civilians.”How can any nation-state on the planet coexist side by side with a group of savages like Hamas?” Rubio said. – Denouncing ‘liberal world order’ -Rubio rejected a key tenet of Biden’s foreign policy — prioritizing a rules-based, US-led “liberal world order” — in favor of Trump’s belief in “America First.””The postwar global order is not just obsolete; it is now a weapon being used against us,” Rubio said.”We welcomed the Chinese Communist Party into this global order. And they took advantage of all its benefits. But they ignored all its obligations and responsibilities,” Rubio said.”Instead, they have lied, cheated, hacked and stolen their way to global superpower status, at our expense.”Rubio, the son of working-class Cuban immigrants, would become the first Hispanic and first fluent Spanish speaker to be the top US diplomat.Well-liked by his colleagues, Rubio is one of the least contentious of Trump’s array of nominees. Democratic Senator Cory Booker addressed him as “Marco” and called him a “thought leader” before complimenting his sports knowledge.A traditional Republican hawk, Rubio clashed bitterly with Trump — who mocked him as “Little Marco” — in the 2016 presidential nomination race, but Rubio since come into the fold.Other nominees in Senate hearings Wednesday included Pam Bondi, tapped for the top law enforcement job of attorney general.Trump named her after his first choice, Matt Gaetz, withdrew following allegations that he paid for sex, including with an underage girl, at drug-fueled parties.Bondi received a polite reception from senators.She said she was open to supporting pardons on a “case-by-case basis” for some convicted over the 2021 riot at the US Capitol by a pro-Trump mob but said she would “condemn any violence” against law enforcement.

Above the roaring fires devastating parts of Los Angeles is an incongruous sight: air tankers dropping gallons of bright red and Barbie-pink slurry over forest, homes, cars, and anything else that might lie in the blazes’ path.The substance, vivid against the grey smoke and charred landscape, is fire retardant — much of it a product called Phos-Chek that has been used by the US Forest Service since the 1960s.”You can see it so easily … it’s amazing stuff,” says Jason Colquhoun, a 53-year-old pilot with HeliQwest, a charter helicopter company specializing in putting out fires.But over the past week it’s been dropped on residential neighborhoods at an “unprecedented” scale, says Daniel McCurry, an associate professor of civil and environmental engineering at the University of Southern California.That’s led to one overwhelming question: how safe is it?- Fertilizer and rust -Sold by fire protection equipment supplier Perimeter Solutions, Phos-Chek is a mixture of primarily ammonium phosphate or ammonium polyphosphate — fertilizer — with additives such as iron oxide — rust — to give it color.Its bright hue — which, Perimeter told AFP, is actually all the same color, but can look different depending on time of day, lighting, smoke and so on — helps pilots as they try to ensure overlapping, unbroken lines around the fires, Colquhoun explains.When pilots drop water from the air, he says, they must search for “the shine and the darkness” to know where to make the next drop. The vivid retardant, however? “So much easier to spot.”The other advantage compared to water: it keeps working, even after the water it is mixed with evaporates, McCurry says.Thickeners add viscosity and help ensure it doesn’t drift off target, adds McCurry, who led recent research into heavy metal content in such retardants.It comes in a powder and is mixed in — essentially — giant paddling pools, before being loaded onto airplanes and helicopters for coordinated drops, Colquhoun says.He gave an enthusiastic “Oh yeah” when asked by AFP if it works.It does so by forming a non-flammable carbon coating, Perimeter explained in a statement to AFP. The water in the slurry boils off, helping to quench the flames; and the retardant works until it is diluted by rain — when it fertilizes the ground. McCurry said he has seen photos “where a brush fire burned right up to a Phos-Chek line and then stopped,” but expressed some caution.He cited a former firefighter as telling him that in a high-intensity fire it’s “not much use,” and said that the high winds which have fanned the fires in Los Angeles may have limited its effectiveness.- ‘Practically non-toxic’ -The Forest Service said it only uses retardants that “meet the Environmental Protection Agency’s criteria for being ‘practically non-toxic’ to mammals, including humans, and aquatic species.” It prohibits drops in waterways and areas home to vulnerable species — unless the fire is threatening human life or public safety, and the retardant could be “reasonably expected” to stave off that threat, spokesman Wade Muehlhof told AFP.But accidents do happen, he said, “whether through wind drift or an inadvertent drop.”The service says it phased out Phos-Chek’s older formulation, LC95 — which McCurry’s study showed had high levels of heavy metals that can contaminate drinking water — nationwide as of December 31.Now it uses a new, less toxic formulation called MVP-Fx, it says. Phos-Chek contains no so-called forever chemicals and no substances “that are known to cause cancer or other harms” under California law, Perimeter added.McCurry says the Forest Service has been successfully sued in the past on environmental grounds, and that Phos-Chek is “likely not harmless to the environment” now.”On the other hand, the human health impact is still a little unclear,” he says.He says it would take “a lot” of retardant to poison, say, a reservoir.”However in the last week we’ve seen it dropped on neighborhoods at an unprecedented scale,” he continues, adding that it’s more often used further from populated areas, or in lower amounts.”So, who knows.”

Marco Rubio, Donald Trump’s nominee for secretary of state, charged Wednesday that China cheated its way to superpower status and vowed to cast aside the “liberal world order” long promoted by the United States.Rubio faced fellow senators at a confirmation hearing that, other than expected interruptions by protesters, was set to be among the least contentious appearances for Trump’s motley array of nominees.The longtime hawk opened by taking aim at China — which outgoing President Joe Biden has also called a competitor but nevertheless sought to engage.Rubio rejected a key tenet of Biden’s foreign policy — prioritizing a rules-based, US-led “liberal world order” — in favor of Trump’s belief in “America First.””The postwar global order is not just obsolete; it is now a weapon being used against us,” Rubio said.”We welcomed the Chinese Communist Party into this global order. And they took advantage of all its benefits. But they ignored all its obligations and responsibilities,” Rubio said.”Instead, they have lied, cheated, hacked and stolen their way to global superpower status, at our expense.”While highlighting China, Rubio’s remarks said that in “Moscow, Tehran and Pyongyang, dictators sow chaos and instability.”He also said that the next US administration would seek “bold diplomacy” with a goal of ending Russia’s invasion of Ukraine. Rubio called for a foreign policy driven solely by whether decisions make the United States safer, stronger and more prosperous.”While America far too often continued to prioritize the ‘global order’ above our core national interests, other nations continued to act the way countries always have and always will, in what they perceive to be in their best interest.” Rubio, the son of working-class Cuban immigrants, would become the first Hispanic and first fluent Spanish speaker to be the top US diplomat.- Expected to coast to confirmation -Other nominees facing Senate hearings Wednesday include Pam Bondi, tapped for the top law enforcement job of attorney general, who served the same role in Florida and personally defended Trump in his first impeachment trial.Trump named her after his first choice, Matt Gaetz, withdrew following allegations that he paid for sex, including with an underage girl, at drug-fueled parties.Little controversy surrounds Rubio, a three-term senator generally well-liked by his colleagues and known for his ease in public appearances.He clashed bitterly with Trump when he challenged him for the 2016 nomination — with the future president mocking him as “Little Marco” — but he has come back into good graces.He is expected to get to work quickly, with sources saying preparations are underway for an immediate four-way meeting on Tuesday in Washington with Rubio’s counterparts from the Quad — Australia, India and Japan.The Quad has long been seen by China as a US-led platform for the four democracies to encircle it, despite Quad leaders’ denials.Rubio’s appearance comes a day after the Biden administration announced it was removing Cuba from a list of state sponsors of terrorism as part of a deal that will free imprisoned protesters.The move comes almost exactly four years after Trump, on leaving office, put Cuba back on the blacklist.Rubio, whose parents fled Cuba before Fidel Castro’s 1959 revolution and strongly opposed the communists, for years has pushed for tough action against Cuba and other leftist-run Latin American nations such as Venezuela.Another nominee set for a senate hearing on Wednesday is Kristi Noem as homeland security secretary.As the governor of South Dakota, Noem raised her profile among Trump supporters with her opposition to Covid pandemic restrictions, but later raised controversy by revealing in a memoir how she killed her family’s dog.Pentagon nominee Pete Hegseth faced a grueling hearing Tuesday, including questioning over his views on women in combat and allegations of sexual abuse, which he denies. Some of the most potentially fiery hearings are yet to be scheduled, including for vaccine conspiracy theorist Robert F. Kennedy Jr. as health and human services director and Trump stalwart ally Kash Patel to head the FBI.

Large US banks reported soaring profits Wednesday propelled by strength in trading and financial advisory services as Wall Street eyes a potential merger boom under the incoming Trump administration.Profits climbed for US financial heavyweights including JPMorgan Chase and Goldman Sachs, in part because of the absence of large costs in 2024’s year-ending quarter.In the equivalent period in 2023, banks set aside large sums to replenish a US rescue program following the collapse of Silicon Vally Bank.JPMorgan Chase’s fourth-quarter profits jumped 50 percent to $14 billion, while Goldman Sachs’ more than doubled to $3.9 billion. In both cases, huge increases in revenues tied to trading were a standout category, reflecting a buoyant environment in a period that included the US presidential election and a heady aftermath on Wall Street.Citi reported profits of $2.9 billion, compared with a loss of $1.8 billion during the 2023 quarter, while Wells Fargo’s profits rose 47 percent to $5.1 billion.Gains in banking shares helped lift Wall Street stocks Wednesday.Many financial firms are salivating over the prospects of the shift to the administration of President-elect Donald Trump, who is expected to scale back the confrontational regulatory approach of the outgoing Biden administration.”There’s no question that were in a kind of animal spirits moment right now,” said JPMorgan Chief Financial Officer Jeremy Barnum, alluding to an uptick in the “pipeline” of merger and acquisition (M&A) activity.”All eyes are on the US in a big way,” said Citi Chief Financial Officer Mark Mason.”Generally people are looking at the US with what’s likely to be a pro-growth agenda,” Mason said on a briefing with reporters. The bank’s M&A pipeline is “very strong,” he added. A wave of corporate mergers would translate into increased advisory fees at banks after the Biden administration’s broadly skeptical view of dealmaking discouraged some transactions.The industry also stands poised to benefit from an easing of bank regulation that could free up funds currently required to be held as emergency capital. Instead, banks could lend that money, or return it to shareholders.- US economy ‘resilient’ -At JPMorgan, a successful fourth quarter lifted annual profits to $58.5 billion, up 18 percent.Profits increased in JPMorgan’s commercial and investment bank business, driven by higher advising fees and a surge in fixed income and equity trading. JPMorgan also scored higher asset and wealth management fees.These areas of strength offset a two percent decline in net interest income, the result of lower interest rates. JPMorgan also experienced higher credit charge offs, while adding net reserves of $267 million in case of bad loans.Chief Executive Jamie Dimon described the US economy as “resilient,” with relatively low unemployment and solid consumer spending.”Businesses are more optimistic about the economy, and they are encouraged by expectations for a more pro-growth agenda and improved collaboration between government and business,” Dimon said.However, Dimon pointed to the risk that elevated inflation will persist and to geopolitical conditions that remain “the most dangerous and complicated since World War II.”Meanwhile, at Goldman, revenues tied to equity and fixed income, currency and commodity trading rose by double digits, while interest rate products were essentially flat.Goldman also won higher revenues in equity and debt underwriting. While advisory revenues were lower, Goldman said the investment banking fees backlog rose compared with the prior quarter.A Goldman powerpoint listed an “improving” regulatory backdrop among the supporting factors for the firm’s business.”With an improving operating backdrop and growing CEO confidence, we are harnessing the power of One Goldman Sachs to continue to serve our clients with excellence and create further value for our shareholders,” said Chief Executive David Solomon.All four banks rose on Wall Street. At mid-morning, JPMorgan was up 0.8 percent, Goldman Sachs 5.9 percent, Citi 6.2 percent and Wells Fargo 5.2 percent.

TikTok faces an imminent shutdown in the United States after Congress passed a law last year forcing its Chinese owner ByteDance to either sell the platform or close it on Sunday.The US Supreme Court is expected to rule this week on TikTok’s challenge to the law.Following a hearing last Friday, expectations are high that the law will stand. Here is a review of what could happen next for TikTok in the United States.- App store ban -To execute a ban, the US government would direct Apple and Google to remove TikTok from their app stores, preventing new downloads on January 19, a day before President-elect Donald Trump takes office.In that scenario, the app could remain on the phones of the existing 170 million US users unless TikTok directly blocks their access. But TikTok lawyer Noel Francisco stated the site would “go dark” on Sunday if the justices fail to block the ban, and a media report said the company was planning a full suspension of service in the US.According to The Information, users attempting to open the app after the deadline will encounter a message redirecting them to a statement about the federally mandated ban, along with options to download their personal data.In an internal email obtained by The Verge on Tuesday, TikTok assured its US employees that their “employment, pay, and benefits are secure” and offices will remain open even if the situation remains unresolved by Sunday’s deadline.- Workarounds -Even if TikTok keeps its app accessible, US users would stop receiving security and software updates, leading to gradual deterioration in quality and increased vulnerabilities.As a workaround, users might turn to VPNs (virtual private networks) to mask their location by routing through countries where TikTok remains available.Another possibility is that TikTok could update from non-US servers through partnerships with foreign, non-Chinese companies — though this would constitute direct defiance of US authorities and likely intensify scrutiny of ByteDance’s US operations.- Defiance? -Once Trump takes office, the law’s implementation will fall to his attorney general, who could choose not to enforce it, or stall, defying Congress’s overwhelming support for the legislation.The Trump administration might also approach the Republican majority in Congress to modify the law, potentially giving ByteDance more time to find a buyer or devise alternative solutions.- Alternatives -Once banned, the assumption is that TikTok users will move to other apps, like Instagram Reels and YouTube shorts, TikTok copycats that have grown and will directly benefit from their rival’s demise. Elon Musk’s X could also benefit and the tycoon has made it known that he wants his platform, formerly Twitter, to more closely resemble TikTok, with video content and shopping features.Trump has expressed concern that a ban would primarily be to the advantage of Meta-owned Instagram, which may explain Mark Zuckerberg’s recent public support for Trump.Some American content creators have already migrated to Xiaohongshu (Red Note), another Chinese social media app that recently topped the Apple App Store downloads.- Investor rescue? -Several potential buyers have emerged, including a group led by Frank McCourt, former owner of the Los Angeles Dodgers, even if ByteDance has ruled out a sale for now.His partner in the bid, Canadian businessman Kevin O’Leary, recently golfed with Trump and reported the president-elect’s desire to use the TikTok saga as leverage in US-China relations.A report that the Chinese authorities would be open to a buyout by Musk was denied by TikTok.Former Activision Blizzard CEO Bobby Kotick also remains interested in buying TikTok, according to the Information.For now, TikTok’s fate rests with the Supreme Court, with the company lawyers asking the nine justices for a delay to any ban to provide “breathing space” for a solution.”Nobody knows what they can do and who’s going to do it until they hear from the Supreme Court,” Trump told Newsmax on Monday.