Donald Trump plans to sign a series of executive orders after his inauguration, incoming officials said. He intends to declare an emergency at the border with Mexico to deploy troops and speed up deportations. Another order would cut oil and gas regulations to lower energy costs. He will also review trade deals with China, Mexico and Canada but is expected to hold off on imposing new tariffs.
Joe Biden granted pre-emptive pardons to several of Mr Trump’s critics, including Mark Milley, Anthony Fauci and Liz Cheney. The pardons, granted hours before Mr Biden leaves office, provide protection from possible prosecution under the incoming administration. Mr Biden also pardoned officials who investigated the January 6th Capitol riot, calling it a safeguard against political retribution.
The Houthis said they would limit attacks in the Red Sea to ships directly linked to Israel, as the second day of the ceasefire in Gaza took hold. The militant group, which controls large parts of Yemen, warned that assaults on American and British vessels would resume if those countries attacked its territory. Houthi strikes have disrupted global shipping and trade.
China’s central bank kept its benchmark lending rates steady for the third month in a row. The one-year loan prime rate and five-year LPR will stay at 3.1% and 3.6%, respectively. The bank is trying to stabilise the weakening yuan—which could further depreciate should Mr Trump follow through on his threat to increase tariffs on Chinese imports.
American regulators escalated an investigation into 129,000 Ford vehicles equipped with BlueCruise, the carmaker’s hands-free driving system, after two fatal crashes. Both incidents involved Ford’s Mustang Mach-E cars colliding with stationary vehicles. Officials are examining whether the system struggles to detect obstacles at night while travelling at highway speeds. The probe could lead to the vehicles being recalled.
China’s crude-oil imports from Russia hit a record high in 2024, rising 1% to 2.17m barrels per day, as economic ties between the two countries continue to strengthen. Imports from Malaysia, an oil producer that also acts as a hub for shipments from Iran and Venezuela, surged 28%. Purchases from Saudi Arabia fell 9% as refiners favoured cheaper Russian and Iranian crude.
The price of Bitcoin soared to a record high of $109,000 ahead of Mr Trump’s inauguration. The rally followed the release of “memecoins” by the president-elect and his wife over the weekend. Bitcoin’s value has surged since Mr Trump’s election win in November. He has pledged to make America “the Bitcoin superpower of the world”.
Figure of the day: $175bn, the increase in shipping costs caused by Houthi attacks in the ten months to October 2024. Read the full story.
American politics matters intensely to the rest of the world. Read The US in brief—a daily update to help you keep on top of the political stories that matter. Sign up here to receive it as a newsletter, each weekday, in your inbox.