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High-stakes meeting leads to China and Canada announcing tariffs relief
Laura Bicker,Beijing ,
Suranjana Tewari,Singapore ,
Koh Ewe,Singaporeand
Jessica Murphy,Toronto
ReutersChinese leader Xi Jinping and Canadian PM Mark Carney have announced lower tariffs, signalling a reset in their countries’ relationship after a key meeting in Beijing.
China is expected to lower levies on Canadian canola oil from 85% to 15% by 1 March, while Ottawa has agreed to tax Chinese electric vehicles at the most-favoured-nation rate, 6.1%, Carney told reporters.
The deal is a breakthrough after years of strained ties and tit-for-tat levies. Xi hailed the “turnaround” in their relationship but it is also a win for Carney, the first Canadian leader to visit China in nearly a decade.
He has been trying to diversify Canadian trade away from the US, his country’s biggest trading partner, following the uncertainty caused by Trump’s on-again-off-again tariffs.
The deal could also see more Chinese investments in Canada, right on America’s doorstep.
Carney himself seemed to allude to the fact that this was a result of Trump’s tariffs, which have now pushed one of the US’s key allies towards its biggest rival.
He told reporters that Canada’s relationship with China had been more “predictable” in recent months and that he found talks with Beijing “realistic and respectful”.
He also made clear Ottawa does not agree with Beijing on everything, adding that in his discussions with Xi he made clear Canada’s “red lines”, including human rights, concerns over election interference and the need for “guardrails”.
“We take the world as it is – not as we wish it to be,” he said when asked about China’s human rights record.
Observers believe Carney’s visit could set an example for other countries across the world who are also feeling the pain from Washington’s tariffs.
In contrast, Xi has been trying to show that China is a stable global partner and has been urging more pragmatic ties – in the words of Beijing, “a win-win” for all.
And it seems to be working. The South Korean president and the Irish prime minister have both visited Beijing in recent weeks. The UK prime minister is expected to visit soon and so is the German Chancellor.
Carney said the “world has changed dramatically” and how Canada positions itself “will shape our future for decades to come,” he added.
Earlier in his three-day visit, he had said that the Canada-China partnership sets the two countries up for a “new world order”. He later added that the multilateral system had been “eroded, to use a polite term, or undercut”.
As the Chinese and Canadian delegations sat down in the Great Hall of the People on Friday, Xi said: “The healthy and stable development of China-Canada relations is conducive to world peace, stability, development, and prosperity.”
Getty ImagesA trade reset
Tariffs have been a key sticking point between the two sides.
In 2024, Canada imposed 100% tariffs on Chinese electric vehicles, following similar US curbs.
Last year, Beijing retaliated with tariffs on more than $2bn (£1.5bn) of Canadian farm and food products like canola seed and oil. As a result Chinese imports of Canadian goods fell by 10% in 2025.
In the deal struck on Friday, Canada will allow only 49,000 Chinese electric vehicles into the Canadian market at the 6.1% tariff rate.
The cap is in response to Canadian automakers’ fears of an influx of affordable Chinese EVs.
As well as relief for canola producers, there will also be reduced tariffs on Canadian lobsters, crabs, and peas.
China is Canada’s second-largest trading partner but it’s still a long way behind the US in volume.
Economic ties with China are increasingly important for Carney. On arrival in Beijing on Wednesday, he met senior executives from prominent Chinese businesses, including an electric vehicle battery maker and an energy giant.
On Thursday the two countries signed several agreements on energy and trade cooperation.
The visit is a “reset of a relationship” that may be “modest in ambition” but “much more realistic about what we can reasonably obtain”, said Colin Robertson, a former Canadian diplomat and vice-president at the Canadian Global Affairs Institute.
A frosty history
The last Canadian PM to visit China was Justin Trudeau, who met Xi in Beijing in 2017.
That visit took place before the relationship soured in 2018, following Canada’s arrest of Meng Wanzhou, the chief financial officer at the Chinese tech giant Huawai, at the request of the US.
Days later, China detained Canadian citizens Michael Kovrig and Michael Spavor on espionage charges – a move critics saw as retaliation for Meng’s arrest, which China denied.
Meng and both Michaels were released in 2021.
Ahead of the Carney-Xi meeting, Michael Kovrig wrote on X that the visit should not just be about warming ties but also “managing leverage”.
Kovrig described Chinese negotiators as “extremely adroit, calculating, and always looking for leverage”.
“That’s why engagement has to be handled with discipline,” he wrote, adding that Carney should also advocate for Canadians imprisoned in China. There are about 100 of them, according to Canadian media.
Speaking to reporters, Carney was clear that with countries that do not share the same values, Ottawa will engage on a “narrower, more specific” manner.
“We’re very clear about where we cooperate, where we differ,” he said, adding that Chinese claims over self-governed Taiwan and Hong Kong’s jailed pro-democracy figure Jimmy Lai came up in “broad discussions”.
Canada and China have “different systems”, he said, which limits the breadth of their cooperation.
“But to have an effective relationship, we have direct conversations. We don’t grab a megaphone and have the conversations that way.”
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Jamie Dimon’s ethos on running a company is pretty simple: Be relentless, and don’t overlook the details. When organizations get too comfortable and begin ignoring the fine print, he said, is when complacency sets in, and a business begins to decay.
With more than 300,000 employees worldwide, the CEO of America’s largest bank can’t be across every issue in the company—which is why he believes this diligence needs to be instilled at every level.
Speaking at the U.S. Chamber of Commerce yesterday, Dimon was asked how he had made JP better than “every other bank in the world,” a take which its CEO immediately disagreed with: “a lot of people do things better,” he began.
That reflection is “one of the reasons we sometimes do better a little bit,” Dimon added, explaining: “I’m relentless: Details, facts, analysis, no bulllshitting, no meetings after meetings, share all the information—put it on the table, put the dead cats on the table—go through system by system by system, get out on the road, visit other companies, they all do things better than you.”
The overall message is to “learn, learn, learn”, a mantra the Wall Street veteran has advised for everyone from Gen Z’s entering the job market to those in leadership.
“Big companies slow down, they become complacent, they become bureaucratic … arrogant,” Dimon added, all of which eventually leads to “stasis and death.” “Huge, wonderful companies” have failed because of this pitfall, Dimon said, and as such “nothing is too small to care about.”
Watchers of the 69-year-old’s career will not be surprised by his energetic leadership advice. Last April, Dimon wrote in his letter to shareholders that he runs the bank with a military tactic in mind named the ‘OODA loop,’ which stands for observe, orient, decide, act.
JP without Jamie
Under Dimon’s stewardship, JP has scored many wins: Its share price is up 21% over the past year, it is continually leading in AI adoption according to Evident AI’s barometer, and its CEO has the ear of everyone from lawmakers to President Trump.
However, Dimon shocked investors last year when he changed his oft-repeated response to the question of when he may be leaving the top job at JPMorgan Chase. For many years, Dimon would joke that his retirement was five years away. In May last year, that changed. “It’s not five years anymore,” he said.
Speculation has since been rife about which of JPM’s executive team would step in to fill the significant shoes of Dimon. But this week the executive’s tone changed again.
When a “five more years” anecdote was repeated back to Dimon this week, the CEO responded “at least,” suggesting his departure is anything but imminent. “I love what I do, it’s up to the board how long I do it,” he added.
Dimon’s success at JPM, which has included handling politicians and policymakers, led many to question whether one day he might make a move to Capitol Hill. The bank executive completely shut down the notion of a presidential run, as well as the role of Fed chairman (which will be vacated by Jerome Powell this spring).
“Fed chairman, I’d put in the absolutely, positively, no way, no chance, no way, no how for any reason,” Dimon doubled down this week. Since Trump’s return to the White House, the role of Fed chairman has become significantly less attractive, acting as a target for the Oval Office to level criticism and lobbying for the base rate to move one way or another.
But Treasury Secretary Dimon would “consider,” he added: “If a president calls you up asks you to do something, you should consider it. So I would take the call, consider it, and think about why and what they want, but what they want and how they want to operate would be important to me.
“I like my job, I’ve been my own boss for pretty much 25 years, and I like it that way.”
Bodies of 32 Cubans Killed in U.S. Strikes in Venezuela Repatriated
new video loaded: Remains of 32 Cubans Killed in U.S. Strikes in Venezuela Are Returned
State-run television aired a ceremony for the remains of 32 Cuban citizens killed in the U.S. strikes in Venezuela arriving in Havana. The deceased were part of the security detail of Nicolás Maduro, Venezuela’s ousted president.
By Axel Boada
January 15, 2026
Moses Itauma’s injury severity disclosed: “Participation in fight ruled out”
A busy January schedule suffered a significant setback when Moses Itauma was forced to withdraw from his scheduled January 24 clash with Jermaine Franklin.
The 21-year-old heavyweight prodigy was set to headline Queensberry Promotions’ latest Magnificent 7 card at Manchester’s Co-op Live Arena. However, injury struck, forcing the southpaw’s withdrawal and prompting organisers to postpone the entire event. The card has now been rearranged for March 28 at the same venue.
News of the postponement was met with disappointment from fans on social media, while for fighters lower down the bill the consequences were more tangible. Training camps had already been completed, sparring partners paid and preparations finalised, meaning the delay carries an unavoidable financial sting.
Queensberry promoter Frank Warren outlined the severity of Itauma’s injury when speaking to the Clubhouse Boxing podcast, making clear there was no scenario in which his fighter could have competed.
“Very unfortunate. He’s torn a bicep muscle and he was giving it a rest. The feeling was it would be okay but he went and had another MRI and it’s torn. A specialist has said it’s impossible for him to fight and we’re not going to let him fight if he’s not ready to. So unfortunately it’s been postponed.”
The delay will extend Itauma’s time out of the ring to seven months. He has not fought since August, when he produced a devastating one-round demolition of former world title challenger Dillian Whyte, a performance that firmly announced his arrival at world level.
For Franklin, the wait will be nearly as long. The American has not boxed since September, when he outpointed Ivan Dychko on the Terence Crawford–Canelo Alvarez undercard. Having previously dropped a contentious majority decision to Whyte in 2022, Franklin will now have to wait a little longer for another opportunity to reinsert himself into the heavyweight conversation.
Special Edition Ford Nugget Camper Van for 40th Anniversary
The Ford Nugget may forever have the spirit of a carefree 22-year-old, but Ford’s beloved camper van is actually turning the big 4-0 this year. To celebrate, Ford Pro is kicking off 2026 with a 40th anniversary edition styled to match the original Nugget from 1986. The neutral black-and-white color scheme looks stunning inside and out, while the pop-top floor plan showcases the latest in Ford’s three-room mobile living design.
Believe it or not, the Ford Nugget actually predates its world-famous rival, the Volkswagen California. Volkswagen may have a richer, more celebrated history of pop-top camper vans in general, but the model line bearing the California name launched in 1988, two years after the Ford Nugget made its world premiere.
Perhaps that’s fitting because, though Volkswagen got on the van and camper van train before Ford, the Blue Oval beat virtually every other company in the world to the very concept of RVing, starting in the mid 1910’s with the group of venerated road travelers that called themselves the “Vagabonds,” led in part by Henry Ford himself.
It was another 70 years before Ford’s iconic Nugget made its debut, but the little camper van quickly endeared itself to a much-matured RV world. The first Nugget was built aboard a fourth-generation Transit van, and as with the VW California that followed two years later, the conversion work was handled by the world famous camper van minds at Westfalia. But while Volkswagen would go on to take over the manufacturing reins from Westfalia in 2003, Ford’s Nugget work with Westfalia has continued on through multiple Nugget generations and refreshes, right up to present day.
Ford Deutschland
And so, the two automotive icons move on to their newest collaboration, officially called the “40 Years of Nugget” limited edition and available to order in Germany now. The special anniversary van isn’t meant to be a full-on 80’s redux, but more of an inspired-by successor. So while the overall black-accented “Frozen White” look is clearly derived from the 1986 Nugget above, the roof comes in contrast black rather than white and the body stripes running the flanks are a finer pinstripe design.
The Nugget’s 40th anniversary dress is both understated and brilliantly formal, something of a black tie approach complete with black top hat, white overcoat and smart, black accessories. It would look as comfortable shuttling VIPs to the edge of the red carpet as it would popped high next to a roaring campfire.
Westfalia
We’re not quite sure if we like the new motif better than the high-rising electric blue we last saw the Nugget wearing, but the little camper certainly looks good in black and white. We especially like the sharp contrast of the roof and matching black-out fabric against the snowy white of the body.
The special edition model launches as a pop-up, and buyers can choose either the package with permanently installed rear toilet or the simpler floor plan with increased kitchen and storage space replacing the toilet compartment. It comes in 215-in (545-cm) long-wheelbase (L2) size and Active trim with a 168-hp EcoBlue diesel engine.
Whether you choose the rear toilet or extra storage capacity, the Nugget comes divided up into the unconventional but highly functional three-room concept that serves as the cornerstone of its modern design. The L-shaped kitchen is located in the rear of the van, just behind the three-seat rear passenger/dining bench. That creates a dedicated cook station away from the hustle and bustle of the front lounge or center aisle, allowing more focused, less harried meal prep.
The second room is the dining room-cum-bedroom in front, which includes the bench, two swivel driver’s cab seats and a removable dining table. The dinette converts over into a double bed at night. And of course, the third and final room is the dedicated bedroom up in the pop-up roof, where campers will find another double bed.
Ford Deutschland
As a rule, we’re not fond of black-and-white interiors, but since we’re accustomed to seeing the Nugget with white or gray furniture and charcoal countertops, this one feels pretty natural. The exclusive interior decor contrasts white furniture with black countertops and drawer and cabinet handles to vivid effect. Thankfully, unless our eyes deceive us, Ford lays off the bipolar black/white palette for the flooring, which appears to be an earthier light beige.
The 40 Years of Nugget edition will make its official world premiere at the CMT camper and travel show in Stuttgart, Germany this week and is available to order for a base price of €89,647 (approx. US$104,100).
Ford says it’s kept the price identical to the standard L2 Nugget in Active trim with the same equipment, a nice bonus for buyers since the special model also includes a gift pack with items like an anniversary book and mug. That wouldn’t be much of a throw-in for a traditional passenger vehicle, but in a camper van, that’s a book to read by the light of the fire and a mug from which to enjoy morning coffee against a stunning backdrop.
We just finished booking our trip to Stuttgart to catch the end of CMT, and we’ll definitely be stopping by Ford’s booth to bring you a closer look at this one, along with the new Nugget High Roof and other vehicles it has on show.
Source: Ford Germany
HYBE profits $3.5 million from selling shares during BTS comeback
South Korean entertainment giant HYBE plans to sell 5.16 billion South Korean won (approx. USD $3.51m) worth of shares, cashing them out after a recent stock rally driven by the highly anticipated return of their biggest acts, BTS.
In a corporate filing on Thursday (January 15), HYBE disclosed plans to sell 24,500 shares of its common stock at 210,740 won ($143.28) apiece, representing a 36% discount to HYBE’s closing price yesterday (January 14).
The divestment comes as HYBE’s stock reached an over four-year high on January 2 at 346,000 won ($235.48), approaching levels last seen on December 30, 2021, when the stock hit 349,000 won ($237.52), before BTS announced a hiatus that sent shares plummeting.
News of the share sale boosted HYBE’s stock on Thursday, closing up 2.3% to end the trading session at 338,500 won ($230.33), more than double its 135,000 won ($91.85) IPO price in 2020.
After members completed mandatory military service in South Korea, BTS will release their fifth album on March 20 at midnight ET and embark on a world tour spanning 34 regions and 79 shows. The Live Nation-promoted tour will feature a 360-degree, in-the-round stage design. According to an earlier announcement, the immersive setup “places the audience at the center of the experience while allowing for increased capacity at every venue”.
Prior to their hiatus in 2022, the group was HYBE’s top revenue generator and were also the world’s biggest recorded music artists in 2021 and 2020, according to IFPI.
With the group’s absence, HYBE’s operating profit dropped 37.5% YoY to KRW 184.82 billion ($135.55 million) in FY 2024, which the company attributed to, among other factors, “BTS‘ temporary break.”
Early hints of a BTS comeback, however, triggered a rally in HYBE’s shares, such as in the summer of 2025 when BTS members appeared together at HYBE HQ with a “we are back” banner in the background.
In November, HYBE CEO Jason Jaesang Lee said the company expects “full-scale improvement” of its revenue structure starting in 2026. The executive said: “This recovery will be anchored by BTS’ return as a group, the accelerated growth of K-pop artists, further results from our ‘multi-home, multi-genre’ strategy, and stable profitability from Weverse.”
However, as MBW reported earlier, HYBE has become less reliant on the superstar group for its revenue during their absence. HYBE was busy with major expansions in the US, Latin America, and Africa. In July, it expanded into India, opening its fifth international headquarters in Mumbai.
HYBE has also made major investments into the acquisition of local music labels and the establishment of new global musical acts like KATSEYE (formed in partnership with Universal Music Group‘s Geffen Records). In 2026, Lee told HYBE staff that the company aims to turn those investments into profit.
The company has also continued to develop its superfan platform Weverse, which has been attracting Western artists with the promise of a stronger connection with fans and new monetization opportunities.
As MBW reported, Lee indicated that HYBE of today is moving beyond being “the label behind BTS,” and even moving beyond K-pop itself.
Lee told HYBE staff in his New Year’s address: “HYBE’s growth philosophy is clear: to create top-tier IP, lead the fandom business, and expand those results into new markets and genres.”
Music Business Worldwide
Taiwan and US Agree to Reduce Tariffs and Increase Chip Investment in New Deal | Business and Economy Updates
Washington seeks improved access to strategic chip industry of island nation, over which China claims sovereignty.
Published On 16 Jan 2026
Taiwan and the United States have struck a trade deal that will see the island nation boost tech and energy investments in the US in exchange for lower tariffs.
In a statement announcing the deal late on Thursday, the US Commerce Department said Taiwan’s semiconductor and technology businesses will invest at least $250bn in the US. In exchange, it said Washington will reduce its general tariff on imports of Taiwanese goods from 20 percent to 15 percent.
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The deal illustrates an ongoing push by the US to improve access to Taiwan’s semiconductor industry. The island nation holds a dominant position in the supply of the chips used in advanced digital technology across the world and, therefore, a critical component in the global economy, but it faces Chinese claims over its sovereignty.
President Donald Trump announced a 32 percent tariff on Taiwanese goods as part of his sweeping “Liberation Day” tariffs last spring, a rate he later lowered to 20 percent.
The Commerce Department said the “historic” deal “will strengthen US economic resilience, create high-paying jobs, and bolster national security”.
In addition to investing $250bn in building and expanding advanced semiconductor, energy, and artificial intelligence production and innovation capacity in the US, Taiwan will provide at least the same amount in credit guarantees for additional investment by its businesses in the US semiconductor supply chain.
Silicon shield
Taiwan stressed that it would remain the world’s main semiconductor supplier.
The island’s chip industry has long been seen as a “silicon shield” protecting it from an invasion or blockade by China – which claims the island is part of its sovereign territory – and an incentive for the US to defend it.
“Based on current planning, Taiwan will still remain the world’s most important producer of AI semiconductors, not only for Taiwanese companies, but globally,” Economic Affairs Minister Kung Ming-hsin told reporters on Friday, the AFP news agency reported.
Production capacity for the advanced chips that power artificial intelligence systems will be split about 85-15 between Taiwan and the United States by 2030 and 80-20 by 2036, he projected.
Reacting to the accord, Beijing expressed its stern opposition.
“China consistently and resolutely opposes any agreement … signed between countries with which it has diplomatic relations and the Taiwan region of China,” China’s Ministry of Foreign Affairs spokesperson said, urging Washington to abide by Beijing’s one-China principle.
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Former South Korean President Yoon sentenced to five years in jail for attempting to impose martial law
Jake Kwon,Seoul correspondentand
Leehyun Choi,Seoul
EPA/ShutterstockSouth Korea’s impeached president Yoon Suk Yeol will be jailed for five years over abuse of power, obstructing justice and falsifying documents in relation to his failed martial law bid in 2024.
This is the first of the verdicts in four trials linked to his shock martial law decree. Although short-lived, the move triggered nationwide turmoil, sparking protests as MPs rushed to the national assembly to overturn Yoon’s decision.
Yoon’s actions “plunged the country into political crisis”, a judge said on Friday, noting that Yoon had “consistently shown no remorse”.
Friday’s ruling offers clues as to how the rest of Yoon’s trials could go. His string of charges range from abuse of power to campaign law violations.
The most serious charge is insurrection, for which prosecutors have demanded the death penalty. The verdict in that trial is expected in February.
About 100 supporters of Yoon had gathered outside the courthouse on Friday to watch the livestreamed proceedings projected on a large screen.
Some of them held red banners that read: “Yoon, again! Make Korea great again”. Several could be heard yelling at the judge as he delivered the guilty verdicts, while others looked solemn.
On Friday, Yoon was convicted of using presidential bodyguards to prevent his arrest; failing to consult his entire cabinet before declaring martial law; as well as drafting and then destroying a falsified document claiming the martial law bid had been endorsed by the prime minister and defence minister.
“The accused has the duty to safeguard the constitution and law but turned his back on them,” the judge said.
Prosecutors had sought a 10-year jail term for the charges in Friday’s ruling. Both sides have seven days to appeal.
Yoon denied the charges, arguing that the arrest warrant itself was invalid and that the letter of the law does not require him to consult every member of the cabinet before exercising emergency power.
He had claimed across his trials that investigators had no legal basis to probe and arrest him in the first place. Most of the accusations against him are invalid because there was no procedural lapse when he declared martial law, he argues.
South Korea’s courts often grant leniency when the accused accepts guilt or responsibility. But prosecutors argue that Yoon’s lack of remorse is grounds for an even more severe penalty.
Park Geun-hye, who was sentenced to 20 years in prison for abuse of power and bribery in 2021, was the last former president to be jailed for a criminal charge. But she was pardoned and released from prison shortly after.
Six months after Yoon’s martial law attempt, voters elected opposition leader Lee Jae Myung in a decisive victory .
But Yoon’s trials bring the spotlight back to deep divisions in South Korea, where the former president retains strong supporters who see him as a martyr. According to a survey conducted last December, nearly 30% of South Koreans did not believe that Yoon’s martial law declaration amounted to an insurrection.
While his martial law attempt brought tens of thousands of protesters onto the streets, it also saw his supporters show up in counter protests, though in smaller numbers.
Additional reporting by Koh Ewe