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Trump lashes out at ‘babies’ complaining about tariffs, which he says led to the massive new trade deal with Canada and Mexico
Trump said his recent steel and aluminium tariffs as well as threats of tariffs on imported cars were a key reason the three countries were able to come to an agreement on an update to NAFTA that Trump is calling the US-Mexico-Canada Agreement.
“By the way, without tariffs, we wouldn’t be talking about a deal,” Trump said. “Just for those babies out there that talk about tariffs. That includes Congress. ‘Oh please don’t charge tariffs.’ Without tariffs, we wouldn’t be standing here.”
Trump launched the renegotiation of the North American Free Trade Agreement just days after taking office, and official talks kicked off in August 2017. Little progress was made during the first year of talks, but a furious push to wrap up the deal before the end of Mexican President Enrique Peña Nieto’s term at the end of November helped to break the impasse.
General Electric removes John Flannery as CEO
Struggling General Electric just ousted CEO John Flannery after less than a year. The company said on Monday that H. Lawrence Culp, Jr. would take over as chairman and CEO effective immediately.
But the company’s problems date back much further than Flannery’s tenure.
Since achieving a peak market cap of $US594 billion way back in August 2000, GE has seen its value tumbled by almost $US500 billion. As of Friday’s close, the company was worth just $US98 billion.
Facebook just appointed a 10-year company veteran to replace Kevin Systrom as the head of Instagram
In a blog post Monday afternoon, Instagram said Mosseri would be taking over following the surprise announcement last week that co-founders Kevin Systrom and Mike Krieger would be departing the company.
The two co-founders left Instagram following growing tensions with Facebook CEO Mark Zuckerberg. The social media giant acquired Instagram in 2012 for $US1 billion.
Mosseri first joined on to Facebook’s design team in 2008. In his new role, Mosseri will “oversee all functions of the business and will recruit a new executive team including a head of engineering, head of product and head of operations.”
In markets news
- A $US255 billion Scottish investment firm has gotten in early on Spotify, Lyft, and Airbnb – here’s how it discovers hidden gems before everyone else
- MORGAN STANLEY: Amazon’s explosive growth is masking a fault line in one of the market’s hottest sectors
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