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Listen: On the GZERO World Podcast with Ian Bremmer, we ask The Economist's editor-in-chief Zanny Minton Beddoes: Did Wall Street get President Trump wrong?
Candidate Trump promised to lower taxes and drastically reduce government regulation. This message resonated as much with Wall Street as it did with Main Street. After surviving, if not thriving, under President Trump's first term in office, the business community no longer feared Trump's unpredictability. They overlooked his fixation on tariffs and his promises of mass deportations.
However, the first months of Trump 2.0 have been a time of economic warfare and market volatility. President Trump slapped tariffs on America's largest trading partners and closest allies and began to make good on a promise to deport millions of illegal immigrants. So where is this all heading, and what does it mean for the rest of the world?
President Donald Trump talks to the media next to Tesla CEO Elon Musk, with a Tesla car in the background, at the White House on March 11, 2025.
Elon Musk may have a big day ahead. On Friday, according to the New York Times, he’ll reportedly be made privy to war plans for a US military conflict with China. But President Donald Trump has notably denied that Musk will be briefed on China during the visit.
While discussions about such a confrontation within the walls of the Pentagon are nothing new — defense officials have been war-gaming such a scenario for years — this would be a novel and expanded advisory role for the man at the helm of DOGE, the agency that has federal workers dodging pink slips.
The Tesla CEO was, according to the NYT report, invited to visit America’s five-sided symbol of strength by Defense Secretary Pete Hegseth, who will lead a slide presentation detailing the operational plan, aka O-plan, from early indications of a possible threat from China through to full-on engagement.
Is there a conflict of interest? Good question. Pundits are wondering whether Musk, who helms both SpaceX and Tesla and has plenty of financial investments in China, should be let in on state secrets about how the US might fight a hypothetical war with China. Should Beijing get wind of the plans, it would help China prepare, giving it the advantage.
But, on the other hand ... the man who’s driving bids to reduce the federal deficit may need to know how much money is required to keep American war-fighting capabilities afloat. The White House has noted that Musk would recuse himself in the case of such conflicts of interest.
We’ll be keeping an eye on Musk’s visit and any fallout.
Flags of Canada and China.
4: The Canadian government has strongly condemned China’s use of the death penalty, following revelations the country executed four Canadian citizens for drug-related offenses, despite appeals for clemency. China carries out more executions than any other country and has a conviction rate of over 99%.
2.2: US President Donald Trump's tariff tiff with Canada is dampening economic growth on both sides of the border. Canada’s GDP was set to rise by 2% in 2025, and America’s by 2.4%. An OECD analysis has revised those figures to 0.7% and 2.2%, respectively, as a result of the trade war.
6 billion: Canadian Prime Minister Mark Carney announced a CA$6 billion purchase of an Over-the-Horizon Radar system from Australia to enhance Arctic early warning capabilities. Carney’s move both asserted Canada’s northern sovereignty and allowed Australia to find a buyer for its technology after DOGE cuts impacted possible US spending on the project.
4.5: The US Federal Reserve held overnight interest rates steady on Wednesday, in the target range of 4.25 to 4.5 %. But the Fed also signaled a willingness to cut borrowing costs by half a percentage point later this year, anticipating economic growth to slow to 1.7% and inflation to rise to 2.7%.
116: US Customs and Border Protection says it made 3,254 egg-related seizures in January and February 2025, a 116% increase compared to the same period one year ago. US egg prices have ballooned 59% since February 2024 because of the culling of flocks due to bird flu. In comparison, fentanyl seizures at the border dropped by 32% during the same period compared to the previous year.A typewriter and a white sheet of paper with the words "Artificial Intelligence" printed on it.
The rules, which were announced Friday and will go into effect on Sept. 1, mandate that any generative AI has to either explicitly signal that it was produced by AI — such as through a watermark — or it needs to encode that information in its metadata.
“The Labeling Law will help users identify disinformation and hold service suppliers responsible for labeling their content,” the Cyberspace Administration of China wrote in a statement, translated by Bloomberg. “This is to reduce the abuse of AI-generated content.”
It’s unclear how Chinese companies will comply. Critics of watermarking requirements in the US have warned that watermarks are easily removed or manipulated. The relationship between Beijing and China’s tech sector is always a push and pull — it’s unclear whether the government will be cheery about its thriving private actors for long, or institute additional rules like this one to rein them in and reassert dominance.A computer generated image of the letters AI.
A flurry of impressive new artificial intelligence models is coming online in China. DeepSeek grabbed the world’s attention in January with its powerful and allegedly low-cost R1 model, then Alibaba followed it up with a new model called Qwen 2.5-Max, before Tencent released the model Hunyuan Turbo S that it claimed was faster than DeepSeek.
But there’s even more competition now. On Saturday, Baidu announced two new versions of its AI model, Ernie, that are adept at more complex “reasoning” tasks, a major point of emphasis right now for the top American AI companies like OpenAI and Anthropic. And a Chinese newcomer called Manus recently launched an AI “agent” that can complete multi-step tasks for users — say, order and pay for a pizza — that’s receiving lots of hype though it’s currently invite-only.
The dam has burst in the Chinese tech industry and now every player is racing to release software that can beat DeepSeek but can also compete with the top AI countries in the world.
Jack Ma, the billionaire founder of tech giant Alibaba, was once synonymous with entrepreneurship in China. But in 2020, he disappeared from public view after criticizing the country’s financial system amid President Xi Jinping’s crackdown on the tech sector. Recently, however, it seems Jack Ma may be back in the Communist party’s good graces. On GZERO World, Ian Bremmer spoke with China analyst and Sinocism author Bill Bishop about the meaning behind Ma’s apparent reemergence and rehabilitation. He appeared alongside Xi at a symposium for business leaders in February, an indication that the Chinese president is trying to engage with the private sector as he works to revive China’s sluggish economy. But is this a fundamental realignment of Xi’s priorities or a temporary reprieve?
“I don't think there's a lot of people who believe that the Communist Party changed its view of private business, which is they're there to be harnessed and managed and controlled,” Bishop explains “But they understand that they need people like Jack Ma, they're not just the best entrepreneurs in China, they're some of the best entrepreneurs in the world.”
Watch full episode: China’s next move
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The June 2024 LGBTQ Budapest Pride parade in Hungary.
200,000: Hungary’s ruling Fidesz Party has intensified its crackdown on LGBTQ+ rights by proposing a bill to ban the Budapest Pride March, just as the event approaches its 30th anniversary. The bill, which is likely to pass given the ruling party’s two-thirds majority in parliament, will criminalize those who violate Hungary’s “child protection” legislation that prohibits the depiction or promotion of homosexuality to minors. Event organizers have condemned the proposed fine of 200,000 Hungarian forints ($546) as a blatant assault on freedom of speech and assembly, as Viktor Orban’s Hungary continues its departure from the core values agreed upon by all members of the European Union.
5: China on Monday unveiled a new plan to revitalize its economy struggling to cope with deflation, unemployment, low household income, a property market downturn, and an ongoing trade war with the United States. The government announced steps to “vigorously boost consumption” by increasing the minimum wage and strengthening support for education and healthcare, with hopes to hit the ambitious growth target of “around 5%” for the year laid out by Premier Li Qiang. But the new guidelines lack concrete steps to stimulate domestic demand and are unlikely to upend the economy’s persistent structural issues.
30: British Prime Minister Keir Starmer’s spokesman told reporters on Monday that “more than 30 countries” are ready to send troops to enforce a peace deal in Ukraine. Although he didn’t name names, the UK, France, Australia, Denmark, and Sweden previously signaled their willingness to contribute forces. This “coalition of the willing” doesn’t include the United States, but Starmer and other leaders suggest an American security guarantee is still key to a successful peacekeeping mission.
8: The World Health Organization warned that eight countries are facing the exhaustion of life-saving HIV treatments after the withdrawal of US foreign aid. Haiti, Kenya, Lesotho, South Sudan, Burkina Faso, Mali, Nigeria, and Ukraine are all in danger of running out of supplies in the coming months. At a press conference, WHO Director-General Tedros Adhanom Ghebreyesus warned that “disruptions of HIV programs could undo 20 years of progress,” potentially leading to 10 million additional cases of HIV and 3 million deaths.
2: A Japanese man and woman were detained for two weeks and then deported for cheeky behavior at one of the world’s most popular tourist destinations. According to the Japanese embassy, the incident stemmed from a prank in which the woman photographed the man exposing his backside at the Great Wall. Reports say exposing the lower half of the body in a public place violates Beijing’s strict decency laws.