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Davos Day 2 live updates: Trump’s Greenland threats, AI fears, and luxury outfits

A sign of the World Economic Forum (WEF) is seen on the top of the Congress Centre that hosts the WEF annual meeting in the Alpine resort of Davos on its opening day in Davos on January 19, 2026.
It’s Day Two of Davos.

It’s Business Insider’s second day at Davos, and there are two words on everyone’s lips: Trump and Greenland.

Trump’s threats against Greenland are dominating conversations in the Swiss Alps, with his speech on Wednesday afternoon creating huge anticipation among delegates.

We’re on the ground tracking everything World Economic Forum: the speakers, the food, the fashion, the Trump chatter, and more.

Away from Greenland, speaker panels kicked off in earnest on Tuesday, with power players like Microsoft CEO Satya Nadella, BlackRock CEO Larry Fink, Palantir CEO Alex Karp, and Salesforce CEO Marc Benioff all on the agenda.

Follow along as we give you a window into what it’s really like to attend the World Economic Forum.

Tech CEOs: AI is already coming for junior jobs
CEO of Google DeepMind Demis Hassabis at Davos
Demis Hassabis, CEO of Google DeepMind, speaking at Davos on Tuesday.

Anthropic and Google DeepMind chiefs say they’re seeing early signs of AI affecting junior-level hiring.

Demis Hassabis, CEO of Google DeepMind, predicted this would be the year when AI could mean cutting back on entry-level jobs and internships. “I think there is some evidence, I can feel that ourselves,” he said during a joint interview with Anthropic CEO Dario Amodei at Davos on Tuesday.

Amodei agreed. “Now I think maybe we’re starting to see just the little beginnings of it, in software and coding,” he said, adding that Anthropic is thinking about how to deal with this change “in a sensible way.”

Republican senator says Trump doesn’t need to fight with allies to get Greenland’s power
Thom Tillis at Davos
Thom Tillis speaking at the World Economic Forum.

Republican Sen. Thom Tillis of North Carolina said on Tuesday that he understands why Trump wants Greenland.

“I support the what: being able to project power in the Arctic,” Tillis said at the “Path to Peace in Ukraine: By Might or by Accord?” panel. “Oh my goodness, anyone in NATO should understand that as a priority.”

Russia and China’s military drills in the Arctic show that “clearly we have to have a power projection platform and Greenland makes a lot of geographic sense,” he said.

But he said he doesn’t agree with Trump’s how. Greenland is a territory of Denmark, a NATO ally, and the US already has a military base on it. Tillis pointed out that, at the peak of US cooperation, the US had 17 military facilities there.

He also rejected the idea that projecting US power from Greenland requires some financial transaction. He said that path doesn’t even appeal to him as a fiscal conservative. “I think over time, hopefully we will get to the president to recognize that and have the policy that’s commensurate with that,” he said.

Plenty of government airplanes arrive in Davos — with more on the way
Air Force Two, a Boeing C-32A airplane, sits on a tarmac in 2019.
Air Force Two, a Boeing C-32A airplane, sits on a tarmac in 2019.

A blue-and-white Boeing C-32A departed Joint Base Andrews a few hours ago and is now approaching Europe. Its call sign, SAM696, suggests it’s carrying a high-ranking official but not the president. Another US government airplane landed in Switzerland at 6:40 a.m. CET, before Treasury Secretary Scott Bessent appeared in Davos.

Argentina’s President Javier Milei appeared to arrive in Zurich at 3:13 p.m. CET. His government’s Boeing 757 jet, registered as “ARG-01,” briefly stopped in the Canary Islands, per ADS-B Exchange data.

French President Emmanuel Macron was onstage today, after two state-owned Dassault private jets arrived from an air base near Paris around 9:30 a.m. CET.

We’ve also seen airplanes owned by the governments or militaries of Azerbaijan, Bahrain, Czechia, Egypt, Israel, the Netherlands, Pakistan, Poland, and Sweden.

President Donald Trump is scheduled to speak tomorrow.

Microsoft President Brad Smith says people are asking ‘completely legitimate questions’ about data centers

Microsoft President Brad Smith said at a panel on AI and geopolitics that local resistance to data centers is the “big issues” for tech companies investing in AI right now.

Smith listed a variety of concerns that people who live near data centers are raising, including whether electricity prices will rise, whether water pressure in their homes will be impacted by the centers’ water use, and who will benefit most from new jobs.

“Those are completely legitimate questions, and I think it’s incumbent on all of us in the industry in the United States to address them head-on and offer the kinds of assurances that people need,” Smith said.

Smith’s comments come one week after Microsoft detailed a plan for “community-first AI infrastructure” that includes paying higher rates for the electricity their facilities consume. That followed a post from President Donald Trump calling on tech companies to “pay their own way” for data centers.

Salesforce and Google execs have an awkward moment onstage

Salesforce CEO Marc Benioff on Tuesday again called out tech companies for abusing Section 230, this time with Google’s president sitting just feet away.

“The social media companies have not been held responsible for the damage they did,” Benioff said at a World Economic Forum panel. The Salesforce CEO owns Time Magazine, which he said is responsible for what it publishes. “These tech companies are not,” he said.

Benioff also criticized Character.AI after watching a “60 Minutes” documentary about the company’s impact on children. It was “maybe the darkest thing I’ve ever seen with technology,” Benioff said.

He made similar statements about Section 230 and Character.AI earlier this month.

Google president and chief investment officer Ruth Porat sat two seats down from Benioff on the panel. Her company runs one of the social media sites, YouTube, that benefits from Section 230. Google also paid $2.5 billion to license Character.AI’s technology and hire its key talent in 2024.

The panel’s moderator said that Porat had a “right to reply.”

Porat said there were areas where regulation was needed, but the upside was significant. As a cancer survivor, Porat highlighted the potential to democratize early detection in oncology through AI. “I don’t want to give up on those kinds of things,” she said.

Benioff responded, saying we can learn from what happened with social media. He referenced some governments banning social media for people under certain ages. “That’s a big step,” Benioff said. “That wasn’t true 10 years ago.”

AI or else

The biggest theme emerging from my conversations so far this week is that AI hasn’t delivered the tangible productivity gains executives expected. The question everyone’s trying to answer is: How do we fix that?

One approach is an “AI or else” approach, shoving it down employees’ throats (e.g., incorporating AI use in performance reviews). But at a Business Insider roundtable I moderated this morning, the chief people officers at many of the world’s largest companies advised a gentler approach.

Cisco, for example, found that when it mandated AI training, it not only failed to drive adoption but actually had a negative impact. What was more successful was “providing choice,” said Francine Katsoudas, the chief people, policy, and purpose officer at Cisco — like when it gave its engineers access to half a dozen AI tools, so they themselves could decide which tools to use and how to use them. “I do believe that we have to work really, really hard to make AI a team sport.”

I tried Meta’s orange hot chocolate. It was delicious.
Two women serve hot chocolate at a Meta-branded stand.
Meta’s orange hot chocolate was delicious.

One of the most fun parts about being at Davos is walking along the main promenade to people-watch and try the free snacks and drinks that companies and foreign governments hand out.

Since this is a snowy mountain town, coffee, tea, and hot chocolate are popular.

One of the tastiest items I’ve had is the orange hot chocolate at Meta’s house.

To order, I had to scan a QR code, which took me to Meta-owned WhatsApp, where a disclaimer popped up. “Meta shares your commitment to the highest standards of ethical conduct and transparency,” it said. “This hospitality is valued at USD $13.”

Luckily, our Business Insider policies allow me to accept free hot chocolate, and a minute later, a friendly barista served up the drink, topped with whipped cream, a marshmallow, and a wafer with the Meta logo.

It was piping hot, not too sweet, and delicious.

Davos attendees are getting scammed by ‘fake VIP passes’ for the USA House
The USA House in Davos is pictured.

A recent warning out of Davos highlights that even the world’s business elite can fall prey to online scams.

Fake VIP passes for the USA House — America’s privately funded celebration site at the World Economic Forum’s event in Davos, Switzerland — have hit the market. In a statement on its website, the USA House warned those attending not to be duped.

“We will not give access to people who purchased such packages,” the statement reads. “Our sympathies to those who fell victim to these scams.”

Read full story

Howard Lutnick would rather not talk about Greenland
US Commerce Secretary Howard Lutnick and Rachel Reeves, the British Chancellor of the Exchequer, at Davos.
US Commerce Secretary Howard Lutnick and Rachel Reeves, the British Chancellor of the Exchequer, at Davos.

Commerce Secretary Howard Lutnick doesn’t want to talk about Greenland, as President Donald Trump’s statements about the autonomous Danish territory roil global markets.

“No, it’s not necessary,” Lutnick told panel host Adam Tooze, an economic historian, when Tooze tried to steer the conversation back to the topic looming over Davos.

“I think America and the Western Hemisphere are vital to America, and I’m going to leave that to my national security people to address.”

Top economic officials in the UK and Canada, who joined Lutnick on the panel, sprinkled in reminders in their remarks that the White House should not forget its allies, though they offered no specific condemnation of Trump’s repeated suggestions that the US may try to seize Greenland.

“What I urge Howard and others in the administration just to think of is just how your allies can help you achieve your objectives,” Rachel Reeves, the UK’s Chancellor of the Exchequer, said.

Later, during an open Q&A, Lutnick was pressed on how the US would respond if Europe imposed retaliatory tariffs should Trump follow through on his threat to impose tariffs on European countries for not supporting his views on Greenland.

Lutnick said if Europe responds with tariffs of its own, the standoff will eventually end with a meeting between President of the European Commission Ursula von der Leyen and Trump, as happened previously.

“If we’re going to have a kerfuffle, so be it,” Lutnick said. “But we know how it’s going to end.”

Lunch with two of the youngest tech founders at Davos
Two men in suits pose while sitting at a table.
Cameron Fink and Noah Koh are two of Davos’ youngest delegates.

Davos often attracts an older crowd, but I had lunch with two young tech founders here, one of whom is not old enough to drink in the US

“This is one of the few places in the world where I can have a drink and not feel so guilty about it,” said Cameron Fink, the 20-year-old Dartmouth dropout who is cofounder and CEO of Aaru, which is building AI-driven software that it says can predict future events.

“I did meet one person younger than me, but they happened to be the child of the World Economic Forum delegate, so I don’t know if that counts.”

Fink and his 21-year-old cofounder, Ned Koh, were dressed in suits. They dressed up to try to make them look older, lest they be confused for interns. To save money, they are not staying in Davos, but 30 minutes away by train.

“The Davos accommodations are like $30,000, Fink said. “That doesn’t exist in our founder budget.”

Ned used 390,000 United Airlines miles to travel here in business class, which he said was worth it because he spent the trip networking.

“If you look at the people around you and you start to look at logos on backpacks, you’ll see that like half of America’s biggest CEOs are sitting next to you,” said Koh.

Top economists expect a ‘choppy’ job market

Nela Richardson, chief economist at ADP, described the US job market in three words to a Davos audience: “K-shaped, concentrated, and choppy.”

Consumer spending is high among wealthier Americans, but middle- and lower-income households are struggling to find work and pay bills. It’s a gap that she expects will widen, especially as healthcare and hospitality are among the only fields showing real growth.

Besides the gloomy jobs outlook, a group of top economists and bank leaders said Tuesday that the global economy is resilient. Potential AI and credit bubbles might be a risk to markets — though data centers are still a worthy investment.

“We’re not in a productivity bubble,” Richardson, who was one of the panelists, said. “What AI has promised, it can deliver: higher standards of living, higher growth rates.”

She expects the US will need more specialized blue-collar workers to build data centers and stay competitive. “It’s going to take an infrastructure that is able to keep up with the development, and right now, we don’t have it.”

Spotted: Linda Yaccarino is on the ground at Davos
Linda Yaccarino, CEO of eMed Population Health.
Linda Yaccarino, CEO of eMed Population Health.

Yaccarino, the former CEO of X, is participating in various panels along the promenade in her new role as CEO of eMed Population Health. Her winter white suit is from Gabriela Hearst.

Markets are finally taking Trump’s Greenland threats seriously

Trump is dominating not only conversations in Davos, but also the narrative in the markets. Stocks across the board have plunged on Tuesday morning, with investors showing their anxiety about the Greenland fight.

Major indexes on both sides of the Atlantic are down sharply, having previously largely ignored Trump’s threats to take over Greenland.

Read Jennifer Sor’s full story on Tuesday’s market chaos here.

Trump is dominating the Davos agenda and casting a chill over the global elite
Donald Trump disembarks Air Force One in Palm Beach.
PALM BEACH, FLORIDA – DECEMBER 20: U.S. President Donald Trump walks off Air Force One at Palm Beach International Airport on December 20, 2025 in Palm Beach, Florida. Trump traveled to his Mar-a-Lago club after holding a rally in Rocky Mount, North Carolina.

The weather is sunny and (relatively) warm in Davos, but there’s a definite chill in the air.

Maybe it’s the heightened security. Maybe it’s the long lines already forming. Maybe it’s that there are reportedly a lot more people here than there have been in a long time.

Whatever the case, everyone seems to be on edge. Multiple attendees told me they were already feeling exhausted, as if we were halfway through the week, even though we’re just getting started.

President Donald Trump’s ongoing threats against Europe over his desire to take over Greenland have been a big talking point. Speculation continues to swirl about his Wednesday address.

Read full story

Liberal arts degrees are back

Philosophy majors, rejoice. Your value is rising by the minute.

After years of often being the butt of the joke in the corporate world, liberal arts degrees might be the new hot commodity.

I’ve asked a lot of finance executives this week about AI’s impact on the workplace. Specifically, how the tech’s automation could suck up the need for junior roles.

All of them stressed the importance of attracting critical, creative thinkers, since so much of the hard financial analysis can be done by the bots. That means they’d look for talent outside traditional finance tracks.

Don’t sweat it, Wharton folks. They’re still interested in your types. Just don’t be surprised if you’re rubbing shoulders with an Art History major in your analyst class.

Amodei says selling AI chips to China would be ‘crazy’
An Asian man presses his face against a clear box holding a computer chip
As AI chips designs diversify beyond Nvidia’s GPU, US semiconductor fabs are pressing their noses up against the AI boom window.

Selling AI chips to China would be “like selling nuclear weapons to North Korea,” according to Anthropic CEO Dario Amodei, who described the idea as “crazy.”

Speaking to Bloomberg at Davos on Tuesday, Amodei said that Trump’s decision to sell Nvidia AI chips to China would be a mistake that could have major national security implications.

“We are many years ahead of China in terms of our ability to make chips, so I think it would be a big mistake to ship these chips,” said Amodei, who said that companies like Anthropic were building models that are “essentially cognition.”

“Imagine 100 million people smarter than any Nobel Prize winner, and it’s going to be under the control of one country or another.

MAPPED: Davos private jet arrivals
A map of the world showing lots of flight paths from lots of different countries converging on Switzerland on the first day of the World Economic Forum's 2026 meeting in Davos.

I’ve been tracking all the private jets that are landing near Davos. There were at least 157 yesterday, arriving from more than 40 different countries.

The longest trip was made by one that belongs to Salesforce CEO Marc Benioff, according to JetSpy data. It flew for 14.5 hours from Hawaii.

JetSpy also showed numerous companies’ private jets arriving in the area, including those of Aramco, BlackRock, Google, and JPMorgan Chase. The most popular type was the Gulfstream G650, which typically costs over $65 million.

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Wendy Diamond, founder and CEO of the Women’s Entrepreneurship Day Organization, wore green
A woman dressed in a green suit poses in front of an Alpine background
Wendy Diamond, founder of the Women’s Entrepreneurship Day Organization.

Green “is my happy color,” she said, saying bright colors help when “the world is so dark.”

Iuliia Bazhan, a model and founder of the Evoautism Foundation, went for an all-white look
A woman dressed in all white poses at the World Economic Forum in Davos, Switzerland.
Trump tariffs are ‘fundamentally unacceptable,’ says Macron
French President Emmanuel Macron wears sunglasses during an appearance at the World Economic Forum.
French President Emmanuel Macron took to the stage in aviator sunglasses.

French President Emmanuel Macron channeled his inner “Top Gun” during a panel discussion with WEF cochair Larry Fink, sporting a pair of aviator sunglasses.

In a special address, Macron criticized Trump’s tariffs, calling them “fundamentally unacceptable.”

“Competition from the United States of America through trade agreements that undermine our export interests, demand maximum concessions, and openly aim to weaken and subordinate Europe, combined with an endless accumulation of new tariffs that are fundamentally unacceptable, even more so when they are used as leverage against territorial sovereignty,” he said.

While it isn’t clear exactly why Macron sported sunglasses, he appeared in public last week with a swollen, red right eye, opening a speech at a French military base by saying: “Please pardon the unsightly appearance of my eye.”

He described his issue as “something completely harmless.”

A strong US presence
US Commerce Secretary Howard Lutnick pictured in Davos, Switzerland.
US Commerce Secretary Howard Lutnick pictured in Davos, Switzerland.

The presence of senior figures from US politics is noticeable in Davos this year. Business Insider’s Ben Bergman has spotted both Commerce Secretary Howard Lutnick and former House speaker and longtime Trump ally, Newt Gingrich, on the ground today.

A reminder: Trump addresses Davos tomorrow at 2 p.m. local time.

Anthropic CEO: AI might necessitate economic intervention to help people
Dario Amodei

Anthropic CEO Dario Amodei said he believes people will eventually realize AI may demand “macroeconomic intervention.”

“If we look at just the disparities in wealth that we have now, if we look at it as a fraction of GDP, I believe we’ve kind of exceeded the Gilded Age already, and this is mostly without AI,” he said.

However, asked about the California wealth tax, Amodei said the proposal was “poorly designed” and called for more “sober” thinking about tech’s economic impact.

Gates and Dell’s private jets arrive in Switzerland

Private jets belonging to Bill Gates and Michael Dell touched down at Zurich Airport around lunchtime, according to data from JetSpy.

Gates’ Gulfstream G650 came from Madrid, about two hours away. It was on the ground in the Spanish capital for 24 hours after arriving from California. The Microsoft cofounder is scheduled to speak about healthcare tomorrow.

A Gulfstream G700, which JetSpy lists as belonging to Dell, flew from Farnborough, near London. It had traversed the Atlantic Ocean on Sunday.

Capitalism has failed to spread wealth and prosperity, says Larry Fink
Larry Fink, CEO of Blackrock
Larry Fink, the CEO and chairman of Blackrock, and co-chair of the World Economic Forum

Larry Fink, the CEO of BlackRock, the world’s largest asset management firm, kicked off the World Economic Forum on Tuesday with a critique of capitalism.

More wealth has been created since the fall of the Berlin Wall than at any other time in human history, but it has not translated into shared prosperity, said Fink, who was appointed as interim cochair of the World Economic Forum in August 2025, replacing founder Klaus Schwab.

“In advanced economies, that wealth has accrued to a far narrower share of people than any healthy society can ultimately sustain,” he said.

Read full story

Serving looks in the Swiss Alps
A woman poses in a black suit with a matching black handbag.
Monica Weinberg, a professor at Florida Atlantic University.

As you can probably tell, we here at Business Insider are really enjoying the winter fashions on show in sunny Davos.

Our latest fashion dispatch comes from Kim Last, Editorial Director of BI Live, Business Insider’s live journalism platform, who spied Monica Weinberg, a professor at Florida Atlantic University, rocking an Akris black lame suit and a matching Lady Dior bag.

You can keep track of all the best looks we’ve spotted at Davos by clicking below:

our favorite davos fashion

Wall Street gears up for a painful day amid Greenland tensions

As the top dogs of the finance world live it up in the mountains, there’s a big day brewing on Wall Street. With tensions between the US and Europe rising amid Trump’s threats of further tariffs over Greenland, global stock markets are bumpy on Tuesday.

In European trading, the benchmark indexes in Germany, France, and the UK have all dropped more than 1% as of 7 a.m. ET.

US futures are also pointing to a painful day, with the Dow, S&P 500, and Nasdaq all set to open more than 1% lower.

Futures in the S&P 500 VIX, which measures volatility in the index, have jumped 7% on Tuesday, while gold, the ultimate safe haven, is up over 3% to $7,740 per ounce.

Derrick Feldman of the Ad Council loves his Boggi Milano suits, which he originally discovered in Rome. And don’t miss the Oura ring and Apple Watch Ultra.
A man in a suit poses against an Alpine background.
Derrick Feldmann of the Ad Council in Davos.
Autonomous vehicles are in the spotlight
imager of man calling Uber ride on phone
Uber will continue to expand its offerings beyond car rides in 2025.

As traffic jams snarl the streets of Davos, conversations about the autonomous future of cars are getting a lot of airtime.

Earlier, Uber CEO Dara Khosrowshahi was asked about the investment landscape around robotaxis, and said he doesn’t think the investment market in autonomous vehicles is overheated.

However, he says the broader AI market — foundation models, hardware, semiconductors — has “heated up significantly,” with “very aggressive assumptions of forward growth.”

Asked if Uber might invest in Waymo, Khosrowshahi said “no comment.”

“They have plenty of money,” he said. “But we’re investing across the ecosystem, and we’re very bullish.”

Editor’s note: This post has been updated to more accurately reflect Khosrowshahi’s comments.

Andrew Gan, a wealth manager, was sporting his own style on his way to moderate at the Philippines House.
Wealth Manager, Andrew Gan at Davos
Jonathan Nowak Delgado said he always wears his orange scarf, which his mother made for him, to get attention and stand out — and it worked!
Jonathan Nowak Delgado at Davos
Grab it while you can
A croissant from the Pinterest food-to-go station at Davos.
Pinterest is feeding hungry Davosians this week.

With schedules full of back-to-back meetings and most shops on the promenade taken over by businesses, eating during the day can be tough.

Some businesses set up grab-and-go food and drink stations. That’s what Pinterest did, and this morning, sweet croissants were on the menu.

I opted for the chocolate crush, but I was told the cinnamon apple glow was the most popular choice, with only two left when I got there a little after 11 a.m.

And yes, it tasted as good as it looked.

Stacey Kennedy is not to be slowed down
Stacey Kennedy, the CEO of Philip Morris International US

So when the CEO of Philip Morris International US travels, even for long trips, she takes a carry-on. Her trick: Pick a color for the week and coordinate outfits around that, with travel-well fabrics. For Davos this week, the color is black.

A former government official weighs in on Trump’s upcoming speech
Donald Trump pointing with a purple-looking tie.
Trump calls for a one-year 10% cap on credit card interest in a Truth Social post.

Stephen Ehikian is CEO of C3 AI, but he’s no stranger to the Trump administration.

Ehikian, who was also previously a VP of product at Salesforce, served for eight months as the Acting Administrator of the General Services Administration before taking on the CEO role last September.

I asked him about President Donald Trump’s upcoming speech.

He had this to say: “I’m hoping there’s an expression of strength in numbers, and we’re better together kind of story. Now, that said, I believe this idea that taking a strong ‘America First’ approach is good for this country.

“I think it’s setting a tone and a change of direction from where we’ve been the last 50 years. So, I think it’s refreshing. I don’t even want to anticipate what’s going to happen tomorrow because I have no idea.”

Breaking the rules

Speaking earlier this morning, Uber CEO Dara Khosrowshahi said he is skeptical about some companies claiming rapid AI transformation, and that getting it right comes down to culture.

Uber tried building customer service AI that followed its old policies, Khosrowshahi told the audience at Davos, but it was only “OK.”

That changed after the developers started from scratch with AI in mind.

Companies are essentially rule systems, he said. “To some extent, you’ve got to break down those rules and start over with AI in order to get the full potential of AI inside your company.”

Editor’s note: This post has been updated to more accurately reflect Khosrowshahi’s comments.

David Beckham is in the house
David Beckham pictured recording a podcast at the 2026 World Economic Forum.
David Beckham pictured recording a podcast at the 2026 World Economic Forum.

Davos attracts a real cross-section of the world’s rich and powerful, ranging from investors and politicians to sporting legends. Soccer great and longtime UNICEF ambassador David Beckham was spotted recording a podcast this morning.

At last year’s Davos, Beckham was awarded the Crystal Award, which recognized his contributions to “advocating for children’s rights, education and well-being.”

Does this guy have a badge?
A picture of a snowman on a lawn in Davos.
Do you want to build a snowman? Someone at Davos has!
Satya Nadella says this is how he preps for his Davos meetings with AI
Microsoft CEO Satya Nadella
Microsoft CEO Satya Nadella

Microsoft CEO Satya Nadella, who spoke in a morning panel led by BlackRock CEO Larry Fink, shared how he has always prepared for Davos meetings — and how that’s changed with AI.

He said his field team used to prep him for 50 or so meetings, according to a “particular workflow.”

“Nothing had really changed since I joined in ’92 to essentially even a few years back,” he said about the year he joined the tech giant as an engineer. “Whereas now, I just go to Copilot and say, “Hey, I’m meeting Larry. Please give me a brief.”

He added that the briefs generated by Microsoft’s AI assistant give him a comprehensive overview of the relationship between his firm and BlackRock CEO Larry Fink’s team.

AI tools are also changing the traditional bottom-to-top flow of information, he said.

“In fact, what I do is I take that and immediately share that back with all my colleagues across all the functions,” he said. “Think about it. It’s a complete inversion of how information is flowing in the organization.”

Lines at 9 a.m. at the Belvedere hotel, a meeting hot spot
A picture of people queueing outside the Belvedere Hotel in Davos, a meeting hotspot.
A long line outside the Belvedere Hotel in Davos, a meeting hotspot.
Uber CEO: Robot drivers will beat humans on safety
Uber CEO Dara Khosrowshahi.
Uber CEO Dara Khosrowshahi.

Robot drivers will ultimately outperform humans on safety, Uber CEO Dara Khosrowshahi said on Tuesday in Davos.

“If you think about the world 20 years from now, your Uber is going to be driven largely not by a human being, but by a robot driver — a piece of software on top of a car,” Khosrowshahi said, adding that vehicles are becoming increasingly sophisticated and more like “computers on wheels.”

Khosrowshahi said autonomous systems have clear advantages over human drivers. “There’s no doubt in my mind that the robot driver can be safer than a human driver,” he said. Robot drivers don’t get tired or distracted, don’t text while driving, and can operate continuously while improving over time, he added.

The key question, Khosrowshahi said, is what level of safety is “enough” for robot drivers — whether matching human performance is sufficient or whether autonomous vehicles should be held to a higher standard.

In the longer term, he said, human driving could resemble horseback riding today, becoming a niche activity done for enjoyment.

“There’s no doubt that 10 years from now, there will be questions as to whether humans are safe enough,” he said.

Trump’s setting the Greenland agenda at Davos
In this photo illustration, a smartphone displays a post by U.S. President Donald Trump on the Truth Social platform showing a composite image featuring Trump alongside U.S. Secretary of State Marco Rubio and U.S. Vice President J.D. Vance, with the U.S. flag visible and a sign reading Greenland,
Trump’s heading to Davos, and Greenland’s on the agenda.

Trump is expected to arrive in Davos on Wednesday. While Treasury Secretary Scott Bessent wants business leaders to take a breath and chill out about Greenland, that may not be in the cards.

Trump posted on Truth Social on Thursday that he had “a very good telephone call with Mark Rutte, the Secretary General of NATO, concerning Greenland.”

“I agreed to a meeting of the various parties in Davos, Switzerland. As I expressed to everyone, very plainly, Greenland is imperative for National and World Security,” Trump wrote.

Trump on Sunday had sent messages to Norway’s leader, saying the US requires “Complete and Total Control of Greenland.” Greenland is a semi-autonomous Danish territory.

Governments flip-flopping on EV policy sets carmakers back, a top BYD exec says
Stella Li, Vice President of the car manufacturer BYD, speaks during a presentation by the manufacturer BYD at the press day of the International Motor Show IAA (IAA Mobility, International Motor Show) at the company's stand in a hall of Messe München
Stella Li, an executive vice president at Chinese carmaker BYD.

Governments keep changing their rules on EVs, says BYD executive vice president Stella Li, and that sets carmakers back.

Li said in a panel at Davos that when countries go “back and forth” on their EV policy, it creates a pattern that “will confuse manufacturers.” In contrast, when governments give a “very clear line,” automakers can focus on execution, Li said.

Read full story

Scott Bessent wants everyone to ‘take a deep breath’
US Treasury Secretary Scott Bessent speaks during a press conference outside the USA House at the annual meeting of the World Economic Forum (WEF) in Davos on January 19, 2026.
US Treasury Secretary Scott Bessent.

Bessent, speaking to the press on Tuesday morning, urged calm amid President Donald Trump’s latest slate of trade tariffs on Greenland.

“You say: ‘If there is a protracted trade war.’ Why are we jumping there? Why are you taking it to the worst case? Calm down the hysteria, take a deep breath, this is where we were last year,” Bessentt said. “I’m sure you would have asked me the same question if we were here on April 2nd. And you know what? It all worked out.”

When asked about what European business leaders should do, Bessent’s take was to “sit back” and “relax.”

“What I am urging everyone here to do is sit back, take a deep breath, and let things play out,” Bessent said.

“I am confident that the leaders will not escalate and that this will work out in a manner that ends up in a very good place for all, for national security, for the US, and for Europe,” he said.

What’s giving executives a rough night’s sleep
person typing on a computer
AI cybersecurity is a top concern for some execs right now.

Anything you do within your company’s digital ecosystem is likely being tracked, from the data you touch to the software programs you use.

But AI agents, not so much.

That’s a real concern as we rely on them more and more, Raj Sharma, EY’s global managing partner of growth and innovation, told me.

“We have to build industrial-level security for AI agents in that particular area,” he said. “That keeps me up at night,” Sharma added.

For Tim Walsh, the chair and CEO of KPMG US, it’s the threat of quantum computing. While still a few years out, its power is undeniable.

“Quantum breaks everything,” Walsh said. “I mean, all encryption.”

Read full story

M&A is top of mind

“M&A is high on the agenda,” said Sharon Marcil, North America chair at BCG. “We’re hearing it from so many CEOs.” She pointed to a strong stock market and an overall tilt in Washington toward deregulation and robust business activity.

Winston Weinberg, CEO and cofounder of the legal AI startup Harvey, echoes the sentiment, saying he is hearing that 2026 will be an “insane” year for dealmaking. (Good for lawyers!)

Similar predictions predominated this time last year. The tariff tumult put a pause on M&A early on, but then dealmaking got its mojo back.

Davos kicked off on Monday with a warning from Larry Fink about capitalism
BlackRock chairman and CEO US Larry Fink gestures as he addresses the audience, during the annual meeting of the World Economic Forum (WEF) in the Alpine resort of Davos on January 24, 2025.
Larry Fink opened the World Economic Forum with a speech that acknowledged the crisis of confidence that gatherings of world leaders such as Davos now face,

Fink took the stage at Davos to welcome more than a thousand chief executives to the World Economic Forum. In his opening remarks, he questioned whether anyone outside the room would care about this meeting of global leaders.

“Because if we’re being honest, for many people this meeting feels out of step with the moment: elites in an age of populism, an established institution in an era of deep institutional distrust,” the BlackRock CEO said.

“And there’s truth in that critique,” he added. “I’ve believed in this forum for a long time. I certainly wouldn’t be leading it if I didn’t. But it’s also obvious that the world now places far less trust in us to help shape what comes next.”

Fink said the capitalism now faces a big test: Whether it can “evolve to turn more people into owners of growth, instead of spectators watching it happen.”

“And that kind of change is hard. Especially in a world of competing ideologies and assumptions about how the system should work,” he said.

Fink’s remarks ground what is expected to be a monumental week, in which deals are made and new alliances are forged amid turmoil in the wider political sphere.

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I’m an immigration lawyer in Minneapolis. People are scared — here’s what employers and employees should know about their rights.

Photo a sign in a store window that reads "ICE NOT SERVED HERE"
Loan Huynh, an immigration attorney in Minneapolis, shared her advice for employers and employees amid ICE raids.
  • Minneapolis has been at the center of a concentrated ICE enforcement as part of Operation Metro Surge.
  • Loan Huynh, an immigration lawyer, says employers should know their rights and prepare early.
  • She advises businesses to establish a protocol and role-play how they’ll respond to ICE.

This as-told-to essay is based on a conversation with Loan Huynh, an attorney who serves as the chair of the immigration department at Frederickson & Byron, a law firm based in Minneapolis. The following has been edited for length and clarity.

These are not normal times.

There’s a huge concentration of ICE enforcement right now in Minnesota, specifically here in the Twin Cities. My law firm works with both employers and their employees.

Employees are very scared — they may be specifically being targeted by ICE, or they have family members or loved ones who are being targeted by ICE and they want to protect them, or they’re just scared to be out in public.

The ICE action isn’t just against individuals who are foreign nationals in Minnesota; it’s against anyone who appears to be a foreign national, or anyone who’s questioned and believed to be not cooperating with ICE — and there could be potential consequences, as we’ve seen.

Headshot of Loan Huynh, an immigration attorney
Loan Huynh, an immigration attorney in Minneapolis, said that employees are currently very scared due to ICE actions in the area, while employers are in a difficult position.

It’s a really difficult time for employers now, too. They’re facing situations where they may have employees who can no longer work for them or who don’t want to come to work, so they have to look at providing them with work-from-home options or other arrangements.

ICE is coming to their parking lots or places of business; we’re getting questions from employers about how to ensure ICE doesn’t have access to their spaces.

We know that this administration is taking a much broader interpretation of what rights they have in order to enforce immigration laws, and employers must be prepared for this.

It’s important for employers to know their rights

As any law-abiding citizen or entity, you want to cooperate with law enforcement, but it doesn’t mean that you don’t have rights.

These are private properties that the businesses own, and businesses can restrict access.

Unless there is some type of judicial order, warrant, or subpoena, there is no obligation for an employer to undertake enforcement activities or to perform the work of ICE activities here.

If you’re communicating that they cannot enter your place of business — such as with a sign that says it’s private property and there is no access to ICE — they don’t have the right to do that.

Establish a protocol in advance

We recommend that employers establish a protocol ahead of time about what they’re going to do if ICE comes to their place of employment or contacts them about a specific employee.

We know now that it can happen; we’re seeing it in Minnesota in ways we’ve never seen before.

Here are questions that I think all employers in the US need to really need to address before that happens:

  • What’s the role of the employer in that situation?
  • What does an employer do when ICE is parked in their parking lot here?
  • What should they have done prior to that, perhaps, to restrict ICE from coming and setting up in their parking lot to ask questions of their employees or customers?

Employers should prepare early, before ICE comes to your neighborhood, to your place of employment, or to your city.

Role-play to prepare

If ICE produces a judicial warrant asking for information or a subpoena about a certain individual, the employer should seek counsel to see what they must do in order to comply with it, whether it’s right away or to inform ICE that they need additional time.

If ICE comes and says, “I want to talk to this individual,” and there’s no warrant to allow that, an employer can respond, “Thank you for the request. We will need to seek counsel in order to determine the next steps. We’ll be happy to convey this information to the individual when we are able to.”

I was just on the phone with an employer about potential scenarios that they may face. I asked them, “What do you plan to do if ICE comes to your parking lot and just parks there? How will you respond to that? Or if you get a call from one of your employees who says, ‘I’m too scared to walk out of my car here. I see that there are ICE agents in the parking lot.'”

It’s so important for employers to prepare for any possible scenario, role-play, and determine, with their counsel, how they will respond to a request from a government agent or ICE.

Individuals have constitutional rights, and don’t need to succumb to threats

We’re seeing situations where an individual will say, “I don’t want to speak with you,” or, “I have counsel. Please contact my counsel,” and the ICE agents continue to pressure them. They get very scared, and that’s understandable, but please remember that you do have the constitutional right to be silent and not to speak to any investigator without counsel.

We have Know Your Rights information on our website. Everyone should know they have the right to choose whether to speak to a government agent. They have constitutional rights that, just because they are being threatened by an individual, don’t mean that they have to succumb to those threats or requests.

Are you a business owner or employee who’s had an experience with ICE? Contact this reporter via email at janezhang@businessinsider.com or Signal at janezhang.01. Use a personal email address and a nonwork device; here’s our guide to sharing information securely.

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The 15 highest-grossing animated movies of all time

Zootopia cast
“Zootopia.”
  • These are the 15 highest-grossing animated feature films of all time.
  • Franchise hits like “Toy Story” and “Minions” and musicals like “Frozen” and “The Lion King” dominated the list.
  • The list is compiled from Box Office Mojo without adjusting for inflation.

Animated movies have always been big box office earners. From Disney classics like “The Lion King” to a slew of Pixar titles, animated movies have wide appeal, often making ideal outings for the whole family.

This was evident in a post-pandemic world, as titles like “Minions: The Rise of Gru” and “The Super Mario Bros. Movie” got families to return to the theaters in droves after a dry period that was devastating to theater owners.

Animation’s power to devour the box office continued in the summer of 2024, when “Inside Out 2” crossed the $1 billion mark in 19 days, the fastest rate ever for an animated movie. A year later, “Zootopia 2” hit $1 billion in just 17 days, making it the fastest PG-rated movie ever to hit that milestone.

“Zootopia 2” joins titles like “Toy Story,” “Despicable Me,” and “Frozen” in sharing the distinction of being one of the highest-grossing animated movies of all time.

See where “Zootopia 2” landed below in the top 15 highest-grossing animated movies of all time.

15. “Finding Nemo” (2003)
finding nemo pixar

Worldwide gross: $941,637,960

Pixar had already grabbed the attention of kids thanks to “Toy Story,” but when this aquatic story hit screens, the animation studio became even more beloved.

14. “Despicable Me 2” (2013)
A screengrab of Lucy (Kristin Wiig) and Gru (Steve Carell) in "Despicable Me 2."
Lucy (Kristin Wiig) and Gru (Steve Carell) first meet in “Despicable Me 2.”

Worldwide gross: $970,766,005

That’s right — you’ll see a lot of movies involving Minions on this list. The beloved “Despicable Me” franchise from Illumination has only grown in popularity over the decades.

13. “The Lion King” (1994)
the lion king

Worldwide gross: $979,161,632

This beloved Disney movie is the oldest on this list, and that’s a testament to just how well it performed when it opened 30 years ago. Though ticket prices have continued to climb in the years since, Simba and the gang are still safely in the top 15.

12. “Zootopia” (2016)
zootopia

Worldwide gross: $1,025,521,689

Here marks our first billion-dollar earner.

Chronicling Judy Hopps’ adventures in “Zootopia” was a big lift for Walt Disney Animation, which had been searching for another megahit after “Frozen.”

11. “Finding Dory” (2016)
finding dory

Worldwide gross: $1,029,266,989

Pixar created a new story for our favorite forgettable fish, which turned out to be a cash cow for the studio.

10. “Despicable Me 3” (2017)
Despicable Me 3 Universal

Worldwide gross: $1,034,800,131

Introducing Gru’s brother in the third movie gave the “Despicable Me” franchise its first billion-dollar earner. It wouldn’t be the last.

9. “Toy Story 3” (2010)
Toy Story 3
Toy Story 3

Worldwide gross: $1,067,316,101

Regarded by many as the best movie in the “Toy Story” franchise, Woody and the gang’s journey that leads to them almost being incinerated was a winning mix of drama and lighthearted fun for an audience that grew up with the franchise.

8. “Toy Story 4” (2019)
toy story 4
“Toy Story 4”

Worldwide gross: $1,073,841,394

Almost a decade after “Toy Story 3” came the fourth installment. Though it wasn’t as memorable as the previous release, that clearly didn’t matter at the box office.

7. “Minions” (2015)
Minions
Directed by Pierre Coffin and Kyle Balda.

Worldwide gross: $1,159,457,503

Illumination knew the Minions were popular. But the studio didn’t know just how much of a hit the babbling yellow things were until this stand-alone movie made a killing at the box office.

6. “Incredibles 2” (2018)
incredibles 2

Worldwide gross: $1,243,225,667

Fourteen years after Pixar released the hit original, “Incredibles 2” came to theaters and delivered a story that in some ways surpassed the Oscar-winning first title.

A main reason for that is its deeper examination of the superhero family (“Why did they change math?!?”), which touches on female empowerment and the rigors of caring for a growing child… that has zany powers.

5. “Frozen” (2013)
frozen

Worldwide gross: $1,310,530,830

From its hit song “Let it Go” to Olaf becoming the latest beloved Disney character, “Frozen” was a grand slam for Disney Animation Studios.

4. “The Super Mario Bros. Movie” (2023)
Mario and luigi holding up their fists
Mario and Luigi in “The Super Mario Bros. Movie.”

Worldwide gross: $1,360,879,735

For decades, Illumination was known mostly as the studio that released the “Despicable Me” movies and created the Minions characters. But taking the Super Mario Bros. IP and turning it into a box office smash has made it an animation house that rivals Pixar.

3. “Frozen II” (2019)
frozen 2
“Frozen II”

Worldwide gross: $1,453,683,476

Though not as memorable as the first “Frozen,” that didn’t matter at the box office. The first movie was such a sensation that audiences returned in droves to see the story continue.

2. “Inside Out 2” (2024)
Inside Out feelings characters
Joy has some new feelings to work with “Inside Out 2.”

Worldwide gross: $1,698,863,816

After years of being a box office behemoth, Pixar hit a snag during the pandemic. Relegating titles like “Luca” and “Turning Red” to direct-to-streaming led to frustration and low morale within the company.

But those down times are over as “Inside Out 2” is the highest grosser for Pixar yet.

“Inside Out 2” hit the $1 billion global mark in 19 days, the fastest ever for an animated movie. And along with “Deadpool & Wolverine,” it’s the only other movie released in 2024 that crossed the $1 billion mark.

1. “Zootopia 2” (2025)
Zootopia 2 cast
“Zootopia 2.”

Worldwide gross: $1,706,542,207

Nine years after its original release, Judy Hopps and Nick Wilde return with another entertaining buddy comedy story that audiences can’t get enough of.

The secret to the sequel’s huge success was how well it played in China. American-made titles haven’t performed well there post-pandemic (and fewer are being released there), but Disney pulled it off, as the title has taken in over $600 million in China alone.

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I’ve lived overseas for 15 years. Saying goodbye to my mom never gets easier.

Mom and daughter posing for photo
The author moved from the US to Wales 15 years ago.
  • Moving overseas meant living far from my mom for most of my adult life.
  • Staying close across an ocean takes effort, grief, and resilience.
  • Saying goodbye never gets easier, even after 15 years.

I just said goodbye to my mom after having three weeks with her. She made the journey from North Carolina to see me, her oldest daughter, in Wales.

Fifteen years ago, I met a Welsh boy, fell in love, and moved my just-starting-out adult life to the UK, not having the foresight to realize what a huge decision this was.

How do you know, at just 22, that making a transatlantic move will not just change the course of the next couple of years, but of your entire life?

My mom understood the goodbye more than I did

I remember how tearful my mom had been upon my leaving all those years ago. I, too, of course, cried, but she really cried. She understood, given her years of life lived, I would almost definitely never be moving back. My goodbye, now looking back, was fleeting; hers was permanent.

In the early days of living in Wales, I remember calling her on Skype once a week, because we didn’t have constant access to each other as we do now. I was often crying, telling her how hard I found adulting.

When I had my three kids, each two years apart, I felt a deep longing for my mom. Not someone to do the laundry, clean the dishes, or have the baby for me in the night. I could do all of this — I was and still am fiercely independent.

I wanted her to just sit with me. And I know she wanted exactly the same.

We both felt the pangs of being apart, because it only feels fitting that the woman who carried and gave birth to you should also be there when you do the same. And to be there in those months after, when postnatal depression and severe fatigue kick in.

I got through even these wearisome years of having very young babies and toddlers, not unscathed, but I made it.

We talk daily

Since then, my conversations with her have become more frequent. We text daily on WhatsApp and ring each other a few times a week. I tell her nearly everything, and want to hear all that’s happening with her, both of us exchanging stories from our days and weeks.

And this oftentimes feels like enough to maintain a beautiful connection. It is our pattern to maintain a close relationship, although we only see each other, if we’re lucky, once a year.

But even this in-person connection is never guaranteed. Due to the pandemic and then my high-risk pregnancy, I wasn’t able to visit the US for nearly five years, and in that time, she was only able to visit twice.

When I do travel to the US to visit, it now costs me my ticket plus three others, not an easy feat on a budget.

For her to travel here, she, a 63-year-old woman whose back isn’t brilliant, has to make a very long flight and then a car ride, first here and then back.

Seeing each other isn’t easy. It isn’t popping in for Sunday dinner after church. It isn’t nipping over to celebrate a holiday or birthday.

It’s so hard living away from my mom

The hardest thing of all about living in a different country, separated by an ocean and a five-hour time zone, is that when I’ve had a crap day, other than my husband, she is the first person I want to talk to. And I can’t always do that, although she makes every effort to be available when she can.

Mom and daughter posing for photo
The author spent three weeks over the holidays with her mom

So for those three weeks over Christmas when she was here, we both soaked up each other’s company, not knowing when we’d have it again. Although I must admit we annoyed each other for the first couple of days, trying to adapt to each other’s rhythms and ways after being apart for so long.

And when she left, it felt like I walked into a wall that hit me with all the reminders of how hard it is living away from my mom.

I had a little cry, as I often do once she leaves, and then I did what she has always taught me by example — I counted my blessings, recounted how this is making me strong, and moved on.

I have a loving mom. I have access to technology that lets me stay in frequent contact with her.

And as much as living away from her wouldn’t be a choice I’d quickly make, now that I’m older and wiser, it has made me strong and resilient. I’ve had to learn to do so much on my own, exactly as she had to do with my sister and me growing up.

Herself a strong woman, she raised a strong woman.

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A Greenland group is selling ‘Make America Go Away’ hats for charity — and Americans are buying the most

A Anti-MAGA cap "Nu det NUUK!" which is sold in the clothing store McKorman on Noerrebrogade, is displayed, in Copenhagen, Denmark January 13, 2026. The message "Nu er det NUUK!" and "Make America go away" is embroidered on the cap.
One version of the red hats opposing Donald Trump’s threats to take over Greenland.
  • Online sellers are offering red hats printed with “Make America Go Away.”
  • The protest comes as President Trump threatens to take over Greenland.
  • The founder of a Greenland group raising money for charity said the US is buying most of its hats.

A new kind of MAGA hat is gaining popularity online.

Several sellers are now offering red hats printed with all-caps white lettering that says “Make America Go Away.”

Designed to parody the trademark headwear of the Make America Great Again political movement, the protest comes as President Donald Trump ramps up threats to seize the territory.

The founder of one group selling the hats, Victor Schøtt of Greenland Support, told Business Insider the design is more about rejecting Trump’s particular style of foreign relations and less about a dislike for America itself.

“The Donald Trump America needs to stay away — the part that’s trying to take over Greenland,” Schøtt said.

Trump ramped up his campaign for the Danish territory over the weekend with threats of 25% tariffs and a message to Norway’s prime minister — a key Nordic and Arctic ally — warning that “I no longer feel an obligation to think purely of Peace.”

Schøtt said he launched his site about a month ago, and sales have grown to a few hundred hats per week, with the US taking the largest share.

“The United States is first with around 50 orders the last couple of days, then we have Denmark with 45, and then we have Germany, Ireland, the United Kingdom, Sweden at around 20 each,” he said of the MAGA designs.

The site also sells a design that says “Nu det NUUK,” a pun that roughly translates from Danish as “That’s enough” using the name of Greenland’s capital, Nuuk. Both designs were reportedly seen Saturday on the heads of protesters in Nuuk and Copenhagen.

All profits go to support a Greenlandic children’s charity, Schøtt said.

Other riffs on the original MAGA phrasing have also cropped up in the first year of Trump’s second term, with hats saying “Make America Gay Again,” “Make NATO Great Again,” and “Make America Normal Again” available from various shops online.

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China’s big people shortage just got bigger, and the risks are growing too

Women push baby strollers as they walk along a street in Beijing.
  • China’s population declined for the fourth year in a row, reaching 1.405 billion.
  • Falling birth rates and an aging population threaten China’s economy and the global economy.
  • Government incentives have failed to reverse the trend, mirroring global demographic challenges.

China’s population is shrinking — and the decline is accelerating.

The country’s population fell for the fourth year in a row, falling by 3.39 million to 1.405 billion people in 2025, according to new data from China’s National Bureau of Statistics.

Its birth rate hit its lowest level on record — 5.63 per 1,000 people — since the founding of the People’s Republic of China in 1949, while the death rate climbed to 8.04 per 1,000 people. The number of babies born in the country dropped to 7.92 million, down from 9.54 million in 2024.

The United Nations predicted in 2024 that China’s population could fall as low as 663 million — less than half its current population — by 2100, if birth rates continue to decline and immigration stays low.

If things don’t change, China’s shrinking and aging population poses serious long-term risks for the country’s economy. It could mean a much smaller workforce, weaker demand for goods and services such as housing, and mounting pressure on pension and healthcare systems. A smaller working-age population in China could also hurt the global economy, which has relied on China’s booming productivity and economic growth.

China reported that its economy grew by 5% last year, meeting its official growth target. The country also logged a record trade surplus in 2025, despite President Donald Trump’s tariffs. However, it’s struggling with soaring unemployment among young people and an ongoing oversupply of housing, which has tanked property values, hurting consumer spending and slowing investments in infrastructure, manufacturing, and real estate.

The population of mainland China began shrinking in 2022, when it declined by 850,000 people after years of falling birth rates. That year marked the first time the country’s population had declined since a major famine killed an estimated 30 million people during Mao Zedong’s failed Great Leap Forward in the early 1960s.

China’s demographic challenges have unfolded faster than the government once anticipated. The government has loosened previous restrictions to counter the effect, dropping the one-child policy a decade ago to allow families to have two children. Five years ago, it began allowing three children.

In recent years, the government has raced to lift the fertility rate by offering financial incentives to parents, tightening access to abortions, and, more recently, imposing new taxes on contraceptives, including birth control and condoms. There is little evidence these efforts have been successful at lifting birth rates.

Though its situation is serious, China is far from alone in declining fertility. Birth rates are falling in countries around the world, particularly in higher-income nations, including the US. Fertility rates below the “replacement rate” of 2.1 births per woman are “becoming the global norm,” according to a report by the United Nations Department of Economic and Social Affairs. This has sparked similar economic concerns about a shrinking workforce and a growing elderly population.

The US has a slightly rosier population forecast than other major economies, as it’s set to grow slightly due to immigration.

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