Marco Rubio, Donald Trump’s nominee for secretary of state, charged Wednesday that China cheated its way to superpower status and vowed to cast aside the “liberal world order” long promoted by the United States.Rubio faced fellow senators at a confirmation hearing that, other than expected interruptions by protesters, was set to be among the least contentious appearances for Trump’s motley array of nominees.The longtime hawk opened by taking aim at China — which outgoing President Joe Biden has also called a competitor but nevertheless sought to engage.Rubio rejected a key tenet of Biden’s foreign policy — prioritizing a rules-based, US-led “liberal world order” — in favor of Trump’s belief in “America First.””The postwar global order is not just obsolete; it is now a weapon being used against us,” Rubio said.”We welcomed the Chinese Communist Party into this global order. And they took advantage of all its benefits. But they ignored all its obligations and responsibilities,” Rubio said.”Instead, they have lied, cheated, hacked and stolen their way to global superpower status, at our expense.”While highlighting China, Rubio’s remarks said that in “Moscow, Tehran and Pyongyang, dictators sow chaos and instability.”He also said that the next US administration would seek “bold diplomacy” with a goal of ending Russia’s invasion of Ukraine. Rubio called for a foreign policy driven solely by whether decisions make the United States safer, stronger and more prosperous.”While America far too often continued to prioritize the ‘global order’ above our core national interests, other nations continued to act the way countries always have and always will, in what they perceive to be in their best interest.” Rubio, the son of working-class Cuban immigrants, would become the first Hispanic and first fluent Spanish speaker to be the top US diplomat.- Expected to coast to confirmation -Other nominees facing Senate hearings Wednesday include Pam Bondi, tapped for the top law enforcement job of attorney general, who served the same role in Florida and personally defended Trump in his first impeachment trial.Trump named her after his first choice, Matt Gaetz, withdrew following allegations that he paid for sex, including with an underage girl, at drug-fueled parties.Little controversy surrounds Rubio, a three-term senator generally well-liked by his colleagues and known for his ease in public appearances.He clashed bitterly with Trump when he challenged him for the 2016 nomination — with the future president mocking him as “Little Marco” — but he has come back into good graces.He is expected to get to work quickly, with sources saying preparations are underway for an immediate four-way meeting on Tuesday in Washington with Rubio’s counterparts from the Quad — Australia, India and Japan.The Quad has long been seen by China as a US-led platform for the four democracies to encircle it, despite Quad leaders’ denials.Rubio’s appearance comes a day after the Biden administration announced it was removing Cuba from a list of state sponsors of terrorism as part of a deal that will free imprisoned protesters.The move comes almost exactly four years after Trump, on leaving office, put Cuba back on the blacklist.Rubio, whose parents fled Cuba before Fidel Castro’s 1959 revolution and strongly opposed the communists, for years has pushed for tough action against Cuba and other leftist-run Latin American nations such as Venezuela.Another nominee set for a senate hearing on Wednesday is Kristi Noem as homeland security secretary.As the governor of South Dakota, Noem raised her profile among Trump supporters with her opposition to Covid pandemic restrictions, but later raised controversy by revealing in a memoir how she killed her family’s dog.Pentagon nominee Pete Hegseth faced a grueling hearing Tuesday, including questioning over his views on women in combat and allegations of sexual abuse, which he denies. Some of the most potentially fiery hearings are yet to be scheduled, including for vaccine conspiracy theorist Robert F. Kennedy Jr. as health and human services director and Trump stalwart ally Kash Patel to head the FBI.

Large US banks reported soaring profits Wednesday propelled by strength in trading and financial advisory services as Wall Street eyes a potential merger boom under the incoming Trump administration.Profits climbed for US financial heavyweights including JPMorgan Chase and Goldman Sachs, in part because of the absence of large costs in 2024’s year-ending quarter.In the equivalent period in 2023, banks set aside large sums to replenish a US rescue program following the collapse of Silicon Vally Bank.JPMorgan Chase’s fourth-quarter profits jumped 50 percent to $14 billion, while Goldman Sachs’ more than doubled to $3.9 billion. In both cases, huge increases in revenues tied to trading were a standout category, reflecting a buoyant environment in a period that included the US presidential election and a heady aftermath on Wall Street.Citi reported profits of $2.9 billion, compared with a loss of $1.8 billion during the 2023 quarter, while Wells Fargo’s profits rose 47 percent to $5.1 billion.Gains in banking shares helped lift Wall Street stocks Wednesday.Many financial firms are salivating over the prospects of the shift to the administration of President-elect Donald Trump, who is expected to scale back the confrontational regulatory approach of the outgoing Biden administration.”There’s no question that were in a kind of animal spirits moment right now,” said JPMorgan Chief Financial Officer Jeremy Barnum, alluding to an uptick in the “pipeline” of merger and acquisition (M&A) activity.”All eyes are on the US in a big way,” said Citi Chief Financial Officer Mark Mason.”Generally people are looking at the US with what’s likely to be a pro-growth agenda,” Mason said on a briefing with reporters. The bank’s M&A pipeline is “very strong,” he added. A wave of corporate mergers would translate into increased advisory fees at banks after the Biden administration’s broadly skeptical view of dealmaking discouraged some transactions.The industry also stands poised to benefit from an easing of bank regulation that could free up funds currently required to be held as emergency capital. Instead, banks could lend that money, or return it to shareholders.- US economy ‘resilient’ -At JPMorgan, a successful fourth quarter lifted annual profits to $58.5 billion, up 18 percent.Profits increased in JPMorgan’s commercial and investment bank business, driven by higher advising fees and a surge in fixed income and equity trading. JPMorgan also scored higher asset and wealth management fees.These areas of strength offset a two percent decline in net interest income, the result of lower interest rates. JPMorgan also experienced higher credit charge offs, while adding net reserves of $267 million in case of bad loans.Chief Executive Jamie Dimon described the US economy as “resilient,” with relatively low unemployment and solid consumer spending.”Businesses are more optimistic about the economy, and they are encouraged by expectations for a more pro-growth agenda and improved collaboration between government and business,” Dimon said.However, Dimon pointed to the risk that elevated inflation will persist and to geopolitical conditions that remain “the most dangerous and complicated since World War II.”Meanwhile, at Goldman, revenues tied to equity and fixed income, currency and commodity trading rose by double digits, while interest rate products were essentially flat.Goldman also won higher revenues in equity and debt underwriting. While advisory revenues were lower, Goldman said the investment banking fees backlog rose compared with the prior quarter.A Goldman powerpoint listed an “improving” regulatory backdrop among the supporting factors for the firm’s business.”With an improving operating backdrop and growing CEO confidence, we are harnessing the power of One Goldman Sachs to continue to serve our clients with excellence and create further value for our shareholders,” said Chief Executive David Solomon.All four banks rose on Wall Street. At mid-morning, JPMorgan was up 0.8 percent, Goldman Sachs 5.9 percent, Citi 6.2 percent and Wells Fargo 5.2 percent.

TikTok faces an imminent shutdown in the United States after Congress passed a law last year forcing its Chinese owner ByteDance to either sell the platform or close it on Sunday.The US Supreme Court is expected to rule this week on TikTok’s challenge to the law.Following a hearing last Friday, expectations are high that the law will stand. Here is a review of what could happen next for TikTok in the United States.- App store ban -To execute a ban, the US government would direct Apple and Google to remove TikTok from their app stores, preventing new downloads on January 19, a day before President-elect Donald Trump takes office.In that scenario, the app could remain on the phones of the existing 170 million US users unless TikTok directly blocks their access. But TikTok lawyer Noel Francisco stated the site would “go dark” on Sunday if the justices fail to block the ban, and a media report said the company was planning a full suspension of service in the US.According to The Information, users attempting to open the app after the deadline will encounter a message redirecting them to a statement about the federally mandated ban, along with options to download their personal data.In an internal email obtained by The Verge on Tuesday, TikTok assured its US employees that their “employment, pay, and benefits are secure” and offices will remain open even if the situation remains unresolved by Sunday’s deadline.- Workarounds -Even if TikTok keeps its app accessible, US users would stop receiving security and software updates, leading to gradual deterioration in quality and increased vulnerabilities.As a workaround, users might turn to VPNs (virtual private networks) to mask their location by routing through countries where TikTok remains available.Another possibility is that TikTok could update from non-US servers through partnerships with foreign, non-Chinese companies — though this would constitute direct defiance of US authorities and likely intensify scrutiny of ByteDance’s US operations.- Defiance? -Once Trump takes office, the law’s implementation will fall to his attorney general, who could choose not to enforce it, or stall, defying Congress’s overwhelming support for the legislation.The Trump administration might also approach the Republican majority in Congress to modify the law, potentially giving ByteDance more time to find a buyer or devise alternative solutions.- Alternatives -Once banned, the assumption is that TikTok users will move to other apps, like Instagram Reels and YouTube shorts, TikTok copycats that have grown and will directly benefit from their rival’s demise. Elon Musk’s X could also benefit and the tycoon has made it known that he wants his platform, formerly Twitter, to more closely resemble TikTok, with video content and shopping features.Trump has expressed concern that a ban would primarily be to the advantage of Meta-owned Instagram, which may explain Mark Zuckerberg’s recent public support for Trump.Some American content creators have already migrated to Xiaohongshu (Red Note), another Chinese social media app that recently topped the Apple App Store downloads.- Investor rescue? -Several potential buyers have emerged, including a group led by Frank McCourt, former owner of the Los Angeles Dodgers, even if ByteDance has ruled out a sale for now.His partner in the bid, Canadian businessman Kevin O’Leary, recently golfed with Trump and reported the president-elect’s desire to use the TikTok saga as leverage in US-China relations.A report that the Chinese authorities would be open to a buyout by Musk was denied by TikTok.Former Activision Blizzard CEO Bobby Kotick also remains interested in buying TikTok, according to the Information.For now, TikTok’s fate rests with the Supreme Court, with the company lawyers asking the nine justices for a delay to any ban to provide “breathing space” for a solution.”Nobody knows what they can do and who’s going to do it until they hear from the Supreme Court,” Trump told Newsmax on Monday.