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Arabian Post
34 minutes ago
- Arabian Post
Trump-Linked Crypto Project Distributes $47 in USD1 to WLFI Holders
World Liberty Financial , a cryptocurrency initiative associated with U.S. President Donald Trump, has executed an airdrop, distributing 47 units of its USD1 stablecoin to each holder of its WLFI token. The distribution, conducted on the Ethereum blockchain, was automatic and required no action from recipients. The figure of 47 USD1 tokens per wallet is widely interpreted as a symbolic reference to Trump's position as the 47th President of the United States. The airdrop was approved through a community governance vote on May 7, 2025, which saw 99.96% of 12,000 participants in favour of the initiative. The primary objectives were to reward early backers, enhance liquidity for USD1, and test the project's token distribution mechanism under real market conditions. Despite the airdrop, WLFI tokens remain non-transferable and cannot be traded on any exchange. This restriction has drawn criticism from some quarters, with concerns about the token's liquidity and the centralisation of control. Approximately 70% of WLFI tokens are held by insiders, including founders and team members, raising questions about the project's decentralisation. ADVERTISEMENT USD1, the stablecoin distributed in the airdrop, is pegged to the U.S. dollar and backed by U.S. Treasuries, dollars, and other cash equivalents. It is intended to maintain a stable value of $1 and is managed by World Liberty Financial. The stablecoin has been minted on both the Ethereum and Binance Smart Chain blockchains, with plans to expand to other protocols. The airdrop has sparked renewed debate about the intersection of politics and cryptocurrency. Trump and his affiliates are reported to own a significant portion of WLFI tokens and are set to reap a substantial share of the project's revenues. Critics argue that this raises ethical concerns, particularly given Trump's current political position.
Arabian Post
34 minutes ago
- Arabian Post
Trade Envoys from US and China to Convene in London Amid Renewed Optimism
Top trade officials from the United States and China are set to meet in London on Monday, 9 June, in a bid to ease escalating tensions over tariffs, technology transfers, and critical mineral exports. The announcement follows a 90-minute phone call between President Donald Trump and President Xi Jinping, during which both leaders agreed to resume dialogue and expressed cautious optimism about resolving key disputes. Leading the US delegation will be Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer. The Chinese side has not officially confirmed its delegation, but past rounds have included Vice Premier He Lifeng, Vice Commerce Minister Li Chenggang, and Vice Finance Minister Liao Min. Li, who was appointed as China's International Trade Negotiator in April, has been instrumental in shaping Beijing's response to the ongoing trade conflict. The upcoming talks follow a temporary truce brokered in Geneva on 12 May, where both nations agreed to reduce retaliatory tariffs—previously as high as 145%—to more manageable levels. However, the ceasefire is set to expire on 12 August, adding urgency to the London negotiations. ADVERTISEMENT A central issue on the agenda is the flow of rare earth minerals, which are essential for advanced manufacturing and defence technologies. China's earlier suspension of some rare earth exports to the US had heightened concerns about supply chain vulnerabilities. During their phone call, President Trump stated that President Xi agreed to resume these exports, a move that could alleviate pressure on US manufacturers. However, Beijing has yet to publicly confirm this commitment. The trade dispute has had significant economic repercussions. American businesses have faced increased costs due to tariffs, and a pending lawsuit challenges the legality of these tariffs under the International Emergency Economic Powers Act. The outcome of both the negotiations and the legal case could significantly influence future US trade policy and economic relations with China. President Trump has expressed optimism about the upcoming talks, stating, 'The meeting should go very well.' However, the complexity of the issues at hand suggests that reaching a comprehensive agreement may require sustained effort and compromise from both sides.
Al Etihad
an hour ago
- Al Etihad
China allows limited exports of rare earths as shortages continue
7 June 2025 09:39 BEIJING (THE NEW YORK TIMES NEWS SERVICE)China's Ministry of Commerce has started issuing more export licenses for shipments of rare earth magnets in recent days, but the pace remains factories in the automotive sector and other industries in Europe and the United States, and a few in Japan, are running low on the makes 90% of the world's supply of these magnets, which are essential for cars, drones, factory robots, missiles and many other a 90-minute call Thursday with Chinese PresidentXi Jinping, US President Donald Trump wrote on social media that the two men had discussed rare earths. Trump mentioned that rare earths were a complex subject, but did not indicate whether anything had been decided about China's strict export licensing requirement, which Beijing imposed April wrote on social media Friday that Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US trade representative Jamieson Greer would hold further economic talks Monday in London with top Chinese Trump was asked later on Air Force One whether Xi had agreed to allow rare earth minerals and magnets to flow to the US, Trump replied, 'Yes, he did,' but did not statement Thursday about the call did not mention rare earths, however. Lin Jian, a spokesperson for China's foreign ministry, declined to answer a question about the minerals Friday at the ministry's daily briefing, saying that it was a matter for other Chinese Ministry of Commerce said Thursday before the two leaders spoke only that it would issue export licenses according to its new rules, introduced two months US and European chambers of commerce in China each said Friday that somewhat more export licenses had been issued in recent days. But both groups emphasised that more were needed, as the Ministry of Commerce faces a huge backlog of detailed applications for licenses. Rare earth metals, a group of 17 elements found near the bottom of the periodic table, have a wide range of industrial applications. China produces practically the entire world's supply of seven of the least common rare earths, including three that are crucial in making powerful, heat-resistant magnets.
