Canal quarrel

Good morning. Trump threatens to reimpose US control over the Panama Canal. One man’s drive to create the next Nvidia. And Apple is exploring a new home device to take on Amazon. Listen to the day’s top stories.

Donald Trump's latest target: The Panama Canal. He threatened to take control of the waterway if fees on US ships aren’t lowered, prompting a swift rebuff from Panama’s president, who said the shipping tolls aren’t inflated and that its sovereignty is unnegotiable. Trump responded: “We’ll see about that!” The president-elect also hinted he still wants to buy Greenland, a self-ruling territory of Denmark, calling US ownership and control an “absolute necessity” for national security. Read more about how Trump is upending global politics and trade even before he takes office. Also, check out our explainer on six critical waterways that can disrupt global trade.

President Elon Musk? Trump denied that the Tesla boss could take the presidency, even calling it a hoax, amid growing complaints about the outsized role Musk has already had in his incoming administration. He also filled out key defense and crypto policy roles, picking billionaire Stephen Feinberg the No. 2 at the Pentagon and nominating Scale AI’s Michael Kratsios to lead tech policy. Stephen Miran was tapped to lead his Council of Economic Advisers.

Markets wrap: US stock futures struggled in early trading, though the dollar advanced after a last-minute vote prevented a government shutdown. As traders pause to reflect on the year that was, here are 11 of the wildest to remember—from big Trump bets and busted arbitrage wagers to a windfall in Argentina. Looking ahead, bond markets are preparing for another year of disappointment after taking unusual losses during the Federal Reserve’s interest-rate easing cycle in 2024.

The Big Take

Opinion

Elon Musk has emerged as an unexpected, unelected and uncontrollable political powerhouse, Nia-Malika Henderson writes. The unnecessary chaos Trump and Musk injected into the budget deal is an unfortunate preview of the next four years.

Before You Go

Apple is exploring a new home device that may rival Amazon’s popular Ring doorbell. It’s still in early stages, but the product could automatically unlock the door by scanning a resident’s face—just like Face ID.

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