The US Supreme Court has allowed Trump to enforce his travel ban while it deliberates its legality.
On Monday, the court said that the Trump administration can implement the ban and prevent citizens from Chad, Iran, Libya, North Korea, Somalia, Syria, Venezuela and Yemen from travelling to the US. So far, the plan has faced opposition at every turn and has been called everything from “racist” to “xenophobic”, underlying the racial tensions that have characterised the Trump presidency thus far. The policy effectively works in tandem with Trump’s promise to build a Mexico-US border wall (which has not materialised yet) to form the twin pillars of his administration’s crackdown on illegal immigration.
South Korea Bitcoin Regulation on The Horizon
South Korea’s government held an emergency meeting to discuss the impact of cryptocurrency speculation last Wednesday. Banning minors from investing and introducing capital gains tax on cryptocurrency were suggested as means of protecting citizens, reports say.
The meeting was a response to talk of cryptocurrencies being in an asset bubble and the impact investing is having on younger generations. New measures to tackle this problem could be announced by the end of the week, according to Reuters.
Why It’s Important
South Korean exchange Bithumb – the worlds busiest – has hit it off with students. The ease of opening an account and the option to invest small amounts has caught the attention of many young people.
This group’s obsession with the digital assets prompted the emergency meeting. President Moon recently expressed his fear of students joining the trend and becoming obsessed with the rapid price changes of cryptocurrency prices. He labelled this a “serious pathological phenomenon.”
“Some even abandoned their studies and part-time jobs as they believed they could make much more money by investing in bitcoin,” said Reuter Correspondent Dahee Kim. The trend appears to be causing social problems in the country.
The country banned initial coin offerings back in September.
UK Defence Row Escalates
New defence secretary Gavin Williamson has vowed to protect the UK’s defence budget.
Williamson, at just 41, is the youngest member of Theresa May’s cabinet and his colleagues are rumoured to be treating him as such. Those who have worked with Williamson in the past, however, contend that he is not someone to be underestimated and point to his meteoric rise through the Conservative party as evidence of this. The Ministry of Defence is presently united around Williamson’s determination to maintain current spending levels, which has put the department at loggerheads with the Treasury. The department has a £20bn funding deficit over the next ten years, which chancellor Philip Hammond insists must come out of cost savings.
Europe Warns Trump on Tax
Finance ministers from Europe’s largest economies have said that Trump’s tax plans breach global agreements.
Europe’s leading finance ministers, including UK chancellor Philip Hammond, penned a letter to the White House in which they raised the possibility of retaliation if the Republicans push on with their tax reforms. Europe is worried that Trump’s “America First” doctrine will undermine global trade patterns and escalate ongoing tensions between the US and its key allies. With the UK looking to its closest ally for support post-Brexit, it is unlikely that Hammond’s latest move will sweeten any future US-UK trade deal. Meanwhile, Trump is unlikely to care about shaking up current trading arrangements, given that he ran for office on the platform of making the US more competitive.
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