BUCK STOPS HERE
Donald Trump cashes in on White House return as family launches crypto tokens valued at $10bn
Trump’s token means his supporters who buy it have a greater financial incentive to back him
President Donald Trump has cashed in on his return to the White House — with his family launching crypto tokens.
The new US leader, who has described himself as the “crypto president,” has issued his own $Trump coins.
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They are marketed with pictures of him raising his fist and his quote from after his assassination attempt last year: “Fight Fight Fight.”
The token — already with an overall value of $10billion — is expected to rise and fall in value along with Trump’s popularity.
It came as cryptocurrency Bitcoin also hit a record high yesterday of $109,000, giving it a market value of $2trillion.
Trump’s token means his supporters who buy it have a greater financial incentive to back him.
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Crypto is unregulated, highly speculative, and volatile. In the UK, there are no financial protections for traders.
Trump’s family owns an 80 per cent stake in the crypto, leading to accusations the president is further exploiting his supporters.
Finance professor Carol Alexander, of Sussex University, told The Sun: “There’s more to it than pure monetary gain for Trump. It’s a way of showing the world that he’s above the law.”
$Trump began trading at $50 on Friday, before hitting $70. Yesterday it was at $53.92.
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Trump’s wife Melania has also released her own crypto token, $Melania, which is trading with a value of $2billion. Daughter Ivanka Trump also released her crypto coin yesterday.
During his last presidency, Trump trashed crypto as “based on thin air” and cautioned about its use to fund illegal activities.
Donald Trump’s 5 most outrageous inauguration speech bombshells… and the one Elon loved
But he has turned from cynic to advocate, partly helped by his Republican campaign accepting donations in crypto.
UK firms face taxing time
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As Donald Trump re-enters the White House, companies are bracing for him to unleash “America first” tariffs.
Economists reckon the UK is vulnerable to the tariffs, which will levy a tax of 10 to 20 per cent on imports into the US. In 2023, the UK imported £57.4 billion of services from the US and exported £126.3 billion, official figures show.
Jaguar Land Rover is one of the most exposed as the US is its biggest market. The firm has refused to say whether it might open a US factory to avoid tax.
Drinks giant Diageo faces a hit from imports of Gordon’s gin, Guinness, and Johnnie Walker whisky from the UK and Ireland.
Engineer Rolls-Royce made a third of its global sales from North America in 2023. Drugs firms AstraZeneca and GSK are scrambling to increase facilities in the US, meaning the UK misses out on jobs, investment, and revenues.
Quiz cut plan for survival
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Struggling fashion retailer Quiz is considering shutting around a third of its stores in a rescue attempt.
It is understood closures could be announced within the next few weeks.
Quiz, which has 60 stores and 1,500 staff, is working with advisers at Teneo while another restructuring firm, Interpath, has been brought in by its bank.
The Glasgow-based fashion chain delisted from the London Stock Exchange last month to cut costs and engineer a turnaround of the business away from the full glare of City investors.
Quiz has already had two restructurings and shut 240 stores since it floated in a stock market listing in 2017 that made the founding Ramzan family £90million. Founder Tarak Ramzan put in a £1million loan last year to keep the firm afloat.
Aldi rap on cider
Family-owned cider maker Thatchers has won a legal battle against grocer Aldi over a copycat of its cloudy lemon cider.
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The Somerset-based brewer sued after Aldi launched its own version. Thatchers lost in the High Court but a Court of Appeal has now found in its favour.
It said Aldi’s use of similar packaging graphics was unfair. The firm said it would appeal again.
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