Five things to know to start your Friday

Trump said his talk with China’s Xi was “friendly”

U.S. President Donald Trump said his conversation with Chinese President Xi Jinping last week was friendly and he thought he could reach a trade deal with China.

The leaders of the world’s two biggest economies spoke on the phone before Trump took office on Monday, discussing issues including TikTok, trade, and Taiwan.

Since taking office, Trump has talked about imposing a 10% duty on Chinese imports, citing concerns about fentanyl being shipped from China through Mexico and Canada. However, he did not immediately implement the tariffs promised during his election campaign. Trump has also threatened similar tariffs against the European Union, Mexico, and Canada.

While Trump said he would prefer not to use tariffs against China, he insisted that they remain a powerful negotiation tool. “We have one very big power over China, and that’s tariffs,” he explained. “They don’t want them, and I’d rather not have to use it, but it’s a tremendous power over China.”

Bank of Japan raised interest rates to a 17-year high

The Bank of Japan has raised its interest rates to their highest level since the 2008 global financial crisis. This decision reflects the bank’s confidence that rising wages will help keep inflation around its target of 2%.

Also, this is the first rate increase since July of last year. The bank voted 8-1 to raise the short-term policy rate from 0.25% to 0.5% – a level not seen in Japan for 17 years. Only one board member, Toyoaki Nakamura, disagreed with the decision.

The move is part of Japan’s broader effort to move away from the long-standing economic challenges of deflation and stagnant growth that have plagued the country for decades.

A major Chinese port is congested, delaying exports

Exporters have been rushing to ship cargo from Shenzhen’s Yantian Port before the Lunar New Year holiday and potential new U.S. tariffs on Chinese goods. Yantian is a massive container port that handles one-third of Guangdong’s international trade and one-quarter of China’s exports to the United States.

The port has already increased its daily container quota by 15%, allowing up to 15,000 units to be processed between January 20 and 28. This comes as U.S. President Donald Trump discussed imposing a 10% duty on Chinese imports, with February 1 potentially being the deadline for a decision.

The potential tariffs have prompted both Chinese manufacturers and U.S. buyers to take preemptive action. Many U.S. companies have been stockpiling goods like toys, furniture, and electronics to get ahead of possible new taxes.

Read Also: German carmakers say Trump tariffs would hurt US consumers, industry – Reuters

Ex-FCT minister, Jeremiah Useni, died on Thursday

Retired Lieutenant General Jeremiah Useni, a former Minister of the Federal Capital Territory, has died at the age of 82. His death on Thursday followed a prolonged illness and was officially confirmed by Plateau State Governor Caleb Mutfwang.

Governor Mutfwang described Useni’s passing as a significant loss, not just to his family, but to the Nigerian Armed Forces, Plateau State, and the entire nation. In an official statement, he praised Useni for his exemplary leadership and dedicated public service, particularly highlighting his efforts to promote peace and security in northern Nigeria and Plateau State.

FG approved N4bn cash transfers for ‘vulnerable households’

The Nigerian Federal Government has approved 4 billion naira for cash transfers to help vulnerable households across the country. Professor Nentawe Yilwada, Minister of Humanitarian Affairs and Poverty Reduction, announced this during the launch of the 2025 Nigeria Humanitarian Needs and Response Plan at the United Nations House in Abuja.

The cash transfer program aims to support at least 10 million displaced households, focusing on the most vulnerable members of society. Distribution should start in February through April, with a particular emphasis on helping families in the Northeast who have been most affected by displacement.

In addition to the cash transfers, the government has also approved 2 billion naira in interest-free loans for rural farmers.