CNBC Daily Open: Trump’s handprints on the U.S. economy

China on Thursday concluded its “Fourth Plenum,” a meeting aimed at setting out the country’s development agenda for the next five years. Beijing will focus on domestic consumption, self-reliance in technology as well as the agricultural and manufacturing sectors.

In the U.S. economy and markets — generally considered the exemplar of free-market capitalism — the government’s handprints have started becoming visible, if you squint a little.

Trump, who terminated trade negotiations with Canada over an ad, pardoned Binance founder Changpeng Zhao, the White House said Thursday. Zhao was convicted in April 2024 for enabling money laundering at Binance.

The Wall Street Journal reported in August that the Trump family’s crypto venture has been helped by “a partnership with an under-the-radar trading platform quietly administered by Binance.”

Even corporate earnings had the mark of the White House.

Intel reported third-quarter revenue that surpassed analysts’ expectations, helping the stock jump 7.7% in extended trading.

But it’s hard to ignore the elephant in the room, that is, the U.S. government’s 10% stake in the company, acquired in August. The company’s stock has seen a massive surge since that acquisition, with President Donald Trump saying the government has made $30 billion to $40 billion on its stake. The transaction, however, complicates Intel’s accounting practices for its income, the company suggested in a press release.

Trump’s proclivity for acquiring stakes in U.S. companies and his other dealings that seem to blur the personal with the professional raise the question: are we seeing a four-year U.S. economic plan — with a twist — unfold?

Trump terminates trade talks with Canada. The U.S. president appeared to take umbrage with an ad, aired by Ontario provincial government, featuring Ronald Reagan criticizing tariffs. Trump also accused Canada of attempting to influence the U.S. Supreme Court’s case regarding tariffs.

Trump pardons Binance founder Changpeng Zhao. The move came two months after The Wall Street Journal reported on the Trump family’s crypto venture, which appeared to have links with a trading platform “administered by Binance.”

China softens rhetoric ahead of Trump-Xi meeting. Chinese Commerce Minister Wang Wentao on Friday said that both countries can “find the right path for getting along,” in comments translated by CNBC. The White House said Trump will meet Xi at the APEC summit next Thursday.

U.S. stocks advanced Thursday. The Nasdaq Composite outperformed, thanks to tech stocks. Asia-Pacific stocks rose Friday. South Korea’s Kospi hit another record, while Japan’s Nikkei 225 climbed amid data showing the country’s core inflation rose in September, as expected.

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