General Motors said Tuesday it will invest an additional $1 billion in US manufacturing operations and create up to 5,000 jobs in the coming years, for which Donald Trump immediately took credit. The investments in new vehicle and advanced technology are tied to 1,500 new and "retained" jobs, while 450 will be returned to the US from Mexico, the company said in a statement. GM is the latest in a series of companies to announce plans to create US jobs -- including Amazon, Ford and WalMart -- amid continued pressure, mostly via Twitter, from US President-elect Trump, who has threatened stiff penalties on companies that import products manufactured overseas.
Chinese President Xi Jinping offered a vigorous defense of free trade at the World Economic Forum in Davos on Tuesday in a speech that underscored Beijing's desire to play a greater global role as the United States turns inward. In the first appearance by a Chinese leader at the annual meeting of political leaders, CEOs and bankers in the Swiss Alps, Xi also cautioned other countries against blindly pursuing their national interests, in an apparent reference to the "America first" policies of Donald Trump. Real estate mogul and former reality TV star Trump, who will be inaugurated as U.S. president on Friday, campaigned on a promise to confront China more aggressively on trade.