The Trump administration has shut down processing centers in Central and South American countries that allowed migrants to apply to come to the United States legally.

Trump's second presidency dominated proceedings at the World Economic Forum amid ominous warnings over the looming threat of trade tariffs and his decision to pull the United States out of the Paris climate agreement.

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Von der Leyen insisted that the United States remains an important partner, taking a conciliatory tone in a speech to the annual meeting of global elites in Davos, Switzerland. The EU's "first priority will be to engage early, discuss common interests, and be ready to negotiate" with Trump, she said.

Despite fears that the tariffs could spark a global trade war and reignite inflation domestically, Jamie Dimon, CEO of JPMorgan Chase, said they could protect American interests and bring trading partners back to the table for better deals for the country,