By WYATTE GRANTHAM-PHILIPS, Associated Press Business Writer

President Donald Trump made a lot of tariff threats and trade promises this year. Many materialized into a barrage of new import taxes that overturned decades of U.S. economic policy — but others have yet to be fulfilled as 2025 comes to a close.

Some of Trump’s unrealized threats reflect a broader approach from a president with a track record of using sky-high levies to pressure other countries into new trade deals, one-up retaliatory measures or even punish political critics. At the same time, they arrived as growing list of tariffs did go into effect — from Trump’s punishing new taxes on imported metals, to tit-for-tat levies with top U.S. trading partners like China — plunging consumers and businesses worldwide into uncertainty.

Here’s what Trump said when announcing some of his biggest (but still unrealized) tariff threats and promises this year, and where things stand today.

External Revenue Service

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In his words:

1. Trump in a Jan. 14 social media post: “For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS) … We will begin charging those that make money off of us with Trade, and they will start paying, FINALLY, their fair share. January 20, 2025, will be the birth date of the External Revenue Service.”

2. Trump in his Jan. 20 inaugural address: “We are establishing the External Revenue Service to collect all tariffs, duties, and revenues. It will be massive amounts of money pouring into our Treasury, coming from foreign sources.”

What happened: The External Revenue Service has yet to be established as of the end of December. While administration officials continued to reiterate plans for launching the External Revenue Service during Trump’s first months back in office, the entity does not yet exist.

200% tariff on European wine, Champagne and spirits

In his words:

3. Trump in a March 13 social media post: “The European Union, one of the most hostile and abusive taxing and tariffing authorities in the World, which was formed for the sole purpose of taking advantage of the United States, has just put a nasty 50% Tariff on Whisky. If this Tariff is not removed immediately, the U.S. will shortly place a 200% Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES.”

What happened: The EU’s planned levy on American whiskey — which it unveiled as part of broader retaliation in response to Trump’s new steel and aluminum tariffs — was postponed, with the latest delay reportedly running until at least February.

Trump’s 200% tariff threat on European alcohol never materialized. But spirits were not included in the EU-U.S. trade deal struck over the summer, which set a 15% rate on most European imports.

100% tariff on foreign-made films

In his words:

4. Trump in a May 4 social media post: “The Movie Industry in America is DYING a very fast death … I am authorizing the Department of Commerce, and the United States Trade Representative, to immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands.”

5. Trump in a Sept. 29 social media post: “Our movie making business has been stolen from the United States of America, by other Countries, just like stealing ‘candy from a baby’ … I will be imposing a 100% Tariff on any and all movies that are made outside of the United States.”

What happened: Despite Trump’s repeated threats, the U.S. has yet to impose a 100% tariff on foreign films. After his initial May promise to initiate the process, the White House said no final decision had been made. Also still unclear is how the U.S. would tax a movie made overseas.

Tariffs on pharmaceutical drugs

In his words:

6. Trump in a Cabinet meeting on July 8: “We’ll be announcing something very soon on pharmaceuticals. We’re going to give people about a year, a year and a half, to come in. And after that, they’re going to be tariffed … They’re going to be tariffed at a very, very high rate, like 200 percent.”

7. Trump in a Sept. 25 social media post: “Starting October 1st, 2025, we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America.”

What happened: The president did not sign an executive order imposing a 100% tariff on pharma products on Oct. 1 and, as of today, no levy has been put into place. But Trump previously suggested that steep levies on pharmaceutical drugs could arrive further down the road, telling CNBC in August that he would start by charging a “small tariff” and potentially raise the rate as high as 250%. Meanwhile, trade agreements with specific countries set their own rates or exemptions — with the U.K., for example, securing a 0% tariff on all British medicine exported to the U.S. for three years. The administration also announced deals with specific companies with promises of lower drug prices.

100% tariff on computer chips

In his words:

8. Trump on August 6: “We’ll be putting a tariff of approximately 100% on chips and semiconductors … But if you’re building in the United States of America, there’s no charge.”

What happened: A sweeping 100% on computer chips has yet to go into effect. When announcing his plans to impose the levy back in August, Trump was not specific about the timing. And other details have remained scarce.

$2,000 tariff dividend

In his words:

9. Trump in a Nov. 9 social media post: “People that are against Tariffs are FOOLS! … A dividend of at least $2000 a person (not including high income people!) will be paid to everyone.”

What happened: Details about how, when and if a tariff dividend will reach Americans are still scarce. Budget experts have said that the math doesn’t add up. And Treasury Secretary Scott Bessent suggested that it might not mean checks from the government. Instead, Bessent told ABC in November, the rebate might take the form of tax cuts. White House National Economic Council Director Kevin Hassett also told CBS News that it’s up to Congress.

By MATT OTT, Associated Press Business Writer

WASHINGTON (AP) — Fewer Americans applied for unemployment benefits last week with layoffs remaining low despite a weakening labor market.

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U.S. applications for jobless claims for the week ending Dec. 27 fell by 16,000 to 199,000 from the previous week’s 215,000, the Labor Department reported Wednesday. Analysts surveyed by the data firm FactSet forecast 208,000 new applications.

Unemployment benefit filings are often distorted during holiday-shortened weeks. The shorter week can cause some who have lost jobs to delay filing claims.

The weekly report was released a day early due to the New Year’s Day holiday.

Applications for unemployment aid are viewed as a proxy for layoffs and are close to a real-time indicator of the health of the job market.

Earlier this month, the government reported that the U.S. gained a decent 64,000 jobs in November but lost 105,000 in October as federal workers departed after cutbacks by the Trump administration. That helped to push the unemployment rate up to 4.6% last month, the highest since 2021.

The October job losses were caused by a 162,000 drop in federal workers, many of whom resigned at the end of fiscal year 2025 on Sept. 30 under pressure from billionaire Elon Musk’s purge of U.S. government payrolls.

Labor Department revisions also knocked 33,000 jobs off August and September payrolls.

Recent government data has revealed a labor market in which hiring has clearly lost momentum, hobbled by uncertainty over President Donald Trump’s tariffs and the lingering effects of the high interest rates the Fed engineered in 2022 and 2023 to rein in an outburst of pandemic-induced inflation. Since March, job creation has fallen to an average 35,000 a month, compared to 71,000 in the year ended in March.

Earlier this month, the Federal Reserve trimmed its benchmark lending rate by a quarter-point, its third straight cut.

Fed Chair Jerome Powell said the committee reduced borrowing costs out of concern that the job market is even weaker than it appears. Powell said that recent job figures could be revised lower by as much as 60,000, which would mean employers have actually been shedding an average of about 25,000 jobs a month since the spring.

Companies that have recently announced job cuts include UPS, General Motors, Amazon and Verizon.

The Labor Department’s report Wednesday also showed that the four-week average of claims, which evens out some of the week-to-week volatility, rose by 1,750 to 218,7500.

The total number of Americans filing for jobless benefits for the previous week ending Dec. 20 fell by 47,000 to 1.87 million, the government said.

By ANTHONY IZAGUIRRE, Associated Press

Zohran Mamdani will become mayor of New York City as the clock ticks over into 2026 — but the celebrations are set to last through New Year’s Day.

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The Democrat’s team is planning two separate swearing-in ceremonies Thursday — a small, private one with his family in an old subway station around midnight, followed by a large event in the afternoon that will include a public block party outside City Hall.

As a new mayor’s term begins immediately with the new year, it has been customary for the city’s incoming leaders to hold two events. Outgoing mayor Eric Adams held his initial swearing-in at Times Square shortly after the famous ball drop, while Adams’ predecessor, Bill de Blasio, took his first oath at home in Brooklyn.

For his part, Mamdani will take his initial oath at the former City Hall subway station in Manhattan — one of the city’s original stops on its subterranean transit system, known for its tiled arches and vaulted ceilings.

New York Attorney General Letitia James, a political ally and notable foe of President Donald Trump, will administer the oath of office.

The old City Hall stop was designed as the flagship station of the city’s first subway line, but was decommissioned in 1945. These days, outside of occasional guided historical tours, locals can usually only catch a glimpse of it by staying on the 6 train after its last stop downtown when it turns around to head north.

In a statement, Mamdani’s office said the choice to be sworn in at the station reflected his “commitment to the working people who keep our city running every day.”

“When Old City Hall Station first opened in 1904 — one of New York’s 28 original subway stations — it was a physical monument to a city that dared to be both beautiful and build great things that would transform working peoples’ lives,” Mamdani said.

“That ambition need not be a memory confined only to our past, nor must it be isolated only to the tunnels beneath City Hall: it will be the purpose of the administration fortunate enough to serve New Yorkers from the building above,” he said.

On Thursday afternoon, Mamdani will be sworn in again, this time by U.S. Sen. Bernie Sanders, one of his political heroes, on the steps of City Hall in a ceremony scheduled to kick off at 1 p.m. U.S. Rep. Alexandria Ocasio-Cortez, another political ally, will deliver opening remarks.

Mamdani’s transition formed an inaugural committee that includes actor John Turturro, playwright Cole Escola and writer Colson Whitehead, as well as advocates, small business owners and campaign workers who the incoming mayor’s office says have “provided perspective, guidance, and cultural sensibility” for the ceremony.

The public swearing-in will be accompanied by a block party along a stretch of Broadway leading up to City Hall. Mamdani’s office expects thousands of people to attend and says there will be performances, music and interfaith elements.

WELLINGTON, New Zealand (AP) — Auckland rang in 2026 with a downtown fireworks display launched from New Zealand’s tallest structure, Sky Tower, making it the first major city to greet the new year at a celebration dampened by rain.

South Pacific countries are the first to bid farewell to 2025. Clocks strike midnight in Auckland, a population of 1.7 million, 18 hours before the famous ball drops in New York’s Times Square.

The five-minute display involved 3,500 fireworks launched from various floors of the 787-foot Sky Tower. Smaller community events were canceled across New Zealand’s North Island on Wednesday due to forecasts of rain and possible thunderstorms.

Australia plans defiant celebration after country’s worst mass shooting

Australia’s east coast welcomes 2026 two hours after New Zealand, but in Sydney, the country’s largest city, celebrations will be held under the pall of Australia’s worst mass shooting in almost 30 years. Two gunmen targeted a Hannukah celebration at Bondi Beach on Dec. 14, killing 15 and wounding 40.

A heavy police presence monitored the thousands who thronged to the downtown waterfront on Wednesday to watch a fireworks show centered on the Sydney Harbor Bridge. Many officers openly carried rapid-fire rifles, in a first for the annual event.

An hour before midnight, the massacre victims will be commemorated with one minute of silence while images of a menorah are projected on the bridge pylons. The crowd has been invited to show their solidarity with Australia’s Jewish community by shining their phone torches across the harbor.

New South Wales Premier Chris Minns urged Sydney residents not to stay away through fear, saying extremists would interpret smaller crowds at New Year’s Eve festivities as a victory.

“We can’t be in a situation where this horrible, criminal, terrorist event changes the way we live in our beautiful city,” Minns told reporters on Wednesday.

“We have to show defiance in the face of this terrible crime and say that we’re not going to be cowered by this kind of terrorism,” he added.

Indonesia and Hong Kong hold subdued events

In Indonesia, one of Australia’s nearest neighbors, cities scaled back New Year’s Eve festivities as a gesture of solidarity with communities devastated by catastrophic floods and landslides that struck parts of Sumatra island a month ago, claiming more than 1,100 lives.

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The capital, Jakarta, will not ring in 2026 with its usual fanfare, choosing instead subdued celebrations with a calm and reflective program centered on prayers for victims, city Gov. Pramono Anung said last week.

Makassar Mayor Munafri Arifuddin urged residents of one of Indonesia’s largest cities to forgo parties altogether, calling for prayer and reflection instead. “Empathy and restraint are more meaningful than fireworks and crowds,” he said.

Concerts and fireworks on Indonesia’s tourist island of Bali have been canceled and replaced with a cultural arts event featuring 65 groups performing traditional dances.

Hong Kong, too, will ring in 2026 without the usual spectacular and colorful explosions in the sky over its iconic Victoria Harbor, after a massive fire in November killed at least 161 people.

The city’s tourism board will instead host a music show featuring soft rock duo Air Supply and other singers in Central, a business district. The facades of eight landmarks will turn into giant countdown clocks presenting a three-minute light show at midnight.

Many parts of Asia welcome the new year by observing age-old traditions.

In Japan, crowds will gather at a Buddhist temple in Tokyo for a bell striking at midnight. In the South Korean capital Seoul, a bell tolling and countdown ceremony will be held at the Bosingak Pavilion.

China’s Xi renews threats against Taiwan

Chinese President Xi Jinping in a New Year’s Eve address broadcast by state media hailed his country’s technological progress in areas such as artificial intelligence and semiconductors while renewing threats against Taiwan, which it claims as part of its sovereign territory.

“We Chinese on both sides of the Taiwan Strait share a bond of blood and kinship,” he said. “The reunification of our motherland, a trend of the times, is unstoppable.” China this week launched large-scale military drills around the island.

Berliners celebrate in snow

Tourists and Berliners alike marked the end of 2025 by enjoying snowfall, taking selfies and making snowmen in front of the German capital’s cathedral and the iconic Brandenburg Gate. The famous Berlin TV Tower was nearly invisible thanks to the falling flakes and fog.

Associated Press writers around the world contributed to this report.