Sep 13, 2018

A tech platform to crack trade war

At a time when the U.S. has declared trade wars against its biggest partners, Mastercard said today that it is launching a new platform that can cut through and allow trillions of dollars in cross-border business to continue.

What's going on: Michael Froman, Mastercard vice chairman, tells Axios that the platform — called Track — allows businesses and their suppliers to carry out due diligence, contracts, payment, delivery and more. "At a time that governments are having trouble breaking down barriers, the private sector can step in," Froman says.

The details: The platform will include a newsfeed and connections to 150 million companies in 76 countries, in addition to more than 500 legal compliance programs, he says. It is launching in Singapore in January.

What it's disrupting: In 2016, $58 trillion of business-to-business transactions around the world were conducted on paper, Froman says. The disruption will be allowing such business to be done automatically. "It will be all in one place so you don't have to look everywhere for it," he says.

Go deeper

Trump hits back at Mattis: "I gave him a new life"

President Trump speaks at the White House. Photo: Doug Mills - Pool/Getty Images

President Trump unloaded on his former defense secretary via Twitter on Wednesday, hours after James Mattis condemned him for making a "mockery of our Constitution" in his response to mass protests in the wake of George Floyd's killing.

What he's saying: "Probably the only thing Barack Obama & I have in common is that we both had the honor of firing Jim Mattis, the world’s most overrated General. I asked for his letter of resignation, & felt great about it. His nickname was 'Chaos', which I didn’t like, & changed it to 'Mad Dog'"

Obama praises young protesters, urges mayors to pursue police reforms

Former President Barack Obama called on all mayors to review their use-of-force policies and commit to policing reform in a virtual town hall Wednesday hosted by the Obama Foundation's My Brothers Keepers Alliance.

Why it matters: Obama has addressed the killing of George Floyd and the nationwide protests that followed on social media and in a Medium post, but this was his first time speaking about the past week's events on camera. His voice will add weight to the growing pressure on local, state and federal officials to pursue policing reforms.

James Mattis condemns Trump as a threat to the Constitution

Mattis on Fox in Septemnber 2019 in New York City. Photo: Steven Ferdman/Getty Images

Former Secretary of Defense James Mattis condemned President Trump for making a "mockery of our Constitution" in a statement to The Atlantic on Wednesday, saying he was "appalled" at the president's response to mass protests in the wake of George Floyd's killing.

Why it matters: Trump’s former defense secretary had refrained from publicly criticizing his former boss since resigning in 2018.