Reclusive Shein CEO Emerges Publicly Amid IPO Struggles

Trump Claims Tariffs Will Replace Income Tax

President Donald Trump delivered his first State of the Union address of his second term on March 24, lasting a record 108 minutes. Trump claimed tariff revenue would ultimately replace income tax, reducing the tax burden on Americans. However, experts dismissed this as "mathematically impossible," noting that income tax revenue ($2.6 trillion) exceeds tariff revenue ($195 billion) by more than 13 times in the recent fiscal year.

Japanese Prime Minister Sanae Takaichi nominated two dovish candidates to the Bank of Japan's policy board: Toichiro Asada, professor emeritus at Chuo University, and Ayano Sato, professor at Aoyama Gakuin University. Markets interpreted this as reducing rate hike prospects, sending the yen lower while the Nikkei index hit an intraday record high of 58,639 yen. The probability of a rate hike by April fell to 59%. Takaichi had signaled reluctance toward further rate increases in a March 16 meeting with BOJ Governor Kazuo Ueda, advocating "responsible expansionary fiscal policy." Reuters forecasts the Nikkei could breach the psychological 60,000-yen barrier by mid-next year.

On Iran, Trump said he would not rule out military options, citing threats of missiles capable of reaching the U.S. mainland, while leaving the door open for negotiations. U.S.-Iran nuclear talks are scheduled for March 26 in Geneva. Trump touted economic achievements including tax cuts, prescription drug price reductions, and healthcare reform, while attacking Democrats as "sick." Dozens of Democratic lawmakers boycotted the speech in protest.

Samsung Unveils Galaxy S26 with Triple AI Assistant Options

Samsung Electronics unveiled three Galaxy S26 models in San Francisco. The flagship feature is the return of Samsung's in-house Exynos 2600 chip after two years and the introduction of AI agent Perplexity, allowing users to choose among three voice assistants: Bixby, Google Gemini, and Perplexity. The Ultra model features a "privacy display" that blocks side viewing angles without additional film. Prices range from 1.254 million won to 2.5454 million won ($910-$1,850), with most lineup models exceeding 2 million won for the first time. Galaxy Buds4 Pro, featuring a bezel-less woofer and ergonomic design based on over 100 million ear data points, will launch domestically on March 11 at 359,000 won, with Buds4 at 259,000 won.

Shein CEO Makes Rare Public Appearance

Xu Yangtian, founder and CEO of Chinese fast-fashion company Shein, made his first public appearance. The reclusive executive, reportedly unrecognizable even to his own employees, attended a business conference in Guangdong Province on March 24, announcing plans to invest 10 billion yuan ($1.4 billion) in Guangdong's supply chain over three years. "Guangdong is Shein's roots," he said.

Analysts link this move to repeated IPO failures. Shein had pursued a de-China strategy, relocating headquarters to Singapore to target U.S. and European markets. This approach backfired, drawing Beijing's displeasure and derailing IPO attempts in the U.S., U.K., and Hong Kong. The company's valuation has plummeted from $100 billion to $30 billion. Experts view this pro-China pivot as a strategic move to restore relations with authorities and secure IPO approval.

BOJ Rate Hike Prospects Dim as Dovish Nominees Announced