Is the U.S. government retaliating against China’s export ban on rare earth metals? According to The Wall Street Journal, the White House is considering a plan to restrict China’s access to cloud-computing services offered by Amazon and Microsoft. The newspaper reported that U.S. firms would need to obtain government permission before letting Chinese customers access […]
China to issue export controls on metals critical for chips found in electric vehicles, solar panels
Will President Joe Biden and the other eco zealots declare war on China? After the latest announcement from Beijing, it would not be surprising. The Ministry of Commerce issued a statement on July 2, announcing export controls on two rare earth metals: gallium and germanium, beginning on August 1. The purpose is to “safeguard national […]
US manufacturing recession worsens as S&P Global, ISM PMIs further contract in June
The U.S. manufacturing recession is deepening, despite Bidenomics showing hundreds of billions of taxpayer dollars on the industry. The latest data to kick off the holiday-shortened trading week definitely turned some heads. But many experts say this is temporary until all the manufacturing projects come online. Plus, other countries are experiencing similar trends, from the […]
Federal Reserve’s preferred inflation gauge remains stubborn at 4.6% in May
Headline inflation comes down, but the Federal Reserve’s preferred inflation gauge is struggling to decline. The personal consumption expenditure (PCE) price index eased to 3.8 percent year-over-year in May, down from 4.3 percent in April. PCE rose 0.1 percent, down from 0.4 percent. Core PCE, which is the central bank’s top inflation measurement, dipped to […]
World Economic Forum in China: CBDCs can stop you from buying ‘things that it deems less desirable’
Expiry dates and restrictions on “less desirable” purchases are some of the key advantages behind central bank digital currencies (CBDCs), according to an economist at a World Economic Forum (WEF) event. The WEF hosted the 14th annual Meeting of the New Champions in Tianjin, China, also known as Summer Davos. During one of the 30-minute […]