US TREASURY SECRETARY BESSENT JUST SAID:
• US tariffs on China: 30% • China’s tariffs on US: 10%
JUST IN: China unveils 0.6 cm mosquito-like spy drone designed for stealth missions.
Source: BRICS News
China’s industrial profits sink on US Tariffs, deflation woes - Bloomberg
China's industrial firms saw their profits drop the most since October, illustrating weakness in an economy strained by higher US tariffs and lingering deflationary pressure. Industrial profits fell 9.1% last month from a year earlier, according to data released Friday by the National Bureau of Statistics.
Oil prices fall 5% after Trump says China can continue buying oil from Iran.
“China can now continue to purchase Oil from Iran,” Trump said in a post on his social media platform Truth Social. “Hopefully, they will be purchasing plenty from the U.S., also. It was my Great Honor to make this happen!” Trump threatened in May to ban any country that buys Iranian oil from doing business with the U.S. China purchases the vast majority of Iran’s oil exports. Source: CNBC
GS: China Is the Main Destination of Strait of Hormuz Oil Flows
Source: Mike Zaccardi, CFA, CMT, MBA
China: The trade war is starting to weigh on activity
Trade balance figures for the month of May reveal a notable slowdown in exports. Source: BCV
China dominates global rare earths production:
China now produces nearly 400,000 metric tons of rare earths a year. This is a massive 69% of the global output, per the US Geological Survey. The US is seeking to restore flows of critical minerals in today's trade talks. Source: Global Markets Investor
China’s exports growth missed expectations in May
dragged down by a sharp decline in shipments to the U.S., with analysts saying effects of a Beijing-Washington trade truce will be visible in June data. 🟥 Chinese exports to the U.S. plunged 34.5% from a year ago, marking the sharpest drop since February 2020, according to Wind Information, when the Covid-19 pandemic disrupted trade. Imports from the U.S. dropped over 18%, and China’s trade surplus with America shrank by 41.55% year on year to $18 billion. Overall exports rose 4.8% last month in U.S. dollar terms from a year earlier, customs data showed Monday, shy of Reuters’ poll estimates of a 5% jump. 🟥 Imports plunged 3.4% in May from a year earlier, a drastic drop compared to economists’ expectations of a 0.9% fall. Imports had been declining this year, largely owed to sluggish domestic demand. That was largely offset by its shipment to the Southeast Asian bloc, which jumped nearly 15% from a year, and those to European Union countries and Africa, which rose 12% and over 33%, respectively. Source: CNBC
