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Category: Economy
April 25, 2025
William Upton
Economy
NatSec

President Trump Moves to Expand Offshore Mining, Boosts Access to Critical Minerals.

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❓ What Happened: President Donald J. Trump is directing his administration to work to advance U.S. leadership in extracting seabed mineral resources and related technologies. The Executive Order aims to increase American access to critical rare earth minerals.

👥 Who’s Involved: President Donald J. Trump, Secretary of Commerce Howard Lutnick, Secretary of State Marco Rubio, the Secretary of the Interior Doug Burgum, Secretary of Energy Chris Wright, and other relevant government officials and agencies.

📍 Where & When: The order was issued from the White House on the evening of April 24, 2025.

💬 Key Quote: “The United States faces unprecedented economic and national security challenges in securing reliable supplies of critical minerals independent of foreign adversary control,” the Executive Order states.

⚠️ Impact: The order aims to expedite the U.S.’s development and processing of seabed minerals, with consequences for national security, economic strength, and dependence on foreign mineral supplies.

IN FULL:

President Donald J. Trump signed an Executive Order on Wednesday that prioritizes strengthening the U.S. position in global seabed mineral exploration and technology. This move is part of a broader agenda being pushed by the Trump administration to ensure American access to critical rare earth minerals while circumventing current supply chains that are overly reliant on resources extracted from China.

“The United States faces unprecedented economic and national security challenges in securing reliable supplies of critical minerals independent of foreign adversary control,” Trump states in the directive, adding: “Vast offshore seabed areas hold critical minerals and energy resources. These resources are key to strengthening our economy, securing our energy future, and reducing dependence on foreign suppliers for critical minerals.”

The executive order mandates rapid development of domestic technology for seabed mineral extraction, focusing on essential resources for defense, infrastructure, and energy sectors. This initiative aims to reduce America’s reliance on foreign mineral supplies, particularly in light of growing geopolitical tensions and economic competition.

President Trump is tasking key governmental agencies and leaders, including the Secretaries of Commerce, State, Interior, and Energy, with expediting the processes related to exploration permits and data collection concerning seabed minerals. This collaboration is designed to ensure efficiency while maintaining compliance with environmental and transparency standards.

While the Executive Order’s primary focus is on American domestic rare earth mineral access, the directive includes some provisions emphasizing the need for strategic engagement with international partners. The Trump White House contends that the U.S. can counter China’s expanding influence in this sector by fostering alliances and offering support for seabed exploration. The order also envisions creating a robust domestic supply chain for minerals crucial to industrial development and military readiness.

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April 25, 2025
Economy
World

China, Feeling the Pressure, Considers Tariff Cuts on Select U.S. Goods.

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❓What Happened: The Chinese government is contemplating removing certain essential items from its retaliatory 125 percent tariffs on American products.

👥 Who’s Involved: The Chinese government’s commerce ministry officials and Michael Hart, president of the American Chamber of Commerce in China.

📍 Where & When: The development was discussed in Beijing on Friday, April 25.

💬 Key Quote: “There are some companies who have said that if a long-term tariff war continued, their business model would not work in China and we would see them exit,” Michael Hart, president of the American Chamber of Commerce in China, stated.

⚠️ Impact: Trade tensions between China and the United States could potentially ease, leading to positive market reactions in Asia and Europe.

IN FULL:

The Chinese Communist Party (CCP) is re-evaluating its tariffs on American goods, with plans to possibly exempt certain critical imports. Concerns over supply chain interruptions caused by the increasing trade barriers between China and the U.S. appear to be the impetus for the CCP’s tariff walkback. Michael Hart, president of the American Chamber of Commerce in China, revealed the move during a speech at an event in Beijing on Friday, suggesting that the Chinese commerce ministry was communicating with the country’s manufacturers to determine what U.S. imports are indispensable and at risk from the tariff barriers.

“There are some companies who have said that if a long-term tariff war continued, their business model would not work in China and we would see them exit,” Hart said on Friday, adding: “We shared that with the Chinese government because they are of course trying to foster foreign direct investment.”

Earlier this month, Beijing announced it would cease accepting delivery of American-made Boeing airplanes and parts. While the move was ostensibly directed at harming the U.S.-based aerospace giant and American manufacturing, the move—backed by Chinese President Xi Jinping—will likely cause significant disruption to China’s domestic aviation industry and increase safety concerns as airlines are forced to turn to refurbished and aftermarket parts.

Among the critical sectors in China that could see tariff relief or outright exemptions are lifesaving pharmaceuticals and healthcare equipment. The Chinese healthcare system is already experiencing strain under the country’s 1.4 billion people, and a lack of access to critical medical devices and drugs could exacerbate problems.

The strategic reassessment arises in the context of heightened trade tensions, marked by the U.S.’s recent tariff increase on over half of China’s exports to the U.S., now at 145 percent. This ongoing trade spat presents substantial challenges to China’s surplus-style economy that crucially depends on export performance.

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April 25, 2025
Economy
News

Trump Touts 200 Upcoming Trade Deals, Says Xi Has Called.

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❓What Happened: President Donald J. Trump said in an interview that he is finalizing 200 tariff-related deals, projecting completion of negotiations in three to four weeks, and that Chinese dictator Xi Jinping has called.

👥 Who’s Involved: President Trump, President Xi Jinping, White House Trade Adviser Peter Navarro, Chinese Foreign Ministry spokesman Guo Jiakun.

📍 Where & When: The information was shared in a TIME magazine interview on April 24, 2025, during a meeting at the White House.

💬 Key Quote: “Over the next three to four weeks, and we’re finished,” Trump said of the expected trade deals. “We’ll be finished.”

⚠️ Impact: The deals could substantially reduce foreign and domestic tariffs on terms more favorable to the U.S.

IN FULL:

President Donald J. Trump has told TIME magazine that he is completing 200 trade deals regarding tariffs, and foresees concluding negotiations within the next three to four weeks. During the interview, he was asked about Peter Navarro’s prediction of 90 tariff agreements in 90 days. Trump indicated that he has surpassed expectations, stating emphatically that 200 deals have been made.

Trump did not provide details regarding the specific countries involved or the terms of these agreements. He explained that he has engaged with various foreign representatives over recent weeks on tariffs and economic issues. “I would say, over the next three to four weeks, and we’re finished,” he said of the deals.

Regarding China, which currently faces the highest tariff rates imposed by the administration, Trump disclosed that President Xi Jinping has contacted him directly. He said he would not reach out to the Chinese dictator first, but said it was not “a sign of weakness” that Xi had called him. Instead, Trump insisted it was a sign of magnanimity.

Nevertheless, these remarks face dissent from Chinese officials. Before the publication of the TIME interview, Guo Jiakun from the Chinese Foreign Ministry claimed the U.S. depiction of active talks is “fake news.” On Friday, Jiakun again claimed that no tariff negotiations had occurred between China and the United States.

President Trump believes that the U.S. holds a decisive upper hand over China, a surplus economy, in any trade war, with the American market being much more important to Chinese exporters than the Chinese market is to American exporters.

“I am this giant store. It’s a giant, beautiful store, and everybody wants to go shopping there. And on behalf of the American people, I own the store, and I set prices, and I’ll say, if you want to shop here, this is what you have to pay,” he explained to TIME.

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April 24, 2025
Economy
News

Trump Tariff Strategy Sparks Surge in U.S. Manufacturing Investments.

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❓What Happened: Several companies announced significant investments in American manufacturing operations due to the Trump administration’s tariff policy and efforts to boost domestic production.

👥 Who’s Involved: President Donald J. Trump, American manufacturing companies, and workers across the United States.

📍 Where & When: Investments and growth were announced by the White House on April 23.

💬 Key Quote:  “Increasing our footprint in the U.S. is important.” — Regeneron CEO Leonard Schleifer

⚠️ Impact: Increased investments have led to job creation and economic growth in various regions across the country.

IN FULL:

American manufacturing has seen a surge in investment, attributed to Trump administration efforts to strengthen the sector and promote domestic economic growth. In recent days, multiple firms have announced substantial plans to enhance their manufacturing capabilities on U.S. soil, supporting job creation nationwide. This trend aligns with a concerted strategy to reduce reliance on overseas production and increase self-sufficiency.

On April 23, the White House released a statement revealing that foreign companies are investing billions of dollars in U.S.-based manufacturing. These include Swiss drug and diagnostics company Roche, which looks to invest $50 billion into manufacturing and R&D in the U.S.

Likewise, Regeneron Pharmaceuticals, Inc., a major player in biotechnology, has also stated it would be investing $3 billion. The company looks to produce pharmaceuticals in North Carolina. “Increasing our footprint in the U.S. is important,” said Regeneron Chief Executive Officer Leonard Schleifer.

The administration’s policies, which include tax incentives and reductions in regulatory burdens alongside tariffs against foreign producers, are cited as pivotal in these decisions.

President Donald J. Trump has made it clear through his tariff strategies that he is determined to bring back U.S. manufacturing jobs. NVIDIA, one of the largest tech companies, also recently announced it would be investing as much as $500 billion. The money will be used to create infrastructure to support the domestic manufacture of artificial intelligence (AI) supercomputers.

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April 23, 2025
Economy
TECH

Intel Set to Slash Over 20% of Workforce.

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❓What Happened: Intel reportedly plans to reduce its workforce by more than 20 percent.

👥 Who’s Involved: Intel, CEO Lip-Bu Tan, and rival company Nvidia.

📍 Where & When: Announcement expected this week, unspecified global regions affected.

⚠️ Impact: The tech company faces challenges in artificial intelligence (AI) computing and supply chain disruptions.

IN FULL:

Intel Corp. is preparing to announce a significant workforce reduction, potentially cutting over 20 percent of its employees to address declining sales and bolster its focus on engineering, according to reports. This decision comes as the U.S. semiconductor giant works to regain its competitive edge, having lagged behind companies like Nvidia in artificial intelligence (AI) computing.

Sources indicate that the new CEO, Lip-Bu Tan, who recently assumed leadership, aims to streamline operations and enhance the company’s engineering focus. However, Intel has not verified reports of the planned layoffs. The specifics regarding which regions might be affected also remain unclear.

While the corporate media appears to be readying itself to blame President Donald J. Trump’s tariff policy for Intel’s struggles, an exemption for computer parts and related products is already in place, and Nvidia is responding to the new situation over the longer term by reshoring production to the U.S.

Notably, Intel already reduced its workforce by approximately 15,000 under former President Joe Biden last year, ending with 108,900 employees, compared to 124,800 in the previous period.

Once recognized as the premier computer chipmaker worldwide, Intel has been overtaken by firms more adept at capitalizing on AI advancements and the corresponding demand for specialized chips. The company’s approach to AI, now widely seen as a transformative technology, has been considered sluggish.

Image by Nick Knupffer.

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April 23, 2025
Economy
News

Bessent Blasts IMF’s Woke Mission Creep.

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❓What Happened: Treasury Secretary Scott Bessent criticized the International Monetary Fund (IMF) for diverting resources to social issues over economic stability, warning against mission drift.

👥 Who’s Involved: Scott Bessent, IMF, World Bank, Chinese Communist Party.

📍 Where & When: Washington, D.C., Institute of International Finance forum, Wednesday.

💬 Key Quote: “The IMF has been whistling past the graveyard,” Bessent said, referring to the organization’s focus on social issues at the expense of its core economic responsibilities.

⚠️ Impact: The IMF and World Bank face pressures to realign their missions. Economic forecasts have been affected by U.S. tariff policies, with U.S. growth expectations reduced.

IN FULL:

Treasury Secretary Scott Bessent admonished the International Monetary Fund (IMF) on Wednesday for prioritizing woke politics at the expense of economic stability. Speaking at the Institute of International Finance in Washington, he highlighted the IMF’s “mission creep,” warning that the agency “devotes disproportionate time and resources to work on climate change, gender, and social issues… crowding out its work on critical macroeconomic issues.”

“The IMF has been whistling past the graveyard,” the Trump official remarked.

Additionally, Bessent directed criticisms toward the World Bank, a United Nations (UN) specialized agency, advising it to control its spending and warning that its officials “should no longer expect blank checks for vapid, buzzword-centric marketing accompanied by half-hearted commitments to reform” for U.S. support.

The backdrop to Bessent’s comments is the IMF’s recent downgrade in U.S. economic growth projections, influenced by hostility to President Donald J. Trump’s tariff policy. The IMF reduced its forecast for U.S. growth in 2025 to 1.8 percent, down from an earlier estimate of 2.7 percent. Pierre-Olivier Gourinchas, the IMF’s chief economist, explicitly attributed the forecast change to the tariffs.

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April 21, 2025
Economy

Trump Blasts ‘Loser’ Powell for Delay in Interest Rate Cuts.

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❓What Happened: President Donald J. Trump criticized Federal Reserve Chair Jerome Powell, calling for reduced interest rates amid claims of low inflation.

👥 Who’s Involved: President Trump and Jerome Powell.

📍 Where & When: On Truth Social, the morning of Monday, April 21.

💬 Key Quote: Trump remarked, “Powell has always been ‘Too Late,’ except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?”

⚠️ Impact: The U.S. economy has sent mixed signals that have left the Federal Reserve to adopt an overly cautious stance. However, recent indicators have suggested deflation could now be occurring, which may finally push Powell to reduce rates.

IN FULL:

President Donald J. Trump is continuing his criticism of Federal Reserve Chair Jerome Powell, urging for immediate cuts to interest rates. Trump reiterated his position on Truth Social on Monday, stating, without providing evidence, that “preemptive cuts” to rates are being advocated by many as the economy faces what he described as “virtually No Inflation.”

“‘Preemptive Cuts’ in Interest Rates are being called for by many. With Energy Costs way down, food prices (including Biden’s egg disaster!) substantially lower, and most other ‘things’ trending down, there is virtually No Inflation,” Trump wrote, continuing: “With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW. Europe has already ‘lowered’ seven times.”

“Powell has always been ‘Too Late,’ except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?” the America First leader added.

President Trump has increased pressure on the Federal Reserve chairman in recent weeks. Last week, Trump suggested Powell’s removal as the head of the U.S. central bank could be imminent, writing on Truth Social that, “Powell’s termination cannot come fast enough!” However, according to U.S. Treasury Secretary Scott Bessent, Powell is likely to be replaced as Fed chair later this year, with the target date being “sometime in the fall.”

The Federal Reserve has been slow to reduce interest rates, fixating on concerns that inflation could accelerate. However, a Consumer Price Index (CPI) print from early April had SuperCore CPI—a key indicator monitored by the central bank—showing possibly deflation. A deflationary cycle is far more of an economic concern than reigniting inflation, and may suggest a lack of liquidity in the market, meaning an interest rate cut may need to occur, whether Powell is ready for rate reductions or not.

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April 21, 2025
Economy
World

India Takes Trump’s Lead, Imposes Tariffs to Block Cheap Chinese Imports.

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❓What Happened: India plans to implement a 12 percent safeguard duty on steel imports to curb an influx of inexpensive steel from foreign nations, especially China.

👥 Who’s Involved: The Indian government, Directorate General of Trade Remedies (DGTR), Ministry of Finance. Key stakeholders include JSW Steel, Tata Steel, the Steel Authority of India, and ArcelorMittal Nippon Steel India.

📍 Where & When: The measures will apply in India, with the duty expected to be enforced promptly following final government approval.

💬 Key Quote: “There is clarity that the duty would be 12 percent and a decision is expected at the earliest,” a source informed of the situation stated.

⚠️ Impact: The surge of cheaper steel imports has led to operational challenges and potential job cuts among India’s smaller steel mills.

IN FULL:

India is set to impose a temporary tariff of 12 percent on steel imports, aiming to counter a significant increase in low-cost steel products from China. The action, referred to locally as a safeguard duty, is intended to take effect promptly.

As the second-largest producer of crude steel, India was also a net importer of finished steel for the second straight year during the 2024/25 fiscal year. Preliminary government data shows that steel imports climbed to their highest level in nine years, reaching 9.5 million metric tons.

The Directorate General of Trade Remedies (DGTR) advised last month that a 12 percent tariff be placed on certain steel imports for 200 days. This recommendation forms part of broader efforts to manage cheap imports, following an investigation that began in December of the preceding year to evaluate the impact on Indian steel manufacturers. Of primary concern is China’s dumping of cheap steel products on Indian markets, which aims to undermine India’s domestic steel industry.

“There is clarity that the duty would be 12 [percent] and a decision is expected at the earliest,” an Indian government source said, regarding the anticipated adoption of the DGTR recommendation.

In recent months, India has recorded a surge in finished steel imports from China, South Korea, and Japan. These three countries were responsible for a large portion, amounting to 78 percent of India’s finished steel imports.

This influx is putting financial pressure on smaller steel mills in India, leading some to downscale operations or even contemplate layoffs. A number of nations are considering similar measures to restrict imports, as India’s main steel industry associations, including JSW Steel, Tata Steel, the Steel Authority of India, and ArcelorMittal Nippon Steel India, continue to express concerns about the market effects of such imports.

Image by GovernmentZA.

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April 17, 2025
Economy
Politics

Trump Slams Fed Chair Over Lack of Rate Cuts: ‘Powell’s Termination Cannot Come Fast Enough!’

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❓What Happened: As equity markets decline, President Donald J. Trump is ramping up criticism of Federal Reserve Chair Jerome Powell for not reducing interest rates. The increased pressure on the U.S. central bank comes a day after its reverse repo operations fell to their lowest level since April 2021.

👥 Who’s Involved: President Donald J. Trump, Federal Reserve Chair Jerome Powell, the European Central Bank (ECB), and the People’s Bank of China.

📍 Where & When: Trump posted his criticism of Powell to TruthSocial on April 17, 2025.

💬 Key Quote: “The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!'” Trump wrote on Truth Social, adding: “Powell’s termination cannot come fast enough!”

⚠️ Impact: Trump’s remarks underline tensions over the Federal Reserve’s policy decisions, drawing attention to the central bank’s independence and lack of accountability, and renewed legal arguments over whether the president can remove its chairman.

IN FULL:

President Donald J. Trump blasted Federal Reserve Chairman Jerome Powell on Thursday morning, arguing that the U.S. central bank chief is too slow to reduce interest rates. Trump’s criticism, posted to Truth Social, comes as U.S. equity markets continue their downward trajectory and the Federal Reserve’s reverse repo operations hit their lowest level since April 2021. Mounting concerns of a liquidity crisis and actions by China’s central bank to prop up its national economy in the face of U.S. tariffs have caused increasing strain between Powell and Trump.

“The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!'” President Trump wrote, continuing: “Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now.”

“Powell’s termination cannot come fast enough!” the President added.

Trump’s post was prompted by the European Central Bank (ECB) announcing a new quarter-point reduction in its deposit rate to 2.25 percent. This was the seventh time the ECB has cut rates since June last year. Meanwhile, the Federal Reserve has only enacted one rate cut in the U.S. over the same period, in September. Critics of Chairman Powell argue that the rate cut was a political move intended to boost the economy and aid the Democratic Party’s presidential nominee, Kamala Harris.

Last November, following President Trump’s landslide 2024 election victory, Powell was pressed as to whether he’d resign from his Fed chairmanship should he be asked, responding bluntly, “No.” The central bank chief insisted that the White House is “not permitted under the law” to remove him and other senior Fed officials.

Notably, the Federal Reserve Act—the law governing the central bank—does allow the U.S. president to remove the Federal Reserve board members “for cause” in cases of negligence of duty, misconduct, or corruption. However, the law does not allow top Fed officials to be fired over policy differences—a provision intended to ensure the central bank’s independence in managing the country’s monetary policy.

Despite the legal hurdles, Trump’s Treasury Secretary, Scott Bessent, indicated earlier this week that the White House has decided on a six-month timeline to replace Powell as the Fed chairman, suggesting interviews for his replacement would occur “sometime in the fall.” The Trump administration is pointing to a pending U.S. Supreme Court case that could overturn the legal restrictions on removing top Federal Reserve officials, along with the heads of other independent government agencies, as the justification for Powell’s replacement timeline.

Should the court rule in the Trump administration’s favor, the White House would likely be legally clear to fire and replace the central bank chief.

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April 17, 2025
Economy
World

Italy’s Meloni Set for White House Strategy Session on Tariffs with Trump.

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❓What Happened: Italy’s Prime Minister Giorgia Meloni is traveling to Washington on Thursday to negotiate with President Donald J. Trump regarding European Union (EU) trade tariffs.

👥 Who’s Involved: Italian Prime Minister Giorgia Meloni and U.S. President Donald J. Trump.

📍 Where & When: Washington, D.C., meeting on Thursday, with the trip concluding on Friday when Meloni returns to Rome.

💬 Key Quote: Meloni stated, “Surely I am aware of what I represent and I am aware of what I am defending.”

⚠️ Impact: Potential impact on EU-U.S. trade dynamics, with current annual trade valued at approximately €1.6 trillion ($1.8 trillion).

IN FULL:

Italian Prime Minister Giorgia Meloni is visiting the United States on Thursday to engage in trade negotiations with President Donald J. Trump, with the aim of reducing tariffs on European exports. The meeting comes in the wake of Trump’s “Liberation Day” announcement imposing reciprocal tariffs on foreign governments with barriers limiting the purchase of American exports, including a 20 percent trade duty on goods from the European Union (EU).

Subsequently, Trump paused the enactment of the reciprocal tariffs last week to allow time for negotiations on bilateral trade agreements with over 70 countries, but a 10 percent tariff remains in place alongside higher tariffs on specific products, such as steel.

Meloni is the first European leader to meet with Trump following the tariff announcement. The Italian Prime Minister’s White House visit underscores an effort by the EU to reach terms with President Trump and avoid the reimposition of the 20 percent tariff on the EU this summer. “We know we’re going through a difficult period, let’s see how it goes in the coming hours. I don’t feel any pressure, as you can imagine, for my next two days, let’s say,” Meloni quipped earlier this week. “Surely I am aware of what I represent and I am aware of what I am defending.”

The rapport between Trump and Meloni could play a key role in the future of economic relations between the United States and Europe. President Trump has referred to Meloni as a “fantastic leader,” and the Italian Prime Minister has pushed EU leaders in Brussels to let her take the lead in working to de-escalate the trade tensions with the White House.

Following the Thursday meeting with President Trump, Meloni will return to Italy and host U.S. Vice President J.D. Vance in Rome, where trade discussions will likely continue. Trade between the EU and the United States is valued at an estimated €1.6 trillion (~$1.8 trillion) annually, with the former holding a trade surplus of €198.2 billion (~$225.3 billion).

Image: European Union, via Wikimedia Commons.

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