06 Market

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Good Tuesday morning.

Here is what’s on President Trump’s agenda today:

11:30am THE PRESIDENT greets the Prime Minister of Canada

11:45am: THE PRESIDENT participates in a Bilateral Meeting with the Prime Minister of Canada

12:15pm: THE PRESIDENT participates in a Bilateral Lunch with the Prime Minister of Canada

3:30pm: THE PRESIDENT participates in a FIFA Task Force Meeting

5pm: THE PRESIDENT participates in a Swearing-In Ceremony for the Assistant to the President, Senior Advisor and Special Envoy

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A Japanese official issued a veiled threat amid trade talks with the Trump administration, then said the threat was merely a hypothetical conversation.

As with most foreign countries that do business with the United States, Japan has been in talks with Trump administration officials after President Donald Trump announced tariffs on imports. Some have called the tariffs a disaster for Japan.

On Friday, Japan’s finance minister said that Japan’s status as the largest holder of Treasury securities could be a tool in the talks, in what the Financial Times called a “rare baring of teeth by America’s closest ally in Asia.”

Finance Minister Katsunobu Kato was asked whether Japan would continue to hold its position of not selling its Treasury notes. The U.S. Treasury issues notes to cover the cost of borrowing to keep the country operating.

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The Export-Import Bank recently approved a $5 billion loan to French energy company TotalEnergy to build a liquefied natural gas (LNG) pipeline in Mozambique. An American organization is funding America’s economic competition, contradicting its mission and President Donald Trump’s plans to support U.S.-based businesses.

Ex-Im was established in 1934 via an executive order by Franklin D. Roosevelt as an independent executive agency with the purported goal of supporting American jobs by facilitating the export of U.S. goods and services.

Alaska Gov. Mike Dunleavy just wrapped up a trip to Asia to secure contracts for Alaska’s LNG industry and the construction of its new pipeline. U.S. Energy Secretary Chris Wright is authorizing LNG expansion nationwide. At the same time, Ex-Im is funding a direct competitor. Why? How?

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If you think a 25% tariff is bad, what about a tariff that goes past 3,500%?

On Monday, the U.S. Department of Commerce slapped high tariffs on solar panels and their related products coming from four Southeast Asia countries, Malaysia, Vietnam, Thailand, and Cambodia, accusing manufacturers there of dumping products on the U.S. market. The announcement ends a yearlong trade probe initiated under the Biden administration.

Tariff levels varied wildly between different countries and manufacturers. Solar cells made in Malaysia by Korean company Hanwha only got a tariff of 14.64%, the lowest imposed.

In contrast, four manufacturers in Cambodia—Hounen Solar, Jinktek Photovoltaic, ISC Cambodia and Solar Long PV Tech—got tariffs of 3521.14%. The Southeast Asian country stopped cooperating with the U.S. probe, leading to such high penalties.

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Under President Donald Trump’s administration, the permitting process for “critical mineral” mining is set to be more “transparent” as the greenlit projects will have a public review process.

The Federal Permitting Improvement Steering Council (Permitting Council) announced this adjustment on Friday to bring “increased transparency, accountability, and predictability” to the review process. This comes after the National Energy Dominance Council (NEDC) selected its “first wave” of “critical mineral” projects in accordance with Trump’s March 20 executive order on expanding “American mineral production.”

“This is just the beginning — many more projects are expected to be added to the list on a rolling basis over the next few weeks,” the announcement reads. NEDC flagged 10 initial projects in this “first wave” of domestic mining operations, outlined in the announcement.

“This is the first use of the Permitting Council’s transparency authority, and we look forward to showcasing the many benefits the Federal Permitting Dashboard can bring to critical infrastructure projects as part of President Trump’s Executive Order on increasing American mineral production,” Manisha Patel, Acting Executive Director at the Permitting Council, said in the statement.

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China on Monday issued a direct warning to countries considering trade deals with the US that could disadvantage Beijing.

The warning came in the aftermath of reports that the Trump administration in the US may offer tariff exemptions to other nations in return for limiting their trade with China.
President Trump this month paused major tariff increases on other countries for 90 days, while hiking duties further on goods from China to 145 percent.

“China firmly opposes any party reaching a deal at the expense of China’s interests. If this happens, China will not accept it and will resolutely take reciprocal countermeasures,” the Chinese Ministry of Commerce said, CNBC reported.