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China Is Hardly the Economic Juggernaut That Many Western Analysts Believe – PJ Media– pjmedia.com

pgnewser May 22, 2025 0

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China is the original riddle wrapped in a mystery inside an enigma. A country striving for modernity but feudal in its treatment of its citizens, Beijing’s economic identity is a combination of Communist orthodoxy and crony capitalism. As you might expect, the two don’t work well together.

On the outside of the riddle, China is booming, the people are subservient and happy, and the government is looking to the future with confidence. This is the picture the Chinese Communists paint for the world to see. The reality is much different.

China is being crushed by debt, has become dependent on high levels of debt, and has created a bubble in several sectors, like housing and household goods.

One noted Chinese economist said in 2019, “Basically, China’s economy is all built on speculation and everything is over-leveraged.” He was proved right when the massive overbuilding of housing caused the market to collapse in 2021.

Trump’s Tariffs Have Not Impacted Prices or Consumer Demand– www.breitbart.com

pgnewser May 22, 2025 0

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Amazon’s CEO Andy Jassy has revealed that the company has not seen significant changes in average selling prices or consumer spending habits based on Donald Trump’s tariff policy. His statements at Amazon’s annual shareholder meeting serves as another nail in the coffin for warnings of economic doom spouted by hysterical Trump haters.

TechSpot reports that in a recent Q&A session at Amazon’s annual shareholder meeting, CEO Andy Jassy addressed growing concerns over how the Trump administration’s tariffs on Chinese imports could affect the e-commerce giant’s business. Jassy stated that, in contrast to warnings from retailers like Walmart and Target about imminent price hikes, Amazon has neither experienced notable increases in average selling prices nor observed any decline in consumer demand.

“We have not seen any attenuation of demand at this point,” Jassy reported to shareholders. “We also haven’t yet seen any meaningful average selling price increases.

U.S. Senate Unanimously Passes Trump’s No Tax on Tips Measure– lidblog.com

pgnewser May 22, 2025 0

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Democrats and Republicans united in the U.S. Senate for the first time in who knows how long to pass Donald Trump’s no tax on tips plan on Tuesday.

The bill would allow those who earn tips at work to claim a 100% deduction on their tips, Breitbart News reported.

The legislation also includes a renewal and expansion of the 2017 Trump tax cuts, and adds no tax on tips, no tax on Social Security, and no tax on overtime workers.

The bill was passed in the Senate on unanimous consent — meaning they called for a straight up vote with no debate of alterations to give the bill expedited passage.

Foxconn builds AI factory in partnership with Taiwan and Nvidia– venturebeat.com

pgnewser May 22, 2025 0

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Nvidia and Foxconn Hon Hai Technology Group today announced they are deepening their longstanding partnership and are working with the Taiwan government to build an AI factory supercomputer that will deliver state-of-the-art Nvidia Blackwell infrastructure to researchers, startups and industries.

Foxconn will provide the AI infrastructure through its subsidiary Big Innovation Company as an Nvidia Cloud Partner. Featuring 10,000 Nvidia Blackwell GPUs, the AI factory will significantly expand AI computing availability and fuel innovation for Taiwan researchers and enterprises.

The Taiwan National Science and Technology Council will use the Big Innovation Company supercomputer to provide AI cloud computing resources to the Taiwan technology ecosystem, accelerating AI development and adoption across sectors.

TSMC researchers plan to leverage the system to advance its research and development with orders-of-magnitude faster performance, compared with previous-generation systems.

“AI has ignited a new industrial revolution — science and industry will be transformed,” said Jensen Huang, CEO of Nvidia in a keynote talk at Computex 2025 in Taiwan. “We are delighted to partner with Foxconn and Taiwan to help build Taiwan’s AI infrastructure, and to support TSMC and other leading companies to advance innovation in the age of AI and robotics.”

Blue State Vermont Dumping Unworkable Electric Vehicle Mandates– lidblog.com

pgnewser May 22, 2025 0

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The deep blue state of Vermont has run into the inevitable brick wall that electric vehicle mandates always leads to and they have come to their senses by dumping the dreamy green mandates they had envisioned.

Vermont’s Democrat Governor Phil Scott issued an executive order this month halting enforcement of the state’s EV mandates, which demanded that 35 percent of all vehicles be electric by 2026.

Per Reuters:

Vermont is one of 11 states including New York, Maryland and Massachusetts that have adopted California’s zero-emission vehicle rules, which seek to end the sale of gasoline-only vehicles by 2035. California’s rules require 35% of light-duty vehicles in the 2026 model year to be zero-emission models.

Scott cited warnings from automakers that they could limit supply of gas-powered vehicles to dealers in the state because of the EV rules.

“It’s clear we don’t have anywhere near enough charging infrastructure and insufficient technological advances in heavy-duty vehicles to meet current goals,” said Scott.

Trump’s tariffs creating ‘tensions’ among G7 ahead of summit: Champagne– globalnews.ca

pgnewser May 22, 2025 0

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The growing impact of U.S. President Donald Trump’s tariffs is creating “tensions” among members of the G7 heading into a critical summit in Canada next month, the federal finance minister says.

Finance Minister François-Philippe Champagne and Bank of Canada governor Tiff Macklem are chairing three days of meetings with top finance officials from the world’s largest economies in Banff, Alta., this week. The talks are expected to focus on the war in Ukraine and artificial intelligence, and how the G7 members can work together to grow the global economy.

However, Trump’s aggressive trade policies are likely to dominate the proceedings, and could even impact what members can feasibly agree to.

“There’s no doubt that around the table, you need to find unity, but at the same time, it’s true that the tariffs are creating tensions amongst the different partners,” Champagne told Global News in an interview from Calgary on Tuesday.

Trump Cabinet Members Sold Millions in Stock Before Tariff Crash– readsludge.com

pgnewser May 22, 2025 0

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At least two members of Trump’s cabinet sold substantial stock holdings just before and on the day of the president’s surprise April 2 tariff announcement that shook global markets and triggered a $2.4 trillion sell-off. Attorney General Pam Bondi divested millions in assets on the day Trump announced the “Liberation Day” tariffs, while Secretary of Health and Human Services Robert F. Kennedy Jr. sold stocks on the days leading up to it, according to recently filed disclosures with the Office of Government Ethics.

 

China’s economy slows in April as trade war blues hit retail sales, housing and investment | World News– timesofindia.indiatimes.com

pgnewser May 22, 2025 0

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China’s economy slows in April as trade war blues hit retail sales, housing and investment (Photo: AP)

China’s economy showed signs of slowing in April as President Donald Trump’s trade war took a toll, with retail sales, property and investment coming in weaker than economists had forecast. Industrial production slowed as Trump’s painfully high tariffs of up to 145 per cent, and 125 per cent retaliatory duties imposed by Beijing, took effect and shipments were curtailed. National Statistics Bureau spokesperson Fu Linghui said the general trend was positive though he pointed to “external shocks” that had gained intensity.

“It should also be noted that there are still many outside unstable and uncertain factors, and the foundation for the continued recovery and improvement of the national economy needs to be further consolidated,” Fu said. Here are a few key indicators reported Monday.

Retail sales Chinese consumers have been holding back after the shocks of a prolonged downturn in the housing market that is the source of much household wealth. Retail sales rose 5.1 per cent from a year earlier in April, below economists’ expectations for a 6 per cent increase. Fu said Beijing would continue to focus on supporting job creation and spurring more domestic demand.

Trump Green-Lights New York Offshore Wind Project in Exchange for Two Natural Gas Pipelines– freebeacon.com

pgnewser May 22, 2025 0

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President Donald Trump ordered his administration to lift an April stop work order halting a massive offshore wind farm being constructed off the coast of New York in exchange for the advancement of two natural gas pipeline projects, the Washington Free Beacon has learned.

Trump and Interior Secretary Doug Burgum struck the deal over the weekend during a phone call with New York Gov. Kathy Hochul (D.), a senior White House official told the Free Beacon on Tuesday. Following that call, on Monday, the Interior Department formally removed its order halting foreign energy developer Equinor’s $5 billion Empire Wind project, which is being built about 12 nautical miles south of Long Island, N.Y., and consists of dozens of turbines.

Hochul immediately declared victory—”I fought to save clean energy jobs in New York, and we got it done,” she said—but acknowledged in her statement she had agreed to work with federal and private entities to permit new energy projects that promote reliability and affordability for consumers. “We will be working in earnest to deliver on these objectives,” Hochul continued.