😮 China's Not Going To Like This...

Good morning. US stock futures dipped in Friday morning trading as investors looked ahead to consumer spending data.

🔌 US mulls tariffs on Chinese EVs

📝 Our report: Looks like the Biden administration is spicing up the trade menu! Rumor has it they're considering an extra pinch of tariffs on Chinese goods, with a special zing for electric vehicles! According to a report from the Wall Street Journal, the US is mulling raising tariff on products imported from China.  

 🔑 Key points:

• The Journal report follows a request to the administration by a bipartisan group of U.S. lawmakers last month to hike tariffs on Chinese-made vehicles and investigate ways to prevent Chinese firms from exporting to the United States from Mexico.

• Chinese automobiles currently face a 25% levy introduced during the administration of former President Donald Trump and extended by his successor.

• China's vehicle exports have grown in recent years, fuelled by overcapacity and slowing domestic demand in the world's biggest auto market, and are expected to rise 25% next year to 5.3 million units, China Merchants Bank International says.

💡 So what: Increasing tariffs on Chinese imports could turn the trade relationship between the U.S. and China into a bit of a rollercoaster ride. Imagine it as a seesaw of costs—higher tariffs mean increased prices for goods, and that could influence consumer spending habits. It might also prompt businesses to reassess their supply chains. The trade flow could also slow down as both countries adjust to the new economic reality.

Friday - Consumer Sentiment

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🏗️ White House calls for scrutiny of steel takeover

WHAT: The White House has decided to give Nippon Steel Corp's $14.9 billion pursuit of U.S. Steel Corp the ol' side-eye, suggesting it needs a dose of "serious scrutiny." In its first substantive public statement on the deal, the White House made clear that it supported a careful review of the transaction by the Committee on Foreign Investment in the United States (CFIUS) and possibly antitrust authorities.

WHY: Nippon said it would buy Pittsburgh-based U.S. Steel for $14.9 billion in cash, prevailing over rivals such as Cleveland-Cliffs, ArcelorMittal and Nucor in an auction for the 122-year-old steelmaker.

💰 Crypto firm get French approval

WHAT: Coinbase Global is now officially part of the French regulatory soiree! France's AMF watchdog has given the crypto giant virtual asset service provider (VASP) approval, a green light for the company to operate digital currency services. Registration will allow Coinbase to offer its full suite of retail, institutional and ecosystem products and services to users in the country.

WHY: Looking to increase its footprint in European markets, the company has been in the process of expanding in Italy, Spain and France since last year. It also said earlier this year it was in discussions with the Financial Services Regulatory Authority in the Abu Dhabi Global Market over a potential license for a regulated exchange.

🚇 Goodbye Hyperloop…

WHAT: Looks like Hyperloop One is unplugging its futuristic fast-travel dreams, opting for a pit stop on the road to zipping people around like supersonic parcels. The company is said to be shutting down all operations according to people familiar with the matter.

WHY: Once a high-profile startup, Hyperloop One raised more than $450 million since its founding in 2014, according to PitchBook. It built a small test track near Las Vegas to develop its transportation technology, and for a time took the name Virgin Hyperloop One after Richard Branson’s Virgin invested.

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