🛑 Tensions Might Rise Between US, China Over...?

Good morning. US stock futures rose in Monday morning trading as investors looked ahead to fresh US inflation data.

📉 Biden admin turns up heat on China with tariffs

📝 Our report: Word on the street is US President Joe Biden is planning to double, triple, and even quadruple the tariffs on certain Chinese goods, rolling out the measures at a White House event centered around defending American workers. Biden will hike or add tariffs in key sectors after nearly two years of review according to White House insiders familiar with the matter.

 🔑 Key points:

• Biden will hike or add tariffs in key sectors after nearly two years of review. The total tariff on Chinese electric vehicles will rise to 102.5% from 27.5%, the insiders said, speaking on condition of anonymity ahead of the announcement.

• Biden and his staff spent recent weeks finalizing the measures, including which items to hit and which to avoid because some inputs are needed to fuel American growth.

• The 2024 presidential race looms large over the flagship announcement: Biden is trying to crack down on China and differentiate himself from Donald Trump — whose original tariffs Biden is set to largely renew, but who is seeking widespread hikes that the current administration views as going too far.

💡 So what: Doubling or tripling certain tariffs on China by the Biden administration could significantly strain US-China trade relations, potentially leading to retaliatory measures and escalating tensions between the two countries. This could result in increased prices for imported goods from China, impacting consumers and contributing to inflationary pressures. The economic effects could be felt in both the US and Chinese economies, potentially reducing trade volumes and economic growth.

Monday - No Major Economic News

Tuesday - Fed Chair Jerome Powell Speaks

Wednesday - US Consumer Price Index

Thursday - Cleveland Fed President Loretta Mester Speaks, Housing Starts

Friday - US Leading Economic Indicators

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🛰️ Musk’s satellite company hit by solar storms

WHAT: Starlink, Elon Musk's satellite squadron from SpaceX, just dropped a little heads-up: they're warning of a "degraded service" thanks to Earth getting pummeled by the mother of all geomagnetic storms. Starlink owns around 60% of the roughly 7,500 satellites orbiting Earth and is a dominant player in satellite internet.

WHY: The U.S. National Oceanic and Atmospheric Administration said the storm is the biggest since October 2003, posing risks to navigation systems, power grids, and satellite navigation, among other services.

💰 Amazon, Morgan Stanley to invest in France

WHAT: France just scored big time with some new gigs and cash injections from Internet giant Amazon, healthcare heavyweight Pfizer, and Wall Street's Morgan Stanley according to the latest announcement from the French Presidency. The French presidency said that Amazon is set to announce an extra 1.2 billion euro investment in France which could create 3,000 new jobs, while healthcare companies Pfizer and AstraZeneca announced new investments worth a total of nearly $1 billion.

WHY: Paris has traditionally lagged New York and London as a global financial hub, with the closely watched Z/Yen survey published in March ranking New York as the world's top financial centre, with London in second place.

⌚ More Apple workers vote to unionize, strike

WHAT: The folks at Apple's Towson store in Maryland just gave the thumbs-up for a strike, according to the International Association of Machinists and Aerospace Workers (AIM). “The issues at the forefront of this action include concerns over work-life balance, unpredictable scheduling practices disrupting personal lives, and wages failing to align with the area’s cost of living”, IAM said in the statement.

WHY: In June 2022, Apple workers at Maryland voted to join the International Association of Machinists and Aerospace Workers union, becoming the first retail employees of the tech giant to unionize in the United States.

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