Good morning, Quartz readers!
Here’s what you need to know
What’s on the market: Fed’s high-risk policy decisions and economic forecasts, and earnings from Accenture, Camax, Kroger and Darden Restaurant.
Do you feel it? According to a recent consumer survey, buyers feel better about the U.S. economy – at least in the short term, as some economies Attention is imminent.
Handle competition. AMD hopes to gain Nvidia’s throne (and market share) and believes its latest chips and strategic partnerships will help The company does this.
Apple has changed its core. Now, it continues to get 97% of its iPhone from India as it continues to navigate its supply chain away from its dependence on China Problems in the trade war.
X-Tra model. Tesla reveals an upgraded version of its popular S and X models (with new features, i.e.: sound insulation) – it comes with a Price is $5,000.
Bangtanomics: The long-awaited returns of K-Pop Group BTS (after members complete military service) will have a huge impact on South Korea’s GDP and the global economy.
My business
If you have never heard of malfunction, don’t worry – you are not alone. But your electric car, iPhone and F-35 jet buzz overhead is very familiar. Diseases are one of the obscure but essential “rare earth elements” (REES) of everything from Tesla’s magnets to missile guidance systems – and they are currently one of the quietest fronts in the U.S.-China trade war.
Minerals are not actually uncommon, but the ability to handle them is – China has a locked part. As of this year, Beijing has perfected almost all the world’s heavy Ries and 90% light Ries. That control has just become clearer: China has caused U.S. automakers and defense contractors to scramble after adding the key REE to its dual-purpose export control list and limiting magnet exports. Tesla reportedly saw delays. Some suppliers are reportedly in a “full panic”.
Washington’s response? Rumors have more than $4 million in defense production bills, the growing number of rare earth mines in California and the whispers of strategic rare earth reserves. But analysts say the U.S. will take years to compete – while China is using a six-month export license timer to go down geopolitical chess.
The next big trade war may not be on oil or fries, but minerals you’ve never heard of, and still can’t pronounce it. Shannon Carroll of Quartz has more silent running phones, cars and democracy on minerals.
Tax list
The Trump administration is raising heat and tariffs to your next household appliances.
In a new twist of an old trade war, the White House announced that tariffs would be slapped with imported equipment made of steel, including washing machines, refrigerators, dishwashers and cooking stoves. The taxes collected by the Ministry of Commerce, known as “steel derivatives”, came into effect on June 23. If it sounds like dĂ©jĂ vu, then you are right, it’s basically “Trump Trade War: Home Edition: Home Edition”.
The announcement was to double the steel and aluminum tariffs last week to 50%. President Donald Trump hinted that automatic tariffs could be the next: “The higher you go, the more likely they are to build a factory here [in the U.S.],” he said, presumably referring to the automaker and not the Whirlpool.
Meanwhile, the economist shook his head again. Tariffs can often be taxed for consumers, and price increases don’t arrive immediately, but end up being like a slow-motion shock from heavyweight boxers. Although May’s consumer price index was 2.4% year-on-year, analysts expect the summer influx to be lost throughout the supply chain as inventory decreases and tariffs are lost.
This is not Trump’s first equipment-related tariff. Back in 2018, he imposed similar duties on importing washing machines. It does spark some domestic recruitment, but at a silly cost: One analysis found that each job created $817,000, which is paid by American shoppers.
If history is repeated, your next BEST BUY trip may have a sticker shock. Joseph Zeballos-Roig of Quartz has more information on why Trump’s tariffs are going home to roost.
More information from Quartz
đźš— The White House wants to simplify safety exemptions for self-driving cars
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A wellness enthusiast and certified nutrition advisor, Meera covers everything from healthy living tips to medical breakthroughs. Her articles aim to inform and inspire readers to live better every day.
