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"After 10 years of wake-up calls, the next wake-up call for the Europeans may be an air raid siren." Squeezed between Putin and Trump, Europe sees a moment of truth Yaroslav Trofimov wsj.com/world/europe/s… via The Wall Street Journal

How Dirty Money From Fentanyl Sales Is Flowing Through China—Chinese money brokers are teaming up with Mexican cartels, greasing the wheels of the fentanyl trade, U.S. officials say Patricia Kowsmann Dylan Tokar Brian Spegele wsj.com/world/china/ch… wsj.com/world/china/ch…

AP: With no passengers and no planes, Pakistan’s newest and most expensive airport is a bit of a mystery. Entirely financed by China to the tune of $240 million, it’s anyone’s guess when New Gwadar International Airport will open for business. apnews.com/article/pakist…

The West got its hands on one of the world’s best graphite mines—then things started to go off the rails wsj.com/business/china… via The Wall Street Journal Jon Emont

President Trump wants to secure the minerals needed for everything from smartphones to jet fighters, but the U.S. will still likely send much of the ore to China to be processed wsj.com/business/how-c… via The Wall Street Journal Jon Emont

Washington’s economic policy increasingly resembles “Chinese policy with American characteristics,” argues Michael Froman: foreignaffairs.com/china/economic…

Gearing up for April 1 (the release of China's detailed 2024 balance of payments data ... not tariff day) In q2 China's reported* current account surplus was about 1/2 the combined surplus of the east of "surplus" east Asia; it then rose a bit in q3 and q4 ... 1/many * I have

The Dow Jones fell 1679 points or 3.98% to 40545. It was the largest one day point and percentage decline since June 2020. The S&P 500 fell 274 points or 4.84% to 5396. It was the largest percentage decline since June 2020 and the largest point decline since March 16, 2020.

NEW: Trump aides for weeks ping-ponged back and forth between universal and reciprocal tariffs, trying to satisfy Trump's competing demands for revenue-raising tariffs and ones that could be used as negotiation tools. In the end, they just decided to do both. Inside the debate:

Inside Trump Tariffs’ Whirlwind Rollout - WSJ wsj.com/politics/polic…

Trump’s tariffs make reshoring more expensive wsj.com/economy/trade/… via The Wall Street Journal

🚨 New Essay Out Today 🚨 As #tariffs soar and tensions rise, the U.S.-China #tradewar is spiraling into dangerous new territory. For Foreign Policy , I unpack why #Trump and #Xi are locked in an economic standoff with no clear exit — and why neither leader seems ready (or able)

The U.S. and China Are Going to Economic War—and Everyone Will Suffer. Untangling the two economies has profound implications for businesses and consumers in both countries, and the rest of the world Jason Douglas Raffaele Huang wsj.com/economy/trade/… wsj.com/economy/trade/…

So the current account deficit has gotten to be large absolutely, and large relative to the United States sources of external earnings - and that deficit is now financed by large private inflows. Reserve growth has dried up 8/

China has signaled that it can weather a tariff war better than the U.S. What Beijing doesn’t want to acknowledge is how deeply pain is already setting in. wsj.com/world/china/be… via The Wall Street Journal Lingling Wei 魏玲灵 Raffaele Huang

.Li Yuan袁莉: “Two Chinas inhabit the American imagination: One is a technology and manufacturing superpower poised to lead the world. The other is an economy that’s on the verge of collapse. Each reflects a real aspect of China.” nytimes.com/2025/05/13/bus…

From May 11, via James Fanelli The Trump administration’s global tariffs face their first major legal test this week when a little-known Manhattan court considers one of the president’s most sweeping assertions of executive power wsj.com/us-news/law/co… via The Wall Street Journal

During Trump’s first-term trade war, the China team was led by a Harvard-trained, pro-market pragmatist who understood US concerns. This time, the China team is headed by a Xi-like believer in central control who has a clear mandate of not catering to US wsj.com/world/china/tr…