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Hegseth Confirms Pentagon Will No Longer Participate In ‘Globalist’ Forum

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Hegseth Confirms Pentagon Will No Longer Participate In ‘Globalist’ Forum

Authored by Steve Watson via Modernity.news,

Secretary of Defense Pete Hegseth has confirmed that the Pentagon will no longer play any role in the Aspen Security Forum, a think tank described as a “mountain retreat for the liberal elite.”

Hegseth posted simply “correct” with a link to a Just The News article about the Pentagon pulling all its scheduled speakers at the “globalist” talking shop.

The report states:

 

The Defense Department cited the left-wing nature of the Aspen Institute and the participation of such critics of President Trump as Biden administration National Security Advisor Jake Sullivan.

The annual forum put on by the Aspen Institute – which has been dubbed “the mountain retreat for the liberal elite” – describes the event as “the premier national security and foreign policy conference in the United States.”

Roughly a dozen top Defense Department officials – including the secretary of the Navy and the commander of U.S. Indo-Pacific Command – are still listed as speakers on the Aspen Security Forum agenda this week, but a source told Just the News over the weekend that that will no longer happen.

“The Department of Defense has no interest in legitimizing an organization that has invited former officials who have been the architects of chaos abroad and failure at home,” Pentagon press secretary Kingsley Wilson told Just the News.

The move underscores Hegseth’s commitment to prioritizing America’s interests over globalist agendas.

The Aspen Institute, which hosts the forum, has been slammed for ties to leftist donors and its history of promoting narratives that clash with the values of the Trump administration, such as a focus on countering “misinformation” and its association with anti-Trump activists.

By pulling senior military officials, including the Secretary of the Navy, from this event, Hegseth sent a clear message that the Department of Defense will not lend credibility to organizations perceived as undermining the America First ethos.

This action aligns with the administration’s broader goal of rejecting globalist frameworks that prioritize international consensus over national sovereignty, ensuring that U.S. military leadership remains focused on domestic priorities and security.

It’s yet another example of Hegseth’s dedication to implementing Trump’s America First agenda within the Pentagon. Since taking office, Hegseth has consistently pushed for policies that strengthen the U.S. military’s focus on readiness, lethality, and national interests, such as rolling back diversity initiatives, reinstating troops dismissed over vaccine mandates, and fast-tracking drone production to outpace global competitors like China and Russia.

His decision to distance the Pentagon from the Aspen Security Forum reflects a deliberate rejection of forums that have historically platformed establishment figures responsible for foreign policy failures.

*  *  *

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden
Tue, 07/15/2025 – 12:40

Trump’s “Major Statement” On Russia Is A Clumsy Attempt To Thread The Needle

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Trump’s “Major Statement” On Russia Is A Clumsy Attempt To Thread The Needle

Authored by Andrew Korybko via Substack,

His threatened secondary sanctions could majorly backfire by harming the US’ own interests.

The “major statement” on Russia that Trump earlier hyped up turned out to be a clumsy attempt to thread the needle between radically escalating US involvement in the Ukrainian Conflict and walking away from it. His new three-pronged approach includes:

1) the rapid dispatch of up to 17 Patriot missile systems to Ukraine;

2) more arms sales to NATO countries who’ll in turn transfer them to Ukraine; and

3) up to 100% secondary sanctions on Russia’s trading partners if a peace deal isn’t reached in 50 days.

In the order that they were mentioned, each corresponding move is aimed at:

1) bolstering Ukraine’s air defenses in order to decelerate the pace of Russia’s continual on-the-ground gains;

2) helping Ukraine reconquer some of its lost land; and

3) coercing China and India into pressuring Russia into a ceasefire.

The first two goals are self-explanatory, with the second being unrealistic given the failure of Ukraine’s much more heavily armed counteroffensive in summer 2023, while the third requires some elaboration.

China and India’s large-scale imports of discounted Russian oil have served as crucial valves from Western sanctions pressure by helping to stabilize the ruble and thus Russia’s economy in general. Even though these imports also help their own economies, Trump is wagering that they’ll at the very least curtail them in order to avoid his threatened 100% secondary sanctions. He might make an exception for the Europeans and Turks, who also purchase Russian resources, on the pretext of them arming Ukraine.

By focusing on Russia’s two largest energy importers, Trump is trying to greatly reduce the budgetary revenue that the Kremlin receives from these sales while sowing further divisions within the RIC core of BRICS and the SCO, expecting as he is that at least China or India will partially comply at minimum. Prior to his deadline, he envisages that their leaders – who are years-long close friends with Putin – will try to pressure him into the ceasefire that the West wants, though it’s unknown whether they’d succeed.

In any case, Trump is poised to place himself in a dilemma entirely of his own making if one of them doesn’t comply with his demand to stop trading with Russia, or if one or both only do so in part. He’d either have to delay the imposition of his threatened 100% secondary sanctions on all their imports, lower the level, or reduce the scale to only apply to their companies that still trade with Russia otherwise there could be serious blowback, especially if China is the one that doesn’t fully comply.

His preliminary trade agreement with China, which he described in early May as a “total reset” in their ties, could collapse and thus raise prices across the board for Americans. As regards India, their ongoing trade talks could collapse too, which could create an opening for advancing the nascent Sino-Indo rapprochement whose existence was cautiously confirmed by its top diplomat on Monday. Each case of blowback, let alone both of them at the same time, could be very detrimental to American interests.

Trump’s attempt to thread the needle therefore isn’t just clumsy, but it could also majorly backfire, thus raising the question of why he agreed to do so.

It looks like he was misled into thinking that Putin would agree to a ceasefire that doesn’t resolve the root security-related causes of the conflict in exchange for a resource-centric strategic partnership.

When Putin declined, Trump took it personally and imagined that Putin was playing him, which led to Trump’s advisors manipulating him into this escalation as vengeance.

Tyler Durden
Tue, 07/15/2025 – 12:00

Lesbian Couple Expose ‘Gay Babies Section’ In Barnes & Noble

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Lesbian Couple Expose ‘Gay Babies Section’ In Barnes & Noble

Authored by Steve Watson via Modernity.news,

A lesbian couple posted a now viral video expressing their shock at discovering an entire section in Barnes & Noble dedicated to gay books for babies.

The pair found titles such as “Gay B, C’s” featuring LGBTQ+ terms for each letter of the alphabet, and “Bye Bye Binary,” a book featuring a baby and suggesting that newborns can be non-binary.

“Okay, we’re gay. But we’re in Barnes and Noble and there’s a gay kids book section. And this is crazy,” the couple urged, adding “It’s pushing it. For a baby. This is pushing it.”

In The Gay B, C’s book the couple show that “B is for Bi” and “I is for Intersex,” blatantly pushing sex on small kids.

This is the trash that Democrats screech all day long about being banned.

Although many believe it should be, it’s not banned, it’s right out in the open in the biggest book store chain in the country.

With all the rainbow colours and drawings to attract kids right at the age when they’re most impressionable.

“Based” is an exaggeration, but when young gay women are outraged by what they’re witnessing, maybe it’s time something was done about this.

Barnes & Noble went ahead and blocked conservative influencer Collin Rugg for sharing the video, which has over three million views at time of writing.

But maybe it was just an activist in this one store that managed to get this section approved?

Nope.

You know what to do.

*  *  *

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden
Tue, 07/15/2025 – 10:05

Pittsburgh Will Be Transformed Into “AI Hub Of World” With $75 Billion Investment 

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Pittsburgh Will Be Transformed Into “AI Hub Of World” With $75 Billion Investment 

President Trump is set to join Pennsylvania Republican Sen. Dave McCormick at a major energy and AI summit at Carnegie Mellon University this afternoon. According to local media, McCormick is expected to unveil plans for at least $75 billion in energy and AI infrastructure investment across Pittsburgh, aiming to transform the city from a hollowed-out manufacturing town into “the AI hub of the world.”

On Monday, McCormick told KDKA Radio’s Marty Griffin that $75 billion in new investments in energy and AI innovation are coming to the region because the state is uniquely positioned:

“We got abundant energy, we got this incredible, skilled workforce, we got unbelievable technology, particularly at Carnegie Mellon and then we’ve got proximity. We’re within 500 miles of more than half of America’s population.” 

President Trump will join McCormick at the summit later today to announce massive investments in data centers, energy infrastructure, the transition from coal to gas, and other major energy projects and skilled labor. 

“There’s no city on Earth better positioned to lead in the new AI economy than Pittsburgh,” Joanna Doven, executive director of the AI Strike Team, told the Pittsburgh Post-Gazette, adding, “We’re not just a city of inventors and researchers. We’re a city of collaborators.”

The AI Strike Team aims to make Pittsburgh the global AI hub and estimates that 100,000 jobs can be created in the region by 2028. 

Today’s summit comes after two major developing economic revival stories for the state:

The broader AI push across America is stunning…

President Trump is expected to depart Washington, D.C., at 12:30 pm and will arrive at the summit in Pittsburgh around 2:30 pm. 

Ahead of the summit, McCormick joined CNBC… 

Related: 

. . . 

Tyler Durden
Tue, 07/15/2025 – 09:45

Bud Light Still Struggling Years After Dylan Mulvaney Nuked Brand On TikTok 

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Bud Light Still Struggling Years After Dylan Mulvaney Nuked Brand On TikTok 

Beer sales over the July 4th holiday weekend came in stronger than previously expected, prompting distributors to raise their outlook for the remainder of the year and fueling renewed optimism around Constellation Brands (STZ). Anheuser-Busch InBev (ABI) also posted a solid performance during the period, though one brand under its adult beverage umbrella remained a clear laggard. Unsurprisingly, it was Bud Light, still struggling to recover for reasons that need little explanation. 

In the latest iteration of Goldman’s Beverage Bytes survey—covering 40 beer distributors and 125,000 retail outlets, or about 25% of all U.S. alcohol-selling locations—analysts led by Bonnie Herzog found that, although expectations were tempered heading into the holiday weekend due to soft scanner data, an uncertain macro environment, and weak Memorial Day trends, favorable summer weather trends across the Lower 48 during the July 4th holiday (which fell on a Friday) helped drive surprisingly strong beer demand. 

Herzog said, “As a result, distributors are now incrementally more upbeat about the all-important summer selling season and their growth outlook for the category this year.” 

About 60% of respondents said sales were up year-over-year, with STZ and ABI emerging as the top performers. Brands such as Modelo Especial, Pacifico, and Sun Cruiser saw solid momentum, though Corona Extra continued to underperform. 

Here are the notable takeaways from the report:

  • The promotional environment appeared broadly rational over the 4th of July holiday weekend – as 53% of beer volumes were promoted (in-line with last year) – though ABI was the clear standout in terms of promotional intensity;

  • Most distributors indicated that beer category sales accelerated in Q2 vs Q1 – citing improved weather trends and strength for Mich Ultra and Busch Light (among others);

  • Most distributors expect the second half of the year to be stronger vs the first half – with distributors now expecting category growth declines this year of only -1.0% (vs -1.9% expected in our Memorial Day survey);

  • Volume trends for Modelo Especial & Pacifico were also quite strong over the holiday weekend – something the majority of distributors indicated – however, Corona Extra remains under some pressure; and

  • Sun Cruiser remains a standout – and the majority of distributors indicated that volumes were up for the brand over the 4th of July holiday weekend vs last year. However, distributors highlighted the spending on Sun Cruiser is unsustainable and some raised concerns that the category is becoming saturated.

There was a lot to unpack in the holiday volume trends… 

Topline Results:

  • Anheuser-Busch InBev (ABI) led all manufacturers, with 52% of distributors reporting higher volumes vs last year—followed by Constellation Brands (STZ) at 33% and Boston Beer (SAM) at 18%.

  • Overall beer category performance improved: 40% of distributors reported year-over-year volume gains for July 4th (vs 20% on Memorial Day); 37% still saw declines.

  • Hard seltzers remained weak: 64% of distributors reported volume declines, though this was a slight improvement from Memorial Day (70%).

By brand, Herzog noted twice that Bud Light “continues to struggle” and “remains pressured following the Bud Light controversy,” more than two years after the brewer’s woke marketing team—aiming to score DEI points—hired Dylan Mulvaney, a biological male acting as a woman, for what became one of the worst ad promotions ever in corproate America.

Refresher: This is who nuked the brand. 

Brand highlights over the holiday weekend:

ABI (Anheuser-Busch InBev):

  • Strongest performer overall.

  • Michelob Ultra was a standout, with 93% of distributors seeing y/y gains (56% significantly).

  • Bud Light remains a drag—74% reported lower volumes; marketing support remains weak.

Constellation Brands (STZ):

  • Strong holiday weekend performance.

  • Pacifico led, with 65% of distributors seeing gains.

  • Modelo Especial also performed well (52% up), while Corona Extra continues to face challenges (47% down).

Molson Coors (TAP):

  • Mixed performance.

  • Coors Banquet was a bright spot (73% up).

  • Coors Light and Miller Lite both underperformed, with 74% and 78% of distributors, respectively, reporting y/y declines.

Heineken (HEIN):

  • Weak showing, with only 14% reporting growth and 46% noting volume declines.

Boston Beer (SAM):

  • Modest improvement; Sun Cruiser stood out, with 72% of distributors reporting growth (44% significantly).

  • Twisted Tea and Truly showed signs of pressure, with 35% and 76% of distributors respectively reporting declines.

Hard Seltzer Category:

  • Remains under pressure. White Claw: 31% up, 41% down.

  • High Noon: 40% up, 40% down slightly.

Our takeaway: Bud Light’s struggles continue. Someone ought to write a white paper on why woke marketing nukes brands. Remember Jaguar earlier this year? These marketing teams lined with liberal college elites are completely out of touch with how the real world operates, and oblivious to the fact that the Overton Window has shifted to the center-right. Woke is over (for now). 

Pro subs can read the full note in the usual place.

Tyler Durden
Tue, 07/15/2025 – 09:05

DOGE Announces Billions Of Dollars In Federal Contracts Terminated

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DOGE Announces Billions Of Dollars In Federal Contracts Terminated

Authored by Jack Phillips via The Epoch Times (emphasis ours),

The Department of Government Efficiency (DOGE) said over the weekend that agencies have terminated more federal contracts worth as much as $2.8 billion.

The Department of Government Efficiency (DOGE) website is displayed on a phone, in this photo illustration. Oleksii Pydsosonnii/The Epoch Times

In a post on social media platform X on July 12, DOGE, a task force established by President Donald Trump in January, said that “over the last week, agencies terminated 230 wasteful contracts,” resulting in savings of $407 million.

That includes a contract from the U.S. Department of Agriculture for a “Mexico sustainable landscapes consultant” and a Treasury Department contract for “mentoring, evaluation, learning specialist services in Haiti,” according to the DOGE post. The post included what appears to be screenshots of the programs’ descriptions.

Earlier this month, DOGE’s website released an update that the task force has saved approximately $190 billion, which it says amounts to around $1,180 per taxpayer. So far, the Department of Health and Human Services, General Services Administration, Education Department, Office of Personnel Management, and Department of Labor have initiated the most cuts, according to the site.

Meanwhile, DOGE’s database shows that around 11,700 contracts have been terminated across all federal agencies, with an estimated saving of around $44 billion. At the same time, around 15,500 federal grants have been slashed, it shows, worth some $44 billion.

The update from DOGE comes as the Senate is slated to vote on spending cuts this week that would claw back $9.4 billion in public media and foreign aid spending. Senate Democrats are trying to kill the measure but need a few Republicans to join them.

Trump has asked lawmakers to rescind nearly $1.1 billion from the Corporation for Public Broadcasting, which represents the full amount it’s due to receive during the next two budget years.

On July 10, the president warned that he would withhold his backing for any Republican lawmaker who opposes the rescissions package, which also includes cuts to foreign aid.

“It is very important that all Republicans adhere to my Recissions Bill and, in particular, DEFUND THE CORPORATION FOR PUBLIC BROADCASTING (PBS and NPR), which is worse than CNN & MSDNC put together,” Trump said in a Truth Social post.

Trump went on to say that “any Republican that votes to allow this monstrosity to continue broadcasting will not have my support or Endorsement.”

Other than Trump, the White House has said that the public media system is politically biased and an unnecessary expense.

The corporation distributes more than two-thirds of the money to more than 1,500 locally operated public television and radio stations, with much of the remainder assigned to National Public Radio and Public Broadcasting Service to support national programming.

The update from DOGE over the past weekend suggests that the organization is still engaged in activities to identify and root out what it deems to be fraud, waste, and abuse within the federal government, following the departure of former White House special government employee Elon Musk from the administration in late May.

Musk, who had effectively served as a spokesperson and leader for DOGE during his time in the White House, has since had a falling out with the Trump administration and Republicans, announcing earlier this month that he would form his own political party.

The Associated Press contributed to this report.

Tyler Durden
Tue, 07/15/2025 – 08:50

Tariff-ic! Core Consumer Price Inflation Cooler Than Expected In June

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Tariff-ic! Core Consumer Price Inflation Cooler Than Expected In June

Will the dreaded tariff-flation show up this time? Or will the excuse factory be required to spin the Trump-policy-driven price hike expectations as coming next time?

Expectations were for a modest acceleration in prices in June and headline Consumer Prices did just that rising 0.3% MoM (as expected) and +2.7% YoY (up from +2.4% prior and hotter than the +2.6% YoY expected)…

Source: Bloomberg

The MoM acceleration was driven by a flip from deflation to inflation for Energy prices…

Source: Bloomberg

New and Used Car prices are dropping!!!

That’s not supposed to happen…

CPI Highlights: the index for shelter rose 0.2% in June and was the primary factor in the all items monthly increase. The energy index rose 0.9% in June as the gasoline index increased 1.0% over the month. The index for food increased 0.3% as the index for food at home rose 0.3% and the index for food away from home rose 0.4% in June.

The index for all items less food and energy rose 0.2% in June, following a 0.1% increase in May. Indexes that increased over the month include household furnishings and operations, medical care, recreation, apparel, and personal care. The indexes for used cars and trucks, new vehicles, and airline fares were among the major indexes that decreased in June.

The headline CPI YoY is the hottest since February but Core CPI printed cooler than expected (+0.1% MoM vs +0.2% MoM exp) with the YoY rise higher at +2.9% (as expected)…

Source: Bloomberg

Core Goods prices are accelerating on a YoY basis…

Source: Bloomberg

More details on Core CPI which rose 0.2%, below the 0.3% 3 estimate:

  • The shelter index increased 0.2% over the month. The index for owners’ equivalent rent rose 0.3% in June and the index for rent increased 0.2%.

    • Conversely, the lodging away from home index fell 2.9% in June.

  • The household furnishings and operations index rose 1.0% in June, after rising 0.3% in May.

  • The index for recreation increased 0.4% over the month.

  • The apparel index increased 0.4% in June and the personal care index rose 0.3%.

  • In contrast, the index for used cars and trucks fell 0.7% in June after declining 0.5 percent in May.

    • The new vehicles index fell 0.3 percent over the month, and the airline fares index declined 0.1 percent.

  • The medical care index increased 0.5% over the month, following a 0.3-percent increase in May.

    • The index for hospital and related services increased 0.4 percent in June as did the index for prescription drugs.

    • The physicians’ services index rose 0.2 percent over the month.

The index for all items less food and energy rose 2.9% over the past 12 months. The shelter index increased 3.8% over the last year. Other indexes with notable increases over the last year include medical care (+2.8%), motor vehicle insurance (+6.1%), household furnishings and operations (+3.3%), and recreation (+2.1%).

This is the 5th monthly ‘miss’ for Core CPI in a row – the sky is falling analyst crowd continues to be wrong…

Source: Bloomberg

Rent/Shelter inflation slowed in June…

  • Rent inflation June 3.77% YoY, down from 3.80% in May and the lowest since Jan 2022

  • Shelter inflation June 3.80% YoY, down from 3.86% in May and the lowest since Oct 2021

SuperCore CPI (Services ex-shelter) rose 0.36% MoM, lifting prices 3.34% YoY – highest since feb but well off the YTD highs

Source: Bloomberg

Medical Care Services costs are also starting to accelerate (not exactly tariff-driven)…

Source: Bloomberg

On a 3m- and 6m- annualized basis, there are no signs of the tariff-driven price hikes as yet…

Source: Bloomberg

Not exactly the damning evidence of terrifying tariff-flation that the establishment wants us to believe is coming…

Developing…

Tyler Durden
Tue, 07/15/2025 – 08:38

MP Materials Surges 10%, Apple To Announce $500 Million Partnership, Joining Pentagon As Investors

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MP Materials Surges 10%, Apple To Announce $500 Million Partnership, Joining Pentagon As Investors

Apple is reportedly set to join the Pentagon as an investor in MP Materials and announce a $500 million partnership with the company, according to a Fox Business report citing individuals familiar with the matter this morning.

MP shares surged more than 10% on the news in a move that comes after a more than 100% gain over the last several months for the critical U.S. rare Earth mineral company. 

The deal includes a commitment from Apple to purchase rare earth magnets produced at MP’s facility in Texas, using domestically sourced materials. As part of the agreement, the two companies are also expected to develop a new recycling facility in Mountain Pass, California, to recover and repurpose rare earth elements from used electronics.

In addition, Apple and MP plan to build a second manufacturing plant in Fort Worth, Texas, further solidifying a U.S.-based supply chain for these critical materials.

Over a month ago, we initially flagged MP and USA Rare Earth as two companies likely to be major winners from Washington’s rare earth reshoring push—particularly under policies aimed at reducing reliance on China. Since we first mentioned it more than a month ago, the stock is up more than 100%.

We noted at the time that MP’s uniquely central role in the domestic rare earth supply chain positioned it for outperformance, and we pointed out that the stock had an enormous 21% short interest, making it ripe for a squeeze.

Further, our lengthy report for subscribers “The Coming Rare Earth Revolution And How To Profit: All You Need To Know About The “Ex-China Supply Chain“ detailed why MP stood to substantially outperform in the coming months and years as the critical rare earth supply chain was shifted domestically to exclude China, and to benefit domestic miners and producers such as MP. 

Our conviction was promptly validated days ago when the U.S. government—via the State Department and the Pentagon—took a 15% stake in MP, an exceedingly rare move that made the U.S. the company’s largest shareholder.

The investment marked a “transformational” public-private partnership by the Trump admin, aimed at building a domestic rare earth element supply chain. As part of the deal, the Pentagon will receive convertible preferred shares and warrants equal to a 15% stake—surpassing stakes held by CEO James Litinsky and BlackRock. The shares convert at $30.03 each and carry no cash dividend.

MP stock surged over 50% on the news, becoming the top performer in the mining sector this year and more than covering the cost of our premium subscription for readers who acted quickly.

That was great news. But it was even better news that among the biggest shorts were Goldman’s hedge fund clients who, for months, had plotted and schemed how to unobtrusively short the name during the bank’s various idea dinner events.

Here is an excerpt from the latest note by Goldman energy and natural resources specialist Adam Wijaya out days ago:

Rare Earths… how high… biggest move in the space yesterday came from Rare Earths complex… led by MP +51%… have hosted several Metals idea dinners over the last few weeks and this name has been a consensus short… pain yesterday was real…

Now, that pain is very likely going to continue today. Thanks, “Tim Apple”. 

Tyler Durden
Tue, 07/15/2025 – 06:55

China Q2 GDP Drops To 5.2% But Beats Expectations Thanks To Subsidies And Tariff Frontrunning

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China Q2 GDP Drops To 5.2% But Beats Expectations Thanks To Subsidies And Tariff Frontrunning

China’s GDP grew 5.2% on the year in the second quarter, just fractionally above expectations (as is usually the case when Beijing reports fake numbers) the National Bureau of Statistics said Tuesday, fueled by frontloaded exports ahead of even more tariffs and a flood of subsidies that supported the manufacturing sector.

The figure beat the median forecast for 5.1% growth but was slower than the 5.4% expansion in the first quarter. Still, it keeps the country on track to meet the government’s growth target of “around 5%” for the full year.

Exports rose 5.8% for the quarter, off slightly the 5.9% growth pace in the first half of 2025, as the trade war with the U.S. fueled front-loading and export diversion to other countries. The U.S. jacked up tariffs on Chinese goods in April to as high as 145%, before temporarily lowering most of them following an agreement about a month later. A decline in U.S.-bound shipments was offset by growth in other regions, such as Southeast Asia – which China uses as a transshipment hub – and Europe, where dumping of Chinese EVs is crushing the local automotive industry.

The economy “withstood pressures and rose to challenges, with overall stable and improving economic performance,” the NBS said in a statement as it goalseeked the random number which has zero bearing to what is going on in the economy. In fact, the one number that does matter, China power output, rose just 0.8% YoY for the Jan-Jun period (to 4537.1b kwh), and is a much more accurate reflection of China’s actual growth. 

Wednesday’s GDP figure reveals that “growth in the world’s second-largest economy remains resilient, despite U.S. President Donald Trump’s volatile tariff policy on China” according to the Nikkei. After reaching near embargo-level rates, US tariffs on Chinese imports were lowered to 55% following a temporary truce reached in May, prompting a new flood of exports seeking to frontrun the eventual increase of tariffs.

The data also underscores a perennial imbalance in China’s economy that could face further headwinds in the second half of the year: sluggish domestic demand and an excess supply of goods. As noted before, the country remains stuck in its longest streak of deflation in decades, weighing on corporate profits and wage growth. Consumption continued to lag behind other growth drivers, as falling home prices and a weak job market dampen consumer spending.

“The economic outlook for the rest of the year remains challenging,” said Zichun Huang, an economist at Capital Economics. “With exports set to slow and the tailwind from fiscal support on course to fade, growth is likely to slow further during the second half of this year.”

Elsewhere in the data dump, Industrial output growth jumped to 6.8% in June from a year earlier, accelerating from May’s 5.8%, suggesting manufacturers have been rushing to fulfill orders amid May’s trade truce with Washington. 

Growth in retail sales, a proxy for consumption, slowed sharply to 4.8% in June year-on-year, from 6.4% in May. The surveyed urban jobless rate stood at 5% in June, unchanged from May, though unemployment is expected to worsen as a record 12.2 million college graduates hit the labor market this summer. 

Beijing has made reviving consumption a central economic objective for the year, though it has so far refrained from offering cash handouts to households. Instead, China focused on expanding the budget and widened the range of subsidized goods to include smartphones and tablets. The central government earmarked 300 billion yuan ($41.8 billion) to fund subsidy program for consumer goods this year. While some cities suspended the program in recent months after funds ran out, the government has pledged to roll out a new round of subsidies this month.

Meanwhile, a prolonged property market slowdown continues to weigh on consumer confidence, as housing accounts for around 70% of Chinese household wealth. New home prices in 70 key cities in June fell 0.3% from May, the biggest monthly drop in eight months, according to data provider Wind Information. Falling asset prices have dampened consumers’ appetite for big-ticket items, intensifying price wars in industries ranging from electric vehicles to food.

Sheng Laiyun, NBS deputy director, acknowledged that existing policies are insufficient to stem falling home sales and prices. “More efforts are needed to stabilize and transform the sector,” Sheng told reporters on Monday.

One major challenge facing Beijing is how to end persistent deflation. In recent weeks, authorities have urged industries, including solar panels and electric vehicles, to refrain from price wars that have pushed many companies into the red, though analysts question how effective such top-down approach will be.

The producer price index, which measures wholesale prices at factory gates, recorded its steepest drop in almost two years in June. The government has recently stepped up its criticism of excessive competition, signaling greater desire to address oversupply issues. But “local officials may balk at the economic cost of implementing them unless they are also accompanied by more substantial demand-side stimulus,” Capital Economics wrote in a report last week.

Trade relations with the U.S. remain uncertain as Beijing is set to renegotiate terms with Washington as the Aug. 12 deadline on the trade war truce approaches. Tensions have also escalated with the European Union, where officials have criticized China’s new export controls on rare-earth minerals. Leaders from the bloc are set to meet with their Chinese counterparts later this month.

Some advisers to Chinese policymakers are urging more proactive measures to absorb the impact of volatile U.S. tariff policy. Huang Yiping, a member of the People’s Bank of China’s monetary policy committee, said earlier this month that China should consider launching an additional fiscal stimulus of up to 1.5 trillion yuan to offset the tariff shock.

Still, many analysts believe the robust (if completely fake) GDP figures reported so far suggest policymakers are in no rush to unveil large-scale stimulus measures to meet the full-year growth target of around 5%. Or at least the fake numbers give Beijing the buffer zone to ignore the ongoing economic slowdown until it’s too late. 

“A major stimulus is unlikely if exports remain steady, because Beijing will do just enough to hit its growth target,” said Larry Hu, chief China economist at Macquarie Group.

“In short, what Beijing will do largely depends on the economic policies and tariff rates set in Washington.”

Tyler Durden
Tue, 07/15/2025 – 06:50

8 Chinese Nationals On Student Visas Charged In Computer ‘Pop-Up’ Scam Targeting Elders

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8 Chinese Nationals On Student Visas Charged In Computer ‘Pop-Up’ Scam Targeting Elders

Authored by Frank Fang via The Epoch Times (emphasis ours),

Eight Chinese nationals on student visas in the United States have been indicted for their alleged role in a scam targeting elderly Americans through fraudulent computer pop-ups, the U.S. Attorney’s Office for the Middle District of Pennsylvania announced on July 11.

The defendants, who came to the United States to attend college, are accused of defrauding more than 50 victims across 19 states out of more than $10 million. They were indicted by a federal grand jury in Williamsport, Pennsylvania, for conspiracy to commit wire fraud.

“These indictments highlight the relentless efforts of Homeland Security Investigations [HSI] to safeguard our elderly population from complex fraud operations,” Edward V. Owens, HSI Philadelphia special agent in charge, said in a statement.

“Schemes like these cause significant emotional and financial harm to elderly victims across the country. HSI, in partnership with the FBI, remains steadfast in our commitment to securing justice for the victims and ensuring that those responsible are held fully accountable.”

The defendants are Yankun Jiang, 24, and Hanlin Yang, 24, both of State College, Pennsylvania; Chenhao Chen, 25, Xiaoqing Tu, 24, and Dongjie Lu, 35, all three of California; Lei Bao, 22, of New York; Kuo Zhang, 31, of New Jersey; and Jiacheng Zhang, 25, of Florida.

According to the second superseding indictment, the defendants are accused of running the computer pop-up scam from August 2023 to February 2024. The pop-ups were disguised as coming from Microsoft, falsely warning victims that their computers had been hacked and displaying a phone number to call for help.

When victims called the number, they were allegedly fed various lies, for example, that their bank accounts were “not secure” and that they would need to withdraw from their savings, according to the court document.

To conceal their crimes, the defendants allegedly instructed the victims not to tell anyone what they had been told, and to tell banks that the large cash withdrawals were for purposes such as “home remodeling,” the court document states.

The defendants or “couriers” who were part of the conspiracy allegedly traveled to the victims’ homes to collect the money while impersonating a “federal agent” or “federal marshal,” according to the court document.

If convicted, each defendant faces a maximum penalty of 20 years in prison and a fine.

Jiacheng Zhang and his lawyer could not be reached for comment.

Chen’s lawyer declined to comment when contacted by The Epoch Times.

The Epoch Times contacted the remaining six defendants’ lawyers for comment but did not receive a response by publication time.

The FBI released tips to help the public protect themselves from tech support and government impersonation scams in January 2024. The agency asks people not to click on unsolicited pop-ups on their computers or contact unknown telephone numbers provided in pop-ups, texts, or emails.

The Federal Trade Commission warns on its website that scammers might disguise pop-up windows as error messages from computers’ operating systems or antivirus software, as well as logos from trusted companies or websites.

“Real security warnings and messages will never ask you to call a phone number,” the Federal Trade Commission states.

In April, the Pinellas County Sheriff’s Office in Florida issued a warning regarding a scam targeting locals through fake computer pop-ups disguised as antivirus company McAfee’s security alerts, saying one victim had already lost more than $530,000.

The sheriff’s office asked the public to always use up-to-date security software and to never allow remote access to their computers in response to unexpected pop-ups.

In recent months, there have been other cases involving Chinese nationals in connection with scams.

In April, a federal grand jury in California indicted a Chinese citizen, who was a former resident of San Jose, California, for alleged involvement in a government impersonation scam. According to prosecutors, an elderly victim, who was allegedly tricked into believing that there was a federal warrant for her, lost more than $780,000 to the scam.

In May, a Chinese citizen was accused of impersonating a U.S. marshal in an attempt to con a New York state resident out of $98,000.

Tyler Durden
Tue, 07/15/2025 – 06:30

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