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China Reports Worst Producer Deflation In 2 Years Amid Ongoing Trade Uncertainty

China Reports Worst Producer Deflation In 2 Years Amid Ongoing Trade Uncertainty

Authored by Lily Zhou via The Epoch Times (emphasis ours),

China’s factory-gate prices in June saw the biggest fall in two years amid uncertainty in international trade and weak domestic demand.

A worker moves pieces of steel machinery at a manufacturing company in Hangzhou, Zhejiang Province, China, on June 16, 2025. AFP via Getty Images

According to figures released on July 9 by China’s National Bureau of Statistics, the producer price index for industrial products in June fell by 3.6 percent compared with the same month in 2024—worse than a 3.3 percent drop in May, and the biggest annual decline since July 2023.

The month’s purchasing price index for industrial products fell by 4.3 percent year over year, bigger than the 3.6 percent drop in May, and the sharpest decline since August 2023.

According to Dong Lijuan, statistician at the National Bureau of Statistics, the producer price index deflation in June was driven by cheaper energy prices, uncertainties in international trade, and hot and wet weather that drove down the price of building materials.

Sectors that rely on exports faced more downward pressure in prices, she said.

“The prices of computers, communication equipment, and other electronic equipment in June dropped by 0.4 percent [compared to May], the prices of electrical machinery and equipment fell by 0.2 percent, and textile prices fell by 0.2 percent,” she said.

In annual terms, the prices of computers, communication equipment, and other electronic equipment fell by 2.3 percent.

China’s factory activity shrank for a third month in a row in June, albeit at a slower pace, with employment and new export orders still languishing.

“We expect demand to weaken later this year, as exports slow and the boost from fiscal support diminishes,” Zichun Huang, China economist at Capital Economics, said.

Market reaction to the data was cautious amid uncertainties in the trade war between the United States and other economies. China’s Shanghai Composite Index was up by 0.3 percent by the midday break, while Hong Kong’s benchmark Hang Seng Index traded down by 0.7 percent.

As subdued domestic demand remains a drag on China’s economy, companies have resorted to price discounts to boost sales, prompting the authorities to urge an end to the auto industry’s bruising price wars.

Highlighting the tepid consumer market, Chinese e-commerce giants Alibaba and JD.com have pledged heavy subsidies over recent months to expand aggressively into fast deliveries.

Consumer prices rose by 0.1 percent compared with the same month in 2024, following four months of deflation.

“Consumer inflation is likely to remain near zero for the rest of the year, as structural adjustment continues slowly, with consumer demand weighed by the protracted property downturn and worries over the jobs market,” Duncan Wrigley, chief China economist at Pantheon Macroeconomics, said.

He also said that trade tensions between Washington and Beijing are likely to continue despite the recent framework agreement.

“More flare-ups are likely and cooling export growth will add to downward price pressure in manufactured goods sectors,” he said.

According to supply chain technology provider Descartes, U.S. container imports from China were about 639,300 20-foot equivalent units in June, slightly up (0.4 percent) from May, but a 28.3 percent decline from June 2024.

The company said it expects that “China’s share of U.S. imports may remain under pressure through the second half of 2025,” with the upcoming expirations of U.S. tariff pauses extended to Aug. 1 and the trade truce with China on Aug. 12, and with additional U.S. tariffs on transshipped goods via Vietnam.

Reuters contributed to this report.

Tyler Durden
Fri, 07/11/2025 – 22:15

“Now That Is A Coronal Hole. Whoa Momma.” 

“Now That Is A Coronal Hole. Whoa Momma.” 

Ben Davidson of Space Weather News issued a warning on X overnight about an Earth-facing coronal hole that could eject fast-moving solar wind toward Earth, potentially triggering elevated geomagnetic activity, including auroras and geomagnetic storms. The high-speed stream is expected to reach Earth within days.

“Now THAT is a coronal hole. Whoa momma,” Davidson said, adding,”Excess magnitude/volcanic watch is in play now. Solar wind enhancement expected Saturday/Sunday/Monday.”

Solarham, a solar storm monitoring website, warned, “The onset of a coronal hole stream was not expected until within the next few days.” 

On Thursday, Solarham described the “Coronal Hole to Face Earth” that will begin impact Earth this weekend:

A large coronal hole will begin to face Earth this weekend. A solar wind stream flowing from this zone is expected to reach Earth beginning July 12th with the main influence by July 13/14. It is possible that a geomagnetic storm watch will be issued in the days ahead.

As of Friday morning, Solarham data shows all quiet across the Western Hemisphere. 

For context, disturbances in Earth’s magnetosphere—triggered by solar activity such as coronal mass ejections (CMEs)—can impact the modern economy in multiple ways, including degrading satellite systems and GPS, disrupting power grids and high-frequency communications, and more.

A Carrington-class storm would be absolutely catastrophic for the world, potentially causing trillions of dollars in economic damage globally.

Can you guess which US power grid is most at risk? Find out here…

Tyler Durden
Fri, 07/11/2025 – 21:50

‘Global War on Terror’ Is Over. Terror Won.

‘Global War on Terror’ Is Over. Terror Won.

Authored by Daniel McAdams via RPI,

On Sept. 16, 2001, five days after the attacks on New York and Washington, DC, President George W. Bush declared, “This crusade – this war on terrorism – is going to take a while. And the American people must be patient. I’m going to be patient. But I can assure the American people I am determined.”

Four days after that, President Bush declared the “war on terror” to be primarily against al-Qaeda. “Our war on terror begins with al Qaeda,” he said in an address to Congress and the nation, “but it does not end there. It will not end until every terrorist group of global reach has been found, stopped and defeated.”

He described the enemy thus:

This group and its leader — a person named Osama bin Laden — are linked to many other organizations in different countries, including the Egyptian Islamic Jihad and the Islamic Movement of Uzbekistan.  There are thousands of these terrorists in more than 60 countries.

Bush was correct in his assessment of the group.

One of those countries into which al-Qaeda jihadists implanted themselves was Syria, where from 2011 – with the support of the Obama Administration – they attempted to overthrow the secular leader, Bashar al-Assad, using terrorist tactics they had been well-trained in.

They soon changed their name – but not their stripes – and became the Al-Nusra Front, headed up by an experienced jihadist who fought against US troops in Iraq by the name of Abu Mohammad al-Jolani. His group was known for chopping off heads. Perhaps even American heads.

Last December Jolani’s jihadists – with support from the US, Turkey, and Israel – finally brought down the Assad government and quicker than you can say “Washington PR makeover” he clipped his beard, switched out his tactical military watch for a $90,000 Patek Philippe World Time Chronograph, and declared himself president.

The “civilized world” cheered the re-emergence of democracy in Syria!

At their first meeting earlier this year in Saudi Arabia, President Trump praised jihadist Jolani as “a young, attractive fellow” and “a tough guy, a fighter, with a very strong background. He has a lot of potential, he’s a real leader.”

This was a US-designated global terrorist with a $10 million bounty placed on his head by the US authorities. His “wanted” poster STILL remains on the X account of the US Embassy in Syria!

This week, President Trump “removed sanctions on Jolani’s Syria at (Israeli Prime Minister) Netanyahu’s request,” and just yesterday Secretary of State removed Jolani’s old al-Qaeda affiliate (which had gone from al-Nusra to HTS over the years) from the US terrorist list.

As one observer on X quipped:

The history of the GWOT (Global War on Terror) began in 2001 with the US invading Afghanistan to dig out Al Qaeda. It ends twenty-four years later with the US recognizing an AQ affiliate as the new ruler of Syria.

According to Brown University’s Cost of War Project, the “Global War on Terror” cost the American people at least eight trillion dollars. It also took the lives of perhaps a million people.

And what did we get for all this blood and treasure? In Afghanistan, the Taliban were after 20 years of US military action replaced by the Taliban, and in Syria a fierce opponent of al-Qaeda was replaced by…al-Qaeda!

As Jake Sullivan, then right hand to Secretary of State Hillary Clinton, wrote to the Secretary in 2012, “al-Qaeda is on our side in Syria.” He wasn’t joking!

That was the shot…here’s the chaser: In the same week the United States removed sanctions on al-Qaeda ruled Syria, it placed sanctions on…UN Special Rapporteur on the occupied Palestinian territories Francesca Albanese!

Who is Albanese? She is the fearless defender of human life in a Gaza where it is slowly being extinguished by Israel with the backing (and weapons) of the US government.

In hitting UN human rights defender Albanese with sanctions, US Secretary of State Marco Rubio wrote:

Today I am imposing sanctions on UN Human Rights Council Special Rapporteur Francesca Albanese for her illegitimate and shameful efforts to prompt @IntlCrimCourt action against U.S. and Israeli officials, companies, and executives.

Albanese’s campaign of political and economic warfare against the United States and Israel will no longer be tolerated. We will always stand by our partners in their right to self-defense.

The United States will continue to take whatever actions we deem necessary to respond to lawfare and protect our sovereignty and that of our allies. (emphasis added)

What might those “whatever actions” be? Clearly it is a physical threat against Albanese for speaking out against a mass murder happening in real time, observable for all who wish to do so on our own computer screens.

So that is it. The “Global War on Terror” is over. Terrorists have been elevated by the US government to be heads of state and those who speak out against state terrorism are threatened with “whatever actions we deem necessary” to shut them up.

Tyler Durden
Fri, 07/11/2025 – 21:25

FBI’s ‘Raw’ Epstein Prison Video Was Likely Doctored: Wired

FBI’s ‘Raw’ Epstein Prison Video Was Likely Doctored: Wired

In an effort to quell longstanding theories surrounding the death of Jeffrey Epstein, the U.S. Department of Justice this week released nearly 11 hours of what it described as “full raw” surveillance footage from outside Epstein’s prison cell. Instead of ending speculation, the release has introduced new doubts.

According to an analysis conducted by WIRED in collaboration with independent video forensics experts, metadata embedded in the files shows the footage was not a direct export from the prison’s surveillance system. Rather, it appears to have been modified – likely using Adobe Premiere Pro, a professional video editing tool.

The file, investigators say, was assembled from at least two source clips, saved multiple times, exported, and then uploaded to the DOJ’s website, where it was labeled “raw” footage.

“If a lawyer brought me this file and asked if it was suitable for court, I’d say no. Go back to the source. Do it right,” said Hany Farid, a professor at UC Berkeley whose research focuses on digital forensics and misinformation. “Do a direct export from the original system—no monkey business.”

Farid also questioned why the video’s aspect ratio shifted during playback. “Why am I suddenly seeing a different aspect ratio?” he asked.

While experts emphasize that the metadata alone does not prove deceptive intent, they caution that the DOJ’s failure to explain the editing process adds to the cloud of suspicion that has long surrounded Epstein’s 2019 death in federal custody.

Earlier this week, the DOJ released a memo concluding that Epstein had ‘no incriminating client list’ and wasn’t murdered later releasing the footage in question. 

According to Wired, “the video may have simply been processed for public release using available software, with no modifications beyond stitching together two clips. But the absence of a clear explanation for the processing of the file using professional editing software complicates the Justice Department’s narrative.“

For months leading up to the joint memo the DOJ and FBI published Monday, attorney general Pam Bondi had promised the release of records related to Epstein, raising expectations that new, potentially incriminating details might surface about the disgraced financier’s death and his ties to powerful individuals. However, rather than revealing new information, the memo largely confirmed conclusions reached years earlier: that Epstein was found in a Manhattan prison cell on August 10, 2019, and died by suicide while awaiting trial on sex trafficking charges.

To support its conclusion, the FBI reviewed surveillance footage overlooking the common area of the Special Housing Unit (SHU) at the Metropolitan Correctional Center (MCC), where Epstein was held. The FBI enhanced the footage by adjusting contrast, color, and sharpness, and released both the enhanced and what it described as the “raw” version. Both versions of the video appear to have been processed using Premiere and include much of the same metadata. According to the FBI, anyone entering the area containing Epstein’s cell during the relevant time frame would have been visible on that camera. -Wired

According to the metadata from the “raw” file reveals that the video had been saved at least four times on May 23, 2025, by a Windows user named “MJCOLE~1.” The footage references two source clips—“2025-05-22 21-12-48.mp4” and “2025-05-22 16-35-21.mp4” – and Premiere project files, indicating that it was a composite video.

One media forensics expert, who reviewed the metadata and asked not to be named, told Wired “It looks suspicious – but not as suspicious as the DOJ refusing to answer basic questions about it.”

The Department’s handling of the footage has also drawn criticism in light of previous issues at MCC. According to a 2023 report from the DOJ’s Office of the Inspector General, starting on July 29, 2019 – less than two weeks before Epstein’s death – around half of MCC’s 150 analog surveillance cameras stopped recording due to a technical error. Repairs scheduled for the night of August 9 were not carried out because the technician lacked an escort.

Only two cameras were operational in the SHU area at the time Epstein was found hanged: one near the entrance to the 10 South Unit and one by a ninth-floor elevator bay. Neither covered Epstein’s cell door.

What’s more there was a notable gap in the recording: one minute of footage, from 11:58:58 p.m. to 12:00:00 a.m., is missing. The recording resumes immediately afterward.

At a press conference Tuesday, Attorney General Pam Bondi attributed the missing minute to a daily system cycle, claiming that one minute is missing from every night’s recording.

For months, Bondi had promised that the DOJ would release records that could shed light on Epstein’s death. But the new video and memo “largely confirmed conclusions reached years earlier,” WIRED noted, leaving many observers unsatisfied.

Tyler Durden
Fri, 07/11/2025 – 21:00

Cambridge Researchers Find Gut Bacteria Could Help Remove ‘Forever Chemicals’ From Body

Cambridge Researchers Find Gut Bacteria Could Help Remove ‘Forever Chemicals’ From Body

Authored by George Citroner via The Epoch Times (emphasis ours),

Researchers have found that nine species of gut bacteria can help detoxify the body from forever chemicals, rapidly absorbing PFAS linked to cancer and other serious illnesses.

Kateryna Kon/Shutterstock

“This uncovers a new beneficial role of gut bacteria for the human health—to help removing toxic PFAS from our body,” senior study author Kiran Patil, a member of the MRC Toxicology Unit, University of Cambridge, told The Epoch Times.

How Bacteria Work

The Cambridge University study, published in the journal Nature Microbiology, identified nine bacterial species that can absorb up to 75 percent of toxic PFAS—per- and polyfluoroalkyl substances—from their surroundings.

PFAS are synthetic chemicals used in thousands of consumer products, from nonstick pans and waterproof clothing to cosmetics and food packaging. Dubbed “forever chemicals” because they resist breaking down in the environment, PFAS accumulate in human bodies and have been linked to various cancers, liver damage, and immune system disorders.

Currently, there are no approved treatments to remove PFAS from the human body, making this discovery potentially significant for public health.

The research team identified nine bacterial species—including six in the Bacteroides family, Odoribacter splanchnicus, Parabacteroides distasonis, and Parabacteroides merdae—that can absorb two common types of PFAS: perfluorononanoic acid (PFNA) and perfluorooctanoic acid (PFOA).

When these bacteria were introduced into mice, they quickly absorbed the chemicals. When they were excreted through the gut, the forever chemicals were removed with them in waste. Within minutes of exposure, the bacteria absorbed between 25 and 74 percent of PFAS chemicals at various concentration levels.

The researchers believe the way bacteria collect PFAS into protective clumps inside their cells is a survival mechanism that prevents the chemicals from causing cellular damage.

As the mice were exposed to increasing PFAS levels, the bacteria kept removing a steady percentage of the toxins, suggesting they could act as a natural filter in the gut.

Treatment Potential

The effectiveness of this approach depends on the specific type of PFAS compound, Patil said.

Short-chain PFAS leave the body quickly through urine. However, long-chain PFAS stay in the body for years and are mostly removed through feces. Therefore, using bacteria works best for PFAS compounds that are primarily eliminated through fecal excretion, according to Patil.

The bacteria proved effective even at very low exposure levels similar to those found in European and U.S. water samples, suggesting potential real-world applications.

The researchers plan to develop probiotic supplements that could boost these helpful bacteria, offering a new way to reduce PFAS levels in humans. However, while promising, the results have not yet been tested directly in humans.

There are always unknown factors between lab studies on mice and real-world applications for humans, Bryan Quoc Le, a food scientist and founder of and principal food consultant at Mendocino Food Consulting, who was not involved in the study, told The Epoch Times.

“Despite this,” he said, “the study did take a more comprehensive approach, such as using diverse microbial populations that are realistic for humans, and testing with different types of PFAS.”

However, he also noted the main challenges with a study like this include not knowing how things change in the long term, how these selected bacteria survive in different microbiomes with different diets and health conditions, and whether the same level of PFAS uptake would occur consistently and reliably.

“Needless to say, this area of research is still developing, so nothing is conclusive for human applicability yet, but it does suggest that further research would be worthwhile,” Le continued.

Safety Considerations

Medical experts urge caution despite the findings. Dr. Joseph Mercola, board-certified family medicine osteopathic physician, not involved in the study, emphasized the importance of careful implementation when introducing new bacterial strains into the human gut.

While the bacteria used in the study came from species already found in healthy humans, even familiar microbes can act differently depending on our overall gut balance, immune system, and existing health conditions, he told The Epoch Times.

“The good news is that these species aren’t exotic imports; they’re already natural residents in many people,” he said. “Still, scaling up their population through supplements or engineered probiotics could throw off your microbial balance if done recklessly.”

Dr. Kham Ali, an emergency medicine physician at Northwell Health in New York and not involved in the study, warned that adding bacteria to our microbiome that store toxic PFAS could have “unintended consequences,” such as disrupting other beneficial bacteria or affecting how the body processes food and medicine.

“We’d need long-term human studies to understand the safety of such interventions,” he told The Epoch Times.

Tyler Durden
Fri, 07/11/2025 – 20:35

Goldman Sees Housing Affordability Relief Ahead – Here’s The Timeline

Goldman Sees Housing Affordability Relief Ahead – Here’s The Timeline

Housing affordability is at its worst in decades, but a new Goldman report suggests some of the most severe pressures may begin to ease, offering modest relief in the years ahead. That’s welcome news for prospective homebuyers who’ve been priced out by soaring home values and the Federal Reserve’s aggressive interest rate hiking cycle. 

“We are lowering our forecasts for U.S. home price appreciation over the next two years,” analyst Vinay Viswanathan wrote in a note to clients. He cut the firm’s national home price appreciation (HPA) forecast from 3.2% to .5% in 2025, and from 1.9% to 1.2% in 2026. 

Viswanathan outlined three specific drivers that underpinned his decision to revise the HPA forecast down:

  • First and foremost, recent home price index data has deteriorated, likely reflecting a drop in demand. Case-Shiller, FHFA, and Zillow indices all gauged negative sequential HPA in March, April, and, based on Zillow’s higher frequency estimates, May (Exhibit 2). Though some of the weakness can likely be attributed to the acute tariff concerns earlier in the year (which equity prices and, to a lesser extent, consumer sentiment suggest are subsiding), the decline in May consumer spending is evidence that an uncertain growth environment is influencing household financial behavior.

  • Second, the lack of supply that previously bolstered strong HPA is gradually recovering. While most metrics suggest that aggregate supply is still far from overwhelming demand, for-sale inventory of existing homes is approaching pre-COVID levels while for-sale inventory of newly constructed homes is at levels last seen in 2009.

  • Third, we see only limited scope for mortgage rates to decline in a softer growth environment, and our base case is for mortgage rates to decline by only 20-25 bp through the end of 2026. We do not see the pullback in immigration as a major risk for single-family HPA given the likely low headship rate for the humanitarian/undocumented immigrants most affected, but there could be a larger impact on multifamily rents.

The analyst emphasized that this does not signal a significant downturn in prices, writing: “…but meaningful national home price declines remain unlikely.”

What caught our attention in the 33-page report was the section outlining modest affordability relief for prospective homebuyers. This is especially important for the folks who’ve been sidelined in recent years because of higher prices and elevated rates. 

“Mortgage rates will likely grind lower,” Viswanathan wrote in the report, with the 30-year conforming mortgage rate forecasted to end the year at 6.5%. 

Viswanathan continued, “Alongside a downtick in mortgage rates, the growing gap between income growth and HPA should help slightly improve housing affordability, albeit remaining historically poor…” 

How many young people are still on the sidelines? A lot….

According to Census Bureau data, about a third of all 18- to 34-year-olds are still living in their parents’ basements or attics.

And this.

Real estate agents and mortgage originators are praying for a new Fed chief who’ll slash rates and bring life back into an industry crushed by Fed Chair Powell.

More here from Goldman’s Research team available to pro subs.

Tyler Durden
Fri, 07/11/2025 – 20:10

US Charges Chinese Man Accused Of Hacking Into Universities to Steal COVID-19 Research

US Charges Chinese Man Accused Of Hacking Into Universities to Steal COVID-19 Research

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

The Department of Justice (DOJ) announced charges on July 8 against a Chinese national taken into custody in Italy at the behest of Washington, and accused him of hacking into several U.S. universities to steal COVID-19 research at the direction of China’s main intelligence agency.

The Department of Justice (DOJ) in Washington on March 10, 2025. Madalina Vasiliu/The Epoch Times

Xu Zewei, 33, was arrested in Milan, Italy, on July 3 by Italian law enforcement officials and FBI agents as he departed a plane from China. Xu and another Chinese national, Zhang Yu, 44, who remains at large, are charged in a nine-count indictment unsealed in the Southern District of Texas on Tuesday for their alleged involvement in computer intrusions between February 2020 and June 2021.

According to the indictment, Xu was a general manager at a Chinese company called Shanghai Powerock Network, which allegedly conducted hacking operations at the direction of the Shanghai State Security Bureau (SSSB) under China’s Ministry of State Security (MSS).

The DOJ said that Xu’s case exemplifies the Chinese regime’s use of a vast network of private companies and contractors in China to carry out hacking and information theft in a manner that concealed Beijing’s involvement.

“The indictment alleges that Xu was hacking and stealing crucial COVID-19 research at the behest of the Chinese government while that same government was simultaneously withholding information about the virus and its origins,” Nicholas Ganjei, U.S. attorney for the Southern District of Texas, said in a statement.

“The Southern District of Texas has been waiting years to bring Xu to justice and that day is nearly at hand. As this case shows, even if it takes years, we will track hackers down and make them answer for their crimes. The United States does not forget.”

The CIA, FBI, and Energy Department have determined that the COVID-19 pandemic likely originated from a laboratory in China, an assessment that Beijing has dismissed. Chinese authorities initially downplayed the severity of the outbreak for several weeks before it escalated into a pandemic.

The FBI’s Houston Field Office, which is investigating the case, said that Xu is allegedly “one of the first hackers linked to Chinese intelligence services to be captured by the FBI,” according to a post on social media platform X on July 8.

“Our investigation revealed that the PRC government will stop at nothing to steal from America. They have no shame in their actions, and no respect for international laws,” the Houston Field Office added in a separate X post. “Their only regret is that their criminal conduct is now unmasked and laid bare for the world to see.”

Hacking

Xu and his coconspirators are accused of hacking the networks of several U.S.-based universities, as well as the email accounts of immunologists and virologists conducting research into COVID-19 vaccines, treatment, and testing.

Prosecutors did not name the universities. According to the indictment, two universities are based in the Southern District of Texas, identified only as “UNIVERSITY 1” and “UNIVERSITY 3,” and the third, identified only as “UNIVERSITY 2,” is located in North Carolina. An unnamed law firm, with offices in the United States and elsewhere, was also targeted.

Xu allegedly compromised the network of “UNIVERSITY 1” on Feb. 19, 2020, according to prosecutors. Three days later, an SSSB officer directed Xu to target and access certain email accounts belonging to the university’s virologists and immunologists. According to the indictment, Xu informed the officer that he had “acquired the contents of the mailboxes” days later.

Xu and Zhang are also accused of being part of a China-sponsored hacking group called Hafnium, which garnered global attention in 2021 after Microsoft identified the group for exploiting the vulnerabilities in its Exchange Server email program.

“Through HAFNIUM, the CCP targeted over 60,000 U.S. entities, successfully victimizing more than 12,700 in order to steal sensitive information,” Brett Leatherman, assistant director of the FBI’s cyber division, said in a statement.

Xu and his coconspirators began exploiting the Exchange Server vulnerabilities in late 2020, prosecutors said. According to the indictment, Xu confirmed to Zhang that he had compromised the computer network of “UNIVERSITY 3” on Jan. 30, 2021, after the coconspirators breached the school’s computers running the Exchange Server and installed web shells on them to enable remote administration.

Using similar techniques associated with the Exchange Server, Xu and his coconspirators gained access to the law firm’s computer and used keywords such as “HongKong” and “MSS” to look for information regarding specific U.S. policymakers and government agencies.

The charges Xu faces include wire fraud, aggravated identity theft, and conspiracy to cause damage to and obtain information by unauthorized access to protected computers. He faces up to 20 years in prison for the wire fraud charges alone.

On Tuesday, Xu’s lawyer said that his client is a victim of mistaken identity, given that his surname is common in China, and his cellphone had been stolen since 2020.

Xu appeared before an appeals court in Milan and opposed extradition to the United States.

Reuters contributed to this report.

Tyler Durden
Fri, 07/11/2025 – 19:45

Forced Labor, Human Trafficking? Illegal Alien Kids Rescued After ICE Raids Industrial Pot Farm In Newsom’s California

Forced Labor, Human Trafficking? Illegal Alien Kids Rescued After ICE Raids Industrial Pot Farm In Newsom’s California

California Gov. Gavin Newsom wrote on X, “Kids running from tear gas, crying on the phone because their mother was just taken from the fields.” 

“Kids running from tear gas.” Think about that for a second… Why were there children at state-licensed, industrialized commercial marijuana farms in Southern California’s agricultural zones?

That’s a very good question — and perhaps protesting ICE seems the most plausible explanation. But one thing is sure: CBP Commissioner Rodney Scott revealed that federal agents rescued children from what appears to be forced labor conditions on industrial-sized marijuana farms.

“10 juveniles were found at this marijuana facility – all illegal aliens, 8 of them unaccompanied. It’s  now under investigation for child labor violations,” Scott revealed on X.

He asked: “California, are you ready to partner with us to stop child exploitation?” 

ICE agents on Thursday targeted two locations by Glass House Farms — one in the Santa Barbara County town of Carpinteria, about 90 miles northwest of Los Angeles, and another in the Ventura County community of Camarillo, about 50 miles from the metro area controlled by a far-left regime — resulted in the rescue of what could be illegal alien childeren exploited by labor mules.

Homeland Security Assistant Secretary Tricia McLaughlin wrote on X that federal law enforcement rescued the children from what appears to be “potential exploitation, forced labor, and human trafficking.” She said agents were met by “500+ rioters,” one of whom opened fire on law enforcement.

X users were horrified Thursday night when an anti-ICE protester opened fire on federal law enforcement — a disturbing sign that low-intensity skirmishes are escalating into armed confrontations. This comes as the Democratic Party’s leftist radicals continue to promote dangerous anti-ICE rhetoric, putting federal agents directly in harm’s way.

President Trump and Border Czar Tom Homan have been vocal about the “missing 300,000 migrant children” reportedly somewhere in the U.S., a consequence of the Biden-Harris regime’s deliberate border invasion that only resulted in the exploitation of some migrants — whether through forced labor or sex trafficking. Shame on Democrats..

Tyler Durden
Fri, 07/11/2025 – 19:20

Massive Rare Earths Elements Deposit Confirmed In Wyoming

Massive Rare Earths Elements Deposit Confirmed In Wyoming

By John Paul Hamsptead of FreightWaves

In a groundbreaking moment for the American mining industry, the Fluor Corporation has confirmed the feasibility of large rare earth element deposits at Ramaco Resources’ Brook Mine in Wyoming. This announcement marks a significant step towards redefining the United States’ position in the critical minerals market. The confirmation by Fluor not only solidifies the economic potential of the Brook Mine but also positions Ramaco Resources as a key player in reducing the country’s dependency on foreign sources of rare earth elements.

Ramaco Resources, initially known for its operations as a metallurgical coal miner, was thrust into the spotlight with this unexpected discovery. The company, headquartered in Lexington, Kentucky, had been primarily focused on coal mining in Appalachia. The Brook Mine project represents a strategic pivot for Ramaco, leveraging its mining expertise to tap into the lucrative rare earth element market.

According to the Preliminary Economic Assessment (PEA) conducted by Fluor Corporation, the rare earth deposits at Brook Mine are not only abundant but also economically viable. The PEA outlines a robust financial outlook, with a net present value (NPV) of $1.197 billion at an 8% discount rate and an internal rate of return (IRR) of 38% pre-tax. The report projects that the mine will produce 1,242 tons annually of oxides, including high-value minerals such as dysprosium, neodymium, and scandium, which are critical to various advanced technologies. Specifically, dysprosium and neodymium have unusual magnetic properties that make them perfect for high-performance magnets in electric vehicles and various electronics, while scandium’s most important applications involve its use as an alloy for aluminum.

The economic significance of these discoveries cannot be overstated. Rare earth elements are integral to modern technology, playing a crucial role in the manufacturing of everything from electric vehicles and wind turbines to sophisticated military systems. Historically, the United States has relied heavily on imports, particularly from China, to meet its demand for these minerals. The Brook Mine’s potential to support 3-5% of the U.S.’s total permanent magnet demand is a crucial development in shifting the nation’s supply chain dynamics.

Aside from economic viability, the strategic implications are profound. Rare earth elements have long been a strategic lever for China, which controls roughly 85% of global production. China’s dominance in the market has allowed it to wield significant influence, at times restricting exports as a tool in trade negotiations. This dependency has underscored the urgency for the U.S. to establish a secure, domestic supply of these critical materials.

Ramaco’s leadership has recognized the strategic and national security dimensions of their project. Randall Atkins, the Chairman and CEO of Ramaco Resources, emphasized the importance of the Brook Mine discovery not only for the company but also for the nation. With plans to develop processing facilities capable of handling these rare earth elements domestically, Ramaco aims to foster a vertically integrated supply chain, addressing both extraction and processing within the United States.

The transition from a coal-centric operation to a rare earth element powerhouse reflects broader shifts in the global energy landscape. As the demand for cleaner, sustainable energy solutions grows, the need for rare earth elements will only increase. The Brook Mine discovery positions Ramaco at the forefront of this evolution, offering significant economic rewards while contributing to national security.

As Ramaco Resources continues to develop the Brook Mine, the focus will be on optimizing extraction processes and scaling up operations to meet projected demand. The backing from Fluor Corporation, an internationally renowned engineering firm, provides additional credibility and support to Ramaco’s ambitious plans.

The discovery and subsequent validation of rare earth elements at the Brook Mine is a landmark event for Ramaco Resources and American industry at large. By establishing a domestic supply chain for these essential materials, the United States not only reduces its reliance on foreign sources but also strengthens its strategic autonomy.

Tyler Durden
Fri, 07/11/2025 – 18:55

Even 190% Tariffs Can’t Break Our Addiction To China’s Cheap Labor

Even 190% Tariffs Can’t Break Our Addiction To China’s Cheap Labor

Despite falling headline numbers—China’s share of U.S. imports dropped to 13% in 2024 from nearly 22% in 2017—America’s reliance on Chinese goods remains deeper than it seems, according to Bloomberg. 

A new paper by researchers from the World Bank and IMF estimates the real figure is closer to 16% when accounting for transshipments through third countries and de minimis shipments under $800 that bypass duties.

One major reason: China’s unmatched manufacturing capability. Businesses, even those hit hard by tariffs, are staying put. Pashion Footwear CEO Haley Pavone, facing an $80,000 tariff in April, still sticks with her Chinese supplier. She considered alternatives but found the upfront costs too high and skilled labor lacking elsewhere.

“No one is as optimized as China,” said Pavone, whose shoes require engineering precision.

Bloomberg writes that Trump-era tariffs, aimed at reducing reliance on China, may have limited impact—or even backfire. Some Southeast Asian nations now face steeper reciprocal tariffs, making them less attractive alternatives for manufacturers.

Meanwhile, new research from the Kiel Institute warns that trade talks shouldn’t overlook services. In 2023, the U.S. ran a €148 billion ($173B) services trade surplus with the EU—nearly three-quarters the size of its goods trade deficit.

Still, U.S. and EU data diverge sharply: “The EU can go for a carrot-and-stick approach with respect to services trade,” researchers suggest, promoting digital access while tightening data rules or introducing a digital services tax.

Last month, President Trump said Chinese leader Xi Jinping was “extremely hard” to make a deal with just days after the president accused Beijing of violating an agreement to roll back tariffs and trade restrictions.

This came after Treasury Secretary Scott Bessent said that U.S.-China trade talks were “a bit stalled.” 

As of July 2025, the U.S. and China are in a temporary tariff truce, with reduced rates (30% U.S., 10% China) set to expire August 12. Talks are ongoing, with Secretary of State Marco Rubio meeting Chinese officials this week, though tensions remain high. Broader U.S. tariff threats on other countries have been delayed to August 1 to allow more negotiation time.

Tyler Durden
Fri, 07/11/2025 – 18:30