Two US officials who spoke to The Associated Press on condition of anonymity have confirmed the resumption of arms and ammo deliveries to Ukraine’s military which include 155 mm artillery shells and GMLRS precision-guided rockets.

Last week’s ordered pause affected a specific shipment and was reportedly initiated by Defense Secretary Pete Hegseth to review US weapons inventory levels amid fears of dwindling American stockpiles.

The Ukrainians too appear to have confirmed receipt of the paused shipments, and have said they are ‘impressed’ with Trump’s decision-making.

But interestingly, the White House has acted surprised that the pause was ever given:

During a meeting of his Cabinet on Tuesday, with Defense Secretary Pete Hegseth sitting next to him, Trump said he didn’t know who signed off on the weapons pause.

“I don’t know. Why don’t you tell me?” Trump told a reporter who asked who ordered the pause.

Trump also repeated he was “very unhappy” with Putin and said he was looking into sanctions on Russia as a consequence.

And on Wednesday the president was questioned by a reporter as follows:

“Yesterday, you said that you were not sure who ordered the munitions halted to Ukraine. Have you since been able to figure that out?” a reporter asked the president.

“Well, I haven’t thought about it, because we’re looking at Ukraine right now and munitions, but I have, no I have not gone into it,” he said.

The reporter followed up by asking, “What does it say that such a big decision could be made inside your government without you knowing?”

“I would know if a decision was made, I will know,” Trump stressed. “I’ll be the first to know. In fact, most likely I’d give the order, but I haven’t done that yet.”

Such obfuscation could be the result of rising anger among Trump’s base concerning the policy U-turn. Trump voters have wondered how keeping up the flow of massive monetary and defense aid to Ukraine is ‘America first’.

Trump on Ukraine: “We’re going to send some more weapons. We have to.” There’s been no comprehensive “halt” or “freeze” of US arms supplies, as had been erroneously reported over the past week. Trump has never opposed arming Ukraine! After all, he’s the one who started doing it! pic.twitter.com/4f88FX8zvk

— Michael Tracey (@mtracey) July 8, 2025

This is especially as Trump had earlier swiped at Zelensky over the aid, calling him the “world’s greatest salesman”. But more recently Trump has expressed frustration at lack of peace negotiations between Moscow and Kiev getting off the ground.

Via The Cradle

Turkish authorities have detained more than 500 members and officials of the opposition Republican People’s Party (CHP) since October 2024 in an intensifying crackdown that has exclusively targeted municipalities held by the secularist party, according to a Reuters review of legal filings and state disclosures published on Thursday.

President Recep Tayyip Erdogan has defended the campaign as an effort to dismantle a corrupt “octopus” network with arms stretching “to other parts of Turkiye and abroad.”

His office has not responded to requests for comment on accusations of political interference or selective prosecution.

The probe initially focused on Istanbul but has since spread to CHP-run cities including Izmir, Adana, Antalya, and Adiyaman – territories seized from the ruling Justice and Development Party (AKP) in last year’s municipal elections. 

More than 220 individuals have been imprisoned or placed under house arrest, with 202 detained in the past week alone.

Among those jailed is Ekrem Imamoglu, mayor of Istanbul and Erdogan’s leading political rival, who was arrested in March on corruption charges he denies. 

A 121-page police transcript reviewed by Reuters alleges that Imamoglu’s phone repeatedly connected to the same cell tower as individuals accused of bribery, to which he responded that his home was located nearby. Prosecutors have yet to issue indictments.

Lawyers and party officials say the arrests lack a legal foundation. Mehmet Pehlivan, Imamoglu’s lawyer, who was also jailed, said the probe attempts “for the first time to criminalize the right to practice law.”

Former AKP minister Ertugrul Gunay described the campaign as a “tool for political attrition,” warning it reflects panic within Erdogan’s camp over future elections. CHP Chairman Ozgur Ozel called it “a coup against Ataturk’s party,” prompting a separate investigation against him for allegedly insulting the president.

Three CHP mayors – Zeydan Karalar of Adana, Muhittin Bocek of Antalya, and Abdurrahman Tutdere of Adiyaman – were arrested on 5 July in what the party described as a “political operation.” Their arrests followed the detention of over 120 individuals in Izmir.

Ankara Mayor Mansur Yavas responded on X, saying, “In a system where the law is bent and twisted according to politics … no one should expect us to trust the rule of law or believe in justice.”

It has now become the norm for hundreds of drones to be exchanged each night across borders between Russia and Ukraine. In the overnight and into Thursday morning hours, Russia once again sent some 400 drones into Ukraine. The attack also included close to 20 ballistic and cruise missiles.

CNN and others, who have correspondents on the ground, have witnessed a ‘new tactic’ in the war. Russia sent drones on the Ukrainian capital “flying from all directions” – in yet another effective effort at confusing and breaking past anti-air defenses.

“Russia has been intensifying its aerial attacks against Ukraine in recent weeks, but the assault on Thursday appeared to mark a change in approach from Moscow,” CNN notes, before adding:

They were flying at different altitudes, and attacking from all directions — with some of the drones initially bypassing the capital before abruptly changing direction and speeding back towards the city.

Still, Ukraine’s military says it was able to shootdown or disable 382 of the 415 aerial weapons Russia launched overnight.

Local authorities said a 22-year-old female police officer was killed in these latest Russian attacks, along with one other person, and over a dozen more people were wounded.

“This is an obvious build-up of terror by Russia,” President Zelensky said on Thursday, while issuing another plea for the United States and the Western allies to provide more air defense systems and missiles.

Clearly, the two warring sides are further away from direct peace negotiations than ever before. The US appears to have somewhat stepped back, content to let the war drag on, after President Trump has expressed deep frustration.

But Washington is still apparently working on the bilateral relationship with Moscow, as top diplomats from both sides held a “frank exchange” during talks in Malaysia on Thursday on the sidelines of the Association of Southeast Asian Nations (ASEAN) foreign ministers’ summit.

Reports say US Secretary of State Marco Rubio has issued a “new idea” on resolving the war to his Russian counterpart Sergei Lavrov.

Zelensky reported that last night the Russian Armed Forces launched 18 missiles and around 200 “Gerans” (drones) at Ukraine.

Meanwhile, Ukrainian military bloggers note that if such trends continue, frontline cities like Sloviansk and Kramatorsk may become safer than Kyiv.
-… pic.twitter.com/4NTO9TytoP

— Zlatti71 (@Zlatti_71) July 10, 2025

“It’s not a new approach. It’s a new idea or a new concept that I’ll take back to the president to discuss,” Rubio said. He underscored was not something that “automatically leads to peace, but it could potentially open the door to a path.”

But if it’s anything less than Kiev making territorial concessions, the Kremlin is unlikely to be interested, also as it keeps making slow but steady gains in the east.

By Thomas Brooke of Remix News

A German court has sentenced an immigration officer to prison for accepting bribes in exchange for issuing fraudulent residence and citizenship documents.

As reported by Bild, the Lüneburg Regional Court ruled on Tuesday that the officer from the district of Lüchow-Dannenberg in Lower Saxony illegally issued permanent residence permits, settlement papers, and naturalizations to foreigners in at least 16 cases between January 2022 and July 2023, in return for cash payments.

Among those who obtained papers were individuals from Turkey, Georgia, Albania, and several Arab countries. Many had presented forged residence documents from other EU states, such as Greece, when applying for legal status in Germany. In some cases, requirements such as language proficiency certificates were waived.

The court found that the official became known for his ability to process cases “without complications,” a reputation that spread across the country, according to a district councilor. He was consequently jailed for six and a half years.

The scheme involved a co-defendant, 32-year-old Kastriot G., who knew the official from a local football club. He acted as an intermediary, arranging “customer orders” for the fraudulent documents. Kastriot G. was sentenced to nine years in prison, with his term including a previous conviction for kidnapping for ransom.

The court stated that both men had received around €154,000 from their dealings, which they are now required to repay in full. Both defendants partially admitted the charges, though they did not fully confess.

“They were only interested in the money; they wanted to split the proceeds equally,” said presiding judge Christoph Paglotke, according to the German press agency dpa.

The verdict is not yet final and can still be appealed.

Illegal immigration means big money for some, and fraudulent activity has been known to occur in several European member states.

In February, Spanish police uncovered a criminal network arranging sham marriages between Spanish women and foreign men seeking residency. Three people, including a lawyer, were arrested for their involvement in the scheme, which charged around €10,000 per client.

Continue reading on Remix news

Authored by Alexander Liao via The Epoch Times,

As we reach the midpoint of 2025, it is evident that this year has been characterized by turbulence, uncertainty, and deepening despair for many in communist China.

Six phenomena best capture the country’s current state: decline, fierce competition, political struggles, the “run” movement, random acts of violence, and the “lying flat” movement.

They reveal the erosion of trust and a growing sense of disillusionment and unrest among the populace.

Decline

For many in China, 2025 is the most challenging year in nearly three decades, with numerous sectors of society experiencing a significant downturn. The real estate market is the most notable example.

By the end of May, average transaction floor prices for residential land had fallen by nearly 50 percent in second-tier cities and almost 40 percent in third-tier cities. These prices are calculated by dividing the total land cost by the total floor area that can legally be built, providing a measure of the land acquisition cost for developers.

Local governments, heavily dependent on land sales for revenue, saw this vital stream nearly vanish—crippling their finances.

The economic downturn is evident in the decline of consumer spending. Signs of shrinking domestic demand include price wars in the electric vehicle sector, the widespread closure of small businesses, and decreasing sales of luxury goods such as cosmetics, high-end watches, and designer handbags. Additionally, many foreign companies are either downsizing their operations or leaving the country altogether.

Salary cuts have affected employees across various sectors, including banks, securities companies, civil services, and both state-owned and private enterprises. Moreover, the unemployment rate among recent college graduates is rising, leading many individuals to anticipate joblessness after graduation.

Yet the most significant decline is not related to the economy but to the public’s confidence in the regime. Among ordinary citizens and government officials, many have lost hope in the Chinese Communist Party (CCP). No amount of optimistic rhetoric or economic stimulus can reverse this situation. The erosion of trust has triggered capital flight and stock market exits, posing perhaps the greatest legitimacy crisis the CCP has ever faced.

Fierce Competition

Excessive competition within the same industry has been a longstanding issue under communist rule, leading to infighting and internal exhaustion.

This year has seen a notable increase in the closures of various businesses, including restaurants, hair salons, bubble tea shops, beauty parlors, and car dealerships. While the economic downturn is a significant factor, internal competition has also played a vital role. There are too many businesses vying for a limited demand, which has prompted them to undercut each other in increasingly unsustainable ways. As a result, many are struggling, ultimately leading to shutdowns, and the deteriorating economy has only worsened this situation.

Political Struggles and Infighting

Infighting among top CCP officials is one of the most sensitive and consequential developments this year, particularly evident in the ongoing military purge.

What began in late 2023 as a sweeping crackdown on the Rocket Force—initially targeting high-ranking officials seen as disloyal to Chinese leader Xi Jinping—took a dramatic turn in the second half of 2024. In a striking reversal, the latest purges have targeted Xi’s allies, suggesting a weakening of his grip on power.

According to credible insiders speaking to overseas Chinese dissidents, Xi’s role has now become largely ceremonial. There are growing indications that top CCP officials have reached a consensus: Xi will soon be officially removed from power.

This unexpected power shift has become the defining feature of China’s political landscape in 2025.

‘Run’ Movement

This situation describes the increasing trend of Chinese citizens attempting to leave the country by any means available.

Following the CCP’s draconian three-year COVID-19 lockdowns, a growing number of people sought to emigrate to the United States, with some even illegally crossing its southern border on foot. But with President Donald Trump’s return to the White House, that pathway is now largely closed.

In recent years, some Chinese also attempted to settle in Canada by overstaying tourist visas and applying for political asylum. However, Canada has also tightened its visa policies.

Now, Thailand and Malaysia have emerged as new destinations for middle-income Chinese hoping to join the “run” movement.

For wealthier individuals, Japan has become an increasingly attractive destination compared to many Western countries, thanks to its relatively accessible business manager visa.

This visa has no requirements for Japanese language proficiency, academic qualifications, or age limits. Instead, applicants must invest a minimum of 5 million yen (approximately $35,000) in a Japanese company, register the business, and secure a physical office space.

Additionally, the business must employ at least one full-time staff member who is either a Japanese national, a permanent resident, the spouse or child of a Japanese national or permanent resident, or a foreign national with long-term resident status. Applicants can bring their family members if their business plan is approved.

Regardless of their socioeconomic status, many Chinese are leaving the country. This trend underscores the grim reality of oppressive governance, where mounting pressures compel people to take drastic measures.

Random Acts of Violence

Another disturbing phenomenon is the rise in random assaults over the past two years.

Many Chinese, either trapped by overwhelming hardship or victimized by injustice, have no outlet for their grievances. Tragically, violence often ensues when they lash out in an attempt to express their pain. The following events could be linked to this.

On Jan. 27, in Bozhou, Anhui Province, a sedan plowed into a crowd, injuring multiple people.

Then, on March 23, a man carried out a knife attack outside a supermarket in Shaoxing, Zhejiang Province, randomly targeting passersby. Several people were reportedly injured. A netizen posted videos of the incident on social media that may be disturbing to some viewers (link).

Just days later, on March 26, in Anyang, Henan Province, a taxi drove erratically down the road, hitting pedestrians and vehicles. Some sources claimed that pedestrians and food couriers were killed. A netizen posted a video on social media that may be disturbing to some viewers (link).

Authorities quickly censored information regarding these incidents.

‘Lying Flat’

This movement, initiated by young people in China in recent years, is a response to societal burnout, where individuals withdraw from the competitive frenzy and adopt a slower, minimalist lifestyle.

A new term has emerged to describe individuals who take the concept of “lying flat” to the extreme: the “Five Nos” youth. These individuals consciously choose not to buy a house or a car, avoid making unnecessary purchases, and forgo marriage and children. Their focus is on minimizing expenses as much as possible.

As the economy continues to deteriorate, this passive withdrawal from societal expectations has become increasingly widespread. In essence, Chinese society seems to have lost its vitality.

No Hope for Recovery Under CCP Rule

These miseries are the outcome of decades of communist rule coupled with a continuously weakening economy.

The CCP had hoped to stimulate the economy by relying on an internal circulation model, encouraging people to spend their remaining savings. However, this strategy has failed because China lacks a reliable social security or welfare system. With people earning less, they are too afraid to spend. Consequently, consumption has stalled, and the economy has slipped into deeper stagnation.

As a result, all the gains from years of reform and opening up have been exhausted as of today.

Furthermore, the CCP’s governance model is detrimental to society, especially in times of crisis. Misguided attempts to cling to power—such as implementing the draconian zero-COVID policy during the pandemic, adopting wolf-warrior diplomacy, and allowing the unchecked growth of the real estate bubble—have seriously harmed Chinese society.

Worse still, the Party has eroded China’s moral compass. Dishonesty, betrayal, and opportunism have become increasingly commonplace, resulting in a pervasive atmosphere of mutual distrust in everyday life. In 2025, the consequences of this decades-long degradation have reached a breaking point.

If the CCP continues its rule, ordinary citizens will face increasingly difficult years ahead.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

U.S. Agriculture Secretary Brooke Rollins has ordered the immediate suspension of all live cattle, bison, and horse imports from Mexico via the southern border. The move comes in response to a newly confirmed case of New World Screwworm in Mexico—a highly destructive parasite that poses a massive threat to U.S. livestock and the broader food supply chain.

“I have ordered an immediate shutdown of live cattle, bison, and horse trade through the southern U.S.–Mexico border,” Rollins wrote on X, adding, “This decisive action comes after Mexico confirmed another case of New World Screwworm in Veracruz. As promised, @USDA remains vigilant to ensure the protection of America’s livestock and food supply.” 

I have ordered an immediate shutdown of live cattle, bison, and horse trade through the southern U.S.–Mexico border.

This decisive action comes after Mexico confirmed another case of New World Screwworm in Veracruz. As promised, @USDA remains vigilant to ensure the protection… https://t.co/7QQSS3tFfd

— Secretary Brooke Rollins (@SecRollins) July 10, 2025

She quoted a U.S. Department of Agriculture press release that announced the trade suspension, which signals heightened biosecurity concerns within the USDA and reflects a zero-tolerance posture toward potential cross-border parasitic threats.

Related: 

• US Warns Mexican Beef Imports May Halt Next Week Over Flesh-Eating Fly Crisis

• U.S. Cattle Futures Hit New Highs After Mexican Beef Imports Halted To Stop “Pest Invasion”

With the U.S. cattle herd at its smallest since the 1950s, meatpackers have increasingly sourced from countries like Mexico. Meanwhile, 50% tariffs on Brazilian goods could further tighten U.S. beef supplies. The latest USDA data shows retail ground beef prices have surged above $6 per pound—a new record high.

However, there is good news: the globalist meatpacking giant JBS CEO revealed weeks ago that the U.S. cattle industry is in the beginning stages of rebuilding. Read more here.

Also, Goldman is looking for a bottom in the beef cycle…

Read the note. 

Authored by Tsvetana Paraskova via OilPrice.com,

• OPEC projects oil demand rising 19% to 123 million bpd by 2050, led by India and Africa.

• The forecast contrasts sharply with IEA projections of demand peaking by 2030.

• U.S. withdrawal from the Paris Agreement seen by OPEC as supporting continued hydrocarbon demand.

“There is no peak oil demand on the horizon,” OPEC Secretary General Haitham Al Ghais wrote in the foreword of OPEC’s latest World Oil Outlook (WOO), which sees global oil demand growing by about 19% from now until 2050 to reach 123 million barrels per day (bpd).

In view of slowing Chinese demand growth, OPEC revised down its oil demand growth forecasts for all years between 2025 and 2029.

However, global economic development with growing demand for oil and an increasing global population and middle class are set to underpin demand growth in the coming decades.

OPEC reiterated its view that there is no peak oil demand in sight and the world will see continued rising consumption for decades.

India will lead global oil demand growth through 2050, boosting consumption by 8.2 million bpd between 2025 and 2020.

The Middle East and Africa will also be key demand growth drivers, according to OPEC’s view.

Moreover, oil demand will also be supported by U.S. President Donald Trump’s exit from the Paris Agreement.

“The US withdrawal from the Paris Agreement will impact climate change negotiations and would most likely result in higher demand for hydrocarbons in general, and oil and gas in particular,” OPEC said in the World Oil Outlook as cited by Bloomberg.

“Continued, and even marginally higher, oil demand in the US is to be expected over the medium-term period.”

OPEC’s view that there is no peak oil demand on the horizon contrasts with forecasts from the industry and the International Energy Agency (IEA). Many of the largest oil firms see demand plateauing at some point next decade, while the IEA has just doubled down on its narrative that a peak in global oil demand is still on the horizon.

Global oil demand is forecast to rise by 2.5 million bpd from 2024 to 2030, reaching a plateau around 105.5 million bpd by the end of the decade, per the IEA’s annual Oil 2025 report for the medium term. 

Annual global growth will slow from about 700,000 bpd in 2025 and 2026 “to just a trickle over the next several years, with a small decline expected in 2030, based on today’s policy settings and market trends,” the IEA said.

Confirmed measles cases in the United States have hit the highest number since 1992, according to new data from the Centers for Disease Control and Prevention.

In the United States, so far in 2025, 1,288 cases have been recorded as of July 8, the CDC said in an update on Wednesday.

That’s the highest number in one year since 1992, when 2,126 cases were logged.

Zachary Stieber reports that spokespersons for the CDC and its parent agency, the Department of Health and Human Services (HHS), said in emails to The Epoch Times that HHS “continues to support community efforts in dealing with the measles outbreaks” while the CDC “continues to provide technical assistance, laboratory support, and vaccines as requested.”

Officials say they’ve sent nearly 12,000 mumps, measles, rubella (MMR) vaccine doses to states since cases began appearing in January.

Measles was marked as eliminated from the United States in 2000. That designation means measles was not spreading within the country and that new cases only cropped up when individuals contracted measles in other countries and returned to the United States.

The United States is likely on the way to losing the elimination status, Dr. Monica Gandhi, professor of medicine at the University of California–San Francisco, wrote on social media platform X.

The previous annual peak of case numbers since the elimination was in 2019, when 1,274 cases were confirmed.

That number was primarily driven by an outbreak that occurred in New York.

Cases this year have been recorded in 38 states. More than half of the cases happened in Texas, where an outbreak broke out and spread among Mennonite communities, according to health officials. The source of the outbreak has not been identified.

Of the Texas patients, 5 percent had received at least one dose of the MMR vaccine. Nationwide, 8 percent of patients have a confirmed vaccination history.

The remaining patients are either unvaccinated or have unknown vaccination status.

Three patients have died in the United States in 2025. None of them had received a vaccine.

Measles has also been spreading in other countries.

Canada, which has a much smaller population, said this week that nearly 3,400 measles cases have been confirmed there this year.

“The risk of measles infection is low for the overall U.S. population, with a case rate of less than 0.4 per 100,000 people—lower than peer developed countries including Canada, the United Kingdom, France, Spain, and Italy,” the CDC and HHS spokespersons said.

“Measles risk is higher in U.S. communities with low vaccination rates in areas with active measles outbreaks or with close social and/or geographic linkages to areas with active measles outbreaks. CDC continues to recommend MMR vaccines as the best way to protect against measles. The decision to vaccinate is a personal one. People should consult with their healthcare provider to understand their options to get inoculated and should be informed about the potential risks and benefits associated with vaccines.”

The Partnership to Fight Infectious Disease, a nonprofit whose advisory board members include pharmaceutical company officials, said in a statement that the measles case count “represents an alarming low in today’s fight against vaccine-preventable disease” and called on health leaders and lawmakers “to encourage people to protect themselves and others through vaccination.”

The CDC on its website recommends two doses of the measles, mumps, rubella (MMR) vaccine for all children beginning at 12 months of age. The vaccine is required for school attendance in every state.

Coverage with many childhood vaccines has decreased in recent years. For the MMR vaccine, coverage among kindergartners dropped from 95.2 percent during the school year that started in 2019 to 92.7 percent during the school year that began in 2023. Coverage is even lower in the counties with the most cases in Texas.

Health Secretary Robert F. Kennedy Jr., the head of HHS, has said that people should get a measles vaccine. He has also noted the vaccine has side effects and said that its protection wanes “very quickly.” Some studies have found a waning of MMR vaccine protection or antibodies among some recipients, including a 2007 paper from the United States and a 2023 paper.

The CDC estimates that one dose of the vaccine is 94 percent effective against measles and that two doses bring the effectiveness to 97 percent. The estimates are drawn from a 2013 paper analyzing studies that were performed more than a decade ago, a CDC spokesperson told The Epoch Times in an email.

The immunity provided by the vaccine is “long-term and probably lifelong in most persons,” the agency states on its website. “Some studies indicate that waning immunity may occur after successful vaccination, but this appears to occur rarely and to play only a minor role in measles transmission and outbreaks.”

It also says that approximately 2 to 7 percent of children who receive one dose of the MMR vaccine, and less than 1 percent of kids who receive two doses, do not develop antibodies against measles.

“The secretary has been very clear, it’s his priority to stop the measles outbreak,” Susan Monarez, President Donald Trump’s nominee to head the CDC, told senators during her recent confirmation hearing. “He has been very clear that the MMR vaccine is a critical component to stopping this outbreak.”

A Senate panel on Wednesday advanced Monarez’s nomination. The full Senate has yet to take up the matter.

People exposed to measles can contract the illness, particularly unvaccinated individuals, according to the CDC. Symptoms typically start appearing seven to 14 days after infection, and include a high fever, coughing, and red eyes.

There are no medicines approved by federal regulators specifically for measles. Doctors are encouraged to provide supportive care and focus on relieving symptoms.

Some doctors administer vitamin A, as recommended by the World Health Organization. Kennedy has promoted other treatments such as steroids and cod liver oil.

By George Lei, Bloomberg Markets Live reporter and strategist

Expectations of policy actions to bolster the housing sector have helped real estate stocks close the gap with the broader CSI 300 benchmark over the past few sessions. That has some market participants referencing 2015 and Beijing’s housing-rescue efforts that pulled the world’s second-largest economy out of a deflationary trap. But economic and market circumstances are vastly different now, leaving policymakers neither willing nor able to repeat what they achieved a decade ago.

Rumors are circulating that a new round of shantytown renovation — a catchphrase used a decade ago as part of the rescue package — could be in the works, according to Clocktower Group LP, an asset management and advisory firm based in Santa Monica, California. Back then, Beijing flexed its financial muscles to help a slumping real estate market, with a series of policies putting an end to falling producer prices.

The stimulus, however, resulted in double-digit home price growth in the following years, and the aftermath of that property bubble has haunted China up to this day. With the country’s population poised to keep declining in the years to come, homeowners have grown more bearish on the price outlook. The threshold for Beijing to turn things around is much higher now than a decade ago.

The expectation of renewed shantytown renovation “is likely to prove wishful thinking,” Clocktower said in a client email on Thursday. Ten years ago, PBOC’s pledged supplementary lending program enabled local authorities to redevelop land and then quickly sell to homebuilders.

The resulting land-sale revenue allowed local governments to service their PSL loans and sustain the cycle. With nationwide land-sale revenues falling last month to a decade low, market conditions are “fundamentally different” and new PSL loans could increase risks of new, hidden local debt, Clocktower cautioned.

China’s housing slump –  which has shown no signs of ending –  could emerge as a major growth drag in the rest of 2025. Investors, meanwhile, have also shifted their focus “to the domestic economy and policy” amid fading tariff concerns, Macquarie said in a research report after a series of meetings in the past few weeks.

Policymakers could act to stabilize the property sector after disappointing data, though any aid will be measured and taylored to containing risks only, according to Macquarie analysts Larry Hu and Yuxiao Zhang. Since 1H growth is set to exceed 5%, “stimulus will stay modest until exports fall, as Beijing will do just enough to hit the 5% GDP target,” the Australian bank argued.

Back in 2015, the housing boom engineered by Beijing helped absorb overcapacity in steel and cement. This time, however, it is much harder to cut capacity — and end deflation — as oversupply is more concentrated in consumer sectors such as auto, solar panels and batteries, Macquarie noted. Another housing bubble will only do more harm than good.

Trump issued another letter late on Thursday, saying he will levy a 35% tariff on some goods coming into the US from Canada, in a blow to Canadian Prime Minister Mark Carney’s bid to avoid punishing levies on goods sold to the US. The tariff level would take effect from August 1.

“Fentanyl is hardly the only challenge we have with Canada, which has many Tariff, Non-Tariff, Policies and Trade Barriers, which cause unsustainable Trade Deficits against the United States,” Trump said in a letter to Carney posted Thursday. “Tariffs to our Dairy Farmers – up to 400% – and that is even assuming our Dairy Farmers even have access to sell their products to the people of Canada.”

Trump did allow that he would “consider an adjustment to this letter” if Canada worked with him to stop the flow of fentanyl. But he criticized Canadian authorities for their existing tariffs on US dairy products and said the government had “financially retaliated against the United States.”

The announced rate will be an increase from the current 25% tariff on Canadian imports not covered by the trade deal negotiated between the US, Canada and Mexico, which do not and will not face additional tariffs. That exclusion would remain unchanged, Bloomberg reported citing an unnamed government official. Trump is also leaving in place a lower 10% tariff on energy related imports as well as his increased levies on key goods including metals, the official said.

The situation remains fluid and the legal order has not yet been drafted, they cautioned.

In order to not shake up the market, which has once again emerged as the only true barometer of Trump’s actions, that formula would be a far more modest change to the trading relationship than an across-the-board 35% rate, and would preserve exceptions for closely integrated sectors like the auto industry.

While most Canadian exports were shielded from Trump’s tariffs thanks to the trade agreement, known as USMCA, the president had imposed a 25% tariff on many goods citing the threat of fentanyl. Metals, including steel and aluminum, were already subject to a 50% tariff.

Still, Bloomberg notes that the letter suggests Trump is intent on ratcheting up rather than scaling back his trade war with the US’s northern neighbor (which he has mused publicly should consider becoming the 51st state) despite furious efforts by Canadian officials to broker a deal.

Trump’s letter came after he told NBC News Thursday he is eyeing blanket tariffs of 15% to 20% on most trading partners, adding that the exact levels are being worked out now. The current blanket tariff rate is 10%.

Taken together, the moves signal no retreat from his flagship economic policy, with Trump noting to NBC the recent rise in US equity markets even as Trump plans higher tariff rates on major trading partners that would start within weeks. 

US stock futures briefly slumped, before recovering some losses when it became clear that USMCA goods would remain exempt. Almost as if Trump wants to keep imposing tariffs while watching the stock market hit record highs day after day: since the two are mutually exclusive, either Trump has to TACO on tariffs, or watch as markets tumble once more a la Liberation day. The greenback climbed against major peers in Asian trading. The Canadian dollar led losses among Group-of-10 currencies, followed by risk sensitive Australian and New Zealand dollars in fear a further disruption to trade may impact global growth.

Trump’s Canada announcement came after officials in Ottawa already moved this week to denounce US plans to impose a 50% import tariff on copper.



“We are waiting for the details of this decision by the White House and by the president, but we’ll fight against it, period,” Canada Industry Minister Melanie Joly said earlier Thursday.

The talks between the US and Canada had already shown signs of stress. Last month, Trump cut off negotiations temporarily after Canada moved to impose a digital services tax, only for the Canadian government to drop the initiative just hours later.