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Pre-Tariff Surge In Aircraft Orders Sends US Durable Goods Orders To Record High In March

Pre-Tariff Surge In Aircraft Orders Sends US Durable Goods Orders To Record High In March

While Apple’s Tim Cook was adamant on the call last night that he had seen no ‘pull forward’ of demand due to the tariffs, it seems every other firm in the US did as Durable Goods Orders soared in March (final print this morning at +9.2% MoM)…

Source: Bloomberg

However, Core Durable Goods (ex Transports) was unchanged MoM – suggesting considerable front-running of tariffs for planes and autos…

Source: Bloomberg

US Factory Orders rose 4.3% MoM (slightly less than the +4.5% expected) – a big jump

Source: Bloomberg

And like with Durable Goods, Core Factory orders (ex Transports) actually fell 0.2% MoM…

Source: Bloomberg

The surge in orders was largely driven by a 139% MoM spike in non-defense aircraft and parts…

Source: Bloomberg

Which pushed total orders to a new all-time record-high…

Source: Bloomberg

The question is – what happens in April – post Liberation Day?

Tyler Durden
Fri, 05/02/2025 – 10:10

ZeroHedge Store: Announcing Rancher-Direct Meats & More In Partnership With The Beef Initiative

ZeroHedge Store: Announcing Rancher-Direct Meats & More In Partnership With The Beef Initiative

Since ZeroHedge launched our online store in December the response has been overwhelming. Not only is your support of our mission greatly appreciated, it’s allowed us to expand.

Thanks to RFK Jr.’s “Make America Healthy Movement,” people are paying close attention to what they’re putting in their bodies like never before – and want to know exactly where their food is coming from.

To that end, ZeroHedge Store is proud to introduce ranch-direct, clean, grass-fed beef and other meats, raised on vetted, independent farms across America, packed on dry ice, and shipped quickly and directly to your door as part of our new partnership with Texas Slim and The Beef Initiative – a key ally in the MAHA movement whose mission is to connect consumers directly to their food. We’re proud to join this movement, and we hope you will too.

Click to jump directly to our new Rancher-Direct section…

You’ll know exactly what you’re putting into your body, where it came from, and you’ll be supporting a network of independent farmers with high standards who have been crushed under the monopoly on US beef held by four transnational corporations.

Each regeneratively-ranched farm is thoroughly vetted by The Beef Initiative, while community-based microprocessing centers are employed to ensure that your beef – and other meats, are quickly and cleanly butchered, packaged, flash frozen, and ready to ship directly to your door for free.

Pricing: By eliminating links in the chain, we can offer high quality, clean beef and other meats at very reasonable prices, directly from the ranch families that grew it.

*** By purchasing rancher-direct, your support goes straight to family-run ranches.

*** 5% discount for all Beef Initiative subscriptions

Here’s The Beef (and more)

We’re kicking off our Rancher-Direct program with four independent ranches, along with a NYC-based beef tallow skincare company that sources directly from Redbanks Beef Farm in Virginia.

Ebersole Cattle Co. – Iowa

Located just outside of Kellerton, Iowa, the Ebersoles have been in business since 1998 and specialize in Regenerative Ranching. Their meat is 100% Grass-Fed and Grass Finished, uses no hormones, antibiotics, or mRNA vaccines.

Check out their;

  • Prime Berkshire Pork (13-15 lbs); 2lbs thick-cut bacon, 2 thick cut Iowa pork chops, 2 pork steaks, 2lbs ground pork, 2lbs ground sausage, 1lb Chorizo, 1lb maple sausage.

  • Rancher’s Favorites Box – Beef, Pork & Seasonally available Lamb & Whole Chickens. Comes with 2-4 steaks, 3-5 lbs ground meat (beef, sausage or pork – rancher’s choice), and 1lb of thick-cut bacon.

Legacy Ranch – Illinois

Offering corn-finished American Wagyu cattle on raised a small 1st generation family-owned ranch in central Illinois which uses regenerative practices. The cattle are pasture-raised with plenty of space to roam, graze, and grow at a natural pace.

Check out their;

  • Wagyu Cattleman’s Bundle (15-16 lbs): 1 Ribeye steak, 1 NY Strip steak, 1 Filet Mignon, 1lb of fajita meat, 2-3 lbs of Chuck Roast, 5lb of Ground Beef, 3 burger patties, 4 Brats, and 4 Wagyu Snack Sticks (original, teriyaki, sweet heat, BBQ)

Beck Ranch – Wyoming

Family-owned in Lonetree, WY, Beck Ranch offers grass-fed, grain-free beef with no added hormones or antibiotics.

Check out their;

  • Steak Lover’s Bundle2 Filet Mignon steaks | 2 Ribeye or Rib Steaks Steaks | 2 Baseball or Ponderosa Steaks | 2 New York Strip Steaks | 2 Top Sirloin Steaks

Miller Bison – Nevada

Located in Eureka, Nevada, Anthony and Benita Miller have over 130 bison on their 320-acre farm which uses regenerative agriculture practices.

Check out their;

  • Complete Bison Box; 2-4 steaks (Rancher’s choice of: Ribeye, Tenderloin, NY Strip, Top Sirloin, Flat Iron, Skirt and more), 2-3 lbs slow-cook cuts (roasts, short ribs, stew meat), and 4-6 lbs of Ground Bison. 

Born To Be Free – New York, Tallow sourced from Virginia

Nadja and John Scavone have produced a collection of non-toxic, chemical-free skincare products using the finest, regeneratively-sourced ingredients using grass-fed tallow.

Check out their;

  • Cattleman’s Skincare Collection; Sandalwood Body Butter (4oz), Sandalwood Tallow Soap Bar (4.5oz), Sweet Almond Body Butter (2.5oz), Coconut Vanilla Lip Balm (.3oz)

From Texas Slim, founder of The Beef Initiative: “This partnership with ZeroHedge isn’t just a media alignment—it’s the signal fire. American ranchers are reconnecting with the people they feed, not through policy or permission, but through proof of work. We’re laying the foundation for a sovereign food system—local, durable, and built on trust. Every box you buy keeps a rancher on the land and a way of life from disappearing.

SHOP HERE

Tyler Durden
Fri, 05/02/2025 – 10:00

Ivy League Showdown: Trump Says Harvard Will Lose Tax-Exempt Status

Ivy League Showdown: Trump Says Harvard Will Lose Tax-Exempt Status

The woke liberal elites, perched high in their Harvard University ivory towers in Cambridge, Massachusetts, have been plotted at extreme levels on the “F*ck Around and Find Out” (FAFO) chart, which illustrates their relationship between taking risks (“f*ck around”) and facing consequences (“find out”) in response to President Trump’s simple request to dismantle the toxic framework of diversity, equity, and inclusion on campus. 

The standoff between President Trump and woke elites deepened on Friday morning after the president wrote on Truth Social: “We are going to be taking away Harvard’s Tax Exempt Status. It’s what they deserve!” 

On Wednesday, President Trump suggested to U.S. Education Secretary Linda McMahon that the federal government may stop giving the far-left university grants: “And it looks like we are not going to be giving them any more grants, right Linda?”

The president has launched a formal review into the $9 billion in federal funding for the university. He demanded the university end DEI and crack down on anti-Semitic protests fueled by pro-Palestinian groups. 

F*ck Around:

Find Out:

Last week, the president asked the Internal Revenue Service to revoke Harvard University’s tax-exempt status. The Ivy League school’s failure to wind down woke and toxic liberal agendas that undermine the nation has left it at the end phase of FAFO. 

On Thursday night, Trump told students in his commencement address at the University of Alabama: “The next chapter of the American story will not be written by the Harvard Crimson. It will be written by you, the Crimson Tide.”

Tyler Durden
Fri, 05/02/2025 – 09:45

China Quietly Walks Back A Quarter Of US Import Tariffs Amid Economic Crunch

China Quietly Walks Back A Quarter Of US Import Tariffs Amid Economic Crunch

China has quietly started to exempt some US goods from tariffs that likely cover around $40 billion worth of imports (or around 24% of Chinese imports from the US in 2024), in what looks like an effort to soften the blow of the trade war on its own economy. 

“China is likely trying to mitigate damage to its economy by avoiding a collapse in key imports,” DiPippo said. 

“The exemptions shouldn’t be interpreted as a signal to the US, as China has been quiet about its exemptions, working through business channels and avoiding public statements.”

While this move mirrors the shift by the Trump administration – exempting smartphones and other electronics from its own “reciprocal” tariffs, including the 145% levies on China (those US exemptions apply to about $102 billion, or roughly 22% of US imports from China last year) – we suspect there is more behind this decision.

As we highlighted just a week ago, China’s already fragile economy faced a serious crisis from the tariff-driven cuts to supply of US ethane and the potential for that to force mass plastics factory closures.

“The situation is dire for China’s ethane crackers as they have no alternative to US supply,” said Manish Sejwal, an analyst at Rystad Energy AS, using an industry term for such facilities.

 “Unless they are granted tariff exemptions, they may have to stop production or close shop.”

Well guess what just happened… buried deep among the 131 items is, you guessed it – industrial chemicals (which likely includes US Ethane supplies).

Bloomberg reports that it’s unclear where the list came from and it hasn’t been officially confirmed, but at least half a dozen companies in China have been able to bring in goods from the list without paying tariffs, according to people familiar with the matter, who asked not to be identified discussing confidential information.

No matter the reason – forced by factory closure crisis or simply goodwill – there are tentative signs the US-China trade standoff could be shifting. 

The Chinese Commerce Ministry said on Friday it’s assessing the possibility of trade talks with the US, giving a lift to equity markets.

“The US has recently sent messages to China through relevant parties, hoping to start talks with China,” the ministry said in a statement released during a mainland holiday. 

“China is currently evaluating this.”

The timing of the tit-for-tat escalation and de-escalation is very similar to last time (though this time the pain was far greater to prompt the walkbacks on both sides)…

The list of exemptions is said to be dynamic and will be continuously adjusted depending on China’s needs, according to people familiar with the matter.

Tyler Durden
Fri, 05/02/2025 – 09:40

Apollo’s Torsten Slok Unveils Timeline For Trade War Fallout

Apollo’s Torsten Slok Unveils Timeline For Trade War Fallout

The first wave of the trade downturn is already affecting the U.S. West Coast, with the Port of Los Angeles experiencing a sharp decline in containerized imports from Asia, following months of elevated frontloading by U.S. importers. 

For those tracking trade developments in recent weeks, this freight downturn was entirely predictable:

Last month, Chinese manufacturers shut down production lines, and exporters suspended shipments to the U.S. in response to President Trump’s 145% tariff trade wall. The one-month delay in the U.S. economic impact reflects the time it takes cargo ships to sail China-US West Coast shipping lanes.

The latest scheduled import volume data from Port Optimizer, a tracking system for vessel operators, shows that the economic impact of the tariffs on Chinese goods has already begun to take effect. 

Torsten Slok, chief economist at Apollo, laid out a presentation for clients of what to expect in the weeks ahead:

The consequence will be empty shelves in U.S. stores in a few weeks and Covid-like shortages for consumers and for firms using Chinese products as intermediate goods.

In addition, we will soon begin to see higher inflation because there are a significant number of product categories where China is the main provider of certain goods into the U.S. market.

In May, we will begin to see significant layoffs in trucking, logistics, and retail—particularly in small businesses such as your independent toy store, your independent hardware store, and your independent men’s clothing store. With 9 million people working in trucking-related jobs and 16 million people working in the retail sector, the downside risks to the economy are significant.

In a separate note, Goldman analyst Trina Chen outlined which Chinese products are most likely to be impacted if shortages materialize over the next couple of months.

Slok’s chart above illustrates that the front-loading surge in imports ended abruptly just ahead of President Trump’s “Liberation Day” tariffs. The sharp drop in containerized volumes from China came off previously elevated levels. More or less, this was a natural lull that developed and quickly reversed due to tariffs. 

The consequences of the tariffs could lead to Covid-like shortages of high-volume staples from China once warehouse inventories run dry. However, no retailer will allow shelves to go empty—they’ll be forced to reorder at higher costs and pass those increases on to consumers. That’s why inflation could see a resurgence. Still, this may take months—possibly a full quarter—to fully unfold, by which point a broader U.S. economic downturn may already be in motion. 

Tyler Durden
Fri, 05/02/2025 – 06:55

“Out In 60 Days”: US Firm Plans “Accelerated” China Exit

“Out In 60 Days”: US Firm Plans “Accelerated” China Exit

President Trump’s trade war is pushing both multinational giants and small businesses to either friend-shore or re-shore their critical supply chains out of China. Some of these firms have even considered bringing critical manufacturing operations to the United States. 

One such company, Seattle, Washington-based Wyze Labs, a popular seller on Amazon of smart home and wireless camera products, revealed on X that their “first tariff bill” has “accelerated” efforts to leave China in two months, with serious consideration of restoring supply chains in the United States

Just got our first tariff bill. We imported $167k of floodlights and then paid $255k in tariffs. That’s more than any of our founders were paid last year,” Wyze wrote on X. 

Wyze posted an image of their tariff bill for floodlights that nearly doubled. 

We’ve been working on moving manufacturing out of China for over a year now, but those efforts have been…accelerated. We’ll probably be out in 60 days,” the Seattle start-up said, adding, “Obviously we’d love to move our factories back home to Seattle. We just need to figure out to make the rain in Seattle power an assembly line.” 

Some of Wyze’s products on Amazon have tens of thousands of reviews, making them a popular choice among consumers. 

Earlier on Thursday, Eli Lilly CEO Dave Ricks provided CNBC with an update about tariffs: “I think that actually, the threat of tariffs is already bringing back critical supply chains into important industries, chips, and pharma.”

Perhaps the Trump administration should consider launching a public counter to track the success of friend-shoring and re-shoring efforts, as the 145% tariff on Chinese imports acts as a powerful lever in the ongoing trade war, reshaping critical supply chains and accelerating the exodus from China.

Tyler Durden
Fri, 05/02/2025 – 05:45

Gen Z Now Makes Up Third Of X’s Audience – Driven By Authenticity, Free Speech, & Memes

Gen Z Now Makes Up Third Of X’s Audience – Driven By Authenticity, Free Speech, & Memes

X CEO Linda Yaccarino spoke on Wednesday at the Possible conference in Miami, offering new insights into how America’s Generation Z (Gen Z), those aged 13 to 28, is reshaping news consumption. In what may come as a shock—and a source of frustration—for legacy corporate media and its imploding censorship cartel, Gen Z now makes up roughly one-third of X’s daily user base

The growth is really coming from Gen Z—I think that’s a surprise to a lot of people in the room. Gen Z now makes up 31% of our audience. Since they value authenticity, they come for the humor, real-time information, memes, and trends,” Yaccarino told the audience.

She continued: “They’re projected to have $36 trillion in spending power by 2030. So when you consider all of that—the power of X, our presence in the real-time zeitgeist, and this accelerating growth—we’re pretty excited about the future of X.”

X has bypassed—or leapfrogged—legacy media because the new generation is fueled by technology and unrestricted access to information. The way data and content are consumed has changed forever,” Yaccarino said.

Yaccarino makes a valid point: Younger generations increasingly value authenticity over scripted messaging.

This massive shift was reflected in the rising popularity of long-form podcasts, such as Joe Rogan’s, which gained substantial traction during last year’s election cycle, particularly during high-profile appearances by figures like Donald Trump and Elon Musk.

The unscripted, teleprompter-free format resonated with youngsters who sought unfiltered, real-time conversations.

Much different than the fake news… 

Most Americans are tired of corporate media lies and their censorship cartel that has only tricked the nation into endless wars, lied about Covid origins, called everyone they disagreed with ‘Russian disinfo’, lied about Hunter Biden’s laptop from hell, lied about Joe Biden’s cognitive state, and the list goes on and on and on. 

X has given America’s future leaders transparency. The matrix has been cracked. The Overton Window shifted. The Davos elite have lost control but are hellbent on starting World War III. 

Tyler Durden
Fri, 05/02/2025 – 04:15

Radio Liberty Let The Cat Out Of The Bag Regarding The EU’s Game Plan For Ukraine

Radio Liberty Let The Cat Out Of The Bag Regarding The EU’s Game Plan For Ukraine

Authored by Andrew Korybko via substack,

Russia can expect nothing in return from the EU if Putin concedes to allow their troops and aircraft to deploy in and patrol over Western Ukraine…

Russia has long warned that any unconditional ceasefire in Ukraine of the 30-day sort that Zelensky has proposed could create an opening for NATO to expand its military influence in that country. Hitherto dismissed as a conspiracy theory by the West, Radio Liberty just let the cat out of the bag. The unnamed officials who they cited in their recent article confirmed that they envisage this “buy[ing] the Europeans time to assemble a ‘reassurance force’ in the Western part of Ukraine” and organize “air patrols” there.

Their reported game plan is “keeping the Americans onboard” the peace process, “sequencing” the conflict by clinching a ceasefire that’ll later lead to a lasting peace, and using the aforesaid interim period to carry out the abovementioned military moves for pressuring Russia into more concessions. 

What’s omitted from Radio Liberty’s article is that Russia has threatened to target Western troops in Ukraine, who Secretary of Defense Pete Hegseth earlier said wouldn’t enjoy Article 5 guarantees from the US.

Even if Putin agrees to this concession that’s assessed to be among one of the five significant differences between him and Trump that prompted Trump’s angry post against Putin, Radio Liberty reported that this still wouldn’t lead to de jure European recognition of Russia’s territorial gains. 

The same goes for them lifting sanctions or returning any of its €200 billion of seized assets. More sanctions might even soon be imposed and the windfall profits from those assets will “bankroll Ukraine’s military needs”.

Given what Radio Liberty revealed, Russia can therefore expect nothing in return from the EU if Putin concedes to allow their troops and aircraft to deploy in and patrol over Western Ukraine. Any hopes of restoring Ukraine’s antebellum buffer state status would be crushed, and it can’t be ruled out that the EU’s zone of military activity could later expand to the Dnieper or beyond. One of the special operation’s goals was to prevent the West’s eastward military expansion so that would be another major concession.

Putin’s decades-long close friend and influential senior aide Nikolay Patrushev just told TASS earlier this week that “For the second year in a row, NATO is holding the largest exercises in decades near our borders, where it is practicing scenarios of offensive actions over a large area – from Vilnius to Odessa, the seizure of the Kaliningrad region, the blocking of shipping in the Baltic and Black Seas, and preventive strikes on the permanent bases of Russian nuclear deterrent forces.”

Secretary of the Security Council Sergey Shoigu told the same outlet several days prior that “Over the past year, the number of military contingents of NATO countries deployed near the western borders of the Russian Federation has increased almost 2.5 times…NATO is moving to a new combat readiness system, which provides for the possibility of deploying a 100,000-strong group of troops near the borders of Russia within 10 days, 300,000 by the end of 30 days, and 800,000 by the end of 180 days.”

When the EU’s prioritization of the Baltic Defence Line and Poland’s complementary East Shield are added to the equation, coupled with plans for expanding the “military Schengen” to speed up the eastward deployment of troops and equipment, the trappings of Operation Barbarossa 2.0 are apparent. Putin can’t influence what NATO does within the bloc’s borders, but he has the power to stop its de facto expansion into Western Ukraine during a ceasefire, which could partially hinder its speculative plans.

Conceding to them, which he might agree to do for the five reasons mentioned in the second half of this analysis here from early March, would lead to Russia’s mutual defense ally Belarus being surrounded by NATO along its northern, western, and then southern flanks. That could make it a tempting future target, but Western aggression might be deterred by the continued deployment of Russia’s Oreshniks and tactical nuclear weapons, the latter of which Belarus has already been authorized to use at its discretion.

Conceding to Western troops in Ukraine in exchange for the economic and strategic benefits that Russia hopes to reap from the US if their nascent “New Détente” takes off after a peace deal would therefore entail conventional security costs that could be managed through the means that were just described. At the same time, however, hardliners like Patrushev, Shoigu, and honorary chairman of Russia’s influential Council on Foreign and Defense Policy Sergey Karaganov could dissuade him from such a deal.

Putin must therefore decide whether this is an acceptable trade-off or if Russia should risk losing its post-conflict strategic partnership with the US by continuing to oppose NATO’s de facto expansion into Western Ukraine, including via military means if EU forces move into there without Russian approval. His decision will determine not only the future of this conflict, but also Russia’s contingency planning vis-à-vis a possible hot war with NATO, thus making this the defining moment of his quarter-century rule.

Tyler Durden
Fri, 05/02/2025 – 03:30

Where Malaria Has Been Successfully Eradicated

Where Malaria Has Been Successfully Eradicated

As Statista’s Anna Fleck shows in the chart below, a total of 45 countries and one territory had managed to eradicate malaria as of January 2025, according to data from the World Health Organization. 

Infographic: Where Malaria Has Been Successfully Eradicated | Statista 

You will find more infographics at Statista

A place is eligible to apply for a WHO certification of malaria-free status once it has had zero indigenous cases of malaria for three consecutive years. 

In 2025 so far, Georgia is the latest country to have met this requirement, following after Egypt and Cape Verde last year.

The United States was declared malaria-free in 1970, alongside Italy and the Netherlands.

Meanwhile, India still is endemic with more than two million cases reported there in 2023.

Worldwide, malaria is still endemic in 83 countries.

Tyler Durden
Fri, 05/02/2025 – 02:45

“Every Night, Be Afraid!” – Tesla Owners Targeted By Left-Wing Activists In Vienna

“Every Night, Be Afraid!” – Tesla Owners Targeted By Left-Wing Activists In Vienna

Authored by Thomas Brooke via Remix news,

Tesla owners in Vienna are increasingly finding threatening flyers placed on their vehicles, warning them of potential vandalism and public backlash if they do not sell their cars.

The notes, which have appeared on multiple vehicles in recent days, are part of an apparent campaign by left-wing extremists who have made Tesla — and its CEO, Elon Musk — a target due to his political positions and support for populist parties across Europe.

One flyer, titled “Our condolences! It’s not your fault. It will only be your fault if you don’t act now”, warns Tesla owners that they are driving a vehicle associated with “right-wing agitator” Elon Musk.

The note urges drivers to sell their cars while they still can, hinting at consequences such as public shaming and criminal damage to the vehicle.

The leaflet reads: “Now you own a car that you may be ashamed of, whose value has gone to its knees and you have to be afraid every night that someone will scratch a big ‘fuck Tesla’ into your paintwork.” 

The document continues with suggestions such as speaking to employers about removing Tesla vehicles from company fleets, and even discussing the matter with friends and family in an effort to ostracize the brand.

The campaign is not limited to Vienna. Similar anti-Tesla actions have been reported in several other European cities. In Berlin and Paris, Teslas have been defaced with spray paint and stickers labeling drivers as supporters of “right-wing conspiracy.” In Amsterdam, demonstrators have held protests outside Tesla garages and engaged in confrontations with drivers, calling their cars “capitalist machines” and demanding they abandon them.

In March, an arson attack that knocked out power to a Tesla factory and parts of Berlin was claimed by a left-wing terror group.

“Together, we are bringing Tesla to its knees. Switch off for Tesla. Greetings to everyone on the run, in the underground in prisons and in the resistance! Love and strength to all Antifa,” read a letter by the perpetrators published in the German media.

The vandalism is, in part, fueled by left-wing politicians who have made inflammatory remarks about Musk and his company.

In January, after Musk endorsed the Alternative for Germany (AfD) ahead of the country’s federal elections, Poland’s Sports Minister Sławomir Nitras said, “I can only say this much, listening to these words: Probably no normal Pole should buy a Tesla anymore.”

Berlin Senator Cansel Kiziltepe, of the Social Democratic Party (SPD), went further earlier this week, comparing Tesla to “Nazi cars.”

“Who wants to drive a Nazi car? Manufacturers of electric cars are experiencing a sales boom – apart from Tesla,” she said.

Authorities in Vienna have not yet commented on the distribution of these flyers, but some Tesla owners have expressed concern for their safety and the security of their property, according to Austrian news outlet Exxpress.

Read more here…

Tyler Durden
Fri, 05/02/2025 – 02:00