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US Import Prices Tumble Despite China Tariffs

US Import Prices Tumble Despite China Tariffs

The (establishment) world and his pet rabbit has been screaming at you for weeks that the American consumer is about to suffer the worst hyperinflationary hell ever (according to UMich survey respondents) as President Trump attempts to even up the score among its ‘allies’ over trade policies.

The last 24 hours have thrown a couple of curve balls at the established view – supporting the Trump administration’s presumption that ultimately other countries will eat the tariffs… and that companies selling into the US will not want to piss off their biggest customer with demand-sucking price-hikes.

First we saw Sony decide NOT To hike prices on US consumers (while piling price hikes on select markets in Europe, Middle East and Africa (EMEA), Australia and New Zealand). 

A “tough decision” apparently for management but its the first anecdotal evidence that Trump’s view may be right – firms wont scupper their market share or biggest customer demand unless they really have to (forcing margins lower or offsetting US price stability for non-US customer pain).

Second, and more systemic, we saw US import prices DROP 0.1% MoM in March – the first decline in import prices since September 2024…

This decline comes a month after US imposed 10% tariffs on China (at the start of February)

Goldman summarizes the details:

Import prices declined 0.1% in March, against consensus expectations for a flat reading. 

Import prices ex-petroleum were flat, also below expectations.

Prices declined for industrial supplies (-0.6%), consumer goods ex autos (-0.2%), and autos (-0.1%), and rose for food and beverages (+0.1%) and capital goods (+0.3%). 

The airfares component, which serves as source data for core PCE, edged down 0.2% (SA by GS).

That’s not supposed to happen – prices are supposed to soar for American consumers, right?

Based on the details in the import prices report, Goldman estimates that the core PCE price index rose just 0.08% in March (vs. our expectation of 0.08% prior to today’s import prices report), corresponding to a year-over-year rate of +2.67%. 

Additionally, they expect that the headline PCE price index were unchanged in March, or increased 2.32% from a year earlier. We estimate that market-based core PCE rose 0.02% in March.

Ultimately this supports (for now) what Trump has been saying:

Yes, tariffs will raise actual input purchase prices BUT to avoid losing market share, the underlying prices – which are captured by import prices – will have to drop to offset the surcharge.

So you have two dynamics: import price (pre-tariff) dropping as tariffs are layered on top of that ‘lower’ price.

In Trump’s ideal world, its a wash with US pocketing the upside and Chinese exporters getting hit on margins.

Finally, as we explained previously, a 50% tariff doesn’t mean a 50% rise in prices for American consumers. 

Will Sony’s decision be copied by Nike, others? Who knows. But for now China (and/or its companies) is eating the initial tariff charge by Trump… not the American consumer.

Tyler Durden
Tue, 04/15/2025 – 12:10

Rep. Jasmine Crockett Faces FEC Investigation Over Suspicious Act Blue Donations

Rep. Jasmine Crockett Faces FEC Investigation Over Suspicious Act Blue Donations

Via American Greatness,

The Federal Election Commission (FEC) has opened an investigation into Rep. Jasmine Crockett (D-TX) over donations made to her 2024 campaign by the Democratic fundraising organization Act Blue.

The FEC began its probe after receiving a complaint from the conservative Coolidge-Reagan Foundation in late March.

The complaint alleges that Crockett received 53 separate donations of $595 from a 73 year old supporter named Randy Best through the Act Blue portal.

However, when one of Crockett’s opponents for 2026 spoke to Best’s wife, she denied that the couple knew anything about donations, raising concerns that the Act Blue donations may have been made by others with donations being given under false names.

Crockett’s campaign received more than $870,000 in donations through Act Blue.

The FEC Complaints states:

Rep. Crockett, through her principal campaign committee Respondent Jasmine for US, has received thousands of other donations through ActBlue totaling over $870,000.

It is unclear how many of these are similarly fraudulent transactions, made in the name of unsuspecting innocent people who did not actually provide the funds.

Act Blue has previously faced questions over its fundraising from Republican members of Congress and GOP state attorneys general after other elderly Democrats said that donations made in their names were not genuine.

As the 2024 election cycle drew to close, a U.S. House panel called upon the FBI, the Treasury Department and the Director of National Intelligence to provide classified briefings on whether foreign actors from China, Iran, Russia and Venezuela were using Act Blue to launder illicit funds into U.S. political campaigns.

Act Blue maintains that it is following the law and dismisses the allegations as partisan attacks.

As the respondent, Crockett will have 15 days to respond to the allegations, although the FEC may choose to grant an additional extension of 30 to 60 days for a response.

* * *

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Tyler Durden
Tue, 04/15/2025 – 11:50

Trump Threatens Harvard’s Tax-Exempt Status Amid Federal Funding Freeze

Trump Threatens Harvard’s Tax-Exempt Status Amid Federal Funding Freeze

The standoff between woke elites at Harvard University and the Trump administration is growing more tense by the day. 

On Tuesday morning, President Trump wrote on Truth Social:

Perhaps Harvard should lose its Tax Exempt Status and be Taxed as a Political Entity if it keeps pushing political, ideological, and terrorist inspired/supporting “Sickness?”

Remember, Tax Exempt Status is totally contingent on acting in the PUBLIC INTEREST!

Trump’s comments come a day after the U.S. General Services Administration and Department of Education froze $2.2 billion in grants to the woke Ivy League school, hours after it rejected the administration’s demands to eliminate toxic DEI programs and screen international students for ideological concerns. 

Latest reporting:

Harvard President Alan Garber responded to the administration with a letter explaining why the university wouldn’t comply with the demands: 

“No government — regardless of which party is in power — should dictate what private universities can teach, whom they can admit and hire, and which areas of study and inquiry they can pursue.” 

What about the ones that receive billions of dollars of taxpayer funds per year??

Meanwhile, Harvard elites have a $53 billion endowment, which is tens of billions of dollars higher than Yale University’s endowment ($10 billion). 

Universities like Harvard shouldn’t be allowed to hide behind a tax-exempt status while promoting toxic wokeism.

Maybe it’s time to reconsider taxpayer funding for the nation’s oldest and wealthiest college… 

… which some continue to produce graduates indoctrinated with the woke mind virus.

*  *  *

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Tyler Durden
Tue, 04/15/2025 – 11:30

“Ready To Start Production”: AMD Prepares For First Made-In America Chip 

“Ready To Start Production”: AMD Prepares For First Made-In America Chip 

President Trump’s ‘America First’ agenda—specifically, the revival of domestic critical supply chains to reinforce hemispheric defense—scored yet another win this week.

Reuters reported that Advanced Micro Devices‘ most advanced processor chips would soon enter series production at Taiwan Semiconductor Manufacturing Company’s (TSMC) factory in Arizona. 

“Our new fifth-generation EPYC is doing very well, so we’re ready to start production,” AMD Chief Executive Lisa Su told reporters in Taipei earlier, referring to the company’s server-grade processor line, designed for data centers, cloud computing, high-performance computing, and enterprise workloads. 

Shifting AMD’s server-grade processor line to TSMC’s Arizona facility marks the first time the U.S. company will produce these chips domestically, eliminating the supply chain risks associated with manufacturing at TSMC’s Taiwan-based fabs. 

“We want to have a very resilient supply chain, so Taiwan continues to be a very important part of that supply chain, but the United States is also going to be important and we’re expanding our work there, including our work with TSMC and other key supply chain partners,” Su said. 

News that AMD’s fifth-generation EPYC will be produced in America comes one day after Nvidia unveiled new initiatives aimed at strengthening America’s chip manufacturing sector:

  • Nvidia is localizing AI chip and supercomputer manufacturing in the U.S. for the first time, partnering with TSMC, Foxconn, Wistron, Amkor, and SPIL.

  • Over 1 million square feet of manufacturing space has been commissioned for Blackwell chips and AI supercomputers in Arizona and Texas.

  • Mass production of these chips is expected within 12–15 months.

  • Total AI infrastructure by Nvidia could total $500 billion over the next four years.

Restoring U.S. chipmaking capacity is critical for several reasons, but national security stands above all. China can easily disrupt chip supply chains in Taiwan—something that could send shockwaves around the world, impacting U.S. defense production of missiles, tanks, and other critical systems, many of which rely on chips fabricated overseas. 

If the U.S. intends to compete—and win—in the 2030s, the ongoing expansion of domestic chip manufacturing is not just welcome news; it’s essential for survival.

Tyler Durden
Tue, 04/15/2025 – 10:40

Stocks Tumble After EU Tariff Comments

Stocks Tumble After EU Tariff Comments

Tariff headline roulette is back…

Just when you thought it was ok to BTFD, Bloomberg reports that things are not proceeding gleefully in EU-US trade talks.

The European Union and US made scant progress bridging trade differences this week as officials from President Donald Trump’s administration indicated that the bulk of the US tariffs imposed on the bloc will not be removed.

The EU’s trade chief, Maros Sefcovic, left the meeting with little clarity on the US stance, struggling to determine the American side’s aims, according to people familiar with the discussions. He met for about two hours with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer in Washington Monday.

The US officials indicated that the 20% “reciprocal” tariffs — which have been reduced to 10% for 90 days — as well as other tariffs targeting sectors including cars and metals would not be removed outright, said the people, who spoke on the condition of anonymity.

And it is that last bit that upset markets, sending stocks back into the red after a solid short squeeze at the open…

The EU has offered that both sides remove all tariffs on industrial goods, including cars. The US has so far rejected that proposal.

Finally, we have to say that this note from BBG is barely even news…

It’s almost as if someone wants to keep equity vol high and equity prices down?

Tyler Durden
Tue, 04/15/2025 – 10:25

Lavrov Elaborated On Russia’s Envisaged Denazification Of Ukraine

Lavrov Elaborated On Russia’s Envisaged Denazification Of Ukraine

Authored by Andrew Korybko via substack,

The insight that he shared is extremely relevant in the context of the ongoing Russian-US talks…

The denazification of Ukraine is one of the explicitly stated goals of Russia’s special operation, but it’s probably the vaguest of them all, perhaps even intentionally so in order to give the Kremlin flexibility. Foreign Minister Sergey Lavrov just elaborated on it in detail though over the weekend during a Q&A session at this year’s Antalya Diplomacy Forum. The present piece will review what he said before analyzing it in the context of the ongoing Russian-US talks for ending their proxy war in Ukraine.

Lavrov never once said the word “denazification”, but he spent a significant amount of time talking about things that are connected with this goal. The relevant part begins around halfway through his answer to a question about the Kremlin’s working relations with the Trump Administration. At some point he brought up how Trump’s unofficial Envoy to Russia Steve Witkoff recognized the importance of resolving the territorial dimension of this conflict, which prompted Lavrov to issue an interesting clarification.

In his words, “We are not about territories. We are about people who live on these lands, whose ancestors lived there for centuries, who founded cities like Odessa”, which preceded him touching upon how Ukraine has deprived them of their human, linguistic, and religious rights from 2014 onward. He also brought up how Zelensky dehumanized ethnic Russians and recently said how much he hates them. A few words about Ukraine’s glorification of Nazi-era collaborators rounded out the rest of his answer.

His interlocutor then told him how Ukraine won’t accept anything less than a return to its prewar borders, which Lavrov responded to by saying that “It’s not about them accepting. It’s about making 100% certain that the people who have been living there for centuries are not deprived of their inherent rights”. He then accused the EU of covering up for a Nazi regime and ignoring the human rights situation in Ukraine. Lavrov also said that Russia is restoring these same rights in the regions that voted to join it.

Observers should remember that Russia legally regards the entirety of the four disputed regions as having unified with their historical homeland after September 2022’s referenda and that one of the constitutional amendments that were passed in 2020 prohibits ceding any of the country’s territory. As can be intuited from Lavrov’s de facto elaboration of denazification over the weekend, a large part of this goal has to do with restoring the rights of indigenous Russians that were taken from them by Kiev.

From Russia’s legal perspective, it now has direct responsibility for implementing this across all of Donbass (Donetsk and Lugansk), Kherson, and Zaporozhye, but it doesn’t yet control the entirety of their territories. That which has already come under its control was achieved via military means while the remainder is being pursued via hybrid military-diplomatic ones of continuing to advance on the ground while holding talks with the US partially centered on ensuring Ukraine’s voluntary withdrawal from here.

Denazification in the rest of rump Ukraine, which is understood in this context mostly as restoring the rights of its indigenous Russian minority, will only be pursued via diplomatic means per what Lavrov clarified with regard to how “We are not about territories” in the sense of Russia’s goals in this conflict. Its only associated one came over half a year into the conflict after September 2022’s referenda led to the constitutional imperative of obtaining control over the entirety of these new regions as explained.

The locals overwhelmingly voted to join Russia in order for it to restore their rights that were taken from them by Kiev, or in other words, to directly implement denazification as it’s now better understood to mean after Lavrov’s latest clarification. The newly interconnected constitutional and humanitarian imperatives of achieving this across all of those regions explains why Russia continues to employ hybrid military-diplomatic means to this end.

It’s in connection with this that Witkoff reportedly advised Trump that the fastest way to broker a ceasefire in Ukraine is to recognize the legitimacy of Russia’s claims over those disputed territories, but Trump’s Envoy to Ukraine Keith Kellogg allegedly pushed back against his proposal. Kellogg is back in the news after his suggestion to divide Ukraine into spheres of influence between Russia and the West upon freezing the Line of Contact and imposing a 15-mile demilitarized zone (DMZ) along both sides.

Lavrov hinted during his Q&A session that these Western peacekeepers would really be deployed to fight Russia, which his colleague Rodion Miroshnik separately lent credence to by warning about how this could lead to “a new level of escalation”. Another argument against Kellogg’s suggestion is that it wouldn’t ensure that the rights of indigenous Russians on Kiev’s side of his proposed DMZ, both within Russian-claimed lands and beyond, are restored. Denazification would therefore remain incomplete.

Lavrov addressed these implications by wondering aloud that “you want to have peacekeepers to keep the same regime which is now headed by Zelensky? You don’t want to ask this regime whether it would be interested in implementing the international commitments including the UN Charter regarding the rights of minorities for national minorities language and religious rights?”, before declaring that “they want to use this force not to keep peace, but to keep and protect the Nazi regime, and this is the key.”

His last point aligns with what Miroshnik said last week about how Western peacekeepers’ additional goal in Ukraine would be “to take control over [Ukraine’s] political regime militarily while retaining external governance of this land regardless of how negotiations may end.” With his and Lavrov’s words in mind, observers can intuit that denazification also implies regime change in Ukraine due to Russia’s belief that Zelensky won’t ever restore the rights that Kiev took away from indigenous Russians.

In full contravention of their publicly stated values, the Europeans want to indefinitely perpetuate this sordid state of affairs through the plans that some of them have to dispatch troops there under the cover of peacekeepers like Lavrov and Miroshnik explained, which is unacceptable for Russia. Credible fears of being targeted by Russia if they send their forces to Ukraine, the US’ refusal to extend Article 5 defense guarantees to their troops there, and internal divisions within this coalition could hamstring this plan.

So long as Western peacekeepers don’t occupy Ukraine, then Russia’s implied long-term hopes for regime change will remain possible since Zelensky could be democratically replaced during the next elections, but only if they’re truly free and fair, which of course can’t be taken for granted. The formal deployment of foreign forces could help him defraud the election or lead to his patrons replacing him with another like-minded figure whose policies towards indigenous Russians would remain the same.

Either scenario, Zelensky’s (likely) fraudulent re-election or his replacement with a like-minded figure, would greatly impede the maximum implementation of Russia’s denazification goal in this conflict. In that case, Russia would probably double down on military means over diplomatic ones for denazifying the rest of the four disputed regions that remain under Ukrainian control, which would force the US to choose between escalating against Russia or coercing Ukraine into withdrawing from there.

If Trump is serious about reducing the risks of World War III with Russia by miscalculation and speedily “Pivoting (back) to Asia” in order to more muscularly contain China, which first requires resolving the Ukrainian Conflict, then he’ll go with the second option despite the pushback that he’ll receive. His opponents will predictably criticize him for forcing people who didn’t participate in September 2022’s referenda to either accept coming under Russian control or flee into rump Ukraine.

The optics could easily be manipulated to accuse Trump of betraying democratic values and even supporting “ethnic cleansing” if this leads to a mass exodus, but he could compellingly counter by arguing that the greater good of averting World War III and ending the killing justifies this. He might also add that letting the conflict continue could turn populated areas within the Russian-claimed but Ukrainian-controlled lands, like Zaporozhye city with its almost one million residents, into wastelands.

If Trump coerces Ukraine into withdrawing from the disputed territories, then it’s possible that Russia could reciprocate this compromise by limiting its denazification goal to the entirety of its new regions instead of extending it to the rest of rump Ukraine. The odds of this mutual compromise would rise by a lot if Trump also coerces Ukraine into agreeing to a demilitarized “Trans-Dnieper” region controlled by non-Western peacekeepers and Russia gives the US privileged resource investments in return.

What’s most important to know is that the Kremlin’s flexibility on denazification only realistically relates to whether or not it’ll insist on this being implemented in rump Ukraine. Up until now and judging by all public statements on this issue, Russia’s minimum demand in this respect is that the entirety of its new regions be denazified, which can only happen upon obtaining full control of them. If this can’t be achieved by diplomatic means, then military ones will continue being employed, with all that entails.

Trump should therefore take Witkoff’s reported advice seriously by recognizing the legitimacy of Russia’s claims over those disputed regions in order to avoid being placed in the dilemma of having to choose between escalating against Russia or coercing Ukraine into withdrawing from there. Truth be told, the US is already in such a dilemma, it just hasn’t realized it yet. It’s therefore better to peacefully resolve this now than to wait for the media to figure it out and put more pressure on him to escalate against Russia.

In pursuit of this, Russia could limit its denazification goal if the US assists it in achieving this in its new regions, which could set the basis for expanding the range of their mutual compromises in Ukraine by opening the door to discuss the “Trans-Dnieper” and resource dimensions that were proposed. Through these means, Russia and the US could overcome the impasse in their negotiations, thus preventing hardliners on both sides from exploiting this to undermine their talks in furtherance of maximalist goals.

Tyler Durden
Tue, 04/15/2025 – 10:05

PA Governor’s Mansion Arsonist Was Ready To Beat Shapiro With Sledgehammer

PA Governor’s Mansion Arsonist Was Ready To Beat Shapiro With Sledgehammer

Confessed Pennsylvania governor’s mansion arsonist Cody A. Balmer, who is now being hospitalized for an unspecified reason, told police he was prepared to beat Gov Josh Shapiro with a sledgehammer if he encountered him. Meanwhile, new details have emerged that paint Balmer as a quintessential dead-ender with a troubling assault charge on his rap sheet — and a mother who’d tried in vain to get police to lock him up in the days leading up to the arson attack. 

In an appearance at the Dauphin County District Court, Balmer was charged with eight crimes, including attempted murder, aggravated arson, burglary, terrorism, reckless endangerment and prowling at night. As he was escorted both to and from the courthouse, Balmer made strange faces for the media throng, crossing his eyes and sticking his tongue out. 

Seems normal enough: Cody Balmer put on a show for reporters as he was escorted to court on Monday (James Keivom – New York Post) 

While police say they’re still working to determine a specific motive, they say Balmer told them that he “harbored hate” toward Shapiro, confessing that, if he came across Shapiro, he was going to beat him with the small sledgehammer he’d used to break windows and break into the mansion. While Balmer struck on the first night of Passover, police have not yet asserted that he deliberately chose that night because Shapiro is Jewish.

On Monday, police announced that Balmer is hospitalized after some medical event unrelated to his crime. In conflicting reports, AP says Balmer denied having any mental illnesses when addressing the judge, but the New York Post says Balmer told the judge that he had a dangerous mental health issue, and that he’d had bad effects from associated medications, saying they “led him to different types of behaviors.” His mother told various outlets that Balmer has bipolar disorder and schizophrenia, and had stopped taking his pills. She also said that, in the days before the arson, she’d approached four police departments trying to get him “picked up,” to no avail. “He wasn’t taking his medicine, and that’s all I want to say,” Christie Balmer told AP. 

Balmer had a court appearance already scheduled for this week — for a 2023 assault charge in which he was accused of punching relatives — including his wife — and stepping on the previously-broken leg of his 10-year-old son. His family situation is far from clear: When the judge asked him if he had children, Balmer simply replied “a lot.” Politico says he has at least three. 

After walking for an hour, Balmer firebombed two rooms using beer bottles filled with gasoline (Commonwealth Media Services)

The police initially described Balmer as deploying “homemade incendiary devices” in the early Sunday-morning attack. All those syllables might have had some people imagining moderately creative firebombs, but Balmer told police he poured gas from a lawnmower into Heineken beer bottles and then walked about an hour to the mansion. After scaling a 7-foot fence, he smashed the window of a piano room and tossed the first Molotov cocktail inside. Then he smashed his way into the residence, set the dining room ablaze and fled. 

While police were alerted to a breach before the fires were started, they failed to locate Balmer before he did his work, and also failed to find him before he scaled the same fence and escaped. Yesterday, police said he was arrested at an unspecified Harrisburg location a dozen hours after the attack; it’s now been revealed that Balmer turned himself in at state police headquarters after telling his “ex-paramour” what he’d done and asking her to notify the police. 

Balmer, who has described himself on Facebook as a certified master mechanic, told the judge he is unemployed welder with no money and that he’s lived with his parents for a year. Philadelphia’s WPVI reports that Balmer is a former Army Reservist who was a construction equipment repairer (MOS 62B) from 2004 to 2012, though never deploying. The Army Reserve wouldn’t disclose the character of his discharge. 

Balmer’s mother said he’s had schizophrenia and bipolar disorder, but had stopped taking his medicine (James Keivom – New York Post) 

His lawyer said Balmer had “fallen behind in his mortgage due to several hardship factors, including injuries from an auto accident leading to his inability to work and maintain an income and a separation from his wife.” He’s also been involved in custody battles and just finalized his legal separation from his wife in February. In the previously-described domestic violence incident Balmer told responding officers that he’d taken a bottle of pills to try killing himself. 

After every high-profile attack on an official or mass murder, social media lights up with both left- and right-wingers eager to associate the perpetrator with the “other side.” In this case, Balmer’s own social media profile is muddy, as you might expect from an apparent bipolar schizophrenic. The first authoritative analysis, posted by right-leaning Daily Mail, focused on his anti-Biden comments, but new posts have come to light that seem to indicate a decided leftward tilt:

  • In one social media conversation, Balmer claimed he was a “registered Socialist,” but he has no party affiliation associated with his active voter registration. He didn’t vote in 2024, but did vote in 2022. 

  • Amid a discussion of high gas prices, he leveled some vague criticism of Donald Trump: “I said the same (expletive) when Trump took office. I don’t play favorites especially since they all suck.”  

  • He shared a meme that said “Stop Being Democratic or Republican.” 

  • He voiced support for the Black Lives Matter movement in 2020, in the context of the death of Ahmaud Arbery, who was gunned down in Georgia in 2020 after running through a neighborhood and being chased down by residents (whose use of deadly force many conservatives also found wholly unjustified). 

Meanwhile, with Balmer opening up to police about so many aspects of his attack, it’s odd that they’ve shared Balmer’s confessed hatred of Shapiro, but haven’t shared any elaboration on the root of that hatred.  

Tyler Durden
Tue, 04/15/2025 – 09:45

British PM Starmer Purges Historical Artworks; Replaces Them With ‘Diverse’ Dawbings

British PM Starmer Purges Historical Artworks; Replaces Them With ‘Diverse’ Dawbings

Authored by Steve Watson via Modernity.news,

British Prime Minister Kier Starmer has removed scores of historical artworks from 10 Downing Street and replaced them with objectively awful drawings in the name of ‘diversity’.

The works Starmer ordered pulled down as part of the cultural purge include portraits of William Shakespeare, Winston Churchill, William Ewart Gladstone, Margaret Thatcher, Sir Walter Raleigh, and past British monarchs including Elizabeth I.

The leftist leader has replaced paintings of those historical figures with what can only be described as ugly doodles by ‘modern artists’.

The Daily Mail reports:

Sir Keir Starmer was last night accused of being in thrall to ‘the wokerati’ after the full list of the paintings removed from No10 since he moved in was revealed.

Portraits of historic figures such as Elizabeth 1, Mary, Queen of Scots, Sir Walter Raleigh and William Shakespeare were among the 69 works of art ‘deinstalled’ from the Government Art Collection since the election.

The revelation comes after a long Freedom of Information battle with the Tories.

Among their replacements are Altar, a scene from the 2023 Falmouth Reggae Festival in Cornwall by Denzil Forrester.

Other paintings include All Things Being Equal, by the Nigerian abstract artist Nengi Omuku, which ’employs the human body as a medium to convey internal experiences’ by ‘using oil paint on strips of Sanyanan indigenous fabric from pre-colonial Nigeria‘.

Then there is Almond Clasp by the British-Ghanaian Lynette Yiadom-Boakye, who specialises in ‘brooding portraits of Black life’, and Still (III) by Christina Kimeze, who currently has an exhibition ‘inspired by the resurgence of roller skating in Black communities’.

10 Downing Street, the official residence of the Prime Minister isn’t even open to the British public, so this move by Starmer isn’t even a virtue signalling stunt.

It’s presumably just because he can’t stand to be surrounded by British historical culture.

Indeed, he described the Thatcher portrait as “unsettling” and remarked that he did not want to be stared down upon by a painting.

Just look at what was chosen as a replacement.

It looks like an 8 year old did it. 

They’re laughing at us.

Other ‘art’ Starmer chose to buy with taxpayer money and display:

Hands up Brits, who identifies with that one? No?

*  *  *

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Tyler Durden
Tue, 04/15/2025 – 09:25

Trade War Turbulence: China Halts Boeing Jet Deliveries For Airlines

Trade War Turbulence: China Halts Boeing Jet Deliveries For Airlines

Days after Juneyao Airlines postponed the delivery of a widebody jet from Boeing, Beijing has escalated its trade war response—quietly ordering all Chinese carriers to suspend further Boeing deliveries, according to Bloomberg, citing people familiar with the situation. The move marks a broadening of non-tariff retaliation amid a deepening tit-for-tar trade war between the U.S. and China. 

Here’s more color from the report:

China has ordered its airlines not to take any further deliveries of Boeing Co., according to people familiar with the matter.

. . . 

Beijing has also asked that Chinese carriers halt any purchases of aircraft-related equipment and parts from U.S. companies, the people said, asking not to be identified discussing matters that are private.

The order came after China unveiled retaliatory tariffs of 125% on American goods this past weekend, the people said.

. . .

The Chinese government is also considering ways to provide assistance to airlines that lease Boeing jets and are facing higher costs, the people said.

. . .

Delivery paperwork and payment on some of these jets may have been completed before the reciprocal tariffs announced by China on April 11 took effect on April 12, and those planes may be allowed to enter China on a case-by-case basis, some of the people said.

Last week, Beijing hiked its effective tariff rate on US goods to 125%, countering President Trump’s 145% tariff rate. 

Beijing also shifted to non-tariff retaliation, limiting Hollywood film imports, slowing rare earth export shipments, and weakening the yuan. 

The Bloomberg report sent Boeing shares down roughly 3.5% in New York trading. The stock is down 10% year-to-date (as of Monday’s close) and hovering near Covid-era lows, still showing no signs of a meaningful recovery.

Let’s not forget that China’s non-tariff countermeasures may also include:

  • Export Controls and Quotas

  • Currency Devaluation

  • Boycotts (State-Inspired)

  • Licensing & Certification Hurdles

  • Restricting Market Access

  • Pressure Big Tech With Cybersecurity & Data Laws

  • Limiting Cultural Imports

  • Selling U.S. Treasuries

The trade war might be far from over…

Tyler Durden
Tue, 04/15/2025 – 07:20

Sony Hikes Playstation 5 Price Up To 11% In Major Markets – Except The US

Sony Hikes Playstation 5 Price Up To 11% In Major Markets – Except The US

Sony, citing inflation and ‘fluctuating exchange rates,’ has hiked the price of the Playstation 5 in several regions – but is shielding US consumers from the decision.

The Sony Playstation logo is seen at the Paris Games Week (PGW), a trade fair for video games in Paris, France, November 5, 2023. REUTERS/Claudia Greco/File Photo

The company said it was a “tough decision” to raise PS5 prices for the first time in three years.

“With a backdrop of a challenging economic environment, including high inflation and fluctuating exchange rates, SIE has made the tough decision to raise the recommended retail price of the PlayStation 5 console in select markets in Europe, Middle East and Africa (EMEA), Australia and New Zealand,” the company said in a statement, and confirming to Gamespot that US prices will remain the same.

Analyst Daniel Ahmad suggested that “The knock on effect [of tariffs] in terms of inflation, exchange rates, and macro trends” may cause Sony to raise prices globally.

According to Gamespot, the changes are as follows;

Europe

  • PS5 Digital Edition – €50 increase from €450 to €500
  • PS5 Standard with disc drive – No price change
  • PS5 disc drive – €40 decrease from €120 to €80

UK

  • PS5 Digital Edition – £40 increase from £390 to £430
  • PS5 Standard with disc drive – No price change
  • PS5 disc drive – £30 decrease from £100 to £70

Australia

  • PS5 Digital Edition – AUD $70 increase from AUD $680 to AUD $750
  • PS5 Standard with disc drive – AUD $30 increase from AUD $800 to AUD $830
  • Ps5 disc drive – AUD $35 decrease from AUD $160 AUD $125

New Zealand

  • PS5 Digital Edition – NZD $60 increase from NZD $770 to NZD $860
  • PS5 Standard with disc drive – NZD $50 increase from NZD $900 to NZD $950
  • PS5 disc drive – NZD $30 decrease from NZD $170 NZD $140

Interesting, eh?

 

Tyler Durden
Tue, 04/15/2025 – 06:55