DAISUKE WAKABAYASHI, RIVER AKIRA DAVIS2025年4月4日周四，台湾台北的一家电子产品商店。 Ann Wang/Reuters Laptop computers from Taiwan, wine from Italy, frozen shrimp from India, Nike sneakers from Vietnam and Irish butter. 来自台湾的笔记本电脑，来自意大利的葡萄酒，来自印度的冷冻虾，越南生产的耐克运动鞋，还有爱尔兰黄油。 These products are found in homes across the United States, a testament to America’s enduring role as a champion of free trade and its standing as the most lucrative market for goods from around the world. 这些产品遍布全美各地的家庭，彰显着美国多年来作为自由贸易捍卫者的身份，也证明了它作为全球最具吸引力市场的地位。 They are now among the vast categories of goods subject to additional taxes after President Trump, on Wednesday, imposed universal tariffs on all U.S. trade partners as well as additional, heavier duties on 60 countries he deemed the “worst offenders” of unfair trade practices. 在特朗普总统周三宣布对所有美国贸易伙伴实施普遍关税，并对他认定为“不公平贸易行为最严重”的60个国家额外征收更高关税后，这些产品如今都名列需要缴纳额外关税的商品类别之中。 In a sharp shift away from decades of trade policy, Mr. Trump instituted a 10 percent base line duty on all goods imported into the United States. In addition, other nations will be charged a so-called reciprocal tariff at an even higher rate next week. 特朗普对所有进口至美国的商品统一征收10%的基准关税，这与美国数十年来的政策背道而驰。此外，从下周起，美国还将对其他国家征收更高的所谓“对等关税”。 For the European Union and China, the two largest U.S. trading partners, the White House imposed tariffs of 20 percent and 34 percent. The additional levy on China will be added to a 20 percent tariff previously imposed by Mr. Trump. 白宫对美国最大的两个贸易伙伴欧盟和中国分别征收20%和34%的关税。其中，对中国的额外关税将在特朗普此前实施的20%关税基础上追加。 Even close allies such as Japan and South Korea were not spared. Neither were countries like Australia and Brazil that buy more from America than they sell to it. 即便是日本和韩国这样的亲密盟友也未能幸免。而澳大利亚和巴西等从美国购买的商品多于对美出口的国家也受到影响。 特朗普总统周三在白宫宣布关税。 The announcement, which Mr. Trump had hailed as America’s “Liberation Day,” sent shock waves across the world and raised the specter of a global trade war. Stock markets tumbled on the news, as investors were surprised at the size and scope of the tariffs. 特朗普称赞这是美国的“解放日”，但这一宣布震惊了全世界，并引发了全球贸易战的担忧。股市应声下跌，关税的规模和范围令投资者感到措手不及。 In less than three months, Mr. Trump has pronounced tariffs on Canada, Mexico and China along with import duties on steel, aluminum, cars and car parts. The executive order on Wednesday included exemptions for semiconductors, pharmaceuticals and lumber. But analysts think those are not reprieves; they are products next to be targeted. 在不到三个月的时间里，特朗普宣布了对加拿大、墨西哥和中国征收的关税，还有对钢铁、铝、汽车及汽车零部件加征进口税。周三发布的行政命令对半导体、药品和木材给予了豁免，但分析人士认为，这些行业并未真正被排除在外，而是下一轮关税的潜在目标。 Allies and adversaries are scrambling to make sense of Mr. Trump’s tariff barrage, which has lifted U.S. import duties to their highest levels in more than a century and showed no sign of relenting. Some threatened to retaliate. Others openly pressed for negotiations, while some quietly pushed for concessions through back channels. 盟友与对手都在努力试图弄清特朗普的关税攻势究竟是怎么回事，这已经使美国进口税率升至一个多世纪以来最高水平，并且没有任何放缓迹象。有些国家威胁进行报复，另一些公开要求谈判，还有的通过秘密渠道寻求让步。 China accused America of “unilateral bullying,” pledging to take “firm countermeasures to safeguard its own rights and interests.” South Korea convened an emergency task force and vowed to “pour all government resources to overcome a trade crisis.” In Brazil, the government of President Luiz Inácio Lula da Silva said it was evaluating retaliatory measures. 中国指责美国“单边霸凌”，并誓言将采取“坚决反制措施，以维护自身权利和利益”。韩国召开紧急工作小组会议，承诺“动用一切政府资源，以克服贸易危机”。巴西总统卢拉的政府则表示正在评估反制措施。 巴西国会周三批准立法，授权总统采取报复行动。 In an early morning address on Thursday, Ursula von der Leyen, president of the European Commission, said that the global economy will “massively suffer” from the tariffs. While urging negotiation, she said the bloc is preparing further countermeasures in addition to the retaliatory tariffs it had already prepared for the earlier tax on foreign steel and aluminum. 欧盟委员会主席乌尔苏拉·冯德莱恩在周四早晨的讲话中表示，这些关税将使全球经济“遭受重大损害”。她呼吁进行谈判，但同时也表示，除了此前针对美国对外国钢铁和铝征收的关税而准备的报复性关税之外，欧盟还在准备进一步的反制措施。 Asia was particularly hard hit by Mr. Trump’s plan. Vietnam, a beneficiary of companies moving production out of China during the first Trump presidency, got slapped with a 46 percent levy. Taiwan, Thailand and Indonesia were all dealt import duties of more than 30 percent. The White House put a 26 percent tariff on imports from India. 亚洲受特朗普的关税政策冲击尤为严重。越南是特朗普第一任总统任期内企业将生产迁出中国的受益者，如今被征收46%的关税。台湾、泰国和印度尼西亚的进口商品分别被征收超过30%的关税，印度商品税率为26%。 For decades, exports have served as a pathway to economic prosperity for developing Asian countries emerging from conflict, crisis or poverty. The latest tariffs punished countries like Taiwan and Japan that have succeeded in modernizing their economies through trade, and they also darkened the prospects for poorer nations like Cambodia and Bangladesh still looking to follow that route. 数十年来，出口一直是亚洲发展中国家摆脱冲突、危机或贫困，走向经济繁荣的重要途径。最新关税不仅惩罚了台湾和日本等通过贸易实现现代化的经济体，也使柬埔寨和孟加拉国等仍在寻求这一道路的贫困国家前景更加黯淡。 Cambodia, a producer of clothing and footwear, was hit with a 49 percent tariff. The United States is the country’s largest export market. 服装和鞋类生产国柬埔寨被征收49%的关税。美国是该国最大的出口市场。 “As a small country, we just want to survive,” said Sok Eysan, a spokesman for Cambodia’s ruling Cambodian People’s Party. 柬埔寨执政党人民党发言人速恩山表示：“作为一个小国，我们只想生存下去。” 柬埔寨一家中资纺织厂面临49%的关税。 Mr. Trump has blamed the sale of inexpensive goods from these countries for the hollowing out of America’s manufacturing sector. But they have also helped to keep inflation at bay, lowering prices for U.S. consumers. 特朗普指责来自这些国家的廉价商品导致美国制造业空心化。然而，这些商品同时也有助于控制通货膨胀，对美国消费者来说，它们降低了物价。 Sarang Shidore, director of the Global South program at the Quincy Institute for Responsible Statecraft in Washington, D.C., said the tariffs would hit several developing countries hardest, while encouraging much of the world to move more quickly toward an order without the United States at its center. 华盛顿昆西负责任治国方略研究所全球南方项目主任萨朗·希多尔表示，受这些关税打击最严重的将是几个发展中国家，同时还会鼓励世界大部分地区更快地走向一个不再以美国为中心的秩序。 “When it comes to trade, we are very much in a multipolar world, and alternative markets exist. Though of course there will be pain and transaction costs in diversification,” he said. “谈到贸易，我们处于一个多极世界，存在替代市场。当然，多元化会带来痛苦和交易成本，”他说。 Anthony Albanese, the prime minister of Australia, said his country would not respond with retaliatory tariffs, vowing Australia would not “join a race to the bottom that leads to higher prices and slower growth.” 澳大利亚总理安东尼·阿尔巴尼斯表示，他的国家不会以报复性关税作为回应，并发誓澳大利亚不会“加入导致价格上涨和增长放缓的竞相压价”。 In Japan, officials and trade experts were caught off guard by the size of the new tariff the country will face — 24 percent. It was particularly jarring given Japan’s average tariff on nonagricultural goods is among the lowest globally. Japan called the tariff “extremely regrettable” and vowed to continue seeking an exemption. 在日本，官员和贸易专家对该国将面临的24%新关税规模措手不及。鉴于日本对非农产品的平均关税为全球最低，这尤其令人震惊。日本称该关税“令人极为遗憾”，并誓言将继续寻求豁免。 Prime Minister Shigeru Ishiba has pledged to increase Japanese investment to roughly $1 trillion, focusing on purchasing more U.S. products like liquefied natural gas. 日本首相石破茂承诺将增加日本投资至约1万亿美元，重点购买更多美国产品，例如液化天然气。 三得利位于日本山崎的一家酿酒厂，该公司首席执行官表示，他相信日本将能够通过与特朗普政府的谈判降低关税。 Speaking before the latest tariffs were announced, Takeshi Niinami, chief executive of Suntory Holdings, a Japanese beverage giant known for premium whiskey brands, said he believed the tariffs could be negotiated down because Japan is the biggest foreign investor in the United States. 在最新关税宣布之前，以高端威士忌品牌闻名的日本饮料巨头三得利控股首席执行官新浪刚史表示，他相信关税可以通过谈判降低，因为日本是美国最大的外国投资者。 “A period of chaos may ensue,” he said. “But ultimately, the situation will stabilize.” “可能会出现一段混乱时期，”他说。“但最终，局势会稳定下来。” Exiger, a data analytics firm, calculated that Trump’s announcements would result in $600 billion of new U.S. tariffs per year. The bulk of the levy would come from 10 countries, with Chinese exports accounting for a quarter of the additional tariffs at $149 billion. Vietnamese goods would face $63 billion, Taiwanese products $37 billion, and Japanese exports $36 billion in tariffs. German and Irish goods combined would face $41 billion in additional levies. 根据数据分析公司Exiger的计算，特朗普宣布的措施每年将给美国带来6000亿美元的新关税。大部分征税将来自10个国家，中国出口占新增关税的四分之一，为1490亿美元。越南商品将面临630亿美元的关税，台湾产品面临370亿美元，日本出口面临360亿美元。德国和爱尔兰商品合计将面临410亿美元的额外征税。 During the first Trump presidency, tech companies moved some production to Vietnam to protect against a possible trade war with China. One-third of Vietnam’s exports are now electronics. 在特朗普首次担任总统期间，科技公司将部分生产转移到越南，以防范可能与中国发生的贸易战。现在，越南三分之一的出口产品是电子产品。 Apple moved manufacturing of AirPods, watches and iPads over the last several years to Vietnam. It also shifted some iPhone production to India, after years of relying solely on Chinese factories. 过去几年，苹果将AirPods、手表和iPad的生产转移到越南。该公司还将部分iPhone生产转移到印度，此前多年该公司的生产完全依赖中国工厂。 South Korean conglomerate Samsung Electronics has invested more than $20 billion in Vietnam since it started opening factories there nearly two decades ago. It now produces more goods in Vietnam than China. Last year, it produced roughly $70 billion worth of goods at its Vietnamese factories, most of it for export. 自近二十年前在越南开设工厂以来，韩国企业集团三星电子已在越南投资超过200亿美元。它现在在越南生产的商品比中国还多。去年，该公司在越南工厂生产了价值约700亿美元的商品，其中大部分用于出口。 越南海防的一家电子工厂。 Mr. Trump’s policies are also complicating decisions for smaller American businesses. Brenden McMorrow, co-founder of Move2Play, a toymaker based in Torrance, Calif., said the company built all of its products in China since it started about nine years ago. But it began to consider factories in Vietnam or India to protect against Chinese import tariffs. 特朗普的政策也使美国小型企业的决策变得复杂。总部位于加州托伦斯的玩具制造商Move2Play的联合创始人布伦登·麦克莫罗表示，自大约九年前成立以来，该公司的所有产品都在中国生产。但为了避免受到中国进口关税的影响，该公司开始考虑在越南或印度建厂。 In Vietnam, it found that the factories run by Chinese companies using materials from China were not much cheaper. Instead, it decided to try a test run of manufacturing one of its toys in India — a decision that Mr. McMorrow said looks better with the lofty tariff imposed on Vietnam. It studied whether it could manufacture in the United States, but he said that the costs were roughly five times higher than in China. 在越南，该公司发现，那些中国公司运营、使用中国原材料的工厂并不便宜多少。因此，公司决定在印度试生产一款玩具——麦克莫罗说，鉴于越南面临的高额关税，在印度试生产的决定现在看起来显得更明智了。该公司研究了是否可以在美国生产，但他说成本大约是在中国的五倍。 And despite the higher cost of tariffs, he doesn’t see U.S. production as any more viable now. 尽管关税成本较高，但他认为现在在美国生产并不可行。 “I don’t think it really makes sense to invest in trying to do a lot of this manufacturing in the U.S. if the next president comes in and just reverses course on all these tariffs, then you’re going to be in a terrible spot,” he said. “It makes more sense to just kind of stick to where we’re currently manufacturing and not make big risky moves.” “我认为，如果下一任总统上任后突然取消所有关税，那么在美国投资大量制造确实没有意义，那你就将陷入困境，”他说。“更合理的做法是坚持我们目前的制造模式，不要采取冒险的重大举措。” Damien Cave、Jack Nicas、Victoria Kim、Alex Travelli、Choe Sang-Hun、黄瑞黎(Sui-Lee Wee)和David Pierson对本文有报道贡献。 Daisuke Wakabayashi是时报驻首尔亚洲商业记者，报道区域经济、公司和地缘政治新闻。点击查看更多关于他的信息。 River Akira Davis驻东京，报道日本经济和商业新闻。点击查看更多关于她的信息。 翻译：纽约时报中文网 点击查看本文英文版。
新华社吉隆坡4月3日电（记者王嘉伟毛鹏飞）马来西亚多家行业协会3日发表声明，认为美国最新关税政策或将严重冲击马来西亚制造业等主要行业，敦促企业开拓多元市场规避风险。 马来西亚厂商联合总会总会长苏
With the Nintendo Switch 2 having access to the EyeToy… I mean, with the Nintendo Switch 2 Camera accessory, friends and family can watch our faces twist in agony when someone steals our Stars in the Switch 2 version of Super Mario Party Jamboree. But, as soon as I saw that cameras could show up […] The post I Hope ‘Super Mario Party Jamboree’ Only Lets Friends Use Cameras Together, Because I Am Not Ready for Someone to Pop Out the Pipe Butt-Ass Naked appeared first on VICE.
Path of Exile 2 is dropping its newest season, Dawn of the Hunt, tomorrow. A brand new league means brand new beginnings, with a reset economy and tons of additional skills and items available. It’s also, coincidentally, your chance to experience an ARPG like you never have before. By playing by yourself, with no help, […] The post ‘Path of Exile 2’ Dawn of the Hunt Starts Tomorrow, so Buckle Up and Play SSF, You Coward appeared first on VICE.
Tucker Carlson Horrified As Dr. Mary Talley Bowden Drops Chilling COVID Statistic Via VigiliantFox.com, Dr. Mary Talley Bowden left Tucker Carlson visibly shaken after dropping a chilling COVID vaccine statistic that’s impacting millions of children right now. Before her appearance on Carlson’s show, Dr. Bowden, a Texas-based ENT specialist, rose to prominence in the medical freedom movement by speaking out against vaccine mandates and advocating for early treatment options like ivermectin. She gained national attention after she was suspended by Houston Methodist Hospital for challenging the prevailing COVID narrative. Despite the backlash, Bowden has remained committed to the Hippocratic Oath, successfully treating an impressive total of over 6,000 COVID patients without a single death. Before Tucker became visibly disturbed, Dr. Bowden pointed to data from the CDC’s VAERS system, explaining that over 38,000 deaths have been reported following the rollout of the so-called COVID-19 vaccines. She said that under normal circumstances, such numbers would’ve prompted the FDA to pull the shots. Instead, they pushed forward, adding the COVID vaccine to the routine childhood schedule, with the expectation that babies receive three doses by just nine months of age. She added that the shots are still under Emergency Use Authorization (EUA) for children under 12—not fully FDA approved—and yet they remain on the official vaccine schedule. Tucker was horrified when Dr. Bowden mentioned a disturbing fact: “According to the CDC, 9 million American children have gotten the latest version of these COVID shots,” she said. Clearly caught off guard, Carlson asked, “Actually?” “Yes,” Bowden confirmed. “Still?” he pressed. “Yes. Yes. 9 million [kids]—12% [of US children have been injected].” Tucker, in disbelief, asked, “Wait, this is going on right now?” “Yes,” Bowden replied. “I think we voted against this,” Tucker said. “Yeah,” Bowden confirmed. “Correct?” Tucker stressed. “I don’t know,” Dr. Bowden answered. “You’re very diplomatic, but I’m just stunned to learn that that’s happening right now,” Tucker exclaimed. “Could this be shut down?” he asked. “It should have been shut down a long time ago,” Dr. Bowden answered. “And you know, what’s the—” Tucker interrupted: “9 million babies have had COVID shots?” “Yeah. Well, children. Minors,” Dr. Bowden clarified. Tucker’s reaction at the end says it all: Carlson was horrified when Dr. Bowden mentioned a disturbing fact: “According to the CDC, 9 million American children have gotten the latest version of these COVID shots,” she said. Clearly caught off guard, Carlson asked, “Actually?” “Yes,” Bowden confirmed. “Still?” he… pic.twitter.com/ihkbx4zKeJ April 3, 2025 The conversation took another dark turn when Carlson asked about the potential long-term consequences of these shots, to which Dr. Bowden pointed to a disturbing trend. “I don’t see a ton of cancer in my practice,” she said, “but I do have friends at MD Anderson, and they said they’ve never seen anything like it. The young people coming in with very advanced tumors, I think that’s what we have to be worried about now.” She explained that getting updated cancer data is difficult, but the anecdotal reports are piling up. “It’s hard to get up-to-date cancer numbers, but I’m hearing all sorts of things. There are probably people who have access to that data, but publicly, it’s hard [to get access].” The conversation took another darker turn when Carlson asked about the potential long-term consequences of these shots. Dr. Bowden pointed to a disturbing trend. “I don’t see a ton of cancer in my practice,” she said, “but I do have friends at MD Anderson, and they said they’ve… pic.twitter.com/muaMqzmwkS April 3, 2025 This raises a profound question we must now consider as a society: What have we done? In our rush to vaccinate every man, woman, and child, have we compromised the long-term health of a population that never needed these shots in the first place? What data was ignored? If so, who made decisions to ignore that data, and will they ever answer for the consequences? It’s time for a serious conversation about accountability. You can watch the full, eye-opening conversation below: * * * If you like my work and want to support me and my family and help keep this page going strong, the most powerful thing you can do is sign up for the email list and become a paid subscriber. Tyler Durden Thu, 04/03/2025 - 17:40
Health And Human Services Layoffs Begin Leaving Federal Workers Stunned The first stage of cuts to Health and Human Services (HHS) have begun with 10,000 employees slated to be fired in the coming weeks. Pink slips have been replaced with deactivated key cards as workers line up at HHS offices across the country to find out if they still have a job. The establishment media is out in force to paint a tragic narrative of "public servants" who only want to do good for less fortunate souls no unable to fulfill their calling. It's all quite dramatic. It's hard to say when government bureaucrats suddenly became an army of charitable saints sacrificing themselves for the good of humanity. The HHS currently employs around 82,000 people within 10 regional offices and the average income for a worker is around $100,000 with benefits. The majority of them are pencil pushers and social workers, not doctors or scientists making grand discoveries in medical technology. When they do get involved in medical study, disasters seem to follow. Keep in mind that the HHS was partly involved in the funding of gain of function research by EcoHealth Alliance, which, in conjunction with projects run by Dr. Peter Daszak and Dr. Anthony Fauci at the NIH, reportedly led to the creation of human transmissible coronaviruses at the Wuhan Level 4 Virology Lab in China (ground zero for Covid). The annual budget of the HHS is $1.8 trillion - It accounts for around 20% of all federal dollars spent every year and tracking where this immense pool of cash goes is far more complex than the shady operations of USAID. The agency is, by any measure, a monstrosity. Cuts are intended to hit the FDA, CDC, and the NIH, all under the umbrella of the HHS. A large portion of programs instituted by HHS tap into pandemic funds set aside during covid (yes, the covid cash is still floating around after 5 years). This money goes to support numerous programs that the majority of Americans voted against, including DEI programs, illegal immigrant programs and gender affirming care programs (gender based care for minors was indeed pursued by the HHS). The point is, it's not worth feeling sorry for these people. When they had unmitigated power they abused it in grand fashion and everything that happens from here onward is pure Karma. Democrats in at least 23 states are taking action to sue the Trump Administration over the budget cuts and layoffs. In the lawsuit, filed Tuesday, the states are seeking a temporary restraining order and injunctive relief to immediately halt the administration’s funding cuts that they say will lead to key public health services being discontinued and thousands of health-care workers losing their jobs. The civil suits are unlikely to make much difference in the end, just as they failed to stop the cuts to USAID. The HHS, now under the management of Robert F. Kennedy Jr., is expected to undergo unprecedented changes in the coming months and a level of accountability the institution has probably never dealt with before. “The COVID-19 pandemic is over, and HHS will no longer waste billions of taxpayer dollars responding to a non-existent pandemic that Americans moved on from years ago. HHS is prioritizing funding projects that will deliver on President Trump’s mandate to address our chronic disease epidemic and Make America Healthy Again,” the agency said in a statement last week. Tyler Durden Thu, 04/03/2025 - 17:20
Pentagon Watchdog Launches Investigation Into SecDef Hegseth Over Use Of Signal Authored by Zachary Stieber via The Epoch Times, The inspector general for the Department of Defense is investigating Defense Secretary Pete Hegseth over his use of the messaging app Signal. Acting Pentagon Inspector General Steven A. Stebbins said in an April 3 memorandum to Hegseth that the probe would cover whether Hegseth and other military personnel complied with Department of Defense policies and procedures for using a commercial messaging application for official business. “Additionally, we will review compliance with classification and records retention requirements,” he said. A Department of Defense spokesperson told The Epoch Times in an email, “Per our longstanding policy, we don’t comment on ongoing investigations.” Hegseth has not reacted as of yet to the development. Hegseth and other top U.S. officials in mid-March messaged on Signal about strikes in Yemen against Houthi terrorists. The Atlantic released the messages after Jeffrey Goldberg, its editor-in-chief, was added to the chat group. Hegseth and the White House have said no classified information was shared. Developing... Tyler Durden Thu, 04/03/2025 - 17:00
Intel, TSMC Tentatively Agree On Chipmaking JV In 'America First' Era Intel shares are up 5% late in the cash session following a report from The Information that sheds light on ongoing talks between Intel and Taiwan Semiconductor Manufacturing Co. (TSMC) to form a joint venture to operate Intel's chipmaking facilities. Under the proposed deal, TSMC would take a 20% stake in the new company and offer manufacturing expertise and personnel training. *INTEL, TSMC TENTATIVELY AGREE TO FORM CHIPMAKING JV: INFORMATION April 3, 2025 Two people familiar with the talks between Intel and TSMC provided additional color about the preliminary agreement to form the new joint venture: Intel and other U.S. semiconductor companies will hold the majority of the shares in the proposed JV, which would include at least some of Intel's existing chip foundries, said the two people. In exchange for the 20% stake, TSMC has discussed sharing some of its chipmaking methods with Intel and training Intel personnel to use them, insteading of funding its stake with capital, one of the people said. It isn't clear how the rest of the new entity would be funded. The deliberations are ongoing and no final agreement has been reached, the two people said. There's still resistance from some Intel executives concerned that the deal would cause widespread layoffs at the company while subsuming its own chipmaking technology, according to two Intel employees. The JV was encouraged by members of the Trump administration and is part of the broader 'America First' effort to revive the U.S. chipmaking sector after decades of decay. It also plays into hemispheric defense, where the U.S. will rely less on foreign adversaries for chips. President Trump has previously accused Taiwan of "stealing" America's chip industry: "You know, Taiwan, they stole our chip business ... and they want protection." However, TSMC has reversed the tide with additional investments in the U.S. - more than $100 billion. Multiple reports over the last several weeks, including this one from Reuters, have discussed TSMC pitching a JV with Nvidia, Advanced Micro Devices, and Broadcom to operate Intel's factories. TSMC Reportedly Pitches JV With Nvidia, AMD, Broadcom To Operate Intel Foundry https://t.co/3NKo9IY6zx March 12, 2025 Sources via The Information continued: White House and Commerce officials have been pressing TSMC and Intel to strike a deal to resolve the long-running crisis at Intel, one of the most iconic U.S. technology firms. Commerce officials who have facilitated the negotiations support the tentative deal, said the two people who have been involved in some of the talks. . . . The proposed joint venture could also help TSMC effectively put down a major, if struggling, competitor and give the Taiwanese government more bargaining power with the Trump administration, which just levied tariffs on goods other than chips from the island. In February, Robert W. Baird analysts wrote in a note to clients that the Trump administration was working to broker a JV between Intel and TSMC, one which would focus on something we said last August has excess value at the Intel enterprise, namely its fabs... Intel has 15 fabs; the fabs alone are worth $10bn/each in liquidation value. The value created by management is negative $50 billion. https://t.co/HkqUQJ4A6J August 2, 2024 In markets, Intel shares are up 5% in late cash trading. On the year, shares are up about 16% on speculation of a deal - shares have been floored around $20 handle. Will Intel shares fly in Trump's America First era? Tyler Durden Thu, 04/03/2025 - 16:40
Matt Taibbi Files $10 Million Libel Suit Against Dem Rep. For Accusing Him Of 'Serial Sexual Harassment' Journalist Matt Taibbi is suing Rep. Sydney Kamlager-Dove for libel, after the California Democrat claimed during her opening remarks in a House Foreign Affairs Subcommittee hearing on Tuesday that he's a "serial sexual harasser." "To distract from the dumpster fire this administration is pursuing," she said, the Republicans were "elevating a serial sexual harrasser as their star witness." While Taibbi wouldn't have been able to sue due to lawmaker protections under the Speech and Debate clause of the constitution, Kamlager-Dove was stupid enough to then post those claims on social media; both on X and Blue Sky. Damn. Ranking Member Kamlager-Dove calls GOP witness Matt Taibbi a "serial sexual harasser" and enters articles into the congressional record about his history as a sex pest pic.twitter.com/D0li1K6Qij April 1, 2025 As Taibbi directly notes to Kamlager-Dove via Racket News, "Rep. Kamlager-Dove, no woman has ever accused me of engaging in sexual harrassment once, let alone serially. See you in court. Please do not evade service." * * * On Sale! Grab a complete 2-day emergency survival backpack at ZH Store Click pic... add to cart (one for each car & your go-bag storage)... be more prepared. Satisfaction guaranteed or your money back. Tyler Durden Thu, 04/03/2025 - 16:20
Have you ever wanted to kill furries? No, probably not. I mean, if you snapped a finger and disappeared every furry in the world, our entire technological infrastructure would likely fall apart (as the meme goes). But for some reason, developer Sujikon created a game about killing furries. The game has been out for three […] The post This Game About Murdering Furries Is Suspiciously Blowing up on Steam. Why? appeared first on VICE.
Before I get into this, I’m just a dude who loves games and happens to be in a position to write about them. My opinion isn’t gospel or anything like that and you can disagree with it all you want. I just find some of the reaction to the Switch 2 to be weird, especially […] The post I Swear This is the Last Switch 2 Thing from Me This Week, But I Got One Question for Y’all…Why Are You So Mad? appeared first on VICE.
Despite all the sludgy sounds, despite all the raucous music, the buzzy guitars, and the screeching lyrics, grunge music had a purity about it in the late 1980s and early 1990s. There was an overarching understanding in the movement that selling out was wrong and playing music with your friends was where it was at. […] The post Yes, Grunge Supergroups Are a Thing. Here Are 3 of the Best. appeared first on VICE.
FX's Dying for Sex is inspired by a real terminal cancer patient who began a journey of sexual exploration when she got her diagnosis
New tariffs fuel the strongest GOP pushback since Trump's inauguration
Microsoft Scales Back AI Data Center Projects In US, Australia, UK TD Cowen analyst Michael Elias has explained to clients through multiple notes over the last month that Microsoft has scaled back on data center projects in the U.S. and Europe. This development is unsurprising, as readers have been aware of the emerging risks posed by the cheaper and more efficient Chinese DeepSeek (as noted on Jan. 27), prompting us to question whether AI data capacity will be achieved sooner than initially anticipated. Another worrying sign for the AI bubble—or rather, a continuation of Elias' reporting on Microsoft scaling back data center projects—comes from Bloomberg, which provides additional color on MSFT supposedly halting data center construction sites in Indonesia, the UK, Australia, Illinois, North Dakota, and Wisconsin. Here's more from the report, citing people familiar with talks (list courtesy of Bloomberg): Microsoft recently withdrew from negotiations to lease space between London and Cambridge in the UK at a site being marketed for its ability to host advanced Nvidia chips, according to people familiar with the talks, who requested anonymity to discuss a private matter. The company has also halted negotiations for data center space at a site near Chicago, according to a person familiar with the talks. In some cases, Microsoft is delaying construction. For example, it has paused work on parts of a data center campus it owns about an hour outside of Jakarta, according to people familiar with the situation. Microsoft also has put on hold some planned expansion at a site in Mount Pleasant, Wisconsin, part of a complex visited by then-President Joe Biden, according to another person. In London, Microsoft was negotiating to lease space at Ada Infrastructure's 210-megawatt Docklands data center but has held off on committing to the project, according to people familiar with the matter. Elias first raised concerns about Microsoft scaling back on AI computing capacity in a note on Feb. 24, in which he stated that Microsoft was terminating AI data center leases. This was followed by a separate note last week, in which the analyst reported that Microsoft had walked away from data center projects in the U.S. and Europe, amounting to a capacity of approximately 2 gigawatts of electricity. "We continue to believe the lease cancellations and deferrals of capacity points to data center oversupply relative to its current demand forecast," Elias said last week. News of the cheaper Chinese DeepSeek—a response to OpenAI's ChatGPT—in late January, which is allegedly 40–50 times more efficient than other large language models, had Goldman's Rich Privorotsky at the time proposing a new theme that spelled bad news for the AI bubble: "If you can do more with less, it naturally raises the question of whether so much capacity is necessary." The whole "do more with less" theme produced by DeepSeek sparked a debate that AI peak demand capacity could be reached much sooner than Goldman's forecast of late 2026. Capex revisions next? Year to date, Goldman's AI and power baskets have gotten the memo... Goldman's China AI basket leads US AI baskets. . . . Tyler Durden Thu, 04/03/2025 - 15:25
Nobody can resist a good, “Hey, check out this deal on Apple yadda yadda” headline. I should know. I write ’em. I’d be shit at my job if I hyped up all of them without a thought as to whether they’re actually a good deal, though. And this much-hyped deal on last year’s MacBook Air […] The post This ‘Deal’ on a MacBook Air M3 Isn’t a Good Deal at All appeared first on VICE.
A lot of people have had Snoop Dogg’s name in their mouths lately, and one WWE star is joining the list. In a recent interview with NME, Michael “The Miz” Mizanin recalled the time he co-hosted WrestleMania 39 with Snoop—a WWE Hall of Famer—who wound up giving him The People’s Elbow, a signature finishing move […] The post Snoop Dogg ‘Sucker Punched’ a WWE Star at WrestleMania 39 appeared first on VICE.
We’ve long known that male fruit flies are attracted to alcohol, and now science knows why. It’s all about getting laid. According to a new study, male fruit flies drink to make themselves more attractive to female fruit flies. Or maybe being drunk makes them think they’re more attractive to female fruit flies. According to […] The post Booze Makes Male Fruit Flies More Attractive to Females appeared first on VICE.
Turns out most of us aren’t drinking enough water. Like, ever. According to the U.S. National Academies of Sciences, Engineering, and Medicine, men should drink about 15.5 cups (3.7 liters) of fluids a day, while women should drink 11.5 cups (2.7 liters) of fluids a day… …and I can guarantee you I am not doing […] The post You’re Probably Not Drinking Enough Water. Here’s How Much You Need. appeared first on VICE.
Massive International Pedophile Streaming Network Discovered; 2 Million Users Shared Child-Porn Across 35 Countries Authored by Steve Watson via Modernity.news, A massive darknet international pedophile child porn network calling itself “Kidflix” has been discovered and shut down by Europol. Investigators stated that site shockingly had more than 91,000 child porn videos on it, with around three new videos being uploaded to its servers every hour. Users were paying a fee for access to stream and upload their own videos of child sex abuse. They were able to make payments via cryptocurrencies to avoid a paper trail, and were given the incentive of earning tokens to spend on the site by uploading content. Kidflix, one of the largest paedophile platforms in the world, has been shut down in an international operation against child sexual exploitation. ⏹️ Europol has supported authorities from 38 countries worldwide in shutting down the platform. More: https://t.co/eoETaBNyBi pic.twitter.com/FPI9xkuTkE April 2, 2025 Dozens of arrests were made, the agency announced Wednesday, noting that the network had around two million users and spanned across 35 countries. The network was terminated at the direction of the Bavarian State Criminal Police Office in Germany. One of the world’s largest pedophile networks, Kidflix, has been dismantled in a massive international operation against child exploitation. Authorities from 38 countries, including the U.S., Canada, and Australia, collaborated in a global effort to shut down the platform.… pic.twitter.com/jQCpJxde8a April 3, 2025 German broadcaster NTV reports that 79 people have been arrested thus far, with around 1,400 further suspects identified. The investigation spanned almost three years and has now concluded with thousands of electronic devices being seized and the servers of the monstrosity, located in both Germany and the Netherlands, being shut down. The report notes that Europol officials believe those arrested not only watched and uploaded child pornography, but are also suspected of carrying out the sexual abuse of the children. This isn’t even an isolated incident, these massive pedo operations are in play everywhere. 🇵🇱 OVER 1 MILLION CHILD P*RN FILES SEIZED IN POLAND The files were uncovered during an extensive nationwide operation conducted by the Polish police. They raided 112 locations, charging 75 suspects aged 16 to 78, with 31 in pre-trial detention. Among the material were images… pic.twitter.com/ixfnO88ouv November 12, 2024 𝗨.𝗦. 𝗮𝗻𝗱 𝗨.𝗞. 𝗔𝘂𝘁𝗵𝗼𝗿𝗶𝘁𝗶𝗲𝘀 𝗔𝗻𝗻𝗼𝘂𝗻𝗰𝗲 𝗖𝗿𝗮𝗰𝗸𝗱𝗼𝘄𝗻 𝗼𝗻 𝗧𝗵𝗲 𝗔𝗻𝗻𝗲𝘅, '𝗢𝗻𝗲 𝘁𝗵𝗲 𝗟𝗮𝗿𝗴𝗲𝘀𝘁 𝗖𝗵𝗶𝗹𝗱 𝗣𝗼𝗿𝗻𝗼𝗴𝗿𝗮𝗽𝗵𝘆 𝗪𝗲𝗯𝘀𝗶𝘁𝗲𝘀 𝗚𝗹𝗼𝗯𝗮𝗹𝗹𝘆,' 𝗙𝗼𝗹𝗹𝗼𝘄𝗶𝗻𝗴 𝗕𝗿𝗶𝘁𝗶𝘀𝗵 𝗖𝗼𝘂𝗿𝘁 𝗦𝗲𝗻𝘁𝗲𝗻𝗰𝗶𝗻𝗴 𝗼𝗳… pic.twitter.com/9jHuscKLOT March 11, 2024 Still think child sex trafficking isn't a problem Canada? You'll want to give this a read...👇 Have you heard of the Canadian film company Azov Films? Azov films was a Toronto based film company founded by Brian Way. The company was selling and streaming footage of naked… pic.twitter.com/g1MXUiXl8X June 23, 2024 2 predators arrested & 9 children rescued in an ongoing investigation in SE Asia. 9 terabytes of data including child sexual abuse material were recovered at the scene. 1 terabyte alone can hold up to 1 million smartphone quality pictures, or thousands of hours of video. pic.twitter.com/Kvo1PVtaKv August 21, 2020 South Korean National and Hundreds of Others Charged Worldwide in the Takedown of the Largest Darknet Child Pornography Website, Which was Funded by Bitcoin@drawandstrike @catesduane @rising_serpent @almostjingo @tracybeanz @CarrollQuigley1 @dbongino https://t.co/yZOOXyL7t6 October 16, 2019 WATCH 🚨 45 People Arrested For Being Child Predators, Prostitutes, Human Traffickers, Child Traffickers & Wanting To Eat Children, Yes Cannibalism “Sheriff told us about a man who he said wanted to eat a child. Yes. Eat her as in cannibalism, And that was just one of the… pic.twitter.com/Na04RsreXG February 22, 2024 Earlier this year, French police announced arrested 37 people and seized over a million picture and video files of child pornography from computers, tablets, smartphones, and even cameras. According to The French newspaper La Dépêche reported that the operation, which began in November, involved 270 gendarmes, including 36 cybercrime specialist investigators. 🚨 ALERTE INFO - 37 PEDOPHILES ARRÊTÉS DANS L’EST DE LA FRANCE Plus de 1 MILLIONS DE FICHIERS PEDOPORNOGRAPHIQUE Sur la saisis ont retrouvent 60 ordinateurs, 290 supports de stockage externes, 27 téléphones portables, huit tablettes, quatre caméras Plus de 270 ENQUÊTEURS… pic.twitter.com/fP0CWWslMr January 27, 2025 A separate international operation last December also led to the arrest of 95 people in France in connection to a cross-border child pornography ring. In that case, police seized hundreds of devices with an estimated 375,000 photos and 156,000 videos of child pornography, making up 217 terabytes of data. #BellesAffaires 🖥️ Démantèlement d’un important réseau pédopornographique international via l'application #Signal, par la SR de Versailles et les gendarmes du @CyberGEND : pic.twitter.com/xTC1UsJm6Y December 21, 2024 While investigators have managed to rescue some of the children who were victims of these horrendous activities in each case, the numbers are always disappointingly low, and it’s clear many thousands more, if not millions are still suffering. The level of evil is unimaginable. Leftists will tell you it’s all just a big conspiracy theory though. And in some cases they will investigate anyone who tries to expose it. * * * Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews. Tyler Durden Thu, 04/03/2025 - 15:05
No animated characters. No story. No fancy graphics. Seriously? How could this be a computer game in 1988?
The letter, shared exclusively with TIME, comes after HHS confirmed this week that it is withholding Title X funds from 16 organizations.
Here’s what you need to know about the fresh recession fears amid Trump’s highly controversial tariffs.
今天早些时候，韩国的行业内线听到了有关三星电子计划为 NAND 和 DRAM 产品线制定新定价策略的传闻。据 MK 新闻报道，当地消息人士认为，公司领导层将对主要全球客户提高内存芯片价格——从当前水平提高 3-5%。据报道，一些客户已经开始了反映涨价条件的合同谈判。 地区监管机构认为，这家大公司正在对当前的地缘政治紧张局势（即关税）做出反应。本周早些时候，主要竞争对手美光公司向客户通报了即将上调内存价格的消息。当然，这家北美内存芯片巨头并没有“完全”受到最近剧烈波动的影响。 “需求大幅增长”导致 DRAM、NAND 闪存和 HBM 产品组合的价格上涨，预计 2025 年和 2026 年价格都会上涨。 回到韩国和三星，一位不愿透露姓名的半导体业内人士 表示：“去年全年供应过剩，但随着主要公司开始减产，供应量最近有所下降……此外，人工智能 (AI) 设备在中国接连出现，由于工业自动化，对半导体的需求正在逐渐增加。” 市场研究机构DRAMeXchange一直在跟踪相关趋势。正如新闻所披露的那样——截至上个月，通用 DRAM DDR4 价格“连续第四个月保持平稳”。DDR5（用于高性能 PC 和企业设备）价格飙升了 12%，NAND 成本上涨了 9.6%：“连续第三个月呈上升趋势。” 查看评论
昨天，美国总统唐纳德·特朗普宣布对美国贸易伙伴征收一系列关税，对合作伙伴征收一系列 10% 以上的关税，称其为“解放日”。市场正在计算这些关税将对消费者产生多大影响。根据顶级投资银行之一高盛的说法，半导体不受特朗普对台湾征收的对等关税的影响。 然而，台积电等制造商使用的半导体制造设备并不豁免，预计同样将受到 32% 关税的打击。这只是台湾对美国制造商品进口征收关税的一半。对于台积电来说，作为 GPU 和 CPU 的第一大制造商，可能很难应对关税。虽然其现有的制造工厂使用来自荷兰 ASML 和 Lam Research 和 KLA Corporation 等几家美国公司的设备，但将新生产的芯片运往美国应该不成问题。 然而，如果台积电想要在美国以外的任何国家扩建制造工厂，就必须应对美国产硅制造设备 32% 的关税。对于总部位于欧盟的 ASML 来说，情况略有不同。如果超过 20% 的设备由美国部件组成，则可能适用关税豁免，从而有可能降低进口成本。 如果产品中超过五分之一的零部件或价值来自美国，则该设备可能有资格享受关税减免。ASML 的机器包含一些美国零部件，因此确定这些机器是否达到 20% 的门槛至关重要。如果达到，关税豁免可以帮助降低进口这些先进机器的成本，最高可达3.8 亿美元。对于非美国产商品，欧盟实体需缴纳 20% 的关税。 查看评论
你知道微软本周将迎来 50 岁生日吗？这家软件巨头成立于 1975 年 4 月 5 日，开启了半个世纪的软件创新和硬件开发。现在，该公司正通过多项公告庆祝这一里程碑。在我们等待即将开始的活动的同时，微软发布了一组新的庆祝壁纸，就像它在最近的 Windows Insider 计划周年纪念日所做的那样。 新壁纸融合了微软的几款标志性产品，例如扫雷、纸牌、麻将、画图、Internet Explorer、Windows、Windows XP 的郁金香壁纸等。与往常一样，每张壁纸都有两种版本：深色和浅色。此外，如果您有超宽显示器，则可以采用标准的 16:9 宽高比或 21:9。 在官方 Windows Experience Blog 的公告帖中，微软表示这些壁纸是由三位微软设计师和“Windows 超级粉丝”设计的： 展望微软 50 周年，我们庆祝大家在过去五十年中留下的标志性回忆和时刻。还有什么比使用怀旧 Windows 壁纸等独家产品更好的庆祝方式呢？这些壁纸融合了复古色彩、像素化边缘和对不同时期新 Windows 版本的期待。我们的限量版壁纸由三位微软设计师和 Windows 超级粉丝制作，重新构想了 Windows 最令人难忘的时刻。 您可以从 Microsoft Design 官方网站下载 Microsoft 50 周年纪念壁纸（还有许多其他炫酷壁纸供您欣赏）。如果您想了解有关 Microsoft 庆祝五年创新的更多信息，请查看官方“欢呼 50 周年”帖子，其中介绍了 Microsoft 世界中的多个标志性时刻。 比尔·盖茨还通过分享 Altair BASIC 的源代码来庆祝这一时刻，该代码的出现时间早于 Windows、Office 以及当今数十亿人使用的其他产品。 查看评论
任天堂已经为 Switch 2 举行了两次发布会。最新一代游戏机最初于 1 月向公众公布，而昨天，该设备的完整外观终于面世。虽然确实有游戏支持、发布日期、定价和电池容量等详细信息，但一些功能仍处于保密状态，但更多细节现在开始浮出水面。 任天堂和 NVIDIA 现已确认 Switch 2 将正式支持 NVIDIA 广受欢迎的深度学习超级采样 (DLSS) 升级技术供游戏使用。Switch 2 已确认内置 NVIDIA 制造的定制处理器，该处理器具有专用的 RT Cores 和 Tensor Cores，该公司表示，该处理器可以提供“令人惊叹的视觉效果和 AI 驱动的增强功能”。 DLSS 使用的机器学习技术可以在较低分辨率下运行的游戏运行时对其进行升级。到目前为止，它只出现在配备 NVIDIA 图形硬件的 PC 上。然而，目前还不清楚该设备将支持哪个版本的 DLSS。 该公司补充道：“从系统和芯片设计到定制 GPU、API 和世界一流的开发工具，Nintendo Switch 2 经过了各个元素上 1000 名工程师一年的努力，带来了重大升级。” 据 NVIDIA 称，Switch 2 所采用的新芯片的图形性能也是原始 Switch 的 10 倍。 以下是该公司今天分享的一些功能亮点： Tensor Cores 可增强 AI 图形，同时保持高效的功耗。 RT Cores 通过动态照明和自然反射增强游戏的真实感。 手持模式下通过 NVIDIA G-SYNC 实现的可变刷新率 (VRR) 可确保超流畅、无撕裂的游戏体验。 Nintendo Switch 2 还配备了单独出售的摄像头配件，让玩家可以在游戏中使用视频聊天。NVIDIA 表示，正是该芯片的 Tensor Cores 让这款混合游戏机能够在视频聊天过程中利用 AI 的力量进行面部跟踪和背景消除。 查看评论
Back in November, I wrote about an Icelandic volcano that was erupting for the seventh time in 2024. Unfortunately for the residents of nearby town Grindavik, it’s happening again, as tourists and residents, what’s left of them at least, have been evacuated to safety. The eruption kicked off early Tuesday morning as lava began spewing, […] The post Volcanic Eruptions Keep Forcing Icelandic Town to Evacuate appeared first on VICE.
For nearly three decades, scientists have repeatedly failed to create a functioning digital simulation of the simple brain of a microscopic worm with just 300 neurons. The scientific name of the worm is C. elegans, but you might better know it as a nematode. Thanks to the can-do attitudes and ceaseless positivity of people who […] The post Scientists Are Finally Close to Digitally Recreating Worm Brains appeared first on VICE.
For as much as we know about the diapers astronauts have to wear, we don’t really know as much about space sex. Luckily, a former NASA employee wrote an article in Slate detailing everything she knows about space sex. Laura Faye Tenenbaum argues that while the public demands more information on whether astronauts are having […] The post Are Astronauts Having Sex in Space? A Former NASA Employee Thinks So. appeared first on VICE.
'Disloyal' NSC Staffers Fired After Laura Loomer Brings Receipts To The White House Three staffers on the National Security Council have been fired after journalist Laura Loomer met with President Trump in the Oval Office on Wednesday, where she presented him with a list of 'disloyal' employees, the NY Times reports, thanks to ongoing (and copious) leaks from the administration. Mr. Trump may act on some of Ms. Loomer’s recommendations, two of the people said. Ms. Loomer walked into the White House with a sheaf of papers, which amounted to a mass of opposition research attacking the character and loyalty of numerous N.S.C. officials, two of the people said. She proceeded to excoriate them in front of their boss, the national security adviser Michael Waltz, who was also in the meeting. -NYT The rest of the Times report amounts to a character assassination on Loomer, which was to be expected - writing that "Loomer’s rhetoric and actions have been so extreme that she has alienated others even on the far right." The White House meeting came after weeks of Loomer posting about various 'disloyal' Democrats within the Trump administration - including deputy national security adviser Alex Wong, who she says added a journalist from The Atlantic to a DoD Signal chat on behalf of his boss, national security adviser Michael Waltz (Waltz was in Wednesday's meeting, according to the report). In posts to X, Loomer noted that Wong's wife worked as a DOJ lawyer for the Biden and Obama administrations, and her father is a large shareholder in a Chinese satellite manufacturer. The roughly 30-minute meeting with Loomer was held shortly before Trump's major tariff announcement in the White House Rose Garden. Also in the meeting aside from Waltz were VP JD Vance, Sergio Gor - the head of presidential personnel, White House Chief of Staff Susie Wiles, and White House communications director Steven Cheung, according to the NYT's leakers. Loomer Responds "I woke up this morning to learn that there are still people in and around the West Wing who are LEAKING to the hostile, left-wing media about President Trump’s *confidential* and *private* meetings in the Oval Office," Loomer wrote on X in response to the news, adding that she would not divulge any details about her meeting. I woke up this morning to learn that there are still people in and around the West Wing who are LEAKING to the hostile, left-wing media about President Trump’s *confidential* and *private* meetings in the Oval Office. I want to reiterate how important it is that people who gain… April 3, 2025 According to Loomer, there's "More to come!" “Exactly one hour before he received the termination email, Laura Loomer posted on social media about Mr. Schleifer, calling him a "Biden holdover.” More to come! pic.twitter.com/ndc0qAXdf3 April 3, 2025 * * * Grow your own food with HEIRLOOM SEEDS (39 varieties - 4,500 seeds) from ZH Store! Free shipping in the USA. Click pic... buy seeds... take food supply into your own hands... Tyler Durden Thu, 04/03/2025 - 14:05
This Trump Shock Is A Reverse Nixon By Michael Every of Rabobank Hoot Small-ly and Reverse Nixon Again In line with the Churchillian tone I had struck, yesterday’s US tariffs were historic and suggest a world-wide battle. It remains to be seen in what form, with what outcome, but global bifurcation is again on the cards. The US raised its weighted-average tariff to 29%, the highest in over 100 years, and above the Smoot-Hawley tariffs of the 1930s. That’s staggering, not just for the US, or inflation or GDP, but for the global system built on the US as consumer of last resort for everyone else’s overproduction and the US dollar as the lubricant for that trade and the US financial assets everyone accumulates as a result. The US assumed a non-tariff barrier with each trade partner leading to reciprocal tariffs as the simple function of the US bilateral trade deficit as a ratio of exports to it, e.g., Indonesia runs a $17.9bn trade surplus with the US and exports $28bn to it, so $17.9/$28 = the 64% assumed Indonesian trade barrier, which the US offered a ‘discount’ on down to 32%. On one hand, this is nonsense. On the other, it’s exactly what Ricardian theory says should happen under free trade: all bilateral flows should balance, with the composition of the basket shifting with comparative advantage. That it never does for the US shows the theory isn’t true; so, the US is using both hands to pull down the system ostensibly based on it. It’s critical to understand that before talking about the numbers below and hooting small-ly about Smoot-Hawley. We got massive increases in tariffs on Asian exporters like Bangladesh (37%), Cambodia (49%), China (34%), India (26%), Indonesia (32%), Japan (24%), South Korea (25%), Thailand (36%), and Vietnam (46%). Moreover, these are stackable on top of pre-exiting tariffs, so China faces 54% at least, with the threat of another 25% for buying Venezuelan oil and another 25-50% for buying Russian oil. That is a dramatic escalation between the world’s two largest economies. The EU fared slightly better (20%), but which is four times higher than what we had presumed in our own model assumptions. Most others, including the UK, Australia, and New Zealand got 10%, a divide-and-rule tactic we’d expected, as did Latin America, the Monroe Doctrine also expected, especially if the US now offers dollar liquidity to help shift supply chains in that direction. But what then for Brazilian agri trade to China? Nobody --except Russia(but that's because it is under sanctions)-- was overlooked: even a small island off Australia got a 10% tariff for its population of penguins, and the closest of US defence allies like Israel and the Philippines face 17%, while Iran only sees 10%. The only exemptions apart from Canada and Mexico were on steel and aluminium, autos, copper, pharmaceuticals, semiconductors, bullion, energy and other minerals not available in the US; but the first three already have 25% tariffs in place, with the rest waiting for one. The US postal de minimis loophole is also over for everyone with a tariff once systems are ready, except for bonafide gifts and items brought into the US while traveling. That upends a lot of e-commerce. We now start the next phase of negotiation and/or retaliation. It’s hard to imagine the UK, Australia, or New Zealand will rock the boat, and the same is true for anyone getting just a 10% tariff. Indeed, Latin America may be rubbing its hands at the geostrategic windfall ahead. But what about Asia? For example, will China allow CNY to move lower? Does that drag other FX down with it? Does the US then raise tariffs even higher? Or will China switch to domestic consumption, which would be inflationary? What are the options for Japan, South Korea, Vietnam, Cambodia, Thailand, and India? They can’t “trade more with China” unless it plays the US importer/consumer role, but it won’t want to import more. So, does all of Asia inflate domestically with the US, or sink into deflation? Or does everyone but China pivot to the US side vs. China? We have already published a report on what we expect Europe to do and underlined the risks of escalation that risks rapidly moving from trade into other areas. Indeed, the US is already pressuring Europe to buy American weapons rather than local as it rearms: if Europe accepts, maybe the trade war and security issues are resolved in tandem; and if it refuses, Europe may face more US intractability on NATO, and trade, and energy, and perhaps even on dollar swaplines. Another key point to stress is renewed talk of ‘dedollarisation’. Notably, US 10-year yields are going down, now at just 4.06%, even though inflation will almost certainly be seen and for some time. The DXY broad dollar index is dropping, and even Asian exporters hit by massive tariffs are only seeing slight selloffs in their FX. Indeed, JPY is rallying despite Japan being reliant on the US for its defense as well as exports, as is EUR, with Europe reliant on the US for energy and tech on top of security and exports. Crypto tumbled, but gold hit a new record high before dipping. However, the initial FX reaction reflects repatriation of US assets; and it overlooks the CNY threat and that there can’t be a global system within which JPY and EUR can thrive without the dollar’s current role. That’s hard to accept, but it’s true. An ECB speaker just said Europe has a unique opportunity to push the global use of the Euro. Yet besides requiring the issuance of Eurobonds, a huge hurdle, that would see Europe run capital account surpluses, as funds flood in, and matching current account deficits, as foreign goods flood in too. In short, Europe would follow the US in deindustrialising, financialising, and polarising just as it needs unifying and militarising. Yet Europe would also need a large military to have a true global reserve currency role, because those with such muscle won’t just roll over! While US actions show it wants to stop the dollar being a lubricant for most exporters to it and conduit for financial assets back to them, it doesn’t want to lose its role in commodity pricing, and global trade, settlements, and debt. History shows a country can retain a global FX reserve even without a trade deficit, but it takes mercantilism to do it – which we are now seeing. As I say, the implications are so large that markets don’t fully grasp them, or don’t want to. It’s one thing for them to have been forced to recognize that guns now matter as well as butter, but it’s another to realize life is now about gunship diplomacy (“We have 11 aircraft carriers: we get to say which currency commodities are priced in. Understand?”). Equally, macro models trying to capture what this means presume everything returns to mean and vast net trade deficits are absorbed by the system. If they don’t, the model breaks; here, the system does. One may disagree with Yanis Varoufakis on many things, but he knows his economic history – which markets don’t. He begins a recent must-read (‘Will Liberation Day transform the world? The Nixon Shock set a radical precedent’) thus: “My philosophy, Mr President, is that all foreigners are out to screw us and it’s our job to screw them first.” With these words, the US Treasury Secretary convinced the President to deliver a colossal shock to the global economy. In the words of one of the President’s men, the objective was to trigger “a controlled disintegration of the world economy”. No, those words were not spoken by members of President Trump’s team in advance of their “Liberation Day” tariff splurge. While the “foreigners are out to screw us” certainly has a Trumpian ring, it was uttered in the summer of 1971 by then Treasury Secretary John Connally, who succeeded in convincing his President to unleash the infamous Nixon Shock a couple of days later. Commentators should know better than to pretend that the shock Trump is now delivering is both “unprecedented” and bound to fail like all “reckless” assaults on the prevailing order. The Nixon Shock was more devastating than the one delivered today, especially for Europeans. And precisely because of the economic devastation caused, its architects achieved their main long-term objective: to ensure American hegemony grew alongside America’s twin (trade and government budget) deficits. The success of the Nixon Shock in no way guarantees the success of Trump’s version, but it does remind us that what is good for America’s rulers is not necessarily good for most Americans or, indeed, for the world. One of the smartest Nixon advisers, who helped to convince Connally of the need for a shock, articulated this point with brilliant clarity: “It is tempting to look at the market as an impartial arbiter. But balancing the requirements of a stable international system against the desirability of retaining freedom of action for national policy, a number of countries, including the US, opted for the latter.” Then with one additional phrase he undermined all of the assumptions on which Western Europe and Japan had erected their post-war economic miracles: “A controlled disintegration in the world economy is a legitimate objective for the Eighties.” And 10 months after giving this lecture, the man in question, Paul Volcker, rose to the Presidency of the Federal Reserve. Soon, US interest rates were doubled, then trebled. The controlled disintegration of the world economy, which had started when President Nixon was convinced by Connally and Volcker to dismantle the hitherto stable exchange rates regime, was now being completed with interest rate hikes that were far more devastating than Trump’s tariffs can ever be today. Trump is therefore not the first President to seek the controlled disintegration of the world economy by means of a devastating blow. Nor is he the first to purposely damage America’s allies to renew and prolong US hegemony. Nor the first who was prepared to hurt Wall Street in the short run in the process of strengthening US capital accumulation in the long term. Nixon had done all that half a century earlier. And the irony is that the world the Western liberal establishment is grieving over today came into being as a result of the Nixon Shock.” He concludes: “Every generation likes to think it is on a cusp of some historic transformation. But ours is cursed enough to actually be on such a cusp. So rather than focusing too much on the character of the man in the White House, we would do well to recall that the Nixon Shock was much more important than Nixon. If Nixon reshaped the world once, leaving it nastier and more unbalanced, Trump can certainly do it again.” This Trump Shock is, again, a reverse Nixon: to take the US from trade deficits and financialisation back to raw US mercantilist power, using parts of the old system to do so. (As I have put it, using economic statecraft; or, using financial Fartcraft to shift back to Warcraft.) That’s as: the US put sanctions on some Russian entities; Israel blew up the runway of the Syrian airbase Turkey is taking over; the US pours military equipment into the Middle East; the US senate pencils in $5 trillion in tax cuts over the next decade; and Elon Musk is rumored to be leaving the White House circle soon --stocks rallied (“No more DOGE corruption-cutting!”)-- which he denied. Tyler Durden Thu, 04/03/2025 - 13:45
Auto Tariffs Pump Brakes On Jeep Owner; Stellantis Pauses Canada, Mexico Plants President Trump's 25% tariffs on imported vehicles took effect overnight, with the first signs of impact materializing Thursday morning—i.e., shares of U.S. carmakers tumbled in the early cash session, and Stellantis NV announced plans to temporarily suspend production lines in both Canada and Mexico. Bloomberg reported that the global automaker overseeing 14 car brands will pause production at its Windsor, Ontario plant for two weeks starting next Monday. Details about how long production lines in Mexico would remain offline were not disclosed. "With the new automotive sector tariffs now in effect, it will take our collective resilience and discipline to push through this challenging time," Antonio Filosa, head of the company's North American operations, told employees in a memo earlier. He said the move will affect employees at "several" of the company's U.S. powertrain and stamping facilities supporting Canada and Mexico operations. Bernstein analyst Daniel Roeska warned clients that a "25% automotive imports lasting beyond four to six weeks would likely have a chilling effect on the entire sector as [automakers] need to grapple with significant impact to the bottom line." TD Cowen's Itay Michaeli described the tariffs as "close to the worst case outcome vs. recent expectations," while Barclays' Dan Levy warned: "there are no 'winners' in the absolute – only relative winners." Upcoming production changes at some of Stellantis' factories in Canada and Mexico are some of the first effects of Trump's 25% tariffs on auto imports. The administration's move is to revive America's industrial base, and the only way to do that is to use tariffs to force companies to re-shore operations. Wedbush analyst Dan Ives told clients that "the concept of a U.S. carmaker with parts all from the U.S. is a fictional tale that does not exist and would take years to make this concept a reality." CNBC noted, "Parts that are currently compliant with the USMCA trade deal will be tariff-free, but only until the secretary of commerce and Customs and Border Protection establish processes to impose levies on non-U.S. content." In markets, automakers were pressured lower with broader main equity indexes. General Motors dropped 2.4%, Ford -2.2%, Rivian -3%, Lucid -4%, and Tesla -3.5% An analysis we shared with readers on Tuesday, "Trade War Hits The Gas: Trump's Auto Tariffs To Reshape Global Manufacturing," provides more color into how the repercussions of the auto tariffs could be far more impactful than initially appear—impacting everything from dealership showrooms to global supply chains. The move to restore America's hallowed industrial core begins. Tyler Durden Thu, 04/03/2025 - 13:25
Tears likely ran down the faces of many during the Nintendo Switch 2 Direct. Some folks were excited to see that Kirby Air Riders exists. Others were optimistic that their favorite GameCube Classics would be available once again for their pleasure. And some, I can only hope, shed tears of sadness. Knowing now that they […] The post I Love That Nintendo Is Helping Fight Scalpers via Nintendo Switch 2 GameCube Classics appeared first on VICE.
Three women’s Australian getaway took a dangerous turn. The trio was spending time on the island of K’gari when they were bitten by dingoes, multiple outlets reported. A Queensland Ambulance Service (QAS) spokesperson told the Australian Broadcasting Corporation that three women in their 20s were on a tour of the island when they were attacked […] The post 3 Women Attacked by Dingoes While Visiting Tourist Destination appeared first on VICE.
I listed 3 games in our last Waypoint Wishlist that I wanted to see hit the Nintendo Switch 2 Online GameCube service. But this Retro Runback focuses on a trilogy in an iconic gaming series and an all-time great open world game. So, let’s get to it. The ‘prince of persia: sANDS OF TIME’ trilogy-LEAVE […] The post Retro Runback- More GameCube Madness (Thanks to the Nintendo Switch 2) appeared first on VICE.