Economics

China & Canada Retaliate Against Trump’s Tariff War As Global Stocks Slide

Asian markets closed lower, European stocks are in the red, and US equity futures are trending lower this morning as worsening global trade war concerns weigh on risk sentiment.

On Monday, President Trump reiterated that he would impose tariffs on imports from Canada and Mexico starting Tuesday, stating that there was “no room left” for negotiation. He also noted that an additional 10% levy would be applied to imports from China.

Fast-forward to Tuesday morning. Trump’s 25% tariffs on goods from Mexico and Canada took effect, prompting Canada to retaliate with 25% tariffs on $100 billion worth of US imports. Mexico is expected to respond later.

Trump also introduced an additional 10% tariff on Chinese imports early Tuesday, bringing the total tax to 20% following a similar increase last month. China swiftly retaliated with tariffs on US food and agricultural products and an export ban on some defense firms. 

According to an announcement by the Chinese Ministry of Finance, Beijing imposed new duties of 10% to 15% on US food and agricultural products. 

Here’s an excerpt from the announcement: 

15% tariff will be imposed on chicken, wheat, corn, and cotton.

10% tariff will be imposed on sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products

For the imported goods listed in the appendix originating from the United States, corresponding tariffs will be levied on the basis of the current applicable tariff rates. The current bonded and tax reduction and exemption policies remain unchanged, and the additional tariffs will not be reduced or exempted

Goods that have been shipped from the place of departure prior to March 10, 2025, and imported from March 10, 2025 to April 12, 2025, shall not be subject to the additional tariffs prescribed in this announcement

Commenting on China’s retaliatory tariffs, Lynn Song, chief economist for Greater China at ING Bank, told clients: “The measures are still relatively measured for now. I think this retaliation shows China remains patient and has refrained from ‘flipping the table’ so to speak despite the recent escalation.”

“China’s hit-back isn’t exactly aggressive — a 15% tariff on US agricultural goods, but nothing broad-based on tech or autos, suggests to me they’re leaving room for negotiation,” said Billy Leung, an investment strategist at Global X ETF, adding, “That’s probably why Chinese stocks are rebounding instead of selling off harder.”

Dilin Wu, a research strategist at Pepperstone Group Ltd., said, “The immediate impact of these new tariffs on China remains manageable — the measures are currently concentrated in specific areas.”

“Should Beijing roll out additional pro-growth measures — such as large-scale fiscal stimulus or targeted support for high-tech industries and domestic consumption — it could further bolster market confidence,” Wu said. 

Sea of red for global equity futures across most regions. 

China’s Ministry of Finance warned:  “The US’s unilateral tariff increase damages the multilateral trading system, increases the burden on US companies and consumers, and undermines the foundation of economic and trade cooperation between China and the US.” 

Should Trump respond with retaliatory tariffs, the risk of sentiment continuation could continue. In the US, the growth…

“Everything Is Going To Come Out”: AG Pam Bondi Says She Received “Truckload” Of Hidden Epstein Documents From SDNY

After last week’s botched Epstein files release, many are calling for Attorney General Pam Bondi to be fired over the lame binders given to right-wing influencers and journalists that contained old information.

On Monday, Bondi appeared on Fox News, where she told host Sean Hannity that she received a truckload of files on Friday morning containing additional Epstein files which were hidden away in the Southern District of New York. 

“FBI handed over a couple hundred pages of documents, but you know Sean, I gave them a deadline of Friday at 8am to get us everything, and a source had told me where the documents were being kept – southern district of new york (shock), so we got – hopefully all of them, Friday at 8am. Thousands of documents,” said Bondi.

“I have the FBI going through them … Now that we have Kash here it’s a game changer of course, and Director Patel is going to get us a detailed report as to why the FBI withheld all of those documents.”

Sean Hannity: “I want to be clear, because I think people are frustrated. You were expecting more, and you didn’t find out – less than 24 hours before the release, you got a whistleblower that confirmed that there were way more documents that they were supposed to turn over, and then you found out just before that.”

Pam Bondi: “Well sure, you’re looking at these documents going ‘these aren’t all the Epstein files!’ – and we’re going ‘where’s the rest of the stuff?’ and that’s what the FBI had turned over to us. And so a source said, whoa – all this evidence is sitting in the Southern District of New York. So based on that I gave them the deadline – Friday at 8. A truckload of evidence arrived. It’s now in the possession of the FBI. Kash is going to get me – and himself a detailed report as to why all these documents and evidence had been withheld. And, you know, we’re going to go through it – go through it as fast as we can, but go through it very cautiously to protect all the victims of Epstein, because there are a lot of victims.”

“Now, is that the only thing that would be redacted,” Hannity replied, referring to the names of the victims.

Pam Bondi: “Yeah, the FBI hasn’t had, obviously, they haven’t looked at the thousands of pages of documents that they just received Friday. Kash has a team going through them – and it’s always about protecting the victim … We believe in transparency, and America has the right to know.”

The Biden administration sat on these documents. No one did anything with them, and why are they sitting in the Southern District of New York? I want a full report on that. Sadly these people don’t believe in transparency, but I think more than that – I think they…

Peter Thiel: DOGE Exposed the Left’s Secret Playbook

Billionaire tech investor Peter Thiel argued that the Department of Government Efficiency’s (DOGE) recent exposure of rampant overspending at the United States Agency for International Development (USAID) reveals a fundamental truth: the left routinely employs projection to avoid scrutiny and smear its right-wing opponents. 

During a candid sit-down with Dave Rubin, Thiel – founder of Founders Fund – addressed concerns from critics about Silicon Valley’s influence over the Trump administration.

Peter Thiel to @RubinReport: USAID corruption reveals the left uses the same tactics it claims the right employs. pic.twitter.com/fEkROdyJbl
— Josh Caplan (@joshdcaplan) March 3, 2025
 “So many of these things – I always thought our projections were similar to the critiques the left had of President Trump, suggesting maybe he didn’t have all his marbles – and I thought, ‘This was no projection; it turned out for the person who came after Trump,’” Thiel told Rubin. “There were all these ways in which he was portrayed as a fascist threatening democracy, and so much of what has emerged from USAID, as well as the actions of the central left establishment, is doing the exact opposite of what they accused the other side of doing.” 

The Trump administration has imposed an almost complete freeze on foreign aid and announced plans to slash USAID’s workforce from about 10,000 to just 290 employees, while Elon Musk – tasked with executing Trump’s cost-cutting agenda with DOGE – revealed plans to shutter USAID entirely. 

Mass mailings have terminated over 90% of USAID’s humanitarian and $60 billion in development contracts worldwide. Recently, the officials informed most USAID employees that they were either being placed on leave or terminated. Staffers at the Washington, D.C., headquarters were allotted 15-minute slots to clear their desks under federal officer supervision. 

Republican lawmakers on Capitol Hill have rallied before efforts to clash spending at federal agencies, including USAID. 

“There’s a lot of the spending that goes on through USAID that does not appear to be consistent with U.S. policy, and so I’m all for a review to make sure that taxpayer dollars are going to programs and people that are consistent with our government’s policies,” Sen. John Cornyn (R-TX) said of the cuts. 

“USAID is a corrupt governmental organization run by unelected bureaucrats created to shovel taxpayer dollars to Democrats’ pet projects overseas,” Rep. Andy Biggs (R-AZ) told Fox News. 

“At nearly $37 trillion in national debt – and a $1.8 trillion annual deficit – we can’t afford to continue giving money to countries that hate America and everything we stand for,” he added. 

Rep. Marjorie Taylor Greene (R-GA), chair of the House’s Government Efficiency Subcommittee, said last week that she will consider recommending “criminal referrals” to individuals she believes have misused U.S. foreign aid. “Maybe we should consider investigating whether USAID funding has made it back to Democrat campaigns,” said Greene, according to Politico. 

“This committee, based on this hearing and witness testimonies, will consider recommending investigations and criminal referrals,” the Georgia Republican added.

Tyler Durden
Mon, 03/03/2025 – 18:00…