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Trump's tariffs salvo / G7-rare earth / AI, Circular economy, debt / UKR-Russia tensons /

  • Writer: Stéphan
    Stéphan
  • Sep 26
  • 4 min read
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  • Great line from Michael Cembalest, JPM..... "Other recent AI news: Oracle’s stock jumped by 25% after being promised $60 billion a year from OpenAI, an amount of money OpenAI doesn’t earn yet, to provide cloud computing facilities that Oracle hasn’t built yet, and which will require 4.5 GW of power (the equivalent of 2.25 Hoover Dams or four nuclear plants), as well as increased borrowing by Oracle whose debt to equity ratio is already 500% compared to 50% for Amazon, 30% for Microsoft and even less at Meta and Google."

  • Markets : Trump brings back a long list of tariffs, US M2 money supply surged another +4.8% YoY in August 2025 to a record $22.2 trillion, Trump-"Putin ought to stop.", Bessent was already talking SPX500 back up last night after a 1pct down move.., G7 weighs price floors for rare earths to counter China's dominance

  • Geopolitics : Pentagon chief orders US military officials from around the world to Virginia next week, been a real heavy news in UKR-Russia war this week (like almost never before - nearly 50% of Russia's oil production at a standstill), running short of fuel in many regions

  • Trade : Trump Takes Aim at Chip Makers With New Plan to Throttle Imports. Administration wants domestic manufacturing to match imports and would impose tariffs on those companies that don’t step up production. (WSJ), Trump suggests farmer bailout coming from tariff money, Trump slaps 25% tariffs on heavy truck imports, starting Oct. 1, U.S. to impose 100% tariff on branded, patented drugs unless firms build plants locally, Trump says

  • Without tech spending, the US would have been close to, or in, a recession earlier this year: DB's Saravelos. "Perhaps Nvidia, which employed only 36,000 people at the last update earlier this year, holds the keys to all global macro in 2026:" DB

  • The BRICS+ doesn’t need to be super successful for the USD price of Gold to go up. It just needs to start using physical Gold as collateral for international trade, and the USD price of physical Gold  will shoot up. As Zoltan Pozar once wrote: “the West keeps the price of commodities low so that it can reap the profits/benefits of world trade via design, marketing and sales of the final products. Ex-colonies are just paid a thin margin for their commodities to keep them just barely alive”. In order for the BRICS+ new system to use Gold/Silver as international trade collateral to work the following need to happen, let prices go higher! / Thread

  • Chicago Fed’s Goolsbee warned against cutting too quickly, while Trump appointee Miran urged sharper cuts; Powell reiterated the need to balance inflation and jobs, Fed's Logan calls for overhaul of central bank rate control toolkit






He announced : 100% tariff on pharmaceuticals, 50% tariff on kitchen, 50% tariff on bathroom vanities and associated products 4, 30% tariff on upholstered furniture, 25% tariff on heavy trucks and wants to cut interest rates down to 2%






















 
 
 

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