The Blubber

Donald Trump may find himself in a tight spot over trade negotiations—especially if that spot involves the rare-earth minerals the U.S. is eager to secure. At the moment, China seems to be gaining the upper hand in the ongoing standoff over chips and rare earths. Adding to the uncertainty, Beijing has yet to confirm whether President Xi Jinping will join a call the White House says is “likely” to happen this week. Meanwhile, Washington has extended a pause on tariffs for certain Chinese imports through August 31. In response to these latest trade shifts, the U.S. dollar slid to its lowest point since 2023.

Beijing is also facing headwinds in Europe. Reports indicate the European Union has voted to restrict Chinese medical device companies from competing for public contracts—marking the first action under a 2022 law aimed at ensuring reciprocal access to procurement markets. The U.S. isn’t off the hook either: the EU has warned it could fast-track retaliatory steps if Trump moves forward with his tariff threats.

Gautam Adani is back under scrutiny. According to the Wall Street Journal, Adani Enterprises is being investigated by U.S. authorities for allegedly breaching sanctions by routing liquefied petroleum gas from Iran through India’s Mundra port. The company firmly denies any wrongdoing and claims it is unaware of any U.S. probe on the matter.