Michael Burry Shorts Tesla at $416 as AI and Semiconductor Bearish Bets Expand 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
Anthropic Restores Claude Fable 5 and Mythos 5 After U.S. Lifts AI Export Controls 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
Asian Currencies Slip as Dollar Holds Firm, Yen Near Four-Decade Low Ahead of Fed, Jobs Data 
TSMC CoWoS Capacity Forecast Raised as Mizuho Sees AI Server CPU Demand Surging Through 2027 
Open-Source AI Models Gain Ground as Enterprises Seek Lower-Cost Alternatives, Citi Says 
RBA Minutes Signal Australia Central Bank Remains Ready to Raise Interest Rates if Inflation Persists 
Trump Suspends Some Morocco Fertilizer Tariffs to Ease U.S. Supply Shortage 
South32 Sells Major Aluminium Assets to Alcoa in Deal Worth Up to $5.6 Billion 
Apple Challenges India Antitrust Probe, Says CCI Copied Rivals’ Claims in App Store Case 
Europe Heatwave Creates Growth Opportunity for Carrier, Trane, and Johnson Controls, Citi Says 
India Manufacturing PMI Slows in June as Demand Weakens Despite Lower Cost Pressures 
Kakaku.com Shares Rise as Bain Capital and LY Corp Prepare Higher Takeover Bid Than EQT 
Greece’s Bad Loan Crisis Continues to Limit Credit Access Despite Economic Recovery 
Gold Prices Drop as Fed Rate Outlook and Iran Tensions Weigh on Market 
Asian Stocks Mixed as South Korea Slides on Profit-Taking, Japan and China Gain on Strong Factory Data 
The U.S. may be scrapping some tariffs on China, and this was revealed by Gina Raimondo, the country's commerce secretary, on Sunday, Jun 5. She shared that President Joe Biden has asked the ministry to look at some options for removing the tariffs that were implemented by former President Donald Trump.
It was said that the officials were requested to look into the lifting of the China tariff as it is being seen as a way to fight the current high inflation. Then again, if approved, not all of the imports from China will go tax-free as this will only be applicable to some items.
"We are looking at it. In fact, the president has asked us on his team to analyze that. And so we are in the process of doing that for him and he will have to make that decision," Raimondo told the media in an interview last weekend.
She went on to say, "There are other products - household goods, bicycles, etc - and it may make sense to weigh lifting tariffs on those."
The commerce secretary further said that the U.S. administration made the decision to continue with the tariff on major things such as steel and aluminum to protect the steel industry as well as American workers in this field, as per Reuters.
President Biden said he is now mulling the discarding of some of the tariffs on Chinese goods worth hundreds of billions of dollars. These duties were imposed in 2018 and 2019 by then-President Trump. China argued that reducing the tariff will definitely help cut costs for the American citizens.
In any case, it seems that the U.S. is taking this point seriously as the tariffs on China are now under strategic review, and this was confirmed by the U.S. Trade Office. The review is for possible changes that can lower tariffs on Chinese goods.
"We are looking at everything and what we're focused on is making sure that we have again, a long term realignment of the relationship with China, focusing on some of the concerns … such as non-market practices and economic coercion," Sarah Bianchi, Deputy US Trade Representative, said.
Kenny Eliason/Unsplash
