04.09.2025

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Massive China Tariffs

The US is set to impose 104% tariffs on Chinese goods today, following through on President Donald Trump's trade threats. The escalation comes after China retaliated against the US with a 34% tariff on American products, which was a response to Trump's 34% tariff on all imported Chinese goods atop an existing 20% tariff. 

Last year, bilateral trade between China and the US reached $585B, with a $295B US deficit. Analysts warn prolonged tensions could disrupt global supply chains, inflate prices, and destabilize roughly 43% of global GDP represented by both economies. See business leaders' reactions here and a breakdown of US-China trade here.

The US will also begin collecting new country-specific tariffs (see chart) from 85 other trading partners today. Treasury Secretary Scott Bessent noted roughly 70 countries have approached the US to begin trade talks after last week's tariff rollout, while Trump has signaled a potential trade deal with South Korea. 

US stock markets fell again yesterday (S&P 500 -1.6%, Dow -0.8%, Nasdaq -2.2%), with Apple losing its most valuable public company title to Microsoft. Apple is considering shifting its iPhone production to India to offset tariff costs. See how tariffs can raise iPhone prices here.

DR Rooftop Collapse

A roof collapse at a music venue in Santo Domingo, Dominican Republic, killed at least 98 people and injured more than 160 others early Tuesday. Authorities have not yet weighed in on the cause of the tragedy, which killed provincial governor Nelsy Cruz, sister of former MLB power hitter Nelson Cruz, as well as the performer Rubby Pérez and his saxophonist. 

The roof of the Jet Set music venue fell while merengue musician Pérez was performing shortly after midnight (see video of aftermath, via X). An estimated 500 people were in attendance at one of the country’s most famous clubs, which is well known for its Monday shows. President Luis Abinader received a call from Nelsy Cruz, the governor of the northwestern Montecristi province, while she was trapped (she later died at a hospital). Rescuers continued to extract people from the rubble throughout the day Tuesday. See photos here.

Other individuals who died in the incident include former MLB players Octavio Dotel and Tony Blanco. 

Royal Security Battle

Prince Harry appeared at England’s Court of Appeal yesterday to challenge the reduction of his taxpayer-funded security. He argued the Royal and VIP Executive Committee’s decision to deny him and his family police protection normally granted to royal family members was procedurally unfair and exposed them to security risks during visits to the UK.

The challenge follows a 2020 ruling by RAVEC—a committee including government, law enforcement, and royal representatives—that downgraded Harry's automatic protection to security provided on a case-by-case basis after he stepped back from royal duties. Harry filed a judicial review in 2021, alleging RAVEC failed to follow its own protocols, conduct proper risk assessments, or ensure a transparent process. A 2024 High Court ruling upheld RAVEC’s decision, but Harry later secured limited appeal rights. The government maintains security is based on risk, not status, and the change in royal duties justified his downgraded protection.

The two-day hearing concludes today, with judges expected to reserve their decision. Either party may seek Supreme Court appeal rights afterward.

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7 Mistakes When Choosing A Financial Advisor

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The Guide to Managing Market Volatility

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