Ports seize record €2.6 Billion in cocaine bust 🚨👀 

TRADE NEWS

Western Tariffs on Chinese EVs Spark Retaliation

The electric vehicle (EV) market has become a focal point for escalating trade tensions between China, the European Union, and the United States. In response to what they perceive as unfair subsidies by Beijing that threaten local industries, the EU has imposed tariffs up to 48% on Chinese EVs. These tariffs follow a detailed anti-subsidy investigation and are intended to protect European jobs while ensuring fair competition in alignment with the EU's green transportation goals. The United States has also dramatically increased its tariffs on Chinese EV imports, raising them from 25% to 100% to bolster American manufacturing and reduce reliance on Chinese goods.

Amidst these international disputes, Warren Buffett's Berkshire Hathaway has reduced its holdings in BYD, a leading Chinese EV manufacturer, by selling 1.35 million shares, which lowered its stake to 6.9%. This reduction is part of a larger trend that began in August 2022, suggesting a strategic re-evaluation in the context of the ongoing trade tensions.

China has retaliated against these measures by initiating an anti-dumping investigation into pork imports from the EU. This move is part of a broader strategy to counteract the trade measures it views as targeting its dominant position in the global EV market. Beijing's actions indicate its readiness to extend the trade conflict to other crucial economic sectors, reflecting the complexities of global trade where economic actions in one sector can have broad-reaching impacts.

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VIDEO OF THE WEEK

Binance Billionaire’s Net Worth Has Soared While Serving Sentence

Prison has been good to Binance founder Changpeng Zhao. Already the richest person to go behind bars and the wealthiest person in crypto many times over, Zhao’s net worth has soared since starting his sentence. Let’s take a look at how things unfolded.

GLOBAL TRADE SNIPPETS

What’s the real size of China’s economy? World Bank’s latest purchasing power parity GDP survey shows China edging up slightly on the US but the measure widely misses the mark.

Port of baltimore shipping channels reopen. Shipping channels have fully reopened at the Port of Baltimore following the collapse of the Francis Scott Key Bridge in March.

Judge orders rail operator to pay $400 million to tribe for trespassing. US District Judge Robert Lasnik initially ruled last year that the railway deliberately violated the terms of a 1991 easement with the Swinomish Tribe north of Seattle that allows trains to carry no more than 25 cars per day.

EU pork export to China faces nightmare scenario. China has opened an anti-dumping investigation into imported pork from the EU, apparently in response to the duties on electric vehicles (EV’s) made in China.

SHIPPING NEWS

€2.6 Billion Cocaine Port Seizure

In a landmark operation, German authorities achieved the largest cocaine seizure in the nation's history, confiscating narcotics valued at an astounding €2.6 billion (US $2.78 billion). The extensive crackdown resulted in the arrest of seven individuals, disrupting a major international drug trafficking network.

The operation came to light following critical intelligence from Colombian officials, leading to the confiscation of 35.5 metric tons (39 US tons) of cocaine. The drugs, concealed among fresh produce in container ships, were distributed across major European ports. Germany's Hamburg port accounted for 25 tons, while Rotterdam seized another 8 tons, and nearly 3 tons were intercepted within Colombia itself.

This operation not only highlights the covert sophistication of drug smuggling but also the robust response by international law enforcement. The culprits, a diverse group of German, Azerbaijani, Bulgarian, Moroccan, Turkish, and Ukrainian nationals aged between 30 to 54, were systematically detained over recent weeks. A local businessman from North Rhine-Westphalia was notably implicated for setting up around 100 shell companies to mask these illegal operations under the guise of legitimate business.

Further adding to this high-stakes operation, German forces arrested three individuals suspected of facilitating the transfer of sensitive technological knowledge to China, intensifying the crackdown on illegal activities.

This monumental bust, described by North Rhine-Westphalia's justice minister, Benjamin Limbach, as a "precise punch in the jaw" to organized crime, marks a significant victory in the fight against global narcotics trafficking. See clip

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SHIPWRECK OF THE WEEK ⚓️☠️ 

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