Trump Slaps 7.5% China Tariff Ahead of Xi Summit, Total Rate Hits 20%

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‼️ BREAKING: President Trump is set to impose a new 7.5% tariff on Chinese goods—bringing the total tariff rate to 20%—citing “excess manufacturing capacity,” according to Bloomberg. The move comes ahead of a planned September 24 summit with President Xi and adds to tariffs first levied during Trump’s initial term and later extended by President Biden.

EU Trade Clampdown Looms Over 27% of China’s Exports, Goldman Warns

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🇪🇺 🇨🇳 Goldman Sachs estimates that the European Union’s existing and proposed trade measures against China could cover roughly 27% of China’s annual nominal exports to the bloc, underscoring the high stakes in the ongoing economic standoff. While these curbs do not directly equate to proportional export losses—since actual impact depends on final policy details and implementation—Goldman economists Xinquan Chen and Chelsea Song warn that broader restrictions could erode China’s market-share gains, though cost competitiveness, leverage in critical materials, and Europe’s commercial interests may cushion the blow. With the EU absorbing 15% of China’s overseas sales last year and shipments rising recently, the bloc has become a growing policy risk for China’s export outlook. Key EU proposals include new tariffs on plug-in hybrids and an extension of the Carbon Border Adjustment Mechanism (CBAM), which Goldman notes represents a major escalation given China’s large exposure.

U.S. Readies Major Financial Blitz on Iran as Strait of Hormuz Tensions Escalate

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‼️ 🇮🇷 🇺🇸 The U.S. is preparing what it calls its “greatest financial offensive” against Iran as Tehran threatens to seize ships in the Strait of Hormuz. Oman’s foreign minister will visit Tehran on Tuesday to continue talks on arrangements for the waterway, while Iran’s new Supreme National Security Council secretary, Mohsen Rezaei, has warned that Tehran could target the interests of oil-rich neighboring states if they support further U.S. efforts to isolate Iran.