Tariffs, Child Care, Crypto Mining, & Orcas Sink The Rich
May 15, 2024
Hello, readers – happy Wednesday! Today, we’re talking about tariffs, child care, Blinken in Ukraine, protests in New Caledonia, a crypto mine, Steve Bannon’s jail time, and orcas sinking yachts again.
Here’s some good news: Dorothy Jean Tillman II, who entered college at age 10, walked in her graduation ceremony this month after earning her doctoral degree at 17. Also, next month, Ireland’s homeless people will be casting their ballots in the E.U. election – a reform in 2022 allowed charities to provide unhoused people with an address, which is necessary to vote.
“My dad used to have an expression – ‘It is the lucky person who gets up in the morning, puts both feet on the floor, knows what they are about to do, and thinks it still matters.’” – Joe Biden
Shutting The Garage Door On China
Ahead of the presidential elections later this fall, President Biden has decided to enact a policy mirroring Donald Trump’s trade war strategy with China. On Tuesday, the White House quadrupled tariffs on Chinese electric vehicles to a whopping 100%, tripling duties on certain metal products to 25%, and doubling taxes on Chinese superconductors to 50%.
Biden echoed Trump’s sentiments that China has cheated to achieve its trade advantage over America. “American workers can outwork and outcompete anyone as long as the competition is fair,” he said, “but for too long, it hasn’t been fair. For years, the Chinese government has poured state money into Chinese companies … it’s not competition, it’s cheating.”
While the only Chinese-made EVs affected by the new tariffs would be the Polestar 2 and Volvo’s S90 hybrid, the protectionist move might have preemptively stuffed the expansion of Chinese EV brands into the stagnant U.S. market. Chinese carmaker BYD has seen promising performance in European markets and has considered plans to build a plant in Mexico, which might have led to more low-cost, high-quality EVs in the U.S. For now, though, we’re stuck with the comparatively high-cost, low-value options sold by White House-approved automakers.
Women Who Work
The U.S. economy continues to trend upward despite high inflation. GDP grew by 3.3% in the last quarter of 2023, and wages have outpaced prices for over a year straight at this point. Much of the labor market’s gains have been driven by women and moms, despite lawmakers and policy experts warning about a possible “childcare cliff” that would supposedly send the childcare industry into a spiral, forcing some women to leave the labor force to care for their kids.
So why are moms of school-age children working at the highest rates in history? According to economists, it’s a combination of things. “The current tight labor market leads many employers to offer benefits like paid leave or flexible work hours and location,” said a fellow at one think tank. Remote work is also a contributing factor, with 23% of women working remotely compared to 19% of men.
Now, economists are looking for ways to make these changes stick, even if the labor market enters a downturn. According to one report, one way to keep women in the workforce is to invest more in childcare – when states invested more in childcare programs, the number of women unable to work decreased by almost 15%. Experts say that increasing access to childcare might even be more important than high wages, and many have called on the U.S. to invest in childcare to keep women active in the workforce.
Stroll Your Way To Summer Adventure
- Every year when summer rolls around, finding the perfect go-to sneaker for all the adventures you have planned becomes a top priority. You’ll want the Hoka Transport for that.
- This fashionable-but-comfortable everyday sneaker is a great hybrid shoe that can be worn all day. If you want to squeeze in a little exercise, it doubles as a running shoe as well (though we only recommend it for light runs).
- It has 360 degrees of reflective material for higher visibility at night, and a water-resistant upper, so you’re ready for any weather all day long. The Hoka Transport is the perfect shoe for your summer travels, so check it out now!
Not Blinken In The Face Of War
- On Tuesday, U.S. Secretary of State Antony Blinken made a surprise drop-in on Ukraine to raise the nation’s spirits – not with his dazzling smile or particularly rousing oratory abilities, but with the promise that more American arms might help Ukraine turn the tide against an increasingly successful Russian offensive. Blinken reportedly told Ukrainian President Volodymyr Zelenskyy that “the assistance is now on the way” and that it’s “going to make a real difference against the Russian aggression on the battlefield.”
- The visit was partly a response to Russian advances in the northeastern Ukrainian region of Kharkiv, and also a victory lap following Congress’ approval of a $95 billion foreign aid bill, which will send $60 billion to Kyiv. The Pentagon has already sent over artillery weapons, air defense interceptors, and long-range ballistic missiles.
Anarchy In The Archipelago
- France controls a small archipelago located off Australia’s eastern coast named New Caledonia. In the true French spirit, the island territory was wracked by protests this week, leading the government to implement a curfew. The protests took place in response to a proposed change to the territory’s constitution, which would give French citizens increased eligibility to vote in local elections.
- Pro-independence factions within New Caledonia are worried that the changes, which would grant voting powers to French citizens who’ve lived in the territory for over 10 years, would give France too much power over the islands’ affairs. Currently, there are about 20,000 registered voters in the archipelago, but the new rules would lift that number to 25,000.
- Authorities have also banned the sale of alcohol, blocked the transportation of firearms, and enacted a “massive mobilization” of security forces to quell the protests. Tourists in the area reported multiple explosions and clouds of smoke over Noumea, the capital. Multiple police have reportedly been injured, and at least 36 people have been arrested.
More Mixed Nuts
- Inmate sprung from French prison van during ambush in which 2 guards killed (CNN)
- Billboard that collapsed in Mumbai storms killed at least 14 and injured 75 (AP)
- Georgia passes controversial ‘foreign agents’ bill despite widespread opposition (CNN)
- UK confirms it will build six new warships for Royal Marines (Reuters)
Middle East Mixed Nuts
- Former US military intelligence official says he resigned over Gaza war (Reuters)
- UN says total number of deaths in Gaza remains unchanged after controversy over revised data (CNN)
- At least eight Israeli strikes on Gaza aid groups since October, says report (Guardian)
- Israeli activists attack Gaza aid convoy, drawing U.S. condemnation and highlighting risk to aid work (CBS)
A Miner Issue
- On Monday, President Biden ordered a Wyoming cryptocurrency mine to shut down its operations. The mine, owned by a company with ties to China, is a mile from F.E. Warren Base, an Air Force base that controls nuclear-armed intercontinental ballistic missiles.
- Microsoft had flagged the mine to the federal Committee on Foreign Investment in the United States, warning that it could enable the Chinese to “pursue full-spectrum intelligence collection operations.” The committee’s investigation concurred with Microsoft’s findings, leading to Biden’s executive order.
Bannon Behind Bars (Maybe)
- The DOJ told a federal judge yesterday that Former Trump adviser Steve Bannon should begin serving his four-month prison sentence in the wake of a court of appeals ruling that upheld his conviction for being in contempt of Congress. Bannon was found guilty on two counts for defying a subpoena by the House January 6 select committee in its investigation.
- U.S. District Judge Carl Nichols, who presided over Bannon’s trial, had paused Bannon’s sentence while an appeal of his conviction played out. Bannon has until tomorrow to respond to the DOJ’s request, but there’s no official “start date” for his prison sentence. The decision is a win for the Justice Department, as it could signal how others convicted of contempt will be treated.
More Nuts In America
- At least 8 people killed in Florida bus crash; dozens injured (CBS)
- Trump’s allies flock to Manhattan courthouse to show support and curry favor with the former president (CNN)
- Another round of severe weather pummels the Southeast. See where tornadoes may hit. (USA Today)
- Arizona supreme court delays enforcement of 1864 abortion ban (Guardian)
- In hundreds of deadly police encounters, officers broke multiple safety guidelines (AP)
- Pro-Palestinian protesters reach agreement with Harvard University to end encampment (CNN)
Whale, Whale, Whale, Look Who’s Back
- It seems like killer whales are even more left-wing than Gen Z Twitter users. Over the weekend, a pod of orcas literally attempted to eat the rich by attacking and sinking a yacht in the Strait of Gibraltar. The orca attack is the latest in a series of such incidents in the Strait of Gibraltar, which have become so commonplace that maritime authorities have advised smaller boats to avoid certain areas.
- In last weekend’s attack, the orcas slammed into the SV Alboran Cognac, a sailing yacht, multiple times, eventually causing a water leak. As the boat slowly sank into the ocean, its crewmembers were saved by the tanker MT Lascaux, which happened to be in the area.
- According to research group GTOA, human interactions with orcas off the coasts of Spain and Portugal have more than tripled in the past two years. Last October, one boat touring company said that orcas had slammed into one of its boats for 45 minutes straight before eventually sinking it. Last June, multiple competitive sailing teams participating in a race reported that orcas had attempted to sink their boats.
More Loose Nuts
- Dublin Portal: A ‘small minority’ ruining experience for others (BBC)
- Three prisoners accused of killing Boston mob boss James ‘Whitey’ Bulger agree to plea deals, prosecutors say (CNN)
- Elon Musk’s X dodges Australian order to remove church stabbing video (Ars Technica)
- Flood of Fake Science Forces Multiple Journal Closures (WSJ, $)
- Bumble dating app removes ads mocking celibacy after backlash (CBS)
