China Will Fight US Tariffs Even at Famine-Level Cost: Insider
As Washington and Beijing remain locked in a high-stakes tariff war, an insider said Chinese Communist Party (CCP) officials are willing to engage in a long-term conflict with the United States.
According to the insider, Chinese leader Xi Jinping's close ally, Cai Qi, said at a high-level CCP meeting to assess the U.S.–China tariff war that the Chinese populace must endure the resulting economic strain—even if it causes suffering for the Chinese people on par with the Great Famine of 1959 to 1961, which killed an estimated 40 million across rural China.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
Tesla Tumbles After Musk Escalates Attacks on Trump Tax Bill
(Bloomberg) -- Tesla Inc.'s shares sank as Elon Musk and President Donald Trump's simmering feud devolved into a public war of words between two of the world's most powerful people. ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Next Stop: Rancho Cucamonga! US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The Global Struggle to Build Safer Cars Where Public Transit Systems Are Bouncing Back Around the World Trump on Thursday said he was 'very disappointed' by the Tesla chief executive officer's criticism of the president's signature tax policy bill. Musk fired back on social media, saying it was 'false' that the Tesla CEO knew the plan would unwind EV tax credits that benefit Tesla's business. Musk followed up with several more sharply worded posts, including saying Trump showed 'such ingratitude' for the help the billionaire entrepreneur has provided to Trump's administration. Tesla's shares fell as much 9.2% to an intraday low as the two traded barbs. The spat highlights how policies advanced by Trump and Republican lawmakers put billions of dollars at risk for Tesla. Trump's massive tax bill would largely eliminate a credit worth as much as $7,500 for buyers of some Tesla models and other electric vehicles by the end of this year, seven years ahead of schedule. That would translate to a roughly $1.2 billion hit to Tesla's full-year profit, according to JPMorgan analysts. After leaving his formal advisory role in the White House last week, Musk has been on a mission to block the president's signature tax bill that he described as a 'disgusting abomination.' The world's richest person has been lobbying Republican lawmakers — including making a direct appeal to House Speaker Mike Johnson — to preserve the valuable EV tax credits in the legislation. Separate legislation passed by the Senate attacking California's EV sales mandates poses another $2 billion headwind for Tesla's sales of regulatory credits, according to JPMorgan. Taken together, those measures threaten roughly half of the more than $6 billion in earnings before interest and taxes that Wall Street expects Tesla to post this year, analysts led by Ryan Brinkman said in a May 30 report. Tesla didn't immediately respond to a request for comment. The House-passed tax bill would aggressively phase-out tax credits for the production of clean electricity, and other sources years earlier than scheduled. It also includes stringent restrictions on the use of Chinese components and materials that analysts said would render the credits useless and limits the ability of company's to sell the tax credits to third parties. Tesla's division focused on solar systems and batteries separately criticized the Republican bill for gutting clean energy tax credits, saying that 'abruptly ending' the incentives would threaten US energy independence and the reliability of the power grid. The clean energy and EV policies under threat were largely enacted as part of former President Joe Biden's Inflation Reduction Act. The law was designed to encourage companies to build a domestic supply chain for clean energy and electric vehicles, giving companies more money if they produce more batteries and EVs in the US. Tesla has a broad domestic footprint, including car factories in Texas and California, a lithium refinery and battery plants. With those Biden-era policies in place, US EV sales rose 7.3% to a record 1.3 million vehicles last year, according to Cox Automotive data. --With assistance from Kara Carlson, Keith Laing, Josh Wingrove and Kate Sullivan. (Updates shares, adds Trump, Musk comments starting in the fourth paragraph.) Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P.
Yahoo
30 minutes ago
- Yahoo
Cloudflare (NET) Shares Skyrocket, What You Need To Know
Shares of internet security and content delivery network Cloudflare (NYSE:NET) jumped 5.1% in the afternoon session after Oppenheimer raised the firm's price target from $165 to $200 and kept a Buy rating following talks with Phil Winslow, Cloudflare's VP of Strategic Finance & Investor Relations. The firm expressed growing confidence in Cloudflare's long-term growth trajectory, particularly in its Secure Access Service Edge (SASE) offerings. It cited a number of growth catalysts, including accelerating adoption of Cloudflare's Wide Area Network (WAN) solutions and continued enhancements in its security stack, specifically in Cloud Access Security Broker (CASB) and Data Loss Prevention (DLP) tools. Contributing to the momentum, peer MongoDB reported strong first-quarter 2025 earnings, which confirmed that demand for cloud software is healthy, especially because MDB is a consumption model, so demand weakness shows up quite quickly. After the initial pop the shares cooled down to $179.19, up 4.9% from previous close. Is now the time to buy Cloudflare? Access our full analysis report here, it's free. Cloudflare's shares are very volatile and have had 25 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move we wrote about was 24 days ago when the stock gained 7% on the news that the major indices popped (Nasdaq +3.4%, S&P 500 +2.5%) in response to the positive outcome of U.S.-China trade negotiations, as both sides agreed to pause some tariffs for 90 days, signaling a potential turning point in ongoing tensions. This rollback cuts U.S. tariffs on Chinese goods to 30% and Chinese tariffs on U.S. imports to 10%, giving companies breathing room to reset inventories and supply chains. However, President Trump clarified that tariffs could go "substantially higher" if a full deal with China wasn't reached during the 90-day pause, but not all the way back to the previous levels. Still, the agreement has cooled fears of a prolonged trade war, helping stabilize expectations for global growth and trade flows and fueling renewed optimism. The optimism appeared concentrated in key trade-sensitive sectors, particularly technology, retail, and industrials, as lower tariffs reduce cost pressures and restore cross-border demand. Cloudflare is up 59.2% since the beginning of the year, and at $179.19 per share, has set a new 52-week high. Investors who bought $1,000 worth of Cloudflare's shares 5 years ago would now be looking at an investment worth $6,149. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Epoch Times
36 minutes ago
- Epoch Times
US Ramps Up Visa Scrutiny For All Chinese Nationals
Here are the stories shaping the day: The U.S. State Department is ramping up its scrutiny of currently in the United States on a visa, the latest in a series of major shifts on visa policies this week. President Donald Trump issued pardons to a former governor and . Tactics used by the Chinese Communist Party (CCP) to influence public perception in the United States . A Greenlandic official has raised the stakes in the contest for its minerals, suggesting that the Danish territory could if the United States and Europe do not move fast enough. 🍵Health: These overlooked chemicals in food may . — ☀️ Get clarity and inspiration with The Epoch Times Morning Brief, our flagship newsletter written by U.S. national editor Ivan Pentchoukov. Sign up .
