GMT EIGHT - Commercial - Global

U.S. Congressional Budget Office Projects $2.42 Trillion Increase in Deficit Under Republican Tax Bill

The U.S. Congressional Budget Office (CBO) estimated that the House-passed Republican tax and spending bill will increase the federal deficit by $2.42 trillion over the next decade. The bill is projected to reduce revenue by $3.67 trillion and cut spending by $1.25 trillion through 2034.

National Energy Administration Emphasizes Coordinated Planning for Computing Power and Electricity Projects

The National Energy Administration recently issued a notice promoting the coordinated development of computing power and electricity infrastructure in key hub regions and resource-rich provinces such as Qinghai, Xinjiang, and Heilongjiang.

As China Implements Rare Earth Export Controls, Global Automakers Warn of Potential Production Delays or Interruptions

China’s export controls on rare earth minerals have prompted global automakers, including Germany’s VDA, to warn of potential production delays or interruptions, citing critical supply shortages.

Five Ministries Launch 2025 New Energy Vehicles to the Countryside Campaign

China’s Ministry of Industry and Information Technology, along with four other departments, launched the 2025 NEV to the Countryside campaign, featuring 124 models from brands like BYD, XPeng, and Geely.

Trump Signs Executive Order to Raise Steel and Aluminum Tariffs to 50%; White House Confirms Letters Urging Trade Partners to Submit Proposals

Trump signed an executive order to raise tariffs on imported steel and aluminum from 25% to 50%, effective at 00:01 a.m. ET on June 4. The White House confirmed it sent letters urging trade partners to submit their best negotiation proposals by June 4 or face punitive measures.

U.S. Doubles Steel and Aluminum Tariffs to 50%, Sparking Global Backlash and Economic Concerns

The U.S. has doubled tariffs on steel and aluminum imports from 25% to 50%, effective June 4, triggering widespread global backlash from major trade partners including Canada, the EU, South Korea, Australia, and India.

Hong Kong Enacts Official Stablecoin Regulation, Marking a Milestone in Digital Asset Governance

Hong Kong has officially passed its "Stablecoin Regulation" on May 21, establishing a licensing framework for fiat-backed stablecoin issuers under the supervision of the Hong Kong Monetary Authority.

MIIT and China Association of Automobile Manufacturers Warn Against Disruptive "Price Wars" in Auto Sector

The Ministry of Industry and Information Technology supported the China Association of Automobile Manufacturers' proposal warning against irrational "price wars," emphasizing the threat they pose to industry sustainability and consumer rights.

U.S. Extends Tariff Exemptions on Chinese Goods; Raises Tariffs on Imported Steel and Aluminum as EU Signals Retaliation

The U.S. Trade Representative extended tariff exemptions on 178 Chinese imports under Section 301 until August 31, 2025, aiming to balance stakeholder feedback and review findings. Meanwhile, former President Trump announced a steel tariff hike from 25% to 50%, effective June 4, escalating trade tensions.

Federal Reserve Meeting Minutes Highlight Increased Economic Uncertainty and Potential Difficult Trade-offs

The Federal Reserve maintained the federal funds rate at 4.25%–4.5% amid rising economic uncertainty, with the core PCE inflation at 2.6% year-on-year and unemployment steady at 4.2%. The Fed highlighted risks from tariffs potentially causing more persistent inflation and weakening the labor market.

China Deepens Market-Based Environmental Reform and ASEAN Economic Integration

China issued new policy guidelines to improve market-based allocation of environmental resources, aiming to fully establish carbon emission, water use, and pollution discharge rights trading systems by 2027.

China Accelerates Market-Based Reforms for Environmental Elements and Encourages Financial Sector Participation

The General Office of the CPC Central Committee and the State Council issued new guidelines to advance market-based reforms in the allocation of environmental and resource elements. The policy targets a complete trading system for carbon emissions, water use rights, and pollution discharge rights by 2027.

Trump Administration Orders U.S. EDA Companies to Halt Semiconductor Software Sales to China

Cadence’s (CDNS) stock fell 10.7%, and Synopsys (SNPS) declined 9.6% as of the market close, with both rebounding 3.5% in after-hours trading, following reports that the Trump administration ordered U.S. EDA companies to halt semiconductor software sales to China.

Meta Antitrust Case Concludes; Instagram and WhatsApp Face Possible Divestiture

Meta closed up 2.43% at $642.32 per share on May 27, with a market capitalization of $1.62 trillion, as its antitrust case with the U.S. Federal Trade Commission concluded a six-week hearing.

Elon Musk Announces Departure from Trump Administration; White House Confirms Resignation Process

Elon Musk announced on May 28 that he will leave the Trump administration and step down as a special government employee, with the White House confirming his resignation processing the same evening. His tenure at the Department of Government Efficiency (DOGE) is limited to 130 days, potentially ending by May 30.

Qatar Airways Cancels Order for 25 Boeing 737 Aircraft

Qatar Airways confirmed the cancellation of its order for 25 Boeing 737 MAX 10 aircraft, originally scheduled for delivery by the end of 2025, as the model no longer fits the airline’s fleet needs.

Swiss National Bank Reportedly Sells Entire Chevron (CVX.US) Stake Over Environmental Concerns

The Swiss National Bank has sold all of its Chevron (CVX.US) shares, totaling USD 712 million, due to environmental concerns and a breach of its investment guidelines.

Walmart (WMT.US), Costco (COST.US), and Other Retail Giants Accelerate Expansion into Fuel Business as Gas Stations Become the New Battleground

Major American retailers Walmart (WMT.US), Costco (COST.US), and others are rapidly entering the petroleum industry. In 2024, Walmart plans to establish more than 45 new petrol stations in 34 states.

The World’s First Humanoid Robot Combat Tournament Concludes: Fierce Exchanges, but Cognitive Systems Still Lag Behind

Unitree Technology participated in the world’s first humanoid robot combat tournament held in Hangzhou, showcasing its G1 robots with real-time handheld control and customized fighting algorithms.

U.S. FTC Officially Withdraws Case Against Microsoft’s $69 Billion Acquisition of Activision Blizzard

The U.S. Federal Trade Commission (FTC) officially withdrew its lawsuit against Microsoft’s $69 billion acquisition of Activision Blizzard, stating that continuing the case after the deal’s completion “does not serve the public interest.” Microsoft President Brad Smith called it “a victory for gamers and common sense.”

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