The Morning Sixpack - May 12, 2025
US-China trade deal sparks market surge, Trump family expands Middle East grift, and more hasty Trump "You're fired!" dismissals
US-China Trade Pact Sparks Global Market Surge, Stocks Soar
The US will reduce tariffs on Chinese goods to 30% from a staggering 145%, while China will cut tariffs on US products from 125% to 10% for a 90-day period.
World markets surged on Monday as the US and China announced a groundbreaking suspension of tariff hikes, breathing new life into global trade and investor confidence. This move follows significant progress made during talks in Geneva, giving hope to traders that the world’s two largest economies could de-escalate their trade war.
The announcement sent US stock futures soaring, with the S&P 500 jumping 2.6% and the Dow Jones gaining 2%. Global oil prices also surged, with US crude reaching $62.68 per barrel and Brent crude hitting $65.55. The US dollar strengthened against the yen, showing confidence in the positive trade developments.
Despite the optimism, uncertainty remains. The next 90 days are crucial as both nations work to bridge deep-rooted differences, with the full impact of the trade truce yet to be determined. Investors are watching closely, not just for tariff updates, but for developments in other geopolitical flashpoints, including tensions between India and Pakistan, the ongoing Ukraine conflict, and Middle East unrest.
European markets followed suit, with Germany’s DAX rising 1% and France’s CAC 40 gaining 0.8%. In Asia, Hong Kong’s Hang Seng Index surged 3%, reflecting positive sentiment across the region. Other Asian markets also saw solid gains, including Japan, India, and South Korea, signaling broad optimism.
In Pakistan, the KSE 100 soared more than 9%, following a ceasefire with India and an IMF bailout package, demonstrating the far-reaching influence of global trade and geopolitical stability on investor sentiment.
Source: AP News
What will the Orange Menace do when he wakes up from another fever dream after watching another TV movie about China?
Newark Liberty Airport Struggles with Third System Outage in Two Weeks, Disrupting Hundreds of Flights
Newark Liberty International Airport is once again at the center of major travel disruptions, as it suffers its third system failure in less than two weeks.
The latest outage, caused by a failure of a backup air traffic control system, led to a 45-minute ground stop on Sunday, causing a ripple effect that impacted both domestic and international flights.
The Federal Aviation Administration (FAA) confirmed that while operations eventually resumed, over 200 flights were delayed, and at least 80 were canceled, frustrating passengers on one of the busiest travel weekends of the year. The airport is already grappling with staffing shortages, further complicating the situation.
U.S. Transportation Secretary and reality TV has-been Sean Duffy has promised that a long-term fix is in the works. However, he indicated that in the short term, flight capacity at Newark would be reduced. Plans include a new direct line from Newark to the Philadelphia TRACON to streamline air traffic management and prevent future disruptions.
In a show of concern, Senate Minority Leader Chuck Schumer urged the FAA to prioritize fixing the issues at Newark Liberty, stressing that similar problems could occur at other airports nationwide if not swiftly addressed. Schumer's call for urgent action is supported by many frustrated travelers.
Passengers, including those stranded due to flight cancellations, expressed their growing impatience, with some travelers facing significant delays on a critical family holiday weekend. "We have to stay overnight until 12 p.m. tomorrow," said one traveler, highlighting the ongoing impact of these outages on their plans.
Source: CBS News
While I don’t like Schumer (he’s super weak), this is what adults do. They do the right thing when the time calls for it.
BREAKING: Hamas to Release U.S.-Israeli Hostage Edan Alexander Amid Negotiations for Gaza Ceasefire
Hamas has agreed to release Edan Alexander, the last known U.S. citizen held hostage in Gaza.
The 21-year-old dual U.S.-Israeli citizen, who was captured during the ongoing violence between Hamas and Israel, will be freed as part of ceasefire negotiations.
This announcement marks the end of a tense and confusing period for Alexander's family, who had been uncertain of his location after Hamas initially agreed to his release in March but then reversed course. The group holding him claimed they lost contact with him after Israeli airstrikes.
Hamas' statement on Sunday confirmed that they were ready to begin serious negotiations for a final ceasefire agreement. "The movement affirms its readiness to immediately start intensive negotiations," said spokesperson Khalil Al-Hayya, emphasizing efforts to bring peace and manage Gaza with an independent body.
U.S. President Donald Trump confirmed Alexander's release in a statement, calling it a "step taken in good faith" toward ending the brutal war and securing the return of all hostages. Special U.S. envoy Steven Witkoff announced he would be traveling to Israel to facilitate Alexander’s release, with the family eagerly awaiting his return.
Alexander, who had been serving in the Israel Defense Forces, was one of 251 hostages taken by Hamas in the October 2023 attack. His release brings hope to the remaining hostages, as the U.S. continues efforts to secure their freedom.
Source: UPI
Oh, they can “facilitate” this man’s return (yes, this IS a positive outcome, and I applaud it), but they can’t bring home Abrego Garcia?
BULLSHIT. It’s not that they can’t; they don’t want to, and mark my words, when push comes to shove, they WILL bring him back and them immediately deport him to some other shithole country.
Trump Fires Head of Copyright Office After Dismissing Librarian of Congress, Sparking Controversy
President Trump has fired Shira Perlmutter, the head of the U.S. Copyright Office, following his firing of Carla Hayden, the first woman and African American to lead the Library of Congress.
This shake-up comes amid mounting scrutiny from conservative groups calling for the removal of key figures in federal intellectual property regulation.
The White House confirmed the termination of Perlmutter’s position on Saturday, just days after Hayden's firing. Perlmutter, who had served since October 2020, was originally appointed by Hayden to oversee the Copyright Office. Both officials had been targeted by the American Accountability Foundation (AAF), a conservative nonprofit that advocated for their ouster.
Trump's administration has faced sharp criticism over these moves, but supporters argue that it aligns with the president’s “America First” agenda, aiming to clean out perceived liberal influences in government positions. Tom Jones, president of AAF, celebrated the firings, calling it a necessary step toward returning control of intellectual property regulation to American interests.
Perlmutter and Hayden’s departures mark the latest in a series of high-profile dismissals under Trump’s leadership, signaling a shift in how the government will handle cultural and intellectual property issues going forward.
Source: The Hill
Meanwhile, they’re removing good books from libraries and ensuring that Bibles are available to kids in Oklahoma schools. Brilliant!
North Korean Cyber Operatives Infiltrating U.S. Tech Companies: A Growing Threat
North Korean operatives are increasingly infiltrating top U.S. tech firms by posing as remote IT workers, funneling millions of dollars into the country's weapons programs.
The cybercrime scheme has expanded rapidly, with Fortune 500 companies unknowingly hiring these spies who use sophisticated tactics to evade detection.
The scam involves North Korean operatives creating fake LinkedIn profiles, stealing personal information from real individuals, and using AI-generated deepfakes to impersonate American job seekers during interviews. Once hired, these operatives use stolen credentials to onboard and have work laptops sent to "front" addresses in the U.S., where multiple devices are maintained by accomplices running a laptop farm.
As these operatives increase in numbers and sophistication, experts warn that the scheme is now a widespread issue, with many companies falling victim to the fraud. "We’re talking about tens of millions of dollars, if not hundreds," said Adam Meyers, a senior cybersecurity expert at CrowdStrike.
Cybersecurity firms are sounding the alarm, with companies like Google and SentinelOne acknowledging they have inadvertently hired these imposters. This vast operation presents a serious security risk for U.S. firms, as North Korea's cyber strategies are evolving, making it harder to detect and prevent.
With law enforcement working to crack down on these schemes, the scale of the operation is becoming clearer. As AI and deepfake technology advance, the threat continues to grow, with companies worldwide now on high alert.
Source: Politico
Hey, maybe create a law that US companies cannot hire remote workers without meeting them in person first? Just a tiny first step, but it’s better than nothing, which is what they’re doing now.
Trump Family Ventures Into Middle East Grift
As President Trump embarks on a Middle East tour, his family’s business empire is rapidly expanding in the region, raising concerns over the intersection of politics and personal gain.
It’s called GRIFT. Trumpfam is great at a few things, grift being one of them. Money laundering is another. And finally, crypto. Wait til you read about that!
During this tour, Trump is aiming to secure major investments from the wealthiest petrostates, including Saudi Arabia, Qatar, and the UAE. His family businesses are reaping the rewards, with Trump-branded projects, like luxury towers in Dubai and Jeddah, already taking root. Additionally, a new golf resort in Qatar and crypto deals involving Trump’s financial ventures signal growing ties between the Trump organization and Gulf states.
Trump’s business dealings in the Middle East are entangled with strategic policy decisions. These countries have invested billions into the Trump family's ventures, leveraging these investments to gain political influence in Washington. As Trump negotiates trade, defense, and AI deals with Gulf leaders, critics argue that his personal business dealings compromise U.S. foreign policy.
Skeptics highlight how Trump’s business and diplomatic interests seem increasingly intertwined, with millions of dollars flowing between his family’s ventures and foreign governments. “The national interest has seemingly merged with the president’s interests in some ways,” said former State Department official David Schenker.
Despite growing criticism, the Trump administration continues to pursue these lucrative partnerships, with Gulf states pledging substantial investments into U.S. projects. As the family business expands, it remains unclear how this fusion of geopolitics and personal business will shape future foreign policy.
Source: Wall Street Journal
Did you read about the “gift” that the Qatari government is giving Trump? Hoo boy!