Goldman Sachs on Trump’s Tariffs: The Inflationary Impact Has Just Begun

The inflationary effect of Trump’s tariffs on consumer prices is only beginning to emerge.
So far, the main burden of the trade war has fallen on American importing companies. However, they will increasingly pass these costs on to consumers, fueling price growth.
From April through June, U.S. consumers personally covered only 22% of tariff costs. Going forward, this share is expected to rise to 67%.

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UK Government Asks Citizens to Delete Old Emails and Photos to Save Water

The UK government has urged citizens to delete old emails and photos to help conserve water amid a national-level water shortage. Authorities claim this will reduce the load on data centers, which use significant amounts of water for cooling.

However, experts are baffled by the advice. According to their calculations, if the entire UK population rushes to delete old photos from servers, more energy and water could be consumed in the process than would be saved by simply storing the data.

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Brazil Calls BRICS Leaders to Talks to Counter Trump’s Tariffs

Brazil is preparing for an online meeting of BRICS leaders to discuss ways to strengthen economic ties in response to new tariffs imposed by the United States, President Luiz Inácio Lula da Silva announced.

Lula stated that he has already discussed the situation with the leadership of Russia, India, and China, and will soon hold phone talks with the president of South Africa.

The goal of the negotiations, he said, is to find alternative paths for economic development and to demonstrate the need for “democracy, mutual respect, and a multilateral approach” in international trade.

This move follows Washington’s threats of secondary sanctions and additional tariffs against countries maintaining strong trade relations with Russia. Earlier in August, Trump signed an order raising tariffs on Brazilian goods to 50%, with around 700 exemptions for strategic sectors.

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Admin's thoughts on the summit will be shared later when there is something to talk about. And of course, if there is something important for our topic, then the news will be here.

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Bridgewater Associates Completes Exit from Chinese Markets

The world's largest hedge fund, Bridgewater Associates, finalized its withdrawal from Chinese markets in the second quarter of 2025, selling all its holdings in U.S.-listed Chinese companies worth $1.41 billion.

Just months earlier, Ray Dalio’s flagship firm held stakes in 16 major Chinese companies, including Alibaba, JD.com, PDD Holdings, search engine Baidu, electric vehicle maker Nio, and restaurant chain Yum China.

Bridgewater redirected the proceeds from its China divestments into mega-cap U.S. technology stocks, significantly increasing its positions in leading artificial intelligence companies.

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Brazil and Russia Sign Memorandum to Strengthen Financial and Economic Cooperation

Brazil has signed a memorandum with Russia to bolster financial and economic cooperation, following U.S. authorities’ threats of secondary sanctions or tariffs against the South American republic for continuing trade relations with Russia.

The memorandum aims to establish a regular bilateral dialogue between the two countries on macroeconomic policy, economic issues, tax cooperation, infrastructure financing, and strengthening multilateral cooperation within BRICS and the G20.

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OPEC Maintains Oil Demand Growth Forecast

OPEC has kept its forecast for global oil demand growth in 2025 unchanged at 1.29 million barrels per day, expecting demand to reach 105.14 million barrels per day, according to the organization’s August report.

A month earlier, OPEC projected global demand at 105.13 million barrels per day, but now expects it to be 105.14 million — 10,000 barrels per day higher.

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China Produces Nearly Three Times More Vehicles Than the US

The data refers to both passenger and commercial vehicles.

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China Urges Companies to Stop Using NVIDIA H20 Chips

China's internet regulator has asked major tech firms, including ByteDance, Alibaba Group, and Tencent Holdings, to suspend purchases of NVIDIA's H20 chips, according to The Information.

The move is part of Beijing’s broader push to reduce reliance on advanced foreign semiconductors and promote domestic alternatives amid tightening U.S. export controls. The H20 chip, specifically designed for the Chinese market to comply with American restrictions, is reportedly under scrutiny for still enabling significant AI processing power.

The government is encouraging companies to shift toward homegrown solutions as part of its self-sufficiency drive in critical technologies.

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Crypto Market Capitalization Surpasses $4 Trillion

From August 10 to 11, Bitcoin rose from $118,000 to $122,000, reaching within 1% of its all-time high. Ethereum surpassed $4,300 for the first time in 2025, sitting 12% below its November 2021 peak.

The total crypto market capitalization has crossed $4 trillion. Bitcoin accounts for $2.43 trillion, Ethereum for $518 billion, and the stablecoin USDT from Tether stands at $164 billion.

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Rheinmetall Shares Drop Over 10% on Ukraine Peace Talks Speculation

Watching defense industry and energy sector closely this Friday. Money knows first.

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"We’re Heading Full Speed into a Wall" – Mercedes Demands EU Repeal of EV Mandate

Mercedes-Benz CEO Ola Källenius has sharply criticized the European Union’s plan to ban CO₂-emitting vehicles from 2035, calling for a reality check.

“We need to come back to reality. Otherwise, we’re heading full speed into a wall,” Källenius said in an interview with Handelsblatt, warning that the European auto market could collapse if the mandate is enforced.

He pointed out that consumers are rushing to buy gasoline and diesel cars before the ban takes effect, undermining the policy’s goals. Mercedes joins other industry leaders in questioning the 2035 target, which is set for review in late 2025. The company argues that automakers already face massive challenges, including weak demand, fierce competition from Chinese brands, and disappointing EV sales.

“Of course, we need to decarbonize — but in a technology-neutral way. We must not lose sight of our economy,” Källenius added.

The head of the European Automobile Manufacturers’ Association (ACEA) has also called for tax incentives and lower electricity prices at charging stations to make the transition more viable.

Finally, someone (from the EU auto industry) said that out loud. And actually, given the fact that Mercedes is already packing up to move to the US, this could be considered as the last offer to green idiots.

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Chipmakers to Pay US 15% of Revenue from Sales to China

Nvidia and AMD will pay the United States 15% of the revenue earned from selling artificial intelligence chips to China, the Financial Times and The New York Times report, citing sources.

The unusual agreement with the Trump administration was a condition for receiving export licenses to the Chinese market, which were granted to the companies last week. This "service for service" deal is unprecedented, yet aligns with the new US administration’s policy, experts tell the FT.

The arrangement could bring the US government more than $2 billion, the NYT writes. Bernstein Research analysts previously estimated that Nvidia would sell over $15 billion worth of chips to China, and AMD around $800 million, before the end of the year.

If so, then this could be one of the best solutions for US-China tech tensions. If you cannot stop smth (sells) then profit from it.

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Back in the game

Empire Without Growth

Britain's economy languishes in chronic stagnation, yet the nation persists as a key architect of the global financial system. This contradiction is only superficial: an empire no longer requires internal economic growth when it can manage external flows.

Recent National Institute data reveals UK real disposable income per capita grew just 14% between 2007 - 2024, compared to 48% in the preceding 17 years. GDP per capita growth collapsed from 2.5% to 0.7% annually – the worst decline in the G7 except Italy. Had the "golden age" continued, Britons would now be a third richer. The root cause? Stagnant labour productivity, rising merely 6% since 2007 versus 22% in the US and 10% in the Eurozone. Unlike France's buffered social model, neither Britain's market nor state functions effectively.

The political system offers society false choices between charlatanism and capitulation. Demagogues peddle quick fixes: Brexit promises, unfunded tax cuts, and sovereignty myths. Moderates acknowledge problems but avoid confronting the crisis's scale, managing decline rather than reversing it. Neither addresses the core question: how to restore growth when the model is broken?

This reveals the imperial model's cynicism. Britain bypasses growth because it doesn't play by common rules – it writes them. The City channels over $11 trillion in international assets annually. More than half flow through British offshore jurisdictions: Cayman Islands, Jersey, Guernsey, and the British Virgin Islands. Together they form a "web of concealment" – the world's largest infrastructure for tax evasion. Cayman assets alone total 60 times its GDP, much British-originated.

This defines the Empire's real economy: management, not growth. Britain needs neither industry nor technology; its status is global dispatcher of financial opacity. It serves the world's wealthy while its own population impoverishes. Why redistribute London's global flows to Manchester?

The imperial transformation is complete: jurisdictions replace colonies, law firms substitute armies, derivatives overshadow flags. Britain doesn't rule directly – it charges others for the privilege.

Financial stability is an illusion sustained by inertia. Public debt nears 100% of GDP (£2.7 trillion) – the highest since WWII. The £87 billion annual deficit persists despite "strict fiscal rules." Governments merely avoid accelerating debt, with "responsible" ministers defined as those who don't worsen it too quickly.

Demographics compound stagnation. The "triple lock" pension guarantee (indexing to highest of inflation, wage growth, or 2.5%) has become a fiscal time bomb. OBR projects pension spending will rise from 5% to 7.7% of GDP by the 2070s – an additional £100 billion annually. Taxpayers per retiree will drop from 3.2 to 2.7, expanding burdens on a shrinking base. New governments mirror this avoidance, refusing even modest revisions like winter pension adjustments while pledging "no tax rises."

Yet the system endures. Britain borrows at absurdly low rates because the pound retains residual trust, its bonds remain liquid, and its elite is embedded in global power structures: NATO, the UN, G7, and Wall Street networks. Oxford, Cambridge, London, and the BBC sustain soft power. This is the trap.

Britain is thus a dying economy within an immortal system. But that immortality is conditional. Even the strongest institutions fail without a living body. The critical question remains: which will crumble first – the illusion or the capacity to sustain it?

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Why Is Trump So Obsessed with BRICS?

The topic isn’t new. But no president before him ever seriously paid attention to an alliance the West traditionally considered stillborn.

Back when he was running for a second term, old Donald promised voters he would make it "costly" for BRICS countries to move away from the US dollar. Trump and his economic advisors discussed not just tariffs, but other "punishment methods" for countries seeking to conduct bilateral trade in currencies other than the dollar.

He also previously spoke about potential 100% tariffs in the event of a refusal to use the dollar in bilateral trade. These threats only fueled global interest in creating alternative payment systems and other tools for mutual settlements.

Now, as a man of his word—accidentally forgotten or not—Trump is consistently following through on his promise to raise import tariffs by 10% on goods coming into the US from BRICS member countries. At a Cabinet meeting on July 8, he explained this by saying: “BRICS was created to weaken our dollar.”

What’s strange, however, is this:

In the first half of the year alone, the American currency collapsed by almost 11%, the worst result since 1973. Back then, at least there was a reason: President Richard Nixon ended the Bretton Woods gold standard—decoupling paper money from gold. What happened this time? From the hated Biden, Trump inherited, in general, a reasonably well-functioning economy.

Wall Street analysts directly blame the White House for the dollar's decline.

“Currency traders really have something to think about: a catastrophic budget deficit that no one is trying to reduce, whether Republicans or Democrats. Tensions with allies—in both military and trade spheres. There are plenty of potential negative catalysts. And once a trend starts, it's hard to stop,” said Art Hogan, chief market strategist at B. Riley Wealth Management, recently on CNBC.

Many analysts believe Trump’s financial advisors intentionally chose a policy of pressure on the dollar precisely to devalue the country’s massive external debt. If true, then Trump’s administration and the BRICS alliance are moving in the same direction, with shared goals. The only difference is that BRICS merely declares its detachment from the dollar while members themselves admit they cannot yet create a competing currency. Meanwhile, Trump has actually managed to crash the dirty green paper to record lows in just five months in office.

The paradox is that the US cannot simultaneously reduce its trade deficit and strengthen the global dominance of the dollar, because these are diametrically opposed efforts.

So the only thing BRICS countries can respond to the captain of the American economic Titanic regarding the accusations of weakening the dollar is: don't shift the blame, Donald.

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