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US Slaps 93.5% Tariff on Chinese Graphite

US officials unveiled 93.5% import duties on Chinese graphite Thursday, escalating tensions over electric vehicle supply chains just 48 hours after Beijing imposed restrictions on battery technology exports.

The Commerce Department’s anti-dumping decision affects approximately 180,000 metric tons of annual graphite shipments from China, which account for nearly two-thirds of US consumption of the critical battery material. Combined with existing penalties, total tariffs will reach 160

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What’s going on?

• Canada Housing Market Shows Recovery Signs as Sales Rise for Second Month (theDeepDive)

• Income inequality hit record high at start of 2025, Statistics Canada says (CBC)

• Senator Introduces Bill to Exempt Small Bitcoin Transactions From Capital Gains Tax (theDeepDive)

• Why First Nations are clashing with Ontario and Ottawa over bills aimed at speeding up megaprojects (Globe)

• Massive IRS Refund Restores Epstein Estate to $145 Million (theDeepDive)

• Donald Trump pushes for 15%-20% minimum tariff on all EU goods (FT)

• Will Coca-Cola Switch to Cane Sugar Just Because Trump Said They Would? (theDeepDive)

• US Consumer Sentiment Rises as Inflation Expectations Improve (Bloomberg)

• Is Powell About to Be Out? (theDeepDive)

• US rejects WHO global pandemic response accord (Reuters)

• House Petition Tabled To Force Epstein List Release (theDeepDive)

What’s the latest?

• Meta: Meta Platforms declined to sign the European Union’s new AI code of practice, criticizing it as legally uncertain and overly restrictive. Joel Kaplan, Meta’s global affairs chief, said the rules would “stunt” innovation and go beyond the scope of the EU’s AI Act. While OpenAI agreed to comply, companies like ASML and Airbus have also raised concerns and called for a delay. The code takes effect next month and aims to boost transparency and safety in AI development.

• BHP: BHP Group has raised the cost estimate for the first phase of its Jansen potash project in Saskatchewan to US$7–7.4 billion, up from US$5.7 billion. The company also delayed expected first production to mid-2027, citing inflation, design changes, and lower productivity. Phase one is currently 68% complete. BHP is considering delaying phase two production by two years to FY2031 due to expected increases in market supply.

• American Express: American Express posted Q2 earnings of $4.08 per share, beating analyst estimates of $3.89, with revenue rising 9% to $17.9 billion. Strong spending by affluent cardholders continues to shield AmEx from broader consumer weakness. Credit loss provisions rose slightly to $1.4 billion. The company plans major Platinum card updates amid rising competition, including Citigroup's upcoming premium card launch.

• Tariffs: Champagne exports face pressure as the U.S., its top market by value, risks imposing 30% tariffs on EU goods. The U.S. accounts for 10% of export volume and 15% of value, with producers warning of lost income and job cuts. Total champagne exports fell over 10% in 2024 but rose slightly in early 2025 before an initial 10% tariff. Industry leaders urge diversification to markets like Brazil and Southeast Asia, though replacing U.S. demand remains difficult.

• Crypto: Ether surged 5% to $3,601.40, hitting a six-month high and outperforming bitcoin, which dipped 0.7%. Ether-linked stocks jumped in premarket trading—BitMine rose 14%, BTCS 12.5%, and Bit Digital 4%. BitMine disclosed it had acquired over 300,000 ether in three weeks, aiming to hold 5% of total supply. Demand is fueled by growing stablecoin use on Ethereum, with ETH ETFs gaining nearly 36% this month versus bitcoin ETFs at 10%.

Aris Sells Assets To McFarlane

The stock market and stuff

• Microsoft Uses Chinese Engineers to Maintain Pentagon Systems, Investigation Finds (theDeepDive)

• Citigroup Raises Silver Target to $40 as Trade War Boosts Precious Metals (theDeepDive)

• Global crypto assets hit $4tn as industry wins backing of US lawmakers (FT)

• Meta Settles US$8B Delaware Privacy Suit Related To Cambridge Analytica Scandal (theDeepDive)

In the juniors

• Discovery Silver in Advanced Talks to Acquire Barrick’s Last Canadian Gold Mine (theDeepDive)

• Andean Precious Metals Reports Q2 Production Of 24,341 Gold Equivalent Ounces (theDeepDive)

• Lifezone Metals Outlines $1.58 Billion After Tax NPV For Kabanga Nickel Project (theDeepDive)

FULL DISCLOSURE: Golden Cariboo Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Golden Cariboo Resources. The author has been compensated to cover Golden Cariboo Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.