Biden Advisor Defends China Tariffs, Silver Hits 11-Year High, Jamie Dimon Warns Of Inflationary Forces: Top Economic News This Week

The week has been a whirlwind of economic and political developments. From the White House’s stance on Chinese tariffs to a bold proposal to abolish the Federal Reserve, the news cycle has been anything but dull. Meanwhile, metals hit record highs, JPMorgan’s CEO warns of inflation, and US inflation data comes in as expected. Here’s a recap of the top stories.

Biden’s Economic Advisor Advocates for Tariffs on Chinese Goods

White House National Economic Advisor, Lael Brainard, has stated that President Joe Biden’s tariffs on Chinese imports are a response to China’s economic practices. Brainard, during a Reuters podcast episode, explained that these tariffs are specifically aimed at sectors where the U.S. has made significant legislative investments, such as solar energy and battery storage. The goal is to ensure fair competition and protect domestic industries from China’s export dumping. “And what is important is unless we enforce our trade laws against China, we would actually not be able to compete on a level playing field,” Brainard added. Read the full article here.

Thomas Massie Introduces ‘End the Fed’ Bill

Rep. Thomas Massie (R-Ky.) has introduced a bill aimed at abolishing the Federal Reserve. The bill, known as the Federal Reserve Board Abolition Act, HR 8421, was announced following a poll of his followers on X, formerly Twitter. Massie stated, "Americans would be better off if the Federal Reserve did not exist. The Fed devalues our currency by monetizing the debt, causing inflation." Read the full article here.

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Metal Commodities Hit Record Highs

Friday marked one of the strongest days for metal commodities in recent years. Gold climbed over 1.7% toward a record-high close above $2,400 per ounce, silver surged more than 6% to its highest level since February 2013, and copper hit an all-time high. This surge was driven by diminishing inflation fears and news of a broad-based Chinese stimulus to support the struggling real estate sector. Read the full article here.

Jamie Dimon Warns of Inflationary Forces

Jamie Dimon, the CEO of JPMorgan Chase & Co, has voiced concerns about the persistent inflationary pressures in the U.S. economy. He suggests that these pressures may lead to a prolonged period of higher interest rates than what investors anticipate. Dimon highlighted various factors contributing to the ongoing inflation, including costs associated with the green economy, re-militarization, infrastructure spending, and substantial fiscal deficits. Read the full article here.

US Inflation Data Comes in As Expected

U.S. inflation data for April came in broadly in line with analyst estimates Wednesday, breaking a concerning three-month streak of higher-than-expected readings and reigniting hopes for a return to the Federal Reserve's 2% inflation target. Last month, the Consumer Price Index (CPI) showed a year-over-year increase of 3.4%. Read the full article here.

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