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How Bessent explained the 115-point reduction in U.S.-China tariffs that has triggered market euphoria

May 12, 2025 Ogghy Filed Under: BUSINESS, MarketWatch

The U.S. Trade Secretary Scott Bessent said neither the U.S. nor China want to see a decoupling in their relationship, as each agree to lower tariffs for 90 days.

South Koreans Bet Big on XRP, Dogecoin as Easing Trade War Fuels Risk Taking

May 12, 2025 Ogghy Filed Under: BUSINESS, Coindesk

Retail traders in South Korea are piling into XRP and dogecoin (DOGE) in a sign of returning risk-on sentiment among speculative traders.

Trading volumes of the two tokens on local exchanges crossed bitcoin (BTC) and ether (ETH) in the past 24 hours.

The surge comes amid renewed risk-on sentiment across crypto and equity markets as U.S.-China trade tensions ease and macro indicators point to possible rate cuts later this year, some traders say.

Both XRP and DOGE have climbed more than 15% over the past week, outpacing bitcoin’s 10% move, while ETH has soared nearly 40%, marking its biggest weekly gain since 2021.

“Risk assets have recovered sharply to levels that are now challenging even the most ardent bears,” said Augustine Fan, head of insights at crypto options platform SignalPlus. “We believe the pain trade remains to be higher prices until more macro bears throw in the towel.”

UpBit, the biggest by trading volumes in Korea shows 24-hour volumes on XRP/KRW and DOGE/KRW exceeded $250 million, while those for bitcoin and ether remain under $150 million.

(CoinGecko)

The pattern mirrors previous euphoric retail phases in Korea’s crypto market, often dubbed the “Kimchi premium” era, where local investors aggressively chased high-volatility assets.

Korean crypto markets have long served as a bellwether for retail sentiment.

The move also coincides with a broader market rally fueled by a massive $1 billion short squeeze last week as overleveraged positions were forcibly closed amid surging prices.

“We subscribe to the view that this was a classic market short-squeeze against an exceptionally one-sided market,” Fan added. “There’s no evidence of significant ETH ETF inflows, suggesting this was purely a native positioning event.”

The enthusiasm in Korea also reflects improving geopolitical sentiment. U.S. and Chinese officials on Monday said they would heavily cut tariffs on some goods to 30% from 145% for 90 days, following weeks of speculation on what the two superpowers would do.

“Investors are less apprehensive about crypto as U.S.-China trade talks find resolution and rate cuts appear more likely,” said Jeff Mei, COO of BTSE. “If the Fed signals a dovish pivot next month, it could push bitcoin past all-time highs and re-ignite lending and investment in the U.S. economy.”

While traders continue to watch for follow-through on institutional ETF flows and upcoming central bank guidance in June, the short-term momentum suggests that altcoin speculation is leading the current leg higher.

Kate Middleton’s royal success came from dodging Princess Diana’s missteps: author

May 12, 2025 Ogghy Filed Under: Fox News, THE NEWS

‘Extremely paranoid’ Kentucky sheriff questioned by police moments after judge’s fatal shooting: video

May 12, 2025 Ogghy Filed Under: Fox News, THE NEWS

Pentagon Orders Purge of DEI-Themed Books In Latest Blow To Wokes

May 12, 2025 Ogghy Filed Under: THE NEWS, Zerohedge

Pentagon Orders Purge of DEI-Themed Books In Latest Blow To Wokes

In the Trump administration’s latest blow to the wokes, the Pentagon on Friday instructed military leaders to conduct a sweeping review of all library materials across bases and academies, with orders to remove any books promoting what the Department of Defense deemed “divisive concepts and gender ideology.”

According to internal memos reviewed by the Associated Press, commanders were told to “promptly identify” and withdraw any material that conflicts with the military’s core mission, with a deadline of May 21 to complete the review. The directive comes amid a broader reorientation of the military’s cultural and educational standards under Defense Secretary Pete Hegseth, a prominent critic of DEI programming.

In a separate memo issued the same day, the Pentagon informed the nation’s military academies – including West Point and the U.S. Naval Academy – that race, ethnicity, and sex should no longer factor into admissions decisions. Instead, selections must be based solely on merit, though the department left room for “unique athletic talent” to be considered.

The moves follow a January pledge by Secretary Hegseth to “purge DEI from the Pentagon,” arguing that the emphasis on diversity undermines military readiness. “Our diversity is our strength,” he said at the time, “is the single dumbest phrase in military history.”

As part of the book review, libraries are instructed to flag materials using search terms such as “affirmative action,” “anti-racism,” “critical race theory,” and “white privilege.” Already, the Naval Academy has removed nearly 400 titles, including Maya Angelou’s I Know Why the Caged Bird Sings, novels by Palestinian American author Etaf Rum, and various academic texts on race and gender.

To coordinate the ongoing review, the Pentagon is establishing a temporary “academic libraries committee” to assist other military colleges and institutions in identifying and removing similar materials.

The book bans extend beyond college libraries to K–12 schools on U.S. military bases worldwide. The Department of Defense Education Activity (DoDEA), which oversees these schools, has issued a list of prohibited children’s books, many of which include LGBTQ+ themes or explore racial identity.

Since the beginning of 2025, the federal government has seen what experts describe as a wholesale dismantling of DEI-related roles and programs. While no formal count has been released, estimates suggest that hundreds – if not thousands – of DEI personnel across federal agencies have been dismissed or reassigned.

The Pentagon’s directives are the latest in a series of actions that signal the Trump administration’s broader goal of reshaping federal institutions around “mission-first” principles, removing considerations of identity from official policy and practice.

Tyler Durden
Mon, 05/12/2025 – 04:15

US and China reach deal to slash tariffs, officials say

May 12, 2025 Ogghy Filed Under: NY Post, THE NEWS

The United States and China said on Monday they have agreed on a deal to slash reciprocal tariffs as Washington and Beijing seek to end a trade war that has disrupted the global economy and set financial markets on edge.

U.S. And China Agree To Roll Back Most Tariffs For 90 Days As Negotiations Continue

May 12, 2025 Ogghy Filed Under: BUSINESS, Forbes

Trump’s “reciprocal tariff” on Chinese goods will be cut from 125% to 10%, while Beijing will also do the same.

“We’re Playing A Delicate Game Here”: China Pressuring African Nations Over US Trade Deals

May 12, 2025 Ogghy Filed Under: THE NEWS, Zerohedge

“We’re Playing A Delicate Game Here”: China Pressuring African Nations Over US Trade Deals

Authored by Darren Taylor via The Epoch Times (emphasis ours),

JOHANNESBURG—Diplomats and officials from several leading African economies say the United States and China are pressuring them to make an “impossible choice,” as the superpowers fight a trade war that threatens to erode weak economies further.

A general view trucks A general view trucks loading haul trucks carrying ore of the open pit of the Jwaneng Diamond Mine in Jwaneng, Botswana, on May 11, 2023. Monirul Bhuiyan/AFP via Getty Images

Senior members of African governments, including those of South Africa, Egypt, Kenya and Nigeria, said Beijing has warned them it will retaliate against countries that sign trade agreements with the United States “at China’s expense.”

U.S. trade partners, including many from Africa, are currently negotiating with President Donald Trump’s administration following his global tariff announcement on April 2.

They’re trying to work out deals that could see the tariffs scrapped or lowered, depending on what they’re able to offer the White House.

Trump imposed some of the highest duties on African imports, ranging in some cases between 30 and 50 percent, arguing these are necessary to correct trade imbalances that take advantage of the United States.

He said the reciprocal tariffs will increase America’s competitive edge, protect its sovereignty, and strengthen its national and economic security.

But high taxes on their exports to the United States will cut billions of dollars from budgets already strained by high debt, inflation, the cost of industrializing, and the aftermath of the COVID-19 pandemic, said African nations.

Countries like Lesotho, hit with a tariff of 50 percent on its exports to the United States, which it said could destroy its textile industry, and South Africa (31 percent), have welcomed the chance to talk with the United States.

“But we know that if we do anything that is seen as appeasing Trump, it won’t go down well back east,” a government official in Pretoria told The Epoch Times, speaking anonymously because he didn’t have permission to speak with the media.

“We’re playing a delicate game here,” he said. “Because of Trump’s tariffs and the economic hardship they’re going to cause us, we’re trying to form new trade partnerships, but we know China is not going to be happy with some of those partnerships, especially if we move economically closer to their biggest enemy. Part of our strategy is to do even more trade with China, but then Trump is going to see that as a betrayal. We cannot win. It’s an impossible choice.”

Kenyan and Nigerian diplomats, who requested anonymity for the same reason, said Chinese officials had warned their governments not to give in to what Beijing has described as “bullying” by the Trump administration.

The Nigerian envoy told The Epoch Times that “the Chinese made it clear they expect Africans to be on their side” in this trade war.

“They said their government will strike back against anyone that signs anything with the United States that hurts [Beijing],” the Nigerian official said.

China’s Ministry of Commerce recently issued a statement in a vein similar to the comments made by the African officials.

“China firmly opposes any party reaching a deal at the expense of China’s interests,” the ministry said. “If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner.”

Ina Gouws, political scientist at the University of Free State in South Africa, told The Epoch Times that China’s threat to retaliate has brought African countries to a “crossroads.”

“We now have the world’s two biggest economic powers involving the rest of the world, and particularly Africa, where China has held sway for decades, in their spectacular trade war,” she said. “What does Africa now do? It can’t please two masters. African countries cannot afford to lose trade with either America or China. They have always been adamant that they need trade with both. But Trump and [Chinese leader] Xi [Jinping] have forced them into a corner, and there seems to be no good way out of this for Africa.”

Tyler Durden
Mon, 05/12/2025 – 03:30

Privacy-Focused Zcash Tops Key Resistance Above $40 to Flash Bull Signal

May 12, 2025 Ogghy Filed Under: BUSINESS, Coindesk

This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Prices for privacy-protecting digital currency Zcash (ZEC) have moved past a key resistance or supply zone, hinting at bigger gains ahead.

Since February, ZEC has traded sideways, with sellers dominating above $40. Meanwhile, dips near $25 have consistently found support, keeping the price within a narrow range.

On Sunday, buyers finally managed to chew through the long-held supply zone of $40-$43, hitting a high of $45.80 on crypto exchange HTX, the level last seen on Jan. 26, according to data source TradingView.

The so-called range breakout is like a spring uncoiling bullishly after building up demand during consolidation. This release of stored energy often results in a sharp, rapid move higher.

Technical analysis theory suggests adding the range width, or the spread between the upper and lower range boundaries, to the breakout point. In ZEC’s case, the measured move method points to a rally toward $60.

Price moves through long-held resistance levels, as in ZEC’s case, often draws bids from breakout traders. These entities seek to enter positions when the price of an asset moves beyond a defined support or resistance level, aiming to capitalize on a continued move higher or lower.

ZEC’s peer, monero (XMR), recently broke out of a bigger and more prolonged range play with a bullish golden cross, surging to highs above $300. Readers should note that chart patterns do not always work as intended.

ZEC's daily chart. (TradingView/CoinDesk)

Real Madrid Fans Protest ‘Embarrassment’ Team Post-FC Barcelona Loss (VIDEO)

May 12, 2025 Ogghy Filed Under: BUSINESS, Forbes

Real Madrid fans protested their team’s loss and left a sign lamenting the “shame” that had been caused by a 4-3 defeat to bitter rival FC Barcelona in El Clasico.

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