Bloomberg: Trump set to greenlight deep-sea mining of critical metals from the Pacific seabed via executive order, aiming to secure rare earths and cut reliance on China, which controls ~70% of global supply. Stockpiling plans are also in play amid rising US-China tensions.

Tariff exemptions, and rejection of exemptions, are correlated with firm-level political connections. Or, in the common tongue, bribes. He isn't capitulating, he is just rewarding his donors.

🚨TRUMP SAYS EXEMPTING SEMICONDUCTORS FROM HIGHER CHINA TARIFF. EXEMPTION IS RETROACTIVE TO APRIL 5. DUTIES SINCE APRIL 5 ON EXCLUDED CHIPS WILL BE REIMBURSED

He called it.

🚨The US is considering using the country's gold reserves to purchase Bitcoin, according to statements from White House officials

YTD Performance by Asset Class (Jan 1 – Apr 12)

Japan doesn’t plan to use US Treasuries as tariff talk leverage -Bloomberg

Last week, the smart money vs dumb money confidence spread reached its highest point since 9/11.

🚨China: Tariff exemption "small step" to correct wrongdoings.

Ackman: Trump should pause China tariffs for 90 days to ease business transition and create space for negotiations -tweet

Grayscale Research points out that continued inflationary pressures in the coming period may be beneficial to scarce commodities such as Bitcoin and gold. -source

After a 70-year downtrend, U.S. tariffs are spiking. Paths into 2030 range from a manageable ~10% (ok), to disruptive ~25% (bad), to stagflationary >30% (ugly), hinging on elections, geopolitics, and inflation policy.

Lutnick: US tech tariff exemption may only be temporary

🚨Lutnick: Trump plans separate levy on exempted electronics amid trade war

🚨TRUMP: THERE WAS NO TARIFF "EXCEPTION" ANNOUNCED ON FRIDAY

Trump: nobody getting “off the hook" for unfair trade

🚨China has suspended exports of key rare earth minerals and magnets vital to global automotive, semiconductor, and aerospace industries amid escalating trade war

Nothing has changed from Friday despite the poor wording/FUD attempt by Trump. The tariff rate percentages for the products covered (Semis / Electronics) etc got reduced to 20% from 145%. Yes, not a full "exemption" but it’s exactly what U.S. Customs & Border Protection stated on Friday. Get used to these FUD games by Trump, we will see a lot of them. Just BTFD every time.

Futures start of the week:
-Equities Up
-Dollar Down
-Bonds Down

10Y now trading at an implied yield of 4.53%. Closed at 4.49% on Friday. Treasuries keep getting dumped for now.