Tesla has urged its suppliers to exclude Chinese components from vehicles produced in the United States. While this move is officially framed as an effort to diversify supply chains, unofficially, it reflects the increasing unpredictability of the political landscape, making reliance on traditional supply routes untenable.

The company has already begun substituting some parts and plans to eliminate the remainder within the next year or two. Industry experts emphasize that this initiative is more about necessity than speed, as tariff risks, trade policy fluctuations, and overall turbulence in US-China relations have made Chinese supplies too unstable.

An additional motivation for Tesla is the desire to strengthen its supply chain in the wake of pandemic-induced disruptions that the company has faced on multiple occasions. The emphasis now is on minimizing vulnerabilities, even if it requires a significant overhaul of the entire manufacturing logistics framework.

Panasonic Energy, one of Tesla’s key battery suppliers, has already identified reducing its dependence on China as a top priority in the United States. General Motors has gone a step further by instructing thousands of its suppliers to stop sourcing from China by 2027.

However, there is a nuance to this strategy that industry insiders acknowledge with cautious realism: replacing certain components will not be straightforward. China remains dominant in the production of battery materials, printed circuit boards, and various electronic components.

Tesla and its partners must now find alternatives in areas where global options are limited. Yet, in the current political and economic climate, this challenge is not viewed as a deterrent but rather as a new condition of the game.

The Swiss franc has surged to its strongest level against the euro in ten years, propelled by rising inflation expectations at home and growing speculation that the US may soon cut import duties. These developments have intensified capital flows into the safe-haven currency.

The franc advanced 0.4% to 0.91862 per euro, marking its highest point since January 2015, when the Swiss National Bank scrapped its long-standing 1.20 exchange cap. The currency is now riding a seven-day winning streak, its longest stretch of gains since August of last year.

Momentum accelerated after Swiss National Bank Vice President Antoine Martin cautioned that inflation is set to rise in the coming quarters. His remarks swiftly cooled chatter about a potential return to negative interest rates. Markets now price in the probability of such a move next year at under 30%, sharply down from 64% a month ago.

The franc found additional support from reports that Switzerland is nearing an agreement to reduce export tariffs to the United States. As global investors shifted focus towards safe-haven assets, the Swiss currency asserted its strength on its own.

Hedge funds are betting on further franc appreciation, particularly against the euro and the yen, even though the pace of strengthening is testing the patience of policymakers. But for now, global risk aversion is proving more powerful than any official commentary.

US President Donald Trump has announced the achievement of a framework trade agreement with Switzerland and Liechtenstein, deeming it a historic milestone. The agreement promises expanded market access for American exporters and is expected to attract hundreds of billions of dollars in investment to the United States, a scale that officials in Bern may still be adjusting to.

As planned, companies in Switzerland and Liechtenstein are set to invest at least $200 billion in the US, with one-third of that amount expected by 2026. Several major corporations, including Roche, Novartis, ABB, and Stadler, have publicly confirmed their intentions. According to Washington, the remaining companies are in the process of finalizing theirs.

The agreement stipulates a collective tariff rate not exceeding 15%, the same level that the US has offered Europe. Bern and Vaduz will eliminate several tariffs on various agricultural and industrial products, ranging from nuts and seafood to chemicals and alcoholic beverages. In return, the US will gain expanded access to sectors such as medical devices, automotive standards, and dairy products.

Trump emphasized that the deal removes longstanding non-tariff barriers that have hindered American goods from entering the Swiss market. This means significantly less bureaucracy and a wealth of new opportunities for US manufacturers.

The agreement also focuses on digital trade and eliminating taxes on digital services. This will simplify operations for American technology companies in Europe. Another goal is to strengthen supply chains and reduce vulnerability to third-country policies.

In 2024, the US goods trade deficit with Switzerland and Liechtenstein reached $38.5 billion. Washington hopes to completely bridge this gap by 2028, which is a formidable challenge, considering the size and complexity of the Swiss economy.

Negotiations are ongoing, and the final version of the agreement is expected by early 2026. In the meantime, all the markets can do is watch and wait. While the promises are substantial, as always, the outcome will ultimately be determined by the details.

Beijing has leveled a striking accusation against the US government, claiming that Washington stole roughly $13 billion worth of Bitcoin. According to China’s National Computer Virus Emergency Response Center, the case involves what it describes as a state-sponsored hacking operation carried out in December 2020. The attack allegedly resulted in the theft of 127,000 Bitcoins from LuBian, one of the world’s largest cryptocurrency mining pools.

Chinese authorities argue that both the nature and execution of the incident strongly suggest a government-backed operation. Analysts note that the slow and cautious movement of the stolen assets stands in stark contrast to typical criminal behaviour. Instead, it resembles techniques commonly associated with intelligence-driven attempts to obfuscate digital traces.

According to the report, the stolen LuBian Bitcoins were later linked to cryptocurrency assets ultimately seized by the US government. Washington claims that these tokens belonged to Chen Zhi, the chairman of Cambodia’s Prince Group. Chinese commentators interpret this as an indirect acknowledgment, suggesting that US authorities may have possessed the technical capabilities required for such an operation as early as 2020.

The US Department of Justice has since launched a civil forfeiture action targeting the 127,000 Bitcoin, marking the largest confiscation effort in American history. Notably, federal prosecutors declined to explain how they obtained control over the assets. The Chinese report characterizes the episode as a classic “black-on-black” operation executed by a state-run hacking apparatus.

The accusation injects a new layer of tension into an already escalating rivalry between Washington and Beijing. This rivalry is centered on cybersecurity, digital infrastructure, and the geopolitics of cryptocurrency.

Blockstream CEO Adam Back has described Bitcoin as the ultimate embodiment of the ideals born from the cryptographic movement of the 1990s. He sees the first cryptocurrency as “permissionless money,” a system that empowers anyone with Internet access to manage their finances independently, free from intermediaries and governmental oversight.

The key distinction between Bitcoin and traditional financial systems lies in the nature of control. In conventional banking, regulators and financial institutions can freeze accounts or impose restrictions on access to funds. In contrast, Bitcoin entirely alleviates users from such vulnerabilities: ownership of coins hinges exclusively on the security of a private key, which operates like a password to a personal vault. No third party can interfere with the owner's ability to manage their assets.

The ideals of the cypherpunk movement actually predated Bitcoin's emergence by two decades. Advocates of this movement envisioned an electronic cash system that provided complete anonymity and eliminated the need to trust intermediaries. Bitcoin brought this concept to life through blockchain technology, creating the first truly decentralized monetary system.

The growing interest in Bitcoin among corporations underscores the practical value of this asset. Major US firm MicroStrategy, now the largest corporate holder of Bitcoin, recently executed a successful placement of preferred shares in the European market, raising over $700 million. Shares of companies that accumulate Bitcoin are becoming an attractive hedging tool for investors wary of inflation and the volatility of traditional currencies. This development illustrates that the ideas conceived in the 1990s have found tangible applications in today’s economy.

The United States and India are nearing a resolution to a longstanding trade dispute that has complicated relations between the two countries for years. US President Donald Trump announced that Washington may lower tariffs on Indian goods, expressing confidence that both sides are "fairly close" to signing a new agreement. This statement has sent important signals to global markets and businesses in both nations.

This year, Trump’s tariff policy has tightened, with duties on certain Indian exports rising to 50%. The primary catalyst was pressure on New Delhi to curb its purchases of Russian oil. In response, Indian companies reduced their crude imports from Moscow, paving the way for negotiations to thaw. The US has long criticized India’s high trade barriers, stating that they hinder American access to the market.

Recent weeks have seen a shift in tone. Instead of harsh accusations, there are now signs of optimism. According to Trump, India has indeed moved closer to meeting US demands, and a trade agreement is just a step away. Indian authorities are also cautiously optimistic, hopeful of concluding negotiations in the near future.

If an agreement is reached, a reduction in tariffs would mark a significant step toward easing tensions between the two countries. For businesses, this breakthrough could open new opportunities, while for the global economy, it could foster a more stable framework for cooperation.

US trade policy has dealt a serious blow to Japan’s economy. The country’s leading car manufacturers have lost nearly $10 billion in profits due to American tariffs, becoming collateral damage in the escalating global trade standoff. This downturn marks their first significant profit drop in years and underscores the sweeping impact of Washington’s policies on Japan’s export-driven industries.

Seven giants of the automotive world — Toyota, Honda, Nissan, Mazda, Mitsubishi, Subaru, and Suzuki — have all suffered an unprecedented slide in profitability. From April to September 2025, their combined profit fell to 2.1 trillion yen (about $13 billion). Compared to the same period a year earlier, that represents a 30-percent decline, revealing how dependent Japan’s automakers are on unobstructed access to the US market.

The fallout extends well beyond the auto sector. Japan’s economy contracted by 1.2% in the third quarter of 2025, a drop directly tied to shrinking exports under the weight of US tariffs. Export volumes fell 4% in the second and third quarters. For the world’s fourth-largest economy, this is a significant blow — one that threatens to dent economic growth for a prolonged period.

Economists broadly agree: US tariffs have inflicted serious damage on Japan. The country’s long-standing reliance on exporting high-tech and high-value goods has collided with new trade barriers that restrict access to the world’s largest consumer market. Without meaningful tariff relief, Japan’s exports — and its broader economic outlook — are likely to remain under pressure in the coming quarters.

Elon Musk has once again shared his vision of the future economy, suggesting that traditional money could disappear or undergo a radical transformation. Speaking at a Tesla shareholders’ meeting, the entrepreneur floated the possibility of using energy as a new form of currency. According to Musk, in the future, the measurement of value could be tied to the amount of available or produced electricity.

While his statement was delivered with a hint of irony, it aligns with Musk’s long-standing rhetoric about forthcoming shifts in global exchange systems. The idea of energy as a unit of account reflects broader expectations of a move from centralized financial institutions toward distributed, more universal systems of value exchange.

This concept aligns with Musk’s broader interests in energy, autonomous power generation, and cryptocurrencies. He has long championed solar panels, Powerwall battery storage, and infrastructure that can provide households and businesses with energy independence. Besides, Musk has repeatedly expressed support for digital assets, including Bitcoin and Dogecoin, underscoring his interest in alternative forms of currency.

Against the backdrop of global discussions about the future of money, including the development of central bank digital currencies and the recognition of cryptocurrencies, statements like Musk’s are seen not as fantasy but as scenarios actively considered by leading market players. If technological infrastructure allows for tracking, payment, and storage of “energy units”, for example, through resource tokenization, Musk’s idea could move from theory to practice.

The statement came shortly after Tesla shareholders approved the largest compensation package in history for Musk, valued at one trillion dollars. With a tongue-in-cheek remark suggesting that shareholders might want to “hold onto their Tesla shares,” Musk once again highlighted the growing role of technology and unconventional approaches in shaping the future economy.

Musk’s comments on the potential transformation of money should thus be viewed as part of a broader conversation about what will define value and exchange in a highly automated and decentralized world.

Washington stands on the brink of a major financial conflict after President Donald Trump issued a dire warning about the potentially catastrophic consequences of a Supreme Court ruling on tariffs. If the imposed tariffs are deemed illegal, the United States could be forced to refund over $2 trillion, Trump stated on his Truth Social platform. He claimed that such payouts would directly jeopardize national security and undermine the country’s financial stability.

In August, an appellate court ruled that the International Emergency Economic Powers Act does not grant the president the authority to unilaterally impose tariffs. This decision paves the way for a reassessment of the trade restrictions implemented during Trump’s first term. The matter is now under consideration by the Supreme Court, and the outcome could have far-reaching implications for the US budget and trade relations.

Trump asserted that tariff revenues actually exceed $2 trillion, making their repeal economically unfeasible. He accused opponents of attempting to downplay these figures to facilitate a decision against the White House. Previously, he labeled critics of trade barriers as incompetent, emphasizing that the tariffs had bolstered the economy, reduced inflation, and elevated the nation's standing on the international stage.

Amid mounting pressure from the judiciary, the White House may soon face a difficult choice between preserving trade tools and risking a financial blow to the budget. The Supreme Court’s ruling expected in the coming months will be a pivotal moment for the economic policy of the Trump administration.

The TRUMP memecoin has staged a remarkable recovery following a steep decline earlier this year. Since reaching a low of $1.50 in October, the price of the asset has skyrocketed by over 450%, trading above $8.30 in recent days.

Formally, the token has broken above the resistance level identified in a months-long descending wedge pattern, which is considered a bullish reversal signal in technical analysis. This breakout has been corroborated by increased trading volumes, indicating a renewed interest from investors after a prolonged period of declining liquidity.

Given the current technical conditions, analysts project that TRUMP could rise to $13 by the end of 2025. This target is based on the maximum height of the chart pattern added to the breakout point, which presents a potential rally of 70% from current levels.

Some optimistic analysts, including TrentyyX, a well-known crypto figure, project a possible recovery to even higher levels. They estimate that the asset could reach $16.50, the previous resistance zone established early last year.

Fundamental factors are also bolstering confidence in the token. The issuing company, Fight Fight Fight, has announced plans to acquire the US division of Republic. If the deal goes through, users will be able to use TRUMP as a means of payment within the platform's ecosystem. This could impart practical value to the token and extend its utility beyond mere speculative trading.

The shift of the memecoin into a broader payment ecosystem, alongside its potential functional integration, has heightened expectations among some investors for sustained growth. However, as with other assets in this category, increased volatility and short-term dependence on news remain significant risks.

Thus, TRUMP has received positive signals from both technical developments and the issuer's efforts to integrate into real-world infrastructure. If external support continues, achieving an additional 70% by the end of 2025 seems plausible.

Inflation in China showed faint signs of life in October, with consumer prices rising slightly and the decline in producer prices being less severe than anticipated. At first glance, this appears to be an improvement. However, in reality, it is more of a pause in an extended period of deflation.

According to the National Bureau of Statistics, the consumer price index increased by 0.2% year-on-year, surpassing expectations for zero growth and significantly rebounding from the previous month’s 0.3% decline. On a monthly basis, the CPI also rose by 0.2%, marking its first positive result since June.

This uptick was bolstered by the Golden Week holiday and a revival in consumer spending, characterized by increased travel and purchases as citizens sought to embrace economic optimism. Demand surged further due to major retail events, such as Singles’ Day, which traditionally boosts sales.

Nevertheless, the broader context remains unchanged. China continues to teeter on the brink of deflation. Producer prices dropped by 2.1% year-on-year in October, which was slightly better than expected but still marked the 37th consecutive month of decline. Even temporary production restrictions have failed to shift the overall trend, as the industrial sector operates with minimal confidence.

Economists point out that domestic demand remains weak, retail prices are stagnant, and ongoing trade tensions with the United States are adding to the pressure on the economy.

Beijing has promised new stimulus measures and cautiously hinted at the possibility of expanding fiscal support. In addition, improved relations with Washington are expected to provide the economy with much-needed relief.

However, the data speaks for itself. While inflation may have returned, it is more of a statistical effect than a signal of genuine recovery.

Morgan Stanley does not foresee a wave of unemployment driven by artificial intelligence in the coming years. According to the bank’s analysts, while technology will advance rapidly, the labor market will collapse under its momentum.

The bank cites research by economist Anton Korinek of the University of Virginia, a leading expert on the economics of transformative AI. Analyst Stephen Byrd notes that several US developers are currently training AI models on computing power roughly ten times greater than before. If this pace continues, by 2026, we could see systems twice as intelligent as today’s.

Yet Morgan Stanley insists that this technological leap will not spell disaster for employment. Studies show that every economy retains roles requiring human judgment, flexibility, and creativity — qualities algorithms have yet to replicate.

The bank also underscores that automation does not just replace labor; it encourages capital growth, boosts productivity, and can ultimately raise wages. In other words, AI might not take away jobs but improve working conditions, provided the optimistic scenario plays out.

Analysts distinguish between two main paths of technological adoption: automation and augmentation. In the first case, AI performs tasks instead of humans; in the second, it helps them do those tasks better.
The more a profession relies on augmentation rather than replacement, the more resilient it is to disruption.

Morgan Stanley concludes that while AI is already reshaping the economy, there is still a long way from mass unemployment caused by machines. For now, AI threatens not human jobs, but merely the sense of competitiveness.

Tesla shareholders have given a resounding green light to what could become the largest executive pay package in corporate history — a performance-based compensation plan for Elon Musk worth up to $1 trillion. More than 75% of voting investors backed the board’s proposal, despite strong opposition from several major institutional shareholders.

According to the deal, Musk could earn up to 25% of Tesla’s total shares, nearly doubling his current 13% stake, if the company meets a series of ambitious business milestones. Key targets include boosting Tesla’s market capitalization to $8.5 trillion and advancing strategically important ventures such as the robotaxi business.

The board justified the plan as essential to keeping Musk at the helm and ensuring continuity in Tesla’s long-term innovation agenda. If the company fails to meet the outlined goals, Musk will receive nothing, regardless of effort or progress made along the way.

The decision sparked intense debate among large investors. The Norwegian Sovereign Wealth Fund, CalPERS, the New York State Pension Fund, and several labor unions — including the American Federation of Teachers — voted against the plan. Their main objections centered on the potential dilution of shareholder equity and the view that Musk, already Tesla’s largest shareholder, has ample incentive to drive the company’s success without an additional bonus of this scale.

Supporters, however, argue that the package ties Musk’s reward directly to the company’s long-term growth and aligns his interests with those of investors. They also emphasize that Musk’s further leadership is critical as Tesla seeks to expand into new fields such as autonomous vehicles and artificial intelligence.

This is not the first time Musk has secured a historic pay deal. Under a 2019 compensation plan, he received 96 million Tesla shares worth roughly $29 billion, contingent on his continued leadership of the company or oversight of key engineering initiatives through 2027.

In essence, the newly approved compensation package underscores Tesla’s commitment to retaining Musk’s vision and leadership, even as portions of the investor community express growing unease over the unprecedented scale of the payout.

Bank of America believes that artificial intelligence is emerging as a new force shaping the market value of the US dollar. In the short term, its impact may be mixed. Yet the investment boom driven by AI adoption has already added substantial momentum to the American economy and become a supportive factor for the US currency.

According to the bank’s estimates, in the first two quarters of 2025, investments in AI infrastructure—software, hardware, and data centers—contributed between 1.2 and 1.3 percentage points to US GDP growth. This boom has coincided with the rise in high-tech stocks, stronger consumer activity, and persistent inflation in the services sector. Together, these elements have reinforced expectations of higher interest rates from the Federal Reserve, commonly bullish for the dollar.

Still, a direct correlation between the rally in AI-related stocks and a stronger dollar has not materialized yet. Despite volatility in stock markets earlier this year, the dollar has largely traded sideways. Bank of America’s analysts emphasize that macroeconomic factors—such as interest rates and inflation expectations—remain the key drivers of currency performance.

There are, however, notable risks. The most significant one is AI’s impact on the labor market. Companies are becoming more cautious in hiring for jobs that could be automated. The early signs of cautious hiring may eventually translate into higher unemployment, potentially prompting the Fed to ease monetary policy. Therefore, the US dollar could lose ground amid a series of rate cuts.

In the longer term, much will depend on whether AI leads to higher productivity or instead exerts disinflationary pressure. In the first case, the dollar could benefit, as it did in the late 1990s during the technological transformation of the US economy. In the second, weaker inflation might reduce returns on US assets and, in turn, dampen global demand for the greenback.

Despite the uncertainties, Bank of America reckons that today’s AI investment wave—unlike the dot-com bubble—rests on profitable, fundamentally sound companies. This high investor interest in AI is more constructive for the dollar.

For now, AI has not become a dominant force in currency markets. Once investors see tangible long-term returns and productivity gains, artificial intelligence could evolve into one of the structural pillars supporting the US dollar in the years ahead.

The prolonged suspension of federal operations in the United States is already having a significant negative impact on the country’s economy. According to White House economic adviser Kevin Hassett, certain sectors are experiencing pressures that exceed initial estimates.

The hardest hit industries are those related to travel and leisure. The shutdown has disrupted production cycles, halted construction projects, and led to declining demand for several companies. Hassett emphasized that if flight disruptions continue for another week or two, this could escalate into a short-term downturn for the airline industry.

In addition, the GDP growth forecast for the fourth quarter has been revised downward. While the administration is counting on a swift recovery once the shutdown ends, the current pace of declining business activity raises concerns.

The suspension of operations began on October 1 and has now become the longest in US history, surpassing the shutdown of 2018-2019. The main cause is Congress's failure to agree on a budget, which has resulted in funding blockages for various federal programs and agencies.

The situation has already affected airport operations, resulting in flight delays. Furthermore, the US Treasury Department has previously warned of potential delays in salary payments for military personnel if the budget crisis is not resolved by mid-November.

Although an end to the conflict among federal authorities is in sight, concerns remain. The continued shutdown could further decelerate economic activity in critical segments of the US market.

US index futures rallied on Sunday evening amid reports that Congress is close to reaching an agreement to end the longest shutdown in US history. After a challenging week in which the technology sector weighed down the market, investors appear ready to embrace a cautious sense of optimism.

S&P 500 futures gained 0.4% to 6,782 points, Nasdaq 100 futures climbed by 0.6% to 25,314, and Dow Jones futures rose by 0.3% to settle at 47,230 points. While the gains are modest, they represent a significant achievement following a week of sell-offs.

The Senate is preparing to conduct a test vote on a short-term funding bill aimed at extending government operations until January 30. The media claims that Democrats are expected to provide sufficient support for its passage.

The shutdown has now lasted 40 days, becoming the longest in US history. Disputes over healthcare subsidies have left thousands of federal workers without jobs, delayed key economic data, and pushed airports and government services to their limits.

Investors hope that a compromise will alleviate political pressure and clarify economic prospects, especially amid rising concerns about growth rates and employment.

The uptick in futures also coincided with the market's efforts to stabilize after significant losses. Last week, the S&P 500 fell by 1.6%, the Nasdaq declined by 3%, and the Dow dropped by 1.2%.

Selling activity in the tech sector intensified following warnings of overheating surrounding artificial intelligence, with Nvidia shares falling by 7% and both Apple and Microsoft facing pressure.

As Congress negotiates funding, the market grapples with reality. Any hint of a compromise is seen as a catalyst for growth, even if it only translates to a 0.4% gain.