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Trump plans to invoke emergency powers under the Defense Production Act to fast-track domestic production of critical minerals, bypassing some legal and funding requirements.
The move aims to counter China’s dominance in the critical minerals supply chain, especially after Beijing recently restricted exports in response to U.S. trade tensions.
Trump’s waivers would remove limits such as requiring congressional approval for projects over $50 million and strict delivery timelines.
This follows a similar use of emergency waivers by former President Biden during the COVID-19 pandemic.
Experts warn the U.S. remains reliant on China in the short term, with any domestic efforts to boost mineral supply likely to take 5–10 years.
The info is via Reuters, posted late in the US afternoon.
This article was written by Eamonn Sheridan at www.forexlive.com.
Economic growth data from Australia for the January – March quarter of 2025.
+0.2% q/q for a bad miss, although as noted some estimates were revised much lower ahead of the data release
+1.3% y/y, also a miss but the same rate as Q4 2024
GDP Chain Price Index, an indicator to inflation: +0.5%
Final Consumption +0.2%
Per capita GDP growth -0.2%, from +0.1% prior.
Household saving rate 5.2%, quite the jump.
Government spending made the largest drag on growth since 2017
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Yields dribbling lower on the data. Nothing here to prevent another Reserve Bank of Australia rate cut of they are leaning that way.
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AUD not doing a real lot: …. it looks wild but check the y-axis scal, small move only:
This article was written by Eamonn Sheridan at www.forexlive.com.
The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2%.
Previous close was 7.1878
PBOC injected 214.9bn yuan via 7-day reverse repos at 1.40%
This article was written by Eamonn Sheridan at www.forexlive.com.
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