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25 May 2025 - 01:17 pm

President Donald Trump speaks to reporters at the White House in Washington, DC, on January 30. Chip Somodevilla/Getty Images
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—
Just about everyone thought it was a bluff. Top analysts from the biggest banks on Wall Street said it was highly unlikely. Stocks were trading like it wouldn’t happen. Some companies built contingency plans, but they weren’t exactly rushing to make changes.
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But the tariffs are coming — in full force. President Donald Trump announced Saturday that a massive 25% tariff on all goods from Mexico and most imports from Canada will go into effect Tuesday. An additional 10% tariff on Chinese goods will be enacted the same day.

Trump in a message posted on Truth Social Sunday said, “We don’t need anything they have. We have unlimited Energy, should make our own Cars, and have more Lumber than we can ever use.” But America’s supply chains are reliant on its trading partners, and even for goods that could be grown or produced exclusively in the United States, the complex web of interconnected global trade cannot easily be unwound.
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So the additional costs on foreign-made goods will be paid by American importers, who typically pass those costs onto retailers, who pass them onto inflation-weary consumers. That means prices will rise — although, for most items, not immediately. Businesses’ profits will be squeezed as they bear the cost burden of the tariffs or pay to adjust their carefully constructed and at times inflexible supply chains.

That’s why stocks on Monday were set to tumble. Dow futures were more than 600 points, or 1.3% lower. S&P 500 futures sank 1.5%. and Nasdaq futures were 1.7% lower.

Globally, stocks fell, too. Major European indexes were down across the board, and Asian markets closed sharply lower. Bitcoin and other cryptos tumbled, brought down by growing fears of a recession. The US dollar rose sharply.

Energy costs surged: US crude oil rose 2.3% and natural gas spiked 7%. Despite a lower 10% tariff on Canadian electricity, natural gas and oil exports to the United States, the energy industry said it will not be able to quickly or easily find alternate sources. Diesel and jet fuel costs in particular will rise, according to Angie Gildea, the US energy sector lead at accounting firm KPMG, adding costs to all shipped goods and air travel.
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“Any infrastructure upgrades would not happen overnight,” Gildea told CNN. “Tariffs on Canadian oil would increase costs for US refiners, leading to price hikes for consumers.”

Auto industry stock futures were particularly hard-hit, because virtually all American-made cars are manufactured at least in some part in Mexico or Canada — what was a free-trade zone. GM (GM) fell more than 6%, Jeep and Chrysler maker Stellantis (STLA) was down 5% and Ford (F) fell more than 3%.

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25 May 2025 - 02:11 am

A? ship that US and Philippine forces planned to sink beat them to it.
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A former US World War II-era warship, which survived two of the Pacific War’s most important battles, was supposed to go down in a blaze of glory in a live-fire exercise off the western coast of the Philippines as part of annually held joint military drills.
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Instead, before the bombs and missiles could fly, it slipped slowly beneath the South China Sea Monday morning, age and the ocean catching up to it before modern weaponry could decimate it.

The ex-USS Brattleboro was to be the main target for the maritime strike (MARSTRIKE) portion of the annual US-Philippine “Balikatan” exercise, which began April 21 and runs to May 9.
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“The vessel was selected because it exceeded its service life and was no longer suitable for normal operations,” according to a statement from the Armed Forces of the Philippines.

Chinese coast guard offices display their national flag on a tiny sandbar in the disputed Sandy Cay in April, 2025.
Related article
China and Philippines unfurl competing flags on disputed South China Sea sandbars, reviving tensions

A US Navy spokesperson told USNI News last month that the? 81-year-old ship was to be the target for US Marine Corps F/A-18 fighter jets during the exercise. A report from the official Philippine News Agency (PNA) said it was to be hit by US and Philippine forces with a combination of anti-ship missiles, bombs and automatic cannon fire.

But as the 184-foot-long vessel was being towed to its station for the exercise, 35 miles west of Zambales province on the northern Philippine island of Luzon, it took on water, the Philippine military statement said.
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“Due to rough sea conditions that we are currently experiencing in the exercise box and with its long service life, as is expected, she took on a significant amount of water and eventually sank,” Philippine Navy spokesperson Capt. John Percie Alcos said, according to PNA. He said the vessel was not damaged while being towed.

The ship sank quietly at 7:20 a.m. local time near the spot where it was to be obliterated later in the day, according to the Philippine military.

Other elements of the MARSTRKE exercise would go on, the military statement said.

The Philippine and US joint task forces “will rehearse virtual and constructive fire missions,” the statement said, without detailing what elements were still scheduled as part of the drill. “The combined force will still achieve its training objectives,” it added.
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The Philippine military said there was no environmental danger from the sinking as the vessel had been cleaned before being towed out for the exercise.