Hello everyone, welcome to “News Talk”. I’m Jinshi.
I’m Fuyao. Today is March 12, Wednesday. Our guests for today are Mark, host of the military channel “Mark Time and Space”; Qin Peng, a current affairs commentator and senior political and economic analyst; and earlier, American economist David Huang also had an interview with us.
Today’s highlights: US stocks continue to fall! Is an economic recession coming? Russia-Ukraine temporary ceasefire for 30 days, successful 8-hour talks? Historic election results in Greenland! Former President Duterte arrested, political reshuffle in the Philippines; Theft of US coffee beans leads to significant price hikes…
Jinshi: The week started with a major drop in US stocks. On Monday, the Dow Jones Industrial Average dropped 890 points, a 2.1% decrease, while the S&P 500 fell by 2.7% and the tech-heavy Nasdaq index plummeted by 4%, marking its largest drop since 2022. All three indices fell below levels seen on the election day in November last year.
On Tuesday, US stocks continued their downward trend. The Dow Jones dropped 478 points, a 1.1% decrease, the S&P 500 fell by 0.8%, and the Nasdaq dropped by 0.2%. While tech stocks saw some recovery, airline company stocks, on the other hand, generally declined.
As for the catalyst for this recent drop in US stocks, it is widely attributed to an interview with Trump broadcast on Sunday on Fox News. So, what exactly did Trump say in that interview that caused such a significant market upheaval? Let’s listen together:
1. Mr. Qin Peng, what are your thoughts on the remarks made by Trump in the interview and the relationship between those remarks and the decline in US stocks?
2. David Huang, we all know that market sentiment dislikes uncertainty and prefers stable, clear information. Many US media outlets are saying that the uncertainty surrounding Trump’s tariff measures, announcing increases today and suspensions tomorrow, causing market turmoil. Do you think this is the main reason for the current drop in US stocks, or are there other more important factors?
Fuyao: Yesterday, Tuesday, Trump announced plans to impose higher tariffs on neighboring Canada. In response to Ontario’s decision to increase electricity prices in certain US states, Trump stated that he would impose an additional 25% tariff on steel and aluminum imports from Canada, bringing the total tariff to 50%.
In a strongly worded statement, Trump said, “Can you believe that Canada would stoop so low as to use electricity, a matter that affects the innocent lives of its people, as a bargaining chip and threat in negotiations? They will pay a significant financial price for this, and this will be read in history textbooks for many years to come!”
Jinshi: Why was Trump so angry? On Monday, Ontario’s Premier Doug Ford announced a 25% surcharge on electricity exported to the US as a countermeasure to Trump’s previous tariffs, affecting 1.5 million households and businesses in Michigan, Minnesota, and New York, resulting in daily losses of up to 400,000 Canadian dollars for these three states.
Ford stated that, on average, this would increase the bills of hardworking Americans by around 100 Canadian dollars per month.
Fuyao: Unexpectedly, Trump escalated the tariff measures even further. Yesterday afternoon, Ontario Premier Doug Ford announced on platform X a temporary suspension of the additional electricity charges on three northern US states. He mentioned having had a constructive meeting with US Commerce Secretary Lutenik and would travel to Washington, DC on Thursday to further discuss the issue with Lutenik and the US trade representative regarding the equivalent tariffs set to come into effect on April 2.
Jinshi: Therefore, residents of the three northern US states currently do not need to worry about increases in electricity prices.
Speaking of tariffs, on March 12, starting in the early morning, Trump’s announcement of a 25% tariff on all imported steel and aluminum officially took effect, targeting all countries. This has sparked strong reactions from allies including the EU, UK, and continues to brew ongoing after-effects of these tariffs.
On Sunday (9th), Trump stated to reporters on Air Force One, “I think tariffs will be one of the best things our country has ever done, it will make our country much wealthier.”
3. Mr. Qin Peng, in Trump’s economic philosophy, how does he view tariffs – as a tool to achieve many of his agendas, or does he simply prefer protectionist practices with high tariffs?
4. David Huang, regarding the impact of tariff policies, Trump said that the US economy may face an adjustment period with possible fluctuations. Trump’s Treasury Secretary Lutenik stated that there would be no recession. What is your view on the possibility of a recession in the US economy?
Jinshi: US Secretary of State Rubio arrived in Saudi Arabia on Monday night, along with National Security Advisor Waltz, to attend the US-Ukraine bilateral talks held in Jeddah. The Ukrainian delegation included Zelensky’s Chief of Staff Andriy Yermak, Foreign Minister Andriy Sibyha, Defense Minister Rustem Umerov, and Ukrainian military commander Pavlo Palisa.
This comes after the intense dispute between Ukrainian President Zelensky and US President Trump at the White House on February 28, as both sides attempt to mend their relationship during their first formal high-level meeting.
Fuyao: Following the meeting, a joint statement was released stating that Kyiv “is willing to accept the US-proposed immediate 30-day ceasefire agreement, which can be extended with mutual agreement but needs to be accepted by the Russian Federation and executed concurrently.”
Both sides also agreed to reach a rare earth minerals agreement “as soon as possible” to expand the Ukrainian economy and ensure the country’s long-term security.
After the White House altercation at the end of February, the US almost cut off resource sharing with Ukraine on March 9. However, in yesterday’s meeting, the US has agreed to resume intelligence sharing and “security assistance” with Ukraine. Secretary of State Rubio stated that “Ukraine is ready to halt attacks and begin negotiations” and hopes Russia will also agree to a ceasefire. Now the ball is in Russia’s court.
Jinshi: Just before the talks, the latest developments in the Russia-Ukraine war have seen both sides intensifying drone attacks.
On the early morning of the 11th, the Russian Ministry of Defense reported a “massive” drone attack by Ukraine. Russian officials stated that they had shot down 343 Ukrainian drones, with 91 targeting Moscow. This is the largest-scale drone attack launched by Ukraine against Russia since the start of the conflict, with Russia responding with a large-scale joint attack on Ukraine on March 7th, using 67 missiles and 194 strike and simulated drones. This targeted Ukraine’s energy and natural gas infrastructure. Ukraine’s air defense system successfully intercepted some incoming targets but resulted in damage to facilities, leading to power outages and energy supply tension in some areas.
The escalating attacks have heightened the tension of the war, prompting the US and Europe to expedite diplomatic efforts. Secretary of State Rubio stated that the UK and France played constructive roles in negotiations with Ukraine.
5. Mr. Mark, what are the expectations of both sides in the talks? Do you think the talks will achieve the desired outcome?
6. Mr. Mark, previously, President Trump hoped for a quick ceasefire between Russia and Ukraine, progressing peace talks with Russia. However, with Ukraine, the progress was stalled due to the mineral agreement. This time, President Trump hopes to link peace negotiations and the US-Ukraine rare earth agreement. However, Secretary of State Rubio stated that the mineral agreement is not the primary agenda of this meeting. Do you believe they are still following Trump’s direction in peace talks?
7. Mr. Qin Peng, both Secretary of State Rubio and Special Envoy Witkoff attended direct talks with Russia last month. This time, Witkoff also traveled to Saudi Arabia but was not present at the bilateral talks according to meeting footage. According to two sources, Witkoff plans to visit Moscow this week and is expected to meet with Russian President Putin. Just last month, Witkoff visited Moscow and successfully met with Putin for a 3-hour talk, bringing back imprisoned American teacher Marc Fogel, who was sentenced to 14 years by Russia for possessing medical marijuana, eventually released under Witkoff’s diplomatic mediation. From Witkoff’s current itinerary, how far along are the peace talks?
Jinshi: Just as Trump seeks control over the strategic Arctic territories such as Greenland, parliamentary elections were held in Greenland on Tuesday.
According to the latest vote count, the pro-business opposition party “Democrats” won in the Greenland Parliament election, defeating the ruling left-wing coalition. The Democrats won about 30% of the vote and will now enter negotiations with other parties to try and form a ruling coalition. On the issue of independence, the Democrats advocate for a gradual separation from Denmark to achieve independence.
Given Trump’s statements, this Greenland election has received unprecedented attention.
Greenland is a Danish autonomous territory with a population of 56,000, mostly indigenous Inuit people. The island is strategically located and holds vital rare earth mineral deposits crucial for driving the global economy.
Greenland’s economy heavily relies on Denmark, particularly the fishing industry, receiving annual subsidies of $560 million from Denmark, constituting one-fifth of Greenland’s GDP.
Fuyao: Since the start of Trump’s second term, he has expressed multiple times his desire to acquire Greenland. In a speech to Congress last week, Trump stated, “Regardless of the method used, we will obtain Greenland.”
For the US, Greenland lies on the closest route from North America to Europe, making it highly strategically valuable.
Currently, Greenland has a total of 6 political parties, with 5 supporting Greenland’s independence from Denmark. Denmark has also stated that the future of Greenland will be decided by the people of Greenland.
8. Mr. Mark, what is the likelihood of Greenland joining the US in the future?
Jinshi: On the 11th, shocking news rocked the political scene in the Philippines as former President Duterte returned from Hong Kong to Manila and was immediately arrested upon disembarking the plane.
Reuters reported that at the time, the Philippine police deployed 1,000 personnel and executed an arrest warrant issued by the International Criminal Court (ICC) accusing him of committing “crimes against humanity” during the anti-drug campaign.
Philippine President Marcos later held a press conference confirming that the plane carrying Duterte departed at around 11 PM, heading to The Hague, Netherlands, where the ICC is located.
Fuyao: Marcos stated that Duterte’s arrest operation was carried out in accordance with the request of the International Criminal Police Organization, following all necessary legal procedures. However, Duterte’s allies criticized the police for preventing lawyers and medical personnel from approaching Duterte, claiming it violated his constitutional rights.
Since Duterte’s election as president in 2016, he initiated the “war on drugs” to combat the widespread drug problem, resulting in 6,200 deaths during the anti-drug campaign. Activists claim that during this operation, there were issues of indiscriminate killings and excessive law enforcement. Human rights organizations said, “This is delayed justice.”
9. Mr. Mark, the execution of ICC arrest warrants relies on the cooperation of signatory countries, with non-signatory countries (such as Russia, the US, Israel, China, etc.) typically not cooperating, leading to many warrants going unfulfilled. However, the Philippines withdrew from the International Criminal Court in 2019, why did the Philippines still comply with the ICC’s arrest warrant? How does this impact the political scene in the Philippines?
10. Mr. Qin Peng, in response to this, the CCP has also spoken out, demanding the ICC not politicize the case or adopt “double standards,” stating they will closely monitor the situation. How do you view the CCP’s stance on this matter?
Jinshi: Do you all drink coffee every morning? In the US, not only are egg prices soaring, but so is the price of coffee. Last year, coffee bean prices rose to historic highs, sparking incidents of coffee bean theft.
The US is the world’s largest consumer of coffee. Since coffee is only produced in warm climate regions, the US imports almost 100% of coffee beans.
Fuyao: Due to rising prices, truckloads of coffee beans are being stolen in the US.
Over the weekend, the industry group the National Coffee Association held its annual conference in Houston, Texas, discussing this issue.
Hopefully, this problem can be effectively curbed to ensure that the price of the coffee we drink daily does not further escalate.
Jinshi: Quick quiz, do you know what color coffee beans are?
Feel free to subscribe to our YouTube channel:
https://www.youtube.com/channel/UC_78IIcKAIDpp6SJOlf3vDA
Feel free to subscribe to our Clean World channel:
https://www.ganjingworld.com/channel/1eiqjdnq7go5grer6fQLmhsYe1g60c
Production team of New Tang Dynasty TV’s “News Talk” channel.