Trump Takes Control of D.C. Police, US-China Tariffs Extended, Nvidia Chip Crackdown

China's Tech Crackdown and US-China Trade

• 🇨🇳 China is reportedly discouraging local firms from using Nvidia's H20 processor and other AI accelerators, citing security concerns.
• ⚠️ Nvidia has repeatedly denied any vulnerabilities in its chips.
• 📈 Nvidia shares saw a slight decrease in pre-market trading following this news.
• 🤝 The US and China have agreed to extend their tariff truce for another 90 days, maintaining the current trade status quo until November 10th.
• 🗣️ Wendy Cutler of the Asia Society Policy Institute notes that despite the extension, significant negotiations remain on issues like export controls and critical minerals.

Federal Control of D.C. Police

• 🚨 President Trump announced a public safety emergency in Washington, D.C., and is taking federal control of the police department.
• 💂 800 National Guard troops are being deployed to the district to combat crime.
• 🏛️ Attorney General Pam Bondi is taking command of the Metropolitan Police Department.
• 😟 D.C. Mayor Muriel Bowser described the president's announcement as unsettling and unprecedented.
• 📉 Justice Department statistics indicate that violent crime in Washington, D.C. reached a 30-year low in 2024.

Leadership Changes and Economic Data

• 📊 E.J. Antoni, an economist from the Heritage Foundation, has been named the new head of the U.S. Bureau of Labor Statistics.
• 📉 The previous chief was dismissed after a jobs report that included revisions, which President Trump claimed was rigged.
• 🗣️ Derek Wallbank, Bloomberg senior editor, suggests Antoni will face immense pressure to ensure the accuracy of BLS data.
• 💰 Antoni's appointment still requires confirmation by the Senate.

Gold Market and Tariffs

• 🥇 Gold prices are holding losses after President Trump reversed an earlier announcement, stating that gold bar imports would not be subject to U.S. tariffs.
• 📈 Gold has seen a significant increase of over a quarter this year, driven by geopolitical tensions and central bank purchases.
• 📉 Comex gold is currently trading down 3/10 of 1% per ounce.