Peter St Onge Podcast Ep 143 Weekly Roundup: China Trade War Blows Up
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Oct 20, 2025 The trade war heats up as China imposes a rare earth export ban, prompting potential tariffs. Federal workers face uncertainty with the possibility of losing back pay. Silver's price skyrockets due to high demand from AI and solar industries. The podcast discusses creative funding strategies amid federal layoffs. Lastly, a look back at the 1990s reveals how fiscal restraint and the tech boom led to a balanced budget, offering lessons for today.
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Rare Earths Are A Strategic Pressure Point
- China used a rare-earths export ban as a geopolitical lever, revealing deep vulnerability in U.S. supply chains.
- Peter St Onge warns this move could trigger massive tariffs and market turmoil if talks fail.
Back Pay Is Not Guaranteed, Per OMB Memo
- An OMB memo argues furloughed federal workers aren't guaranteed back pay under 2019 law.
- Peter St Onge notes this raises political pressure on Democrats who rely heavily on federal employee support.
Silver Backwardation Signals Real Shortage
- Silver hit backwardation, signaling extreme short-term physical scarcity versus futures.
- Peter St Onge links this to falling above-ground inventories and stagnant silver mining since 2019.