A public record of readings on geopolitics and markets

The Fee Can Move Ships Before It Moves Orders

Board Read * Washington imposed a fee on Chinese-built and Chinese-operated ships calling at U.S. ports. It is suspended until 9 November 2026; official guidance will determine what follows. * Our read: the fee can change voyage costs and fleet deployment quickly, but not where ships are built unless

The Magnet Factory Is American. The Chemistry Is Not.

Board Read * Magnet supply sits inside the U.S.-China contest over advanced manufacturing and defence. These small parts sit inside aircraft, electric motors, wind turbines and defence systems; failures of origin, export access or qualification can stop deliveries and force redesign, requalification or waivers. * Dependence has moved upstream, not