Core Insights - Despite the ongoing trade war, government shutdown, and sluggish job market, consumer spending remains robust [1] Group 1 - The trade war continues to impact economic conditions, yet households are maintaining their spending levels [1] - Government shutdown has not significantly deterred consumer confidence or spending habits [1] - The job market is sluggish, but this has not translated into reduced household expenditure [1]

Industry Focus - US shipbuilding industry is facing a potential revival due to President Trump's efforts [1] - These efforts to challenge China's dominance have become a point of contention in the broader trade war [1]

The Bank of Canada's survey of businesses shows firms are still worried the ongoing trade war will limit their sales, though their expectations for inflation eased https://t.co/fujQ8XVnZb ...

Mr. . President, you're meeting with President Xi in a few weeks. Yeah.>> If you can't come to an agreement or a deal at that meeting, are we in for a sustained trade war with China. >> You're in one now. Look, we have 100% tariff.If we didn't have tariffs, we would be exposed as being a nothing. We would have no defense. Tariffs are a very important tool for our defense, for our national. ...

JUST IN: 🇺🇸🇨🇳 President Trump says the US is in a trade war with China. https://t.co/vxmNCjOq4H ...

💥BREAKING:🇺🇸 TRUMP SAYS U.S. IS AT TRADE WAR WITH CHINA! https://t.co/eKLwMKQD80 ...

💥BREAKING:🇨🇳🇺🇸 CHINA SAYS IT'LL FIGHT TO THE END IF THE US WANTS A TRADE WAR, BUT STILL OPEN TO TALKS! https://t.co/VXySv50DyH ...

Trade War Impact - The Trump administration is expected to announce a bail-out for American farmers [1] - The industry prefers a deal with China over government handouts [1]

Geopolitical Shift - The US National Defense Strategy is reportedly shifting away from China, focusing on homeland security and border enforcement [1] - This shift is attributed to the US military's reliance on Chinese production, making direct confrontation difficult [2] - The perceived defeat of NATO in Ukraine and the burden of prolonged wars have also contributed to this strategic change [3] - The US is expected to close many of its approximately 750 military bases globally due to this pullback and international retaliation for trade wars, drawing parallels to the Soviet wind-down after 1991 [4] Global Power Dynamics - The US pullback could lead to a power vacuum, potentially filled by China, which is described as a self-interested ethnostate with significant military capabilities [5][6] - China's current rhetoric of win/win cooperation may be temporary, as its physical power could become a temptation for coercion [5] Strategic Response - An asymmetric strategy, leveraging the Internet's economic scale, is suggested to balance China's physical power [7]

Financial Performance - Jane Street 在第二季度获得创纪录的 101 亿美元净交易收入 [1] Market Dynamics - Jane Street 的收入超过了华尔街所有大型银行 [1] - 贸易战的波动为 Jane Street 带来了收益 [1]