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Cramm for 8/6/19
 
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THE HIGHLIGHTS

The US’s trade war with China keeps escalating. 

 

THE BACKGROUND. 

One of Prez Trump’s biggest campaign promises was to put “America First.” Apparently this meant discouraging people from buying from foreign bizes...and encouraging people to buy from American bizes. Enter: tariffs. Aka a tax on a particular kind of import or export. Fast forward to 2017, and the US slapped new tariffs on China - leading to a trade war. Ever since, the two countries have been working to calm things down and make (financial) peace again. Untillll last week, when Trump said ‘peace stinks’ and hit China with a new tariff. 

 

THE HAPPENINGS. 

Yesterday, China retaliated. As in the gov devalued the yuan (its currency) to drop below the 7-to-1 ratio with the US dollar. In english: in the past, 7 yuans have equaled one USD. But now, China’s currency is even weaker - meaning Trump’s tariffs could have a lesser effect on the country. 

 

THE REACTION. 

The US stock market freaked out. And bit its nails over the idea that this could lead to a currency war between the US and China - plus more tariffs. By the end of the day, the Dow Jones (a big indicator of how the overall stock market is doing) had drop drop dropped by nearly 800 points - marking its worst day in 2019. And the Nasdaq Composite - which reps the kind of tech bizes that are hit the hardest in a trade war - experienced its biggest losing streak since 2016. 

 

SO…?

The US is labelling China a “currency manipulator.” TBD on how Trump retaliates. 


THE ACTION

USA: The US is still reeling from last weekend’s back-to-back mass shootings. Recently, Prez Trump called for “red flag” laws to help prevent gun violence. Red flag laws: laws that let law enforcement, family, or friends to petition a judge to take guns from anyone who might cause harm to themselves or others. These kinds of laws are fairly common in the US - but at varying degrees. Plus they tend to be supported by lawmakers on both sides of the aisle. Stay tuned. In other news, yesterday, Prez Trump announced a total economic embargo against Venezuela. Big deal, since this pretty much blocks any economic transactions with Venezuela’s gov. This comes as the world’s increasingly not a fan of the country’s prez, Nicolas Maduro. 

 

WORLD: All eyes are on Kashmir. Reminder: for years, Pakistan and India have been fighting over Kashmir - which borders the two countries. And yesterday, the situation escalated. As in India deployed thousands of troops to Kashmir...and revoked the region’s special status - meaning it can no longer make its own laws. What’s also been trashed: a ban on property purchases by non-residents. ICYMI, this means Indians will now be able to buy land in Kashmir. To which Kashmir’s leaders said ‘shocking betrayal alert.’ No word yet on this from Pakistan. Meanwhile, last July was just confirmed as the hottest month ever recorded. Hi, global warming. 

 

POLITICS: Recently, it came out that North Korea has generated around $2 billion (yes, with a b) from “widespread” cyberattacks on banks and cryptocurrency exchanges. And has been using the money to fund its weapons program. You read that right. The news came just hours before it was discovered that North Korea test-launched two more missiles - the country’s fourth missile launch in about a week. Reassuring. Speaking of which, the Hong Kong protests are getting violent. In the past couple days, over 80 people have been arrested, with multiple fights reportedly breaking out. Police have deployed teargas in at least 5 different locations - plus rubber bullets were apparently used. Unclear if there’s an end in sight. 


WHAT TO KNOW

Number neighbor:” the phone number that’s one number away from yours. People have started texting it…with mixed results. BRB, getting in on this trend. 


SAY WHAT?

“It is shaped like a Pringle” - an astronomer on our galaxy. Is that the scientific term?

Meet our all-new Editorial Team! Kyndall, who’s 18 and from Los Angeles; Christina, who’s 17 and from California; Camilla, who’s 16 and from Santa Barbara; Aditi, who’s 13 and from the Bay Area; Fatimata, who’s 18 and from New York; Jade, who’s 15 and from Fiji; and KK, who’s 15 and from Santa Barbara! 

As part of our Editorial Team, they’ll be interviewing inspiring new people for our newsletters - plus help find news stories to include in theCramm! Over the next couple weeks, we'll be giving you a proper intro to each member of the Editorial Team. For now, check them out here
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