November 30, 2025 Edition
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Two Graphs
China’s trade surplus is projected to reach a record $964.8 billion in 2025, nearly doubling since 2021, mainly due to robust export growth despite imports remaining below 2021 levels.
The ratio of bitcoin price to production cost has dropped to its lowest level since early 2019, approaching the break-even point, suggesting that bitcoin mining is currently barely profitable.
Headlines
Chinese parts supplier takes stake in leading Russian drone maker (FT) … Meet the Millionaire Masters of Early Decision at Colleges (NY Times) … Trump’s Focus on Drug War Means Big Business for Defense Startups (WSJ) … China factory activity slumps for longest stretch on record (Bloomberg) … Shoppers, Drawn by Steep Discounts, Power Through Black Friday (NY Times) … Black Friday sales rise, signaling US consumers’ resilience (Bloomberg) … FDA Official Pledges New Vaccine Standards (WSJ) … They Found Relatives on 23andMe—and Asked for a Cut of the Inheritance (WSJ)
The Idea
Mentions: Strategic interdependence is reshaping global trade.
Geopolitical partners boosting mutual trade volumes
The trend shows that geopolitical alliances are leading to increased trade amongst partners while reducing trade with rivals. This strategic shift is impacting global supply chains and could shape trade dynamics over the next 24 months. Companies heavily reliant on international supply chains must adapt strategies to remain competitive.
Related reading:
FreightWaves: McKinsey: Geopolitical partners trading more with one another, less with rivals
Financial Times: Strategic interdependence is rewiring the global economy
Financial Times: Welcome to the new age of geoeconomics