100% Tariffs Return

Hi Global Recap readers,

A follow-up to yesterday’s rumors about Chinese President Xi Jinping suffering a stroke:

China’s Premier Li Qiang was seen alongside North Korean Supreme Leader Kim Jong Un at the 80th anniversary of the ruling Workers’ Party.

• If Xi’s health rumors are true, this suggests he may have stabilized.

• The next key moment is the Fourth Plenum, China’s top political event of 2025, October 20–23. Xi’s appearance there will be a critical indicator of his condition.

Hope you all have a wonderful weekend. See you again next week.

🇻🇪 VENEZUELA
Machado Wins Nobel

Despite efforts by Trump supporters to secure the Nobel Peace Prize for him, Venezuelan opposition leader María Corina Machado received the award instead.

But before his critics could celebrate, she dedicated it to President Trump and to what she called the "suffering people of Venezuela."

• Award: The Nobel Committee announced on October 10, 2025, that Machado won for her work promoting democratic rights and pushing for a peaceful transition from Nicolás Maduro’s dictatorial rule.

• Statement: In her post on X, she said—

• Support: Machado has long praised Trump’s pressure campaign against Maduro, including sanctions and backing opposition groups, and she credited him with "decisive support."

• Recognition: Nobel chair Joergen Watne Frydnes called her a "brave and committed champion of peace," underscoring her role in rallying millions of Venezuelans to reject Maduro in last year’s election.

This was her reaction upon learning of her win:

🇺🇸 UNITED STATES
Trump Strikes
Drug Deal

President Trump just announced that AstraZeneca had agreed to slash Medicaid drug prices and join the TrumpRx platform, marking the second major pharma pact in two weeks.

TrumpRx will not sell drugs directly; instead, it will redirect patients to more affordable purchase options in a direct-to-consumer model, including discounted cash prices offered by AstraZeneca.

• Pricing: The company will sell drugs at "most-favored-nation" rates, meaning US Medicaid patients pay no more than patients in other wealthy countries.

• Scope: AstraZeneca pledged to list all primary care medications on TrumpRx and offer up to 80% discounts for eligible patients with chronic disease prescriptions.

• Comparison: Pfizer signed a nearly identical deal less than two weeks earlier, signaling a coordinated push by the administration.

• Skepticism: However, some skeptic experts are saying that Medicaid already has statutory best-price protections, so the real impact at the pharmacy counter could be limited. Additionally, they say that this model will make consumers pay out of pocket, instead of going through insurance.

🇨🇳 CHINA
Trump Threatens China

President Trump just threatened to cancel his meeting with Xi Jinping and announced that he will impose 100% retaliatory tariffs on Chinese imports by Nov. 1, after Beijing tightened its grip on rare earth mineral exports.

• Trigger: China announced on October 9 that it would require licenses for any foreign company exporting products containing rare earths, even in trace amounts, starting December 1.

• Impact: Rare earths are essential for semiconductors, electric vehicle batteries, fighter jets, and countless consumer electronics, and China controls 70% of mining and 90% of processing.

• Markets: The S&P 500 fell nearly 3% today, while the Nasdaq 100 dropped almost 4%.

• Diplomacy: Trump said there was "no reason" to meet Xi at the Asia-Pacific Economic Cooperation summit in South Korea later this month, framing Beijing’s move as "sinister and hostile."

• Response: Lawmakers like John Moolenaar called China’s restrictions "an economic declaration of war," urging Congress to cut trade preferences and expand US mineral production.

🇫🇷 FRANCE
Macron Reappoints
Resigned PM

Emmanuel Macron just reappointed Sebastien Lecornu as Prime Minister, only four days after Lecornu resigned from the same job, igniting anger across France’s fractured political spectrum.

• Timing: Lecornu quit on Monday after just 27 days in office, then returned Friday at Macron’s request.

• Reaction: Far-right leader Jordan Bardella called the move a "democratic disgrace," while leftist parties accused Macron of humiliating voters.

• Task: Lecornu must deliver a 2026 budget to parliament by Monday, a deadline that could decide whether the government survives.

• Constraint: Macron gave Lecornu "carte blanche" to form a cabinet, but warned ministers must abandon personal ambitions for the 2027 presidential race.

• Risk: Another collapse could push Macron into calling snap elections, a scenario analysts say would likely benefit the right-wing.

🇮🇱 ISRAEL
Israel Pulls Back

The Israel-Hamas ceasefire just went into effect, prompting Israeli troops to partially withdraw from Gaza while setting a 72-hour clock for hostage releases.

• Hostages: Hamas must release 20 living Israeli hostages and up to 28 bodies by Monday noon, while Israel agreed to free about 250 Palestinian prisoners serving life sentences.

• Withdrawal: Israeli forces pulled back to a so-called "yellow line" (see below), still holding 53% of Gaza, while Hamas security units reappeared in Gaza City streets.

• Aid: The deal promises 600 aid trucks daily into Gaza, though agencies report no clear sign yet that food, fuel, or medicine has reached civilians.

• Return: Around 200,000 Palestinians walked north on ruined roads, some carrying belongings on their backs, only to find neighborhoods like Sheikh Radwan and Zeitoun reduced to rubble.

• Oversight: The US will send 200 troops to Israel to monitor the ceasefire, while Donald Trump’s plan envisions a transitional Palestinian technocrat government supervised by a "Board of Peace" chaired by him.