President Trump acknowledges America is in a long term trade war with China. Treasury Secretary Scott Bessent warns Beijing of a coordinated response to its rare earth restrictions. The world's largest chipmaker, TSMC, delivers stronger-than-expected earnings in a sign that global demand for AI infrastructure remains red-hot. And Swiss food-maker Nestlé announces plans to cut 16,000 jobs over the next two years, as the new CEO seeks to fast-track a turnaround.

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