Bloomberg Surveillance Bloomberg Surveillance TV: May 12, 2025
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May 12, 2025 
Scott Bessent, the US Treasury Secretary and key player in trade talks, discusses recent tariff reductions between the US and China and their implications. He emphasizes fair trade solutions while tackling the fentanyl crisis. Meera Pandit, Global Market Strategist at JPMorgan, analyzes the resulting market volatility and global equity outlook amid these negotiations. Together, they explore the potential for economic stability and investment strategies in a changing trade landscape.
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US-China Tariff Cooling-Off
- The US and China agreed to lower tariffs temporarily, avoiding generalized decoupling.
- Strategic decoupling remains in key sectors like semiconductors for national security reasons.
Tariff Escalation Impact
- Rapid tariff ratcheting worsened trade relations and hurt both countries.
- A 90-day pause at reduced rates fosters better dialogue and prevents escalation.
Fentanyl Crisis in Trade Talks
- Tackling the fentanyl crisis was a key priority for China in talks.
- Collaborative security efforts could lead to lowering fentanyl-related tariffs in the future.