Bloomberg Daybreak: Asia Edition US Imposes 25% Metals Tariffs; A Look at China's AI Sector
Feb 11, 2025
Taosha Wang, a Portfolio Manager at Fidelity International, sheds light on China's booming AI industry and its global repercussions. She delves into how U.S. tariffs on metals may reshape market dynamics and international relations. The conversation highlights key players like Deepsea and discusses the tension between U.S. export controls and China's tech advancements. Wang navigates the broader implications of these developments, suggesting a complex interplay of competition and potential cooperation in the tech arena.
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Trump's Tariff Surprise
- Trump's tariff announcement caught the market off guard, as many expected a delay until March 4th.
- This surprise move followed his earlier announcement and subsequent retraction of tariffs on Mexico and Canada.
US Steel Capacity
- The US likely has enough steelmaking capacity to eventually offset reduced imports, but this would take several years.
- In the meantime, the US remains reliant on these imports, even with increased domestic production.
Nippon Steel and US Steel
- Despite the president's announcement of Nippon Steel's investment in US Steel, details remain scarce, and the companies haven't officially confirmed.
- US Steel investors primarily care about the potential acquisition, offering $55 per share, rather than a simple investment.