Bloomberg Tech Bessent Says US Must Win on AI and Quantum; Hollywood Shaken by Tariff Threat
May 5, 2025
Scott Bessent, the Treasury Secretary, emphasizes the urgency for the U.S. to lead in AI and quantum technology as China gains ground. He shares insights from the Milken Conference on how economic strategies can foster investment. Meanwhile, Lucas Shaw highlights the potential fallout from President Trump's 100% tariffs on foreign films, detailing how this could shake up Hollywood and impact production costs. The conversation dives deep into the challenges and opportunities facing both the tech and entertainment industries in a changing economic landscape.
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High US Budget Deficits Risk Economy
- U.S. budget deficits reached the highest level ever outside of war or recession in 2023.
- High deficits threaten economic growth and necessitate urgent policy attention.
Negotiating US-Ukraine Partnership
- Scott Bessent traveled to Kiev by night train to negotiate the U.S.-Ukraine economic partnership.
- Despite tensions like Russian bombing, the deal symbolized strong U.S.-Ukraine ties and economic collaboration.
Accelerate Permitting Processes
- Speed up the permitting process to accelerate construction and investment.
- Aim to make permitting timelines in challenging regions as efficient as those in Texas.