Bloomberg Technology Hopes for Trade Deals Drive Tech Stocks Up, Musk Calls Trump Trade Advisor "Moron"
Apr 8, 2025
Larry Summers, former U.S. Treasury Secretary and Harvard professor, discusses the looming recession and the effects of trade tensions on the economy. Jay Jacobs, BlackRock's head of thematic and active ETFs, examines the market rebound driven by potential trade deals, particularly in the tech sector. They dive into how tariffs are reshaping investments, especially in companies like Tesla and Apple, while highlighting the importance of long-term strategies in AI infrastructure amidst market volatility.
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Market Rebound on Trade Deal Hopes
- Tech stocks rebounded after initial tariff-related losses, driven by hopes of trade deals with South Korea and Japan.
- The Nasdaq 100 saw a significant upswing, indicating a positive market reaction to potential trade agreements.
Musk vs. Navarro
- Elon Musk called Peter Navarro a "moron" after Navarro claimed Tesla only assembles, not manufactures, cars.
- Musk countered, stating most Tesla components originate in the US.
China's Stance on Tariffs
- While optimism builds for trade deals with South Korea and Japan, China remains steadfast in its opposition to Trump's tariffs.
- China vows to "fight to the end," creating uncertainty for companies like Apple with significant Chinese production.