WEBVTT - Taiwan Vice Premier Cheng Li-chiun on US Relations

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Welcome to the Bloomberg Daybreak Asia podcast. I'm Doug Chrisner.

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<v Speaker 2>On today's episode, we'll bring you part of an exclusive

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<v Speaker 2>conversation with Taiwan's Vice premier, plus a look at tech

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<v Speaker 2>and tariffs as we wrap up the trading week in

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<v Speaker 2>the Asia Pacific, and a bit later we'll catch up

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<v Speaker 2>with Adam Koons for a look at markets. Adam is

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<v Speaker 2>the chief investment officer at Winthrop Capital Management. But we

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<v Speaker 2>begin in Taipei. We heard earlier from Taiwan Vice Premier

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<v Speaker 2>Cheng Li Chwin. She told Bloomberg her government is focused

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<v Speaker 2>on building up its relationship with the US. Chang also

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<v Speaker 2>said she sees cooperation and investments on tech R and

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<v Speaker 2>D as a critical area that will benefit both sides

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<v Speaker 2>in securing a leading role in high tech sectors. Cheng

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<v Speaker 2>spoke exclusively with Bloomberg's Annabelle Droolers in Taipei.

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<v Speaker 3>Who mentioned the US and the importance that it plays

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<v Speaker 3>in the democratic supply chain for drones. President Trump is

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<v Speaker 3>still early days in the White House and the outlook

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<v Speaker 3>for the US Taiwan relationship is a little bit unclear.

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<v Speaker 3>It could seem what's your perspective on the shape it's

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<v Speaker 3>going to be taking over the next four years Main.

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<v Speaker 4>Bank Guard YAH.

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<v Speaker 1>The US has always been Taiwan's most important partner in

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<v Speaker 1>terms of regional security and in trade. We are attentive

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<v Speaker 1>to the policies of the new US administration and different

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<v Speaker 1>local agencies have been studying new areas for cooperation between US.

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<v Speaker 1>The more important thing is identifying a strategic direction to

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<v Speaker 1>the US and Taiwan and maintaining a mutually beneficial working

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<v Speaker 1>relationship so we can build a democratic supply chain that

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<v Speaker 1>strengthens the US's leadership in the global high tech industry

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<v Speaker 1>while also helping Taiwan maintain its competitiveness in making contributions

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<v Speaker 1>to high tech development.

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<v Speaker 3>And what is your assessment of the way that President

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<v Speaker 3>Trump has changed his position very radically from the Biden

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<v Speaker 3>administration on Ukraine.

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<v Speaker 4>GANDRU.

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<v Speaker 1>Taiwan has been monitoring the development of the war in

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<v Speaker 1>Ukraine and related updates from Europe. We want to do

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<v Speaker 1>our part for the Indo Pacific region. Enhancing military capabilities

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<v Speaker 1>is the basis for peace. We want the Taiwanese people

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<v Speaker 1>to recognize this. Therefore, we are not only committed to

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<v Speaker 1>building up our defense capabilities. We are also strengthening our

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<v Speaker 1>economic resilience. This way, we can continue to take on

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<v Speaker 1>important roles and increase our contributions to the world. President

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<v Speaker 1>lay had set the four Pillars for Peace. They represent

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<v Speaker 1>objectives like enhancing Taiwan's defense capability, enhancing economic safety and resilience,

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<v Speaker 1>continuing cooperation with light minded countries, and lastly supporting orderly

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<v Speaker 1>exchanges between Taiwan and China.

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<v Speaker 3>How does Taiwan prepare for other eventualities? Because there's the

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<v Speaker 3>tariff risk that is still very present, not yet fully

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<v Speaker 3>CLAAR five, but there's the chance that we see twenty

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<v Speaker 3>five percent tariffs on Taiwan's semiconductors. How is the island

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<v Speaker 3>preparing for that?

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<v Speaker 4>Oh? Women that will meet too, that they're going through Maine,

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<v Speaker 4>Washington for Shangander.

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<v Speaker 1>We are tracking new policies from the Trump administration closely.

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<v Speaker 1>We want to show that the future of the Taiwan

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<v Speaker 1>US Corporation is focused on cutting edge technology. This is

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<v Speaker 1>mutually beneficial and it should be a shared goal, and

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<v Speaker 1>we're willing to expand our investments in the US with

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<v Speaker 1>the aim to amplify our innovations in technology, including AI,

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<v Speaker 1>chips and drones and even R and D in future technologies.

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<v Speaker 1>We want to stay leaders in the high tech industry

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<v Speaker 1>amongst democratic countries. This strategy is critical for both of us.

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<v Speaker 1>We will also make efforts to balance trade in our

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<v Speaker 1>increased investments in the US.

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<v Speaker 3>Do you think that the US is still a reliable

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<v Speaker 3>security partner to Taiwan?

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<v Speaker 4>Women Way pay me to to em.

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<v Speaker 1>We are important partners on regional security, trade and economic collaboration.

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<v Speaker 1>We hope to deepen ties with the US, and we

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<v Speaker 1>believe it will be done on the basis of the

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<v Speaker 1>Taiwan Relations Act and six Assurances. Since Trump became president,

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<v Speaker 1>he's emphasized the importance of keeping the prostrate peaceful and

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<v Speaker 1>doesn't want to see a unilateral change of status quite

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<v Speaker 1>by force, and most democratic countries share this same view.

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<v Speaker 2>That was Taiwan Vice Premier Chen Lechwin speaking exclusively with

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<v Speaker 2>Bloomberg's Annabel Droolers, and I am pleased to say that

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<v Speaker 2>Annabel is joining us now from Taipei. Always a pleasure.

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<v Speaker 2>Thank you for making time to chat with us. I'm

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<v Speaker 2>sure it's been a busy day for you. I want

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<v Speaker 2>to begin with this area of defense because I know

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<v Speaker 2>that Washington supplies Taiwan with billions of dollars in weaponry,

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<v Speaker 2>and I was curious to discover that Taiwan is now

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<v Speaker 2>using drone technology as a big part of its defense strategy.

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<v Speaker 2>Is this technology that is coming from the United States

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<v Speaker 2>or is Taiwan in the process of developing its own

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<v Speaker 2>drone technology.

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<v Speaker 3>No, it's something that's being developed on the island. I mean,

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<v Speaker 3>it's not to say that the more advanced drones, where

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<v Speaker 3>the US still maintains a competitive edge globally, that they

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<v Speaker 3>wouldn't look to have those drones as part of their inventory.

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<v Speaker 3>But generally what we've seen during the war in Ukraine

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<v Speaker 3>is that it's these tactical drones, these low end, low

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<v Speaker 3>cost drones that are needed if you're going to ever

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<v Speaker 3>carry out asymmetric warfare. And asymmetric warfare is essentially what

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<v Speaker 3>allows a smaller power like time On, for instance, to

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<v Speaker 3>have any hope of combating a much larger force, and

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<v Speaker 3>that is China. So that is really the goal of

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<v Speaker 3>the island now is to be able to build up

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<v Speaker 3>its drone infantry, and it's trying to do that within

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<v Speaker 3>the island, and so it's putting a lot of policy

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<v Speaker 3>focus and resources into doing just that, and that's really

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<v Speaker 3>been the purpose of our trip this week is to

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<v Speaker 3>meet with different policy makers, different different government even local

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<v Speaker 3>government officials, and also some of the major players in

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<v Speaker 3>the space to discuss this effort and the challenges that

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<v Speaker 3>they're facing and doing that.

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<v Speaker 2>So a lot of the conversation that you had with

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<v Speaker 2>the Vice Premier focused on technology. We know the story

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<v Speaker 2>on semiconductors. Is their real concern here that if the

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<v Speaker 2>US were to impose tariffs on chips coming from Taiwan

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<v Speaker 2>into the US that a company like TSMC could be

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<v Speaker 2>adversely impacted. Is that a real risk?

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<v Speaker 3>I think that the more likely scenario is that those

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<v Speaker 3>tariffs will get passed on to customers or companies back

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<v Speaker 3>in the US. There has been a concerted effort and

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<v Speaker 3>pressure on Taiwanese companies like TSMC to establish more advanced

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<v Speaker 3>technology outside or off the island, and so the US

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<v Speaker 3>obviously wants to be a base for that. We've seen

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<v Speaker 3>TSMC establishing a plant already in Germany, for instance, but

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<v Speaker 3>that's for more of their lower end technologies, not their

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<v Speaker 3>most advanced ones. Taiwan, for its part, it sees the

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<v Speaker 3>science park model. This is sort of the ecosystem where

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<v Speaker 3>all of the players around semiconductors come into one key place.

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<v Speaker 3>It sees that as really pivotal to the success of

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<v Speaker 3>its industries like semiconductors. It's the same police they're trying

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<v Speaker 3>to replicate with drones now, and so that's one of

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<v Speaker 3>the reasons they don't want to move it off Taiwan.

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<v Speaker 3>And of course at the same time it becomes the

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<v Speaker 3>so called silicon shield, which we know about as well,

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<v Speaker 3>and that also helps it to work with partners to

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<v Speaker 3>help them also want to provide that level of assurance

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<v Speaker 3>of military assistance if it's ever needed in the future.

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<v Speaker 2>So we've talked about drone technology being developed on Taiwan.

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<v Speaker 2>We've also talked about semiconductors, what o their high tech

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<v Speaker 2>industries are being developed on the island, they would.

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<v Speaker 3>Be the main ones, and obviously looking at how AI

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<v Speaker 3>is integrated into both of those efforts, and so that's

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<v Speaker 3>what again coming back to what we're seeing in drones now.

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<v Speaker 3>That is sort of the future of where drones go

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<v Speaker 3>from here as well, because we talk about the integration

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<v Speaker 3>of AI so that these drones are able to fly

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<v Speaker 3>in large numbers together drone swarms for instance, and that's

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<v Speaker 3>when the units are able to communicate with each without

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<v Speaker 3>having any sort of human intervention. And so AI I

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<v Speaker 3>think really cuts across both semiconductors. And obviously you see

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<v Speaker 3>that those chips that are needed to create things like

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<v Speaker 3>like service Cloud Service for instance, AI services and on

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<v Speaker 3>Hi for instance, is another big name in that market.

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<v Speaker 3>You see it really going across both sectors.

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<v Speaker 2>Annabel will leave it. There are always a pleasure. Thanks

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<v Speaker 2>for taking time to catch up with us from Taipei,

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<v Speaker 2>Bloomberg's Annabel Droolers. Joining us here on the Daybreak Asia podcast.

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<v Speaker 2>Welcome back to the Daybreak Asia Podcast. I'm Doug Krisner.

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<v Speaker 2>So the angst over tariffs, along with some mixed economic

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<v Speaker 2>news seemed to hang over markets today, but I think

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<v Speaker 2>more fundamentally it was the weakness in chip stocks that

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<v Speaker 2>led the equity market lower. Nvidia is good but not

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<v Speaker 2>great numbers sank those shares eight and a half percent,

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<v Speaker 2>and at the end of the day, the S and

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<v Speaker 2>P was down about one one point six percent, with

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<v Speaker 2>the benchmark breaking below that one hundred day moving average.

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<v Speaker 2>Joining us now for a closer look at the price

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<v Speaker 2>action is Adam Kuhns. He is chief investment officer at

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<v Speaker 2>Winthrop Capital Management. Good of you to make time to visit.

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<v Speaker 2>What did you make of today's trading activity?

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<v Speaker 5>Yeah, well, first, thanks for having me. I think this

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<v Speaker 5>is kind of the setup for the year, which is

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<v Speaker 5>high expectations, and if those expectations aren't met, you're going

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<v Speaker 5>to see pain. And I think when you look at

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<v Speaker 5>something like Navidia, where obviously you kind of hit on

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<v Speaker 5>it right at the beginning, is a good quarter isn't

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<v Speaker 5>good enough anymore? And when you've got valuations that are

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<v Speaker 5>somewhat stretched across a particular tech in the S and

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<v Speaker 5>P five hundred, that doesn't necessarily mean people are going

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<v Speaker 5>to just sell because the pe ratio is a little

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<v Speaker 5>off tilt. What it does mean is that if you

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<v Speaker 5>don't exceed expectations, if your outlook isn't stronger than expected,

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<v Speaker 5>it's going to be difficult for your stock to perform

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<v Speaker 5>in this environment. That's coupled with obviously the fact that

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<v Speaker 5>we've got this overhanging from as you mentioned that the

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<v Speaker 5>tariffs and just kind of some of the things coming

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<v Speaker 5>out of DC, so that those are the real big

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<v Speaker 5>moving objects in the market right now.

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<v Speaker 2>Have no doubt about that. We'll talk more about tariffs

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<v Speaker 2>in a moment. Let's talk about this mixed economic news.

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<v Speaker 2>So we had a revision on fourth quarter GDP unrevised

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<v Speaker 2>though at two point three percent. I think it's kind

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<v Speaker 2>of interesting that consumers spending held up as well as

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<v Speaker 2>it did, rising at a four point two percent pace.

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<v Speaker 2>And at the same time today we got news that

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<v Speaker 2>Durbal goods orders in January were able to rebound by

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<v Speaker 2>about three point one percent. So that's the positive. Now

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<v Speaker 2>the negative weekly jobless claims rising to a level of

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<v Speaker 2>two hundred and forty two thousand, Now that seems to

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<v Speaker 2>coincide with a lot of the staff reductions that we

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<v Speaker 2>have seen in Washington. But on top of that, sales

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<v Speaker 2>of existing homes dropping to a record low in January,

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<v Speaker 2>and yet we hear from the FED that they're just

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<v Speaker 2>going to hold firm right now. Is that the right

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<v Speaker 2>policy approach? Do you think for this moment in time?

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<v Speaker 5>Well, I mean if I would say no, but I

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<v Speaker 5>understand the Fed's position here is that the data isn't

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<v Speaker 5>really pointing to them needing to decrease rates moving towards

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<v Speaker 5>you know, a looser monetary policy because hit the first

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<v Speaker 5>thing you said there was the consumer. That has been

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<v Speaker 5>the story for the last two years. The consumer has

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<v Speaker 5>remained so resilient. It has proven every economist wrong that's

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<v Speaker 5>called for a recession, you know, and that's been an

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<v Speaker 5>ongoing theme.

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<v Speaker 4>Right.

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<v Speaker 5>Oh, there are recessions coming, there's an inverted curve. There

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<v Speaker 5>has to be a recession coming. But the thing that's

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<v Speaker 5>held that up, that's dis proven that this this go around,

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<v Speaker 5>at least up to this point, is that the consumer

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<v Speaker 5>has been able to kind of extend this cycle much

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<v Speaker 5>further than what was expected. Now, I think what you're

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<v Speaker 5>going to see and the next point is that we

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<v Speaker 5>are starting to see the employment market give way a

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<v Speaker 5>little bit. And I think some of the things you know,

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<v Speaker 5>coming from DOGE to make some cuts you know, from

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<v Speaker 5>the public sector, that will have an effect, at least

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<v Speaker 5>in the near term, to increase unemployment, which obviously leads

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<v Speaker 5>to some sort of contraction. Now I understand it's you know,

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<v Speaker 5>marginal from what they amount of cuts so far and

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<v Speaker 5>how that will bleed through the economy, but it will

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<v Speaker 5>still have a negative effect on the economy.

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<v Speaker 2>I'm wondering whether we can change gears and talk a

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<v Speaker 2>little bit about US trade because the question right now

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<v Speaker 2>for markets is whether we're on the verge of a

0:12:35.200 --> 0:12:37.959
<v Speaker 2>trade war in North America. We've got these tariffs that

0:12:38.000 --> 0:12:42.120
<v Speaker 2>are being threatened for next Tuesday from the Trump administration

0:12:42.200 --> 0:12:45.840
<v Speaker 2>twenty five percent on Canada and Mexico, and the leaders

0:12:45.840 --> 0:12:49.360
<v Speaker 2>of those countries are basically saying that they are ready

0:12:49.400 --> 0:12:53.000
<v Speaker 2>to retaliate. Where are you in all of this in

0:12:53.160 --> 0:12:55.880
<v Speaker 2>understanding how it will ultimately impact markets?

0:12:56.440 --> 0:13:01.280
<v Speaker 5>Well, this is somewhat more unpredictable than the stock market.

0:13:01.440 --> 0:13:04.760
<v Speaker 2>But you know, I right now.

0:13:04.600 --> 0:13:07.679
<v Speaker 5>I think what we've seen is that there's this narrative

0:13:07.760 --> 0:13:12.280
<v Speaker 5>push around tariffs and kind of the you know, strongest

0:13:12.320 --> 0:13:16.280
<v Speaker 5>guy in the prison yard mentality. And I think what

0:13:16.320 --> 0:13:18.120
<v Speaker 5>we're going to continue to see is that now we

0:13:18.160 --> 0:13:21.439
<v Speaker 5>may see tariffs enacted, but it'll probably be this negotiation

0:13:21.559 --> 0:13:23.880
<v Speaker 5>tool and that you're hearing people talk more more about that.

0:13:24.240 --> 0:13:28.120
<v Speaker 5>It seems to be Trump's primary tool in negotiations to

0:13:28.160 --> 0:13:32.200
<v Speaker 5>come with that you know, heavy hand right up front,

0:13:32.600 --> 0:13:36.440
<v Speaker 5>that gives him leeway to negotiate down the road. Right now,

0:13:36.480 --> 0:13:39.400
<v Speaker 5>I'm going to continue to believe that that is what

0:13:39.440 --> 0:13:42.240
<v Speaker 5>we're going to see happening through this kind of talk

0:13:42.280 --> 0:13:46.880
<v Speaker 5>of tariffs and trade. But you know, you never know

0:13:46.920 --> 0:13:49.280
<v Speaker 5>of these things is someone can just kind of take

0:13:49.320 --> 0:13:52.360
<v Speaker 5>a hard stance and that can unravel the whole thing,

0:13:52.400 --> 0:13:54.240
<v Speaker 5>and that would lead to a trade war. So I

0:13:54.280 --> 0:13:58.000
<v Speaker 5>hope that doesn't happen because that's not positive in my opinion,

0:13:58.080 --> 0:14:01.640
<v Speaker 5>for any of these economies that we're talking about. So

0:14:01.760 --> 0:14:06.640
<v Speaker 5>right now, I still believe that this is rhetoric until

0:14:06.679 --> 0:14:07.440
<v Speaker 5>proven otherwise.

0:14:08.000 --> 0:14:11.000
<v Speaker 2>I remember in the days leading up to January twentieth,

0:14:11.000 --> 0:14:14.400
<v Speaker 2>when President Trump was sworn in for a second time,

0:14:14.720 --> 0:14:17.360
<v Speaker 2>the markets had really been anticipating a lot more in

0:14:17.400 --> 0:14:21.320
<v Speaker 2>the way of deregulation and merger and acquisition activity. We

0:14:21.440 --> 0:14:24.000
<v Speaker 2>really haven't seen that yet. Do you think that will

0:14:24.080 --> 0:14:24.960
<v Speaker 2>ultimately happen?

0:14:25.640 --> 0:14:28.600
<v Speaker 5>I do. I think, you know, look, we're still in

0:14:28.640 --> 0:14:32.680
<v Speaker 5>the first hundred days, but you're right, we haven't really

0:14:32.760 --> 0:14:36.440
<v Speaker 5>heard anything about that. So I think the focus really

0:14:36.560 --> 0:14:40.760
<v Speaker 5>is on kind of the two dynamics. It stows the

0:14:40.840 --> 0:14:45.840
<v Speaker 5>cutting of jobs in the public sector, and then on

0:14:45.880 --> 0:14:47.720
<v Speaker 5>the other side of that of the tariffs. I think

0:14:47.760 --> 0:14:50.760
<v Speaker 5>once that starts to cool it off a little bit,

0:14:51.000 --> 0:14:54.200
<v Speaker 5>then we'll see the push towards deregulation, and in some

0:14:54.240 --> 0:14:56.880
<v Speaker 5>ways deregulation comes hand in hand with the cuts in

0:14:56.920 --> 0:14:59.080
<v Speaker 5>the public sector. Right So, if they're going to be

0:14:59.120 --> 0:15:03.800
<v Speaker 5>cutting a large amount of staff from the sec irs

0:15:04.120 --> 0:15:08.200
<v Speaker 5>and the like, then that probably leads to a natural

0:15:08.240 --> 0:15:11.920
<v Speaker 5>deregulation simply because they're just not the staff to regulate

0:15:11.920 --> 0:15:12.880
<v Speaker 5>the way they were before.

0:15:12.960 --> 0:15:15.520
<v Speaker 2>So, given everything that we're talking about in the big picture,

0:15:15.560 --> 0:15:19.720
<v Speaker 2>I'm wondering how you're trendslating that into an investment strategy.

0:15:19.720 --> 0:15:21.040
<v Speaker 2>What are you doing these days?

0:15:21.480 --> 0:15:21.720
<v Speaker 3>Yeah?

0:15:21.800 --> 0:15:25.040
<v Speaker 5>So, I mean I still think there's you've got these

0:15:25.200 --> 0:15:29.160
<v Speaker 5>kind of polar opposites pulling and pushing the market. So

0:15:29.240 --> 0:15:31.640
<v Speaker 5>I still think you want to be fully invested. I

0:15:31.680 --> 0:15:33.320
<v Speaker 5>don't think you want to be moving to cash or

0:15:33.320 --> 0:15:36.800
<v Speaker 5>anything like that. I do think if you're, you know,

0:15:37.000 --> 0:15:40.320
<v Speaker 5>in your equity allocation, do you want to take two

0:15:40.440 --> 0:15:43.520
<v Speaker 5>years in a row of plus twenty percent and maybe

0:15:43.560 --> 0:15:46.920
<v Speaker 5>pull back the risk profile a little bit? That probably

0:15:46.960 --> 0:15:49.800
<v Speaker 5>makes some sense right now. By no means are we,

0:15:50.000 --> 0:15:53.880
<v Speaker 5>you know, completely in a bubble or stretched in equity markets.

0:15:53.920 --> 0:15:58.560
<v Speaker 5>But there is a growing number of events that create uncertainty,

0:15:58.640 --> 0:16:02.479
<v Speaker 5>and there's nothing that equity markets like less than uncertainty,

0:16:02.600 --> 0:16:06.120
<v Speaker 5>so that that leads us to kind of moving more defensively.

0:16:06.560 --> 0:16:08.280
<v Speaker 5>And when I am speaking about kind of you know,

0:16:08.360 --> 0:16:12.200
<v Speaker 5>defensive names in the equity market, I'm looking at lower beta,

0:16:12.720 --> 0:16:16.920
<v Speaker 5>the higher quality factor type stocks, those that maybe pay

0:16:16.920 --> 0:16:20.000
<v Speaker 5>a higher dividend or have you know, a higher free

0:16:20.040 --> 0:16:23.320
<v Speaker 5>cash flow and giving up a little bit of the

0:16:23.360 --> 0:16:26.400
<v Speaker 5>growth factor. And then the other side of that coin

0:16:26.560 --> 0:16:30.200
<v Speaker 5>is we are overweight fixed income in particular, we are

0:16:30.440 --> 0:16:35.080
<v Speaker 5>extending our duration within the fixed income allocation. I think

0:16:35.200 --> 0:16:40.080
<v Speaker 5>you know, we have most likely seen the peak in

0:16:40.080 --> 0:16:43.360
<v Speaker 5>interest rates to the cycle, and even if the FED

0:16:43.520 --> 0:16:47.760
<v Speaker 5>does not cut rates, we're okay with just sitting here

0:16:47.960 --> 0:16:52.080
<v Speaker 5>and collecting the income and the safety that we get

0:16:52.080 --> 0:16:54.120
<v Speaker 5>out that we get out of fixed income right now.

0:16:54.360 --> 0:16:58.120
<v Speaker 5>And if rates do come down for any particular reason,

0:16:58.840 --> 0:17:01.360
<v Speaker 5>then that obviously we get some appreciation there. And that

0:17:01.440 --> 0:17:04.240
<v Speaker 5>is that's another way to play defenses by being a

0:17:04.240 --> 0:17:07.560
<v Speaker 5>little overweight fixed income. If we did see an economic

0:17:07.600 --> 0:17:11.360
<v Speaker 5>slow down, if we did see some of these initiatives

0:17:11.359 --> 0:17:15.119
<v Speaker 5>out of DC create some contraction, that would lead to

0:17:15.119 --> 0:17:18.040
<v Speaker 5>a flight to quality. And I think a trade war

0:17:18.119 --> 0:17:20.000
<v Speaker 5>would be another scenario where you would see a flight

0:17:20.080 --> 0:17:23.600
<v Speaker 5>to quality that would decrease interest rates on the long

0:17:23.680 --> 0:17:24.240
<v Speaker 5>end of the curve.

0:17:24.440 --> 0:17:26.320
<v Speaker 2>Adam, We'll leave it there. Always a pleasure. Thank you

0:17:26.400 --> 0:17:29.400
<v Speaker 2>so much for joining us. Adam Koons is chief investment

0:17:29.400 --> 0:17:32.680
<v Speaker 2>Officer at Winthrop Capital Management, joining us here on the

0:17:32.720 --> 0:17:38.800
<v Speaker 2>Daybreak Asia Podcast. Thanks for listening to today's episode of

0:17:38.840 --> 0:17:42.960
<v Speaker 2>the Bloomberg Daybreak Asia Edition podcast. Each weekday, we look

0:17:42.960 --> 0:17:46.760
<v Speaker 2>at the story shaping markets, finance, and geopolitics in the

0:17:46.800 --> 0:17:50.040
<v Speaker 2>Asia Pacific. You can find us on Apple, Spotify, the

0:17:50.080 --> 0:17:54.080
<v Speaker 2>Bloomberg Podcast YouTube channel, or anywhere else you listen. Join

0:17:54.200 --> 0:17:57.200
<v Speaker 2>us again tomorrow for insight on the market moves from

0:17:57.200 --> 0:18:01.639
<v Speaker 2>Hong Kong to Singapore and Australia. I'm Doug Prisoner and

0:18:01.800 --> 0:18:02.960
<v Speaker 2>this is Bloomberg.

0:18:10.080 --> 0:18:10.479
<v Speaker 1>Mm hm