WEBVTT - How Venezuela Shifts China’s Calculus

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>I remain deeply concerned that rules of international law have

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<v Speaker 2>not been respected. President Donald Trump has been teasing military

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<v Speaker 2>action in Venezuela for months now, but the capture of

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<v Speaker 2>Venezuelan President Nicholas Maduro and his wife and the White

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<v Speaker 2>House assertion that the US would run Venezuela for now

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<v Speaker 2>shocked the world. Don't ask me who's in charge, because

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<v Speaker 2>I'll give you an answer.

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<v Speaker 1>And it'll be very concuver.

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<v Speaker 2>What does that mean? We're in charge and leaders at

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<v Speaker 2>the United Nations, the principles of sovereignty, political independence, and

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<v Speaker 2>territorial integrity must be respected. Among the most vocal critics

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<v Speaker 2>of the attack the Chinese government being Yasun trujin Jo.

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<v Speaker 1>I think China was stunned. It came out, so it's

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<v Speaker 1>strongly condemned, and it did it within hours of the

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<v Speaker 1>news breaking that Donald Trumph got into Venezuela and essentially

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<v Speaker 1>sort of kidnapped the sitting leader.

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<v Speaker 2>China decried the US's blatant use of force against a

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<v Speaker 2>sovereign state and called Maduro's seizure in attack on Venezuela

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<v Speaker 2>hegemonic acts that threatened the peace and security of Latin America.

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<v Speaker 2>There's a reason why China's response was so strong. Beijing

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<v Speaker 2>has been one of the most significant supporters of Maduro's

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<v Speaker 2>government amid sanctions and condemnation from the West.

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<v Speaker 1>These two are all weather friends, which is China's second

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<v Speaker 1>highest tier of friendship, so it's the strongest of political friendship.

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<v Speaker 2>That's Bloomberg's Jenny Marsh who oversees our coverage of Greater

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<v Speaker 2>China's economy and politics.

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<v Speaker 1>China underpins sort of the development and infrastructure and industry

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<v Speaker 1>in Venezuela, and today China's the biggest buyer of Venezuelan oil,

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<v Speaker 1>which is its main export. So really Beijing has been

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<v Speaker 1>sort of keeping or is government aflow.

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<v Speaker 2>China is Venezuela's second largest trading partner after the US

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<v Speaker 2>and its biggest creditor. Chinese companies like Sinopek and China

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<v Speaker 2>National Petroleum Corporation have been significant investors in the country,

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<v Speaker 2>which is the world's largest crude reserves. Latin America is

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<v Speaker 2>of growing importance to China as a market for companies

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<v Speaker 2>like electric car maker Byd, e commerce giant Shean, and

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<v Speaker 2>gaming and tech company ten Cent. There's also China's strategic

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<v Speaker 2>interests in ports, perhaps most notably at the Panama Canal,

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<v Speaker 2>that focus on Latin America, says Jenny, is why the

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<v Speaker 2>US's intervention in Venezuela is such a setback for China.

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<v Speaker 1>It's clear from the remarks that Trump Marco Ribu have

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<v Speaker 1>made over the recent days, this doesn't end with Venezuela.

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<v Speaker 1>It's just the beginning of a much larger plan they

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<v Speaker 1>have for reasserting American influence in Latin America, which they

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<v Speaker 1>see is, you know, is their part of the hemisphere.

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<v Speaker 1>Is that part of the world, and so what does

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<v Speaker 1>that mean for Chinese influence in Latin America.

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<v Speaker 2>The US strike in Venezuela could also influence china strategy

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<v Speaker 2>closer to home. In the aftermath of the attack, some

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<v Speaker 2>on Chinese social media were quick to suggest it could

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<v Speaker 2>provide a blueprint for how Beijing handles Taiwan.

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<v Speaker 1>I think that's the first question. A lot of people happen.

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<v Speaker 1>They saw this, well, if Trump can go into Venezuela,

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<v Speaker 1>what's stuff exchanging pain from going into Taipei and sashing

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<v Speaker 1>President Leitchin from Taiwan.

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<v Speaker 2>This is the big take Asia from Bloomberg News I'm Wanha.

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<v Speaker 2>Every week we take you inside some of the world's

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<v Speaker 2>biggest and most powerful economies and the markets, tycoons, and

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<v Speaker 2>businesses that drive this ever shifting region. The US strike

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<v Speaker 2>on Venezuela and capture of its president sent shock waves

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<v Speaker 2>across the globe. On today's show, what the intervention means

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<v Speaker 2>for china strategy in Latin America and why a military

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<v Speaker 2>action nine thousand miles from Beijing could change the calculus

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<v Speaker 2>in its own backyard. Jenny, China's Foreign ministry issued one

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<v Speaker 2>of the strongest statements against the US attack on Venezuela.

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<v Speaker 2>It was quite strongly worded. Can you take us through

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<v Speaker 2>China's reaction and what you found surprising about it?

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<v Speaker 1>For Beijing, normally the playbook here and you saw this

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<v Speaker 1>after the Russia's invasion of Ukraine, they released something very

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<v Speaker 1>sort of vanilla and boiler plate. They let the news settle,

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<v Speaker 1>they get a layer of the land, and then they react.

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<v Speaker 1>And this time it was swift. You saw a lot

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<v Speaker 1>of throat clearing from the lights of the UK, France, Canada.

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<v Speaker 1>But China was unequivocal, and I think they were caught

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<v Speaker 1>off guard. And that was evidenced by the fact that

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<v Speaker 1>just hours before Maduro was caught, his last public meeting

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<v Speaker 1>was with a Chinese delegation of diplomats, which I think

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<v Speaker 1>was just share coincidence, but the optics of that it

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<v Speaker 1>just made Beijing look like they had been caught off

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<v Speaker 1>the backfoot.

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<v Speaker 2>Yeah, definitely not a good look because it means in

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<v Speaker 2>some ways that their intelligence perhaps also failed as well.

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<v Speaker 1>Yeah, they obviously didn't quite have their finger on the pulse,

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<v Speaker 1>and particularly now you know, the Trump has been more

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<v Speaker 1>open about how that unfolded. We know that the US

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<v Speaker 1>had planned this for months and he was waiting over

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<v Speaker 1>Christmas for the weather conditions to improve. So had the

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<v Speaker 1>Chinese had good intelligence, they should really have known that

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<v Speaker 1>this was going to happen. But obviously, you know, would

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<v Speaker 1>have been kept very closely within sort of Trump's in

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<v Speaker 1>a circle.

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<v Speaker 2>Now, China is Venezuela's biggest oil customer. I wonder if

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<v Speaker 2>you can tell us about that oil and why it's

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<v Speaker 2>important for China.

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<v Speaker 1>China on this side of this century extended about sixty

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<v Speaker 1>billion dollars in credit lines to Venezuela. Venezuela was supplying

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<v Speaker 1>China with oil and using the proceeds of those in

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<v Speaker 1>sort of service of paying down this debt. This oil,

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<v Speaker 1>I mean, by volume, is not particularly important to China.

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<v Speaker 1>It's worth but four percent of Chinese oil imports, and obviously,

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<v Speaker 1>since it was sanctioned by the US, it's not coming

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<v Speaker 1>in through official channels. But it's a unique type of oil.

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<v Speaker 1>It's sort of high sulfur crude, and this is very

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<v Speaker 1>important for sort of construction and road building. But it

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<v Speaker 1>is very very steeply discounted, so it's very popular with

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<v Speaker 1>China's independent refiners. So it's helping keep costs lower in

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<v Speaker 1>China at a time when margins are already very squeezed.

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<v Speaker 1>Trump Is said that the oil is no longer flowing

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<v Speaker 1>out of Venezuela, and they've been very clear that this

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<v Speaker 1>is sort of a form of economic coercion. You know,

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<v Speaker 1>Rubio was saying that they're not going to let the

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<v Speaker 1>oil flow because this is a way of sort of

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<v Speaker 1>forcing the new leader to do, you know, to align

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<v Speaker 1>Venezuela's policies with that of the US for China. You know,

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<v Speaker 1>analysts have said that isn't an immediate problem because there

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<v Speaker 1>is so much Venezuelan oil already shipped out and sort

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<v Speaker 1>of in vessels in Asia that are sort of in

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<v Speaker 1>the waters that can still kind of come to port,

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<v Speaker 1>So there won't be an immediate shock to the Chinese market.

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<v Speaker 1>In maybe in a month's time there's a deal struck

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<v Speaker 1>between the US of Finistration and the Venezuelan ship and

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<v Speaker 1>that oil begins to flow again. So I think we

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<v Speaker 1>have to sort of wait and see what the long

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<v Speaker 1>term impact would be.

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<v Speaker 2>Now, Trump is also talking about US investments into the

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<v Speaker 2>country's oil infrastructure, but we know that Chinese oil firms

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<v Speaker 2>have also claims to some of Venezuela's reserves. How is

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<v Speaker 2>that going to play out?

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<v Speaker 1>Yeah, it is a fascinating question, and Trump has offered

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<v Speaker 1>no answers to it. You know, he has claimed going

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<v Speaker 1>to run the country and the US company is going

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<v Speaker 1>to come in and like, you know, get this oil

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<v Speaker 1>flowing in the way that they wanted to and they

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<v Speaker 1>haven't given a ropemap. But how any of that will

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<v Speaker 1>work legally? But again, you know, if US companies come

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<v Speaker 1>in and sort of steal assets and steal rights that

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<v Speaker 1>Chinese companies have paid to acquire, then obviously there's going

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<v Speaker 1>to be political blow black there or he's at least

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<v Speaker 1>risking sort of destabilizing this relationship which I've spent so

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<v Speaker 1>long trying to sort of get to an equilibrium.

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<v Speaker 2>Beyond Venezuela, China has poured billions into Latin American countries

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<v Speaker 2>as part of Beijing's Belt and Road initiative. They're kicked

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<v Speaker 2>off in twenty thirteen. That's how the country invest in

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<v Speaker 2>infrastructure projects, from Bogata's metro system to ports in Peru

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<v Speaker 2>and Chile.

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<v Speaker 1>The Belt and Road has evolved a lot since then.

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<v Speaker 1>You know, they have this phrase now small but beautiful

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<v Speaker 1>projects in China's overall investment into Latin America has declined

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<v Speaker 1>in recent years, but become no less important. It's now

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<v Speaker 1>sort of challenged into much more strategic sectors for China.

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<v Speaker 1>Things that align with this priority is so mineral extraction

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<v Speaker 1>of things like lithium, which are key to its green energy.

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<v Speaker 1>And last year South America became even more important as

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<v Speaker 1>a trade destination. You know is trying to tried to

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<v Speaker 1>find new destinations, and these are markets that are open

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<v Speaker 1>to things like Chinese evs like BYD has a big

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<v Speaker 1>presence in Brazil. So these are very buoyant economies of

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<v Speaker 1>very large populations, and so Forshi this is an important

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<v Speaker 1>part of the world that he certainly doesn't want Trump

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<v Speaker 1>sort of denying him access.

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<v Speaker 2>To, and with the US now effectively reclaiming Latin America

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<v Speaker 2>as its own backyard, what do you think that signals

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<v Speaker 2>for China's ability to still be able to project power

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<v Speaker 2>and influence in the region.

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<v Speaker 1>I think it's a direct challenge to it, and we

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<v Speaker 1>have to see how it plays out. And I think

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<v Speaker 1>now the question is, you know, how far does Trump

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<v Speaker 1>go in sort of pursuing this objective to sort of

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<v Speaker 1>reclaim you know, South America and to be the chief

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<v Speaker 1>influencer there if you like. Because he's just struck this

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<v Speaker 1>very sort of fragile trade truts with China as well,

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<v Speaker 1>which everybody seems sort of committed to keeping in place.

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<v Speaker 2>Now zooming out a bit. Many people are saying that

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<v Speaker 2>Trump administration is steering the world to a new organization

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<v Speaker 2>of global power where you have spheres of influence for

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<v Speaker 2>the US, for Russia, China. Where does China fit into

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<v Speaker 2>this and how could it use this shift to advance

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<v Speaker 2>its own goals?

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<v Speaker 1>Potentially, if you're thinking about spheres of influence, America has

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<v Speaker 1>it his own sphere. It doesn't want China in, but

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<v Speaker 1>it certainly doesn't see China as having its own separate

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<v Speaker 1>sphere that America won't be in. And it also make

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<v Speaker 1>clear that America is not prepared to sort of stand

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<v Speaker 1>back from projecting power around the world. And there was

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<v Speaker 1>very slark language about building a military that can protect

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<v Speaker 1>the first island chain in Asia. So there's a lot

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<v Speaker 1>of sort of contradictions there that I think China will

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<v Speaker 1>be very aware of. I think the lesson they're probably

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<v Speaker 1>learning from the last few days is that might is right,

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<v Speaker 1>and it's very important to build up their own military

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<v Speaker 1>power and to make sure they are projecting power as

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<v Speaker 1>strongly as they can. And then the other side of that,

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<v Speaker 1>I think is the way that she is trying to

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<v Speaker 1>contrast China as sort of a beacon of stability compared

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<v Speaker 1>to Trump. You know, it was quite striking. Yesterday he

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<v Speaker 1>had his first public engagement since Majuro was captured, with

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<v Speaker 1>the Irish Prime Minister in Beijing, and he was talking about,

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<v Speaker 1>you know, Beijing as a peace loving country, you know,

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<v Speaker 1>really very dubbish comments about respecting the international world order.

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<v Speaker 1>On the other side of the world, what Trump talking

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<v Speaker 1>about well, you know, the leader of Columbia could be next,

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<v Speaker 1>you know, making threats against the leaders in Cuba as well.

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<v Speaker 1>So I think Fashin is going to be a lot

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<v Speaker 1>of posturing that China is seat of a peace loving,

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<v Speaker 1>rule abiding power that you can really trust.

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<v Speaker 2>China portrays itself as a force for peace, but the

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<v Speaker 2>reaction at home to what happened in Venezuela was starkly different.

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<v Speaker 2>Some of its own citizens have argued on China's highly

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<v Speaker 2>controlled social media platforms that Washington just handed Beijing a

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<v Speaker 2>template for attacking Taiwan. That's after the break. The US

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<v Speaker 2>strike in Venezuela has stirred a lot of speculation about Taiwan.

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<v Speaker 2>China's president Shi Jinping has said unification with Taiwan and

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<v Speaker 2>island the country claims as its own is unstoppable, and

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<v Speaker 2>after the weekend's ouster of Maduro, Bloomberg's Jenny Marsh says

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<v Speaker 2>that some people have suggested the US may have inadvertently

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<v Speaker 2>shown Beijing how it might use the same playbook on Taiwan.

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<v Speaker 1>When this first happened, you know, Chinese social media was

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<v Speaker 1>a buzz with this. It was full of comments of

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<v Speaker 1>people saying, you know, I suggest the same method to

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<v Speaker 1>reclaim Taiwan in the future. Since the US isn't taken

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<v Speaker 1>international law seriously, why should we care about it. There

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<v Speaker 1>was one particularly sort of colorful comment. You know, the

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<v Speaker 1>US imperialist lightning rate on Venezuela to capture Madeiro and

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<v Speaker 1>his wife is the perfect blueprint for our military to

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<v Speaker 1>launch a surprise attack on Taiwan. Just because the public

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<v Speaker 1>sort of jumps to this doesn't mean that she didn't

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<v Speaker 1>think himself is changing his calculus and is suddenly going

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<v Speaker 1>to invade. I will say, though, you know, the more

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<v Speaker 1>Trump changes the sort of international norms about what the

0:12:45.640 --> 0:12:48.000
<v Speaker 1>US will and won't do, the more it sort of

0:12:48.040 --> 0:12:51.000
<v Speaker 1>waters down its adherents to the rules based order which

0:12:51.040 --> 0:12:55.640
<v Speaker 1>America founded. I think the conditions for a Chinese invasion

0:12:55.640 --> 0:12:59.720
<v Speaker 1>of Taiwan change, right, and I think she is now

0:13:00.240 --> 0:13:02.960
<v Speaker 1>facing a different set of conditions that he was facing

0:13:03.000 --> 0:13:06.600
<v Speaker 1>five years ago. And then more favorable people we spoke

0:13:06.640 --> 0:13:09.440
<v Speaker 1>to within the Taiwanese government were actually pretty bullish, and

0:13:09.480 --> 0:13:14.120
<v Speaker 1>they said, you know, for them, this showed two things. One,

0:13:14.600 --> 0:13:17.640
<v Speaker 1>it showed that you know, Trump isn't taco. Trump doesn't

0:13:17.640 --> 0:13:20.400
<v Speaker 1>always chicking out he is willing to sort of use

0:13:20.840 --> 0:13:23.120
<v Speaker 1>the military when he thinks this is something that needs

0:13:23.120 --> 0:13:25.400
<v Speaker 1>to be done, which is core to sort of US

0:13:25.440 --> 0:13:28.480
<v Speaker 1>security interests, and they see that as a good thing

0:13:28.559 --> 0:13:32.160
<v Speaker 1>for Taiwan. And two they also noted that, you know,

0:13:32.480 --> 0:13:35.400
<v Speaker 1>Venezuela buys most of its weapons from China and Russia

0:13:36.000 --> 0:13:39.240
<v Speaker 1>and that the US military just you know, made very

0:13:39.320 --> 0:13:42.040
<v Speaker 1>quick work of that. There's no evidence that sort of

0:13:42.160 --> 0:13:46.840
<v Speaker 1>Chinese equipment failed during this operation, because Trump also said,

0:13:46.880 --> 0:13:49.200
<v Speaker 1>you know, they had a lot of security assets in

0:13:49.280 --> 0:13:52.560
<v Speaker 1>Venezuela who could have disabled some of these defense systems.

0:13:52.640 --> 0:13:55.880
<v Speaker 1>But the Taiwanese just said they found this as evidence

0:13:56.440 --> 0:14:00.400
<v Speaker 1>that the US military equipment is just far superior. US

0:14:00.480 --> 0:14:03.600
<v Speaker 1>military equipment is what they have, So for them, they

0:14:03.600 --> 0:14:05.199
<v Speaker 1>actually looked at it and thought this was pretty good

0:14:05.240 --> 0:14:06.000
<v Speaker 1>for them.

0:14:06.440 --> 0:14:10.280
<v Speaker 2>Jenny says China's potential invasion of Taiwan and the US

0:14:10.360 --> 0:14:15.120
<v Speaker 2>intervention in Venezuela play out two very different scenarios with

0:14:15.160 --> 0:14:19.200
<v Speaker 2>a lot of deterrence. For a China attack on the island, there's.

0:14:19.000 --> 0:14:23.040
<v Speaker 1>No other major military power around Venezuela, and Venezuela's own

0:14:23.080 --> 0:14:27.080
<v Speaker 1>military isn't very strong. If China was to go into Taipei.

0:14:27.680 --> 0:14:30.360
<v Speaker 1>You know, Chaibwe Foresight has its own military which is

0:14:30.400 --> 0:14:35.440
<v Speaker 1>stocked with US weapons, and then it's surrounded by US allies,

0:14:35.760 --> 0:14:40.040
<v Speaker 1>so Japan, South Korea, and you know, Prime Minister san

0:14:40.080 --> 0:14:43.120
<v Speaker 1>Aitakichi only last year was saying, you know, if there

0:14:43.120 --> 0:14:46.480
<v Speaker 1>was an attack on Taiwan and the US became involved,

0:14:46.800 --> 0:14:49.840
<v Speaker 1>then you know, so could Japan. So China would be

0:14:49.880 --> 0:14:53.480
<v Speaker 1>facing a lot more sort of military heft to contend with.

0:14:53.960 --> 0:14:56.000
<v Speaker 1>And then as well, you know, part of what Trump

0:14:56.000 --> 0:14:59.240
<v Speaker 1>did there was the blockade on venezud and oil, while

0:14:59.320 --> 0:15:03.120
<v Speaker 1>China's the main, nearly only buyer of that, Whereas if

0:15:03.160 --> 0:15:05.920
<v Speaker 1>the Chinese were to a blockade of at Taiwan's chips,

0:15:06.320 --> 0:15:08.560
<v Speaker 1>the entire world relies on that right for sort of

0:15:08.760 --> 0:15:13.360
<v Speaker 1>modern manufacturing. So I just think the consequences they're very different.

0:15:14.880 --> 0:15:18.800
<v Speaker 2>Now stepping back that Trump administration's attack on Venezuela follows

0:15:18.880 --> 0:15:22.320
<v Speaker 2>a military strike on Iran and June, another country that

0:15:22.440 --> 0:15:25.360
<v Speaker 2>China has a close relationship with, and that also comes

0:15:25.360 --> 0:15:27.520
<v Speaker 2>on the heels of a new US arms package for

0:15:27.560 --> 0:15:30.880
<v Speaker 2>Taipei that, if approved, would be the biggest ever you know,

0:15:30.960 --> 0:15:35.240
<v Speaker 2>record arms package to Taipei. What kind of messaging does

0:15:35.280 --> 0:15:38.720
<v Speaker 2>that send to She and whether this might further stoke

0:15:38.840 --> 0:15:40.400
<v Speaker 2>tensions between the US and China.

0:15:40.520 --> 0:15:42.760
<v Speaker 1>What Trump said at the end of last year that

0:15:43.000 --> 0:15:45.360
<v Speaker 1>him and She are now in the G two. So

0:15:45.400 --> 0:15:48.760
<v Speaker 1>I think Trump knows there's sort of two big players

0:15:48.800 --> 0:15:50.640
<v Speaker 1>on the world stage and it's him and it's huge

0:15:50.640 --> 0:15:54.520
<v Speaker 1>and pain. I think militarily, Trump is proving that America

0:15:54.560 --> 0:15:57.640
<v Speaker 1>still has a huge edge. You know, like if it

0:15:57.640 --> 0:15:59.960
<v Speaker 1>comes to sort of who has the power of the guy,

0:16:00.080 --> 0:16:03.840
<v Speaker 1>and you know it's America. You can't sort of compare

0:16:03.840 --> 0:16:07.640
<v Speaker 1>the American military to the PLA right now. I think

0:16:07.680 --> 0:16:10.800
<v Speaker 1>that probably is sort of the takeaway from all of this,

0:16:11.000 --> 0:16:15.960
<v Speaker 1>Like Trump is, he's made strikes in Nigeria, Yemen, Iran,

0:16:16.040 --> 0:16:19.960
<v Speaker 1>and Venezuela. He's protecting America's power, I think in a

0:16:20.000 --> 0:16:22.040
<v Speaker 1>way that we haven't seen in quite a while.

0:16:22.400 --> 0:16:24.440
<v Speaker 2>I mean, that can't sit well in Beijing.

0:16:25.040 --> 0:16:28.520
<v Speaker 1>I think for She it will only increase the urgency.

0:16:28.840 --> 0:16:32.120
<v Speaker 1>He was already trying to modernize China's military because they

0:16:32.120 --> 0:16:34.000
<v Speaker 1>want to be able to match US power, not because

0:16:34.040 --> 0:16:37.200
<v Speaker 1>they want to invade other countries necessarily, but just because

0:16:37.240 --> 0:16:39.760
<v Speaker 1>they don't want to be bullied and pushed around, and

0:16:39.800 --> 0:16:41.480
<v Speaker 1>I think the trade war show the only way you

0:16:41.520 --> 0:16:44.400
<v Speaker 1>can stop that is if you are a true equal,

0:16:44.800 --> 0:16:46.920
<v Speaker 1>and so I think for she then it's just going

0:16:47.000 --> 0:16:50.160
<v Speaker 1>to expediate the need to sort of make China's military

0:16:50.200 --> 0:16:51.000
<v Speaker 1>as strong as it can.

0:16:52.680 --> 0:16:55.920
<v Speaker 2>Now, what could happen in Taiwan is, you know, theoretical

0:16:56.320 --> 0:16:59.400
<v Speaker 2>at this point, whereas Latin America is looking down the

0:16:59.440 --> 0:17:03.920
<v Speaker 2>barrel of concrete implications very soon. And I wonder, in

0:17:04.000 --> 0:17:06.640
<v Speaker 2>light of that, what are you watching most closely?

0:17:07.640 --> 0:17:12.359
<v Speaker 1>I'm watching how far Trump goes, you know, testing China

0:17:12.480 --> 0:17:15.439
<v Speaker 1>in South America. It's easy to sort of publish a

0:17:15.480 --> 0:17:18.280
<v Speaker 1>security strategy and to make sort of big claims, but

0:17:18.359 --> 0:17:20.600
<v Speaker 1>we've seen in Panama that, you know, it's not that

0:17:20.760 --> 0:17:24.120
<v Speaker 1>easy in reality. And I think it's a test of

0:17:24.680 --> 0:17:28.040
<v Speaker 1>how much Trump wants to keep Palsa sheet, you know.

0:17:28.119 --> 0:17:31.520
<v Speaker 1>I think he's in such mixed signals about China. Sometimes

0:17:31.720 --> 0:17:34.199
<v Speaker 1>I think that maybe is because those around him are

0:17:34.200 --> 0:17:37.119
<v Speaker 1>more hawkish than he is. But how far is he

0:17:37.200 --> 0:17:39.760
<v Speaker 1>willing to go? And I guess it boils down to

0:17:39.800 --> 0:17:42.440
<v Speaker 1>you is he happy to be in the G two

0:17:42.640 --> 0:17:44.160
<v Speaker 1>or does he really want to be the G one?

0:17:45.560 --> 0:17:45.760
<v Speaker 2>You know?

0:17:46.119 --> 0:17:48.720
<v Speaker 1>And I think We haven't got the answer to that yet,

0:17:48.760 --> 0:17:50.880
<v Speaker 1>but this is going to be a very interesting year

0:17:51.400 --> 0:17:51.840
<v Speaker 1>to see.

0:17:52.040 --> 0:17:54.960
<v Speaker 2>Yeah, the start of a crazy year.

0:17:55.920 --> 0:17:57.639
<v Speaker 1>Yeah. You always think the next year is going to

0:17:57.640 --> 0:17:59.240
<v Speaker 1>be quiet, and it's always busier.

0:18:07.320 --> 0:18:10.479
<v Speaker 2>This is The Big Take Asia from Bloomberg News. I'm wanha.

0:18:10.960 --> 0:18:13.520
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0:18:13.560 --> 0:18:16.320
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0:18:16.400 --> 0:18:19.760
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0:18:19.880 --> 0:18:22.200
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0:18:22.359 --> 0:18:25.240
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