WEBVTT - The Winners and Losers of Trump’s New Tariff Reality

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

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<v Speaker 2>President Donald Trump is doubling down on global tariffs, even

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<v Speaker 2>after his signature tariff strategy was ruled illegal by the

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<v Speaker 2>Supreme Court. I will sign in order to impose a

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<v Speaker 2>ten percent global tariff under Section one twenty two. Immediately

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<v Speaker 2>after the Court decided that the President couldn't use broad

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<v Speaker 2>emergency powers to impose tariffs, Trump announced a new ten

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<v Speaker 2>percent global levy using a different justification, and just a

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<v Speaker 2>day later, Trump said he would ratchet up the tariff

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<v Speaker 2>rate to fifteen percent for one hundred and fifty dates,

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<v Speaker 2>the legal maximum that can be in place without congressional approval.

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<v Speaker 3>Now he's focused on a new statute never been tested before,

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<v Speaker 3>that would allow him to raise tariffs to fifteen percent,

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<v Speaker 3>but only in certain situations.

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<v Speaker 2>The Trump administration has also the US Trade Representative to

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<v Speaker 2>launch new accelerated Section three oh one investigations, which would

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<v Speaker 2>allow the US to impose retaliatory tariffs on countries whose

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<v Speaker 2>actions it deems unreasonable or discriminatory against US trade. For

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<v Speaker 2>US trading partners around the world, it's causing tariff whiplash

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<v Speaker 2>all over again. On Monday, the European Union postponed a

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<v Speaker 2>vote on the trade deal and negotiated with the US

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<v Speaker 2>late last year, saying it needs clarity on the Trump

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<v Speaker 2>administration's trade policies first. India's trade delegation has also postponed

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<v Speaker 2>a trip to the US to finalize a trade deal,

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<v Speaker 2>which had been set for later this week.

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<v Speaker 4>I don't think we're going to see completely fully renegotiated deals,

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<v Speaker 4>but the countries that are in this process are going

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<v Speaker 4>to want to know the details of what they're going

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<v Speaker 4>to roll out before they sign on the dotted line

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<v Speaker 4>of anything with the Trump administration.

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<v Speaker 2>Brendan Murray oversees Bloomberg's trade coverage from London.

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<v Speaker 4>If you're sitting in Brussels or Beijing right now, you're saying,

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<v Speaker 4>perhaps maybe we have more leverage than we did last week.

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<v Speaker 1>If you're Beijing, you're sort of now on a level

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<v Speaker 1>playing field with US allies.

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<v Speaker 2>And Jenny marsh oversees Bloomberg's coverage of Greater China's economy

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<v Speaker 2>and politics.

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<v Speaker 1>You've gone from the biggest target when Trump first came

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<v Speaker 1>into now sort of you know, you have a fairly

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<v Speaker 1>level playing ground.

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<v Speaker 2>She says, Like the EU, China sees the Supreme Court's

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<v Speaker 2>decision as a loss of leverage for the US and

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<v Speaker 2>a major win for China's trade ambitions, head of a

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<v Speaker 2>high stakes meeting between President Trump and President shi Jinping

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<v Speaker 2>late next month.

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<v Speaker 5>So what was achieved by the trade war?

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<v Speaker 1>Yea, what was achieved? I think China realized is not

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<v Speaker 1>half as dependent on America as everyone thought.

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<v Speaker 2>This is the Big Take from Bloomberg News. I'm Sarah

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<v Speaker 2>Holder today and on the show, my colleague Wan Ha

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<v Speaker 2>who hosts The Big Take Asia podcast sits down with

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<v Speaker 2>Brendan Murray in London and Jenny Marsh in Hong Kong

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<v Speaker 2>to discuss what the end of the US's reciprocal tariffs

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<v Speaker 2>and the potential for a new global tariff rate needs

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<v Speaker 2>for America's trading partners across Asia and around the world.

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<v Speaker 5>Thank you so much, both of you for making time

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<v Speaker 5>to join us. Between the three of us, we've got

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<v Speaker 5>big parts of the world covered. Rendon, you're based in London, Jenny,

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<v Speaker 5>you're here with me in Hong Kong. Before we get

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<v Speaker 5>into what this ruling means for countries and manufacturers, I

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<v Speaker 5>have to ask what's been the reaction to the Supreme

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<v Speaker 5>Court ruling on the ground where you are.

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<v Speaker 4>I think a lot of people have more questions right

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<v Speaker 4>now than they do answers. President Trump came out pretty

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<v Speaker 4>assertively after the Supreme Court ruled against him and said,

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<v Speaker 4>in effect, nothing's changed. I still have tariff authorities, and

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<v Speaker 4>I may even use them to a greater degree than

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<v Speaker 4>I did before. The story is the same. The US

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<v Speaker 4>is going to use tariffs to try to reshore manufacturing,

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<v Speaker 4>create factory jobs, and essentially, as President Trump would say,

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<v Speaker 4>rebalance the global trading system back in the US's favor.

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<v Speaker 5>That's interesting. So he's trying to say nothing's changed here.

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<v Speaker 4>Yeah, nothing's changed, but you know, in a sense, a

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<v Speaker 4>lot of things have changed. The President Trump, by most accounts,

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<v Speaker 4>has lost a lot of leverage here.

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<v Speaker 5>Jenny, what about here in Hong Kong and broadly in China.

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<v Speaker 5>What's been the reaction.

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<v Speaker 1>It's been pretty mute in measured, I would say. But

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<v Speaker 1>also when you sort of look at this, China sort

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<v Speaker 1>of came out from the ruling as one of the winners.

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<v Speaker 1>So you know, in a way, it's half of them

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<v Speaker 1>to sort of come out sort of threatening anything because

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<v Speaker 1>they've probably benefited from the Supreme Court ruling. I think

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<v Speaker 1>you know, particularly ahead of the she Trump summit as well,

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<v Speaker 1>they have to be thinking this sort of weekends Trump's hand,

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<v Speaker 1>just a couple of weeks before he flies into Beijing.

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<v Speaker 1>I think that being said, China realizes this still is

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<v Speaker 1>a Section and three zero one investigation pending against them,

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<v Speaker 1>so in that sense they're actually weaker than other countries,

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<v Speaker 1>and that this sort of investigation has already sort of

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<v Speaker 1>been in trained for months that could be expedited now

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<v Speaker 1>so they could quickly see more tariffs, and those tariffs

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<v Speaker 1>under that investigation have no upper limit and they're pretty sticky.

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<v Speaker 1>The ones imposed under Section three zero one from Trump's

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<v Speaker 1>first term is still in place, so I think that

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<v Speaker 1>probably also is why they're sort of waiting and seeing

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<v Speaker 1>before coming out with a sort of a strong reaction.

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<v Speaker 1>And then I think for exporters in this region, particularly

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<v Speaker 1>sort of ones that had the China plus one strategies

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<v Speaker 1>for them, I think there's a big question mark now

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<v Speaker 1>over was it a good idea to invest in new

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<v Speaker 1>factories in Cambodia and Vietnam? Is it as useful as

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<v Speaker 1>I thought it was going to be?

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<v Speaker 5>Jenny, who are the winners in this? And what does

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<v Speaker 5>this victory mean for them.

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<v Speaker 1>The biggest one is so far is China, India, and Brazil.

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<v Speaker 1>They were facing the highest tariffs and they're the ones

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<v Speaker 1>that have seen the biggest sort of percentage point decreases.

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<v Speaker 1>But I think everyone's aware that this is just the

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<v Speaker 1>holding pattern, right. This is what Trump has done is

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<v Speaker 1>sort of to bridge the gap until he can sort

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<v Speaker 1>of then use his other tools to get tariffs really

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<v Speaker 1>where he wants them, And it's going to be much

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<v Speaker 1>more complicated and harder for business to navigate because rather

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<v Speaker 1>than the sort of broad tariffs, it's going to be

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<v Speaker 1>this sort of like jumble of different sort of sectorial tariffs.

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<v Speaker 1>So Japan, South Korea, and Taiwan the big thing they

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<v Speaker 1>are looking at still now is a section two three

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<v Speaker 1>two investigation into chips, And for Taiwan, actually that was

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<v Speaker 1>always the case because the trade deal they struck had

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<v Speaker 1>a carve out for chips, which is sort of the

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<v Speaker 1>biggest thing in the export to the US. So in

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<v Speaker 1>some respects it was always going to be around these

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<v Speaker 1>specific investigations into sort of really contentious sectors, and I

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<v Speaker 1>think that hasn't really changed. So even though it's sort

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<v Speaker 1>of a headline win in some of these ways. For

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<v Speaker 1>some of these countries there are sort of more potent

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<v Speaker 1>measures down the pipeline and Brendan.

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<v Speaker 5>If we talk about winners someone's losing, which countries would

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<v Speaker 5>you place on that list and why?

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<v Speaker 4>The United Kingdom for months has said we negotiated the

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<v Speaker 4>best deal of a ten percent rate with President Trump

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<v Speaker 4>last year. Now this across the board fifteen percent. Does

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<v Speaker 4>that mean they're one of the losers in this? Are

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<v Speaker 4>they going to get a special carve out in however

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<v Speaker 4>the implementation from the White House goes ahead. We haven't

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<v Speaker 4>talked yet about Canada and Mexico. They've been carved out

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<v Speaker 4>of the fifteen percent because they're USMCA partners with the US,

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<v Speaker 4>so in that case they're not really delta setback. But

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<v Speaker 4>they are in the process of renegotiating that North American

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<v Speaker 4>Free Trade Agreement, and Trump, with all of his displeasure

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<v Speaker 4>with the Supreme Court, may find Canada and Mexico as

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<v Speaker 4>outlets to vent his frustration at because he has really

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<v Speaker 4>gone after Canada recently Mexico to a lesser degree. But

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<v Speaker 4>if those negotiations were expected to go smoothly before, now

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<v Speaker 4>the President without his favorite tariff tool has got to

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<v Speaker 4>take another approach, and those two economies could be in

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<v Speaker 4>for a rough ride over the coming months.

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<v Speaker 5>And it seems like countries like Japan and South Korea

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<v Speaker 5>that had negotiated a fifteen percent terror freight, it looks

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<v Speaker 5>like they've now just also lost their competitive advantage as well,

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<v Speaker 5>right if everyone else gets fifteen percent?

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<v Speaker 1>Yeah, absolutely. And I think if you're these trade negotiators

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<v Speaker 1>and you've spent like the last year painsaking me, having

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<v Speaker 1>these meetings and sort of working out these deals, convincing

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<v Speaker 1>your companies to get behind you, it must be so

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<v Speaker 1>frustrating to wake up and to sort of realize that

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<v Speaker 1>hard work has sort of been for nothing. At the

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<v Speaker 1>same time, it makes it harder for Japan South Korea

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<v Speaker 1>to sort of say that their trade deals are invalid

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<v Speaker 1>because the tariffs are actually where they negotiated them to

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<v Speaker 1>be at. So in a way, it's kind of stays

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<v Speaker 1>quo for them.

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<v Speaker 2>After the break, how the last year of tariff drama

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<v Speaker 2>has shifted the global trade balance and what consequences the

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<v Speaker 2>latest twist could have for the Shi Trump meeting next month,

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<v Speaker 2>We're back with more from Big Take Asia host juanha

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<v Speaker 2>in conversation with Brendan Murray, who runs Bloomberg's trade coverage,

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<v Speaker 2>and Jenny Marsh, who covers the economy of Northern Asia

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<v Speaker 2>from Hong Kong.

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<v Speaker 5>Certainly, the US as it stands is still at this

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<v Speaker 5>point the biggest destination for global manufacturers. To what degree

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<v Speaker 5>do you think the trade war changed that.

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<v Speaker 4>We just got the US's year end trade balance figures,

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<v Speaker 4>and if you look at the top ten US trading partners,

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<v Speaker 4>they really didn't shift around all that much. China's share

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<v Speaker 4>of trade fell quite a bit. It's been falling for

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<v Speaker 4>a couple of years now as the tariffs you know,

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<v Speaker 4>take effect, But it's still Canada and Mexico at the top.

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<v Speaker 4>You know, a couple of European countries, South Korea, Japan

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<v Speaker 4>are in the top ten. Nothing has really changed to

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<v Speaker 4>a significant degree in a sort of like structural way.

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<v Speaker 4>This is much more of a slow burn change in

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<v Speaker 4>the global trading system than a sudden shock to the system.

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<v Speaker 4>But we're heading into a new chapter now, and I

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<v Speaker 4>guess in.

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<v Speaker 5>Some ways I mean that the trade war has also

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<v Speaker 5>caused this fundamental shift as well, right, I mean in

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<v Speaker 5>terms of certainly companies feeling that they can't rely just

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<v Speaker 5>on the US as the main dominant market. They've got

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<v Speaker 5>to find other customers in other parts of the world. Jenny,

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<v Speaker 5>how has a country like China taken advantage of this

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<v Speaker 5>asymmetry in global trade.

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<v Speaker 1>I think China is one of the best and most

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<v Speaker 1>stock examples of just trade rerouting. You know, by the

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<v Speaker 1>end of last year, China's exports to the US the

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<v Speaker 1>kind of just attempt center its total exports, and that's

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<v Speaker 1>half the first trade war, you know, and you saw

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<v Speaker 1>the surge and exports instead to Europe, Latin America, Africa.

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<v Speaker 1>Export has just found other markets. And then you know,

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<v Speaker 1>China finish the year with that one point two trillion

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<v Speaker 1>dollar trade surplus, which no one was expecting it would

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<v Speaker 1>be able to record in a year where it's facing

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<v Speaker 1>the highest US tariffs, you know, in nearly a century.

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<v Speaker 1>So they prove that you can diversify and find other markets.

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<v Speaker 1>And it's also then you know, it's taken an advantage

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<v Speaker 1>of not only the trade war, but I think just

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<v Speaker 1>the general volatility of Trump right just sort of warm

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<v Speaker 1>its relationships and warm its trade ties with other countries.

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<v Speaker 1>You know, you saw Mark Carney come at the beginning

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<v Speaker 1>of this year and talk about a new world order

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<v Speaker 1>in China striking a bunch of trade deals with Beijing,

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<v Speaker 1>and then Beijing kind of you know, handing out an

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<v Speaker 1>olive branch by rolling back tariffs that it had imposed

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<v Speaker 1>on Canada, and then Canada is saying, okay, right, you know,

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<v Speaker 1>we're going to let in a certain quotua of Chinese

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<v Speaker 1>electric vehicles into Canada, which something they had resisted to

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<v Speaker 1>align with the US. That seemed like a landmark moment.

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<v Speaker 1>And then you had kist Arma coming just very shortly

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<v Speaker 1>afterwards and trying to achieve something similar. So I think

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<v Speaker 1>China sees that other countries now need to diversify, and

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<v Speaker 1>it's repositioning itself as sort of a land of opportunity

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<v Speaker 1>at a time when people really are desperate from new

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<v Speaker 1>growth drivers and are now worlling to sort of overlook

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<v Speaker 1>some of the different issues or the difficult issues that

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<v Speaker 1>has sort of stopped them being so favorable to trade

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<v Speaker 1>with Beijing, such as the war in Ukraine, human rights issues.

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<v Speaker 1>People are now kind of they're being more pragmatic because

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<v Speaker 1>it's a more kind of dangerous world in terms of trade,

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<v Speaker 1>going into the trade war economists for saying tariffs at

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<v Speaker 1>sixty percent are going to like decimate the Chinese economy.

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<v Speaker 1>No way, They're going to sort of come out of

0:12:49.920 --> 0:12:54.200
<v Speaker 1>this unscathed. Quite stark economic predictions. None of that came

0:12:54.240 --> 0:12:57.520
<v Speaker 1>to pass. You know, exports surged and they hit their

0:12:57.520 --> 0:13:00.800
<v Speaker 1>growth target of about five percent, so it didn't really

0:13:00.840 --> 0:13:03.160
<v Speaker 1>have a negative impact on China at all.

0:13:03.280 --> 0:13:04.800
<v Speaker 5>In some ways. I mean, that's a feather in China's

0:13:04.800 --> 0:13:05.079
<v Speaker 5>cap r.

0:13:05.240 --> 0:13:05.800
<v Speaker 1>Absolutely.

0:13:06.000 --> 0:13:06.160
<v Speaker 5>Yeah.

0:13:06.200 --> 0:13:07.920
<v Speaker 1>I think the trade will went better for shug Pain

0:13:08.000 --> 0:13:11.360
<v Speaker 1>than he probably ever realized it would do, and it

0:13:11.400 --> 0:13:14.320
<v Speaker 1>probably has rewired trade. Like if those tyrists went away,

0:13:14.360 --> 0:13:18.440
<v Speaker 1>now what company start selling back into American markets? Maybe

0:13:18.440 --> 0:13:20.760
<v Speaker 1>they would and they'd have even more trade. You know,

0:13:20.800 --> 0:13:21.720
<v Speaker 1>it's hard to predict.

0:13:22.080 --> 0:13:25.040
<v Speaker 5>And Brendan, what's your take on how global trade is doing?

0:13:25.440 --> 0:13:28.199
<v Speaker 5>You know, now that we're nearly a year since Celebration Day.

0:13:28.720 --> 0:13:30.040
<v Speaker 4>Yeah, I mean, if you look at it on a

0:13:30.160 --> 0:13:33.040
<v Speaker 4>sort of annual basis, global trade has held up pretty well.

0:13:33.120 --> 0:13:35.080
<v Speaker 4>But if you go back and look at how it

0:13:35.120 --> 0:13:38.920
<v Speaker 4>transpired over twenty twenty five, it was the front loading.

0:13:39.000 --> 0:13:40.679
<v Speaker 4>It was. It was strong in the first half of

0:13:40.720 --> 0:13:43.679
<v Speaker 4>the year, and then it kind of softened toward the

0:13:43.800 --> 0:13:46.559
<v Speaker 4>end of the year. I think we could be in

0:13:46.640 --> 0:13:49.560
<v Speaker 4>for something similar that a lot of companies will be

0:13:49.600 --> 0:13:53.360
<v Speaker 4>looking at this fifteen percent rate and say this might

0:13:53.400 --> 0:13:54.880
<v Speaker 4>be as good as it gets for the next one

0:13:54.960 --> 0:13:57.360
<v Speaker 4>hundred and fifty days. So let's place our orders now

0:13:57.960 --> 0:14:01.840
<v Speaker 4>so we could see after Chinese New Year, you know,

0:14:01.920 --> 0:14:06.160
<v Speaker 4>a rush to get items in from markets in Asia

0:14:06.520 --> 0:14:09.600
<v Speaker 4>into the US. But that's just going to complicate the

0:14:09.640 --> 0:14:15.680
<v Speaker 4>ability of governments and central banks and economists and markets

0:14:15.720 --> 0:14:19.120
<v Speaker 4>to figure out what is the clear read on the

0:14:19.160 --> 0:14:22.360
<v Speaker 4>global economy. Is it being sort of propped up right

0:14:22.440 --> 0:14:25.760
<v Speaker 4>now by you know, some some panic purchasing and ordering

0:14:25.840 --> 0:14:30.560
<v Speaker 4>and inventory stocking, or is there some genuine demand there.

0:14:32.080 --> 0:14:35.560
<v Speaker 5>Jenny. Trade obviously goes hand in hand with geopolitical ties.

0:14:36.000 --> 0:14:39.240
<v Speaker 5>How might the trade shifts affect political ties between the

0:14:39.360 --> 0:14:41.360
<v Speaker 5>US and its biggest trading partners.

0:14:42.000 --> 0:14:45.240
<v Speaker 1>I think it's already having an impact, right because it's

0:14:45.240 --> 0:14:48.840
<v Speaker 1>this volatility. So US allies are realizing that the US

0:14:48.920 --> 0:14:51.360
<v Speaker 1>is not as a reliable partner, not just in terms

0:14:51.440 --> 0:14:53.560
<v Speaker 1>of sort of military spending, but in terms of trade

0:14:53.600 --> 0:14:57.000
<v Speaker 1>as well. You know, you embrace Trump's trade war, you say, okay,

0:14:57.480 --> 0:14:59.600
<v Speaker 1>we'll make the deals we'll do the investment, we'll put

0:14:59.600 --> 0:15:04.040
<v Speaker 1>in the and then turns out they aren't legal after all,

0:15:04.440 --> 0:15:06.520
<v Speaker 1>and then you have to sort of renegotiate and go

0:15:06.640 --> 0:15:09.320
<v Speaker 1>back all over again. So I think it just dnse

0:15:09.480 --> 0:15:12.280
<v Speaker 1>US credibility. No one's going to turn their back on

0:15:12.320 --> 0:15:14.720
<v Speaker 1>the US. It's too powerful, and it still is a

0:15:14.800 --> 0:15:19.160
<v Speaker 1>huge military guarantee, particularly countryside Japan in this region. But

0:15:19.320 --> 0:15:21.560
<v Speaker 1>at the same time, there is a clear need to

0:15:21.560 --> 0:15:24.000
<v Speaker 1>make sure you have a range of partners in all

0:15:24.040 --> 0:15:25.800
<v Speaker 1>of your eggs and not just in one basket.

0:15:26.120 --> 0:15:28.920
<v Speaker 5>Now President Trump is expected to meet President she at

0:15:28.920 --> 0:15:31.600
<v Speaker 5>a summit Embinging at the end of March. How does

0:15:31.640 --> 0:15:35.120
<v Speaker 5>the Supreme Court ruling change the balance of power at

0:15:35.160 --> 0:15:37.240
<v Speaker 5>the negotiating table when they meet.

0:15:37.720 --> 0:15:40.120
<v Speaker 1>This could be the sort of the first test, if

0:15:40.120 --> 0:15:43.240
<v Speaker 1>you like, real test of how the Supreme Court sort

0:15:43.240 --> 0:15:46.000
<v Speaker 1>of changes some of these deals. It will be interesting

0:15:46.040 --> 0:15:49.160
<v Speaker 1>to see sort of how strongly the Chinese play their hand.

0:15:49.800 --> 0:15:51.440
<v Speaker 1>On the other hand, I don't think they want to

0:15:51.480 --> 0:15:53.440
<v Speaker 1>rock the boat too much. You know, the US channel

0:15:53.440 --> 0:15:57.120
<v Speaker 1>relationship has kind of calibrated nicely, and even this year

0:15:57.120 --> 0:16:00.320
<v Speaker 1>you've seen Trump, you know, take on so many parts

0:16:00.720 --> 0:16:04.000
<v Speaker 1>with his claims around Greenland, you know, so much term

0:16:04.240 --> 0:16:07.600
<v Speaker 1>at European partners admid all of that. It has stayed

0:16:07.640 --> 0:16:10.400
<v Speaker 1>quite calm with the Chinese, and I think both sides

0:16:10.440 --> 0:16:15.080
<v Speaker 1>are very committed to sort of keeping that stability going.

0:16:15.200 --> 0:16:19.240
<v Speaker 1>So maybe they just decide the status quoba is a

0:16:19.280 --> 0:16:20.560
<v Speaker 1>good thing. You know, it's a beat to have a

0:16:20.560 --> 0:16:22.840
<v Speaker 1>bed in the hand and two in the tree, and

0:16:22.880 --> 0:16:26.600
<v Speaker 1>they keep sort of targeting that. But certainly she has

0:16:26.600 --> 0:16:28.360
<v Speaker 1>more options now than he did a few weeks ago.

0:16:29.560 --> 0:16:32.680
<v Speaker 5>What would be the dream scenario for a president Shoe.

0:16:32.400 --> 0:16:35.280
<v Speaker 1>Hu Jinping has two things he really cares about getting

0:16:35.320 --> 0:16:38.840
<v Speaker 1>from the US. It has access to the highest end

0:16:38.840 --> 0:16:42.760
<v Speaker 1>in video chips, and it is some kind of concession

0:16:42.800 --> 0:16:45.400
<v Speaker 1>on Taiwan. And I think if you're sat in beaging

0:16:45.480 --> 0:16:47.520
<v Speaker 1>thinking what's the biggest thing I can get here? If

0:16:47.520 --> 0:16:50.200
<v Speaker 1>it's my best moment, then you're going to push. And

0:16:50.240 --> 0:16:53.240
<v Speaker 1>Trump has already signaled that he actually is. He's much

0:16:53.280 --> 0:16:56.200
<v Speaker 1>more open to giving them those top chips than any

0:16:56.200 --> 0:16:59.480
<v Speaker 1>other US leader or politician is. And then on Taiwan,

0:16:59.520 --> 0:17:03.640
<v Speaker 1>they want to stronger language around opposing Taiwan independence, which

0:17:03.680 --> 0:17:05.920
<v Speaker 1>would be a big blow for Taiwan if that language

0:17:06.000 --> 0:17:09.639
<v Speaker 1>changes and They want Trump to stop selling Taiwan so

0:17:09.680 --> 0:17:11.600
<v Speaker 1>many weapons.

0:17:11.440 --> 0:17:12.920
<v Speaker 5>So he could actually get what he wants.

0:17:13.040 --> 0:17:14.600
<v Speaker 1>It should Yeah good.

0:17:20.640 --> 0:17:23.560
<v Speaker 2>This is the Big Take from Bloomberg News. I'm Sarah Holder.

0:17:24.119 --> 0:17:27.040
<v Speaker 2>The show is hosted by me, David Gera, and Juan ha.

0:17:27.760 --> 0:17:31.480
<v Speaker 2>There's much more on Bloomberg dot com. Get unlimited access

0:17:31.520 --> 0:17:33.720
<v Speaker 2>to all of our coverage at a special rate for

0:17:33.800 --> 0:17:38.520
<v Speaker 2>listeners at Bloomberg dot com slash podcast offer. Thanks for listening.

0:17:38.800 --> 0:17:39.760
<v Speaker 2>We'll be back tomorrow.