Big Take Asia: The Chinese Toy Defying Tariffs
Chinese toy company Pop Mart is one of the hottest stocks this year thanks to the wild popularity of its Labubu dolls and other blind box toys. On today's Big Take Asia podcast, host K. Oanh Ha talks to Bloomberg Opinion's Shuli Ren about how the company's business model could help it ride out the trade-war storm.
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Business Insider
2 hours ago
- Business Insider
Sector Spotlight: Instagram, TikTok coming to a TV screen near you
Welcome to the latest edition of 'Sector Spotlight,' where The Fly looks at a new industry every week and highlights its happenings. Confident Investing Starts Here: TECH SECTOR NEWS: Germany's data protection commissioner, Meike Kamp, has asked Apple (AAPL) and Google (GOOGL) to remove Chinese AI startup DeepSeek from their app stores in the country due to concerns about data protection, Reuters reported. The two U.S. companies must now review the request promptly and decide whether to block the app in Germany, she said in a statement on Friday, according to the report. According to EU's competitive chief Teresa Ribera, the European Union's crackdown on Apple, Meta (META), and Google (GOOGL) is not a bargaining chip in negotiations with the U.S. President Donald Trump, Samuel Stolton and Oliver Crook of Bloomberg wrote. In an interview, Ribera rejected suggestions that the enforcement of the Digital Markets Act, DMA, may be sacrificed to dodge punitive EU tariffs pitched by the White House. 'Of course not,' Ribera said on Bloomberg TV. 'We do not challenge the United States on how they implement their rules or how they adopt regulations. We deserve respect in the same way.' Meta's Instagram and TikTok are working on versions of their apps customized to run on TV screens, following YouTube's success in attracting a TV audience, The Information's Kaya Yurieff and Kalley Huang reported. A group of authors have filed a lawsuit against Microsoft in a New York federal court, claiming the company used nearly 200,000 pirated books without permission to train its Megatron AI model, Reuters' Blake Brittain wrote. Kai Bird, Jia Tolentino, Daniel Okrent and several others alleged that Microsoft used pirated digital versions of their books to teach its AI to respond to human prompts. The complaint against Microsoft came a day after a California federal judge ruled that Anthropic made fair use under U.S. copyright law of authors' material to train its AI systems but may still be liable for pirating their books. Earlier in the week, a federal judge has found Anthropic's use of books to train its AI models was legal in some circumstances, but not others, Meg Tanaka of The Wall Street Journal reported. Judge William Alsup of the Northern District of California ruled Anthropic's use of copyrighted books for AI model training was legal under U.S. copyright law if it had purchased those books. The ruling does not apply to the more than 7M books the company obtained through 'pirated' means. Anthropic is backed by Amazon (AMZN) and Google. Vasi Philomin, Amazon Web Services' VP overseeing generative AI development, told Reuters in an email that he has left the e-commerce giant for another company, without providing details. Meta CEO Mark Zuckerberg has hired three AI researchers from Microsoft-backed (MSFT) OpenAI to help with his superintelligence efforts, the Wall Street Journal's Meghan Bobrowsky wrote. The social media giant poached Lucas Beyer, Alexander Kolesnikov and Xiaohua Zhai from OpenAI's Zurich office. The three staff established the Zurich office late last year. OpenAI and Microsoft are in contract negotiations that hinge on when OpenAI's systems will reach artificial general intelligence, The Wall Street Journal's Berber Jin reported. The contract stipulates that OpenAI can limit Microsoft's access to its tech when its systems reach AGI, which Microsoft is fighting. Microsoft hopes to remove the AGI clause or secure exclusive access to OpenAI's IP even after AGI is declared, according to the report. OpenAI CEO Sam Altman had a 'super nice' call with Microsoft CEO Satya Nadella on Monday and discussed their future working partnership, Altman said this week in a New York Times podcast. 'Obviously in any deep partnership, there are points of tension and we certainly have those,' Altman said. 'But on the whole, it's been like really wonderfully good for both companies.' Cloud computing currently generates large profits for Amazon (AMZN), Microsoft (MSFT), and Google (GOOGL), but this now faces a threat with the rise of AI cloud specialists and Nvidia, a new industry power broker, Asa Fitch of The Wall Street Journal wrote. Nvidia launched its own cloud-computing services two years ago and has nurtured upstarts competing with big cloud companies, investing in CoreWeave (CRWV) and Lambda. Amazon plans to invest GBP 40B in the UK over the next three years. Amazon said via LinkedIn: 'This investment builds on Amazon's 27-year history in the UK, where we've grown to employ over 75,000 people across over 100 sites, reaching every region of the country. This historic investment will create thousands of full-time jobs, including 2,000 jobs at the previously announced state-of-the-art fulfillment center in Hull, 2,000 jobs at another in Northampton, and additional positions at new sites in the East Midlands and at delivery stations across the country.' OpenAI has quietly designed a rival to compete with Microsoft Office and Google Workspace, with features that allow people to collaborate on documents and communicate via chat in ChatGPT, The Information's Amir Efrati and Natasha Mascarenhas reported, citing two people who have seen the designs. Launching these features would allow OpenAI to compete more directly against Microsoft, its biggest investor and business partner, the report notes. Starting June 24, a limited number of Waymo autonomous vehicles will gradually become available on the Uber (UBER) app for riders in select areas of Atlanta, Georgia, the company announced in a blog post. The Competition and Markets Authority is proposing to designate Google with 'strategic market status' in general search and search advertising. The CMA will consult on the proposal ahead of a final decision in October. If designated, the CMA would be able to introduce targeted measures to address specific aspects of how Google operates search services in the UK. The CMA has also published a roadmap of potential actions it could prioritize were Google to be designated. Early priorities include: requiring choice screens for users to access different search providers; ensuring fair ranking principles for businesses appearing on Google search; more transparency and control for publishers whose content appears in search results; and portability of consumer search data to support innovation in new products and services. Google search accounts for more than 90% of all general search queries in the UK, the CMA said. CMA CEO Sarah Cardell said: 'These targeted and proportionate actions would give UK businesses and consumers more choice and control over how they interact with Google's search services – as well as unlocking greater opportunities for innovation across the UK tech sector and broader economy.' The CMA welcomes views on its proposed designation decision and accompanying roadmap. A final decision on SMS designation will be made by the deadline of October 13. Apple is in last-minute talks with EU regulators over making changes to its App Store to avoid a series of escalating EU fines due to come into effect this week, The Financial Times' Barbara Moens wrote. People involved in the negotiations say Apple is expected to offer concessions on its 'steering' provisions that stop users accessing offers outside the App Store. Regulators had ordered the company to revise its rules within two months of its initial EUR 500M fine, and people with knowledge of the talks say Apple is expected to announce some concessions that buy the company more time, as the commission would first assess those changes before making a final decision. Discussions have also involved Apple's 'Core Technology Fee,' which requires developers to pay for each annual install after 1M downloads.
The Hill
5 hours ago
- The Hill
Trump moves toward mineral deals
The Big Story The Trump administration is announcing they've reached a trade agreement with China that includes mineral provisions — and is seeking further agreements with Rwanda and the Democratic Republic of the Congo. © Greg Nash The Trump administration reached an agreement with China this week focused on rare earth exports to the U.S., building on previous talks between the two nations that eased tariffs on imports from Beijing. 'We had trade talks in Geneva towards moving toward the agreement in London. Part of the agreement was tariffs coming down and rare earth, rare earth magnets starting to flow back to the U.S.— they formed the core of our industrial base. They were not flowing as fast as previously agreed,' Treasury Secretary Scott Bessent said Friday on Fox Business's 'Mornings With Maria.' The agreement was then signed earlier this week, which the administration is describing as a de-escalation of the U.S.-China trade war. 'I am confident now that we, as agreed, the magnets will flow. In the meantime, we had put countermeasures versus the Chinese in place. We had held back some, the vital supplies for them. So, what we're seeing here is a de-escalation under President Trump's leadership,' Bessent said. Commerce Secretary Howard Lutnick later told Bloomberg TV the deal, which was struck in London, was signed earlier this week. 'The China deal, we inked the deal — you remember, we had a trip to Geneva and then that was being slow-played. We got back together in London and that deal was signed and sealed two days ago,' Lutnick said. Lutnick also told Bloomberg that China will 'deliver rare earths to us' and that afterward, the U.S. will 'take down our countermeasures.' Massad Boulous, Trump's senior advisor for Africa and father-in-law to his daughter Tiffany, told reporters that the U.S. was working on mineral agreements with both the DRC and Rwanda. 'We're negotiating a minerals deal with the DRC for critical minerals. Many American companies have shown interest in investing in the DRC,' he said. 'Same thing with Rwanda. Many American companies have shown interest, and not only in mining, but also in the midstream and downstream, which will be the processing of minerals.' Read more about China from Rachel and The Hill's Alex Gangitano here and read more about Africa from Rachel and The Hill's Laura Kelly here. Welcome to The Hill's Energy & Environment newsletter, I'm Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. Did someone forward you this newsletter? Subscribe here. Essential Reads How policy will affect the energy and environment sectors now and in the future: DRC and Rwanda call for Trump to 'stay committed' after peace deal The top diplomats from the Democratic Republic of Congo and Rwanda urged President Trump to stay committed to enforcing a peace agreement between the two countries signed in Washington on Friday. Record-breaking heat dome disrupts summer school, student activities This week's heat dome put a big hole in summer school. Summer classes and other events for students across the country were disrupted by swelteringly high temperatures, a warning of climate-related education disruptions to come. Environmental groups sue to block 'Alligator Alcatraz' A coalition of environmental groups on Friday sued over the Trump administration's plans to build a detention center in the Everglades that critics have dubbed 'Alligator Alcatraz.' What We're Reading News we've flagged from other outlets touching on energy issues, the environment and other topics: Italy chemical plant execs jailed for pollution (AFP) What Others are Reading Two key stories on The Hill right now: GOP leader sets Saturday vote on Trump 'big, beautiful bill' despite Republican pushback Senate Majority Leader John Thune (R-S.D.) told Senate Republicans to expect to see the legislative text of the budget reconciliation package on Friday evening and then to vote at noon Saturday to begin debate on President Trump's tax and spending bill. Read more 5 takeaways from the Supreme Court's birthright citizenship ruling The Supreme Court handed President Trump a clear victory Friday, stopping judges from issuing nationwide injunctions that block his executive order narrowing birthright citizenship. Read more You're all caught up. See you next time! Thank you for signing up! Subscribe to more newsletters here
San Francisco Chronicle
6 hours ago
- San Francisco Chronicle
U.S., China announce a trade agreement - again. Here's what it means
WASHINGTON (AP) — The U.S. and China have reached an agreement — again — to deescalate trade tensions. But details are scarce, and the latest pact leaves major issues between the world's two biggest economies unresolved. President Donald Trump said late Thursday that a deal with China had been signed "the other day.'' China's Commerce Ministry confirmed Friday that some type of arrangement had been reached but offered few details about it. Sudden shifts and a lack of clarity have been hallmarks of Trump's trade policy since he returned to the White House determined to overturn a global trading system that he says is unfair to the United States and its workers. He's been engaged for months in a battle with China that has mostly revealed how much pain the two countries can inflict on each other. And he's racing against a July 8 deadline to reach deals with other major U.S. trading partners. The uncertainty over his dealmaking and the cost of the tariffs, which are paid by U.S. importers and usually passed on to consumers, have raised worries about the outlook for the U.S. economy. And although analysts welcomed the apparent easing of tensions with China, they also warned that the issues dividing Washington and Beijing are unlikely to be resolved anytime soon. What did the two sides agree to? U.S. Treasury Secretary Scott Bessent said Friday that the Chinese had agreed to make it easier for American firms to acquire Chinese magnets and rare earth minerals critical for manufacturing and microchip production. Beijing had slowed exports of the materials amid a bitter trade dispute with the Trump administration. Without explicitly mentioning U.S. access to rare earths, the Chinese Commerce Ministry said that 'China will, in accordance with the law, review and approve eligible export applications for controlled items. In turn, the United States will lift a series of restrictive measures it had imposed on China.'' The Chinese have complained about U.S. controls on exports of advanced U.S. technology to China. But the ministry statement did not specifically say whether the United States planned to ease or lift those controls. In his interview on Fox Business Network's 'Mornings with Maria,' Bessent mentioned that the United States had earlier imposed 'countermeasures'' against China and 'had held back some vital supplies for them.'' "What we're seeing here is a de-escalation under President Trump's leadership,'' Bessent said, without spelling out what concessions the United States had made or whether they involved America's export controls. Jeff Moon, a trade official in the Obama administration who now runs the China Moon Strategies consultancy, wondered why Trump hadn't disclosed details of the agreement two days after it had been reached. 'Silence regarding the terms suggests that there is less substance to the deal than the Trump Administration implies,″ said Moon, who also served as a diplomat in China. Wait. This sounds familiar. How did we get here? The agreement that emerged Thursday and Friday builds on a "framework'' that Trump announced June 11 after two days of high-level U.S.-China talks in London. Then, he announced, China had agreed to ease restrictions on rare earths. In return, the United States said it would stop seeking to revoke the visas of Chinese students on U.S. college campuses. And last month, after another meeting in Geneva, the two countries had agreed to dramatically reduce massive taxes they'd slapped on each other's products, which had reached as high as 145% against China and 125% against the U.S. Those triple-digit tariffs threatened to effectively end trade between the United States and China and caused a frightening sell-off in financial markets. In Geneva, the two countries agreed to back off and keep talking: America's tariffs went back down to a still-high 30% and China's to 10%. That led to the talks in London earlier this month and to this week's announcement. Where does all this leave U.S.-China economic relations? If nothing else, the two countries are trying to ratchet down tensions after demonstrating how much they can hurt each other. 'The U.S. and China appear to be easing the chokeholds they had on each other's economies through export controls on computer chips and rare earth minerals, respectively,' said Eswar Prasad, professor of trade policy at Cornell University. "This is a positive step but a far cry from signaling prospects of a substantial de-escalation of tariffs and other trade hostilities.'' Trump launched a trade war with China in his first term, imposing tariffs on most Chinese goods in a dispute over China's attempts to supplant U.S. technological supremacy. Trump's trade team charged that China was unfairly subsidizing its own tech companies, forcing U.S. and other foreign companies to hand over sensitive technology in exchange for access to the Chinese market and even engaging outright theft of trade secrets. The squabbling and negotiating of the past few months appear to have done little to resolve Washington's complaints about unfair Chinese trade practices and America's massive trade deficit with China, which came to $262 billion last year. This week's agreement 'includes absolutely nothing related to the U.S.'s concerns regarding China's trade surplus or non-market behavior,'' said Scott Kennedy of the Center for Strategic and International Studies. 'If the two sides can implement these elements of the ceasefire, then they could begin negotiations on issues which generated the initial escalation in tensions in the first place.'' What is happening with Trump's other tariffs? Since returning to the White House in January, Trump has made aggressive use of tariffs. In addition to his levies on China, he has imposed "baseline'' 10% taxes on imports from every country in the world . And he's announced even higher taxes — so-called reciprocal tariffs ranging from 11% to 50% — on countries with which the United States runs a trade deficit. But after financial markets sank on fears of massive disruption to world trade, Trump suspended the reciprocal levies for 90 days to give countries a chance to negotiate reductions in their barriers to U.S. exports. That pause lasts until July 8. On Friday, Bessent told Fox Business Network that the talks could extend beyond the deadline and be 'wrapped up by Labor Day'' Sept. 1 with 10 to 12 of America's most important trading partners. Trump further played down the July 8 deadline at a White House press conference Friday by noting that negotiations are ongoing but that 'we have 200 countries, you could say 200 countries-plus. You can't do that.' Instead of new trade deals, Trump said his administration would in coming days or weeks send out a letter where 'we're just gonna tell them what they have to pay to do business in the United States.'' Separately, Trump took sudden aim at Canada Friday, saying on social media that he's immediately suspending trade talks with that country over its plan to impose a tax on technology firms next Monday. Trump called Canada's digital services tax 'a direct and blatant attack on our country.' The digital services tax will hit companies like Amazon, Google, Meta, Uber and Airbnb with a 3% levy on revenue from Canadian users. It will apply retroactively, leaving U.S. companies with a $2 billion bill due at the end of the month.
