Tariffs Catch-All

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Speaking before a room full of policymakers from midwestern Canada and the United States, former prime minister Stephen Harper said the ongoing trade war with the U.S. is a "wake-up call" for Canada to diversify its trade and export markets.

"I was — I think it's fair to say — probably the most pro-American prime minister in Canadian history," Harper said of his tenure from 2006 to 2015.

If the current government asked him a year ago for advice on U.S. President Donald Trump being re-elected and wanting to renegotiate trade, he says he would have thought it was a real opportunity for Canada to deepen its economic and security partnership with the United States.

"However, when this government did actually ask me a few weeks ago ... my advice was the opposite," he told the Midwestern Legislative Conference, an annual non-partisan event being held in Saskatoon this year under the shadow of the ongoing U.S.-Canada trade war.

Harper called the trade war unfortunate, but said Canada has become "grossly" overly reliant on the U.S. — "independent of the current disputes" — and there is no reason for that.

"Just because we have that geographical proximity does not justify the degree of dependence that we have on a single market," he said.
 
Financial Times


South Korea and the US are struggling to finalise the terms of their trade deal, as Seoul resists pressure from Washington to allow Donald Trump to decide where billions of dollars of its capital should be invested in the US.Seoul’s trade minister Yeo Han-koo is in Washington for talks with US trade representative Jamieson Greer, more than two months after the two sides announced South Korea would make $350bn in American investments in exchange for the US reducing its threatened tariffs from 25 to 15 per cent.“The devil is in the details. We are in tense negotiations over the details,” Yeo said upon arriving in Washington on Monday.The South Korean government has balked at Washington’s insistence that it follow Japan’s lead in letting Trump decide where hundreds of billions of dollars’ worth of its capital is invested in the US, according to several people familiar with the talks. Relations have also been strained by the detention of hundreds of Korean workers in Georgia in an immigration raid.“We will not conduct negotiations that are not rational or fair — that’s why it is difficult,” said South Korea’s leftwing president Lee Jae Myung last week. “On the surface, the ongoing talks appear rough, aggressive, excessive, irrational and nonsensical, but the final conclusion will end up being rational.”
 
Allowing Trump to pick how Japan and South Korea should invest their money would be a strategic mistake. Never say never with Trump, but I don't see them agreeing to that.
 
Republican House Speaker Mike Johnson called China an “adversary” of the U.S. on Wednesday after a report that the country has told tech companies to stop buying Nvidia’s artificial intelligence chips.

The Cyberspace Administration of China ordered companies to halt purchases of Nvidia’s RTX Pro 6000D, a chip that was made for the country, the Financial Times reported, citing people familiar with the matter.




“They steal our intellectual property,” Johnson told CNBC’s “Squawk Box” on Wednesday. “They have no regard whatsoever for U.S. trademark law or any of the other provisions that make for fair trade agreements. It is not the fault of the United States that there are these strained relations.”

Johnson’s comments coincided with remarks from Nvidia CEO Jensen Huang at a news conference Wednesday in London.

“We can only be in service of a market if a country wants us to be,” he said in response to the ban on the company’s chips. “I’m disappointed with what I see, but they have larger agendas to work out between China and the United States.”

...
Last month, the White House reached a deal with Nvidia and competitor Advanced Micro Devices to obtain the export licenses to restart certain chip sales to China.

As part of the deal, both companies agreed to pay 15% of the sales to the U.S. government.

Earlier this year, the Trump administration told Nvidia that it would require a license to sell its China-designed H20 processors in the country.

The company previously created the chip to circumvent prior restrictions on AI chip exports instituted under the Biden administration due to national security concerns.


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TLDR:
• US put export controls on NVIDIAs chips so China couldn’t buy them and compete in AI

• NVIDIA designed export controls compliant chips for the Chinese market

• China says no thanks we don’t want those limited chips, we'll make our own

• MAGA Mike says "that's not fair!"
 
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