Bloomberg: The China Show 06/05/2025
'Bloomberg: The China Show' is your definitive source for news and analysis on the world's second-biggest economy. From politics and policy to tech and trends, Yvonne Man and David Ingles give global investors unique insight, delivering in-depth discussions with the newsmakers who matter. (Source: Bloomberg)
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Yahoo
an hour ago
- Yahoo
Trump Says Xi to Restart Rare Earth Flows, Sets Date for Talks
(Bloomberg) -- President Donald Trump said his Chinese counterpart Xi Jinping had agreed to restart the flow of rare-earth materials, as negotiators from the two nations prepare to resume trade talks on June 9 in London. Next Stop: Rancho Cucamonga! ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Where Public Transit Systems Are Bouncing Back Around the World US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Trump Said He Fired the National Portrait Gallery Director. She's Still There. The developments come as the world's two largest economies look to resolve a simmering dispute over tariffs and technology that has unnerved markets. Trump and Xi held a 90-minute call on Thursday that saw the two agree to defuse growing tensions spurred by concerns over the flow of critical minerals needed by American firms. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer are set to meet Monday 'with Representatives of China, with reference to the Trade Deal,' Trump said Friday on social media. 'The meeting should go very well.' Earlier talks between the two countries in Switzerland in May resulted in a tariff truce between Beijing and Washington that set the stage for further discussions on trade. But negotiations between the rivals stalled after the Geneva meeting, with both sides accusing the other of violating the agreement that brought down duties from massive highs. The US expressed concerns over the lack of rare-earth magnets essential for American electric vehicles and defense systems, while China bristled at fresh US restrictions on artificial intelligence chips from Huawei Technologies Co., as well as other advanced technologies and crackdowns on foreign students in the US. Asked Friday if Xi had agreed to restart the flow of rare-earth minerals and magnets, Trump told reporters on Air Force One: 'Yes he did.' China also approved temporary export licenses to critical mineral suppliers to major US automakers, Reuters reported earlier. But questions remain about what Trump conceded to Xi in their call, which the US president had eagerly sought. The Chinese Foreign Ministry in a statement said that Trump told Xi Chinese students are welcome to study in the US, and Trump later said it would be his 'honor' to welcome them. The call between Trump and Xi generated some hope on Wall Street for lower duties between the US and China, although investor optimism was limited, citing the lack of details on key matters and the thorny issues that await negotiators. The inclusion of Lutnick in the new round of talks may signal that Trump is willing to reconsider some of the technology curbs that threaten to hobble China's long-term growth ambitions. Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Sign in to access your portfolio
Los Angeles Times
an hour ago
- Los Angeles Times
Stocks will rally despite extended dollar declines, markets survey finds
US equities will put the worst of this year's trade-war turmoil behind them and rally to fresh highs in 2025, according to a survey of Bloomberg subscribers who attended a panel discussion on macro trends. The S&P 500 will climb to 6,500 — a better than 9% increase from Thursday's close — by year-end, according to 44% of the 27 responses in a Markets Live Pulse survey. The index was seen reaching that level by the first half of next year by 26% of participants, with 11% saying it would happen in the second half and the remainder estimating 2027 or later. A rally to 6,500 would likely mean the market fully moves on from concerns that President Donald Trump's tariffs may severely damage the economy. It would represent a substantial recovery from the impact of the trade war, which currently has the US benchmark hovering just above its starting level for 2025. Expectations for the dollar are gloomier, with 68% of the 25 respondents to that question forecasting the US currency will keep falling at least until the first half of next year. That includes the 40% of participants who expect the depreciation trend to extend into 2027. The MLIV panel discussed both whether US exceptionalism in equities was past its use-by date, and the potential that concerns about how sustainable the dollar's haven role has become. The survey responses may be taken to signal doubts that US equities will be knocked from their perch anytime soon, especially given the still-positive impacts from the AI boom expected to feed through into corporate earnings. The dollar's downtrend is seen as far more sustainable. That signals respondents may be leaning into the idea that the currency channel will go on being the clearest expression of concerns regarding US assets in general. If investors are going to be demanding a greater premium to put their money into the US that will come via a lower US dollar level, rather than via sustained, serious declines in nominal asset prices. As for Treasuries, responses were more evenly split. A modest majority, 56% of the 25 who answered that question, expected the 10-year yield to end 2025 at 4.6% or above. That included the 24% of the total who forecast it would be above 5%. The yield was at 4.39% on Thursday. Some 20% saw it dropping below 4%. The MLIV Pulse survey was conducted among Bloomberg clients immediately after MLIV's Money & Macro panel held Thursday on How to Trade the New Markets Regime. Sign up for future surveys here. Reynolds writes for Bloomberg
New York Post
2 hours ago
- New York Post
Trump's immigration, trade policies could cost tourism industry $12B: report
The US economy could lose out on billions of dollars this year as President Trump's policies hamper the tourism industry, according to a report. The administration's mass deportation efforts, costly trade war, anti-LGBTQ legislation and, most recently, a travel ban on 12 countries have hammered foreign arrivals and spurred anti-US boycotts. The backlash from foreign visitors is expected to cost the US economy a whopping $12.5 billion this year, according to the World Travel & Tourism Council. Advertisement However, the organization's estimates have been vastly off the mark in the past. It predicted that growth in the country's travel sector would slow significantly in 2017 after Trump's surprising first election victory, but the number of visitors actually jumped amid a worldwide upswing in tourism. 3 The US economy could lose out on billions of dollars this year as the tourism sector is hammered by policy changes. AP Though Trump has made clear his frustrations with the trade deficit, the projected decline in tourism would only worsen the issue, as spending by foreign visitors in the US is counted toward our exports, according to a Bloomberg report. Advertisement The White House did not immediately respond to The Post's request for comment. Foreign arrivals to the US by air have plunged 2.5% so far this year through April compared to the year before, according to the US International Trade Administration. The largest drop came in March, when arrivals fell 10% after Trump unveiled hefty tariffs on Canada, China and Mexico. Those tariffs, combined with Trump's call to annex Canada as the 51st state, have prompted frustrated Canadians to call for a travel boycott and to stop buying US products. Advertisement Figures on Canadian tourism have not been released by the US yet, but Canada's statistics bureau said trips across the border tumbled 15% in April for the third straight month of decline. Research firms have scaled back their expectations for US tourism this year since Trump took office. Tourism Economics now expects just 66 million visitors – above previous expectations of 79 million – as policy changes prompt travelers to book trips elsewhere, according to Bloomberg. 3 Venezuelan migrants arrive after being deported from the United States at Simon Bolivar International Airport. REUTERS The largest reversal will likely come from Canadians, with visits expected to plunge 20% this year, followed by a nearly 6% drop from western Europe, Tourism Economics said. Advertisement Air carriers like Air France, British Airways and Lufthansa have started to cancel long-haul flights to popular US cities while travel sites like Airbnb, and Expedia have warned that their earnings could be hit hard this year. At least a dozen foreign nations have advised their citizens to use caution when traveling to the US due to the risk of being detained by immigration officials. Others have warned transgender and nonbinary citizens that they could run into trouble using their passports after Trump signed an executive order recognizing 'male' and 'female' as the only two sexes. Global air bookings to the US from May 1 to July 31 are 11% lower than the same time last year, according to Tourism Economics. 3 President Trump departing the White House on Friday for a weekend trip to New Jersey. Getty Images And it's the first year that spending by overseas visitors is expected to fall since the pandemic, with a projected 7% dip to less than $169 billion, according to WTTC. The US is the only economy expected to suffer a tourism revenue decline this year out of the nearly 200 economies tracked by the WTTC.
