China is only 3-6 months behind US in AI, Trump official says
China
is three to six months behind the United States in
artificial intelligence
, White house
AI
and crypto czar David Sacks said Tuesday at an event in Washington, warning that excess US AI regulation could damage American innovation in the industry.
"China is not years and years behind us in AI. Maybe they're 3-6 months," said Sacks, speaking at the AWS summit in Washington. "It's a very close race."
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Time of India
43 minutes ago
- Time of India
Trade deal lacks fine print, raising doubts over US-China truce: Shaun Rein
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel "You can have companies, the big automakers like Ford and GM are rumoured to say, we need to relocate our manufacturing to China, so we can get access to rare earths despite the heavy tariffs that they would then incur by going into the United States. But here is the thing, China's media has been a lot more circumspect with the details of this so-called trade agreement," says Shaun Rein, China Market Research is a great and big question. Trump is saying the deal has been signed and he has been talking about that the Chinese are going to send rare earths and magnets in advance to whatever the United States needs because what you have seen in the last month is the lack of rare earths that were exported to the United States has really crippled the American economy You can have companies, the big automakers like Ford and GM are rumoured to say, we need to relocate our manufacturing to China, so we can get access to rare earths despite the heavy tariffs that they would then incur by going into the United States. But here is the thing, China's media has been a lot more circumspect with the details of this so-called trade has said the rumour is that they will give maybe export licenses to rare earths on a six-month trial basis to American companies. So, basically Trump is exaggerating the win in his mind and China is being a lot more honest probably saying well we do not have all the details ironed out, we want to come to an agreement but quite frankly China has the upper hand in the trade war with the United States right that the United States makes except for semiconductors, the Chinese can buy elsewhere. So, instead of buying American beef, they are buying Australian beef; instead of buying American oil, they are buying Canadian oil; instead of buying American soybeans, they are buying Brazilian soybeans. So, what you have seen is that there is a total shift in trade patterns and a total shift in power and China is at the top of the triangle, the top of the pyramid right now in terms of buying goods and trading goods from other countries. We are seeing a shift in world order right I mean that that is not true. I mean, Chinese equity markets are up 15-16% since the start of the year while the S&P 500 is only up about 2%. So, it is quite clear that the Chinese Hong Kong equity markets are outperforming the United States right the equity markets also do not necessarily reflect the economy. So, what you are seeing right now is Abigail Johnson, who is the head of Fidelity , the rumour is today that her private investment house is going to be selling 40 Chinese tech companies that they have long held because they are worried about the regulatory and I have been talking with a lot of mutual funds, I have been talking with a lot of LPs like pension funds and endowments and they are getting huge pressure from not just Trump , but previously under the Biden regime to derisk by not investing in Chinese equities, so that does not mean the economy is bad, that just means more oppression and bullying from the United States because they are trying to really contain China's economic might have happened eight years ago and that might have worked eight years ago. But the big problem is the United States has gone after Europe. The United States has gone after Canada. You even hear Howard Lutnick, the Secretary of Commerce , criticised India last week and said, why is India buying Russian weapons, they should be buying American the reality is the United States under Trump and Biden has been bullying people all around the world. And I think at some point the global south or I prefer to call it the global majority is saying you know what, let us not deal with all the drama, let us not deal with weaponization of the US dollar, weaponization of technology and let us move closer towards China where we have a lot more stable relations with Australia for instance, Australian dollar has strengthened in the last couple weeks because basically Australia is a proxy for China. Australia's economy does well when China's economy does well, whether it be buying iron ore, whether it be buying tourists going to Australia to buy products, so that is why the Aussie has strengthened and the US dollar is weakened. Now when it comes to liquidity and volume going back towards China, we are still at a very initial of the global funds only have about 25% of their holdings exposed to China. I recommend retail investors to have 15% to 20% because of the volatility and the regulatory we are seeing in my conversations with institutional investors like hedge funds that they want to come back into China, but they have not come back yet. Now, that gives a great opportunity for speculators and people who have a high-risk appetite to trade in front of the institutional personally, I am getting more exposure to Hong Kong equities the last six months because I am trying to front run what the hedge funds are doing because they still have not quite gotten into the markets yet and they will in the next three to six months because they have to make the business case, China is outperforming the S&P the United States needs a deal. Frankly, China controls about 30-35% of global manufacturing. So, America might have the money, they might have the capital, but they need to buy the products from China. At the end of the day, China makes not just rare earths, about 90% of refined rare earths, but they also make most of the ibuprofen, most of the of the antibiotics in the world comes from China. So, at the end of the day, that is real leverage. So, for instance in 2017, 18% of Chinese exports went to the US, that number is down to 14%. China on the other hand has shifted and exports to Asean, has gone up to 16%.So, basically, it is a game of chicken right now. China's economy is hurting, do not get me wrong. There are about 15 million people who are involved in the export sector. You have seen that the CPI index has dropped about 0.1%. So, we are dealing with the D-word, the economy in China is not booming, but China is not going to blink. They have the resolve to push hard back against Trump and Scott Bessent and Howard Lutnick because at the end of the day, the Americans need to buy from China. They cannot buy antibiotics from any other country in the world except for a little bit from India.
Mint
2 hours ago
- Mint
INR vs USD: Rupee strengthens against US dollar amid Fed rate cut bets, US-China trade deal. Where's rupee headed now?
Rupee appreciated 8 paise against the US dollar on Thursday, led by a weak American currency, amid rising expectations of US Federal Reserve interest rate cuts. A fall in crude oil prices also supported the local currency, while outflows of foreign funds from the Indian stock market capped further gains. The rupee opened 8 paise higher at 85.43 against the US dollar from its previous close, before falling to 85.46. The rupee had settled at 85.51 against the US dollar on Wednesday. The US dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07% to 99.02. 'US-China trade deal is negating the trade war and starting a risk-on sentiment supporting emerging markets, including India. US inflation data has amplified market expectations of a Fed rate cut, further fueling dollar weakness and global risk-on appetite. Adding to the dynamics, Wednesday's US Treasury auction saw robust demand, with bids reaching 2.52 times the amount on offer. This renewed confidence drove yields down towards 4.4%, reducing the dollar's appeal,' said Amit Pabari, MD, CR Forex Advisors. Investors will watch out for India's retail inflation data or CPI data later today, which could determine the range for the rupee. 'The dollar index weakened below 98.5, approaching its lowest levels since early 2022, following renewed tariff threats from President Donald Trump. The dollar has faced sustained selling pressure this year as trade policy uncertainty continues to erode investor confidence in US assets,' said Jigar Trivedi, Senior Research Analyst at Reliance Securities. A fall in crude oil prices also supported gains in the local currency. Brent crude oil prices dropped 0.39% to $69.50 per barrel in the futures trade. The Indian stock market traded lower after opening in the green. The 30-share BSE Sensex was down 135.78 points, or 0.16%, at 82,379.36, while Nifty 50 fell 35.40 points, or 0.14%, to 25,104 . 35. Jigar Trivedi said that the outlook for the US dollar index is bearish, and for the intraday today, 98.00 is the support and resistance is 99.20. According to Amit Pabari, the USDINR pair is likely to face strong resistance near 85.80 - 86.00, while an immediate support is at 85.40 - 85.50. 'A breach on either side of the zone could trigger a sharp momentum of 50 paise in that direction. Given the recent surge in crude prices, the rupee is likely to find support and move towards the 85.80 – 86.00 levels,' said Pabari. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
2 hours ago
- Time of India
US tech company penalised by Department of Justice for favouring H‑1B visa workers over American candidates
The US Justice Department has penalized Epik Solutions, a California-based tech recruiter, for discriminating against American workers in favor of H-1B visa holders. This settlement, the first under the revived "Protecting US Workers Initiative," addresses violations of the Immigration and Nationality Act. Epik Solutions must pay a civil penalty, revise hiring policies, and cease discriminatory advertising practices. Tired of too many ads? Remove Ads Pay $71,916 as civil penalty to the US government Revise its hiring and recruitment policies Undergo compliance training Cease the practice of placing ads that exclude US workers Tired of too many ads? Remove Ads The US Justice Department has penalised California-based tech recruiter Epik Solutions for discriminating against American workers in favour of foreign H‑1B visa holders, as per a report by the Times of India. The action marks the first settlement under the revived 'Protecting US Workers Initiative.'An investigation found that Epik Solutions violated the Immigration and Nationality Act (INA) by posting job advertisements that excluded US citizens and gave preference to H‑1B visa the terms of the settlement, the company has agreed to:The Department emphasised that this move signals stricter enforcement against discriminatory hiring.'Protecting American workers from unlawful discrimination in favour of foreign visa workers is a top priority of the Justice Department's Civil Rights Division,' said assistant attorney general for civil rights, Harmeet K. Dhillon to TOI. She further stated, 'The days of the federal government looking the other way on American workforce protection are over.'The 'Protecting US Workers Initiative' was relaunched to ensure that US citizens are not unfairly excluded from employment opportunities . Epik Solutions' settlement is expected to serve as a warning to other firms employing similar practices.(With inputs from TOI)
