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Trump has appointed Greer, a former chief of staff to trade representative Lighthizer, as his trade chief, signaling a push for aggressive trade policies against China. Greer advocates for strict enforcement of existing trade agreements and new deals with countries like the U.K. and India, while downplaying inflation risks from tariffs. He emphasizes the need for long-term strategic competition with China, despite potential short-term costs for businesses.
Asian stocks faced pressure as concerns grew over potential tariffs from incoming U.S. President Donald Trump, particularly targeting Canada, Mexico, and China. The yuan weakened to 7.2650 per dollar, nearing a four-month low, while the Australian dollar also approached its recent lows. In contrast, the New Zealand dollar rebounded after a smaller-than-expected interest rate cut by its central bank.
China's industrial profits fell 10% in October year-on-year, following a 27.1% drop in September, indicating that stimulus measures have yet to boost corporate earnings. In the Asia-Pacific, markets reacted to Australia's cooling inflation and New Zealand's interest rate cut. On the political front, President-elect Trump appointed Kevin Hassett to lead the National Economic Council, while China dismissed his tariff threats, attributing blame for the fentanyl crisis elsewhere.
Japan's leading chip distributor, Macnica, is pursuing acquisitions in China and India to enhance its market share amid increasing competition. President Kazumasa Hara emphasized the need for scale to navigate the US-China tech rivalry and indicated that a multi-billion dollar investment is likely. Currently holding a 22% market share domestically, Macnica aims to reach 30% by 2030 through both acquisitions and organic growth.
The US dollar steadied against major currencies as investors assessed President-elect Trump's tariff promises and awaited key inflation data. The New Zealand dollar rose following a 50 basis point rate cut by its central bank, while the Israeli shekel reached a three-month high amid a ceasefire agreement between Israel and Hezbollah. The dollar index dipped slightly, reflecting recent volatility influenced by political developments.
China's industrial profits fell by 10% in October, following a 27.1% decline in September, highlighting ongoing deflation concerns despite government stimulus efforts. In the first ten months, profits decreased by 4.3%, while the consumer price index rose only 0.3%. However, retail sales grew by 4.8%, and the unemployment rate improved to 5%.
President-elect Donald Trump is set to announce Jamieson Greer as the new US Trade Representative, emphasizing the significant role of tariffs in his economic strategy. Trump plans to impose a 25% tariff on imports from Canada and Mexico, along with a 10% levy on Chinese goods, despite warnings from economists about potential inflation and increased national debt. Greer, a protégé of former Trade Representative Robert Lighthizer, is expected to be instrumental in executing these trade policies.
Macnica Holdings Inc., a leading Japanese chip distributor, is exploring acquisition opportunities in Asia, including China and India, to enhance its competitiveness against larger rivals. President Kazumasa Hara emphasized the need for scale amid ongoing technological tensions between the US and China, which have led to export controls and supply chain challenges.
Auto insurance costs are expected to rise further due to new tariffs proposed by President-elect Donald Trump. Approximately 60% of car replacement parts in the U.S. are imported, primarily from Mexico, China, and Canada. Increased tariffs will elevate parts costs, which constitute about 40% of average repair bills, leading insurers to raise rates.
The dollar strengthened after President-elect Donald Trump announced plans for additional tariffs on Mexico, Canada, and China, disrupting expectations for a more moderate economic approach. The Bloomberg Dollar Spot Index rose by 0.4%, while the Canadian dollar and Mexican peso fell significantly, with the latter dropping over 2%. In response to the dollar's rise, the People's Bank of China intervened to support the yuan by setting a stronger daily fixing than anticipated.
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