Trump Trades Are Being Dialed Back
Photographer: Cynthia Shirk/iStockphoto
Good morning. Trump Trades are being dialed back. The Biden administration is rushing to complete subsidy deals with Intel and others. And anyone for a Sour Cream & Onion martini? We suggest a list of weirdest cocktails you could sample this weekend. Listen to the day’s top stories.
Trump Trades are already being reversed as investors question whether he will actually push through his tariff proposals. The dollar has given back much of its post-election surge while Treasury yields have whipsawed. And with China’s economy facing new risks from Trump’s reelection, Beijing announced a 10 trillion yuan ($1.4 trillion) program to refinance local government debt.
The Biden administration is racing to complete deals designed to boost the US chip industry with Intel, Samsung and others before Trump takes office. The measure is the nation’s most audacious foray into industrial policy since World War II, and has pushed the Washington-led rivalry with Beijing over technology to a critical turning point.