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On August 27th, Politico reported that tech companies have launched an intensive lobbying effort to persuade the Trump administration to scale back the anticipated chip tariffs, bringing them closer to the tariff plan announced by Trump earlier this year. This policy grants broad exemptions for data centers and other domestic uses, thus limiting the tariffs impact. Lobbies argue that the tariffs will make it harder for U.S. companies to obtain the quantities of semiconductors needed for the booming development of artificial intelligence, thereby slowing the expansion of data centers. At this time, U.S. tech giants are investing in AI at a record scale, pouring hundreds of billions of dollars into large data center campuses and snapping up expensive, cutting-edge chips needed to run these data centers. "This is probably the dumbest way I can think of to pursue U.S. AI dominance," said a tech industry official from a major industry association who served in Trumps first administration. "Its like crippling yourself at the starting line."On August 27th, the General Offices of four departments, including the Ministry of Industry and Information Technology, issued a notice on launching a special campaign to improve the consistency and quality of road motor vehicle production. The notice emphasizes strengthening publicity and guidance. It calls for organizing a special campaign to promote the upward development of Chinese automotive brands, holding joint brand events such as "Seeing Chinese Cars," focusing on the technology, quality, and service levels of Chinese automakers, telling the stories of Chinese automotive brands, and enhancing their influence. It also calls for researching and establishing standardized, open, fair, and traceable guidelines for third-party evaluation activities in the automotive industry. The notice further emphasizes the need to continuously rectify online chaos in the automotive industry and severely crack down on exaggerated and false advertising. Finally, it stresses strengthening the release of authoritative and professional information, publicly reporting problematic road motor vehicle manufacturers and testing institutions, drawing clear "red lines" and upholding "bottom lines" for the industry, resolutely deterring irrational competition, and guiding the industry to improve product consistency and quality and safety levels.According to Politico, four sources familiar with the matter said that U.S. Commerce Secretary Rutnick is inclined to link tariff reductions for foreign companies with investment in the U.S. chip manufacturing industry in order to stimulate domestic chip production.According to Politico, sources familiar with the matter revealed that a tariff proposal currently under consideration would significantly expand the scope of technology products subject to tariffs, including not only chips but also many products made using chips, such as laptops, game consoles, and servers used in data centers.On August 27th, the National Internet Finance Association of China held a symposium on credit reporting self-regulation in Beijing. The meeting heard reports from the association on its plans to establish a credit reporting working committee, strengthen risk prevention and governance, conduct self-regulatory evaluations of industry institutions, and standardize the behavior of practitioners. The Beijing branch of the Peoples Bank of China required credit reporting agencies under its jurisdiction to implement the spirit of the head offices documents, comply with the self-regulatory management regulations for the credit reporting industry, further enhance their awareness of legal compliance, and strengthen their ability to operate soundly. Participants engaged in in-depth discussions on the current state and development prospects of the credit reporting industry and offered suggestions on credit reporting self-regulation.

Fed Dovishness And Chinese Optimism May Boost Gold And Copper Prices in 2022

Skylar Williams

Nov 30, 2022 11:58

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Gold and copper prices were restrained on Wednesday in anticipation of a speech by Federal Reserve Chair Jerome Powell, but were headed for their largest monthly increase of the year due to hints that future U.S. interest rate hikes are likely to be halted.


Powell is expected to provide additional information on the U.S. economy and monetary policy direction for the remainder of the year when he speaks at a Washington event later in the day. In addition, investors anticipate vital job data from the United States later this week.


According to the minutes of the Federal Reserve's November meeting, a growing percentage of Fed members prefer slower rate hikes in the coming months. Fed speakers have cautioned, however, that sustained inflation is likely to keep U.S. interest rates elevated far into 2024.


The possibility of a smaller rate hike in December gave non-yielding assets such as gold, which had been rising for a month, some solace.


The spot price of gold stayed unchanged at $1,748.99 per ounce, while the futures price decreased 0.1% to $1,747.30 per ounce. On Tuesday, the value of both assets grew by around 1%, and it was anticipated that they would increase by nearly 7% in November - their largest monthly gain since May 2021.


In spite of this, the outlook for gold remains low, given U.S. inflation is well beyond the Fed's annual target. In reaction to prolonged inflation, the central bank may tighten monetary policy to cut prices, a scenario that is bad for gold.


Rising interest rates increased the opportunity cost of holding non-yielding assets, resulting in a precipitous decrease in gold's price in 2018.


Copper prices fell slightly among industrial metals on Wednesday, but remained headed for their best month of 2022.


Copper futures fell 0.1% to $3.6405 a pound, following an increase of 0.7% in the previous session. However, it was anticipated that they would climb by almost 8% in November, their best month since the beginning of 2021.


Copper prices were mostly supported by speculations of loosening COVID-related restrictions in China, the largest copper importer in the world.


The world's top copper importer is facing increasing public ire for its response to the COVID-19 outbreak, prompting rumors that the government could be compelled to suspend restrictive measures.


Despite the fact that China is facing a daily spike in COVID-19 infections that is unprecedented, Beijing has given no such signal as of yet. This has resulted in the reintroduction of tight movement restrictions in several major cities over the past two months, which has had a significant impact on the Chinese economy.

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