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The United States and Taiwan want closer economic ties. Countries plan commercial agreements focused on technology and supply chains, areas that will now take center stage in the EU’s annual trade talks with Taiwan (see below).
Elon Musk told Tesla executives they couldn’t work remotely. Staff must return to the office 40 hours a week or “we’ll assume you quit,” the CEO said. said in an email to workers.
Sheryl Sandberg retires. The Meta COO helped grow Facebook from a startup to a multi-billion dollar tech giant in his 14 years on the job.
The Bank of Canada raised its rates. Benchmark interest rates rose to 1.5% in an attempt to calm inflation, and the bank indicated more hikes are on their way.
The Chevy Bolt got cheaper. General Motors’ electric car will be among the cheapest in the USA.
The annual trade and investment negotiations between the EU and Taiwan start today. Both sides want to deepen their cooperation in strategic areas such as semiconductors and supply chain resilience. In January, Taiwan launched a billion-dollar credit fund to finance Lithuanian projects following Beijing’s corporate boycott of the Baltic country. In the meantime, the EU needs Taiwan’s semiconductor expertise to boost block chip industry.
4: Where the EU ranks among Taiwan’s trading partners, after China, the United States and Japan
52%: Share of EU exports to Taiwan categorized as “machinery and appliances” in 2021
38.9%: Percentage of Taiwan’s exports to the EU that were information and communications technology in 2019
€64 billion ($64.2 billion): Value of EU-Taiwan trade in 2021
1: Ranking of the EU as a Source of Taiwan’s Foreign Direct Investment
Distribute money on the mainland
In a bid to provide a boost to China’s struggling economy, many cities and provinces have taken steps in recent days to revive consumer demand with consumption vouchers, spending subsidies and handouts. money limited. It’s a good start, but it’s only a drop in the bucket in the Chinese economy.
Here’s how the math is falling apart in Shenzhen:
💸 Consumption vouchers (500 million yuan) ➕ digital currency lottery (30 million yuan) = 0.02% of the city’s GDP
A more impactful national option, suggested by the chief economist of brokerage Zhongtai Securities, might have looked more like this:
💸💸💸 1,000 yuan ✖️1.4 billion citizens = 1.2% of China’s official GDP
In the long term, China will need to rebalance its economy to shift from an economy primarily focused on infrastructure and real estate investment to one in which households get a bigger share of the national GDP.
Reducing fuel taxes won’t help
Officials announced yesterday that New York drivers will not pay state gasoline taxes until the end of 2022. The US state joins at least three others who have cut taxes to relieve record prices gasoline, caused by the troubles in the world oil market caused by the war in Ukraine.
But the gas tax “holiday” is mostly just a way for politicians to ingratiate themselves with voters. In fact, drivers will be more exposed to future price shocks.
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