dime the country. already been blaming their government for mismanaging the economy now they really have more. to add today. it is good to have you with us hello adrian for the going to hear the headlines about syria sudan's transitional government has agreed to normalize ties with israel it's part of a deal that allows the lifting of u.s. sanctions but it hurt sudan's economy so the foreign minister says the deal still has to be approved by a yet to be formed parliament in the country before it can move forward. on the pull bit it's a long process that requires a lot of work so this is an agreement to normalize that took place between sudan and israel and we are now waiting for the completion of the democratic institutions through the formation of the legislative council so that it can decide to ratify this agreement and if that happens then we will begin the steps towards

normalization. from al-jazeera civil more good in sudan's capital khartoum. sudan has been quite weak the economy is completely devastated and crippled and that the us has taken advantage of the sudan's economy to push through now the. foreign minister says that it's not a complete normalization that they will wait for a parliament to be formed before they complete the process of normalization that this is just a thought and how deep that normalization goes will be dependent on the parliament ethiopia's prime minister has dismissed an apparent threat from president trump about the construction of the rene saw he suggested that egypt might blow it up if the project continues if you happy as prime minister says he will continue dialogue with egypt and sudan. there's been more fighting in the going because both armenia and azerbaijan accuse each other of shelling residential areas foreign ministers have met separately the u.s.

secretary of state mike pompei oh in washington the u.s. has posted 84000 new corona virus infections an art installation in washington is highlighting the growing death toll guinea's army is on the streets to quell demonstrations of the president of a condé won a controversial 3rd term security forces dispersed opposition protesters with tear gas by jury as president has acknowledged that many lives have been lost during 2 weeks of protests people continue to block major roads and set fires in lagos has been growing anger over police brutality in nigeria the $20000000.00 people of lagos state but on the 24 hour curfew since tuesday there's the headlines bodies fear after counting the cost thanks to. these days it's hard to filter out the noise and keep track of what's really important the bottom

line tackles the big. united states its people its economy and the way it deals with the rest of the world the bottom line. hello i'm sam is a than this is counting the cost on al-jazeera your look at the world of business and economics this week what does a victory mean for china we'll tell you about among the $1000000000.00 democratic plan to confront beijing is it too little too late why because president xi lays out his vision for a rival to silicon valley can beijing develop its own semiconductor industry plus doing business in africa in the midst of a pandemic from job cuts to rising debt our business is coping.

it's rare to see cross party support for anything in washington but one thing is for certain republicans and democrats believe china's president xi jinping is a threat to global stability but how would the relationship change under a biden presidency china's neighbors hope there won't be what they regard as the bevel and of the obama administration biden has had a 2 decade relationship with china he hoped trade would transform the communist dictatorship he pushed for china to join the world trade organization which it did in 2001 between then and 2013 it's estimated 3200000 jobs have been lost in the u.s. though as its trade deficit grew with china. that's been the crux of trump's rhetoric against the democrats blaming them for china's unchecked economic rise or

though the promise to bring back jobs has failed to materialize one trump struck up a personal relationship with she that didn't stop him from lobbing twitter bombs and tariffs at the country critics like his former advisor john bolton both say trump's approach is driven more by self interest he encouraged the building of reeducation camps to imprison we goes and told she had to deal with hong kong protesters how he liked but the administration believes they're in the midst of a new cold war in september democrat senators announced a $350000000000.00 plan to confront china the bill intends to strengthen the u.s. medical supply chain support new technologies like 5 g. and counter china's predatory economic behavior let's bring this all together within shepherdson now in is the founder and chief economist of pantheon macro

economics an economic research firm located in newcastle in the u.k. good to have you with us so is trump's view of china correct stealing jobs american jobs narrative. well it's a very narrow view of the relationship that the u.s. and china have had since china join the w.t. oh because it's certainly true that u.s. manufacturing has taken a hit chinese manufacturers have gained huge inroads in the american market there's no question about that but of course remember that american consumers have gained enormously from the trade relationship because they've had access to much cheaper consumer goods and would otherwise have been available the problem is there's a classic problem in economics is that the gainers have gained a small amount each through through cheaper products and the losers of lost a lot each because of lost their jobs so that means that you tend to hear about the people who've lost the most rather than those who have gained a little but of course there are hundreds of millions of americans who've gained relative to those who've lost their jobs so the real failure of policy i think has not been the trade relationship of itself it's been the way the politicians have dealt with it they haven't provided sufficient support to people in manufacturing

and to manufacturing companies who they they must have known would be dislocated by the expansion of chokers trying to and those people are being effectively left on their own and they're angry and they're hurt and they have undoubtedly lost out on the other in of a journey in there about in the other side will we talk about jobs being lost in the manufacturing base in the u.s. taking here isn't it also true that it was in fact american elites who move jobs to china where labor costs are cheaper right so blaming china even in terms of manufacturing jobs is now a little bit of an oversimplification here i'm not blaming china and saying is it was a natural consequence of opening china's economy and opening the u.s. open to china through the w.t. oh it was inevitable consequence of businesses would move their activities to where labor was much cheaper and that of course was china where previously they hadn't been able to do that on such a great scale so it was an inevitable consequence but they didn't tell the american people about that in advance or they would never support the deal china's the real

problem is china of course which the other thing the trump has talked about a lot is the theft of u.s. intellectual property which has been outrageous and for. forcing u.s. business isn't a joint venture which they didn't want those sort of things have been going on on a grand scale and it's not just american technology that china stole and syrup in and other countries as well and that i think it's been right of trying to highlight that as one of the few things he's got right an economic policy that it has to stop so it's not simply just the loss of manufacturing jobs is that it's other things that china has done as well have all sort of generated this this anti china sentiment in the u.s. i didn't mean that you are blaming china but trump is obviously do you think there are $350000000000.00 democrat plan will do anything to counter china's lead in 5 g. an artificial intelligence 'd saw even drug supply chains well up the margin maybe i mean of course in a pre-election platforms from presidential candidates aren't necessarily what

becomes an acted after the election because we have to get through the whole political legislative process and it's all very well for presidents to say they're going to wave a magic wand and do great things but obviously reality can intrude in the form of congress so it's far from clear the president biden if he's elected would be able to do all these things if he were to do it then yeah it would make a difference one of the things that china has done is is used state resources to build up the 5 g. technology the green energy technology the pharmaceutical production technology all of these things have been supported by state resources now it's not the us way to do that on such a grand scale but in the past of course it has been the u.s. way for the federal government to spend on things like research and development which has been hugely important the defense and aerospace and other industries so it's not like the u.s. is only a free market economy the government never gets involved but over the last few years a government has taken a step back and the travel ministrations has effectively drifted on this sort of policy so it would be a change of the margin and probably it would be a change for the better but there's

a long way to go so given what you've said about the sort of reality check to magic ones what do you think realistically one can expect from a biden presidency. well a return to some sort of normality i think from from the perspective of the west of the world a shift back to something america that they recognize which is not retreating into itself and which is taking a more global view which i think will be very welcome for some of china's neighbors for example who are feeling very threatened by china's activities in the in the south china sea. and in terms of economic policy will see i think a more aggressive approach to dealing with the coronavirus and we'll see a reversal of some of trump's tax cuts as well and we'll probably see a reset or an attempt to reset the trade relationship with china which probably will involve some sort of pause in the tariffs or maybe even a reversal of the tariffs and an attempt to negotiate from a position of of clarity and understanding so that both sides know what the other side actually is trying to do so but not a lot of work to do on

a whole lot of fronts that's for sure but i do think in terms of the relationship with china there will be an economic research but maybe not a geo political reset because the world has changed over the last few years and china has become a lot more adventurous and aggressive both externally and internally and the u.s. i think us to recognize that that segues nicely into my next question when you look at where china stands today because of the what's happening in taiwan the south china sea its technological lead is it too late for the west to challenge or try and contain china. well depends how you define containment i in nobody wants a shooting war specially the chinese would be my guess but they've they've been given an inch and they've taken any odd because the us a step back from its global leadership role it hasn't pushed back hard against china's actions in hong kong or the way they've been treating the weak people internally it hasn't supported taiwan as aggressively as it would have done under previous administrations and it's done really nothing to check china's military

adventures in the south china sea which is unnerved their neighbors so a shift back in u.s. policy to a more full throated defense of the states around try. and on a more a greater willingness i think to call china out for its behavior internally i think would be a huge change that the chinese have taken american silencers as a reason just to push a bit harder to see how far they can go and the answer is i can go quite a long way and strong because as we know he's he's very fond of dictators and autocrats and so he doesn't do anything about it but i think a vice presidency would be different the certainly the u.s. foreign policy establishment if you like outside troops in a circle who are now running the show but the the the cia and the intelligence agencies i think a very along toward china has been doing and would welcome a shift to a more muscular approach from a new administration that see what happens in november then thanks so much in the shepherdson. president she's been rallying

china's tech evangelist to create a hub that rivals tokyo bay and silicon valley it's more than just a rebranding exercise china's greater bay area is already home to some of the country's biggest tech companies their only problem is china's leadership in 5 g. technology and possibly artificial intelligence which is being built on the back of chips from the united states south korea and taiwan washington is could tailing china's access to technology through sanctions on companies like weiwei and he keep vision chips are critical to a whole host of industries in 2019 china imported chips worth $305000000000.00. in the middle of this clash is taiwan it's been hoping to cash in on chip sales to china beijing also has a claim on the territory taiwan's ts mc is one of the biggest chip manufacturers to while away an apple or it's already said it won't sell chips to china she's push

for technology independence will see china build 70 percent of the chips it uses by 2025 that's up from 40 percent this year still china's chip industry has a lot of ground to make up and could be at least 10 years behind western technology let's bring in our regular tech guru from new york daniel ives is the managing director of equity research with wedbush securities joins us via skype good to have you with us so there's a concern that whenever china chooses a corporate champion it's difficult to see where the state begins and ends right but getting it's a slippery slope because right now it's centrally a core tech war between us and china. are reading this isn't me a big dynamic there are over the next year which can have been bookish and poor boy and i think right now it's a big focus for a messrs. and china plans to spend billions when it comes to getting through tax

cuts and subsidies to try and speed up its semi conducted design and manufacture a base how far is china when it comes to that sector how far behind i should say near right now it's an arms routes when it comes to semi's as well as overall inside she and i think really what you're seeing over the next few years you're going to see significant investments you know upwards of 2 to 3 x. in china because there's of the coupling going on across tac not just in sami's in harder but also software and i think this is something that we're going to see play out and there's me clear winners and losers but right now i mean there is sort of full steam ahead and that's something that's a shot across the bow especially to traditional tech companies in the u.s. situations a bit different we talk about 5 g. an artificial intelligence how far behind is the u.s. i did today will call it 18 months and i think that would you may be conservative

in terms of 5 g. you look where 5 g. is terms of china well ahead 'd and i think it's peaks to really what you've seen with the way in even the broadcom qualcomm tend to merger from 2 years ago that got put on ice i think this is something when it comes to 5 in my opinion covering tech 20 plus years most transformational technology that i've ever seen right now china clearly leads that raised you're going to see the u.s. try to narrow the gap that's going to be the issue over the coming call it 6 to 12 months as is race for 5 g. . where we say perhaps in the u.s. that the state will need to step in more and then when it comes to 5 g. in the u.s. we're going to have to see significant investment you're seeing it from a carrier perspective the brides in the t. and t. the apple just launched an i phone 12 in terms of 5 g. but this is something internal really take the course of 2021 to fully. random

times not on the side which i think you can to see more more consolidation in the u.s. around inside g.e. and you can def have seized more government infrastructure around 5 especially with china's doing on the superhighway so then if you look at the bottom line then we've got quite a lot of state involvement when it comes to the chinese side perhaps we're going to see increasing state involvement on the u.s. side when it comes to other sectors like 5 g. an ai is the free market system failing them but then that's an interesting question i mean when you say mass 5 g. you know especially with china's done right now it's such an arms race that you're starting to see more and more involvement from the government side of course we've seen that in china i think over the course of the next 2 to 3 years you'll start to see clear on the private side winners and losers but for right now to really get the jump start you need to see more government infrastructure because this really

comes down to next call it 2 to 3 years you're going to have that window that opens up and naturally the opportunity not just in the u.s. and china but across europe middle east and you know other sort of packets of geographic strength has received 5 g. takeoffs and for countries like taiwan they call it in the middle of all this right we're going to have to get up some of the biggest customers at least when it comes to the chip maker. and see. yeah they're caught in the crossfire it's an all western standoffs and i think that's where you're seeing quali and others caught between u.s. and china it's a gup on just special what we've seen happen in the us for them but i think it just speaks to in this cold war between us and china you know when many components within taiwan are caught in the middle i think it speaks to the overall supply chain in terms of where taiwan fits i mean that's going to be a big question mark going into next year i'm going to ask you about google so if

you think of the government's case against it i think it's a 1st shot across the bow as you're going up on the d.o.j. to to google i mean to see this bell wavers big tech battle continue to manifest i think a lot of it depends on if you see a blue wave from an election perspective that could give more you know caught antitrust momentum i think right now it's all about law changes in legislation but no doubt i think this is the does it contain risk by the has to 1st step in which can be a multi-year battle 'd against big tech with google front center it's going to be interesting that's for sure thanks so much for your analysis i think it's back to on this. now african countries have reported more than 1000000 coronavirus cases and some 23000 deaths the health crisis is forcing countries to choose between servicing their debts or spending on health services that's according to the i.m.f. while african nations have stepped up funding they need more help from rich nations

and private lenders i.m.f. managing director chris telenor georgieva says african states still need $1.00 trillion dollars in financing through 2023 but there's a shortfall of 345000000000 the pandemic coupled with a collapse in commodity prices and the plague of locusts have hit the african economies particularly hard putting 43000000 more people at risk of extreme poverty according to world bank estimates. millions of jobs have been lost to the pandemic so how are businesses coping against this backdrop joining me now via skype from paris is a may have been the ahmed i mean it is the president and founder of the africa c.f.o. forum good to have you with us so you've had the council this is africa c.e.o. forum is enough being done to support business isn't jobs. are glass half full half empty kind of situation a bit it clearly shows that there is

a long journey for governments to. build stronger economies a more resilient more ordinated if you look at what has been done. little scared by a world economies there was about 10 trillions invested in financial support in western europe before trillions of own these has been done through a better state of measurers stated stay back to ringback loans so should the suspension of taxes. financial support for independent in all of these basically has. about 15 to 30 percent of g.d.p. germany has a investors 30 percent of its g.d.p. . growth in response and i think you look at this situation in africa it's much different most ambitious racial i mean probably south africa have an 8 percent. g.d.p.

some of the largest economy have reacted and vicious and they have reacted swiftly morro south africa have talked about it various plans the. billions of $1.30 i think will 20 or so africa are they have met the same kind of measure it's about their fixie much different challenges 1st of all the pros. of course less the way spanish and the way we intervene center banks don't really money every . 2 words to play with. there's also a rising death question earlier about britain countries that have. i mentioned the margin of intervention much less important but i think one of the most urban problems. a level of sector really most of now are going to companies and the situation makes government interventions very complicated and it has unfortunately

a very dark and back on. the state of actors of the economies in the subpoena of millions of people in business right the government interventions as you rightly stated there are very complicated when you look at organizations like the i.m.f. they calling now in the private sector to step in and try to help with the funding shortfall but is that an easy proposition to make to the private sector when you look at countries like zambia which are facing the possibility of a default on that. yes that's true but to. assemble also who are to a country set up especially stressed a situation you have probably 6 or 7 countries in africa that are in a safe situation but if you look at that's the whole of more 'd than 30 countries have not lived through that at least suspension initiative so.

the situation is not as bad as it looks. any you or so look at the recent trends within the last 10 years a lot of countries have been able to go on the markets and attract private investments and the dow has issued a 10 year or. 4 client court order for 25 percent with great success but in order to do so they need to be very careful in their relationship with investor they need to fight back submission they need to grow their past base and they need to formalize the informal sector are uk talking about previously so has anything then given what you said has anything changed in terms of africa's attractiveness to private equity because before the pandemic it looked like private equity was turning its attention to the continent. that's true yes definitely again how he would have had the situation if you look at the figures of you want to

see your. baby you have the same boat i'm a transaction around 80 but here you go 'd the who value of the transaction have decreed gone and i'm greatly interested and it is 1st semester so it's a collective percent decreased and also when you look at the amount of money raised . we. want to point 7000000000 last year to. plan b. and this year sort. of decreased but. there are some very. future 1st of all when you look at the breakdown of this investment you see that there's a clearing the. road to investing in the sectors of a future the health care and as usual a financial sector and i don't want to have seen last week there was a very big acquisition by

a us company strike they wired for $200000000.00 space back in nigeria and company so definitely we left generate some revenue that that. i think distracting in the coming months so how business is then coping and till those coming months. pick up as we have. basically we as you know i don't know if you are this we are conducting a c.e.o. for every year a partner or a survey we are the light we are surveying 200 of the most important companies in africa to try to understand their. expectations from a profit but he sees their trust in the economy their business great iraqis and of course this year 95 percent of. the players themselves back about her current situation but they offer strong faith in the recovery of the economy about 60

percent of them being that the economy will recover in 2021 and more importantly we are seeing a rising percentage of the us that have a strong. if the long term future and. are very close last year or 73 percent now it is 80 percent so. resilience is definitely has been fascinating talking to you thanks so much thank you and that's our show for this week but remember you can get in touch with us via twitter use the hash tag a.j.c. the see when you do or drop us an e-mail counting the cost of al-jazeera done that is our address there's more for you on line of al-jazeera adult column slash c.t.c. that will take you straight to our page which has an entire episode for you to catch up on. that's it for this edition of counting the cost i'm sam is a than from the whole team here thanks for joining us the news on al-jazeera is

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either it's ability to get a revolution people all call in-depth analysis of the day's global headlines who is it that's really out there on the street inside story on al-jazeera. this is al-jazeera. hello i'm rob matheson and this is the news our live from doha coming up in the next 60 minutes donald trump announces a u.s. brokered deal for sudan and israel to normalize relations palestinians say it's another stab in the back the u.s. president also speaks out against ethiopia's grandeur nacelles down in defense of egypt which fears it could affect its water levels. you're just not going to be able to live that way.