pretty much as i like old times, i didn't say that that would be for 40 years facing realities. what does donald trump's re election mean pretty tough. it is most important that we focus on how to work with president trump thought provoking on self. and your wife is dealing with the climate crisis is a crisis of crisis times perks. there's not just one prices up here, the store on tools to how does era the although i'm adrian said, again, this is counting the cost on al jazeera, your. we can look at the world of business and economics this week. china has moved to support its exports. us ahead of donald trump's anticipated terrace strikes out its drive for self sufficiency. as accelerating is paging,

better prepared for another trade problem with the us this time around. he's a 1000000000 to invest us scope. the best sense is trumps. picked for us treasury secretary kennedy strike the right balance between embracing the president elect policies and maintaining markets to proceed. and chrome is the world's most popular web browser. it's also an important part of google's business for us recognizes at the mountie, the company says, in an attempt to end tech monopolies in 2018. when donald trump loans trade restrictions on china, it's economy was flying high to date, or the nation is struggling with the real estate downtown, a debt crisis, and deflation, all of which a dragging down it's economic growth. this has made many chinese companies shift to focus on sales abroad. bots, us president elect donald trump, has recently found to raise terrace by an additional 10 percent on all chinese imports. as soon as he takes off says this time around,

china looks to be prepared for another trade route. it's announced measures and up supports it gets exports us ahead of us down to the 2nd trump administration. but they enough will discuss that with our guest shortly. but 1st oracle socially for thoughts china's presidency should thing on the diplomatic defensive. since don't have trumps re election as us suppressed. and the chinese leda has been shortened up support and global events from return to the white house has to be, is the tensions between the boys 2 largest economies could boss and if we treat each other as opponents. so in an easy to engage and vicious competition and mutual hon, china, us relations with surface sit back. so even regressions display for the smooth transition have been met to put more threats, which some financing he intends to impose. major status on the united states, 3 largest trading partners. he's promised 25 percent out of sun canada and mexico

and an additional 10 percent on oil, chinese and boats. when he takes sofas on january 20th, shortly after from social media post, the chinese embassy spokesperson treated to see there are no windows in trade was basing has been racing for trumps or down to the white house, which is america 1st, policy, and threats during his campaign of tactics as high as 60 percent on chinese made goods in his previous to them something full status of up to 25 percent should win retaliation from nation. the way they will sell their product in america is to build it in america. a very simple build it in america as overlay and i'm a nation has a real new measures in the boosting. the countries for them played. they include more financial support for funds, expanding agricultural exports,

an impulse of energy products. these can be all mean the ministry of commerce will work with local authorities and relevant departments to close the moment to a foreign trade operations on the life changing conditions and show the implementation of foreign trade related policies and help foreign trade enterprises keep order stable and expand market is so as to provide strong support for sustained economic recovery and growth or the show feats from 2nd to i'm comes as china as struggling to kickstart it's driving economy. a trillion dollar plan is in place to help p, a local government debt. and 6, an ongoing property market crisis, but economists expect chinese expose to rise with customers rushing to place old is ahead of trump taking charge to avoid possible higher tatters. expose have already grown since july put in china on track for record freight surplus this year. i'm

a consumption of these. i'll just see the for counting the cost which on has been the top tech support, so to the us for to deck aids. but mexico over took it in 2023. the value of chinese inputs to the us tumble of 20 percent to 427000000000 dollars last year. china's exports to the group of 7 o g 7 countries also dropped to on the 30 percent last year. that's down from 48 percent in 2000. in 2023. china was the 3rd largest pump for u. x. sports and its biggest imposter. bilateral trade reached nearly 775000000000 dollars last year. that's a drop of 14 percent compared to 2022 trade between russia and china has strengthened since 2022 of the russians invasion of ukraine. it hit a record of 240000000000 dollars last year, but exports slumped over 16 percent. this much from the earlier with rolling us

threats of war sanctions. however, china has built alternative sales networks with the association of southeast asian nations by the actual trade with us in the scene. an average annual increase of 11 percent from 2004 to 2023. now despite setbacks, china remains the top global exports up with $3.00 trillion dollars worth of goods exceeding the us in any one point. 4 trillion dollars, the nation's export, searchable them 12 percent in october at a place for further gains of joining us not from hong kong is gary old who's a senior economist at the texas and a research fellow at the central european institute of asian studies. gary, good to have you with us again. time china has somehow so convinced these tariffs, the trump has promised to to the flap on chinese export hasn't done enough to prepare. well, i do think um, it's not the 1st time that china face

a situation like this definitely may trying to is more prepared than what happened in 2018. so so far we have seen trying know, trying to de escalate the situation with the non us market street cutting some of the export tax rebates. at the same time, they're also more of the amount of side pull the seat that may be roll out at this to mitigate product the impact on you know, away from the us market for steel. um, it really depends on where the trump will actually implement this 60 percent of tariff on china. because right now if it is only 10 percent, it's possible to see some of this managers working. but if we're only talking about 60 percent, then the story will be quite different. so china is better prepared, but it's hot to fully detached from the us market immediately. there's come to us that the worst case scenario with china retaliate and impose its own terrace. are we looking perhaps at a trade well here?

well, um, under the scenario th from 2.0 with more terrified, think this is really is something that is quite likely to happen, which basically means the mutual retaliation. of course. um, what china may do also depends on what trim will do as well. because if we're talking about somewhere like 10 percent or you can start to percent of a terrace off or that goods basically shipped from china to the us, then it's possible to see china doing the same thing. at the same time i'll be on the export side also possible just so you turn the restricting or some optical uh, role materials or basically a certain products that china has a very straight big google market share all to in a way of trying to punish a negotiate with the u. s. this is also something quite possible even to return them may not be able to produce, let's say the most advanced chips to that sense. so yes,

i think we're really heading to us in more intense geo political tensions for an alter, possibly one know and other to use or i'd carry let's just for a moment assume that that that would be a trade for what for what that feel like for the likes of you and i and people watching all over the world. i mean, we're not quite used to seeing goods on our show shelves from everywhere nowadays. if there are trade, what, what would that change? well is it, um, i would say if the uh, tariff ready gets so high to was uh 60 percent or even 40 percent. right. um, it were largely hurt the corporate launching of the uh, the chinese or the us rooms the exporting a to was each other. so basically, it is really a back tracking with what we have seen in the past decade in the globalization of which countries try to de, optimized to production costs at the lowest way. and therefore consumers are able to buy goods at the cheapest price. so i think this is really is something that is

following back a little bit. well, how refer it also depends on what update or turn to to at that sense because the out to you estimate be able to do that because part of this in port can actually be our source maybe to us in india or other countries. but if we're really talking about the whole, well, the coupling from china, then how do you certainly find maybe the a 2 percent off the trying this production elsewhere where the other countries can actually develop that quickly. i think that is a very good question to ask. so in a way, um, i do think that innovation pressure will be much higher than people expect to earlier this year. the good jerry coast, china is economy is not in the place, but it was the beginning of the last from administration. it's suffering low, consuming the amount of the more of and housing market that we've heard a lot about them on, on this program. how would these terrorist, if trump introduce them on chinese goods impact upon an over the sluggish chinese

economy? well, i think it really depends on where the tariff actually at target, beyond dx, a percentage and sofa. we have seen this strong measures pop up the talking to, to meet in china goods, which basically means that is the direct trait between us and china. but at the same time, trunk has also endorsed quite a large terrace on some of the partners as well. like canada and mexico. so that's actually a very it, that this talk it to us maybe in china can be expanded too make by china. so i think this is really, is something that me, courts, some of the chinese terms of being of god, even though they are more prepared than before, back in 2018 because a lot of them has actually moved to production elsewhere. trying to explore to the us through a different market. so this is something that we have seen which is quite different

from a few years ago, but still adult with a it can actually fully offset this impact. so which basically means that together with the domestic we could the moms, it's possible to see chinese growth taking a piece deal with recently the big shock compared to before it's possible to see like a j to be a. ready decline by um i see your point 5 or to one percentage point depending on the ultimate terrace that being imposed. so yes, the situation remains quite challenging. so definitely i do think that china will continue to explore the market, but this is not on an easy dropped darcy with this. i want to ask you about the next item you, one way has launched its 1st smart phone, the can run on the chinese companies self developed operating system. the tech job aims to establish harmony, o. s next. as a major arrival to apple's ios and google's android, which dominates global markets, the company's early versions of the devices were built using open source android

code, or wait to mention what chip it's you made. 70 phone was wondering on the launch is part of the chinese. john's pushed towards technological independence in the wake of us sanctions. what do you make about the carriers that a sense of will move from from far away? i mean, it could we see its operating system become a serious rival to ios and android. well, um, i do think that is quite a significant milestone. uh, in the way that, uh, china actually tried to move away from the uh, traditional west and technology and the benefits eco system. so this is really uh, something remarkable with that can have, uh, uh, basically become a game changer in the trying this tech sector. and especially for your fingers, some of the areas the china is lacking behind a google pierce, it's really about semiconductors, which is trying to make more invest more. and the other way to just read it on the software side of which this is something that i would consider as a breakthrough. but again, i think there are still many heard doors on. the key point is, uh,

this software is only being able to use on why waste device because it's a closed system. so where the uh hallway can actually, uh, cell phones uh, actually to bring in more consumers. so the pool can actually get higher. and eventually where they can export to the rest of the well, i think that is also a february big questions here on even though who has tried to recruit or basically get more eps on the system is doing not comparable to android and apple at this stage so i think we still need to wait and see to see how it goes. but um yes, i think this is probably also like a warning to the us in terms of to sanction. some may not actually be sort of in the it actually few the trying this ecosystem because they are being forced to develop it. gary, it's really good to talk to you on counting the cost to get a manufacture date for being with us. or he is one of donald trump's biggest financial backers, the president elect, has nominated scott best,

went to lead the us treasury department, a top financial job. and one of the most influential roles in government now have confirmed by the senate. the hedge fund manager is seen as a safe pair of hands who could push trump to soften some of his economic policies. among his tasks overseeing trumps pledges, including sweeping tax cuts, target hikes, public debt, foreign trade and us sanctions. but many economists say the trunk of policies could recognize inflation and slow economic growth. now that could post challenges for best sense and maintaining the stability of the well as largest economy. it's on the market out, of course, the dollar. sorry, go reports. a 1000000000 a hedge fund manager, it's donald trump, final pick to lead the us treasury department school was sense nomination ended weeks of speculation, drama, and infighting to the powerful cabinet position. wall street reacted positively to

the president elect choice. the bond markets responding well to the treasury secretary nomination of scott besant. and kind of with that with that nomination, you see the 10 year kind of reality about 12 basis points or so back to kind of pre election levels that has really important style leadership. it ramifications for the equity market and what you're seeing response of that is some of the most interest rates as the parts of the market up sharply. a 62 year old percent of wall street finance was an ali backer of trumps 2024 bit. and became one of his closest economic advises as treasury secretary percent is expected to fail, the preston lx promise for tax cots and sweeping terrace on impulse. i. when i back in that beautiful white house, we will pass the larger tax cards for workers and we have a special tax that here is going to do, i think quite well, it's called no tax on chips. no taxes,

no sense human nation waste completes. trump's cabinet picks ahead of his return to the presidency in january. if confirmed by the senate percent would be the person in charge of pursuing trump economic agenda. heading from bull street to washington . sorry, go out to 0. counting the cost. joining us now from washington dc is also have a auto come due to a former vice president of the world bank and see a fellow at the policy center for the use of good to have you with a. so is a veteran of wall street necessarily the best candidates for us? treasury secretary, i believe so in the following sense. look up the donation of a mr. investment strategy. secretary has these investor fears about

a president elect donald trump trade barriers claims. um, you know, the choice of investment that were in hawaii right? i saw him last months describing stripping barriers as maxima list of positions is being taken by investors as a sign the presidential arch policies may be moderated. see, along the campaign, mr. trump alluded to to a possible pass, one of them was simply the open trade war by lifting terraces and so one and the other one was when he made reference to establish plans as they were shooting tactics. so in this sense, that on the nation of uh, mr. bassett. as compared to mr. lights house for instance. yeah, points toward the direction of uh, a more use most likely on stairs as when i go, she ation see of course,

the few years uh were on name because after all the treasury secretary is not necessarily the main person i want to design and define are and details of the strategy of trade, the tariff implementation, but the fact that mr. trump appointed him just to on despite the fact that exactly over the months, he has referred to the trade tariffs as negotiating tactics and so on is a good on in that regard. many thanks and dates of joining us on counting the cost . a pleasure. rich countries have plans to raise the funding to help poor countries fight climate change to a record of $300000000000.00 a year. but many developing nations dismissed the agreement as in sufficient a launch of targeting more than one trillion dollars annually was also part of the deal. but most of that will come from private sources. the data was reached at the top $29.00 private summit and as revised iran capital barcode last week on 2 sides

of the was web browsing is done on google's chrome. web browser is very popular with both of 3000000000 active users. owning it is important to the tech giant's add business. now google relies on chrome to direct websites as to its flagship a i product gemini, among other crucial uses, but us regulators believe that the app has too much power up and they wanted, sold that taking legal action to end google's market dominance unto encourage competition. last week, the us department of justice also aust judge on the meta to push google to shed data and search results with rival browsers. in august the judge metal roof the alphabet had a monopoly of online search and related ads. google was accused of breaking the little by paying $41000000000.00 to ensure that it was the default search engine on smartphones and browser specs and american regulations have tracked down on tech

jobs dominance of the internet and such in recent years. but how could a sale happen? well, like many nations, the united states has anti trust laws which allow the government to break up monopolies and launch corporations through the courts. if judge meta rules in favor of all the departments of justices recommendations, google would be forced to sell chrome and will be banned from launching a new browser for 5 years. the company would also be bought from paying billions of dollars to companies to make pro, the default search engine on the devices. google has the option to appeal, of course, any rulings potentially prolonging the legal battle. joining us from london is shows that i'm sorry, a professor of strategy and innovation up judge business school. the university of cambridge good to have you with this professor. this case has been described as the biggest tech anti trust case. since the us government's show down with microsoft at

the turn of the century, a win for the american people, so that what do you make of it? i think it's a bit, it's a moment. it's a very important moment in the digital landscape. it's a huge step. i would agree with that. i think uh, there's been a general narrative in trying to reduce big take dominance. but i think that addressing the wrong issue, that's my personal opinion. so what is the issue that they should have been addressing? the issue is that do things, right? so what is that? um yes, it does have 2 thirds of the share of, of the, of the market as compared to society is compared to microsoft h. but the dominance of google lies and it's search capabilities and the data because it collects some uses of course, chrome, headaches, and getting personalized data. but the rand dominance of google is search with a 90 percent share so that it can still continue. and you've seen microsoft been make some inroads, but it's still under 10 percent. so seeing the vesting chrome is not going to

really address the key problem, which is google, so minutes in search and that but more point way i think this is still not the best use of taxpayers dollars, even though i'm all against big dec not miss. exploiting consumers, including my own data, but i have a reason and that'll give you one or 2 other reasons why i think this may not be the most appropriate place to place to. well, 1st thing, as i said, was that the main issue is not chrome. the main issue or the main dominance of google is search. so the said with a 90 percent of share, most people use google google search. and because more people use google search, it creates a sense of reinforcing cycle. and i think it's very difficult for any other company to break this. this does boost dominance because the more people use global a bit as a result of so you get and there's no reason for people to shift to do it on the

other to which gives inferior results. so this network effects, as we call them on the 7th, being forcing sites a mundane school with dominance. so best point number one, but the point number do that i have which is more important. know why i think this may not be the most appropriate approach is that regulation seems to be been catch up rather than being proactive. and then we'll look for regulation and bro regulation i'm parole a governance. but what i, what i am not so excited about is that this is like fighting yesterday's problem. so for me, the problem is that google search, google chrome, this is already being this top, disrupted by jenny. i think they opened me. i chatted, cpd cloud. jim, nice on cloud and topics, etc, etc. so this jenny, i is changing the search game. so what's happening is with all new kinds of browsers, new kinds of search engines coming up which integrate today i,

which is all more personalized design, small customized designs. they're already disrupting the market. even google search could be disrupted by that. so my, my, my, my main point is, should be focusing on something that could become a monopoly such as open 9 genetics robin addressing yesterday's problems. okay. let's get back to yesterday's problem of if google is forced to sell chrome, what would that do to its business model? i think we've perhaps addressed that back in your previous answers but, but who might buy it? i mean, of course the there, i mean it could be small and medium sized enterprises. i mean, you know, of, i mean, a, you know, internet has a, was microsoft has its own age. we, as we have done the goal, which is a private, uh, uh, more give them, you know, respect supremacy for certain things that books well. so they might be a small, medium enterprise that buys it and, but we could prove it to things like subscription models when somebody could do

a premium service with charges you without it be better off ads. um, and on top of that, this is my personal view. i did not google, it has done some fantastic things and then search. it's of absolutely to 90 percent, but chrome et cetera is not a great product. i mean, i personally keep switching. sometimes i use edge, sometimes i use chrome, sometimes i use firefox. sometimes i use duct a goal, and it's not even of a god's just the assessment at times. and i bus the thing that with this laptop ads . chrome is not even the most popular product out there, even though it has a 2 thirds or 6070 percent market share. it is definitely not the most superior product out there. so i just don't feel if it, you know, the best thing. chrome is significantly affecting google even though chrome let schools get both of these data on use. it is that of course,

then it's that feature to it. and search engine that them allows. it's to be the leader in advertising. that's been absolutely fascinating. it's really good to talk to you, professor, i think some data shows that thank you to that is also for this week if you'd like to comments on anything that you've seen, i'm at a fairly good on x. try to remember to use past i h a c t c o. you could drop us a line counting the cost of a 0 dot net. this all email address. as always suspends email for you online at to 0 dot com slash ctc. that takes you straight to a page and then you'll find individual reports links, and the entire edition has to be to catch up on. but that's it for this edition of counting the cost on a tree. and so they go for the whole team here. and so how, thanks for being with us, the news on al jazeera, the unique perspective. we don't want ahead to well, but we no longer have any private spaces on the incident. that's

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