if we look at our world today there are still famines but there are political famines are caused by political problems are not caused by an inability to grow food and if we look at infectious diseases we were in the middle of a pandemic now with a pandemic is killing less than one percent of the people it infects and in past times pandemics could kill 30 to 70 percent of the people that were infected so chemistry has given us a much improved quality of life in many ways and then we have to ask well with these unintended consequences that are causing species go extinct that are causing environmental injustice is how can we make things better because certainly we can handle those things better than we have.

this is boom bust one business show you can't afford to miss and washington coming up with a special show today and we're going to break down the state of the ongoing tech war between the u.s. and china and what may come in the next year we spoke with a real deal tic-tacs star about why the platform at the center of the transpacific tensions has become so popular and a later the trade war was meant to put the world's 2 largest economies on even footing but the trade gap continues the why did we get some expert analysis with a packed show today so let's dive right in. and as the sun is setting on the trumpet administration undoubtably a major legacy of the past 4 years will be the frayed relationship with china want to take a look back at the efforts of the current administration to combat the people's republic as tensions went from the overall trade war to what tech war we look to the future see what kind of impact the administration of joe biden could have on

this crucial transpacific relationship on election day we did a retrospective with co-hosts christiane and ben swan. kristie i want to start with you now u.s. china relations are more strained than we have seen in decades one of the biggest factors creating that strain. well there are a lot of factors that are creating a strain like let's start with the obvious where the trumpet ministration is accusing china of unfair trade practices and corporate espionage and these allegations have allowed truck to launch a series tariff for that billions off of trade last year and then you have reciprocal sanctions on public officials restrictions on that and all that leads to a tax a black or a public company such as all and the subsequent gtech were battleground with many many casualties on both fronts including all the semi's the middle chance and the downstream suppliers and by we had the u.s. blaming china for the coronavirus and then that calling it the china virus and

scapegoating so there's a lot of back and forth but at the root of all of this is that the u.s. for the very 1st time in history feels threatened by a rising power china's influence in trade media infrastructure and most importantly high tech is growing and for the very 1st time innovation is also outpacing that of the us with the latest tech dominating social media space and ali baba owning in tech and consumer finance which are basically 2 largest 5 and fastest growing sectors in the market right now so it's very unsettling and no one wants me and you know from a position of power so the u.s. is attempting in a way to curb china's growth as it perceives it as a threat to the current status quo. and we've actually talked quite a bit on the show this year about the saga of kicked out how is the trip administration's attempt to force the sale of to damage the u.s. relationship with china. well i think it goes back to a lot of what christy just said right that china is this rising power there's no

question about it but not just military power or economic power but technological power to talk is a good example of that when you have really the fastest growing social media company in the world the fastest growing app in the world in tick tock and it is a chinese up i think the fact that the trump administration made such a bold move to try to essentially not just ban it in the u.s. and that was a lot of the talk over the course of the past year but instead to actually co-opted to take control of it to force a sale of it to a u.s. company and not just to a u.s. company but to a major u.s. tech company like either a microsoft or an oracle right and of course wal-mart also became a part of that i think what's very interesting about where we have been and where we head now a lot of people ignore the fact that with every single step that the troubled ministration has taken on china especially when we're talking about free market issues like seizing the assets from a company or forcing the sale of a company those are setting precedent for what it looks like to own

a business to own a company to own a multinational corporation in the future can the u.s. government require any company regardless of whether it's chinese or not to sell its company over to another large company can those rules be made not just in terms of a industry or field but in terms of a specific individual company that is the precedent that's been set and so moving forward whether it's china whether it's iran or whether it's even u.s. companies if you can do it to one you can do it to others i know kristie huawei remains a major issue for the u.s. and at this point it appears the job of ministration has been pretty successful at slowing while waves 5 g. development worldwide is we're always future directly related to what happens in this election. and our way tensions around technology that will still remain between the u.s. and china. i don't wince the trump and the station it's something in motion that has created this tension and animosity that isn't going to just disappear overnight

it's takes a lot of time to rebuild the trust the reporting the cooperation that we had before because all that friendships and trust that's been shattered so it's going to take some time and a lot to turn the ship back around to get things back to the way they were if ever so certainly things will be incrementally better for our way things won't be as volatile as the trump tweets are sudden and without warning it will be more rule based but the tensions are still going to be there because while the biden and mr biden has slammed the trade war with china saying that the terrorists they have are the american businesses and consumers he is still under pressure to continue the tough stance on china and keep terrorists in place and then for huawei specifically they will feel a little bit better under the biden at the station washington will likely feel the combined pressure from the us chip and the strength over last exports and from the e.u. governments who are ready stretched by this pandemic over the cost of replacing all the infrastructure so the british government while it has an purchasing hallway 5

g. equipment back in july they also said the band could be reversed and made it. so if you recall that isn't a band with solely due to the pressure from the us oh yeah always feature alec will get better but it's not to say the hollow will die if trump is reelected that will create more of a challenging space for it for another 4 years where it will likely turn inward and focus more on the domestic chinese economy and boosting its homegrown chip and history so as attendance continue the big question right now is is it sustainable. and that u.s. and its actually being completely self-sufficient self-reliant closed is that a really better world and better before we go we have just a minute left if biden is elected how do you see this relationship shaded basically the same question how do you see the u.s. relationship with china and these crackdowns changing or will it yeah i think it will change i disagree with christie in that i. think the biden administration would move very quickly to reverse

a lot of what the president has done keep in mind a lot of what trump has done has happened by executive order and it's happened through the state department as well as the commerce department to some of these groups so these are all under executive power i think that a president biden would move quickly number one to undo a lot of the executive orders but number 2 i think a lot of it would just kind of dissipate it takes a lot of effort and a lot of work for the trip administration to constantly push its war not just on china but on chinese companies all you have to do is really stop pushing and a lot of this begins to resolve itself and we love to listen there's a lot of debate about biden's connections to china i think there's no question that biden has a lot of connections to china and therefore irregardless of whether they're appropriate or inappropriate he definitely has a different relationship with the chinese than trump has had and i believe that we will see a vastly different relationship with china under a biden administration than we have seen under a trumpet ministration which i believe will only continue to push war with china

economically and through tariffs and trade if trump does get another 4 years and the economy of this country is definitely center stage in this election this evening boom bust co-host christine. thank you both for your time. and one of the main targets of president trump's chinese crackdown has been the widely popular video sharing platform tic-tac now while the app is popular among teens and young adults many people have managed to make a living as content creators back in august we welcomed one of the most popular tick-tock stars sacking to give us a firsthand account of what the crackdown has meant for the people that rely on the app for a living. why has tick-tock been able to open that door and become so popular especially over the last 12 months here in the united states. i mean you know has it influenced or on. really in this industry for the last 12

years you know i've been on 6 talk since it was musically 5 years ago and so for us the rise wasn't even in this last year that's made it successful i mean there's been a lot in the last year but what they've been doing from the beginning i just a couple years ago was there out there that made it so power on that it levels the playing field for anyone who wants to as a stone and can make a little fun story or a joke or do a dance or whatever it may be there's a ton of different ecosystems and creators on the internet on tick tock but allows anyone to have the chance to go viral on a totally different level that's that's bigger than we've seen possible with you tube that's bigger than we were instagram and by an event so that's why it's so exciting and i think that's the drop not only is it the you are but i'm especially for those viewers who are trying to concentrate on the l. because that definitely as a as a viewer of tick tock even if you don't create your own content it's very consumable so if you're getting a short video it's got

a lot of them are music and dance so it gives you something to not only watch but listen to is very enjoyable in that regard now when it comes to this potential purchase from microsoft do you have any concerns about the control of the app changing hands to a different company or an outright ban for that matter how is that going to affect the content creators. so the 2 main options that are present who are now are then we should be a bummer because there are so many people who love the app to talk but also because they're scots and creators and i'm not even talking about the constant creators like myself who have already kind of excuse the charlie that it's in the expand it beyond a lot of creators not yours but it's really not the small kind of us and them just starting creators but in creators to just you know last couple months for getting that runway they had momentum growing their audience and then it's going to be shut down to be terrible but also they have lost to a company like microsoft or a tech company at least i think you'd see

a receptive audience to talk to me would be probably thankful that microsoft stepped in took a look at the security concerns and then the apple live but the other concern in that bucket is and you merged it to management and cheap tick tock innovating to to grow that success even beyond what it is today that would be the question that we're facing now and to your initial point on the 1st question there which is if they happen to adjust the algorithm in some capacity and then they push the bigger tick-tock stars over people who may not be known that can create a problem for people trying to break through in the industry and i want to talk about those people because like you said you diversified you have millions of followers across instagram you tube a tick tock and use not started but you were on vine when it was very popular but saw that kind of go away what or what do you kind of give it as far as help to other influencers who are just starting to build on tech that what would you tell them to do as this whole situation is happening. well i always talk to other people

that i meet on the way on the same journey as i make sure you're diverse i'm your audience from the get go on the very beginning i mean not right away but once you have a decent 10000 or 100000 people on you i met that community that really loves your stuff and find creative ways to get their e-mail contact because they're going to want to hear from you directly or there's a lot of services now that do text messaging but the goal is to have a direct connection to a small portion of your audience which is the most dedicated and loyal portion anyway and that's you know how it's already a little too late to do that now with a month left but some things from the get go i think creators need to be thinking about how any platform you know i wanted sic i have to you don't direct connection years ago you know it was amazing reach and then when they put the they want it you know one percent of our audience must for the rest of the post so they had something you always had to think about in the space and now it's to graham is

officially launching their tick-tock competitor in more than 50 countries they actually watch that wednesday including the u.s. what do you make of this new platform and could this actually kill tick-tock while the app is in limbo as a lot of content creators might move to rails where they can actually make that that kind of impact of their. intersection of all this timing is fascinating to watch there's a lot against tick tock and and with the timing of instagram reels coming out it could be i'm another moment like you saw a snatch of how instagram swooped in the perfect time did their version of stories and it was very successful because everyone you know when you hear there's concerns of privacy i mean your your tendency to be going back to you you already know and where the tension has been in the past and if they have the same features i can be an easy transition in this case i think you're also trying to replicate a culture which you can't just do with one feature i think there's other things

that she is doing in terms of course means content creators even starting their fund to help monetize young creators it cute something that instagram still really has yet to do and what we're waiting for so i don't know if it. the new real speech or will just swoop in. that powerfully yet but time will tell really well it depends i think that day it's a temper 15 or taint of the ban if it actually happens then i think you'll see a lot of momentum behind reels and i guess for our audience who maybe doesn't understand content creators slash influencers quickly can you tell us how this monta zation works and how you guys are able to make money i mean not on your level maybe but on some of the smaller levels there. yeah i mean it's a really simple game play model with brands on you tube you have example what roles play to getting the broadcaster middle and we'll get a piece of that 50 percent of the ad revenue for those ads and then the other stuff

is going out for brands that you're passionate about you know for me for example i'm really passionate lego's i love creativity anything that. you imagine and that's what i want to partner with so take me for example partner with a company like lego and what brand looks like. a creative 15 2nd video in that case and that would be a piece of our monetization talk of social media star zach and we hope to have you back thank you so much for your time today. and time now for a quick break but hang here because when we return the trade war between the united states and china was meant to put the world's 2 largest economies on even footing but the trade gap continues to widen we get some expert analysis will be right back . to the industry the 1st time the millions of you will know the d.-day reconditioned

as i will be says he's all about making money making profits in some of the corporations international markets import export do you imagine the number of chronic diseases that are in every community then it is no due to new viruses own new microbes that's not true so it is due to environment less we'll see the city though that moment all discipline of this sort of muscles really just accumulate could only come in to see in them to these militias that. the legacy of the sky if the so food industry is successful it will create more jobs it will create more value added it will. create more growth so i don't see why you shouldn't also fight for the interest something interesting except that we have regulation we want relations i was in the eighty's we don't behave as if you spend all too much time. the world is driven by

a dream shaped. thinks. we are to ask. welcome back the trade war between the united states and china which started back

in 2018 was intended to level the playing field for the world's 2 largest economies but back in october china's customs agency reported the trade deficit with china rose more than 18 percent in september from the year prior now the news came as the u.s. census bureau reported a $67000000000.00 trade deficit with china for august the widest margin in more than 14 years so what has been the real impact of this trade war we spoke with professor richard wolfe author of the sickness is the system one capitalism fails to save us from pandemics or itself and john quelch dean of the miami herbert business school. thank you both for being here today i actually want to start with you here the trade gap between the united states and china has grown 43 percent since january of 2017 when president donald trump took office he made a big deal about closing this gap and that's why we have add this prolonged trade dispute so is this trade war the cause of this widening gap or are there other

factors at play. so i think the september figure is a one month blip related to restoration of supply chains out of china and the stabilization of the u.s. economy the us china trade deficit actually peaked in 2018 at 400 and $18000000000.00 in dollar gap and then in 2019 it fell back if i just can consult my figures to $345000000000.00 there was actually a $73000000000.00 drop in the deficit from 2018 to 2019 and a $91000000000.00 drop in total trade so if you look at the 2020 figures overall leave aside the month of september the 2020 figures overall are tracking 2019.

except the deficit in $29.00 in 2020 looks like it's around about 58 percent of total trade volume in goods as opposed to 60 percent and 2019 so my bottom line is this. the trade war has had an impact directionally in the way in which president trump intended it to however the political cost and the relationship cost between the 2 biggest economies in the world. the price that's been paid in that regard relative to the gain. deficit reduction a lot of people would question whether or not it's been worth it and we're going to get to that here in just a few minutes they effect actually less is good right to a professor wolf what do you make of that statement i mean are those relationship costs and the political cost between the 2 nations is that going to be an issue moving forward. absolutely i think if you introduce an enormous uncertainty

as to whether this kind of behavior from the administration will continue even with mr truong or with mr pike knew whether there's going to shift from a commitment to open trade free trade to a protectionist and of the sort that mr trump has. that is causing all kinds of tensions with our allies not just with china but with everybody adults who has to trade with our next is no real uncertainty that will have bits of i would also like an admiral as i had said you are in the most of this was a little either that's why the numbers haven't moved very much in reasons why american companies do business in china and become more attractive in terms of china its growth its expansion compared to this bag nation in the way those things

that continuing to work and they will have at least as much effect as the political theater that president drum and anybody else might want to play a seat in american morals and now professor wolf i want to hit on that rise on imports from the u.s. because that would seem like positive data but is this due to the provisions in the phase one trade deal do you see it that way. i think to a small weak stand that is i think a bigger factors that are playing a role but certainly the furthest of the songbirds rizzoli being done some of the right products and some of my. serial and those were the drivers of the improvement in employment in china november attempts to cultivate that trying their own so poor characteristics of the chinese each time trump hit them with an arrow they came back but with less of an arrant the very measured. arsenal responds they

don't want to ruffle the water and let mr trump do his little c.n.n. as long as the underlying economic front rapid growth in china stagnation or lower growth in the united states as long as that continues the success of china over the last 30 years will continue e.s.p.n. are a little theater or not and indeed quotes now generally when we look at an election here in the united states it's always seen as the conservative leadership or republican leadership would be more beneficial to business democratic leadership maybe not so much but obviously in this situation where we have president trump who has waged this trade war you say that these are going to be strained for the long term but if there is a change in power to joe biden do you see that relationship getting better or are we just going to keep with the same situation here. the policy statements of the 2 campaigns are pretty similar on china but i think in 2 ways biden

could be better 1st of all he is much more of a multilateral lest as opposed to a unilateralist president trump things in terms of deals as one on one negotiations. biden has a more globalist view of reality off to many years on the foreign relations committee in the senate secondly related to that basically the day to day dialogue between beijing and washington is down to try. representative like heisler and his counterpart you on the chinese side we used to have a regular strategic dialogue with china we used to have dialogue on the climate change we used to have dialogue even military to military i expect president

biden to quietly restore all of those communications lines and that'll be good for the relationship and it's going to be interesting to see what happens here because we did see when joe biden was in the white house with president obama as the vice president he was obviously a big part of the transpacific partnership was it was which was a multilateral trade agreement as you just discussed. but we can't tell you how much we appreciate both of your expertise on this important subject professor richard wolfe and dean john thank you both for your time. thank you and that's it for this time you can catch boom bust on demand on the brand new portable t.v. app which is available on smartphones and tablets do google play and the apple app store by searching portable t.v. portable t.v. can also be downloaded on a newer model samsung smart t.v.'s as well as roku devices or you can simply check it out at portable t.v. we'll see you next time you're on bill.

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