Good day traders,
We position us short in Chinese tech again. According to a contact of mine in Washington, the Biden administration plans to impose a Trump-era rule aimed at combating the rising importance of Chinese technology firms.
The rule, that the Trump administration proposed in November, enables the Commerce Department to ban technology-related business transactions that it determines pose a national-security threat. It is also aimed to secure US supply chains. It puts further pressure on Chinese technology companies such as Baidu, as it limits their possibility to enter the US market or get any substaintial market share. Baidu saw some tailwinds recently after news that it plans to enter the EV market in a cooperation with Geely - however, it went quiet on that venture and there were no reports of progress in that direction.
We position us short in Chinese tech again. According to a contact of mine in Washington, the Biden administration plans to impose a Trump-era rule aimed at combating the rising importance of Chinese technology firms.
The rule, that the Trump administration proposed in November, enables the Commerce Department to ban technology-related business transactions that it determines pose a national-security threat. It is also aimed to secure US supply chains. It puts further pressure on Chinese technology companies such as Baidu, as it limits their possibility to enter the US market or get any substaintial market share. Baidu saw some tailwinds recently after news that it plans to enter the EV market in a cooperation with Geely - however, it went quiet on that venture and there were no reports of progress in that direction.
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Trade closed: target reached