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Trump Rattles Markets With Fresh Tariff Threats on EU, Apple · Bloomberg Intelligence

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  Speaker 2: So the tariff trump Man definitely came into effect here.
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  Speaker 2: Our President Trump rattled overall markets with a new tariff
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  Speaker 2: threat on European goods at fifty percent. Now not liking
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  Speaker 2: the pace of these tariff negotiations, Roz Mathis, and Bloomberg
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  Speaker 2: News director in Europe for the Middle East and Africa
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  Speaker 2: joins us. Now, Ros, how seriously is Europe.
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  Speaker 3: Taking this.
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  Speaker 4: Well?
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  Speaker 5: So far, the Commission is saying nothing, and that's because
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  Speaker 5: they're probably waiting for this conversation that's supposed to be
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  Speaker 5: happening today between their chief negotiator for the EU, morrow Sefkovic,
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  Speaker 5: and Jemison Greer, his US counterpart, So they're laying very
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  Speaker 5: low before that call. But what we can sense already
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  Speaker 5: is is the idea that they see this as the
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  Speaker 5: negotiating tactic. And indeed, the US Treasury Secretary of Scott
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  Speaker 5: Bessett seemed to indicate that a short time ago when
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  Speaker 5: he said he hopes it quotes light a fire under
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  Speaker 5: the EU, and it seems to just be going into
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  Speaker 5: that call a sense of frustration from the US at
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  Speaker 5: the pace of the negotiations, rather than they are intending
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  Speaker 5: at this minute to impose a fifty percent have and
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  Speaker 5: so they're seeing it as part of the realm of
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  Speaker 5: the negotiations and the tactics from the US At this point,
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  Speaker 5: even though you did see obviously that market reaction, we
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  Speaker 5: didn't see a massive mood, for example in the Euro
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  Speaker 5: again pointing to the idea that in the market as well,
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  Speaker 5: people are interpreting this as part of the custom cut
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  Speaker 5: and thrust of being negotiating on trade. And so we
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  Speaker 5: have to really see at this point what happens from
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  Speaker 5: that phone call letter.
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  Speaker 6: Today you saw the social media post from the president.
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  Speaker 6: Does Donald Trump have any legitimate grapes when it comes
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  Speaker 6: to the EU?
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  Speaker 5: Well, he says he does, and I guess the frustration
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  Speaker 5: on the US part is, but the EU is just
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  Speaker 5: a much bigger economic entity to deal with and say,
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  Speaker 5: getting a trade framework agreement with a country like the
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  Speaker 5: UK where I am, and so these are much more
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  Speaker 5: complicated arrangements with a collection of companies the EU versus
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  Speaker 5: one individual country, and a lot more economic clout on
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  Speaker 5: the EU side arguably as well. And the EU has
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  Speaker 5: its own lines in the sand bet around agriculture, cars
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  Speaker 5: and so on, and so these were always going to
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  Speaker 5: be much more fraud negotiations.
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  Speaker 2: What did the EU propose that President Trump thought was
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  Speaker 2: not good enough.
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  Speaker 5: Well, they came back with a counter proposal to the
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  Speaker 5: US proposal to the proves apps been a bunch of
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  Speaker 5: counter proposals, but this is about addressing some of the
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  Speaker 5: issues around environmental standards, labor standards, and you know, a framework.
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  Speaker 5: They were the EU was setting out to move towards
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  Speaker 5: zero tariffs on a lot of goods aside from things
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  Speaker 5: that are seen as very essential, including around agriculture. And
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  Speaker 5: obviously that proposal has gone to the US. The US
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  Speaker 5: is not how with it. They're coming back for a
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  Speaker 5: further conversation. But again the messages that Donald Trump obviously
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  Speaker 5: wanted these conversations to be moving a lot faster than
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  Speaker 5: the reality is the EU was probably going to move.
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  Speaker 5: And so now they're leaning heavily in the idea of
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  Speaker 5: you know, Donald Trump saying I would give you a number,
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  Speaker 5: and here is the number. It's fifty percent if you
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  Speaker 5: don't comply. Again, the question is is that the new
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  Speaker 5: ten percent or is that on top of what we
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  Speaker 5: already know it seems to be would be a flat
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  Speaker 5: rate either way. But again, you know, the reality is
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  Speaker 5: the US is negotiating at this point with a much
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  Speaker 5: bigger economic entity in a much more complicated fashion. So
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  Speaker 5: these conversations are always going to take time, and even
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  Speaker 5: then you're just looking at getting a framework, not a
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  Speaker 5: lot of the nuts and bolts of a full throated
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  Speaker 5: trade agreement.
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  Speaker 6: Ross, thanks very much, we appreciate it. With Ross Mathis
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  Speaker 6: and the Bloomberg News director for Year of the Middle
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  Speaker 6: East and Africa.
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  Speaker 3: All right, it's get to Ana rag Rana.
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  Speaker 2: He's Bloomberg Intelligence senior US technology analyst.
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  Speaker 3: Thirty five hundred dollars for an iPhone question mark.
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  Speaker 4: Yeah, I do not know if that's going to be
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  Speaker 4: that high, but frankly speaking, it's going to take years
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  Speaker 4: for something like dex to be built in the US.
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  Speaker 4: There are no big factories here to assemble these things.
• 4:23
  Speaker 4: The one in India started back in twenty seventeen, and
• 4:26
  Speaker 4: you know, it took several years for them to even
• 4:28
  Speaker 4: come up for the first one. So not an easy
• 4:30
  Speaker 4: problem for Tim Cook to solve. Right now, I'm hoping
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  Speaker 4: he's picking up the phone and you know, calling President
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  Speaker 4: Trump to see how he can smooth the issues out.
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  Speaker 4: Perhaps more spend on higher margin items, on chips and
• 4:43
  Speaker 4: other areas, but you know, putting together an iPhone in
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  Speaker 4: the US is going to be, you know, one tough task.
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  Speaker 6: Is there a credible scenario for production in the United States?
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  Speaker 6: Any credible scenario?
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  Speaker 4: No, there are credible scenarios. It depends on how much
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  Speaker 4: cost you want to you know, incur If you want
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  Speaker 4: to run on a very thing margin, yes you can
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  Speaker 4: do it. The real way to do it is to
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  Speaker 4: have robotics take care of it. But that's not I
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  Speaker 4: mean we're not there and yet.
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  Speaker 6: So the whole point of this is to get workers'
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  Speaker 6: jobs created in the US.
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  Speaker 4: Yeah, But to think about it, you know, from an
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  Speaker 4: assembly point of view. This is not for anybody's you know,
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  Speaker 4: liking a high margin or a high profile job. Do
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  Speaker 4: you're just assembling phones? I mean, I know what it
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  Speaker 4: means from a from a you know, marketing point of view,
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  Speaker 4: but you know, you're better off spending money on high
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  Speaker 4: end semiconductor chips that are several hundred dollars worth in
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  Speaker 4: a phone. You know, a few hundred dollars of labor,
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  Speaker 4: you know, from one side to the other, does not
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  Speaker 4: really add up to the benefit of you know, anybody,
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  Speaker 4: either the US or Apple. You know, what's going to
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  Speaker 4: happen is people are going to go gravitate more towards
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  Speaker 4: Samsung phones because the cost differential is going to be
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  Speaker 4: so wide. So it's it's not easy to go out
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  Speaker 4: and do these you know, what I would call is
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  Speaker 4: the lower end consumer electronic products compared to some of
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  Speaker 4: the high end you know, data center stuff for things
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  Speaker 4: that have much higher capics involved with them.
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  Speaker 2: So if I'm taking a look at Apple stock, were
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  Speaker 2: off the lows, but we're still down like two percent,
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  Speaker 2: should an investor just completely ignore these headlines at this point?
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  Speaker 4: No, no, no. In fact, on the contrary, this is
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  Speaker 4: no longer about US and China. This is concerning because
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  Speaker 4: this is a director. You know, you could say direction
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  Speaker 4: towards Apple and say, well, you are not doing enough.
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  Speaker 4: Let me see what you're going to do now. So
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  Speaker 4: don't go by that twenty five percent, because if Apple
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  Speaker 4: doesn't go out and fix this problem, you know, this
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  Speaker 4: rate could go up even higher. So it's it's it's
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  Speaker 4: more so directed towards one company, which is very unusual
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  Speaker 4: for you know, for us to see.
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  Speaker 6: Frankly, well, what has changed do we know in the
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  Speaker 6: relationship between Donald Trump and Tim Cook? Because, as I
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  Speaker 6: said before, they kind of got to pass the last
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  Speaker 6: time around.
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  Speaker 4: Yeah, I'm not privy to those discussions, Frankly, And you know,
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  Speaker 4: one of the things I remember, we just heard that
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  Speaker 4: he did complain in one of his speeches that Tim
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  Speaker 4: Cook wasn't around with him when he was invesiting the
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  Speaker 4: Middle East. So I do not know what's happened behind
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  Speaker 4: the scenes, but definitely not the best time for Apple
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  Speaker 4: in terms of their government relationships. So that's why I'm saying.
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  Speaker 4: I'm hoping that they you know, pick up the phone,
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  Speaker 4: figure out whatever the deal is, they make it, they
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  Speaker 4: spend the extra money, and then take care of whatever
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  Speaker 4: the big you know, lingering issues are.
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  Speaker 2: So now no one's been able to answer your question.
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  Speaker 2: So that leads me to believe that you need to
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  Speaker 2: go research this, Tucker.
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  Speaker 3: Nobody knows what has changed between Tim Cook and President Trump.
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  Speaker 6: Again, I was feeling it for you.
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  Speaker 2: He's just going to rub salt in this wound. So
• 7:35
  Speaker 2: honorag just you know, for you to know. Paul's out today.
• 7:39
  Speaker 2: So John Tucker comes in and says, I'm going to
• 7:40
  Speaker 2: be you. Alex, You or Paul, you do all the
• 7:43
  Speaker 2: work and I just sit here and I am continually
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  Speaker 2: offended by this.
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  Speaker 6: We started off on the wrong.
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  Speaker 3: We really did. See he's laughing. He knows that's not true. Honuraq,
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  Speaker 3: I appreciate you.
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  Speaker 2: On Oak Granda, Bloomberg Intelligence Senior Technology Analyst.
• 7:58
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  Speaker 2: The stunning headline I sound like Tom Keene, but the
• 8:33
  Speaker 2: stunning headline from yesterday that really truly was a jaw dropper.
• 8:37
  Speaker 2: All across the newsroom was Harvard University and its latest
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  Speaker 2: conflict with President Trump. Harvard now suing the Trump administration
• 8:45
  Speaker 2: over the Trump administration's decision to block the school from
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  Speaker 2: enrolling international students, and that affects twenty seven percent of
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  Speaker 2: the student body. Got Tom at Mukonda is executive Fellow
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  Speaker 2: at Yale School of Management. Put this into context of
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  Speaker 2: what this could mean for a school like Harvard that
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  Speaker 2: not only relies on the brain power of the twenty
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  Speaker 2: seven percent of the student body, but also the money
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  Speaker 2: of the twenty seven percent of that student body.
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  Speaker 7: So this is potentially very damaging for Harvard, which of
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  Speaker 7: course relies not just on the money. These are money
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  Speaker 7: and brain powers. So these are some of the best
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  Speaker 7: students in the world. But there will be a Harvard
• 9:24
  Speaker 7: for a long time after this, universities are incredibly resilient Oxford.
• 9:27
  Speaker 7: If you go to Oxford and Cambridge, you will see
• 9:29
  Speaker 7: niches in the walls that are empty, and if you
• 9:32
  Speaker 7: look into the nit back of the niche, you see
• 9:34
  Speaker 7: shattered remnants of sculptures. Because Oliver Cromwell's soldiers stormed the
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  Speaker 7: universities and shattered the images, universities survived lots of things.
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  Speaker 7: The damage here is not to Harvard, it is to
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  Speaker 7: the United States. Just back up for a second and
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  Speaker 7: think about this. Imagine that the Chinese government decided to
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  Speaker 7: attack an American asset that generated tens to hundreds of
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  Speaker 7: billions of dollars in economic value every year. That was
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  Speaker 7: the single most important institution in securing American leadership and science, technology,
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  Speaker 7: and that also took in the next generation of global leaders,
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  Speaker 7: exposed them to the best of the United States, and
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  Speaker 7: indoctrinated them in American values, and then sent them home.
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  Speaker 7: If the Chinese government decided to attack an asset of
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  Speaker 7: that value, we would expect the United States government to
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  Speaker 7: go to war to defend it. And instead it is
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  Speaker 7: the United States government that is doing it to us,
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  Speaker 7: to itself.
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  Speaker 6: And beyond the economic contribution of these students. There are
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  Speaker 6: other components too. This is sort of like, I mean,
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  Speaker 6: would you think that it's sort of like the United
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  Speaker 6: States shooting itself on the foot?
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  Speaker 7: The United States shooting itself in the foot would be
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  Speaker 7: kind compared to that. This is the United States shooting
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  Speaker 7: itself in the stomach. Let's again, let's put this in perspective.
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  Speaker 7: The just recently Nature identified the ten top research universities
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  Speaker 7: in the world. So the ten universities of the world
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  Speaker 7: that contribute the most to science technology.
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  Speaker 6: Only two of those ten.
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  Speaker 7: Were American, the other eight were Chinese. Eighth was matt
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  Speaker 7: mit and first was Harvard. There is no way to
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  Speaker 7: be globally competitive without leadership and science technology. And the
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  Speaker 7: Trump administration is attacking the institution of the United States
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  Speaker 7: that is most successful at doing that.
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  Speaker 3: So how does this then play out?
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  Speaker 2: Clearly, this will be tied up in the courts forever,
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  Speaker 2: and there was a stay from a California judge overnight.
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  Speaker 2: But if I'm an international student, why would I even
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  Speaker 2: take the risk at this point?
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  Speaker 3: Like the brain drain can start.
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  Speaker 7: Now, Yeah, I mean, so this is clearly lawless by
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  Speaker 7: the administration.
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  Speaker 6: It is clearly pretextual.
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  Speaker 7: So in Christy Gnomes's letter to the Harvard there is
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  Speaker 7: not a claim of any laws being violated. Is simply
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  Speaker 7: a bunch of demands. And I note that in Secretary
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  Speaker 7: Devoce's letter to Harvard explaining why they were taking earlier
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  Speaker 7: actions anti Semitism, which is supposedly the reason all of
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  Speaker 7: this was done, was not even mentioned.
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  Speaker 6: Right. This is clear pretextual.
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  Speaker 7: This is not to say that Harvard hasn't made mistakes,
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  Speaker 7: of course it has. It's not to say that Harvard
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  Speaker 7: hasn't handled issues badly.
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  Speaker 6: Of course it has.
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  Speaker 7: But none of this is about that, right, And so
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  Speaker 7: from the perspective of not just students but also top
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  Speaker 7: tier researchers right who are dependent heavily on federal funding,
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  Speaker 7: they're going to be thinking about leading. And here's the
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  Speaker 7: irony of all ironies. Hong Kong Technology has already announced
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  Speaker 7: that they will accept students and researchers who are refugees
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  Speaker 7: from Harvard on favorable terms. The Trump administration is taking
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  Speaker 7: the best minds in the world and trying to make
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  Speaker 7: them flee to China.
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  Speaker 6: Is there time for them to even transfer, as Christy
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  Speaker 6: Gnome or whomever in the administration said they should do.
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  Speaker 7: You know, I think it depends on the person. It
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  Speaker 7: depends on the student. But there are people who are
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  Speaker 7: devastated right now. I'm getting emails from former students who
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  Speaker 7: are in tears, who don't know what's going to happen
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  Speaker 7: to them. And surely the cruelty is part of the point.
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  Speaker 7: I mean, let's be clear. This is not christ you
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  Speaker 7: Knowoam said it's herself. This is not about Harvard. This
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  Speaker 7: is about an attempt by the administration to break American
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  Speaker 7: higher education to its will.
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  Speaker 6: Right.
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  Speaker 7: It is trying to seize control of American ed universities
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  Speaker 7: and get them become organs of indoctrination. And that's not
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  Speaker 7: me claiming it. That is literally what Christy Nome has
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  Speaker 7: stated in her statements. Right, So, yeah, this is going
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  Speaker 7: to go a lot beyond Harvard, and you know, you
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  Speaker 7: may leave Harvard and find out that it chases you
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  Speaker 7: to wherever you go next too.
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  Speaker 2: Well, how does this affect this comes from our producer
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  Speaker 2: in the control room. How does this affect those that
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  Speaker 2: are graduating next week? I mean, if you're an overseas student, like,
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  Speaker 2: do you wind up getting that degree?
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  Speaker 7: I mean, my guess is that Harvard will be able
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  Speaker 7: to get a stay in place for the next week.
• 13:44
  Speaker 7: But no one knows that the cruelty and the chaos
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  Speaker 7: this is imposing is not accidental. It is the point
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  Speaker 7: they are trying to inflict as much harm as on everybody,
• 13:54
  Speaker 7: because it is an object lesson for everyone else. Right,
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  Speaker 7: Harvard has more wealth, more power, and more institutionals than
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  Speaker 7: almost any other sort of organization in America. I mean,
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  Speaker 7: this side of Bloomberg itself. Harvard may have more independence
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  Speaker 7: from the federal government than anyone else. If they can
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  Speaker 7: break Harvard, then they are sending a sign that they
• 14:12
  Speaker 7: can do it to anybody. And that is the message
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  Speaker 7: that this is trying to convey.
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  Speaker 6: Not to mention the network of alum pretty powerful alum.
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  Speaker 6: Where do they come in on this and.
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  Speaker 3: How can they?
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  Speaker 7: Well, so the alums are sort of consistently, not all
• 14:29
  Speaker 7: of them to a huge amount, rallying. I'll tell you
• 14:32
  Speaker 7: something that I said that I've heard also back from
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  Speaker 7: many other people. You know, I first got tied to
• 14:37
  Speaker 7: Harvard in nineteen ninety seven when I was admitted as
• 14:39
  Speaker 7: an undergraduate. And you know, I was there as a student.
• 14:41
  Speaker 7: I was there as a faculty member. I'm at Yale now,
• 14:43
  Speaker 7: so you know, some mixed feelings about this because of that.
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  Speaker 7: But I've often been proud of being associated with Harvard
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  Speaker 7: because it said something about, you know, about me that
• 14:52
  Speaker 7: they admitted to me or whatever. But I've often been
• 14:54
  Speaker 7: skeptical about Harvard because it seemed focused on you know,
• 14:57
  Speaker 7: maybe money or ambition over ideals. They are always thing
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  Speaker 7: is to criticize there. This is the first time in
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  Speaker 7: my life that I have been proud of Harvard, right.
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  Speaker 7: I have been proud of the fact that the university
• 15:09
  Speaker 7: is clearly taking a step out and saying we are
• 15:12
  Speaker 7: the front line of defensive American democracy and we will
• 15:14
  Speaker 7: hold the line. And I cannot tell you how many
• 15:17
  Speaker 7: lums have said to me they have never felt this
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  Speaker 7: good about Harvard as they have at this moment.
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  Speaker 1: Wow.
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  Speaker 3: All right, well, we really appreciate that. Thank you for
• 15:24
  Speaker 3: joining us.
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  Speaker 2: Got Tam Muconda, executive fellow at Yale School of Management,
• 15:28
  Speaker 2: joining us in the latest a news from Harvard and
• 15:30
  Speaker 2: the Trump administration and where we go next.
• 15:35
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• 15:49
  Speaker 2: We have a special guest for you in studio. Really
• 15:51
  Speaker 2: happy to get this perspective. Mario marcel Is a chile
• 15:55
  Speaker 2: finance minister. You joined this in studio. There is a
• 15:58
  Speaker 2: Chile Day event a year conference that promotes Chile in
• 16:02
  Speaker 2: the international finance market.
• 16:04
  Speaker 3: What is your pitch to investors right now?
• 16:08
  Speaker 8: Well, this meeting happens has been happening every year for
• 16:13
  Speaker 8: I think that like fifteen years so far. Every year
• 16:19
  Speaker 8: we have a special focus. This year is basically that
• 16:21
  Speaker 8: the Chilean economy has fully rebalanced from the disquilibria that
• 16:28
  Speaker 8: was left after COVID nineteen, that we have our house
• 16:33
  Speaker 8: in order. The economy grew to zero point six percent
• 16:38
  Speaker 8: last year and we are prepared to continue growing. But
• 16:42
  Speaker 8: of course we are facing the risks that everyone does
• 16:46
  Speaker 8: these days. But the Chile appears to be better prepared
• 16:49
  Speaker 8: on a number of dimensions to face the juncture.
• 16:52
  Speaker 6: All right, Now, be honest with this next question. You
• 16:54
  Speaker 6: just heard Kevin Whitelaw talking about does the rest of
• 16:57
  Speaker 6: the world think the United States is nuts?
• 17:00
  Speaker 8: A question it is, can I yes, Fifth Amendment?
• 17:07
  Speaker 6: Okay, all right, all right, since you're going to take
• 17:09
  Speaker 6: the fifth on that. And by the way, I have
• 17:11
  Speaker 6: to say, just parenthetically, on my bucket list is a
• 17:14
  Speaker 6: visit to Chile.
• 17:15
  Speaker 3: Okay, well, you're talking to the right person. It looks
• 17:17
  Speaker 3: like not me.
• 17:18
  Speaker 6: What is the driest desert in the world, I believe, right, yeah.
• 17:21
  Speaker 8: Sure, And but do I know that the desert is
• 17:25
  Speaker 8: a home to a.
• 17:26
  Speaker 6: Very large telescope appropriately a name, among other things. So
• 17:30
  Speaker 6: for science geeks, that's the place to go.
• 17:32
  Speaker 8: Teles coves, wind power, mining, cover mining, lithium mining, all
• 17:39
  Speaker 8: of that.
• 17:40
  Speaker 6: CELLI is one of the largest copper producers in the world,
• 17:43
  Speaker 6: if not the biggest.
• 17:45
  Speaker 8: Number one.
• 17:46
  Speaker 6: Can I talk to you about the dollar, the weakness
• 17:49
  Speaker 6: in the dollar and em currencies like the peso have
• 17:53
  Speaker 6: been on a tier. Your thoughts on the dollar weakness,
• 17:57
  Speaker 6: and then whether or not you have to galeback purchases
• 18:01
  Speaker 6: of US data as a result of that.
• 18:04
  Speaker 8: Yes, so, well, the way we see it is that
• 18:07
  Speaker 8: you know, in the balance between the dollar as a
• 18:12
  Speaker 8: refuge in terms of uncertainty and the issues that concentrate
• 18:17
  Speaker 8: on risk coming from the US. The second is waiting
• 18:21
  Speaker 8: more today, and that is what has been weakening the
• 18:23
  Speaker 8: US dollar.
• 18:25
  Speaker 2: So we mentioned the commodities that Chile produces, et cetera.
• 18:30
  Speaker 2: Just how is that going? And I say that globally,
• 18:33
  Speaker 2: but what I mean is that the tear of negativity
• 18:35
  Speaker 2: globally has disrupted a lot of investment decisions, disrupted a
• 18:39
  Speaker 2: lot of long term contracts or demand.
• 18:42
  Speaker 8: What have you noticed, Well, we have a very strong
• 18:45
  Speaker 8: pipeline of investment producing mining, particularly in copper. Those have
• 18:52
  Speaker 8: multiplied by five for the next four years in the
• 18:56
  Speaker 8: course of a little more than a year. Basically because
• 19:00
  Speaker 8: the long term price of copper is expected to remain
• 19:03
  Speaker 8: pretty solid. Uh, and there will still be a lot
• 19:07
  Speaker 8: of world demand for copper coming from electron mobility, from
• 19:13
  Speaker 8: technological changes, from construction in some countries. So and actually
• 19:20
  Speaker 8: the price of copper has remained pretty strong in the
• 19:24
  Speaker 8: last in the last few months, even in the face of.
• 19:27
  Speaker 2: The tariffs that just where you send that copper from
• 19:30
  Speaker 2: Chile to have that changed at all, Well.
• 19:34
  Speaker 8: Our copper production, in terms of metal as kettles, goes
• 19:40
  Speaker 8: mostly to the US. We are the main supplier of
• 19:44
  Speaker 8: copper kettles to the US market and therefore a very
• 19:48
  Speaker 8: important supplier of US manufacturing, and the copper concentrate is
• 19:53
  Speaker 8: basically demanded from China, given that China has the largest
• 19:58
  Speaker 8: smelting capacity in the world.
• 20:00
  Speaker 6: The quality of the ore have you been able to
• 20:03
  Speaker 6: maintain that?
• 20:05
  Speaker 8: Well? A large part of investments are aimed at at
• 20:10
  Speaker 8: the compensating for the declining quality of ore as minds
• 20:15
  Speaker 8: get older. So that means that in Chile we have
• 20:23
  Speaker 8: we're planning to have a lot of investment. Part of
• 20:25
  Speaker 8: that we will compensate over that and other part will
• 20:27
  Speaker 8: increase the volume of production. We expect to grow a
• 20:31
  Speaker 8: production by one million tons from twenty to twenty thirty.
• 20:37
  Speaker 6: And the range of possibilities for the election with the
• 20:41
  Speaker 6: elections at the end of the year. At the end
• 20:42
  Speaker 6: of the year, what does it mean for investors? Because
• 20:45
  Speaker 6: there are the current president your boss her term is up.
• 20:49
  Speaker 8: Correct, Yes, we don't have a re election in Chile.
• 20:52
  Speaker 8: Therefore there will be a new president.
• 20:57
  Speaker 6: But the range of possibilities what the that mean for investors?
• 21:02
  Speaker 8: Well, so far it looks like the investors are very
• 21:06
  Speaker 8: positive about the sort of the structural strength of the country.
• 21:11
  Speaker 8: They don't see any major policy changes coming up in
• 21:14
  Speaker 8: their areas like in this case copper or energy or
• 21:19
  Speaker 8: other key sectors in the Chilean economy. So in the
• 21:23
  Speaker 8: last few days we have had announcements of pretty large projects.
• 21:28
  Speaker 8: Total announced sixteen billion project on green hydrogen and ammonia
• 21:33
  Speaker 8: in the far South. We had Amazon Web Services announcing
• 21:38
  Speaker 8: four and a half billion dollars in data centers. The
• 21:43
  Speaker 8: digital industry infrastructure is growing pretty much in Chile as well.
• 21:47
  Speaker 2: How does that impact domestic inflation when you have a
• 21:51
  Speaker 2: lot of industry then coming down.
• 21:53
  Speaker 8: Well, demand is pretty much in line to the economy
• 21:58
  Speaker 8: growing more two and a half percent. Inflation is pretty
• 22:04
  Speaker 8: much under control. We have some upward pressure coming from
• 22:07
  Speaker 8: the normalization of electricity tariffs that were frozen during the
• 22:12
  Speaker 8: COVID nineteen crisis, but we expect inflation to go back
• 22:18
  Speaker 8: to the central Bank target of three percent by the
• 22:21
  Speaker 8: beginning of twenty twenty six.
• 22:23
  Speaker 6: Are you going to stick around in your job through
• 22:25
  Speaker 6: the end of the year or like, what's your.
• 22:29
  Speaker 8: Well, I will stay there as long as President needs me.
• 22:33
  Speaker 8: But I mean, we have so many things to do.
• 22:37
  Speaker 8: We have, you know, further physical consolidation to implement. We
• 22:44
  Speaker 8: have announced just an additional package of incentives for new
• 22:49
  Speaker 8: investments in the country, and of course dealing with the
• 22:52
  Speaker 8: negotiations with the US on taistent trade.
• 22:56
  Speaker 2: All right, Maria, thanks lot, We really appreciate it. Thank
• 22:59
  Speaker 2: you so much for joining us. Maria marcel a chile
• 23:01
  Speaker 2: finance minister.
• 23:02
  Speaker 6: And on the way home, I will be stopping to
• 23:04
  Speaker 6: get some Chilean wine because it's very good.
• 23:07
  Speaker 8: It is.
• 23:08
  Speaker 6: He agrees a recommendation.
• 23:10
  Speaker 3: Okay, if on a is you going to give you recommendation?
• 23:13
  Speaker 2: Yes, we'll work off air. We'll get some recommendations for
• 23:15
  Speaker 2: some good Chilean wine. That's a great idea.
• 23:17
  Speaker 3: John Tucker the best amazing price to quality ratio.
• 23:23
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