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On August 27th, Politico reported that tech companies have launched an intensive lobbying effort to persuade the Trump administration to scale back the anticipated chip tariffs, bringing them closer to the tariff plan announced by Trump earlier this year. This policy grants broad exemptions for data centers and other domestic uses, thus limiting the tariffs impact. Lobbies argue that the tariffs will make it harder for U.S. companies to obtain the quantities of semiconductors needed for the booming development of artificial intelligence, thereby slowing the expansion of data centers. At this time, U.S. tech giants are investing in AI at a record scale, pouring hundreds of billions of dollars into large data center campuses and snapping up expensive, cutting-edge chips needed to run these data centers. "This is probably the dumbest way I can think of to pursue U.S. AI dominance," said a tech industry official from a major industry association who served in Trumps first administration. "Its like crippling yourself at the starting line."On August 27th, the General Offices of four departments, including the Ministry of Industry and Information Technology, issued a notice on launching a special campaign to improve the consistency and quality of road motor vehicle production. The notice emphasizes strengthening publicity and guidance. It calls for organizing a special campaign to promote the upward development of Chinese automotive brands, holding joint brand events such as "Seeing Chinese Cars," focusing on the technology, quality, and service levels of Chinese automakers, telling the stories of Chinese automotive brands, and enhancing their influence. It also calls for researching and establishing standardized, open, fair, and traceable guidelines for third-party evaluation activities in the automotive industry. The notice further emphasizes the need to continuously rectify online chaos in the automotive industry and severely crack down on exaggerated and false advertising. Finally, it stresses strengthening the release of authoritative and professional information, publicly reporting problematic road motor vehicle manufacturers and testing institutions, drawing clear "red lines" and upholding "bottom lines" for the industry, resolutely deterring irrational competition, and guiding the industry to improve product consistency and quality and safety levels.According to Politico, four sources familiar with the matter said that U.S. Commerce Secretary Rutnick is inclined to link tariff reductions for foreign companies with investment in the U.S. chip manufacturing industry in order to stimulate domestic chip production.According to Politico, sources familiar with the matter revealed that a tariff proposal currently under consideration would significantly expand the scope of technology products subject to tariffs, including not only chips but also many products made using chips, such as laptops, game consoles, and servers used in data centers.On August 27th, the National Internet Finance Association of China held a symposium on credit reporting self-regulation in Beijing. The meeting heard reports from the association on its plans to establish a credit reporting working committee, strengthen risk prevention and governance, conduct self-regulatory evaluations of industry institutions, and standardize the behavior of practitioners. The Beijing branch of the Peoples Bank of China required credit reporting agencies under its jurisdiction to implement the spirit of the head offices documents, comply with the self-regulatory management regulations for the credit reporting industry, further enhance their awareness of legal compliance, and strengthen their ability to operate soundly. Participants engaged in in-depth discussions on the current state and development prospects of the credit reporting industry and offered suggestions on credit reporting self-regulation.

Oil Declines 3% on Russian Price Cap Talks, As U.S. Gasoline Prices Increase

Skylar Williams

Nov 24, 2022 14:18

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Oil prices fell by more than 3 percent on Wednesday, extending a run of turbulent trading, as the Group of Seven (G7) nations explored a price restriction on Russian oil above the current market level and as gasoline stocks in the United States increased more than experts predicted.


Brent futures for January delivery decreased $2.95, or 3.3%, to $85.41 per barrel. U.S. crude sank $3.01, or 3.7%, to $77.94 a barrel. In early trade, both futures had climbed by over $1 per barrel.


The Energy Information Administration reported a 3.1 million-barrel rise in U.S. gasoline stocks, which was far greater than the 383,000-barrel increase projected by industry analysts.


The spike in gasoline prices is somewhat unexpected, according to Phil Flynn, an analyst with the Price Futures organization. The rise in gasoline supplies suggests that demand may be declining or that gasoline is being stockpiled ahead of the holidays.


In addition, EIA data indicated an oil inventory loss of 3.7 million barrels, although a Reuters survey projected a decline of 1.1 million barrels.


Reports that the G7 cap on the price of Russian oil might be higher than the current market price have weighed on prices.


According to a European official on Wednesday, the G7 nations are proposing a price cap in the area of $65-70/bbl for Russian oil carried by sea.


The price of Urals oil supplied to northwest Europe is between $62 and $63 per barrel, while the price in the Mediterranean is between $67 and $68 per barrel, according to data from Refinitiv.


Due to estimated production costs of around $20 per barrel, the cap would still make it profitable for Russia to export its oil, so averting a global market shortage.


A senior U.S. Treasury official indicated on Tuesday that the price cap is likely to be modified many times every year.


China, the world's top crude oil importer, has experienced a surge in COVID-19 cases; in response, Shanghai tightened procedures late Tuesday.


The OECD economic outlook anticipated a slowdown in global economic expansion for the coming year, which increased the pressure.


"On the bright side, the OECD does not anticipate a global recession, which may have contributed to the rise in oil prices and stocks," said Tamas Varga, an analyst at PVM Oil Associates.


In the Federal Reserve's November meeting minutes, the majority of policymakers agreed that it would soon be prudent to halt the rate of interest rate increases.

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