Goldman's basket of Ukraine reconstruction beneficiaries has dramatically outperformed defence stocks since Trump's election.
It's composed of industrials/infrastructure stocks. Source: www.zerohedge.com, Goldman
A nice one by Robin Brooks on X: There's 3 drivers of Trump tariffs:
(i) border security (Canada, Colombia, Mexico); (ii) geopolitics (steel & aluminum); (iii) fairness (reciprocal tariffs & currency manipulation). China is the only country to be tariffed - and will get tariffed more - as it hits all of these...
Canada just can't quite make it out of the crosshairs of the new US administration.
Canada is biggest foreign supplier of steel (lhs, blue) - just edging out the EU (lhs, orange) - and by far the biggest foreign supplier of aluminum (rhs, blue). China is NOT a big supplier... Source: Robin Brooks
Western Biotech’s “DeepSeek Moment” – China’s Rise in Pharma Innovation.
A WSJ artivcle >>> https://lnkd.in/eSua5PBt The WSJ article opens with how Summit Therapeutics’ cancer drug, licensed from China’s Akeso, outperformed Merck’s $30B Keytruda. But apparently this isn't all that special — Chinese companies now account for 31% of major pharma licensing deals, up from just 5% in 2020. Why Chinese Biotech Is Winning ✅ Lower costs & streamlined clinical trials ✅ Lean operations with minimal bureaucracy ✅ Better drug candidates at lower prices ✅ Faster R&D with Wuxi and other CDMOs driving efficiency Source: Rui Ma 马睿 on X, WSJ
*TRUMP: WILL ANNOUNCE 25% TARIFFS ON STEEL, ALUMINUM MONDAY The largest exporter of steel & aluminum to the US? canada followed by mexico
What happened to the 30 day moratorium on tariffs from Canada & Mexico? Source: Vic_Turbendian
Trade Policy Uncertainty Index hits 2nd highest level in AT LEAST the last 25 years
source : barchart
The chart below - courtesy of LSEG - explains why canada and mexico both "kiss the ring" yesterday...
Source: LSEG Datastream
Great visual representation of tariffs impact on US states
By The World in Maps thru Tom Keene thru Joumanna Bercetche
