On today’s Big Take Asia podcast, how a rebel army in Myanmar became a major player in the global supply for rare earths — and what its growing influence means for neighboring China. https://t.co/37RBnI7RFP ...

外交部发言人毛宁主持例行记者会。印度媒体今日报道称，中国已经解除了对印度的稀土出口限制。中方能否证实？“我不了解你提到的情况。我可以告诉你的是，我们愿意同有关国家和地区加强对话合作，共同维护全球产供链的稳定。”毛宁回应。外汇交易员 (@myfxtrader):路透社引述印度媒体消息，中国取消了稀土磁铁出口至印度的限制。🗒️彭博社6月曾报道，印度外交秘书Vikram Misri在新德里与中国外交部副部长孙卫东会面时，提出了中国对稀土出口实施管制的问题。双方同意未来继续就关键矿产供应及更广泛的经贸议题保持对话。 ...

Production Strategy - Apple is expanding iPhone production in India [1] - The company aims to reduce its dependence on China for iPhone models destined for the US market [1]

Industry Trend - Western countries are seeking to reduce reliance on China's rare-earth supplies [1] - Recycling is presented as a viable alternative to replicating China's rare-earth supply chain [1]

Government Initiatives & Policy - Aims to establish a strategic active pharmaceutical ingredient (API) reserve to bolster domestic manufacturing [2] - Calls for creating a list of drugs critical to America's health and security interests [1] - Health and Human Services (HHS), the Veterans Affairs (VA), and the Department of Defense (DoD) to issue long-term contracts to buy needed medicines, stabilizing demand [3][9] - Considers pharmaceutical tariffs under Section 232 due to national security concerns [6][8] Supply Chain & Manufacturing - Focuses on fast-tracking advanced continuous manufacturing to reduce costs and waste in pharmaceutical production [4][5] - Aims to reduce reliance on China and India, which currently supply 60% of US API and medicines [5] - Seeks to move from extreme vulnerability to "America first" in pharmaceutical manufacturing [10] Investment Opportunities - Presents significant investment opportunities for those who can identify potential winners in the pharmaceutical sector [7] - Executive order is a follow-up to previous efforts to bring pharma manufacturing back to the US [6] Risks & Challenges - Acknowledges the need for careful administration to transition to pharmaceutical independence [10] - Highlights the vulnerability of relying on foreign sources for essential medicines, citing China's past threats [8]

Summary of Key Points from the Conference Call Industry Overview - The discussion primarily revolves around the **U.S. economy**, focusing on the implications of **tariffs** and **inflation** on market dynamics and Federal Reserve policy decisions. Core Insights and Arguments 1. **Market Reactions to FOMC Meeting**: The market's pricing for the September FOMC meeting fluctuated significantly, with initial expectations for a rate cut shifting after Chair Powell's comments, indicating ongoing uncertainty in economic conditions [2][5]. 2. **Nonfarm Payrolls Impact**: The July nonfarm payrolls report showed a downward revision of 258k for May and June, the largest revision outside of the Covid period, altering the market's narrative regarding the U.S. economy [2][5]. 3. **Inflation Trends**: The June CPI indicated the onset of tariff-driven inflation, with effective tariff rates rising from 8.7% in May to 8.9% in June, while announced rates exceed 15%. This discrepancy is attributed to supply chain dynamics and timing of tariff applications [3][4]. 4. **Inventory Management Effects**: Companies, particularly in the auto sector, are delaying price increases until new inventory arrives, which may further postpone inflation pass-through to consumers [4]. 5. **Fed's Balancing Act**: The Federal Reserve's decision in September will need to balance inflation pressures against employment data, with tariff uncertainties continuing to complicate the economic outlook [5][7]. 6. **Upcoming Economic Data**: The importance of forthcoming CPI and jobs data is emphasized, as they will be critical in shaping the Fed's decisions regarding interest rates [2][7]. Additional Important Insights 1. **Sector-Specific Inflation**: The analysis indicates that about 80% of the surge in "front loading" inventory in Q1 was concentrated in just seven product categories, suggesting that inflationary pressures may not be as widespread as initially thought [4]. 2. **Consumer Sentiment**: The University of Michigan's survey showed long-run inflation expectations declining to 3.4% in July, with consumer sentiment rebounding but still below last year's levels [22]. 3. **Global Economic Indicators**: Other global economic indicators, such as China's broad credit growth and Japan's GDP forecasts, are also mentioned, reflecting a broader context of economic performance [9][19][20]. This summary encapsulates the critical points discussed in the conference call, highlighting the interplay between tariffs, inflation, and Federal Reserve policy in the current economic landscape.

Tariff Impact & Inflation - Traditional tariff understanding involves border application, but new trade policies apply tariffs based on goods within goods or raw materials, complicating cost assessment [1][2] - The accumulation of tariff impacts across the global value chain of production leads to earning and inflation shocks [3] - Companies are adjusting pricing decisions based on when and how they understand their costs related to tariffs [3] Supply Chain Dynamics - Cost pressure from suppliers is increasing, leading to appeals for price increases [4] - Customers are using data to negotiate and understand appropriate pricing in response to tariff increases [4] - Tariff impacts are working their way through the supply chain to the end customer and ultimately affecting earnings [4]

Industry Overview - Rare earth elements, comprising 17 elements with unique magnetic properties, are vital for modern technology [1] - Rare earth magnets are essential for electric vehicles, wind turbines, defense equipment, data centers, and high-tech consumer electronics [2] - The US, once a leader in rare earth production, has become largely dependent on China for its supply [2] Geopolitical Implications - Escalating trade tensions between the US and China, particularly after China's export controls on rare earths, have spurred the US to develop a domestic supply chain [3] - The US views the competition with China in rare earths as an "existential competition" [3] US Strategy - The US is seeking to wean itself off of Chinese rare earths by exploring domestic mining and processing options [3][4]

Apple's Investment and Supply Chain - Apple 宣布将额外投资 1000 亿美元（$100 billion）于美国公司和供应商 [1] - Apple 与 Corning 达成 25 亿美元（$2.5 billion）的合作协议，用于生产 iPhone 和 Apple Watch 的全部保护玻璃，Corning 将在肯塔基州增加 50% 的制造和工程人员 [9] - Apple 几年前就已投资 5 亿美元（$0.5 billion）与 MP Materials 建立合作关系 [10] - Apple 致力于加强其在美国的组件生态系统，并增加对现有美国供应商的投资 [6][7][9] - Apple 可能会开始投资土地或建筑物，用于数据中心和小型服务器容量，以支持其混合 AI 方法 [8] - Apple 可能会增加对台积电（TSMC）非领先芯片的采购，用于 Mac、iPhone 和 AirPods 等产品，以实现更广泛的生态系统受益 [12] Intel's Situation - 特朗普总统呼吁 Intel CEO 李彬下台，声称他与中国过去的商业关系存在利益冲突 [1] - Intel 回应称，公司、董事会和 CEO 坚定致力于推进美国的国家和经济安全利益 [2] - 本届政府与 Intel 的互动较少，尤其是在新 CEO 李彬上任后 [3] - 特朗普可能希望通过批评来促成与 Intel 的会面，以达成双赢协议，强调 Intel 在美国增加制造业投资 [4]

All right. So, some companies are obviously switching their supply chain, trying to minimize their exposure to China. I'm you have an unbelievably good relationship with you.I don't know whether it's worth risking, but have you thought about uh I know some of your business is already out of China. Have you thought about moving more. >> Well, you know, we have been uh optimizing our supply chain.If you looked at us a few years ago, 100% of our production was in China. It's now about 75% and we continue to di ...