Defense of Tax Provision in Trump Administration's Bill

Treasury Secretary Scott Bessent defends provision in Trump administration's bill to prevent foreign governments from siphoning tax revenue from U.S. companies. The bill includes measures to retaliate against countries imposing unfair taxes on American firms. Corporate lobbyists are targeting the provision, arguing it could lead to retaliatory measures and complicate international investment. The goal is to pressure foreign governments to roll back discriminatory and coercive taxes.

AI Partnerships Between U.S. Companies and Gulf Nations

OpenAI CEO Sam Altman defends multibillion-dollar AI partnerships between U.S. companies and Gulf nations brokered by former President Donald Trump, labeling critics as “naive.” Deals involve exporting AI chips and developing AI infrastructure in UAE and Saudi Arabia, drawing criticism over potential backdoor for China. Altman's support is influenced by OpenAI's collaboration with Emirati AI firm G42 and investment entity MGX in developing AI data centers in Abu Dhabi.

U.S. Companies in China Accelerating Plans to Relocate Manufacturing

A record share of U.S. companies in China are accelerating plans to relocate manufacturing or sourcing due to U.S.-China tensions and impacts of Covid-19. The survey by AmCham China revealed that 30% of respondents considered or started diversification in 2024, surpassing previous years.