BlackRock's Powell: China-US Too Dependent to Decouple

Bloomberg

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00:00How do you factor in the ongoing trade tensions, especially as we see more across the tech side where Earth's now becoming the focus of the spat?

00:10Look, it's never nice to see a married couple argue in public, right? None of us like to see that.

00:15But they are married, right? The U.S. and China.

00:17So are they having a serious negotiation about the nature of their economic and other relationship?

00:22They definitely are. That's going to continue in this kind of new media landscape that we exist in.

00:27Some of that negotiation is going to be done, maybe most of it, kind of in public via social media.

00:32That's kind of very different from how we've all been kind of brought up, I guess, over the last decades and even centuries of kind of diplomacy.

00:39But that's going to run and run. So I think we need to be very clear on disaggregating the volatile kind of in public negotiation,

00:48which is going to continue with the underlying reality, which is that they are economically interdependent.

00:54They rely on each other. And therefore, frankly, the very idea of decoupling doesn't really make much sense.

01:01They are just too interconnected. They're going to have to work it out.

01:04And I think that's why the market is obviously watching carefully and you get some volatility.

01:07But ultimately is of the view that they're constrained on both sides on how mean they can be to each other,

01:14although the mean rhetoric is very likely to continue.

01:17Okay.

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