🤝🏽 US Plays Nice With The EU By...?

Good morning. US stock futures were mostly flat in Friday morning trading as Wall Street looked to end a winning year on a high note and possibly new milestone

🏗️ Biden admin extends steel, aluminum tariff exemptions

📝 Our report: In an attempt to keep trade talks alive, US President Joe Biden decided to hit the snooze button on tariffs for European Union steel and aluminum, extending the suspension for another two years. The United States and the European Union have been seeking agreement measures to address excess metal production capacity in non-market economies, such as China, and to promote greener steel. The discussions were supposed to be resolved by 2023 but had stalled.  

 🔑 Key points:

• The United States suspended import tariffs of 25% on EU steel and 10% on EU aluminum for two years from January 2022, replacing the tariffs imposed by former President Donald Trump with a tariff rate quota (TRQ) system.

• The TRQ allows up to 3.3 million metric tons of EU steel and 384,000 tons of aluminum into the United States tariff-free, reflecting past trade levels, with the tariffs applying for any further amounts. The new exemption applies through December 31, 2025.

• In a presidential proclamation, Biden said the two sides had made "substantial progress" and were "continuing their discussions."

💡 So what: Managing tariffs on trade is crucial for fostering healthy international relations and economic stability. Tariffs directly impact the cost of goods and services, influencing consumer prices and affecting businesses' competitiveness. By carefully managing tariffs, countries can strike a balance between protecting domestic industries and promoting fair global trade.

 Friday - No Major Economic News

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🤖 Nvidia rolls out new chip for China

WHAT: Nvidia, the U.S. chip giant, has unleashed a souped-up gaming chip that's China-friendly, jumping through the hoops of U.S. export rules. The chip, which the company says offers a "quantum leap in performance, efficiency and artificial intelligence-driven graphics", will be available to Chinese customers starting in January, a Nvidia spokesperson told Reuters.

WHY: Nvidia has commanded more than 90% share of China's $7 billion AI chip market, and analysts have said the U.S. curbs are likely to create opportunities for domestic firms to make inroads.

✖️ X fails in bid to block Cali content moderation law

WHAT: Elon Musk's X couldn't dodge a California state law mandating social media companies to spill the beans on how they handle content moderation. A US District Judge in an eight-page decision dismissed the social media company's request. "While the reporting requirement does appear to place a substantial compliance burden on social medial companies, it does not appear that the requirement is unjustified or unduly burdensome within the context of First Amendment law," Judge William Shubb wrote.

WHY: X has been under fire regarding its content moderation rules, with many companies pausing advertising on the platform. Since Musk took over X in October 2022, its monthly U.S. ad revenue declined at least 55% year-over-year each month, according to third-party data provided to Reuters in October.

🖥️ Google settles consumer privacy lawsuit

WHAT: Google has decided to settle a lawsuit accusing it of stealthily shadowing the online escapades of folks who believed they were surfing incognito. The settlement, estimated to be in the billions, comes as Google parent Alphabet has been under pressure by regulators for allegations of anti-competitive practices.

WHY: Filed in 2020, the lawsuit covered "millions" of Google users since June 1, 2016, and sought at least $5,000 in damages per user for violations of federal wire-tapping and California privacy laws.

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