this is the first time a us treasury secretary has visited china since the covid pandemic and this is the environment they find themselves in. for example, trade restrictions. one point of contention is over rare earth metals, essential components to make semiconductor those which are used in everything from smart phones to military equipment. earlier this week beijing said it will require a special license to obtain two metals predominantly mined in china stopping this move has seen a retaliation against export bands put in place by the united states of critical technology needed for artificial intelligence and quantum computing. both sides argue that these bands are neededin argue that these bands are needed in the interest of national security. another issueis national security. another issue is the weakening yuan. china s currency has lost nearly 5% of its value against the us dollar over the past year which makes chinese exports more competitive on the global market. the
earths just days ago. i think she really wants as she said to get communications open. we are trading a lot with china, china depends on the us, us depends on china but at the same time, security and geopolitical interests are coming into conflict. i would say it is a little bit like good cop bad cop, blinken being the bad cop and now yellen going in as the good cop trying to say, look, we have a lot in common, let s see what we can do together, but boy, back home in the united states, both the democrats and the republicans are bashing on china, trump put in tariffs on hundreds of billions of chinese goods and president biden, who has reversed every trump policy he can, has kept that one. but despite those cooling tensions, the trade between the two have actually been growing but of course just ahead of her visit, beijing announcing those export controls on rare metals, also introducing some new laws on foreign relations and counterespionage and so on. is beijing playing ha
and mustered on. i think the crucial thing here and this is why i am excited about this as this is not a random player, this is not a random player, this is not a random player, this is meta doing this, they have a lot of experience of copying other apps very successfully, reels which is a copy of tiktok, stories which is a copy of snapchat and this at will have access to hundreds and millions of instagram accounts. it is not starting from zero. so this has a very, very good chance of succeeding, some people are calling it a twitter killer. it will also hoover up lots of data so it is worth just saying that in a way that some other apps don t. this is a really, really significant moment in terms of twitter. a very perilous moment i would say for elon musk s new twitter. just one more thing to say about this, it won t be available in the eu because of the digital market act that has recently come into force. meta
to twitter, all accounts will start off private and then you can make them public, and in theory this isn t available now but the hope is from meta that this will be interoperable with other platforms like blue sky and mastodon.l i think the crucial thing here and this is why i am excited about this is this is not a random player, this is meta doing this, they have a lot of experience of copying other apps very successfully, reels which is a copy of tiktok, stories which is a copy of snapchat and this app will have access to hundreds and millions of instagram accounts. it is not starting from zero. so this has a very, very good chance of succeeding, some people are calling it a twitter killer. it will also hoover up lots of data so it is worth just saying that in a way that some other apps don t. this is a really, really significant moment in terms of twitter. a very perilous moment
apps successfully and stories, which is a copy of snapchat, and this app will have access to hundreds and millions of instagram accounts. that is not starting from zero. so this has a very, very good chance of succeeding. some people are calling it a twitter killer. it will also hoover up lots of data though it is worth just saying that in a way that some other apps don t. this is a really, really significant moment in terms of twitter, a very, very perilous moment i would say for elon musk s new twitter. just one more thing to say about this, it won t be available in the eu because of the digital market actor that has really come into force of the matter is worried about getting sued because it will be transferring data from threads to instagram and vice versa. still a lot to unpick, very difficult to know how successful this will be, but a real moment here in san francisco. live now to caitlin chin.