trade and political tensions with china. the move sparked a warning from beijing, which considers taiwan part of chinese territory. samira hussain has more. trade between the united states and taiwan amounts to about $75 billion a year. that number is dwarfed by china s trade with taiwan, which stands at a massive $120 billion a year. by signing this trade deal, the us is looking to build its presence in asia and rival china. taiwan for its part is looking to reduce its economic dependence on china, especially in light of the geopolitical tensions between it and beijing. unsurprisingly, china did not react well, saying the united states should stop any form of official exchanges with taiwan under the guise of trade. beijing has stepped up threats and rhetoric against taiwan in recent years, increasing military drills in the seas around the island, and working to cut off its official ties with countries around the world. discussions between washington and taipei began in augus
that gives no one everything they want, but that s the responsibility of governing. this is a deal and it s good news, i believe, for the american people. the agreement prevents the worst possible crisis, a default for the first time in our nation s history. the two parties have untiljune 5th to reach an agreement to prevent the us government running out of money. our correspondent in washington jessica parker has more. this deal is set to raise the debt ceiling for two years. that s a big win for the white house. why? well, it means that, forjoe biden, who of course is seeking re election in the 2024 presidential race, he won t have to face this political drama, instability, brinkmanship, right in the run up to that presidential election, so he ll be pleased with that. but the republicans are trying to say they ve chalked up wins in terms of policy, so they are talking about, for example, kevin mccarthy, the house speaker, that there will be curbs on spending. he s talked ab
i hear some of you guys say is, why didn t biden say what a good deal this is? why would biden say what a good deal it is before a vote? you think that ll help it get passed? no. katrina els told me earlier that investors around the world are welcoming the news. so i think we ve seen a collective sigh of relief coming from international markets as a result of this tentative deal breaking. i think it really cements the fact that we will avoid that more calamitous situation of a us default which would have been absolutely awful for the us economy, but also for really increasing and ramping up those global recession risks, as well. but now that looks like it s off the table, thank goodness. there were worries though that some of these spending cuts that were in this legislation would weigh on the us economy? it ll only impact the margin when it comes to the growth perspective, meaning we are looking at fiscal policy being a bit less supportive over the next couple years, but i
on the prize, that passing this bill, getting it to the president avoids the catastrophic thing that would hurt millions of americans. and there s a reason world leaders were worried about this. this would have impacted the global economy. something that did rally wall street though today was the chip maker nvidia. for about five minutes it was part of the elite club of us companies worth a trillion dollars. the company s share price shot past $412 on tuesday, having risen by more than 30% since last week. other companies part of the trillion dollar club are apple, amazon and alphabet. the bbc s north america business correspondent samira hussain reports from new york. for a brief few moments nvidia was able to call itself a trillion dollarfirm. the chip maker shocked analysts by forecasting a surge in demand for its products because of advances in artificial intelligence or ai. the hardware made by nvidia underpins most ai applications today with one report suggesting it has
i hear some of you guys say is, why didn t biden say what a good deal this is? why would biden say what a good deal it is before a vote? you think that ll help it get passed? no. katrina els told me earlier that investors around the world are welcoming the news. so i think we ve seen a collective sigh of relief coming from international markets as a result of this tentative deal breaking. i think it really cements the fact that we will avoid that more calamitous situation of a us default which would have been absolutely awful for the us economy, but also for really increasing and ramping up those global recession risks, as well. but now that looks like it s off the table, thank goodness. there were worries though that some of these spending cuts that were in this legislation would weigh on the us economy? it ll only affect the margin when it comes to the growth perspective, meaning we are looking at fiscal policy being a bit less supportive over the next couple years, but i