Druckenmiller says US could “roll” in a Big Tech trade battle
Billionaire investor Stanley Druckenmiller said that by defending national steel and coal companies while aiming at big technology, the U.S. Government does poor work in planning for a future trade war with China.
Talking at the Economic Club on Tuesday, former hedge fund manager Druckenmiller stated that the Chinese government still supports Huawei Technologies Co. Ltd. has loosened constraints on businesses such as Alibaba Group Holding Ltd. and Tencent Holdings Ltd. in the context of escalating US / China trade conflicts. This was compared with the U.S. strategy to Big Tech regulations, which he said meant “putting mud on the buttons, and creating their lives uncomfortable.” Remarks came following Monday trade in shareholdings held by Facebook Inc. and Alphabet Inc. in which officials were contemplating research into anti-competitiveness. After comparable accounts, Apple Inc. and Amazon.com Inc. also saw their stocks drop to a lower degree.
“If you wage a financial conflict with China and look back, where do you wage conflict?”He questioned Druckenmiller. “To me, you are fighting with AI, wherever the future goes,” he said. “China is” oiling its high-tech device.
Another region of debate between Druckenmiller and Key Square Capital Management Moderator Scott Bessent is whether Chinese Xi Jinping is less probable to reward businesses whose managers he does not like individually than president Donald Trump.
Bessent said China’s chairman “can’t hold Huawei’s chairman,” while Druckenmiller noted that Huawei is Chinese “winner” and now Xi is the company’s’ associates.’ In the meantime, Trump is “not Mr. Bezos’s true fondness,” Druckenmiller said. Jeff Bezos is the CEO and Amazon’s biggest shareholder and controls the Washington Post, which publishes accounts that have criticized Trump.