Biden launches Bidenomics, a new squeeze on China’s chips – Corriere.it

With the bet for re-election entirely played on the economy, Joe Biden from Chicago has launched the message with which he intends to confirm himself in the White House and which has already been baptized by his strategists as the “Bidenomics”. Diametrically opposed to Reaganomics, which was based on the principles of trickle-down economics, i.e. that everyone’s growth is helped with policies that favor the richest classes, Bidenomics is founded on the simple idea that we have to grow the economy from the middle and from the bottom up,” explained the president’s counselors Anita Dunn and Mike Donilon. The underlying bet is that the worst effects of the recession have already passed and that the economy is headed for a soft landing, avoiding a recession.

The forecast: no recession

A vision agreed upon by a growing number of analysts which at the moment however clashes with the fact, CNN underlines today, that the majority of Americans are convinced that the US economy is in dire straits and blame Biden for this. Instead, the new campaign aims to convince Americans that the state of the economy is good, thanks to the economic policies adopted so far by Biden, and will improve with the actions he intends to take. “They will be completely tied to strategy and economic results, and they predict that there will be no recession,” he explains, speaking of Biden’s strategists, Seth Harris, former deputy director of Biden’s National Economic Council.

Less chips to China

The Biden administration could impose new restrictions on the export of artificial intelligence chips to China. The Wall Street Journal reports it, underlining the fears in Washington of putting such an important technology into the hands of a rival country. According to the newspaper’s sources, the Commerce Department could block the shipment of chips manufactured by Nvidia and other US companies to China and other countries as early as the beginning of July. Last year, the United States had already banned the export of the most advanced chips produced by Nvidia and Advanced Micro Devices. Nvidia had thus decided to produce a “less advanced” version of its artificial intelligence chip for the Chinese market, called the A800, which remained below the performance threshold set by the government. Under the new restrictions, the export of the A800 would also be prohibited without a licence. In the premarket, Nvidia and AMD stocks each fell about 3.3%.