Business
China Set for $1.2T Trade Surplus Despite US Tariffs, Jimmy Kimmel to Return | The Pulse 9/23/2025
President Xi Jinping’s export engine has proved unstoppable during five months of sky-high US tariffs, sending China toward a record $1.2 trillion trade surplus. With access to the US curtailed, Chinese manufacturers have shown they aren’t backing down: Indian purchases hit an all-time high in August and sales to Southeast Asia have exceeded their pandemic-era peak.
Elsewhere, Jimmy Kimmel Live! will return to the air on Tuesday, ending a suspension Walt Disney Co. imposed following controversial remarks the ABC late-night host made about the assassination of Republican activist Charlie Kirk.
“We have spent the last days having thoughtful conversations with Jimmy, and after those conversations, we reached the decision to return the show on Tuesday,” ABC’s parent said in a statement.
Today’s guests, Luke Barrs, Goldman Sachs AM Fundamental Equities Chief Business & Client Officer, Josie Anderson, Nomura European Economist
Chapters:
00:00:00 – The Pulse
00:00:47 – Euro-Zone Private Sector Grows at Fastest Pace in 16 Months
00:03:56 – Nvidia, OpenAI Make $100 Billion Deal to Build Data Centers
00:06:30 – Fed’s Miran Makes an Outlier’s Argument for Cutting Rates
00:10:11 – Luke Barrs, Goldman Sachs AM Fundamental Equities Chief Business & Client Officer
00:15:47 – Baltic Leaders Say Russia is Testing NATO Readiness
00:21:22 – France Recognizes Palestine as a State
00:24:39 – French PMI Sinks on Political Turmoil
00:27:41 – Josie Anderson, Nomura European Economist
00:31:22 – Reeves’ Path to £6 Billion Tax Hike Floated by UK Think Tank
00:31:42 – Hong Kong Flights Halted as Typhoon Looms
00:32:21 – China Floods the World With Cheap Exports After Trump’s Tariffs
00:34:20 – US-China talks for ‘Huge’ Aircraft Order
00:36:26 – Disney Says ‘Jimmy Kimmel Live!’ to Return Following Backlash
00:39:12 – Judge Allows Orsted to Resume US Wind Farm Construction
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US equity futures waver after Meta, Alibaba and Tencent boosted investor optimism around AI with their latest technology. The US and China held a second round of trade talks ahead of the Trump-Xi summit. President Trump is set to speak as the UN General Assembly convenes in New York City. Kallum Pickering of Peel Hunt joins “Bloomberg Brief” to discuss the sustainability of debt-financed growth.
This video has been edited to correct a graphic to show that the latest AI trade faltered in the Asian session. The correction is placed at 01:01
Chapters:
00:00:00 – Bloomberg Brief: AI Rally, Trade Talks & Oil
00:00:48 – Global Market Check: Asian Markets and Chinese Tech Gains
00:02:22 – European Markets React to Oil Reversal
00:03:31 – Oil Retreats on Iran Diplomacy and Saudi Supply
00:04:56 – First Look movers: On, GameStop and Pharma
00:06:24 – Trump, Xi and the UN General Assembly
00:09:02 – US-China Trade Talks and Rare Earth Leverage
00:12:50 – Oil Markets and the Strait of Hormuz
00:15:41 – Trending on the Terminal
00:16:59 – Alibaba’s New AI Chip Takes Aim at Nvidia, Meta’s AI Momentum and the Chip Rally
00:20:45 – Front Page News
00:21:33 – Market Check: Stocks, Bonds and Crude Oil
00:24:25 – Kallum Pickering, Peel Hunt Chief Economist, on US Debt, Fed Policy and AI Investment Risks, Inflation Risks and the Fed’s Balancing Act
00:32:20 – Trending on the Terminal
00:33:42 – Trump-Xi Talks and UN Diplomacy
00:37:42 – Alibaba, Meta and SoftBank’s AI Financing Boom, Meta AI Adoption and Investor Optimism
00:42:30 – What to Watch
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Bloomberg Surveillance: Early Edition, live from London, Berlin and New York. Francine Lacqua, Anna Edwards, Matt Miller, and Kailey Leinz deliver the latest news and analysis on the markets with leaders in global finance and economics. ECB Governing Council member Klaas Knot says new restrictions in parts of the euro area to battle record Covid-19 infections are unlikely to change the planned wind-down of monetary stimulus. Amundi Group CIO Pascal Blanque warns of a tech bubble. Julie Norman, Lecturer in Politics & International Relations at University College London, says Russia is the biggest geopolitical challenge for Biden.
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Markets weigh renewed US-Iran diplomacy after President Donald Trump hailed talks following his “annihilation” threat, while Iran says the discussions were aimed at relaying its demands. Trump also said at the UN he believes a deal with Iran could be reached after the midterms.
Saudi Arabia is making progress on restarting its East-West pipeline and eyes a return of oil exports from Yanbu, helping push oil lower alongside Hormuz diplomacy.
Xi Jinping heads to the US as Trump prepares a red-carpet welcome amid a media boycott. The Trump-Xi talks are expected to cover the Iran war, Taiwan, trade and AI, while Xi is unlikely to bring CEOs to the summit. The US and Canada, meanwhile, remain divided over an extension of their trade truce.
Asian stocks rise following a US tech rally, with the Nasdaq 100 closing at a record high on AI optimism, while oil falls. Alibaba shares decline on reports surrounding an LLM probe and Xi’s entourage. The Kospi erases gains ahead of a holiday, and the PBOC sets a weaker yuan fixing for the first time since Sept. 8.
XRG eyes another global energy deal with a potential stake in Shell-backed LNG Canada. Aramco plans to create a gas unit with a view to a potential listing, while the US and Gulf back Todd Boehly’s bid for Lukoil assets.
Trump plans Greenland bases after a deal was signed and rejects an international push to manage AI risks. Anthropic unveils its Opus 5.5 model.
In Africa, Nigeria delivers its deepest rate cut in almost two decades, lowering rates to 23% from 26.5%, while South African rates are seen rising to 7.25%. Africa’s ETG Group weighs a $500 million Eurobond.
Trump also slams the Chagos deal during his first meeting with the UK prime minister. Guests includes Jun Bei Liu, Ten Cap Founder and Mekala Krishnan, McKinsey Global Institute Partner.
Horizons Middle East & Africa is your daily spotlight on one of the world’s fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg.
Chapters:
00:00:00 – Introduction
00:04:36 – Trump Hails Iran Talks After ‘Annihilation’ Threat
00:09:39 – Xi to Arrive in US as Trump Faces Media Boycott
00:15:02 – Jun Bei Liu, Ten Cap Founder
00:27:44 – XRG Eyes Stake in LNG Canada
00:31:14 – Mekala Krishnan, McKinsey Global Institute Partner
00:37:08 – Trump Rejects International Push to Manage AI Risk
00:41:20 – Nigeria Surprises Market With Deep Rate Cut
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Global stocks rally as markets look ahead to President Xi Jinping’s visit to Washington later in the week. US Treasury Secretary Scott Bessent and China’s top trade negotiators tout positive talks around AI, trade and investment over the weekend. Oil extends its decline for a fourth consecutive day, while US retail diesel prices top $6.50 a gallon for the first time. Mark McCormick of BMO Capital Markets joins “Bloomberg Brief” to discuss the Fed’s rate path and financial conditions ahead of a slew of Fedspeak this week.
Chapters:
00:00:00 – Bloomberg Brief Begins
00:00:19 – Top Stories
00:00:54 – Global Market Check: Asian Markets Start the Week Higher
00:02:10 – European Relief Rally and Bond Markets
00:03:31 – US Markets Digest the Fed Decision
00:04:57 – First Look Movers: Critical Metals, Paramount and Novo Nordisk
00:06:07 – US-China Talks Ahead of Trump-Xi Summit
00:09:51 – Oil Falls as Focus Turns to US-Iran Diplomacy, Iran, the Houthis and Regional Risks, AI, Market Valuations and Economic Risks
00:13:28 – Trending on the Terminal
00:14:51 – Markets Face a Major Geopolitical Week, Fed Rate Hikes and the Inflation Outlook
00:20:28 – Front Page News
00:21:37 – Market Check: Stocks, Treasuries and Oil
00:23:30 – First Look Movers
00:24:41 – Mark McCormick, BMO Capital Markets Chief FX Strategist, on AI Investment Boom Driving US Growth, & Wealth Effects, AI and Global Markets
00:32:46 – Trending on the Terminal
00:34:30 – US-China Trade Talks and Trump-Xi Meeting, Iran Diplomacy and Trump’s Options, Trump & Mamdani Meeting
00:38:33 – Citi CEO Jane Fraser on AI and Cybersecurity Risks
00:41:04 – SoftBank’s $11 Billion OpenAI Funding Push
00:42:20 – What to Watch
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Bloomberg Surveillance: Early Edition, live from London and New York. Francine Lacqua, Anna Edwards, and Matt Miller deliver the latest news and analysis on the markets with leaders in global finance and economics. Financial Conduct Authority Director of Markets Clare Cole discusses the regulator’s proposals to encourage companies to list in the UK. Ninety One Portfolio Manager Deirdre Cooper and Societe Generale Global Chief Economist Klaus Baader discuss the prospect of a recession and worries about financial stability ahead of the Federal Reserve’s rate decision.
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