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Rachel Ziemba @reziemba.bsky.social · 1d

Latest example of US incremental, decentralized sovereign investment.
a preference for
-converting debt to equity or instruments that convert to equity which increases USG upside.
- projects that produce in US not just reduce China nodes.
Big qs on governance, filling processing gaps and more

Reposted by Rachel Ziemba

Danielle Myles @dmyles.bsky.social · 5d

The Gulf's #SWFs are laying the groundwork to ramp up their investment in Asia. Poaching top CFOs, opening offices in India and China, and striking multi-billion dollar MOUs with the region's state-backed investors. Insights from @reziemba.bsky.social and others

on.ft.com/4pRvzMF

Middle East SWFs to intensify push into Asia

Region’s funds accelerate their turn east in pursuit of tech, growth and geopolitical hedges

on.ft.com

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Rachel Ziemba @reziemba.bsky.social · 6d

Its notable the administration is now looking for deals with industries/companies. Perhaps they think its easier than trade deals and they have more direct leverage? Tho other policies including tariffs may complicate. Either way expect more such swaps

www.reuters.com/business/hea...

Trump administration targets deals in dozens of industries before midterms

Eli Lilly was asked to produce more insulin; Pfizer to produce more of its top-selling cancer drug Ibrance and its cholesterol drug Lipitor; and London-based AstraZeneca to consider a new headquarters in the U.S., according to two sources.

www.reuters.com

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Rachel Ziemba @reziemba.bsky.social · 6d

China adjusting maritime regulations in ways that could involve mirroring of soon to be implemented US port fees. While US does not build many vessels, more being being flagged in US or non-China to mitigate fees. More fragmentation of shipping ahead?

www.freightwaves.com/news/china-c...

China could bar U.S.-service ships in new maritime dispute volley

China sets new port fees, could bar U.S. ships in retaliation for charges on Chinese shipping set to take effect in October.

www.freightwaves.com

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Rachel Ziemba @reziemba.bsky.social · 7d

New US sanctions on Iran, the first post snapback, focuses on ballistic missile program and other military procurement but does include actors based in Germany and Portugal and several in China. No broad economy or oil market links evident.

home.treasury.gov/news/press-r...

home.treasury.gov

Rachel Ziemba @reziemba.bsky.social · 7d

True to some extent, big political and rhetorical win for China who is reducing import tariffs. But little sign China is interested to buy the manufactured goods that AGOA technically provided a tariff free pathway into US.

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Rachel Ziemba @reziemba.bsky.social · 7d

GM already is major investor in Thacker Pass given interest in US based lithium supply chain. It is being pushed to make a clear offtake agreement. This is first new USG direct financial support for lithium post the wind-down of IRA support for EVs. Qs ahead about whether processing developing

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Rachel Ziemba @reziemba.bsky.social · 7d

USG -via DOE takes stake in vancouver listed Lithium Americas to support its Thacker Pass Lithium project in Nevada (plus taking direct stake in TP project). Shows USG preference for equity vs debt/loan exposure, and conversion of past/new loans.

t.co/LiUbbzB3ok

https://www.reuters.com/business/autos-transportation/us-government-take-5-stake-lithium-americas-joint-venture-with-general-motors-2025-09-30/

t.co

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Rachel Ziemba @reziemba.bsky.social · 8d

The pay-upfront idea seems different than what was proposed to others, or what they interpreted (Eu, where it is corporate aggregation, Japan, where govt entities may derisk investments and GCC where guidelines seem vague

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Rachel Ziemba @reziemba.bsky.social · 8d

US-SK “trade deal” seems off the rails, partly due to debates whether the investment pledge is an upfront one that would drain most of their reserves ($350b pledge va$410b) or a more gradual one based on projects. Sounds even more a shakedown than what Japanese and Europeans think they agreed to.

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Rachel Ziemba @reziemba.bsky.social · 10d

I ended climate week on governor’s island at the interesting Works on Water exhibit at LMCC with art about water, reservoirs and waterways. Good day to remind about the regeneration and new uses for the island which used to be a military facility.

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Rachel Ziemba @reziemba.bsky.social · 12d

Speaking of US commodity exports that China has trimmed- we have oil products, aside from the lpg and ethane which they struggle to find alternates.
This is in addition to the redirection of LNG.

Rachel Ziemba @reziemba.bsky.social · 12d

Good Vortexa discussions in NYC including on oil market impacts of the Ukrainian oil infrastructure attacks (drop in naptha and diesel exports from Russia) and the sanctions (including fact that OFAC designated vessels still more likely to be removed from use vs EU/UK

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Rachel Ziemba @reziemba.bsky.social · 12d

Tho his prior post highlighted the need for a “trade deal” with China that includes more ag market access or purchase agreements.

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Rachel Ziemba @reziemba.bsky.social · 12d

Thanks! Hadnt seen that complaint but Am not surprised. Of course with govt about to shut down (maybe?) not easy time to resolve.

All reinforces fact that US interest in ag purchases as future trade “deals”

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Rachel Ziemba @reziemba.bsky.social · 12d

Notably, it was argentina’s cancellation of its own export tax that led to a new chinese purchase surge. At a time when China has retaliatory tariffs on import of US soybeans,

Rachel Ziemba @reziemba.bsky.social · 12d

Interesting to see this criticism of Arg support from Grassley, who represents lots of farmers. May play out more via farm subsidies vs pulling Argentine support but sign that Trump/Bessent backstop may not be as strong. US has lost soybean market share to Arg/Br in recent years

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Rachel Ziemba @reziemba.bsky.social · 13d

When rain is in the forecast, bring an umbrella and rain jacket to the outdoor theatre. Sadly the show ended up cancelled after many delays, but the rain is much needed amid drought conditions.