Key Takeaways
- US Trade Representative Jamieson Greer confirmed the "good shape" of the US tariff plan and is actively engaged in diverse trade negotiations, addressing issues from Mexican steel duties to Chinese rare earth flows and EU tech regulation.
- Google Cloud (GOOGL) has secured a significant expanded partnership with cybersecurity firm Palo Alto Networks (PANW), a deal reportedly "approaching $10 billion" over several years for AI security services.
- Russian President Vladimir Putin stated that Russia is "ready to think about ensuring security in Ukraine during possible election" and to "restrain from strikes".
- YouTube (GOOGL) users are indicating problems with the video-sharing platform, according to user reports compiled by Downdetector.
US Trade Representative Jamieson Greer has provided extensive updates on the nation's trade policy and ongoing international negotiations, affirming that the US tariff plan is in "good shape". Greer noted that Mexico is currently seeking a reprieve on steel and aluminum duties. The US is also continuing trade negotiations with India.
Discussions are underway with the European Union regarding the regulation of US companies and tech giants, with Greer having spoken with his EU counterpart on tech regulation just yesterday. Addressing concerns about critical supply chains, Greer assured that efforts are being made to "make sure rare earths continue flowing from China." He also characterized the export of Nvidia's (NVDA) H200 chip as a "standalone" matter.
Regarding the TikTok deal, Greer expressed expectations for approval by the Chinese government. He also indicated that food imports would not pose an issue for the US. The Trade Representative emphasized the administration's commitment to maintaining existing trade deals, stating they "will do whatever we need to keep trade deals in place," but warned that if countries do not comply with agreements, further discussions may be necessary.
In the technology sector, Google Cloud (GOOGL) has announced a substantial expanded partnership with Palo Alto Networks (PANW]. Sources indicate this deal, focused on migrating products and building new AI security services, could be worth "approaching $10 billion" over several years, marking it as Google Cloud's largest security services agreement. Meanwhile, user reports compiled by Downdetector suggest that YouTube (GOOGL) is currently experiencing problems. Separately, China's Commerce Minister Wang Wentao met with AMD (AMD) CEO Lisa Su.
Geopolitical developments also captured headlines, with Russian President Vladimir Putin stating Russia's willingness to "think about ensuring security in Ukraine during possible election" and to "restrain from strikes". This comes as Ukrainian drones reportedly hit a Russian oil rig in the Caspian Sea.
In economic news, the Secured Overnight Financing Rate (SOFR) was reported at 3.66% on December 18, a slight decrease from 3.69% on December 17. European Central Bank (ECB) officials continue to temper expectations for a rate hike, indicating that despite potential improvements in growth and inflation outlooks, the threshold for tighter policy remains high. Rates are expected to remain stable unless economic conditions materially deteriorate. Additionally, the EIA has rescheduled its December 24 Natural Gas Storage Report to December 29.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.