“Globalization has also persisted because the Trump-Ryan reforms to the U.S. corporate tax system, implemented through the Tax Cuts and Jobs Act (TCJA), did not end tax-related incentives for U.S. firms to offshore production and profits.“
A reversal of the latter could be an issue for big pharma and semiconductor firms.
China’s export-led growth strategy is the other, admittedly larger, driver.
“Of all the economic statistics produced by the U.S. federal government, none has a direct impact on the lives of everyday Americans quite like the Consumer Price Index.”
China is making immense progress in many fields. Biotechnology is no exception.
“A 2024 IQVIA report shows that the share of clinical trials launched by Chinese-headquartered biopharmaceutical companies rose from 3 percent in 2013 to 28 percent in 2023, suggesting a growing involvement of Chinese companies in early-phase drug development.“
“Cross-category summary of the average underperformance rates reported for actively managed funds spanning across regions in the first half of 2024 and longer periods, across local equity, international equity and fixed income categories.“
