Deborah Ball

The power of China's industrial machine is so great that it's very, very difficult to push back on.

I think we've seen that with the U.S.

Those tariffs have not brought manufacturing back to the U.S.

So I think it's very difficult to substitute what China has to offer in terms of the range of products that it does.

I think there will be more friction.

There will be more tariffs.

I think

Places like certainly in Europe, but also Southeast Asia will have to consider whether they do want to try to block out some of the Chinese goods as the U.S.

is trying to do increasingly.

The sharpest point on that is around AI, clearly.

I think the Chinese models are going to be very, very competitive in a lot, a lot of countries.

They'll be cheaper models.

Open source model is easier for a lot of countries to access than the kind of the Ferraris of the U.S.

models.

And what is embedded in those models, we don't know yet.

There are more products that the Chinese are selling about animated toys or study products or a whole range of AI-assisted consumer products that will raise some serious questions about privacy and data concerns and some basic security concerns as well.