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Arnaud Bertrand Profile picture
@RnaudBertrand
Jun 13, 2024 • 24 tweets • 8 min read • Read on X
These have undoubtedly been the wildest 72 hours in French politics in my lifetime. Pretty incredible stuff.

A 🧵
So after losing big time in the EU elections to Le Pen's Rassemblement National (RN), Macron decided to dissolve the National Assembly, calling the French to elect new MPs on the 30th of June 👇
This started what can only be called a movement of total panic throughout the French political class, because parties only have until this weekend to present candidates, and therefore decide on a strategy, who to ally with, etc.
The left got their shit together fairly fast, almost immediately announcing the creation of a "Popular Front" that gathers all the left-wing parties 👇
Hilariously, Raphael Glucksmann, the head candidate of the Socialist Party for the EU elections, tried to prevent the alliance by going on TV to list some ridiculous pre-conditions for it, but literally no-one listened to him and they went forward with it.
Many memes on Glucksmann effectively putsching himself out of the French left (he was never actually on the left anyhow)...
It's on the right that things really started to go wild after Éric Ciotti, the president of Les Républicains, the party of Chirac and Sarkozy, announced that they would do an alliance with Le Pen
Almost immediately top officials in his own party started saying that Ciotti was speaking in his own name only and said he needed to resign from the party's presidency.
Image
Image
Ciotti reacted by literally shutting down party headquarters to prevent his destitution. This is Aurélien Pradié, a Républicain MP in front of the closed doors of the headquarters saying they'll get emergency services to break open the door for them 😅
So many memes around this on French twitter 😅
Finally, the general secretary of the party @AnnieGenevard, who had spare keys, got to the party headquarters and managed to open the doors.
The "political desk" ("bureau politique") of Les Républicains announces that they've met, decided to fire Ciotti as President of the party and that he is not a member of Les Républicains anymore.
Ciotti begs to differ and says that the meeting that fired him didn't conform with the rules of the party so he in fact "is and remains president of [the party]"...
The infighting in Les Républicains continues, it's still completely unclear who actually manages the party at this stage and whether they'll ally with Le Pen. Ciotti claims that 80 Républicain MPs are with him and ready to campaign under Le Pen's banner...
One thing is sure though, Ciotti still controls Les Républicains' twitter account: "The President of the Républicains is and will remain Éric Ciotti."
He also has the Vice-President of the party @GuilhemCarayon on his side: "With Marine Le Pen and Jordan Bardella, we share 90-95% of the same ideas."

All in all, the party seems extremely divided and is imploding in real time...
Further right, things are pretty wild too. Marion Maréchal (granddaughter of Jean-Marie Le Pen who had joined Zemmour instead of her family), announces on live TV that she wants to ally with the RN, next to a Zemmour whom apparently hadn't been consulted.
Later that day, Marion Maréchal announces that she met with the RN and heavily hints that the condition they set for an alliance is to get rid of Zemmour... Bear in mind that the party Reconquête that Maréchal and Zemmour are part of was founded by Zemmour
Zemmour goes on TV and calls Marion Maréchal's behavior "the world record of betrayals" and says she's surrounded by a team of "betrayal professionals"
Zemmour decided to not to go for an alliance and to present his own candidates. Marion Maréchal calls it "a triple mistake" and calls on everyone to vote for those candidates that did ally with the RN.

In short Reconquête just imploded...
Meanwhile Macron shoots at the newly formed "Popular Front", essentially saying that those who join it are antisemites🤦 Because LFI (Mélenchon's party) campaigned a lot for Palestinians so obviously that makes them and everyone with them antisemites...
In other wild news, Alain Finkielkraut, one of France's foremost Jewish intellectuals says he might be "obliged" to vote for Le Pen in order "to block antisemitism".

As a reminder Le Pen's party was co-founded by Pierre Bousquet, a former Waffen-SS... Image
There you go, 72 hours in France's political life... And that's not even half of it!

No doubt that this circus show will continue for the next 2 weeks until the elections. It's widely entertaining but obviously shows just how dysfunctional and lost France is right now...
Interesting late addition to the thread on what voters actually want.

Huge majority of voters on the left favorable to the "popular front" alliance (97% of LFI voters want it, as well as 86% of Socialist voters and 77% of Greens)

Les Républicains voters about half split on an alliance with Le Pen (53% agree so presumably 47% disagree).

Overwhelming support among Zemmour voters for an alliance with Le Pen (89% want it) so it looks like Marion Maréchal represents voters' will more than Zemmour with her move.Image

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More from @RnaudBertrand

Arnaud Bertrand Profile picture
Apr 3
To illustrate just how nonsensically these tariffs were calculated, take the example of Lesotho, one of the poorest countries in Africa with just $2.4 billion in annual GDP, which is being struck with a 50% tariff rate under the Trump plan, the highest rate among all countries on the list.

Why? Does Lesotho apply extortionate tariffs on U.S. products and the U.S. is merely being "reciprocal" here? Not at all, despite what Trump is saying, it's NOT the way these tariffs are defined.

As a matter of fact Lesotho, as a member of the Southern African Customs Union (SACU), applies the common external tariff structure established by this regional trade bloc.

Which means it applies the same tariffs on U.S. products as South Africa does, as well as the 3 other members of the bloc: Namibia, Eswatini and Botswana.

So since the tariffs charged by these 5 countries on U.S. products are exactly the same, they must all be struck with a 50% tariff rate by the U.S., right? Not at all: South Africa is getting 30%, Namibia 21%, Botswana 37% and Eswatini just 10%, the lowest rate possible among all countries.

So what gives? Again, the way these tariffs are calculated has absolutely zero relationship with actual tariffs imposed by these countries on U.S. products. Instead, they appear to be simply derived from trade deficit calculations.

Looking at Lesotho specifically, every year the U.S. imports approximately $236 million in goods from Lesotho (primarily diamonds, textiles and apparel) while exporting only about $7 million worth of goods to Lesotho (wits.worldbank.org/CountryProfile…).

Why do they export so little? Again this is an extremely poor country where 56.2% of the population lives with less than $3.65 a day (databankfiles.worldbank.org/public/ddpext_…), i.e. $1,300 a year. They simply can't afford U.S. products, no-one is going to buy an iPhone or a Tesla on that sort of income...

The way the tariffs are ACTUALLY calculated appears to be based on a simplistic and economically senseless formula: you take the trade deficit the U.S. has with a country, divide it by that country's exports to the U.S and declare this - falsely - "the tariff they charge on the U.S."

And then as Trump did in his speech last night, you magnanimously declare that you'll only "reciprocate" by charging half that "tariff" on them.

As such, for Lesotho, the calculation goes like this: ($236M - $7M)/$235M = 97%. That's the "tariff" Lesotho is deemed to charge this U.S. and half of that, i.e. roughly 50% is what the U.S. "reciprocates" with.

It's extremely easy to see why this makes no sense at all.

First of all, there's nothing Lesotho can do about it: they can't change tariffs they allegedly charge the U.S. to reduce the tariff rate the U.S. "reciprocates" with because, again, it's NOT based on any tariff that they charge.

Similarly they can't do much about reducing the trade deficit they have with the U.S. because, again, they simply don't have enough money to buy U.S. products.

Also the main rational Trump gave for the tariffs is to get production back to the U.S., to "bring manufacturing back". 47.3% of Lesotho's exports are diamonds: how do you bring the "manufacturing" of that "back to the U.S."? Anyone can see it makes just about zero sense.

The Lesotho example exposes the fundamental economic incoherence of these tariffs. Rather than addressing actual trade barriers, they punish countries based on trade deficits that arise from structural economic realities. All the more countries like Lesotho which pose zero competitive threat to American industry.

Worse yet, these tariffs will likely make these structural realities even worse: the U.S. is Lesotho's second most important export destination so it's a fair bet that applying 50% tariffs on their products will make people in Lesotho even poorer, and therefore even LESS able to afford U.S. products.

But perhaps the most unfair and detrimental aspect of all this is that these tariffs represent a complete reversal of longstanding U.S. development policy, and therefore a betrayal of countries - like Lesotho - who chose to follow U.S. advice in the past.

For decades the U.S. has used preferential trade access to encourage economic development in the world's poorest nations, recognizing that trade, not just aid, could get them out of poverty and ultimately put them in a position where they too could afford iPhones or Tesla.

They're now effectively penalizing countries for following previous U.S. policy, a lesson which I bet they won't forget anytime soon.

So all in all the irony is painful: in the name of fighting unfair trade, America has just demonstrated what truly unfair trade looks like.

This isn't something designed to address genuine trade issues, but simply a mechanism based on arbitrary math to punish countries for the affront of selling more to the United States than they buy.
The arbitrary math used to define the tariffs (which has nothing to do with tariffs charged on the U.S.) was just unwittingly confirmed by Deputy White House Press Secretary Kush Desai, in a way that shows he himself doesn't understand it 👇😅
Further confirmation
Read 6 tweets
Arnaud Bertrand Profile picture
Mar 24
This could potentially be quite transformational for peace in Ukraine and for Europe generally: welt.de/politik/auslan…

German newspaper Welt Am Sonntag, citing "EU diplomatic sources familiar with the matter", reports that "China proposed to the EU to participate in the 'Coalition of the Willing'" so as to "increase Russia's acceptance of peacekeeping forces in Ukraine."

Russia has so far vehemently rejected the idea of European peacekeeping troops in Ukraine but could indeed potentially be swayed if China were to be part of the coalition.

Such a move would also of course have the potential to fundamentally change the nature of EU-China relations and mark a huge shift in the continent's security architecture, where China would be an alternative security partner to the US in European affairs.

It would also strategically position Europe in a much more enviable position were it wouldn't be at the mercy of Washington's every whims, and could leverage competition between Beijing and Washington in a way that'd enhance its sovereignty and bargaining position.

All that being said, given the EU's proven history of diplomatic incompetence and strategic inertia, this scenario is more likely than not to remain theoretical.
Some people reply that this could be fake news because this is inconsistent with China's historical position BUT it isn't: China was already one of the guarantor states in the 2022 draft "Treaty on Permanent Neutrality and Security Guarantees for Ukraine" negotiated in Istanbul (see screenshot, from here static01.nyt.com/newsgraphics/d…).

2022 treaty on which Lavrov said a peace deal must be based ("Our approach to the potential settlement has not changed: we are ready for dialogue on the basis of the 2022 agreements", mid.ru/en/foreign_pol…) 🤷Image
Retired PLA Senior Colonel Zhou Bo had also recently said on the sidelines of the Munich Security Conference that "China could also be part of security guarantees, alongside other powers," depending on the conditions.
scmp.com/news/china/dip…
Read 4 tweets
Arnaud Bertrand Profile picture
Feb 26
This "China is depleting the oceans with its huge fishing fleets" story is yet another utterly shameless piece of propaganda when China actually proportionally fishes much less than the rest of the world, since - unlike others - it gets the immense majority of its fish supply from aquaculture 👇 (src: openknowledge.fao.org/items/06690fd0…)

The worst culprit when it comes to depleting the oceans is actually Europe, relative to its population size. They fish about 33kg of fish per person per year compared with 10kg for China, a crazy 230% more!Image
Actually if you read the report it's 13 million tones for China x.com/realSandkraken… Which corresponds to 14.3% of global captures of aquatic animals, which is less than Europe with 15.2 million tones or 16.7% of global captures. This is of course despite China having twice Europe's population...

In other words, Europe has 9% of the world's population but fishes 16.7% of the fishes while China has 18% of the world's population but fishes 14.3% of the fishes.

Now you tell me who is overfishing and who isn't...
Can you even read a graph? China is fishing only about a third the amount of the rest of Asia (13 million tones for China vs 30 million tones for the rest of Asia) 🤷‍♂️
Read 4 tweets
Arnaud Bertrand Profile picture
Feb 17
If anyone wonders how to constitute the China allocation of their portfolio, these tickers, based on seating arrangements, are probably not a bad place to start.

That was actually the basic strategy of a friend of mine, very successful investor in China: he simply studied policy statements very deeply as well as signals like this meeting 👇 to understand what were China's strategic economic objectives and which companies would benefit from this. Just like the US has a "don't fight the fed" investment principle, China has in some way a "don't fight the government" equivalent.

(Not investment advice 😉)Image
A list of some of the attendees 👇
And for your portfolio, it's also important to check who was NOT at the meeting 😅
Read 4 tweets
Arnaud Bertrand Profile picture
Jan 19
Wow, this is huge. I just tried it myself with a foreign phone number (you can apparently choose any country, see screenshot) and it's true: you can now join Douyin - the Chinese version of TikTok - as an international user.

Which means the Great Firewall is coming down in the most unexpected way: with the world joining the China side of the wall.

Really feels like a Berlin wall moment, except in the opposite direction.Image
Image
For people wondering where the hell I found the app, given it's not on Western app stores: apkpure.com/douyin/com.ss.…
Zero "TikTok refugee" on here so far that I've seen, pure Chinese content
Read 5 tweets
Arnaud Bertrand Profile picture
Dec 27, 2024
This 👇 is arguably an even bigger Sputnik moment for China than the 6th generation fighter jet: a Chinese AI Model called DeepSeek v3 rivals - and often surpasses - the latest ChatGPT and Claude models in pretty much all respects for a tiny fraction of the training cost (only $5.5m), and it's open sourced (meaning anyone can use, modify, and improve it).

The fact that it's so cheap to train is particularly important as it completely changes the game of who can participate in advanced AI development. Up until now, the assumption was that you needed hundreds of millions or even billions of dollars to train such a model, yet DeepSeek did it with just $5.5m, a sum of money accessible to just about any startup anywhere. Concretely, this means that DeepSeek has just proven that serious AI development is not limited to tech giants.

And their model is not only cheap to train, it's also extremely efficient to run. They use an architecture called Mixture-of-Experts (MoE) where, while their full model has 671 billion parameters (which is huge), it only uses 37 billion at a time. To compare, Meta has 405 billion parameters in their latest Llama3.1 model and uses all 405 billion at a time. DeepSeek V3 is more than 10 times more efficient, yet performs better than Llama3.1 at almost all benchmarks (English, Math, Coding, etc.).

DeepSeek V3's performance at key benchmarks is impressive across the board:
- Crushes advanced math problems (90.2% on MATH-500, vs 78.3% for Claude-3.5-Sonnet and 74.6% for GPT-4o)
- Excels at coding (82.6% on HumanEval, vs 81.7% for Claude-3.5-Sonnet and 80.5% for GPT-4o)
- Can process huge amounts of text at once (128K tokens, roughly equivalent to 100,000 words in English)
- Processes text at 60 tokens per second, about twice faster than GPT-4o

And the craziest part is that it's open-source, meaning that:
- Anyone can download and study the code
- Developers can modify and improve it
- Companies can integrate it into their products without paying API fees
- The entire AI community can learn from it

Lastly, this obviously comes during an interesting context in China-US relations where the US is doing its utmost to prevent China from progressing technologically, especially in AI. As such, this is an absolutely beautiful response by China: "despite all your restrictions, we just built a world-class AI model for 1% of your cost, made it more efficient than anything you have, and open-sourced it for the whole world to use."

It's also a triumph of brains over money and raw power: with its restrictions the US placed China in a situation where it had to use resources more intelligently. As the saying goes "necessity is the mother of inventions"... And here we now are: China may have just changed the rules of the game forever, democratizing the very technology the US tried to restrict and proving, once more, that human ingenuity always finds a way.
Interesting background on the company behind the model 👇
Yes, this really puts that 👇 in perspective!
Read 4 tweets

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