Host Wenchi Yu speaks with Yanzhong Huang of the Council on Foreign Relations about the impact of the second Trump term on American soft power and the possibility of China filling the resulting void. The conversation delves into the late Harvard Kennedy School Professor Joseph Nye's concept of soft power, the importance of education and foreign assistance, the U.S. pivot to hard power, and China's growing global leadership.

00:00

The Legacy of Professor Joseph Nye and Soft Power

02:18

Guest Yanzhong Huang and the Definition of Soft Power

04:57

The State of American Education and Its Global Appeal

11:18

Foreign Assistance and Its Role in Soft Power

16:17

The Shift Towards Hard Power in U.S. Policy

Perspectives with Wenchi Yu

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Host Wenchi Yu speaks with Payhuan Shiao, founder & CEO of Immortal Studios. A Hollywood native, Payhuan has been at the center of the Hollywood-China filmmaking industry for the last three decades. Amid escalating trade tensions, including Trump's 100% tariffs on foreign films and China's import limits on American movies, is the decades-long, fluctuating Hollywood-China collaboration nearing its end? Beyond trade, factors such as China's growing suspicion of foreign influence, stricter censorship, and its booming domestic film industry—now dominating the local box office and diminishing Hollywood's market share and co-productions—point to a significant shift. The success of Ne Zha 2 further highlights China's growing status as a cultural exporter and producer of high-quality films.

00:00

Introduction to U.S.-China Film Relations

02:23

Guest: Peihuan Shiao's Background

07:16

The First U.S.-China Film Co-Production

10:22

Cautious Collaboration: Hollywood and China

16:23

The Evolution of the Chinese Film Industry

21:54

Current Challenges in the Chinese Entertainment Industry

24:06

The Rise of Chinese Investment in Hollywood

27:09

Changing Dynamics in the Film Industry

30:11

Emergence of Martial Fantasy in Global Pop Culture

33:35

Political Influences on Film Consumption

36:33

The Global Competition in Film

39:30

Future Trends in US-China Film Relations

42:59

Cultural Narratives and the Hero's Journey

Perspectives with Wenchi Yu

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Host Wenchi Yu speaks with Andy Rothman, a veteran Chinese economy observer, about his recent trip to China amidst tariff escalations. Andy shares firsthand accounts from entrepreneurs in Xiamen, American businessmen in Shanghai, and policymakers in Beijing. His key observation: not anger, but bewilderment.

00:00

Trump 2.0 Tariffs and China’s Reactions So Far

01:11

Guest Introduction: Andy Rothman

04:08

Reactions from Hong Kong

08:52

Entrepreneurs in Xiaman: Bewilderment Over Tariffs

16:36

Shanghai and Beijing: Uncertainty in Business

21:27

What Would It Take for China to Come to The Negotiation Table?

26:05

China's Preparedness and Confidence

34:54

Clash of the Titans: Unpredictability of US-China Trade Negotiations

Perspectives with Wenchi Yu

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Host Wenchi Yu speaks with Yao Zhao, founder of 50 Hertz Tingly Foods and a former World Bank clean energy specialist, about the impact of tariffs on his Sichuan pepper-infused food and beverage import business. Yao discusses launching his company during the COVID-19 pandemic, preparing for potential Trump 2.0 tariffs, managing cash flow amid rising costs, and the significance of supplier relationships. The conversation also covers consumer engagement, cost mitigation strategies, and Yao's exploration of alternative markets in response to the evolving trade dynamics between the US and China.

Yao is on a mission to introduce Sichuan pepper from his hometown in China to the world. He believes that this trade war will push China to move up the value chain, to expedite its transition from an export-oriented to a domestic consumption-oriented economy, and to reconsider its relationship with Europe and other countries.

00:00

The Trade War Landscape

02:52

Sichuan Pepper: A Unique Culinary Ingredient

05:57

Navigating Tariffs and Import Challenges

09:06

Business Strategies Amidst Uncertainty

11:46

Consumer Engagement and Direct Sales

14:46

Exploring Alternative Markets

18:05

The Bigger Picture: Economic Implications

20:56

Future of Trade Relations

23:53

Closing

Perspectives with Wenchi Yu

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Host Wenchi Yu speaks with Ken Wilcox, author of The China Business Conundrum: Ensuring Win Win Doesn’t Mean Lose Twice, CEO of Silicon Valley Bank (SVB, 2001-2011) and Vice Chairman of SVB’s joint venture in Shanghai (SSVB) until 2019. He is a former member of the Board of Directors of the Federal Reserve Bank of San Francisco.

Ken characterizes the complexities of the joint venture project as "one bed two dreams," a key reason why Silicon Valley Bank’s project with Shanghai Pudong Development Bank fell short of expectations.

Reflecting on these lessons, Ken advises businesses entering the Chinese market to be thoroughly prepared, understand their leverage, study Chinese negotiation styles from works like Sun Tzu's Art of War, and cultivate strong government relations, recognizing the ultimate control of the government and the Chinese Communist Party over key decisions.

This is a timely discussion as the US and China continue public posturing while expressing a desire for one of the most consequential economic and trade negotiations.

00:00
Introduction to U.S.-China Relations

01:33
Ken Wilcox's Journey in Banking

04:28
The Invitation to China

07:40
Negotiation Dynamics in Joint Ventures

10:26
Cultural Misunderstandings in Business

17:28
Lessons from the Joint Venture Experience

31:23
Knowledge Transfer and Future Relations

35:32
The Complexity of Copying: A Cultural Perspective

39:00
Navigating Chinese Negotiation Styles

44:30
Understanding the Role of the CCP in Business

47:35
American Naivety in International Business

52:54
Cultural Differences and Communication Challenges

01:06:41
Strategies for Successful Business in China

Perspectives with Wenchi Yu

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Host Wenchi Yu speaks with Ker Gibbs, author of Selling to China and former Chairman and President of the American Chamber of Commerce in Shanghai about his decades of experience navigating the evolving U.S.-China economic relationship—including the pivotal shifts that began during the first Trump administration.

He highlighted the shift that occurred during Trump’s first term:

• Many American companies initially greeted Trump’s unique approach with a mix of skepticism and curiosity, wondering if his negotiating style could actually work.
• The Trump administration was prepared to let U.S. businesses endure short-term pain to address long-standing issues. Not just the tariffs, but the ban on WeChat and TikTok were examples of putting pain on our own companies.

Ker's prediction for Trump 2.0:

• It’s not entirely clear what the goal is this time, but Trump seems to be using tariffs as a lever to push for U.S. economic “self-sufficiency”—a concept mirrored in China’s own economic policies.
• Going forward, Trump’s method seems to be "shoot first and negotiate later."
• China’s economy is transitioning toward a low-growth, low-profit model.
• Multinational companies operating in China may need to adopt an entirely different business model, one that disconnects them from other markets.
• Immediate term, expect more pain; medium term, US-China trade disputes are likely to be resolved; long term: deep ideological differences and mutual distrust will persist and are unlikely to improve.

Perspectives with Wenchi Yu

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Host Wenchi Yu speakers with Marc Hijink, author of The ASML Way and a Dutch business journalist. Marc compares ASML to the "oven of the bakery" in its pivotal role within the semiconductor industry. The company's unique position in manufacturing EUV machines creates an exceptionally high barrier to entry despite recent reports of EUV technology breakthroughs in China. Marc believes ASML's success is deeply rooted in its corporate culture, which serves as a secret sauce that is difficult to replicate elsewhere. He also estimates it will take China 10-15 years to catch up with ASML's technological advancements. Meanwhile, the broader Dutch-China relationship remains complex, with some doubling down on business cooperation while others approach collaboration with China more cautiously. With Trump 2.0's semiconductor policies, Marc cautions that Moore's Law could slow down, potentially hindering semiconductor advancements.

[00:00:04] Introduction

[00:01:25] Guest: Mark Hijink

[00:02:51] ASML’s Dominance in Lithography Machines

[00:03:32] The Semiconductor Supply Chain Explained

[00:04:50] ASML’s Market Share & Competition

[00:06:07] China's Importance as a Market for ASML

[00:10:03] Impact of US Export Controls on ASML

[00:11:38] China's Strategy in Semiconductor Manufacturing

[00:14:59] US & Dutch Semiconductor Policies

[00:18:06] ASML’s Neutral Stance in Geopolitics

[00:21:00] Europe’s Role in Semiconductor Geopolitics

[00:23:31] China's Counteractions & Domestic Investments

[00:26:49] Why ASML’s Technology is Hard to Replicate

[00:30:42] China’s Reported EUV Breakthroughs

[00:34:00] Dutch-China Relations Amid Export Controls

[00:40:12] Trump 2.0 and the Future of the Semiconductor Industry

[00:41:36] Closing

Perspectives with Wenchi Yu

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Host Wenchi Yu speaks to Konrad Young 楊光磊. Trained as an engineer in Taiwan and the US, Konrad’s life journey mirrors Taiwan’s semiconductor history. As one of the six “R&D knights,” Konrad retired from TSMC in 2018. He was an independent director of SMIC from 2019 to 2021 and an advisor to Intel. He started his career at MIT Lincoln Lab.

After President Trump’s White House announcement of TSMC’s $100 billion investment in the U.S. on March 3rd, reactions in Taiwan have been mixed. Many in Taiwan have expressed concerns about potentially losing the island's competitive edge to the U.S.

It took Taiwan decades to establish itself as a global leader in high-tech hardware manufacturing. The journey began as a government industrial policy aimed at securing a future for the impoverished island after World War II, relying on highly educated and hardworking engineers. Some were trained by the Industrial Technology Research Institute (ITRI, 工業技術研究院), a government affiliate that eventually incubated TSMC, UMC, and other leading companies, while the others left Taiwan in the 1960s and 70s to pursue advanced STEM education.

Thanks to the U.S. immigration policies that attracted STEM talent, waves of top engineering graduates moved to the U.S. and contributed to the growth of Silicon Valley’s semiconductor industry. When these engineers returned to Taiwan, bringing with them valuable experience from leading technology companies, they helped establish Taiwan’s own "Silicon Valley"—Hsinchu Science Park.

Today, TSMC’s dominance has become a double-edged sword for both the company and the island nation. However, the optimistic Konrad sees great opportunity to leverage this advantage to connect more deeply with the global market.

The United States consumed 25% of the world’s semiconductors in 2019, among them 34% were advanced logic chips, but had zero capacity to manufacture just a few years ago. Onshoring TSMC could help increase its capacity to 28% of the global supply by 2032, according to BCG reports. However, manufacturing critical and defense-related infrastructure chips raises other national security concerns. Konrad asks if this will have implications for TSMC’s future.

Konrad also discussed China’s growing semiconductor capabilities and the economic incentives, driven by its massive market, for the country to catch up in mainstream semiconductor manufacturing.

The story of Taiwan and semiconductors is one of resilience–making the best out of a dire situation, immigrants seeking better education and economic opportunities, and a culture of pragmatism, hard work, and seizing the moment.

00:00:04 Introduction
00:01:53 Guest: Konrad Young 楊光磊
00:02:24 Taiwan’s Economic and Industrial Transformation
00:04:42 Studying and Working Abroad
00:06:50 Taiwan’s Semiconductor Talent Development
00:15:00 The Rise of Taiwan’s Semiconductor Industry
00:19:24 Globalization and Taiwan’s Role
00:39:11 The 1994 Turning Point: IPOs
00:44:10 TSMC’s R&D Infrastructure: A Game-Changer
00:48:02 The Role of AI in Semiconductor Development
00:50:00 China’s Semiconductor Growth & Challenges
00:55:00 US Export Controls and Their Impact on China: Choking Point
01:00:00 Geopolitics & Taiwan’s Semiconductor Industry
01:08:00 TSMC’s $100 Billion US Investment
01:12:00 Future of the Semiconductor Industry?

Perspectives with Wenchi Yu

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