25.05.21 WSJ

1. Macroeconomics

Title: Japan's Exports to U.S. Fall as Tariffs Start to Bite
Source: The Wall Street Journal
Date: May 21, 2025
Key Takeaways:

• Japan's exports to the U.S. declined in April for the first time in four months, indicating the initial impact of recently imposed U.S. tariffs.
• The automotive sector was notably affected, with car shipments decreasing by 5.2% year-over-year.
• Overall exports to the U.S. dropped by 2.4% compared to the previous month, reflecting broader trade tensions.
• Japanese officials express concern over prolonged trade disputes potentially affecting economic growth.
  Link: Read the article

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2. M&A / Private Equity

Title: Sanmina to Acquire ZT Systems' Manufacturing Business from AMD
Source: The Wall Street Journal
Date: May 19, 2025
Key Takeaways:

• Sanmina announced an agreement to acquire the data center infrastructure manufacturing arm of ZT Systems from AMD for up to $3 billion.
• The deal comprises $2.25 billion in cash, $150 million in cash and equity, and up to $450 million in performance-based contingent consideration over the next three years.
• AMD will retain ZT Systems’ AI systems design segment and will partner with Sanmina for new product introduction manufacturing in the U.S.
• The acquisition is expected to enhance Sanmina's earnings per share within the first year and is projected to close by the end of 2025.
  Link: Read the article

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3. Opinion (Columnist)

Title: The Trade Secret of Intellectual Trumpism
Author: Holman W. Jenkins Jr.
Source: The Wall Street Journal – Opinion
Date: April 20, 2025
Key Takeaways:

• Jenkins analyzes the underlying principles of "Intellectual Trumpism," focusing on its approach to trade and economic policy.
• He discusses how protectionist measures are justified within this framework and their implications for global trade dynamics.
• The column critiques the long-term sustainability of such policies and their potential impact on the U.S. economy.
• Jenkins emphasizes the need for a balanced approach that considers both national interests and global economic integration.
  Link: Read the article