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2025-01-09 12:56:19

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#note1srm…a6t3

2025-01-09 12:56:08

Biden's Final Fling: Curbs on US-Made AI Chips, Russia Sanctions
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On January 9, 2025, President Joe Biden plans to impose new regulations on AI chips to prevent US companies like Nvidia from aiding technological development in adversaries such as China and Russia. The rules will restrict shipments of US-made AI chips to these countries while allowing sales to European nations and Japan. Biden is also expected to announce new sanctions against Russia and additional sanctions on Chinese companies supporting Russia. This comes as the Biden administration prepares $500 million in military aid for Ukraine, which includes air defense missiles and support for F-16s. Biden's actions aim to strengthen Ukraine's position before Donald Trump takes office on January 20, 2025, amid concerns over potential peace negotiations that may compromise Ukraine's territorial integrity.
#Biden #AiChips #Sanctions #Russia #China #Ukraine #Nvidia #MilitaryAid #Trump #Technology
https://www.asiafinancial.com/bidens-final-fling-curbs-on-us-made-ai-chips-russia-sanctions

2025-01-09 12:56:08

2025-01-06 09:00:04

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#note1292…kcwt

2025-01-06 08:59:53

China Scrambles to Bolster the Yuan and Sliding Markets
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On January 6, 2025, the spot yuan hit 7.3237 per US dollar, its weakest level since September 2023, amid concerns over Donald Trump's return as US President and his tariff threats. China's central bank is attempting to stabilize the yuan, which has weakened to its lowest in 16 months. The CSI-300 index fell 5% last week, marking its biggest weekly loss in over two years. The yuan declined 2.8% in 2024, reflecting a broader struggle against a strong dollar. The People's Bank of China may issue more yuan bills in Hong Kong to absorb currency and dampen speculation. Charu Chanana from Saxo emphasized the need to prevent a sharp yuan decline for China's recovery. HSBC's Fred Neumann noted that greater evidence is needed for economic stabilization, with consumer confidence hinging on the upcoming Lunar New Year celebrations starting January 29.
#Yuan #China #Trump #Tariffs #Economy #Stocks #Bonds #Pboc #Csi300 #LunarNewYear
https://www.asiafinancial.com/china-scrambles-to-bolster-the-yuan-and-sliding-markets

2024-12-31 08:00:45

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#note15kn…6tfs

2024-12-31 08:00:33

Chinese Hackers Stole Treasury Documents, US Officials Say
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Chinese hackers breached the US Treasury Department's security in early December 2024; they accessed a digital key from third-party provider BeyondTrust; unclassified Treasury documents were stolen; the breach was reported to lawmakers on December 31, 2024; BeyondTrust notified the Treasury on December 8, 2024; the FBI and CISA are involved in the investigation; a Chinese Embassy spokesperson denied responsibility; Tom Hegel from SentinelOne noted this incident follows a pattern of PRC-linked cyber operations.
#Cybersecurity #China #UsTreasury #Hacking #Beyondtrust #CyberIntrusion #DocumentsTheft #Fbi #Cisa #TomHegel
https://www.asiafinancial.com/chinese-hackers-stole-treasury-documents-us-officials-say

2024-12-24 09:09:09

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#note1njy…r7ta

2024-12-24 09:08:58

China Plans Record $411 Billion Bond Issuance in 2025: Sources
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China plans to issue a record 3 trillion yuan ($411 billion) in special treasury bonds in 2025 to stimulate its economy; this amount is three times the 1 trillion yuan issued in 2024; the issuance aims to counter economic slowdown risks amid a property crisis and weak consumption; proceeds will fund consumption subsidies, equipment upgrades, and investments in advanced sectors; the issuance represents 2.4% of China's 2023 GDP; President Xi Jinping discussed economic strategies at the Central Economic Work Conference on December 11-12, 2024; the budget deficit is expected to rise to 4% of GDP; US tariffs on Chinese imports may increase under Donald Trump, impacting exports.
#China #Economy #Bonds #Debt #FiscalPolicy #Tariffs #UschinaRelations #Investment #Growth #Subsidies
https://www.asiafinancial.com/china-plans-record-411-billion-bond-issuance-in-2025-sources

2024-12-13 11:57:28

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#note1rhd…fx32

2024-12-13 11:57:16

China 'Keen For Talks on Trade Deal to Reduce Tariffs Threat'
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China is seeking talks with the Trump administration to negotiate a trade deal aimed at avoiding new tariffs that could harm its fragile economy; Analysts suggest China may offer to buy more US food and energy; The US-China Science and Technology Agreement lapsed in August 2024, and China wants to renew it before Trump's inauguration on January 20, 2025; China launched a probe into Nvidia for suspected antitrust violations; Business sentiment among US firms in China is at its lowest since 1999; Trump has pledged additional tariffs of 10% on Chinese goods to address fentanyl flows; The article discusses the potential impacts of tariffs on both economies and the strategic materials China still needs from the US.
#China #Us #Trade #Tariffs #Trump #Economy #Nvidia #Fentanyl #Technology #Energy
https://www.asiafinancial.com/china-keen-for-talks-on-trade-deal-to-reduce-tariffs-threat

2024-11-19 11:15:11

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#note1z53…7jhp

2024-11-19 11:15:00

Retaliatory Trade Tariffs Could Backfire on Asia, IMF Warns
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The IMF warns that retaliatory trade tariffs could undermine Asia's economic prospects, raise costs, and disrupt supply chains; IMF Asia-Pacific director Krishna Srinivasan spoke on November 19, 2024, highlighting the acute risk from escalating trade tensions; US President-elect Donald Trump plans a 60% tariff on Chinese goods and at least a 10% levy on other imports; October saw the EU increase tariffs on Chinese electric vehicles to 45.3%, prompting retaliation from China; IMF forecasts global economic growth at 3.2% for 2024 and 2025, while Asia's growth is projected at 4.6% for 2024 and 4.4% for 2025.
#Imf #TradeTariffs #Asia #EconomicGrowth #KrishnaSrinivasan #Trump #China #Eu #Inflation #SupplyChains
https://www.asiafinancial.com/retaliatory-trade-tariffs-could-backfire-on-asia-imf-warns

2024-10-25 15:09:51

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#note1lca…297j

2024-10-25 15:09:40

Chinese Top Lawmakers to Meet in Week of US Election
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China's top lawmakers will meet in Beijing from November 4-8, 2024; the meeting coincides with the US presidential election on November 5, 2024; analysts suggest the timing is strategic to manage potential fallout from the election; President Xi Jinping and Premier Li Qiang are key figures; concerns over Trump's unpredictability and potential tariff increases loom; if Trump wins, tariffs could reduce China's GDP growth by 2.5 percentage points; Kamala Harris is expected to continue a tough but targeted approach towards China; discussions will include mineral resources, energy, and anti-money laundering legislation; no mention of fiscal measures to boost the economy was made; China aims for a 5% growth target for 2024; special treasury bonds worth 6 trillion yuan may be issued over three years; Jim Pollard is the author.
#China #UsElection #TradeWar #Economy #XiJinping #DonaldTrump #KamalaHarris #NationalPeople'sCongress #Tariffs #Legislation
https://www.asiafinancial.com/chinese-top-lawmakers-to-meet-in-week-of-us-election

2024-09-12 14:57:41

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#note1m4z…kyy0

2024-09-12 14:57:30

US, EU Firms' Profits, Confidence in China Continue to Sink
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Business confidence and profits of US and EU firms in China are at an all-time low as of September 12, 2024; only 47% of US firms optimistic about five-year outlook, down 5 percentage points from last year; 44% of European firms pessimistic about future profitability, highest since 2012; 66% of US firms reported profitability in 2023, a record low; US FDI into China fell 14% to $163 billion, while EU FDI dropped 29% to $7.06 billion; geopolitical tensions and lack of policy stimulus cited as major concerns; 40% of US firms redirecting investments to Southeast Asia and India; 60% of US companies report favoritism towards local firms; EU firms face unfair competition and regulatory barriers; concerns over China's economic slowdown and lack of credible reform commitments.
#China #Us #Eu #Business #Economy #Geopolitics #Investment #Profits #XiJinping
https://www.asiafinancial.com/us-eu-firms-profits-confidence-in-china-continue-to-sink

2024-09-11 14:07:07

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#note18gu…973d

2024-09-11 14:06:56

US Says China Giving Lethal Aid to Russia in Ukraine War – FT
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On September 11, 2024, US Deputy Secretary of State Kurt Campbell accused China of providing 'lethal aid' to Russia, marking the first such accusation since the invasion of Ukraine began. Campbell stated that China is supplying components to Russia that would enhance its military capabilities. In exchange, Russia is assisting China in developing military technologies, including submarines and aeronautics missiles. This accusation comes amid strained US-China relations, exacerbated by China's support for Russia following Western sanctions. Previously, US Secretary of State Antony Blinken warned China against providing lethal aid, indicating potential serious consequences for US-China relations.
#China #Russia #Us #Ukraine #MilitaryAid #Sanctions #Diplomacy #Trade #Technology #Geopolitics
https://www.asiafinancial.com/us-says-china-giving-lethal-aid-to-russia-in-ukraine-war-ft

2024-08-02 10:42:51

Nikkei Plummets on US Fears; China Woes Weigh on Hang Seng
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Japan's benchmark Nikkei 225 index experienced its largest daily percentage fall in over four years, closing down 5.81% on Friday; Shares across Asia saw their worst day in over two years due to weaker-than-expected US factory data and concerns about the US economy; The yen strengthened following the Bank of Japan's rate hike decision, adding more stress to investor sentiment; China's blue-chip CSI300 index was down 1.02%, and the Shanghai Composite Index slipped 0.92%; Asian stocks are expected to continue their decline into Europe; Focus will turn to the non-farm payrolls report for further clues on the health of the US labor market and the broader economy; The yen edged higher to 149.18 per dollar, and the 10-year Treasury yield fell to a six-month low of 3.9440%; Oil prices edged higher, with Brent at $79.99 a barrel and US crude at $76.79 per barrel.
#HangSengIndex #Nifty50 #Nikkei225
https://www.asiafinancial.com/nikkei-plummets-on-us-fears-china-woes-weigh-on-hang-seng

2024-08-02 10:02:58

2024-07-31 16:32:41

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#note12yd…r0kh

2024-07-31 16:32:30

US Forced To Delay Tariff Hikes on Chinese EVs, Batteries, Tech
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The US has postponed a series of tariff hikes on Chinese tech and medical imports, including electric vehicles, batteries, computer chips, and medical products. The US Trade Representative's office is still reviewing feedback and expects to issue a final determination later in the month. President Joe Biden opted to keep tariffs put in place by his predecessor Donald Trump while increasing others, including import duties on Chinese EVs and semiconductor duties. The tariffs are meant to protect American jobs from cheap Chinese imports. The new measures affect $18 billion of imported Chinese goods, including steel, aluminum, semiconductors, electric vehicles, critical minerals, solar cells, and cranes. The largest categories of targeted imports are lithium-ion batteries. The US imported $427 billion in goods from China in 2023 and exported $148 billion to China.
#ChinausTariffs #UsTradeRepresentative #Uschina
https://www.asiafinancial.com/us-forced-to-delay-tariff-hikes-on-chinese-evs-batteries-tech

2024-07-30 13:34:31

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#note1ggw…8jtd

2024-07-30 13:34:20

Hang Seng Dips on China Worry, Nikkei Inches Up on BoJ Hopes
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Hong Kong's Hang Seng index fell 1.38% to close at 17,002.91 amid concerns around China's economy; China's factory activity likely shrank for a third month in July; The Bank of Japan is expected to announce quantitative tightening plans after the policy meeting on Wednesday; Oil and metals prices fell due to worries over Chinese demand; Nikkei closed 0.15% higher at 38,525.95
#AsianShares #AsianStockMarkets #ChinaStocks #HangSengIndex #Nifty50 #Nikkei225
https://www.asiafinancial.com/hang-seng-dips-on-china-worry-nikkei-inches-up-on-boj-hopes

2024-07-24 10:17:16

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#note1vk0…03hz

2024-07-24 10:17:05

Nikkei Dips on Tech Earnings, Yen Rally; EVs Weigh on Hang Seng
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Asian stocks, including Japan's Nikkei share average, retreated due to lackluster earnings from US tech companies Tesla and Alphabet. The yen's rally impacted big exporters in Japan. The Nikkei fell 1.11% to a one-month closing low of 39,154.85, marking its longest losing streak since October 2021. Chinese stocks also struggled due to weak economic data and the looming US election risks. The Shanghai Composite index dipped below the crucial 2,900 mark. Hong Kong stocks, particularly electric vehicle makers, experienced declines following Tesla's disappointing second-quarter results. The Hang Seng Index lost 0.91%. The dour mood is expected to move to Europe, with Eurostoxx 50 futures down 0.65%, German DAX futures down 0.44%, and FTSE futures 0.3% lower. Investors are awaiting US GDP data and PCE data to gauge expectations of interest rate cuts this year. The dollar index is little changed at 104.41. Oil prices rose on easing US crude inventories.
#Nikkei225 #HangSengIndex
https://www.asiafinancial.com/nikkei-dips-on-tech-earnings-yen-rally-evs-weigh-on-hang-seng

2024-07-04 13:20:44

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#note137n…78ey

2024-07-04 13:20:33

Asian Stocks Rise to 27-Month High on US Rate Cut Hopes
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Asian stocks hit 27-month highs on Thursday after soft US data and dovish Federal Reserve comments on inflation increased the chance of a rate cut by the US central bank in September. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9% to its highest since April 2022, while the Nikkei in Japan was up 0.9%, close to its peak in March, and the broader Topix hit all-time highs. Stocks in Hong Kong gained 0.3% at close of trading on Thursday – its fourth straight rise this week, while Taiwan’s main index also struck a record led by the tech sector and chip giant Taiwan Semiconductor Manufacturing Co (TSMC), which cleared T$1,000 for the first time. In Hong Kong, leading Chinese carmakers such as BYD and Li Auto rallied by 1.9% and 3.9% respectively, as EU countries showed signs of wavering on imposing tariffs on Chinese electric vehicles. The US ISM measure of services activity surprised by sliding to its lowest since mid-2020, with employment notably weak ahead of the June payrolls report due on Friday. Markets quickly lifted the probability of a September rate cut to 74%, from 65%, while pricing in 47 basis points of easing for this year. Yields on 10-year Treasuries dropped 8 basis points in response to 4.355%. The drop in the dollar was a boon for commodities, with gold rallying to $2,358 an ounce, from $2,318 at the start of the week. Oil prices eased a touch, having gained overnight when a surprisingly large decline in US crude stocks pointed to firmer demand as the US driving season gets underway.
#AsianStocks #UsRateCut #Msci #Nikkei #Topix #HongKong #Taiwan #Tsmc #Byd #LiAuto #IsmMeasure #Gold #OilPrices
https://www.asiafinancial.com/asian-stocks-rise-to-27-month-high-on-us-rate-cut-hopes

2024-07-02 14:18:04

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#note166w…enrv

2024-07-02 14:17:53

US Revoked Eight Licences For Exports to China's Huawei in 2024
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The US Commerce Department has revoked eight licences this year that allowed some firms in the country to ship goods to Chinese telecoms equipment giant Huawei Technologies. The revocation of licences is part of the US government's efforts to restrict Huawei's access to advanced chips and chipmaking equipment. In May, licences allowing companies including Intel and Qualcomm to ship chips used for laptops and handsets to Huawei were revoked. The move has left Republican China hardliners in Congress questioning why the Biden Administration is allowing US technology to be shipped to Huawei. Huawei was placed on a US trade restriction list in 2019 due to concerns about potential spying on Americans. However, suppliers have received licences worth billions of dollars to sell Huawei goods and technology, thanks to a policy introduced by the Trump administration. The US Commerce Department has approved $335 billion worth of licences for Chinese parties on the entity list from 2018 to 2023, with $222 billion worth of approvals coming in 2021, Biden's first year in office.
#UschinaTrade #Huawei #ExportPolicy #Technology #Chips
https://www.asiafinancial.com/us-revoked-eight-licenses-for-exports-to-chinas-huawei-in-2024

2024-07-01 14:13:46

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#note135h…s9m3

2024-07-01 14:13:35

US Law Firm Dechert May Shut Offices in Hong Kong, Beijing
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US law firm Dechert is considering closing its offices in Hong Kong and Beijing, becoming the latest foreign firm to wind down operations in Greater China. The potential closure comes amid a prolonged capital market downturn in both Hong Kong and mainland China, as well as growing tensions between the US and China. Dechert currently has over 20 employees in its Hong Kong office, including four partners, and three lawyers in its Beijing office. The firm is in discussions with employees about a potential relocation to Singapore. Other US law firms have also reduced their presence in China due to economic uncertainties, geopolitical tensions, and government regulations.
#UsLawFirm #Dechert #HongKong #Beijing #China #Singapore #CapitalMarket #SinousTensions #ForeignFirms #Relocation
https://www.asiafinancial.com/us-law-firm-dechert-may-shut-offices-in-hong-kong-beijing

2024-06-10 13:01:02

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#note1j2u…d8hm

2024-06-10 13:00:51

Trump Says He Will ‘Never Ban TikTok’ if Elected - NYPost
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Former US President Donald Trump, once a stern critic of China’s TikTok, has said he will never ban the short-video app in the US if he is brought to power in the country’s election in November. Trump's remarks are a sharp U-turn from his earlier stance on the app, given it was he who began the US crusade against TikTok during his presidency in 2020. At the time, he attempted to ban the app calling it a national security concern due to the personal data it collected on its 100 million American users. That plan was, however, struck down by US courts. Trump recently joined TikTok as part of his election campaign against US President Joe Biden, who already has a profile on the app. The Biden government has passed a new law requiring TikTok’s Chinese owner ByteDance to divest the app or face a ban in the US. Trump called Biden the 'worst president in history' and pledged to never ban TikTok.
#DonaldTrump #Tiktok #UsElection #Bytedance #JoeBiden
https://www.asiafinancial.com/trump-says-he-will-never-ban-tiktok-if-elected-nypost

2024-06-01 16:15:35

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#note1m00…sr94

2024-06-01 16:15:24

US ‘Looking Closely’ at China Banks Over War Aid to Russia
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US Deputy Secretary of State Kurt Campbell has expressed concerns over China's support for Russia's invasion of Ukraine, stating that the US is primarily focused on Chinese companies and financial institutions involved in supporting Russia. The Joe Biden administration has warned about China's backing for Moscow and has threatened punitive measures against financial institutions aiding Russia. China has vowed retaliation in case of further US sanctions. China and Russia have a close relationship, signing a 'no limits' partnership before Russia's invasion of Ukraine. The US Defense Secretary Lloyd Austin has emphasized the need for Asia's security and peaceful resolution of disputes through dialogue. The US has allocated $8 billion for countering China in the Indo-Pacific and continues to pledge military aid to Taiwan. China is the main supplier of chips used in Russia, despite sanctions. Chinese loans to Russia have quadrupled since the Ukraine war. The US is considering sanctioning Chinese banks assisting Russia in the war.
#Us #China #Russia #Ukraine #Sanctions #FinancialInstitutions #Support #Invasion #Security #Dialogue #Taiwan #Chips #Loans
https://www.asiafinancial.com/us-looking-closely-at-china-banks-over-war-aid-to-russia

2024-05-14 12:03:42

Biden Ramps US Tariffs on Chinese EVs, Metals, PV Cells, Chips
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US President Joe Biden announced tariff hikes on Chinese imports, including electric vehicles, computer chips, and medical products. The move is seen as an election-year strategy to win over voters unimpressed with Biden's economic policies. The new measures will affect $18 billion worth of Chinese imports such as steel, aluminum, semiconductors, batteries, critical minerals, solar cells, cranes, and syringes. The United States imported $427 billion in goods from China in 2023 and exported $148 billion to China. The Biden Administration aims to address unfair Chinese trade practices and the flooding of global markets with underpriced goods. The tariffs will be carefully targeted and combined with domestic investment, and the risk of retaliation from Beijing is downplayed. Biden's tariff increases include EVs, lithium-ion batteries, photovoltaic cells, critical minerals, ship-to-shore cranes, syringes, and personal protective equipment. More tariffs will follow in 2025 and 2026 on semiconductors, lithium-ion batteries not used in EVs, graphite, permanent magnets, and rubber medical and surgical gloves. The Biden Administration will also raise tariffs on some steel and aluminum products. The move could raise costs for EVs and impact Biden's climate goals and aim to create manufacturing jobs. Biden wants to compete with China without launching a trade war. The US and China have departed from the free-trade consensus, and tensions have been eased through talks between Biden and Chinese President Xi Jinping. Lawmakers have called for massive hikes on Chinese vehicle tariffs, and some want Chinese EVs banned outright. The tariffs are seen as a way to address the trade gap between the US and China and protect US economic security.
#UschinaTrade #Tariffs #ChineseImports #BidenAdministration #ElectricVehicles #ComputerChips #MedicalProducts
https://www.asiafinancial.com/biden-ramps-us-tariffs-on-chinese-evs-metals-pv-cells-chips

2024-05-13 13:28:42

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#note15d3…hle3

2024-05-13 13:28:31

Double or Quadruple, Biden Tariffs Won't Really Hurt China
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US President Joe Biden is expected to announce the imposition of tariffs on a wide range of Chinese goods, including electric vehicles, solar equipment, chips, and medical supplies. Tariffs on Chinese EVs are set to quadruple, while levies on other products are likely to double and triple. However, the impact of these tariffs on Chinese industries is expected to be limited. Chinese EV-makers have managed to establish a presence in global markets, including Brazil and Southeast Asia, and are armed with the latest technology while keeping their cars cheap. Chinese state-backed newspaper Global Times claims that Washington's trade protectionism will backfire. Experts argue that tariffs are not the answer and that the US should focus on making affordable electric vehicles itself. The effects of US tariffs on China's solar industry are also expected to be minimal, as over 80% of solar panel manufacturing takes place in China and the cost of making a panel in China is 60% cheaper than in the US.
#UschinaTradeWar #Tariffs #ElectricVehicles #SolarIndustry
https://www.asiafinancial.com/double-or-quadruple-biden-tariffs-wont-really-hurt-china

2024-05-13 10:29:39

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#note17tq…ehsu

2024-05-13 10:29:28

Nikkei Dips On Earnings Caution, Hang Seng Gains on Policy Bets
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Asian stocks saw a mixed start to the week as investors focused on global interest rates and China's struggles. Japanese shares ended lower due to cautiousness ahead of corporate earnings reports and rising government bond yields. The Nikkei closed at 38,179.46, down 0.13%. China stocks edged back as weak data on credit growth offset the issuance of long-term stimulus bonds. The Shanghai Composite Index dropped 0.21% to 3,148.02. Hong Kong shares, on the other hand, gained as the Hang Seng Index closed at 19,115.06, up 0.80%. The US is expected to announce new tariffs on China, including a major hike in levies on electric vehicles. The dollar held against the yen, while gold eased and oil prices dipped. Other Asian markets were mixed. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1%. US producer prices, retail sales, and jobless claims figures are due out this week, along with final reports on European inflation.
#AsianStocks #Nikkei #HangSeng #China #CreditGrowth #ElectricVehicles #Dollar #Gold #OilPrices #Msci #UsTariffs #ProducerPrices #RetailSales #JoblessClaims #EuropeanInflation
https://www.asiafinancial.com/nikkei-dips-on-earnings-caution-hang-seng-gains-on-policy-bets

2024-05-11 19:05:01

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#note1gl9…umj3

2024-05-11 19:04:50

Foreign Direct Investment in China Plunges 56% in Q1: Nikkei
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Foreign direct investment (FDI) into China dropped by 56% in the first quarter of the year, reaching around $10.3 billion. The decline in FDI is attributed to a weakening economy and deteriorating ties between Beijing and Washington. Factors driving businesses away from China include the ongoing tech and trade war between the US and China, as well as China's new counter-espionage law. FDI into China has been on a downward trajectory since May 2023, with double-digit declines each month. The prolonged decline in FDI could negatively impact the Chinese economy, slow technological innovation, and hinder production capacity.
#ForeignDirectInvestment #China #Economy #TradeWar #CounterespionageLaw
https://www.asiafinancial.com/foreign-direct-investment-in-china-plunges-56-in-q1-nikkei

2024-05-10 09:02:02

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#note1e69…udw7

2024-05-10 09:01:50

US Tariffs Loom on Chinese EVs, And Maybe Solar Panels
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The US is likely to maintain tariffs on Chinese products and will reveal news next week on areas of strategic competition such as EVs and solar panels. The US could unveil new China tariffs on strategic sectors such as electric vehicles as soon as next week. The announcement is likely to maintain existing tariff levies, and specific sectors like computer chips and solar panels were set to be included. The news could be revealed as soon as Tuesday. The US Trade Representative’s office made their recommendations to the White House weeks ago but a final announcement was delayed as the package was debated internally. Biden, a Democrat seeking re-election in November, is looking to contrast his approach with that of Republican candidate Donald Trump. Biden has said he does not want a trade war with China despite having said the two countries have entered a new paradigm of competition. Both 2024 candidates have sharply departed from the free-trade consensus that once reigned in Washington. In 2022, Biden launched a review of the Trump-era policy under Section 301 of the US trade law. Last month, he called for sharply higher US tariffs on Chinese metal products. The Biden administration has also been pressuring its neighbor Mexico to prohibit China from selling its metal products to the United States indirectly from there. China has said the tariff measures are counter-productive and inflict harm on the US and global economy.
#UsTariffs #ChineseEvs #SolarPanels #TradeWar #Biden #Trump #ChinausTrade
https://www.asiafinancial.com/us-tariffs-loom-on-chinese-evs-and-maybe-solar-panels

2024-05-08 03:19:08

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#note1gnv…sze0

2024-05-08 03:18:57

Another ByteDance App Gains Popularity in US - SCMP
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Lemon8, a second app developed by ByteDance, is gaining popularity in the US despite the impending ban on TikTok. Lemon8 is known for its 'blog-style' posts and is primarily a platform for photos. It was introduced in the US in February last year, around the same time lawmakers called for a ban on TikTok. In April 7, Lemon8 became the most downloaded lifestyle app on Apple's App Store in the US, surpassing Pinterest and Tinder.
#Bytedance #Lemon8 #Tiktok #SocialMedia #App #Popularity
https://www.asiafinancial.com/another-bytedance-app-gains-popularity-in-us-scmp

2024-04-30 07:26:22

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#note1rg3…sahm

2024-04-30 07:26:10

China's Factory, Services Activity Cools in April Amid Slowdown
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China's factory and services activity slowed in April, according to official surveys. The National Bureau of Statistics (NBS) manufacturing purchasing managers' index (PMI) dropped to 50.4 in April from 50.8 in March, while the services sub-index under the NBS non-manufacturing survey grew at the slowest pace since January. However, a private Caixin factory survey showed manufacturing activity grew more quickly as new export orders rose. Analysts expect Chinese authorities to launch more stimulus to support the economy.
#China #Economy #Manufacturing #Services #Pmi #Stimulus
https://www.asiafinancial.com/chinas-factory-services-activity-cools-in-april-amid-slowdown

2024-04-24 13:14:38

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#note1d4h…x83w

2024-04-24 13:14:27

TikTok Plans Legal Battle as US Senate Passes Divest-or-Ban Bill
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TikTok and its users in the US are expected to mount a legal battle against a bill passed by the US Senate that requires China's ByteDance to either divest from the app or face a ban in the US. The bill was tucked into a larger foreign aid package and is driven by concerns that China could access Americans' data through the app. TikTok plans to challenge the bill on First Amendment grounds, and experts say the sale of TikTok, if it happens, would be one of the most complicated and expensive transactions in history. The Chinese government has not yet commented on the bill. Once signed into law, ByteDance will have 270 days to divest TikTok's US operations.
#Tiktok #UsSenate #DivestorbanBill #Bytedance #China
https://www.asiafinancial.com/tiktok-plans-legal-battle-as-us-senate-passes-divest-or-ban-bill

2024-04-24 13:11:02

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2024-04-24 13:10:50

2024-04-17 10:33:45

IMF Tips 3.2% Global Growth, Warns China on Property Crisis
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The International Monetary Fund (IMF) has issued its latest World Economic Outlook, forecasting global real GDP growth of 3.2% for 2024 and 2025. The IMF warns that China's economy is strained by its property crisis and that domestic demand will remain weak unless strong measures are taken. The IMF recommends that China speed up the closure of non-viable developers, complete unfinished housing projects, and support vulnerable households to restore consumer demand. The lack of a comprehensive restructuring package for China's property sector could prolong the downturn in domestic demand and worsen China's outlook. The IMF also warns that China could face trade retaliation and deflationary pressures if the property crisis is not addressed. The IMF forecasts that US economic strength will help achieve slow but steady global growth this year, despite headwinds from high inflation, weak demand in China and Europe, and regional conflicts. The IMF also notes the potential impact of the Middle East conflict on limiting growth, including higher oil prices and inflation. The IMF revises its forecast for 2024 US growth upward to 2.7% and highlights the divergence between the US and Europe, with Europe facing slower growth and faster-falling inflation. The IMF raises its growth forecast for Brazil and India, but low-income developing countries continue to struggle with post-pandemic adjustments. Russia's growth forecast is increased due to strong oil export revenues and government spending. The IMF also upgrades Russia's growth forecast for 2025. Ukraine's growth is forecast to slow in 2024 and accelerate in 2025, but a widening of the conflict with Russia could intensify price spikes for commodities. Overall, the IMF sees the global economy displaying resilience with steady growth and declining inflation, but acknowledges that many challenges still lie ahead.
#Imf #GlobalGrowth #China #PropertyCrisis #Economy #DomesticDemand #TradeRetaliation #Inflation #Us #Europe #MiddleEastConflict #OilPrices #Russia #Ukraine #Commodities
https://www.asiafinancial.com/imf-tips-3-2-global-growth-tells-china-to-rejig-property-sector

2024-04-04 11:03:46

Yellen Warning to China on Oversupply Seen Falling on Deaf Ears
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US Treasury Secretary Janet Yellen is in China to address the issue of oversupply of key manufactured goods, particularly clean-energy goods. Yellen warns that China is producing too much and that the world cannot absorb it. This oversupply is a result of years of government subsidies and weak demand at home. Yellen will convey her concerns to Chinese officials and emphasize that the excess production is unhealthy for China and is causing growing concern in major economies. However, Beijing is expected to continue investing in more manufacturing capacity in high-technology sectors, which is at odds with other major economies. Yellen's warnings may be an initial step towards new tariffs or trade barriers on Chinese goods. The visit will also cover other topics such as financial stability, climate change, and debt relief for developing nations. China's excess auto production capacity is estimated to be about 10 million vehicles per year. In the solar panel sector, China's overproduction has pushed prices down 42% and the country now accounts for 80% of global production capacity. Yellen's efforts to address overcapacity may face challenges as electric vehicles, lithium batteries, and solar panels are considered engines of growth for China.
#China #Oversupply #ManufacturedGoods #CleanenergyGoods #Tariffs #TradeBarriers #AutoProduction #SolarPanelSector #ElectricVehicles #LithiumBatteries
https://www.asiafinancial.com/yellen-warning-to-china-on-oversupply-seen-falling-on-deaf-ears

2024-03-07 12:36:11

US Sanctions Based on Wrong View of China, Says Foreign Minister
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Chinese Foreign Minister Wang Yi criticized the US for clinging to wrong perceptions of China and imposing trade sanctions based on an "unbelievable" list of alleged crimes. Wang stated that the US has not fulfilled its promises on Sino-US relations despite some progress since the meeting between presidents Joe Biden and Xi Jinping. He emphasized that exchanges between the two countries can only continue if both sides respect and recognize their differences. Wang also mentioned that the US's methods of suppressing China are constantly being renewed and the list of unilateral sanctions is constantly being extended. However, Biden has made it clear that the US does not seek a new Cold War or seek to change the Chinese system or support Taiwan's independence. Wang also discussed China's relations with Russia, the Ukraine conflict, Europe, China's economy, and artificial intelligence. He stated that China would submit a draft resolution on AI to the United Nations General Assembly, emphasizing that AI should always be under the control of human beings. Tensions between the US and China have slightly eased since the Biden-Xi summit in November, but they remain in an uneasy detente. Wang urged the US to understand the historical development trend and objectively and rationally look at China's development. He also announced an expansion of China's visa-free travel scheme to nationals from Switzerland, Ireland, Hungary, Austria, Belgium, and Luxembourg.
#UsSanctions #China #ForeignMinister #Trade #Sino-usRelations #Promises #Perceptions #UnilateralSanctions #Visa-freeTravel
https://www.asiafinancial.com/us-sanctions-based-on-wrong-view-of-china-says-foreign-minister

2024-02-27 09:56:42

Chinese Airlines Allowed to Lift US Flights to 50 a Week
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The US Transportation Department has given approval for Chinese passenger airlines to increase their weekly round-trip flights to the United States to 50 from March 31, up from the current 35. This marks a significant step forward in the normalization of the US-China market. Before the Covid-19 pandemic, more than 150 weekly round-trip passenger flights were allowed by each side, but restrictions were imposed in early 2020. The number of flights between the two countries gradually increased, with Chinese carriers being approved for 35 flights in November. The move is welcomed by the Chinese embassy in Washington, which is working to facilitate cross-border travel and promote people-to-people exchange between the two countries. Other international air markets involving China have reopened more quickly, with seat capacity between China and the United Kingdom exceeding pre-pandemic levels by 30% and China-Singapore by 6%. The US Commerce Secretary has expressed a desire to boost travel and tourism between the US and China, stating that if China returned to 2019 US tourism levels, it would add $30 billion to the US economy and 50,000 US jobs.
#China #Us #Flights #Airlines #Travel #Tourism
https://www.asiafinancial.com/chinese-airlines-allowed-to-lift-us-flights-to-50-a-week

2024-01-23 12:06:56

China Warns Officials Against Falsifying Economic Data
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China's top statistical body warns officials against falsifying economic data, promising to investigate and punish those responsible for statistical fraud. The warning comes amid scepticism about the reliability of Chinese data as Beijing seeks to address concerns about a slowing economy. China's economy grew 5.2% in 2023, meeting the official target, but analysts expect growth to slow this year due to a property crisis, mounting local debt, and deflationary risks. The National Bureau of Statistics stated that fabricating economic data or interfering in statistical work by officials has persisted despite government efforts to improve data quality. The Chinese Communist Party introduced new disciplinary rules last year to address data violations. Officials who commit data fraud will be investigated and dealt with. Statistical fraud is seen as a serious violation of the statistics law and affects the quality of statistical data, hindering macro decision-making.
#China #EconomicData #Statistics #DataFraud #ChineseEconomy
https://www.asiafinancial.com/china-warns-officials-against-falsifying-economic-data

2024-01-20 10:53:19

Chinese Economy is in Trouble, US Nobel Laureate Says - NYT
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Leading US economist Paul Krugman says China's inadequate consumer spending was masked by a real estate bubble, which is now being deflated. There is skepticism about China's official GDP growth of 5.2% last year. Krugman suggests that China's economic model is becoming unsustainable due to low consumer spending and calls for more income to flow through to households and a boost to the social safety net. President Xi Jinping is criticized for arbitrary interventions and being a poor economic manager. The New York Times published the commentary on January 20, 2024.
#ChineseEconomy #ConsumerSpending #RealEstateBubble #GdpGrowth #EconomicModel #PresidentXiJinping
https://www.asiafinancial.com/chinese-economy-is-in-trouble-us-nobel-laureate-says-nyt