Photos of the busy ports on the Yangtze River after China-US trade friction cools
Activity at Chinese ports has rebounded since U.S. President Donald Trump and China's leader Xi Jinping agreed to resume trade talks and put off imposing massive tariffs on each other's exports. That's true, also, of inland ports along China's mighty Yangtze River.
The Chongqing International Logistics Hub Park, more than 1,000 kilometers (620 miles) from the nearest sea port, serves as a critical element of a land-sea trading corridor and part of China's vast Belt and Road Initiative connecting with countries across Europe, Africa and Asia. About 20 trains leave every day, some for Russia and others toward Europe via Central Asia.
Top exports include electronics, machinery and electric vehicles, including sedans assembled at Avatr Technology's factory in Chongqing, long a major river port and industrial center. Imports include auto parts, luxury goods and medical equipment.
Some 900 kilometers (560 miles) downriver from Chongqing, the Yangluo port is another major distribution center connecting China's eastern seaboard with its vast inland regions. In 2024, it handled 2 million TEUs (Twenty-foot Equivalent Units), but in April activity nearly stopped as trade was disrupted by the tariffs as Trump escalated his trade war.
It resumed from mid-May, after the China and the U.S. agreed to step back and talk rather than to escalate trade tensions further.
___
This is a photo gallery curated by AP photo editors.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Coin Geek
30 minutes ago
- Coin Geek
Japan wants reforms to broaden appeal of digital asset investments
Getting your Trinity Audio player ready... Japan continues to explore reforms that would make the country more competitive in the global digital asset industry. This week, its national financial regulator, the Financial Services Agency (FSA), created a working group to explore proposals related to taxation and classification of digital assets to mirror those of other investments. A reclassification, which the ruling Liberal Democratic Party (LDP) is also exploring, would see digital assets have the same flat 20% tax rate as shares. Other issues of concern are additional sales taxes on digital assets that hit non-JPY trades between assets on exchanges and limits on how Japanese customers can acquire digital assets. In Japan, digital assets are classified as 'payment methods' rather than 'investments,' which results in additional taxes and tends to lump blockchain in with game tokens and retail points. Changing this would reflect a gradual shift in perception of blockchain assets/tokens over the years, from currencies intended for daily purchases to assets their users hold in the hope of future profits. While this was never the (stated) intention for inventions like Bitcoin when it first emerged, volatile market values and the resulting media attention have de facto created a new investment class instead. The latest moves result from years of lobbying from Japanese digital asset industry groups, like the Japan Crypto-Asset Business Association (JCBA) and the Japan Crypto-Asset Exchange Association (JVCEA). Specifically, they have called for reduced taxes for digital asset investments and reforms that would make Japan a more attractive location for Web3 and other technology startups. Digital assets becoming a major investment sector in Japan and internationally The FSA noted that the number of digital asset trading accounts in Japan has grown fivefold since 2020. Currently, 12.14 million accounts are registered, with a total user deposit balance of roughly JPY5 trillion (US$34.4 billion). Those numbers reflect trend shifts internationally as a new generation of younger and more technologically-competent investors seeks opportunities outside the 'traditional' areas of stocks and bonds. The FSA's document also revealed financial survey findings showing that 7.3% of experienced investors hold 'cryptocurrencies.' That number is still lower than those investing in other existing financial products, including stocks, but higher than those participating in yen-denominated corporate bonds, savings insurance, and foreign exchange. In another survey from Nomura Holdings and Laser Digital Holdings AG, 62% of investment managers said they view digital assets as an opportunity, while 54% said they intended to invest in digital assets in the next three years—80% of those also plan to hold their assets for more than one year. Investors abroad (particularly in the USA) are interested in exchange-traded funds (ETFs), including BTC and other digital assets. Even more conservative institutional investors like pension funds are joining in, and there are signs fund managers are starting to see digital assets as 'inflation-resistant' investments, similar to precious metals. The relatively new Trump Administration in the U.S. is seen as particularly friendly to digital asset investments, and this, coupled with fears of inflation in national fiat currencies, has led investors to discover alternative means to protect existing value. Investment opportunities for everyone could spur innovation Reforms to digital asset investment rules are part of the Japanese government's 'New Capitalism Strategy.' This is an ongoing initiative started by former Prime Minister Fumio Kishida in 2021 and aims to reconfigure Japan's economy around sustainable growth and innovation. The terms 'Web3,' 'Green Transformation/Clean Energy,' and 'inclusion' frequently appear alongside blockchain, stablecoins, and DAOs as key drivers. The strategy also aims to create a more equitable share of wealth in general, focusing on human capital and opening up new investment opportunities outside the traditional sphere of stock exchanges and stagnant investment funds. The government views Japan's reputation as an early adopter of new technologies, with a population always keen to build and protect wealth through investments, as an advantage. Watch: Power, Protocol, and Protection with Mitch Burcham title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
The Guardian
an hour ago
- The Guardian
EU ready for trade deal with US but ‘all options on the table', says von der Leyen
The European Commission president, Ursula von der Leyen, has said the EU is ready for a trade deal with Donald Trump, but 'all options remain on the table'. Von der Leyen said she was analysing the latest US negotiating document received on Thursday. 'Our message today is clear, we are ready for a deal,' she told reporters, after briefing EU leaders at a summit in Brussels. 'At the same time, we are preparing for the possibility that no satisfactory agreement is reached … and we will defend the European interest as needed. In short, all options remain on the table.' The commission is responsible for trade on behalf of the EU's 27 member states, but wanted a steer on how to approach the economically critical talks with the White House. Trump has threatened to impose 50% tariffs on all EU goods from 9 July unless the two sides reach a deal. Most EU goods already face a 10% tariff, with levies of 25% on cars and car parts and 50% on steel and aluminium. Von der Leyen also floated a 'beginning of redesigning' the World Trade Organization amid concern the global trading system is being undermined by trade wars and bilateral deals. She said the Asia Pacific CPTPP bloc, which also includes the UK, was interested in 'structured collaboration' with the EU, which wanted the same. 'We can think about this as a beginning of redesigning the WTO … to show the world that free trade with a large number of countries is possible on a rules-based foundation,' she said. As Trump's deadline draws near, differences are emerging between Germany and France over how to handle the US talks. The German chancellor, Friedrich Merz, said a quick and simple trade deal was better than 'slow and complicated'. The new centre-right chancellor is under heavy pressure from German carmakers and other exporters, some of whom argue that an asymmetric deal – ie higher US tariffs on European goods – may be better than no deal. The French president, Emmanuel Macron, argued that accepting an unequal trading relationship would be damaging to Europe's long-term competitiveness. One EU diplomat rejected the suggestion member states were divided, but said: 'If we accept 10%, how long will it last?', suggesting Trump could launch a new front in the trade war, or that it could affect negotiations with other trading partners. 'Many member states realise this is not only one game. Maybe it will affect the way India approaches us, or China.' Ireland's prime minister, Micheál Martin, said: 'Getting a deal is important for certainty so that we know the landscape ahead of us and that industry knows the landscape ahead of it, so that we can protect jobs, which is our number one priority.' Striking a more outspoken note, Spain's prime minister, Pedro Sánchez, said Trump's tariff threat was 'doubly unfair', because his country runs a trade deficit with the US. He was responding after Trump said Spain would 'pay twice as much', after Sánchez refused to commit to the 5% Nato spending target. Diplomats are increasingly pessimistic about negotiating away the 10% baseline tariffs. As this reality sinks in, two approaches are emerging: a quick deal that would mean certainty for business, or retaliation to press for something better. 'Do we go into aggressive retaliation mode or are we less vocal and do a quick deal,' said one source. The US has shown little obvious interest in the EU's offer of a 'zero-for-zero' free-trade zone on industrial goods, while continuing to attack the bloc's tech regulation and VAT rules. Earlier this week, von der Leyen reiterated that changes to the EU's Digital Markets Act – regulations affecting US tech companies – was off the table. 'Of course we discuss tariff lines, we discuss non-tariff barriers like standards and norms … but where it is the sovereign decision-making process in the European Union and its member states that is affected this is too far.' Belgium's prime minister, Bart De Wever, said tariffs should be avoided at all costs. 'So we will not allow ourselves to be provoked, we will remain calm, we will negotiate and we hope to reach an agreement. If this is not the case, we will naturally adopt countermeasures, but these will be appropriate countermeasures,' he said. The EU has suspended levies on €21bn (£18bn) US goods until mid-July to allow more time for negotiations. The bloc is consulting on further retaliatory tariffs targeting €95bn of US goods, although the final total is likely to be smaller, if approved. The EU previously dropped plans to target American bourbon, after protests from France and Ireland, who feared retaliation against French cognac and Irish whiskey. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Merz criticised the EU's approach as too complicated at an industry conference in Berlin on Monday. He also suggested the EU should concentrate on negotiating in five sectors including the automotive and steel industries, which have been already been hit with tariffs, and pharmaceuticals, which remain in Trump's crosshairs. Peter Leibinger, the president of the German Federation of Industries (BDI), said at the same conference that he [Merz] needed to 'carry the pain' being felt by German manufacturers to the Brussels bubble. The BDI said the tariffs would cost the German economy approximately 0.3 percentage points of growth, depressing an economy 'where industrial production remains significantly below the pre-crisis level of 2019'. The EU's chief trade negotiator, Maroš Šefčovič, said: 'The car industry of Europe, it's clearly bleeding. And really to have tariffs at the level of 27.5%, which is a scary state, it is clearly unsustainable.' Carmakers face a 25% tariff, in addition to the 2.5% that pre-dated Trump's second term. Šefčovič said his 'one wish' was unity in the EU's approach. He was 'ready to fight tooth and nail' for the EU's interests, telling German business leaders to 'talk to us, criticise us, but support us'. He also revealed he was seeking an insurance clause in any deal: 'I think it would be clearly desirable … that we would have some kind of stand still clause, which would kind of prevent a surprise with sudden spikes [in tariffs] and volatility.'
Reuters
an hour ago
- Reuters
Singapore's renewables usage hits record high as imports, solar output rise
SINGAPORE, June 27 (Reuters) - Singapore boosted the share of renewables in its power generation mix to a record high in May, an analysis of the latest market data showed, as the country ramped up renewable imports and accelerated local solar power generation. Domestic solar generation in May rose at the fastest pace since March 2024 and renewable imports rose a third straight month to their highest in more than two years, lifting the share of renewables in the city-state's power mix to 2.58%, data from the National Electricity Market of Singapore showed. Regional electricity trade is crucial to Singapore's aim to become carbon neutral by 2050, as Asia's second-smallest country has limited renewable energy potential. Cross-border power trade is also seen as key to easing regional reliance on fossil fuels amid growing data centre-driven power demand. Gas-fired power plants in Singapore account for about 95% of its power capacity. In the five months through May, the data showed Singapore imported 122.7 million kilowatt-hours of clean power - 0.52% of total generation - through the Lao PDR-Thailand-Malaysia-Singapore (LTMS) power trade route that was set up in 2022. It did not import any power during the same period last year, the data showed, and only started importing small quantities in the last quarter of 2024. The share of imports in Singapore's power mix rose for a third straight month in May, displacing some fossil fuel-fired generation. Singapore's total electricity generation grew 0.4% during the first five months, the data showed. Though the imported power came through the LTMS framework, all of it originated from neighbouring Malaysia under a 50-megawatt supply agreement reached last year with Malaysian state utility Tenaga Nasional Berhad, said a source familiar with the matter who was not authorised to speak with media. Singapore's Energy Market Authority (EMA) did not respond to a request for comment. The EMA last year doubled the capacity of electricity that can be traded in the second phase of the LTMS to 200 MW through additional supply from Malaysia. It said in October, however, that it had yet to finalise the terms of an extension to the supply of hydropower generated in Laos and sent to Singapore via Thailand and Malaysia.
