logo
The China-US trade war is set to keep spiraling: podcast

The China-US trade war is set to keep spiraling: podcast

Reuters24-04-2025
LONDON/NEW YORK, April 24 (Reuters Breakingviews) - Follow on Apple, opens new tab or Spotify, opens new tab. Listen on the Reuters app, opens new tab. Read the episode transcript.
Listen to the podcast, opens new tab
Across multiple administrations and both political parties, the United States has steadily sought to contain the rise of the People's Republic. In this week's Viewsroom podcast, Breakingviews columnists discuss the measurable extent of the break between the global titans.
FURTHER READING
US-China decoupling is crossing a Rubicon
China's US bond holdings are going nowhere fast
Tariffs will force supply chains out of black box
China will struggle to deal with its overcapacity
Visit the Thomson Reuters Privacy Statement, opens new tab for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices, opens new tab to opt-out of targeted advertising.
For more insights like these, click here, opens new tab to try Breakingviews for free.
Editing by Oliver Taslic and Aditya Srivastav
Breakingviews
Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

China announces countermeasures against 2 EU banks
China announces countermeasures against 2 EU banks

Reuters

time13 minutes ago

  • Reuters

China announces countermeasures against 2 EU banks

BEIJING, Aug 13 (Reuters) - China's commerce ministry announced on Wednesday that it would immediately take countermeasures against two EU banks, in response to the bloc adding two Chinese financial institutions to a Russia-related sanctions list. UAB Urbo Bankas and AB Mano Bankas would be banned from carrying out transactions and cooperation with organisations and individuals within China, according to a ministry statement.

Road King to become first Hong Kong developer to default on bond as pressure mounts
Road King to become first Hong Kong developer to default on bond as pressure mounts

Reuters

time13 minutes ago

  • Reuters

Road King to become first Hong Kong developer to default on bond as pressure mounts

HONG KONG, Aug 13 (Reuters) - Some bondholders of Hong Kong developer Road King Infrastructure ( opens new tab have not received coupon payments after a 30-day grace period expired on Tuesday, adding to risks in the domestic property sector amid rising debt maturities and slowing sales. The failure to make payment by Road King, totalling $11.3 million, is set to be the first bond default by a Hong Kong builder since China's property crisis began in 2021, deepening contagion risks for the Chinese-controlled territory. Road King, a small-sized developer which earns the majority of its revenues from mainland China, said in an announcement on Friday that it had not made payment on the July 12 due date for its 2029 bond, but it had a grace period, which expired on Tuesday. Clients holding the bond in question have not received payment, according to investment platform FSMOne. The company did not respond to requests for comment. Mainland China and Hong Kong property markets have been under pressure in the past few years with plunging sales and tightening liquidity. On the mainland in particular, many companies have defaulted despite repeated government attempts to revive weak consumer demand. Holding an outstanding $2.3 billion in senior notes, Road King in June proposed to restructure the debt for the second time in a row. It sought amendments to its senior notes including interest payments due before 2027 to be made in payment-in-kind, and proposed waiving any default. However, the proposals have not received enough support from bondholders to pass. A year ago, bondholders approved the firm's offer of $60 million to buy back at discount its six senior notes due between 2024 and 2026, and solicited consent to extend the maturity of each bond and the interest rate reset date for its perpetual bond by 3.5 years. "We expect to continue to face debt repayment and liquidity pressures in the future as the market recovery has been slower than expected," it said in a filing in June. "We continue to face headwinds, including a continuing downturn in China's real estate market, liquidity constraints onshore and inability to remit cash offshore for debt service and a continued price cutting situation in Hong Kong's real estate market."

China's military says it 'drove away' US destroyer near Scarborough Shoal
China's military says it 'drove away' US destroyer near Scarborough Shoal

Reuters

time13 minutes ago

  • Reuters

China's military says it 'drove away' US destroyer near Scarborough Shoal

BEIJING, Aug 13 (Reuters) - China's military said on Wednesday it monitored and "drove away" a U.S. destroyer that sailed near the disputed Scarborough Shoal in the busy waterway of the South China Sea, while the U.S. Navy said its action was in line with international law. The first known U.S. military operation in at least six years within the shoal's waters came a day after the Philippines accused Chinese vessels of "dangerous manoeuvres and unlawful interference" during a supply mission around the atoll. In a statement, the Chinese military's Southern Theatre Command said the USS Higgins had entered the waters "without approval of the Chinese government" on Wednesday. "The U.S. move seriously violated China's sovereignty and security, severely undermined peace and stability in the South China Sea," it added, vowing to keep a "high alert at all times". The U.S. Navy's Seventh Fleet said the Higgins had "asserted navigational rights and freedoms" near the Scarborough Shoal "consistent with international law". The operation reflected the U.S. commitment to uphold freedom of navigation and lawful uses of the sea, it told Reuters in an emailed statement. "The United States is defending its right to fly, sail and operate wherever international law allows, as USS Higgins did here. Nothing China says otherwise will deter us." China claims almost the entire South China Sea, despite overlapping claims by Brunei, Indonesia, Malaysia, the Philippines, Taiwan and Vietnam. The U.S. regularly carries out "freedom of navigation" operations in the South China Sea, challenging what it says are curbs on innocent passage imposed by China and other claimants. The Scarborough Shoal has been a major source of tension in the strategic South China Sea, a conduit for more than $3 trillion of annual ship-borne commerce. The actions of Chinese vessels in the shoal this week also resulted in a collision of two of them, Manila said, the first such known in the area. China's coast guard said it had taken "necessary measures" to expel Philippine vessels from the waters. In 2016, an international arbitral tribunal ruled there was no basis in international law for Beijing's claims, based on its historic maps. China does not recognise that decision, however.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store