‘Bullying': Semiconductor spat escalates as China decries US moves
BEIJING, May 21 — Beijing condemned today new US chip export controls as 'bullying', warning it would take steps against measures aimed at restricting Chinese access to high-tech semiconductors.
'The US measures are typical unilateral bullying and protectionism, which seriously undermine the stability of the global semiconductor industry chain and supply chain,' Beijing's commerce ministry said in a statement. — AFP
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


New Straits Times
31 minutes ago
- New Straits Times
Hopes rise as US and China hold second day of trade talks
LONDON: The United States and China began a second day of trade talks on Tuesday, seeking to shore up a shaky tariff truce in a bitter row deepened by export curbs. The gathering of key officials from the world's two biggest economies began Monday in London, after an earlier round of talks in Geneva last month. Stock markets wavered as investors hoped the talks will bring some much-needed calm on trading floors and ease tensions between the economic superpowers. A US Treasury spokesman told AFP on Tuesday the "talks resumed earlier this" morning. One of US President Donald Trump's top advisers said he expected "a big, strong handshake" at the end of the talks in the historic Lancaster House, operated by the UK foreign ministry. Trump told reporters at the White House on Monday: "We are doing well with China. China's not easy. "I'm only getting good reports." The agenda is expected to be dominated by exports of rare earth minerals used in a wide range of things including smartphones, electric vehicle batteries and green technology. "In Geneva, we had agreed to lower tariffs on them, and they had agreed to release the magnets and rare earths that we need throughout the economy," Trump's top economic adviser, Kevin Hassett, told CNBC on Monday. But even though Beijing was releasing some supplies, "it was going a lot slower than some companies believed was optimal", he added. Still, he said he expected "a big, strong handshake" at the end of the talks. "Our expectation is that after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume," Hassett added. He also said the Trump administration might be willing to ease some recent curbs on tech exports. Tensions between Washington and Beijing have heightened since Trump took office in January, with both countries engaging in a tariffs war hiking duties on each other's exports to three figures -- an effective trade embargo. The Geneva pact to cool tensions temporarily brought new US tariffs on Chinese goods down from 145 per cent to 30 per cent, and Chinese countermeasures from 125 per cent to 10 per cent. But Trump recently said China had "totally violated" the deal. "Investors are willing to grab on to any positive trade headline right now, as this is keeping hopes of a rally alive," said Kathleen Brooks, research director at trading group XTB. Ipek Ozkardeskaya, senior analyst at the Swissquote Bank, said that although there had been "no breakthrough" it seemed "the first day of the second round of negotiations reportedly went relatively well". "Rumours are circulating that the US may be willing to make concessions on tech exports in exchange for China easing restrictions on rare earth metal exports," she said. Rare earth shipments from China to the US have slowed since the tariff war was triggered by Trump's so-called "Liberation Day" announcements, according to Brooks. The US leader slapped sweeping levies of 10 per cent on friend and foe alike, and threatened steeper rates on dozens of economies. The tariffs have already had a sharp effect, with official figures from Beijing showing Chinese exports to the United States in May plunged by 12.7 per cent. China is also in talks with other trading partners -- including Japan and South Korea -- to try to build a united front to counter Trump's tariffs. Chinese leader Xi Jinping on Tuesday urged South Korea's new President Lee Jae-myung to work with Beijing to uphold free trade to ensure "the stability and smooth functioning of global and regional industrial and supply chains." "A healthy, stable, and continuously deepening China-South Korea relationship aligns with the trend of the times," Xi said in a phone call, according to the Xinhua news agency. Chinese Vice Premier He Lifeng is heading the team in London, which included Commerce Minister Wang Wentao and China International Trade Representative Li Chenggang.


The Sun
an hour ago
- The Sun
Ringgit weakens as US-China trade talks continue in London
KUALA LUMPUR: The ringgit depreciated against the US dollar today as market attention remained fixed on the second day of United States-China trade discussions in London. At 6 pm, the local note fell to 4.2360/2420 versus the greenback, down from Monday's close of 4.2290/2345. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said across broader markets, foreign exchange volatility is gradually subsiding, and in subdued trading conditions, investors appear to be allocating capital towards currencies offering elevated yields. Meanwhile, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the ringgit continues to maintain its range-bound trade as uncertainties remain. 'The US Dollar Index (DXY) appears to be gaining some strength today, rising by 0.24 per cent to 99.174 points as fear over a slowing economy receded following the nonfarm payrolls (NFP) results last Friday and optimism over trade negotiations between the US and China,' he told Bernama. At the close, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9270/9314 from Monday's 2.9344/2.9384 and strengthened versus the British pound to 5.7152/7233 from 5.7392/7466, but fell vis-à-vis the euro to 4.8354/8422 from 4.8316/8379 yesterday. The local currency traded lower against its ASEAN peers. It fell versus the Singapore dollar to 3.2932/2981 from 3.2908/2953 at Monday's close and declined against the Thai baht to 12.9712/9955 from 12.9414/9642. The ringgit slid vis-à-vis the Philippine peso to 7.58/7.60 from 7.57/7.59 yesterday and eased against the Indonesian rupiah to 260.2/260.7 from 259.5/260.0 previously.


New Straits Times
an hour ago
- New Straits Times
Stocks mostly fall as China-US resume trade talks
LONDON: Major stocks markets mostly dropped in Asia and Europe on Tuesday as investors waited for the outcome of US-China talks aimed at cementing a fragile trade war truce between the world's two biggest economies. London's benchmark FTSE 100 index bucked the trend as it was on course to close at a record high after weak UK unemployment data raised chances the Bank of England will cut interest rates into next year. "US-China trade talks are the main focus for investors," noted Neil Wilson, UK investor strategist at Saxo Markets. "A good outcome could send Wall Street to a fresh record high" when trading resumes Tuesday, he added. The world's two biggest economies are holding a second day of trade talks in London, seeking to shore up a shaky tariff truce in a bitter row deepened by export curbs. One of US President Donald Trump's top advisers said he expected "a big, strong handshake" at the end of the discussions. Trump told reporters at the White House: "We are doing well with China. China's not easy. "I'm only getting good reports." The agenda is expected to be dominated by exports of rare earth minerals used in a wide range of things including smartphones, electric vehicle batteries and green technology. "Investors remain on tenterhooks as talks between the US and China spill over to today, with a nuanced situation yet to be resolved," said Richard Hunter, head of markets at Interactive Investor. "For the time being, the pause in tariff hostilities is a positive starting point as the US seeks the restoration of rare earth mineral exports from China which would inevitably result in a mutual relaxation." Investors are awaiting also key US inflation data this week, which could impact the Federal Reserve's monetary policy. Analysts warn Trump's tariffs will refuel inflation, strengthening the argument to keep interest rates on hold instead of lowering them. The Fed faces pressure from the president to cut rates, with bank officials due to make a decision at their policy meeting next week. While the Bank of England is expected to pause on rates at its next meeting this month, analysts now see it cutting on at least two occasions this year and again in early 2026 after Tuesday's jobs data, which also showed slowing wages growth. News of dampened inflationary pressure weighed heavily on the pound, boosting the London stock market, which has benefitted this year from the UK government striking post-Brexit trade agreements with the US and India. Prime Minister Keir Starmer's Labour administration has managed also to shield Britain against Trump's most severe tariff rates.