South Korea, Vietnam Eye Doubling Trade to $150 Billion by 2030
'We agreed to further accelerate the mutually beneficial economic cooperation that has served as a solid foundation for the development of our bilateral relations,' South Korean President Lee Jae Myung said at a joint press event after meeting with Vietnamese Communist Party chief To Lam in Seoul on Monday.
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Yahoo
17 minutes ago
- Yahoo
Trump Pushes China to Quadruple U.S. Soybean Buys -- Markets React Ahead of Tariff Truce Deadline
Soybean futures posted their biggest intraday gain in four months after US President Donald Trump called on China to quickly quadruple its purchases of American soybeans, linking such a move to narrowing the trade gap between the two countries. The comments, made on Truth Social just one day before the current tariff truce is set to expire, came with a public thank-you to Chinese leader Xi Jinping, though no further detail was provided. The timing is notable US farmers are only weeks away from harvest, when fresh supply typically boosts export potential. While China bought more than $12 billion in US soybeans in 2024, government data show no bookings yet for the new season beginning in September, a sign that trade tensions remain an obstacle. Warning! GuruFocus has detected 5 Warning Signs with NVDA. The market reaction was swift. Chicago soybean futures jumped as much as 2.8% before easing to a 2.3% gain, with corn and wheat prices also edging higher. Analysts point out that this period often marks a shift in China's buying toward Northern Hemisphere origins, but the current pattern has leaned heavily toward Brazil, Argentina, and other South American suppliers. The US Department of Agriculture is expected to raise its domestic harvest outlook in an upcoming report, potentially adding to export competitiveness. Still, some market watchers caution that without progress in trade talks, China could meet its annual soybean needs entirely from South America, leaving US farmers sidelined. The tariff truce deadline on August 12 adds another layer to the story, with signals from Washington that an extension is possible. Broader US-China tensions remain in play from Beijing's defense of Russian oil imports against US tariff threats to state-linked criticism of Nvidia (NASDAQ:NVDA) chip performance. For now, Trump's remarks have injected a dose of optimism into agricultural markets, but whether this translates into sustained buying from China could depend on the trajectory of negotiations in the weeks ahead. This article first appeared on GuruFocus.
Yahoo
17 minutes ago
- Yahoo
Nvidia is willing to pay the US government $3 billion to save its business in China
Nvidia (NVDA) has reportedly cut an unprecedented deal with the Trump administration to save its China business that would entail sharing as much as $3 billion in revenue with the US government for the current fiscal year to resume sales of its H20 chips. Multiple media outlets have confirmed with unnamed sources that leading AI chipmaker Nvidia and rival Advanced Micro Devices (AMD) cut deals with President Trump to fork over 15% of their revenues from China in exchange for export licenses, following an initial report of the news from the Financial Times. Trade policy experts cited by the Washington Post said the deals amounted to blackmail and violated the US Constitution's ban on export taxes. Nvidia did not confirm its new arrangement with the Trump administration but a spokesperson told Yahoo Finance: 'We follow rules the U.S. government sets for our participation in worldwide markets. While we haven't shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide.' Nvidia stock fell fractionally Monday while AMD shares pared initial losses to trade flat. China is one of Nvidia's most important markets, accounting for 13% of the company's revenue in its prior fiscal year. Nvidia has repeatedly introduced new, lower-power chips to sell to China in the face of tightening US export controls, as the government has cited national security concerns. The chipmaker began sales of its H20 chips — graphics processing units based on its prior-generation Hopper architecture — in 2024. Nvidia got hit with a surprise ban on exports of its H20 chips to China by the Trump administration in April, costing the company billions in lost sales and sending the stock spiraling. The ban was later reversed in July, drawing national security concerns from lawmakers worried over China's development of AI. Wall Street analysts projected that Nvidia would recoup $15 billion in lost sales in the second half of the year after the ban was lifted to hit about $20 billion in revenue from China for its fiscal year 2026, which ends next January — meaning the US government could get $3 billion from its deal with the company. Bernstein analyst Stacy Rasgon said Nvidia making some revenue from China is better than none: 'At the end of the day we believe it is better to allow NVIDIA (and AMD) to sell AI into China, as failure to do so effectively hands the Chinese AI market over to Huawei, and encourages the coalescence of Chinese developers around Huawei's architecture and ecosystem (undesirable).' Huawei is the Chinese tech giant developing chips to rival Nvidia's H20 ones. Nvidia has argued that export controls leave room for Chinese rivals to advance. Rasgon noted that it's unclear whether Nvidia's new revenue sharing agreement with the US covers only its H20 chips or if it also covers its new chips based on its latest Blackwell architecture designed for the Chinese market unveiled in July. Nvidia expects China to transition to buying Blackwell-based products Nvidia is developing to comply with export controls, Rasgon said. Still, DA Davidson analyst Gil Luria said the new deal could end up 'encouraging China to move away from buying its chips from American companies and focusing more on domestic suppliers such as Huawei," because the Chinese government wouldn't want companies effectively handing over money to the US government. Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @ Email her at
Forbes
19 minutes ago
- Forbes
China Market Update: CATL's Mine Closure Represents Step To Reduce EV Overcapacity
Asian equities were mostly higher overnight, as Japan and Mainland China outperformed, while the Philippines and Thailand underperformed. Both Hong Kong and Mainland markets were higher overnight, though the Mainland outperformed, as investors remained optimistic about the longevity of the US-China trade truce, especially with the news that Nvidia and Intel will be able to sell AI chips in China, albeit the less-advanced ones, while paying the US government 15% of their China revenues. This shows the importance of China revenue to these companies. Charging companies to export and extracting "golden shares" from US Steel, as a condition of approving Nippon Steel's takeover, are making the US look more like a state-capitalist model, like China. There was an interesting op-ed in the Wall Street Journal on this very topic. Anyway, there are green shoots for the US-China relationship. Tencent was flat despite expectations of slowing profit growth for the second quarter. The company has seen gaming revenue increase substantially on an increase in the frequency and volume of game approvals by China's regulators. AI spending is named as the culprit for the slowing profit growth, though the company needs to continue to stay relevant in the AI space. CATL will be closing a key lithium mine in China. This is part of the government's anti-involution campaign against oversupply, especially in the electric vehicle space. The news sent lithium prices higher and is likely to slow the new supply of vehicles to the domestic and international markets. We have discussed previously that China's electric vehicle manufacturers and solar panel makers are going to start acting like an OPEC, discussing and deciding when to cut or increase production. This vision became real overnight with the announcement of the mine's closure. The slowing of production and the material step will be useful in trade negotiations, especially with the EU. Value slightly outperformed growth in both Mainland China and Hong Kong. Internet stocks were mixed as Alibaba gained, Tencent was flat, and Meituan was lower. New Content Read our latest article: KraneShares KOID ETF: Humanoid Robot Rings Nasdaq Opening Bell Please click here to read CNY per USD 7.19 versus 7.18 yesterday CNY per EUR 8.34 versus 8.37 yesterday Yield on 10-Year Government Bond 1.72% versus 1.69% yesterday Yield on 10-Year China Development Bank Bond 1.81% versus 1.78% yesterday Copper Price 0.06% Steel Price -0.03%
