Asia woos talent from US as Trump attacks immigration and Harvard
PALO ALTO, California -- Immediately after the Trump administration tried to halt Harvard University's ability to enroll international students, Asian countries swooped in to snap up talented students and professionals no longer able -- or willing -- to work and study in the U.S.
The Hong Kong University of Science and Technology (HKUST) has offered unconditional admission to displaced Harvard students, along with streamlined admissions processes and academic support.
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Japan Times
an hour ago
- Japan Times
Automakers sound alarm as China's critical mineral export ban takes hold
Alarm over China's stranglehold on critical minerals grew on Tuesday as global automakers joined their U.S. counterparts to complain that restrictions by China on exports of rare earth alloys, mixtures and magnets could cause production delays and outages without a quick solution. German automakers became the latest to warn that China's export restrictions threaten to shut down production and rattle their local economies, following a similar complaint from an Indian electric vehicle maker last week. China's decision in April to suspend exports of a wide range of critical minerals and magnets has upended the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. The move underscores China's dominance of the critical mineral industry and is seen as leverage by China in its ongoing trade war with U.S. President Donald Trump. Trump has sought to redefine the trading relationship with the United States' top economic rival China by imposing steep tariffs on billions of dollars of imported goods in hopes of narrowing a wide trade deficit and bringing back lost manufacturing. Trump imposed tariffs as high as 145% against China only to scale them back after stock, bond and currency markets revolted over the sweeping nature of the levies. China has responded with its own tariffs and is leveraging its dominance in key supply chains to persuade Trump to back down. Trump and Chinese President Xi Jinping are expected to talk this week, White House spokeswoman Karoline Leavitt told reporters on Tuesday, and the export ban is expected to be high on the agenda. "I can assure you that the administration is actively monitoring China's compliance with the Geneva trade agreement," she said. "Our administration officials continue to be engaged in correspondence with their Chinese counterparts." Trump has previously signaled that China's slow pace of easing the critical mineral export ban represents a violation of the Geneva agreement. Shipments of the magnets, essential for assembling everything from cars and drones to robots and missiles, have been halted at many Chinese ports while the Chinese government drafts a new regulatory system. Once in place, the new system could permanently prevent supplies from reaching certain companies, including American military contractors. The suspension has triggered anxiety in corporate boardrooms and nations' capitals — from Tokyo to Washington — as officials scrambled to identify limited alternative options amid fears that production of new automobiles and other items could grind to a halt by summer's end. "If the situation is not changed quickly, production delays and even production outages can no longer be ruled out," Hildegard Mueller, head of Germany's auto lobby, said on Tuesday. Frank Fannon, a minerals industry consultant and former U.S. assistant secretary of state for energy resources during Trump's first term, said the global disruptions are not shocking to those paying attention. "I don't think anyone should be surprised how this is playing out. We have a production challenge (in the U.S.) and we need to leverage our whole of government approach to secure resources and ramp up domestic capability as soon as possible. The time horizon to do this was yesterday,' Fannon. Diplomats, automakers and other executives from India, Japan and Europe were urgently seeking meetings with Beijing officials to push for faster approval of rare earth magnet exports, sources said, as shortages threatened to halt global supply chains. A business delegation from Japan will visit Beijing in early June to meet the Ministry of Commerce over the curbs and European diplomats from countries with big auto industries have also sought "emergency" meetings with Chinese officials in recent weeks. India, where Bajaj Auto warned that any further delays in securing the supply of rare earth magnets from China could "seriously impact" electric vehicle production, is organizing a trip for auto executives in the next two to three weeks. In May, the head of the trade group representing General Motors, Toyota, Volkswagen, Hyundai and other major automakers raised similar concerns in a letter to the Trump administration. "Without reliable access to these elements and magnets, automotive suppliers will be unable to produce critical automotive components, including automatic transmissions, throttle bodies, alternators, various motors, sensors, seat belts, speakers, lights, motors, power steering, and cameras," the Alliance for Automotive Innovation wrote in the letter.

an hour ago
MBK Partners to Launch Tender Offer for Makino Milling Machine
News from Japan Jun 4, 2025 10:03 (JST) Tokyo, June 4 (Jiji Press)--MBK Partners, an Asian investment fund, said Tuesday that it will launch a tender offer for Makino Milling Machine Co. at 11,751 yen per share by early December to take full control of the Japanese machine tool maker. Makino agreed with the bid from MBK Partners and recommended that all shareholders tender their shares in the offer. In December 2024, Japanese motor manufacturer Nidec Corp. made an unsolicited bid for Makino at 11,000 yen per share. Nidec withdrew its tender offer in early May after Makino announced a takeover defense measure. MBK Partners late last month made a binding takeover proposal to Makino, which had been looking for a white knight suitor. END [Copyright The Jiji Press, Ltd.] Jiji Press


The Mainichi
2 hours ago
- The Mainichi
Trump to attend NATO summit in the Netherlands later this month
WASHINGTON (Kyodo) -- U.S. President Donald Trump will participate in this year's NATO summit to be held June 24-25 in The Hague, the Netherlands, the White House said Tuesday. White House spokeswoman Karoline Leavitt made the announcement during a press briefing at a time when there has been little progress on Trump's goal of achieving a cease-fire in Russia's war on Ukraine. Ukraine, which is desperate for membership in the North Atlantic Treaty Organization, has been invited to the two-day summit of the military alliance of countries from Europe and North America. Last year, former U.S. President Joe Biden hosted a NATO summit in Washington commemorating the 75th anniversary of the transatlantic alliance. Unlike Biden, Trump is known as a skeptic of NATO and has a long track record of insisting that other members of the alliance increase their defense spending. In recent years, NATO has been deepening ties with its four Indo-Pacific partners -- Australia, Japan, New Zealand and South Korea -- in the face of mutual security challenges stemming from nondemocratic countries such as China, North Korea and Russia. Japanese Prime Minister Shigeru Ishiba is considering attending the forthcoming NATO summit. If Ishiba takes part, it will be the fourth straight year the sitting Japanese leader has done so.