Our president, a hapless patsy in Oval Office nightmare scripted by Kafka
That melodrama at the White House was such a watershed — or a biggie, as Donald Trump would say — it will take years before we can clean up the stench and debris it left behind. Any thought of the dust settling soon is pie in the sky. It's a surreal moment, a Kafkaesque nightmare, that is bound to have an enervating impact on South Africa's foreign relations — a prism through which others will choose to see us. And it will, I fear, leave a bitter taste in many a mouth here at home. ..
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The Citizen
7 hours ago
- The Citizen
Trump says deal with Xi ‘extremely hard' as steel tariffs double
Donald Trump called Chinese leader Xi Jinping 'extremely hard' to deal with, even as the White House pushes for global trade offers ahead of the July 9 tariff deadline. A worker walks past rolls of steel at a steel market in Hangzhou, in eastern China's Zhejiang province on June 4, 2025. (Photo by AFP) / China OUT / CHINA OUT Donald Trump said on Wednesday that it was 'extremely hard' to reach a deal with Chinese leader Xi Jinping, but the EU touted progress in its own trade talks with Washington even though the US president doubled global metal tariffs. Trump's latest trade moves came as ministers from Organisation for Economic Cooperation and Development (OECD) countries gathered in Paris to discuss the outlook for the world economy in light of a US hardball approach that has rattled world markets. Trump's sweeping tariffs on allies and adversaries have strained ties with trading partners and sparked a flurry of negotiations to avoid the duties. The White House has suggested the president will speak to Xi this week, raising hopes they can soothe tensions and speed up a trade deal between the world's two biggest economies. However, early on Wednesday, Trump appeared to dampen hopes for a quick deal. ALSO READ: NPA 'taken aback' over Moroadi Cholota extradition ruling, hints at appeal 'I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!' he posted on his Truth Social platform. Asked about the remarks during a regular press briefing, Chinese foreign ministry spokesman Lin Jian said: 'The Chinese side's principles and stance on developing Sino-US relations are consistent.' China was the main target of Trump's April tariff blitz, hit with levies of 145 percent on its goods and triggering tit-for-tat tariffs of 125 percent on US imports. Both sides agreed to temporarily de-escalate in May, after Trump delayed most sweeping measures on other countries until July 9. His latest remarks came hours after he increased his tariffs on aluminum and steel from 25 percent to 50 percent, raising temperatures with various partners while exempting Britain from the higher levy. ALSO READ: Eight injured in 'flamethrower' attack on Israeli hostage protest in US EU trade commissioner Maros Sefcovic said after talks with US Trade Representative Jamieson Greer on the sidelines of the OECD meeting in Paris that raising the metal tariffs 'doesn't help the negotiations'. The two sides were nonetheless 'making progress' in their negotiations, Sefcovic said at a news conference. Goods from the 27-nation bloc will be hit with 50-percent tariffs on July 9 unless it reaches a deal with Washington. The EU has vowed to retaliate. 'We did very much focus on these negotiations, and I still believe in them,' Sefcovic said, adding that he was optimistic that a 'positive result' could be reached. Steel tariffs The US-EU meeting took place a day after the OECD cut its forecast for global economic growth, blaming Trump's tariff blitz for the downgrade. ALSO READ: Afrikaner 'refugees' continue to arrive in US on commercial flights – reports 'We need to come up with negotiated solutions as quickly as possible, because time is running out,' German economy minister Katherina Reiche warned. French trade minister Laurent Saint-Martin said: 'We have to keep our cool and always show that the introduction of these tariffs is in no one's interest.' After talks between UK Trade Secretary Jonathan Reynolds and Greer on Tuesday, London said that imports from the UK would remain at 25 percent for now. Both sides needed to work out duties and quotas in line with the terms of a recently signed trade pact. 'We're pleased that as a result of our agreement with the US, UK steel will not be subject to these additional tariffs,' a British government spokesperson said. White House wants offers The Group of Seven advanced economies — Britain, Canada, France, Germany, Italy, Japan and the United States — was due to hold separate trade talks on Wednesday. ALSO READ: 'There is no white genocide happening here,' says Trump's top pastor after SA visit Mexico will request an exemption from the higher tariff, Economy Minister Marcelo Ebrard said, arguing that it was unfair because the United States exports more steel to its southern neighbour than it imports. 'It makes no sense to put a tariff on a product in which you have a surplus,' Ebrard said. Mexico is highly vulnerable to Trump's trade wars because 80 percent of its exports go to the United States, its main partner. While some of Trump's most sweeping levies face legal challenges, they have been allowed to remain in place for now as an appeals process takes place. White House press secretary Karoline Leavitt confirmed on Tuesday that the Trump administration sent letters to governments pushing for offers by Wednesday as the July 9 deadline approached. NOW READ: US court blocks tariffs in major setback for Trump – By: © Agence France-Presse
TimesLIVE
8 hours ago
- TimesLIVE
EU picks 13 new critical material projects, including in South Africa
The EU on Wednesday announced 13 new raw material projects outside the bloc to increase its supplies of metals and minerals essential for it to stay competitive in the energy transition as well as defence and aerospace. The announcement follows China's decision in April to impose export curbs on rare earth magnets until new licences are obtained, leaving diplomats, carmakers and other companies from Europe and elsewhere scrambling to secure meetings with Beijing officials and avert factory shutdowns. "We must reduce our dependencies on all countries, particularly on a number of countries like China ... The export bans increase our will to diversify," European commissioner for industry Stephane Sejourne told reporters. China controls more than 90% of global processing capacity for the magnets, used in everything from vehicles and fighter jets to home appliances. It is also the main supplier of many key inputs for renewable energy, especially rare earth minerals, batteries and solar panels, a situation Brussels is keen to change. The EU list is part of the implementation of the Critical Raw Material Act agreed in 2023 under which the bloc aims to mine 10%, process 40% and recycle 25% of its needs by 2030. Ten of the new projects will be focused on materials essential for electric vehicle batteries and battery storage, including lithium, cobalt, manganese and graphite. Two projects for rare earths are located in Malawi and South Africa. Other projects are located in Britain, Canada, Greenland, Kazakhstan, Madagascar, Norway, Serbia, Ukraine, Zambia, Brazil and the French territory of New Caledonia. The British project is to extract tungsten and the ones in Ukraine and Greenland will be for graphite, with the project in Greenland run by GreenRoc Strategic Materials. Tungsten is key for the defence industry. Greenland has been a point of tension between Brussels and Washington this year after US President Donald Trump repeatedly said he wants to acquire the Danish overseas territory. US officials have discussed a plan to pull Greenland into America's sphere of influence with a type of agreement called COFA that the US has used to maintain close ties with several Pacific Island nations. Under COFA the US government offers essential services and in exchange, the US military operates freely while trade with the US is largely duty-free. The Serbian project, run by major miner Rio Tinto, could produce 90% of Europe's lithium needs. However, the project nearly fell apart after the government revoked the miner's licence in 2022. A Serbian court restored Rio Tinto's rights last year. Many Serbs oppose the Jadar project, saying its development will damage the environment. "With an estimated production of 58,000 tons of lithium carbonate annually, Serbia has the potential to become a key player in the electric vehicle supply chain," Rio Tinto said in a statement. The EU has estimated that the projects would need an overall capital investment of €5.5bn (R111.78bn) to get off the ground. They would receive coordinated financial support and buyer interest from the European Commission, member states and lenders. The new list brings the EU's total number of strategic projects to 60. In March, the Commission announced 47 projects within the EU.
IOL News
10 hours ago
- IOL News
BRICS+ Series: US intensifies Chinese Chip Development Regulation
This photo taken shows semiconductor chips under process at a factory in Binzhou, in eastern China's Shandong province. The administration of US President, Donald Trump, has directed American software firms responsible for semiconductor design tools to cease sales to Chinese clients, intensifying efforts to curb China's technological progress in advanced chip manufacturing. This policy shift, communicated through the Department of Commerce's Bureau of Industry and Security (BIS), focuses on companies providing electronic design automation (EDA) software, including leading providers such as Synopsys, Cadence Design Systems, and Siemens EDA. Washington Targets EDA Exports to Curb China's Chip Ambitions According to insiders, BIS has issued official notices to these firms, though it remains unclear whether the guidance has reached all relevant entities. The move represents a strategic escalation in Washington's campaign to restrict China's capacity to produce cutting-edge artificial intelligence chips, following similar restrictions earlier this year on AI semiconductors designed specifically for the Chinese market by Nvidia. Tensions Resurface Amid Fragile US-China Trade Truce The timing of the announcement is particularly sensitive, coinciding with renewed attempts by Washington and Beijing to ease trade tensions, including a recent agreement in Geneva to suspend reciprocal tariffs for 90 days. Nonetheless, the latest export controls risk reigniting hostilities, as some US officials had previously advocated for a delay to safeguard the fragile truce. Industry analysts have flagged the potential instability of this diplomatic pause. Christopher Johnson, a former CIA China analyst and current head of China Strategies Group, noted that both sides are keen to showcase their leverage, with China utilising its control over rare earth supplies as a bargaining chip, prompting US policymakers to reassert their influence via export regulations. Financial and Industry Fallout for US Firms EDA tools, while representing a smaller niche of the semiconductor ecosystem, play a pivotal role in chip innovation by enabling design and testing processes. American companies dominate the global EDA landscape, collectively holding around 80% of the Chinese market share. In 2024, Synopsys reported nearly $1 billion in Chinese revenue—around 16% of its total—while Cadence's Chinese income stood at $550 million, or 12% of its earnings. The announcement immediately affected financial markets, with shares of Synopsys and Cadence dropping 9.6% and 10.7%, respectively. Siemens, which owns Siemens EDA, confirmed it had been notified of the new restrictions and pledged to support its global customers while adhering to export laws. During his first term, Trump had already banned Chinese telecom giant Huawei from accessing US EDA technology, a move aimed at undermining a potential rival to Nvidia, particularly through Huawei's AI chip line, 'Ascend.' Despite these actions, Nvidia CEO Jensen Huang recently suggested that American efforts to isolate China's AI sector have largely fallen short. Meanwhile, Synopsys' planned $35 billion acquisition of Ansys, a US-based simulation software firm, remains under review by Chinese regulators. In a related development, the US Federal Trade Commission has required the divestiture of certain software tools as a condition for approving the merger. Ansys' shares dropped 5.3% following the news. China's Domestic EDA Sector Gains Ground China's response to these mounting restrictions has included strengthening its domestic EDA sector. Local players such as Empyrean Technology, Primarius, and Semitronix have seen rapid growth, with their shares climbing over 10% in early trading following the US directive. This latest export control decision is part of a broader strategy by Washington to protect its technological edge while navigating an increasingly competitive and adversarial relationship with Beijing. Written by: *Dr Iqbal Survé Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN *Cole Jackson Lead Associate at BRICS+ Consulting Group Chinese & South American Specialist **The Views expressed do not necessarily reflect the views of Independent Media or IOL. ** MORE ARTICLES ON OUR WEBSITE ** Follow @brics_daily on X/Twitter & @brics_daily on Instagram for daily BRICS+ updates
