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News18
32 minutes ago
- News18
Xi Leveraging Tehran-Beijing Ties? Chinese Automakers Still Take Red Sea Despite Houthi Menace
Chinese automakers are shipping cars to Europe through the Red Sea, despite Houthi attacks in the critical Middle East transit route, the NYT reported. While China gets a more direct route to Europe, other automakers are still shipping cars from Asia by way of a much longer, and expensive, trip around Africa. In July 2025, at least 14 car-carrier ships traveled from Chinese ports to Europe through the Red Sea, the NYT reported citing analysis by Lloyd's List trips have continued even after the Houthis used drones, grenades and gunfire to sink two other cargo ships early last month. The Iran-backed militia group said the attacks are in solidarity with Palestinians living through Israel's war against Hamas in Gaza. The Houthis announced on July 28 that they would continue their campaign of attacks on ships that they believe are linked to Israel or Israeli ports. n18oc_world n18oc_crux0:00 INTRODUCTION1:44 HAS CHINA REACHED AN UNDERSTANDING WITH HOUTHIS?4:52 CHINESE FOREIGN MINISTRY REACTS
Time of India
36 minutes ago
- Time of India
No upper hand for US? Why Donald Trump has extended tariff truce with China for another 90 days
Experts believe Trump has not been able to effectively influence China with his trade war tactics. (AI image) US President Trump has extended the trade ceasefire with China by an additional 90 days, temporarily averting a potential economic confrontation between the world's largest economies. Trump said he has been "dealing very nicely with China" as Beijing said it was seeking positive outcomes. Through his Truth Social platform, Trump confirmed signing the executive order for the extension, maintaining that "all other elements of the Agreement will remain the same." Simultaneously, China's Ministry of Commerce announced their matching extension of the tariff suspension. The previous arrangement was due to lapse at 12:01 am Tuesday. Without this extension, the United States could have increased taxes on Chinese imports beyond the existing 30%, potentially triggering Beijing to elevate retaliatory duties on American exports to China. This extended pause provides additional time for both nations to resolve their differences, possibly setting the stage for a meeting between Trump and Chinese President Xi Jinping later this year. American businesses engaged in Chinese trade have responded positively to this development. Also Read | 'China issue more complicated…': After tariff on India, will Donald Trump impose additional duties on China for Russia oil trade? What JD Vance said The US-China Business Council's president, Sean Stein, emphasised that the extension is "critical" for allowing both governments to negotiate a trade agreement. American businesses anticipate this will enhance their access to Chinese markets and provide the stability needed for medium and long-term planning. "Securing an agreement on fentanyl that leads to a reduction in US tariffs and a rollback of China's retaliatory measures is acutely needed to restart US agriculture and energy exports," Stein was quoted as saying by the Associated Press. What Trump's executive order on China said 'The United States continues to have discussions with the PRC (People's Republic of China) to address the lack of trade reciprocity in our economic relationship and our resulting national and economic security concerns,' said the executive order. 'Through these discussions, the PRC continues to take significant steps toward remedying non-reciprocal trade arrangements and addressing the concerns of the United States relating to economic and national security matters,' Trump's order said. 'Based on this additional information and recommendations from various senior officials, among other things, I have determined that it is necessary and appropriate to continue the suspension effectuated by Executive Order 14298 until 12:01 a.m. eastern standard time on November 10, 2025,' the order added. Why Trump is extending the rope to China Beyond the language of the executive order passed by Trump, experts believe Trump has not been able to effectively influence China with his trade war tactics. Trump's unfinished agenda includes securing a trade agreement with China, following his significant disruption of global trade through the implementation of substantial tariffs on nearly all nations. Trading partners, including the European Union and Japan, have conceded to asymmetrical trade agreements with Trump, accepting unprecedented US tariff rates (such as 15% on Japanese and EU imports) to avoid more severe consequences. Also Read | 'US has gone rogue on trade...': Jefferies' Chris Wood calls Donald Trump's 50% tariff on India a 'xenophobic autarky'; slams 'beggar thy neighbour' policy The United States has transformed from a predominantly open economy to one characterised by protectionist measures under Trump's trade policies. According to the Budget Lab at Yale University, the average US tariff has increased substantially from approximately 2.5% at the year's beginning to 18.6%, marking the highest level since 1933. So why is Trump being somewhat lenient in his policies with China? Experts feel the answer lies in critical minerals. China has challenged the effectiveness of US trade policies that relied on tariffs as leverage for negotiations. Beijing wielded significant influence through its control over rare earth minerals and magnets, which are essential components in various industries from automotive to aerospace, according to the AP report. The US has agreed to reduce restrictions on exports of computer chip technology and ethane for petrochemical production, whilst China committed to improving US companies' access to rare earth materials. "The US has realised it does not have the upper hand,'' Claire Reade, senior counsel at Arnold & Porter and former assistant US trade representative for China affairs was quoted as saying in the AP report. In May, the US and China avoided an economic crisis by lowering substantial mutual tariffs, which had previously escalated to 145% against China and 125% against the US. Also Read | Donald Trump tariffs: How much will India's fuel bill rise if it stops Russian crude oil imports & where would it buy from? Explained The substantial tariff rates nearly halted commerce between China and the United States, triggering a concerning downturn in global stock markets. During discussions in Geneva in May, both nations agreed to reduce their rates, with the US lowering to 30% and China decreasing to 10%, whilst continuing negotiations. Since demonstrating their mutual capacity to inflict economic damage, both nations have maintained diplomatic dialogue. "By overestimating the ability of steep tariffs to induce economic concessions from China, the Trump administration has not only underscored the limits of unilateral US leverage, but also given Beijing grounds for believing that it can indefinitely enjoy the upper hand in subsequent talks with Washington by threatening to curtail rare earth exports,'' said Ali Wyne, a specialist in US-China relations at the International Crisis Group. "The administration's desire for a trade detente stems from the self-inflicted consequences of its earlier hubris." US-China trade deal: What's the road ahead? Experts feel that the prospects of a comprehensive agreement between Washington and Beijing addressing major US concerns remain uncertain. These concerns include China's inadequate intellectual property protection and their government's support policies, which US officials argue provide Chinese companies unfair competitive advantages globally and have led to a substantial US-China trade deficit of $262 billion in the previous year. Also Read | India-US trade deal: With Donald Trump's 50% tariffs looming, India reviews market access offers for US; three-pronged strategy to protect exporters Limited agreements appear more feasible, according to Reade, such as Chinese commitments to increase American soybean purchases and enhance controls on fentanyl-related chemical exports, whilst maintaining the supply of rare-earth magnets. However, Jeff Moon, who previously served as a US diplomat and trade official and currently heads China Moon Strategies consultancy, suggests that more complex issues will persist, noting that "the trade war will continue grinding ahead for years into the future.' 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Time of India
40 minutes ago
- Time of India
EU's anti-deforestation regulation a non-tariff barrier, raise this in WTO: Parliamentary panel to govt
The European Union's anti-deforestation regulation is a form of a non-tariff barrier and India should raise this in the World Trade Organization (WTO) and other trade forums, a parliamentary panel report said on Tuesday. It also said the regulation's compliance mechanism for the Indian growers is still under development by the Coffee Board, which needs to be fast-tracked so that India is fully equipped under the compliance framework and is able to meet the extended deadline of 2026. Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program "Implementation of European Union's anti-Deforestation Regulation (EUDR) is in fact a form of non-tariff barrier and government should flag this in the WTO and other trade forums," the report on performance evaluation and review of some commodity boards said. It added that the EUDR, which imposes strict regulatory requirements on rubber producers and exporters targeting European markets, is also a non-tariff barriers imposed by the EU. The report added that the effects of free trade agreements (FTAs) on the spice trade need to be reviewed. Live Events "FTAs should be designed to protect the interests of Indian spice farmers and exporters while also providing access to new markets," it said, adding that there are also concerns that pepper from ASEAN countries is being undervalued and cleared by customs based on these lower declared values. It recommended that the government formulate clear guidelines for monitoring imports under the Indo-Sri Lanka trade pact closely, and issue licences to importers through government authorities to prevent third countries from exploiting the pacts. Meanwhile another parliamentary panel report on leather industry said free trade agreements with major markets such as the EU, and the US, along with better use of existing pacts with countries like Japan, Australia, and the UAE, would help boost India's leather exports. It said a targeted export strategy is required to improve market access, explore alternate and new markets, strengthen the global presence of Brand India, and ensure that institutional support is aligned with the evolving needs of the industry. The committee suggests leveraging existing FTAs with countries like Japan, Australia, the UAE and ASEAN to increase export of leather and leather products while also prioritising new trade pacts with key markets such as the EU, it said. "It emphasises the need to negotiate FTAs with major markets such as the EU, and the US. Developing market linkages and global branding beyond traditional export destinations is essential," according to the report of department related parliamentary standing committee on commerce. It recommended that the department of commerce should conducts an assessment to identify funding gap particularly in MSME's and enhance financial support to ensure seamless functioning of sectors requiring significant capital. It also suggested providing capital and operational incentives to attract large-scale investments, promoting economies of scale across both component and end product sectors, while supporting both labour-intensive and high-tech manufacturing. "Further, the department should explore measures to simplify credit access, provide credit at low interest rates and extend priority sector lending benefits," it said. Further, to address the issue of heavy dependency on imports for machinery, equipment and spare parts, it suggested providing financial support for the development of large, integrated tanneries. The committee recommended exploring the option of importing completely knocked down units from countries like China to support local assembly and lower manufacturing costs.
