Thailand Eyes More Pet Food, Rice Exports Amid China-US Standoff
Thailand is aiming to increase exports of pet food, rice and other processed food products to the US at the cost of Chinese shippers who are shut out of the prized market by a tariff wall.
The Southeast Asian country expects to increase its marketshare in segments like dog and cat food, rice and processed mackerel where it's already the leading supplier to the US, while seizing the opportunity to substitute Chinese products such as noodles, frozen seafood, soy sauce and bamboo shoots, Poonpong Naiyanapakorn, director general of Thailand's Trade Policy and Strategy Office, said in a statement Monday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
an hour ago
- Business Insider
The US and China have reached a trade framework after 2 days of talks in London, says China's negotiator
The US and China have finally made progress in trade talks. Li Chenggang, China's Vice Minister of Commerce, told China's state broadcaster CGTN on Tuesday evening that the countries reached an agreement on a trade framework after two days of talks in London. The Chinese negotiator told reporters in a media appearance that the US and China held "professional, rational, in-depth, and candid" discussions over the past two days. He added that the new framework will implement the consensus reached by the two presidents during their phone call on June 5 and at the Geneva talks last month. The US trade negotiation team comprised Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and Trade Representative Jamieson Greer. There are no further details at the moment on what the framework looks like, or if the US has made progress on ensuring that critical minerals essential for chips, automakers, and the defense industry continue to flow from China. The White House and the Chinese Embassy in Washington, DC did not immediately respond to a request for comments.
CNBC
an hour ago
- CNBC
Trump's AI czar downplays risk AI chip exports could be smuggled
White House AI czar David Sacks on Tuesday downplayed the risk that coveted American AI chips could be smuggled to bad actors, and expressed concern that regulating U.S. AI too tightly could stifle growth and cede the critical market to China. "We talk about these chips like they could be smuggled in the back of a briefcase. That's not what they look like. These are server racks that are eight feet tall and weigh two tons," Sacks said at the AWS summit in Washington."They don't walk out doors. It's very easy to basically verify that they're where they're supposed to be," he said. The comments indicated President Donald Trump's approach to AI could be centered on expanding markets abroad for U.S. AI chips and models. Former President Joe Biden had emphasized policies that countered risks the chips could be diverted to China and used to bolster Beijing's military."I do worry we're on a trajectory where fear could overtake opportunity and we end up sort of crippling this wonderful progress that we're seeing," Sacks said, citing a raft of bills in state legislatures seeking to regulate AI, as well as permitting challenges facing companies seeking to build the data centers that power AI. Trump rescinded Biden's executive order aimed at promoting competition, protecting consumers and ensuring AI was not used for misinformation. He also rescinded Biden's so-called AI diffusion rule, which capped the amount of American AI computing capacity that some countries were allowed to obtain via U.S. AI chip imports."We rescinded that Biden diffusion rule, diffusion a bad word. Diffusion of our technology should be a good word," Sacks said. The Trump administration and the United Arab Emirates also announced a plan last month for the Gulf country to build the largest artificial intelligence campus outside the U.S. after Biden in 2023 put in place rules that curbed most AI chip shipments to the aim at that regulation, Sacks said, "What play are we giving them? We're basically going to push them into the arms of China."He added that if, in five years, AI chips made by sanctioned Chinese telecoms equipment giant Huawei were everywhere, "that means we can't let that happen."The need to remove hurdles to U.S. AI innovation is urgent as China has made important advances in its AI models, Sacks said. This year, the Chinese AI app DeepSeek shocked the world with its sophisticated, affordably trained model. "China is not years and years behind us in AI. Maybe they're three to six months," said Sacks. "It's a very close race." The White House later said he was referring to China's AI models, adding that Chinese AI chips are one to two years behind their U.S. counterparts.
CNBC
an hour ago
- CNBC
CNBC Daily Open: The U.S. stock market could be a little too optimistic
The U.S. stock market appears a little too optimistic. All three major indexes climbed Wednesday, with the S&P 500 and Nasdaq Composite enjoying their third consecutive session in the green. The S&P, in fact, is around 2% away from its all-time high, which it reached in February. That's despite the shadow of U.S. President Donald Trump's "reciprocal" tariffs still haunting the economy. As the 90-day tariff pause ticks down, America, so far, has just one deal, struck with the U.K., and an agreement with China that, while reaffirmed by both sides after two days of negotiations in London, is still preliminary and keeps tariffs at double-digit levels. Corporations are seemingly bracing for economic fallout already. Layoffs have been accelerating this year. Google and Paramount on Tuesday joined Microsoft, Citigroup and Disney in announcing headcount cuts. (However, it should be noted that layoffs, rather perversely, tend to push up stock prices because they are a cost-cutting measure.) And the bond market, the sterner sibling of the stock market, might put a check on investor enthusiasm. If there are unexpected results from U.S. inflation data and Treasury auctions on Wednesday and Thursday, yields could rise again, not only putting pressure on stocks, but also the broader economy in terms of higher borrowing costs. The stock market, then, seems to be betting on more trade breakthroughs and favorable inflation data. But the bond market and CEOs might not be so sure about that. U.S. and China reach trade frameworkThe U.S. and China have reached a consensus on trade, representatives from both sides said, following a second day of high-level talks in London, according to an NBC transcript. "We have reached a framework to implement the Geneva consensus and the call between the two presidents," U.S. Commerce Secretary Howard Lutnick said. That echoed comments from the Chinese side, shared via a translator. S&P 500 notches three-day win streakU.S. stocks rose Wednesday. The S&P 500 advanced 0.55% and the Nasdaq Composite climbed 0.63%, the third day of gains for both indexes. The Dow Jones Industrial Average added 0.25%. The pan-European Stoxx 600 index closed mostly flat after struggling for direction most of the day. The U.K.'s FTSE 100 added 0.24%, an inch away from its record in March. Shares of Tesla regain groundTesla shares rose 5.7% Tuesday to close at $326.09, leaving the stock about $6 short of where it was trading last Wednesday, when it sank 14% after CEO Elon Musk publicly feuded with Trump. The latest jump came after Musk shared a video on X showing that Tesla was testing driverless vehicles on the roads of Austin, Texas. Musk said Tuesday Tesla's robotaxi service is "tentatively" set to launch in Austin on June 22. Bond market in focus The U.S. Bureau of Labor Statistics releases data on May's consumer prices on Wednesday, then producer prices on Thursday. At the same time, the government will hold sales of long-duration Treasurys on the same days. Together, those results could have important implications for the direction of the economy and the reaction of the Federal Reserve and its approach to interest rate policy, reported CNBC's Jeff Cox. Fund houses warn of 'capital outflows'Trump's "One Big Beautiful Bill Act" aims to penalize foreign-owned firms operating in the U.S. and that are from countries with "unfair foreign taxes" under a provision known as Section 899. The Investment Company Institute, which represents fund houses in the U.S., is lobbying Congress for an amendment, warning Section 899 could cause investors to "retreat quickly from US equities," leading to "capital outflows." Google offers buyoutsGoogle on Tuesday offered buyouts to employees in several divisions. Affected units include knowledge and information — which houses the company's search, ads and commerce divisions — and central engineering units as well as marketing, research and communications teams, CNBC has learned. Google has done multiple buyout offers in a few units this year, making it a preferred strategy to reduce headcount. [PRO] Tesla shares to drop 60%: Wells FargoEven though investors were enthused by the prospect of Tesla rolling out its robotaxi service in the future, Wells Fargo analysts think that feature won't be able to offset the company's weak sales that will trend "meaningfully weaker." The bank expects Tesla's shares to plunge around 63% from Tuesday's close. 2025 CNBC Disruptor 50: See the full list of companies leading new era of AI breakthroughs and riches The race for global supremacy in AI and the existential threat it represents to the status quo in the tech industry, and beyond, has led to record venture investment in startups. The top five companies on this year's Disruptor 50 list — including a new No. 1 Disruptor from the defense tech sector — have a combined valuation of just under $500 billion. That is more than the combined total valuation of almost every past Disruptor 50 list over the last 12 years. But it's never just about the money or size in the Disruptor 50 selection process, and it is far from all agentic AI and chatbots. The list includes new business models emerging in a wide range of areas, from agriculture to autonomous transportation and health care.
