Taiwan Exports Growth Nears 15-Year High Amid Tariff Uncertainty
Taiwan's exports resilience was on full display in May, growing at the fastest pace in nearly 15 years on likely frontloading as tariff uncertainty continues.
Shipments of goods rose 38.6% last month from a year earlier, beating market expectations thanks in part to a surge in exports to the U.S., official figures showed Monday. That was just above the peaks seen during the post-Covid reopening boom in 2021, and the strongest print since July 2010, according to data from LSEG.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
39 minutes ago
- Yahoo
Mexican President Sheinbaum seeking meeting with Trump at G7
Mexican President Claudia Sheinbaum says she hopes to have a pull-aside conversation with U.S. President Donald Trump when the two North American leaders travel to Alberta next week for the G7 summit. Her trip north comes as both Canada and Mexico grapple with Trump's persistent tariffs and economic threats, which have also stressed the Canada-Mexico relationship; Ontario Premier Doug Ford has suggested Canada go it alone with the U.S. on trade. Mexico is not part of the G7, but other leaders are often invited for discussions around the global leader summit. Last month, Sheinbaum confirmed she was invited but wasn't sure if she'd attend. "I have decided that I will attend the G7," Sheinbaum said in a statement Monday. "The foreign affairs minister is working on setting up bilateral meetings — it is likely that we will have one with Trump." Prime Minister Mark Carney's office has signalled he is hoping to reach a deal around tariffs and trade around the G7 meetings, taking place in Kananaskis, Alta., from June 15 to 17. The prime minister has also said he wants to make progress on bilateral issues with the U.S. before talks take place on the trilateral Canada-U.S.-Mexico Agreement (CUSMA). A review of that deal is officially slated to start in 2026, although Mexican officials have suggested they expect a review to start earlier than that.
New York Times
39 minutes ago
- New York Times
Trump Administration Live Updates: National Institutes of Health Workers Denounce ‘Harmful' Policies
The U.S. Treasury secretary, Scott Bessent, at Lancaster House in London on Monday as trade talks resumed between the United States and China. Top officials from the Trump administration are meeting with their Chinese counterparts in London on Monday for a second round of economic talks, aiming to cement a trade truce between the world's two largest economies. The American delegation is led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Jamieson Greer, the United States' trade representative. China is represented by He Lifeng, the country's vice premier for economic policy, who led the previous round of talks in Switzerland. The meetings are expected to run through Tuesday, according to people familiar with the matter. The talks come at a delicate juncture for the global economy, which has been slowed by uncertainty and supply chain disruptions. In April, the United States paused some of the tariffs that Mr. Trump imposed on dozens of countries to provide time for trade negotiations. Those levies, as well as steep import taxes on Chinese goods, were thrust into further uncertainty in late May, when a U.S. trade court deemed them illegal. The tariffs, however, remain in place while an appeal process unfolds. As the U.S. delegation negotiates in London, the Trump administration faces a deadline to make its case to a federal appeals court for why the tariffs should continue. The legal limbo surrounding the tariffs could weaken the Trump administration's hand as it tries to negotiate a broader agreement to give American businesses greater access to China's market, push Beijing to buy more American products and attract more Chinese investment to build factories in the United States. At the same time, the Trump administration wants to make some tariffs essentially permanent to discourage a flood of Chinese exports of manufactured goods. The trade war has triggered sudden and drastic shifts in the flow of Chinese goods, most notably a sharp slowdown of Chinese exports to the United States. China on Monday reported that shipments to the United States fell by over 34 percent in May from the same month a year ago, the steepest decline since 2020. The slowdown may have contributed to Beijing's willingness to meet in London for more trade talks, experts said. In China, a slow-motion housing market collapse over the past four years has wiped out much of the savings of the country's middle class, leaving hundreds of millions of households reluctant to spend. China has tried to offset weak consumer spending at home with a huge, government-financed campaign to build factories and ramp up exports. But the Trump administration, like the Biden administration before it, has been wary that these exports could crush what is left of America's manufacturing sector, which is only half the size of China's. The Trump administration has cited trade imbalances as justification for tariffs against China and dozens of other countries, many of which pay for their own trade deficits with China by running large trade surpluses with the United States. Mr. Trump's trade agenda has upended international commerce this year, sending economic allies and adversaries scrambling to negotiate deals with Washington in hopes of a reprieve on tariff threats. The abrupt announcement of tariffs on America's largest trading partners have often been followed by reversals or pauses, forcing businesses to adjust their plans on the fly and rattling investors. The first round of negotiations between China and the United States, in Geneva last month, ended with promise. The countries agreed to temporarily reduce their tariffs, which exceeded 100 percent as a tit-for-tat trade war escalated. The two sides also agreed to hold additional talks as they worked to lower the temperature. However, the truce appeared to fray in recent weeks. China maintained strict curbs on exports of rare earth magnets that have crippled supply chains. Partly in response to those export curbs, among other things the Trump administration suspended sales to China of technologies related to jet engines, semiconductors and certain chemicals and machinery as well as proposed a plan to revoke visas for Chinese students associated with the Communist Party or studying in certain fields. The standoff frustrated Mr. Trump, who lashed out at China on social media and accused it of 'violating' the Geneva agreement. China hit back, arguing that it was the United States that was undermining the deal. A 90-minute conversation between Mr. Trump and Xi Jinping, China's leader, last week appeared to ease the tension. Mr. Trump suggested that the questions surrounding China's restrictions on critical minerals known as rare earths, and magnets made from them, had been addressed and that talks would proceed. Mr. Trump also seemed to soften his administration's stance on visas for Chinese students. It remains unclear what additional concession Washington or Beijing might be prepared to make in a broader economic agreement. The addition to the U.S. delegation of Mr. Lutnick, who was not part of the talks in May, suggested that there could be greater discussion of American export controls, which his agency oversees. The Trump administration also expressed concerns about China's currency practices in a report to Congress last week. Although it declined to formally label China a currency manipulator, the report warned that it might do so in the future if it found evidence that suggested China was weakening its currency. The talks in London come as many factories in the United States, Europe and Japan are quickly running out of rare earth magnets, for which China produces 90 percent of the world's supply. Beijing announced on April 4 that it would require export licenses for all exports of seven rare earth metals and magnets made from them, which are widely used in cars, drones, speakers, fighter jets and ballistic missiles. Kevin Hassett, director of the White House National Economic Council, said in an interview on CBS's 'Face the Nation' on Sunday that a goal of the talks would be to get shipments of rare earths from China 'to flow just as they did before the beginning of April.' Rare earths are a family of 17 metals found near the bottom of the periodic table. China is particularly dominant in the processing of the seven for which it now requires licenses to export, producing up to 99.9 percent of the world's supply. The big question lies in what concessions by the United States and others will prompt Beijing to allow further shipments of rare earths. In addition to pressing the United States to remove Mr. Trump's tariffs on Chinese goods, China's Ministry of Commerce said on Saturday that it had offered to speed up the approval of rare earth exports to Europe. But the ministry also called for the European Union to remove its recent tariffs on imports of electric cars from China, and it called for the bloc to allow more sales of high-tech goods to China. Under pressure from the United States, the Netherlands has limited the sale to China of equipment for manufacturing the most advanced semiconductors, which have many military as well as civilian applications. Alexandra Stevenson contributed reporting from Hong Kong.
Fast Company
an hour ago
- Fast Company
All eyes on London as U.S. and China trade talks begin
U.S.-China trade talks in London this week are expected to take up a series of fresh disputes that have buffeted relations, threatening a fragile truce over tariffs. Both sides agreed in Geneva last month to a 90-day suspension of most of the 100%-plus tariffs they had imposed on each other in an escalating trade war that had sparked fears of recession. Since then, the U.S. and China have exchanged angry words over advanced semiconductors that power artificial intelligence, 'rare earths' that are vital to carmakers and other industries, and visas for Chinese students at American universities. President Donald Trump spoke at length with Chinese leader Xi Jinping by phone last Thursday in an attempt to put relations back on track. Trump announced on social media the next day that trade talks would be held on Monday in London. Technology is a major sticking point The latest frictions began just a day after the May 12 announcement of the Geneva agreement to 'pause' tariffs for 90 days. The U.S. Commerce Department issued guidance saying the use of Ascend AI chips from Huawei, a leading Chinese tech company, could violate U.S. export controls. That's because the chips were likely developed with American technology despite restrictions on its export to China, the guidance said. The Chinese government wasn't pleased. One of its biggest beefs in recent years has been over U.S. moves to limit the access of Chinese companies to technology, and in particular to equipment and processes needed to produce the most advanced semiconductors. 'The Chinese side urges the U.S. side to immediately correct its erroneous practices,' a Commerce Ministry spokesperson said. U.S. Commerce Secretary Howard Lutnick wasn't in Geneva but will join the talks in London. Analysts say that suggests at least a willingness on the U.S. side to hear out China's concerns on export controls. China shows signs of easing up on rare earths One area where China holds the upper hand is in the mining and processing of rare earths. They are crucial for not only autos but also a range of other products from robots to military equipment. The Chinese government started requiring producers to obtain a license to export seven rare earth elements in April. Resulting shortages sent automakers worldwide into a tizzy. As stockpiles ran down, some worried they would have to halt production. Trump, without mentioning rare earths specifically, took to social media to attack China. 'The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,' Trump posted on May 30. The Chinese government indicated Saturday that it is addressing the concerns, which have come from European companies as well. A Commerce Ministry statement said it had granted some approvals and 'will continue to strengthen the approval of applications that comply with regulations.' The scramble to resolve the rare earth issue shows that China has a strong card to play if it wants to strike back against tariffs or other measures. Plan to revoke student visas adds to tensions Student visas don't normally figure in trade talks, but a U.S. announcement that it would begin revoking the visas of some Chinese students has emerged as another thorn in the relationship. China's Commerce Ministry raised the issue when asked last week about the accusation that it had violated the consensus reached in Geneva. It replied that the U.S. had undermined the agreement by issuing export control guidelines for AI chips, stopping the sale of chip design software to China and saying it would revoke Chinese student visas. 'The United States has unilaterally provoked new economic and trade frictions,' the ministry said in a statement posted on its website. U.S. Secretary of State Marco Rubio said in a May 28 statement that the United States would 'aggressively revoke visas for Chinese students, including those with connections to the Chinese Communist Party or studying in critical fields.' More than 270,000 Chinese students studied in the U.S. in the 2023-24 academic year.
