CATL is gaining market share in Europe as US shipments fall: Strategist
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Bloomberg
2 minutes ago
- Bloomberg
China Seeks Reduction in Pig Breeding Herds to Ease Oversupply
China is urging top pig farmers to scale back breeding herds by about 2%, the latest push to tackle oversupply in the country's food sector, which has sparked concerns over deflation. Farmers' representatives are expected to gather next week to discuss effective ways to shrink sow herds by 1 million, along with other measures to rein in pork production, China's state-backed official husbandry association said in a notice.
CNN
2 minutes ago
- CNN
Trump vows more secondary sanctions for Russia oil buyers are coming, including potentially on China
Donald Trump Russia Asia China FacebookTweetLink US President Donald Trump warned Wednesday that more punishment was coming for countries buying Russian energy products after slapping a 25% tariff on India that is supposed to go into effect Thursday. 'You're going to see a lot more. So this is a taste,' he said in the Oval Office. 'You're going to see a lot more. You're going to see so much secondary sanctions.' The move is part of Trump's high-stakes effort to cripple Russia's economy over its war in Ukraine. He had set a Friday deadline for Russian President Vladimir Putin to make peace before imposing that economic punishment. Previous rounds of US sanctions, including under Trump's predecessor Joe Biden, knocked Russia's economy but have not stopped Putin's war machine. The strategy marks an escalation in Trump's use of tariffs, his signature second-term weapon. He has previously used them to pursue a sprawling agenda, from protecting US manufacturing to pressuring foreign governments on policy. These 'secondary tariffs,' however, are being used to force third-party nations into a choice: sever ties with a US adversary or risk further penalties. While Trump voiced optimism about progress made during a meeting Wednesday between Putin and US envoy Steve Witkoff, he suggested it wasn't enough to stave off the new sanctions. The top purchaser of Russian energy is China, with which Trump is working to negotiate a new trade deal. US officials have described significant progress on those talks. But Trump did not rule out applying the new secondary sanctions on Beijing, despite the potential for scuttling the trade discussions. 'One of them could be China,' he said. 'It may happen. I don't know. I can't tell you yet.' China previously said it will 'take energy supply measures that are right for China based in our national interests.' 'Tariff wars have no winners,' foreign ministry spokesperson Guo Jiakun said during a news briefing last week. 'Coercion and pressuring cannot solve problems. China will firmly safeguard its own sovereignty, security and development interests.' The US and China are still working to extend a trade truce that held back triple-digit tariffs, which is set to expire on August 12. China's exports accelerated before that looming deadline, beating expectations to grow 7.2% in July from a year earlier – a faster pace than June's 5.8%. Trump's secondary tariff threats have escalated tensions between Washington and another of its most important trading partners. The US president announced sweeping and substantial tariffs on India Wednesday, making the penalties imposed on the world's fifth-largest economy among the highest the US charges. In addition to a 25% tariff set to go into effect Thursday, Trump also announced a 25% tariff on India that will go into effect later this month as punishment for importing Russian oil and gas. India responded to Trump's tariff escalation, defending its purchases of Russian oil. 'We have already made clear our position on these issues, including the fact that our imports are based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India,' a statement from India's Ministry of External Affairs said. 'It is therefore extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest.'
New York Times
2 minutes ago
- New York Times
China's Exports Surged Again in July, but Not to America
China's exports surged even more than expected in July, as Chinese companies raced to ship goods to Southeast Asia and other regions, often for onward shipment to the United States, before President Trump could raise tariffs on imports. China's overall exports were up 7.2 percent in July from the same month last year, while imports were up 4.1 percent. Its exports to Southeast Asia and Africa, key regions for reshipment to the United States, rose more than twice as fast as its overall exports. China's exports to the European Union, its main alternative to the American market, were also up very strongly. By contrast, China's exports directly to the United States were down by more than a fifth in July, as buyers in the United States appeared wary of paying Mr. Trump's extra 30 percent tariffs. China's economy relies heavily on exports, in part because a steep fall in apartment prices in recent years has ruined the personal finances of millions of households, leaving them unable to afford the vast quantities of goods pouring out of China's factories. China's trade surplus reached almost $1 trillion last year, with its surplus in manufactured goods equal to a tenth of the country's entire economic output. Ever since senior American and Chinese officials reached a truce on tariffs in Geneva in mid-May, the United States has been charging an extra 30 percent tariff on imports from China. That is in addition to existing tariffs, notably the 25 percent tariff that Mr. Trump had imposed on roughly a third of American imports from China in his first term. Want all of The Times? Subscribe.
