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Canada Standard
2 days ago
- Business
- Canada Standard
Column: 3 facts U.S.-China talks in Geneva reveal
The Geneva meeting was helpful, but it did not make all problems go away. Continued struggles may still lie ahead. China has shown in Geneva that if a bully is coming to get you, better fight back. by Shao Xia The recent China-U.S. high-level meeting on economic and trade affairs in Geneva delivered results that went beyond expectations and allowed the world a brief sigh of relief. Many analysts anticipated that the United States would come back to some semblance of rationality, but perhaps not this quickly. This once again proves three simple facts. INJUSTICE ALWAYS DOOMED For decades, the United States has been one of the biggest beneficiaries of the global trade architecture. But now, it is casting itself as the victim of this very system, as if its enormous debt and economic problems were created by the rest of the world. But Washington finds little sympathy for its claims. At home, California Governor Gavin Newsom initiated legal action against federal tariff policies. Twelve states decried the violation of the Constitution by the federal government. U.S. retail giants Amazon and Walmart wanted to show "tariff costs" on product labels, only to be blamed by the White House as taking a "hostile and political act." Globally, the United States' key allies are standing up for their economic interests. Canada responded with 25 percent tariffs on about 30 billion U.S. dollars worth of U.S. goods. The EU, while accelerating free trade negotiations with the Middle East, Latin America and Asia, is discussing with China minimum pricing for EVs. Japan and South Korea are bolstering their domestic industries to reduce reliance on U.S. markets. Washington's attempt to dismantle the global trade order and its growing penchant for zero-sum diplomacy is fueled by an urge to externalize domestic crises. These tactics may bring short-term gains, but will erode international trust in the United States and accelerate de-dollarization and the broader disengagement from the country. PEACE COMES TO THOSE WHO DARE TO FIGHT The Geneva talks reaffirmed a point made a long time ago by Chairman Mao Zedong: "If unity is sought through struggle, it will live; if unity is sought through yielding, it will perish." Historical precedents abound. More than 70 years ago, China broke the myth of U.S. military invincibility by putting up a heroic fight during the War to Resist U.S. Aggression and Aid Korea. A more recent case in point is the three-year legal and diplomatic battle against the politicized extradition case of Huawei CFO Meng Wanzhou. Some other countries had painful lessons. Japan suffered from prolonged economic stagnation in the 1980s following its acceptance of the Plaza Accord and semiconductor restrictions. France lost its industrial champion Alstom due to the United States' "long-arm jurisdiction." Should one fight or give way to coercion? The right choice is clear, but not easy to make. In Geneva, China defended not only its interests, but also fairness and justice in global trade. As The Atlantic noted, for every country and company threatened by the United States, China offers a lesson -- "Standing up does not mean that you win, but giving in guarantees that you lose." STRENGTH ALWAYS THE FOUNDATION Real leverage comes not from rhetoric, but from economic resilience. China always prioritizes economic stability as a key target of macro policy. In response to rising external pressure, it has rolled out sector-specific and firm-specific relief measures to support businesses and anchor market expectations. Long before the 2018 trade tensions, China had been pressing ahead with structural reforms -- promoting a more unified domestic market, quality growth and trade with various partners. Now, the Association of Southeast Asian Nations has overtaken the United States as China's largest trading partner, while China's exports to the United States have dropped from 19.2 percent in 2018 to 14.7 percent in 2024. U.S. think tanks believe China has spent the past six years quietly preparing for a long-term struggle -- investing in domestic innovation, localizing key industries, and expanding access to alternative markets. In fact, these are not just measures for a rainy day. China's commitment to reform and opening up is a long-standing one. They go back decades. The United States is a major player in the global economy. But it should not overestimate its influence. It is only 13 percent of global trade. Over 7.6 billion people live outside its borders. A Bloomberg model suggests that if trade with the United States were entirely cut off, 30 percent of its partners could recover within a year, and more than half would do so within five years. Many in Europe now believe the world can forge a more inclusive and diversified trade architecture -- without relying on the United States. Meanwhile, Washington elites are growing increasingly disconnected from the people they are supposed to serve. Faced with rising inflation and fractured supply chains, ordinary Americans are told to simply "bite the bullet." Beyond empty slogans, few practical relief policies exist -- unless one counts "backyard chicken farm" as a realistic national strategy. The Geneva meeting was helpful, but it did not make all problems go away. Continued struggles may still lie ahead. China has shown in Geneva that if a bully is coming to get you, better fight back. Editor's note: The author is a commentator on international affairs, writing regularly for Xinhua News, CGTN, Global Times and China Daily. The views expressed in this article are those of the author and do not necessarily reflect the positions of Xinhua News Agency.
Time of India
2 days ago
- Business
- Time of India
China-U.S. War Fate In Trump, Xi's Hands? Tariff Deal Hits Huge Hurdle, Bessent Drops Bombshell
China-U.S. War Fate In Trump, Xi's Hands? Tariff Deal Hits Huge Hurdle, Bessent Drops Bombshell Source: US-China trade talks have hit a wall, says Treasury chief Scott Bessent. A US court has backed Trump's 145% tariffs, rejecting earlier suspension. China blasts the move as "economic aggression" and raises duties to 125% in retaliation. Beijing warns of "no winners in a trade war" as tensions now risk global fallout.
Yahoo
4 days ago
- Business
- Yahoo
‘Fear and uncertainty' driving up China-US container rates
If Hunter S. Thompson had written about supply chain, we might have 'Fear and Uncertainty in Ocean Shipping.' He didn't, but we do. And the supply chain is trying to cope. Container rates on the Asia-U.S. trade are surging during the pause in the China-U.S. tariff tiff as carriers press for higher prices and gauge shippers' desperation. 'Fear and uncertainty is a powerful force in global supply chains and we are seeing this clearly as shippers fight to get their goods moving after the temporary lowering of U.S.-China tariffs – and they are willing to pay higher rates to do so,' said Peter Sand, Xeneta chief analyst, in a note. For the week that ended on Friday, Xeneta data showed market average spot rates from the Far East to U.S. West Coast at $3,000 per forty-foot equivalent unit from $2,722 the previous week, and $4,069 per FEU for Far East to U.S. East Coast, up from $3,883 for the week of May 16.'Carriers are pushing for big spot rate increases on trades from China to the U.S. on June 1 and shippers are once again being offered 'Diamond Tier' services to guarantee space on ships,' Sand said. 'How successful carriers are in getting these rates will be determined by how much shippers are willing to push back.' For what Xeneta terms mid-high spot rates as paid by shippers in the 75th percentile of the market, Far East to U.S. West Coast was $3,200 per FEU, up from $3,012 the previous week; Far East to U.S. East Coast came in a $4,250 per FEU, from $4,050. Sand noted a squeeze after carriers reduced capacity amid falling demand during the period of 145% tariffs, but he urged shippers to question the severity when negotiating rates. 'Are these rate increases being driven by a squeeze in capacity or fear in the market? Likely a combination of both,' he said. 'In the defense of carriers, it does take time to shift capacity back to the China-U.S. trades, so spot rates will peak in the first half of June before softening later in the month.'Find more articles by Stuart Chirls CGM developing $600M Vietnam container terminals Maersk, Hapag-Lloyd partner on new Asia-Long Beach service Maersk more than halfway through $1B stock buyback Drewry: China-US container rates up by double digits The post 'Fear and uncertainty' driving up China-US container rates appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
5 days ago
- Business
- Mint
Chinas yuan edges lower on dollar strength, weaker fixing
HONG KONG, - China's yuan weakened slightly against the U.S. dollar on Wednesday, as the central bank eased its fixing and the greenback held on to gains spurred by easing trade tensions and upbeat data. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1894 per dollar, 18 pips weaker than the previous level. The midpoint rate is the level around which the yuan is allowed to trade a maximum of 2% up or down. That comes after the central bank set a slightly weaker-than-expected midpoint fixing for two days in a row, which is seen by market players as a sign to slow the currency's appreciation. The yuan is up 1.0% against the dollar this month following a de-escalation in China-U.S. trade tensions, while the greenback weakened on concerns over the U.S. fiscal outlook. The move indicates that the PBoC is phasing out its one-way CNY fixing support, said Ken Cheung, chief Asian FX strategist at Mizuho Bank. "Notably, CNH/CNY spot spread has turned negative since May 23, reflecting a modest RMB appreciation bias is building up," he added. By 03:22 GMT, the yuan was 0.04% lower at 7.1985 to the dollar after trading in a range of 7.1910 to 7.2033. The offshore yuan traded at 7.1961 per dollar, down about 0.06% in Asian trade. Based on Wednesday's official guidance, the yuan is allowed to drop as far as 7.3332. Elsewhere, the Hong Kong dollar weakened past 7.84 per dollar for the first time since September 2023. The dollar's six-currency index was 0.3% higher at 99.79, building on Tuesday's rally, as upbeat economic data in the United States and easing trade frictions lifted sentiment. Key onshore vs offshore levels: * Overnight dollar/yuan swap onshore -6.00 pips vs. offshore -6.00 * Three-month SHIBOR 1.6 % vs. 3-month CNH HIBOR 1.7 % This article was generated from an automated news agency feed without modifications to text.
Yahoo
23-05-2025
- Politics
- Yahoo
China knocks Trump ban international students from Harvard
China heavily criticized the Trump administration's decision Thursday to bar Harvard University from enrolling international students and vowed that Beijing will protect the rights of its students studying overseas. 'China-U.S. education cooperation benefits both sides. China opposes politicizing education cooperation. What the U.S. seeks to do will undoubtedly hurt its own image and reputation in the world,' China's Foreign Ministry spokesperson Mao Ning said Friday during a press conference. 'China will firmly protect the legitimate and lawful rights and interests of Chinese students and scholars overseas,' she added. Department of Homeland Security (DHS) Secretary Kristi Noem on Thursday ordered the department to remove Harvard, the U.S.'s wealthiest university, from the Student and Exchange Visitor Program (SEVP) certification. With the SEVP certification being revoked, thousands of students will have to transfer elsewhere or risk losing their legal status. Noem said the administration is holding Harvard accountable for 'fostering violence, antisemitism, and coordinating with the Chinese Communist Party on its campus,' adding it is a 'privilege, not a right,' for SEVP-certified universities to enroll foreign-born students and 'benefit from their higher tuition payments to help pad their multibillion-dollar endowments.' The Ivy League institution enrolled 6,793 international undergraduate students during the 2024-25 academic year, 27.2 percent of the school's student body, according to Harvard's enrollment data. There are just more than 1,200 Chinese students. The university, in response, said DHS's action is 'unlawful' and that the university is 'fully committed to maintaining Harvard's ability to host our international students and scholars, who hail from more than 140 countries and enrich the University — and this nation — immeasurably.' 'We are working quickly to provide guidance and support to members of our community. This retaliatory action threatens serious harm to the Harvard community and our country, and undermines Harvard's academic and research mission,' Harvard's spokesperson said Thursday. Noem said the ban on Harvard from enrolling more international students should serve as a warning to other schools around the country. 'Absolutely. We are absolutely — this should be a warning to every other university to get your act together,' Noem told Fox News's Gillian Turner on Thursday. 'Get your act together, because we are coming to make sure that these programs — that you are facilitating an environment where students can learn, where they're safe, and that they're not discriminated against based on their race or their religion,' she added. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
