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Yahoo
30-05-2025
- Business
- Yahoo
Trump Takes Aim at Chinese Students and Tech, Threatening to Upset Truce With Xi
(Bloomberg) -- Just weeks after US President Donald Trump declared a 'total reset' with China following a trade truce in Geneva, tensions are rising again between the world's biggest economies. NYC Congestion Toll Brings In $216 Million in First Four Months Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania The Economic Benefits of Paying Workers to Move NY Wins Order Against US Funding Freeze in Congestion Fight NY Congestion Pricing Is Likely to Stay Until Year End During Court Case Trump's administration on Wednesday announced it would start revoking Chinese student visas, while also introducing new restrictions on the sales of chip design software and reportedly some jet engine parts to China. That came shortly after it sought to block Huawei Technologies Co. from selling advanced AI chips anywhere in the world, prompting an angry rebuke from Beijing. 'Geneva was positive because both sides are officially talking to each other,' said Alfredo Montufar-Helu, senior adviser to the China Center at the Conference Board. 'But the negotiations didn't really deal with the core issues that are driving competition between the two sides. Chief of them all — technological dominance.' While US and Chinese negotiators brought down tariffs from eye-watering levels for 90-days, they still need to hammer out a deal to rebalance trade — that took years in Trump's first term. Both sides are also in disagreement over Beijing's role in the illegal fentanyl trade, as well as rare earths and chip controls. In a sign any larger deal is a way off, Trump has yet to speak with his Chinese counterpart since returning to office, despite suggesting several times such a call was imminent. Treasury Secretary Scott Bessent said negotiations with China had stalled but he believed more would be held in the next few weeks. He added that a call between Trump and Chinese leader Xi Jinping will happen at some point. The crackdown on Chinese students — the second largest international group in the US — was unveiled by Secretary of State Marco Rubio, who before taking office was twice sanctioned by Beijing. That dispelled any notion China hawks within the Trump administration are losing influence, after trade officials in Switzerland showed a preference for dealmaking with Beijing. China's Foreign Ministry called the visa policy 'discriminatory' at a regular briefing in Beijing on Thursday, with spokeswomen Mao Ning saying it would 'only further undermine' America's global reputation. That relatively restrained response, along with the fact officials didn't signal any retaliation, suggests Beijing is trying to avoid sending ties into another tailspin. Still, the decision to put Chinese students under fresh scrutiny highlights the deep suspicion underpinning bilateral ties, with Republicans and Democrats alike now viewing China as a major threat to American security. For its part, Beijing has launched an anti-spying campaign that casts a wide net of suspicion on foreigners, particularly from the US. John Moolenaar, chairman of the House Select Committee on the Chinese Communist Party, denied the US actions were designed to target ordinary people in the Asian country. 'It's the aggression of the Chinese Communist Party that we're pushing back on,' he told Bloomberg Television. Moolenaar represents US lawmakers who are skeptical of China's influence in the US, including on campuses across the country. He accused Beijing of making Chinese students do its bidding and earlier this month co-signed a letter to Harvard University demanding information on its China links. 'The end goal is to have a relationship with China that acknowledges the reality that their government is moving in a very different direction than they promised,' he added. Moolenaar got what he wanted when Trump moved to block Harvard from enrolling international students over claims the school's leadership had co-ordinated with the Communist Party. US lawmakers allege the university trained members of a company sanctioned for alleged human-rights abuses. 'This will only stoke misunderstanding, mistrust and even hatred between two societies,' said Wu Xinbo, director at Fudan University's Center for American Studies in Shanghai. 'I'm afraid the Trump administration will come up with more crazy ideas and actions hurting China-US relations.' Trump's approach contrasts sharply with Xi, who has touted people-to-people exchanges as the foundation of healthy US ties. The Chinese leader in 2023 pledged to bring 50,000 young Americans to China over five years to stabilize relations. Some 16,000 American youths participated last year, according to Jing Quan, a minister at the Chinese embassy in the US. While it's unclear how the latest policy will be enforced, expelling Chinese students from the US threatens to reignite a flashpoint in ties from Trump's first term. Back then, the US revoked over 1,000 visas of Chinese pupils and scholars, alleging they were stealing US technology and intellectual property for China's military. In China, the hardening US stance was met with disbelief and resentment on social media. 'I can't believe Trump has shown us in our life time how quickly the US empire is declining,' one user wrote on China's X-like Weibo platform. Creating a hostile environment for overseas students could push talent back toward China. That aligns with Beijing's ambition to bolster domestic innovation, as Xi turns high-tech manufacturing into a key growth driver for the economy. Chinese students have made critical contributions to America's technological success and scientific leadership, said Jessica Chen Weiss, the David M. Lampton professor of China studies at Johns Hopkins University's School of Advanced International Studies in Washington. During the McCarthy era of intense US suspicion, leading rocket scientist Qian Xuesen was prevented from continuing his scientific career in the country, despite having co-founded NASA's jet propulsion laboratory at Caltech. That was to Beijing's benefit, Chen Weiss said: 'He returned to China, where he helped develop China's ballistic missile program.' --With assistance from Haslinda Amin, Qianwei Zhang, Allen Wan, Minmin Low and Lucille Liu. (Updates with Scott Bessent's remarks.) YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P. 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
Asharq Al-Awsat
25-04-2025
- Business
- Asharq Al-Awsat
China Exempts Some Goods from US Tariffs to Limit trade War Pain
China has exempted some US imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout. The dispensation, which follows de-escalatory statements from Washington, signals that the world's two largest economies were prepared to rein in their conflict, which had frozen much of the trade between them, raising fears of a global recession. Beijing's exemptions - which business groups hope would extend to dozens of industries - pushed the US dollar up slightly and lifted equity markets in Hong Kong and Japan. 'As a quid-pro-quo move, it could provide a potential way to de-escalate tensions," said Alfredo Montufar-Helu, a senior adviser to the Conference Board's China Center, a think tank. But, he cautioned: "It's clear that neither the US nor China want to be the first in reaching out for a deal." China has not yet communicated publicly on any exemptions. A Friday statement by the Politburo, the Communist Party's elite decision-making body, focused on efforts to maintain stability at home by supporting firms and workers most affected by tariffs. The readout, which followed the Politburo's regular monthly meeting, showed that Beijing was also ready to hunker down and fight a trade war of attrition if needed to outlast Washington in enduring the pain from the breakdown of their relationship. A Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs and is asking companies to submit their own requests, according to a person with knowledge of that outreach. The ministry said on Thursday it had held a meeting with more than 80 foreign companies and business chambers in China to discuss the impact of US tariffs on investment and the operation of foreign firms in the country. "The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the US that you cannot find anywhere else and so would shut down your supply chain," American Chamber of Commerce in China President Michael Hart said. Hart added some member pharmaceutical companies had reported being able to import drugs to China without tariffs. He believed the exemptions were drug-specific, not industry-wide. The chief executive of French aircraft engine maker Safran said on Friday it had been informed last night that China had granted tariff exemptions on "a certain number of aerospace equipment parts" including engines and landing gear. The tariff exemptions under consideration by Beijing could provide cost relief for companies in China and take pressure off US exports at a time when the Trump administration has shown signs of wanting to make a deal with Beijing. The European Union Chamber of Commerce in China also said it had raised the issue of tariff exemptions with the commerce ministry and was awaiting a response. "Many of our member companies are significantly impacted by the tariffs on critical components imported from the US," President Jens Eskelund said. A list of 131 categories of products said to be under consideration for tariff exemptions was circulating on Chinese social media platforms and among some businesses and trade groups on Friday. Reuters could not verify the list, which included items ranging from vaccines and chemicals to jet engines. Huatai Securities said the list corresponded to $45 billion worth of imports to China last year. China's customs agency and Ministry of Commerce did not reply to requests for comment. China's foreign ministry said it was not familiar with tariff exemption plans, redirecting queries to "relevant authorities".
CBC
25-04-2025
- Business
- CBC
China exempts some U.S. imports from 125% tariff rate
China has exempted some U.S. imports from its 125 per cent tariffs and is asking firms to identify critical goods they need levy-free, according to businesses that have been notified. The move, which follows de-escalatory statements from Washington, signals that the world's two largest economies might be prepared to rein in their conflict, which had frozen much of the trade between them and raised fears of a global recession. Beijing's exemptions — which business groups hope might extend to dozens of industries — pushed the U.S. dollar up slightly and lifted equity markets in Hong Kong and Japan. "As a quid-pro-quo move, it could provide a potential way to de-escalate tensions," said Alfredo Montufar-Helu, a senior adviser to the Conference Board's China Center, a think-tank. But he cautioned: "It's clear that neither the U.S. nor China want to be the first in reaching out for a deal." China has not communicated publicly on any exemptions. U.S. President Donald Trump told Time magazine in an interview that U.S.-China talks were taking place on tariffs and that Chinese President Xi Jinping had called him. "He's called. And I don't think that's a sign of weakness on his behalf," Trump told the magazine. He did not say when Xi called or what the two leaders discussed. Beijing has so far disputed the U.S. characterization of talks — the Chinese embassy said again on Friday that there have been no talks between the two countries, adding in a statement that the U.S. should "stop creating confusion." WATCH | What a trade war could mean for the world order: Trade war: How far will China go to beat the U.S.? 15 days ago Duration 11:01 A Friday statement by the Politburo, the Communist Party's elite decision-making body, focused on efforts to maintain stability at home by supporting firms and workers most affected by tariffs. The readout, which followed the Politburo's regular monthly meeting, showed that Beijing was also ready to hunker down and fight a trade war of attrition if needed to outlast Washington in enduring trade war pain. A Ministry of Commerce task force is collecting lists of items that could be exempted from tariffs and is asking companies to submit their own requests, according to a person with knowledge of that outreach. The ministry said on Thursday it had held a meeting with more than 80 foreign companies and business chambers in China to discuss the impact of U.S. tariffs on investment and the operation of foreign firms. "The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the U.S. that you cannot find anywhere else and so would shut down your supply chain," American Chamber of Commerce in China President Michael Hart said. Hart added some member pharmaceutical companies had reported being able to import drugs to China without tariffs. He believed the exemptions were drug-specific, not industry-wide. The chief executive of French aircraft engine maker Safran said on Friday it had been informed the previous night that China had granted tariff exemptions on "a certain number of aerospace equipment parts" including engines and landing gear. The tariff exemptions under consideration by Beijing could provide cost relief for companies in China and take pressure off U.S. exports at a time when the Trump administration has shown signs of wanting to make a deal with Beijing. The European Union Chamber of Commerce in China also said it had raised the issue of tariff exemptions with the commerce ministry and was awaiting a response. "Many of our member companies are significantly impacted by the tariffs on critical components imported from the U.S.," President Jens Eskelund said. A list of 131 categories of products said to be under consideration for tariff exemptions was circulating on Chinese social media platforms and among some businesses and trade groups on Friday. Reuters could not verify the list, which included items ranging from vaccines and chemicals to jet engines. WATCH | The escalation of an international trade war: U.S. trade war: How China is fighting Trump's tariffs | About That 18 days ago Duration 10:58 China is hitting the U.S. where it hurts by imposing a 34 per cent reciprocal tariff on imports and restrictions on key rare-earth minerals. In response, U.S. President Donald Trump is threatening an additional 50 per cent tariff if China fails to withdraw its measures. Andrew Chang explains the escalation of the trade war between the world's two largest economies and the potential impact of China's retaliation. Huatai Securities said the list corresponded to $45 billion US worth of imports to China last year. China's customs agency and Ministry of Commerce did not reply to requests for comment. China's foreign ministry said it was not familiar with tariff exemption plans, redirecting queries to "relevant authorities." Lasting fight While Washington has said the trade standoff with China is economically untenable and already offered tariff exemptions to some electronic goods, China has repeatedly said it is willing to fight to the end unless the U.S. lifts its 145 per cent tariffs. But China's economy headed into the trade war with rising unemployment, deflationary pressures and heightened concern that a mounting backlog of unsold exports could drive domestic prices even lower. While China ran a trillion-dollar trade surplus in 2024, it also relies on the United States for key imports, including the petrochemical ethane needed to make plastics and some drugs. Big pharmaceutical companies including AstraZeneca and GSK have at least one manufacturing site in the U.S. for drugs sold in China, according to Chinese government data. Major ethane processors have already sought tariff waivers from Beijing because the U.S. is the only supplier.
Business Recorder
25-04-2025
- Business
- Business Recorder
China exempts some goods from US tariffs to limit trade war pain
China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout. The dispensation, which follows de-escalatory statements from Washington, signals that the world's two largest economies were prepared to rein in their conflict, which had frozen much of the trade between them, raising fears of a global recession. Beijing's exemptions - which business groups hope would extend to dozens of industries - pushed the U.S. dollar up slightly and lifted equity markets in Hong Kong and Japan. 'As a quid-pro-quo move, it could provide a potential way to de-escalate tensions,' said Alfredo Montufar-Helu, a senior adviser to the Conference Board's China Center, a think tank. But, he cautioned: 'It's clear that neither the U.S. nor China want to be the first in reaching out for a deal.' China has not yet communicated publicly on any exemptions. A Friday statement by the Politburo, the Communist Party's elite decision-making body, focused on efforts to maintain stability at home by supporting firms and workers most affected by tariffs. US Treasury Secretary Bessent says China tariffs are not sustainable as US signals willingness to de-escalate The readout, which followed the Politburo's regular monthly meeting, showed that Beijing was also ready to hunker down and fight a trade war of attrition if needed to outlast Washington in enduring the pain from the breakdown of their relationship. A Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs and is asking companies to submit their own requests, according to a person with knowledge of that outreach. The ministry said on Thursday it had held a meeting with more than 80 foreign companies and business chambers in China to discuss the impact of U.S. tariffs on investment and the operation of foreign firms in the country. 'The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the U.S. that you cannot find anywhere else and so would shut down your supply chain,' American Chamber of Commerce in China President Michael Hart said. Hart added some member pharmaceutical companies had reported being able to import drugs to China without tariffs. He believed the exemptions were drug-specific, not industry-wide. White House would consider cutting China tariffs as part of talks, source says The chief executive of French aircraft engine maker Safran said on Friday it had been informed last night that China had granted tariff exemptions on 'a certain number of aerospace equipment parts' including engines and landing gear. The tariff exemptions under consideration by Beijing could provide cost relief for companies in China and take pressure off U.S. exports at a time when the Trump administration has shown signs of wanting to make a deal with Beijing. The European Union Chamber of Commerce in China also said it had raised the issue of tariff exemptions with the commerce ministry and was awaiting a response. 'Many of our member companies are significantly impacted by the tariffs on critical components imported from the U.S.,' President Jens Eskelund said. A list of 131 categories of products said to be under consideration for tariff exemptions was circulating on Chinese social media platforms and among some businesses and trade groups on Friday. Reuters could not verify the list, which included items ranging from vaccines and chemicals to jet engines. Huatai Securities said the list corresponded to $45 billion worth of imports to China last year. Bessent says China tariffs are not sustainable as US signals willingness to de-escalate China's customs agency and Ministry of Commerce did not reply to requests for comment. China's foreign ministry said it was not familiar with tariff exemption plans, redirecting queries to 'relevant authorities'. Lasting fight While Washington has said the trade stand-off with China is economically untenable and already offered tariff exemptions to some electronic goods, China has repeatedly said it is willing to fight to the end unless the U.S. lifts its 145% tariffs. But China's economy headed into the trade war with rising unemployment, deflationary pressures and heightened concern that a mounting backlog of unsold exports could drive domestic prices even lower. While China ran a trillion-dollar trade surplus in 2024, it also relies on the United States for key imports, including the petrochemical ethane needed to make plastics, and some drugs. Big pharmaceutical companies including AstraZeneca and GSK have at least one manufacturing site in the U.S. for drugs sold in China, according to Chinese government data. China's President Xi says tariffs and trade wars hurt world economic order Major ethane processors have already sought tariff waivers from Beijing because the U.S. is the only supplier. Exemptions may be only a tiny step in a long process. 'For those U.S.-manufactured goods that cannot be procured from any other country, I do think there is an interest to exempt them of import tariffs, even if this is done unilaterally,' Montufar-Helu said. 'But for some other goods like energy and agricultural commodities, I think the calculation is very different given that there are other sources that China can tap.'
Zawya
25-04-2025
- Business
- Zawya
China exempts some goods from US tariffs to limit trade war pain
China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout. The dispensation, which follows de-escalatory statements from Washington, signals that the world's two largest economies were prepared to rein in their conflict, which had frozen much of the trade between them, raising fears of a global recession. Beijing's exemptions - which business groups hope would extend to dozens of industries - pushed the U.S. dollar up slightly and lifted equity markets in Hong Kong and Japan. 'As a quid-pro-quo move, it could provide a potential way to de-escalate tensions," said Alfredo Montufar-Helu, a senior adviser to the Conference Board's China Center, a think tank. But, he cautioned: "It's clear that neither the U.S. nor China want to be the first in reaching out for a deal." China has not yet communicated publicly on any exemptions. A Friday statement by the Politburo, the Communist Party's elite decision-making body, focused on efforts to maintain stability at home by supporting firms and workers most affected by tariffs. The readout, which followed the Politburo's regular monthly meeting, showed that Beijing was also ready to hunker down and fight a trade war of attrition if needed to outlast Washington in enduring the pain from the breakdown of their relationship. A Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs and is asking companies to submit their own requests, according to a person with knowledge of that outreach. The ministry said on Thursday it had held a meeting with more than 80 foreign companies and business chambers in China to discuss the impact of U.S. tariffs on investment and the operation of foreign firms in the country. "The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the U.S. that you cannot find anywhere else and so would shut down your supply chain," American Chamber of Commerce in China President Michael Hart said. Hart added some member pharmaceutical companies had reported being able to import drugs to China without tariffs. He believed the exemptions were drug-specific, not industry-wide. The chief executive of French aircraft engine maker Safran said on Friday it had been informed last night that China had granted tariff exemptions on "a certain number of aerospace equipment parts" including engines and landing gear. The tariff exemptions under consideration by Beijing could provide cost relief for companies in China and take pressure off U.S. exports at a time when the Trump administration has shown signs of wanting to make a deal with Beijing. The European Union Chamber of Commerce in China also said it had raised the issue of tariff exemptions with the commerce ministry and was awaiting a response. "Many of our member companies are significantly impacted by the tariffs on critical components imported from the U.S.," President Jens Eskelund said. A list of 131 categories of products said to be under consideration for tariff exemptions was circulating on Chinese social media platforms and among some businesses and trade groups on Friday. Reuters could not verify the list, which included items ranging from vaccines and chemicals to jet engines. Huatai Securities said the list corresponded to $45 billion worth of imports to China last year. China's customs agency and Ministry of Commerce did not reply to requests for comment. China's foreign ministry said it was not familiar with tariff exemption plans, redirecting queries to "relevant authorities". LASTING FIGHT While Washington has said the trade stand-off with China is economically untenable and already offered tariff exemptions to some electronic goods, China has repeatedly said it is willing to fight to the end unless the U.S. lifts its 145% tariffs. But China's economy headed into the trade war with rising unemployment, deflationary pressures and heightened concern that a mounting backlog of unsold exports could drive domestic prices even lower. While China ran a trillion-dollar trade surplus in 2024, it also relies on the United States for key imports, including the petrochemical ethane needed to make plastics, and some drugs. Big pharmaceutical companies including AstraZeneca and GSK have at least one manufacturing site in the U.S. for drugs sold in China, according to Chinese government data. Major ethane processors have already sought tariff waivers from Beijing because the U.S. is the only supplier. Exemptions may be only a tiny step in a long process. "For those U.S.-manufactured goods that cannot be procured from any other country, I do think there is an interest to exempt them of import tariffs, even if this is done unilaterally," Montufar-Helu said. "But for some other goods like energy and agricultural commodities, I think the calculation is very different given that there are other sources that China can tap.' (Reporting by Andrew Silver in Shanghai, Trixie Yap in Singapore, Brenda Goh in Shanghai; Eduardo Baptista in Beijing; Additional reporting by Siyi Liu in Singapore; Tom Westbrook in Singapore; Harshita Meenaktshi in Bengaluru; Writing by Lewis Jackson and Marius Zaharia; Editing by Christian Schmollinger and Saad Sayeed)
