Latest news with #ChineseMinistryOfCommerce
Bloomberg
6 days ago
- Business
- Bloomberg
The Rare-Earth Fight Imperiling US-China Trade Peace, Explained
Markets cheered in early May when the US and China agreed in Geneva to lower tariffs and other barriers. But after a few weeks, the shine started to come off that deal, with China accusing the US of violating it with new restrictions and the US saying China failed to honor promises on rare earths. The Chinese Ministry of Commerce announced April 4 it would start requiring companies to apply for a license before exporting seven types of rare earths: samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium.
Telegraph
02-06-2025
- Business
- Telegraph
Live China accuses Trump of violating trade deal
China has accused Donald Trump's administration of violating its trade deal with the US as it vowed to re-escalate the trade war between the world's two largest economies. Beijing said Washington had introduced multiple 'discriminatory restrictive' measures as it hit back at the US president's claim it had broken the agreement made in Switzerland last month. The Chinese Ministry of Commerce said those measures included issuing guidance on AI chip export controls, halting sales of chip design software to China and revoking visas for Chinese students. Asian shares plunged trade tensions flared up again, with the Hang Seng in Hong Kong down 1.6pc and the Nikkei in Japan down 1.4pc. China's Commerce Ministry said: 'The US government has unilaterally and repeatedly provoked new economic and trade frictions, exacerbating uncertainty and instability in bilateral economic and trade relations.' It added: 'If the US insists on its own way and continues to damage China's interests, China will continue to take resolute and forceful measures to safeguard its legitimate rights and interests.'
