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Asia Times
3 days ago
- Business
- Asia Times
US-China tensions surge as tech and mineral wars intensify
Beijing and Washington accused each other of violating the consensus reached during trade talks in Geneva, as both sides strengthened export controls on technology products and raw materials. Tensions have surged again since US President Donald Trump said in a social media post on May 30 that China 'has totally violated its agreement with us.' Trump said he made a fast deal with China on May 12 because he did not want to see Chinese 'civil unrest' sparked by a deterioration of the Chinese economy caused by his trade war. However, he added that he would no longer be 'Mr Nice Guy.' 'Instead of reflecting on its own actions, the US has groundlessly accused China of violating the consensus, a claim that grossly distorts the facts. China firmly rejects these unjustified accusations,' an unnamed spokesperson of the Chinese Ministry of Commerce (MoC) said Monday (June 2). 'The US has unilaterally and repeatedly provoked new economic and trade frictions, exacerbating uncertainty and instability in bilateral economic and trade relations.' The MoC spokesperson said the US has seriously undermined the consensus reached during the China-US economic and trade talks in Geneva by introducing multiple, discriminatory, restrictive measures against China. These measures included issuing guidance on artificial intelligence chip export controls, halting sales of chip design software to China and announcing the revocation of visas for Chinese students, including those studying technological-related fields. The spokesperson also criticized the US for undermining the consensus reached by Trump and Chinese President Xi Jinping in a phone call on January 17. In that call, Xi congratulated Trump on his reelection as president. He said confrontation and conflict should not be an option for the two countries. Trump said the US and China should get along well for years to come. The MoC's latest comments came after US Treasury Secretary Scott Bessent told Fox News on May 29 that US-China trade negotiations are 'a bit stalled.' Bessent said the two countries' leaders must speak directly about key issues. US Trade Representative Jamieson Greer said on May 30 that China's reluctance to approve exports of key niche minerals is one reason why Trump said Beijing violated its side of the trade agreement reached in Geneva. White House National Economic Council director Kevin Hassett told ABC News on June 1 that Trump and Xi could talk about trade as soon as this week. Hassett said both sides were willing to talk, but they did not set a specific date for a conversation between the two leaders. He added that Greer's team communicates with their Chinese counterparts daily, 'trying to move the ball forward on this matter.' It is unclear whether a Xi-Trump phone call will be possible in the short run, particularly after the recent volley of accusations. The Chinese side has not commented on the matter. On May 12, China and the US agreed to de-escalate their trade war by significantly lowering tariffs for each other for 90 days. The US agreed to lower its 145% tariff to 30%; China reduced its retaliatory 125% tariff to 10% after the Geneva meeting. According to a US-China joint declaration, China also agreed to adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the US since April 2, 2025. Immediately thereafter, many Chinese pundits said China does not need to relax its key minerals export rules, as the US-China joint declaration did not state which non-tariff countermeasures would be canceled. 'The current situation is interesting. The US got a trade agreement with China but failed to get what it wanted most,' a Hebei-based columnist wrote in an article on May 13. 'Tariff matters are about money, but key minerals are related to national security, and there is no room for bargaining for this.' The writer said the Americans thought they had found China's weak spot, but they hit a wall. In fact, on May 9, the Office of the National Export Control Coordination Mechanism and several government departments held a meeting in Shenzhen about combating the smuggling of strategic minerals. According to the meeting, the government will take adequate measures to promote and regulate the enforcement of export controls on strategic mineral resources. It will also enhance implementation and refine institutional frameworks regarding methods, scope, timing and intensity. On May 19, China's Cailian Press reported that at least six Chinese companies were granted licenses to export seven types of medium and heavy niche minerals, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium. The seven types of minerals are raw materials used for producing parts for fighter jets, submarines, missiles and radars. China announced the export controls on these minerals on April 4, following Trump's imposition of reciprocal tariffs globally on Liberation Day on April 2. Cailian Press added that obtaining a license takes 45 to 60 days, and exporters must apply for a new license if the formulas of their products change. They also need to seek approval for each shipment. 'We should adopt a dual-track strategy that bans the export of China's key minerals to the US but relaxes the export to the European Union,' Li Jian, a Shanxi-based columnist, writes in an article on June 2. 'Practically, we will loosen our key mineral export controls for the EU companies willing to share technologies with China, such as photoresist formula and magnet designs,' Li says. 'Whoever follows the United States' call to ban Huawei's equipment will receive fewer niche minerals from China,' he says. 'EU firms will then realise whether they should do business with the US or China.' He says China will build facilities in friendly countries, such as Hungary, to refine its key minerals, making it difficult for the US to intervene. After Washington reached a trade deal with Beijing on May 12, Bessent said the US did not want a generalized decoupling from China, but rather a 'strategic decoupling', particularly in the steel, critical medicines, and semiconductor sectors. On May 13, the US Commerce Department's Bureau of Industry and Security rescinded the Biden administration's AI Diffusion Rule, and replaced it with three guidelines to forbid companies from: -using Huawei's Ascend chips, -deploying US chips to help Chinese firms train their AI models, or -re-exporting US high-end chips to China. On May 23, the US government informed the Electronic Design Automation industry about new export controls on electronic design automation (EDA) software to China and Chinese military end-users globally. The US also suspended the supply of CFM LEAP-1C engines, which power China's Comac C919 jets. 'What the US does overstretches the concept of national security, politicizes and weaponizes trade and tech issues, and is a malicious attempt to block and suppress China,' Lin Jin, a spokesperson of the Chinese foreign ministry, said on May 30. However, he said China is ready to strengthen dialogue and cooperation on export controls with relevant countries and regions to stabilize global industrial and other supply chains. Read: US eases trade war, pursues 'strategic decoupling' from China
Epoch Times
18-05-2025
- Business
- Epoch Times
China Imposes Anti-Dumping Tariffs on Plastics From US, EU, Japan, and Taiwan
On May 18, a week after the 90-day tariff truce between the United States and China, the Chinese regime The Chinese Ministry of Commerce said the plastic was being dumped by those entities, causing substantial damage to the mainland Chinese POM copolymer industry. The duties include 74.9 percent on U.S. imports, 34.5 percent on European Union imports, 35.5 percent on Japanese imports (with Asahi Kasei Corp at 24.5 percent), and 32.6 percent on Taiwanese imports (with Formosa Plastics at 4 percent and Polyplastics Taiwan at 3.8 percent). The Chinese regime said its investigation began in May 2024, following the Biden administration's imposition of tariffs on Chinese electric vehicles, advanced batteries, steel, and other products. Days before President Donald Trump's inauguration, the Chinese regime In January, the Ministry of Commerce confirmed dumping activities and introduced preliminary anti-dumping measures. Ongoing Competition Following Trade Truce After May 10–11 talks in Switzerland, the United States and China agreed to a 90-day trade truce, reducing U.S. tariffs on Chinese goods from 145 percent to 30 percent and Chinese retaliatory tariffs on U.S. goods from 125 percent to 10 percent, facilitating negotiations for a broader trade deal. Related Stories 5/17/2025 5/17/2025 On May 15, bipartisan U.S. House lawmakers introduced a Lawmakers warn that such access could enable weapons deployable against the United States, bolster China's surveillance capabilities, and undermine U.S. dominance in AI and other technology sectors. Two days earlier, the department Also last week, Chinese leader Xi Jinping hosted a summit in Beijing with leaders from Latin America and the Caribbean, during which Colombia joined its Belt and Road Initiative. Colombia, a traditional U.S. ally, made this symbolically significant decision a day after the U.S.–China trade truce. Launched in 2013, China has expanded its foothold in Latin America via the Belt and Road Initiative, where 21 countries, including Brazil, Chile, and Peru, are participants, reflecting China's strategic effort to counter Western dominance, particularly that of the United States.
The Hill
02-05-2025
- Business
- The Hill
China signals openness to trade talks
China's leaders seem to be softening on their resistance to trade talks amid President Trump's tariff war but stressed that negotiations must be rooted in 'sincerity.' 'China has noticed that the senior leadership of the United States has repeatedly stated that it is willing to negotiate with China on tariff issues,' a spokesperson for the Chinese Ministry of Commerce said in a Friday release. 'At the same time, the United States has recently taken the initiative to convey information to China through relevant parties, hoping to talk to China. In this regard, China is evaluating it,' they added. Beijing has consistently fought back since the Trump administration imposed an added 125 percent tariff on the nation on top of an existing 20 percent import tax. In response to the retaliatory measures, China levied a similar 125 percent tariff on goods coming from the U.S. 'China's position is consistent, fighting, accompanying to the end; talking, the door is open. The tariff war and the trade war were unilaterally launched by the United States,' a ministry spokesperson said. 'If the United States wants to talk, it should show the sincerity of the talks,' they added, urging U.S. leaders to cancel current tariffs. Chinese leaders have slammed Trump in recent weeks for fluctuating trade policies. Last month, the president issued a 90-day pause on reciprocal tariffs for most foreign trading partners but notably excluded Beijing. The move jolted global and domestic markets, sparked concerns over a potential recession in the U.S. and spurred a level of uncertainty for investors. China, one of the U.S.'s largest trading partners, has said if the Trump administration does not make strides toward changing course it will 'further undermine' trust between the world's two largest economies. 'It doesn't work in China to say one thing, do one thing, and even try to engage in coercion and blackmail under the guise of talk,' a Commerce Ministry spokesperson said Friday. In addition to their public exchanges with the U.S., leaders in Beijing have warned that they believe Trump's trade policies violate the World Trade Organization's standards and will report wrongdoings accordingly.
Saba Yemen
09-04-2025
- Business
- Saba Yemen
New US tariff targeting tens of countries
Washington - Saba: Additional tariffs imposed by US President Donald Trump on imports from approximately 60 countries took effect on Wednesday, with China particularly targeted, as its products are now subject to a 104% tax. The new additional tariffs on US trading partners range from 11% to 50%, with the exception of China, whose products are now subject to a 104% tax. As a result, the Nikkei 225 index on the Tokyo Stock Exchange fell 5%, accelerating its losses, while the yen strengthened against the dollar. By 04:30 GMT, the Nikkei 225 index had fallen 5.14% to 31,314, and the Topix index lost 4.54% to 2,321. Meanwhile, the Japanese yen rose 1.06% against the US dollar, reaching 144.71 yen per dollar. China vows retaliation In response to the decision, the Chinese Ministry of Commerce announced on Wednesday that Beijing has a "firm will" to fight the trade war waged by the United States, according to the official Xinhua News Agency. Xinhua quoted the ministry as affirming that China has "a firm will and sufficient means" and "will resolutely take countermeasures and fight to the end if the United States insists on continuing to escalate economic measures and trade restrictions." On the eve of the implementation of US tariffs on Chinese and European imports, European Commission President Ursula von der Leyen called for "avoiding escalation" during a phone call with Chinese Premier Li Keqiang. The EU said in a statement that during the call, von der Leyen called for "a negotiated solution to the current situation." Whatsapp Telegram Email Print
Saba Yemen
07-04-2025
- Business
- Saba Yemen
China Announces Intention to Bring US Back to "Right" Trade Path
Beijing - Saba: The Chinese Ministry of Commerce announced that Beijing's countermeasures in response to US tariffs aim to bring Washington back to the right path of the multilateral trading system. This statement came during a roundtable meeting held by Chinese Vice Minister of Commerce Lin Jie with representatives of major US companies, including Tesla, GE Healthcare, and Medtronic, on Sunday. Lin Jie said in a statement posted on the Chinese commerce website: "In recent days, the United States, under various pretexts, has announced excessive tariffs against all its trading partners, including China, seriously damaging the rules-based multilateral trading system and seriously infringing on the legitimate rights and interests of all countries. The Chinese government strongly condemns and firmly opposes this action, and has already taken resolute countermeasures. Whatsapp Telegram Email Print more of (International)
