Latest news with #CommerceMinistry
Straits Times
a day ago
- Business
- Straits Times
China vows tougher action against smuggling of strategic minerals
Find out what's new on ST website and app. China began imposing export curbs in 2023 on supplies vital to sectors ranging from chipmaking to defence. SHANGHAI – China vowed on July 19 to step up a crackdown and toughen law enforcement against smuggling of strategic minerals seen as vital to national security and critical for development. The remarks by the Commerce Ministry came a day after the State Security Ministry accused foreign spy agencies of having tried to 'steal' rare earths and pledged to crack down on infiltration and espionage targeting the critical sector. The world's largest supplier of dozens of strategic minerals, China began imposing export curbs in 2023 on supplies vital to sectors ranging from chipmaking and the energy transition to defence. The Commerce Ministry's remarks, describing smuggling and export of strategic minerals as a severe problem to be combated, came at a meeting of officials responsible for export control coordination and other government bodies. 'Cases of smuggling by a small number of criminals for their own selfish interests and collusion between domestic and foreign parties are still occurring,' it said in a statement. Evasive methods such as false declarations and third-country transshipment were taking on increasingly covert forms, it added, urging government bodies to prevent illegal outflows of strategic minerals and related technologies. China has adopted a 'zero-tolerance' approach to smuggling and export of strategic minerals, which it will fight with a heavy hand, through special efforts to toughen law enforcement, the ministry said. Top stories Swipe. Select. Stay informed. Singapore Mindef, SAF units among those dealing with attack on S'pore's critical information infrastructure Singapore Bukit Panjang LRT disruption: Train service resumes after power fault affects 13-station line Asia Autogate glitch causes chaos at KLIA and Johor checkpoints, foreign passport holders affected Singapore A deadly cocktail: Easy access, lax attitudes driving Kpod scourge in S'pore Singapore 'I thought it was an April Fool's joke': Teen addicted to Kpods on news that friend died Singapore Who decides when you can't? A guide on planning for end-of-life care Singapore Why hiring more teachers makes sense, even with falling student numbers Singapore New auto pet wash service in Buona Vista draws flak, but company stands by its safety In May, China said it would strengthen controls on the entire supply chains of strategic mineral exports while tightening its grip on materials deemed crucial to national interest. Earlier, Beijing launched a special campaign to tackle smuggling of strategic minerals such as gallium, germanium, antimony, tungsten and some rare earths. REUTERS
Reuters
2 days ago
- Business
- Reuters
TSX futures rise on trade optimism and U.S. economic data
July 18 (Reuters) - Futures linked to Toronto's main stock index edged higher on Friday, with investor sentiment buoyed by domestic trade updates and U.S. data signalling economic resilience. Futures on the S&P/TSX index (.SXFcv1), opens new tab rose 0.2% at 1,636.40 points by 06:20 a.m. ET (1020 GMT). Canada's International Trade Minister pointed to interest in advancing trade talks with the South American bloc Mercosur, comprising Brazil, Argentina, Paraguay, and Uruguay, as Ottawa seeks to diversify its trade relations beyond the U.S. Prime Minister Mark Carney and his team are in talks with U.S. President Donald Trump to reach a trade agreement before the August 1 deadline, when 35% tariffs are set to take effect. In other trade-related news, Canada and New Zealand reached a "mutually satisfactory" resolution to a long-term dispute over dairy product access, which will allow for better access to the Canadian market, Ottawa said on Thursday. Trump has previously criticised high Canadian tariffs on dairy products. Earlier this week, Carney introduced a steel tariff rate quota in a bid to protect the domestic steel industry. China's Commerce Ministry urged Ottawa on Friday to drop the restrictions while threatening countermeasures. Thursday's positive retail sales and U.S. weekly jobless claims data showed that the economy has continued to show resilience despite tariff-related uncertainty. Gold prices edged higher, while platinum rose to a near 11-year high and copper climbed to an over one-week high. Oil , rose after EU's new sanctions on Russia. TSX hit a record high on Thursday, helped by financial and technology shares, as Alimentation Couche-Tard abandoned a major takeover bid and U.S. data pointed to economic resilience. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory
The Guardian
2 days ago
- Business
- The Guardian
China welcomes resumption of Nvidia H20 AI chip sales; Japan warns tariffs ‘not right tool'
Update: Date: Title: Introduction: China says 'win-win cooperation is the right path' as Nvidia H20 sales cleared Content: Good morning and welcome to our rolling coverage of business, the financial markets and the world economy. Relations between the US and China appear to have warmed, slightly, after chipmaker Nvidia was given a green light by Washington to resume sales of its H20 AI chip to Chinese companies. Nvidia's CEO, Jensen Huang, revealed earlier this week that the US government has assured his company that licences for H20 chip sales to China would be granted, and that deliveries could start soon. That reverses a restriction announced in April, when the White House announced tighter controls on exports of computer chips used for artificial intelligence. And today, Beijing has welcomed this change of heart, confirming that the US has 'taken initiatives' to approve H20 sales to China again. China's Commerce Ministry said in a statement that 'win-win cooperation' was the right path to go down, and that it hopes the two countries can 'meet each other half way' and work together. The ministry also urged the US to abandon its 'zero-sum mentality' and cancel 'unreasonable' trade restrictions on China, warning that 'suppression' will not lead to solutions. The H20 graphics processing unit, or GPU, is an advanced chip for use in AI systems. But it's less powerful than Nvidia's top semiconductors today, as it was designed to comply with US restrictions for exports of AI chips to China. Earlier this week, commerce secretary Howard Lutnick revealed that the renewed sale of H20 chips to China was linked to a rare earths magnet deal. He also claimed Nvidia would only be selling China its 'fourth best' chip. Even so, the prospect of more sales to China pushed Nvidia's shares to record highs this week. Nvidia stock closed at a new record high on Tuesday after the AI chipmaker said it was applying to resume sales of its H20 GPUs in China following a US ban that cost the company billions in lost sales.$NVDA $170.7, +4.04% Orders from Chinese companies for H20 chips need to be sent by Nvidia to the U.S. government for approval. 9.30am BST: UK insolvency data 10am BST: Eurozone construction output data for May 1.30pm BST: US housing starts data for June 3pm BST: University of Michigan consumer confidence report Update: Date: 2025-07-18T06:59:59.000Z Title: Japan's Kato says tariffs not right tool to fix trade imbalances Content: Donald Trump's trade war has loomed over the meeting of G20 finance ministers in South Africa this week. Japan told the gathering of advanced economies in Durban that tariffs aren't the right way to fix trade imbalances. Finance minister Katsunobu Kato told reporters at the G20: 'Japan said that tariffs aren't really the right tool to fix excessive current accounts imbalances.' Kato argued that countries facing such situations need to address them through domestic efforts, rather than slapping new levies on imports. The US's trade balance (rarely the healthiest) has actually worsened this year, as American companies raced to import goods before tariffs were imposed. However, US Treasury secretary Scott Bessent won't have heard Kato's message as he's not attending the G20. A finance ministry official accompanying Kato explained that many G20 members argued that market stresses appear to have eased somewhat, Bloomberg reports, as the world economy hasn't suffered as much as expected from the trade war [although, of course, some of Trump's new tariffs now don't start until 1 August]. Update: Date: 2025-07-18T06:59:19.000Z Title: Introduction: China says 'win-win cooperation is the right path' as Nvidia H20 sales cleared Content: Good morning and welcome to our rolling coverage of business, the financial markets and the world economy. Relations between the US and China appear to have warmed, slightly, after chipmaker Nvidia was given a green light by Washington to resume sales of its H20 AI chip to Chinese companies. Nvidia's CEO, Jensen Huang, revealed earlier this week that the US government has assured his company that licences for H20 chip sales to China would be granted, and that deliveries could start soon. That reverses a restriction announced in April, when the White House announced tighter controls on exports of computer chips used for artificial intelligence. And today, Beijing has welcomed this change of heart, confirming that the US has 'taken initiatives' to approve H20 sales to China again. China's Commerce Ministry said in a statement that 'win-win cooperation' was the right path to go down, and that it hopes the two countries can 'meet each other half way' and work together. The ministry also urged the US to abandon its 'zero-sum mentality' and cancel 'unreasonable' trade restrictions on China, warning that 'suppression' will not lead to solutions. The H20 graphics processing unit, or GPU, is an advanced chip for use in AI systems. But it's less powerful than Nvidia's top semiconductors today, as it was designed to comply with US restrictions for exports of AI chips to China. Earlier this week, commerce secretary Howard Lutnick revealed that the renewed sale of H20 chips to China was linked to a rare earths magnet deal. He also claimed Nvidia would only be selling China its 'fourth best' chip. Even so, the prospect of more sales to China pushed Nvidia's shares to record highs this week. Nvidia stock closed at a new record high on Tuesday after the AI chipmaker said it was applying to resume sales of its H20 GPUs in China following a US ban that cost the company billions in lost sales.$NVDA $170.7, +4.04% Orders from Chinese companies for H20 chips need to be sent by Nvidia to the U.S. government for approval. 9.30am BST: UK insolvency data 10am BST: Eurozone construction output data for May 1.30pm BST: US housing starts data for June 3pm BST: University of Michigan consumer confidence report
Reuters
2 days ago
- Business
- Reuters
China wants to return US trade ties to a state of healthy development
BEIJING, July 18 (Reuters) - China wants to bring commercial ties with the United States back to a state of healthy and sustainable development, Commerce Minister Wang Wentao said on Friday, calling on the U.S. to behave in a way that befits its major country status. China's trade has strong resilience and momentum, and the country will expand imports as well as exports in its next five-year plan, Wang said at a press conference. The country's policy support for exports has "bucked the trend" amid a complex external environment, Wang said. He characterised the ups and downs in China-U.S. trade relations as having taught both sides that they need each other. "A forced decoupling and severing of supply chains is impossible, and some trade between the two sides is difficult to replace, at least in the short term," he said. "Having weathered many storms, the two sides remain important economic and trade partners to each other," Wang said, adding that the two countries can manage tensions through "equal dialogue and consultations". U.S. President Donald Trump hiked tariffs on Chinese products to over 100% earlier this year, before walking back much of the hefty duties in a trade truce with Beijing reached in May. China has until August 12 to reach a deal with Washington to avoid Trump's reinstating additional import curbs imposed during tit-for-tat tariff exchanges in April and May. The current overall tariff level imposed by the U.S. on China is at a "still high" 53.6%, Wang told the press conference. "There are no winners in a trade war. China does not want a trade war, but it is not afraid of one," he reiterated. "Major countries should act like major countries. They must shoulder their responsibilities," he said, adding that China would not change its stance in protecting its national interests. ($1 = 7.1811 Chinese yuan renminbi)
RNZ News
3 days ago
- Automotive
- RNZ News
China puts new restrictions on EV battery technology in latest move to consolidate dominance
By John Liu , CNN A worker from Chinese electric vehicle company NIO sits in a car during its final inspection at the end of the automated production. Photo: Kevin Frayer / Getty Images via CNN Newsource China has put export restrictions on technologies critical for producing electric vehicle batteries, in a move to consolidate its dominance in the sector that has contributed to the country's lead in the global EV race. Several technologies used to manufacture EV batteries and process lithium, a critical mineral for batteries, were added to the government's export control list. Inclusion on the list means transferring the technologies overseas - such as through trade, investment, or technological cooperation - will require a government-issued license, according to a statement by the country's Commerce Ministry. The new controls mirror similar restrictions introduced just three months ago on certain rare earth elements and their magnets - critical materials used not only in EV production, but also in consumer electronics and military equipment such as fighter jets. China's dominance of the rare earths supply chain has emerged as among its most potent tools in a renewed trade war with the United States. China has emerged as a leading player in the competitive global EV market, thanks in part to its ability to develop high-performance, cost-effective batteries through its comprehensive supply chain, from raw material processing to battery manufacturing. Huge numbers of car manufacturers around the world use Chinese EV batteries in their vehicles. Chinese EV battery makers accounted for at least 67 percent of the global market share, according to SNE Research, a market research and consultancy firm. First proposed in January, the latest licensing requirements have cast uncertainty over Chinese EV makers' overseas expansion plans, particularly as markets like the European Union have employed tariffs on Chinese car exports to push them to set up shop there. Many Chinese battery makers also have plans to localise production in markets such as Southeast Asia and the US. The Commerce Ministry said the restrictions "aim to safeguard national economic security and development interests, and promote international economic and technological cooperation." Liz Lee, an associate director at Counterpoint Research, said the move "deepens the emerging geopolitical tech decoupling beyond materials to process IP (intellectual property)." She added that this could accelerate efforts by the US, EU and others to boost localisation of precursor materials and metal refining capabilities. China's CATL, the world's largest EV battery producer and a key supplier of Tesla, has plants in Germany and Hungary and has plans for a joint venture factory in Spain with Stellantis, the owner of Fiat and Chrysler. It is also licensing its technology to be used in a Ford EV battery plant under construction in Michigan. Meanwhile, Chinese EV giant BYD, which manufactures its own battery and surged past Tesla in 2024 sales to become the world's largest EV maker, has EV production facilities around the world, from Hungary and Thailand to Brazil. And Gotion, another major EV battery maker in China, has plans to build a production plant in Illinois. Analysts said the true impact of the new export controls remains uncertain, as details are still unclear. Lee noted the restrictions "appear to target upstream process technologies .. rather than battery cell and module manufacturing." Since CATL's plants in Germany and Hungary focus on cell and module production and do not appear to replicate the restricted processes locally, the near-term effect may be limited, she said. For BYD, which only assembles battery packs overseas and does not manufacture battery cells abroad, the controls do not appear to affect operations at this stage, Lee added. Vincent Sun, senior equity analyst at Morningstar covering China's EV sector, said the ultimate impact would depend on how easily companies can obtain permits - something that "may take some extra time to see." CNN has reached out to CATL, BYD, Gotion and Ford for comment. One part of the newly announced restrictions surrounds the battery cathode production technology for the making of lithium iron phosphate (LFP) batteries, a type of lithium-ion battery that has become increasingly popular in EVs in the last five years for its lower price and greater safety. Another part focuses on the processing, refinement and extraction of lithium. China dominates the production of LFP batteries and the processing of lithium globally, according to Fastmarkets, a United Kingdom-based research company. Last year, it held 94 percent market share for LFP production capacity and provided 70 percent of global processed lithium production. But while LFP batteries amounted to 40 percent of the global EV market by capacity, adoption of them is more prevalent in EVs made by Chinese manufacturers than elsewhere, according to Adamas Intelligence, a data analysis and consultancy firm focusing on critical minerals and batteries. James Edmondson, vice president in research at IDTechEx, a research firm, told CNN that despite LFP's lower energy density, its much lower cost, compared with its common alternative battery made of nickel, manganese, and cobalt, has made it "a staple in lower-cost vehicles" and there are plans for greater adoption by EU and US automakers. China's dominance in LFP production means that "even for LFP produced outside of China, Chinese suppliers would still often play a part in the production of precursors to LFP cathodes," he said. China holds a "significant lead" in the technology itself, as shown by BYD's "Super E-Platform" that promised a 250-mile (402km) range on just a five-minute charge, Edmondson added. The technology outperforms Tesla's Superchargers, which take 15 minutes to deliver 200 miles. Not to be outdone, CATL followed in April with a more competitive product, an upgraded LFP battery that provides an even longer range of 320 miles with the same charging time. -CNN
