Latest news with #EthanWang
Yahoo
11-07-2025
- Business
- Yahoo
China's export growth expected to edge up in June amid delicate truce with US: Reuters poll
By Ethan Wang and Joe Cash BEIJING (Reuters) -China's export growth likely edged higher in June, buoyed by exporters rushing to front-load shipments on fears that a fragile trade truce with the United States could unravel and see President Donald Trump reinstate extra tariffs on Chinese goods. Outbound shipments were expected to have risen an annual 5.0% in value terms, according to the median forecast of 23 economists in a Reuters poll, up from a 4.8% increase in May. Imports likely grew 1.3% last month, reversing a 3.4% slump in May, as domestic demand continued to show signs of recovery off the back of policy support introduced late last year. Trump's erratic trade policy - marked by multiple rounds of tit-for-tat tariff hikes with Beijing - has heaped pressure on China's export-oriented economy, posing a serious test to its long-standing growth model. A tentative tariff truce reached during May talks in Geneva was nearly derailed after Washington accused Beijing of stalling on its pledge to ease restrictions on rare earth exports, crucial to industries ranging from electronics to defence. Tensions eased in June after two days of discussions in London, where both sides agreed to revive the tariff truce. However, with few details disclosed, uncertainty continues to weigh on traders and investors on both sides of the Pacific. China faces an August 12 deadline to reach a durable deal with the White House, as Trump intensifies his global tariff assault by announcing new duties on other trading partners. Analysts anticipate Trump could pressure other countries to curb their trade with the world's second-largest economy in exchange for tariff relief. Trump said earlier this month the U.S. would impose 40% tariffs on trans-shipments from third countries through Vietnam, a move that could hit Chinese manufacturers that ship goods or parts to the country. Vietnam became China's second largest export market in 2024. The U.S. president has also threatened a 10% charge on imports from BRICS countries "pretty soon", which China is a founding member, potentially raising more economic risks for Beijing. China's trade relations with the European Union are also on shaky ground. Just weeks ahead of a key summit this month, the EU accused China of flooding global markets with overcapacity, limiting access to its market, and enabling Russia's war economy. China earlier this month offered a rare concession by sparing major cognac producers from hefty duties levied on EU brandy, but the broader dispute, especially over Chinese electric vehicles, remains unresolved. As the end of the 90-day China-U.S. tariff truce approaches, exporters will continue to rush out shipments to capitalise on the temporary reprieve, analysts say. Still, economists at Nomura warn that export growth is likely to slow sharply in the second half of the year, weighed down by persistently high tariffs, Trump's crackdown on shipment rerouting, and souring ties with the EU. "Exports will likely become a growth drag this year after being a growth driver last year," Nomura said in a note. China's June trade surplus is forecast at $109 billion, up from $103.22 billion in May.
Yahoo
11-07-2025
- Business
- Yahoo
China's export growth expected to edge up in June amid delicate truce with US: Reuters poll
By Ethan Wang and Joe Cash BEIJING (Reuters) -China's export growth likely edged higher in June, buoyed by exporters rushing to front-load shipments on fears that a fragile trade truce with the United States could unravel and see President Donald Trump reinstate extra tariffs on Chinese goods. Outbound shipments were expected to have risen an annual 5.0% in value terms, according to the median forecast of 23 economists in a Reuters poll, up from a 4.8% increase in May. Imports likely grew 1.3% last month, reversing a 3.4% slump in May, as domestic demand continued to show signs of recovery off the back of policy support introduced late last year. Trump's erratic trade policy - marked by multiple rounds of tit-for-tat tariff hikes with Beijing - has heaped pressure on China's export-oriented economy, posing a serious test to its long-standing growth model. A tentative tariff truce reached during May talks in Geneva was nearly derailed after Washington accused Beijing of stalling on its pledge to ease restrictions on rare earth exports, crucial to industries ranging from electronics to defence. Tensions eased in June after two days of discussions in London, where both sides agreed to revive the tariff truce. However, with few details disclosed, uncertainty continues to weigh on traders and investors on both sides of the Pacific. China faces an August 12 deadline to reach a durable deal with the White House, as Trump intensifies his global tariff assault by announcing new duties on other trading partners. Analysts anticipate Trump could pressure other countries to curb their trade with the world's second-largest economy in exchange for tariff relief. Trump said earlier this month the U.S. would impose 40% tariffs on trans-shipments from third countries through Vietnam, a move that could hit Chinese manufacturers that ship goods or parts to the country. Vietnam became China's second largest export market in 2024. The U.S. president has also threatened a 10% charge on imports from BRICS countries "pretty soon", which China is a founding member, potentially raising more economic risks for Beijing. China's trade relations with the European Union are also on shaky ground. Just weeks ahead of a key summit this month, the EU accused China of flooding global markets with overcapacity, limiting access to its market, and enabling Russia's war economy. China earlier this month offered a rare concession by sparing major cognac producers from hefty duties levied on EU brandy, but the broader dispute, especially over Chinese electric vehicles, remains unresolved. As the end of the 90-day China-U.S. tariff truce approaches, exporters will continue to rush out shipments to capitalise on the temporary reprieve, analysts say. Still, economists at Nomura warn that export growth is likely to slow sharply in the second half of the year, weighed down by persistently high tariffs, Trump's crackdown on shipment rerouting, and souring ties with the EU. "Exports will likely become a growth drag this year after being a growth driver last year," Nomura said in a note. China's June trade surplus is forecast at $109 billion, up from $103.22 billion in May. 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
The Star
07-07-2025
- Climate
- The Star
Students shelter in libraries as heatwave hits eastern China
People put cooling gel sheets on their foreheads to cool themselves amid a yellow alert for heat, in Shanghai, China, on July 4, 2025. -- Photo: REUTERS/Go Nakamura BEIJING (Reuters): Universities in eastern China scrambled to upgrade their dorms with air conditioning, and one let students sleep in cooler libraries, after near record temperatures raised concerns about the health of students and staff. One student at Qingdao University in Shandong suffered from heat stroke, and the school would upgrade its student accommodation over the summer break, Jimu News, an arm of state-run Hubei Daily, reported. One member of staff there died on Sunday morning after showing signs of "physical distress", the university said, without saying whether that was linked to the heatwave. The staff member was a dormitory supervisor, Jimu News said. A total of 28 locations across central Henan and eastern Shandong provinces issued their most severe alerts for extreme heat on Monday. Parts of the coastal city of Qingdao saw temperatures soar to 40.5 degrees Celsius (104.9 degrees Fahrenheit) over the weekend, just 0.5C below the highest recorded there since records began in 1961, according to the official Qingdao Daily. Qingdao University, which did not immediately respond to a request for comment from Reuters, was one of at least six colleges in Shandong to announce plans to upgrade student accommodation in recent days. Yantai Nanshan University, also in Shandong, said on Monday it would let students stay overnight in libraries as it prepared to work on the student halls. Video footage posted by Jimu News showed scores of students sitting on the floor in air-conditioned supermarkets to escape the heat. The heatwave has piled pressure onto China's power grid. The national electricity load surged to a record 1.47 billion kilowatts on Friday as demand for air conditioning spiked, according to state broadcaster CCTV. The announcements will fuel concerns over Chinese institutions' preparedness for extreme weather events, which scientists say are exacerbated by global warming. In 2022, China was hit by the worst heatwaves since 1961, with many parts enduring a 79-day hot spell from mid-June to late August. According a 2023 report published in the medical journal The Lancet, there were about 50,900 heatwave-related deaths in China that year. No official death toll was disclosed at the time. China does not provide regular tallies of heat-related deaths. (Reporting by Ethan Wang, Ryan Woo, Liz Lee and Qiaoyi Li; Editing by Andrew Heavens) - Reuters
Global News
07-07-2025
- Climate
- Global News
China sees record temperatures as students shelter from heat wave
Universities in eastern China scrambled to upgrade their dorms with air conditioning, and one let students sleep in cooler libraries, after near record temperatures raised concerns about the health of students and staff. One student at Qingdao University in Shandong suffered from heat stroke, and the school would upgrade its student accommodation over the summer break, Jimu News, an arm of state-run Hubei Daily, reported. One member of staff there died on Sunday morning after showing signs of 'physical distress,' the university said, without saying whether that was linked to the heat wave. The staff member was a dormitory supervisor, Jimu News said. A total of 28 locations across central Henan and eastern Shandong provinces issued their most severe alerts for extreme heat on Monday. Parts of the coastal city of Qingdao saw temperatures soar to 40.5 degrees Celsius (104.9 degrees Fahrenheit) over the weekend, just 0.5C below the highest recorded there since records began in 1961, according to the official Qingdao Daily. Story continues below advertisement Qingdao University, which did not immediately respond to a request for comment from Reuters, was one of at least six colleges in Shandong to announce plans to upgrade student accommodation in recent days. 1:49 Heatwave affecting more than people Yantai Nanshan University, also in Shandong, said on Monday it would let students stay overnight in libraries as it prepared to work on the student halls. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Video footage posted by Jimu News showed scores of students sitting on the floor in air-conditioned supermarkets to escape the heat. The heat wave has piled pressure onto China's power grid. The national electricity load surged to a record 1.47 billion kilowatts on Friday as demand for air conditioning spiked, according to state broadcaster CCTV. The announcements will fuel concerns over Chinese institutions' preparedness for extreme weather events, which scientists say are exacerbated by global warming. Story continues below advertisement In 2022, China was hit by the worst heatwaves since 1961, with many parts enduring a 79-day hot spell from mid-June to late August. According a 2023 report published in the medical journal The Lancet, there were about 50,900 heat wave-related deaths in China that year. No official death toll was disclosed at the time. China does not provide regular tallies of heat-related deaths. (Reporting by Ethan Wang, Ryan Woo, Liz Lee and Qiaoyi Li; Editing by Andrew Heavens)
Zawya
27-06-2025
- Business
- Zawya
China central bank pledges to adjust policy pace based on internal, external economic conditions
China's central bank said on Friday that it would adjust the pace and intensity of policy implementation based on internal and external economic and financial situations. The People's Bank of China, in a summary of a quarterly meeting held by its monetary policy committee, said that it would guide financial institutions to step up credit supply, and push for lowering of social financing costs. (Reporting by Yukun Zhang, Ethan Wang and Kevin Yao. Editing by Jane Merriman)
