Latest news with #HeLipeng
The Star
a day ago
- Business
- The Star
Chinese solar firms bank on overseas expansion to survive amid US tariffs
Chinese solar and energy-storage companies will continue to press ahead with their overseas expansion with or without a long-term agreement on trade tariffs, as production abroad holds the key to their long-term survival, according to executives at China's largest solar industry exhibition. Although the US and China reached a 90-day truce in their ongoing tariff war in May, solar panel exports from China and Southeast Asia to the US are still subject to tariffs of as much as 3,521 per cent, with Washington citing unfair trade practices such as subsidies and dumping for the high levies. 'The industry used to say that you either go overseas or exit the game,' said Gao Jifan, chairman of Trina Solar, one of the world's largest solar-panel manufacturers, at the SNEC PV+ Photovoltaic Power Conference and Exhibition in Shanghai. 'Now, due to tariffs, simply exporting isn't enough; you must also localise production abroad.' Chinese firms are increasingly diversifying their production base in response to the trade tensions. Currently, about 80 per cent of existing Chinese solar manufacturers' overseas capacity – solar wafers, solar cells and modules – was in Southeast Asia, according to data from S&P Global Commodity Insights. However, nearly 80 per cent of their planned overseas capacity expansion was in the Middle East and Africa, followed by the US and Europe, it added. 'There is no clear indication of whether the tariffs will increase or decrease after the 90-day pause,' said He Lipeng, vice general manager of Qingdao Haier Energy Technology, the solar and energy-storage unit of Chinese electronics giant Haier Group. 'However, if tariffs were to rise to 200 per cent, [exports] would be impossible.' Haier Energy was considering using the US plants of its parent company, acquired from GE Appliances in 2016, to produce solar photovoltaic (PV) and energy-storage equipment, He said. The facilities are currently used for manufacturing consumer durables like refrigerators and washing machines for the US. He said no decision had been made on when the switch to manufacturing solar products would be made. The mood at the four-day event, which attracted some 3,000 companies from more than 100 countries, was sombre. Chinese solar PV companies, which dominate more than 80 per cent of global manufacturing capacity, have voiced concerns about the prolonged price war, expected to worsen this year, and challenging geopolitical conditions. You Xin, an analyst at S&P Global, said a sharp decline in planned capacity in Southeast Asia was due to the devastating US tariffs. As the US remained the most attractive market due to its high margins and size, the restrictions were forcing Chinese companies to divert capacities to other regions where the US tariffs were lower, she said. The Middle East and Africa were favourable destinations due to conducive government policies and huge demand, she added. The Middle East's cumulative solar capacity was projected to reach 160 gigawatts (GW) by 2033, an eightfold increase from 2023, because of ambitious national targets, according to Wood Mackenzie. Similarly, Africa's solar PV market was promising, with 140GW of new grid-connected capacity expected by 2033, with a third of these installations projected to come from Egypt and South Africa, the consultancy added. Jinko Solar was expanding its Middle East capacity with a 10GW solar project in Saudi Arabia, chairman Li Xiande said at a briefing hosted by the Shanghai Stock Exchange last month. CSI Solar, an affiliate of Nasdaq-listed Canadian Solar, was eyeing the Middle East, CEO Zhuang Yan said at the same briefing. Work was also progressing on CSI's 5GW solar module project in the US, which was expected to reach designed capacity in the second half of this year. 'In this industry, when we establish production capacity in various countries, it's not meant for those local markets,' said Zhang Haimeng, vice-president and chief sustainability officer of Longi, the world's third-largest solar-module maker. 'Whether [the capacity is] in Southeast Asia, Saudi Arabia, Oman or Ethiopia, the goal is to sell to the US. Building capacity based on local demand doesn't make economic sense; it's all geared towards the US market,' he said at the Shanghai solar conference this week. - SOUTH CHINA MORNING POST
Asharq Al-Awsat
10-05-2025
- Business
- Asharq Al-Awsat
US, Chinese Officials Start Geneva Talks on Easing Trade War
China's vice premier He Lipeng held talks with US Treasury Secretary Scott Bessent early on Saturday in Geneva in a tentative first step towards defusing a trade war that is disrupting the global economy, according to China's state-owned news agency and two people close to the talks. Bessent and US Trade Representative Jamieson Greer were due to meet He in Geneva after weeks of growing tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100%. The trade dispute, combined with US President Donald Trump's decision last month to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. US President Donald Trump said on Friday an 80% tariff on Chinese goods "seems right," suggesting for the first time a specific alternative to the 145% levies imposed on Chinese imports. The location of the talks has been kept secret, although a witness saw over a dozen police cars outside a private residence in a leafy Geneva suburb. Mercedes vans with tinted windows were seen leaving a Geneva hotel where the Chinese delegation was staying on the banks of Lake Geneva. Earlier, a delegation of over a dozen US officials, including Bessent and Greer, were seen smiling and wearing red ties and American flags on their lapels as they left their hotel. Bessent declined to speak to reporters.
The Advertiser
10-05-2025
- Business
- The Advertiser
US and China begin talks on easing trade war
Chinese Vice-Premier He Lipeng has begun talks with US Treasury Secretary Scott Bessent in Switzerland in a tentative first step towards defusing a trade war that is disrupting the global economy, according to China's state-owned news agency and two people close to the talks. Bessent and He were meeting in Geneva on Saturday after weeks of growing tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100 per cent. The trade dispute, combined with US President Donald Trump's decision in April to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks was kept secret, although a witness saw more than a dozen police cars parked outside a private residence in a leafy Geneva suburb. Mercedes vans with tinted windows were seen leaving a Geneva hotel where the Chinese delegation was staying on the banks of the lake as joggers preparing for a Saturday marathon warmed up. A delegation of more than a US officials, including Bessent and US trade representative Jamieson Greer, smiled as they left their hotel. Washington is seeking to reduce its trade deficit with Beijing and convince China to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Beijing has pushed back against what it sees as external interference. Instead it wants Washington to lower tariffs, clarify what it wants China to buy more of, and treat it as an equal on the world stage. With distrust running high, both sides have been keen not to appear weak, and economic analysts have low expectations of a breakthrough. US President Donald Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports. He has suggested the discussions were initiated by China. Beijing said the US requested the discussions and that China's policy of opposing US tariffs had not changed. China could be looking for the same 90-day waiver on tariffs that Washington has given other countries as negotiations take place, while any kind of tariff reduction and follow-up talks would be seen as positive by investors. Switzerland helped to broker the meeting during recent visits by Swiss politicians to China and the United States. Since taking office in January, Trump has increased tariffs on Chinese imports to 145 per cent, citing unfair trade practices and accusing Beijing of failing to curb the export of chemicals used to produce fentanyl, a deadly synthetic opioid. China retaliated with 125 per cent retaliatory tariffs, and said it would not bow to "imperialists" and bullies. Chinese Vice-Premier He Lipeng has begun talks with US Treasury Secretary Scott Bessent in Switzerland in a tentative first step towards defusing a trade war that is disrupting the global economy, according to China's state-owned news agency and two people close to the talks. Bessent and He were meeting in Geneva on Saturday after weeks of growing tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100 per cent. The trade dispute, combined with US President Donald Trump's decision in April to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks was kept secret, although a witness saw more than a dozen police cars parked outside a private residence in a leafy Geneva suburb. Mercedes vans with tinted windows were seen leaving a Geneva hotel where the Chinese delegation was staying on the banks of the lake as joggers preparing for a Saturday marathon warmed up. A delegation of more than a US officials, including Bessent and US trade representative Jamieson Greer, smiled as they left their hotel. Washington is seeking to reduce its trade deficit with Beijing and convince China to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Beijing has pushed back against what it sees as external interference. Instead it wants Washington to lower tariffs, clarify what it wants China to buy more of, and treat it as an equal on the world stage. With distrust running high, both sides have been keen not to appear weak, and economic analysts have low expectations of a breakthrough. US President Donald Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports. He has suggested the discussions were initiated by China. Beijing said the US requested the discussions and that China's policy of opposing US tariffs had not changed. China could be looking for the same 90-day waiver on tariffs that Washington has given other countries as negotiations take place, while any kind of tariff reduction and follow-up talks would be seen as positive by investors. Switzerland helped to broker the meeting during recent visits by Swiss politicians to China and the United States. Since taking office in January, Trump has increased tariffs on Chinese imports to 145 per cent, citing unfair trade practices and accusing Beijing of failing to curb the export of chemicals used to produce fentanyl, a deadly synthetic opioid. China retaliated with 125 per cent retaliatory tariffs, and said it would not bow to "imperialists" and bullies. Chinese Vice-Premier He Lipeng has begun talks with US Treasury Secretary Scott Bessent in Switzerland in a tentative first step towards defusing a trade war that is disrupting the global economy, according to China's state-owned news agency and two people close to the talks. Bessent and He were meeting in Geneva on Saturday after weeks of growing tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100 per cent. The trade dispute, combined with US President Donald Trump's decision in April to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks was kept secret, although a witness saw more than a dozen police cars parked outside a private residence in a leafy Geneva suburb. Mercedes vans with tinted windows were seen leaving a Geneva hotel where the Chinese delegation was staying on the banks of the lake as joggers preparing for a Saturday marathon warmed up. A delegation of more than a US officials, including Bessent and US trade representative Jamieson Greer, smiled as they left their hotel. Washington is seeking to reduce its trade deficit with Beijing and convince China to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Beijing has pushed back against what it sees as external interference. Instead it wants Washington to lower tariffs, clarify what it wants China to buy more of, and treat it as an equal on the world stage. With distrust running high, both sides have been keen not to appear weak, and economic analysts have low expectations of a breakthrough. US President Donald Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports. He has suggested the discussions were initiated by China. Beijing said the US requested the discussions and that China's policy of opposing US tariffs had not changed. China could be looking for the same 90-day waiver on tariffs that Washington has given other countries as negotiations take place, while any kind of tariff reduction and follow-up talks would be seen as positive by investors. Switzerland helped to broker the meeting during recent visits by Swiss politicians to China and the United States. Since taking office in January, Trump has increased tariffs on Chinese imports to 145 per cent, citing unfair trade practices and accusing Beijing of failing to curb the export of chemicals used to produce fentanyl, a deadly synthetic opioid. China retaliated with 125 per cent retaliatory tariffs, and said it would not bow to "imperialists" and bullies. Chinese Vice-Premier He Lipeng has begun talks with US Treasury Secretary Scott Bessent in Switzerland in a tentative first step towards defusing a trade war that is disrupting the global economy, according to China's state-owned news agency and two people close to the talks. Bessent and He were meeting in Geneva on Saturday after weeks of growing tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100 per cent. The trade dispute, combined with US President Donald Trump's decision in April to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks was kept secret, although a witness saw more than a dozen police cars parked outside a private residence in a leafy Geneva suburb. Mercedes vans with tinted windows were seen leaving a Geneva hotel where the Chinese delegation was staying on the banks of the lake as joggers preparing for a Saturday marathon warmed up. A delegation of more than a US officials, including Bessent and US trade representative Jamieson Greer, smiled as they left their hotel. Washington is seeking to reduce its trade deficit with Beijing and convince China to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Beijing has pushed back against what it sees as external interference. Instead it wants Washington to lower tariffs, clarify what it wants China to buy more of, and treat it as an equal on the world stage. With distrust running high, both sides have been keen not to appear weak, and economic analysts have low expectations of a breakthrough. US President Donald Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports. He has suggested the discussions were initiated by China. Beijing said the US requested the discussions and that China's policy of opposing US tariffs had not changed. China could be looking for the same 90-day waiver on tariffs that Washington has given other countries as negotiations take place, while any kind of tariff reduction and follow-up talks would be seen as positive by investors. Switzerland helped to broker the meeting during recent visits by Swiss politicians to China and the United States. Since taking office in January, Trump has increased tariffs on Chinese imports to 145 per cent, citing unfair trade practices and accusing Beijing of failing to curb the export of chemicals used to produce fentanyl, a deadly synthetic opioid. China retaliated with 125 per cent retaliatory tariffs, and said it would not bow to "imperialists" and bullies.
Yahoo
10-05-2025
- Business
- Yahoo
US and China begin talks on easing trade war
Chinese Vice-Premier He Lipeng has begun talks with US Treasury Secretary Scott Bessent in Switzerland in a tentative first step towards defusing a trade war that is disrupting the global economy, according to China's state-owned news agency and two people close to the talks. Bessent and He were meeting in Geneva on Saturday after weeks of growing tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100 per cent. The trade dispute, combined with US President Donald Trump's decision in April to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks was kept secret, although a witness saw more than a dozen police cars parked outside a private residence in a leafy Geneva suburb. Mercedes vans with tinted windows were seen leaving a Geneva hotel where the Chinese delegation was staying on the banks of the lake as joggers preparing for a Saturday marathon warmed up. A delegation of more than a US officials, including Bessent and US trade representative Jamieson Greer, smiled as they left their hotel. Washington is seeking to reduce its trade deficit with Beijing and convince China to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Beijing has pushed back against what it sees as external interference. Instead it wants Washington to lower tariffs, clarify what it wants China to buy more of, and treat it as an equal on the world stage. With distrust running high, both sides have been keen not to appear weak, and economic analysts have low expectations of a breakthrough. US President Donald Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports. He has suggested the discussions were initiated by China. Beijing said the US requested the discussions and that China's policy of opposing US tariffs had not changed. China could be looking for the same 90-day waiver on tariffs that Washington has given other countries as negotiations take place, while any kind of tariff reduction and follow-up talks would be seen as positive by investors. Switzerland helped to broker the meeting during recent visits by Swiss politicians to China and the United States. Since taking office in January, Trump has increased tariffs on Chinese imports to 145 per cent, citing unfair trade practices and accusing Beijing of failing to curb the export of chemicals used to produce fentanyl, a deadly synthetic opioid. China retaliated with 125 per cent retaliatory tariffs, and said it would not bow to "imperialists" and bullies.
Al Arabiya
10-05-2025
- Business
- Al Arabiya
US, Chinese officials start Geneva talks on easing trade war, sources say
China's vice premier He Lipeng held talks with US Treasury Secretary Scott Bessent early on Saturday in Geneva in a tentative first step towards defusing a trade war that is disrupting the global economy, according to China's state-owned news agency and two people close to the talks. Bessent and US Trade Representative Jamieson Greer were due to meet He in Geneva after weeks of growing tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100 percent. The trade dispute, combined with US President Donald Trump's decision last month to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. US President Donald Trump said on Friday an 80 percent tariff on Chinese goods 'seems right,' suggesting for the first time a specific alternative to the 145 percent levies imposed on Chinese imports. The location of the talks has been kept secret, although a witness saw over a dozen police cars outside a private residence in a leafy Geneva suburb. Mercedes vans with tinted windows were seen leaving a Geneva hotel where the Chinese delegation was staying on the banks of Lake Geneva. Earlier, a delegation of over a dozen US officials, including Bessent and Greer, were seen smiling and wearing red ties and American flags on their lapels as they left their hotel. Bessent declined to speak to reporters.
