Latest news with #USChinaTrade
Bloomberg
8 hours ago
- Business
- Bloomberg
Chinese Shares Fall in Hong Kong on New Trade Frictions With US
Chinese shares traded in Hong Kong fell on Monday, as heightened US-China trade tensions jolted market sentiment. The Hang Seng China Enterprises Index dropped as much as 2%, after a gauge of Chinese stocks traded in the US fell 2.7% on Friday. The onshore market is closed for holiday on Monday.
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
Trump says China has ‘totally violated' agreement with US on tariffs
The US-China agreement to dial back triple-digit tariffs for 90 days prompted a massive relief rally in global stocks. (NurPhoto pic) WASHINGTON : US President Donald Trump said today that China had violated an agreement on tariffs with the US. 'China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr NICE GUY!,' Trump said in a post on his Truth Social platform. US trade talks with China were 'a bit stalled', and getting a deal over the finish line will likely need the direct involvement of President Donald Trump and Chinese President Xi Jinping, US treasury secretary Scott Bessent told Fox News yesterday. Two weeks after breakthrough negotiations that resulted in a temporary truce in the trade war between the world's two biggest economies, Bessent said progress since then has been slow, but said he expects more talks in the next few weeks. The US-China agreement to dial back triple-digit tariffs for 90 days prompted a massive relief rally in global stocks. However, it did nothing to address the underlying reasons for Trump's tariffs on Chinese goods, mainly longstanding US complaints about China's state-dominated, export-driven economic model, leaving those issues for future talks.
Malay Mail
4 days ago
- Business
- Malay Mail
‘America wins' when China runs on Nvidia: Taiwanese-American CEO Huang defends Bejing ties amid curbs
Nvidia discloses risks from rules on Chinese vehicle tech, open-source AI Huang praises Trump's Middle East tour for boosting US tech leadership Nvidia forecasts US$45 billion sales despite U.S.-China trade tensions SAN FRANCISCO, May 29 — Even as Nvidia reported another blockbuster quarter of 69 per cent sales growth on Wednesday, the maker of artificial intelligence chips warned of more risks to its business emerging in the technology conflict between the US and China. Tucked into Nvidia's quarterly filing with US securities regulators, Nvidia for the first time said that restrictions on the use of open-source AI models from China such as DeepSeek and Qwen could hurt its business, as could US rules barring connected vehicle technology from China, where Nvidia's long-struggling car chip business has finally flourished. While Nvidia CEO Jensen Huang on a conference call with analysts praised US President Donald Trump's decision to rescind an export rule put in place by President Joe Biden that would have regulated the flow of Nvidia's chips around the world, the company's quarterly filing noted that no new rule had been issued in its place and that a 'replacement rule may impose new restrictions on our products or operations.' On the other hand, Huang criticized new export curbs imposed by the Trump administration in April. The curbs stop the company from selling its H20 chip made for the Chinese market, which Huang called 'a springboard to global success.' The export limits cost Nvidia US$2.5 billion in sales during its just-ended fiscal first quarter, and it expects another US$8 billion sales hit during the current fiscal second quarter. Sales of the H20 in China earned Nvidia US$4.6 billion in revenue as customers stockpiled the chips before the curbs set in. The China business accounted for 12.5 per cent of overall revenue. 'The question is not whether China will have AI – it already does. The question is whether one of the world's largest AI markets will run on American platforms,' Huang said, later adding that 'AI export controls should strengthen US platforms, not drive half of the world's AI talent to rivals.' Huang also argued that keeping Chinese open-source models such as DeepSeek and Qwen running on Nvidia chips provides US firms with valuable insight on where the global AI industry is headed. 'US platforms must remain the preferred platform for open-source AI,' he said. 'That means supporting collaboration with top developers globally, including in China. America wins when models like DeepSeek and Qwen run best on American infrastructure.' Sales growth powers on Despite the curbs, Nvidia forecast sales of US$45 billion, plus or minus 2 per cent, in the second quarter, only slightly below analysts' average estimate of US$45.90 billion, according to data compiled by LSEG. That would imply growth of about 50 per cent from a year earlier. Executives also highlighted deals worth potentially billions of dollars in the coming months and years in Saudi Arabia, the United Arab Emirates and Taiwan, sending Nvidia shares up after hours and leading analysts to conclude the impact of US-China trade tensions was not as bad as feared. 'Rather than downplay the China hit, (Huang) contextualized it as a known, manageable speed bump in an otherwise hyper-accelerated growth narrative,' said Michael Ashley Schulman, chief investment officer of Running Point Capital. In his praise for Trump, Huang highlighted the President's deal-filled tour of the Middle East. 'President Trump wants US tech to lead,' Huang said. 'The deals he announced are wins for America, creating jobs, advancing infrastructure, generating tax revenue and reducing the US trade deficit.' Huang also said that he agreed with a vision expressed by cabinet officials such as Commerce Secretary Howard Lutnick of bringing factories back to the United States and staffing them with robots. 'Future plants will be highly computerized in robotics. We share this vision,' Huang said. — Reuters
Bloomberg
5 days ago
- Business
- Bloomberg
Wall Street Eyes Chinese Stocks Hedges Ahead of Tariff Deadline
Since slumping to a four-month low in April, Chinese equities have rallied nearly 25% as US-China trade tensions eased. According to 22V Research, that's left the stocks vulnerable to yet another selloff in coming weeks and months. The end to a temporary trade truce in August, an upcoming meeting of China's Politburo and the potential passage of the US president's tax-and-spending package all risk reigniting turbulence in the market, 22V's strategists say. That means now is an opportune time to buy protection against any declines in the form of three-month puts on a popular US-listed proxy for the Asian nation's biggest publicly traded companies, the roughly $6 billion iShares China Large-Cap ETF (ticker: FXI).
South China Morning Post
6 days ago
- Business
- South China Morning Post
In Vietnam, exporters tune out Trump's tariff riffs – and rush to replace the US
Garment manufacturers across China and Vietnam breathed a small sigh of relief on Sunday, after US President Donald Trump told reporters that the United States was 'not looking to make sneakers and T-shirts'. But few plan to change their plans based on the president's comments. After weeks of wild swings in US tariff policies, they have learned that Trump could soon change his tune once again. Businesses in China and Vietnam – the world's two largest clothing export hubs – are still facing huge uncertainty , with both countries midway through a 90-day pause in US tariffs and trying to strike a deal with Washington to prevent another painful rise in duties. In that context, recent comments by US officials appear to be good news for the region's garment exporters, as they indicate Trump's drive to make American manufacturing great again will not extend to low-margin sectors. 'We're not looking to make sneakers and T-shirts,' Trump said on Sunday. 'We can do that very well in other locations. We are looking to do chips and computers and lots of other things, and tanks and ships.' Vietnam's textile exporters are, for now, breathing a little easier Dan Martin, business adviser in Vietnam His statement followed earlier remarks by US Treasury Secretary Scott Bessent, who said that America should focus on reshoring precision manufacturing rather than the textile industry.
