Page 10 - China Us Trade

China's industrial overcapacity has significant spillovers globally: US

China's industrial manufacturing overcapacity has significant spillovers around the world, the Joe Biden administration said on Wednesday, noting that addressing these challenges may warrant taking defensive action to protect firms and workers -- and the traditional toolkit of trade actions may not be sufficient. "We are growing concerned that China's enduring macroeconomic imbalances and non-market policies and practices pose a significant risk to workers and businesses in the United States and the rest of the world. We are worried that these features of China's economy can lead to industrial overcapacity that has significant spillovers around the world and can compromise our collective supply chain resilience, given the resulting over-concentration in some manufacturing sectors," Under Secretary for International Affairs Jay Shambaugh said. The United States, along with its allies and partners in developing economies and advanced economies alike, share mutual objectives to address

Taiwan to produce new kamikaze drones to repel potential Chinese invasion

The upgraded versions are expected to be produced in small batches and included in the regular annual budget

China Prez Xi Jinping to attend SCO summit from July 2 to 6 in Kazakhstan

The SCO summit will take place from July 3-4 in Astana, the capital city of Kazakhstan

Chinese Premier Qiang, Oz PM Albanese agree to resolve differences amicably

Chinese Premier Li Qiang, Australian Prime Minister Anthony Albanese and senior ministers of both administrations met at Parliament House on Monday to discuss thorny issues, including lingering trade barriers, conflict between their militaries in international waters and China's desire to invest in critical minerals. Li, China's most senior leader after President Xi Jinping, arrived in the South Australian state capital of Adelaide on Saturday and the national capital of Canberra late Sunday in the first visit to the country by a Chinese premier in seven years. Li planned to underscore China's interest in buying a bigger stake in Australia's critical minerals sector, which is essential to the global transition to renewable energy sources, by visiting a Chinese-controlled lithium processing plant in Western Australia state Tuesday. Li visited New Zealand before Australia and is scheduled to stop in Malaysia before returning to China. Bilateral relations have improved markedly since

China accuses US of causing friction by supporting Taiwan, Philippines

China's defence minister on Sunday acknowledged the importance of newly renewed military-to-military communications with the United States as tensions escalate in the Asia-Pacific, while at the same time accusing Washington of causing the friction with its support for Taiwan and the Philippines. We will not allow anyone to bring geopolitical conflicts or any war, whether hot or cold, into our region," Chinese Defence Minister Dong Jun told the Shangri-La defence forum in Singapore through a translator. We will not allow any country or any force to create conflict and chaos in our region, he added. China has been increasingly assertive in pressing its claim to virtually the entire South China Sea, a key global shipping route, which has led to a growing number of conflicts, most notably with the Philippines, whose ships have been rammed by Chinese vessels and hit with water cannons. Dong insisted that China's strategic culture is anchored in universal love and non-aggression", before

Shangri-La dialogue to begin today, China-US theme to dominate discussion

The annual gathering in Singapore has become an increasingly influential forum for the world's top defence and security policy types, particularly as concerns over China's military actions

US Defence Secy Austin to meet Chinese counterpart to discuss thorny issues

US President Joe Biden and Chinese President Xi Jinping have sought to manage tensions, and in November the two leaders agreed to resume direct military talks

Yellen wants G7 'wall of opposition' to China's excess industrial capacity

Yellen said that if G7 ministers can agree on concept for bringing forward the earnings on the frozen Russian assets, they will spend time before G7 summit in Puglia in mid-June on refining details

China sanctions Boeing, 2 other US defence firms for Taiwan arms sales

Lai Ching-te, Taiwan's new president, has vowed to strengthen Taiwan's security through imports of advanced fighters and other technology and strengthening its domestic defence industry

JPMorgan CEO Jamie Dimon favors full engagement with China: Report

China vowed retaliation, with its commerce ministry saying that Beijing was opposed to the tariff hikes and would take steps to defend its interests

Defying west, President Putin scheduled to meet Xi Jinping in Beijing

Blinken said Beijing's supply of dual-use goods was 'powering Russia's brutal war of aggression against Ukraine'

China protests against new US tariffs, promises to protect its interests

China's Commerce Ministry also said that the move is against US President Joe Biden's earlier stand of not seeking to 'contain' or 'decouple' with Beijing

US makers of masks, gloves get lifeline from tariffs on Chinese products

Biden's tariffs could boost demand by helping level a price differential with cheap imports from China, and could foster investments

Putin announces plan to visit China in May, his first trip after poll win

Russian President Vladimir Putin said on Thursday he plans to visit China in May, in what could become the first foreign trip for the Russian leader after he extended his rule by six more years in an election that offered voters little real choice. Putin announced the plans for the visit at a congress of the Russian Union of Industrialists and Entrepreneurs in Moscow. He didn't say when exactly it would take place and didn't offer any other details. Putin's inauguration is scheduled for May 7, Russian lawmakers said earlier this week. Last month, the 71-year-old Russian leader secured his fifth term in office in a vote with no real opposition, extending his 24-year rule. Russia's growing economic and diplomatic isolation because of its war against Ukraine has made it increasingly reliant on China, its former rival for leadership of the Communist bloc during the Cold War. According to a recent US assessment, China has surged sales to Russia of machine tools, microelectronics and oth

US sanctions 3 China firms for providing ballistic missile tech to Pak

The US has imposed sanctions on three China-based companies and one from Belarus for supplying missile-applicable items for Pakistan's ballistic missile programme, including its long-range missile programme, the State Department has said. The name of the companies are Xi'an Longde Technology Development, Tianjin Creative Source International Trade and Granpect Co. Ltd from China and Minsk Wheel Tractor Plant from Belarus. These entities have engaged in activities or transactions that have materially contributed to, or pose a risk of materially contributing to, the proliferation of weapons of mass destruction or their means of delivery, including any efforts to manufacture, acquire, possess, develop, transport, transfer or use such items, by Pakistan, State Department spokesperson Matthew Miller said on Friday. Miller said the US is committed to strengthening the global nonproliferation regime by taking action to disrupt procurement networks supporting proliferation activities of ...

President Biden's push for World Bank funds to compete with China stalls

The World Bank's two major lending arms committed a combined $72.8 billion last year, with total cumulative lending since 1945 at nearly $1.4 trillion

Amid China's aggression, Biden reiterates support for Philippines, Japan

President Joe Biden said Thursday that U.S. defense commitment was ironclad as he gathered Philippine President Ferdinand Marcos Jr. and Japanese Prime Minister Fumio Kishida at the White House on Thursday in the midst of growing concern about provocative Chinese military action in the Indo-Pacific. The United States defense commitments to Japan and to the Philippines are ironclad. They're ironclad," Biden said as he began three-way talks at the White House with Kishida and Marcos. "As I said before, any attack on Philippine aircraft, vessels or armed forces in the South China Sea would invoke our mutual defense treaty. The White House summit was called amid growing concern about provocative Chinese action in the Pacific, which will be a large focus of the leaders' talks. The White House sees the summit as countering China's attempts at intimidation and sending a message that China is the outlier in the neighborhood, according to an administration official. President Joe Biden is ..

US denounced Hong Kong's national security law but its actions remain muted

The US has denounced Hong Kong's new national security law as a tool to potentially silence dissent both at home and abroad, but so far the action from Washington has been notably muted, disappointing those fighting for the Chinese territory's democracy and freedoms. Since the law's swift passage on March 19, the US has announced visa restrictions on an unspecified number of unnamed Hong Kong officials but taken no further action. That's a far cry from 2020, when Beijing imposed national security restrictions to end months of unrest on Hong Kong streets. The U.S. responded by hitting the city's highest-ranking officials with sanctions and depriving the territory of its preferential trading status. While the new law, known as Article 23, now expands the Hong Kong government's powers to go after those it accuses of spying and to target dissidents anywhere in the world, Washington has been treading carefully. The State Department declined to preview or comment on any potential actions

Chinese TikTok sellers complain of strict rules on selling in US mkt

TikTok, used by about 170 mn Americans, has been seeking to strike the right balance between pursuing rapid growth and managing regulatory risks

US CEOs extend China stay after last-minute invite to meet Prez Xi Jinping

Late on Friday, China relaxed its rules governing cross-border data flows. The move was seen as a response to complaints by foreign businesses that the restrictions were disruptive