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Business Standard
an hour ago
- Business Standard
Beijing on alert as US trade deals seek to curb Chinese supply chains
The trade truce between Washington and Beijing may be holding for now, but China is increasingly wary about what's happening elsewhere: US efforts to forge deals that could isolate Chinese firms from global supply chains. Ahead of a July 9 deadline, US officials are deep in talks with major trading partners in Asia and Europe, pushing for new agreements that would include restrictions on Chinese content, or secure commitments to counter what Washington sees as China's unfair trade practices. In the first such deal, President Donald Trump on Wednesday announced a tiered tariff agreement with Vietnam. Exports to the US from the Southeast Asian nation will be charged a 20% rate, Trump said in a social-media post, with 40% levied on any goods deemed to be transshipped through the country. That will hit products with components from China and possibly other nations, which are routed through Vietnam or subject to only minimal final assembly before being exported to the US. The approach mirrors provisions in an existing US trade agreement with Mexico and Canada. India, another nation seen as close to a deal, has also been negotiating over 'rules of origin.' Washington wants at least 60% of a product's value added locally to qualify as 'Made in India' and benefit from the deal, Bloomberg News previously reported. India has pushed to bring that down to around 35%, according to the report. 'Asia's dilemma when it comes to Trump's trade war is all about dependence on US final demand while relying heavily on China's value added in domestic production,' Alicia Garcia Herrero, Asia-Pacific chief economist at Natixis SA, said in a recent report, adding that Vietnam, Cambodia and Taiwan were among the most exposed. China, a larger trade partner than the US for most Asian economies, has warned of consequences if its interests are threatened, and Foreign Minister Wang Yi is likely to raise that again on his visit to Europe this week for talks in Brussels, Germany and France. 'China firmly opposes any party reaching a deal at the expense of Chinese interests in exchange for so-called tariff reductions,' the Ministry of Commerce said in a statement Saturday, repeating earlier warnings. 'If this happens, China will never accept it and will resolutely counter it to safeguard its legitimate rights and interests.' Trump's 90-day pause on what he called 'reciprocal' tariffs on dozens of America's trading partners ends on July 9. Unless those countries reach trade deals with the US, they could potentially face much higher tariffs. Some governments are making moves to stay on the right side of Washington. Vietnam, Thailand and South Korea have all put in place measures to stop goods from being rerouted through their countries to the US since Trump's tariffs were unveiled in April. South Korean customs announced a crackdown on transshipments, citing a rise in the practice. Taiwan's President Lai Ching-te also flagged the issue and followed up with new rules requiring all US-bound exports to carry a legal declaration they were made on the island. Export Controls Another concern for Beijing is whether the US could convince others to impose or tighten export controls on high-tech equipment, which would further hamper Chinese efforts to buy the tools it needs to produce advanced semiconductors. Taiwan in June added Huawei Technologies Co. and Semiconductor Manufacturing International Corp. to its so-called entity list, barring Taiwanese firms from doing business with them without government approval. The pressure isn't limited to Asia. Europe, too, finds itself in a delicate position. The EU is China's largest export destination for electric vehicles, and investment from Chinese firms into the bloc plus the UK hit 10 billion euros ($12 billion) last year, according to recent research from Rhodium Group. Yet trade tensions are rising. European Commission President Ursula von der Leyen recently accused Beijing of 'weaponizing' rare earths and magnets and warned of the risks posed by Chinese overcapacity. Beijing is particularly concerned that the EU might sign up to provisions similar to those in the UK's deal with the US, which included commitments around supply chain security, export controls, and ownership rules in sectors like steel, aluminum and pharmaceuticals. While the language did not name China, Beijing criticized the agreement in a rare public statement, interpreting it as a direct challenge, the Financial Times reported. 'China is clearly worried that the EU will accept the same wording as the UK did on export controls,' said Joerg Wuttke, a partner at the Albright Stonebridge Group in Washington and former president of the EU Chamber of Commerce in China. 'They are pushing the EU not to do this, and the US is pushing the EU to do it.' Brussels and Washington are aiming to reach some form of an agreement before July 9, when Washington is set to impose a 50% tariff on nearly all EU products. With European exports to the US worth more than double the amount to China, the bloc sees Washington as the more important partner, giving the US leverage in the talks. China's weekend statement is 'obviously aimed entirely at Brussels,' said Hosuk Lee-Makiyama, director of the European Centre for International Political Economy in Brussels, who was recently in Beijing for meetings ahead of an EU-China summit this month. 'China is concerned what the EU might agree with the US.' The long-term risk for Beijing is that these efforts coalesce into a broader shift — not just a US-led campaign to curb Chinese exports, but a reshaping of global trade around 'trusted' supply chains, with China increasingly on the outside. In a visit to Southeast Asia earlier this year, President Xi Jinping urged the region to stand together as an 'Asian family,' warning against trade fragmentation. Beijing has often responded to actions it opposes with targeted trade measures. When the EU imposed tariffs on Chinese electric vehicles last year, China launched anti-dumping probes into European brandy, dairy and pork. It halted Japanese seafood imports in 2023 after Group of Seven meetings in Japan were seen as critical of China. A spat with Australia in 2020 led to trade restrictions on billions of dollars' worth of goods, including lobsters, wine and barley. 'If some agreements explicitly list China as a target and show that some countries are cooperating or collaborating with the US to 'contain China,' then China will definitely respond,' said Tu Xinquan, dean of the China Institute for WTO Studies at the University of International Business and Economics in Beijing and a former adviser to the Chinese Commerce Ministry. --With assistance from Soo-Hyang Choi and Shawn Donnan.
Hindustan Times
11 hours ago
- Hindustan Times
North Korea opens beach resort with slides, swimming pool to boost tourism
North Koreans enjoyed water activities including, swimming and riding water park slides amid ban on entry of foreign tourists at the newly opened Wonsan-Kalma eastern coastal tourist zone, state media reported. This photo provided on July 2, 2025, by the North Korean government, shows a beach resort in the Wonsan-Kalma eastern coastal tourist zone on July 1, 2025. (Korean Central News Agency/Korea News Service via AP)(AP) The Wonsan Kalma Coastal Tourist Area resort is reportedly set to welcome Russian guests later this month. The giant beach resort, dubbed "North Korea's Waikiki" by South Korean media, can reportedly accommodate nearly 20,000 people and is the core of leader Kim Jon Un's push towards improving the economy and boosting tourism in a regime which is one of the most secretive and repressive in the world. Will North Korea open borders for tourism? However, the prospects of the tourist complex remains unclear as the country most likely won't fully reopen its borders and embrace Western tourists anytime soon. According to the reports by the official Korean Central News Agency, the Wonsan Kalma area began its services Tuesday, attracting a large number of people. North Koreans were seen enjoying open water swimming, slides and other attractions present at a water park. North Koreans of all ages from across the country flocked to the site this week "filled with joy at experiencing a new level of civilization", news agency AFP quoted lines from a KCNA report. The visitors were "astonished by the grandeur and splendor of the tourist city, where more than 400... artistically designed buildings lined the white sandy beach in ideal harmony", it added. Photos released by North Korean state media featured children with inflatable tubes and balls dipping in the sea while others wore colorful swimsuits and sat behind the red and white parasols. During the inaugural session last week, Kim said that the site would become 'one of the greatest successes this year" calling its opening 'the proud first step' toward realizing the government's policy of developing tourism. North Korea slowly reopening borders Since 2022, North Korea has been gradually easing the curbs imposed during the Covid-19 pandemic and reopening its borders in phases. Despite this, the country has not clarified if it would fully resume international tourism. Since February 2024, North Korea has been accepting tourists from Russia with the expanding military cooperation between the two. But Russian records seen by South Korean experts still show a little more than 2,000 Russians. Of this, only about 880 of them are tourists who visited North Korea last year. Meanwhile, Russia's Primorsky region, which borders North Korea, said last week that the first group of Russian tourists to the Wonsan-Kalma resort will depart on July 7. (With AP Inputs)
Time of India
14 hours ago
- Time of India
With Japanese Baba Vanga's July 5 apocalyptic prophecy looming, Japan prepares new megaquake plan
Japan has warned that its plans to handle a megaquake in the Nankai Trough still fall short of saving thousands of lives. The government now wants faster action to build barriers, run more drills, and calm fears fuelled by a manga comic predicting a quake this July. Scientists stress quakes can't be timed. Japan's disaster guide urges everyone to know escape routes, secure their homes, and stay alert — practical steps that could mean survival when the ground moves. Tired of too many ads? Remove Ads Old plan, new urgency History of deep tremors Tired of too many ads? Remove Ads New megaquake prediction: Viral rumours, nervous visitors How to prepare for earthquake? Before a Quake: During a Quake: Tired of too many ads? Remove Ads After a Quake: Japan's government says urgent improvements are needed to stop a megaquake from killing up to 300,000 people if disaster strikes the Nankai Trough . Officials have raised the chance of a powerful jolt there within 30 years to as high as 82 percent. A new estimate in March warned such a quake and tsunami might claim as many as 298,000 lives and cause damage worth up to $2 in 2014, the Central Disaster Management Council set out a plan to cut deaths by 80 percent through stronger defences and evacuation measures. Ten years on, progress is limited. Kyodo news agency reported that actions so far may only reduce the toll by 20 week, an updated strategy landed on the table. It demands faster building of embankments, more sturdy evacuation sites and repeated drills for Minister Shigeru Ishiba didn't mince words. 'It is necessary for the nation, municipalities, companies and non-profits to come together and take measures in order to save as many lives as possible,' Ishiba said at a government meeting, according to local Nankai Trough stretches 800 kilometres under the Pacific coast. One tectonic plate slides beneath another here. Nature's push and pull under these waters has triggered massive quakes for 1,400 years — striking roughly every century or two. The last big one hit in August, the Japan Meteorological Association (JMA) issued its first advisory that the risk had jumped. But they lifted it after a week. The fault line remains travels fast these days. A manga comic, reissued in 2021, predicted a huge disaster on 5 July 2025. The date has stuck online. Some foreign tourists are skipping Japan this summer. In May, Hong Kong's Greater Bay Airlines cut flights, saying 'demand has rapidly decreased,' a local tourism official told data reflects it. Visits from Hong Kong fell 11.2 percent that month compared to last year. Mainland Chinese visitors surged 44.8 percent and South Korean arrivals rose 11.8 percent, showing not everyone is staying Nomura, head of the JMA, reminded the public in May that fear shouldn't replace facts. 'It is impossible with current science to predict earthquakes by specifying the location, time, and magnitude of an earthquake, and to say that an earthquake will or will not occur,' Nomura said. 'We ask the public to take certain steps so that you can cope with earthquakes no matter when they occur. But we also strongly urge the public not make irrational actions driven by anxiety.'Tokyo's disaster guide is clear: being ready beats guessing when the ground will where you'll run — not just from home but from work, your child's school and any place you often visit. Print maps. Don't trust the internet during a blackout. Write down phone numbers for family, friends, emergency services and your embassy. Keep them in a waterproof kit. Stock up on water, dry food and check expiry dates every year. Strap down furniture, heavy gadgets and cabinets. A loose fridge or shelf can your car tank half full. Watch for evacuation signs when you travel. Register with your embassy if you're not a Japanese citizen. Download a quake app like Yurekuru Call. A few seconds' notice might help you duck for drop to lower your centre of gravity. Cover your head and neck. Hold onto something solid. Outside, dodge falling glass or bricks. On a train or bus, follow staff instructions and move away from windows. In a car? Pull over far from trees, poles or buildings. If you leave the car, unlock it and keep the keys in so rescue teams can move the sea? Don't wait for a siren. Climb to higher ground fast. If trapped, cover your mouth. Tap pipes or walls for help. Save energy — don't shout. Use texts or social media if calls fail. After Japan's 2011 quake, Twitter kept many in touch. Avoid lifts — aftershocks hit hard. Switch off gas and your circuit breaker if you evacuate. Flames can spark bigger trouble.A megaquake is a matter of when, not if, say Japanese officials. Calm heads, solid plans and strong teamwork could stop the worst. The rest is up to nature — and how ready people are to face it when the ground shakes again.(With inputs from AFP)
