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The Hill
03-07-2025
- Business
- The Hill
China knocks Trump trade deal with Vietnam
China knocked the newly announced U.S. trade deal with Vietnam, saying Beijing 'firmly opposes' any deal that disadvantages its economy and pledged to take 'countermeasures' to protect its own interests. The trade deal with Vietnam, which President Trump announced on Wednesday, sets the tariff rate on the country at 20 percent, with Vietnam giving the U.S. tariff-free access to its markets. It also seeks to prevent third countries like China from laundering their exports through Vietnam, imposing a 40 percent tariff on goods that originate from a country with a higher import tax rate and shipped through Vietnam. 'China firmly opposes any deal made at the expense of China's interests in exchange for so-called tariff exemptions,' a spokesperson for the Chinese Ministry of Commerce said, when asked about U.S. tariff negotiations 'with certain countries.' 'Should such a situation arise, China will never accept it and will take resolute countermeasures to safeguard its legitimate rights and interests,' the spokesperson continued. The spokesperson said China 'welcomes efforts' by other countries to 'resolve' trade issues with the U.S. 'through consultations on the basis of equality.' 'At the same time,' the spokesperson continued, 'we urge all parties to stand on the side of fairness and justice and on the right side of history in resolutely upholding international trade rules and the multilateral trading system.' The president announced the deal with Vietnam on Truth Social, days before the pause on his sweeping county-specific tariffs is set to expire. The only other country to reach a comprehensive trade deal since tariff 'Liberation Day' in April was the United Kingdom. The Chinese official reiterated Beijing's general disdain for Trump's reciprocal tariffs, which the official called, 'a typical act of unilateral bullying that seriously undermines the multilateral trading system and disrupts the normal order of international trade.' 'China has consistently and firmly opposed such actions. It has been proved that only by firmly defending its principles and position can a country truly safeguard its lawful rights and interests,' the official said. The Trump administration reached an agreement with China last week focused on rare earth exports to the U.S., building on previous talks between the two nations that eased tariffs on imports from Beijing. This week, the Trump administration rescinded some restrictions on the export of chip-design software to China, just weeks after putting the limitations in place.
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Business Standard
13-06-2025
- Business
- Business Standard
Proposed India-China trade talks to cover rare earth supply concerns
India and China have agreed to hold a series of functional dialogues, including on economic and trade matters, in a bid to ease tensions and further normalise ties between the two neighbours. Among the key issues on the table are China's curbs on the export of rare earth materials -- a restriction that has triggered uncertainty within India's automobile industry. New Delhi has pushed Beijing to ensure greater predictability in supply chains, in line with international trade practices. On Thursday, Indian Foreign Secretary Vikram Misri met Chinese Vice Foreign Minister Sun Weidong, who was here for a two-day visit that concluded on Friday. Sources familiar with the discussions said the two sides specifically addressed Beijing's April decision to impose export controls on several rare earth-related items, enforced by the Chinese Ministry of Commerce and the General Administration of Customs. The talks are expected to continue under a broader framework for economic and trade cooperation. A statement from the Ministry of External Affairs (MEA) said both sides had 'agreed to hold certain functional dialogues, including in economic and trade areas, to discuss and resolve issues of concern'. A statement from China's foreign ministry said Sun and Misri had 'a candid and in-depth exchange of views on bilateral exchanges and cooperation, as well as international and regional issues of mutual interest.' Earlier, official sources in New Delhi had signalled that a breakthrough on rare earth supplies -- especially permanent magnets, which are critical for the manufacturing of electric vehicles -- may be within reach. Responding to a question on the matter, MEA spokesperson Randhir Jaiswal confirmed that India had been in touch with Chinese authorities, both in Beijing and in New Delhi. Indian ambassador to China, Pradeep Kumar Rawat, had also met Sun in Beijing on June 5, with both sides exchanging views on 'issues of common interest and concern', according to a Chinese foreign ministry readout. Sun's trip comes six months after Misri travelled to Beijing, a visit that helped revive dormant bilateral exchanges between the two countries. India-China relations had sharply deteriorated following clashes and standoffs along the line of actual control in 2020. However, a meeting between Narendra Modi and Xi Jinping in October last year appeared to mark the beginning of a thaw. In Beijing on Thursday, when asked whether China would extend the same relaxation of rare earth export curbs to India as it had recently done for the US and the European Union, Chinese foreign ministry spokesperson Lin Jian said: 'We are willing to enhance dialogue and cooperation with relevant countries and regions to jointly keep the stability of global industrial and supply chains.' During his meeting with Sun, Misri also expressed appreciation for China's support in resuming the Kailash Manasarovar Yatra pilgrimage this year. He also referred to the upcoming April 2025 session of the Expert Level Mechanism on trans-border rivers, which is expected to resume the sharing of hydrological data and other forms of cooperation. According to the MEA, both sides agreed to speed up steps to restore direct air services between the two countries. Misri said he hoped an updated Air Services Agreement could be concluded soon. The two delegations also agreed to take practical steps towards easing visa processes and promoting greater engagement between media organisations and think-tanks. Misri and Sun, the MEA said, 'positively assessed the activities planned under the 75th anniversary of establishment of diplomatic relations between India and China and agreed to facilitate the same'.
India.com
08-06-2025
- Business
- India.com
Why is Trump desperate for a trade deal with China? Know the SHOCKING reasons that brought US to its knees due to...
(File) China Rare Earth Elements: After assuming office for his second Presidential term in January this year, Donald Trump instigated a trade war with China by imposing exorbitant import tariffs on Chinese good. However, nearly six months later, the US President is desperately seeking a trade deal with Beijing to prevent key American industries from collapsing. Here's the reason why Trump made a U-turn on China, and is appeasing the Asian power to seek a China-US trade deal. Why US bent the knee to China? China dominates the global supply of rare earth elements, which are used by the US defense industry to manufacture advanced weapons and defense systems like radar systems, fighter jet engines, etc. According to a report by the South China Morning Post, China controls more than 90 percent of the world's processing and refining of rare earth elements, and also leads in other refining an extraction of other critical minerals like refined gallium, of which it controls 98.8 percent of global production. In recent years, Beijing has leveraged its dominance in critical mineral production and refining as a major negotiating point in trade wars, as well as targeting the defence industries of the US and its allies. The US defense industry is majorly dependent on China for rare earth minerals, but the supply has been nearly halted due to the ongoing US-China tariff war. China has imposed an export ban on rare earth elements to the US, effectively weaking the Pentagon's Pentagon's military preparations and weapons manufacturing capabilities. How China pressured the US into submission? In July 2023, Beijing imposed export controls requiring Chinese exporters to seek permission to ship eight gallium-related and six germanium-related products to other countries. In August last year, the list was expanded to include antimony, and in December, the Chinese Ministry of Commerce imposed export restrictions on gallium, germanium and antimony to the United States, as Beijing anticipated a trade war when Trump assumed office. In April this year, Beijing imposed export restrictions, mandating special export licenses for seven categories of medium and heavy rare earth elements (REEs) – samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium – as well as magnets and other finished products containing these REEs to be shipped out of China. China's sweeping restrictions on REEs brought defense manufacturing to a halt in US and its allied countries, as supplies of rare earth minerals required for weapons' manufacturing rapidly thinned out. Why US requires large quantities of REEs? The United States is world's largest arms manufacturer and its defense sector requires a gargantuan amount of rare earth minerals to manufacture advanced modern weaponry such as precision-guided missiles, stealth fighter jets, naval warships, submarines and advanced radar systems. According to various reports, the US-made F-35 stealth fighter incorporates over 400 kg (900 lbs) of REEs in each unit for its jet engines, avionics, munitions and radar systems. The F-47, US' Next-Generation Air Dominance (NGAD) fighter jet, is expected to contain even larger amounts of critical minerals, due to cutting-edge features like unmanned flight, artificial intelligence integration, and next-gen stealth capabilities. Similarly, US navy warships and submarines require giant quantities of REEs, with Virginia-class submarines requiring 4,200 kilograms and Arleigh Burke-class destroyers needing 2,360 kilograms of REEs for their radars, munitions and other technologies. US Predator drones, Tomahawk missiles, Joint Direct Attack Munition (JDAM) smart bombs, and advanced radar systems all rely on rare earth elements for propulsion, targeting, and guidance. According to experts, more than 80 percent of the Pentagon's weapon system supply chains contain antimony, gallium, or germanium. Does US have REE resources? While the US does have rare earth resources, those pale in comparison to China's gigantic hold on global refining and processing of REEs. The US accounts for around 15 percent of global production of REEs, but its not enough to meet the rare earth needs of US industries, especially the defense sector. Since 2020, the Pentagon has invested $439 million to build domestic supply chains in critical minerals, and a $35 million contract was awarded to MP Materials in 2022 for a heavy rare earth processing facility. However, its supply chain is still miniscule compared to China, and thus needs to import a major chunk of REEs from Beijing. In 2024, MP Materials announced a record production of 1,300 tons of neodymium-praseodymium (NdPr) oxide for producing neodymium magnets, while China produced an estimated 300,000 tons of NdFeB magnets in the same year. China's antimony dominance Additionally, the US does not have any mining facilities for gallium, while China reportedly produced 750 of the 760 tons of primary low-purity gallium produced worldwide in 2024 and is known to have production capacity of up to 1,000 tons. China also holds about 48 percent of the world's mined antimony, controls 98.8 percent of refined gallium production, and is responsible for 59.2 percent of refined germanium production. All these critical minerals are used in the manufacturing of advanced weapons, ranging from armor-piercing bullets, night vision goggles and cables, to nuclear weapons and naval warships.
Saba Yemen
15-05-2025
- Business
- Saba Yemen
China Lifts Previous Restrictions on US
Beijing - Saba: The Chinese Ministry of Commerce announced the suspension of export controls on dual-use goods for 28 US companies. A statement published on the ministry's website stated that China had placed a total of 28 US companies on its export control list on April 4 and 9, and also prohibited Chinese companies from supplying dual-use goods to China. Whatsapp Telegram Email Print more of (International)
Saba Yemen
26-04-2025
- Business
- Saba Yemen
Chinese direct investment rises 6.2 percent in m first quarter of 2025
Beijing - Saba: Data from the Chinese Ministry of Commerce showed that China's non-financial outward direct investment (ODI) rose 6.2 percent year-on-year to $40.9 billion in the first quarter of 2025. He Yadong, spokesperson for the Chinese Ministry of Commerce, said during a regular press conference that the first three months of this year saw a 4.4 percent increase in non-financial ODI to $35.68 billion. Chinese non-financial direct investment to countries participating in the Belt and Road Initiative reached $8.87 billion in the first quarter of this year, a 15.6 percent increase year-on-year. Whatsapp Telegram Email Print
