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France 24
a day ago
- Business
- France 24
Nvidia's Huang says 'doing our best' to serve Chinese market
Huang is in the Chinese capital this week to attend the China International Supply Chain Expo, a forum for the country to boost its image as the global defender of free trade in contrast to the tariff chaos sparked by US President Donald Trump. He said officials had told him the country was "open and stable". "We spoke about... China welcoming foreign companies to invest here and build businesses here, and that China is open and stable," he told reporters at the expo. Huang also said he had told them his firm, which this week became the first to hit $4 trillion in market value, was keen to serve the massive Chinese market for microchips needed in everything from mobile phones to electric vehicles. "They want to know that Nvidia continues to invest here, that we are still doing our best to serve the market here," he said. Huang also addressed the expo's opening ceremony on Wednesday morning, when he hailed China's role in pioneering artificial intelligence. "China's open-source AI is a catalyst for global progress, giving every country and industry a chance to join the AI revolution," he said in a reference to Chinese AI startup DeepSeek. "AI is transforming every industry, from scientific research and healthcare to energy, transportation and logistics," he said. Huang praised China's "super-fast" innovation, powered by its "researchers, developers and entrepreneurs". Opening up Nvidia announced on Tuesday that it will resume sales of its H20 AI chips to China after Washington pledged to remove licensing restrictions that had halted exports. The California-based company produces some of the world's most advanced semiconductors but cannot ship its most cutting-edge chips to China due to concerns that Beijing could use them to enhance military capabilities. Nvidia developed the H20 -- a less powerful version of its AI processing units -- specifically for export to China. However, that plan stalled when the Trump administration tightened export licensing requirements in April. But Nvidia said this week Washington had told it that "licences will be granted, and Nvidia hopes to start deliveries soon". The announcement from Nvidia boosted tech firms around the world, with Wall Street's Nasdaq exchange rising to another record high. Asked on Wednesday about whether he had sought to sway President Trump before heading to China, Huang said: "I don't think I changed his mind". "It's my job to inform the President about what I know very well, which is the technology industry, artificial intelligence," he told reporters. 'Multiple risks intertwining' The tightened US export curbs come as China's economy wavers, with domestic consumers reluctant to spend and a prolonged property sector crisis weighing on growth. President Xi Jinping has called for greater self-reliance in the face of increasing external uncertainty. Vice Premier He Lifeng, in a thinly veiled swipe at Trump in his opening remarks at the expo, said: "... some countries are interfering in the market under the pretext of reducing risk, using measures such as imposing tariffs". "Global changes of a century are accelerating, with multiple risks intertwining and piling up," he added. "We need to further build a shared consensus on development, firmly oppose the politicisation... and over-securitisation of economic and trade issues." The foreign ministry in Beijing also hailed Wednesday's expo as a "new calling card for China's high-level opening up to the outside world". "China is willing to continue working with all parties to safeguard the stability and smooth operation of global production and supply chains and promote the building of an open world economic system," spokesman Lin Jian said.
Malay Mail
a day ago
- Business
- Malay Mail
China warns of global ‘turbulence' as Beijing hosts supply chain expo
BEIJING, July 16 — China's vice premier He Lifeng warned today that the world was undergoing 'turbulence and transformation' as he kicked off an expo in Beijing at which Nvidia CEO Jensen Huang is also expected to speak. Beijing is using this week's China International Supply Chain Expo as a forum to boost its image as the global defender of free trade—in contrast with the tariff chaos sparked by US President Donald Trump. In a thinly veiled swipe at the US leader in his opening remarks, He said: 'some countries are interfering in the market under the pretext of reducing risk, using measures such as imposing tariffs'. 'Global changes of a century are accelerating, with multiple risks intertwining and piling up,' he said. 'We need to further build a shared consensus on development, firmly oppose the politicisation, ideologisation, and over-securitisation of economic and trade issues, and work together to uphold an open and cooperative international environment.' — AFP
Al Arabiya
2 days ago
- Business
- Al Arabiya
Top China trade official says world in ‘turbulence and transformation'
China's Vice Premier He Lifeng warned on Wednesday that the world was undergoing 'turbulence and transformation' as he opened an expo in Beijing at which Nvidia CEO Jensen Huang is also expected to speak. Beijing is using this week's China International Supply Chain Expo as a platform to boost its image as a global defender of free trade — in contrast with the tariff chaos sparked by US President Donald Trump. In a thinly veiled swipe at the US leader during his opening remarks, He said: 'Some countries are interfering in the market under the pretext of reducing risk, using measures such as imposing tariffs.' 'Global changes of a century are accelerating, with multiple risks intertwining and piling up,' he said. 'We need to further build a shared consensus on development, firmly oppose the politicization, ideologization, and over-securitization of economic and trade issues, and work together to uphold an open and cooperative international environment.'
South China Morning Post
2 days ago
- Business
- South China Morning Post
China's Xi Jinping makes case for free trade as supply chain expo opens
President Xi Jinping has spoken out against unilateral sanctions and trade barriers – reiterating China's support for globalisation as the international economic environment turns more protectionist – in an article published on the opening day of a high-profile supply chain expo. Wednesday's piece in Qiushi – the leading theoretical journal of the ruling Communist Party – compiles statements Xi has made on the topic since 2012. The article, titled 'Unswervingly Advancing High-Level Opening Up', comes as China continues to make its case as a champion of free trade in contrast with the policies of US President Donald Trump. 'At present, unilateralism and protectionism are on the rise, posing serious challenges to multilateralism and free trade,' Xi wrote. 'China adheres to the correct direction of economic globalisation, promotes trade and investment liberalisation, opposes protectionism, building walls and barriers, and rejects unilateral sanctions and maximum pressure.' The Chinese president also vowed to uphold 'genuine multilateralism' and promote 'an inclusive and universally beneficial economic globalisation'.
CTV News
2 days ago
- Business
- CTV News
Carney casts doubt on Canada securing a tariff-free deal with Trump
Canada's prime minister is forging ahead with plans to come to a trade agreement with the United States. CTV National's Colton Praill on the upcoming meeting. Most countries will likely have to accept some baseline tariff rate on their goods by the United States, Prime Minister Mark Carney signalled Tuesday morning, on his way into a meeting with his cabinet on Parliament Hill. 'There is not much evidence at the moment — from the deals, agreements and negotiations with the Americans, for any country or any jurisdiction — to get a deal without tariffs,' Carney said in French, when asked whether he believes it's possible to have the levies removed entirely. Canada, he added, is uniquely positioned to have effectively free trade with the United States. A slate of stacked U.S. tariffs on Canadian goods, as well as Canadian countermeasures, have been in place for months. Following the G7 summit in Kananaskis, Alta., last month, Carney signalled he and U.S. President Donald Trump agreed to iron out a trade deal before July 21. But, in a letter addressed to Carney and posted to Truth Social last week, Trump said he'll be hitting Canada with 35 per cent tariffs on Canadian products starting Aug. 1. Carney subsequently revised the deadline to reach a deal to that date. Carney also told reporters before Tuesday's cabinet meeting that he expects talks with the United States will 'intensify' in the next few weeks. 'At the same time, we need to recognize that the commercial landscape globally has changed,' he said. 'It has changed in a fundamental manner, and we will continue to focus on what we can most control, which is building a strong Canadian economy. It's part of what we'll be discussing at cabinet today.' The prime minister added that the situation needs to be 'stabilized,' especially for the sectors that are particularly affected by Trump's tariffs. Carney is also set to meet with Canada's premiers in Huntsville, Ont., next week. Carney comments a 'wake-up call': trade lawyer William Pellerin, an international trade lawyer with McMillan and former litigator for Canada in trade disputes with the United States, said Carney's comments on Tuesday can serve as a 'bit of a wake-up call for Canadians and Canadian businesses that we might not get back to a place of no tariffs.' Speaking to CTV News, Pellerin said businesses should prepare for that to be the case. Pellerin said there is 'a lot of scenario planning' underway for Canadian businesses and industry, while Carney's comments could be 'laying the groundwork or setting expectations' for Canadians. 'I think there's still quite a bit of optimism and hope that we will get to a reasonable place with the United States as our, by far, largest trading partner,' he said. 'But today might have been kind of the first opening, or the first time that we've really heard that we might not get there.' Speaking to reporters earlier on Tuesday, Carney indicated Canada has one of the lowest effective tariff rates compared to other countries. According to Pellerin, Canada is 'actually not doing terribly.' He said while there are some sectors that have been hit with more punishing tariffs — such as steel and aluminum — the vast majority of goods being compliant with the Canada-U.S.-Mexico free trade agreement brings the average, or effective, tariff rate down. 'If Canada could get to a place where we have just a very low baseline tariff that applies only to a certain subsect of products, I think we could be OK,' Pellerin said. 'But certainly, right now, the steel industry and others are really suffering.' Most prefer 'hard' approach to Trump: survey Amid the ongoing negotiations with the U.S., new data from the Angus Reid Institute show nearly two thirds of survey respondents want to see the Canadian government take a harder line. According to the new numbers, 63 per cent of people want to see a 'hard approach,' which the polling firm characterizes as 'refusing difficult concessions even if it means a worsening of trade relations with the U.S.' Meanwhile, 37 per cent of people prefer a 'soft approach,' which the firm considers 'making difficult concessions to keep a good relationship with our biggest trading partner.' 'When the political rhetoric trickles down to things like household income and people feeling secure or insecure as to whether or not they're going to have a job next year, that's really where we have to see how much of that elbows up rhetoric continues to hold,' said Angus Reid Institute president Shachi Kurl, in an interview with CTV News. The Angus Reid survey also laid out which concessions in which sectors — such as supply management, the digital services tax, fresh water, and defence spending, for example — Canadians may or may not be willing to make. The data from Angus Reid about a hard versus soft approach to negotiations were taken before Trump's letter threatening 35 per cent levies. Kurl said there was already a 'significant amount of division' among Canadians when it comes to their confidence in Carney's ability to effectively negotiate with Trump, even before the president's latest threat. Nearly half of respondents (48 per cent), she said, are confident the two leaders can hash out a deal, whether they trust Carney can negotiate one, or because they believe Trump will back down on his threat. Conversely, Kurl said, 45 per cent say they're not confident in an imminent deal, whether that's because they don't trust the prime minister, or because they believe Trump is 'too unpredictable and too capricious.' 'And therefore, no matter what we do, we can stand on our head, it still won't matter,' she said. 'So those really represent an almost even division between those who are confident and those who are not confident,' Kurl also said. With files from CTV News' Rachel Aiello and Colton Praill
