Trump stiffs farmers and China stiffs Trump

This article is an on-site version of our Trade Secrets newsletter. Premium subscribers can sign up here to get the newsletter delivered every Monday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters Welcome to the antepenultimate Trade Secrets newsletter of 2025. It doesn’t look like we’re going to get the US Supreme Court ruling on President Donald Trump’s tariffs before next year, which is a shame as that would have ended 2025 on a spicy note. Still, it will be a treat to look forward to…

China’s fertility push: IVF grants grow, but high costs still deter couples

From cash handouts to reimbursed procedures, local governments across China are throwing money at in vitro fertilisation and related fertility treatments in a bid to coax couples into having children. But some experts warn that the hi-tech push ignores the low-tech reality: raising a family is simply too expensive, and fertility subsidies cannot reverse China’s demographic decline. Jingmen, a city in central Hubei province, is the latest to join the fray, announcing subsidies of up to 10,000 yuan (US$1,419) for IVF and 3,000 yuan for artificial insemination, effective January 1.…

US global retreat shows Japan’s folly in defying China

Retrenchment appears to be the buzzword following the Trump administration’s release of its new National Security Strategy (NSS). Under the heading “Balance of Power”, the report states that “the US rejects the ill-fated concept of global domination for itself”. And under “burden-sharing and burden-shifting”, it says that “the days of the US propping up the entire world order like Atlas are over”. The document asserts a “‘Trump corollary’ to the Monroe Doctrine” and vows to “restore American pre-eminence in the Western Hemisphere”, effectively reaffirming the Americas as the US’ sphere…

UK condemns Hong Kong’s ‘politically motivated’ targeting of Jimmy Lai after conviction

The UK government and international rights groups have condemned the conviction of former pro-democracy newspaper owner and British citizen Jimmy Lai in Hong Kong on national security charges. On Monday, Lai, 78, was found guilty in West Kowloon district court on one count of conspiracy to publish seditious publications and two counts of conspiracy to foreign collusion. The charges were brought under the city’s punitive national security law (NSL), introduced in 2020, and a British colonial-era sedition law that has been used in recent years by authorities. The pro-democracy activist…

Chinese main battle tank, upgraded for high altitudes, could be sent to border with India

One of China’s newest main battle tanks, the Type 99B, is an upgraded model designed to perform better in high-altitude and cold weather operations, according to state media – suggesting it could be sent to the Himalayan border with India. The tank is the latest of the Type 99 armoured vehicles and was among the military hardware unveiled during China’s huge Victory Day parade in Beijing in September. State broadcaster CCTV reported on Thursday that the upgraded model has a raft of new features. It was shown going through testing…

China-led Asia-Pacific region lifts global aviation outlook as profits set to soar

The global air travel market has bounced back to pre-pandemic levels, with the industry upbeat about 2026 and the Asia-Pacific region expected to lead worldwide traffic growth, the International Air Transport Association (IATA) said on Monday. Load factors in Asia-Pacific were projected to hit an all-time regional high of 84.4 per cent next year, according to IATA, which represents some 370 airlines, accounting for more than 80 per cent of the world’s air traffic. Advertisement Direct flights between China and India, the world’s two most populous countries, resumed in late…

Shenzhen sets travel record as rail station handles 116 million trips in 11 months

Shenzhen’s main railway station handled a record 116.6 million passengers in the first 11 months of 2025, as China’s major cities continue to see a boom in rail ridership and travel between Hong Kong and mainland China picks up steam. The total passenger flow at Shenzhen North Railway Station between January and November was up 8.8 per cent compared with the same period last year, according to data from China State Railway Group cited by local media. Shenzhen North is one of the two largest high-speed rail hubs in China’s…

Hong Kong media tycoon Jimmy Lai convicted of national security offences – video

Jimmy Lai, the Hong Kong pro-democracy media tycoon, is facing life in prison after being found guilty of national security and sedition offences in one of the most closely watched rulings since the city’s return to Chinese rule in 1997. The Guardian’s correspondent Helen Davidson explains what happened The Guardian

China and Saudi Arabia pledge deeper hi-tech cooperation despite US pressure

Saudi Arabia has pledged to deepen hi-tech cooperation with China in areas such as new energy and artificial intelligence (AI). “Saudi Arabia is willing to further deepen cooperation with China in areas including oil and gas, new energy, artificial intelligence and high technology, to bring greater benefits to the peoples of both countries,” Crown Prince Mohammed bin Salman said, according to China’s Ministry of Foreign Affairs. The pledge comes at a time when the kingdom is facing growing scrutiny from the United States over its technology cooperation with Beijing. Advertisement…