China has overtaken the US as Germany’s top trading partner, figures have shown, as the chancellor, Friedrich Merz, prepares for his first visit to Beijing since taking office. Merz will head to China on Tuesday and will be welcomed with military honours on Wednesday in Beijing by the prime minister, Li Qiang, before later meeting the president, Xi Jinping, for talks over dinner, his spokesperson, Sebastian Hille, said. Germany’s Federal Statistical Office released figures on Friday showing that China is back on top as the country’s most important market with…
Tag: Business
US and Japan unveil $36bn of oil, gas and critical minerals projects in challenge to China
Japan has drawn up plans for investments in US oil, gas and critical mineral projects worth about $36bn under the first wave of a deal with Donald Trump. The US president and Sanae Takaichi, Japan’s prime minister, announced a trio of projects including a power plant in Portsmouth, Ohio, billed by the Trump administration as the largest natural gas-fired generating facility in US history. As a diplomatic row between Japan and China over the security of Taiwan continues, testing the Japanese economy, Takaichi said the projects would strengthen her country’s…
Trump donor who criticized offshoring to close Ohio plant and move work to China
John Paulson, a hedge fund billionaire and one of Donald Trump’s earliest Wall Street backers, is planning to offshore an Ohio manufacturing plant to China despite heavy pushback from employees. Workers at the plant call the move “a slap in our face”, after Paulson vocally defended domestic manufacturing, and are fighting to keep the plan open. Conn Selmer, the largest US manufacturer of brass and orchestra instruments, told the union it planned to offshore most work at its East Lake, Ohio, plant to China by the end of June 2026,…
TikTok creator ByteDance vows to curb AI video tool after Disney threat
ByteDance, the Chinese technology company behind TikTok, has said it will restrain its AI video-making tool, after threats of legal action from Disney and a backlash from other media businesses, according to reports. The AI video generator Seedance 2.0, released last week, has spooked Hollywood as users create realistic clips of movie stars and superheroes with just a short text prompt. Several big Hollywood studios have accused the tool of copyright infringement. On Friday, Walt Disney reportedly sent a cease-and-desist letter to ByteDance which accused it of supplying Seedance with…
EU leaders to clash over ‘Buy European’ push at Belgium summit
EU leaders are expected to diverge on whether “Buy European” is an answer to Europe’s waning economic fortunes, at a summit on how to secure the continent’s future in a more volatile global economy. At a moated castle in the east Belgian countryside, the EU’s 27 leaders will gather on Thursday for a brainstorming session on how Europe can regain its economic competitiveness vis-a-vis the US and China, at a time of economic threats and political turbulence. The question of Europe’s declining competitiveness has long troubled the EU, but gained…
How can Britain regain its manufacturing power? Start thinking like a developing country | Larry Elliott
Margaret Thatcher and Deng Xiaoping were both on a mission when they came to power within months of each other at the tail end of the 1970s. Thatcher wanted to reinvigorate capitalism in Britain, while Deng launched a programme of reform and liberalisation that he called socialism with Chinese characteristics. Since then, the economies of Britain and China have been transformed, but in different ways. China was essentially a peasant economy when Deng took control, but it has since become an industrial powerhouse, while Britain has ceased to be a…
Chinese carmaker Chery to launch fourth brand in UK
The Chinese carmaker Chery is launching a fourth brand in the UK, continuing a push into the British market where it has rapidly become a major player. The state-owned company said on Wednesday it would sell cars under the Lepas brand, which is developing battery and hybrid SUVs aimed at younger families, mainly in the European market. The decision to add a fourth brand in the UK underlines Chery’s efforts to win market share. The Lepas cars will be built initially in China and imported to the UK, which does…
Trump unveils $12bn critical minerals stockpile scheme in apparent move to counter China’s dominance
Donald Trump has announced the creation of a critical mineral reserve worth nearly $12bn, a stockpile that could counter China’s ability to use its dominance of the hard-to-process metals as leverage in trade talks. “Today we’re launching what will be known as Project Vault to ensure that American businesses and workers are never harmed by any shortage,” Trump said at the White House on Monday. He compared it to the Strategic Petroleum Reserve (SPR), which was created in the 1970s when an Arab oil embargo led to a disruptive shortage…
As US influence wanes, the Chinese trade surplus strangles manufacturing across the globe
When the Canadian prime minister, Mark Carney, took to the podium at the World Economic Forum in Davos last week to lament how “great economic powers” were dismantling the international order, it seemed clear that he was talking about the United States. He might have been talking about China as well. Not a week earlier, Beijing had revealed that China’s trade surplus ballooned by 20% in 2025, to $1.2tn. Despite Donald Trump’s wall of tariffs that crashed Chinese sales to the US, its overall exports expanded more than 5%. Sales…
Alarm raised over Chinese CCTV cameras guarding ‘symbol of democracy’ Magna Carta
Security cameras guarding Magna Carta are provided by a Chinese CCTV company whose technology has allegedly aided the Uyghur “genocide” and been exploited by Russia during the invasion of Ukraine, it has emerged. In letters seen by the Guardian, campaigners called on Salisbury Cathedral, which houses one of four surviving copies of the “powerful symbol of social justice”, to rip out cameras made by Dahua Technology, based in the Chinese city of Hangzhou. They have also written to the authorities responsible for the Parthenon temple in Greece, which is monitored…