The Chinese did rather well in the age of globalization. In 1990, 943 million people there lived on less than $3 a day measured in 2021 dollars – 83% of the population, according to the World Bank. By 2019, the number was brought down to zero. Unfortunately, the United States was not as successful. More than 4 million Americans – 1.25% of the population – must make ends meet with less than $3 a day, more than three times as many as 35 years ago. The data is not super…
Tag: Business
Trump’s plan to impose semiconductor tariffs may be delayed, sources say
US officials are privately saying that they might not levy long-promised semiconductor tariffs soon, potentially delaying a centerpiece of Donald Trump’s economic agenda. Officials relayed these messages over the last several days to stakeholders in the government and private industry, according to two people with direct knowledge of the matter and a third person briefed on the conversations. A fourth person following the matter also said the administration was taking a more cautious approach to avoid provoking China. The discussions have not been previously reported. Trump aides are taking their…
Netherlands suspends state seizure of Chinese chipmaker Nexperia
The Netherlands has suspended its seizure of the Chinese-owned chipmaker at the heart of a six-week dispute between the EU and China that threatened to halt car production at sites around the world. The Dutch minister of economic affairs, Vincent Karremans, said in a statement on Wednesday that the government would suspend its decision to take supervisory control of Nexperia as a gesture of “goodwill” to Beijing. “In light of recent developments, I consider it the right moment to take a constructive step by suspending my order under the Goods…
China suspends seafood imports from Japan as Taiwan row escalates
China has suspended imports of Japanese seafood again, as the fallout over the Japanese prime minister’s comments about Taiwan continues to escalate in one of worst bilateral disputes in years. The ban was first reported on Wednesday by the Japanese outlets Kyodo News and NHK, and appeared to be confirmed by China’s foreign ministry, which said there was “no market for Japanese seafood in the current climate”. The reports said China’s government had informed Japan it was suspending all seafood imports, months after it partly lifted a previous ban issued…
Inside Trump’s scramble to reduce US dependence on Chinese rare-earth metals
Scott Bessent, the US treasury secretary, returned from South Carolina last week brandishing a small piece of metal, proclaiming that it was the first rare-earth magnet made in the US in a quarter of a century. It was, he indicated to Fox Business, proof that the US is ending “China’s chokehold on our supply chain”. Thanks to the South Carolina company eVAC’s new rare-earth mineral processing center, Bessent added: “We’re finally becoming independent again.” Breaking China’s processing and manufacturing dominance in these materials, essential for some semiconductors, batteries and armaments,…
China voices ‘extreme disappointment’ with Dutch minister at centre of car chip row
Vincent Karremans called semiconductor supply chain crisis a ‘wake-up call for western leaders’ The Chinese government has expressed “extreme disappointment” with the Dutch minister at the heart of a row over chip supply to the car industry. A spokesperson for the ministry of commerce was responding to a Guardian interview with Vincent Karremans on Thursday in which the politician described the standoff between China and the European Union as a “wake-up call” for western leaders. Continue reading… The Guardian
Global markets fall after tech sell-off and fears over Chinese economy
Global markets have fallen after a tech sell-off that fuelled Wall Street’s worst day in a month and weak economic data in China showing an unprecedented slump in investment. Japan’s tech-heavy Nikkei fell 1.8% on Friday, South Korea’s Kospi plunged 2.6% and there was a 1.5% fall in Australia, after a torrid day on Wall Street as Nvidia and other tech companies tumbled over valuation concerns. Nvidia, the $4.5tn (£3.4tn) tech company, led a wider sector decline, falling 3.6% as investors reassessed the value of companies involved in the AI…
‘It’s a wake-up call’: Dutch row with Chinese chipmaker that threatened global car industry
A bitter battle over the future of a Chinese-owned chipmaker in the Netherlands that threatened to cripple the global car industry is a “wake-up call to Europe and the west”, the minister at the heart of the row has warned. The six-week standoff between the EU and Beijing over Nexperia and its vital supplies of automotive semiconductors has served up a sobering lesson to world leaders over their dependency on China, says Vincent Karremans. The Dutch economy minister says he has no regrets about the tussle and would not change…
Nexperia row shows how China is weaponising trade – and winning
As interventions go it was pretty audacious. The Dutch government decision at the end of September to take over Nexperia, a Chinese-owned chip factory, almost brought the entire European car industry to a halt. Tensions between Europe and China de-escalated over the weekend as Beijing confirmed it would ease restrictions on automotive chip supplies to the EU, prompting sighs of relief in car factories around the world. But it has only intensified the questions about the EU’s asymmetric relationship with China, with many in industry, diplomacy and governments asking if…
UK transport and cyber-security chiefs investigate Chinese-made buses
The UK is to investigate whether hundreds of Chinese-made buses can be controlled remotely by their manufacturer, amid increasing concerns over Beijing’s involvement in British infrastructure. The Department for Transport and the National Cyber Security Centre are examining whether buses made by Yutong could be vulnerable to interference. A spokesperson for the Department for Transport said: “We are looking into the case and working closely with the UK’s National Cyber Security Centre to understand the technical basis for the actions taken by the Norwegian and Danish authorities. “The department takes…