The vital flow of chips from China to the car industry in Europe looks poised to resume as part of the deal struck last week between Donald Trump and his Chinese counterpart, Xi Jinping. The Netherlands has signalled that its standoff with Beijing is close to a resolution amid signs China’s ban on exports of the key car industry components is easing. The dispute began when the Dutch government took control of the chipmaker Nexperia at the end of September after the US raised security concerns about the company’s Chinese…
Tag: Business
Driving competition: China’s carmakers in race to dominate Europe’s roads
When Tesla wanted to catch the eye of British buyers, it put its cars and bright signage at a dealership in west London’s prominent Hogarth roundabout. Exposure to half a million drivers every day helped the US carmaker to become the dominant electric vehicle seller in the UK. Yet drivers passing by that site now see something different: twin Chinese brands Omoda and Jaecoo, both owned by the state-controlled manufacturer Chery. Chinese cars are on a roll across Europe – they outsold Korean rivals in western Europe for the first…
China accuses Dutch of prolonging chip war that threatens to halt car factories
Carmakers around the world are facing fresh uncertainty about their ability to continue production after China accused the Netherlands of failing to cooperate on resolving a dispute over the seizure of the chipmaker Nexperia. The Dutch government took control of the EU-based automotive chipmaker at the end of September because of concerns about the company’s Chinese parent, Wingtech Technology. In response, China halted exports of Nexperia products, restricting access to the vital components used in everything from airbags to central locking. Carmakers including Volkswagen, Honda and Nissan have warned tthe…
The president who cried tariffs: will the US supreme court challenge Trump’s trade war?
Donald Trump thrives on emergencies. He cried havoc on the very first day of his second term, declaring a national emergency caused by an “invasion” of “illegal aliens” from Mexico. He has since invoked emergencies more than any president since the passage of the National Emergencies Act in 1976. Next Wednesday, he faces another of his own making, as the US supreme court hears oral arguments on whether his globe-shaking signature economic policy – tariffs – is legally valid. Trump sees emergency everywhere. From the flow of illegal drugs and…
Nexperia halts chip supplies to China in threat to global car production
Nexperia, the EU-based automotive chipmaker at the centre of a geopolitical dispute, has suspended supplies to its Chinese factory, stepping up a trade war that threatens to halt production at carmakers around the world. The company wrote to customers this week informing them all supplies to a Chinese plant had been suspended. In September, the Netherlands used national security laws to take control of the chipmaker, citing concerns that its Chinese owner, Wingtech Technologies, was planning to shift intellectual property to another company it owned. The Dutch government said that…
Era of free trade and investment is over, Canada’s PM tells Apec summit
The Canadian prime minister, Mark Carney, has warned that the era of free trade and investment that formed the foundations of the postwar global economy has ended. In a stark message to Asia-Pacific leaders at the Apec summit in South Korea on Friday, Carney said rules-based open trade no longer worked in a global economy that was undergoing one of its most profound periods of change since the fall of the Berlin Wall in 1989. “The old world of steady expansion of rules-based liberalised trade and investment, a world on…
Five key takeaways from Donald Trump’s meeting with Xi Jinping
As Donald Trump flew out of Busan airport in South Korea after his meeting with China’s Xi Jinping, the US president sounded upbeat about progress made during less than two hours of talks. Trump discussed the outcome of the meeting, which he described as a 12 on a scale of one to 10, with “an outstanding group of decisions made”. He added: “We’ve come to a conclusion on many important points.” A Chinese statement quoted Xi saying the two countries had “good prospects for cooperation”, and relations had maintained “overall…
‘We don’t always see eye to eye’: Xi and Trump on crunch trade talks – video
Donald Trump said the US and China had agreed ‘to a lot of things’ during trade talks in South Korea, and would be having further discussions. The US president described Xi Jinping as ‘distinguished and respected’, while the Chinese leader said: ‘We do not always see eye to eye with each other, and it is normal.’ Trump hailed the trade talks as ‘amazing’, saying the dispute over the supply of rare earths had been settled and that he would visit China in April The Guardian
Telegraph sale in turmoil after lead bidder linked to China’s politburo
Media group’s own paper publishes photo of RedBird Capital chair with alleged spy ring chief The sale of the Telegraph Media Group has been plunged into fresh turmoil after the company’s own newspaper linked its presumed new owner to the suspected ringleader of the alleged Westminster Chinese spy ring. Wednesday’s edition of the Daily Telegraph published a 2024 photograph of the financier John Thornton shaking hands with Cai Qi, a senior member of the Chinese Communist party’s ruling politburo, raising questions as to whether the British title is being eyed…
EU carmakers ‘days away’ from factories halting work in chip war with China
Industry body says reserves of Nexperia semiconductors are dwindling after Beijing bans exports of key components Carmakers in the EU are “days away” from closing production lines, the industry has warned as a crisis over computer chip supplies from China escalates. The European Automobile Manufacturers’ Association (ACEA) issued an urgent warning on Wednesday saying its members, which include Volkswagen, Fiat, Peugeot and BMW, were now working on “reserve stocks but supplies are dwindling”. Continue reading… The Guardian