It is deep winter with temperatures dropping to -20C. The sun never rises above the horizon, instead bathing Sweden’s most northerly town of Kiruna in a blue crepuscular light, or “civil twilight” as it is known, for two or three hours a day stretching visibility a few metres, notwithstanding heavy snow. But 900 metres below the arctic conditions, a team of 20 gather every day, forgoing the brief glimpse of natural light and spearheading the EU’s race to mine its own rare earths. Despite identification of several deposits around the…
Tag: Global economy
Trump is wrong: ‘woke’ policies aren’t the real threat to Europe | Nouriel Roubini
Donald Trump’s new national security strategy offers a misguided assessment of Europe, long regarded as the US’s most reliable ally. Unrestrained immigration and other policies derided by administration officials as “woke”, it warns, could lead to “civilisational erasure” within a few decades. That argument rests on a fundamental misreading of Europe’s current predicament. While the EU does face an existential threat, it has little to do with immigration or cultural politics. In fact, the share of foreign-born residents in the US is slightly higher than in Europe. The real threat…
The second China shock is coming – and the UK’s response is too timid | George Magnus
Emmanuel Macron came back from China in early December empty-handed. The French president’s appeal to his Chinese counterpart, Xi Jinping, to help stop the war in Ukraine was never going to gain traction given Beijing’s unqualified support for Russia. Urging Xi to address China’s surging trade surplus, the result of the country’s economic and industrial policies, predictably also fell on closed ears. In any event, Xi’s main concerns were the imminent final politburo meeting of the year and the annual Central Economic Work Conference (CEWC) that followed. Centre stage was…
China has set a bear trap for Keir Starmer – and our naive PM is walking straight into it | Simon Tisdall
The UK pushed hard to secure the release of Jimmy Lai, the newspaper publisher and British citizen who was a leading light in Hong Kong’s brutally suppressed pro-democracy movement. So, too, did press freedom and human rights campaigners. But the Beijing-appointed high court judges in the former colony convicted him anyway, finding Lai guilty last week on fake charges of trying to “destabilise” the Chinese Communist party (CCP). For Xi Jinping, China’s dictator-emperor, there is no greater crime. Protesting to China’s ambassador, the UK’s foreign secretary, Yvette Cooper, condemned the…
From the archive: Is the IMF fit for purpose? – podcast
We are raiding the Guardian long read archives to bring you some classic pieces from years past, with new introductions from the authors. This week, from 2022: As the world faces the worst debt crisis in decades, the need for a global lender of last resort is clearer than ever. But many nations view the IMF as overbearing, or even neocolonial – and are now looking elsewhere for help By Jamie Martin. Read by Kelly Burke The Guardian
China’s record trade surplus reveals its biggest strength – and hidden weakness
A boom in exports that has pushed China’s trade surplus past $1tn for the first time reveals the extent to which its economy is still overwhelmingly reliant on foreign markets – and the difficulty figures like Donald Trump will have in trying to rebalance global trade. Data released on Monday shows that in the first 11 months of this year, China’s trade surplus in goods was $1.076tn. The record trade surplus comes even as exports to the US have plummeted, a reflection of the bruising US-China trade war that, despite…
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…
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…
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…