Tag: International Trade and World Market

What People in China Say of Trump

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Even for everyday people in China, President Trump’s influence looms large. A steel trader in the southern city of Fuzhou said his business had been depressed by the trade war. A taxi driver in northern China complained that the increase in global gas prices amid the war in Iran meant he had to pay more at the pump. At a shopping mall in Beijing, Sunny Sun, a woman who was invested in stocks, said she was watching her portfolio, wary of the impact of announcements from the president’s summit with…

Trump and Xi Enter China Summit Distracted by Iran War

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This is not how President Trump wanted to arrive in China. When he delayed his long-awaited trip to Beijing by six weeks, Mr. Trump was betting he would arrive in Beijing this week having forced the Iranians to capitulate to his demands. He anticipated that by now the shattered Iranian leadership would have agreed to turn over its nuclear stockpile, forgo its atomic ambitions and reopen the Strait of Hormuz. The message to President Xi Jinping would have been clear: Chinese declarations of a superpower in decline were premature. Instead,…

Why the Trump-Xi Summit Matters, Even if Little Seems to Come of It

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President Trump and China’s leader, Xi Jinping, are scheduled to meet in Beijing this week for a high-stakes summit that could shape the next stage of rivalry between the world’s two major powers. Mr. Trump and Mr. Xi are expected to discuss the war in Iran, trade, Taiwan and other points of contention during a two-day summit beginning on Thursday. Mr. Trump and Mr. Xi last met in October in South Korea, where they agreed to pause a bruising trade war in which the U.S. imposed triple-digit tariffs on Chinese…

In Hungary, Voters Exposed the Limits of China’s Ties to Orban

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The gigantic Chinese lithium battery factory under construction for three years on the edge of Hungary’s second biggest city hasn’t started production yet. But it has already contributed to a political earthquake. As the biggest Chinese investment in Europe, the $8.5 billion project in the eastern city of Debrecen had been hailed by Hungary’s outgoing prime minister, Viktor Orban, as proof of the economic benefits of his close relations with China. Instead, the factory helped bring about his downfall. In the April 12 election, Mr. Orban’s Fidesz party lost all…

China’s Big Bet on Wind Power Is Paying Off

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As the war in Iran threatens to choke off oil and gas supplies from the Persian Gulf, China is seizing the moment to extend its dominance in wind power. Across China, hilltops are dotted with wind turbines, and long rows of them span many miles in western deserts. Ultrahigh-voltage power lines carry electricity thousands of miles to the energy-hungry factories along China’s coast. Last year, China installed three times as much wind power capacity as the rest of the world combined, even as its turbine exports jumped. The global industry’s…

Trump Administration Pushes Forward With Tariffs Based on Forced Labor Laws

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The Trump administration has taken a novel approach as it looks for ways to issue new tariffs to replace the levies invalidated by the Supreme Court. It began a new trade investigation in March that targets 59 countries and the European Union with potential tariffs unless they pass laws that ban imports of goods made with forced labor. In two days of hearings about the investigation in Washington this week, human rights officials and company executives generally praised the move, saying it was likely to bring about a major expansion…

Paraguay Says It’s Not Abandoning Taiwan. China Has Other Plans.

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There are odd couples. Then there’s Taiwan and Paraguay. The high-tech island nation and its rural, landlocked South American ally sit on opposite sides of the earth. United in 1957 by two military rulers — Chiang Kai-shek and Alfredo Stroessner — driven by anti-Communist fervor, this improbable duo have been inseparable ever since. Today, however, Paraguay finds itself a member of a shrinking global club. China has flexed its economic muscle to force countries, including Paraguay, to break ties with Taiwan, which China considers part of its territory. Paraguay today…

Treasury Issues More Sanctions on Iranian Oil Exports

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The Trump administration on Tuesday ratcheted up economic pressure on Iran, warning financial institutions not to allow independent Chinese refineries to buy Iranian oil and cracking down on Iran’s “shadow” banking sector. The measures were the latest actions taken as part of the Treasury Department’s “Operation Economic Fury,” which aims to cripple Iran’s economy and compel it to agree to a peace deal with the United States. After easing sanctions on Iran last month in hopes of keeping oil flowing on global markets, the Trump administration reversed course in recent…

War and Sanctions Accelerate China’s Currency Push

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Neat rows of Chinese currency bills sit behind glass at the center of the national security gallery inside Hong Kong’s Museum of History, along with model fighter jets, attack helicopters and vials of rare-earth metals. Set with instruments of war and trade, the display underscores a central idea: The internationalization of its currency, the renminbi, is considered a pillar of China’s national security. Despite its rise as an economic superpower, China remains reliant on a global financial system anchored by the dollar. Turning the renminbi into a globally accepted currency…

Why Diesel Has Become a Much Bigger Economic Problem Than Gasoline

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The price of diesel has risen much more quickly than gasoline as the U.S.-Israeli war with Iran has choked global oil supplies. That could have severe consequences for the diesel-dependent transportation industry. Since the war began on Feb. 28, the average price of a gallon of diesel has gone up about 45 percent, while a gallon of regular gasoline has risen about 35 percent. The Energy Information Administration, a federal research agency, expects average diesel prices to peak at more than $5.80 a gallon this month. Gasoline, the agency said,…