Tag: International Trade and World Market

Solar Manufacturing Lured to U.S. by Tax Credits in Climate Bill

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Six years ago, an executive from Suniva, a bankrupt solar panel manufacturer, warned a packed hearing room in Washington that competition from companies in China and Southeast Asia was causing a “blood bath” in his industry. More than 30 U.S.-based solar companies had been forced to shut down in the previous five years alone, he said, and others would soon follow unless the government supported them. Suniva’s pleas helped spur the Trump administration to impose tariffs in 2018 on foreign-made solar panels, but that did not reverse the flow of…

Janet Yellen, U.S. Treasury Secretary, Will Meet With Chinese Counterpart

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Treasury Secretary Janet L. Yellen will hold two days of high-level meetings with her Chinese counterpart, Vice Premier He Lifeng, this week, as the United States and China look to build upon an effort that started this year to improve communication between the world’s two largest economies. The meetings will take place on Thursday and Friday in San Francisco ahead of the Asia-Pacific Economic Cooperation summit, which begins on Saturday. The meetings will help lay the groundwork for expected talks at the summit between President Biden and China’s top leader,…

More Semiconductors, Less Housing: China’s New Economic Plan

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China’s political leaders, under pressure to support the country’s fragile recovery, are slowly steering the economy on a new course. No longer able to rely on real estate and local debt to drive growth, they are instead investing more heavily in manufacturing and increasing borrowing by the central government. For the first time since 2005, when comparable record keeping in China began, banks controlled by the state have started a sustained reduction in real estate lending, data released last week showed. Enormous sums are instead being channeled to manufacturers, particularly…

U.S. Retailers Say an Old Trade Law Puts Them at a Disadvantage

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American retailers have faced an existential crisis since e-commerce disrupted the industry’s traditional business models. But their latest threat, a group of retailers and policymakers say, is coming from a nearly century-old trade rule that has given their e-commerce rivals — many of them founded in China — an unfair advantage. The rule, known as de minimis, allows companies to ship packages worth less than $800 into the United States without paying duties and fees that Customs and Border Protection enforces. Nearly three million de minimis shipments enter the United…

Why China-Australia Relations Are Warming. Sort of.

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Since 2017, Australia has played David to China’s Goliath: rejecting Chinese pressure to adopt Huawei technology, calling out Chinese political interference, and demanding an inquiry into Covid-19’s origins, even as Beijing blocked Australian imports ranging from coal to wine. Now, with Australia’s prime minister, Anthony Albanese, landing in Beijing on Saturday for a three-day visit and a meeting with China’s leader, Xi Jinping, reconciliation is advancing — but with limits. Mr. Albanese’s trip represents a small step back to economic and diplomatic stability after a long march into distrust. China’s…

U.S. Faces Tricky Questions With African Trade Group

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As the United States seeks to deepen its relationships with African nations and counter the influence of rivals like Russia and China, it confronts a tricky question: How does it respond when countries do things that run afoul of Washington’s stated commitment to democracy and human rights? That tension hung over a major trade conference between the U.S. and African countries that started in Johannesburg this week, after President Biden announced that he was suspending four nations from a critical trade program that aims to promote economic development in Africa.…

Biden and Albanese Say the U.S. and Australia Stand Together With Israel

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President Biden and Prime Minister Anthony Albanese of Australia expressed their shared condemnation of the Hamas attack this month on Israeli civilians and soldiers, saying during a state visit on Wednesday that they would stand with Israel. In a visit laden with ceremony, military pomp and personal references, the two leaders made every effort to show that the United States-Australia alliance was about more than just the military might of two countries that also cooperate on issues including artificial intelligence and the development of critical minerals. But, given their close…

State Dinner to Bring Together Biden, Australia’s Leader and the B-52s

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Five months ago, President Biden canceled a trip to Australia because the United States was on the brink of defaulting on its debt, and it seemed like a bad time to leave town. Then he extended an invitation to Anthony Albanese, the prime minister of Australia, for a state visit in Washington — a redo of sorts, when things would be calmer. Then again, maybe there’s never really a good time. This week, Mr. Biden is steering American involvement in two overseas wars and monitoring the continuing calamity of a…

Anthony Albanese to Visit Xi Jinping as China-Australia Tensions Ease

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Australia’s prime minister, Anthony Albanese, announced on Sunday that he would visit China early next month, meeting with its top leader, Xi Jinping. Such a visit would be the first by an Australian leader since 2016 and another sign of easing tensions between the two nations, along with the recent release of a detained Australian journalist and a breakthrough on talks aimed at removing staggering tariffs on Australian wine that China imposed three years ago. China is Australia’s biggest overseas market, with exports and services to China forming nearly one-third…

The Multimillion-Dollar Machines at the Center of the U.S.-China Rivalry

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They are smooth white boxes, roughly the size of large cargo vans, and they are now at the heart of the U.S.-Chinese technology conflict. As the United States tries to slow China’s progress toward technological advances that could help its military, the complex lithography machines that print intricate circuitry on computer chips have become a key choke point. The machines are central to China’s efforts to develop its own chip-making industry, but China does not yet have the technology to make them, at least in their most advanced forms. This…