Donald Trump has announced the creation of a critical mineral reserve worth nearly $12bn, a stockpile that could counter China’s ability to use its dominance of the hard-to-process metals as leverage in trade talks. “Today we’re launching what will be known as Project Vault to ensure that American businesses and workers are never harmed by any shortage,” Trump said at the White House on Monday. He compared it to the Strategic Petroleum Reserve (SPR), which was created in the 1970s when an Arab oil embargo led to a disruptive shortage…
Tag: International trade
Chinese car firm Chery to open European base in Liverpool
Chinese carmaker Chery is to open a research and development headquarters in Liverpool, in a move that could pave the way for a deal for the British manufacturer Jaguar Land Rover to build its cars. State-owned Chery’s commercial vehicle arm will base the headquarters for its European operations on Merseyside, including research, engineering, and commercial functions. Chery has already made a mark in the UK car market through its Omoda and Jaecoo brands, and it is launching its eponymous brand with an advertising campaign featuring former England footballer Peter Crouch.…
What happened when Starmer met Xi Jinping? – podcast
Keir Starmer held talks with the Chinese leader Xi Jinping this week and proclaimed Britain should have a more ‘sophisticated’ relationship with China. Pippa Crerar, who was with the prime minister on the trip, tells Kiran Stacey what all this means The Guardian
Burner phones and lead-lined bags: a history of UK security tactics in China
When prime ministers travel to China, heightened security arrangements are a given – as is the quiet game of cat and mouse that takes place behind the scenes as each country tests out each other’s tradecraft and capabilities. Keir Starmer’s team has been issued with burner phones and fresh sim cards, and is using temporary email addresses, to prevent devices being loaded with spyware or UK government servers being hacked into. The employment of such tactics may sound dramatic but they are par for the course in an age of…
Starmer’s fraught visit to China will tell us what he really thinks of the UK’s place in the world | Peter Frankopan
This week, Keir Starmer will reportedly visit China. This will be the first trip of this kind by a British prime minister since Theresa May’s three-day visit to Beijing in 2018. Since then, relations between London and Beijing have become increasingly fraught, caught between growing security concerns and deep economic interdependence. Allegations of espionage and influence operations have sharpened political and public suspicion in the UK, even as deep trade links and supply chains on which the country depends make disengagement unrealistic. As fierce debate about the recent approval for…
Keir Starmer to visit China with British business leaders next week, say reports
Keir Starmer will reportedly visit China next week after controversial plans for Beijing to build a vast embassy in London were approved by his government. The UK prime minster will lead a delegation of blue-chip British companies, according to Reuters. The same firms, which include BP, HSBC, Intercontinental Hotels Group, Jaguar Land Rover and Rolls-Royce were also said to be among those who will join a revamped “UK-China CEO council”. There was no comment from Downing Street early on Wednesday. However, Jonathan Powell, the national security adviser, went to Beijing…
China blocks Nvidia H200 AI chips that US government cleared for export – report
Suppliers of parts for Nvidia’s H200 have paused production after Chinese customs officials blocked shipments of the newly approved artificial intelligence processors from entering China, according to a report. Reuters could not immediately verify the report, which appeared in the Financial Times citing two people with knowledge of the matter. Nvidia did not immediately respond to a Reuters request for comment made outside regular business hours. Nvidia had expected more than one million orders from Chinese clients, the report said, adding that its suppliers had been operating around the clock…
Mark Carney in China positions Canada for ‘the world as it is, not as we wish it’
Mark Carney’s trip to Beijing this week secured what he described as a “preliminary but landmark” trade deal and a recognition – welcomed by Beijing – that countries are operating in a “new world order”. Carney’s visit is the first time in nearly a decade that a Canadian prime minister has been welcomed in Beijing. It comes after years of a deep freeze in the relationship between Ottawa and Beijing that Carney wants to thaw, in order to reduce his country’s precarious reliance on the United States. Guy Saint-Jacques, a…
Influx of cheap Chinese imports could drive down UK inflation, economists say
As Trump’s tariffs take effect, Britain is likely alternative destination for cars, telecoms and sound equipment Business live – latest updates The UK is poised for an influx of cheap Chinese imports that could bring down inflation amid the fallout from Donald Trump’s global trade war, leading economists have said. After figures showed China’s trade surplus surpassed $1tn (£750bn) despite Washington’s tariff policies hitting exports to the US, the Bank of England said the UK was among the nations emerging as alternative destinations for the goods. Continue reading… The Guardian
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…