The draft trade agreement with China announced by Donald Trump on Wednesday would ease concerns from top US military suppliers about rare-earth metals and magnets that, if cut off permanently, could hobble production of everything from smart bombs to fighter jets to submarines and other weapons in the US arsenal. While the deal has not yet been finalised, it may reassure major defense companies such as Lockheed Martin, the largest US user of samarium – a rare-earth metal used in military-grade magnets – whose supply is entirely controlled by China.…
Tag: Trump administration
‘Total discrimination’: Chinese students facing US visa ban say their lives are in limbo
Chinese students in the United States are questioning their future in the country after the state department announced last week that it would “aggressively” revoke visas for Chinese students and enhance scrutiny of future applications from China and Hong Kong. Chinese students hoping to study at Harvard, the US’s oldest and wealthiest university, are under particular pressure after the Trump administration announced on Wednesday that it was banning the school from enrolling new foreign students. The presidential proclamation cited Harvard’s links with China as a particular cause for concern. For…
Donald Trump to meet Xi Jinping in China after ‘very good’ call on trade
Donald Trump said he had accepted an invitation to meet Xi Jinping in China after a phone conversation on trade was held between the leaders of the world’s two largest economies. In a post on Truth Social, the US president said the “very good” call lasted about 90 minutes and the conversation was “almost entirely focused on trade”. He wrote: “The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries. There should no longer be any questions respecting the complexity of…
China accuses Pete Hegseth of sowing division in Asia in speech ‘filled with provocations’
China’s government has accused Pete Hegseth of trying to “sow division” in the Asia Pacific region over his speech at a Singapore defence conference where he warned China was a potentially “imminent” threat. On Saturday Hegseth said China was “credibly preparing to potentially use military force to alter the balance of power in the Indo-Pacific”, and was rehearsing for “the real deal” of invading Taiwan. “There’s no reason to sugar coat it. The threat China poses is real, and it could be imminent,” the US defence secretary said in a…
Europe and Asia should form ‘positive new alliance’, says Macron in Singapore
European and Asian countries should form a “positive new alliance” based on shared principles, security, defence and trade, away from the battling superpowers of the US and China, Emmanuel Macron has said. Addressing the Shangri-La security dialogue in Singapore on Friday, the French president said the division between the US and China was the biggest threat in the world right now, but he also warned of the threat from Russia and North Korea. He said it was crucial that allied nations act together to maintain credibility against aggressors. “We are…
US will ‘aggressively’ revoke visas of Chinese students, Rubio says
President Donald Trump’s administration has said it will “aggressively” revoke visas of Chinese students, one of the largest sources of revenue for American universities, in the latest attack on US higher education. The announcement by secretary of state Marco Rubio came after China criticised his department’s decision a day earlier to suspend visa appointments for students worldwide at least temporarily. The Trump administration has already sought to end permission for all international students at Harvard University, which has rebuffed pressure from the president. The United States will “aggressively revoke visas…
This pause in the trade war will be brief. Small businesses, plan accordingly
Donald Trump’s massive Chinese tariffs are on pause. The media debated. Wall Street rejoiced. Many of my clients breathed a sigh of relief. Big retailers jumped for joy. But for how long? For starters, the tariffs that weren’t paused – a 10% levy on all Chinese goods, plus a bonus 20% tax that somehow relates to fentanyl, are still in place. When you take into consideration existing tariffs on steel from previous Trump and Biden administrations, the effective tariff rate on Chinese goods is actually closer to 40%, according to…
Gone in 40 days: how Trump’s ‘liberation day’ tariff assault unraveled
Donald Trump hailed a new chapter in the US’s economic history on 2 April, dubbed “liberation day” by his administration, as he announced plans for an extraordinary barrage of US tariffs on the world. The chapter lasted 40 days. The page has already been turned. But the impact of those six chaotic weeks, from higher prices to slowing growth, is still unfolding – and the US president is already threatening further adjustments. The story continues. Trump had been steered away from his aggressive instincts on trade during his first term,…
Which Trump tariffs are active, which are paused and what’s next?
Over the last few months, Donald Trump has introduced a confusing and evolving slate of tariffs against specific countries and industries that the president has deemed as threats to US industry. Many of his harshest tariffs have been paused, and some exemptions have been made, but a handful of tariffs are still in place. Trump has continued to threaten more of them, though the future of the president’s trade war remains unclear. Here’s what we know so far about the status of US tariffs on imported goods. Active Most of…
US to cut ‘de minimis’ tariff on goods from China to as low as 30%
The US will cut the “de minimis” tariff for low-value shipments from China to as low as 30%, according to a White House executive order and industry experts, further de-escalating a potentially damaging trade war between the world’s two largest economies. The order published late on Monday offers some relief to big Chinese e-commerce players Shein and Temu and follows a weekend deal between Beijing and Washington to unwind for 90 days most of the tit-for-tat tariffs imposed on each other’s goods since early April. While their joint statement after…