Xi Jinping has announced a plan to counter China’s continuing economic problems and the impact of the US trade war, as reports swirl that it could drop tariffs on some US products, including semiconductors. Friday’s meeting of the politburo was convened to discuss China’s economic situation, which since the pandemic has faced difficulties fuelled by a housing sector crisis, youth unemployment, and Donald Trump’s tariffs on all Chinese exports. A readout of the meeting published by the official state media outlet, Xinhua, said China’s economy had showed a “positive trend”…
Day: April 25, 2025
US takes step towards deep sea mining in international waters
BANGKOK – U.S. President Donald Trump has ordered his administration to speed development of the deep sea mining industry, including in international waters governed by a U.N. treaty that most nations are signatory to. A Trump executive order signed Thursday says the U.S. must “counter China’s growing influence over seabed mineral resources,” – namely the potato sized nodules that carpet vast areas of the seabed and contain rare earths and minerals such as nickel, cobalt and manganese. Like Trump’s tariff shock therapy, the deep sea mining policy threatens to upend…
China to fund Kenyan road and rail schemes as it seeks support in opposing Trump tariffs
Chinese President Xi Jinping has agreed to finance the construction of Kenyan roads and railways including the rebuilding of a notorious accident black spot. Advertisement Xi made the pledge when he welcomed his Kenyan counterpart William Ruto to Beijing on Thursday, promising also to support “high-level connectivity, and sustainable trade”. The funding he pledged will include work to rebuild the Nithi Bridge in central Kenya, a notorious death trap that has claimed hundreds of lives since its commissioning four decades ago. The plan involves the building of a viaduct that…
China grants some tariff exemptions for US imports as trade war bites
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. China has granted some tariff exemptions on American imports and is considering lifting other duties, according to the local US business lobby group, in a possible sign of relief for companies hit by Donald Trump’s trade war. China’s ministry of commerce is reviewing sectors affected by Beijing’s 125 per cent tariffs on US goods, Michael Hart, American Chamber of Commerce in China president, said on Friday. Hart said that healthcare…
ADRessing the dragon in the room
To paraphrase Patek Philippe, in America you never actually own a Chinese ADR. You merely look after it for its Hong Kong-listed parent company. Almost 300 Chinese companies have listings on US exchanges, and most of these are in the form of ‘American depositary receipts’. In essence, these give US investors a claim over the underlying shares of an overseas company. Prominent ADR issuers include the likes of Alibaba, PDD and JD, and the aggregate market cap is over $1tn, so this is not a niche thing. Dual-listed ADRs can…
China rolls back tariffs on some US goods: media
TAIPEI, Taiwan – China appears to be quietly removing 125% retaliatory tariffs on some U.S. imports, including semiconductors, media reports said, following President Donald Trump’s recent signals that high levies on Chinese goods could be reduced. The U.S. this month imposed tariffs of 145% on Chinese imports, prompting China to retaliate with tariffs reaching 125% on American goods – a tit-for-tat trade battle that threatens to stunt the global economy. The U.S. also has imposed new tariffs on most other countries. Chinese authorities have implemented tariff exemptions for eight types…
South China Sea: China blames Philippine activity for coral damage at disputed Sandy Cay
China has concluded that coral reef degradation in the waters surrounding Sandy Cay – a disputed reef in the South China Sea – was due to a combination of natural phenomena and human activities, specifically Philippine construction projects on an island close by. Advertisement In the first, “comprehensive” Chinese evaluation of the coral ecosystem surrounding Sandy Cay and Whitsun Reef, a research team said it found that the coral reef ecosystem had “seriously degraded” in the past few years, while the ecology at nearby Whitsun Reef was “generally healthy”. The…
Baidu founder highlights ‘shrinking’ demand for DeepSeek’s text-based AI
Stay informed with free updates Simply sign up to the Artificial intelligence myFT Digest — delivered directly to your inbox. Baidu’s founder has said demand for the type of text-based models developed by generative AI sensation DeepSeek is “shrinking”, as his search group seeks to reestablish itself as an artificial intelligence leader in China. In a striking criticism of the limitations of China’s AI darling, Robin Li told Baidu’s developer conference on Friday that there were constraints to models like DeepSeek’s that only generate text-based content. “The market for text…
US has less leverage with China on tariffs than it expects, says business advocate
The president of a business advocacy group representing more than 270 American companies in China warned on Thursday that Washington may have less leverage in tariff negotiations with Beijing than it thinks. Advertisement There was a perception in the United States that “somehow China’s economy is so weak that the tariffs will bring China to its knees,” said Sean Stein, president of the US-China Business Council, at an event hosted by the US–China Education Trust on Thursday. In fact, Beijing had “been predicting this day and preparing for this day…
China puts onus on stability as Beijing vows domestic support amid US trade war
China’s leadership has vowed to stabilise the economy and society, as the country is now at a critical stage in handling the unprecedented trade war with the United States. Advertisement In an economic-analysis meeting on Friday, the 24-man Politburo, a prime decision-making body headed by President Xi Jinping, said authorities would roll out specific plans to support companies and individuals affected by the trade war. They pledge to “coordinate domestic economic work with international economic and trade engagements, resolutely focus on doing our own affairs, steadfastly expand high-level opening up,…