Connect with us

Latest News

Trump threatens to impose additional 100% tariff on China

Published

on

Trump visited China in his first term [BBC]

US President Donald Trump has said he would impose an additional 100% tariff on imports from China from next month.

In a post on social media, Trump said the US would also put export controls on critical software.

In an earlier post on Friday, he hit back at Beijing’s move this week to tighten its rules for exports of rare earths, accusing China of “becoming very hostile” and trying to hold the world “captive”.

He threatened to pull out of a meeting with China’s President Xi Jinping. He later said he had not cancelled it, but that he did not know “that we’re going to have it”. “I’m going to be there regardless,” he told reporters at the White House.

Financial markets dropped in the wake of Trump’s remarks, with the S&P 500 closing down 2.7%, its steepest fall since April.

China dominates production of rare earths and certain other key materials, which are key components in cars, smartphones and many other items.

The last time Beijing tightened export controls – after Trump raised tariffs on Chinese goods early this year – there was an outcry from many US firms reliant on the materials. Carmaker Ford even had to temporarily pause production.

In addition to tightening rules for rare earth exports, China has opened a monopoly investigation into the US tech firm Qualcomm that could stall its acquisition of another chipmaker.

Although Qualcomm is based in the US, a significant portion of its business is concentrated in China.

Beijing has also said it will charge new port fees to ships with ties to the US, including those owned or operated by US firms.

“Some very strange things are happening in China!” Trump wrote in a post on social media on Friday. “They are becoming very hostile.”

The US and China have been in a fragile trade détente since May, when the two sides agreed to drop triple-digit tariffs on each others’ goods that had nearly stopped trade between the two countries.

The move left US tariffs on Chinese goods facing an added 30% levy compared with the start of the year, while US goods entering China face a new 10% tariff.

Officials have held a series of talks since then on matters including TikTok, agricultural purchases, and the trade of rare earths and advanced technology like semiconductors.

The two sides were expected to meet again this month at a summit in South Korea.

China expert Jonathan Czin, a fellow at the Brookings Institution, said Xi’s recent actions were a bid to shape the upcoming talks, noting that the recent rare earths directive does not go into effect immediately.

“He’s looking for ways to seize the initiative,” he said. “The Trump administration is having to play a game of whack-a-mole and deal with these issues as they come up.”

He added that he did not think China was worried about US retaliation in response.

“What China took away from the Liberation Day tariffs and the cycle of escalation followed by de-escalation is that the Chinese side had a higher pain threshold,” he said. “From their perspective, the Trump administration blinked.”

In prior rounds of trade talks, China has pushed for looser US restrictions on semiconductors. It is also interested in securing more stable tariff policies that would make it easier for its businesses to sell into the US.

Xi had previously used as leverage his country’s dominance of rare earths production.

But the export rules unveiled this week target overseas defence manufacturers, making them particularly serious, said Gracelin Baskaran, director of the critical minerals security program at Washington-based Center for Strategic and International Studies.

“Nothing makes America move like targeting our defence industry,” she said. “The US is going to have to negotiate because we have limited options, and in an era of rising geopolitical tension and potential conflict, we need to build our industrial defence base.”

While a Trump-Xi meeting now looks unlikely, she said it was not necessarily completely off the table. Ms Baskaran said there’s still time and room for talks. China’s new rules don’t take effect until December.

“Negotiations are likely imminent,” she said. “Who does them and where they happen will be determined with time.”

[BBC]



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Gold tops $5,000 for first time ever, adding to historic rally

Published

on

By

[pic BBC]

The price of gold has risen above $5,000 (£3,659) an ounce for the first time, extending a historic rally that saw the precious metal jump by more than 60% in 2025.

It comes as tensions between the US and NATO over Greenland have added to growing concerns about financial and geopolitical uncertainty.

US President Donald Trump’s trade policies have also worried markets. On Saturday he threatened to impose a 100% tariff on Canada if it strikes a trade deal with China.

Gold and other precious metals are seen as a so-called safe-haven assets that investors buy in times of uncertainty.

Demand for gold has also been driven by a range of other factors including higher-than-usual inflation, the weak US dollar, buying by central banks around the world and as the US Federal Reserve is expected to cut interest rates again this year.

Wars in Ukraine and Gaza, as well as Washington seizing Venezuelan President Nicolás Maduro, have also helped push up the price of gold.

On Friday, silver topped $100 an ounce for the first time, building on its almost 150% rise last year.

[BBC]

Continue Reading

Latest News

U – 19 World Cup: Andrew, McKenzie deliver West Indies comfortable win

Published

on

By

Micah McKenzie took four wickets in West Indies Under-19's win [Cricinfo]

West Indies wristspinners, Micah McKenzie and Vitel Lawes, combined to take six wickets on a surface that had plenty of turn and bite to close out a rain shortned contest against Ireland. Opting to bat first, the West Indies innings had earlier been held together by keeper-batter Jewel Andrew at No. 3 – his 66 off 82 consisted of four fours and four sixes, the majority of which came in the company of Jonathan van Lange,, during their fourth-wicket partnership of 67.

Jewel departed just six overs after van Lange, in the 33rd, and the rest of the batters struggled. No one besides him managed to cross the 30-run mark. Reuben Wilson scalped up van Lange, before returning to take out two lower-order batters to finish with figures of 3 for 50, closing out the innings with West Indies bowled out for 226.

His effort, complemented by James West’s economical 2 for 24 off seven overs, gave Ireland a realistic chance at chasing down the total. West also opened the batting for Ireland and top-scored for them, hitting a 55-ball 45 that was littered with eight boundaries. By the time he was Lawes’ first victim of the innings, in the 18th over, Ireland sat at a comfortable 82 for 2.

However, the going just got worse from there: Ireland lost four wickets to McKenzie, who spun his way through the middle order. Lawes held back his best over for his final one of the match, fizzing out Oliver Riley with its first ball, and then turning the ball prodigiously against Wilson and Bruce Whaley.

Ireland were on 164 for 7 by the time they played out Lawes’ over, needing an unlikely 62 off the final ten overs. The rain had the final say when it interrupted the match and delivered the final blow to Ireland’s hopes. The DLS par score had shot way past Ireland’s total, and when no further play was possible, West Indies walked away with a convincing spin display and a 25-run win to boost their chances in the Super Sixes.

Brief scores:
West Indies Under 19s  226 in 46.5 overs (Jewel Andrew 66; Reuben Wilson 3-50, Luke Murray 2-37, James West 2-24) beat Ireland Under 19s  164 for 7 in 40 overs (James West 45; Mica  McKenzie 4-36, Vitel Lawes 2-41)by 25 runs (DLS method)

[Cricinfo]

Continue Reading

Latest News

U – 19 World Cup: Bowlers, Hogan help Australia breeze past South Africa

Published

on

By

Charles Lachmund wrecked South Africa U-19s [Cricinfo]

It took Australia U19s 32.5 overs, going at just around 3.5 runs an over for the majority of a belaboured chase against an excellent South Africa U-19 bowling effort. But they had that liberty after Charles Lachmond’s 3 for 29, and two wickets each from Will Byrom and Aryan Sharma, had bowled South Africa out for 118 all but ensuring the result of the match was in little doubt even at the halfway stage.

South Africa had been reduced to 37 for 4 inside the powerplay, failing to find answers against the raw pace and movement that Lachmund and Byrom found off the surface. Opener Jorich Van Schalkwyk was the sole bright spot for them, battling his way through this period and putting together a 30-run stand with Paul James, even as he was pinged on the helmet off a brutal Kasey Barton delivery.

Spinner Aryan proved to be particularly troublesome to face, as he kept spinning the ball away from the outside edge of the right-handers. He dropped two catches at point before coming into the attack, but made up for his fielding by scalping up two wickets of his own.

James kept one end steady once Schalkwyk was run out for a 26 off 55, but wickets kept falling at the other. He would eventually be the last batter out, for a 60-ball 34 .

In response, JJ Basson led a South Africa bowling attack that was incisive and economical. His spell of 3 for 41 was the highlight of a bowling effort that kept the Australia batters defensive, and also ensured that the Australia line-up lost three wickets for the first time in this tournament – in their fourth match of the tournament.

Steven Hogan never looked comfortable during his 73-ball 43, but timed short deliveries well while cutting late, and mowed down more than a third of the target by himself. He was the last Australian wicket to fall, as Basson’s third wicket. Alex Lee Young and Jayden Draper got together at the crease, and the latter smacked two fours in the 33rd over of the contest to bring it to a close.

Brief scores:
Australia 122 for 4 in 32.5 overs  (Steven Hogan 43, Jayden Draper 21*, Alex Lee Young 21*; JJ Basson 3-41) beat South Africa Under 19s  118 in 32.1 overs  (Paul James 34; Charles Lachmund 3-29, Will Byrom 2-16, Aryan Sharma 2-27) by six wickets

[Cricinfo]

Continue Reading

Trending