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Trump's trade battle with China in 2025
U.S. president Donald Trump has targeted China as his top economic rival with a cascade on tariffs that are worth billions of dollar. He is trying to reduce a trade surplus, bring back lost manufacturing and cripple fentanyl traffic. In reverse chronological order, here are the key events of this year in U.S. China trade war: China has announced that it will continue to expand access to and investment opportunities for U.S. firms, especially in the services sector. On November 10, China suspends for a full year the port fees it charges vessels with ties to the United States, as well sanctions imposed on U.S. affiliates in the South Korean shipbuilding company Hanwha Ocean. This comes after Washington suspended its punitive actions resulting from Section 301 investigations of China's maritime and shipbuilding industries. China will adjust its list of drug precursor chemicals and require export licenses for certain chemicals going to the U.S. Sources say that the FBI director visited China to discuss law enforcement and fentanyl issues. China lifts its ban on exports of gallium, antimony and germanium to the U.S. China suspends the export controls it implemented on October 9 including increased curbs for some rare earths and equipment, lithium batteries and super-hard material. Industry insiders claim that Beijing has begun to form a new licensing system for rare earths, which could speed up shipments. China has announced that it will reinstate soybean import licenses for three U.S. companies and lift the ban on U.S. logging imports beginning November 10. China starts modest purchases of U.S. agricultural products on November 6, including two cargoes each of wheat and sorghum. A business association in agriculture says that China's COFCO held a signing ceremony for soybean purchases. November 5 - Beijing will suspend retaliatory duties on U.S. Imports starting November 10, including farm products duties up to 15%. However, it will keep levies at 10% in response to Trump's "Liberation Day tariffs". Imports from the United States still face a 13% tariff, but China will ease its measures against U.S. entities and drop some curbs on optical fibres. After talks between Trump and Chinese president Xi Jinping in South Korea, the United States and China reach a new trade truce on October 30. Trump agrees with Beijing to crack down on the illicit fentanyl market, resume U.S. soya bean purchases and pause controls on rare earth exports. Beijing claims that the United States has also promised to delay by a year its plan to ban Chinese firms from using their technology. The two leaders will decide the framework of a trade agreement after Scott Bessent, Treasury Secretary and Jamieson Greer met with He Lifeng, Vice Premier and chief trade negotiator in China. The U.S. State Department describes Chinese sanctions against the Hanwha Ocean as "coercion" and says that they undermine ties between Washington, Seoul, and Beijing. Greer and Bessent criticize China's increased rare earth export controls, citing them as a threat to global supply chain. Bessent promises to tighten up control over strategic sectors in order to combat China. Apple CEO Tim Cook pledges China investment boost. On October 14, both nations start collecting port fees on each other's vessels. China, however, exempts the ships that it has built. Five Hanwha Ocean units with ties to the United States are sanctioned as a threat to its sovereignty and security. Bessent confirms that plans for the Trump-Xi meeting are still on track. Trump announces new levies on China imports, including 100% additional duties. He also introduces export controls for "any and all software critical" starting November 1. In response to China's restrictions on rare earth exports, he threatens to impose export controls on Boeing parts. Trump claims that there is no need to meet Xi but doesn't cancel his plans. China opens antitrust investigation against U.S. Qualcomm for the purchase of Israeli chip designer Autotalks. China will start charging port fees to U.S.-linked vessels from October 14 in response the similar U.S. charges on China-linked vessels. China tightens its grip on minerals critical to the world economy. The United States is planning to prohibit Chinese airlines from flying above Russia on U.S. routes. This would be detrimental to U.S. carriers. Trump declares that the major topic of discussion at the Xi-Meet will be soybeans. He calls China's sharply decreased U.S. purchases as a tactic in negotiations. Greer, September 30: Tariffs of around 55% on Chinese imports is a "good status quo", but the United States wants to see more free trade. Bessent: Chemicals, aircraft engines and components offer U.S. leverage in China negotiations. Visitor U.S. legislators tell Premier Li Qiang to increase engagement between China and the United States. Trump and Xi have a telephone conversation on September 19, during which Trump claims they made progress in a TikTok pact, and that they agreed to meet face to face to discuss illicit drugs, trade and the Ukraine war. China welcomes TikTok commercial talks. Both sides reach agreement to transfer TikTok under U.S. control. The U.S. has pledged to not impose any more tariffs against Chinese products over Russian oil imports, unless European levies are first imposed. September 14th - Bessent, China's He, and Bessent, Spain, discuss the trade and TikTok divestiture by September 17th. August 11: Both nations extend the tariff truce by 90 more days. August 10 - As the trade truce expires on August 12, Trump urges China quadruple U.S. soya purchases. As part of the talks on rare Earths, the United States lifts its April ban and starts issuing Nvidia licenses for exports to China of advanced AI H20 chip technology. After two days of discussions in Stockholm, U.S. officials and Chinese officials agreed to extend the 90-day truce on tariffs. However, they did not make any major breakthroughs. Bessent: Both sides have resolved issues regarding rare earth minerals and magnetics bound for the United States. June 9-12: Framework agreement reached at London round of discussions, and some Chinese rare earths producers start to receive export licenses. Trump claims that a trade truce has been re-established. June 5, Xi and Trump have a telephone conversation lasting an hour. Trump claims that China has violated the Geneva agreement to roll back tariffs, and relax restrictions on exports of critical minerals. China denies this and accuses the U.S. instead of "discriminatory restrictive curbs". May 28-29, United States threatens Chinese students with revocation of visas while ordering certain companies to stop shipping goods to China. May 10-12: First round of trade negotiations in Geneva agrees a 90-day pause for tariffs. U.S. tariffs are reduced to 30% from 145% on Chinese goods, while China reduces tariffs to 10%. China will also cancel non-tariffs measures taken since April 2. Nvidia, a chipmaker, says U.S. officials informed it that China sales of H20 chips would require an export license. China raises its tariffs on U.S. goods to 125%, calling Trump's strategy "a joke". It also signals that it will ignore further U.S. "numbers games with tariffs". China imposes a tariff of 84% on U.S. Imports. It also imposes controls that prevent exports of dual use items to 12 U.S. Companies and labels six others as "unreliable" entities. The United States increases tariffs on Chinese imports from 84% to 125%. China warns its citizens to avoid U.S. travel. Tariffs on Chinese imports are raised to 84% from 34% by the United States on April 8. April 4: China imposes retaliatory duties of 34% on all U.S. imports starting April 10, and limits exports for some rare earths. Trump announces "Liberation Day Tariffs" on April 2, which will impose a 10% tariff on all imports. Some countries may face even higher tariffs, including China. From May 2, the U.S. will no longer allow low-value shipments to China and Hong Kong to enter duty-free. March 3-4, 2019 - From March 4, 2019, the United States will double its fentanyl tariffs to 20% on all Chinese imports. China retaliates with 10% to 15% tariffs on U.S. agricultural exports and $21 billion of exports. It also clamps export and investment restrictions on 25 U.S. companies. China responds to the U.S. business with measures that target U.S. companies, including 15% tariffs on U.S. LNG and coal, and 10% for some autos and crude oil starting February 10. China responds with measures targeting U.S. businesses, as well as 15% levies on US coal and LNG from February 4, and 10% for crude oil and some autos starting February 10. Trump imposes a 10% penalty duty on China's goods, along with 25% on Mexico & Canada to pressure the United States into curbing illegal immigration and fentanyl.
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Snam CEO: Snam will keep its stake in France's Terega while it evaluates portfolio
Snam won't sell its stakes in France's Terega, despite a review of its holdings that is currently underway, said the chief executive of the Italian gas transmission company in an interview published Tuesday. Snam owns a 40% stake in Terega, France's second largest gas company. Other shareholders include the Singaporean sovereign fund GIC as well as French state-owned utility EDF. "I am reviewing our portfolio of investments." "For the moment, we will stay with Terega because it offers excellent dividends," said Chief Executive Agostino Scrnajenchi to Italian newspaper Corriere della Sera. The group will present a new plan for industrial development by March. Last month, it was reported that Enagas had entered into talks to purchase GIC's share. This would enable the Spanish group to achieve its stated goal to accelerate investments in hydrogen infrastructure. Scornajenchi said Snam’s planned acquisition of an minority stake in Germany’s Open Grid Europe was part of a strategic plan to connect North Africa with Northern Europe, but that it would not delay the deal beyond mid-November if German authorities gave their approval. Sources have stated that the acquisition was at risk after the German Ministry extended its review. They requested documents related the presence of a Chinese shareholder in Snam’s shareholder base.
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New York Times Business News - November 11,
These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. On Monday, a coalition of clean-energy groups and the City of St. Paul filed a lawsuit against the U.S. Government. They challenged what they called the nakedly partisan nature of the funding cuts made during the shutdown of the federal government that resulted in the loss of around $7.5 billion from projects in Democratic states. In one of his final letters to Berkshire Hathaway shareholders, Warren Buffett said that he will speed up his plans of giving away a large portion of his personal fortune of $150 billion to his children's charitable foundations. On Monday, the Trump administration went back to the U.S. Supreme Court in an attempt to halt the full federal funding of food stamps. They wanted to stymie America's biggest anti-hunger program even as the shutdown government was nearing its end. The Washington Dulles International Airport was damaged by a mobile lounge that crashed on Monday. More than a dozen passengers were injured and the terminal was also damaged. (Compiled by Bengaluru Newsroom)
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Aster and Aether Fuels will build a renewable fuel plant on Singapore's Bukom island
Aster Chemicals & Energy and Aether Fuels have partnered to build a renewable-fuels facility on Singapore's Bukom island, which is expected to start operating in 2028. Conor Madigan, CEO of Aether Fuels, told reporters that construction on the project to produce 2,000 tons per year (50 barrels a day) is expected to start in the second quarter of 2019. Commercial production could begin as early as 2028. Madigan stated that the sustainable aviation fuel (SAF), or bionaphtha, production will reach 400 tons per year when the plant is finished. Aether Fuels has developed a technology that will be used to convert industrial waste gases and biomethane, according to a joint statement. Aster will supply renewable energy, waste carbon as a feedstock, utilities and support on the site where it operates the Bukom refinery. The companies refused to comment on whether the project was worth investing in. Neste, a Finnish company, is currently the only producer of renewable fuels (fuels that are made from renewable sources) in Singapore. It operates a plant in Tuas, which produces 1 million tpy. Singapore will implement a 1% SAF usage for all departing flights from next year. The tax on consumers will be applied to tickets and services starting April 1, next year. (Reporting and editing by Trixie Yap)
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Fraport reports a profit increase, but reduces the 2025 passenger estimate at Frankfurt Airport
Fraport, the operator of Frankfurt Airport, reported on Tuesday a 22.6% increase in its core earnings for the third quarter. This was largely due to a reduction in personnel costs resulting from a pension refund. Jefferies, a financial research firm, reported that the German company's quarterly earnings were 593.1 millions euros ($691.7) - well above the analysts' consensus estimate of 533million euros. Fraport has confirmed its financial forecast for the year. However, it expects 63 million passengers will fly via Frankfurt by 2025. This is down 1 million from the previous estimate. The company reported that the number of passengers at Germany's busiest airport was 87.8% below the levels seen in the first nine month of 2019. The report said that this underperformance was due to "excessively expensive" costs for aviation security, regulatory costs and air traffic charges. Fraport said that passenger numbers in the entire group had returned to levels seen before the pandemic, and airports such as Greece, Peru, and Antalya were well above the 2019 volume.
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Garuda Indonesia says it has reduced its equity investment by $400 million.
The asset management unit of the sovereign wealth fund Danantara Indonesia will provide a capital injection of $1.4 billion to Garuda Indonesia. This is a decrease of $400 million compared to what the company had previously disclosed. The Indonesian flag carrier announced last month that Danantara would inject about $1.8 billion cash, and that the loans from the wealth fund would be converted into equity. In a filing on Tuesday, Garuda stated that the private placement would be around 23,67 trillion rupiah (1,43 billion dollars). The money will be used for fleet maintenance as well as a funding boost for Garuda’s low-cost airline, Citilink. Garuda explained the reduction in an earlier filing. Danantara Indonesia didn't immediately respond to an inquiry for comment. Garuda Indonesia has been forced to restructure their debt after the COVID-19 outbreak. $1 = 16,570,0000 rupiah (Reporting and editing by Thomas Derpinghaus; Reporting by Stanley Widianto)
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Sources say Sinopec Luoyang Petrochemical has shut down its crude unit for maintenance.
Three sources familiar with this matter have confirmed that China's Luoyang Petrochemical (a subsidiary of the state-owned refinery giant Sinopec) has closed two crude oil units until the end November for maintenance. Two sources confirmed that the two crude units with a processing capacity of up to 200,000 barrels per day were closed at the end of October. The U.S. sanctions against a major terminal in eastern China, through which Sinopec imports a fifth its crude oil, forced cargo divertions and affected operations at subsidiary plants that were connected to the terminal by pipelines. Traders have reported that the Luoyang Refinery in central Henan Province was one of the worst affected. Two of the sources stated that Sinopec took advantage of the opportunity to shut down these units for maintenance, while trying to find ways to sort crude deliveries into the plant. Sinopec didn't immediately respond to an inquiry for comment.
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Air Current reports that Boeing has been given the go-ahead to begin next phase of certification trials for the 777X.
The Air Current reported Monday that Boeing was given approval by the U.S. Aviation Regulatory Agency last week to start the third phase of certification flight testing for its 777-9 Wide-body Jet. According to people familiar with the program's progress, the aviation industry publication said that this was the biggest round of evaluations ever for the long delayed aircraft program. Air Current's report could not be verified immediately. Boeing and the U.S. Federal Aviation Administration have not responded to'requests for a statement. Boeing's wide-body strategy is based on the 777X, which was previously dominated by Boeing's 747 and its 777 jets. The repeated delays in certification and production have delayed deliveries by several decades, adding more than $15 billion to the costs and putting pressure on the company's finances. As international travel recovers, Airbus' rival A350 has an opportunity. Boeing's earnings report for last month revealed that it had delayed the delivery of its long-delayed program 777X to 2027, and taken a $5 billion charge larger than expected. Boeing updated its assessment of 777-9 certification timeline and predicted that the first delivery would be in 2027. The FAA approved the long-awaited increase in 737 MAX production from 38 to 42 aircraft per calendar month.
China will step up its policy support for private energy investment
A government official announced on Tuesday that China will increase policy support in order to attract private capital into the energy sector. This is the latest initiative by the government to boost sluggish investment.
China's Cabinet announced new policies on Monday, including private capital investments for infrastructure projects, and the low-altitude economic system, which refers to low-altitude aviation services, whether manned or not.
At a press briefing, Xu Xin said, "We will next strengthen our policy support to attract private capital into energy sector."
The authorities will intensify their efforts to encourage private investment into major projects, including those involving nuclear power, hydropower, and transmission lines across regions. She added that they would also assess and study the appropriate shareholding ratios.
Cabinet said that projects requiring approval from the state, such as rails, nuclear energy, hydropower and cross-regional transmission channels of power, oil and gas pipelines and LNG import storage facilities, should be subject to a special evaluation of the feasibility for private investment.
China will encourage private investments in key projects. Shareholding ratios will be set based on specifics and requirements. The cabinet stated that private shares could be higher than 10% for eligible projects. Beijing Newsroom, Kevin Yao and Himani Sarkar edited by Thomas Derpinghaus.
(source: Reuters)