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☆ Europe is beating inflation. Why can’t America declare victory?
▼ + stars: | 2024-04-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

The Fed aims to keep inflation at 2% over the longer run. Meanwhile, among the 20 countries that use the euro, annual consumer price inflation has slowed steadily since the start of the year. Fed Governor Michelle Bowman said earlier this month that she would favor a rate hike “should progress on inflation stall or even reverse.”So why does the United States appear to have a bigger inflation problem than Europe? Some economists argue there isn’t actually much daylight between the US and European rates of inflation, pointing to a quirk in the US measures. The measure is designed to track inflation in the real estate market while accounting for the fact that most Americans own their homes.

Persons: Michelle Bowman, Paul Donovan, Simon MacAdam, ”, MacAdam, ” Carsten Brzeski, Janet Yellen, Jim Watson, Brzeski, “, ” Davide Oneglia Organizations: London CNN, Federal Reserve, European Central Bank, PCE, UBS Global Wealth Management, Capital Economics, ING, CNN, Monetary Fund, Washington, Reuters, Getty, —, ECB, Lombard Locations: United States, Europe, Centreville , Maryland, AFP, Russia, Ukraine

☆ Oil prices rise as U.S. official eases market concerns over economic headwinds
▼ + stars: | 2024-04-26 | by ( ) www.cnbc.com time to read: +1 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Treasury Secretary Janet Yellen told Reuters on Thursday that U.S. economic growth was likely stronger than suggested by weaker-than-expected quarterly data. Data showed that economic growth slowed in the first quarter, and prior to Yellen's comments, tremors from an acceleration in inflation had weighed on oil prices as investors calculated that the Federal Reserve would not cut interest rates before September. Personal consumption expenditures inflation data for March will be released on Friday, closely tracked by the Fed for its 2% target. Elsewhere, supply concerns as geopolitical tensions continue in the Middle East also buoyed prices early in the session.

Persons: Janet Yellen, Yellen, Israel Organizations: del, del Peru SA Talara, U.S . Treasury, Brent, U.S . West Texas, Reuters, Federal Reserve, Fed Locations: del Peru, Piura, Peru, U.S, Gazan

☆ Stagflation fears just hit Wall Street. Now for the next crucial report on prices
▼ + stars: | 2024-04-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The Federal Reserve’s favorite inflation reading is due Friday morning. Investors are nervously awaiting the report after first-quarter US GDP came in softer than expected Thursday. Stocks tumbled as the slowdown in GDP, coupled with stubbornly high inflation data, stoked fears of stagflation. Wall Street earlier this year expected that the central bank would ease rates as many as six times in 2024, beginning in March. Yellen said the weaker reading was not “concerning,” mentioning that measures of underlying growth were strong in Thursday’s report.

Persons: Stocks, ”, Ayako Yoshioka, Janet Yellen, Alessandra Galloni, Alicia Wallace, ” Yellen, “, we’ve, Yellen, Read, Freddie Mac, Bryan Mena, Lawrence Yun Organizations: CNN Business, Bell, New York CNN, Gross, Commerce Department, Atlanta, Fed, Thursday’s, Group, Traders, Bank of America, Reuters, National Association of Realtors Locations: New York, Yellen

☆ Yellen: US economy strong, not overheated
▼ + stars: | 2024-04-25 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Yellen on Thursday was interviewed by Reuters’ editor in chief Alessandra Galloni as part of the news organization’s NEXT Newsmakers series. “The economy is clearly performing very well,” Yellen said. Yellen said the weaker reading was not “concerning,” mentioning that measures of underlying growth were strong in Thursday’s report. Economic growth has remained historically strong in the face of elevated inflation, high interest rates and geopolitical tensions. “I believe the fundamentals here are in line with inflation continuing downward toward a normal level,” Yellen said.

Persons: Janet Yellen, Alessandra Galloni, ” Yellen, “, Yellen, Joe Biden, Katherine Tai, Tai Organizations: CNN, Reuters, Commerce Department, Federal Reserve, US Trade Locations: Yellen, Ukraine, US, China

☆ A 'buy bitcoin' sign flashed behind Janet Yellen during a 2017 hearing just sold for $1 million
▼ + stars: | 2024-04-25 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

A"Buy Bitcoin" sign held up behind Janet Yellen during a 2017 testimony just sold for over $1 million. Christian Langalis, a then-22-year-old intern who held the sign, decided to sell it to fund his crypto startup. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA sign with "Buy Bitcoin" written in all caps on cheap yellow legal pad that was held up behind Janet Yellen during a 2017 congressional hearing was just sold at auction for over $1 million. According to Bloomberg on Thursday, the "Buy Bitcoin" sign held by an intern during then-Federal Reserve Chair Janet Yellen's 2017 Congressional testimony went for $1.027 million at auction.

Persons: Janet Yellen, Christian Langalis, Bitcoin, —, Janet Yellen's, Yellen, CoinDesk Organizations: Service, Bloomberg, Federal, Libertarian, Cato Institute, Financial Services Locations: City

The top US diplomat landed in Shanghai where he is expected to meet local officials and business leaders, and he will then travel to Beijing for meetings with senior Chinese officials. “We are in a different place than we were a year ago when the bilateral relationship was at an historic low point,” a senior State Department official said. “Russia is no longer kind of on its back foot,” a second senior State Department official said. Blinken will make the case that China should weigh in “more directly” with Iran to be less provocative in the region, the second senior State Department official said. “In both cases the Chinese have taken some early steps,” said the second senior State Department official, adding that there is still “much more” that needs to be done on both fronts.

Persons: Antony Blinken, Joe Biden, Xi Jinping, Janet Yellen, Biden, Xi, ”, “, ” Blinken, Matthew Miller, Leah Millis, China’s, ” Xi, Blinken, ” Miller, it’s, Mark Swidan, Kai Li, David Lin Organizations: CNN, State Department, Ukraine, US, Foreign Ministry, of, People, Biden, Chinese Foreign Ministry, ASEAN, Association of Southeast Asian Nations, Beijing, Party, Taiwan, Communist, Taiwan Relations, White Locations: China, Ukraine, Shanghai, Beijing, California, Russia, Moscow, Italy, “ Russia, ”, Europe, United States, South China, Philippine, Washington, Philippines, South, Taiwan, Taiwan Strait, East, Iran

☆ The US and China are engaging more. But that doesn't mean they trust each other more, an analyst said.
▼ + stars: | 2024-04-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

US and China's engagements don't mean they trust each other more, said Eurasia Group's Ian Bremmer. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But just because they're talking more doesn't mean that they actually trust each other more, an analyst said on Wednesday. Earlier this month, Treasury Secretary Janet Yellen visited China, seeking cooperation in areas beneficial to both countries. Advertisement"It's always better to have more engagement, more conversations — especially when you don't trust each other," Bremmer said.

Persons: Ian Bremmer, —, Joe Biden, Xi Jinping, there's, Bremmer, Janet Yellen, Lloyd Austin, State Anthony Blinken, William Lai — Organizations: Service, Eurasia Group, Bloomberg, APEC, Defense, State Locations: Eurasia, Ian Bremmer . Washington, China, Taiwan, San Francisco, US, Washington, Taiwan —, Beijing

☆ EU raids offices of Chinese security equipment maker in subsidy probe
▼ + stars: | 2024-04-24 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +4 min

London CNN —European Union officials have raided the offices of a Chinese company as part of a probe into subsidies, exposing rising tensions between the bloc and one of its biggest trading partners. The European Commission said Tuesday that it carried out “unannounced inspections” at the premises of a company making and selling security equipment in Europe, which it suspects may have benefited unduly from state subsidies. “The commission has indications that the inspected company may have received foreign subsidies that could distort the (EU’s) internal market,” the EU’s executive body said in a statement on its website. The China Chamber of Commerce to the EU said Wednesday that it had been informed that a Chinese company was the target of the investigation. The Foreign Subsidies Regulation, which came into force last July, is aimed at addressing market distortions caused by subsidies from foreign governments and ensuring that EU companies are competing on a level playing field.

Persons: “, ”, ” Ursula von der Leyen, Janet Yellen Organizations: London CNN — European Union, European Commission, China Chamber of Commerce, EU, CNN Locations: Europe, Poland, Netherlands, Romania, China, Puglia, Italy, United States, Beijing

☆ Solar manufacturers petition U.S. to impose tariffs on imports from four Southeast Asian nations
▼ + stars: | 2024-04-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

A coalition of U.S. solar manufacturers petitioned the federal government on Wednesday to impose tariffs on imports from four Southeast Asian nations, alleging that the countries are flooding the U.S. market with cheap products that threaten the domestic industry. The other six parties to the petition are Convalt Energy, Meyer Burger, Mission Solar, Qcells, REC Silicon and Swift Solar. They are requesting that the Commerce Department impose tariffs on solar cell imports from the four countries as a remedy. "This case is bad news for clean energy jobs and American solar manufacturing," Array CEO Kevin Hostetler said in a statement Wednesday. The ITC and Commerce Department investigations will take about 12 months to conclude, Brightbill said.

Persons: Meyer Burger, Tim Brightbill, Joe Biden, Brightbill, Kevin Hostetler, Janet Yellen, Biden Organizations: U.S, Convalt Energy, International Trade Commission, Commerce, ITC, Initiative, Commerce Department, Solar Energy Industries Association, American Clean Power Association, Advanced Energy, American Council, Renewable Energy, Technologies, International Energy Agency, IEA, CNBC Locations: Zhangye city, Gansu province, China, Cambodia, Malaysia, Thailand, Vietnam, U.S, The U.S, Beijing's

☆ Biden is fighting Trump's tough tactics by calling for tripled tariffs on Chinese steel imports
▼ + stars: | 2024-04-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewUS President Joe Biden last week called for a tripling of tariffs on Chinese steel and aluminum imports, echoing former President Donald Trump's levies on a range of goods from China. Biden — who is the frontrunner for the Democratic Party's presidential nominee — said China's steel production was backed by state funds, which enable the commodity to be sold cheaply to the US. He wants to hike a key tariff on Chinese steel and aluminum from 7.5% to 25%. AdvertisementHowever, the US isn't a large Chinese steel importer. AdvertisementLin added that China's steel sector is geared toward meeting domestic demand and doesn't receive any export-oriented subsidies.

Persons: —, Joe Biden, Donald Trump's, Biden —, Trump, Chim Lee, Biden, Lin Jian, Lin, Janet Yellen, EIU's Lee Organizations: Service, Democratic, Business, Bloomberg, Economist Intelligence Locations: China, Beijing, Chile, Brazil

☆ The US is preparing to hit back at China's glut of cheap solar panels by targeting its allies
▼ + stars: | 2024-04-24 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

The world is awash in solar panels after Chinese-owned firms flooded the market with cheap exports. Companies including Qcells, First Solar, and Swift Solar on Wednesday asked the Biden administration to slap tariffs on solar cells from four countries in Southeast Asia. The US solar companies allege that Chinese-owned firms operating in Cambodia, Malaysia, Thailand, and Vietnam are illegally undercutting the market. The petition by US solar companies — known as an anti-dumping and countervailing duty case — could lead to that. The probe will help determine whether solar panels were sold in the US at prices below the cost of production.

Persons: Biden, we've, Tim Brightbill, Wiley Rein, Joe Biden, Janet Yellen, Yellen, Premier Li Qiang Organizations: Service, Companies, Wednesday, Business, Wiley, China, Industry, Commerce Department, US Commerce Department, International Trade Commission, Premier, New York Times Locations: Southeast Asia, Cambodia, Malaysia, Thailand, Vietnam, Germany, America, Massachusetts, China

☆ Saudi Arabia's oil giant boss speaks up for China, saying its massive production of solar panels and EVs helps affordability
▼ + stars: | 2024-04-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Saudi Aramco CEO Amin Nasser praised China for making solar panels and electric vehicles affordable. Saudi Arabia is fostering closer ties with China and wooing Chinese investments and business partnerships. Unlike the West, Saudi Arabia is cozying up to China. "There are lots of opportunities for China to invest in Saudi Arabia," Alibrahim told the media outlet. In March last year, China brokered a détente between Saudi Arabia and Iran, prompting concerns over waning US influence in the Middle East.

Persons: Amin Nasser, Nasser, China's overcapacity, Janet Yellen, Olaf Scholz, China Nasser's, Faisal Alibrahim, Alibrahim, Jon Alterman Organizations: Saudi, Service, Saudi Aramco, World Energy, Financial Times, West, Nikkei, Aramco, Center for Strategic, International Studies, China Economic, Security Locations: China, Saudi Arabia, Saudi Aramco, Saudi, Rotterdam, East Asia, Beijing, Saudi Arabian, Iran, United States

☆ German cars are the best in the world, its finance minister insists: 'They do not have to fear Chinese competition'
▼ + stars: | 2024-04-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Christian Lindner (FDP), Federal Minister of Finance, is on his way to a bilateral meeting with US Treasury Secretary Yellen at the headquarters of the World Bank. Bernd von Jutrczenka | Picture Alliance | Getty ImagesGerman carmakers do not have to fear competition from China and are still considered the best in the world, German Finance Minister Christian Lindner told CNBC. "German car manufacturers are world leading, they do not have to fear Chinese competition," Lindner said. Competition in the electric vehicle, or EV, market in China and Europe, as well as the U.S., has been heating up in recent months. This came ahead of Scholz's visit to China earlier this month, during which he warned against unfair competitive and trade practices.

Persons: Christian Lindner, Yellen, Bernd von Jutrczenka, CNBC's Karen Tso, Lindner, China's BYD, Tesla, Janet Yellen, Ursula von der, Wang Wentao, Olaf Scholz Organizations: Federal, of Finance, US, World Bank, Getty, German, CNBC, Washington , D.C, European Union . U.S, Treasury, European Commission, European Union, Commerce, EV, Reuters Locations: China, Washington ,, Europe, U.S, EVs, EU

☆ U.S. unveils new sanctions targeting Iran's drone program following Israel attack
▼ + stars: | 2024-04-18 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +2 min

The Biden administration on Thursday announced new sanctions targeting Iran's drone program for its recent attack on Israel. The sanctions target 16 individuals and two entities involved in Tehran's drone production. Executives at an Iranian-based company that manufactured engines used in the attack are among the individuals sanctioned. All of the sanctioned individuals' property in the United States will be frozen. Five companies that provide materials to Khuzestan Steel Company, one of Iran's largest steel producers, were also sanctioned.

Persons: Biden, Janet Yellen, Yellen, Joe Biden Organizations: Companies, Islamic Revolutionary Guard Corps, Qods Force, Khuzestan Steel Company, KSC Locations: Israel, Tehran, Iran, United Kingdom, Iranian, Syria, United States

☆ Live updates: Israel weighs response to Iran attack, US will impose new sanctions on Tehran
▼ + stars: | 2024-04-17 | by ( Kathleen Magramo | ) edition.cnn.com time to read: 1 min

The United States will impose new sanctions targeting Tehran after Iran's large-scale attack on Israel over the weekend, according to National Security Adviser Jake Sullivan. Most of the 300 ballistic projectiles, the majority of which are believed to have been launched from inside of Iran’s territory, were intercepted by Israel and its allies. Iran said it attacked Israel in retaliation for an Israeli strike on its diplomatic compound in Syria. US Treasury Secretary Janet Yellen said the Biden administration would use sanctions “to continue disrupting the Iranian regime’s malign and destabilizing activity.”Here are the latest developments in the region:

Persons: Jake Sullivan, Janet Yellen, Biden Organizations: National Locations: States, Tehran, Israel, Iran, Syria

☆ A shift to renewable energy is 'hopeless' without efficiencies, environmentalist says
▼ + stars: | 2024-04-17 | by ( Vicky Mckeever | ) www.cnbc.com time to read: +3 min

Daniel Bosma | Moment | Getty ImagesExplorer and environmentalist Bertrand Piccard has called for a renewed focus on cutting energy waste, saying it's "hopeless" to shift to renewables without improving efficiency. "So if we try to replace fossil [fuel] energy with renewables without being efficient, without reducing the consumption, it's hopeless," he said. Another issue Piccard highlighted was that some countries only consider wind and solar as alternative renewable energy sources. Geothermal energy accounted for just 2.7% of renewable energy consumption, while wind power was 13.2% and solar energy was 7.2%. 'Paradox' of China's solar panel oversupplyPiccard also discussed the ongoing concerns about the potential oversupply of solar panels from China to the European market.

Persons: Daniel Bosma, Bertrand Piccard, Piccard, CNBC's Silvia Amaro, bioenergy, Janet Yellen Organizations: CNBC, Solar Impulse, European Commission, Treasury Locations: Netherlands, Europe, China, U.S

☆ Biden wants to triple China tariffs on steel, aluminum imports
▼ + stars: | 2024-04-17 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

President Joe Biden is calling on the U.S. Trade Representative to triple the China tariff rate on steel and aluminum imports as he makes the rounds in the key battleground state of Pennsylvania. Biden's demand to raise the current 7.5% average tariff on steel and aluminum is an effort to make clear that his administration's recent warnings about China's trade practices are not empty threats. In an interview with CNBC's Sara Eisen, Yellen said that tariffs were not off the table if those overcapacity qualms went unaddressed. As China shrugs off the overcapacity concerns, the Biden administration is doubling down on what it perceives as the threat to global trade. "China's policy-driven overcapacity poses a serious risk to the future of the American steel and aluminum industry," National Economic Council Director Lael Brainard said on a call with reporters on Tuesday.

Persons: Joe Biden, Xi Jinping, Janet Yellen, CNBC's Sara Eisen, Yellen, China shrugs, Biden, Lael Brainard Organizations: Economic Cooperation, U.S . Trade, United Steelworkers, Economic Locations: Asia, San Francisco, China, Pennsylvania, Pittsburgh

☆ Election Updates: Biden campaigns again in Pennsylvania, a swing state crucial to his re-election hopes.
▼ + stars: | 2024-04-17 | by ( Chris Cameron | ) www.nytimes.com time to read: +5 min

The tariffs Mr. Biden will propose raising on Wednesday were initially imposed by Mr. Trump when he was president. Mr. Biden’s stop in Pittsburgh is part of a three-day swing through Pennsylvania, a crucial battleground state that he narrowly won in 2020 and has visited more than any other. The president’s campaign is hoping to mobilize support from organized labor, a traditionally Democratic constituency from which Mr. Trump has pulled some support. On Tuesday, Mr. Biden spoke at the local union of the United Brotherhood of Carpenters and Joiners in Scranton, Pa., his hometown. “Donald Trump looks at the world differently than you and me,” Mr. Biden said in a speech that signaled his campaign’s intention to make the 2024 election a referendum on Mr. Trump.

Persons: Biden, Katherine Tai, Mr, ” Lael Brainard, Janet L, Yellen, ”, Lloyd J, Austin III, Biden’s, Donald J, ” Mr, Trump, “ Donald Trump, ” Alan Rappeport, Michael D, Shear Organizations: United Steelworkers Union, U.S, Economic Council, International Monetary Fund, Trump, CNBC, Mr, Democratic, United Brotherhood of Carpenters Locations: China, Pittsburgh, U.S, Mexico, America, Beijing, United States, Biden’s, Japan, Philippines, South China, Pennsylvania, Joiners, Scranton, Pa, Mar

☆ Treasury Department plans to impose Iran sanctions correction
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: 1 min

This article has been updated to correct that Yellen's comments were from remarks ahead of the International Monetary Fund and World Bank's Spring Meetings this week.

Organizations: International Monetary Fund

☆ Why Germany Can’t Break Up With China
▼ + stars: | 2024-04-16 | by ( Melissa Eddy | ) www.nytimes.com time to read: +1 min

When Germany’s chancellor, Olaf Scholz, took office in 2021, he pledged that his government would shift his country’s relationship with China away from one of economic dependence. Three years later, talk of scaling back reliance on China has been replaced with calls for equal access to China’s market for foreign firms. The U.S. Treasury secretary, Janet L. Yellen, has talked about imposing trade restrictions on China. The chief executives of several leading multinational companies based in Germany joined Mr. Scholz on his three-day tour of China, which included a meeting with Xi Jinping, China’s top leader, in Beijing on Tuesday. All of the company leaders oversee large operations in China that they are eager not only to maintain, but in many cases to expand.

Persons: Olaf Scholz, Janet L, Scholz, Xi Jinping Organizations: Treasury, Mr Locations: China, United States, U.S, Germany, Beijing

☆ Treasury Department plans to impose new sanctions on Iran after Israel attack
▼ + stars: | 2024-04-16 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

US Treasury Secretary Janet Yellen attends a press conference at US Ambassador's residence in Beijing on April 8, 2024. U.S. Treasury Secretary Janet Yellen is preparing new sanctions on Iran after the country launched hundreds of drones and missiles at Israel over the weekend. "The attack by Iran and its proxies underscores the importance of Treasury's work to use our economic tools to counter Iran's malign activity." Israel said it intercepted 99% of the more than 300 projectiles from Iran. The U.S. has imposed hundreds of sanctions on Iran and its proxies in recent years for their connections to terrorism and for the country's missile program.

Persons: Janet Yellen, Yellen Organizations: US, Treasury, International Monetary Fund, country's Locations: Beijing, Iran, Israel, Iranian, Syria, The U.S, Red

☆ 'Iran is in for the long haul' with oil tanker hijacks, expert says, as U.S. considers more sanctions
▼ + stars: | 2024-04-16 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Before this weekend's tanker seizure, the last vessel Iran hijacked was the St. Nikolas on January 1. A Planet Labs satellite image of the location of the MSC Aries and other tankers recently hijacked by Iran. Planet Labs PBCAs the U.S. considers more sanctions against Iran in response to its recent attack on Israel, Iran has been using the hijacked ships as a means of sanctions retaliation. Iran chose to do this as a way to compensate for sanctions," Madani said. In a note to clients, ClearView highlighted that the House of Representatives added several Iran sanctions bills to its calendar for consideration this week, under suspension rules, including new sanctions on Iranian oil exports to China.

Persons: Nikolas, Houthis, Samir Madani, Eyal Ofer's, Madani, Janet Yellen, Helima Croft, Andy Lipow, Brent, Lipow, Kevin Book, Book Organizations: Anadolu, Getty, MSC Aries, U.S . Naval Forces Central Command, Galaxy Leader, MSC, Planet Labs, U.S . Energy Information Agency, United Arab, JPMorgan, CNBC, Lipow Oil Associates, ClearView Energy Partners, US, UN Locations: Gulf of Oman, Hormuz, Anadolu, Iran, Israel, Gaza, U.S, Iranian, Khuran, China, Russia, Malaysia, United Arab Emirates, Oman, Strait, Tehran, East, North Africa, India, Saudi Arabia, Kuwait, Iraq, France, Germany

☆ Economist discusses the challenges that China's export sector is facing
▼ + stars: | 2024-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomist discusses the challenges that China's export sector is facingHao Hong, partner and chief economist at Grow Investment Group, discusses U.S. Treasury Secretary Janet Yellen's visit to China and says he "wouldn't be too surprised to see even more tariffs or more trade friction in the coming months."

Persons: Hao Hong, Janet Yellen's Organizations: Economist, Grow Investment, U.S, Treasury Locations: China

☆ China is giving Russia significant support to expand weapons manufacturing as Ukraine war continues, US officials say
▼ + stars: | 2024-04-12 | by ( Kylie Atwood | ) edition.cnn.com time to read: +4 min

Chinese and Russian entitles have also been working jointly to produce drones inside of Russia, one of the officials said. And Russia’s rapidly expanding production of artillery rounds is due, in large part, to the nitrocellulose coming from China, officials said. The support from China is compensating for the significant setbacks that Russia’s defense industry experienced early in the Ukraine war due to US sanctions and export controls. The US has not seen any interruption to the ongoing Chinese support since that Biden-Xi phone call, though sometimes it takes time to see changes come to fruition. Earlier this month Treasury Secretary Janet Yellen delivered China a warning of “significant consequences” if Chinese companies provide support to Russia for the Ukraine war during her trip to the country.

Persons: ”, Chris Cavoli, Joe Biden, Xi Jinping, Antony Blinken, Biden, Xi, Vladimir Putin, Janet Yellen, Katie Bo Lillis Organizations: CNN, Ukraine, Biden, People’s, European Command, Russia Locations: China, Russia, Moscow, Ukraine, Kyiv, “, People’s Republic of China, reconstituting, Europe

☆ China is worried about overcapacity, too — but it sees the problem differently than the US
▼ + stars: | 2024-04-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

The US treasury secretary raised concerns about China's overproduction in her recent visit to the country. China has hit back at her concerns, but it's also concerned about overcapacity, an economist says. Just like the US and all of China's trading partners, Chinese authorities are concerned about industrial overcapacity and want to curb it. She added that China's trade surplus with the world meant there might be fewer incentives for Beijing to tackle the issue. AdvertisementAnalysts expect the US debate over its trade issues with China to heat up heading into the presidential election season.

Persons: it's, —, Yue Su, Su, Janet Yellen, Janet Yellen's, Yellen, Li Qiang, Mao Ning, Mao Organizations: Service, Economist Intelligence Unit, European Union, EU, Commerce Department Locations: China, Beijing, People's Republic of China, Thailand, EU, —

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