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☆ As China's navy grows, the US fleet is on a 'downward trajectory,' maritime expert says
▼ + stars: | 2024-04-13 | by ( Polly Thompson | ) www.businessinsider.com time to read: +9 min

"It's the end of the pacifist period on the seas," Dr Steven Wills of the Center for Maritime Strategy, told Business Insider. The US fleet is still widely considered the world's most powerful navy due to its 11 aircraft carriers and cutting-edge nuclear submarine capabilities. "They're scrapping more ships than they're building, which means the US Navy is on a downward trajectory, not an upward trajectory," said Dr Salvatore Mercogliano, a maritime historian at Campbell University. Another piece of the puzzle is shipbuilding capacity. Expanding American shipbuilding capacity ought to start now, Wills said: "You don't make the arsenal of democracy overnight."

Persons: —, Dr Steven Wills, Gerald R, Ford, Nikos Libertas, Wills, Doug Livermore, Arleigh Burke, Salvatore Mercogliano, Tang Ke, Livermore, Defense Mark Esper, David Sacks, Mercogliano, That's, Xi Jinping, HECTOR RETAMAL, Sacks, I'm Organizations: Service, Center for Maritime Strategy, Business, Navy, US Navy, Campbell University, Naval, People's Liberation Army Navy, Defense, of Naval Intelligence, Council, Foreign Relations, Corpus Christi, Pearl, Naval Shipyard . US Navy, Pacific, of Foreign Relations, CSIS, US, South China, Australia Locations: China, Russia, Ukraine, Virginia, Yantai Port, Asia, America, Japan, South Korea, Los Angeles, Corpus, Taiwan, Beijing, Pingtan, China's, Pacific, Philippines, South

☆ A glut of cheap Chinese goods is flooding the world and stoking trade tensions
▼ + stars: | 2024-03-28 | by ( Hanna Ziady | Laura He | ) edition.cnn.com time to read: +8 min

The oversupply of Chinese goods in key industries is stoking tensions between the world’s biggest manufacturer and its major trading partners, including the United States and the European Union. From clothes to carsChina’s exports of low-priced goods got a boost after it joined the World Trade Organization (WTO) in 2001. “What China exports is advanced production capacity that meets the needs of foreign customers,” Xinhua News Agency wrote. US President Joe Biden recently pledged to investigate whether imports of Chinese vehicles pose a national security threat. “But perhaps more importantly, persistent oversupply and low prices of Chinese goods will add to geopolitical tensions and keep the threat of tariffs and counter-tariffs alive,” she wrote in a recent note.

Persons: Hong Kong CNN —, ” Jens Eskelund, Xi Jinping, Huang Jingwen, ” Eskelund, Brad W, ” Markus W, Voigt, China’s BYD, Warren Buffett, Setser, Li Qiang, “, ”, Joe Biden, Jennifer McKeown, Shawn Deng Organizations: Hong Kong CNN, European Union, European Union Chamber of Commerce, Zero, of, People, China’s National Bureau of Statistics, Council, Foreign Relations, World Trade Organization, Aream Group, Tesla, Getty, China Development Forum, Xinhua, Agency, ., EV, European Commission, WTO, Capital Economics Locations: Hong Kong, United States, China, Europe, Beijing, Xinhua, China's Shandong, . Washington, Brussels

☆ China vows to help its EV champions succeed overseas despite threats of sanctions
▼ + stars: | 2024-02-07 | by ( Laura He | ) edition.cnn.com time to read: +3 min

On Wednesday, China’s Commerce Ministry posted a document signed late last year by nine government agencies, including the Foreign Ministry and the central bank, vowing to support Chinese EV makers with their globalization push. It also encouraged Chinese EV companies to cooperate with foreign manufacturers in technology and build supply chains that can benefit everyone. Chinese EV makers are taking the world by storm, even if they are largely locked out of key markets like the United States. Chinese EV makers are seeking alternative growth engines overseas because the picture is gloomy at home. The flood of cheaper Chinese vehicles has triggered trade tensions with some countries.

Persons: “, Biden Organizations: Hong Kong CNN, China’s Commerce, Foreign Ministry, Chinese EV, Getty, EV, China Association of Auto Manufacturers, European Commission, Wall Street Locations: China, Hong Kong, Europe, United States, Chinese, China's Shandong, Australia, Southeast Asia, Japan, Shenzhen, Hungary

☆ BYD: Why Hungary and Mexico could be key to the Chinese carmaker’s global domination
▼ + stars: | 2024-01-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +9 min

The cars come from BYD, the Chinese carmaker that is backed by Warren Buffett and has surpassed Tesla as the world’s biggest seller of electric vehicles (EVs). 1," a shipping carrier vessel intended to export BYD vehicles, at Yantai port in eastern China's Shandong province in January. BYD Mexico did not respond to a request for comment. “The US government is not going to like that Mexico is creating a back door.”A BYD electric vehicle, operated by Vemo taxi, in Mexico City in November. But as it continues to grow overseas, BYD will have to take a more localized approach, analysts say.

Persons: Warren Buffett, Tesla, BYD, Viktor Orbán’s, Yucatán, what’s, Elon Musk, Tu Le, carmaker, Hungary —, Matthias Schmidt, ”, “, Schmidt, Bill Russo, it’s, Le, Mariceu Ethrall, It’s, “ It’s, ‘ We’re, ’ ”, Stella Li, México, ” Li, Wang Chuanfu, BYD “, Russo, they’ve, ” Russo Organizations: Hong Kong CNN, Xinhua, Getty, CNN, Tesla, BMW, Audi, European Union, Schmidt Automotive Research, EV, European Commission, Bloomberg, BYD, El Locations: Hong Kong, China, Europe, BYD, Shenzhen, Germany, Netherlands, Hungary, Mexico, North America, China's Shandong, Szeged, Komárom, France, Shanghai, Hungarian, United States, Canada, Mexico City, Mexican, Dutch, Rotterdam, California, Brazil, Indonesia, Thailand, Uzbekistan, Macao, Taiwan, Japan, what’s

☆ Oil inches higher on supply concerns, China demand recovery
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: +2 min

Two large oil tankers unload at the 300,000-ton crude oil terminal in Yantai Port, Shandong Province, China, July 9, 2023. Oil prices inched higher on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China, the world's top crude importer. Traders will be watching decisions by central banks, including the Federal Reserve, this week on interest rate policies. "The Fed is expected to pause rate hikes this time but is likely to stay hawkish," CMC's Teng said. A pause in U.S. rate hikes could weaken the greenback which makes dollar-denominated commodities such as oil more affordable for holders of other currencies.

Persons: Tina Teng, WTI, CMC's Teng Organizations: Brent, West Texas, CMC, ANZ, International Energy Agency, Organization of, Petroleum, Traders, Federal Reserve Locations: Yantai Port, Shandong Province, China, Saudi Arabia, Russia, OPEC, Ukraine

☆ Oil ticks higher after China moves to support flagging economy
▼ + stars: | 2023-08-28 | by ( ) www.cnbc.com time to read: +2 min

A very large oil tanker docked at the 300,000-ton crude oil terminal at Yantai Port in Yantai, Shandong province, China, June 16, 2023. Oil prices ticked higher on Monday, along with equity markets, after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen fuel demand. China's manufacturing purchasing managers' index, or PMI, due later this week will likely reveal more dour economic news around the world's second-biggest economy, Sycamore said. However, oil prices remained above $80 a barrel on support from falling oil inventories and supply cuts from the OPEC+ collective of oil producers. That "should see some short term support for the oil price," he said.

Persons: Brent, Tony Sycamore, Sycamore, Tina Teng, WTI, Jerome Powell, Baker Hughes, Idalia Organizations: West Texas, PMI, CMC Locations: Yantai, Shandong province, China, U.S, Brent, OPEC, United States, Caribbean, Florida, Gulf

☆ Oil prices dip on profit-taking despite tighter U.S. supplies
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: +2 min

A very large oil tanker docked at the 300,000-ton crude oil terminal at Yantai Port in Yantai, Shandong province, China, June 16, 2023. Oil prices edged lower on Wednesday, as investors took profits following earlier gains on tighter U.S. crude supplies and China's pledge to reinvigorate its economic growth. Prices pared gains late in the session after both contracts had risen by over $1 a barrel. Market participants took advantage of the higher prices and took profits, said Phil Flynn, an analyst at Price Futures Group. ... Any improvement in the inflation data also means an improvement in oil demand," said Naeem Aslam of Zaye Capital Markets.

Persons: Phil Flynn, Flynn, We're, Klaas, Naeem Aslam Organizations: U.S, West Texas, Price Futures, Energy, Strategic Petroleum Reserve, Federal Reserve, European Central Bank, Traders, Zaye, Markets Locations: Yantai, Shandong province, China, Russia

☆ Oil dips over 1.5% on demand fears after weak Chinese data
▼ + stars: | 2023-07-17 | by ( ) www.cnbc.com time to read: +2 min

A very large oil tanker docked at the 300,000-ton crude oil terminal at Yantai Port in Yantai, Shandong province, China, June 16, 2023. Oil dropped by more than 1.5% on Monday after weaker than expected Chinese economic growth raised doubts over the strength of demand in the world's second biggest oil consumer, and a partial restart of halted Libyan output also pressured prices. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. Oil briefly rose after a Reuters news alert on Saudi Arabia extending a voluntary output cut. Oil also came under pressure on Monday from the resumption of output at two of three Libyan fields shut last week.

Persons: Warren Patterson, ING's, Brent, Dennis Kissler Organizations: . West Texas, BOK Financial, Oil, Energy, Administration Locations: Yantai, Shandong province, China, Saudi Arabia, Moscow

☆ IEA trims oil demand forecast for the first time this year on 'persistent' economic headwinds
▼ + stars: | 2023-07-13 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Two large oil tankers unload at the 300,000-ton crude oil terminal in Yantai Port, Shandong Province, China, July 9, 2023. The International Energy Agency on Thursday cut its global oil demand growth forecast for the first time this year, primarily citing a worsening economic outlook that weighs "especially heavy" on wealthy countries. The world's leading energy watchdog said global oil demand is now on track to climb by 2.2 million barrels per day in 2023 to reach an average of 102.1 million barrels per day. China is set to account for 70% of the demand growth increase, the IEA said. This forecast nevertheless represents a downward revision of 220,000 barrels per day from last month's report, when the IEA predicted an increase of 2.4 million barrels per day of worldwide growth.

Organizations: International Energy Agency, IEA, Federal, Brent, U.S, West Texas Locations: Yantai Port, Shandong Province, China, London

☆ China can't rely on Southeast Asian exports to offset a U.S. slowdown
▼ + stars: | 2023-06-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Exports to the Association of Southeast Asia Nations have been growing. The 10-member bloc surpassed the European Union during the pandemic to become China's largest trading partner on a regional basis. Data showed that exports to Southeast Asia fell by 16% in May compared to a year ago, dragging down China's overall exports. Exports to the U.S. — China's largest trading partner on a single-country basis — fell by 18% from a year ago in U.S. dollar terms in May. At $42.48 billion, the U.S. exports in May were more than the $41.49 billion China exported to Southeast Asia that month, according to customs data.

Persons: That's, Bruce Pang, Pang Organizations: Association of Southeast Asia Nations, Union, Exports, —, ASEAN Locations: China's, Indonesia, BEIJING, China, Southeast Asia, U.S, Asia, JLL, Brunei, Cambodia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, The U.S

☆ Barclays cuts China GDP outlook after forecasting U.S., Europe recession
▼ + stars: | 2022-11-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

China's export growth has slowed in recent months after surging during the height of the pandemic globally. BEIJING — Barclays cut its forecast for China's economic growth next year to 3.8%, based partly on expectations of a drop in global demand for Chinese goods. As a result, they now expect China's exports to drop by 2% to 5% in 2023, versus previous expectations for 1% growth, the report said. "China's share of global exports has been shrinking this year," the analysts said. China's exports surged by 29.8% last year in U.S. dollar terms, following a 3.6% increase in 2020, according to the customs agency.

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