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☆ The United States and Europe need China for clean energy. They will pay a price to break free
▼ + stars: | 2024-08-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

London CNN —The United States and Europe are racing to narrow China’s commanding lead in clean energy technologies, throwing subsidies at local manufacturers and hiking tariffs on Chinese imports in a strikingly protectionist turn. Without China’s electric vehicles (EVs), solar panels, wind turbines, and batteries, reducing planet-heating pollution could take longer and ultimately increase costs for businesses and consumers. Beijing’s virtual monopoly on the processing of some critical minerals comes with particular risks for the global green transition. Zhu Haipeng/VCG/APAny delay in switching to clean energy will exact a heavy toll on the planet. Birol at the IEA also advocates for trade policies that diversify supply chains while reducing the risk of delays to the clean energy transition.

Persons: “, Margrethe Vestager, ”, ” Fatih Birol, David G, Victor, Michael R, Davidson, ” Victor, Pierre, Olivier Gourinchas, Zhu Haipeng, Victor of, Birol, don’t Organizations: London CNN, Russia, Getty, ”, International Energy Agency, Global, University of California, CNN, Monetary Fund, McKinsey Global Institute, Victor of University of California, IEA Locations: United States, Europe, China, Lianyungang, Washington, Netherlands, Japan, Beijing, of Taicang, Suzhou, Brookings, University of California San Diego, Fuzhou, Victor of University of California San Diego

☆ India wants to become the top manufacturing alternative to China. But first it needs to beat Vietnam
▼ + stars: | 2024-04-02 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +6 min

The Biden administration has encouraged American companies to move electronics and technology manufacturing operations out of China and into friendlier countries, particularly Vietnam and India in Asia-Pacific. Vietnam's head startIndia and Vietnam are attractive manufacturing alternatives for foreign investors and companies, due in part to low labor costs. Import taxes remain highOne hurdle for India's manufacturing hub ambitions is the country's 10% import duty for information and communication technologies. India's import taxes were intended to protect domestic manufacturers, but lowering those duties will be part of the government's efforts to attract foreign firms to manufacture goods within the country. For example, India in January lowered import taxes for certain metal and plastic parts used in manufacturing mobile phones from 15% to 10%.

Persons: Biden, Mukesh Aghi, Samir Kapadia, Narendra Modi's, Aghi, Nari Viswanathan, Viswanathan, Tim Cook, Narendra Modi, Andy Ho, Modi, Kapadia, Pankaj Mahindroo, VinaCapital's Ho, Ho Organizations: Hindustan Times, Getty, Republicans, U.S ., India Strategic Partnership, India Index, Vogel Group, U.S, White House, Washington, Financial Times, Apple, Indian, Google, Dixon Technologies, Samsung, Motorola, India Cellular and Electronics Association, CNBC, corporates Locations: Noida, India, Asia, China, Vietnam, The U.S, U.S, United States, Singapore

☆ CNBC Daily Open: Fed rate meet in focus
▼ + stars: | 2024-03-18 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Nikkei 225 and the Topix gained, while China's CSI 300 index and Hong Kong's Hang Seng also rose. Wall Street ended lower on Friday as focus shifts to the Federal Reserve's policy meeting this week for insights on rate cuts. [PRO] U.S. election risk on China stocksGoldman Sachs has revised its barometer for the level of risk from U.S.-China tensions in Chinese stocks.

Persons: Seng, Ashwini Vaishnaw, Joe Biden, Goldman Sachs Organizations: CNBC, Nikkei, CSI, Nasdaq, Dow, Retail, White, Congress Locations: Asia, Japan, China, India, U.S

☆ India wants to be a global chip powerhouse in 5 years
▼ + stars: | 2024-03-18 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

India wants to be among the world's top five semiconductor producers in the next five years, said Ashwini Vaishnaw, minister of electronics and information technology, railways and communications. The chip industry "is a very complex market, and global value chains and global supply chains are extremely complex in the current context," Vaishnaw said on CNBC's Street Signs Asia on Friday. As of December, Taiwan holds about 46% of global semiconductor foundry capacity, followed by China (26%), South Korea (12%), the U.S. (6%) and Japan (2%), according to market intelligence firm TrendForce. I call it 'trust shoring' because there is a global trust in India," Vaishnaw said. "A lot of our chips are designed in India, and that presence in India is also creating opportunities for a number of Indian companies."

Persons: Ashwini Vaishnaw, Vaishnaw, Narendra Modi, Frank Huang, Rajeev Chandrasekhar Organizations: Qualcomm, CNBC, Tata Electronics, Powerchip Semiconductor Manufacturing Corp, PSMC, Economic Times Locations: India, Taiwan, China, South Korea, U.S, Japan, Chennai

☆ India set to clock up to 8% GDP growth as it boosts manufacturing capacity, minister says
▼ + stars: | 2024-02-02 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +4 min

Workers assemble mobile phones at a Dixon Technologies factory in Noida, India, on Jan. 28, 2021. Bloomberg | Bloomberg | Getty ImagesIndia could clock up to 8% annual GDP growth for several years as it focuses on boosting its manufacturing capabilities, a key government minister told CNBC on Thursday. watch nowHe spoke extensively about the country's mobile manufacturing ecosystem, claiming that 99% of the phones used in India were made within the country. The country exported $11 billion mobile phones last year, and they are likely to rise to between $13 billion and $15 billion in 2024, Vaishnaw said. Apple 's presence in India has grown exponentially since it first started manufacturing in the country in 2017.

Persons: Vaishnaw, Narendra Modi's, Nirmala Sitharaman, CNBC's, Apple, OnePoll, Joe Biden, India's Modi, Narendra Modi, Modi, Mandel Ngan Organizations: Dixon Technologies, Bloomberg, Getty, CNBC, Union, Railways, Communications, Electronics, Technology, CNBC's Sri, Deloitte, India, Apple, Samsung, Micron, U.S, India's, White, Afp Locations: Noida, India, Delhi, Mumbai, Chennai, China, Washington ,

☆ U.S. firms prefer India over China for supply chain needs despite risks
▼ + stars: | 2024-01-24 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

U.S. firms are increasingly viewing China as a risky bet for their supply chains — neighbor India is set to benefit as companies look elsewhere to set shop. As many as 61% of the 500 executive-level U.S. managers surveyed by UK market research OnePoll said they would pick India over China if both countries could manufacture the same materials, while 56% preferred India to serve their supply chain needs within the next five years over China. The survey showed that 59% of the respondents found it "somewhat risky" or "very risky" to source materials from China, compared with 39% for India. At least a quarter of the executives who participated in the independent, third party survey, commissioned by marketplace India Index in December, do not currently import from either China or India. "Companies are seeing India as a long-term investment strategy as opposed to a short-term pivot to avoid tariffs," said Samir Kapadia, CEO of India Index and managing principal at Vongel Group, in an exclusive interview with CNBC.

Persons: OnePoll, Samir Kapadia, Joe Biden, Narendra Modi Organizations: India Index, Vongel Group, CNBC, U.S, White House Locations: China, India

WASHINGTON (AP) — Treasury Secretary Janet Yellen is heading to Mexico this week to promote her agency's new strike force to help combat illicit fentanyl trafficking as the U.S. and China step up efforts to stop the movement of the powerful opioid and drug-making materials into the United States. “Combating the flow of deadly fentanyl into communities across the United States is a top priority for President Biden as well as the Treasury Department,” Treasury Secretary Janet Yellen in a statement. Many of the GOP presidential candidates have said they would use military force against Mexico in response to the trafficking of fentanyl and other synthetic opioids. Nelson will co-chair the strike force with IRS Criminal Investigations Chief Jim Lee. Nelson said the strike force "will act quickly and decisively with the top specialists from across the department to nimbly respond to the newest threats.”

Persons: Janet Yellen, —, Biden, Joe Biden, Xi Jinping, ”, Brian Nelson, Nelson, Jim Lee Organizations: WASHINGTON, —, Strike, Treasury, IRS, Drug, Treasury Department, Disease Control, GOP, Banking, Armed Services Committees Locations: Mexico, China, United States, Mexico City, Yellen, California, America, U.S

U.S. President Joe Biden and China’s Xi Jinping, who met in San Francisco on Wednesday, may disagree on the terminology. Barely half the manufactured goods imported into the United States from low-cost Asian countries now come from China. Chinese firms have raised just $529 million from initial and secondary stock offerings in the United States in the year to mid-October. But the conscious decoupling between the U.S. and China looks set to continue. Follow @ugalani and @a_fitri_alias on XCONTEXT NEWSU.S. President Joe Biden and Chinese President Xi Jinping met on Nov. 15 in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation forum.

Persons: Xi, Joe Biden, Kevin Lamarque, friendshoring, China’s Xi Jinping, Breakingviews, Donald Trump, China’s ByteDance, Reuters Graphics Reuters Graphics Goldman Sachs, Xi Jinping, Una, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: U.S, Economic Cooperation, REUTERS, Rights, Reuters, People’s Republic . U.S, People’s, World Trade Organization, Reuters Graphics Reuters, FRAYING FINANCE, U.S . Federal Reserve, Federal, Investment Board, HK, Republican, Reuters Graphics Apple, United, Reuters Graphics Reuters Graphics, Thomson Locations: Filoli, Asia, Woodside , California, U.S, Rights MUMBAI, United States, China, Washington, People’s Republic ., San Francisco, People’s Republic, Southeast Asia, Hong Kong, That’s, New York, Greater China, India, TAIWAN, Taiwan, Una Galani, Mumbai, London

WASHINGTON (AP) — President Joe Biden is gathering leaders from countries across the Americas on Friday in the U.S. capital to discuss the tightening of supply chains and addressing migration issues. Kirby said the summit would also involve the “shared migration challenge” and the building of “meaningful economic opportunity” among the countries in the region. Political Cartoons View All 1233 ImagesBy contrast, the U.S. imported $562.9 billion worth of goods and services from China last year. Treasury Secretary Janet Yellen outlined the Biden administration's goals in a Thursday speech at the Inter-American Development Bank. The Inter-American Development Bank, which is the biggest multilateral lender to Latin America, would support new projects through grants, lending and new programs.

Persons: Joe Biden, John Kirby, Kirby, Biden, Janet Yellen, Yellen Organizations: WASHINGTON, Economic Prosperity, ’, White, National Security, Western, U.S . Trade, Biden, Inter, American Development Bank, The Locations: Americas, U.S, Los Angeles, United States, China, Canada, Mexico, The U.S, America, Caribbean, South America

WASHINGTON (AP) — Treasury Secretary Janet Yellen wants Latin America to trade more with the United States as part of an initiative that so far has failed to disrupt China’s dominance in global manufacturing. The Inter-American Development Bank, which is the biggest multilateral lender to Latin America, would support new projects through grants, lending and new programs. But if you’re not involved, this opens the door for anybody” to invest in Latin America. Latin America will be a region of increased focus in the next year, as Brazil takes the presidency of the Group of 20 international forum. A Treasury official told the AP that Yellen will be traveling frequently to South America and Latin America over the next year, due to Brazil's G-20 presidency.

Persons: Janet Yellen, Yellen, ” Yellen, Ilan Goldfajn, you’re, ” Organizations: WASHINGTON, —, Inter, American Development Bank, Partnership, Economic Prosperity, ’, White, “, Boston University Global Development, El, Associated Press, Treasury Department, Treasury, AP Locations: America, United States, U.S, Caribbean, Peru, Chile, Ecuador, Uruguay, Dominican Republic, Costa Rica, China, South America, American, Honduras, Taiwan, El Salvador, Nicaragua, Panama, Brazil, Latin America

☆ Janet Yellen to deliver major speech detailing US economic strategy toward Indo-Pacific
▼ + stars: | 2023-10-30 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —At a moment of elevated geopolitical danger, Treasury Secretary Janet Yellen plans to deliver a major speech on Thursday mapping out the Biden administration’s economic gameplan toward the increasingly volatile Indo-Pacific region, CNN has learned. The speech will mark the first time the Biden administration has outlined its economic approach toward the region in such detail. Recently, China and the Philippines accused each other of causing collisions in a disputed area of the South China Sea. Beyond the high-profile trip to China, Yellen has visited the Indo-Pacific multiple times during the Biden administration, including four trips to India, two trips each to Japan and Indonesia and visits to Vietnam and Korea. On Friday, the White House announced Biden will travel to San Francisco on November 14 to host representatives from the 21 APEC member economies for APEC Economic Leaders’ Week.

Persons: Janet Yellen, Biden, Joe Biden, Xi Jinping, Yellen, “ That’s, ” Biden, Antony Blinken, Xi Organizations: New, New York CNN, Biden, CNN, Economic Cooperation, Treasury, Asia Society, APEC, Investors, Democratic, White House Locations: New York, Asia, San Francisco, Beijing, China, Philippines, South China, Japan, South Korea, India, Vietnam, Indonesia, Korea, Washington, United States, Bali .

The ramifications for global markets are significant, with Washington and Beijing's determination to loosen dependence on each other fraying long-established supply chains. Many central banks target 2% inflation; market gauges of traders' long-term U.S. and European inflation expectations are running higher , . Anna Rosenberg, head of geopolitics at the Amundi Investment Institute, said Sino-U.S. tensions, provide a "new lens" through which to analyse emerging markets' growth prospects. But the performance of big U.S. tech stocks and global share indices are vulnerable to signs of Chinese retaliation. With China underperforming global stocks, investors are split on how to approach this market.

Persons: Dado Ruvic, Joe Biden, Goldman Sachs, Wouter Sturkenboom, Laura Alfaro, Anna Rosenberg, Christopher Rossbach, J, Stern, Carole Madjo, Wendy Liu, Baird, Patrick Spencer, Naomi Rovnick, Kripa Jayaram, Riddhima, Vineet, Sumanta Sen, Pasit, Louise Heavens Organizations: REUTERS, EMEA, APAC, Northern Trust, Reuters, Research, Harvard Business, Amundi Investment Institute, INDIA RUSH, Barclays reckons, EU, Apple, China, Barclays, JPMorgan, Thomson Locations: West, China, Washington, Western, Germany, Northern, Europe, FRIENDSHORING Washington, Vietnam, Mexico, Mongolia, Philippines, Sino, U.S, India, Beijing, COVID, CHINA

☆ Supply chains may be moving out of China and into Asia — but they aren't really decoupling from the country
▼ + stars: | 2023-09-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

Supply chains are diversifying away from China, causing a shift in global-trade patterns. Data shows that while manufacturing activity for end products has been moving out of China, supply chains haven't decoupled from the country. "Companies are moving manufacturing processes to other countries, including parts of Asia and North America, to diversify their supply chains. Companies are moving their supply chains out of China. As Insider reported in April, even Chinese companies are moving their supply chains out of China to avoid risks.

Persons: Donald Trump, Biden, Misha Govshteyn, Nomura, Sonal Varma, reexported, —, Frederic Neumann, Yukon Huang, Genevieve Slosberg, Lu Yucong, Carnegie's Huang, MaroFab's Govshteyn Organizations: Service, Apple, Mazda, Asia Supply, Nomura Holdings, East, HSBC, Association of Southeast, Nations, Carnegie Asia Program, Financial Times Locations: China, Southeast Asia, Wall, Silicon, Asia, Washington, Beijing, Vietnam, Bangladesh, North America, Houston, South Korea, Hong Kong, China's, India, Japan, Europe, Yukon, America, United States, Guangdong

☆ Less ethical US foreign policy requires new logic
▼ + stars: | 2023-09-18 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

Russia’s invasion of Ukraine and rising tensions with China are now driving U.S. foreign policy, and ethical considerations have taken a back seat. Even so, groups such as Amnesty International and Human Rights Watch are concerned. But the United States considers all to have poor records when judged against the Universal Declaration of Human Rights. While it may make sense for the United States to choose the lesser evil, it is now unclear what role human rights play in American foreign policy. Although he didn’t connect this idea to human rights, that seems to be part of the thinking.

Persons: Narendra Modi, Joe Biden, Evan Vucci, Biden, Antony Blinken, ”, Modi, Saudi Crown Prince Mohammed bin Salman, Blinken, It’s, Peter Thal Larsen, Thomas Shum Organizations: Indian, U.S, Bharat, REUTERS Acquire, Reuters, Amnesty, Human Rights, U.S ., Saudi Crown, Universal, United, United States, Reuters Graphics, Seven, Washington, Thomson Locations: New Delhi, India, Vietnam, Saudi Arabia, Ukraine, China, Asia, Beijing, Moscow, U.S, Hanoi, United States, Riyadh, Russia, United, East, Europe, Afghanistan, Iraq

U.S. President Joe Biden holds a press conference in Hanoi, Vietnam, September 10, 2023. Biden also said in Hanoi he had talked with Xi’s deputy at the G20, and that the two talked about stability. In recent weeks, Vietnam has engaged in several high-level defence meetings with top Russian officials. CHIPS, RARE EARTHSBiden’s visit comes as bilateral trade and investment ties are growing and a long-simmering territorial dispute between Vietnam and China heats up in the South China Sea. A large part of it could go to Vietnam, officials said.

Persons: Joe Biden, Evelyn Hockstein The, Biden, ”, ” Biden, Xi Jinping, Nguyen Phu Trong, Pham Minh Chinh, Jon, “, Antony Blinken Organizations: Sunday, REUTERS, Communist Party, Communist Party General, Reuters, Vietnam’s, Vietnam Airlines, Boeing, Max, Google, Intel, Marvell, GlobalFoundries, U.S Locations: HANOI, WASHINGTON, Vietnam, Washington, China, Russia, Hanoi, United States, Pacific, Hanoi . Vietnam, Beijing, Ukraine, Moscow, U.S, India, South China, America

☆ US, Vietnam to Elevate Ties During Biden Visit, With Eye on China
▼ + stars: | 2023-09-09 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

The visit comes as trade and investment ties between the two nations are growing and a long-simmering territorial dispute between Vietnam and China heats up in the South China Sea. Vietnam has named four other countries "comprehensive strategic partners," the designation expected for the U.S.: China, Russia, India and South Korea. Biden's visit comes nearly 50 years after the end of the deeply unpopular Vietnam War between the Soviet-backed Communist government of North Vietnam and South Vietnam’s U.S.-backed regime. "For decades, the US and Vietnam have worked to overcome a painful shared legacy of the Vietnam War, working hand in hand to promote reconciliation, with our service members and our veterans lighting the way," he said. Washington has been pushing to elevate ties with Hanoi to a "strategic" partnership from one that for the past decade has been called "comprehensive."

Persons: Nandita Bose, Francesco Guarascio, Joe Biden, Biden, Nguyen Phu Trong, Antony Blinken, Jake Sullivan, Khanh Vu, Heather Timmons, Chizu Organizations: Francesco Guarascio NEW, Sunday, Communist Party General, Party, U.S ., Google, Intel, Marvell, GlobalFoundries, Boeing, U.S, Communist Locations: Francesco Guarascio NEW DELHI, HANOI, United, China, Asia, Vietnam, South China, Russia, India, South Korea, Hanoi, U.S, Soviet, North Vietnam, South Vietnam’s U.S, Pacific, US, Washington, Czech Republic

Persons: Joe Biden, Evelyn Hockstein, Biden, Nguyen Phu Trong, Antony Blinken, Jake Sullivan, Nandita Bose, Khanh Vu, Francesco Guarascio, Heather Timmons, Chizu Organizations: Global Infrastructure, REUTERS, Sunday, Communist Party General, Party, U.S ., Google, Intel, Marvell, Boeing, U.S, Communist, Thomson Locations: New Delhi, India, DELHI, HANOI, United, China, Asia, Vietnam, South China, Russia, South Korea, Hanoi, U.S, Soviet, North Vietnam, South Vietnam’s U.S, Pacific, US, Washington, Czech Republic

The boost to formal ties could bring billions of dollars of new private investment and some public funds to Vietnam's semiconductor industry. But industry officials, analysts and investors said that the small pool of trained experts will be a crucial hurdle for the rapid development of the chip industry. There's also a risk of inadequate supply of trained chips software engineers, said Hung Nguyen, senior program manager on supply chains at RMIT University Vietnam. The White House has not specified which segments of the chips industry in Vietnam will be prioritised, but U.S. industry executives have indicated that the back-end is a key growth sector. More private investment could come, especially if a significant share of the $500 million available under the U.S. CHIPS Act for global semiconductor supply chains ends up in Vietnam.

Persons: Joe Biden, Kevin Lamarque, Biden, Thanh, There's, Hung Nguyen, CHINA'S, Amkor, Janet Yellen, Hung, Francesco Guarascio, Steve Holland, Trevor Hunnicutt, Khanh Vu, Phuong, Muralikumar Organizations: U.S . Army, White, REUTERS, Companies, ASEAN Business Council, RMIT University Vietnam, Boston Consulting Group, Reuters, Intel, U.S . Treasury, Marvell, Thomson Locations: Vietnam, Washington , U.S, Hanoi, Washington, Vietnam Vietnam, HANOI, U.S, China, United States, Taiwan, Beijing, The U.S, Malaysia, India, Europe, Phuong Nguyen

That sobering view of a post-pandemic global economy emerged from research organized by the Kansas City Federal Reserve and debated here this past weekend. "This puts us in a bleak setting, thinking about the parts of the world that are labor rich but capital poor," he said. "I do remember a time, maybe a more naive time...when more trade would create friends," said Ben Broadbent, deputy governor of the Bank of England. If there was a potential bright spot, it was around the discussion of advances in artificial intelligence as a possible driver of higher productivity. Reporting by Howard Schneider; Editing by Dan Burns and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: JACKSON, Pierre, Olivier Gourinchas, Gourinchas, Maurice Obstfeld, Barry Eichengreen, Eswar Prasad, Donald Trump, Biden, Jared Bernstein, Bernstein, Ben Broadbent, Ngozi Okonjo, Iweala, Trump, Nela Richardson, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Kansas City Federal Reserve, U.S, Monetary Fund, Fed, Peterson Institute for International Economics, International Monetary Fund, University of California, Cornell University, U.S . White House Council, Economic, Biden, Bank of England, Trade Organization, Thomson Locations: , Wyoming, Ukraine, China, West, Washington . China, U.S, Berkeley, Japan, Nigeria, Russian, Europe

☆ US Treasury's Yellen sees Vietnam as key partner in 'friendshoring' supply chains
▼ + stars: | 2023-07-21 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

July 21 (Reuters) - The United States sees Vietnam as a key partner in expanding green energy sources and building more resilient supply chains, U.S. Treasury Secretary Janet Yellen said in a speech to be delivered in the country's capital of Hanoi on Friday. Yellen's visit is part of a push by the United States to upgrade its formal ties with Vietnam as it works to reduce dependence on Chinese supply chains by expanding manufacturing at home and boosting trade with trusted partners. But its efforts have met some resistance in Hanoi, over what experts see as concerns that China could view the move as hostile. The United States and Vietnam normalized relations in 1995, two decades after the end of the Vietnam War, and signed a bilateral trade agreement five years later. She underscored that Washington's "friendshoring" drive was not meant for "an exclusive club of countries.

Persons: Janet Yellen, Yellen, Washington, Andrea Shalal, Jamie Freed Organizations: Treasury, U.S ., ASEAN Business Council, Intel, Initiative, The, Vietnam's, Thomson Locations: United States, Vietnam, U.S, Hanoi, Asia, Washington, China, Arizona, Saigon, The United States

☆ How to crack the climate free rider problem
▼ + stars: | 2023-07-10 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

For example, the United States, China and Europe are engaged in a green subsidy race that is driving down the cost of clean technology. Extending such a scheme to the members of a G7-led climate club is tricky. Without a big carrot and a big stick, though, the climate club will be a low-key affair. And if Biden wins re-election next year, the prospects of a more ambitious G7 climate club and cooperating with China would improve. Either – or both – would go a long way to solving the climate free rider problem.

Persons: Don’t, It’s, William Nordhaus, –, Isabel Hilton, Adair Turner, Joe Biden, Donald Trump, Biden, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, ”, Reuters Graphics Reuters, European Union, Bank, Trade, United, Economic Co, Development, U.S, Energy, Commission, White, Thomson Locations: United States, Canada, Beijing, China, Europe, India, Vietnam, Washington, Argentina, Indonesia, Republic

☆ China’s economy is way more screwed than anyone thought
▼ + stars: | 2023-06-14 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

The bubble in China's property market finally popped. In April, China's economic data came in weak largely across the board. The problem is that while consumers may be picking up, the biggest drivers of the Chinese economy — property and exports — are going to stay dormant. Consumer consumption makes up about 37% of the Chinese economy (in the US that figure is about 70%). Beijing has tried to shift the country toward a consumption model, like the US, but exports still make up 20% of China's economy.

Persons: lockdowns, it's, Xi Jinping, Stanley Druckenmiller, We're, Morgan Stanley, Goldman Sachs, Wei Yao, Leland Miller, Miller, Yao, Wright, I've, —, Kearney, Linette Lopez Organizations: Trade, JPMorgan, Bloomberg Invest Conference, Bank of America's, China's National Bureau, Statistics, Societe Generale, Analysts, Beijing, China, Chinese Communist Party, China's Locations: China, globalism, Beijing, York, Asia

☆ Securonomics is fuzzy new lodestar for investors
▼ + stars: | 2023-06-02 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

During the era of free trade and financial liberalisation, the politicians danced to the economists’ tune. President Joe Biden’s National Security Advisor explained that the era of unqualified support for free markets is over. The state will explicitly subsidise “specific sectors that are foundational to economic growth (or) strategic from a national security perspective,” Sullivan explained. Internationally, meanwhile, free trade is no longer the pole star. Sullivan’s 5,000-word speech devoted just three sentences to the World Trade Organization.

Persons: Rachel Reeves, Jake Sullivan, Joe Biden’s, ” Sullivan, Jacob Soll, Jean, Baptiste Colbert, Alexander Hamilton, Adam Smith, securonomics, Colbert, Hamilton, Christine Lagarde, Lagarde, ”, Soll, Peter Thal Larsen, Pranav Kiran Organizations: Reuters, Labour, Bank of England, White, U.S . Treasury, U.S . Trade Representative, Joe Biden’s National, Biden, offshoring, World Trade Organization, Industries, BAE Systems, Dow, Aerospace, Defense, U.S, Treasury, University of Southern, European Central Bank, Soviet, Russia, Thomson Locations: Washington, Tellingly, States, French, Scottish, University of Southern California, China, United States, Europe, Saudi Arabia

☆ How US allies can mitigate Trump 2.0
▼ + stars: | 2023-05-29 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

LONDON, May 29 (Reuters Breakingviews) - A return to the White House by Donald Trump would create challenges for the world’s other rich democracies. TRUMP IN POLYCRISISBiden has painstakingly created a consensus with his core allies since Putin invaded Ukraine last year. PREPARE FOR THE WORSTThe world’s other rich democracies - call them the G6 - cannot change the outcome of the U.S. presidential election. Politicians in other rich democracies can also try to persuade Republican leaders that now is not the time to abandon Kyiv. If other rich democracies adopt a vigorous mitigation strategy now, they’ll be better prepared if Trump does return.

☆ How US and allies can find common ground on China
▼ + stars: | 2023-04-17 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

That said, the U.S. and its allies have many common values and interests with regards to China. Reuters GraphicsJapan, Australia and other Asian countries also need American support to counter the challenge from a more assertive China. The G7 finance ministers last week took a step to address this concern. But it is unclear how much headway the G7 will make as China has already invested heavily in many poorer countries. It is not just the group’s finance ministers who are seeking to coordinate their approach.

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