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☆ Australia calls for China to end trade curbs as barley tariffs lifted
▼ + stars: | 2023-08-04 | by ( Lewis Jackson | Dominique Patton | ) www.reuters.com time to read: +4 min

Australian Trade Minister Don Farrell said on Friday that Chinese restrictions affecting roughly A$20 billion of annual trade as of last May had shrunk to hit about A$2 billion of exports. The U.S. Trade Representative’s office, which has sided with Australia in the trade dispute, declined to comment on China’s move to reduce barley tariffs. FILE PHOTO: Bottles of Australian wine are seen at a store selling imported wine in Beijing, China November 27, 2020. Wine producer Treasury Wine Estate’s shares reversed earlier declines to close 2.7% following the barley decision against an otherwise flat market. Chinese buyers had turned to Canada, France and Argentina to replace Australian barley supplies over the last three years, while Australian sellers shifted exports to feed barley markets in the Middle East.

Persons: Don Farrell, ” Farrell, Anthony Albanese, Florence, Lee McLean, Dennis Voznesenski, ”, Colin Bettles Organizations: SYDNEY, China’s Ministry of Commerce, World Trade Organization, Australian Trade, Labor, U.S . Trade, REUTERS, Wine, WTO, Rabobank, “, Grain Producers Australia Locations: BEIJING, Australia, normalisation, China’s, Canberra, China, Beijing, Canada, France, Argentina

☆ China lifts anti-dumping tariffs on Australian barley after three years, easing supply concerns
▼ + stars: | 2023-08-04 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

A photo taken on Dec.14, 2020 shows a paddock of barley being harvested on a farm near Inverleigh, some 100 kilometers west of Melbourne. China on Friday lifted tariffs on Australian barley imports starting Aug. 5, a move that points to improving bilateral relations and would alleviate supply concerns after Russia suspended a humanitarian corridor to deliver key Ukrainian grains to global markets. These anti-dumping tariffs and countervailing duties were imposed in mid-2020 at the height of diplomatic tensions between China and Australia. Beijing slapped import tariffs on several Australian exports from wine and red meat to lobsters and timber. Besides this barley announcement, China also resumed Australian coal imports in January.

Organizations: Chinese Ministry of Commerce, World Trade Organization Locations: Inverleigh, Melbourne . China, Russia, China, Australia, Beijing

☆ China to lift tariffs on Australian barley after 3 years
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

China and Australia agreed in April to resolve their dispute over barley imports, with Canberra to suspend a case at the World Trade Organization (WTO) over Beijing's anti-dumping and countervailing duties on barley, while China promised to speed up a review into the tariffs. Australian Trade Minister Don Farrell said on Wednesday that he was expecting a positive outcome within days. The tariffs will be dropped starting on Saturday, China's Ministry of Commerce said, citing a changing situation in China's barley market without providing further details. Beijing implemented tariffs totalling 80.5% on Australian barley in May 2020, wiping out imports of the grain by the world's biggest beer market, worth as much as A$2 billion ($1.31 billion) a year. Those trade flows are likely to shift again after China drops the tariffs, with its barley buyers expected to begin purchases of the new Australian crop harvested in October for arrival by year-end.

Persons: Jonathan Barrett, Don Farrell, Dominique Patton, Kim Coghill, Jamie Freed Organizations: REUTERS, China's Ministry of Commerce, World Trade Organization, Australian Trade, Labor, WTO, Reuters Graphics Reuters, Beijing, Thomson Locations: Moree, New South Wales, Australia, BEIJING, China, Canberra, Beijing, Canada, France, Argentina

☆ India's license mandate for laptop, tablet imports, in compliance with WTO - source
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: 1 min

A boy tries to use an Apple laptop at a computer shop in Tokyo, Japan, May 10, 2019. REUTERS/Issei Kato/file photoNEW DELHI, Aug 3 (Reuters) - India will impose a licensing requirement for imports of laptops, tablets and personal computers to ensure security of its citizens, a source familiar with the matter told Reuters on Thursday, adding the decision was in compliance with the World Trade Organization's requirements. Reporting by Shivangi Acharya, writing by Tanvi Mehta; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Shivangi Acharya, Tanvi Mehta, Bernadette Baum Organizations: REUTERS, Reuters, Trade, Thomson Locations: Tokyo, Japan, DELHI, India

ROCHESTER, New Hampshire, July 31 (Reuters) - U.S. Republican presidential candidate Ron DeSantis took an aggressive swipe at China, railed against what he described as corporate bailouts, and said he would rein in the Federal Reserve in an economic policy speech on Monday. DeSantis was particularly harsh on China and the technology sector which he accused of enriching the East Asian nation to the detriment of Americans. The U.S. Senate voted in 2000 to grant the status to China as it prepared to join the World Trade Organization. "They said if you granted China special trading status and put them in the World Trade Organization, that China would become more democratic," he said. In written bullet points released alongside the speech, DeSantis' campaign said he would appoint a chair of the Federal Reserve "who will focus on maintaining a stable dollar instead of the political pressures of the day."

Persons: Ron DeSantis, DeSantis, we've, Jerome Powell, Gram Slattery, James Oliphant, Rosalba O'Brien Organizations: Republican, Federal Reserve, Republican Party, U.S, Senate, World Trade Organization, Federal, Fed, Thomson Locations: ROCHESTER , New Hampshire, China, New Hampshire, U.S, United States, Rochester, Washington

China's application, by far the biggest economy, is next in line if they are dealt with in the order they were received, although that is not a given. The free trade agreement has its roots in the U.S.-backed Trans-Pacific Partnership, developed in part to counter China's growing economic dominance. I think that is completely wrong," Tim Groser, a former New Zealand trade minister and chief trade negotiator said. For CPTPP members, China's application is not the only political dilemma. Taiwan is also seeking to join the pact, in a move opposed by China that member trade negotiators remain unsure about.

Persons: Chris Hipkins, Shigeyuki Goto, Damien O’Connor, Trade Kemi, Damien O'Connor, Donald Trump, Henry Gao, couldn't, Tim Groser, CPTPP, Graham Zebedee, Britain's, New Zealand Wang Xiaolong, Hopes, Wang Huiyao, Antony Blinken, Natalie Black, Lucy Craymer, Joe Cash, Jamie Freed Organizations: New Zealand, Economic, New, Trade, Export, State, Business, Malaysian, Beijing, Pacific, New Zealand's Trade, Pacific Partnership, Communist Party, Singapore Management University, Ministry of Foreign Affairs, World Trade Organization, Australia, Center for, Political, Comprehensive Economic, U.S, Asia Pacific, Thomson Locations: British, Trade Kemi Badenoch, Taiwan, AUCKLAND, BEIJING, China, Pacific, Britain, Auckland, Ukraine, Costa Rica, Uruguay, Ecuador, U.S, Japan, Australia, Canada, Beijing, New Zealand, SOEs, Mexico, Center for China, Wellington, Asia

☆ Morning Bid: Euro biz ebbs, China property and rate peaks?
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +4 min

Arguments for calling a halt to the credit tightening were strengthened on Monday as early July business surveys for the euro area came in well below forecasts, showing a deepening contraction in overall activity this month. The euro dropped more than half a percent against the dollar as euro government debt yields fell back, with an indecisive weekend election result in Spain adding pressure. With the ongoing slide in manufacturing still the biggest drag and due in large part to China's spluttering post-Covid recovery, further turbulence in China's property markets will only increase the anxiety. For Wall St, the looming Fed decision dominates this week - with a check on U.S. July business surveys topping the data on Monday's calendar in another huge corporate earnings week. U.S. Treasury yields fell back, but the dollar (.DXY) climbed against the euro, yuan and sterling - also hit by disappointing UK business readings for July.

Persons: Mike Dolan, China's, readouts, Dow Jones, Brown Organizations: Futures, Bank of, Dalian, Japan's Nikkei, Tech, Microsoft, Dow, Nasdaq, Treasury, Chicago Fed, Whirlpool, Packaging Corp of America, Cadence, Trade Organization, Reuters, Thomson Locations: U.S, China, Bank of Japan, Spain, United States, Alexandria, Geneva

☆ Exclusive: Taiwan probes alleged leak of classified reports, diplomatic cables
▼ + stars: | 2023-07-21 | by ( Yimou Lee | ) www.reuters.com time to read: +3 min

TAIPEI, July 21 (Reuters) - Taiwan is investigating a potential leak of official documents including diplomatic cables and classified reports on the island's sensitive bid to join a global trade pact, according to two officials familiar with the probe. Taiwan and China both applied in 2021 to join the CPTPP, a landmark trade pact between 11 countries - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Beijing has said it strongly opposes Taiwan's membership because Taiwan is part of China and therefore ineligible to join international bodies on its own. Taiwan is however a member of the World Trade Organization, designated as a separate customs territory called Taiwan, Penghu, Kinmen and Matsu. Taiwan strongly rejects Chinese sovereignty claims and says only Taiwanese people can decide their future.

Persons: Taiwan's, Tsai Ing, China's, Yimou Lee, John Geddie Organizations: Reuters, Trans, Pacific, Taiwan's, National Security Bureau, World Trade Organization, Thomson Locations: TAIPEI, Taiwan, China, Japan, Vietnam, Washington, United States, Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, Britain, Beijing, Matsu, Lincoln

☆ Foreign investment is ramping up amid the reshoring boom. Here are UBS’s top under-the-radar plays
▼ + stars: | 2023-07-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Foreign direct investment is also picking up. That investment is on top of the reshoring boom that is already underway , as U.S. companies return operations back home, partly to ensure the safety of supply chains. More than 101,000 jobs were created by reshoring and foreign direct investment in the first quarter alone, up 11% year over year, according to the Reshoring Initiative . While Eaton is Snyder's top pick on the reshoring theme, he highlighted several other underappreciated names that stand to gain as well. Overall, auto reshoring announcements grew 30% in the second half of 2022 from the year prior, according to UBS.

Persons: Chris Snyder, UBS's Snyder, he's, Snyder, Eaton, Dave Regnery, Regnery, — CNBC's Michael Bloom Organizations: World Trade Organization, UBS, Reshoring, Keysight Technologies, U.S, Trane Technologies Locations: U.S, United States, China, reshoring, Taiwan, Asia

☆ Trade between the US and China is drying up. That could be bad news for American consumers.
▼ + stars: | 2023-07-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Mexico is now the US's top trade partner. Mexico surpassed China as the US's top manufacturing trade partner in 2023. In 2001, China joined the World Trade Organization, a group that grants members preferential tariffs when trading with one another. That access opened the door to China to become a leading trade and manufacturing hub, as the Dallas Fed pointed out. Mexico, for its part, benefits from increased trade with the US — beating out China in US trade volume means it's climbing on the world stage.

Persons: Luis Torres Organizations: Service, Dallas Fed, World Trade Organization, China, U.S, Dallas Locations: China, Mexico, Wall, Silicon, Washington, Beijing

Exports last year were 94 metric tonnes, up 25% on 2021. Last year's exports totaled 44 metric tonnes in both wrought and unwrought form. As of September 2022 the DLA was storing 14 metric tonnes of germanium metal and 6.9 metric tonnes of scrap. An outright ban could be counter-productive, as China found out when it halted exports of rare earths to Japan in 2010. China has no shortage of pressure points to push, from rare earths to cobalt to lithium and even electric vehicle batteries.

Persons: Germany's, Wei Jianguo, Barbara Lewis Organizations: U.S, Chips, Export, United States Geological Survey, Alliance, Defense Logistics Agency, Teck Resources, Agency, Solutions, Democratic, Gecamines, World Trade Organization, China, Toyota, Honda, Audi, Commerce, China Daily, Reuters, Thomson Locations: U.S, China, United States, Teck, NYR.BR, Clarksville, Tennessee, New York, Australia, Europe, Democratic Republic of Congo's, Russia, Japan, Beijing, West

☆ 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

WASHINGTON, July 9 (Reuters) - Republican U.S. presidential candidate and Florida Governor Ron DeSantis said on Sunday he would take steps to revoke China's permanent normal trade relations status if he won the 2024 White House race. The U.S. Senate voted in 2000 to grant that status to China as it prepared to join the World Trade Organization. The status is a legal designation in the United States for free trade with a foreign nation. 1 geopolitical threat this country faces," DeSantis added in the interview. Reporting by Kanishka Singh; Editing by Scott Malone and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Ron DeSantis, DeSantis, Janet Yellen, Donald Trump, Kanishka Singh, Scott Malone, Andrea Ricci Organizations: Republican U.S, Florida, White, Fox News, U.S, Senate, World Trade Organization, Treasury, Republican, Thomson Locations: China, United States, U.S, Taiwan, Washington, Beijing, Chinese, Cuba

☆ Explainer-China's rare earths dominance in focus after mineral export curbs
▼ + stars: | 2023-07-05 | by ( Mai Nguyen | ) www.reuters.com time to read: +5 min

WHAT ARE RARE EARTHS AND HOW ARE THEY USED? The chemical properties of rare earths make them difficult to separate from surrounding materials, and processing generates toxic waste. Lax environmental standards enabled China to build its dominance in rare earths in recent decades as Western producers left the industry. Western countries have ramped up support to boost domestic production of critical minerals including rare earths. Electric vehicle maker Tesla is moving away from rare earths in future models to mitigate environmental and supply risks, as the rare earth industry struggles to meet demand.

Persons: Florence, Lynas Organizations: Reuters, REUTERS, United States Geological Survey, Adamas Intelligence, United, RARE, European Union, World Trade Organization Locations: China, Japan, Beijing, CHINA, United States, Australia, Myanmar, Thailand, Vietnam, Russia, Brazil, India, Canada, Las Vegas, California

☆ China's rare earths dominance in focus after it limits germanium and gallium exports
▼ + stars: | 2023-07-05 | by ( Mai Nguyen | Thomson Reuters | Mai Reports On The Nonferrous Metals Markets In Asia. She Writes About Daily Price Movers | ) www.reuters.com time to read: +5 min

Exports: Chinese exports of rare earths have declined. Beijing then curbed global exports of rare earths, saying it was trying to curtail pollution and preserve resources. The chemical properties of rare earths make them difficult to separate from surrounding materials, and processing generates toxic waste. Western countries have ramped up support to boost domestic production of critical minerals including rare earths. Electric vehicle maker Tesla (TSLA.O) is moving away from rare earths in future models to mitigate environmental and supply risks, as the rare earth industry struggles to meet demand.

Persons: Lynas, Mai Nguyen, Melanie Burton, Dominique Patton, Tony Munroe, Barbara Lewis Organizations: United States Geological Survey, Adamas Intelligence, United, RARE, European Union, World Trade Organization, Thomson Locations: China, Japan, Beijing, CHINA, United States, Australia, Myanmar, Thailand, Vietnam, Russia, Brazil, India, Canada, Las Vegas, California, Hanoi, Melbourne

☆ EU concerned over China export controls on metals used in chips
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, July 4 (Reuters) - The European Commission expressed concern on Tuesday over China's planned curbs on exports of strategic metals widely used in the semiconductor industry and doubt that the move was related to security. China said the control on exports of gallium and germanium products from Aug. 1 was aimed at protecting national security. "The Commission is concerned that these export restrictions are unrelated to the need to protect global peace and also stability and the implementation of China's non-proliferation obligations arising from international treaties," a Commission spokesperson told a daily briefing. The EU executive, which is assessing the potential impact on global supply chains and European industry, said it called on China to limit export restrictions to "clear security considerations" in line with World Trade Organization rules. The metals are used in semiconductors, electric vehicles and high-tech industries.

Persons: Philip Blenkinsop, Charlotte Van Campenhout, Estelle Shirbon, Mark Potter Organizations: European Commission, EU, World Trade Organization, Thomson Locations: BRUSSELS, China

☆ World Bank, WTO chiefs seek to reignite services trade negotiations
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

GENEVA, July 3 (Reuters) - The heads of the World Bank and the World Trade Organization on Monday called for countries to boost efforts to make trade in global services more transparent and predictable, saying this could help developing countries reduce poverty. Services such as tourism and telecommunications generate more than two-thirds of global GDP but barriers for services trade are higher than for goods, the joint report by the two institutions entitled 'Trade in Services for Development' said. "There is a need to reignite international cooperation in the services sector," said World Bank President Ajay Banga and WTO Director-General Ngozi Okonjo-Iweala in the report's foreword. "Such efforts need to expand trade and investment, reduce trade costs, bring about greater transparency and predictability on trade policy regimes and, ultimately, increase the participation of developing economies...," it said. Banga began as World Bank president last month and asked staff to double down on development and climate efforts to accelerate the bank's evolution to tackle global problems.

Persons: Ajay Banga, Ngozi Okonjo, Banga, Emma Farge, Christina Fincher Organizations: World Bank, World Trade Organization, Services, Development, WTO, Thomson Locations: GENEVA

☆ China's economy is set to grow faster in the second quarter, Premier Li Qiang says
▼ + stars: | 2023-06-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Chinese Premier Li Qiang attends a meeting on June 26, 2023, with the Director-General of the World Trade Organization ahead of the World Economic Forum New Champions meeting in Tianjin, China. Pool | Getty Images News | Getty ImagesBEIJING — Chinese Premier Li Qiang said Tuesday his country was still on track to reach its annual growth target of around 5%. Li was speaking at the opening plenary of the World Economic Forum's Annual Meeting of the New Champions. On Tuesday, the Chinese premier repeated the line about forecast upgrades, again without mentioning specific institutions or dates. In June, the World Bank raised its forecast for China's growth this year to 5.6%, up from 4.3% previously.

Persons: Li Qiang, Li, Xi Jinping, Goldman Sachs Organizations: World Trade Organization, Getty, New, JPMorgan, UBS, Bank of America, Bank, Monetary Fund Locations: Tianjin, China, BEIJING

But all the deals and pomp of the visit — including an address to Congress and a lavish state dinner — may not have accomplished what the White House had wanted. U.S. leaders gave Modi a hearty welcome, as Washington seeks to nudge India further into the American sphere of influence. “The partnership is among the most consequential in the world,” Biden said at a news conference on Thursday. Biden and Modi largely brushed off criticism of the Indian government’s crackdown on human rights and religious freedom. And Modi made no pledges to endorse U.S. efforts to restrain China, nor to cut ties to Russia.

Persons: Modi, ” Biden, Dave Calhoun, Larry Culp, G.E, James Taiclet, Lockheed Martin, Sam Altman, OpenAI, Tim Cook, Sanjay Mehrotra, Sundar Pichai, Lisa Su, Ken Chenault, Jane Fraser, Adena Friedman, Deven Parekh, Hemant Taneja, ” Taneja, DealBook, Biden Organizations: White, General Electric, chipmakers, Micron, Materials, World Trade Organization, America, Boeing, Lockheed, Tech, Apple, Citigroup, Nasdaq, Insight Venture Partners, Catalyst, The Times, House Locations: India, China, Russia, U.S, Washington, portobello, United States

☆ Bill would give Biden new powers to prepare for the next pandemic
▼ + stars: | 2023-06-22 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN Business —The Covid-19 pandemic exposed glaring weaknesses in America’s medical supply chains, causing a frantic scramble for masks, respirators and other gear needed to fight the virus. Now, a bipartisan effort in Congress is attempting to boost medical supply chain resilience and ease the country’s reliance on less friendly nations like China for critical medical supplies – before the next disaster strikes. The bill aims to improve supply chain resilience by giving the White House the ability to diversify and expand supply networks while simultaneously eliminating unneeded trade barriers. Earlier this month, the White House hailed the end of the supply chain nightmare that had sent consumer prices surging and left some store shelves empty. The administration released a scorecard that indicated dozens of recommendations from a 2021 supply chain review have been implemented, including some related to strained medical supply chains.

Persons: Democratic Sen, Tom Carper, Republican Sen, Thom Tillis, Joe Biden, America’s “, “, ” Carper, Tillis, Carper, ” Tillis Organizations: New York CNN Business, Democratic, Republican, CNN, White House, International Trade, Global Competitiveness, National Academies of Sciences, Engineering, Medicine, Reliance, Trade Organization, GE Healthcare, House, Department of Health, Human Services, United States Trade, Trade, Force Locations: China, United States, America, Covid, Mexico, Malaysia, Shanghai

☆ US, India agree to terminate six disputes at WTO
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, June 22 (Reuters) - The U.S. and India have agreed to terminate six outstanding disputes at the World Trade Organization, the U.S. Trade Representative's office said in a statement on Thursday after a meeting between President Joe Biden and Prime Minister Narendra Modi. India also agreed to remove retaliatory tariffs on certain U.S. products including chickpeas, lentils, and other goods, the statement said. Reporting by Rami Ayyub; Editing by Eric BeechOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Narendra Modi, Rami Ayyub, Eric Beech Organizations: World Trade Organization, U.S . Trade, Thomson Locations: U.S, India

☆ Factbox: Flurry of US-India deals on AI, defense as Biden, Modi meet
▼ + stars: | 2023-06-22 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +4 min

The following is a roundup of the major announcements:VISASThe Biden administration will make it easier for Indians to live and work in the United States. The United States intends to open new consulates in Bengaluru and Ahmedabad. India is opening a new consulate in Seattle this year and will soon announce two new consulates in the United States. The MQ-9Bs will be assembled in India, a joint statement said, and U.S. manufacturer General Atomics will also establish new facility in India. ADVANCED COMPUTINGIndia and the United States established a Joint Indo-U.S. Quantum Coordination Mechanism to facilitate joint research between the public and private sectors across both countries.

Persons: Narendra Modi, Joe Biden, Biden, Katherine Tai, Vikram Solar, Electric's, General Atomics, Atomics, Jarrett Renshaw, Heather Timmons, Grant McCool Organizations: Indian, U.S, The State Department, United, INDIA, Micron Technology, Micron, United States Trade, World Trade Organization, Minerals Security Partnership, European Union, India’s Epsilon Carbon, VSK Energy, JETS, Hindustan Aeronautics Ltd, Indian Air Force, GE Aerospace's, Tejas, GE, Reuters, SPACE, Artemis Accords, NASA, International Space Station, Thomson Locations: Washington, United States, U.S, Bengaluru, Ahmedabad, India, Seattle, Gujarat, US, Colorado, China, SPACE India

REUTERS/Mike Segar/File PhotoNEW YORK, June 21 (Reuters) - JPMorgan Chase & Co's (JPM.N) commercial bank is entering Singapore and Israel this year as its unit catering to midsize and small companies makes a global push, the bank said. The moves will give the commercial bank a presence in 28 countries by year-end. The largest U.S. lender has been beefing up its global presence, with a goal of quadrupling the number of commercial clients as it enters new geographies. JPMorgan's commercial bank began branching outside of the U.S. and Canada in 2019, establishing bases in Europe and Asia. Revenue for the international commercial business stood at $847 million at the end of 2022, reflecting annual growth of 17%.

Persons: Morgan Chase, Mike Segar, Andrew Kresse, Doug Petno, Morgan McGrath, Nupur Anand, Lananh Nguyen, Conor Humphries Organizations: Co, New York City, REUTERS, JPMorgan Chase, U.S, JPMorgan, World Trade Organization, Revenue, Thomson Locations: New York, Singapore, Israel, U.S, Paris, London, Tel Aviv, Sydney, Canada, Europe, Asia

☆ Inside China's spy war on American corporations
▼ + stars: | 2023-06-21 | by ( Eamon Javers | ) www.cnbc.com time to read: +6 min

Top intelligence and law enforcement officials in Washington are issuing a stark warning to American companies: The Chinese government wants to replace you. Asked whether the Chinese government wants to compete with or eliminate American companies, FBI Director Christopher Wray told CNBC: "Well, their definition of competing, I think, involves embracing the idea of eliminating." The paid-in foreign investment reached 127.69 billion yuan, up 14.5% year on year. Foreign companies including US investors have been upbeat about the China market and plan to expand in China. Former GE engineer David Zheng and GE Aerospace also declined to comment.

Persons: Christopher Wray, Sen, Marco Rubio, Rubio, Mark Warner, …, Warner, Xu Yanjun, Xu, James Olson, Xu Yanjun's, David Zheng, – CNBC's Katherine Liu, Bria Cousins, Laura Measher, Wally Griffith Organizations: CNBC, American, Democrat, World Trade, Ministry of State Security, GE, Boeing, Honeywell, GE Aviation, FBI, CIA, American Chamber of Commerce, Business Environment, US Department of Commerce, GE Aerospace Locations: Washington, America, U.S, China, Nanjing, Cincinnati, South China, reinvest

Electric vehicles drove that change. In the first quarter of 2023, Russians purchased more Chinese cars than Lada, the beloved Soviet-era marque. That helps Chinese manufacturers churn out an electric vehicle for around 10,000 euros less than European competitors, according to Grant Thornton. Among the growing list of unwelcoming policies, the European Commission’s trade defence unit is considering ways to stem the tide of Chinese electric vehicle imports, according to Politico. How far China’s carmakers can make inroads further West will be decided by much more than assessments of their competency.

Persons: Bill Russo, Nio, Grant Thornton, Bernstein, Emmanuel Macron, CATL, Una Galani, Thomas Shum Organizations: Reuters, HK, Volkswagen, World Trade Organization, International Energy Agency, Global Times, Beijing, Lada, Chery, Amperex Technology, Politico, Ford Motor, Toyota, Nissan, Twitter, Thomson Locations: HONG KONG, BYD, People’s Republic, Europe, China, Shanghai, Hong Kong, New York, Japan, London ., European, United States, North America, France, Thailand, West

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