Connect with us

World News

U.S. and China Continue to Talk, but Economic Divide Remains Wide




When Treasury Secretary Janet L. Yellen traveled to Beijing last summer, her mission was to re-establish a dialogue between the world’s largest economies and stabilize a relationship that appeared to have reached rock bottom.

The United States and China created formal economic working groups to keep the conversation going. Months later, Ms. Yellen met with her Chinese counterparts in San Francisco and Morocco. And the Treasury secretary’s consumption of a dish made with psychedelic “magic” mushrooms at a Yunnan-style restaurant in Beijing sparked something of a culinary craze in China, where Ms. Yellen is popular for being an acclaimed economist.

But despite those signs of progress, thorny economic issues continue to divide China and the United States. When Ms. Yellen arrives on Thursday for four days of meetings in Guangzhou and Beijing, the two sides are expected to exchange views on the state of the global economy, the Biden administration’s concerns about China’s wave of green energy technology exports and Beijing’s frustration’s about mounting barriers to Chinese investment in the United States.

“We don’t want to decouple our economies,” Ms. Yellen said on Wednesday during a stop in Alaska on her way to China. “We want to continue, and we think we both benefit from trade and investment, but it needs to be on a level playing field.”

But she suggested that the administration was prepared to take new trade actions against China to ensure the survival of the clean energy sector that the United States has been trying to grow through tax subsidies and other investments.

Here are some of the most contentious issues that have sown divisions between the United States and China.

A top priority for Ms. Yellen will be to convey the Biden administration’s deep concerns that a glut of heavily subsidized green technology exports from China is distorting global markets.

Ms. Yellen, during a visit to a solar cell plant in Georgia last week, made the case that a surge in Chinese exports of electric vehicles, batteries and solar technology was problematic at a time when the United States is spending huge sums to try to develop those industries. She maintained that China was following the same playbook it used when it flooded global markets with cheap, state-subsidized steel and aluminum, hurting American producers that were unable to compete.

On Wednesday, Ms. Yellen suggested that the United States could take action to ensure that money being spent as part of the Inflation Reduction Act is not undercut by China’s practices.

“We’re providing tax subsidies to some of these sectors, and I wouldn’t want to rule out other possible ways in which we would protect them,” she said when asked about the potential for new tariffs on Chinese imports.

China has focused on factory production to bolster its sputtering economy. Its exports, measured in dollars, rose 7 percent in January and February over last year. The surge of exports has also angered officials in the European Union, and the bloc announced last month that it was preparing to charge tariffs, which are import taxes, on all electric cars arriving from China.

China has pushed back on claims that its economy is struggling and overly reliant on exports. But it has set an ambitious economic growth target of “around 5 percent” for this year, and reaching it will depend in large part on strong demand for goods produced by Chinese factories — electric vehicles, solar panels and consumer electronics.

The Biden administration has kept tariffs on more than $300 billion of Chinese products. Those levies, first imposed by the Trump administration, remain a significant source of tension between the two countries.

Ms. Yellen came into office saying that the tariffs are taxes on consumers and argued that the Trump levies were not well designed. However, rolling back tariffs is particularly difficult in an election year, and Ms. Yellen is unlikely to be able to offer China much relief on that front.

The White House has been weighing the possibility of relaxing some of the tariffs that hit U.S. consumers and imposing new ones that would be focused on China’s green energy exports.

And another round of U.S. solar tariffs could be coming this summer when a two-year pause that President Biden issued in 2022 expires.

China has its own gripes about America’s trade policies and filed a complaint last week with the World Trade Organization contending that the Biden administration’s electric vehicle subsidy policies are discriminatory.

The United States and China both say they welcome foreign investment, but their policies remain hostile.

American companies operating in China have complained over the last year about having their offices searched and facing harassment from Chinese authorities. Ms. Yellen, who will meet with American business executives in Guangzhou, has been seeking clarity on the scope of a Chinese anti-espionage law that foreign firms believe will lead to additional government scrutiny.

China’s leaders are pushing to change the perception that the country is no longer a sound place for foreign investors to put their money. Beijing has reason to be concerned: Foreign direct investment in China fell to its lowest levels in three decades last year, and the government took a series of measures that left foreign businesses feeling that the country is an increasingly hostile place to operate. On top of that, concerns about China’s economy have left many companies less willing to tolerate the trade-offs of running a business in the country.

Last month, Premier Li Qiang, China’s second-in-command, said the government was removing restrictions on foreign investment to make the country a “favored destination” for overseas funds.

And Xi Jinping, China’s leader, met with a delegation of visiting U.S. business leaders last week and declared that China remained committed to economic reform.

However, in a sign of the mixed messages from Beijing, on the same day as Mr. Xi’s meeting, China’s state security ministry warned the public about the intelligence risk posed by foreign consultancies — the type of advisory firms relied upon by overseas firms to perform due diligence for investments.

The United States is also taking a toughened approach. During a call this week, Mr. Biden and Mr. Xi discussed the fate of TikTok, the social media platform owned by the Chinese company ByteDance. The House of Representatives passed legislation last month that would force the sale of the company because of national security concerns, and Mr. Biden has said that he supports the bill, which still must pass the Senate to become law. China is expected to block a forced sale of TikTok, and Chinese officials are expected to raise the issue with Ms. Yellen.

The Biden administration is also trying to clamp down on the flow of money to China, including banning new American investment in key technology industries that could be used to enhance Beijing’s military capabilities. It has also limited China’s ability to benefit from the Inflation Reduction Act, the U.S. climate and energy law.

As Treasury secretary, Ms. Yellen oversees The United States’ sanctions program, which in recent months has been increasingly directed at China.

In late March, the United States and Britain imposed sanctions on China’s elite hacking units, accusing Beijing’s top spy agency of a yearslong effort to place malware in America’s electrical grids, defense systems and other critical infrastructure, and of stealing the voting rolls for 40 million British citizens.

Ms. Yellen has been vocal in pressuring China not to help Russia evade U.S. sanctions. During a speech last year, she expressed dismay at China’s “no limits” partnership with Russia and called it “essential” that China not provide Russia with material support or assistance with sanctions evasion.

The Treasury Department has also been increasingly focused on firms that are based in Hong Kong that have been accused of helping Russia and Iran skirt American sanctions.

The United States has imposed extensive restrictions on the sale of advanced computing chips, chip-making equipment and related products to China, saying that Beijing has used these goods to develop advanced weapons and surveillance systems that ran counter to U.S. national security interests.

China continues to bristle at those restrictions. After the White House revised rules for exporting American artificial intelligence chips and chip-making equipment last week, China criticized the United States, saying that it was arbitrarily changing the rules and creating more obstacles to trade.

China sees the tightening controls as part of a U.S. strategy to thwart the country’s rise by limiting access to products critical to advancing A.I. and other next-generation technologies.

Daisuke Wakabayashi contributed reporting from Seoul.


Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

World News

Barcelona 1-4 Paris St-Germain (Agg: 4-6): Kylian Mbappe scores twice as PSG reach last four




PSG players celebrate
Paris St-Germain are into their first Champions League semi-final in three years

Kylian Mbappe scored twice as Paris St-Germain thrashed Barcelona to turn around a first-leg deficit and reach the semi-finals of the Champions League.

PSG had trailed 3-2 after the first leg in France but took advantage of an early Barcelona sending off to secure their place in the last four for the first time since 2021.

Luis Enrique’s side face a semi-final against Borussia Dortmund, who beat Atletico Madrid 5-4 on aggregate in a thrilling encounter in Germany.

The semi-final first leg takes place on 30 April with the second leg on 7 May.

More to follow.

helpHow to play

Rate players out of 10 throughout or after the game. The rater will close 30 minutes after the final whistle.

Rating range key1 = Give it up10 = Pure perfection


  1. Squad number1Player nameter Stegen

  2. Squad number23Player nameKoundé

  3. Squad number4Player nameAraujo

  4. Squad number33Player nameCubarsí

  5. Squad number2Player nameJoão Cancelo

  6. Squad number8Player namePedri

  7. Squad number22Player nameGündogan

  8. Squad number21Player nameF de Jong

  9. Squad number27Player nameYamal

  10. Squad number9Player nameLewandowski

  11. Squad number11Player nameRaphinha

  1. Squad number5Player nameMartínez

  2. Squad number7Player nameF Torres

  3. Squad number14Player nameJoão Félix

  4. Squad number32Player nameLópez

Paris Saint Germain

  1. Squad number99Player nameG Donnarumma

  2. Squad number2Player nameHakimi

  3. Squad number5Player nameMarquinhos

  4. Squad number21Player nameHernández

  5. Squad number25Player nameNuno Mendes

  6. Squad number33Player nameZaïre-Emery

  7. Squad number17Player nameVitinha

  8. Squad number8Player nameRuiz

  9. Squad number10Player nameDembélé

  10. Squad number7Player nameMbappé

  11. Squad number29Player nameBarcola

  1. Squad number4Player nameUgarte

  2. Squad number11Player nameAsensio

  3. Squad number19Player nameLee Kang-in

  4. Squad number23Player nameKolo Muani



Formation 4-3-3

  • 1ter Stegen
  • 23Koundé
  • 4AraujoBooked at 29mins
  • 33Cubarsí
  • 2CanceloSubstituted forJoão Félixat 82′minutes
  • 8PedriSubstituted forF Torresat 62′minutes
  • 22GündoganBooked at 64mins
  • 21F de JongSubstituted forLópezat 82′minutesBooked at 90mins
  • 27YamalSubstituted forMartínezat 34′minutesBooked at 40mins
  • 9LewandowskiBooked at 50mins
  • 11RaphinhaBooked at 90mins


  • 5Martínez
  • 7F Torres
  • 13Peña Sotorres
  • 14João Félix
  • 17Alonso
  • 18Romeu
  • 19Roque Ferreira
  • 26Astralaga
  • 30Casadó
  • 32López
  • 38Guiu
  • 39Fort


Formation 4-3-3

  • 99G DonnarummaBooked at 87mins
  • 2Hakimi
  • 5MarquinhosBooked at 62mins
  • 21Hernández
  • 25Nuno Mendes
  • 33Zaïre-EmerySubstituted forUgarteat 80′minutes
  • 17Vitinha
  • 8RuizBooked at 45minsSubstituted forAsensioat 77′minutes
  • 10DembéléSubstituted forKolo Muaniat 88′minutes
  • 7MbappéBooked at 40mins
  • 29BarcolaSubstituted forLee Kang-inat 77′minutes


  • 1Navas
  • 4Ugarte
  • 9Gonçalo Ramos
  • 11Asensio
  • 15Danilo
  • 19Lee Kang-in
  • 23Kolo Muani
  • 26Mukiele
  • 28Soler
  • 35Lopes Beraldo
  • 37Skriniar
  • 80Tenas

István Kovács

Live Text


Source link

Continue Reading

World News

Magnitude 2.8 earthquake reported in View Park-Windsor Hills




A magnitude 2.8 earthquake was reported Tuesday at 8:19 a.m. Pacific time in Los Angeles’ View Park-Windsor Hills neighborhood, according to the U.S. Geological Survey.

The earthquake‘s epicenter was 7.1 miles beneath the intersection of Overland Drive and Northridge Drive, near Windsor Hills Elementary School. .

In the last 10 days, there have been no earthquakes of magnitude 3.0 or greater centered nearby.

An average of 59 earthquakes with magnitudes between 2.0 and 3.0 occur per year in the Greater Los Angeles area, according to a recent three-year data sample.

Did you feel this earthquake? Consider reporting what you felt to the USGS.

Are you ready for when the Big One hits? Get ready for the next big earthquake by signing up for our Unshaken newsletter, which breaks down emergency preparedness into bite-sized steps over six weeks. Learn more about earthquake kits, which apps you need, Lucy Jones’ most important advice and more at

This story was automatically generated by Quakebot, a computer application that monitors the latest earthquakes detected by the USGS. A Times editor reviewed the post before it was published. If you’re interested in learning more about the system, visit our list of frequently asked questions.


Source link

Continue Reading

World News

Justice Thomas returns to Supreme Court after 1-day absence




WASHINGTON (AP) — Supreme Court Justice Clarence Thomas is back on the bench after an unexplained one-day absence.

Thomas, 75, was in his usual seat, to the right of Chief Justice John Roberts as the court met to hear arguments in a case about the Capitol riot on Jan. 6, 2021.

Thomas has ignored calls from some progressive groups to step aside from cases involving Jan. 6 because his wife, Ginni, attended then-President Donald Trump‘s rally near the White House before protesters descended on the Capitol. Ginni Thomas, a conservative activist, also texted senior Trump administration officials in the weeks after the election offering support and reiterating her belief that there was widespread fraud in the election.

On Monday, Roberts announced Thomas’ absence, without providing an explanation. Justices sometimes miss court, but participate remotely. Thomas did not take part in Monday’s arguments.

He was hospitalized two years ago with an infection, causing him to miss several court sessions. He took part in the cases then, too.

Thomas is the longest serving of the current justices, joining the Supreme Court in 1991.


Source link

Continue Reading


Copyright © 2024 World Daily Info. Powered by Columba Ventures Co. Ltd.