Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- Chinese Robotaxi Firm Pony AI on Faster Track to Profit After Cost Cuts, CTO Says — It can now build its most advanced autonomous driving system for 70% less than before, the company said.
- Lynas Asks U.S. to Pick Up Tab as Rare-Earths Project Costs Rise — Chief executive Amanda Lacaze won’t bet the company’s own balance sheet on a Texas project intended to revitalize America’s domestic supply, she cautions, as the costs to build the project rise.
- China, Philippines Make Rival Claims in Disputed South China Sea — Both countries plant flags on a collection of sand bars, heightening a standoff between Beijing and Manila, a U.S. ally.
- China’s Huawei Develops New AI Chip, Seeking to Match Nvidia — Superpower rivalry over semiconductors heats up despite Washington’s attempts to block Beijing.
- Trump Upended the Country in His First 100 Days: What’s Next? — The president is expected to shift his focus abroad as he works to negotiate trade deals and launch high-level discussions with China.
- Lynas in New Sales Agreements Talks as Tariffs Arrest U.S.-China Rare-Earths Trade — The company is the largest producer of separated rare earths outside of China.
- America’s Leather Economy Has Gone Global, and Now It Can’t Escape the Trade War — Before they become couches, bags and shoes, U.S. cattle hides often travel through factories on multiple continents.
- Dyspro-What? Why an Obscure Element Has the EV Industry in a Panic — The rare-earth mineral dysprosium, used for magnets in electric-vehicle motors, is among exports China slowed in response to Trump’s trade war.
- Chinese Manufacturers Are Scouring the World for New Buyers — Chinese textile companies flock to countries such as Indonesia in search of new markets to replace the U.S..
- China Quietly Exempts Some U.S.-Made Products From Tariffs — Beijing has been canvassing companies and waiving duties on U.S. goods in sectors where it lacks alternatives.
- The Chinese Satellite Firm Washington Accuses of Helping U.S. Foes — U.S. says Chang Guang, a company with ties to China’s military, has aided Russia’s war in Ukraine and Houthi attacks against U.S. interests.
- Cargo Shipments From China to U.S. Slide Toward a Standstill — Cancellations accelerate; ‘shipments out of China for major retailers and manufacturers has ceased’.
- Pentagon Prepared Briefing for Musk on Top Secret U.S. Weapons for China War — Plans to brief billionaire businessman were scrapped over ethics concerns and confusion over who ordered it.
The Financial Times
- China says it can live without US farm and energy goods — Top policymakers seek to reassure public that economy can withstand worst of trade war.
- Why Trump can’t build iPhones in the US — The administration wants the iPhone to be manufactured in America. The components that power it show why that is highly impractical.
- China’s clean tech exports to emerging markets surged in 2024, data shows — Focus on exports to developing markets expected to rise further on back of US tariffs.
- China stockpiles oil as Trump tariff shock hits crude prices — Imports surged in March and continued to accelerate despite concerns global economy will weaken.
- Demand slump fuelled by Trump tariffs hits US ports and air freight — Bookings plunge as importers hold off on shipping goods to America in hope of Beijing-Washington deal.
- Beijing’s flag-planting in South China Sea revives tensions with Manila — Philippines sends forces to Sandy Cay in response to latest Chinese moves in Spratly Islands.
- LNG companies say they cannot comply with Trump rules on Chinese ships — Industry says administration’s levies on foreign vessels will harm US plans for ‘energy dominance’.
- Trade war hits foreign companies in China with double tariffs — Many manufacturers are exposed to paying duties on imports as well as exports.
- China seizes disputed reef in the South China Sea — Sandy Cay is just kilometres from the Philippines’ military outpost at Thitu Island.
- Boeing’s return flight highlights America Inc’s exposure to China — Aircraft sent back to US illustrate how trade war has disrupted goods flows between world’s two biggest economies.
- How the US trade war is infecting the global economy — The IMF chief warns of a ‘new and major test’ as it cuts growth projections on the back of the Trump administration’s tariffs.
- Trump claims to have received call from Xi and to have cut ‘200 deals’ on trade — Beijing says there are no active talks and Washington should ‘stop creating confusion’.
- Opinion: Clean energy will be critical to winning the AI race with China — Rather than choosing one energy source over another, the US must quickly create the conditions for a mix to meet demand. By Hank Paulson.
The New York Times
- The Latest Standoff in the South China Sea — The standoff over Sandy Cay, which lies close to military outposts built by both Beijing and Manila, was the latest between the two nations.
- With a Bounty on His Head, a Critic of China Runs in Canada’s Election — After Joe Tay set up a run for Parliament, China issued a warrant for his arrest and coordinated online attacks on his candidacy.
- In Canada’s Election, Mark Carney’s China Experience Becomes a Liability — Mark Carney, who is running to win a full term as prime minister, has years of experience dealing with Chinese businesses and leadership. It’s become fodder for his opponents.
- Your Home Without China — We analyzed import data to show where Americans may see product shortages, fewer choices and price increases.
- How Tariffs Could Make Americans’ Hobbies More Expensive — As tariffs threaten the cost of synth knobs, wine corks, specialty butters and trading card sleeves, the stuff that makes American life fun may become out of reach.
- China Says Trump’s Order on Seabed Mining Violates International Law — Dozens of countries have called for a moratorium on seabed mining, and have urged restraint until an international authority agrees on rules for the practice.
- In Trade War Clash With Trump, China Refuses to Take the Bait — The Trump administration has been saying that the two countries are engaged in talks to resolve the dispute, but Beijing asserts that no such discussions are happening.
- Uncertainty Over Trump’s Tariffs Paralyzes U.S. Businesses — The Times heard from hundreds of American companies, most of them small businesses, that face a reckoning because of President Trump’s steep import taxes.
- Opinion: Trump Is Breaking the Rule That Every Barroom Brawler Knows — Don’t drop your guard while picking fights around the globe. By Noah Shachtman.
Caixin
- Sell-Off in Treasuries Threatens U.S. as Safe Haven — Surge in Treasury yields as dollar falls rattles nerves of global investors.
- Record Air Travel Expected for China’s Labor Day Holiday — Plane trips are forecast to top 10.75 million during the five-day break, but ticket prices remain under pressure.
- China Warns Against Trying to Evade Review of Li Ka-Shing’s Port Deal — Parties involved in the deal will be held legally liable if they use any means to try and circumvent the review or complete the transaction before it is approved.
South China Morning Post
- China’s Akeso, hailed as biotech’s ‘DeepSeek moment’, falls despite nod for cancer drug — Chinese regulator grants second approval for lung cancer drug ivonescimab, which has outperformed Merck’s Keytruda in phase three trial.
- Battle of billionaires: China’s food delivery market faces shake up as JD takes on Meituan — The fight escalated this week as both companies accused each other of blocking delivery riders from accepting orders from rival platforms.
- US tariffs could endanger 16 million export jobs in China: Goldman Sachs — Investment bank researchers say retail, wholesale goods likely to be hardest hit, particularly apparel, chemical products and communications gear.
- China eases tax refund rules for foreign visitors in bid to attract more tourist revenue — The new policy is part of wider efforts to boost spending inside the country as it seeks to counter the impact of the trade war with the US.
- Opinion: How China’s AI push in agritech is changing global trade flows — As sufficiency improves for China and the countries it shares its agriculture+AI strategy with, regional and global trade could be reshaped. By Genevieve Donnellon-May.
Nikkei Asia
- Chinese imports of American LNG dry up as trade war rages — Cargoes of the key fuel redirected to destinations such as Europe.
- Hungary’s Orban caught in China-US conundrum of his own making — With Chinese projects and exports to America on the line, PM risks burning bridges.
- Baidu unveils AI models 60%-plus cheaper than DeepSeek’s — Top Chinese search provider pivots as flagging traffic threatens ad revenue.
- China, Central Asian nations agree to forge broader trade ties — Kazakhstan, Uzbekistan and others join with Beijing against ‘unilateral’ protectionism.
- Still open to China Inc.: North Carolina engages while others turn away — Interest to set up shop by Chinese firms stays robust despite trade war and more scrutiny.
Bloomberg
- Trump’s China Tariffs Set to Unleash Supply Shock on US Economy — Trump’s tariff fight has rattled Washington and Wall Street. The next upheaval may hit closer to home.
- Trump, China Ramp Up Panama Canal Pressure With Li Deal in Limbo — China dialed up scrutiny of Hong Kong billionaire Li Ka-shing’s planned Panama ports sale to a BlackRock Inc.-backed group while Donald Trump sought preferential treatment for US ships in the waterway.
- Hungary Rejects US Pressure to Reduce Its Chinese Economic Ties — Hungary won’t reduce its economic ties with China, the nation’s minister of economy said, in the clearest sign yet that Prime Minister Viktor Orban’s government won’t bow to US pressure to distance itself from Beijing.
- Chinese Firms Turn to Indian Exporters to Help Fill US Orders — Some China-based firms hit hard by US tariffs are reaching out to Indian exporters to fill orders on their behalf and help them retain their American customers as they navigate a trade war causing seismic shocks in global commerce.
- Opinion: The US Is Already Losing the New Cold War to China — Trump’s tough talk and actions in 2017 set off a global contest, but Xi is the one with the long-term plan for victory. By Hal Brands.
Reuters
- Amid Trump tariffs, China’s trade and economy tsar steps into spotlight — The White House, which has since signalled a willingness to de-escalate, declined to respond to questions about its willingness to engage with He.
Other Publications
- Foreign Affairs: The Other Nuclear Race — America Is Falling Behind China and Russia on Energy Innovation.
- POLITICO: Trump’s fixation on a tariff battle win against China could cost him the trade war — Beijing is going on an international charm campaign to coax other countries hit hard by “Liberation Day” tariffs to take on the U.S..
- The Washington Post: China deploys NGOs to quash criticism at U.N. organizations in Geneva — Dozens of self-described nongovernmental organizations active at the United Nations have hidden ties to Beijing, an investigation shows.
- Rest of World: China’s chipmakers are catching up to Nvidia and TSMC. Here’s how they compare — Restrictions on U.S. chips have pushed the Chinese government to invest billions into its domestic supply chain.
- MIT Technology Review: Why Chinese manufacturers are going viral on TikTok — They’re outraged by Trump’s tariffs and reaching out directly to US consumers.
- The Guardian: Online campaign urged far right to attack China’s opponents in UK — Social media incitement following last summer’s riots appears to be new tactic against Hong Kong exiles.
