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
- Alibaba Rolls Out ‘Instant Commerce’ Feature as China Delivery Battle Heats Up — Alibaba Group has added a new rapid-delivery feature to its shopping platform, the e-commerce giant’s latest attempt to grab a slice of China’s on-demand delivery market from rivals like JD.com and Meituan.
- China’s Export Orders Plunge, Hit by Trump’s Trade War — Steep U.S. tariffs are starting to squeeze the Chinese economy.
- An American in Vietnam Tries to Navigate Trump’s Trade War — Businessman hunting for suppliers contends with clients’ worries, U.S. pressure on China’s partners.
- German Spy Indictment Punctures Attempted China-Europe Thaw — A suspect is alleged to have gathered more than 500 documents for Beijing while working as an aide to a right-wing politician.
- In Vivid Video, Beijing Vows Not to ‘Kneel Down’ to Washington — Foreign Ministry denounces ‘bullying’ on tariffs and calls on other countries to isolate the U.S. as a ‘small, stranded boat’.
- China’s Top Oil Companies Flag Weak Demand, Lower Crude Prices — PetroChina, the listed arm of state-owned China National Petroleum Corp., said Tuesday that its net profit rose 2.3% from a year earlier to 46.81 billion yuan, equivalent to $6.42 billion.
The Financial Times
- Demand for Chinese stocks lifts Hong Kong exchange’s profits — Investors pile into technology stocks and new listings.
- Chinese investors pile into gold funds at record pace — Country accounts for more than half of global bullion ETF flows over past 4 weeks in hunt for havens amid trade war.
- Tariffs hit home for small US businesses that rely on Chinese imports — Growing worries that a trade war could suffocate a crucial driver of employment and economic growth.
- China’s manufacturing activity shrinks as US tariffs take effect — Trade tensions with Trump administration cast cloud over economy.
- Opinion: Why the US will lose against China — Trump’s unreliable America is throwing away the assets it needs. By Martin Wolf.
The New York Times
- Chinese Factories Slow in Early Sign of Trade War’s Toll — A slowdown in commerce between the United States and China caused by escalating tariffs was evident in a report Wednesday on manufacturing activity in April.
- A U.S. Businessman Is Sentenced to 5 Years in Prison in China — The charges stemmed from a criminal case more than 20 years ago. In the interim, the businessman, David Lee, had repeatedly visited China without issue.
- West Coast Ports Brace for China Tariffs to Dent Import Volume Within Days — Large importers, including retailers and manufacturers, paused imports from China this month amid an escalating trade war. Ports are now poised to feel the fallout.
- Are Shein and Temu Prices Going Up? What to Know as Trump Ends De Minimis Tariff Loophole — Starting Friday, goods from China worth up to $800 will be subject to tariffs and more paperwork under new Trump administration rules.
- Retailers Fear Toy Shortages at Christmas as Tariffs Freeze Supply Chain — Toy makers and stores are freezing holiday orders, predicting shortages and higher prices. Some are consulting bankruptcy lawyers, fearing their firms won’t survive.
- Opinion: Trump Is About to Steal My Friend’s Christmas — and Yours — A disappointed supporter reflects on the madness in the president’s method. By Bret Stephens.
Caixin
- Beijing Should Bolster Social Security to Boost Consumption, Researchers Say — A more targeted system is needed, with efforts to improve pension and unemployment benefits.
- Chinese Carmakers Roll Out Self-Driving Car Insurance as Drivers Fret Over Liability — As carmakers race to commercialize assisted driving technology, new type of insurance emerges to boost buyer confidence.
- China and Brazil Deepen Trade Ties as Global Supply Chains Shift — China and Brazil pledge closer economic ties as they prepare to become key partners in reshaping the Global South.
- Record Land Prices Return as Developers Bet on Prime Plots — The once-dormant land auction market in Chengdu, the sprawling capital of Sichuan province, has sprung back to life this spring with a flurry of record-breaking deals.
- Deadly Restaurant Fire Kills 22 in Northeast China — Operator detained as deadly blaze prompts high-level safety scrutiny ahead of national holiday.
South China Morning Post
- Chinese flight bookings to US in summer decline as tariff war ‘adds fuel to the fire’ — Cancellations of flights from China to the US in June have been outnumbering new bookings, according to China Trading Desk CEO.
- Expat talent in the picture as Xi Jinping visits Shanghai AI hub — Entrepreneur Hamza Boukili was among the welcoming party for Xi’s first inspection trip since the revival of the US-China tariff war.
- Chinese traders in world’s largest wholesale market adjust to fewer US buyers — A growing global base of customers is helping vendors in Yiwu city mitigate the fallout from a tariff war with the United States as uncertainties take toll.
- China passes private sector law, addressing gripes of beleaguered businesses — The highly anticipated law aims to inject dynamism into China’s private sector amid a trade war with the United States.
- Smartphone giant Xiaomi unveils AI model, joining fierce competition in China — Xiaomi says its open-source MiMo reasoning model, trained completely in-house, rivals the performance of OpenAI’s o1-mini and Alibaba’s QwQ-32B.
Nikkei Asia
- China state airlines stuck in red as trade war darkens skies ahead — Trump tariffs could dampen passenger and cargo demand, analysts warn.
- Why Trump’s tariff turmoil is not pushing Apple closer to the US — Supply chain realities leave tech brands tied to Asian production.
- Trump says ‘you haven’t seen anything yet’ as he marks first 100 days — President insists that China wants trade deal, may ‘eat’ his tariffs.
Bloomberg
- What Trump’s New Port Fees Mean for Chinese Shipping and World Trade — The US plans to start charging large Chinese ships millions of dollars to call at its ports, deepening the trade war between the world’s two largest economies.
- France Seeks Small Parcel Fees as Flows From China Surge — France is pushing to slap fees on small packages from discount retailers including China’s Temu and Shein as the flood of cheap goods risks accelerating in response to the US’s sweeping tariffs.
- China Manufacturing Slumps on US Levies, Spurring Stimulus Calls — China’s factory activity slipped into the worst contraction since December 2023, revealing early damage from Donald Trump’s tariffs and prompting calls for a speedy policy boost.
- Trump Aimed at China and Hit US Small Businesses Instead — UPS reports that small companies can’t afford to stock up and are at the back of the line for supply alternatives. By Thomas Black.
- Opinion: Xi’s Tariff Fight Reveals China’s Great Divide — While the elites are energized, China’s blue-collar workers are feeling anxious. By Shuli Ren.
Reuters
- Inside the U.S. battle with China over an island paradise deep in the Pacific — Once the site of ferocious WWII battles, Palau is again at the epicenter of a geostrategic tussle. America is building radar stations here, while individuals and groups tied to China wage an intense influence campaign with money and land.
- China’s solar industry remains in red as trade war adds to problems — Top producers Longi Green Energy and JinkoSolar both reported a net loss of 1.4 billion yuan ($193 million) for the first quarter, while losses for peers JA Solar and Trina Solar totalled 1.6 billion yuan and 1.3 billion yuan, respectively.
- China creates list of US-made goods exempt from 125% tariffs, sources say — Companies instead are being privately contacted by authorities and notified of the existence of a list of product classifications that would be exempted, according to one of the sources who works at a drug company selling U.S.-made medicines in China.
- Why China won’t ‘weaponize’ its US Treasuries stash — Beijing would not necessarily have to buy yuan with the proceeds from any Treasury sales. But in its current situation, it would be counterproductive for Beijing to try to undermine the U.S. by weakening the dollar, even temporarily.
- Tariffs keep Smithfield Foods pork out of China, executives say — Smithfield also faces challenges from raw materials costs and as some consumers opt for cheaper products, executives said. The company said it eliminated corporate and plant jobs in the first quarter to reduce expenses.
Other Publications
- POLITICO: Senate confirms David Perdue as Trump’s ambassador to China — The former Georgia senator, who has declared that Beijing is “at war” with America, is now tasked with easing U.S.-China tensions.
- ICIJ: Chinese authorities exploited Interpol and strong-armed one of the world’s richest men to pursue a target — The case involving Alibaba’s Jack Ma shows how China weaponizes the international police agency for political ends.
- AP: China lashes out at US as tensions escalate over a space observatory in Chile — The astronomy project stems from a 2023 agreement between China’s state-run National Astronomical Observatory and Chile’s Catholic University of the North to work on a powerful space observatory in the country’s vast northern Atacama Desert.
- The Economist: Donald Trump picks the wrong trade fight with China — America will lose an economic-pain war.
- BBC: Xi’s real test is not Trump’s trade war — Now, the question is whether or not Trump’s tariffs will dampen Xi’s economic dreams, or can he turn the obstacles that exist into opportunities?
