Joe Biden's National Security Advisor Jake Sullivan has raised the alarm over the unveiling of new chip technology by China's smartphone manufacturer, Huawei. Bloomberg's Jenny Leonard, Michelle Jamrisko, and Debby Wu report: The US is working to establish the full details of Huawei Technologies Co.’s advances in chip technology, news of which has stoked Chinese nationalism and ignited speculation about the effectiveness of Washington’s curbs on the country’s vast technology sector. US National Security Advisor Jake Sullivan said on Tuesday the government wanted to know the precise … [Read more...]
India Lures New Business as China Fades
Manufacturers are looking for alternatives to China. For geopolitical reasons and in response to China's long Covid lockdowns that crimped supply chains, businesses are searching elsewhere for new suppliers. India has become a prime location. In The Wall Street Journal, Aruna Viswanatha reports on India's rise as a destination for manufacturing: BENGALURU, India— In early 2020, as the pandemic was shutting down global commerce, a Pennsylvania company was having trouble getting its usual steel parts out of China. It stumbled on another possible option—in India. Zetwerk, a two-year-old … [Read more...]
China Deflation Signals Warning for Global Economy
Consumer prices fell 0.3% in July in China. That's surprising news for an economy that is supposed to be recovering from long Covid lockdowns. Stella Yifan Xie reports in The Wall Street Journal: Tepid consumer demand and rising economic concerns in the world’s second-largest economy have tipped China into deflationary territory for the first time in two years, adding pressure on Beijing to act more aggressively to avoid a deepening economic malaise. Instead of experiencing a surge in prices after the lifting of Covid-19 pandemic curbs late last year, China is suffering an unusual bout of … [Read more...]
Fashion Flees China
American fashion companies are shifting their operations away from China. In Sourcing Journal, Chelsea Dobrosielski reports that a survey of the fashion industry conducted by USFIA found that this year's survey, the tenth so far, "saw the percentage of respondents no longer using China as their top supplier hit a record high in 2023: 61 percent." She continues: Only 50 percent said the same last year, which itself was a giant leap from the pre-pandemic normal of 25 percent to 30 percent. Meanwhile, nearly 80 percent of respondents said they plan to reduce sourcing from China over the next … [Read more...]
US-CHINA TRADE: Breaking Up Is Hard to Do
The Biden administration is continuing a push begun by the Trump administration to loosen ties between the American and Chinese economies by using "friendshoring," and other techniques to decrease dependence on Chinese production. That isn't so easy, reports Andrew Duehren in The Wall Street Journal. Duehren writes: HANOI, Vietnam—The Biden administration’s attempt to surgically cut economic ties with China is proving difficult to execute. Treasury Secretary Janet Yellen visited Vietnam this week to discuss her push for “friendshoring,” a term she uses to call for companies to shift supply … [Read more...]
Major Shift in Chinese Investment Climate amid Xi Jinping Crackdown
A crackdown on foreign businesses by Chinese President Xi Jinping is causing companies to pull investment from the country. Lingling Wei reports for The Wall Street Journal: Desperate for capital and with their economies struggling, China’s cities are wooing Western businesses with previously unavailable goodies. Beijing has labeled 2023 the “Year of Investing in China” and local officials have embarked on promotional tours overseas to drum up interest from investors. That effort is running headlong into President Xi Jinping’s national-security agenda, with its focus on fending off … [Read more...]
Germany Backs Slowly Away from China
Germany has subtly but meaningfully altered its view of China as a trade partner and competitor. Bertrand Benoit reports for The Wall Street Journal: For decades, selling to China has been a key ingredient in Germany’s recipe for economic success. Now, Berlin wonders if its partner has gotten too close for comfort. On Thursday, Germany released its first-ever “China strategy,” an attempt to balance the relationship’s huge economic benefits with the need to manage risks posed by Beijing’s increasing authoritarianism at home and assertiveness abroad. The 64-page document says China should … [Read more...]
Chinese Exports Crumbling
Global trade has been softening as Western consumers ease back on purchases of the consumer goods they binged on during the pandemic. Chinese exports are falling at steep rates, along with those of other Asian exporters. Jason Douglas reports: Exports are crumbling in China and across Asia, showing the deepening toll that rising interest rates are taking on global trade and economic growth. Trade has been slowing for months, but the pullback has further to run, economists say, as central banks keep up their campaigns to beat back inflation and the U.S. and Europe slide toward … [Read more...]
Vast Majority of Retail Buyers Want to Reduce Reliance on China
According to Sourcing Journal, a survey performed by accounting firm PwC found that the "vast majority (70 percent) intend to reduce their reliance on China." Sourcing Journal reports: PwC recently surveyed 40 leaders in two industry sectors— retail and branded products, and industrial products and services—and found that almost 95 percent intend to prioritize a diverse sourcing base over the next three to five years to reduce transit costs (92 percent) and counter geopolitical uncertainty (90 percent). Meanwhile, 40 percent say they prefer not to move more than 25 percent of sourcing dollar … [Read more...]
Is the Panama Canal Going Dry?
The Panama Canal is one of the world's most vital shipping choke points. Spanning the isthmus of Panama, the canal connects the Pacific Ocean to the Atlantic and avoids having to travel thousands of extra miles out of the way around Cape Horn. Now, unusually dry weather in Panama is depleting the canal of its water, and forcing ships to lighten their loads or seek different routes. Costas Paris reports in The Wall Street Journal: The Panama Canal is going through its driest spell in more than a century, and an extended lack of rainfall could saddle global supply chains with delays and … [Read more...]
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