Business
China reaches out to others as Trump layers on tariffs
People walk by the Beijing Stock Exchange on the Financial Street, in Beijing, Thursday, April 10, 2025. (AP)
BEIJING, April 10, (AP): China is reaching out to other nations as the U.S. layers on more tariffs, in what appears to be an attempt by Beijing to form a united front to compel Washington to retreat.
Days into the effort, it’s meeting only partial success from countries unwilling to ally with the main target of President Donald Trump’s trade war. Facing the cratering of global markets, Trump on Wednesday backed off his tariffs on most nations for 90 days, saying countries were lining up to negotiate more favorable conditions.
China has refused to seek talks, saying the US was insincere and that it will “fight to the end” in a tariff war, prompting Trump to further jack up the tax rate on Chinese imports to 125%. China has retaliated with tariffs on U.S. goods of 84%, which took effect Thursday.
Trump’s move was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to a showdown between the U.S. and China.
China has thus far focused on Europe, with a phone call between Premier Li Qiang and European Commission President Ursula von der Leyen “sending a positive message to the outside world.” The two are each other’s largest trading partners.
“China is willing to work with the EU to jointly implement the important consensus reached by the leaders of China and the EU, strengthen communication and exchanges, and deepen China-EU trade, investment and industrial cooperation,” the official Xinhua News Agency reported.
That was followed by a video conference between Chinese Commerce Minister Wang Wentao and EU Commissioner for Trade and Economic Security Šefčović on Tuesday to discuss the U.S. “reciprocal tariffs.”
Wang said the tariffs “seriously infringe upon the legitimate interests of all countries, seriously violate WTO rules, seriously damage the rules-based multilateral trading system, and seriously impact the stability of the global economic order,” Xinhua said. “It is a typical act of unilateralism, protectionism and economic bullying,” Wang said quoted as saying.
“China is willing to resolve differences through consultation and negotiation, but if the U.S. insists on its own way, China will fight to the end,” Wang said. Wang has also spoken with the 10-member Association of Southeast Asian Nations, while Li, the premier, has met with business leaders.
China has “already made a full evaluation and is prepared to deal with all kinds of uncertainties, and will introduce incremental policies according to the needs of the situation,” Xinhua quoted Li as saying. Not all countries are interested in linking up with China, especially those with a history of disputes with Beijing.
“We speak for ourselves, and Australia’s position is that free and fair trade is a good thing,” Australian Prime Minister Anthony Albanese told reporters. “We engage with all countries, but we stand up for Australia’s national interest and we stand on our own two feet.”
China imposed a series of official and unofficial trade barriers against Australia in 2020 after the then-government angered Beijing by calling for an independent inquiry into the COVID-19 pandemic. India has also reportedly turned down a Chinese call for cooperation, and Russia, typically seen as China’s closest geopolitical partner, has been left out of the Trump tariffs altogether.
Yet, Southeast Asian nations such as Vietnam and Cambodia find themselves in a particular bind. They benefited when factories moved to their countries from China due to rising costs.
They are being hit by punishing tariffs but have few buyers outside the U.S. and are already operating on razor-thin margins. Trump had previously denied contemplating a pause, but the drama over his tariffs will continue as the administration prepares to engage in country-by-country negotiations. Meanwhile, tariffs will be 10% for the countries where the larger ones were paused.
TWO of the biggest American oil companies, ExxonMobil and Chevron, are locked in a legal battle over an oilfield in Guyana. Both companies are industry giants and pioneers with a presence in oil fields worldwide. They have their hands in every oil field, regardless of location. Oil is their bread and butter. They are the biggest in the field with unmatched expertise. Today, however, they find themselves in a legal battle in a London court over the ownership of a massive oil project, estimated to hold over$1 trillion in reserves. The outcome of this case carries huge implications for the global oil industry. The two U.S. oil supermajors are battling over a 30 percent stake in a major oil field in Guyana, which is currently owned by Hess Corporation, a U.S. energy company that agreed to a $54 billion takeover by Chevron in 2023.
ExxonMobil, which already owns approximately 45 percent of the same field, claims it holds a “first right of refusal” under its existing agreement. This is likely to be a long legal battle over a valuable oil reserve, which is what every oil company wants. The fight between the world’s two biggest oil firms could shape the future of the industry. Whoever wins will strengthen their position in the global market. For ExxonMobil, the most valuable American oil company, winning could help it stay on top. The two oil companies are no match for national oil companies in terms of oil reserves, nor do they possess as much oil as those state-owned companies.
However, they do have the know-how, the experience, and the technology to operate in almost any oil field in the world. They are always in desperate need of more oil reserves and will go anywhere, to any place, in search of a few barrels of black gold. It is their bread and butter. For Guyana, with its small population and clean environment, there is no real need for the polluting effects of black oil to disrupt its natural surroundings. However, the financial rewards are too great to ignore, offering the country a chance to place itself on the global energy map. With oil reserves exceeding 12 billion barrels, and more expansion on the horizon, Guyana stands to gain immensely. The current legal battle between the two oil giants is over a prize worth more than $1 trillion. In the end, Chevron has more at stake and a greater need to win, as it aims to boost its oil reserves to better compete with the world’s leading oil company, ExxonMobil. It is a matter of competition and narrowing the gap with its top rival. Without a doubt, this is a case well worth fighting for.
By Kamel Al-Harami
Independent Oil Analyst
Email: [email protected]
The Central Bank of Kuwait
KUWAIT CITY, June 1: The Central Bank of Kuwait (CBK) announced on Saturday that it has completed the distribution of new Kuwaiti banknotes in various denominations to all local banks, ensuring sufficient supply to meet public demand ahead of Eid Al-Adha.
In a press statement, the CBK invited customers wishing to obtain new banknotes to visit their respective bank branches during official working hours.
The statement added that Kuwaiti banks will announce the locations of designated branches offering the “Ayadi” cashing service, as well as other available methods for customers to receive new banknotes.
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