'What's currently underway is not a 'reset'.' 'What needs to be arrived at is a new balance.'
The 17 rare earth elements that are at the centre of the current crisis are critical components of everyday products -- from cars to jet engines to electronics like smartphones and flat-screen TVs.
US President Donald Trump has proposed a deal to China that would see the sale of TikTok's US operations to an American buyer in exchange for a reduction in tariffs on Chinese exports to the US. The proposal comes amid a trade war between the two countries and follows China's retaliation of Trump's tariffs on Chinese goods. Trump has also said that tariffs are a powerful economic tool and that he is determined to ensure fair trade between the US and China.
Observers say China should re-address its policies towards India or else it will continue to face flare-ups increasing the tensions between the two countries at a time China's increasing tension with the US over Taiwan and the South China Sea besides the downturn in the Chinese economy which is hit hard by the zero-covid policy.
India and China achieved a major milestone this year when their bilateral trade crossed the landmark figure of $100 billion but it did not generate any fanfare in both capitals as the two Asian giants are going through a "particularly bad patch" in their relations due to a set of actions by Beijing in violation of agreements that led to the military standoff in eastern Ladakh. Starting with a modest $1.83 billion in 2001, the bilateral trade crossed $100 billion-mark in the first 11 months this year, a significant milestone for which the two countries carried out campaigns to boost trade and build it as a major stakeholder to improve the relations between two nations, whose ties otherwise remained frosty over the festering boundary dispute and strategic rivalry. According to last month's data from China's General Administration of Customs (GAC), the India-China bilateral trade totalled $114.263 billion, up 46.4 per cent year-on-year from January to November 2021.
EU remained China's largest trade partner.
China's exports surged by 48. 5 per cent year on year in May, triggering eculation that the much awaited reform of its currency Yuan against the US dollar is round the corner.
According to the data released by General Administration of Customs on Tuesday, imports too, increased by 22.7 per cent from a year earlier to $116.79 billion but the pace of growth on month-on-month basis was less than 34.1 per cent in June.
The imported crude was valued at $64.98 billion, up 85.8 per cent, as oil prices in the international market skyrocketed with import prices hitting a record high of $849.10 per ton in June, the General Administration of Customs said. China exported 2.37 million tons of crude and 7.88 million tons of refined products, a 30.6 per cent jump and 0.3 per cent decline, respectively, from a year earlier, it said. China had recently raised the prices of gasoline by 16 per cent.
Exports jumped 28.1 per cent to $120.49 billion and imports shot up by 40 per cent to $100.29 billion, the customs figures showed. China said recently that the US economic slowdown and the rising value of its currency, Yuan, were likely to lead to shrinking trade surplus.
India overtook Canada to become China's tenth largest trading partner in January as monthly trade between China and India soared by 63.3 per cent to $2.63 billion, latest Chinese customs statistics show.
He said countries should work for promoting open and inclusive cooperation for win-win outcomes.
Exports dipped 1.6 per cent to 8.95 trillion yuan.
The deteriorating situation in China, a market that businesses around the world rely upon for growth, has spooked investors and prompted warnings from top companies like Apple.
Exports dropped 3.1 per cent in June from a year earlier, the first decline since January last year while imports went down 0.7 per cent, General Administration of Customs said on Wednesday.
The 30-share Sensex ended down 159 points at 27,425 and the 50-share Nifty closed down 24 points at 8,299.
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