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Years of lackluster follow-through by China on its reform pledges has left what many in the foreign business community call “promise fatigue”. Business leaders have been warning that if China didn’t take real measures to address a lack of reciprocal market openness, it would sow retaliatory sentiment among its largest trading partners. And trade hardliners, particularly in the United States, had argued that Beijing would not make good on its pledges until other countries began imposing costs upon Beijing.
European Union Chamber of Commerce in China President Mats Harborn on Tuesday called Trump’s tariffs the “sledgehammer approach”, but said the root cause of what China has termed the “largest-scale trade war” in economic history began in China, “The reason we are where we are is because the Chinese leadership did not proceed as quickly as we wanted as a trade community,” Harborn told a news briefing, Some in the U.S, business community, while rueing the damage caused by Trump’s tariffs, privately say Beijing’s recent park avenue cufflinks emphasis on accelerating reforms may not be a coincidence..
“Tariffs are biting. The Chinese are less confident internally than externally. They have never been tested this way,” a U.S. industry source told Reuters, asking to not be named given the sensitivity of the matter. Beijing has begun downplaying Made in China 2025, the state-backed industrial policy that has provoked alarm in the West and is core to Washington’s complaints about the country’s unfair trade practices. Propaganda authorities have also issued unusually strict rules limiting local media coverage of the trade war because of worries that unrestrained reporting could set off panic and roil its already jittery financial markets, sources within Chinese state media have said.
And European officials have said Beijing is trying to woo the EU with market access in return for standing with China against Trump’s trade measures, though the Europeans, who share U.S, criticism of China but disapprove of Trump’s tariffs, have largely refrained park avenue cufflinks from taking sides, “By committing themselves to further openness, I think China hopes it can minimize the departure out of China of multinational firms,” said Louis Kuijs, Hong Kong-based head of Asia Economics at Oxford Economics..
BEIJING (Reuters) - China, the world’s top soybean buyer, can fully meet the needs of its state soybean reserves without importing from the United States, an official with the state stockpiler told state TV on Thursday. The comments by Lu Xiaodong, deputy general manager of Sinograin, on CCTV come after Beijing imposed 25 percent duties on imports of U.S. soybeans last Friday, in retaliation over measures imposed on Chinese goods by U.S. President Donald Trump. The steep duties on beans from China’s No. 2 supplier threaten to raise costs for livestock farmers and potentially increase the price of pork, the nation’s favorite meat.
Without U.S, soybeans, China can import from South America and countries participating in China’s Belt and Road initiative to satisfy its needs for state stocks, said Lu, There are currently ample state stocks of soybeans, he said, The size of Beijing’s soybean stockpiles is not known, The report follows comments made by state-owned grains trader COFCO earlier this week, which also sought to soothe concerns about supplies of the oilseed in China, China’s agriculture ministry cut its forecast for soybean imports for the 2018/19 crop year on Thursday, warning that higher prices due to trade conflict with the U.S, would curb demand park avenue cufflinks as farmers switch to alternative ingredients for their animal feed..
TOKYO (Reuters) - Panasonic Corp (6752.T) plans to halve the cobalt content of its mass-produced automotive batteries “in two to three years”, an executive at the Japanese conglomerate said on Thursday, as battery makers look to reduce costs. “At the research and development level, we’ve already achieved such batteries,” Yoshio Ito, the chief of Panasonic’s automotive business, said at a media roundtable. “But we need to go through various evaluation processes” before mass-producing them, he said.
Panasonic, the exclusive battery cell supplier for Tesla Inc’s (TSLA.O) current production models, previously said it was aiming to develop cobalt-free batteries, but park avenue cufflinks did not give a specific time frame, Panasonic has already significantly reduced cobalt content, to about 10 percent in its nickel-cobalt-aluminium cathode chemistry, Battery makers have been scrambling to reduce cobalt content in lithium-ion batteries as prices of the rarer mineral have multiplied in recent years, and the spread of electric vehicles (EVs) is widely expected to result in cobalt shortages..