News that caught our eye / The week ending June 14, 2024
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NOTE: The news reports below are not in chronological order. There is often a time lag in their reaching the US and in gaining our attention. These reports reflect the opinions of a variety of news sources.
Curated by James Getka.
Gold Dips Below $2,300 as Jobs Dash Fed Bets, China Buying Pause / June 7, 2024
Undercut by a strong jobs market reported in the US and China’s refrain from buying gold in May, gold values dropped 3.7%. Other metals, like silver, titanium, and copper also fell. China has been hoarding gold since November of 2022 but began purchasing less and less since February of this year (Yahoo Finance).
Volvo shifting EV production to Belgium to avoid China tariffs / June 9, 2024
Volvo Cars began producing EVs in Belgium rather than China to avoid potential tariffs placed by the EU after its investigation into suspected subsidies from the Chinese government that made its EVs more affordable. By building the cars in Belgium, Volvo would avoid the tariffs. Volvo is majority-owned by the Chinese company Geely (Yahoo Finance).
EU threatens China EVs with tariffs of up to 38% / June 12, 2024
The EU’s investigation into Chinese subsidies in the production of EVs made in China has resulted in a set of tariffs against the vehicles made in China. The tariffs vary based on the auto companies’ participation status in the investigation—the more the company cooperated with the investigation, the lower the tariff. Further dialogue between the EU and China may halt or change the tariffs that are to be implemented starting July 4th (BBC).
Backlash in mainland China over Taiwan comment by Nvidia’s Jensen Huang / June 7, 2024
Jensen Huang, the founder of microchip giant Nvidia, referred to Taiwan as a country when he referred to Taiwan as a country in an impromptu interview that aired on May 29th. In response, Chinese citizens and media outlets condemned the company and its founder for the reference, with some saying the mainland should boycott Nvidia. Twenty percent of Nvidia’s revenue comes from China (SCMP).
Why is China so annoyed over Modi's reply on X? / June 8, 2024
India’s Prime Minister Narendra Modi recently won an election for his third term as Prime Minister. When Taiwan President Ching-te Lai congratulated him on X, Modi responded with a thank you and a desire to increase political and economic ties between Taiwan and India. China did not appreciate the diplomatic exchange, saying it violated the one-China policy (The Economic Times).
China warned to prepare for hotter than average summer / June 8, 2024
Forecasters are warning that China will face a hotter summer than average, although not likely as hot for as long a period of time as the country experienced in 2022. India, Pakistan, and other southern Asian countries have already had a month of 110+ degree (F.) weather as the region experiences the shift from an El Niño weather pattern in the Pacific to a La Niña (SCMP).
China Says US Provoking Arms Race in Moves into South China Sea / June 9, 2024
China accused the US of provoking an arms race in the South China Sea as it supports the Philippines and other coastal nations in the region against China’s territorial claims. However, China claims almost the entirety of the South China Sea, establishing coast guard ships 1000 kilometers from its own mainland (Newsmax).
China Issues Nuclear Statement to US / June 12, 2024
China’s embassy in the US accused the US of stoking the nuclear arms race rather than encouraging disarmament, but a US National Security Council official said the US is only considering a buildup because Russia, China, and North Korea are increasing their stockpiles at a “breakneck” speed. Both sides accuse the other of rejecting diplomatic solutions (Newsweek).
4 U.S. college instructors injured in stabbing attack in China / June 10, 2024
Four instructors from Cornell College in Mt. Vernon, Iowa were stabbed while walking through a park in Jilin, China on Monday. Such attacks against foreigners have been very rare, and the victims were recovering from their injuries. A 55-year-old man had been arrested on Monday, but no motive had been given (NBC News).
Taiwan arrests former Chinese Navy captain over illegal speedboat arrival / June 11, 2024
A 60-year-old Chinese Navy official drove a boat into Taipei harbor and the Tamsui River before being detained by Taiwan officials, stating that he was trying to defect. Taiwan, however, is investigating whether this is another “grey zone” effort by China to test Taiwan’s response to minor incursions (Al Jazeera).