• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

China-US trade war: Beijing escalates tit-for-tat with Washington

5 years ago
in Business, Economy, highlights, Home, home-news, latest News, Trade
2 min read
0 0
0
83
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

China has introduced tough new laws which restrict the export of “controlled items.”

The rules primarily focus on the export of military technologies and other products that might harm China’s national security.

The export controls are widely believed to be in response to similar actions by the US.

TikTok, Huawei and Tencent are among the casualties of Washington’s Chinese technology crackdown.

There are concerns the new regulations, which came into effect on Tuesday, could escalate the ongoing trade war with the US.

Trade tensions between the world’s two biggest economies began in 2018 but have ramped up this year.

Tech cold war

President Donald Trump’s administration has introduced executive orders against a range of Chinese firms arguing they could share data with the Chinese government.

China’s new export laws are “a reaction to this escalation of the tech war and it’s China looking to cover its own advantages”, said Alex Capri, visiting professor at the National University of Singapore.

RelatedPosts

Dollar Slides as Trump Fires Fed Governor Lisa Cook

IISD and IMANI to Host Roundtable Shaping Ghana’s New Independent Fiscal Authority

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

Speaking on BBC’s Asia Business Report, Mr Capri added: “The other thing I find really interesting is China has placed AI and algorithms under these export controls.

“This was prompted by the US ban on TikTok. The Chinese government does not want to share this AI.”

Mr Capri believes the ongoing trade war between the US and China will follow the “same trajectory” under Joe Biden. “We’re in a cold war with China – it’s a tech cold war,” he said.

What do the new laws do?

The Export Control Law establishes several categories of “controlled items”, which include nuclear, military items and “dual use” items that can be used for both civilian and military purposes.

The law also covers items that are considered vital to the protection of China’s national security.

Exporters must apply for a license in order to export any item listed on a control list or subject to temporary controls.

Data associated with the controlled items is also covered by the law.

The law imposes penalties of ten times the value of the offending transaction up to $760,000 (£569,000).

It also allows for the punishment of overseas organisations or individuals, suggesting Beijing might attempt to use it to restrict the sale of sensitive technology globally.

Rare earth

Prices for rare earth minerals have increased in anticipation that the law could affect their export.

China is the world’s biggest supplier of rare earth minerals, which are used in products ranging from consumer electronics – like smart phones – to wind turbines.

“China has a massive overwhelming advantage when it comes to rare earths,” said Mr Capri. “Essentially, over the past 30 years, the ability to extract rare earths lies with China. It’s going to be hugely important when it comes to jet fighters, automotive, etc.”

Source: bbc
Via: norvanreports
Tags: ChinaUS
No Result
View All Result

Highlights

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

GSE Opens Week Higher as CPC Posts First Gain of 2025

Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans

Gov’t Pledges to Intensify Reforms in Gold Sector Ahead of Crucial Anti-Money Laundering Assessment

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

Trending

Business

Dollar Slides as Trump Fires Fed Governor Lisa Cook

August 26, 2025

Dollar Slides as Trump Fires Fed Governor Lisa Cook President Trump has fired Federal Reserve Governor Lisa...

IISD and IMANI to Host Roundtable Shaping Ghana’s New Independent Fiscal Authority

August 26, 2025

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

August 26, 2025

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

August 26, 2025

GSE Opens Week Higher as CPC Posts First Gain of 2025

August 26, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.