Lessons from the US-China trade war
America and China have agreed to a 90-day truce of their month-long trade war, but the economic uncertainty has not yet ended. Beyond tariffs, the spat had begun spilling over into other areas, with China imposing a ban on the export of critical minerals designed to hobble American industries. Could global supply chains and financial systems be weaponised in a similar way? If so, could such actions further fragment the global economy to everyone's detriment? And what would stop economic warfare escalating into full-blown military conflicts?
Hosts: Mike Bird and Ethan Wu. Guests: Edward Fishman of the Center on Global Energy Policy and Columbia University, and author of 'Chokepoints: American Power in the Age of Economic Warfare'; and Dan Wang, research fellow at Stanford's Hoover History Lab and author of 'Breakneck: China's Quest to Engineer th e Future'.
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Glasgow Times
44 minutes ago
- Glasgow Times
Iran launches missiles and drones at Israel in the wake of US strikes
Israel said its defence systems were operating to intercept the threat, which apparently targeted north and central areas, and told people to head to shelters. Iran described the attack as a new wave of its Operation 'True Promise 3', saying it was targeting the Israeli cities of Haifa and Tel Aviv, according to Iranian state television. There were no immediate reports of damage. The move came after the US bombed Iranian nuclear sites (Iranian Army Press Service via AP) The attack came the day after the United States inserted itself into Israel's war by attacking Iranian nuclear sites, prompting fears of a wider regional conflict. Meanwhile, a suspected Israeli air strike hit the gate of Iran's notorious Evin prison in Tehran, Iranian state television reported. Iranian media speculated the strike may have come from a drone. The report shared what appeared to be black-and-white-surveillance footage of the strike. The prison is known for holding dual nationals and Westerners often used by Iran as bargaining chips in negotiations with the West. Israel did not immediately acknowledge carrying out the strike. Earlier, the head of the United Nations nuclear watchdog said 'very heavy damage' is expected at Iran's underground facility at Fordo after the US air strike this weekend. After the strike using sophisticated bunker-buster bombs, Rafael Mariano Grossi, the head of the International Atomic Energy Agency (IAEA), said in Vienna: 'Given the explosive payload utilised and the extreme vibration sensitive nature of centrifuges, very significant damage is expected to have occurred.' IAEA Director General @RafaelMGrossi addressed the Board of Governors this morning at an emergency meeting regarding the situation in Iran. — IAEA – International Atomic Energy Agency ⚛️ (@iaeaorg) June 23, 2025 He added that 'at this time, no-one, including the IAEA, is in a position to have fully assessed the underground damage at Fordo'. Iran said the US had crossed 'a very big red line' with its risky gambit to strike the three sites with missiles and 30,000-pound bunker-buster bombs. On Monday, Iranian Gen Abdolrahim Mousavi, the chief of joint staff of armed forces, warned Washington its strikes had given Iranian forces a 'free hand ' to 'act against US interests and its army'. Gen Mousavi described the American attack as violating Iran's sovereignty and being tantamount to invading the country, the state-run IRNA news agency reported. In the wake of the American attacks on Iran, calls came from across the globe for de-escalation and the return to diplomacy to try and resolve the conflict. Foreign ministers remain focused on a diplomatic solution, but concerns about the war escalating are high. Any Iranian closure of the Strait of Hormuz would be extremely dangerous. My doorstep ahead of today's Foreign Affairs Council ↓ — Kaja Kallas (@kajakallas) June 23, 2025 On Monday, the European Union's top diplomat said the bloc remained 'very much focused on the diplomatic solution'. 'The concerns of retaliation and this war escalating are huge,' Kaja Kallas said at the start of a foreign ministers' meeting in Brussels where Iran has jumped to the top of the agenda. 'Especially closing of the Strait of Hormuz by Iran is something that would be extremely dangerous and not good for anybody,' Ms Kallas said, referring to a maritime route crucial for oil transport. After Sunday's attacks, Iranian officials repeated their longstanding threats of possibly closing the key shipping lane. Iranian foreign minister Abbas Araghchi is meeting Russian President Vladimir Putin, one of Iran's key allies, in Moscow.
Leader Live
an hour ago
- Leader Live
Stopping Iran's nuclear programme ‘a good thing', says Downing Street
A Number 10 spokesman said the Government's focus remained on securing a diplomatic solution in the wake of the American attack against Iran's nuclear programme over the weekend. He said: 'We're clear that the prevention of Iran getting nuclear weapons is a good thing for this country. 'But our focus is on diplomacy. That is the priority and that is what every member of this Government is working towards and that's been the focus of the calls with international partners over the weekend.' But asked whether the strikes had breached international law, the spokesman declined to comment, citing the 'long-standing position' that the Government does not disclose the content of legal advice. Earlier, Foreign Secretary David Lammy urged Iran to take a diplomatic 'off-ramp' and engage in talks, as he cautioned Tehran against blockading the Strait of Hormuz or attacking US bases in the Middle East. Questions are being asked about whether the shipping channel or oil exports through it could be blocked amid the tensions. Important discussion with @SecRubio this evening on the situation in the Middle East. We will continue to work with our allies to protect our people, secure regional stability and drive forward a diplomatic solution. — David Lammy (@DavidLammy) June 22, 2025 Speaking to BBC Breakfast on Monday morning, Mr Lammy said he had been 'crystal clear' that 'it would be a huge, catastrophic mistake to fire at US bases in the region at this time. We have forces in the region at this time. 'It would be a catastrophic mistake. It would be a mistake to blockade the Strait of Hormuz.' He said he thinks his counterpart 'gets that and understands that'. The UK has been pressing for Iran to engage in negotiations and diplomacy over the issues, and Mr Lammy told the same programme: 'Let's take the diplomatic off-ramp. Let's get serious and calm this thing down.' Mr Lammy is expected to address MPs in the Commons about the situation on Monday. Prime Minister Sir Keir Starmer warned on Sunday that there is a risk of the crisis escalating beyond the Middle East, telling reporters 'that's a risk to the region. It's a risk beyond the region, and that's why all our focus has been on de-escalating, getting people back around to negotiate what is a very real threat in relation to the nuclear programme.' Sir Keir spoke to US President Donald Trump on Sunday, and Downing Street said the leaders agreed Tehran must not be allowed to develop a nuclear weapon and called for Iran to return to negotiations. The conversation came after the air raid by American B-2 stealth bombers and a salvo of submarine-launched missiles hit Iran's nuclear facilities. 'They discussed the actions taken by the United States last night to reduce the threat and agreed that Iran must never be allowed to develop a nuclear weapon,' Downing Street said. Mr Lammy declined to say on Monday whether the US military action was legal, but added: 'I don't say it's not legitimate'. During an interview on BBC Radio 4's Today programme, it was put to him that it was extraordinary he could not answer the question as critics argue Iran is also a sovereign nation which was attacked without warning. He said: 'I don't think it is extraordinary because this was not the UK's action, we were not involved, we were clear when this began and Israel's attacks began that we were not involved… so I don't say it's not legitimate, but I can tell you as Foreign Secretary that we were not involved.' Chancellor Rachel Reeves was asked about the legality of the strikes as she visited the West Midlands, and said: 'It is up to the US to make that case. We were not involved in these actions and, of course, we would never comment on the legal advice that the Government receives.' — Donald J. Trump (@realDonaldTrump) June 21, 2025 Mr Lammy also suggested that the action by Mr Trump 'may well have set back Iran several years'. He told the same BBC radio programme that the US president's rhetoric was 'strong' but that strikes had been 'targeted' to 'deal with Iran's nuclear capability'. The Foreign Secretary later added: 'Donald Trump made a decision to act to degrade that capability. It may well have set back Iran by several years. That was a decision that he took.' Liberal Democrat leader Sir Ed Davey has called on the Prime Minister to address the Commons about the situation in the Middle East. He called Mr Trump's strikes a 'seismic moment' and added: 'UK ministers are dodging questions on whether they support these strikes, and failing to guarantee that we won't be dragged into another illegal American war in the Middle East. 'The Prime Minister has not even spoken once in the Commons since this crisis began. He needs to come to Parliament today, update the country on where the UK stands and what he is doing to ensure the situation does not escalate any further.' Overnight, Mr Trump called the future of the Iranian regime into question, posting on his TruthSocial platform: 'It's not politically correct to use the term, 'Regime Change,' but if the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn't there be a Regime change???' It appeared to be a different approach to that of his defence secretary Pete Hegseth, who had said on Sunday that 'this mission was not and has not been about regime change'.
Powys County Times
an hour ago
- Powys County Times
Stopping Iran's nuclear programme ‘a good thing', says Downing Street
Preventing Iran obtaining a nuclear weapon is a 'good thing' for the UK, Downing Street said, as it declined to comment on whether US strikes on the country were legal. A Number 10 spokesman said the Government's focus remained on securing a diplomatic solution in the wake of the American attack against Iran's nuclear programme over the weekend. He said: 'We're clear that the prevention of Iran getting nuclear weapons is a good thing for this country. 'But our focus is on diplomacy. That is the priority and that is what every member of this Government is working towards and that's been the focus of the calls with international partners over the weekend.' But asked whether the strikes had breached international law, the spokesman declined to comment, citing the 'long-standing position' that the Government does not disclose the content of legal advice. Earlier, Foreign Secretary David Lammy urged Iran to take a diplomatic 'off-ramp' and engage in talks, as he cautioned Tehran against blockading the Strait of Hormuz or attacking US bases in the Middle East. Questions are being asked about whether the shipping channel or oil exports through it could be blocked amid the tensions. Important discussion with @SecRubio this evening on the situation in the Middle East. We will continue to work with our allies to protect our people, secure regional stability and drive forward a diplomatic solution. — David Lammy (@DavidLammy) June 22, 2025 Speaking to BBC Breakfast on Monday morning, Mr Lammy said he had been 'crystal clear' that 'it would be a huge, catastrophic mistake to fire at US bases in the region at this time. We have forces in the region at this time. 'It would be a catastrophic mistake. It would be a mistake to blockade the Strait of Hormuz.' He said he thinks his counterpart 'gets that and understands that'. The UK has been pressing for Iran to engage in negotiations and diplomacy over the issues, and Mr Lammy told the same programme: 'Let's take the diplomatic off-ramp. Let's get serious and calm this thing down.' Mr Lammy is expected to address MPs in the Commons about the situation on Monday. Prime Minister Sir Keir Starmer warned on Sunday that there is a risk of the crisis escalating beyond the Middle East, telling reporters 'that's a risk to the region. It's a risk beyond the region, and that's why all our focus has been on de-escalating, getting people back around to negotiate what is a very real threat in relation to the nuclear programme.' Sir Keir spoke to US President Donald Trump on Sunday, and Downing Street said the leaders agreed Tehran must not be allowed to develop a nuclear weapon and called for Iran to return to negotiations. The conversation came after the air raid by American B-2 stealth bombers and a salvo of submarine-launched missiles hit Iran's nuclear facilities. 'They discussed the actions taken by the United States last night to reduce the threat and agreed that Iran must never be allowed to develop a nuclear weapon,' Downing Street said. Mr Lammy declined to say on Monday whether the US military action was legal, but added: 'I don't say it's not legitimate'. During an interview on BBC Radio 4's Today programme, it was put to him that it was extraordinary he could not answer the question as critics argue Iran is also a sovereign nation which was attacked without warning. He said: 'I don't think it is extraordinary because this was not the UK's action, we were not involved, we were clear when this began and Israel's attacks began that we were not involved… so I don't say it's not legitimate, but I can tell you as Foreign Secretary that we were not involved.' Chancellor Rachel Reeves was asked about the legality of the strikes as she visited the West Midlands, and said: 'It is up to the US to make that case. We were not involved in these actions and, of course, we would never comment on the legal advice that the Government receives.' — Donald J. Trump (@realDonaldTrump) June 21, 2025 Mr Lammy also suggested that the action by Mr Trump 'may well have set back Iran several years'. He told the same BBC radio programme that the US president's rhetoric was 'strong' but that strikes had been 'targeted' to 'deal with Iran's nuclear capability'. The Foreign Secretary later added: 'Donald Trump made a decision to act to degrade that capability. It may well have set back Iran by several years. That was a decision that he took.' Liberal Democrat leader Sir Ed Davey has called on the Prime Minister to address the Commons about the situation in the Middle East. He called Mr Trump's strikes a 'seismic moment' and added: 'UK ministers are dodging questions on whether they support these strikes, and failing to guarantee that we won't be dragged into another illegal American war in the Middle East. 'The Prime Minister has not even spoken once in the Commons since this crisis began. He needs to come to Parliament today, update the country on where the UK stands and what he is doing to ensure the situation does not escalate any further.' Overnight, Mr Trump called the future of the Iranian regime into question, posting on his TruthSocial platform: 'It's not politically correct to use the term, 'Regime Change,' but if the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn't there be a Regime change???' It appeared to be a different approach to that of his defence secretary Pete Hegseth, who had said on Sunday that 'this mission was not and has not been about regime change'.
