Summers and Ferguson on a New US-China 'Cold War'

Former Treasury Secretary Lawrence H. Summers and Hoover Institution's Niall Ferguson see the United States' current relationship with China from two different sides. Ferguson states that the US and China have a 'symbiotic but not symmetrical relationship,' and Summers believes they have a 'hostile codependence.' But, they both agree that the tax and spending bill will not do much to give the US the upper hand. (Source: Bloomberg)

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Yahoo

9 minutes ago

• Yahoo

Trump Pledge of Quick China Magnet Flows Has Yet to Materialize

(Bloomberg) -- Almost 10 days since President Donald Trump declared a 'done' trade deal with Beijing, US companies remain largely in the dark on when they'll receive crucial magnets from China — and whether Washington, in turn, will allow a host of other exports to resume. Security Concerns Hit Some of the World's 'Most Livable Cities' One Architect's Quest to Save Mumbai's Heritage From Disappearing JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown While there has been a trickle of required permits, many American firms that need Chinese minerals are still waiting on Beijing's approval for shipments, according to people familiar with the process. China's system is improving but remains cumbersome, they said, contrary to Trump's assurances rare earths would flow 'up front' after a June 11 accord struck in London. The delays are holding an array of American industries hostage to the rocky US-China relationship, as some firms wait for magnets and others face restrictions selling to China. That friction risks derailing a fragile tariff truce clinched by Washington and Beijing in Geneva last month, and triggering fresh rounds of retaliation. Interviews with multiple Western buyers, industry insiders and officials familiar with discussions revealed frustration over vague policies in both countries and lingering confusion about what level of magnet approvals from China would trigger Trump to abandon his tit-for-tat export curbs. 'Even if export approvals accelerate, there are so many unknowns about the licensing regime that it's impossible for companies to have a strong sense of certainty about future supply,' said Christopher Beddor, deputy China research director at Gavekal Research. 'At a minimum, they need to factor in a real possibility that talks could break down again, and exports will be halted.' In response to China's sluggishness on magnets, Trump last month restricted US firms from exporting chip software, jet engines and a key ingredient to make plastic to China until President Xi Jinping restores rare-earth exports. Companies subject to Washington's curbs have halted billions of dollars in planned shipments as they wait for players in unrelated sectors to secure permits from Beijing, which could take weeks or even months to process, given the current pace. Corporate chiefs affected by the export-control spat have sought clarity from the administration on its strategy, according to people familiar with the matter. The Commerce Department — which administers the rules — has offered few details, they added. Oil industry executives have tried to convince Trump officials that blocking exports of ethane — a gas used to make plastics — is contrary to US national security interests, according to people familiar with the deliberations. Business leaders have asked for export restrictions to be removed but that's been unsuccessful so far, the people said. Energy and chemical giant INEOS Group Holdings SA has one tanker full of ethane waiting to go, while Enterprise Products Partners has three to four cargo ships stuck in limbo, according to a person familiar with the matter. That's particularly galling because China has adequate ethane supplies in reserve and can switch to using naphtha from the Middle East and other regions for much of their production, the people said. Representatives from the companies did not respond to requests for comment. Industry figures have consistently told the Trump administration the ethane export restrictions are inflicting more pain on US interests than on China, according to the people. China's Ministry of Commerce, which administers export licenses, hasn't responded to Bloomberg's questions on how many for rare earths have been granted since the London talks. At a regular briefing in Beijing on Thursday, spokesperson He Yadong said Beijing was 'accelerating' its process and had given the go-ahead to a 'certain number of compliant applications.' Access to rare earths is an issue 'that is going to continue to metastasize until there is resolution,' said Adam Johnson, chief executive officer of Principal Mineral, which invests in US mineral supply chains for industrial defense. 'This is just a spigot that can be turned on and off by China.' China only agreed to grant licenses — if at all — for six months, before companies need to reapply for approvals. Firms doing business in the US and China could see recurring interruptions, unless the Commerce Ministry significantly increases its pace of process applications. Adding an extra layer of jeopardy for US companies, Chinese suppliers to America's military-industrial base are unlikely to get any magnet permits. After Trump imposed sky-high tariffs in April, Beijing put samarium — a metal essential for weapons such as guided missiles, smart bombs and fighter jets — on a dual-use list that specifically prohibits its shipment for military use. Denying such permits could cause ties to further spiral if Trump believes those actions violate the agreement, the terms of which were never publicized in writing by either side. That sticking point went unresolved during roughly 20 hours of negotiations last week in the UK capital, people familiar with the details said. Complicating the issue, companies often buy magnets from third-party suppliers, which serve both defense and auto firms, according to a person familiar with the matter. That creates a high burden to prove to Chinese authorities a shipment's final destination is a motor not a missile, the person added. Beijing still hasn't officially spelled out the deal's requirements, nor has Xi publicly signaled his endorsement of it — a step Trump said was necessary. 'The Geneva and London talks made solid progress towards negotiating an eventual comprehensive trade deal with China,' White House spokesman Kush Desai said. 'The administration continues to monitor China's compliance with the agreement reached at Geneva.' China's Commerce Ministry is working to facilitate more approvals even as it asks for reams of information on how the materials will be used, according to people familiar with the process. In some cases, companies have been asked to supply data including detailed product designs, one of the people said. Morris Hammer, who leads the US rare-earth magnet business for South Korean steelmaker Posco Holdings Inc., said Chinese officials have expedited shipments for some major US and European automakers since Trump announced the agreement. China's Advanced Technology & Materials said Wednesday it had obtained permits for some magnet orders, without specifying for which destinations. The company's customers include European aerospace giant Airbus SE, according to data compiled by Bloomberg. Around half of US suppliers to Toyota Motor Corp., for example, have had export licenses granted, the company said – but they're still waiting for those materials to actually be delivered. It's likely some of the delays are transport-related, one of the people said. Even with permits coming online, rare-earth materials are still scarce because overseas shipments were halted for two months starting in April, depleting inventories. Trump's agreement 'will allow for rare earths to flow out of the country for a short period of time, but it's not helping the auto industry because they're still talking shutdowns,' Hammer said. 'Nobody trusts that this thaw is going to last.' For many automakers, the situation remains unpredictable – forcing some to hunt for alternatives to Chinese supplies. Two days after Trump touted a finalized trade accord in London, Ford Motor Co. Chief Executive Officer Jim Farley described a 'day-to-day' dynamic around rare-earths licenses – which have already forced the company to temporarily shutter one plant. General Motors Co. has emphasized it's on firmer footing in the longer term, because it invested in domestic magnet making back in 2021. The automaker has an exclusive deal to get the products from MP Materials Corp. in Texas, with production starting later in the year. It has another deal with eVAC of Germany to get magnets from a South Carolina plant starting in 2026. In the meantime, GM and its suppliers have applied for permits to get magnets from China, a person familiar with the matter said. Scott Keogh, the CEO of Scout Motors — the upstart EV brand of Volkswagen AG — told Bloomberg Television his company is re—engineering brakes and drive units to reduce the need for rare earths. Scout is building a plant in South Carolina to make fully electric and hybrid SUVs as well as trucks starting in 2027. Until the rare-earth supply line is re-opened to Washington's satisfaction, Trump has indicated that the US is likely to keep in place its own export restrictions. Senior US officials have suggested the curbs are about building and using leverage, rather than their official justification: national security. Commerce Secretary Howard Lutnick said the measures were used to 'annoy' China into complying with a deal US negotiators thought they'd already reached. Restrictions on sales to China of electronic design automation software for chipmaking are emblematic of the standoff. Those EDA tools are used to design everything, from the highest-end processors for the likes of Nvidia Corp. and Apple Inc. to simple parts, such as power-regulation components. Fully limiting China's access to the best software, made by a trio of Western firms, has been a longtime priority in some Washington national security circles — and would build on years of US measures targeting China's semiconductor prowess. While some senior Trump officials specifically indicated the administration would relax some semiconductor-related curbs if Beijing relents on rare earths, EDA companies still lack details on when, and whether, their China access will be restored, said industry officials who requested anonymity to speak candidly. Even if that happens, there's worry that heightened geopolitical risks will push Chinese customers to hunt for other suppliers or further develop domestic capabilities. 'The risk is there for the London deal to fall apart,' said Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis. 'Because rare earths is a very granular issue and mistakes can be made.' --With assistance from Jennifer A. Dlouhy, David Welch, Lucille Liu, James Mayger, Jing Li, Joe Ryan and Nicholas Lua. Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? The US Has More Copper Than China But No Way to Refine All of It Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Motor 1

9 minutes ago

• Motor 1

The 20 Most American-Made Cars of 2025

With tariffs still a hot talking point and prices expected to increase over the next few months, it could make a big difference where your next car is built. That's why the annual American-Made Index is an important tool to use when shopping for your next ride. The American-Made Index uses five different factors to determine just how "American" each car sold in the US is: Location of final assembly, percentage of US and Canadian parts, countries of origin for all engines, countries of origin for all transmissions, and US manufacturing workforce. This year, the study analyzed more than 400 vehicles and narrowed the final list down to 100 models. At the top of the list are the usual suspects: Tesla, Jeep, and even Honda. American brands like Chevrolet and Ford don't crack the top 10, and only one Chevy makes it in the top 20. You can read the full list at —but here's what the top 20 looks like: 20. Nissan Pathfinder 19. Chevrolet Colorado 18. Toyota Corolla Cross Hybrid 17. Kia Sportage 16. Acura Integra 15. Honda Accord 14. Acura RDX 13. Jeep Wrangler 12. Honda Pilot 11. Acura MDX 10. Volkswagen ID.4 9. Honda Passport 8. Honda Odyssey 7. Honda Ridgeline 6. Kia EV6 5. Jeep Gladiator 4. Tesla Model X 3. Tesla Model S 2. Tesla Model Y 1. Tesla Model 3 Tesla Tops the Charts Tesla Model 3 Performance As expected, Tesla tops the list with four of its models taking the top four. The Model 3 earns the crown as the most American-made vehicle of 2025 (so far). All of Tesla's vehicles are produced at its Fremont Factory in Fremont, California, with the Gigafactory in Texas also producing Model Ys and Cybertrucks. The Gladiator takes fifth place and is the only Jeep in the top 20, while Kia takes sixth place with the electric EV6. The Kia Sportage also cracks the top 20 in 17th place; both Kia models are produced at the brand's West Point, Georgia, manufacturing facility. Honda has five vehicles in the top 20, with the Odyssey, Pilot, Ridgeline, and Passport all produced at the same manufacturing plant in Lincoln, Alabama. The Honda Accord, meanwhile, is built in Marysville, Ohio. Honda's luxury brand, Acura, also has three vehicles in the top 20: The RDX, MDX, and Integra. The Integra is built alongside the Accord in Marysville, while the RDX and MDX are produced nearby in East Liberty, Ohio. Where Are Chevy & Ford? Chevrolet Colorado ZR2 Bison Photo by: Andrew Link | Motor1 While only one of Detroit's Big Three cracks the top 10 (Jeep), Chevy and Ford are nowhere to be found. Only one Chevy model—the Colorado pickup, at 19th—even cracks the top 20. It's produced at Chevy's Wentzville, Missouri, plant. The Ford F-150 Lightning comes in at 22nd, and the Explorer is 23rd. Meanwhile, the Bronco falls all the way to 47th, while the Mustang is even further still at 56th. Outside of the Colorado, the C8 Corvette is 29th, the Suburban is 38th, the Tahoe is 41st, and the Traverse SUV is 73rd. A few Cadillac and GMC models—like the Yukon at 39th and the CT5 at 44th—do at least crack the top 50. The Least-American Made Subaru Crosstrek Hybrid Photo by: Subaru On the opposite end of the spectrum, a handful of vehicles from American brands fall to the bottom of the list. The Jeep Wagoneer L is the 100th most American-made car of 2025. The Toyota RAV4 Hybrid is 99th, the Cadillac Lyriq is 98th, the Nissan Rogue is 97th, the Subaru Crosstrek is 96th, and the Genesis GV70 is 95th. Here's what the bottom 10 looks like: 100. Jeep Wagoneer L 99. Toyota RAV4 Hybrid 98. Cadillac Lyriq 97. Nissan Rogue 96. Subaru Crosstrek 95. Genesis GV70 94. Honda Civic Hybrid 93. Mercedes-Benz GLE350 92. Mercedes-Benz EQE 350+ 91. Mercedes-Benz GLS450 90. Mercedes-Benz GLE450e Some Cars Are More American Than You Think The Honda Ridgeline Is More American Than Your Ford or Chevy Truck Honda Ridgeline, Toyota Tundra More American-Made Than F-150, Silverado: Study Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Source: Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )

Fast Company

12 minutes ago

• Fast Company

ICE's new rules for Congress: 72 hours' notice or risk arrest

U.S. Immigration and Customs Enforcement (ICE) has placed new restrictions on Congressional visits, a policy change that is likely to escalate tensions between the controversial federal law enforcement agency and its critics. ICE detailed the policy changes in a memo published to its website. Under the new rules, ICE asserts that lawmakers must give 72 hours of advance notice before visiting an ICE field office. Lawmakers are explicitly allowed by law to visit ICE facilities that 'detain or otherwise house aliens' unannounced, but the agency wants to stop surprise visits to its broader constellation of immigration enforcement centers across the country, which it claims do not meet that criteria. The new guidance comes as Democrats clash with the Trump administration over its immigration crackdown, which has targeted refugees who were offered legal status during the Biden administration, mistakenly deported a Maryland resident to a mega-prison in El Salvador and expanded immigration raids at farms, hotels and restaurants. The policy also states that Congressional staffers must now provide 24 hours of notice before entering a detention facility. 'Visitors attempting to circumvent entry requirements may be subject to arrest or other legal action,' the agency warns. Under its new visitation policy, the agency tries to draw a distinction between its detention facilities and field offices, the latter of which it claims aren't used to detain people. 'ICE does not house aliens at field offices, rather these are working offices where Enforcement and Removal Operations (ERO) personnel process aliens to make custody determinations based on the specific circumstances of each case,' the memo argues, adding that anyone brought to a field office who needs to be detained is transferred to a purpose-built facility. ICE operates 25 field offices across the country. According to the agency's field office directory, the Enforcement and Removal Operations (ERO), the ICE law enforcement arm that conducts deportations, 'manages all aspects of the immigration enforcement process' through those offices. ICE clashes with elected officials are escalating In Trump's second term, ICE officers have not hesitated to handcuff, arrest and even press charges against elected officials. Earlier this week, New York City comptroller Brad Lander was arrested at a Manhattan immigration court while escorting a man sought by immigration agents. In a video of the incident, Lander is shown repeatedly asking a group of plainclothes agents if they have a judicial warrant before being wrestled against a wall and removed from the building. In another recent confrontation, California Senator Alex Padilla was forcibly removed from a press conference when he tried to interrupt Homeland Security Secretary Kristi Noem with a question. On Friday, Congressional Democrats sent a letter to Noem and the acting director of ICE accusing the agencies of 'continued obstruction' of legal oversight visits by members of Congress. The lawmakers specifically named a Manhattan field office that normally serves as a brief stop for immigrants moving through the system but is now reportedly overcrowded and forcing people that are detained for multiple days to sleep on the floor. ICE's deputy field director in New York confirmed that multiple detainees slept on the floor or on benches in the facility, an admission the group of Democrats pointed to in their letter demanding access. The lawmakers also demanded that ICE rescind its new guidance claiming that its field offices are not subject to unannounced visits by members of Congress. 'Given the overaggressive and excessive force used to handcuff and detain elected officials in public, DHS's refusal to allow members of Congress to observe the conditions for immigrants behind closed doors begs the obvious question: what are you hiding?' the group of lawmakers wrote.