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The Sun
4 hours ago
- Business
- The Sun
Chinese exports of rare-earth magnets plummet in May
BEIJING: Chinese exports of rare-earth magnets continued their downward slide in May, official data showed on Friday, reflecting restrictions imposed by Beijing during its trade war with the United States. China is the world's leading producer of rare earths, used to make magnets essential to the automotive, electronics and defence industries. Since April, Beijing has required traders to obtain licences before they export the strategic materials, a move seen as retaliation for US curbs on the import of Chinese goods. Many manufacturers, particularly in the automotive sector, have bewailed what they view as sporadic licence issuances. And Chinese customs data revealed Friday that the country's rare-earth magnet exports plummeted by 70 percent year-on-year in May, following an initial slowdown observed in April. Exports fell below the $60 million mark, hitting their lowest level since 2015 excluding the Covid-19 pandemic, according to Bloomberg News. After talks between China and the US in London this month, Beijing said it had issued a 'certain number' of export licences for rare earths. US President Donald Trump said last week on his Truth Social platform that 'any necessary rare earths... will be supplied, up front, by China'. Beijing also said it would launch a 'green channel' to facilitate rare earth exports to the European Union. But its exports of rare-earth magnets to the EU in May plunged by 81 percent year-on-year, according to the customs figures. And exports of small parcels to the US dropped by half compared to the previous month. Last month, Washington ended a tariff exemption previously enjoyed by low-value parcels shipped from China and Hong Kong. The measure dealt a severe blow to platforms shipping low-cost items from China, such as Shein and Temu. The decline was offset by a rise in China's total small parcel exports to the rest of the world, which were up 40 percent year-on-year, with particularly notable increases to Singapore, Russia, Europe and Australia. Besides the US, several countries have been trying to limit the rise of platforms sending cheap products made in China. This month, France adopted a bill that aims to curb fast fashion by banning advertising and imposing an additional tax on small parcels.
Straits Times
8 hours ago
- Business
- Straits Times
Chinese exports of rare-earth magnets plummet in May
Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province. PHOTO: REUTERS Chinese exports of rare-earth magnets plummet in May BEIJING - Chinese exports of rare-earth magnets continued their downward slide in May, official data showed on June 20, reflecting restrictions imposed by Beijing during its trade war with the United States. China is the world's leading producer of rare earths, used to make magnets essential to the automotive, electronics and defence industries. Since April, Beijing has required traders to obtain licences before they export the strategic materials, a move seen as retaliation for US curbs on the import of Chinese goods. Many manufacturers, particularly in the automotive sector, have bewailed what they view as sporadic licence issuances. And Chinese customs data revealed on June 20 that the country's rare-earth magnet exports plummeted by 70 per cent year-on-year in May, following an initial slowdown observed in April. Exports fell below the US$60 million (S$77 million) mark, hitting their lowest level since 2015 excluding the Covid-19 pandemic, according to Bloomberg News. After talks between China and the US in London in June, Beijing said it had issued a 'certain number' of export licences for rare earths. US President Donald Trump said last week on his Truth Social platform that 'any necessary rare earths... will be supplied, up front, by China'. Beijing also said it would launch a 'green channel' to facilitate rare earth exports to the European Union. But its exports of rare-earth magnets to the EU in May plunged by 81 per cent year-on-year, according to the customs figures. And exports of small parcels to the US dropped by half compared to the previous month. In May, Washington ended a tariff exemption previously enjoyed by low-value parcels shipped from China and Hong Kong. The measure dealt a severe blow to platforms shipping low-cost items from China, such as Shein and Temu. The decline was offset by a rise in China's total small parcel exports to the rest of the world, which were up 40 per cent year-on-year, with particularly notable increases to Singapore, Russia, Europe and Australia. Besides the US, several countries have been trying to limit the rise of platforms sending cheap products made in China. In June, France adopted a Bill that aims to curb fast fashion by banning advertising and imposing an additional tax on small parcels. AFP Join ST's Telegram channel and get the latest breaking news delivered to you.
Time Magazine
a day ago
- Business
- Time Magazine
What to Know About the SpaceX Explosion in Texas
A SpaceX rocket exploded on Wednesday night during testing, in what the company has called 'a major anomaly.' No injuries have been reported. 'A safety clear area around the site was maintained throughout the operation and all personnel are safe and accounted for,' the company said in a statement posted to X. [time-brightcove not-tgx='true'] The incident occurred on the test stand at about 11 p.m. CT, while the rocket was preparing for its tenth flight test at the company's South Texas headquarters in Starbase. The company has said that there are no hazards to residents in surrounding communities, but urged individuals to avoid approaching the zone of the accident while they work with local officials to ensure the area is safe. The accident marks the latest in a string of setbacks for the company's Starship rockets. In January, one rocket broke apart near the Carribean, releasing a stream of smoke and debris in its wake. The company then lost contact with another rocket in March during a test flight, which broke apart over Florida. Another rocket, launched in Texas, spun out of control before landing in the Indian Ocean. The company has been in the spotlight lately following a very public spat between CEO Elon Musk and President Donald Trump earlier this month. In a post on his Truth Social platform, Trump threatened to pull government contracts for Musk's projects. Read More: What the Trump-Musk Feud Means for SpaceX and NASA 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!' Trump said in a post on June 5. Later that evening, Musk responded: 'In light of the President's statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately.' He deleted the tweet that same night. It wasn't until an X user called for peace that Musk backed down: 'This is a shame this back and forth. You are both better than this. Cool off and take a step back for a couple days.' Minutes later, Musk responded, 'Good advice. OK, we won't decommission Dragon.' Space X has long had a working relationship with the federal government. At the end of last year, the company said it had $22 billion in government contracts, and in April the U.S. Space Force awarded the company a $5.9 billion contract, making it the leading provider of launch services for Pentagon satellites, according to Ars Technica.
India Gazette
2 days ago
- Politics
- India Gazette
"Hope...would not use this one": Senior Iran diplomat over Munir's US visit and possibility of Pak airspace being used for operations against Iran
New Delhi [India] June 18 (ANI): Amid speculation over Pakistan Army Chief Asim Munir's meeting with US President Donald Trump amid Iran's conflict with Israel, a senior Iranian diplomat has hoped that Pakistan airspace and airbases will not be used for operations against his country. In an interview with ANI, Iranian Deputy Chief of Mission in India, Mohammad Javad Hosseini answered queries on a range of issues and said his country has not talked of mediation and has called upon the international community to stop 'aggression' by Israel as it is not beneficial to anyone. He hoped the United States will not enter the conflict because it would 'not benefit' any of the players in the region. 'I hope it would not use this one,' Hosseini said when asked about Asim Munir's meeting with Trump and the possibility that Pakistan airspace and airbases could be used for operations against Iran. 'The truth is that since June 13, we were attacked by the Israeli regime in an aggression which is a flagrant violation of international law and a violation of the sovereignty of an independent state. It was highly expected that the free nations would condemn such aggression, a blatant international law violation. We are in a position to defend our people, our government, our country in the best way. We have shown that we are able and we will continue because we are under attack and we have to defend,' he said. Hosseini said his country's retaliatory action is based on self-defence, which is enshrined in Article 51 of the United Nations Charter, 'which gives us this power to defend our people'. 'The Israeli government and the Israeli officials officially announced some threats against Iranian high-ranking officials. They assassinated some of the Iranian military officials, which is totally against any regulations,' he said. He also referred to Iran cancelling next round of nuclear talks with the United States amid rising tensions in the Middle East. 'We were at the negotiating table. It was America that gave the green light to the Israelis to have these military attacks against Iran. They have made a lot of accusations, but there was no proof... We are still at the negotiation table, but nobody can force us to do whatever they want. They cannot tell us to stop or continue the war, or defend ourselves. We hope that America doesn't enter into this conflict because it would be to the benefit of none of the players in the region,' Hosseini said. US President Donald Trump on Tuesday said 'we' now have 'complete and total control of the skies over Iran' and 'we know exactly where the so-called 'Supreme Leader' is hiding'. 'We now have complete and total control of the skies over Iran,' Trump wrote on his social media 'Truth Social'.' 'Iran had good sky trackers and other defensive equipment, and plenty of it, but it doesn't compare to American-made, conceived, and manufactured 'stuff.' Nobody does it better than the good ol' USA,' he said in a post. 'We know exactly where the so-called 'Supreme Leader' is hiding. He is an easy target, but is safe there - We are not going to take him out (kill!), at least not for now. But we don't want missiles shot at civilians or American soldiers. Our patience is wearing thin,' he added. Israel launched a series of airstrikes on Iranian military and nuclear targets, prompting retaliatory attacks from Tehran. Trump has been vocal in his support for Israel, emphasising that Iran cannot be allowed to develop nuclear weapons. Earlier, speaking aboard Air Force One, Trump emphasised the need for a 'real end' to the conflict, arguing it's better than a ceasefire while also suggesting that giving up entirely on negotiating is a possibility. Trump said, 'an end, a real end, not a ceasefire. An end. Or giving entirely. That's OK, too.' 'Iran cannot have a nuclear weapon. It's very simple -- you don't have to go to too deep into it. They just can't have a nuclear weapon,' he added. Trump said that he expects the next 48 hours will reveal more about whether Israel plans to slow down or accelerate its attacks on Iran, as per CNN. 'You're going to find out. Nobody's slowed up so far,' Trump said. Trump left the G7 summit in Kananaskis, Canada, after Monday night's dinner, citing the need to attend to pressing matters in the Middle East. Iran's supreme leader, Ayatollah Ali Khamenei, on Wednesday warned Israel and said that the 'Zionist regime made a grave mistake' and will face the consequences of its actions. 'Our nation will not forsake the blood of their martyrs, nor will they remain silent in the face of violations of their airspace,' Iran's First International News Network reported Khamenei's statement. Iran 'will stand firm against an imposed war, just as it will stand firm against an imposed peace', the supreme leader said in a televised address reported by the Tasnim news agency. 'This nation will not surrender to anyone in the face of imposition,' he said. Khamenei also pointed to statements made by Trump, saying those who know Iran and its history 'know that Iranians do not answer well to the language of threat'. 'And the Americans should know that any US military intervention will undoubtedly be accompanied by irreparable consequences,' he stated. Earlier in the day, he also said that Tehran will harshly retaliate against Israel's attacks as aerial attacks between the two nations continued overnight, marking the sixth day of the war.' We must give a strong response to the terrorist Zionist regime. We will show the Zionists no mercy,' Ayatollah Ali Khamenei wrote in English on X. Meanwhile, the Iranian armed forces chief warned of imminent 'punitive operations' against Israel.' Chairman of the Chiefs of Staff of the Iranian Armed Forces: The operations carried out so far have been a warning for deterrence, and punitive operations will be forthcoming,' IRNA News Agency posted on X. (ANI)
The Hindu
3 days ago
- Politics
- The Hindu
Donald Trump jabs Emmanuel Macron over comments about his early departure from G7
What began with a handshake evolved into turbulence at 33,000 feet as one of diplomacy's oddest relationships took another strange turn. G7 summit LIVE: Leaders fail to reach ambitious joint agreements on key issues after Trump's exit The political chemistry that once defined the Trump–Macron dynamic — immortalised by a famously tense 29-second handshake in 2017 — was nowhere to be seen in midair Tuesday when U.S. President Donald Trump blasted his French counterpart on social media. As Trump departed the G7 summit early, French President Emmanuel Macron tried to reframe the exit as strategic. 'There is indeed an offer to meet and exchange,' Macron told reporters, suggesting the U.S. might help broker a ceasefire between Israel and Iran. But aboard Air Force One, Trump responded with a swipe that accused Macron of showboating. 'Wrong! He is 'publicity seeking' and always gets it wrong," Trump said in a post on his Truth Social site. "He has no idea why I am now on my way to Washington… Much bigger than that. Stay tuned!' The takedown punctured Macron's narrative and revealed a rupture in a relationship that has featured theater, flattery and touch. Macron, who once styled himself as a 'Trump whisperer,' has long used charm and proximity to try to manage the unpredictable U.S. leader, often contrasting himself with more openly critical peers like Germany's Angela Merkel. But those efforts are far from foolproof. But as Trump became increasingly aggressive in his comments about Iran, urging Tehran's ' UNCONDITIONAL SURRENDER,' Macron eventually offered a blunt counter assessment, saying a push for regime change in Iran would spark 'chaos' and further destabilize the Middle East. 'We do not want to see Iran acquire nuclear weapons or ballistic capabilities,' Macron told reporters at the G7. 'But I believe the greatest mistake today would be to pursue regime change in Iran through military means, as that would lead to chaos." Recalling the U.S.-led invasion of Iraq, he continued: 'Does anyone think what was done in Iraq in 2003 was a good idea? Does anyone think what was done in Libya last decade was a good idea? No.' Macron also noted that he'd had ″the best relations in the world″ with Trump during the U.S. president's first term. Their diplomatic style has never been purely transactional — and has often been tactile. From their earliest encounters, physical gestures have been part of the pageantry: Trump's firm pats and arm-yanks, Macron's theatrical poise and instinctive touches. The roots of their rapport run deep. In 2017, Macron dazzled Trump with a Bastille Day parade, formal dinners and white-knuckle handshakes. A viral 29-second grip — knuckles white, jaws clenched — set the tone for a relationship of theatrical dominance. The physical choreography evolved over the years: Trump yanking Macron's arm at the Élysée, Macron placing a steadying hand on Trump's thigh in Washington. Their February 2025 White House meeting brought a refined version of the dance as Macron delivered corrections with charm, countering Trump's Ukraine comments while laughing at Fort Knox jokes. Trump joked about Macron's marriage last month after a video of Brigitte Macron playfully pushing her husband surfaced. 'Make sure the door remains closed,' he quipped, before adding: 'They're fine.' But the chill had already begun to set in. This month, Macron traveled to Greenland — a territory Trump has floated buying — to express solidarity with Danish sovereignty. 'This is not what is done between allies,' Macron said, in a message to Trump. The G7 summit, intended to project Western unity on Russia and Iran, instead showcased fracture. Trump skipped the final sessions, refused to back new Russia sanctions, and warned Tehran to 'immediately evacuate.' Macron — who announced Tuesday that France will host the next G7 summit in 2026 at the lakeside Alpine resort of Evian-les-Bains — tried to frame the early exit as useful. Trump's one-line rebuttal shut that down. Trump's clash with Macron wasn't the only unscripted moment to puncture the summit's polished exterior. Italian Prime Minister Giorgia Meloni was filmed rolling her eyes as Macron whispered in her ear during a roundtable — a clip that quickly lit up social media. It was a flash of visible tension at a gathering meant to project unity amid war, economic uncertainty and global unrest. Later aboard Air Force One, Trump softened his tone. When reporters asked about the outburst, he replied: 'That was Emmanuel — nice guy but he doesn't get it right too often.' The pivot was familiar. 'It's difficult to be confident about any clear arc in President Trump's reactions to people or events,' said Dana Allin, U.S. policy expert at the International Institute for Strategic Studies. 'He tends to be disinhibited — he says what's on his mind, and that can change quickly.' There was no handshake this time. No shoulder clap. Just a flick of the thumb — and a public slap across the alliance. The dynamic, Allin suggests, reflects a shift in how Europe engages with Washington. In Trump's first term, many European leaders treated his behavior as a storm they could wait out. 'Now it seems like a more permanent thing,' Allin said.
