On July 26th, the U.S. House of Representatives passed the John S. McCain National Defense Authorization Act for the following year (2019) by a vote of 359-54. This large majority vote revealed rare bipartisan support for the $716 million US dollar (USD) bill. – Weiting Li
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On July 25th, Chinese President Xi Jinping visited Johannesburg, South Africa for the 10th BRICS (Brazil, Russia, India, China, and South Africa) summit. During his visit, Xi signed Rwanda and Senegal on to Belt and Road Initiative (BRI) projects, though additional details are still forthcoming. In order to take advantage of the opportunities associated with the upcoming China-sponsored construction projects, American small and medium companies should consider entering joint-ventures with Chinese companies, especially construction companies.
China launched a 5-day military drill in the East China Sea expected to continue through July 23 showcasing capabilities that reinforce the military’s ability to retake Taiwan. The Zhejiang Maritime Safety Administration cautioned merchant and civilian vessels transiting between Zhoushan to Wenzhou along the east coast of Zhejiang Province on July 16 to avoid the area, which is roughly the size of Taiwan. Read more on potential impacts to business operations and policy here.
Apple, a leading American tech giant, is showing its growing interest in renewable energy development in China, even amid trade tensions with the U.S. On July 13, Apple announced plans for a $300 million US dollar (USD) investment to launch a clean energy fund in China. The fund aims to develop renewable energy projects and generate more than 1 Gigawatt of clean energy which hopes to power 1 million households in China. – Weiting Li
The Australian government is preparing to officially prohibit Chinese telecommunication giant Huawei from participating in its 5G mobile broadband project, citing national security concerns. For a detailed summary and our assessment, read more here.
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Following the latest round of American tariffs on Chinese goods July 5, Beijing responded with retaliatory tariffs imposed on July 6, adding a 25% duty targeting American soybeans, meat, and vehicles. US farm produce, especially beef and high-end steaks, is expected to take a significant hit as exports to China becomes increasingly more expensive. The duty rate on US beef to China is being tripled from 12% to 37%, just as US beef was beginning to reemerge as a strong player in Chinese markets. – Dillon Billingham
United States President Donald Trump’s first round of tariff on $34 billion worth of Chinese imports will take effect on Friday, July 6, 2018. The first 25% tariff will impact a variety of products including farm machinery, industrial products, medical devices, automobiles, and aircraft parts. Read a more detailed summary and our assessment here.
The Committee of Foreign Investment in the United States (CFIUS) announced a ban that makes it illegal for American companies to supply ZTE with components and technology, through intermediaries or otherwise, effective immediately, for 7 years. CFIUS says this is due to the discovery that ZTE was selling US goods to Iran despite American sanctions in 2017. – Adriana Ray
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