Trump admin adds dozens of Chinese tech firms to export blacklist

The U.S. Department of Commerce's Bureau of Industry and Security has added 80 foreign entities to its export Blacklist, including firms from China, the United Arab Emirates, South Africa, and Iran.

The move is part of the administration's efforts to crack down on China's artificial intelligence, quantum computing, and military advancements.

The companies were blacklisted for allegedly acting contrary to U.S. national security and foreign policy interests, as part of its efforts to further restrict Beijing's access to exascale computing tech, which can process vast amounts of data at very high speeds, as well as quantum technologies.

The additions to the blacklist also include six subsidiaries of China's leading cloud computing and big data service provider, Inspur group, which was listed in the U.S. governments entity list in 2023.

China protested after the U.S. added dozens of companies to its export control list, including more than 50 based in China that it says sought advanced knowhow in supercomputing, artificial intelligence, and quantum technology for military purposes.

Reference Sources

1. newyorkpost - Trump admin adds dozens of Chinese tech firms to export blacklist
2. quartz - Trump admin blacklists dozens of Chinese tech and AI companies
3. usnews - US Adds Chinese Tech Firms to Its Export Control List, Says They Sought US Knowhow for Military Use
4. cnbc - U.S. blacklists over 50 Chinese companies in bid to curb Beijing's AI, chip capabilities
5. nikkei - Trump administration hits China with slew of tech export controls

Tariff uncertainty pushes up USD, Indonesian Rupiah hits new low

(Source: Reuters)

Next week, US President Donald Trump has threatened to impose – or at least provide details of a new round of tariffs on autos, chips and pharmaceuticals. investors are keeping their positions light ahead of a US tariff announcement.

The US dollar edged up on Wednesday as investors weighed up uncertainty about the US economic outlook and speculation over the timing and scale of potential US tariffs.

The nations that Trump could hit with new  “reciprocal” tariffs on April 2 – which account for nearly 90% of the $3.3 trillion in merchandise that the United States imported last year – range from tiny Switzerland to China, the world’s second-largest economy.

Meanwhile, Indonesia's currency, the rupiah, has hit a record low against the us dollar due to concerns over slowing growth and rising government spending.

The rupiah was flat at 16,585 per us dollar at 0400 GMT, hovering near the all-time low of 16,800 touched in June 1998 during the Asian financial crisis and just after the fall of Indonesia's authoritarian leader, General Suharto. On Tuesday, the rupiah hit a Post-Crisis low of 16,640, before the central bank intervened to defend the currency.

Analysts see Indonesia's rupiah declining to a record low in the short term as political and economic worries continue to grow in Southeast Asia's biggest economy.

Reference Sources

1. bussinesstimes - US: Wall St opens mixed as investors assess tariff outlook - The Business Times
2. bussinesstimes - US dollar edges up as tariff uncertainty looms, pound in focus - The Business Times
3. washingtonpost - Trump barrels forward with tariffs for ‘Dirty 15’ trading partners
4. quartz - Tracking Trump's trade war: Where tariffs are in effect — and what's coming next
5. aawsat - Dollar Unmoored as Traders Unsure on US Tariffs
6. thestarmy - Indonesian rupiah stalks record low as fiscal worries rattle investors
7. bussinesstimes - Indonesian rupiah to hit record low on fiscal woes: analysts - The Business Times

China Has ‘Very Big’ Policy Room to Spur Growth, Central Bank Adviser Says

(Source: Shutterstock)

China has significant policy room to stimulate its economy this year, according to Huang Yiping, an advisor to China's central bank and a professor at Peking University.

China has unveiled fresh fiscal measures, including a rise in its annual budget deficit, to help hit an economic growth target of around 5% this year, which analysts have described as ambitious.

The central bank has pledged to cut interest rates and pump more money into the economy at an appropriate time. Macro policies will help tackle cyclical problems, while some structural challenges could be resolved in the future, he said.

Some reform measures, including those to increase people's incomes and confidence, are needed to boost consumption, on top of recent moves unveiled by the government.

Peng Sen, chairman of the China Society of Economic Reform, told the Boao Forum on Tuesday that China should take steps to boost consumption as a share of gross domestic product to 70% by 2035 from around 55% currently, narrowing the gap with developed nations. Wider structural reforms include changes in institutional frameworks, income distribution, and fiscal and taxation systems will be needed to help boost spending, Peng said.

The Boao Forum, an international summit seen as Asia's version of the world economic forum in Davos, Switzerland, is being held in China's Hainan province from Tuesday through Friday.

Reference Sources

1. aawsat - China Has ‘Very Big’ Policy Room to Spur Growth, Central Bank Adviser Says
2. bussinesstimes - China adviser urges boosting consumption to 70% of GDP by 2035 - The Business Times

The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.

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