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For two decades, Venezuela cultivated anti-American allies across the globe, from Russia and China to Cuba and Iran, in the hope of forming a new world order that could stand up to Washington.
It isn’t working.
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Kejal Vyas
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For years, a mining project in Africa held the promise of helping free the West from its dependence on China for rare earths. Some weeks back, it fell into Chinese hands.
The failure of Peak Rare Earths, an Australian mining company, to build a China-free supply of rare-earth minerals offers a look at how Beijing came to dominate the global supply of critical minerals—a position it is now deftly leveraging for geopolitical gain. China has choked off the supply of rare earths to wring key concessions from President Trump in his trade war.
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Jon Emont
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Exports of Swiss watches remained on a declining trend in October, driven by a sharp decrease in the U.S. as tariffs continue to take a toll.
Total exports of Swiss timepieces dropped 4.4% in October compared with the same period last year to 2.24 billion Swiss francs ($2.78 billion), according to data published Thursday by the Federation of the Swiss Watch Industry, or FH.
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Andrea Figueras
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The U.S. has reached a deal to reduce the crippling 39% import tariffs on Switzerland to 15%, easing a growing burden on the Alpine country’s export-dependent economy and the steepest tariff the Trump administration had imposed on a developed nation.
“We’ve essentially reached a [trade] deal with Switzerland,” U.S. Trade Representative Jamieson Greer said Friday on CNBC. “They are going to send a lot of their manufacturing to the United States—pharmaceuticals, gold smelting, railway equipment.”
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Georgi Kantchev
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ESTER, Alaska—At a mining site here, Rod Blakestad cracked open a shiny rock with his pick. He found quartz, a sign that the rock may contain gold.
But Blakestad, a veteran gold hunter, tossed the rock aside. He and his team of geologists were searching for something even more sought-after: antimony, an obscure element widely used in the defense industry that is now at the center of the bitter U.S.-China trade fight.
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Jon Emont
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Nexperia microchips are leaving China again, easing a shortage of simple but ubiquitous parts that threatened to paralyze the auto industry.
German automotive supplier Aumovio, which was recently spun out of tire giant Continental, said Friday that the Sino-Dutch company’s semiconductors and components containing them were on their way from China to Aumovio’s distribution hub in Hungary.
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Stephen Wilmot
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Factory activity gauges in Asia reflected a divergence across major exporting economies, as worries over U.S. tariffs continued to cause shifts in supply chains.
The latest set of S&P Global purchasing managers indexes showed that goods producers in export powerhouses South Korea and Taiwan flagged deteriorating demand last month, but Southeast Asian countries like Vietnam and Thailand recorded a pickup in new orders.
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Kimberley Kao
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China has spent months building up its oil reserves. That might come in handy in the wake of the new sanctions the U.S. recently imposed on Russian crude.
During the first nine months of the year, the world’s second-largest economy imported on average more than 11 million barrels of oil a day, an amount above the daily production of Saudi Arabia, according to official customs data. Analysts estimate 1 million to 1.2 million of those barrels were stashed in reserves each day.
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Rebecca Feng
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President Trump and Chinese leader Xi Jinping have walked back from the ledge—again. But even as the world’s two superpowers deescalate a trade fight that had threatened to destabilize the global economy, a new reality is setting in—that Washington may finally have to give up on its long-standing aim of pushing Beijing to restructure its economy.
For years and through successive U.S. administrations, senior officials in Washington had hoped that bringing China into the global trading system would open up the country’s political system. In the decades since China’s accession to the World Trade Organization in 2001, those hopes of political liberalization have largely been dashed. The sense of disappointment has only grown as Chinese leader Xi Jinping, who took power in late 2012, has tightened his control over the domestic political system and civil society more broadly.
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Jonathan Cheng
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The White House is set to announce that the Dutch semiconductor company that paused shipments weeks ago and risked upending global car production will resume sending chips under a framework agreement reached during talks between President Trump and Chinese leader Xi Jinping, people familiar with the plans said.
The new policy on the Dutch chips is part of a forthcoming document from the White House laying out the details of the U.S.-China trade deal signed this week, according to the people.
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Ryan Felton
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Tariffs, soybean purchases and a crackdown on fentanyl were among the issues discussed by the two leaders.
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Joshua Jamerson
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President Trump’s tariff policies have taken numerous twists and turns this year.
He and President Xi Jinping reached a trade agreement that will see the U.S. lowering tariffs on Chinese imports imposed this year to 20%. When added to tariffs imposed on Chinese imports during Trump’s first term, overall U.S. duties on Chinese imports will total around 47%.
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Chao Deng
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President Trump’s quest to reorder global trade through personal diplomacy will be tested during his tour of Asia this week, as he faces the tantalizing prospect of a pact with China and the chance to bust through obstacles to completing deals with other key trading partners.
On Sunday, Trump won some momentum by winning tariff agreements with a handful of Southeast Asian nations. He also sounded an optimistic note on China ahead of a meeting with Chinese leader Xi Jinping planned for later this week. “I think we are going to come away with a deal,” Trump said Monday aboard Air Force One en route to Japan.
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Jason Douglas
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The Trump administration said it reached trade agreements with Malaysia and Cambodia, and frameworks for deals with Thailand and Vietnam during President Trump’s trip across Asia. The announcements, while not legally binding, represent significant progress in Trump’s quest to lower trade barriers for U.S. goods abroad.
Here’s what to know:
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Gavin Bade
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The U.S. will impose an additional 10% tariff on Canada, President Trump said on Saturday, a punitive measure in response to an ad campaign that he said misrepresented comments by former President Ronald Reagan.
“Because of their serious misrepresentation of the facts, and hostile act, I am increasing the Tariff on Canada by 10% over and above what they are paying now,” Trump posted on his Truth Social platform on Saturday.
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Gavin Bade
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Russia’s refusal of a cease-fire and an aborted peace summit in Budapest have raised the grim prospect that the war in Ukraine will rage for years to come—even as the nature of the conflict transforms.
President Vladimir Putin remains convinced that Russia will eventually wear down its smaller neighbor, causing a collapse of the Ukrainian economy and society. An elusive victory would allow him to make the case that the devastating war he unleashed nearly four years ago was worth it, after all.
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Yaroslav Trofimov
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Canadian officials were just starting to get their hopes up.
Negotiators from Ottawa and Washington had spent weeks hashing out a potential deal to reduce punishing 50% tariffs President Trump had imposed on steel and aluminum, and the Canadians were growing optimistic in recent days, according to people familiar with the talks. The discussions were punctuated by an amicable Oval Office meeting earlier this month between Trump and Canadian Prime Minister Mark Carney. Both leaders expressed confidence that they could get the trade relationship back on track.
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Vipal Monga
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Easing trade tensions and a big gain in Apple shares helped drive stocks back toward records on Monday, the start of a heavy week of corporate earnings.
Indexes opened with gains, with some investors saying sentiment was buoyed by President Trump saying he will soon meet with China’s leader, Xi Jinping, and Treasury Secretary Scott Bessent’s Friday comments that he will meet with his Chinese counterpart in person this week.
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In its trade standoff with Washington, Beijing thinks it has found America’s Achilles’ heel: President Trump’s fixation on the stock market.
China’s leader, Xi Jinping, is betting that the U.S. economy can’t absorb a prolonged trade conflict with the world’s second-largest economy, according to people close to Beijing’s decision-making. China is holding a firm line because of its conviction, the people said, that an escalating trade war will tank markets, as it did in April after Trump announced his so-called Liberation Day tariffs, prompting Beijing to hit back.
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Lingling Wei
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