Today’s Agenda: US chip production has been threatened. Raiffeisen’s Russian forces. Non-dome club membership. crackdown on illegal sports streaming in the UK. And Yubal Noah Harari on Trump’s vision of the world
good morning. We start with an exclusive story about China, where Chinese imports have halted for over ten weeks. It has been suspended for more than 10 weeks, according to shipping data showing how the Chinese trade war has spread to energy cooperation.
What we know so far: Since the arrival of LNG tankers from Texas in Fujian on February 6th, there have been no LNG shipments between the US and China. China imposed a 15% tariff on US LNG on February 10th. After that, the tariffs have become gas-impossible for Chinese buyers for a foreseeable future.
Why it matters: The US LNG freeze is a recurring bloc on imports that lasted more than a year during President Donald Trump’s first term.
The impact of the standoff has potentially far-reaching impacts, strengthening China’s energy ties with Russia and raising questions about the massive expansion of multi-billion-dollar LNG terminals in the US and Mexico. Read the full report from Malcolm Moore.
Port Taxation: The Trump administration begins to charge fees on Chinese-made ships docked in US ports.
Canton Fair: Buyers and sellers of China’s outstanding export show are trying to find ways to avoid taxation when stacked in warehouses.
US-EU Trade: Donald Trump says “100%” has a trade deal with the bloc as he met Italian Prime Minister Giorgia Meloni at the White House.
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Here are other things that keep tabs today and weekends:
UK: Today marks the start of a four-day strike at Gatwick Airport, which united members more than paying baggage handlers and flight dispatchers.
Vatican City: Pope Francis has delegated Cardinal Claudio Gguelotti and declared Good Friday to preside on the “Passion of the Lord” ministry. On Sunday, Easter Mass is celebrated before the annual Urbiet Orbibenediction.
Italy: US Vice President JD Vance travels to Rome.
US Iran’s Nuclear Talks: US envoy Steve Witkov will hold discussions for tomorrow’s second round with Iran’s Foreign Minister Abbas Aragut, days after calling on Tehran to “eliminate” its nuclear enrichment programme.
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Five more top stories
1. Donald Trump’s global tariff regime is putting domestic chip production at risk and hindering US domination in artificial intelligence, industry insiders said the US president’s escalating trade war could cut costs for US manufacturing plants and AI data centers and prevent the expansion of America’s computing power.
Trouble for Business: Nvidia’s misery is just one small thing, a sign of a much wider wave of impending technological disruption from Trump’s trade war.
Missing Dip: During this month’s tariff-induced market panic, only a handful of US CEOs were, during timing market panic, as trade restrictions pushed them to the sidelines.
2. Exclusive: In the settlement between Washington and Moscow, Raiffeisen Bank International, the largest western bank still operating in Russia, has halted attempts to sell domestic units in the settlement between Washington and Moscow.
3. Non-Dome, who has left the UK, has left the exclusive private member club as they believe HM’s revenue and customs are still resident and therefore have to pay taxes. Read more about how the club handles mobile customers’ departures internationally.
4. Kiev and Washington have signed a memorandum of understanding pledging to proceed with an agreement on the investment fund for Ukraine’s natural resources and energy assets, officials told the Financial Times. Officials added that the memorandum was “effectively” signed and hoped to finalise a full economic agreement as soon as the end of next week.
5. The number of people illegally streaming sports and other channels in the UK illegally, as mentioned by the UK’s head of intellectual property crimes, was “passing through the roof.” Please read the entire story.
Interview
Former Tate Director Ir Nicholas Cerota became chairman of the Art Council England in 2017 © Anna Gordon/ft
The Minister risks suppressing “freedom of thinking” and curbing the culture war if he cuts down the funds for art as part of Kuongo’s crackdown. Read more about Sir Nicholas Cerota’s comments.
We’re reading too. . .
Fortress Mosaic: The vision of the Trump world is clearly defined. This is one of the liberal global obstacles in which the weak should always surrender to the strong, historian Yubal Noah Harari writes.
Wealth Tax: Cash-bound British governments may tax the attractive taxes of the rich, but impose fair and effective collections is full of difficulties, writes Philip Kogan.
Institutional Memory: Tim Harford considers why some organizations have been accused of making the same mistakes over and over again.
The chart of the day
ASDA Executive Chairman Allan Leighton said last month that the struggling chain is ready to hit profits this year, in order to reverse price cuts and market share declines. However, when a price war is looming, rival supermarkets Tesco and Sainsbury are preparing fight backs.
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Take a break from the news
A new wave of indie developers plays with an eccentric sense of British national identity, featuring flat caps, badgers and tea hair. But is there really something like the British game, Tom Faber asks.
