Daily Buzz: 13 October 2025

China Takes Strong Stance Against New US Tariffs and Export Controls

Beijing said China will remain resolute in protecting its national interests from US discriminatory actions in a sharp response to US President Donald Trump's decision to break a tariff truce and impose additional 100 percent duties on Chinese imports. The new tariffs, along with additional US controls over exports of critical software to China, are due to come into effect on November 1, unless both sides agree to dial back the spat and avoid a renewed trade war.

"If the US persists in acting unilaterally, China will take corresponding measures to safeguard its legitimate rights and interests," a Ministry of Commerce spokesperson said. "Our position on a tariff war remains consistent: we do not want one, but we are not afraid of one."

The ministry defended China's recent decision to tighten export controls on rare earth minerals on grounds of 'legitimate" concerns over their military applications, after Trump cited the curbs as justification for new US measures. The statement accused the US of "double standards" and said since the last China-US trade talks in Madrid in September, the US has introduced a string of new restrictive measures targeting China. The US has overstretched the excuse of national security and abused export controls, the spokesperson said, noting that the US Commerce Department now has more than 3,000 items on its export-control list while China has only 900. He also singled out US actions targeting China's shipbuilding and maritime industry for criticism.

"The US has seriously harmed the legitimate and lawful rights and interests of (Chinese) companies, severely disrupted the international economic and trade order, and gravely undermined the security and stability of global industrial and supply chains," the spokesperson said, adding that the US must correct its "wrong practices" and settle differences with dialogue, not threats.

Egypt Hosts Summit on Future of Gaza, Trump to Greet Released Hostages

Egyptian President Abdel Fattah al-Sisi and US President Donald Trump will co-chair an international summit of some 20 world leaders, including Europeans and Arabs, on Monday afternoon to discuss peace in Gaza. The meeting is scheduled to begin after the noon deadline for Hamas to release remaining hostages -- part of the first step of Trump's peace plan, along with a ceasefire and the resumption of humanitarian aid. The next steps in the plan lack detail but suggest a transitional administration for Gaza by an international body and reconstruction of the war-ravished enclave. The issue of Hamas disarming remains unresolved.

Before flying to Egypt, Trump will be in Israel to greet released hostages in person, Vice President JD Vance said, confirming reports that 20 of 48 hostages held in Gaza are still alive.

In Gaza City, Hamas has mobilized up to 7,000 members of its security forces to reassert control over areas being vacated by Israeli troops and to root out "outlaws and those who have collaborated with Israel," the BBC reported. Clashes between Hamas and armed gang clans killed at least 27.

Trump in 'Excellent Health,' Biden Undergoes Radiation Treatment

President Donald Trump, 79, was pronounced in "excellent overall health" by a doctor at Walter Reed military hospital following his semiannual physical exam. Dr Sean Barbabella said Trump's "cardiac age" was one of a 65-year-old. Trump was previously diagnosed with chronic venous insufficiency, a benign, common condition in people 70 years and older.

Separately, Trump's White House predecessor Joe Biden, 82, has begun receiving radiation therapy for treatment of an aggressive form of prostate cancer diagnosed earlier this year.

Top Business

China, Mining Giant BHP Have Yet to Announce Iron Ore Agreement

An iron-ore price dispute between Australian mining giant BHP and China's state-run buying agent appeared to remain in deadlock amid unconfirmed reports that BHP has agreed to accept the Chinese yuan for partial payment instead of US dollars. China Mineral Resources Group, created three years ago to leverage China's purchasing power in negotiations with foreign suppliers, is said to have suspended purchases last month pending a new contract. The annual price agreement between BHP and China normally sets a benchmark for global prices. Use of yuan in any agreement would be a landmark shift from commodities traditionally priced in US dollars and would signal the rising importance of the yuan in global trade. China is the world's largest buyer of iron ore used in steelmaking, with 70 percent of that supply provided by BHP, Australian miners Rio Tinto and Fortescue, and Brazil's Vale.

Shanghai to Open Manufacturing Sector Wider to Foreign Companies

Shanghai Mayor Gong Zheng said the city plans to remove all regulatory hurdles for foreign investors to set up manufacturing businesses related to electric vehicles, telecommunications, biotech and medical care. "We are taking an orderly pace in further implementing institutional reforms in opening up the market," he told a press conference at the annual meeting of the International Business Leaders' Advisory Council. "We understand that openness is the biggest advantage that Shanghai enjoys." He also said Shanghai would ensure that foreign-funded manufacturers would be treated equally in government procurement.

Details of Rare Earth Controls Go Viral

Two small but symbolic details in China's latest notice on rare-earth export controls have gone viral on Chinese social media. First, attachments to the announcement were issued in WPS format, a software run by Chinese firm Kingsoft, instead of the previously standard Microsoft Word or Adobe PDF. Secondly, the attachments clarify that all applications for export licenses must be submitted in Chinese, with no option for English submissions. The Ministry of Commerce on October 9 announced new controls on overseas shipments of rare earth minerals critical to industrial production, citing concerns about their foreign use for military purposes. It stipulates a case-by-case approval for applications.

Crypto Turmoil Deepens as USDe Crashes

Ethena's USDe, a synthetic dollar marketed as a yield-bearing stablecoin, lost its peg Friday, plunging to 65 US cents on Binance and triggering widespread panic across the crypto market. The collapse followed President Donald Trump's announcement of a new 100 percent tariff on Chinese exports, which sent investors fleeing to traditional safe havens like gold and Treasuries. More than US$19 billion in long crypto positions were liquidated within 24 hours, wiping out 1.6 million traders, according to Coinglass data. Bitcoin tumbled below US$110,000, down over 14 percent from its record high, while exchanges struggled to process the flood of liquidations. Analysts say a breakthrough the next key support level of US$100,000 could end a three-year bull run.

Economy & Markets

Wingtech's Control of Nexperia Subsidiary 'Frozen' by Dutch Regulators

Shanghai-listed Wingtech Technology told the city's stock exchange on Sunday that its effective control over Dutch subsidiary Nexperia has been frozen by regulators in the Netherlands, The statement came after the Dutch Ministry of Economic Affairs said on Sunday that it is "intervening" at Nexperia on concerns of possible transfer of crucial technology to its Chinese parent. The Ministry of Economic Affairs didn't explain the nature of the intervention but said it relates to administrative shortcomings at Nexperia, one of the world's leading makers of simple computer chips such as diodes and transistors.

Silver Shortage in London Market May Prompt Outflows from US

Silver inventories that earlier flooded into the US may soon flow back to London as a shortage of physical metal in the UK pushes spot prices above US futures. Spot silver traded at about US$50.10 per ounce Friday on the London Metal Exchange, compared with US$48.10 on the Commodity Exchange in New York. The price gap makes it profitable to ship the metal back to London, analysts said. US inventories on the Comex stand at around 526 million ounces, after traders moved stockpiles earlier this year to avoid possible US tariffs on critical metals. London, meanwhile, is facing severe supply amid intense demand from silver-backed exchange-traded funds.

New Home Sales Forecast to Drop 8 Percent This year

New home sales in China in 2025 are forecast to drop 8 percent from last year, S&P Global Ratings said in an October report. The decline is up from the 3 percent drop predicted in May. China's real estate market has been struggling to recover from a five-year slump triggered by oversupply and developer debt defaults. Local governments have taken steps to bolster the market with loan incentives and looser restrictions on purchases, but S&P says homebuyer sentiment remains "fragile."

New home prices in September rose 0.9 percent from August but prices of existing homes dropped 0.7 percent, according to the China Index Academy. Chinese developers reported a 22 percent in September sales but the rally fizzled during the recent eight-day holiday period, according to the China Real Estate Information Corp.

China Flips Switch on World-First Solar Thermal Power Station

China has begun operation of a world-first solar thermal power station, located in the Gobi desert and said to be cheaper and more efficient than conventional technologies, the South China Morning Post reported. The plant in Gansu Province comprises 27,000 mirrors and two towers feeding a single turbine system. One tower captures the morning sun; the other, the afternoon sun. The system is said to be 25 percent more efficient than traditional single-tower designs.

Corporate

Tesla's Shanghai Factory Posts 2.8 Percent Rise in Deliveries

Tesla's mega-factory in Shanghai delivered 90,812 electric cars to customers in China and overseas markets last month, a 2.8 percent rise from a year earlier and a monthly record for 2025, the South China Morning Post reported, citing data from the China Passenger Car Association. The September increase was up 9 percent from August and helped reverse sagging sales earlier this year. The US company's upgraded, six-seat Model Y L has been particularly popular with Chinese consumers. The longer model, which debuted in September and is aimed at families, carries a sticker price of 339,000 yuan (US$47,556).

Ming Yang to Build Wind Turbine Plant in Scotland

Ming Yang Smart Energy, a Chinese maker of wind turbines, said it will invest up to 1.5 billion pounds (US$2 billion) to build a manufacturing facility in Scotland. The company said the project will involve three phases, with first production scheduled for late 2028. Ming Yang said in a statement that it believes the UK can become a global hub for offshore wind technology.

BMW, Mercedes and Porsche Post Decline in China Sales

German luxury carmakers BMW, Mercedes-Benz and Porsche reported declines in Chinese sales for the third quarter. BMW's China sales fell 0.4 percent to 147,000 vehicles, Mercedes sales plunged 27 percent to 125,000 units, and Porsche said its sales tumbled 21 percent to 11,000 units. Audi has yet to release quarterly results, but its China sales fell 10 percent in the first half. The automakers are facing stiffer competition from domestic models offered at cheaper prices. The Chinese market has been a source of global growth for German luxury carmakers in recent years.